T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, April 1, 2008, Vol. 9, No. 63
Headlines
A U S T R I A
HOLZ & MORE: Claims Registration Period Ends May 19
KBM MASCHINEN: Claims Registration Period Ends April 18
PALO BAU: Claims Registration Period Ends May 2
SOUL & COCKTAIL: Claims Registration Period Ends April 21
STRAWA PERSONALSERVICE: Claims Registration Period Ends May 2
WALTER BERGER: Claims Registration Period Ends May 2
F R A N C E
CLEAR CHANNEL: Trial Regarding Financing of Merger Set April 8
PERNOD RICARD: To Acquire Vin & Spirit for EUR5.6 Billion
PERNOD RICARD: S&P Revises Outlook on Vin & Spirits Acquisition
SR TELECOM: Selling Assets to Groupe Lagasse for US$6 Million
G E R M A N Y
B & B BAU: Claims Registration Ends April 17
BAUKRA WARTUNGSDIENST: Claims Registration Ends April 17
BRAKEMANN VERPACKUNGEN: Claims Registration Ends April 17
COMLOGIC FRANKFURT: Claims Registration Ends April 17
FORMWELL VERPACKUNGSWERK: Claims Registration Ends April 17
FUN HOUSE: Claims Registration Period Ends April 25
GRENZENLOS GMBH: Claims Registration Period Ends April 16
GYM L.E. SPORTS: Claims Registration Period Ends April 28
INNOKOM BAU GMBH: Claims Registration Period Ends April 14
INTERMEDICAL PROMOTION: Claims Registration Period Ends April 16
JUNIOR TIEFBAU: Claims Registration Period Ends April 16
KAPPE PROJEKTBAUGESELLSCHAFT: Claims Registration Ends April 17
KELLER & PARTNER: Claims Registration Period Ends April 16
LAUSITZER HOLZ: Claims Registration Period Ends April 16
LINES UP: Claims Registration Period Ends April 16
OCEAN STAR: Fitch Holds Low-B Ratings on Two Notes Classes
OEKO SERVICE: Claims Registration Period Ends April 16
REISE-TV VERWALTUNGS: Claims Registration Period Ends April 14
REXOHN GMBH: Claims Registration Period Ends April 14
SALZER HOCH: Claims Registration Period Ends April 17
TECMEDIC TECHNOLOGY: Claims Registration Period Ends April 14
UMWELT-VERFAHREN: Claims Registration Period Ends April 14
VIVA HANDELS: Claims Registration Period Ends April 15
WABIO BIOTECHNIK: Claims Registration Period Ends April 14
ZETA ANLAGENTECHNIK: Claims Registration Period Ends April 21
H U N G A R Y
PROPEX INC: Wants to Implement Employee Incentive Plan
PROPEX INC: Court Approves Navigant Capital as Financial Advisor
I R E L A N D
SIRVA INC: Court Okays Sale of U.K. & Ireland Operations to TEAM
I T A L Y
ALITALIA SPA: Air France Refuses to Trim Planned Job Cuts
ALITALIA: Italian Unions Reject Air France-KLM's New Offer
K A Z A K H S T A N
AKTOBE SYSTEM: Creditors Must File Claims by April 29
KONTEK ILPA: Claims Deadline Slated for May 2
MACRO CONSTRUCTION: Claims Filing Period Ends May 5
OPTORG-PRODUCT-2006 LLP: Creditors' Claims Due on April 29
PRESTIGE JSC: Claims Registration Ends April 29
SABINAL LLP: Creditors Must File Claims by April 29
TAMERLAN ENTERPRISES: Claims Deadline Slated for May 5
TEPLO ENERGO: Claims Filing Period Ends April 29
K Y R G Y Z S T A N
FOND RAZVITIYA: Creditors Must File Claims by April 25
TKANI OT: Claims Filing Period Ends April 25
L U X E M B O U R G
AMERICAN AXLE: Likely to Outsource Work if Union Talks Fail
PIN Group: 2,200 More Employees Likely to Lose Jobs
N E T H E R L A N D S
ELM B.V.: S&P Lowers then Withdraws Rating on EUR10 Mln Notes
PETROLEOS DE VENEZUELA: Exxon Mobil Brings Case to Netherlands
R U S S I A
ELAN-FERM-MASH: Volgograd Bankruptcy Hearing Set June 24
CHISTOPOLSKOE BREEDING: Court Starts Bankruptcy Supervision
KUMYLZHENSKAYA OJSC: Volgograd Bankruptcy Hearing Set June 24
NAFTOGAZ UKRAINNY: No Bankruptcy Risk, Says Prime Minister
NIKOLAEVSKIY-NA-AMURE: Creditors Must File Claims by April 1
RESOURCES OF CHEMICAL: Tatarstan Bankruptcy Hearing Set June 19
ROSNEFT OIL: Novosibirsk Court Halts TGK-11 Share Sale
TALION LLC: Creditors Must File Claims by April 1
UKHTINSKIY ENGINEERING: Komi Bankruptcy Hearing Set May 20
YUKOS OIL: Dutch Court Grants US$850 Million to Shareholders
S P A I N
AYT COLATERALES: Fitch Puts BB- Rating on EUR3.6 Million Notes
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
MERISANT COMPANY: Moody's Rates US$245 Million Loans at B3
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
X-RITE INC: Moody's Cuts Ratings on Covenant Compliance Concerns
U K R A I N E
AMEKSIM-AUTO LLC: Creditors Must File Claims by April 5
AQUAPLAST LLC: Proofs of Claim Deadline Set April 5
AVIATION OF UKRAINE: Creditors Must File Claims by April 5
DNISTER LLC: Creditors Must File Claims by April 4
CITYLINE LLC: Creditors Must File Claims by April 4
IRBIS LLC: Creditors Must File Claims by April 5
MAYAK LLC: Creditors Must File Claims by April 5
MAYSTER-3BK: Creditors Must File Claims by April 4
RICHKI LLC: Creditors Must File Claims by April 4
UKRAINIAN NATURAL: Creditors Must File Claims by April 4
U N I T E D K I N G D O M
ACORN STRUCTURAL: Appoints Neil Francis Hickling as Liquidator
AE 2007: Matthew Colin Bowker Leads Liquidation Procedure
AVISTAR COMMS: To Reduce 25% of U.S. and European Workforce
AVISTAR COMMS: Dec. 31 Balance Sheet Upside-Down by US$9.8 Mln
BRETT ESSEX: Joint Liquidators Take Over Operations
DIOMED LIMITED: Steven Law Named as Administrator
DOVECOTE NURSING: Brings In Liquidators from KPMG
ELITE BUILDING: Taps David Elliott to Liquidate Assets
EURAM CORPORATE: Taps Liquidators from Smith & Williamson
GUARDIA SECURITY: Claims Filing Period Ends April 25
JOHN SAWYER: Calls In Liquidators from Tenon Recovery
MAINLAND LEISURE: Names M.C. Bowker Liquidator
MAPLE LEAF: Hires Liquidators from Tenon Recovery
MOONSTICK LTD: Claims Filing Period Ends May 31
OAKDALE HOLDINGS: Appoints Liquidators from KPMG
PROMETAL LTD: Calls In Liquidators from KPMG
* Large Companies with Insolvent Balance Sheet
*********
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A U S T R I A
=============
HOLZ & MORE: Claims Registration Period Ends May 19
---------------------------------------------------
Creditors owed money by LLC Holz & more Vertrieb (FN 279330f)
have until May 19, 2008, to file written proofs of claim to
court-appointed estate administrator Berthold Martin Breitwieser
at:
Dr. Berthold Martin Breitwieser
Johann Strauss Strasse 1
4701 Bad Schallerbach
Austria
Tel: 07249/48286-0
Fax: 07249/48286-4
E-mail: kanzlei@ra-breitwieser.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 29, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Wels
Hall 101
Wels
Austria
Headquartered in Eferding, Austria, the Debtor declared
bankruptcy on March 11, 2008 (Bankr. Case No. 20 S 29/08b).
KBM MASCHINEN: Claims Registration Period Ends April 18
-------------------------------------------------------
Creditors owed money by LLC KBM Maschinen (FN 268772d) have
until April 18, 2008, to file written proofs of claim to court-
appointed estate administrator Gerhard Petrowitsch at:
Dr. Gerhard Petrowitsch
Kadagasse 11
8430 Leibnitz
Austria
Tel: 03452/82837-7
Fax: 03452/82837
E-mail: office@petrowitsch.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 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 Bad Radkersburg, Austria, the Debtor declared
bankruptcy on March 11, 2008 (Bankr. Case No. 26 S 32/08p).
PALO BAU: Claims Registration Period Ends May 2
-----------------------------------------------
Creditors owed money by KG Palo Bau & Handel (FN 291062h) have
until May 2, 2008, to file written proofs of claim to court-
appointed estate administrator Philipp Dobner at:
Dr. Philipp Dobner
Mariahilfer Strasse 50
1070 Vienna
Austria
Tel: 523 62 00
Fax: 526 72 74
E-mail: dobner@sup.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 16, 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 11, 2008 (Bankr. Case No. 28 S 41/08w).
SOUL & COCKTAIL: Claims Registration Period Ends April 21
---------------------------------------------------------
Creditors owed money by LLC Soul & Cocktail Gastronomie (FN
249023k) have until April 21, 2008, to file written proofs of
claim to court-appointed estate administrator Michael Axmann at:
Dr. Michael Axmann
Kalchberggasse 10
8010 Graz
Austria
Tel: 0316/832515
Fax: 0316/816778
E-mail: office@anwalt-graz.info
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 4:00 p.m. on May 8, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Graz
Hall L
Room 230
Graz
Austria
Headquartered in Graz, Austria, the Debtor declared bankruptcy
on March 12, 2008 (Bankr. Case No. 25 S 12/08i).
STRAWA PERSONALSERVICE: Claims Registration Period Ends May 2
-------------------------------------------------------------
Creditors owed money by LLC STRAWA Personalservice (FN 195278z)
have until May 2, 2008, to file written proofs of claim to
court-appointed estate administrator Klemens Dallinger at:
Dr. Klemens Dallinger
c/o Dr. Guenther Hoedl
Schulerstrasse 18
1010 Vienna
Austria
Tel: 513 28 33
Fax: 513 16 55 33
E-mail: dallinger@anwaltsteam.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 15, 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 March 11, 2008 (Bankr. Case No. 5 S 21/08k). Guenther Hoedl
represents Dr. Dallinger in the bankruptcy proceedings.
WALTER BERGER: Claims Registration Period Ends May 2
----------------------------------------------------
Creditors owed money by LLC Walter Berger Versicherungsmakler
(FN 200758h) have until May 2, 2008, to file written proofs of
claim to court-appointed estate administrator Peter Schulyok at:
Dr. Peter Schulyok
Mariahilfer Strasse 50
1070 Vienna
Austria
Tel: 523 62 00 Serie
Fax: 526 72 74
E-mail: schulyok-unger@csg.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on May 16, 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 12, 2008 (Bankr. Case No. 28 S 43/08i).
===========
F R A N C E
===========
CLEAR CHANNEL: Trial Regarding Financing of Merger Set April 8
--------------------------------------------------------------
A full trial on a temporary restraining order issued by a Texas
court to force financiers of the proposed acquisition of Clear
Channel Communications Inc. to honor a financing deal is set
April 8, 2008.
As reported in the Troubled Company Reporter-Europe on March 28,
2008, District Court Judge John D. Gabriel of Bexar County,
Texas, on March 26, awarded a Temporary Restraining Order in
favor of Clear Channel.
Judge Gabriel ordered that the banks, among other things, must
not “interfere with or thwart consummation of the Merger
Agreement” by:
1) refusing to fund the Merger transaction,
2) insisting on terms that are inconsistent with the
Commitment Letter, or
3) refusing to act in good faith in the drafting of
definitive loan documents.
Clear Channel, jointed by CC Media Holdings, Inc., a unit of
Thomas H. Lee Partners, L.P. and Bain Capital Partners, LLC,
sued the banks who had committed to financing the debt connected
to their US$26 billion merger for tortious interference on March
26, 2008.
The lawsuit alleges that the banks are "refusing to execute
necessary documents in an overt effort to 'run out the clock'
and cause [their] merger agreement to collapse" and are
"fabricating false reasons to refuse to proceed with the
transaction – all in an effort to deprive Plaintiffs’ of their
vested contractual rights under the Merger Agreement which
Defendants know must close by June 12, 2008."
Adding that the opportunity for CC Media Holdings to acquire
Clear Channel is "uniquely valuable and irreplaceable", the suit
further claims that the banks' recent actions create
"immeasurable damages exceeding the parties' agreement for US$26
billion".
The defendants are Citigroup, Morgan Stanley, Credit Suisse,
RBS, Wachovia, and Deutsche Bank.
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
Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media and
entertainment company specializing in mobile and on-demand
entertainment and information services for local communities and
premiere opportunities for advertisers. The company's
businesses include radio, television and outdoor displays.
Outside the United States, the company has operations in France,
Italy, Spain and the United Kingdom, as well as Australia and
China.
* * *
As reported in the Troubled Company Reporter-Europe on March 31,
2008, 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.
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.
PERNOD RICARD: To Acquire Vin & Spirit for EUR5.6 Billion
---------------------------------------------------------
Pernod Ricard disclosed the signing of a contract with the
Kingdom of Sweden for the acquisition of 100% of the shares of
the Vin & Sprit Group, the owner of Absolut vodka.
The acquisition does not include V&S’ 10% interest in Beam
Global Spirits & Wine, Inc. This acquisition represents an
outstanding opportunity for Pernod Ricard and will result in the
Group becoming co-leader in the global wine & spirits industry.
The acquisition of V&S also provides Pernod Ricard with a
leading position in the Nordic wine & spirits market through its
portfolio of local brands. In addition, V&S also brings other
attractive opportunities, notably Cruzan rum, a dynamic brand in
the United States (circa 600,000 cases sold in 2007 up +27%) and
Level, the number 4 brand in the super-premium vodka category in
the United States.
With the acquisition of V&S, Pernod Ricard becomes the co-leader
in the global wine & spirits industry with:
-- Global spirits volumes of 91 million cases.
-- The number 1 position in premium spirits with a 27% market
share.
In the United States, the largest spirits market worldwide,
Pernod Ricard’s position increases from number 4 to number 2
with a market share of close to 14%. V&S brands are currently
distributed in the US by Future Brands (a joint venture held 49%
by V&S and 51% by Fortune Brands) through a distribution
agreement currently in place until beginning of 2012. From an
operating stand point, V&S controls the marketing and A&P
strategy for its brands. Furthermore, Absolut distributors are
already largely aligned with Pernod Ricard’s distributors in the
US.
In the rest of the world, Absolut will benefit from the strength
of Pernod Ricard’s globally integrated distribution network,
both in mature Western European markets as well as in high-
growth emerging regions. Excluding the US and Nordic countries,
V&S’ brands are currently distributed through Maxxium, a joint
venture between V&S, Fortune Brands, The Edrington Group and
Remy Cointreau, each partner having a 25% shareholding. Pernod
Ricard will exit Maxxium within 2 years from closing for a low
contractual cost.
Pernod Ricard will therefore enhance the growth of Absolut in
every region by combining its role as a brand-owner and its
global footprint in conjunction with the existing distribution
efforts of Future Brands and Maxxium. Pernod Ricard will
immediately reap the benefit of Absolut’s presence in its
portfolio.
The acquisition of V&S will result in the end of the Stolichnaya
distribution contract which Pernod Ricard will continue to
perform during a short transitional period until SPI identifies
a new distributor.
Transaction Value
The price paid for V&S by Pernod Ricard will be EUR1,450 million
plus US$6,050 million, i.e. EUR5,280 million at the current
Euro/USD exchange rate. Pernod Ricard will also assume net debt
of EUR346 million as of Dec. 31, 2007 resulting in a total
enterprise value of EUR5,626 million.
V&S will pay the Swedish government a dividend of EUR85 million
before closing of the transaction, and the purchase price of the
shares will be increased by a pro-rated annual interest charge
of 2.0% from 1st January 2008 until the effective closing date
of the transaction. In exchange, Pernod Ricard will benefit
from the full cash flow generated by V&S over this period.
The transaction will be financed through a new syndicated loan
underwritten by six first-class banks: BNP Paribas, Calyon,
JPMorgan, Natixis, The Royal Bank of Scotland plc and Societe
Generale. Pernod Ricard’s opening leverage will be at circa 6x
the new group’s pro forma EBITDA, in line with leverage levels
of the group after the Seagram and Allied Domecq transactions.
Strong cash flow generation and strong EBITDA growth will allow
for a fast deleveraging. The initial cost of debt should be
around 5%.
This transaction will generate significant pre-tax synergies
estimated at between EUR125 and 150 million on an annual basis.
These synergies are expected to be fully extracted over two to
four years, depending on the timing of exit from the Future
Brands and Maxxium distribution agreements.
Based on V&S 2007 EBITDA of EUR270 million, the price paid
corresponds to implied multiples of 20.8x EBITDA pre-synergies,
or 14.2x post-synergies.
Based on a V&S 2007 CAAP(5) of EUR400 million estimated by
Pernod Ricard, the price implies CAAP multiples of 14.1x pre-
synergies and 12.4x post-synergies. These multiples compare
favorably to those observed on recent comparative transactions.
Altogether, this acquisition will reinforce the growth profile
of Pernod Ricard and will generate significant value creation
for Pernod Ricard’s shareholders. The impact of the transaction
on the earnings per share, excluding non-recurring items, is
expected to be neutral in year one and significantly positive
thereafter. The return on investment should exceed Pernod
Ricard’s cost of capital by year 4 at the latest.
Pernod Ricard is confident the transaction will be completed
during summer 2008 after receiving the necessary regulatory
clearances.
Patrick Ricard, Chairman and CEO of Pernod Ricard, stated:
“The acquisition of V&S by Pernod Ricard is a fantastic
opportunity and represents our third transformational
acquisition since the Seagram and Allied Domecq transactions.
Absolut is an exceptional brand. Its integration within our
portfolio of premium brands combined with the strength of our
worldwide distribution network paves the way for outstanding
growth prospects. We become thus the co-leader of the global
wine and spirits industry.”
Pierre Pringuet, Managing Director, added:
“We are eager to welcome the V&S teams into the Pernod Ricard
Group. The integration will be made easier by our decentralised
organisation model. The integrity of the V&S group will be
maintained and it will become a new “brand-owner” and a
distribution platform for the Group in Nordic countries.”
Pernod Ricard has been assisted by the following advisers on
this transaction:
-- JP Morgan, Deutsche Bank, and PK Partners as financial
advisors
-- Gernandt & Danielsson, Debevoise & Plimpton,
Macfarlanes, and Gide Loyrette Nouel as legal advisors
-- Ernst & Young as financial advisor
-- Springtime as communication advisor
About Pernod Ricard
Created by the merger between Pernod and Ricard (1975) --
http://www.pernod-ricard.com/-- the Group has undergone
sustained development, based on both organic growth and
acquisitions. The purchase of part of Seagram (2001) and the
acquisition of Allied Domecq (2005) have made Pernod Ricard the
second largest player in the wine and spirits with industry
sales of EUR6.4 billion in 2006/07; it is also the leader in the
“ultra premium” spirits market.
Pernod Ricard benefits from a portfolio comprising some of the
most prestigious brands in the sector: Ricard aniseed,
Ballantine’s, Chivas Regal and The Glenlivet Scotch whiskies,
Jameson Irish Whiskey, Martell cognac, Havana Club rum, ,
Beefeater gin, Kahlúa and Malibu liqueurs, Mumm and Perrier-
Jouët champagnes, as well as Jacob’s Creek and Montana wines.
The Group favours a decentralised organisation, with "Brand
Owners" and "Distribution" companies established in each key
market, and employs a workforce of around 18,000 in 70
countries.
In addition, Pernod Ricard is strongly committed to a policy of
Corporate Social Responsibility and encourages responsible
consumption in order to prevent alcohol misuse and abuse.
PERNOD RICARD: S&P Revises Outlook on Vin & Spirits Acquisition
---------------------------------------------------------------
Standard & Poor's Ratings Services changed the outlook on French
spirits manufacturer Pernod Ricard S.A. to negative from stable,
due to a deterioration in Pernod's financial profile following
the group's announcement of its fully debt-financed acquisition
of Swedish Vin & Sprits Group for about EUR5.6 billion.
At the same time, Standard & Poor's affirmed its 'BB+/B' long-
and short-term corporate credit and 'BB+' debt ratings on the
group.
"The ratings on Pernod continue to reflect its highly leveraged
capital structure and opportunistic acquisition strategy," said
Standard & Poor's credit analyst Michael Seewald. "They benefit,
however, from Pernod's enhanced position as a leading
manufacturer and marketer in the stable and cash-generative
spirits industry.
The group's adjusted net debt was EUR7 billion at Dec. 31, 2007.
"The negative outlook reflects Pernod's high post-acquisition
leverage of more than 6x, which compares with our guidance of 5x
for the current rating," said Mr. Seewald.
In order to maintain a 'BB+' rating, S&P expects the group to
deleverage back to adequate levels in a reasonable time frame,
in line with its track record from previous transactions. S&P
also expects the group to keep its enhanced business risk
profile, which should ensure the resilience of the group's cash
generation capacity.
In addition, Standard & Poor's expects Pernod to sustain sales
momentum at least in line with the industry, notwithstanding its
increased exposure to potentially slowing U.S. markets, while
improving profitability through economies of scale and an
enhanced product mix.
S&P might revise the outlook back to stable if the group
restores and maintains leverage of fully adjusted net debt to
EBITDA at less than 5x, which we do not expect in the short
term.
The ratings could come under pressure if the group loses sales
momentum, or if reaching and sustaining adjusted net debt to
EBITDA of about 5x and FFO to net debt at about 15% within the
24 months following the acquisition becomes unrealistic.
SR TELECOM: Selling Assets to Groupe Lagasse for US$6 Million
-------------------------------------------------------------
SR Telecom Inc. signed an asset purchase agreement to sell
majority of its assets, including its WiMAZ Forum-certified
symmetryMX product line, to Groupe Lagasse for an aggregate
consideration of US$6.05 million payable at closing and by the
assumption of certain stated liabilities.
The transaction, once completed, will provide continuity for SR
Telecom's international customer base and permit the company to
grow and capitalize on its many WiMAX opportunities. The
transaction, which is subject to certain closing conditions and
court approval, is expected to close on or before April 4, 2008.
"We are pleased to reach this agreement with Groupe Lagasse,"
said Serge Fortin, President and CEO of SR Telecom. "Their
international presence, financial strength and entrepreneurial
spirit, along with their knowledge and expertise in the high
technology field, make Groupe Lagasse a strong financial and
operational purchaser for SR Telecom’s business. This deal
clearly benefits our employees and our customers around the
world as it will enable us to quickly resume normal operations,
and accelerate the development, delivery and deployment of our
leading-edge WiMAX solutions."
"Groupe Lagasse had been searching for ways to tap in to the
WiMAX market for quite some time," Louis Lagasse, Chairman of
Groupe Lagasse said. "In SR Telecom, we saw an organization
possessing a solid business plan, a strong management team, a
significant order pipeline, and an unequaled depth of expertise
and experience in wireless telecommunications. This acquisition
allows us to leverage the synergies between our current
organization and SR Telecom to immediately enter the rapidly-
growing global WiMAX market as a major player with a feature-
rich, field-proven product line."
Under terms of the agreement, Groupe Lagasse will purchase SR
Telecom’s brand, trademarks, intellectual property, patents,
inventories and equipment relating to its symmetryMX product
line. It is not expected that SR Telecom shareholders will
receive any value out of the proceeds of such sale.
SR Telecom filed for creditor protection under the CCAA on
Nov. 19, 2007. On Feb. 29, 2008, it announced that it had
obtained an order from the Quebec Superior Court to extend the
period of the court-ordered stay of proceedings against SR
Telecom under the CCAA to May 2, 2008.
Headquartered in Quebec, Canada, Groupe Lagasse --
http://www.groupelagasse.com/-- is an international company
with manufacturing and products business units that focus on
providing leading edge, rugged, high reliability, and high
availability solutions for the private and public sectors. Its
activities include electronic manufacturing expertise for secure
radio and telecom products that address the entire product life
cycle. Groupe Lagasse is a privately held holding whose sales,
in 2007, exceeded CDN200 million; the group has operations in
Europe and North America and employs over 1,000 people
worldwide.
Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas. The company has offices in Mexico, France and
Thailand.
SR Telecom Inc.'s consolidated balance sheet at June 30, 2007,
showed CDN$83.9 million in total assets and CDN$97.9 million
in total liabilities, resulting in a CDN$14.0 million total
stockholders' deficit.
=============
G E R M A N Y
=============
B & B BAU: Claims Registration Ends April 17
--------------------------------------------
Creditors of B & B Bau GmbH have until April 17, 2008 to
register their claims with court-appointed insolvency manager
Dr. Biner Bahr.
Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Essen
Meeting Hall 293
Second Floor
Zweigertstr. 52
45130 Essen
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Biner Bahr
Graf-Adolf-Platz 15
40213 Duesseldorf
Germany
Tel: 0211/540680192
The District Court of Essen opened bankruptcy proceedings
against B & B Bau GmbH on Feb. 29, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
B & B Bau GmbH
Attn: Herbert Steinkellner, Manager
Gladbecker Str. 435
45329 Essen
Germany
BAUKRA WARTUNGSDIENST: Claims Registration Ends April 17
--------------------------------------------------------
Creditors of Baukra Wartungsdienst GmbH have until April 17,
2008 to register their claims with court-appointed insolvency
manager Carsten Lange.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Aachen
Meeting Hall D 1.409
First Floor
Adalbertsteinweg 92
52070 Aachen
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:
Carsten Lange
Laurentiusstrasse 16-20
52072 Aachen
Germany
Tel: 024141344550
Fax: 0241413445511
The District Court of Aachen opened bankruptcy proceedings
against Baukra Wartungsdienst GmbH on March 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Baukra Wartungsdienst GmbH
Helmholtzstrasse 38
52428 Juelich
Germany
Attn: Heinz-Juergen Balcarek, Manager
Bertastrasse 13
52428 Juelich
Germany
BRAKEMANN VERPACKUNGEN: Claims Registration Ends April 17
---------------------------------------------------------
Creditors of Brakemann Verpackungen GmbH & Co. KG have until
April 17, 2008 to register their claims with court-appointed
insolvency manager Hans-Peter Burghardt.
Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Bielefeld
Meeting Hall 4065
Fourth Floor
Gerichtstrasse 66
33602 Bielefeld
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Hans-Peter Burghardt
Bunsenstr. 3
32052 Herford
Germany
The District Court of Bielefeld opened bankruptcy proceedings
against Brakemann Verpackungen GmbH & Co. KG on March 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Brakemann Verpackungen GmbH & Co. KG
Meschbruchstr. 27
32257 Buende
Germany
Attn: Uwe Brakemann and Joerg Brakemann, Managers
Kaiser-Wilhelm-Str. 19
32257 Buende
Germany
COMLOGIC FRANKFURT: Claims Registration Ends April 17
-----------------------------------------------------
Creditors of ComLogic Frankfurt Systeme GmbH have until
April 17, 2008 to register their claims with court-appointed
insolvency manager Dr. Jan Markus Plathner.
Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Frankfurt (Main)
Hall 1
Building F
Klingerstrasse 20
60313 Frankfurt (Main)
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Jan Markus Plathner
Lyoner Strasse 14
60528 Frankfurt am Main
Germany
Tel: 069/9623340
Fax: 069/96233422
Web site: http://www.brinkmann-partner.de/
The District Court of Frankfurt (Main) opened bankruptcy
proceedings against ComLogic Frankfurt Systeme GmbH on March 3,
2008. Consequently, all pending proceedings against the company
have been automatically stayed.
The Debtor can be reached at:
ComLogic Frankfurt Systeme GmbH
Lyoner Strasse 44-48
60528 Frankfurt (Main)
Germany
FORMWELL VERPACKUNGSWERK: Claims Registration Ends April 17
-----------------------------------------------------------
Creditors of Formwell Verpackungswerk GmbH have until April 17,
2008 to register their claims with court-appointed insolvency
manager Hans-Peter Burghardt.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Bielefeld
Meeting Hall 4065
Fourth Floor
Gerichtstrasse 66
33602 Bielefeld
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Hans-Peter Burghardt
Bunsenstr. 3
32052 Herford
Germany
The District Court of Bielefeld opened bankruptcy proceedings
against Formwell Verpackungswerk GmbH on March 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Formwell Verpackungswerk GmbH
Buessingstr. 32-36
32257 Buende
Germany
Attn: Uwe Brakemann, Manager
Kaiser-Wilhelm-Str. 19
32257 Buende
Germany
FUN HOUSE: Claims Registration Period Ends April 25
---------------------------------------------------
Creditors of Fun House GmbH have until April 25, 2008, to
register their claims with court-appointed insolvency manager
Vera Mai.
Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 26, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Dortmund
Hall 3.201
Gerichtsplatz 22
44135 Dortmund
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Vera Mai
Gerichtsstrasse 19
44135 Dortmund
Germany
The District Court of Dortmund opened bankruptcy proceedings
against Fun House GmbH on March 4, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Fun House GmbH
Attn: Bettina Pauli, Manager
Brockhagener Strasse 14
44581 Castrop-Rauxel
Germany
GRENZENLOS GMBH: Claims Registration Period Ends April 16
---------------------------------------------------------
Creditors of Grenzenlos GmbH have until April 16, 2008, to
register their claims with court-appointed insolvency manager T.
Heilmann.
Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Erfurt
Hall 12
Judicial Center
Rudolfstr. 46
99092 Erfurt
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
T. Heilmann
Melchior Bauer Strasse 1
99094 Erfurt
Germany
Tel: 0361/550450
The District Court of Erfurt opened bankruptcy proceedings
against Grenzenlos GmbH on Feb. 8, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Grenzenlos GmbH
Reisshausstrasse 5
99085 Erfurt
Germany
GYM L.E. SPORTS: Claims Registration Period Ends April 28
---------------------------------------------------------
Creditors of GYM L.E. Sports Club GmbH have until April 28,
2008, to register their claims with court-appointed insolvency
manager Rainer M. Bahr.
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 Leipzig
Hall 145
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:
Rainer M. Bahr
Prager Strasse 34
04317 Leipzig
Germany
Tel: 0341/486930
Fax: 0341/4869393
E-mail: Leipzig@hermann-law.com
The District Court of Leipzig opened bankruptcy proceedings
against GYM L.E. Sports Club GmbH on March 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
GYM L.E. Sports Club GmbH
Attn: Christian Reiter, Manager
Homannstrasse 7
04129 Leipzig
Germany
INNOKOM BAU GMBH: Claims Registration Period Ends April 14
----------------------------------------------------------
Creditors of InnoKom Bau GmbH Innovation und Kompetenz am Bau
have until April 14, 2008, to register their claims with court-
appointed insolvency manager Karina Schwarz.
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 Magdeburg
Hall D
Insolvency Department
Liebknechtstrasse 65-91
39110 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:
Karina Schwarz
Klausenerstr. 24
39112 Magdeburg
Germany
Tel: 0391/6286260
Fax: 0391/6286266
E-mail: magdeburg@Rechtsanwaelte-Schwarz.de
The District Court of Magdeburg opened bankruptcy proceedings
against InnoKom Bau GmbH Innovation und Kompetenz am Bau on
March 3, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
InnoKom Bau GmbH Innovation und Kompetenz am Bau
Heinrichstr. 6a
06449 Aschersleben
Germany
INTERMEDICAL PROMOTION: Claims Registration Period Ends April 16
----------------------------------------------------------------
Creditors of IPS InterMedical Promotion Services GmbH have until
April 16, 2008, to register their claims with court-appointed
insolvency manager Peter Houben.
Creditors and other interested parties are encouraged to attend
the meeting at 11:01 a.m. on April 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Krefeld
Meeting Hall H 131
First Floor
Nordwall 131
47798 Krefeld
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 Houben
Sternstrasse 58
40479 Duesseldorf
Germany
Tel: 0211/49 144-0
Fax: +4902114914434
The District Court of Krefeld opened bankruptcy proceedings
against IPS InterMedical Promotion Services GmbH on Feb. 12,
2008. Consequently, all pending proceedings against the company
have been automatically stayed.
The Debtor can be reached at:
IPS InterMedical Promotion Services GmbH
Attn: Shaker Halab, Manager
Hafelsstr. 209
47809 Krefeld
Germany
JUNIOR TIEFBAU: Claims Registration Period Ends April 16
--------------------------------------------------------
Creditors of JUNIOR Tiefbau GmbH i.L. have until April 16, 2008,
to register their claims with court-appointed insolvency manager
Stephan Laubereau.
Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Wiesbaden
Hall E 36 A
Third Floor
Building E
Moritzstrasse 5
65185 Wiesbaden
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 Laubereau
c/o Pluta Rechtsanwalts GmbH - Buero Frankfurt/Main
Trakehner Strasse 7-9
Eingang A
60487 Frankfurt am Main
Germany
Tel: 069/850 9693 0
Fax: 069/850 9693 29
E-mail: frankfurt@pluta.net
Web site: http://www.pluta.net/
The District Court of Wiesbaden opened bankruptcy proceedings
against JUNIOR Tiefbau GmbH i.L. on Feb. 18, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
JUNIOR Tiefbau GmbH i.L.
Muehlstr. 79
65375 Oestrich-Winkel
Germany
KAPPE PROJEKTBAUGESELLSCHAFT: Claims Registration Ends April 17
---------------------------------------------------------------
Creditors of Kappe Projektbaugesellschaft mbH have until
April 17, 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 11:00 a.m. on May 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Gifhorn
Hall 118
Schlossgarten 4
38518 Gifhorn
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. jur. Rainer Eckert
Arthur-Menge-Ufer 5
30169 Hannover
Germany
Tel: (0511) 6262870
Fax: (0511) 62628710
The District Court of Gifhorn opened bankruptcy proceedings
against Kappe Projektbaugesellschaft mbH on March 11, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Kappe Projektbaugesellschaft mbH
Attn: Kastanienallee 2
31224 Peine
Germany
KELLER & PARTNER: Claims Registration Period Ends April 16
----------------------------------------------------------
Creditors of Keller & Partner, Unternehmensberatungsgesellschaft
mbH have until April 16, 2006, to register their claims with
court-appointed insolvency manager Reinhard Schmid.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Ludwigsburg
Hall 2008
Palace Schuetz
Schorndorfer Str. 28
Ludwigsburg
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. Reinhard Schmid
Hasenbergsteige 5
70178 Stuttgart
Germany
Tel: 0711/66907-91
The District Court of Ludwigsburg opened bankruptcy proceedings
against Keller & Partner, Unternehmensberatungsgesellschaft mbH
on Feb. 29, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
Keller & Partner,
Unternehmensberatungsgesellschaft mbH
Attn: Hans-Juergen Igel, Manager
Riedstrasse 29
71691 Freiberg/N.
Germany
LAUSITZER HOLZ: Claims Registration Period Ends April 16
--------------------------------------------------------
Creditors of Lausitzer Holz GmbH have until April 16, 2008, to
register their claims with court-appointed insolvency manager
Bettina Schmudde.
Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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:
Bettina Schmudde
Koenigstrasse 1
01097 Dresden
Germany
E-mail: www.whitecaseinso.de
The District Court of Dresden opened bankruptcy proceedings
against Lausitzer Holz GmbH on March 1, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Lausitzer Holz GmbH
Attn: Helmut Neumann, Manager
Strasse der Republik 84
02791 Oderwitz
Germany
LINES UP: Claims Registration Period Ends April 16
--------------------------------------------------
Creditors of Lines Up GmbH have until April 16, 2008, to
register their claims with court-appointed insolvency manager
Christian Gerloff.
Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Munich
Meeting Hall 101
Infanteriestr. 5
80097 Munich
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Christian Gerloff
Nymphenburger Str. 139
80636 Munich
Germany
Tel: 089/120260
Fax: 089/12026127
The District Court of Munich opened bankruptcy proceedings
against Lines Up GmbH on March 1, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Lines Up GmbH
Attn: Marcus Sahanek, Manager
Implerstr. 24
81371 Munich
Germany
OCEAN STAR: Fitch Holds Low-B Ratings on Two Notes Classes
----------------------------------------------------------
Fitch Ratings affirmed all of Ocean Star 2004 PLC's and Ocean
Star 2005 PLC's credit-linked floating-rate notes due 2018 and
2012 respectively, as:
Ocean Star 2004:
-- US$0.25m Class A+ notes (ISIN XS0199954537): affirmed at
'AAA'; Outlook Stable
-- US$52.75m Class A notes (ISIN XS0199957399): affirmed at
'AAA'; Outlook Stable
-- US$79.15m Class B notes (ISIN XS0199957472): affirmed at
'AA'; Outlook Stable
-- US$79.15m Class C notes (ISIN XS0199960005): affirmed at
'A'; Outlook Stable
-- US$53.80m Class D notes (ISIN XS0199961078): affirmed at
'BBB-' (BBB minus); Outlook Stable
-- US$19m Class E notes (ISIN XS0199963108): affirmed at
'BB-' (BB minus); Outlook Stable
Ocean Star 2005:
-- US$28.6m Class A notes (ISIN XS0230942152): affirmed at
'AAA'; Outlook Stable
-- US$25.7m Class B notes (ISIN XS0230942582): affirmed at
'AA'; Outlook Stable
-- US$42.8m Class C notes (ISIN XS0230942580): affirmed at
'A'; Outlook Stable
-- US$23.4m Class D notes (ISIN XS0230944281): affirmed at
'BBB'; Outlook Stable
-- US$9.7m Class E notes (ISIN XS0230944794): affirmed at
'BB'; Outlook Stable
The affirmations follow the replenishments of the underlying
portfolios and a satisfactory review of both transactions'
performance to date.
Ocean Star 2004 and Ocean Star 2005 are revolving synthetic
securitisations of shipping loan obligations originated by HSH
Nordbank AG (HSH, rated 'AAA'/'F1+' for guaranteed obligations
and 'A'/'F1' for unguaranteed obligations) and its predecessors,
LB Kiel and Hamburgische Landesbank, with respect to reference
portfolios with an outstanding amount of up to USD1,054.7m and
USD570.1m, respectively. The reference portfolio consists of
loans secured by ships.
This is Ocean Star 2004's seventh portfolio replenishment since
closing and Ocean Star 2005's fifth replenishment since closing.
The levels of available credit enhancement have not changed
since closing for both transactions. No credit events, defaults
or losses for both transactions have occurred since inception.
No delinquencies have been reported since closing. The rating
of collateral available to the issuer has not changed. The
current portfolio characteristics meet the transactions' general
replenishment conditions and bear lower concentration risk
compared to the initial portfolios.
Fitch will continue to monitor both transactions.
OEKO SERVICE: Claims Registration Period Ends April 16
------------------------------------------------------
Creditors of Oeko Service Haus GmbH Bausysteme nach Mass have
until April 16, 2008, to register their claims with court-
appointed insolvency manager Dr. Joerg Nerlich.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Duesseldorf
Meeting Hall A 341
Fourth Floor
Muehlenstrasse 34
40213 Duesseldorf
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Joerg Nerlich
Louise-Dumont-Str. 25
40211 DuesseldorfForderungen
Germany
The District Court of Duesseldorf opened bankruptcy proceedings
against Oeko Service Haus GmbH Bausysteme nach Mass on
March 18, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
Oeko Service Haus GmbH Bausysteme nach Mass
Attn: Oliver Kirste, Manager
Goetscher Weg 81
40764 Langenfeld
Germany
REISE-TV VERWALTUNGS: Claims Registration Period Ends April 14
--------------------------------------------------------------
Creditors of Reise-TV Verwaltungs GmbH have until April 14,
2008, to register their claims with court-appointed insolvency
manager Dr. Stefanie Kuche.
Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 Hannover
Hall 226
Second Upper Floor
Service Bldg.
Hamburger Allee 26
30161 Hannover
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Stefanie Kuche
Arthur-Menge-Ufer 5
30169 Hannover
Germany
Tel: 0511 626287-0
Fax: 0511 626287-10
The District Court of Hannover opened bankruptcy proceedings
against Reise-TV Verwaltungs GmbH on March 10, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Reise-TV Verwaltungs GmbH
Expo Plaza 12
30539 Hannover
Germany
REXOHN GMBH: Claims Registration Period Ends April 14
-----------------------------------------------------
Creditors of Rexohn GmbH have until April 14, 2008, to register
their claims with court-appointed insolvency manager Dr. Helmut
Hemmerling.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Stuttgart
Hall 13
Ground Floor
Hauffstr. 5 (Am Neckartor)
70190 Stuttgart
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. Helmut Hemmerling
Heilbronner Str. 86
70191 Stuttgart
Germany
Tel: 0711/25 97 290
Fax: 0711/25 97 29 999
The District Court of Stuttgart opened bankruptcy proceedings
against Rexohn GmbH on March 7, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Rexohn GmbH
Stirnenweg 4
70378 Stuttgart
Germany
SALZER HOCH: Claims Registration Period Ends April 17
-----------------------------------------------------
Creditors of Salzer Hoch- und Trockenbau GmbH have until
April 7, 2008, to register their claims with court-appointed
insolvency manager Jochen Horch.
Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 Heilbronn
Hall 4
Ground Floor
Rollwagstr. 10a
74072 Heilbronn
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Jochen Horch
Keplerstrasse 7
74072 Heilbronn
Germany
Tel: 07131/7801-33
Fax: 07131/7801-11
The District Court of Heilbronn opened bankruptcy proceedings
against Salzer Hoch- und Trockenbau GmbH on March 18, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Salzer Hoch- und Trockenbau GmbH
Attn: Karl Gaal, Manager
Roetelstrasse 11
74172 Neckarsulm
Germany
TECMEDIC TECHNOLOGY: Claims Registration Period Ends April 14
-------------------------------------------------------------
Creditors of TecMedic Technology & Medicine GmbH have until
April 14, 2008, to register their claims with court-appointed
insolvency manager Rolf Otto Neukirchen.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Essen
Meeting Hall 293
Second Floor
Zweigertstr. 52
45130 Essen
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Rolf Otto Neukirchen
Zweigertstr. 28-30
45130 Essen
Germany
The District Court of Essen opened bankruptcy proceedings
against TecMedic Technology & Medicine GmbH on Feb. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
TecMedic Technology & Medicine GmbH
Broessweg 40
45897 Gelsenkirchen
Germany
UMWELT-VERFAHREN: Claims Registration Period Ends April 14
----------------------------------------------------------
Creditors of Umwelt-Verfahren-Katalysatorentechnik GmbH have
until April 14, 2008, to register their claims with court-
appointed insolvency manager Reinhard Klose.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of 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:
Reinhard Klose
Leipziger Str. 58
09113 Chemnitz
Germany
Tel:(0371)444610
Fax: (0371)4446111
E-mail: klose@handschumacher.de
The District Court of Chemnitz opened bankruptcy proceedings
against Umwelt-Verfahren-Katalysatorentechnik GmbH on March 3,
2008. Consequently, all pending proceedings against the company
have been automatically stayed.
The Debtor can be reached at:
Umwelt-Verfahren-Katalysatorentechnik GmbH
Attn: Fritz Grunert, Manager
Borstendorfer Strasse 29
09573 Leubsdorf
Germany
VIVA HANDELS: Claims Registration Period Ends April 15
------------------------------------------------------
Creditors of Viva Handels GmbH have until April 15, 2008, to
register their claims with court-appointed insolvency manager
Matthias Lorenzen.
Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on June 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 Neumuenster
Meeting Hall B.126
Law Courts
Boostedter Strasse 26
Neumuenster
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 Lorenzen
Walkerdamm 17
24103 Kiel
Germany
The District Court of Neumuenster opened bankruptcy proceedings
against Viva Handels GmbH on March 14, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Viva Handels GmbH
Haart 224
24539 Neumuenster
Germany
Attn: Hauke Hahn, Manager
Parchimer Strasse 26
24536 Neumuenster
Germany
WABIO BIOTECHNIK: Claims Registration Period Ends April 14
----------------------------------------------------------
Creditors of Wabio Biotechnik GmbH have until April 14, 2008, to
register their claims with court-appointed insolvency manager
Andreas Schen.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 26, 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:
Andreas Schenk
Schumannstrasse 9
08056 Zwicka
Germany
The District Court of Chemnitz opened bankruptcy proceedings
against Wabio Biotechnik GmbH on Feb. 26, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Wabio Biotechnik GmbH
Attn: Dr. Volker Friedrich, Manager
Suedstrasse 29
08066 Zwickau
Germany
ZETA ANLAGENTECHNIK: Claims Registration Period Ends April 21
-------------------------------------------------------------
Creditors of Zeta Anlagentechnik GmbH have until April 21, 2008,
to register their claims with court-appointed insolvency manager
Rainer M. Bahr.
Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 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:
Rainer M. Bahr
Obergraben 10
01097 Dresden
Germany
Website: www.hermann-law.de
The District Court of Dresden opened bankruptcy proceedings
against Zeta Anlagentechnik GmbH on March 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Zeta Anlagentechnik GmbH
Freiberger Str. 39
01067 Dresden
Germany
=============
H U N G A R Y
=============
PROPEX INC: Wants to Implement Employee Incentive Plan
------------------------------------------------------
Propex Inc. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Eastern District of Tennessee to
implement the Propex Employee Incentive Program.
Many of the Debtors' employees have developed valuable
institutional knowledge regarding relationships that are
critical to the Debtors' successful operations, Henry J. Kaim,
Esq., at King & Spalding, LLP, in Houston, Texas, states.
Likewise, a large portion of the Debtors' workforce holds highly
skilled and critical industry-specific positions necessary to
run the Debtors' day-to-day businesses.
The Debtors state that the successful management of their
ongoing business activities depends on maintaining a consistent,
focused, and enthusiastic effort by their employees and others.
However, Mr. Kaim says the Debtors' employees are currently
without any incentive compensation opportunity due to the lack
of an approved bonus program for 2008 and beyond. Because of
this, the Debtors believe that their employees are likely to
experience increased employee distraction and, consequently,
reduced efficiency and productivity and uncontrolled attrition.
Mr. Kaim says the Incentive Program has been carefully
structured to balance the need to motivate and provide
appropriate market-competitive compensation to the Debtors'
workforce, while at the same time ensuring that the estates
receive enhanced value in exchange for payments made under the
Incentive Program.
The Incentive Program consists of (i) a "Rank and File" Bonus
Program, and (ii) a Key Employee Incentive Plan. The core
components of the Incentive Program require the achievement of
certain levels of earnings before interest, taxes, depreciation,
and amortization for the Debtors before payments will be made.
Rank and File Plan
The Rank and File Plan is the historical standard annual bonus
program that is put in place each year and provides an incentive
compensation opportunity for all employees, from executives down
to plant workers. The proposed Rank and File Program
essentially mirrors the Rank and File bonus programs established
in 2006 and 2007, Mr. Kaim says.
For 2008, the Rank and File Program has a minimum EBITDA
threshold of US$35,000,000. Bonuses payable under this program
range from US$2,200,000 for EBITDA of US$35,000,000 to
US$4,300,000 for EBITDA of US$44,000,000. The average amount
that an employee will receive will be between US$1,165 and
US$2,280 depending on EBITDA.
All bonus payments due under the Rank and File Program will be
made upon completion of the 2008 audit, expected to be completed
around March 31, 2009, except that if the company earns
US$35,000,000 of year to date EBITDA by November 30, 2008, bonus
payments will be paid on December 20, 2008. All remaining bonus
payments due will be paid around March 31, 2009.
Key Employee Incentive Plan
The KEIP is a program that provides incentives to key employees
integral to maintaining operational stability, driving
profitability, and managing the Debtors' bankruptcy cases.
The KEIP provides for a cash-only award contingent upon the
achievement of certain financial performance thresholds. KEIP
payments are separate from the payments made under the Rank and
File Program although participants in the KEIP are also eligible
for payments under the Rank and File Program.
The Debtors have identified 45 senior employees who will be
eligible to participate in the KEIP. The key employees under
the KEIP are tiered into four categories, with each group (i)
having an ability to earn up to a certain percentage of base
salary depending on EBITDA performance, and (ii) remaining in
compliance with all covenants contained in the Debtors'
postpetition loan documents.
Group 1 is made up of five of the most senior level executives,
Group 2 has five employees, Group 3 has 17 employees, and
Group 4 has 18 employees.
Up to US$3,500,000 of payments made under the KEIP will be
excluded from Consolidated EBITDA for purposes of testing
financial covenants for the Debtors under the DIP Loan
Documents. Payments due under the KEIP in excess of
US$3,500,000 will not be paid until the date the Debtors emerge
from bankruptcy, or upon the sale of substantially all of their
assets. The Debtors' employees are projected to receive amounts
ranging from US$17,000 to US$300,000, based on US$35,000,000
EBITDA. Amounts are projected to be higher at greater EBITDA
levels.
All payments due under the KEIP are due on the earlier of
March 31, 2009, or the emergence date, except that an interim
payment will be made on April 30, 2009, for participants of
Groups 2, 3, and 4 of the KEIP if the minimum EBITDA threshold
of US$4,600,000 is reached.
Moreover, to the extent that substantially all of the Debtors'
assets are sold before the outside payment date of March 31,
2008, payments will be made under the KEIP as though target
EBITDA thresholds have been met if year to date EBITDA is at
least at the minimum levels.
About Propex
Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber. It is produces
primary and secondary carpet backing. Propex also has
manufacturing facilities in Brazil, Mexico, Germany, Hungary and
the United Kingdom.
The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249). The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them. As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000. The Debtors' exclusive period to
file a plan of reorganization expires on May 17, 2008.
(Propex Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
PROPEX INC: Court Approves Navigant Capital as Financial Advisor
----------------------------------------------------------------
Propex Inc. and its debtor-affiliates sought and obtained
authority from the U.S. Bankruptcy Court for the Eastern
District of Tennessee to employ Navigant Capital Advisors, LLC,
as their financial advisor, nunc pro tunc to Feb. 6, 2008.
The Court also approved the terms and conditions contained in a
letter of agreement dated Feb. 20, 2008, with respect to
Navigant's employment, pursuant to Sections 327 and 328 of the
Bankruptcy Code and Rule 2014 of the Federal Rules of Bankruptcy
Procedure.
Navigant is a national financial advisory firm, with seven
offices in the United States, and more than 100 professionals.
Navigant provides financial advisory services, as well as
execution capabilities, in a variety of areas, including
financial restructuring. Navigant is an affiliate of Navigant
Consulting, Inc., a publicly traded consulting firm, which
focuses on providing services to companies in various types of
distress, risk or litigation. Additionally, Navigant's
Financial Restructuring Group has assisted numerous Chapter 11
Debtors in some of the largest and most complex restructuring
matters in the United States, including Beth Israel Hospital
Association of Passaic, among others.
Under the Engagement Agreement, Navigant is expected to:
(a) assist the Debtors in the preparation and review of
reports or filings as required by the Court or the Office
of the United States Trustee, including schedules of
assets and liabilities, statement of financial affairs,
mailing matrix, and monthly operating reports; and
(b) assist the Debtors in other matters requested for and
agreed upon, consistent with Navigant's expertise.
The Debtors and Navigant have agreed to these compensation
rates:
Professional Hourly Rate
------------ -----------
Senior Managing Directors US$545 - US$695
Managing Directors US$545 - US$695
Directors/Senior Advisors US$475 - US$525
Associate Directors US$375 - US$475
Managing Consultants US$345 - US$375
Consultants/Associates US$235 - US$345
Paraprofessionals US$95
Lee McCarter, executive vice president and chief financial
officer of Propex, Inc., states that Navigant is a
"disinterested person" within the meaning of Section 101(14) of
the Bankruptcy Code. Mr. McCarter adds that Navigant has no
interest materially adverse to the Debtors, their creditors, and
shareholders, on matters for which Navigant is employed.
About Propex
Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber. It is produces
primary and secondary carpet backing. Propex also has
manufacturing facilities in Brazil, Mexico, Germany, Hungary and
the United Kingdom.
The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249). The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them. As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000. The Debtors' exclusive period to
file a plan of reorganization expires on May 17, 2008.
(Propex Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
=============
I R E L A N D
=============
SIRVA INC: Court Okays Sale of U.K. & Ireland Operations to TEAM
----------------------------------------------------------------
Sirva Inc. and its debtor-affiliates received authority from the
U.S. Bankruptcy Court for the Southern District of New York to
consummate the Sale of their ownership shares in SIRVA Group
Holdings Limited and SIRVA Ireland, despite objections.
Triple Net Investments IX, LP, opposed the Debtors' request to
sell their ownership shares to companies managed by TEAM
Relocations Limited, for US$4,200,000.
Robert E. Nies, Esq., at Wolff & Samson PC, in New York, asked
the Court to delay approval of the Motion until the Debtors make
greater disclosure of the circumstances that require approval of
the "extraordinary and exigent sale."
Triple Net asked that:
-- the first disclosure must address TEAM, and its "dual
relationship" to the Purchasers and to the Committee; and
-- a full disclosure of the Committee's process in reaching
support of the Motion must be made.
Triple Net stated that the Motion and the contract of Sale is
not clear with regard to the legal exposure of SIRVA, Inc., the
parent company of the foreign non-debtor subsidiaries, after the
Sale.
According to Mr. Nies, notwithstanding the potential benefit of
the Debtors in discharging their obligations with respect to the
Sale, they need to explain in greater detail how the Motion will
benefit all unsecured creditors, particularly the Class 5
claimants.
Absent full disclosure, Triple Net insisted that despite the
need to fund SIRVA UK and avoid liquidation, the Motion should
be denied for having to abandon a normal sale process under
Section 363 of the Bankruptcy Code.
Judge James M. Peck authorized the Debtors to:
* consummate the Sale of the shares to TEAM, pursuant to the
terms of the Share Purchase Agreement;
* close the Sale contemplated by in the Agreement; and
* execute and close fully the Agreement.
Judge Peck determined that TEAM undertook the transactions
contemplated by the Agreement in accordance with Section 363(m)
of the Bankruptcy Code; hence (i) the reversal or modification
on appeal of the authorization to consummate the Sale will not
affect the validity of the Sale, and (ii) TEAM is entitled to
the full protections of Section 363(m).
Furthermore, Judge Peck approved the Notice of Sale to be served
on all parties-in-interest with respect to the Sale.
The sale of the shares by the Debtors to TEAM in a Private Sale
with no competitive bidding is approved and authorized in light
of, among others, the liquidity needs of SIRVA UK, Judge Peck
held.
All objections to the Motion were withdrawn at the hearing held
March 21, 2008.
About Sirva Inc.
Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation
solutions to a well-established and diverse customer base. The
company handles all aspects of relocation, including home
purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers. SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement. The company has operations in Costa Rica.
The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433). Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor. An official Committee of
Unsecured Creditors has been appointed in this case. When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007. The combined hearing on the
adequacy of the disclosure statement and the confirmation of the
Debtors' proposed Plan of Reorganization is set April 18, 2008.
(Sirva Inc. Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)
=========
I T A L Y
=========
ALITALIA SPA: Air France Refuses to Trim Planned Job Cuts
---------------------------------------------------------
Air France-KLM SA reiterated its planned 2,100 job cuts at
Alitalia S.p.A. in its revised proposal submitted to the Italian
carrier's unions, various reports say.
According to Bloomberg News, Air France maintained plans to cut
1,600 jobs in Alitalia Fly and 500 more in Alitalia Servizi.
Air France, BBC reports, also maintained plans to:
* ground some flights;
* close Alitalia's cargo unit by 2010; and
* terminate contract out of ground handling and aircraft
maintenance.
The French carrier, however, proposed new measures, which it
said would offer affected employees greater benefits, BBC News
reports. Under the revised proposal, Air France will grant
Alitalia's employees more early retirement benefits or transers
to other positions or duties.
Eight of Alitalia's unions -- FILT CGIL, FIT CISL, Uiltrasporti,
UGL Trasporti, SDL inter-category, Union Piloti, ANPAV, and Avia
-- described the revised as "unacceptable," Bloomberg News
reports.
In a statement published by Agenzia Giornalitica Italia, the
unions said Air France "re-proposes in substance and in format
what was already shown to unions in the meeting of March 25, for
which reason the evaluation that the proposal was insufficient,
already made at that time, is re-confirmed by us."
As recently reported in the TCR-Europe, Alitalia and the present
government have accepted Air France-KLM SA's binding offer,
subject to several conditions including union approval. Air
France, so far, has yet to convince the unions to accept its
business plan, which foresees 2,100 job cuts.
Air France had set a March 31, 2008, deadline for an agreement.
The effectiveness conditions for Air France's offer include:
* formal approval of the Industrial Plan 2008-2010 by
Alitalia’s Board of Directors;
* formal agreement in a manner satisfactory for
Air France-KLM between Alitalia and the trade unions
representing the majority of each category of Alitalia’s
employees, regarding the implementation of the Industrial
Plan, the rules of employment, the plan related to the
social shock absorbers and the contemplated transaction;
* formal agreement in a manner satisfactory for
Air France-KLM between Alitalia and the trade unions of
Alitalia Servizi representing the majority of each
category of Alitalia Servizi’s employees on the necessary
restructuring measures and the related shock absorbers
plan;
* Italy's Ministry of Economy and Finance to grant Alitalia
a credit line, or the necessary guarantees to obtain a
credit line in favor of Alitalia of EUR300 million to be
repaid immediately after the capital increase;
* formal agreement between Alitalia and Aeroporti di Roma on
the Rome Fiumicino Airport and on the service levels
required for the implementation of the Industrial Plan
2008-2010;
* with respect to the claim brought on by SEA against
Alitalia to the tribunal of Busto Arsizio, either:
-- the official withdrawal from the claim;
-- its settlement in a manner satisfactory to Air France;
-- the granting by the MEF to Alitalia of appropriate
indemnification commitments, in case necessary by
enacting an appropriate law decree, or any other
applicable solution satisfactory to Air France-KLM to
definitely remove the risk attached to the claim;
* formal agreement between Alitalia, Fintecna and Alitalia
Servizi, for what concerns the interest of each party,
among other things, to re-internalize in Alitalia certain
activities and to renegotiate certain clauses of the
service agreements;
* formal written confirmation from the MEF that the general
interests are properly safeguarded in the context of the
contemplated transaction and it shall, subject to
certain conditions, tender its Alitalia shares and
Alitalia convertible bonds in the tender offers;
* formal written undertaking from the competent Italian
governmental authority to maintain the current portfolio
of the current Alitalia’s air traffic rights, continue to
address in a fair, transparent and non discriminatory
manner any future requests form Alitalia for new air
traffic rights, and provide cooperation and assistance in
the case of any major difficulties with extra-European
Community countries.
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: Italian Unions Reject Air France-KLM's New Offer
----------------------------------------------------------
(Checksource)
Italian unions rejected Air France-KLM's takeover offer for
Alitalia, the Financial Times reports. Air France's bid is
subject to a condition that all nine unions must accept the
offer, the Financial Times reports.
In a joint statement, according to the report, eight unions said
that the new offer was essentially the same as before and still
inadequate. They consented to carry on the negotiations with
Air France-KLM on March 31, 2008.
The main pilot's union did not sign the joint statement to show
they are not happy with the offer.
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.
===================
K A Z A K H S T A N
===================
AKTOBE SYSTEM: Creditors Must File Claims by April 29
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Aktobe System Material Complect insolvent on
Feb. 8, 2008.
Creditors have until April 29, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Aktube
Altynsarin Str. 31
Aktobe
Aktube
Kazakhstan
Tel: 8 (3132) 21-30-32
KONTEK ILPA: Claims Deadline Slated for May 2
---------------------------------------------
JSC Kontek Ilpa Insaat Ortak Girisim Anonim Sirketi has declared
insolvency. Creditors have until May 2, 2008, to submit written
proofs of claims to:
JSC Kontek Ilpa Insaat Ortak
Girisim Anonim Sirketi
Office 722
Jybek Joly ave. 50
Almaty
Kazakhstan
MACRO CONSTRUCTION: Claims Filing Period Ends May 5
---------------------------------------------------
LLP Macro Construction Company has declared insolvency.
Creditors have until May 5, 2008, to submit written proofs of
claims to:
LLP Macro Construction Compan