/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080417.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, April 17, 2008, Vol. 9, No. 76 Headlines A U S T R I A EK ROOF: Claims Registration Period Ends April 30 GOETZINGER GESTALTUNG: Creditors' Meeting Slated for April 23 HOLIDAY-SHUTTLE: Creditors' Meeting Slated for April 21 IMMOBILIARES LIEGENSCHAFT: Claims Registration Ends April 30 KOVACEVIC LLC: Claims Registration Period Ends May 5 LBB SPORTWETTEN: Creditors' Meeting Slated for April 18 B E L G I U M SOLUTIA INC: Settlement Pact with Solvay Gets Court Approval TEKNI-PLEX INC: Inks Restructuring Pact with Key Stakeholders F R A N C E GECINA SA: S&P Lowers Ratings on Senior Unsecured Debt to BB+ LAZARD GROUP: Moody's Reaffirms Positive Outlook on Ba1 Rating G E R M A N Y CALDERON BAUTEN: Creditors' Meeting Slated for April 22 CASH-TEX GMBH: Creditors' Meeting Slated for April 22 COLETTE BOGENSTRASSE: Claims Registration Period Ends May 7 DUDENSTRASSE 6 VERWALTUNGS: Claims Registration Ends May 8 GENERATECH GMBH: Claims Registration Period Ends May 7 GESELLSCHAFT FUER INGENIEUR-UND: Claims Filing Period Ends May 7 HANSE-REISEN GMBH: Claims Registration Period Ends May 7 HORST KOCH: Claims Registration Period Ends May 6 HSK GMBH: Claims Registration Period Ends May 8 HUETTENTECHNOLOGIE EWERT: Claims Registration Period Ends May 7 INEFA NEUE: Creditors Must File Claims by May 15 ITALIANO GASTRONOMIE: Claims Registration Period Ends May 8 KAMPUS CONSULTING: Claims Registration Period Ends May 5 KARL MOERSCHEL: Creditors Must File Claims by May 15 LUDWIG JAHN: Claims Registration Period Ends May 8 MARKISCHE AUTOMOBIL: Creditors Must File Claims by May 15 MASSAM PRODUKTENTWICKLUNGS: Claims Registration Ends May 5 MOSAIC SOFTWARE: Illiquidity Spurs Insolvency Filing MR.CLEAN GMBH: Claims Registration Period Ends May 5 MSX INTERNATIONAL: S&P Lifts Rating on US$205 Mln Notes to B- NORDUFER GMBH: Claims Registration Ends May 8 NORDUFER VERWALTUNGS: Creditors Must File Claims by May 15 OBERDICK GMBH: Claims Registration Period Ends April 30 ODS BUSINESS: Claims Registration Period Ends May 5 PLANTAFLOR BLUMENVERMARKTUNG: Creditors' Claims Due May 15 PUELLMANN GMBH: Claims Registration Ends May 8 ROBERT KLETA: Claims Registration Period Ends May 5 ROELING SYSTEM: Claims Registration Period Ends May 5 ROLF HACHMEISTER: Claims Registration Period Ends May 7 RUEDIGER FALTZ: Claims Registration Period Ends May 7 S + W INGENIEURGESELLSCHAFT: Claims Registration Ends May 5 SCHLUETER-BAUR: Claims Registration Period Ends May 7 SCHUERING-BETON GMBH: Claims Registration Period Ends April 23 SCHULDNERS TH: Claims Registration Ends May 7 SOMMER GMBH: Creditors Must File Claims by May 15 SOUND-FARM GMBH: Creditors Must File Claims by May 15 TAUCH GESELLSCHAFT: Claims Registration Period Ends May 5 TRANS-& CARSERVICE: Creditors Must File Claims by May 15 UMWELT TIEFBAU: Creditors Must File Claims by May 15 W & A SERVICE: Claims Registration Ends May 17 WOLFF-REISEN GMBH: Claims Registration Period Ends May 6 I T A L Y BROWN SHOE: Earns US$60.4 Million In FY Ended February 2, 2008 BROWN SHOE: Operating Challenges Prompt S&P's Negative Outlook PARMALAT SPA: New Jersey Judge Dismisses Most Claims v Citigroup K A Z A K H S T A N AS-POLIMEHTRANS LLP: Creditors Must File Claims by June 3 ASTANA ENGINEERING: Claims Deadline Slated for June 4 BTA BANK: Names Chingiz Aitmatov as Independent Board Director ECO-TEXT-T LLP: Claims Filing Period Ends June 3 GERKULES LTD: Creditors' Claims Due on June 2 MAI BUSINESS: Creditors Must File Claims by June 2 PAVLODAR STROY: Claims Deadline Slated for June 2 SIGNAL-SERVICE CJSC: Claims Filing Period Ends June 2 TEMIRA LLP: Creditors' Claims Due on June 3 UJTRUBOPROVOD STROY: Claims Registration Ends June 2 K Y R G Y Z S T A N OMURALY LLC: Creditors Must File Claims by May 20 R U S S I A BAYKALSKAYA MEAT: Buryatiya Bankruptcy Hearing Slated for May 14 CB RENAISSANCE: Fitch Puts BB(rus) Rating on Series 02 Bonds DORMASHINA CJSC: Orel Bankruptcy Hearing Slated for June 11 GOLDEN MEADOW: Orel Bankruptcy Hearing Slated for June 11 INTREIS-AVTO CJSC: Moscow Bankruptcy Hearing Slated for June 24 KISELEVSKIY BAKERY: Asset Sale Slated for April 25 STROY-COM PLUS: Yaroslavl Bankruptcy Hearing Slated for May 13 TAMBOV-RAJ-AGRO-PROM-SNAB: Tambov Bankruptcy Hearing Set June 23 S P A I N FONDO DE TITULIZACION: Fitch Holds BB+ Rating on Class D Notes S W I T Z E R L A N D AGNEW JSC: Creditors' Liquidation Claims Due by May 1 CARRIER-LINK: Creditors' Liquidation Claims Due by May 1 ERHABENZ LLC: Creditors' Liquidation Claims Due by May 5 IDESSAG JSC: Creditors' Liquidation Claims Due by May 3 INNOPLAN & PARTNER: Aargau Court Starts Bankruptcy Proceedings ROSENDO LLC: Basel-Country Court Closes Bankruptcy Proceedings ROTATEC INTERNATIONAL: Creditors Must File Claims by May 2 SEEPEOPLE LLC: Creditors' Liquidation Claims Due by May 2 SWIGIPS LLC: Aargau Court Starts Bankruptcy Proceedings U K R A I N E AGAT INTEKS: Creditors Must File Claims by April 30 ALPHA-ODIS LLC: Creditors Must File Claims by April 30 ARTEMOVSK PLANT Proofs of Claim Deadline Set April 30 GREEN LEAF: Proofs of Claim Deadline Set April 30 SG TRADE: Proofs of Claim Deadline Set April 30 U N I T E D K I N G D O M ABBOT GROUP: S&P Assigns B+ Corporate Credit Rating BAA LTD: British Airways Long-Haul Move to T5 Deferred to June BAA LTD: Abides by CAA Price Limits Despite Easyjet Legal Threat BAA LTD: EasyJet and Rynaair to Withhold Part of Landing Fees BRITISH ENERGY: Iberdola Takeover Bid Unlikely, Report Says BRITISH AIRWAYS: Defers Long-Haul Move to Terminal Five to June CARTER AND CARTER: Sells Apprentice Learning Division to RMIF DATA TEKNOLOGIES: Brings In Liquidators from Mazars DGM PROPERTIES: Taps Ernst & Young As Administrative Receivers EMI GROUP: Citigroup Cancels Sale of US$4.9BB Company Loans EMI GROUP: Nick Gatfield Named as North America & UK Head ERINACEOUS MANAGED: Names Richard Hill as Administrator ETHEL AUSTIN: Brings In Joint Administrators from Menzies FORD MOTOR: Sells ACH Glass Business and Mexican Subsidiary GAME WORLD: Claims Filing Period Ends July 8 MONTPELIER RE: Francis Lockwood to Lead US Firm Underwriting OSSIAN RETAIL: Set to File for Administration QUEBECOR WORLD: Seeks Approval to Hire KPMG (US) as Tax Advisor QUEBECOR WORLD: Wants Ernst & Young as Tax Services Provider TURBO ALPHA: S&P Places Long-Term Rating at B+ * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= EK ROOF: Claims Registration Period Ends April 30 ------------------------------------------------- Creditors owed money by LLC EK Roof Dachservice (FN 274585b) have until April 30, 2008, to file written proofs of claim to court-appointed estate administrator Wolfgang Leitner at: Dr. Wolfgang Leitner c/o Dr. Helmut Platzgummer Kohlmarkt 14 1010 Vienna Austria Tel: 533 19 39 Serie E-mail: kanzlei@lp-law.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 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 12, 2008 (Bankr. Case No. 2 S 32/08f). Helmut Platzgummer represents Dr. Leitner in the bankruptcy proceedings. GOETZINGER GESTALTUNG: Creditors' Meeting Slated for April 23 ------------------------------------------------------------- Creditors owed money by LLC Goetzinger Gestaltung fuer Haus und Garten (FN 269154s) are encouraged to attend the creditors' meeting at 10:30 a.m. on April 23, 2008. The creditors' meeting will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Goellersdorf, Austria, the Debtor declared bankruptcy on March 12, 2008 (36 S 28/08x). Karl F. Engelhart serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Karl F. Engelhart c/o Dr. Thomas Engelhart Esteplatz 4 1030 Wien Austria Tel: 01/712 33 30-0 Fax: 01/712 33 30 30 E-mail: kanzlei@engelhart.at HOLIDAY-SHUTTLE: Creditors' Meeting Slated for April 21 ------------------------------------------------------- Creditors owed money by LLC Holiday-Shuttle & Co Kg (FN 36965k) are encouraged to attend the creditors' meeting at 9:00 on April 21, 2008. The creditors' meeting will be held at: The Land Court of Klagenfurt Meeting Room 225 Second Floor Klagenfurt Austria Headquartered in Villach, Austria, the Debtor declared bankruptcy on March 12, 2008 (41 S 20/08a). Joachim Bucher serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Joachim Bucher Italienerstrasse 13/5 9500 Villach Austria Tel: 04242/29992 Fax: 04242/27666 E-mail: office@abp-law.com IMMOBILIARES LIEGENSCHAFT: Claims Registration Ends April 30 ------------------------------------------------------------ Creditors owed money by LLC Immobiliares Liegenschaft-Verwertung (FN 267523t) have until April 30, 2008, to file written proofs of claim to court-appointed estate administrator Clemens Richter at: Mag. Clemens Richter c/o Dr. Thomas Engelhart Esteplatz 4 1030 Vienna Austria Tel: 712 33 30 E-mail: kanzlei@engelhart.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:10 a.m. on May 14, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 12, 2008 (Bankr. Case No. 2 S 31/08h). Thomas Engelhart represents Dr. Richter in the bankruptcy proceedings. KOVACEVIC LLC: Claims Registration Period Ends May 5 ---------------------------------------------------- Creditors owed money by LLC Kovacevic (FN 259655x) have until May 5, 2008, to file written proofs of claim to court-appointed estate administrator Reinhold Zeinhofer at: Dr. Reinhold Zeinhofer Hofgasse 9 4020 Linz Austria Tel: 0732/77 88 98 Fax: 0732/77 88 98 99 E-mail: zs@anwaltskanzlei.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on May 19, 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 Ansfelden, Austria, the Debtor declared bankruptcy on March 12, 2008 (Bankr. Case No. 12 S 85/07y). LBB SPORTWETTEN: Creditors' Meeting Slated for April 18 ------------------------------------------------------- Creditors owed money by LLC Lbb Sportwetten (FN 251109d) are encouraged to attend the creditors' meeting at 10:30 a.m. on April 18, 2008 . The creditors' meeting will be held at: The Land Court of Klagenfurt Meeting Room 225 Second Floor Klagenfurt Austria Headquartered in Klagenfurt, Austria, the Debtor declared bankruptcy on March 12, 2008 (40 S 13/08i). Thomas Di Vora serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Mag. Thomas Di Vora Lendgasse 3 9020 Klagenfurt Austria Tel: 0463/50 28 20 Fax: 0463/502820-12 E-mail: rechtsanwalt.mag.divora@aon.at ============= B E L G I U M ============= SOLUTIA INC: Settlement Pact with Solvay Gets Court Approval ------------------------------------------------------------ Solutia Inc., and Solvay Advanced Polymers LLC, are parties to a certain purchase agreement, dated Sept. 1, 2002, as amended, pursuant to which Solvay purchased adipic acid and hexamethylenediamine from Solutia. Solutia relates that the Purchase Agreement, and its amendments, is still in full force and effect with respect to the purchase of adipic acid. On Jan. 1, 2007, Solutia and Solvay entered into a new purchase agreement for the purchase of HMDA only. Solvay owes US$65,399 under the HMDA Agreement. The exhibits attached to the Debtors' Fifth Amended Joint Plan of Reorganization listed the Purchase Agreement as part of the executory contracts to be assumed. The Plan also provided that entry of an order confirming the Plan would constitute approval of the assumption of the Purchase Agreement, except as to any unresolved cure objections. The Plan was confirmed Nov. 29, 2007. Settlement Agreement Approved by Court On Nov. 9, 2007, Solutia sent Solvay a notice to assume the Purchase Agreement with a proposed cure amount of US$0. Solvay objected and asserted a postpetition cure amount of US$335,718. Solutia and Solvay have engaged in good-faith, arm's-length negotiations in an attempt to resolve the dispute. Judge Beatty has approved the parties' stipulation, which provides that: * The cure amount due under the Purchase Agreement is US$335,718; * Solvay and Solutia will amend the Purchase Agreement; * Solvay owes US$65,399 to Solutia. That amount will be set off the Cure Amount owed by Solutia, leaving a net balance of US$270,319 owed by Solutia to Solvay; * Upon payment of the Net Cure Amount, the parties will exchange releases of claims in connection with th assumption of the Purchase Agreement; and * Upon payment of the Net Cure Claim, Solutia will have been (i) deemed to satisfy all claims that may have been asserted by Solvay, and (ii) paid by Solvay in full for any amounts due under the HMDA Agreement for the period Jan. 1, 2007, through Dec. 1, 2007. About Solutia Inc. Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, 2007, the Court confirmed the Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No. 118; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter-Europe on March 3, 2008, Standard & Poor's Ratings Services raised its corporate credit rating on Solutia Inc. to 'B+' from 'D', following the company's emergence from bankruptcy on Feb. 28, 2008, and the implementation of its financing plan. The outlook is stable. S&P also affirmed its 'B+' rating and '3' recovery rating on Solutia's proposed senior secured term loan. In addition, S&P assigned its 'B-' rating to Solutia's US$400 million unsecured bridge loan facility. S&P also withdrew its 'B-' rating on the proposed US$400 million unsecured notes, which have been replaced by the bridge facility in Solutia's capital structure. TEKNI-PLEX INC: Inks Restructuring Pact with Key Stakeholders ------------------------------------------------------------- Tekni-Plex Inc. entered into a restructuring agreement with: (i) entities that have represented that they hold more than 91% of the company's 12.75% Senior Subordinated Notes Due 2010 and more than 67% of the company's 8.75% Senior Secured Notes due 2013, (ii) holders of a majority of the company's preferred stock, (iii) holders of 100% of its common stock, and (iv) Dr. F. Patrick Smith, Chairman, Chief Executive Officer and President of Tekni-Plex. The agreement memorializes the restructuring terms that were agreed to in principle by certain stakeholders on March 27, 2008. The restructuring agreement obligates each party to take actions reasonably necessary to negotiate, document and consummate the restructuring on the agreed-upon terms and conditions, which include: -- general unsecured creditors of Tekni-Plex, including trade creditors, will be unaffected by the restructuring, and the company intends to honor its obligations to those creditors in the ordinary course of business, -- the company will continue to honor its obligations under its US$110 million credit facility, its 10.875% Senior Secured Notes due 2012 and its Second Lien Notes, -- the company's existing common stock will be cancelled, redeemed or purchased, and each holder will receive its pro rata share of a cash distribution of US$250,000, -- the company's preferred stock will be exchanged or redeemed for three tranches of warrants to purchase 12.5% of the company at various exercise prices, -- holders of at least 95% of the Subordinated Notes will exchange their notes for 100% of the common stock of Tekni-Plex, subject to dilution by a management incentive plan and the exercise of the warrants, -- the obligations of the parties to consummate the restructuring is subject to certain conditions, such as: (a) obtaining consent to the restructuring from holders of not less than (i) 99.5% of the preferred stock, (ii) 100% of the common stock, (iii) 85% of the indirect interests in the common stock (based on unit holdings of the limited liability companies that hold the common stock) and (iv) 95% of the Subordinated Notes, (b) definitive documentation must be reasonably satisfactory to the parties, and (c) consummation of the restructuring must occur on or before May 13, 2008. Tekni-Plex intends to implement the restructuring by May 13, 2008, at which point, if the transactions are satisfactory to each of the lenders under the company's revolving credit facility, the maximum availability under the credit facility will be increased from US$95 million to US$110 million. There can be no assurance that the parties will be able to consummate the restructuring as contemplated by their agreement. Dr. F. Patrick Smith said: "The execution of this agreement represents a significant step towards the consummation of the company's restructuring, which will significantly deleverage our balance sheet and put the company in a strong financial position to operate and grow its businesses, many of which are leaders in the markets they serve. I once again applaud the efforts of those stakeholders who have demonstrated confidence in Tekni- Plex and have continued to work tirelessly towards the consummation of the restructuring. We fully intend to continue to meet our obligations to our customers and suppliers, and we appreciate their ongoing support." The restructuring will constitute a "Change in Control" under the Indenture governing the company's 10.875% Senor Secured Notes due 2012, which will require that the company make, after consummation of the restructuring, an offer to repurchase the First Lien Notes at a price of 101% plus accrued interest. The restructuring agreement provides that if the restructuring is consummated, certain holders of Subordinated Notes will provide a take-out facility or tender process to replace, redeem or repurchase, as necessary, First Lien Notes that are tendered in connection with the occurrence of the Change in Control. The restructuring will not constitute a Change of Control under the Indenture governing the Second Lien Notes or the Indenture governing the Subordinated Notes as a result of amendments and waivers (as described in the company's Form 8-K filed on Feb. 21, 2008). Agreement in Principle with Noteholders As reported in the Troubled Company Reporter on April 3, 2008, Tekni-Plex Inc. reached an agreement in principle among the holders of a majority of its 12.75% Senior Subordinated Notes Due 2010 and the holders of a majority of its preferred stock regarding the terms of a consensual out-of-court restructuring transaction, according to the company's regulatory filing with the Securities and Exchange Commission. The company also has entered into an extension, through May 13, 2008, of its Forbearance Agreement, dated as of Jan. 16, 2008, with entities that purportedly hold more than 91% of the Subordinated Notes and more than 64% of its 8.75% Senior Secured Notes due 2013. About Tekni-Plex Tekni-Plex, Inc. -- http://www.tekni-plex.com/-- manufactures packaging, packaging products and materials, as well as tubing products. The company primarily serves the food, healthcare and consumer markets. Tekni-Plex has operations in the United States, Canada, China, Argentina and Europe, through Tekni-Plex, Europe N.V. in Belgium. The company�s operations are aligned under two business segments: Packaging and Tubing Products. Representative product lines in the Packaging segment include foam egg cartons; pharmaceutical blister films; poultry and meat processor trays; closure liners; aerosol and pump packaging components; and foam plates. Representative product lines in the Tubing Products segment include garden and irrigation hose; medical tubing; and aeration hose. The company also manufactures other products that do not fit in either of these segments, including recycled PET, vinyl compounds and specialty resins. Tekni-Plex Inc.'s consolidated balance sheet at Dec. 28, 2007, showed US$605.7 million in total assets and US$1.01 billion in total liabilities, resulting in a US$403.4 million total stockholders' deficit. =========== F R A N C E =========== GECINA SA: S&P Lowers Ratings on Senior Unsecured Debt to BB+ ------------------------------------------------------------- Standard & Poor's Ratings Services lowered its ratings on all senior unsecured debt issued by French property company Gecina (BB+/Negative/B) to 'BB+' from 'BBB-', aligning them with the corporate credit rating on the group. At the same time, Standard & Poor's removed the 'BBB-' ratings on this debt from CreditWatch, where they had been placed with negative implications on July 28, 2006. S&P has also assigned a recovery rating of '3' to the senior unsecured EUR600 million and EUR500 million bonds, indicating our expectation of meaningful (50%-70%) recovery for the bondholders in the event of a payment default. Although the nominal recovery percentage is higher than the rating threshold, the recovery rating is capped according to our criteria for unsecured debt of issuers rated in the 'BB' category. The issue and recovery ratings on the bonds take into account weak bond documentation, significant bank debt, including secured lines, and France's relatively unfriendly insolvency regime for creditors. Partially mitigating factors are Gecina's high-quality assets and well-diversified tenant base. Recovery prospects are based on discrete asset valuation and exceed our specified percent range for the rating. We nevertheless cap the recovery rating at '3' to account for the unsecured nature of the bonds, the possibility of capital structure changes on the path to default inherent to issuers rated in the 'BB' category, and the relatively unfriendly jurisdiction for creditors in France. LAZARD GROUP: Moody's Reaffirms Positive Outlook on Ba1 Rating -------------------------------------------------------------- Moody's Investors Service reaffirmed its positive outlook on the Ba1 senior unsecured rating of Lazard Group LLC. The rating outlook was initially assigned on March 19, 2007. Notwithstanding the counter-cyclical nature of some of Lazard's revenue streams, Moody's will continue to assess the company's operating performance in coming quarters (and business pipeline going forward) to determine how Lazard's revenue model and expense flexibility perform in the current challenging market environment, the first significant market downturn faced by Lazard since its 2005 IPO and recapitalization. Management's intentions with respect to financial policy, including leverage, remain a critical rating factor. Since the ratings were assigned in 2005, the company has increased the aggregate amount of its outstanding debt by issuing in 2007 an additional $600 million of senior debt to fund acquisitions and increase available cash. Moody's will continue to monitor Lazard's progress towards achieving (and subsequently sustaining) debt leverage of 2.5x or less, a level that is more consistent with a rating in the Baa category. To the degree that revenues are constrained by an increasingly difficult macro environment, sustaining leverage at around 2.5x could pose a challenge for Lazard, though debt reduction would help in this regard. Moody's said that since initially rating Lazard in 2005, the firm has made a successful transition into a public company and has generated solid profitability. Moreover, since its IPO, Lazard has been successful at retaining and recruiting advisory professionals to its platform. Lazard's asset management business has also gained traction and is now generating increased levels of net new assets and has become a solid earnings contributor to the firm. The rating agency, however, expressed concern that the turmoil across global capital markets has led to a very challenging operating environment, with the prospect for revenue and earnings growth equally challenging. Though Lazard has not been burdened by the large asset concentrations and valuation write- downs born by the more capital-markets intensive firms, the company in 2008 must nonetheless demonstrate that it can profitably contend with some of the same global headwinds bearing down on the industry. Looking ahead, Moody's expects that industry M&A volumes over the next year- a major driver of Lazard's advisory revenue -- will come in significantly below the level generated in 2007. Given that much of the industry-wide volume decline is expected to be centered in sponsor-related transactions, Lazard should be relatively well positioned to compete for available advisory engagements, given the strength of the firm's relationships with strategic corporate buyers and sellers. Nevertheless, Lazard is not immune from an industry-wide contraction in M&A. Moody's also noted on the plus side that Lazard's restructuring practice is likely to benefit from a projected increase in corporate defaults, with the resultant restructuring revenue helping to partially offset a decline in M&A revenues. Lazard's much improved asset management business should continue generating a sustainable level of revenue, further reducing the likelihood of significantly negative earnings volatility. These ratings of Lazard Group LLC were affirmed with a positive outlook: -- US$600 million 6.85% Senior Notes due 6/15/2017 rated Ba1; -- US$550 million 7.125% Senior Notes due 5/15/2015 rated Ba1; -- US$287.5 million Senior Notes due 2035 associated with its Equity Securities Units also rated Ba1. Lazard is an international advisory and money management firm that reported earnings from continuing operations before minority interests of $337.7 million in 2007. The company has subsidiaries in France and the United Kingdom. ============= G E R M A N Y ============= CALDERON BAUTEN: Creditors' Meeting Slated for April 22 ------------------------------------------------------- The court-appointed insolvency manager for Calderon Bauten GmbH, Michael Hawelka will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:10 a.m. on April 22, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 11:00 a.m. on July 8, 2008 at the same venue. Creditors have until May 8, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Michael Hawelka Friedrichstr. 204 10117 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Calderon Bauten GmbH on March 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Calderon Bauten GmbH Berliner Strasse 98 13189 Berlin Germany CASH-TEX GMBH: Creditors' Meeting Slated for April 22 ----------------------------------------------------- The court-appointed insolvency manager for Cash-Tex GmbH, Ruediger Wienberg will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:45 a.m. on April 22, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 11:05 a.m. on July 8, 2008 at the same venue. Creditors have until May 8, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Ruediger Wienberg, Manager Giesebrechtstr. 1 10629 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Cash-Tex GmbH on March 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cash-Tex GmbH Karl-Marx-Str. 144 12043 Berlin Germany COLETTE BOGENSTRASSE: Claims Registration Period Ends May 7 ----------------------------------------------------------- Creditors of Colette bogenstrasse GmbH have until May 7, 2008, to register their claims with court-appointed insolvency manager Stephan Michels. Creditors and other interested parties are encouraged to attend the meeting at 10:50 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 Muenster Meeting Hall 101 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Michels Ludgeristr. 54 48143 Muenster Germany Tel: 0251/162830 Fax: +492511628311 The District Court of Muenster opened bankruptcy proceedings against Colette bogenstrasse GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Colette bogenstrasse GmbH Bogenstrasse 15/16 48143 Muenster Germany Attn: Christel Stoeppel, Manager Raesfeldstrasse 14 48149 Muenster Germany DUDENSTRASSE 6 VERWALTUNGS: Claims Registration Ends May 8 ---------------------------------------------------------- Creditors of Dudenstrasse 6 Verwaltungs GmbH have until May 8, 2008 to register their claims with court-appointed insolvency manager Dr. Juergen Spliedt. Claims will be verified at 10:15 a.m. on July 3, 2008 at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Juergen Spliedt Uhlandstr. 165/166 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Dudenstrasse 6 Verwaltungs GmbH on Feb. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dudenstrasse 6 Verwaltungs GmbH Marburger Str. 12/13 10789 Berlin Germany GENERATECH GMBH: Claims Registration Period Ends May 7 ------------------------------------------------------ Creditors of Generatech GmbH have until May 7, 2008, to register their claims with court-appointed insolvency manager Frank Raff. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 6, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Esslingen Festival Hall Quadrium Convention Center Kirchheimer Str. 68 73249 Wernau Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Frank Raff Heilbronner Str. 86 70191 Stuttgart Germany Tel: 0711/259729-0 Fax: 0711/259729-999 The District Court of Esslingen opened bankruptcy proceedings against Generatech GmbH on March 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Generatech GmbH Attn: Prof. Dr. Klaus Bichler, Manager May-bachstr. 1 72636 Frickenhausen Germany GESELLSCHAFT FUER INGENIEUR-UND: Claims Filing Period Ends May 7 ---------------------------------------------------------------- Creditors of Gesellschaft fuer Ingenieur-und Dienstleistungen im Bauwesen mbH have until May 7, 2008, to register their claims with court-appointed insolvency manager Carl-Heinrich Klek. Creditors and other interested parties are encouraged to attend the meeting at 9:20 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 Offenbach am Main Hall 162N First Floor Kaiserstrasse 63065 Offenbach am 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: Carl-Heinrich Klek Berliner Str. 2D 63065 Offenbach am Main Germany Tel: 069/8290000 Fax: 810403 E-mail: klek@klek-offenbach.de The District Court of Offenbach am Main opened bankruptcy proceedings against Gesellschaft fuer Ingenieur-und Dienstleistungen im Bauwesen mbH on March 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gesellschaft fuer Ingenieur-und Dienstleistungen im Bauwesen mbH Nordweststrasse 48 63128 Dietzenbach Germany HANSE-REISEN GMBH: Claims Registration Period Ends May 7 -------------------------------------------------------- Creditors of Hanse-Reisen GmbH have until May 7, 2008, to register their claims with court-appointed insolvency manager Dr. Tjark Thies. Creditors and other interested parties are encouraged to attend the meeting at 11:10 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 Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Tjark Thies Domstrasse 15 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Hanse-Reisen GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hanse-Reisen GmbH Alte Holstenstrasse 30 21031 Hamburg Germany HORST KOCH: Claims Registration Period Ends May 6 ------------------------------------------------- Creditors of Horst Koch GmbH Bauunternehmung have until May 6, 2008, to register their claims with court-appointed insolvency manager Dr. Rainer Maus. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.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 Wuppertal Meeting Room A234 Second Floor Isle 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Rainer Maus Turmhof 15 42103 Wuppertal Germany Tel: 0202/49 37 00 Fax: 0202/4937099 The District Court of Wuppertal opened bankruptcy proceedings against Horst Koch GmbH Bauunternehmung on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Horst Koch GmbH Bauunternehmung Attn: Marcus Koch, Manager Ehrenberger Strasse 37 42389 Wuppertal Germany HSK GMBH: Claims Registration Period Ends May 8 ----------------------------------------------- Creditors of HSK GmbH have until May 8, 2008, to register their claims with court-appointed insolvency manager Sven Krueger. Creditors and other interested parties are encouraged to attend the meeting at 9:20 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 Luebeck Hall 256 Am Burgfeld 7 23568 Luebeck 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: Sven Krueger Roeckstr. 40 23568 Luebeck Germany The District Court of Luebeck opened bankruptcy proceedings against HSK GmbH on March 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HSK GmbH Heizung-Sanitar-Klima Paulstrasse 2 23568 Luebeck Germany HUETTENTECHNOLOGIE EWERT: Claims Registration Period Ends May 7 --------------------------------------------------------------- Creditors of Huettentechnologie Ewert GmbH have until May 7, 2008, to register their claims with court-appointed insolvency manager Stephan Neubauer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 6, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Neubauer Spitalerstrasse 4 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Huettentechnologie Ewert GmbH on March 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Huettentechnologie Ewert GmbH Lotsestieg 6 21079 Hamburg Germany INEFA NEUE: Creditors Must File Claims by May 15 ------------------------------------------------ Creditors of Inefa Neue Kunststoffe GmbH have until May 15, 2008, to register their claims with court-appointed insolvency manager Berthold Riering. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on June 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Itzehoe Hall 2 Theodor-Heuss-Platz 3 25524 Itzehoe Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Berthold Riering Osdorfer Landstrasse 230 22549 Hamburg Germany The District Court of Itzehoe opened bankruptcy proceedings against Inefa Neue Kunststoffe GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Inefa Neue Kunststoffe GmbH Zusestr. 1 25524 Itzehoe Germany ITALIANO GASTRONOMIE: Claims Registration Period Ends May 8 ----------------------------------------------------------- Creditors of Italiano Gastronomie GmbH have until May 8, 2008, to register their claims with court-appointed insolvency manager Frank M. Welsch. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Frank M. Welsch Barkeystrasse 30 33330 Guetersloh Germany Tel: 05241/9940 924 Fax: +4952419940909 The District Court of Bielefeld opened bankruptcy proceedings against Italiano Gastronomie GmbH on March 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Italiano Gastronomie GmbH Kaiserstr. 15 33330 Guetersloh Germany KAMPUS CONSULTING: Claims Registration Period Ends May 5 -------------------------------------------------------- Creditors of Kampus Consulting GmbH have until May 5, 2008, to register their claims with court-appointed insolvency manager Andreas Mueller-Stein. Creditors and other interested parties are encouraged to attend the meeting at 8:50 a.m. on May 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Andreas Mueller-Stein Schuetzenstr. 5 50126 Bergheim Germany The District Court of Cologne opened bankruptcy proceedings against Kampus Consulting GmbH on March 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kampus Consulting GmbH Attn: Antonijo Kampus, Manager Alten Glashuette 9 50127 Bergheim Germany KARL MOERSCHEL: Creditors Must File Claims by May 15 ---------------------------------------------------- Creditors of Karl Moerschel GmbH Bauunternehmen have until May 15, 2008, to register their claims with court-appointed insolvency manager Bernd Reuss. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 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 Friedberg (Hessen) Hall 20a Homburger Strasse 18 61169 Friedberg (Hessen) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bernd Reuss Mainzer-Tor-Anlage 33 61169 Friedberg (Hessen) Germany The District Court of Friedberg (Hessen) opened bankruptcy proceedings against Karl Moerschel GmbH Bauunternehmen on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Karl Moerschel GmbH Bauunternehmen Orleshauser Strasse 65 63654 Buedingen Germany Attn: Rainer Debus, Manager Koehlerstrasse 9 63683 Ortenberg Germany LUDWIG JAHN: Claims Registration Period Ends May 8 -------------------------------------------------- Creditors of Ludwig Jahn GmbH have until May 8, 2008, to register their claims with court-appointed insolvency manager Dr. Christian Willmer. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on June 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 Syke Hall 112 Hauptstr. 5A 28857 Syke Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christian Willmer Georgstrasse 5D 27283 Verden Germany Tel: 04231-884-0 Fax: 04231-884-55 The District Court of Syke opened bankruptcy proceedings against Ludwig Jahn GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ludwig Jahn GmbH Attn: Ludwig Jahn, Manager Lahauser Str. 35A 28844 Weyhe Germany MARKISCHE AUTOMOBIL: Creditors Must File Claims by May 15 --------------------------------------------------------- Creditors of Markische Automobil GmbH & Co. KG have until May 15, 2008, to register their claims with court-appointed insolvency manager Ulrich Wenzel. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.m. on June 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Wenzel Grossbeerenstrasse 231 14480 Potsdam Germany The District Court of Potsdam opened bankruptcy proceedings against Markische Automobil GmbH & Co. KG on March 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Markische Automobil GmbH & Co. KG Frankenfelder Chaussee 4 14943 Luckenwalde Germany MASSAM PRODUKTENTWICKLUNGS: Claims Registration Ends May 5 ---------------------------------------------------------- Creditors of Massam Produktentwicklungs GmbH have until May 5, 2008, to register their claims with court-appointed insolvency manager Roland Stephan Lehnert. Creditors and other interested parties are encouraged to attend the meeting at 11:45 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 Coburg Meeting Hall K First Floor Coburg 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: Roland Stephan Lehnert Michael-Och-Str. 5 96215 Lichtenfels-Schney Germany Tel: 09571/83382 Fax: 09571/83083 The District Court of Coburg opened bankruptcy proceedings against Massam Produktentwicklungs GmbH on March 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Massam Produktentwicklungs GmbH Kronacher Str. 20 96215 Lichtenfels Germany MOSAIC SOFTWARE: Illiquidity Spurs Insolvency Filing ---------------------------------------------------- The executive board of Mosaic Software AG have filed their application for opening the insolvency proceedings with the District Court of Bonn due to illiquidity. The company says that the filing became necessary since its liquid assets will presumably be insufficient for the fulfillment of their due liabilities. The court will examine the application and decide, whether this will be accepted and, if so, appoint an interim liquidator. With the medium-term aim of enabling the further profitable existence of MOSAIC Software AG, the company had increasingly strengthened their reorganization measures and consolidation activities during the past two years. On Jan. 1, 2006, Rolf A Mugrauer was appointed member of the executive board of MOSAIC Software AG, thus replacing the company�s founder Assem F. Audi. After Mr. Fosi Audi retired from the executive board in November 2006, Mr. Mugrauer became sole executive manager. The consolidation activities, accompanied by drastic cost reductions, and the repositioning of Mosaic Software AG as an EDI-outsourcing and process-consultancy firm as well as the return to financial services markets were strongly pushed by Mugrauer and showed success. However, time was too scarce to develop market potentials in the consulting field and for the innovative communications platform MOSAIC BXS, which was introduced to the market in the first quarter 2007. Therefore, the struggle to get the company back onto the road of success failed. All measures meant to overcome the crisis, as presented at the last annual general meeting, were introduced without delay. For quite some time, the company had been looking for a strategic investor as well as a buyer for the formerly used office building in Alsdorf near Aachen. Both would have provided the company with the urgently needed mezzanine money. Unfortunately, the negotiations potentially interested strategic partners and investors finally have failed. About Mosaic Headquartered in Meckenheim, Germany, Mosaic Software AG -- http://www.mosaic-ag.com/-- provides solutions for the automation and optimization of business and supply chain processes. Mosaic offers complete software packages, as well as individually tailored software solutions. The Company also provides a wide range of services to support the entire supply chain, including consulting, outsourcing for suppliers, and OEM products and solutions. MR.CLEAN GMBH: Claims Registration Period Ends May 5 ---------------------------------------------------- Creditors of Mr.Clean GmbH & Co. KG have until May 5, 2008, to register their claims with court-appointed insolvency manager Peter Depre. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Mannheim Hall 232 Second Floor Schloss 68149 Mannheim 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 Depre O 4, 13-16 68161 Mannheim Germany Tel: 0621/120780 The District Court of Mannheim opened bankruptcy proceedings against Mr.Clean GmbH & Co. KG on March 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mr.Clean GmbH & Co. KG Attn: Branko Gajic, Manager Exerzierplatz 1 68167 Mannheim Germany MSX INTERNATIONAL: S&P Lifts Rating on US$205 Mln Notes to B- ------------------------------------------------------------- Standard & Poor's Ratings Services raised its issue-level rating on MSX International Inc.'s US$205 million senior secured notes due 2012 to 'B-' (the same as the corporate credit rating) from 'CCC+'. The recovery rating on this debt remains '3', indicating the expectation for meaningful (50%-70%) recovery in the event of a payment default. "The issue-level rating change reflects Standard & Poor's revisions to its recovery rating scale and issue-level rating framework for speculative-grade secured debt issues announced in 2007," said Standard & Poor's credit analyst Lawrence Orlowski. The senior notes were issued as 205,000 units, consisting of US$71.8 million principal amount of senior secured notes of MSX U.K., US$66.6 million principal amount of notes of MSX Germany, and US$66.6 million principal amount of notes of MSX France. The long-term corporate credit rating on Warren, Mich.-based MSX is 'B-' and the outlook is stable. This rating reflects the integrated business solutions and human capital management services provider's highly leveraged financial profile and vulnerable business position. Ratings List MSX International Inc. Corporate Credit Rating B-/Stable/-- Upgraded To From MSX International Inc. Senior Secured Local Currency B- CCC+ MSX International UK PLC Senior Secured US$66.625 mil sr secd nts due 2012 B- CCC+ Recovery Rating 3 3 US$66.625 mil sr secd nts due 2012 B- CCC+ Recovery Rating 3 3 US$71.75 mil sr secd nts due 2012 B- CCC+ Recovery Rating 3 3 MSX International Inc. (MSXI) -� http://www.msxi.com/-- provides outsourced integrated business solutions, focused primarily on warranty management, dealer process improvement, and human capital solutions to automotive and truck OEMs, dealer, suppliers and other aftermarket service providers. The company leverages it more than 70 years of industry experience to provide blue-chip companies worldwide with solutions that enable them to enhance operational effectiveness and efficiencies, improve quality, reduce costs and generate revenue opportunities. The company is headquartered in Warren, Michigan, and has annual revenues of approximately US$360 million. MSX has over 3,600 automotive experts in 18 countries, including its European headquarters in Cologne, Germany. The company's Latin America subsidiary, MSX International do Brasil Ltda., is based in Brazil. NORDUFER GMBH: Claims Registration Ends May 8 --------------------------------------------- Creditors of Nordufer GmbH & Co. KG have until May 8, 2008 to register their claims with court-appointed insolvency manager Christian Koehler-Ma. Claims will be verified at 11:30 a.m. July 7, 2008 at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Koehler-Ma Kurfuerstendamm 26 a 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Nordufer GmbH & Co. KG on Feb. 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Nordufer GmbH & Co. KG Breite Strasse 12 14199 Berlin Germany NORDUFER VERWALTUNGS: Creditors Must File Claims by May 15 ---------------------------------------------------------- Creditors of Nordufer Verwaltungs GmbH have until May 15, 2008, to register their claims with court-appointed insolvency manager Christian Koehler-Ma. Creditors and other interested parties are encouraged to attend the meeting at 11:35 a.m. on July 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 Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Koehler-Ma Kurfuerstendamm 26 a 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Nordufer Verwaltungs GmbH on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Nordufer Verwaltungs GmbH Breite Str. 12 14199 Berlin Germany OBERDICK GMBH: Claims Registration Period Ends April 30 ------------------------------------------------------- Creditors of Oberdick GmbH have until April 30, 2008, to register their claims with court-appointed insolvency manager Stephan Ries. Creditors and other interested parties are encouraged to attend the meeting at 9:20 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 Wuppertal Meeting Room A234 Second Floor Isle 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Ries Wall 28 42103 Wuppertal Germany Tel: 0202/317558-0 Fax: 0202/317558-10 The District Court of Wuppertal opened bankruptcy proceedings against Oberdick GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Oberdick GmbH Rosenthalstr. 26 42369 Wuppertal Germany Attn: Petra Meynen-Koerth, Manager Hohenbirkerstr. 41 42855 Remscheid Germany ODS BUSINESS: Claims Registration Period Ends May 5 --------------------------------------------------- Creditors of ODS Business Services Europe GmbH have until May 5, 2008, to register their claims with court-appointed insolvency manager Jan H. Wilhelm. Creditors and other interested parties are encouraged to attend the meeting at 10:20 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 Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jan H. Wilhelm Albert-Einstein-Ring 11/15 22761 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against ODS Business Services Europe GmbH on March 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ODS Business Services Europe GmbH Attn: Wilhelm Friedrich Mittrich, Manager Christoph-Probst-Weg 3 20251 Hamburg Germany PLANTAFLOR BLUMENVERMARKTUNG: Creditors' Claims Due May 15 ---------------------------------------------------------- Creditors of Plantaflor Blumenvermarktung GmbH have until May 15, 2008, to register their claims with court-appointed insolvency manager Fritz Westhelle. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 20, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kassel Hall 234 Friedrichsstrasse 32-34 34117 Kassel 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: Fritz Westhelle Wilhelmshoeher Allee 270 34131 Kassel Germany The District Court of Kassel opened bankruptcy proceedings against Plantaflor Blumenvermarktung GmbH on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Plantaflor Blumenvermarktung GmbH Attn: Thomas Gatke, Manager Otto-Hahn-Strasse 27 34253 Lohfelden Germany PUELLMANN GMBH: Claims Registration Ends May 8 ---------------------------------------------- Creditors of Puellmann GmbH have until May 8, 2008 to register their claims with court-appointed insolvency manager Dr. Christian Willmer. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on May 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Verden (Aller) Hall 214 Main Building Johanniswall 8 27283 Verden (Aller) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christian Willmer Georgstr. 5 27283 Verden (Aller) Germany Tel: 04231/884-45 Fax: 04231/884-55 The District Court of Verden (Aller) opened bankruptcy proceedings against Puellmann GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Puellmann GmbH Attn: Andrew Kennedy, Manager Eichendorffweg 16 27308 Kirchlinteln Germany ROBERT KLETA: Claims Registration Period Ends May 5 --------------------------------------------------- Creditors of Robert Kleta GmbH Bauunternehmung have until May 5, 2008, to register their claims with court-appointed insolvency manager Wolf-R. von der Fecht. Creditors and other interested parties are encouraged to attend the meeting at 11:20 a.m. on May 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Dr. Wolf-R. von der Fecht Rheinort 1 40213 Duesseldorf Germany Tel: 0211 13940 Fax: +4902111394251 The District Court of Krefeld opened bankruptcy proceedings against Robert Kleta GmbH Bauunternehmung on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Robert Kleta GmbH Bauunternehmung Attn: Robert Kleta, Manager Muehlenstr. 86 47918 Toenisvorst Germany ROELING SYSTEM: Claims Registration Period Ends May 5 ----------------------------------------------------- Creditors of Roeling System Logistik Service GmbH have until May 5, 2008, to register their claims with court-appointed insolvency manager Stephan Muenzel. 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 Tostedt Meeting Hall I Linden 23 21255 Tostedt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Muenzel Bachstr. 85 a 22083 Hamburg Germany Tel: 040/32 08 36-0 Fax: 040/32 08 36 36 The District Court of Tostedt opened bankruptcy proceedings against Roeling System Logistik Service GmbH on March 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Roeling System Logistik Service GmbH Bendestofer Str. 5 21244 Buchholz Germany ROLF HACHMEISTER: Claims Registration Period Ends May 7 ------------------------------------------------------- Creditors of Rolf Hachmeister GmbH have until May 7, 2008 to register their claims with court-appointed insolvency manager Dr. Yorck Tilman Streitboerger. 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 Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Yorck Tilman Streitboerger Adenauerplatz 4 33602 Bielefeld Germany Tel: 0521-9141490 Fax: 052191414884 The District Court of Bielefeld opened bankruptcy proceedings against Rolf Hachmeister GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rolf Hachmeister GmbH Oetinghauser Weg 79 32051 Herford Germany RUEDIGER FALTZ: Claims Registration Period Ends May 7 ----------------------------------------------------- Creditors of Ruediger Faltz GmbH have until May 7, 2008, to register their claims with court-appointed insolvency manager Rolf Weidmann. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on May 21, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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 Weidmann Alfredstr. 279 45133 Essen Germany The District Court of Essen opened bankruptcy proceedings against Ruediger Faltz GmbH on March 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ruediger Faltz GmbH In der Hagenbeck 37 45143 Essen Germany S + W INGENIEURGESELLSCHAFT: Claims Registration Ends May 5 ----------------------------------------------------------- Creditors of S + W Ingenieurgesellschaft mbH have until May 5, 2008, to register their claims with court-appointed insolvency manager Matthias Roensch. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on June 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cottbus Hall 210 First Floor Gerichtsplatz 2 03046 Cottbus 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 Roensch Gustav-Adolf-Strasse 6 b 01219 Dresden Germany The District Court of Cottbus opened bankruptcy proceedings against S + W Ingenieurgesellschaft mbH on March 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: S + W Ingenieurgesellschaft mbH Attn: Roland Schlag and Herrn Peter Witt, Managers Dissenchener Strasse 50 03042 Cottbus Germany SCHLUETER-BAUR: Claims Registration Period Ends May 7 ----------------------------------------------------- Creditors of Schlueter-Baur Vertriebs GmbH & Co KG have until May 7, 2008, to register their claims with court-appointed insolvency manager Gerhard Hauk. Creditors and other interested parties are encouraged to attend the meeting at 8:50 a.m. on June 18, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wetzlar Meeting Hall 201 Building B Second Stock Wetherstr. 1 35578 Wetzlar 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 Hauk Marktlaubenstrasse 9 35390 Giessen Germany Tel: 0641/9324360 Fax: 0641/9324350 E-mail: insolvenz@rae-voelpel.de The District Court of Wetzlar opened bankruptcy proceedings against Schlueter-Baur Vertriebs GmbH & Co KG on March 27, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schlueter-Baur Vertriebs GmbH & Co KG Am Forum 1 35578 Wetzlar Germany SCHUERING-BETON GMBH: Claims Registration Period Ends April 23 -------------------------------------------------------------- Creditors of Schuering-Beton GmbH have until April 23, 2008, to register their claims with court-appointed insolvency manager Albert Wolff. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Dresden Hall D132 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Albert Wolff Am Schiesshaus 1-3 01067 Dresden Germany Website: www.worako.de The District Court of COURT opened bankruptcy proceedings against Schuering-Beton GmbH on April 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schuering-Beton GmbH Attn: Mirko Schuering, Manager Altenberger Str. 8 01809 Dohna Germany SCHULDNERS TH: Claims Registration Ends May 7 --------------------------------------------- Creditors of Schuldners TH Malerei Service GmbH have until May 7, 2008 to register their claims with court-appointed insolvency manager Reinhold Schmid-Sperber. Creditors and other interested parties are encouraged to attend the meeting on June 18, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neumuenster Boostedter Strasse 26 24534 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: Reinhold Schmid-Sperber Westring 455 24118 Kiel Germany The District Court of Neumuenster opened bankruptcy proceedings against Schuldners TH Malerei Service GmbH on March 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schuldners TH Malerei Service GmbH Attn: Torsten Hille, Manager Aelvdalenweg 11 24217 Schoenberg Germany SOMMER GMBH: Creditors Must File Claims by May 15 ------------------------------------------------- Creditors of Sommer GmbH Glas- u. Gebaudereinigung have until May 15, 2008, to register their claims with court-appointed insolvency manager Hans-Dieter Ehlenz. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on June 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bitburg Hall 128 Gerichtsstrasse 2/4 54634 Bitburg 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-Dieter Ehlenz Westpark 13D 54634 Bitburg Germany The District Court of Bitburg opened bankruptcy proceedings against Sommer GmbH Glas- u. Gebaudereinigung on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sommer GmbH Glas- u. Gebaudereinigung Kollenbergstrasse 3 54647 Dudeldorf Germany SOUND-FARM GMBH: Creditors Must File Claims by May 15 ----------------------------------------------------- Creditors of Sound-Farm GmbH have until May 15, 2008, to register their claims with court-appointed insolvency manager Paul Fink. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.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 Duesseldorf Meeting Hall A 409 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: Paul Fink Koenigsallee 33 40212 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Sound-Farm GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sound-Farm GmbH Otto-Hahn-Strasse 7 40721 Hilden Germany Attn: Andreas Litger, Manager Thueringer Strasse 21 50733 Cologne Germany TAUCH GESELLSCHAFT: Claims Registration Period Ends May 5 --------------------------------------------------------- Creditors of Tauch Gesellschaft fuer Haus- und Grundbesitz mbH & Co. KG have until May 5, 2008, to register their claims with court-appointed insolvency manager Dr. Lucas F. Floether. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.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 Magdeburg Hall 13 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: Dr. Lucas F. Floether Halberstadter Str. 55 39112 Magdeburg Tel.: 0391/5556840 Fax: 0391/5556849 Germany E-mail: magdeburg@floetherwissing.de The District Court of Magdeburg opened bankruptcy proceedings against Tauch Gesellschaft fuer Haus- und Grundbesitz mbH & Co. KG on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tauch Gesellschaft fuer Haus- und Grundbesitz mbH & Co. KG Planetenweg 123 39118 Magdeburg Germany TRANS-& CARSERVICE: Creditors Must File Claims by May 15 -------------------------------------------------------- Creditors of Trans-& Carservice GmbH have until May 15, 2008, to register their claims with court-appointed insolvency manager Klaus Pannen. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on June 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Pinneberg Hall 3 First Floor Bahnhofstrasse 17 25421 Pinneberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus Pannen Neuer Wall 25 / Schleusenbruecke 1 20354 Hamburg Germany The District Court of Pinneberg opened bankruptcy proceedings against Trans-& Carservice GmbH on March 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Trans-& Carservice GmbH Dorfstrasse 13 25499 Tangstedt Germany UMWELT TIEFBAU: Creditors Must File Claims by May 15 ---------------------------------------------------- Creditors of Umwelt, Tiefbau und Verkehr mbH have until May 15, 2008, to register their claims with court-appointed insolvency manager Karsten Bierwisch. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on June 24, 2008, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gera Hall 317 Rudolf-Diener-Str. 1 Gera Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Karsten Bierwisch Schmoellnsche Vorstadt 13 04600 Altenburg Germany The District Court of Gera opened bankruptcy proceedings against Umwelt, Tiefbau und Verkehr mbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Umwelt, Tiefbau und Verkehr mbH K.-Kollwitz-Strasse 61 04600 Altenburg Germany W & A SERVICE: Claims Registration Ends May 17 ---------------------------------------------- Creditors of W & A Service GmbH have until May 17, 2008 to register their claims with court-appointed insolvency manager Eberhard Stock. Creditors and other interested parties are encouraged to attend the meeting at 9:05 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 Essen Meeting Hall 185 First 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: Eberhard Stock Rolandstr. 11 45128 Essen Germany Tel: 0201-50784920 The District Court of Essen opened bankruptcy proceedings against W & A Service GmbH on March 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: W & A Service GmbH Attn: Cornelia Albers, Manager Moellerstr. 24 b 45966 Gladbeck Germany WOLFF-REISEN GMBH: Claims Registration Period Ends May 6 -------------------------------------------------------- Creditors of Wolff-Reisen GmbH Busunternehmen have until May 6, 2008, to register their claims with court-appointed insolvency manager Holger Bluemle. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 17, 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 Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe 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: Holger Bluemle Kriegsstr. 113 76135 Karlsruhe Germany The District Court of Karlsruhe opened bankruptcy proceedings against Wolff-Reisen GmbH Busunternehmen on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wolff-Reisen GmbH Busunternehmen Gablonzerstr. 13 76185 Karlsruhe Germany ========= I T A L Y ========= BROWN SHOE: Earns US$60.4 Million In FY Ended February 2, 2008 -------------------------------------------------------------- Brown Shoe Company, Inc. reported net earnings of US$60.4 million on net sales of US$2.4 billion for the fiscal year ended Feb. 2, 2008. Net earnings for the fiscal year ended Feb. 3, 2007, were US$65.7 million on net sales of US$2.5 billion. In 2007, net earnings decreased primarily due to the decline in net sales and the additional costs related to its Earnings Enhancement Plan, partially offset by lower cash-based employee incentive expenses, a lower effective tax rate and other factors. In 2007, net sales decreased driven primarily by the decline in the company's Wholesale Operations segment. Although the company experienced growth in net sales from its retail segments from 2006 to 2007, the decline in its Wholesale Operations segment's net sales more than offset the retail increase. The decline in its wholesale sales of US$147.3 million reflects declines in most of its major brands, driven by the weak consumer environment, its reduced emphasis on sales of private label product and the discontinuance of the Bass license at the end of 2006. Famous Footwear's net sales increased by US$31 million, reflecting a higher store count in 2007, partially offset by the impact of an additional week of sales in 2006 (due to 2006 being a 53-week fiscal period) and a same-store sales decline of 0.6%. The company's Specialty Retail segment's net sales improved by US$5.3 million, due to both growth in its Shoes.com business and the strengthening of the Canadian dollar, partially offset by the impact of the 53rd week in 2006 and a same-store sales decline of 0.9% in its United States and Canadian stores. The company recorded total assets of US$1.1 billion and total liabilities of US$541.3 million, resulting to total stockholders' equity of US$558.6 million as of Feb. 2, 2008. Retained earnings as of Feb. 2, 2008, were US$396.9 million. Borrowings The company has a secured US$350 million Amended and Restated Credit Agreement, which became effective July 21, 2004 and expires on July 21, 2009. The Agreement provides for a maximum line of credit of US$350 million, subject to calculated borrowing base restrictions. On July 23, 2007, the company and certain of its subsidiaries entered into the third amendment to the Agreement. This amendment modified the Agreement by, among other things: -- reducing the commitment fees paid on the unused portion of the facility, -- enhancing credit given for the inventory component in the calculation of the loan parties� borrowing base, -- increasing flexibility concerning Indebtedness and Guarantees of Indebtedness, and -- providing additional flexibility regarding Investments and Restricted Payments. At February 2, 2008, the company had US$15 million of borrowings outstanding and US$9.6 million in letters of credit outstanding under the Agreement. Total additional borrowing availability was US$325.4 million at the end of 2007. In 2007, the company's total debt increased US$14 million, or 9.3%, to US$165.0 million, as borrowings under its revolving credit agreement increased due in part to its repurchase of US$2.4 million shares of common stock in the fourth quarter of 2007. Its ratio of debt-to-total capital increased to 22.8% at the end of 2007, from 22.4% at the end of 2006. The company believes that borrowing capacity under its Amended and Restated Credit Agreement will be adequate to meet its expected operational needs, capital expenditure plans and provide liquidity for potential acquisitions. Earnings Enhancement Plan In 2006, the company introduced its Earnings Enhancement Plan, which was designed to increase earnings through cost reductions, efficiency initiatives and the reallocation of resources. Key elements of the plan include: (i) restructuring administrative and support areas, (ii) redesigning logistics and distribution platforms, (iii) reorganizing to eliminate operational redundancies, (iv) realigning strategic priorities, and (v) refining the supply chain process and enhancing inventory utilization. The company has implemented a number of initiatives under this plan, including: -- closing Los Angeles, California office, which housed the Shoes.com e-commerce business, and consolidating that business into St. Louis, Missouri headquarters facility, -- closing Needham, Massachusetts office and Dover, New Hampshire distribution center, which housed the Bennett business, -- consolidating New York City, New York operations to accommodate the offices of Brown New York personnel, as well as product development teams and showrooms, -- closing Italian sales office, -- outsourcing Canadian wholesale business to a third-party distributor, -- closing all of Via Spiga stores, and -- implementing various personnel reductions throughout the company to streamline operations. These actions resulted in charges of US$19 million in 2007 (US$12.4 million on an after-tax basis, or US$0.28 per diluted share) and US$6.3 million in 2006 (US$3.9 million on an after- tax basis, or US$0.09 per diluted share). The company estimates that the initiatives reduced its expense base by approximately US$26 million on a cumulative basis. Approximately US$5 million of these savings were achieved in 2006. About Brown Shoe Headquartered in St. Louis, Missouri, Brown Shoe Company, Inc. (NYSE: BWS) -- http://www.brownshoe.com/-- is a US$2.4 billion footwear company with global operations. Brown Shoe�s Retail division operates Famous Footwear, the approximately 1,100-store chain that sells brand name shoes for the family, approximately 300 specialty retail stores in the U.S., Canada, and China under the Naturalizer, Brown Shoe Closet, FX LaSalle, and Franco Sarto names, and Shoes.com, the Company's e-commerce subsidiary. Brown Shoe, through its Wholesale divisions, owns and markets leading footwear brands including Naturalizer, LifeStride, Via Spiga, Nickels Soft, Connie and Buster Brown; it also markets licensed brands including Franco Sarto, Dr. Scholl's, Etienne Aigner, and Carlos by Carlos Santana and Barbie, Disney and Nickelodeon character footwear for children. The company's European unit, Brown Shoe International Sales and Licensing S.r.l., is located in Italy. In Latin America, the company operates through its subsidiary, Pagoda International Corporation do Brazil, LTDA. BROWN SHOE: Operating Challenges Prompt S&P's Negative Outlook --------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on St. Louis, Missouri-based Brown Shoe Co. Inc. to negative from stable. At the same time, S&P affirmed all other ratings on the company, including the 'BB' corporate credit rating. "The outlook revision reflects the operating challenges facing the company given the generally weak economic conditions," said Standard & Poor's credit analyst David Kuntz. S&P also expects sales and margins to be hurt by cost increases from suppliers over the medium term, and a further deterioration in credit metrics for 2008. PARMALAT SPA: New Jersey Judge Dismisses Most Claims v Citigroup ---------------------------------------------------------------- The Hon. Jonathan N. Harris of the New Jersey Superior Court has dismissed most of the claims filed by Parmalat S.p.A. against Citigroup Inc., Bloomberg News reports. According to the report, Judge Harris has dismissed fraud, conspiracy, racketeering and unjust enrichment charges against Citigroup. Citigroup, however, will still go to trial May 5, 2008, for charges of aiding and abetting breach of fiduciary duty relating to the corrupt insiders' larceny from Parmalat. "We look forward to vindication on the remaining claims and our counterclaims for the losses we suffered as a victim of Parmalat's admitted fraud," Citigroup spokeswoman Andrea Hurst told Bloomberg News. Parmalat said the ruling narrowed its claims and measure of damages against Citigroup. Bloomberg News relates that Judge Harris didn't specify the size of Citigroup's potential liability. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. On June 21, 2007, the U.S. Court Granted Parmalat Permanent Injunction. =================== K A Z A K H S T A N =================== AS-POLIMEHTRANS LLP: Creditors Must File Claims by June 3 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Atyrau has declared LLP As-Polimehtrans insolvent. Creditors have until June 3, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Atyrau Atyrau, Abai Str. 10a Atyrau Kazakhstan Tel: 8 (71222) 32-90-02 ASTANA ENGINEERING: Claims Deadline Slated for June 4 ----------------------------------------------------- LLP Astana Engineering has declared insolvency. Creditors have until June 4, 2008, to submit written proofs of claims to: LLP Astana Engineering Musrepov Str. 6-124 Almaty District Astana Kazakhstan BTA BANK: Names Chingiz Aitmatov as Independent Board Director -------------------------------------------------------------- BTA Bank JSC has appointed Chingiz Aitmatov as independent member of its Board of Directors. Mr. Aitmatov�s has contributed to the treasury of Kyrgyz and Kazakh prose and the world cultural heritage. UNESCO has named Mr. Aitmatov the most read writer worldwide after Shakespeare and Tolstoy. His books are translated into 176 languages and published in 128 countries with a total number of copies 80,000 books sold worldwide. BTA Bank finances publication of Aitmatov�s collection in eight volumes and an album covering his prolific output. About BTA Bank Headquartered in Almaty, Kazakhstan, JSC BTA Bank -- http://bta.kz/en/-- is among biggest banks and leader in creation of banking network in CIS. BTA operating in the CIS and far-abroad countries is expanding into the CIS countries. Activities of its strategic bank partners cover Ukraine, 4 regions in Russia, Belarus, Georgia, Armenia, Kyrgyzstan and Turkey. BTA runs its representative offices in Russia, Ukraine, China and the United Arab Emirates. In Kazakhstan, BTA's network consists of 22 branches and 256 cash settlement units. * * * As reported in the TCR-Europe on Dec. 19, 2007, Standard & Poor's Ratings Services revised its outlook on Bank TuranAlem (BB/B) to negative from stable. Bank TuranAlem carries Long-term foreign currency IDR at BB+ from Fitch Ratings, which said the Outlook was Stable. The company also carries Ba1 Foreign Currency Subordinate Debt Ratings, Ba2 Foreign Currency Junior Subordinate Debt Rating and D- Bank Financial Strength Rating from Moody's Investor Service. ECO-TEXT-T LLP: Claims Filing Period Ends June 3 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Eco-Text-T insolvent. Creditors have until June 3, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan GERKULES LTD: Creditors' Claims Due on June 2 --------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Gerkules Ltd. insolvent on March 3, 2008. Creditors have until June 2, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakhstan MAI BUSINESS: Creditors Must File Claims by June 2 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Mai Business insolvent. Creditors have until June 2, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakhstan PAVLODAR STROY: Claims Deadline Slated for June 2 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Pavlodar Stroy Holding insolvent. Creditors have until June 2, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Djambulskaya Str. 6 Pavlodar Kazakhstan Tel: 8 (3182) 57-16-66 SIGNAL-SERVICE CJSC: Claims Filing Period Ends June 2 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared CJSC Signal-Service insolvent on March 5, 2008. Creditors have until June 2, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakhstan TEMIRA LLP: Creditors' Claims Due on June 3 ------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Temira insolvent. Creditors have until June 3, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan UJTRUBOPROVOD STROY: Claims Registration Ends June 2 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Ujtruboprovod Stroy Kazakhstan insolvent on March 21, 2008. Creditors have until June 2, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Djambulskaya Str. 6 Pavlodar Tel: 8 (3182) 57-16-66 =================== K Y R G Y Z S T A N =================== OMURALY LLC: Creditors Must File Claims by May 20 ------------------------------------------------- LLC Kyrgyz-Chinese Corporation Omuraly has declared about its insolvency. Creditors have until May 20, 2008 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 42-50-38. =========== R U S S I A =========== BAYKALSKAYA MEAT: Buryatiya Bankruptcy Hearing Slated for May 14 ---------------------------------------------------------------- The Arbitration Court of Buryatiya will convene on May 14, 2008, to hear the bankruptcy supervision procedure on LLC Baykalskaya Meat Company. The case is docketed under Case No. A10-62/08. The Temporary Insolvency Manager is: R. Erbanov Post User Box 2713 Ulan-Ude 670033 Buryatiya Russia The Debtor can be reached at: LLC Baykalskaya Meat Company Vorovskogo Str. 23 Ulan-Ude Buryatiya Russia CB RENAISSANCE: Fitch Puts BB(rus) Rating on Series 02 Bonds ------------------------------------------------------------ Fitch Ratings has assigned Russia-based CB Renaissance Capital's (OOO) upcoming issue of fixed-rate Series 02 RUB3bn bonds a National Long-term 'BB(rus)' rating. The guarantor of the issue is OOO Renaissance Capital - International Services. The bonds mature in April, 2012; however, there is an option available to bond holders to submit bonds for early repayment at the end of a 12-month period from the issue date. CBRC is rated Long-term Issuer Default (IDR) 'B-' (B minus), Short-term IDR 'B', Support '5', Support Rating Floor 'No Floor', Individual 'D/E' and National Long-term 'BB(rus)'. The Outlooks for both Long-term ratings are Stable. The bank's obligations under the issue will rank at least equally with all its other unsecured and unsubordinated creditors, save those preferred by any bankruptcy, employment, insolvency, liquidation or similar laws of general application. Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-2007, retail accounts and deposits accounted for 5% of CBRC's total liabilities, according to the bank's IFRS-audited financial statements. CBRC is a specialist consumer bank, which has been fully operational since 2004. At end-2007, it was the 57th-largest bank in Russia by total assets and was among the top 15 retail lenders. It has a network of offices covering 65 regions of Russia and approximately 12,000 active points-of-sale. CBRC is part of the broader Renaissance Group, which also includes investment bank Renaissance Capital Holdings Limited (rated 'BB-' (BB minus)/Outlook Stable), merchant banking entity Renaissance Partners, asset manager Renaissance Investment Management and online trading unit Renaissance Online. DORMASHINA CJSC: Orel Bankruptcy Hearing Slated for June 11 ----------------------------------------------------------- The Arbitration Court of Orel will convene at 9:10 a.m. on June 11, 2008, to hear the bankruptcy supervision procedure on CJSC Dormashina. The case is docketed under Case No. A48-536/ 08-17b. The Temporary Insolvency Manager is: N. Shirokov Room 301 Lenina Str. 39a 302028 Orel Russia The Court is located at: The Arbitration Court of Orel Gorkogo Str. 42 302000 Orel Russia The Debtor can be reached at: CJSC Dormashina Kromskoe Shosse 3 Orel Russia GOLDEN MEADOW: Orel Bankruptcy Hearing Slated for June 11 --------------------------------------------------------- The Arbitration Court of Orel will convene at 2:00 p.m. on June 11, 2008, to hear the bankruptcy supervision procedure on CJSC Agricultural Company Golden Meadow. The case is docketed under Case No. A48-108/08�16b. The Temporary Insolvency Manager is: D. Evdokimov 2nd Kurskaya Str. 90 Orel Russia Tel: 428788 The Court is located at: The Arbitration Court of Orel Gorkogo Str. 42 302000 Orel Russia The Debtor can be reached at: CJSC Agricultural Company Golden Meadow Turgeneva Str. 13 Glazunovka Orel Russia INTREIS-AVTO CJSC: Moscow Bankruptcy Hearing Slated for June 24 --------------------------------------------------------------- The Arbitration Court of Moscow will convene on June 24, 2008, to hear the bankruptcy supervision procedure on CJSC Intreis- Avto. The case is docketed under Case No. A40-1553/08-36-5B. The Temporary Insolvency Manager is: L. Koptelina Orlovskiy Per. 5 129110 Moscow Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: L. Koptelina Orlovskiy Per. 5 129110 Moscow Russia KISELEVSKIY BAKERY: Asset Sale Slated for April 25 -------------------------------------------------- S. Vlasov, the insolvency manager and bidding organizer for OJSC Kiselevskiy Bakery, will set a repeated public auction for the company's properties at 10:00 a.m. on April 25, 2008, at: S. Vlasov Unzhakova Str. 8a Kiselevsk Russia The case is docketed under Case No. A27-15744/03-4. Interested participant must submit bidding documents to: S. Vlasov Unzhakova Str. 8a Kiselevsk Russia The Debtor can be reached at: OJSC Kiselevskiy Bakery Kiselevsk Kemerovo Russia STROY-COM PLUS: Yaroslavl Bankruptcy Hearing Slated for May 13 -------------------------------------------------------------- The Arbitration Court of Yaroslavl will convene at 11:00 a.m. on May 13, 2008, to hear the bankruptcy supervision procedure on LLC Stroy-Com Plus. The case is docketed under Case No. A82-14350/2007-30-B/74. The Temporary Insolvency Manager is: S. Fedyunin Post User Box 16 127566 Moscow Russia The Debtor can be reached at: LLC Stroy-Com Plus Apt. 1 Tolbukhina Pr. 21 Yaroslavl Russia TAMBOV-RAJ-AGRO-PROM-SNAB: Tambov Bankruptcy Hearing Set June 23 ---------------------------------------------------------------- The Arbitration Court of Tambov will convene on June 23, 2008, to hear the bankruptcy supervision procedure on LLC Tambov-Raj- Agro-Prom-Snab. The case is docketed under Case No. A64-7487/ 07-25. The Temporary Insolvency Manager is: L. Koptelina Orlovskiy Per. 5 129110 Moscow Russia The Court is located at: The Arbitration Court of Tambov Penzenskaya Str. 67/12 392020 Tambov Russia The Debtor can be reached at: L. Koptelina Orlovskiy Per. 5 129110 Moscow Russia ========= S P A I N ========= FONDO DE TITULIZACION: Fitch Holds BB+ Rating on Class D Notes -------------------------------------------------------------- Fitch Ratings has affirmed all TDA 24, Fondo de Titulizacion tranches, following a satisfactory performance review. The portfolio is backed by mortgage loans originated in Spain by Banco de la Pequena y Mediana Empresa, S.A. (Bankpime), Caja de Ahorros de Castilla La Mancha (CCM, rated 'A'/Outlook Stable /'F1') and Union de Credito financiero Mobiliario e Inmobiliario (Credifimo). The rating actions are as: Class A1 (ISIN ES0345782009) affirmed at 'AAA'; Outlook Stable Class A2 (ISIN ES0377952017) affirmed at 'AAA'; Outlook Stable Class interest-only (IO) affirmed at 'AAA'; Outlook Stable Class B (ISIN ES0377952025) affirmed at 'A'; Outlook Stable Class C (ISIN ES0377952033) affirmed at 'BBB'; Outlook Stable Class D (ISIN ES0377952041) affirmed at 'BB+'; Outlook Negative Despite three reserve fund draws in the last three quarters and the prospect of rising defaults, the excess spread and RF are currently sufficient to allow an affirmation of the notes at their current ratings. The first draw - at 14.87% of its target amount - occurred in September 2007 and was mainly caused by new net defaults of 0.18% during the quarter and a thinning ExS. Defaults on this deal are defined as 12 months plus and are 100%-provisioned. The RF draws in the following two quarters - December 2007 and March 2008 - were only 1.06% of its total amount, due to small new defaults. ExS is being reduced by the increasing weight of the fixed Euros 1,552,000.00 NAS-IO in place, which expires on June 2009, as the collateral reduces. The NAS-IO is 0.45% of the current collateral, up from 0.32% of the initial collateral at closing. In other deals with NAS-IO, such as TDA 25, TDA 27 and TDA 28, the percentage of the NAS-IO notional decreases during its life, therefore its weight increases to a lesser extent. Between August 2007 and February 2008, three months-plus arrears increased to 0.82% from 0.26%, but defaults only increased to 0.26% from 0.2%. The rise in the three month plus arrears, which contributed to the current arrears of five months plus arrears of 0.45%, indicate defaults are likely to increase in the next few quarters. The junior class D notes' Negative Outlook reflect the prospect of additional draws on the RF was highlighted, owing to the current thin ExS and the high likelihood of more defaults. Credifimo, a specialist mortgage lender in Spain, originated 27% of the pool balance. The remaining 63% of delinquent loans were originated by CCM. ===================== S W I T Z E R L A N D ===================== AGNEW JSC: Creditors' Liquidation Claims Due by May 1 ----------------------------------------------------- Creditors of JSC Agnew have until May 1, 2008, to submit their claims to: Dr. Christian Steinmann Liquidator Brandschenkestrasse 90 8027 Zurich Switzerland The Debtor can be reached at: JSC Agnew Chur Plessur GR Switzerland CARRIER-LINK: Creditors' Liquidation Claims Due by May 1 -------------------------------------------------------- Creditors of JSC Carrier-Link Enterprise have until May 1, 2008, to submit their claims to: Dr. Christian Steinmann Liquidator Dorneckstrasse 54 4143 Dornach Dorneck SO Switzerland The Debtor can be reached at: JSC Carrier-Link Enterprise Basel Switzerland ERHABENZ LLC: Creditors' Liquidation Claims Due by May 5 -------------------------------------------------------- Creditors of LLC Erhabenz have until May 5, 2008, to submit their claims to: Hanspeter Ernst Liquidator Erzelenweg 3 4537 Wiedlisbach Wangen BE Switzerland The Debtor can be reached at: LLC Erhabenz Deitingen SO Switzerland IDESSAG JSC: Creditors' Liquidation Claims Due by May 3 ------------------------------------------------------- Creditors of JSC Idessag have until May 3, 2008, to submit their claims to: JSC Fiduco Mattenstrasse 135 Postfach 2501 Biel/Bienne BE Switzerland The Debtor can be reached at: JSC Idessag Berne Switzerland INNOPLAN & PARTNER: Aargau Court Starts Bankruptcy Proceedings -------------------------------------------------------------- The Bankruptcy Service of Aargau commenced bankruptcy proceedings against LLC Innoplan & Partner on March 13, 2008. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau 5036 Oberentfelden Aarau AG Switzerland The Debtor can be reached at: LLC Innoplan & Partner Ruederstrasse 38 5040 Schoftland Kulm AG Switzerland ROSENDO LLC: Basel-Country Court Closes Bankruptcy Proceedings -------------------------------------------------------------- The Bankruptcy Service of Sissach in Basel-Country entered Feb. 27, 2008, an order closing the bankruptcy proceedings of LLC Rosendo. The Bankruptcy Service of Sissach can be reached at: Bankruptcy Service of Sissach 4450 Sissach BL Switzerland The Debtor can be reached at: LLC Rosendo Ochsengasse 9 4460 Gelterkinden Sissach BL Switzerland ROTATEC INTERNATIONAL: Creditors Must File Claims by May 2 ---------------------------------------------------------- Creditors of DELPHI ADVISORS Ltd have until May 2, 2008, to submit their claims to: Christoph Lutz ETU Treuhand und Unternehmensberatung Zurichstrasse 268 8122 Binz ZH Switzerland The Debtor can be reached at: LLC Rotatec International Fehraltorf ZH Switzerland SEEPEOPLE LLC: Creditors' Liquidation Claims Due by May 2 --------------------------------------------------------- Creditors of LLC Seepeople have until May 2, 2008, to submit their claims to: LLC Seepeople Sonnenstr. 4 8280 Kreuzlingen TG Switzerland SWIGIPS LLC: Aargau Court Starts Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Service of Aargau commenced bankruptcy proceedings against LLC Swigips on March 13, 2008. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau 5036 Oberentfelden Aarau AG Switzerland The Debtor can be reached at: LLC Swigips Aarauerstrasse 24 5712 Beinwil am See Kulm AG Switzerland ============= U K R A I N E ============= AGAT INTEKS: Creditors Must File Claims by April 30 --------------------------------------------------- Creditors of LLC Agat Inteks (code EDRPOU 33152602) have until April 30, 2008, to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company on March 17, 2008, after finding it insolvent. The case is docketed as 23/89-b. The Debtor can be reached at: LLC Agat Inteks Grushevsky Str. 28/2 01021 Kiev Ukraine ALPHA-ODIS LLC: Creditors Must File Claims by April 30 ------------------------------------------------------ Creditors of LLC Alpha-Odis (code EDRPOU 33216461) have until April 30, 2008, to submit proofs of claim to: The Economic Court of Odessa Shevchenko Avenue 4 65032 Odessa Ukraine The Economic Court of Odessa commenced bankruptcy proceedings against the company on March 18, 2008, after finding it insolvent. The Debtor can be reached at: LLC Alpha-Odis General Tsvetayev Str. 3/5 65028 Odessa Ukraine ARTEMOVSK PLANT Proofs of Claim Deadline Set April 30 ----------------------------------------------------- Creditors of LLC Artemovsk Plant of Glass Products (code EDRPOU 32375135) have until April 30, 2008, to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev has commenced the bankruptcy supervision procedure on the company. The case is docketed as 23/334-b. The Debtor can be reached at: LLC Artemovsk Plant of Glass Products 40 Years of October Avenue 100/2 03127 Kiev Ukraine GREEN LEAF: Proofs of Claim Deadline Set April 30 ------------------------------------------------- Creditors of LLC Green Leaf (code EDRPOU 32214463) have until April 30, 2008, to submit proofs of claim to: The Economic Court of Kiev Komintern Str. 16 01032 Kiev Ukraine The Economic Court of Kiev has commenced the bankruptcy supervision procedure on the company. The case is docketed as B13/056-08. The Debtor can be reached at: LLC Green Leaf Promyshlennaya Str. 5 Vishnevoye 08132 Kiev Ukraine SG TRADE: Proofs of Claim Deadline Set April 30 ----------------------------------------------- Creditors of LLC SG Trade (code EDRPOU 33206254) have until April 30, 2008, to submit proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy supervision procedure on the company on March 11, 2008. The case is docketed as B-24/53-08. The Debtor can be reached at: LLC SG Trade Zaliutinskaya Str. 4 61177 Kharkov Ukraine =========================== U N I T E D K I N G D O M =========================== ABBOT GROUP: S&P Assigns B+ Corporate Credit Rating --------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' long-term corporate credit rating to U.K.-based Abbot Group Ltd., the main operating subsidiary of Turbo Alpha Ltd. and one of Europe's largest oil and gas drilling companies. Standard & Poor's also assigned its 'B+' long-term rating to the parent, Turbo Alpha. The outlook on both companies is stable. At the same time, S&P assigned a 'B+' issue-level rating to the proposed US$1.55 billion senior secured credit facility issued by parent company Turbo Alpha and guaranteed by Abbot, in line with the corporate credit rating on the group. S&P also assigned a recovery rating of '3' to this facility, indicating our expectation of meaningful (50%-70%) recovery for creditors in the event of a payment default. "The rating on Abbot factors in the group's very high initial debt following its recent leveraged buyout of First Reserve Corporation and its activity in a historically cyclical and capital-intensive industry," said Standard & Poor's credit analyst Per Karlsson. "Mitigating these weaknesses is the favorable industry outlook over the medium term, as well as Abbot's strong strategic positioning in international growth markets, its geographic and operational diversification, and its strategy to ensure strong medium-term contractual revenue visibility." The stable outlook incorporates our expectation that Abbot will gradually deleverage over the next 2-3 years. Debt to EBITDA will likely come down to below 4.0x by year-end 2010. Underpinning this debt reduction is the favorable industry outlook in the coming years and Abbot's significant medium-term contract protection. S&P sees no rating upside given Abbot's high debt and despite the group's fair business risk profile. There could be downside rating risk, however, in the event of insufficient debt reduction in the coming years, or a material weakening in the outlook for drilling margins and the resulting lower-than- expected profitability. BAA LTD: British Airways Long-Haul Move to T5 Deferred to June -------------------------------------------------------------- BAA Ltd. Plc disclosed that British Airways will defer until June 2008 the planned move of its long-haul services from Terminal Four at Heathrow to Terminal Five. While a normal flight schedule has been operated at Terminal 5 since April 8, 2008, the companies want to ensure that customers can be confident of high service standards when additional flights are introduced. The companies will work together to iron out any remaining problems, including the baggage system and its operation, and develop a robust timescale for phasing the move of Terminal 4 services into Terminal 5. "We are making this decision in the interests of customers," Willie Walsh, BA's Chief Executive said. "Though Terminal Five is now working well, we need to have confidence that good service can be maintained when the terminal is handling larger numbers of customers. It is only sensible to ensure that Terminal 5 is operating consistently at a high standard before the move begins." "BAA regrets this postponement, and we recognize the impact it has on other airlines, but we believe it is a wise precaution to ensure that passengers can have the maximum confidence once the move does take place," Colin Matthews, BAA's Chief Executive, said. "We will be working very closely with BA in the intervening period to ensure that result, as well as working with the other airlines to mitigate as much as possible the knock-on effects." "BAA fully recognizes that the inauguration of Terminal Five has not been as smooth as we and BA would have wished," Mr. Matthews added. In the last few days passengers have seen significant improvement and our goal is to complete that process as soon as possible before continuing the next phase of transforming the rest of the airport." About British Airways Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. About BAA Ltd. Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc) -- http://www.baa.com/-- owns and operates seven airports in the United Kingdom, including Heathrow, the world's busiest international airport, and Budapest Airport, serving 700 destinations by around 300 airlines. * * * As of April 17, 2008, BAA Limited carries BB- long-term corporate credit rating from Standard & Poor's Ratings Services, which said the Outlook is negative. BAA LTD: Abides by CAA Price Limits Despite Easyjet Legal Threat ---------------------------------------------------------------- BAA Liited will continue to charge in accordance with the U.K. Civil Aviation Authority's set price limits for Gatwick Airport, aware that easyJet has indicated an intention to legally challenge the decision. CAA set and announced the the price limits in March 2008 and came into effect on April 1, 2008. About BAA Ltd. Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc) -- http://www.baa.com/-- owns and operates seven airports in the United Kingdom, including Heathrow, the world's busiest international airport, and Budapest Airport, serving 700 destinations by around 300 airlines. * * * As of April 17, 2008, BAA Limited carries BB- long-term corporate credit rating from Standard & Poor's Ratings Services, which said the Outlook is negative. BAA LTD: EasyJet and Rynaair to Withhold Part of Landing Fees ------------------------------------------------------------- In protest of the hike in charges implemented by BAA Ltd., EasyJet and Ryanair says that they intend to withhold part of the landing fees due at the Gatwick and Stansted airports as a sign of protest, Alister Osborne writes for the Telegraph. As previously reported in the TCR-Europe, the CAA, on March 11, 2008, published its decisions for price controls for Gatwick airport for the five years from April 1, 2008 to March 31, 2013. The CAA set maximum charge of GBP6.79 per passenger in 2008/09, an increase of GBP1.18 on a like-for-like basis, representing a 21.0% increase in real terms from the current price cap, with allowed charges subsequently increasing in each of the following four years by no more than RPI inflation plus 2.0%. The Telegraph adds that charges at Stansted is expected to increase by 7%. As previously reported in the TCR-Europe, the CAA has also set this maximum charge for Heathrow: GBP12.80 per passenger in 2008/09, an increase of GBP2.44 on a like-for-like basis, representing a 23.5% increase in real terms from the current price cap, with allowed charges subsequently increasing in each of the following four years by no more than retail price index inflation plus 7.5% each year. As reported in the TCR-Europe on March 25, 2008, EasyJet, Ryanair and Bmi plc jointly called for a judicial review of the Civil Aviation Authority as a result of the CAA's move to allow BAA to impose increases in landing charges at Heathrow and Gatwick. About BAA Ltd. Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc) -- http://www.baa.com/-- owns and operates seven airports in the United Kingdom, including Heathrow, the world's busiest international airport, and Budapest Airport, serving 700 destinations by around 300 airlines. * * * As of April 17, 2008, BAA Limited carries BB- long-term corporate credit rating from Standard & Poor's Ratings Services, which said the Outlook is negative. BRITISH ENERGY: Iberdola Takeover Bid Unlikely, Report Says ----------------------------------------------------------- Spain's Iberdola SA declared it is unlikely to table a bid for British Energy Group plc, although it is willing to take part in the development of nuclear power plants in the UK, Hamish Rutherford writes for the Scotsman. According to Ignacio Sanchez Galan, chairman and chief executive of Iberdola, the company was obliged to look into the opportunity as UK is an important market for them, stressing he has to consider the impact of any deal on earnings per share, the Scotsman reveals. Iberdola, the Scotsman notes, has not totally discounted the possibility of a BE approach. However, the Scotsman relates, that while Iberdola is far from tabling a bid for the British nuclear firm, it is apparently seeking other opportunities in the UK. "There might be opportunities if someone else buys British Energy, there might be sites become available, from British Energy or sites from the nuclear decommissioning authority... there will be other opportunities in the UK for nuclear besides British Energy," Jose Luis del Valle, chief executive of Scottishpower, which is owned by Iberdola, was quoted by the Scotsman as saying. Meanwhile, Mr. del Valle, told Electricite de France, which is thought to be mulling a takeover bid for Iberdola with ACS, to make an offer for the Spanish utility firm or "shut up," the paper adds. About British Energy Headquartered in Livingston, Scotland, British Energy Group plc -- http://www.british-energy.com/-- is the U.K.'s largest producer of electricity. With a workforce of about 6,000, it produces around one-sixth of the nation's electricity. * * * As of March 17, 2008, British Energy Group plc carries a Ba2 long-term corporate family rating from Moody's with a stable outlook. Standard & Poor's affirmed its BB long-term corporate credit ratings on U.K.-based nuclear generator British Energy Group PLC and its subsidiary British Energy Holdings PLC, with negative outlook. The company holds a BB+ long-term issuer default rating from Fitch with a stable outlook. BRITISH AIRWAYS: Defers Long-Haul Move to Terminal Five to June --------------------------------------------------------------- British Airways Plc will defer until June 2008 the planned move of its long-haul services from BAA Ltd.'s Terminal Four at Heathrow to Terminal Five. While a normal flight schedule has been operated at Terminal 5 since April 8, 2008, the companies want to ensure that customers can be confident of high service standards when additional flights are introduced. The companies will work together to iron out any remaining problems, including the baggage system and its operation, and develop a robust timescale for phasing the move of Terminal 4 services into Terminal 5. "We are making this decision in the interests of customers," Willie Walsh, BA's Chief Executive said. "Though Terminal Five is now working well, we need to have confidence that good service can be maintained when the terminal is handling larger numbers of customers. It is only sensible to ensure that Terminal 5 is operating consistently at a high standard before the move begins." "BAA regrets this postponement, and we recognize the impact it has on other airlines, but we believe it is a wise precaution to ensure that passengers can have the maximum confidence once the move does take place," Colin Matthews, BAA's Chief Executive, said. "We will be working very closely with BA in the intervening period to ensure that result, as well as working with the other airlines to mitigate as much as possible the knock-on effects." "BAA fully recognizes that the inauguration of Terminal Five has not been as smooth as we and BA would have wished," Mr. Matthews added. In the last few days passengers have seen significant improvement and our goal is to complete that process as soon as possible before continuing the next phase of transforming the rest of the airport." About BAA Ltd. Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc) -- http://www.baa.com/-- owns and operates seven airports in the United Kingdom, including Heathrow, the world's busiest international airport, and Budapest Airport, serving 700 destinations by around 300 airlines. About British Airways Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * As of Jan. 2, 2008, British Airways Plc carries a senior unsecured debt rating of Ba1 from Moody's Investors' Service with a stable outlook. CARTER AND CARTER: Sells Apprentice Learning Division to RMIF ------------------------------------------------------------- Carter and Carter Group Plc's joint administrators, Nick Dargan, Dominic Wong and Chris Farrington, disclosed the sale of the company's Apprentice Learning Division to the Retail Motor Industry Federation. "We are delighted that we have successfully concluded a sale of a further part of the Carter and Carter Group. The sale safeguards the jobs of around 30 people still employed by Carter and Carter, and gives opportunity for the new owners to re- employ a number of former staff, as well as preserving this valuable training resource for future generations of apprentices and employers," Mr. Farrington commented. "The RMIF will run Carter and Carter�s former apprentice programmes under its training arm, ReMIT Ltd. The ReMIT name is a well known brand throughout the UK in automotive apprentice training, particularly amongst independent garages and dealerships," Mr. Farrington added. As previously reported in the TCR-Europe, the joint administrators from Deloitte and Touche LLP were appointed over Carter and Carter on March 11, 2008. The majority of the businesses and assets were sold to Newcastle College on March 20, 2008. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. Headquartered in Ruddington, England, Carter and Carter Group PLC -- http://www.carterandcartergroup.com/-- provides vocational learning services and employability skills training primarily under government funded contracts as well as outsourcing of back office and other functions to the automotive sector. It operates from over 100 locations across the U.K. and abroad with 2,500 employees and provides services to over 27,000 learners in the U.K. The group has a turnover of GBP125 million. As of Jan. 17, 2008, it had net debt of GBP129 million from GBP86 million net debt in 2007. DATA TEKNOLOGIES: Brings In Liquidators from Mazars --------------------------------------------------- Simon David Chandler and Alistair Steven Wood of Mazars LLP were appointed joint liquidators of Data Teknologies Ltd. on April 3 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Mazars LLP Lancaster House 67 Newhall Street Birmingham B3 1NG England DGM PROPERTIES: Taps Ernst & Young As Administrative Receivers -------------------------------------------------------------- Ian Best and R.H. Kelly of Ernst & Young LLP are currently looking into the financial status of DGM Properties Limited in order to assess if the company could be sold as a going concern, the Spalding Today reports. Messrs. Best and Kelly were appointed joint administrative receivers of the company on April 10, 2008. According to Spalding Today, the global credit crunch and DGM's concentration on building apartments were the likely cause for the company's financial woes. Ernst & Young -- http://www.ey.com/-- provides broad array of services relating to audit and risk-related services, tax, and transactions across all industries�from emerging growth companies to global powerhouses�deal with a broad range of business issues. Headquartered in Spalding, England, DGM Properties Limited -- http://www.dgm-properties.com/-- build personally tailored homes in Lincolnshire, Norfolk and Cambridgeshire. Its sister company, Home Tailoring specializes in interior design. EMI GROUP: Citigroup Cancels Sale of US$4.9BB Company Loans ----------------------------------------------------------- Citigroup Inc., the bank that sponsored Terra Firma Capital Partners Ltd.'s buyout of EMI Group PLC, withdrew plans to sell off to outside investors about US$4.9 billion of loans provided for the transaction, according to various reports. The reports say Citigroup deemed the EMI loans not fit for sale because capitalists fear over EMI's reorganization fate. EMI's current restructuring includes elimination of 1,500 jobs and consolidation of certain business operations. Various reports relate that Citigroup's difficulty in marketing the loans has weighed down the bank's balance sheets with bulky write-downs. Citigroup intends to lessen its letdown by selling a huge portion of US$43 billion debts to a group of private- equity companies. Writedowns of leverage loans caused Citigroup stocks to dropped 21% in New York trading this year, Bloomberg relates. Citigroup expects an increase to its US$24 billion losses on mortgages, bonds and corporate loans. The Wall Street Journal's Ethan Smith and David Enrich relate that EMI's restructuring remains a work in progress, and the company's future shape remains an open question. WSJ says Citigroup worried that the uncertainty would add to the squeamishness of the already-jittery debt investors it is trying to lure. About Citigroup Inc. New York-based Citigroup Inc. (NYSE: C) -- http://www.citigroup.com/-- is a diversified global financial services holding company whose businesses provide a range of financial services to consumer and corporate customers. The company is a bank holding company. Its segments include Global Consumer Group, Corporate and Investment Banking (CIB), Global Wealth Management and Alternative Investments (AI). Citigroup has more than 200 million customer accounts and does business in more than 100 countries. About EMI Group plc Headquartered in London, United Kingdom, EMI Group PLC -- http://www.emigroup.com/-- is the world's largest independent music company, operating directly in 50 countries, with licensees in a further 20 and employs around 5,500 people. The group has operations in Brazil and China among others. In August 2007 EMI was acquired by private equity firm Terra Firma. The company comprises two divisions � EMI Music EMI Music Publishing. At March 31, 2006, EMI Group's consolidated balance sheet revealed GBP1,498,500,000 in total assets, GBP2,649,5000,000 in total liabilities resulting in a GBP1,153,600,000 shareholders' deficit. EMI GROUP: Nick Gatfield Named as North America & UK Head --------------------------------------------------------- EMI Music disclosed Wednesday a further senior appointment as it continues to put in place the new shape of the company and its leadership. The company says that Nick Gatfield has agreed to join EMI Music as president of A&R Labels, North America and UK. Gatfield joins EMI from Universal Music, the world�s largest music company, where he has been president of the Universal Island Records Group since 2001. As well as signing five times Grammy Award winner Amy Winehouse, who has sold close to nine million copies of her Back to Black album, Gatfield has also overseen the recording careers of Keane, Mika, The Fratellis, McFly, Busted, Sugababes, The Feeling and new artists Robyn and Sam Sparro. From 1993 to 1998, Gatfield worked in Los Angeles for PolyGram, then the world's leading music group that was merged into Universal in 1998. At PolyGram�s Polydor Records, where he became president, he presided over successful signings such as the platinum-selling Tonic and the Badlees and also reinvigorated the label�s catalogue business. In 1998 he received the Corporate Luminary Award from the American Society of Young Musicians. He was also made responsible for PolyGram�s music publishing operation in the US in 1998. Gatfield began his business career at EMI Records in the UK. Guy Hands, executive chairman of EMI, said: �As well as developing some of today�s most popular artists and music around the world, Nick has also demonstrated his talents for embracing and delivering change. At Universal Island he has led a complete turnaround of the label in both creative and financial terms and built it into the most successful domestic repertoire label in the UK. I am delighted that Nick is joining EMI and I believe the combination of Nick Gatfield and Douglas Merrill working together will enable EMI to reposition itself in new music.� Gatfield said: �A&R has always been at the heart of EMI and its labels and the company has an incredibly strong track record in signing and developing some of the most innovative artists in the world. It is also a company that is leading the most ambitious transformation of the music industry. My goal is to nurture that culture of creativity and change, working in true partnership with the talented artists and A&R people at EMI. In addition I am extremely excited about EMI�s determination to embrace a new way of working with artists that recognises both the importance of the history of the labels but also the importance of new technologies.� Nick will have all the company�s label heads in North America and the UK reporting to him. Headquartered in London, United Kingdom, EMI Group PLC -- http://www.emigroup.com/-- is the world's largest independent music company, operating directly in 50 countries, with licensees in a further 20 and employs around 5,500 people. The group has operations in Brazil and China among others. In August 2007 EMI was acquired by private equity firm Terra Firma. The company comprises two divisions � EMI Music EMI Music Publishing. At March 31, 2006, EMI Group's consolidated balance sheet revealed GBP1,498,500,000 in total assets, GBP2,649,5000,000 in total liabilities resulting in a GBP1,153,600,000 shareholders' deficit. ERINACEOUS MANAGED: Names Richard Hill as Administrator ------------------------------------------------------- Richard Hill of KPMG LLP has been appointed administrator of Erinaceous Managed Services Limited, part of Erinaceous Group Plc . Erinaceous Managed Services Limited owns the business and assets of Shoreham Airport, in Sussex. As a consequence of the administration, Shoreham Airport is currently non-operational, however the administrators are currently in an advance stage in negotiations with interested parties to sell the business and assets of the airport and preserve jobs. Around 30 businesses operate from the airport site, including Sky South airline, flight training schools, small private jets and some commercial transport. "Discussions are taking place with a number of parties interested in this business. We will be working hard to ensure that all employees are kept up to date with developments," Mr. Hill confirmed. As reported in the Troubled Company Reporter-Europe on April 15, 2008, Erinaceous Group Plc entered into administration after incurring debts of more than GBP250 million. Jim Tucker and Myles Halley of KPMG were appointed joint administrators. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. About Erinaceous Group Headquartered in London, England, Erinaceous Group -- http://www.erinaceous.com-- provides a one-stop-shop for a broad range of services related to the management, maintenance, procurement, design, construction and insurance of property. Employing over 4,000 people across its three divisions. It incorporates many well-known companies, including brands such as Dunlop Haywards, Egan Lawson and Spring Grove. The company has debts exceeding GBP200 million. In recent months the board, supported by its advisors, has undertaken a full strategic review of the group's operations. The review covered the possibility of refinancing the Group�s borrowings, options for sale and an equity raising. Given the extent of the challenges facing the group and the current state of the capital markets, none of these options ultimately proved viable. ETHEL AUSTIN: Brings In Joint Administrators from Menzies --------------------------------------------------------- Philip Duffy and David Whitehouse of Menzies Corporate Restructuring were appointed joint administrators of Ethel Austin Limited, inthenews.co.uk reports. According to the report, Mr. Duffy disclosed that it was "too early to be certain" on what caused the company's "financial difficulties." According to Mr. Duffy their primary concern is to ensure the business continues to trade in the coming weeks and to find a buyer for the retailer, the report said. Menzies Corporate Restructuring -- http://www.menzies.co.uk/-- provides corporate restructuring services including: services for directors or stakeholders of troubled businesses; services to Lenders of troubled businesses; raising rescue funding at short notice; and forensic and fraud services. Headquartered in Prescot, England, Ethel Austin Limited -- http://www.ethelaustin.co.uk/-- is a clothing retailer. Founded in 1934, the company employs around 2,800 staff for its 300 stores. It reported GBP150 million in turnover in 2007. FORD MOTOR: Sells ACH Glass Business and Mexican Subsidiary ----------------------------------------------------------- Ford Motor Company, Automotive Components Holdings and Zeledyne have disclosed the sale of the ACH Glass business and its plants in Nashville, Tennesse, and Tulsa, Oklahoma, and its subsidiary Vidriocar in Ciudad Juarez, Mexico. Also included are the leases for its warehouse in Lebanon, Tennesee, and its engineering offices in Allen Park, Michigan. The sale is the fourth for ACH and the second involving a United States business. With the completion of this sale and related employee transfers, ACH now has eight plants supported by about 9,000 leased hourly and salaried employees, down from 17 plants and 23,000 leased employees at its start in October 2005. "This agreement represents a major milestone in the implementation of our ACH strategy and Ford's restructuring effort," said Ford's president of the Americas, Mark Fields. "We continue working hard and focusing on our core business - bringing to market more top-quality products people truly want." "We are working aggressively to complete the sale of more ACH plants this year," said ACH Chief Executive Officer, Bill Connelly. Negotiations continue for the sale of additional ACH plants for which MOUs have been signed. Earlier ACH sales involved the fuel rail business located in the ACH subsidiary in El Jarudo, Mexico; the power transfer unit business located in the Converca Plant in Nuevo Laredo, Mexico; and the driveshaft business, which is being relocated from the ACH plant in Monroe, Michigan, to a new site in southeast Michigan. Zeledyne was formed for this acquisition by Robert Price, a Tulsa-based private investor. The management team is led by Chief Executive Officer Michael J. McCarney, a respected leader who retired from Ford Motor Company with more than 30 years of experience in manufacturing and business, including two years as president of Ford's South East Asian Operations. "These operations represent a tremendous opportunity for Zeledyne," said Zeledyne chairperson, Mr. Robert Price. "We have plans to grow all three areas of the business: automotive glass products as original equipment; automotive aftermarket glass; and architectural glass." About 1,600 employees in the U.S. and Mexico work at the Glass operations, which is a leading manufacturer of OEM and Carlite(R) replacement automotive glass as well as Versalux(R) architectural glass. Last year the automotive glass products, including windshields, backlites and door glass, were installed in more than 2.7 million vehicles as either original or replacement parts. Versalux(R) architectural glass can be found on many notable buildings around the world, from Ford Field in Detroit to casinos in China and hotels in Dubai. Automotive Components Holdings was established by Ford Motor Company in October 2005 to ensure the flow of quality components and systems to Ford while ACH facilities, formerly owned by Visteon, were prepared for sale or closure. About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter-Europe on Feb. 18, 2008, Fitch Ratings affirmed the Issuer Default Ratings of Ford Motor Company and Ford Motor Credit Company at 'B', and maintained the Rating Outlook at Negative. As reported in the Troubled Company Reporter-Europe on Nov. 20, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. GAME WORLD: Claims Filing Period Ends July 8 -------------------------------------------- Creditors of Game World Direct Ltd. have until July 8, 2008 to to send in their full names, addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: M. H. Abdulali Liquidator Moore Stephens 6 Ridge House Ridgehouse Drive Festival Park Stoke on Trent ST1 5TL England M. H. Abdulali of Moore Stephens was appointed liquidator of the company on April 8, 2008 for the creditors' voluntary winding-up procedure. MONTPELIER RE: Francis Lockwood to Lead US Firm Underwriting ------------------------------------------------------------ Montpelier Re Holdings Ltd.'s subsidiary, Montpelier US, has disclosed that Francis �Bud� Lockwood has joined as the President of Montpelier Underwriting Inc. and member of the Montpelier US Executive Committee. Bud comes to MUI with over 25 years of experience in the (re)insurance industry, having served most recently as Sr. Vice President of Catlin Underwriting Inc. (formerly Wellington) and as a member of the Catlin Executive Committee with responsibility for Property Treaty business. Bud also spent over 18 years at Trenwick America Re, leaving there as Chairman of the Underwriting Committee. Mr. Lockwood will be based in MUI�s Shelton, CT office and will have responsibility for all of (re)insurance business underwritten by MUI as a cover holder for Montpelier Re Syndicate 5151 at Lloyd�s. MUI also announced two other important senior staff additions, both of whom will also be based in Shelton, CT. Michael Finnegan has joined MUI as Sr. Vice President of Montpelier Program Management with overall responsibility for the development and management of MPM business. Previously Michael worked at Odyssey Re, where he was Vice President with Casualty Treaty responsibilities. Prior to joining Odyssey, Michael spent seven years as an underwriter at Trenwick/Chartwell. Mr. Finnegan began his career with Aetna P&C in the national accounts division. MUI�s MPM division will focus on outsourced underwriting with both new and developed professional underwriting experts. John Dalton, Sr. Vice President of MUI, has assumed responsibility as Director of MUI�s Direct Property Facultative division. He will oversee the development and operation of MUI�s large limit, excess of loss property facultative business, which currently has offices in Hartford, CT and Kansas City, KS with an additional office expected to open in Chicago, IL by June, 2008. Mr. Dalton joins MUI following 16 years with Swiss Re, where he was responsible for brokered property facultative business for North and South America. In a career spanning almost three decades, Mr. Dalton has also worked at Transatlantic and Munich Re. Stan Kott, CEO of Montpelier US, said, �Bud joining as President of MUI completes the Executive team for our US operations. Bud is well known to our staff and the (re)insurance community. We expect his underwriting expertise and business acumen will lead MUI on a straight, steady and conservative course to profitable growth. John Dalton is an experienced and accomplished reinsurance professional with a well established following. He is ideally suited to lead our effort to build a first-class direct property facultative operation. Michael Finnegan�s strong casualty background, combined with his unique business and people skills, make him the right person to create a successful underwriting management division for MUI.� About Montpelier Re Through operations in Bermuda, the U.S. and Europe, the Montpelier Group -- http://www.montpelierre.bm/-- provides customized, innovative, and timely reinsurance and insurance solutions to the global market. The company has operations in London through Montpelier Europa AG and Montpelier Syndicate 5151. * * * In December 2007, A.M. Best Co. affirmed the "bb+" rating on the company's subordinated debt. The "bb" rating on the company's preferred stock was also affirmed by A.M. Best. OSSIAN RETAIL: Set to File for Administration --------------------------------------------- Ossian Retail Group Ltd. is set to file for administration after its investor, Agilo filed a notice in court to appoint PricewaterhouseCoopers LLP as administrator, The Sunday Times reports. According to the report, the company has started negotiations with interested parties for a likely sale of certain assets. The report adds that Agilo, which had earlier bought the company's GBP25 million, sold around 30 of Ossian's stores to B&M Bargains. PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/-- provides auditing services, accounting advice, tax compliance and consulting, financial consulting and advisory services to clients in a variety of industries. Headquartered in Glasgow, England, Ossian Retail Group Ltd. retails clothing. It has 120 stores and owns the fashion chain Internacionale and the Au Naturale homeware outlets. QUEBECOR WORLD: Seeks Approval to Hire KPMG (US) as Tax Advisor --------------------------------------------------------------- Quebecor World Inc. and its debtor-affiliates seek the U.S. Bankruptcy Court for the Southern District of New York's authority to employ KPMG LLP (US) as their tax compliance and tax consulting advisors, nunc pro tunc to April 7, 2008. The Debtors selected KPMG US because of the firm's extensive experience in providing tax consultation and restructuring assistance to businesses pursuing reorganization under chapter 11 of the Bankruptcy Code. The firm is also familiar with the Debtors' operations and books and records. KPMG US has been engaged to provide tax consulting services to the Debtors since 1989. Under an engagement letter dated March 20, 2008, the Debtors expect KPMG US to: (a) prepare federal, state and local corporate tax returns and supporting schedules for 2007; (b) calculate tax depreciation for the 2007 tax year; (c) provide tax consulting advice related to matters not otherwise covered by separate engagement letters; (d) perform tax compliance and consulting services as agreed; and (e) provide other services. A 25-page list of services that KMPG US will provide is available for free at http://researcharchives.com/t/s?2a67 KPMG US's hourly rates for the tax compliance services are: Professional (U.S. and Member Firm) Hourly Rate ---------------------- ----------- Partner US$400 Associate Partner/Senior Pricipal US$363 Tax Managing Director US$325 Senior Manager US$305 Manager US$213 Senior Tax Associate US$168 Tax Associate US$138 These rates represent a discount of 25% to 50% from KPMG US's customary hourly rates. KPMG US's hourly rates for the tax consulting services are: Professional (U.S. and Member Firm) Hourly Rate ---------------------- ----------- Partner US$505 Associate Partner/Senior Pricipal US$475 Tax Managing Director US$455 Senior Manager US$420 Manager US$332 Senior Tax Associate US$245 Tax Associate US$192 Michael Lawler, a partner at KPMG (US), assures Judge Peck that his firm is a "disinterested person," as that term is defined in Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b) of the Bankruptcy Code. A full-text copy of KPMG US's Engagement Letter is available for free at: http://bankrupt.com/misc/Quebecor_KPMGUSEngagementLetter.pdf 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 has operations in Mexico, Brazil, Colombia, Chile, Peru, Argentina and the British Virgin Islands. 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. 12; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) QUEBECOR WORLD: Wants Ernst & Young as Tax Services Provider ------------------------------------------------------------ Quebecor World Inc. and its debtor-affiliates seek the U.S. Bankruptcy Court for the Southern District of New York's authority to employ Ernst & Young LLP as their tax services provider, nunc pro tunc to April 7, 2008. According to the Debtors, E&Y LLP has an extensive experience providing tax consultation to businesses pursuing reorganization under chapter 11 of the Bankruptcy Code. Under the terms set forth in an engagement letter dated March 31, 2008, the Debtors are expecting E&Y LLP to provide: 1. Bankruptcy Tax Services, which entails: (a) understanding reorganization and restructuring alternatives the Debtors are evaluating; (b) assisting and advising the Debtors in developing an understanding of the tax implications of their bankruptcy restructuring alternatives and post-bankruptcy operations; (c) assistance with tax issues arising in the ordinary course of business while in bankruptcy; (d) tax advisory services regarding tax aspects of the bankruptcy process; (e) analysis of legal and other professional fees incurred during the bankruptcy period; (f) documentation, as appropriate or necessary, of tax analysis, opinions, recommendations, conclusions and correspondence; (g) advisory services regarding tax analysis and research related to acquisitions and divestitures; (h) advisory services regarding tax analysis and research related to tax-efficient domestic restructurings; and (i) tax forecast model. 2. Entity Structure Services, which includes working with the Debtors' personnel in developing an efficient U.S. Entity structure, taking into account the Debtors' desire for entity rationalization, tax efficiency, and impact on the Debtors' indirect tax obligations. 3. Loan Staff Services, which includes assigning staff to support the activities of the Debtors' employees in completing ministerial and administrative tasks relating to the preparation of the Debtors' quarterly and annual income taxes, the Debtors' U.S. restructuring, and Internal Revenue Service and state and local income tax authority audits. E&Y LLP's hourly rates are: (a) Bankruptcy Tax Services and Entity Structure Services Professional Hourly Rate ------------ ----------- Executive Director/Principal/Partner US$750 Senior Manager US$650 Manager US$550 Senior US$420 Staff US$200 - US$300 (c) Loan Staff Services Professional Hourly Rate ------------ ----------- Manager US$250 Senior US$150 Staff US$120 Pursuant to the Engagement Letter, E&Y LLP may subcontract certain work in connection with the tax services, in particular to Ernst & Young LLP, an Ontario Limited Liability Partnership. E&Y Canada's hourly rates are: (a) Bankruptcy Tax Services and Entity Structure Services Professional Hourly Rate ------------ ----------- Partner CDN$600 Executive Director $550 Senior Manager $475 Manager $375 Senior Tax Staff $300 Tax Staff $200 - $275 (b) Loan Staff Services Professional Hourly Rate ------------ ----------- Manager US$250 Senior US$150 Staff US$120 E&Y LLP also anticipates subcontracting Ernst & Young (India) Private Limited to assist it in calculations relating to the determination of and availability of certain tax attributes. E&Y LLP will seek reimbursement of fees and expenses incurred by E&Y (Canada) and EYPL under a subcontracting engagement. Upon subcontracting E&Y Canada and EYPL, E&Y LLP will remain solely responsible for the services and will be the only party to receive payment from the Debtors. Lawrence Garret, principal of Ernst & Young LLP, assures Judge Peck that his firm is a "disinterested person," as that term is defined in Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b) of the Bankruptcy Code. A full-text copy of the E&Y LLP Engagement Letter is available for free at: http://bankrupt.com/misc/Quebecor_E&YLLPEngagementLetter.pdf 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 has operations in Mexico, Brazil, Colombia, Chile, Peru, Argentina and the British Virgin Islands. 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. 12; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) TURBO ALPHA: S&P Places Long-Term Rating at B+ ---------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' long-term corporate credit rating to U.K.-based Abbot Group Ltd., the main operating subsidiary of Turbo Alpha Ltd. and one of Europe's largest oil and gas drilling companies. Standard & Poor's also assigned its 'B+' long-term rating to the parent, Turbo Alpha. The outlook on both companies is stable. At the same time, S&P assigned a 'B+' issue-level rating to the proposed US$1.55 billion senior secured credit facility issued by parent company Turbo Alpha and guaranteed by Abbot, in line with the corporate credit rating on the group. S&P also assigned a recovery rating of '3' to this facility, indicating our expectation of meaningful (50%-70%) recovery for creditors in the event of a payment default. "The rating on Abbot factors in the group's very high initial debt following its recent leveraged buyout of First Reserve Corporation and its activity in a historically cyclical and capital-intensive industry," said Standard & Poor's credit analyst Per Karlsson. "Mitigating these weaknesses is the favorable industry outlook over the medium term, as well as Abbot's strong strategic positioning in international growth markets, its geographic and operational diversification, and its strategy to ensure strong medium-term contractual revenue visibility." The stable outlook incorporates our expectation that Abbot will gradually deleverage over the next 2-3 years. Debt to EBITDA will likely come down to below 4.0x by year-end 2010. Underpinning this debt reduction is the favorable industry outlook in the coming years and Abbot's significant medium-term contract protection. S&P sees no rating upside given Abbot's high debt and despite the group's fair business risk profile. There could be downside rating risk, however, in the event of insufficient debt reduction in the coming years, or a material weakening in the outlook for drilling margins and the resulting lower-than- expected profitability. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Apr. 25-27, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Spring Seminar Eldorado Hotel & Spa, Santa Fe, New Mexico Contact: http://www.nabt.com/ Apr. 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Why Prospects Become Clients Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ May 1-2, 2008 TURNAROUND MANAGEMENT ASSOCIATION 2nd Annual Credit & Bankruptcy Symposium Foxwoods Resort Casino, Ledyard, Connecticut Contact: http://www.turnaround.org/ May 1-2, 2008 AMERICAN BANKRUPTCY INSTITUTE Debt Symposium Hilton Garden Inn, Champagne/Urbana, Illinois Contact: 1-703-739-0800; http://www.abiworld.org/ May 9, 2008 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - NYC Alexander Hamilton U.S. Custom House, New York Contact: 1-703-739-0800; http://www.abiworld.org/ May 12, 2008 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference Millennium Broadway Hotel & Conference Center, New York Contact: 1-703-739-0800; http://www.abiworld.org/ May 12-13, 2008 PRACTISING LAW INSTITUTE 30th Annual Current Developments in Bankruptcy & Reorganization PLI Center San Francisco, California Contact: http://www.pli.edu/ May 13-16, 2008 AMERICAN BANKRUPTCY INSTITUTE Litigation Skills Symposium Tulane University, New Orleans, Louisiana Contact: 1-703-739-0800; http://www.abiworld.org/ May 15-16, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Fifth Annual Conference on Distressed Investing Europe Maximizing Profits in the European Distressed Debt Market Le Meridien Piccadilly Hotel - London Contact: 800-726-2524; 903-595-3800; http://www.renaissanceamerican.com/ May 18-20, 2008 INTERNATIONAL BAR ASSOCIATION 14th Annual Global Insolvency & Restructuring Conference Stockholm, Sweden Contact: http://www.ibanet.org/ May 21, 2008 TURNAROUND MANAGEMENT ASSOCIATION What Happened to My Money - The Restructuring of a Loan Servicer Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org/ June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference J.W. Marriott Spa and Resort, Las Vegas, Nevada Contact: http://www.airacira.org/ June 12-14, 2008 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: http://www.abiworld.org/ June 19 & 20, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Corporate Reorganizations Contact: 800-726-2524; 903-595-3800; http://www.renaissanceamerican.com/ June 24, 2008 TURNAROUND MANAGEMENT ASSOCIATION Fraud Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ June 26-29, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Western Mountains Bankruptcy Law Seminar Jackson Hole, Wyoming Contact: http://www.nortoninstitutes.org/ July 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Cynthia Jackson of Smith Hulsey & Busey University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ July 10-13, 2008 AMERICAN BANKRUPTCY INSTITUTE 16th Annual Northeast Bankruptcy Conference Ocean Edge Resort Brewster, Massachussets Contact: http://www.abiworld.org/events July 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Employment Issues Following Hurricanes & Disasters Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ July 31 - Aug. 2, 2008 AMERICAN BANKRUPTCY INSTITUTE 4th Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, Florida Contact: http://www.abiworld.org/ Aug. 20-24, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Captain Cook, Anchorage, Alaska Contact: http://www.nabt.com/ Aug. 26, 2008 TURNAROUND MANAGEMENT ASSOCIATION Do's and Don'ts of Investing in a Turnaround Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Sept. 4-5, 2008 AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 4-6, 2008 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 17, 2008 TURNAROUND MANAGEMENT ASSOCIATION Real Estate / Condo Restructuring Panel Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org/ Sept. 24-26, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC 15th Annual Fall Conference Scottsdale, Arizona Contact: http://www.ncbj.org/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Desert Ridge Marriott, Scottsdale, Arizona Contact: http://www.iwirc.org/ Sept. 30, 2008 TURNAROUND MANAGEMENT ASSOCIATION Private Equity Panel Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ Oct. 9, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Luncheon - Chapter 11 University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ Oct. 28, 2008 TURNAROUND MANAGEMENT ASSOCIATION State of the Capital Markets Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Oct. 30 & 31, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Physicians Agreements and Ventures Contact: 800-726-2524; 903-595-3800; http://www.renaissanceamerican.com/ Nov. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION Interaction Between Professionals in a Restructuring/Bankruptcy Bankers Club, Miami, Florida Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ June 11-13, 2009 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.org/ July 16-19, 2009 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Mt. Washington Inn Bretton Woods, New Hampshire Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ BEARD AUDIO CONFERENCES 2006 BACPA Library Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Carve-Out Agreements for Unsecured Creditors Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Chinas New Enterprise Bankruptcy Law Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer for Navigating the Restructuring Process Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Deepening Insolvency Widening Controversy: Current Risks, Latest Decisions Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Diagnosing Problems in Troubled Companies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Claims Trading Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Market Opportunities Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Equitable Subordination and Recharacterization Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Examining the Examiners: Pros and Cons of Using Examiners in Chapter 11 Proceedings Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Handling Complex Chapter 11 Restructuring Issues Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES New 'Red Flag' Identity Theft Rules Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Non-Traditional Lenders and the Impact of Loan-to-Own Strategies on the Restructuring Process Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergersthe New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Todays Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Battle of Green & Red: Effect of Bankruptcy on Obligations to Clean Up Contaminated Property Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Subprime Sector Meltdown: Legal Developments and Latest Opportunities Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite Corporate Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite M&A and Insolvency Proceedings Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ * * * Featured Conferences Beard Conferences presents: May 15-16, 2008 Fifth Annual Conference on Distressed Investing Europe Maximizing Profits in the European Distressed Debt Market Le Meridien Piccadilly Hotel - London Brochure available soon! * * * The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jason Nieva, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla and Marites Claro, Editors. Copyright 2008. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *