/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080429.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 Tuesday, April 29, 2008, Vol. 9, No. 84 Headlines A U S T R I A DJAKOVIC BAUTRAGER: Claims Registration Period Ends June 5 ENERXI HANDEL: Claims Registration Period Ends May 28 GSCHWANDTNER KG: Claims Registration Period Ends June 3 MULAOSMANOVIC KEG: Claims Registration Period Ends May 23 STARLIGHT GASTRO: Claims Registration Period Ends May 19 G E R M A N Y AUTOHAUS FRIEDRICHSORT: Claims Registration Period Ends May 22 GETRANKE BAYER: Claims Registration Ends May 16 GRUENBAU REMSCHEID: Claims Registration Ends May 16 GUENTER SAAGE: Claims Registration Ends May 16 HANSE-MASSIVBAU: Claims Registration Period Ends May 22 KAMA KAULSDORFER: Claims Registration Period Ends May 22 KARL WERNER: Claims Registration Period Ends May 16 KARL-HANS BAUER: Creditors Meeting Slated for May 16 KOSLOWSKI & SOHN: Claims Registration Period Ends May 16 KUECHENDESIGN IM SPREEBELLEVUE: Claims Registration Ends May 22 KUNSTSTOFF UND METALLTEILE: Claims Registration Ends May 16 KWAAK GMBH: Claims Registration Period Ends May 22 MITOSINKA GARTEN: Claims Registration Period Ends May 22 MTU AERO: Earns EUR44.2 Million in First Quarter of 2008 NEVERINER TIEF: Claims Registration Period Ends May 22 NORD STERN: Claims Registration Period Ends May 22 NORDMEYER GMBH: Claims Registration Period Ends May 22 P. H. HOTEL: Claims Registration Period Ends May 16 PIN MAIL 59: Claims Registration Period Ends May 22 PIN MAIL INGOLSTADT: Claims Registration Period Ends May 22 PIN MAIL STUTTGART: Claims Registration Period Ends May 22 PIN MAIL SUEDOST: Claims Registration Period Ends May 22 PIN MAIL THUERINGEN: Claims Registration Period Ends May 22 PIN SHARED: Claims Registration Period Ends May 22 PIN SORTIERSERVICE: Claims Registration Period Ends May 22 POST SERVICE WESTFALEN: Claims Registration Period Ends May 22 SERVICE GMBH: Claims Registration Ends May 16 ODS MASTERING: Claims Registration Ends May 16 I R E L A N D AURELIUS CAPITAL: S&P Rates Class E Notes at BB with Watch Neg. SMURFIT KAPPA: S&P Lifts Rating on Improved Operations to BB STANTON VINTAGE: S&P Rates US$159.6 Mln Class E Notes at BB I T A L Y MICRON TECHNOLOGY: S&P Holds 'BB-' Rating on Ample Liquidity K A Z A K H S T A N AK-KABAK LLP: Creditors Must File Claims by June 6 BAAD LLP: Claims Deadline Slated for June 6 EDELVEIS LLP: Claims Filing Period Ends June 10 KAMAZ-DIZEL LLP: Creditors' Claims Due on June 6 KAZ-TUMEN JSC: Claims Registration Ends June 11 LORGATE MANAGEMENT: Creditors Must File Claims by June 11 WIMPEX CONSTRUCTION: Claims Deadline Slated for June 11 K Y R G Y Z S T A N SILK BEACH: Creditors Must File Claims by June 6 N E T H E R L A N D S KINETIC CONCEPTS: Earns US$68 Million in First Quarter 2008 KINETIC CONCEPTS: Moody's Rates Proposed US$1.3BB Loan at Ba1 KINETIC CONCEPTS: 2008 Shareholders' Meeting Scheduled on May 20 YRC WORLDWIDE: Posts US$45.8 Million Net Loss in First Quarter YRC WORLDWIDE: Refinancing Risks Cue S&P to Confirm 'BB' Rating L U X E M B O U R G AMERICAN AXLE: Posts US$27 Million Net Loss in 1Q 2008 GOODYEAR TIRE: Earns US147 Million in 2008 First Quarter P O L A N D BUCYRUS INT'L: Earns US$41.1 Million in Quarter Ended March 31 BUCYRUS INT'L: Inks Preliminary JV Agreement with Huainan R U S S I A AMK CJSC: Tyumen Bankruptcy Hearing Slated for June 17 CENTRAL TELECOMMUNICATIONS: Plans 16,000 Job Cuts by 2012 KAMAZ LLC: Astrakhan Bankruptcy Hearing Slated for June 19 NORTH EXPEDITION: Bankruptcy Hearing Slated for June 20 PERVOMAYSKOE CJSC: Creditors Must File Claims by May 22 SPRING CJSC: Udmurtiya Bankruptcy Hearing Slated for July 22 TITAN PETROCHEMICAL: S&P Cuts Rating to B on Weak Performance S L O V A K R E P U B L I C U.S. STEEL: R. Beltz Named as North-Am Flat-Rolled Marketing GM S P A I N GRUPO AISA: Asks Court to Dismiss Creditors' Insolvency Petition S W I T Z E R L A N D CASTELL WINE: St. Gallen Court Starts Bankruptcy Proceedings DRIVER POOL: Creditors' Liquidation Claims Due by July 18 HOT CYCLE: Creditors' Liquidation Claims Due by May 26 INPART INVESTMENT: Creditors' Liquidation Claims Due by June 30 JSUALKIN LLC: Creditors' Liquidation Claims Due by June 12 LONDON LANGUAGE: Creditors' Liquidation Claims Due by May 31 MALEGA LLC: Creditors' Liquidation Claims Due by May 21 VINTSY JSC: Lucerne Court Starts Bankruptcy Proceedings U K R A I N E AGRO LI: Proofs of Claim Deadline Set May 10 CHUTOV AGRICULTURAL: Creditors Must File Claims by May 9 CONSTRUCTION CHEMICAL: Creditors Must File Claims by May 9 EUROPEAN EXPRESS: Creditors Must File Claims by May 10 GORMACH CJSC: Proofs of Claim Deadline Set May 9 MIR LLC: Creditors Must File Claims by May 9 MOTORCARINDUSTRIALWELDING PLANT: Creditors' Claims Due May 10 SCIENCE-TECHNICAL: Creditors Must File Claims by May 10 UKRTECHNOPLAST LLC: Creditors Must File Claims by May 10 U N I T E D K I N G D O M AMPEX CORPORATION: U.S. Trustee Forms Five-Member Committee ASCOT INTERIORS: Brings In Liquidators from KPMG BAA LTD: Airports Ownership May Not Be Good, UKCC Says BAA LTD: JPMorgan Report Affirms Risk of Default Within a Year BUTLER AND TANNER: Goes Into Receivership; 287 Jobs Affected CIBENZE SERVICES: Taps Joint Administrators from BDO Stoy CLEAR CHANNEL: Set to Release 1st Quarter 2008 Results on May 9 CLEAR CHANNEL: Further Extends Offers' Expiration Date to May 2 CREAM COMPUTER: Hires Liquidators from Tenon Recovery CREATIVE BUSINESS: Brings In Menzies as Administrators EVESHAM TECHNOLOGY: Ceases Acceptance of PC Orders GRETNA FOOTBALL: Faces Liquidation as Offers Remain Unseen HALIFAX TOWN: Administrators Reveal Proposal for Creditors HEXCEL CORP: Moody's Keeps Ba3 Corporate Family Rating INTERNET TELECOMMUNICATIONS: Taps Administrators from Tenon MELDRUM YOUNG: Taps Begbies & Chantrey to Administer Assets NPS PHARMA: December 31 Balance Sheet Upside-Down by US$188MM NPS PHARMA: Annual Shareholders’ Meeting Scheduled on May 22 PAINTER SALTER: Appoints Joint Administrators from KPMG POWERFORCE RECRUITMENT: Calls In Liquidators from PwC PRO-LIGHT LABEL: Claims Filing Period Ends May 23 TARANATA LTD: Duncan R. Beat Leads Liquidation Procedure TIMEWARP DISTRIBUTION: Taps Liquidators from Tenon Recovery TZARINA JEWELS: Appoints Colin Prescott as Liquidator * UK Corporate Insolvencies Up 17% to 3,359 in First Qtr. 2008 * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= DJAKOVIC BAUTRAGER: Claims Registration Period Ends June 5 ---------------------------------------------------------- Creditors owed money by LLC Djakovic Bautrager (FN 252339m) have until June 5, 2008, to file written proofs of claim to court- appointed estate administrator Peter Schulyok at: Dr. Peter Schulyok c/o Dr. Arno Maschke Mariahilfer Strasse 50 1070 Vienna Austria Tel: 523 62 00 Fax: 526 72 74 E-mail: schulyok-unger@csg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 a.m. on June 19, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 8, 2008 (Bankr. Case No. 5 S 27/08t). Arno Maschke represents Dr. Schulyok in the bankruptcy proceedings. ENERXI HANDEL: Claims Registration Period Ends May 28 ----------------------------------------------------- Creditors owed money by LLC EnerXI Handel (FN 270410m) have until May 28, 2008, to file written proofs of claim to court- appointed estate administrator Arno Maschke at: Dr. Arno Maschke c/o Dr. Philipp Dobner Mariahilfer Strasse 50 1070 Vienna Austria Tel: 523 62 00 Fax: 526 72 74 E-mail: maschke@sup.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:10 a.m. on June 11, 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 April 8, 2008 (Bankr. Case No. 2 S 44/08w). Philipp Dobner represents Dr. Maschke in the bankruptcy proceedings. GSCHWANDTNER KG: Claims Registration Period Ends June 3 ------------------------------------------------------- Creditors owed money by KG GSCHWANDTNER have until June 3, 2008, to file written proofs of claim to court-appointed estate administrator Erhard Hackl at: Dr. Erhard Hackl c/o Mag. Markus Weixlbaumer Hofgasse 7 4020 Linz Austria Tel: 0732/776234, 776235 E-mail: hackl.hatak@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:15 p.m. on June 17, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Steyr Hall 7 Second Floor Steyr Austria Headquartered in Enns, Austria, the Debtor declared bankruptcy on April 8, 2008 (Bankr. Case No. 14 S 22/08w). Markus Weixlbaumer represents Dr. Hackl in the bankruptcy proceedings. MULAOSMANOVIC KEG: Claims Registration Period Ends May 23 --------------------------------------------------------- Creditors owed money by KEG MULAOSMANOVIC (FN 183131k) have until May 23, 2008, to file written proofs of claim to court- appointed estate administrator Clemens Richter at: Mag. Clemens Richter Esteplatz 4 1030 Vienna Austria Tel: 712 33 30 Fax: 712 33 30 30 E-mail: kanzlei@engelhart.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on June 6, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 8, 2008 (Bankr. Case No. 28 S 51/08s). STARLIGHT GASTRO: Claims Registration Period Ends May 19 -------------------------------------------------------- Creditors owed money by LLC Starlight GASTRO (FN 284468k) have until May 19, 2008, to file written proofs of claim to court- appointed estate administrator Dominik Maringer at: Mag. Dominik Maringer Salzburgerstrasse 4 4840 Voecklabruck Austria Tel: 07672/22625-0 Fax: 07672/22625-22 E-mail: ra.md@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 3:40 p.m. on May 29, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Str. 12 Wels Austria Headquartered in Regau, Austria, the Debtor declared bankruptcy on April 4, 2008 (Bankr. Case No. 20 S 44/08h). ============= G E R M A N Y ============= AUTOHAUS FRIEDRICHSORT: Claims Registration Period Ends May 22 -------------------------------------------------------------- Creditors of Autohaus Friedrichsort Beteiligungsgesellschaft mbH have until May 22, 2008, to register their claims with court- appointed insolvency manager Ute Jacob. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Kiel 17 Deliusstr. 22 Kiel Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ute Jacob Lorentzendamm 19 24103 Kiel Germany Tel: 0431/319110 Fax: 0431/3191111 The District Court of Kiel opened bankruptcy proceedings against Autohaus Friedrichsort Beteiligungsgesellschaft mbH on March 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Friedrichsort Beteiligungsgesellschaft mbH Attn: Jens Rathje, Manager Friedrichsorter Str. 74 24159 Kiel Germany GETRANKE BAYER: Claims Registration Ends May 16 ----------------------------------------------- Creditors of Getranke Bayer GmbH have until May 16, 2008 to register their claims with court-appointed insolvency manager Joachim Exner. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 Ansbach Meeting Hall 1 Promenade 8 91522 Ansbach 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: Joachim Exner Stahlstr. 17 90411 Nuremberg Germany Tel: 0911-951285-0 Fax: 0911-95128510 The District Court of Ansbach opened bankruptcy proceedings against Getranke Bayer GmbH on April 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Getranke Bayer GmbH Louis-Schmetzer-Str. 8 91522 Ansbach Germany GRUENBAU REMSCHEID: Claims Registration Ends May 16 --------------------------------------------------- Creditors of Gruenbau Remscheid GmbH have until May 16, 2008 to register their claims with court-appointed insolvency manager Sven Bader. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.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 Wuppertal Meeting Hall A234 Second Floor Eiland 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: Sven Bader Carl-Grueber-Weg 14 42853 Remscheid Germany Tel: 02191/421010 Fax: 02191/421070 The District Court of Wuppertal opened bankruptcy proceedings against Gruenbau Remscheid GmbH on April 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gruenbau Remscheid GmbH Attn: Hikmet Sivrikaya, Manager Bahnhofstrasse 1 42897 Remscheid Germany GUENTER SAAGE: Claims Registration Ends May 16 ---------------------------------------------- Creditors of Guenter Saage Entsorgungswirtschaft GmbH have until May 16, 2008 to register their claims with court-appointed insolvency manager Andreas Stratenwerth. 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 Paderborn Meeting Hall 230a Second Floor Bogen 2-4 33098 Paderborn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Stratenwerth Lemgoer Strasse 4 33604 Bielefeld Germany Tel: 0521/9651636 Fax: 0521/9651617 The District Court of Paderborn opened bankruptcy proceedings against Guenter Saage Entsorgungswirtschaft GmbH on March 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Guenter Saage Entsorgungswirtschaft GmbH Ralph Gerdes Talle 95 33102 Paderborn Germany HANSE-MASSIVBAU: Claims Registration Period Ends May 22 ------------------------------------------------------- Creditors of Hanse-Massivbau GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Wolfgang Weidemann. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on June 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolfgang Weidemann Wendenstrasse 4 20097 Hamburg Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Hanse-Massivbau GmbH on March 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hanse-Massivbau GmbH Schillerstr. 15 17109 Demmin Germany KAMA KAULSDORFER: Claims Registration Period Ends May 22 -------------------------------------------------------- Creditors of KaMa Kaulsdorfer Maler GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Philipp Hacklander. Creditors and other interested parties are encouraged to attend the meeting at 9:05 a.m. on July 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 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: Dr. Philipp Hacklander Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against KaMa Kaulsdorfer Maler GmbH on Feb. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KaMa Kaulsdorfer Maler GmbH Brodauer Str. 38 12621 Berlin Germany KARL WERNER: Claims Registration Period Ends May 16 --------------------------------------------------- Creditors of Karl Werner Objekteinrichtungen GmbH have until May 16, 2008, to register their claims with court-appointed insolvency manager Dr. Frank Kebekus. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Paderborn Meeting Hall 230a Second Floor Bogen 2-4 33098 Paderborn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Frank Kebekus Busdorfwall 22 33098 Paderborn Germany The District Court of Paderborn opened bankruptcy proceedings against Karl Werner Objekteinrichtungen GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Karl Werner Objekteinrichtungen GmbH Schulze-Delitzsch-Str. 17 33100 Paderborn Germany Attn: Guenter Rohr, Manager Kornmesserstr. 8 12205 Berlin Germany KARL-HANS BAUER: Creditors Meeting Slated for May 16 ---------------------------------------------------- The court-appointed insolvency manager for Karl-Hans Bauer Kunststoffverarbeitung GmbH, Gerhard Tonhzuser, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:00 p.m. on May 5, 2008. The meeting of creditors and other interested parties will be held at: The District Court Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn Germany The Court will also verify the claims set out in the insolvency manager's report at 10:30 a.m. on June 16, 2008, at the same venue. Creditors have until May 16, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Gerhard Tonhzuser Moltkestrasse 40 74072 Heilbronn Germany Tel: 07131/60990 Fax: 07131/609961 The District Court of Heilbronn opened bankruptcy proceedings against Karl-Hans Bauer Kunststoffverarbeitung GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Karl-Hans Bauer Kunststoffverarbeitung GmbH Attn: Reinhard Bauer, Manager Eichelbergstrasse 29 74429 Sulzbach-Laufen Germany KOSLOWSKI & SOHN: Claims Registration Period Ends May 16 -------------------------------------------------------- Creditors of Koslowski & Sohn Gesellschaft fuer Sanitzr- und Heizungsbau mbH have until May 16, 2008, to register their claims with court-appointed insolvency manager Dr. Olaf Buechler. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.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 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. Olaf Buechler Herrengraben 3 20459 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Koslowski & Sohn Gesellschaft fuer Sanitzr- und Heizungsbau mbH on April 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Koslowski & Sohn Gesellschaft fuer Sanitzr- und Heizungsbau mbH Attn: Markus Lutz, Manager Sandfoort 128 22415 Hamburg Germany KUECHENDESIGN IM SPREEBELLEVUE: Claims Registration Ends May 22 --------------------------------------------------------------- Creditors of Kuechendesign im SpreeBellevue GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Christoph Schulte-Kaubruegger. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 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 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: Dr. Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Kuechendesign im SpreeBellevue GmbH on Feb. 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kuechendesign im SpreeBellevue GmbH Joachim-Karnatz-Allee 47 10557 Berlin Germany KUNSTSTOFF UND METALLTEILE: Claims Registration Ends May 16 ----------------------------------------------------------- Creditors of Kunststoff und Metallteile GmbH have until May 16, 2008, to register their claims with court-appointed insolvency manager Hans Peter Runkel. Creditors and other interested parties are encouraged to attend the meeting at 10:5 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: Hans Peter Runkel Friedrich-Ebert-Strasse 146 42117 Wuppertal Germany Tel: 0202/30 20 71 Fax: 0202/31 47 08 The District Court of Wuppertal opened bankruptcy proceedings against Kunststoff und Metallteile GmbH on April 23, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kunststoff und Metallteile GmbH Attn: Ralph Burchardt, Manager Liegnitzer Strasse 7 42277 Wuppertal Germany KWAAK GMBH: Claims Registration Period Ends May 22 -------------------------------------------------- Creditors of Kwaak GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Wolf-Dieter H. Weber. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 12, 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 Wilhelmshaven Hall 109 Old Building Marktstrasse 15-17 26382 Wilhelmshaven 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: Wolf-Dieter H. Weber Hauptstrasse 91 D 26182 Edewecht Germany Tel: 04405/7071 Fax: 04405/8046 E-mail: Kanzlei@Weber-Kanzlei.de The District Court of Wilhelmshaven opened bankruptcy proceedings against Kwaak GmbH on March 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kwaak GmbH Attn: Marinus van Loef, Manager Muehlenweg 10 26384 Wilhelmshaven Germany MITOSINKA GARTEN: Claims Registration Period Ends May 22 -------------------------------------------------------- Creditors of Mitosinka Garten- und Landschaftsbau GmbH have until May 22, 2008, to register their claims with court- appointed insolvency manager Hans-Peter Burghardt. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 12, 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 Hameln Hall 106 Zehnthof 1 31785 Hameln Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans-Peter Burghardt Bunsenstr. 3 D 32052 Herford Germany Tel: 05221/693 0731 Fax: 05221/693 0691 o. 9 The District Court of Hameln opened bankruptcy proceedings against Mitosinka Garten- und Landschaftsbau GmbH on April 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mitosinka Garten- und Landschaftsbau GmbH Landwehrgarten 1 31840 Hess. Oldendorf Germany MTU AERO: Earns EUR44.2 Million in First Quarter of 2008 -------------------------------------------------------- MTU Aero Engines Holding AG improved its EBITDA by 9% in the first three months of 2008, from EUR90.6 million in the equivalent period of 2007 to EUR98.3 million. The EBITDA margin increased by 1.5 percentage points to 15.6%. Revenues of EUR630 million were generated in the first three months of 2008, remaining close to the previous year's level (1-3/07: EUR640.6 million). After adjustments for the U.S. dollar exchange rate, revenues increased by 10%. MTU's first-quarter net income more than doubled to EUR44.2 million (1-3/07: EUR18 million). The 2007 figure includes a nonrecurring charge for the early redemption premium in connection with the high yield bond. Excluding this exceptional charge, net income increased by 40%. "These results show that MTU is still a highly profitable company, despite the continuing unfavorable U.S. dollar exchange rate situation," MTU CEO Egon Behle commented. "The first quarter’s results substantiate our expectations for the financial year 2008 as a whole. We are confident that we will reach the targets we have set, and we intend to optimize costs still further in order to do so." Developments during the first three months of 2008: Like revenues at group level, revenues in the OEM and MRO segments roughly matched those of the previous year. The effects of the U.S. dollar exchange rate were evident in both the commercial engine business and commercial MRO. Whereas commercial engine revenues increased by 11% after adjustments for the U.S. dollar exchange rate, the actual amount in euros was EUR265.3 million, which represents a year-on-year decrease of 2.9% (March 31, 2007: EUR273.1 million). Similarly, commercial MRO revenues increased by 13% excluding adjustments for the U.S. dollar exchange rate. Expressed in euros, revenues in the commercial MRO business amounted to EUR258.3 million, or 1.5% lower than at the end of the equivalent period in 2007. The main contributors to revenues in the commercial MRO segment were the V2500 engine for the Airbus A320 family and the CF6 engine used to power wide-body passenger airliners such as the A330 and the Boeing 747. The programs that generated the greatest revenues for the commercial engine business were the V2500 and the PW2000 for the C17 transporter. Revenues in the military engine business increased by 3% to EUR114.1 million. The highest contributions to these revenues came from the EJ200 Eurofighter engine and the RB199 employed in the Tornado. At March 31, 2008, MTU's order backlog amounted to EUR3.1 billion or 1.2 times annual revenues in 2007. This figure is lower than that at the end of the last financial year (Dec. 31, 2007: EUR3.3 billion), primarily as a result of the U.S. dollar exchange rate. Excluding this factor, the order backlog is stable. The improvement in the EBITDA margin is above all attributable to the positive evolution of the OEM business, where the successful implementation of various programs to improve efficiency, a high demand for spare parts, and the start of volume production in certain programs compensated for the unfavorable U.S. dollar exchange rate. EBITDA in the OEM business grew by 45% to EUR85.6 million, bringing the EBITDA margin to 22.6%. The EBITDA margin for the commercial MRO business amounted to 5.5%, while this segment's EBITDA dropped by 53% to EUR14.2 million. This result, which reflects the additional costs occasioned by the introduction of new software and logistics systems at MTU Maintenance Hannover, was not unexpected. "We have taken steps to bring the commercial MRO business back on course, and these measures are already having the desired effect at an operational level," MTU CFO Reiner Winkler explained. Free cash flow at the end of March 2008 amounted to EUR43.4 million, or roughly the same as at the end of the equivalent period one year earlier (1-3/07: EUR44.3 million). MTU's investing activities in the first three months of 2008 amounted to EUR18.9 million, exceeding those of the equivalent period in the previous year by 6% (1-3/07: EUR17.9 million). A large part of these investments relate to the construction of a new engine test rig at MTU Maintenance Hannover. Research and development expenses in the first three months of 2008 amounted to EUR37.7 million (1-3/07: EUR39.5 million). "Research and development is the keystone in our efforts to strengthen our innovative lead, and we intend to make considerable investments in this area in the future," Mr. Behle points out. "In the coming years, we expect to invest an average of 7 to 8% of our revenues in R&D." The number of MTU employees at March 31, 2008 was 7,156, which is about the same as at the end of the previous year (Dec. 31, 2007: 7,130 employees). Outlook There has been no change in MTU's end-of-year forecast for 2008. The company expects to generate revenues of EUR2.6 billion, roughly equivalent to those generated in 2007 (EUR2,575.9 million). Adjusted EBITDA at year-end 2008 is expected to amount to around EUR390 million, thereby remaining close to the previous year’s level of EUR392.9 million despite a significant increase in investing activity and despite the effects of the U.S. dollar exchange rate. MTU expects its reported EBITDA (i.e. the EBITDA figure including the capitalized research and development expenses) to reach EUR420 million at the end of 2008. Net income for 2008 is expected to increase year-on-year by an estimated 20% to around EUR180 million (2007: EUR154.1 million). In view of the planned strategic investments to assure MTU's future –- notably the acquisition of additional shares in engine programs and the construction of the new plant in Poland –- free cash flow is expected to decrease to around EUR100 million (2007: EUR131.7 million). Headquartered in Munich, Germany, MTU Aero Engines Holding AG -- http://www.mtu.de/-- develops, manufactures, markets, and repairs commercial and military engine modules and components for aircraft engines and industrial gas turbines. * * * As of April 28, 2008, MTU Aero Engines Holding AG carries a long-term corporate family rating of Ba1 and probability of default rating of Ba1 from Moody's with a stable outlook. The company also carries a long-term foreign issuer credit rating of BB+ and long-term local issuer credit rating of BB+ from Standard & Poor's with a stable outlook. NEVERINER TIEF: Claims Registration Period Ends May 22 ------------------------------------------------------ Creditors of Neveriner Tief- und GaLa-Bau GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Detlef Siwonia. Creditors and other interested parties are encouraged to attend the meeting at 1:10 p.m. on June 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg 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: Detlef Siwonia Am Muehlenberg 8 17192 Waren Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Neveriner Tief- und GaLa-Bau GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Neveriner Tief- und GaLa-Bau GmbH Gartenstrasse 38 17039 Neverin Germany NORD STERN: Claims Registration Period Ends May 22 -------------------------------------------------- Creditors of Nord Stern GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Helmut Gattermann. Creditors and other interested parties are encouraged to attend the meeting at 10:20 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 Neumuenster Meeting Hall B.126 Law Courts Boostedter Strasse 26 Neumuenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Helmut Gattermann Strassenbahnring 3 20251 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against Nord Stern GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Nord Stern GmbH Attn: Yesilyurt Olcay, Manager Wehraustrasse 5 24768 Rendsburg Germany NORDMEYER GMBH: Claims Registration Period Ends May 22 ------------------------------------------------------ Creditors of Nordmeyer GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Johannes Franke. 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 Goettingen Hall B8 Berliner Strasse 8 37073 Goettingen 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: Johannes Franke Verdener Platz 1 30419 Hannover Germany Tel: 0511/794573 Fax: 0511/794576 The District Court of Goettingen opened bankruptcy proceedings against Nordmeyer GmbH on March 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Nordmeyer GmbH Willi-Eichler-Str. 15 37079 Goettingen Germany P. H. HOTEL: Claims Registration Period Ends May 16 --------------------------------------------------- Creditors of P. H. Hotel und Restaurant Betriebsgesellschaft mbH have until May 16, 2008, to register their claims with court- appointed insolvency manager Boris Frhr. v. d. Bussche. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Celle Nebenstelle Hall 014 Ground Floor Branch Mill Road 4 29221 Celle 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: Boris Frhr. v. d. Bussche Lueneburger Str. 43 a 29456 Hitzacker Germany Tel: 05862/5088 Fax: 05862/5089 E-mail: info@kanzlei-v-d-bussche.de The District Court of Celle Nebenstelle opened bankruptcy proceedings against P. H. Hotel und Restaurant Betriebsgesellschaft mbH on March 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: P. H. Hotel und Restaurant Betriebsgesellschaft mbH An der Bundesstr. 4 29614 Soltau Germany Attn: Rudolf Gronstedt, Manager Brink 2 31099 Woltershausen Germany PIN MAIL 59: Claims Registration Period Ends May 22 --------------------------------------------------- Creditors of PIN Mail 59 GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 11:45 a.m. on June 12, 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: Dr. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Pin Mail 59 GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PIN Mail 59 GmbH Attn: Oezgun Alabaz, Manager Overweg 27 59494 Soes Germany PIN MAIL INGOLSTADT: Claims Registration Period Ends May 22 ----------------------------------------------------------- Creditors of PIN Mail Ingolstadt GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 12:15 a.m. on June 12, 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: Dr. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against PIN Mail Ingolstadt GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PIN Mail Ingolstadt GmbH Attn: Hermann Fetsch, Manager Stauffenberger Str. 2a 85051 Ingolstadt Germany PIN MAIL STUTTGART: Claims Registration Period Ends May 22 ---------------------------------------------------------- Creditors of PIN Mail Stuttgart GmbH & Co. KG have until May 22, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 12:35 p.m. on June 12, 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: Dr. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against PIN Mail Stuttgart GmbH & Co. KG on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PIN Mail Stuttgart GmbH & Co. KG Mundelsheimer Str. 3 74321 Bietigheim-Bissingen Germany PIN MAIL SUEDOST: Claims Registration Period Ends May 22 -------------------------------------------------------- Creditors of PIN Mail Suedost GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on June 12, 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: Dr. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against PIN Mail Suedost GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PIN Mail Suedost GmbH Medienstr. 5 94036 Passau Germany PIN MAIL THUERINGEN: Claims Registration Period Ends May 22 ----------------------------------------------------------- Creditors of PIN Mail Thueringen GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 12:55 a.m. on June 12, 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: Dr. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against PIN Mail Thueringen GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PIN Mail Thueringen GmbH An den Pappeln 2 99100 Alach Germany Attn: Peter Engelbardt, Manager Bremervoerder Str. 3 21682 Stade Germany PIN SHARED: Claims Registration Period Ends May 22 -------------------------------------------------- Creditors of PIN Shared Service Center GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 1:05 p.m. on June 12, 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: Dr. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against PIN Shared Service Center GmbH on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PIN Shared Service Center GmbH Lothringer Str. 56 50677 Cologne Germany PIN SORTIERSERVICE: Claims Registration Period Ends May 22 ---------------------------------------------------------- Creditors of PIN Sortierservice Muenchen GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on June 12, 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: Dr. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against PIN Sortierservice Muenchen GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PIN Sortierservice Munich GmbH Muthmannstr. 1 80939 Munich Germany POST SERVICE WESTFALEN: Claims Registration Period Ends May 22 -------------------------------------------------------------- Creditors of Post Service Westfalen GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier . Creditors and other interested parties are encouraged to attend the meeting at 12:45 p.m. on June 12, 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: Dr. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Post Service Westfalen GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Post Service Westfalen GmbH Gutenbergstr. 1 59065 Hamm Germany SERVICE GMBH: Claims Registration Ends May 16 --------------------------------------------- Creditors of its Service GmbH Industrieersatzteile have until May 16, 2008 to register their claims with court-appointed insolvency manager Joachim M. E. Voigt-Salus. Creditors and other interested parties are encouraged to attend the meeting at 2:20 p.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 Dessau-Rosslau Hall 123 Willy-Lohmann-Str. 33 Dessau 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: Joachim M. E. Voigt-Salus Rankestrasse 33 10789 Berlin Germany Tel: 030/2128020 Fax: 030/21280222 The District Court of Dessau-Rosslau opened bankruptcy proceedings against its Service GmbH Industrieersatzteile on April 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: its Service GmbH Industrieersatzteile Ziegelei 1-3 06369 Wulfen Germany Attn: Norbert Wolf, Manager Damm 11 a 39240 Calbe Germany ODS MASTERING: Claims Registration Ends May 16 ---------------------------------------------- Creditors of ODS Mastering & Development GmbH have until May 16, 2008 to register their claims with court-appointed insolvency manager Marc Odebrecht. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Schwerin Hall 7 Demmlerplatz 14 19053 Schwerin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Marc Odebrecht August-Bebel- St5rasse 4 19055 Schwerin Germany The District Court of Schwerin opened bankruptcy proceedings against ODS Mastering & Development GmbH on April 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ODS Mastering & Development GmbH Attn: Wilhelm F. Mittrich, Manager Werkstrasse 2 23942 Dassow Germany ============= I R E L A N D ============= AURELIUS CAPITAL: S&P Rates Class E Notes at BB with Watch Neg. --------------------------------------------------------------- Standard & Poor's Ratings Services placed its rating on the class E notes issued by Aurelius Capital CDO 2007-1 Ltd., a hybrid cash flow/synthetic collateralized debt obligation transaction, on CreditWatch with negative implications. Aurelius Capital CDO 2007-1 Ltd. is collateralized predominantly by collateralized loan obligations. The CreditWatch placement is primarily due to losses on the sale of two assets in March 2008, which negatively affects the credit enhancement available to support the notes. Standard & Poor's will review the results of current cash flow runs generated for Aurelius Capital CDO 2007-1 Ltd. to determine the level of future defaults the rated classes can withstand under various stressed default timing and interest rate scenarios while still paying all of the interest and principal due on the notes. S&P will compare the results of these cash flow runs with the projected default performance of the performing assets in the collateral pool to determine whether the ratings currently assigned to the notes remain consistent with the credit enhancement available. Rating placed on creditwatch negative: Aurelius Capital CDO 2007-1 Ltd. Rating Class To From Balance (mil. US$) E BB/Watch Neg BB 13.500 Other Outstanding Ratings: Aurelius Capital CDO 2007-1 Ltd. Class Rating Balance (mil. US$) A AA+ 240.300 C A 15.200 D BBB 18.000 SMURFIT KAPPA: S&P Lifts Rating on Improved Operations to BB ------------------------------------------------------------ Standard & Poor's Rating Services raised its long-term corporate credit ratings on Ireland-based paper and packaging company Smurfit Kappa Group PLC to 'BB' from 'BB-'. The outlook is stable. "The upgrade reflects Smurfit Kappa's improved operating performance and financial position, both of which are likely to prove sustainable over the longer term," said Standard & Poor's credit analyst Jacob Zachrison. "The improvements reflect better market conditions, lower debt levels and successful implementation of cost savings. These factors have contributed to improved credit measures, which we expect to come into line with the requirements for the new ratings," Mr. Zachrison added. The ratings continue to reflect the group's aggressive financial risk profile and exposure to volatile raw material prices as well as cyclical industry conditions. These risk factors are offset by the group's satisfactory business risk profile, which is supported by its leading position in the European containerboard and corrugated board markets, good geographical diversification, and high level of forward integrated operations. Demand for Smurfit Kappa's main products is relatively stable and linked to general economic conditions. Over the past two years, pricing in the European recycled containerboard markets has recovered from weak levels as the supply/demand balance has improved. The stable outlook reflects our expectations that Smurfit Kappa will be able to continue to offset higher input costs through increased sales prices. This is based on probable continued modest growth in demand for the group's core products, as well as modest capacity additions in containerboard. STANTON VINTAGE: S&P Rates US$159.6 Mln Class E Notes at BB ----------------------------------------------------------- Standard & Poor's Ratings Services has placed on CreditWatch with negative implications its credit ratings on the class A, B, C, D, and E notes issued by Stanton Vintage CDO Plc. Stanton Vintage CDO Plc is a collateralized debt obligation of collateralized loan obligation and CDO of asset-backed securities transaction managed by UNIQA Alternative Investments GmbH. The transaction closed in June 2006. The CDO is structured as a hybrid, comprising a portfolio of cash CLOs and CDOs of ABS, and total return swaps referencing CLOs and CDOs of ABS. US$159.6 million of notes were issued at closing, as well as an unfunded super senior piece. This CreditWatch placement reflects deterioration in the credit quality of the underlying portfolio of assets and TRSs. The portfolio has experienced negative rating migration following the CreditWatch negative placements and lowering of the ratings on U.S. CDOs of ABS in the underlying portfolio. This has led to an increase in the scenario default rates that may not be supported by current credit enhancement. Ratings List Rating Class To From Stanton Vintage CDO PLC US$159.6 Million Floating-Rate Notes Rating(s) Placed On CreditWatch Negative A AAA/Watch Neg AAA B AA/Watch Neg AA C A/Watch Neg A D BBB/Watch Neg BBB E BB/Watch Neg BB ========= I T A L Y ========= MICRON TECHNOLOGY: S&P Holds 'BB-' Rating on Ample Liquidity ------------------------------------------------------------ Standard & Poor's Ratings Services affirmed its ratings on Micron Technology Inc., including its 'BB-' corporate credit and senior unsecured debt ratings. S&P removed all the ratings from CreditWatch, where they had been placed with negative implications on March 10, 2008. The outlook is negative. At the same time, Standard & Poor's assigned a '3' recovery rating to Micron's US$1.3 billion senior unsecured notes, indicating the expectation for meaningful (50% to 70%) recovery in the event of a payment default. "The rating action reflects our expectation that the company will continue to maintain a moderate capital structure with ample liquidity in the intermediate term," said Standard & Poor's credit analyst Bruce Hyman. "However, Micron's near- to intermediate-term operating results will be pressured by weak economic conditions that will constrain an increase in demand in the company's NAND and traditional DRAM businesses." The ratings on Boise, Idaho-based Micron reflect the company's current profitability challenges and likely negative free cash flows during the latest investment cycle in the semiconductor memory industry. These factors are offset partially by the company's substantial liquidity and moderate capitalization. Micron is the fifth-largest DRAM supplier, with about a 10% market share, having substantially reduced its exposure to the commodity market in the past few years. About Micron Headquartered in Boise, Idaho, Micron Technology, Inc. -- http://www.micron.com/-- (NYSE:MU) is a provider of advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets DRAMs, NAND flash memory, CMOS image sensors, other semiconductor components, and memory modules for use in leading-edge computing, consumer, networking, and mobile products. Outside the United States, the company has subsidiaries in the United Kingdom, Japan, Singapore, Germany, China, Italy, and Puerto Rico. =================== K A Z A K H S T A N =================== AK-KABAK LLP: Creditors Must File Claims by June 6 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Ak-Kabak insolvent. Creditors have until June 6, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakhstan BAAD LLP: Claims Deadline Slated for June 6 ------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Construction Firm Baad insolvent on April 4, 2008. Creditors have until June 6, 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 EDELVEIS LLP: Claims Filing Period Ends June 10 ----------------------------------------------- The Tax Committee of Almaty has ordered compulsory liquidation of LLP Edelveis. Creditors have until June 10, 2008, to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 KAMAZ-DIZEL LLP: Creditors' Claims Due on June 6 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Kostanai Trade House Kamaz-Dizel insolvent. Creditors have until June 6, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakhstan KAZ-TUMEN JSC: Claims Registration Ends June 11 ----------------------------------------------- Branch of JSC Kaz-Tumen has declared insolvency. Creditors have until June 11, 2008, to submit written proofs of claims to: JSC Kaz-Tumen Polarnaya Str. 2/1 Ridder 071300, East Kazakhstan Kazakhstan LORGATE MANAGEMENT: Creditors Must File Claims by June 11 --------------------------------------------------------- Representation of Company Lorgate Management Inc. has declared insolvency. Creditors have until June 11, 2008, to submit written proofs of claims to: Lorgate Management Inc. Office 44 Gogol Str. 86 Almaty Kazakhstan Tel: 8 (7272) 91-71-59 WIMPEX CONSTRUCTION: Claims Deadline Slated for June 11 ------------------------------------------------------- LLP Wimpex Construction has declared insolvency. Creditors have until June 11, 2008, to submit written proofs of claims to: LLP Wimpex Construction Micro District Samal-2, 104 Almaty Kazakhstan =================== K Y R G Y Z S T A N =================== SILK BEACH: Creditors Must File Claims by June 6 ------------------------------------------------ LLC Silk Beach has declared insolvency. Creditors have until June 6, 2008 to submit written proofs of claim to: LLC Silk Beach Tolstoi Str. 57 Bishkek Kyrgyzstan Tel: (+996 312) 21-93-36 ===================== N E T H E R L A N D S ===================== KINETIC CONCEPTS: Earns US$68 Million in First Quarter 2008 ----------------------------------------------------------- Kinetic Concepts, Inc. reported first quarter 2008 total revenue of US$420.0 million, an increase of 14% from the first quarter of 2007. Foreign currency exchange movements favorably impacted total revenue for the first quarter of 2008 by 4% compared to the corresponding period of the prior year. Net earnings for the first quarter of 2008 were US$68.0 million, up 27%, compared to US$53.6 million for the same period one year ago. Net earnings per diluted share for the first quarter of 2008 increased 25% to US$0.94 compared to US$0.75 for the same period in the prior year. “During the first quarter, we made progress on a number of initiatives we have planned for 2008,” said Catherine Burzik, President and Chief Executive Officer of KCI. “We realigned our domestic sales force, improving both focus and customer service levels, submitted our application for regulatory approval of V.A.C.(R) in Japan and completed due diligence related to a major acquisition. On top of these development activities, we delivered higher revenue, earnings and margins compared to the prior year.” Revenue Recap – First Quarter 2008 During 2007, we took steps to structure KCI as a global company, which included the alignment of key leadership positions for specific geographic regions. Beginning with the first quarter 2008, we have reported financial results consistent with this new structure. The geographic reporting structure is made up of (i) North America, which consists of the United States, Canada and Puerto Rico and (ii) Europe, the Middle East and Africa and the Asia Pacific region. Total revenue for North America was US$309.5 million for the first quarter of 2008, an increase of US$25.8 million, or 9%, from the prior-year period due primarily to increased rental and sales volumes for V.A.C. wound healing devices and related disposables. North American V.A.C. revenue of US$250.2 million for the first quarter was 10% higher than the same period one year ago due to continued market penetration. Rental unit growth was reported across all care settings. North American revenue from Therapeutic Support Systems was US$59.2 million for the first three months of 2008, a 4% increase from the prior- year period, due to higher rental unit volume in the acute care setting, partially offset by lower TSS sales in the period. Total revenue outside of North America, which consists of EMEA and APAC, was US$110.6 million for the first quarter of 2008, an increase of 30%, compared to the prior-year period due primarily to an increase in V.A.C. revenue. EMEA/APAC V.A.C. revenue for the first three months of 2008 was US$82.7 million, an increase of US$21.1 million, or 34%, from the prior-year period. EMEA/APAC TSS revenue increased 18% from the prior-year period to US$27.8 million for the first quarter resulting primarily from an increase in rental volume and favorable foreign currency exchange movements. Foreign currency exchange movements favorably impacted total EMEA/APAC revenue by 14% compared to the prior-year period. Foreign currency exchange movements favorably impacted EMEA/APAC V.A.C. and TSS revenue by 14% and 13%, respectively, in the 2008 first quarter. Worldwide V.A.C. revenue was US$333.0 million for the first quarter of 2008, an increase of 15% from the prior-year period. Foreign currency exchange movements favorably impacted worldwide V.A.C. revenue by less than 4% compared to the first quarter of the prior year. The growth in V.A.C. revenue stemmed from increased market penetration, resulting in higher rental and sales unit volumes. Worldwide TSS revenue was US$87.1 million for the first quarter of 2008, an increase of US$6.8 million, or 8%, due primarily to higher rental unit volume worldwide and foreign currency exchange movements. Foreign currency exchange movements favorably impacted worldwide TSS revenue by 5% compared to the same period one year ago. Profit Margins Gross profit for the first quarter of 2008 was US$209.0 million, an increase of 22% from the prior-year period. Gross profit margin was 49.8% for the first quarter of 2008, an increase of approximately 335 basis points from the same period one year ago. As a percent of total revenue, lower field service expenses, product depreciation, cost of sales and marketing costs made up the majority of the increase in gross margin. Selling, general and administrative expenses increased US$17.1 million, or 22%, year-to-year. The SG&A increase was due primarily to certain costs associated with the U.S. sales force realignment, additional costs associated with the transition of V.A.C. unit production to our Ireland manufacturing facility and higher share-based compensation expenses. Research and development spending increased 50% from the prior-year period to US$14.7 million for the quarter. Total research and development expenses represented 3.5% of revenue for the first quarter of 2008. Balance Sheet Total long-term debt outstanding at March 31, 2008 was US$68.0 million. Total cash at quarter-end was US$305.2 million, an increase of US$39.2 million from year-end 2007. Notes Offering On April 21, 2008, the company closed its offering of US$600 million aggregate principal amount of 3.25% convertible senior notes due 2015. The company has also granted an option to the initial purchasers of the notes to purchase up to an additional US$90 million aggregate principal amount of notes to cover over- allotments. The over-allotment option is exercisable during the 13 day period beginning on the closing date. The coupon on the notes will be 3.25% per year on the principal amount. Interest will accrue from April 21, 2008, and will be payable semi- annually in arrears on April 15 and October 15 of each year, beginning Oct. 15, 2008. The notes will mature on April 15, 2015, unless previously converted or repurchased in accordance with their terms. The notes are not redeemable by us prior to the maturity date. Upon conversion, holders will receive cash up to the aggregate principal amount of the notes being converted and shares of KCI common stock in respect of the remainder, if any, of KCI’s conversion obligation in excess of the aggregate principal amount of the notes being converted. The initial conversion rate for the notes is based on an initial conversion price of approximately US$51.34 per share of common stock and represents a 27.5% conversion premium over the last reported sale price of KCI’s common stock on April 15, 2008 (the day of pricing of the notes), which was US$40.27 per share. In connection with the offering, we entered into convertible note hedge and warrant transactions with financial institutions that are affiliates of two of the offering’s initial purchasers to increase the effective conversion price of the notes to approximately US$60.41, which is approximately 50% higher than the closing price of the Company’s common stock on April 15, 2008. The company intends to settle the principal amount of these notes in cash. The net proceeds of this offering will be used, in combination with other financing arrangements and existing cash on hand, primarily to fund our acquisition of LifeCell Corporation. Income Tax Rate The effective income tax rate for the first quarter of 2008 was 33.5%, which was comparable to 33.2% for the same period in 2007. Outlook This guidance is based on current information and expectations as of April 22, 2008: KCI is reaffirming its projections for 2008 total revenue of US$1.77 – US$1.82 billion based on continued demand for its V.A.C. negative pressure wound therapy devices and related supplies. The company is also reaffirming its projections for net earnings per diluted share for 2008 of US$3.85 – US$3.95 per diluted share, based upon a weighted average diluted share estimate of 72.0 – 73.0 million shares. This outlook excludes the impact associated with our anticipated acquisition of LifeCell. About KCI Kinetic Concepts, Inc. (NYSE:KCI) -- http://www.kci1.com/-- is a global medical technology company with leadership positions in advanced wound care and therapeutic support systems. The company designs, manufactures, markets and services a wide range of proprietary products that can improve clinical outcomes and can help reduce the overall cost of patient care. The company has subsidiaries in Austria, Belgium, Cayman Islands, Japan, Netherlands, Puerto Rico and Singapore, among others. KINETIC CONCEPTS: Moody's Rates Proposed US$1.3BB Loan at Ba1 ------------------------------------------------------------- Moody's Investors Service assigned a Ba1 rating to Kinetic Concepts, Inc's proposed US$1.3 billion senior secured first lien credit facility, consisting of a US$1 billion term loan and a US$300 million revolver. The Corporate Family Rating remains unchanged at Ba2 and the ratings outlook is stable. In addition, in accordance with Moody's Loss Given Default methodology the probability of default rating was revised to Ba2 from Ba3 due to the introduction of unsecured debt into the capital structure, which led to changes in assumptions for asset recovery and a lower implied likelihood of default. Moody's will withdraw the ratings on KCI's existing senior secured revolving credit facility (rated Ba2) at the close of the transaction. The proceeds of the proposed credit facility will be used to finance the acquisition of LifeCell Corporation and repay the amounts outstanding under KCI's existing senior secured credit facility, which will be terminated at the close of the transaction. The new credit facility is rated one notch higher than the Corporate Family Rating, benefiting from the first loss absorption that will be provided by the recently issued US$600 million unsecured 3.25% convertible notes. Assigned: -- Proposed US$300 million Senior Secured Revolving Credit Facility due 2013, Ba1, LGD3, 32% -- Proposed US$1,000 million Senior Secured Term Loan A due 2013, Ba1, LGD3, 32% Revised: -- Probability of Default Rating, to Ba2 from Ba3 To be withdrawn: -- Existing US$500 million Senior Secured Revolving Credit Facility due 2012, Ba2, LGD3, 34% The ratings outlook is stable. Kinetic Concepts, Inc., headquartered in San Antonio, Texas, is a global medical technology company with leadership positions in advanced wound care and therapeutic support systems. The company's advanced would care systems incorporate proprietary Vacuum Assisted Closure Therapy technology. LifeCell is a leading provider of innovative biological products for soft tissue repair. Moody's estimates that the combined company would have reported pro forma revenues of approximately US$1.8 billion for the twelve months ended Dec. 31, 2007. KINETIC CONCEPTS: 2008 Shareholders' Meeting Scheduled on May 20 ---------------------------------------------------------------- Ronald W. Dollens, Chairman of Kinetic Concepts, Inc.'s Board of Directors, said in a regulatory filing that the 2008 annual meeting of the company's shareholders will be held on May 20, 2008 at 8:30 a.m. CDT. The meeting will be the Westin Riverwalk Hotel – Hidalgo Room, 420 West Market Street in San Antonio, Texas. At the meeting, shareholders will be asked to: -- elect three Class A directors for a three-year term; -- approve a new 2008 Omnibus Stock Incentive Plan; -- ratify the selection of Ernst & Young LLP as the company's independent auditors for our fiscal year ending Dec. 31, 2008. -- transact such other business as may properly come before the meeting or any adjournment or postponement thereof. Only the company's shareholders of record at the close of business on April 9, 2008 are entitled to notice of and to vote at the annual meeting and at any adjournment or postponement thereof. About KCI Kinetic Concepts, Inc. (NYSE:KCI) -- http://www.kci1.com/-- is a global medical technology company with leadership positions in advanced wound care and therapeutic support systems. The company designs, manufactures, markets and services a wide range of proprietary products that can improve clinical outcomes and can help reduce the overall cost of patient care. The company has subsidiaries in Austria, Belgium, Cayman Islands, Japan, Netherlands, Puerto Rico and Singapore, among others. YRC WORLDWIDE: Posts US$45.8 Million Net Loss in First Quarter -------------------------------------------------------------- YRC Worldwide Inc. reported a first quarter 2008 loss of US$45,875,000 on operating revenue of US$2,232,592,000. This compares to a net income of US$1,279,000 on operating revenue of US$2,328,342,000 for the three months ended March 31, 2007. The company also said that the results included the previously announced reorganization charges related to USF Holland and USF Reddaway and losses on property disposals. The results also included unfavorable actuarial adjustments primarily related to prior-year development of self- insurance claims. At March 31, 2008, the company had total assets of US$5,011,025,000 and total debts of US$1,174,510,000. "The soft economy, severe winter weather and record fuel prices created a very difficult operating environment in the first quarter," stated Bill Zollars, Chairman, President and CEO of YRC Worldwide. "With that said, we have taken a number of actions that address the areas within our control and we are seeing benefits from those efforts. Despite the macroeconomic challenges that we are facing, we believe that we have turned the corner and expect meaningful earnings improvement starting with the current quarter," Zollars continued. Although the practice of providing earnings guidance was suspended in 2007, due in great part to uncertainty in the economy, which remains difficult to predict, the company determined that investors should be provided with additional near-term clarity regarding the anticipated performance of YRCW. Based upon the internal actions the company has already implemented, including securing a more competitive labor contract, renewing its credit agreement, and making footprint changes at YRC Regional Transportation, YRCW expects to earn between US$.30 and US$.40 per share in the second quarter, which ends June 30, 2008. "Given our solid action plans and the momentum that is underway, we are excited about the future of YRC and what we can do for our customers, employees and investors," stated Zollars. Segment Information Key segment information for the first quarter 2008 included: * YRC National Transportation LTL revenue per hundredweight up 6.3% from first quarter 2007 and LTL tonnage per day down 8.9% * YRC Regional Transportation LTL revenue per hundredweight up 5.4% compared to last year and LTL tonnage per day down 10.1% * YRC Logistics revenue and operating income consistent with last year despite the weak economy About YRC Worldwide YRC Worldwide Inc. (Nasdaq: YRCW) -- http://www.yrcw.com/-- is the holding company for a portfolio of successful brands including Yellow Transportation, Roadway, Reimer Express, YRC Logistics, New Penn, USF Holland, USF Reddaway, and USF Glen Moore. The enterprise provides global transportation services, transportation management solutions and logistics management. The portfolio of brands represents a comprehensive array of services for the shipment of industrial, commercial and retail goods domestically and internationally. Headquartered in Overland Park, Kansas, YRC Worldwide employs approximately 60,000 people. The company has subsidiaries in Bermuda, the United Kingdom, Netherlands, Singapore, Hong Kong and Mexico. YRC WORLDWIDE: Refinancing Risks Cue S&P to Confirm 'BB' Rating --------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its ratings on YRC Worldwide Inc., including the 'BB' corporate credit rating, and removed the ratings from CreditWatch, where they had been placed with negative implications on Feb. 21, 2008. The outlook is negative. The ratings had been placed on CreditWatch because of heightened concerns over the company's refinancing risk, earnings performance, and liquidity position over the next year, given the slowing U.S. economy and continuing pressures in the trucking sector. "The company has since obtained an amendment to its credit facility that allows additional covenant relief, and has renewed its 364-day asset-backed security facility, which was due to expire on May 16, 2008," said Standard & Poor's credit analyst Anita Ogbara. YRC has meaningful debt maturities over the next year and expects to use some combination of free cash flow, refinancing, and capacity under its amended bank facility to meet these maturities. "We believe the additional covenant relief provides sufficient room and expect the company to remain in compliance with its covenants," the analyst added. At the same time, Standard & Poor's lowered its issue-level rating on Yellow Corp.'s unsecured debt to 'B+' from 'BB' (two notches lower than the corporate credit rating on YRC Worldwide Inc.). S&P assigned a recovery rating of '6' to this debt, indicating the expectation for negligible (0-10%) recovery in the event of a payment default. The issue-level rating on the now partly secured notes at Roadway LLC is unchanged at 'BB'. S&P assigned a recovery rating of '4' to this debt, indicating the expectation for average (30%-50%) recovery. YRC is the largest less-than-truckload trucking company in North America, generating US$9.6 billion in annual revenues. YRC competes with large LTL companies Arkansas Best Corp. (US$1.8 billion in revenue) and Con-Way Inc. (US$4.2 billion in revenue) and with numerous smaller long-haul and regional LTL companies. Conditions in the trucking sector have deteriorated over the past several quarters and will likely not improve materially over the near term, given the weaker U.S. economy. YRC has pursued selective acquisitions in the past that have helped the company gain market share and increase its product offering. However, these acquisitions have stretched the company's financial profile, and YRC has not yet rationalized these acquired LTL operations. To improve profitability, YRC plans to streamline operations, reduce overhead, and manage costs more effectively. YRC has formalized plans to improve financial performance and is targeting US$100 million in cost savings over the next few quarters through the combination of terminal rationalization, elimination of redundant activities, and other cost reductions. S&P expects YRC's financial results to improve by early 2009 in response to various operating initiatives and as the freight environment improves. S&P could lower the ratings if financial results do not improve and the expected improvement in credit protection measures fails to materialize or if access to liquidity becomes constrained. S&P could revise the outlook to stable if YRC's credit metrics return to expected levels, and the improvement appears sustainable. =================== L U X E M B O U R G =================== AMERICAN AXLE: Posts US$27 Million Net Loss in 1Q 2008 ------------------------------------------------------ American Axle & Manufacturing Holdings, Inc. reported financial results for the first quarter of 2008. AAM's results in the first quarter of 2008 were a net loss of US$27.0 million or US$0.52 per share. This compares to net earnings of US$15.7 million, or US$0.30 per share, in the first quarter of 2007. UAW Strike Upon expiration of the four-year master labor agreement between AAM and the UAW at 11:59 p.m. on February 25, 2008, the International UAW called a strike against AAM. The expiring master labor agreement covered approximately 3,650 associates at AAM's original U.S. locations in Michigan and New York. AAM estimates the reduction in sales and operating income resulting from the International UAW strike to be US$132.6 million and US$45.8 million (US$0.56 per share), respectively. Special Charges In the first quarter of 2008, AAM incurred US$3.5 million, or US$0.04 per share, of special charges and non-recurring operating costs, primarily related to the redeployment of machinery and equipment. In the first quarter of 2007, AAM recorded special charges of US$2.9 million, or US$0.04 per share, primarily related to attrition program activity. "AAM's first quarter 2008 results were severely impacted by the strike called by the International UAW at AAM's original U.S. locations on February 25, 2008," said AAM Co-Founder, Chairman of the Board & Chief Executive Officer Richard E. Dauch. "AAM must have a U.S. market cost competitive labor agreement for the original U.S. locations with operating flexibility. This is needed to compete for new business and match the operational flexibility and efficiency of our competitors. While it would be tragic to dismantle AAM's original U.S. manufacturing base, AAM will be forced to consider additional restructuring and capacity rationalization actions if the International UAW refuses to accept the structural and permanent changes needed to achieve market cost competitiveness at these facilities." Net sales in the first quarter of 2008 were US$587.6 million as compared to US$802.2 million in the first quarter of 2007. AAM estimates that approximately US$132.6 million of this decrease was attributable to the International UAW strike. Customer production volumes for the full-size truck and SUV programs AAM currently supports for GM and Chrysler were down approximately 31% in the first quarter of 2008 as compared to the prior year. AAM estimates that customer production volumes for its mid-sized truck and SUV programs were down approximately 43% in the first quarter of 2008 on a year-over-year basis. Non-GM sales represented 26% of total sales in the first quarter of 2008. AAM's content-per-vehicle is measured by the dollar value of its product sales supporting GM's North American truck and SUV platforms and Chrysler's heavy duty Dodge Ram pickup trucks. For the first quarter 2008, AAM's content-per-vehicle increased approximately 6% to US$1,326 as compared to US$1,252 in the first quarter of 2007. Gross margin for the first quarter of 2008 was 2.2% as compared to 10.6% in first quarter 2007. Operating loss was US$36.7 million or a negative 6.2% of sales in the first quarter of 2008 as compared to operating income of US$36.4 million or 4.5% of sales in the first quarter of 2007. AAM's SG&A spending for the first quarter of 2008 was US$49.4 million as compared to US$48.9 million in the first quarter of 2007. AAM's R&D spending for the first quarter of 2008 was approximately US$20.2 million as compared to US$20.1 million in the first quarter of 2007. Net cash provided by operating activities in the first quarter of 2008 was US$8.2 million. Capital spending for the first quarter of 2008 was US$33.3 million as compared to US$42.5 million in the first quarter of 2007. Reflecting the impact of this activity and dividend payments of US$8.0 million, AAM's free cash flow use of US$33.1 million in the first quarter of 2008 represents an improvement of US$7.4 million, or 18%, as compared to the first quarter of 2007. About America Axle Headquartered in Detroit, Michigan, American Axle & Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/-- and its wholly owned subsidiary, American Axle & Manufacturing, Inc., manufactures, engineers, designs and validates driveline and drivetrain systems and related components and modules, chassis systems and metal-formed products for light trucks, sport utility vehicles and passenger cars. In addition to locations in the United States (in Michigan, New York and Ohio), the company also subsidiaries in China, Japan, Korea, India, Poland, Luxembourg and Mexico. * * * On April 3, 2008, Moody's Investors Service placed the ratings of American Axle & Manufacturing Holdings, Inc., Corporate Family -- Ba3, under review for downgrade. In a related action, American Axle's Speculative Grade Liquidity Rating was lowered to SGL-2 from SGL-1. GOODYEAR TIRE: Earns US147 Million in 2008 First Quarter -------------------------------------------------------- The Goodyear Tire & Rubber Company reported record first quarter sales and its highest first quarter net income in several years. Goodyear's first quarter 2008 sales were US$4.9 billion, a 10% percent increase compared with the 2007 quarter, offsetting lower volumes with higher prices, a richer product mix and favorable currency translation. Improved pricing and product mix in all four businesses drove revenue per tire up 7% over the 2007 quarter, reflecting the company's successful strategy to focus on high-value-added tires. Lower volume primarily resulted from weak original equipment markets in North America as well as soft consumer replacement demand in North America and Europe, particularly for low-value-added tires. "Our excellent first quarter results demonstrate the success of our strategies to grow our higher-margin premium product lines, reduce costs and pay down debt," said Robert J. Keegan, chairman and chief executive officer. "Each of our four businesses improved margins and operating income as we capitalized on attractive growth opportunities in targeted market segments," he said. "While the economy remains a concern, we continue to be confident about the opportunities we see in the market and our ability to take advantage of them," Keegan said. "Over the last five years, our strategic decisions have better positioned Goodyear to face an economic downturn and to emerge as a stronger competitor." Goodyear said it made additional progress during the first quarter on its plan to achieve US$1.8 billion to US$2 billion in gross cost savings by the end of 2009. "We have now achieved more than US$1.2 billion in savings since beginning this plan and remain on target to reach our four-year goal," Keegan said. Segment operating income set a first quarter record at US$367 million in 2008, up 62% from US$226 million in the strike- affected 2007 first quarter. Gross margin was 19.9% for the 2008 first quarter compared to 16.8 percent last year. Segment operating income benefited from improved pricing and product mix of US$157 million, which more than offset increased raw material costs of US$13 million. Favorable currency translation positively impacted sales by US$341 million and segment operating income by US$27 million in the quarter. First quarter 2008 net income from continuing operations was US$147 million (60 cents per share). This compares to a loss from continuing operations of US$110 million (61 cents per share) in the year-ago quarter. Including discontinued operations, Goodyear had a net loss of US$174 million (96 cents per share) in 2007's first quarter. All per share amounts are diluted. The 2008 quarter included after-tax financing fees related to debt repayment of US$43 million (18 cents per share), US$13 million (5 cents per share) in after-tax rationalization charges, an after-tax gain on asset sales of US$33 million (13 cents per share) and an after-tax gain on an excise tax settlement in Latin America of US$8 million (3 cents per share). The 2007 quarter was impacted by after-tax charges of US$64 million (35 cents per share) due to salaried benefit plan changes, an estimated US$34 million (19 cents per share) related to the 2006 United Steelworkers strike and US$31 million (17 cents per share) in rationalization and accelerated depreciation charges. Business Segments All three of the company's businesses outside of North America achieved record sales for any quarter during the 2008 first quarter as the emerging markets businesses continued to grow. Segment operating income increased in all four businesses. Segment operating income for the Latin America and Asia Pacific businesses were records for any quarter. Segment operating income for the Europe, Middle East and Africa business was a first quarter record. North American Segment North American Tire's first quarter sales decreased 1% from last year. The 2007 quarter included approximately US$150 million in sales from T&WA, which was divested in December 2007. Sales in the 2008 quarter were impacted by reduced original equipment volume resulting from lower vehicle production and a decline in the consumer replacement tire market, particularly for low- value-added tires. Sales benefited from strong pricing and product mix as well as market share gains for Goodyear and Dunlop brand tires in the consumer replacement market. Segment operating income increased US$52 million primarily due to improved pricing and product mix of US$67 million, which more than offset increased raw material costs of US$5 million. Lower selling, administrative and general expenses and structural cost savings, including savings from the 2006 contract with the USW, were partially offset by lower volume and transitional manufacturing costs. The company estimates the USW strike reduced 2007 first quarter sales by US$102 million and segment operating income by US$34 million. EMEA Segment Europe, Middle East and Africa Tire's first quarter sales were a record for any quarter and increased 16% over last year due to favorable currency translation, improved pricing and product mix and market share gains in the consumer replacement and commercial replacement markets. Segment operating income was a first quarter record and up 24% due to improved pricing and product mix of US$40 million, which more than offset increased raw material costs of US$4 million. Favorable currency translation and lower selling, administrative and general expenses offset higher manufacturing costs related to ongoing labor issues in France and higher transportation costs. Latin America Segment Latin American Tire's first quarter sales were a record for any quarter and increased 29% over 2007 due to improved pricing and product mix and favorable currency translation. Segment operating income was a record for any quarter, increasing 46% compared to the prior year. Improved pricing and product mix of US$37 million, a US$12 million gain from the settlement of an excise tax case and favorable currency translation more than offset higher manufacturing costs and selling, administrative and general expenses. Asia Pacific Segment Asia Pacific Tire's first quarter sales were a record for any quarter and up 21% over last year due to favorable currency translation, higher volume and improved pricing and product mix. Segment operating income increased 69% and was a record for any quarter. The improvement was due to improved pricing and product mix of US$13 million, which more than offset US$4 million in increased raw material costs, as well as higher volume, favorable currency translation and lower selling, administrative and general expenses. About Goodyear Tire Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE: GT) -- http://www.goodyear.com/-- is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 60 facilities in 26 countries and employs 80,000 people worldwide. Goodyear has subsidiaries in New Zealand, Venezuela, Peru, Mexico, Luxembourg, Finland, Korea and Japan, among others. * * * As reported by the Troubled Company Reporter-Europe on March 6, 2008, Fitch Ratings upgraded The Goodyear Tire & Rubber Company's Issuer Default Rating to 'BB-' from 'B+' and senior unsecured debt rating to 'B+' from 'B-/RR6'. =========== P O L A N D =========== BUCYRUS INT'L: Earns US$41.1 Million in Quarter Ended March 31 --------------------------------------------------------------- Bucyrus International, Inc. disclosed its summary unaudited financial results for the quarter ended March 31, 2008. Operating Results The overall increase in surface mining sales was attributable to the strong global demand for Bucyrus' products and services, which continues to be driven by high international commodity prices and strong markets for commodities mined by Bucyrus machines. Surface mining original equipment sales for the first quarter of 2008 increased in all three product lines compared to the first quarter of 2007. Surface mining aftermarket parts and service sales for the first quarter of 2008 increased in nearly all worldwide markets compared to the first quarter of 2007. The expansion of Bucyrus' South Milwaukee, Wisconsin surface mining facilities was substantially complete as of March 31, 2008, which will allow for annual shovel production capacity of 24 machines and almost doubled manufactured parts capacity from 2006 levels. Underground mining sales for the first quarter of 2008 decreased from the third and fourth quarters of 2007 primarily due to the timing of new orders in 2007. Gross profit for the first quarter of 2008 was US$141.6 million, or 27.4% of sales, compared to US$52.1 million, or 27.4% of sales, for the first quarter of 2007. Gross profit for the first quarter of 2008 was reduced by US$8.7 million of amortization of purchase accounting adjustments as a result of the acquisition of DBT in 2007, which had the effect of reducing gross margin for the first quarter of 2008 by 1.7 percentage points. The increase in gross profit was primarily due to the acquisition of DBT and increased surface mining sales. For the first quarter of 2008, gross margins on surface mining original equipment and aftermarket parts and services were improved from the first quarter of 2007; however, overall gross margin was negatively impacted by the sales mix of lower margin original equipment and higher margin aftermarket parts and services. Gross margin on underground mining equipment for the first quarter of 2008 was improved from the last two quarters of 2007 primarily due to 2008 sales consisting of a larger percentage of higher margin aftermarket parts and services. Selling, general and administrative expenses for the first quarter of 2008 were US$59.5 million, or 11.5% of sales, compared to US$21.1 million, or 11.1% of sales, for the first quarter of 2007. This increase was primarily due to the acquisition of DBT. The increase in operating earnings for the first quarter of 2008 was primarily due to the acquisition of DBT and increased gross profit resulting from increased surface mining sales volume. Operating earnings for underground mining operations were reduced by purchase accounting adjustments related to the acquisition of DBT of US$14.3 million for the first quarter of 2008. Net interest expense for the first quarter of 2008 was US$5.9 million compared to US$1.2 million for the first quarter of 2007. The increase in net interest expense in 2008 was due to increased debt levels related to the financing of the acquisition of DBT. Net earnings for the first quarter of 2008 were US$41.1 million, or US$1.11 per share, compared to US$17.9 million, or US$0.57 per share, for the first quarter of 2007. Capital expenditures the first quarter of 2008 were US$21.2 million, which included US$7.5 million related to Bucyrus' expansion of its South Milwaukee facilities. At Bucyrus' Annual Meeting of Stockholders held last week, Chief Executive Officer Tim Sullivan reaffirmed that the Board of Directors had previously approved an additional US$45 million for the completion of renovations at Bucyrus' South Milwaukee, Wisconsin facility. Bucyrus' capital expenditures for 2008 are expected to be between US$90 million and US$100 million, including this expenditure. Backlog as of March 31, 2008 and December 31, 2007, as well as the portion of backlog which is expected to be recognized within 12 months of these dates, was: March 31, December 31, 2008 2007 % Change ----------- ------------- --------- (Dollars in thousands) Surface mining: Total US$1,136,222 US$804,781 41.2% Next 12 months US$741,557 US$579,448 28.0% Underground mining: Total US$881,042 US$636,473 38.4% Next 12 months US$744,013 US$551,923 34.8% Total: Total US$2,017,264 US$1,441,254 40.0% Next 12 months US$1,485,570 US$1,131,371 31.3% A portion of the surface mining backlog as of March 31, 2008 and December 31, 2007 was related to multi-year contracts that will generate revenue in future years. New orders related to surface mining operations for the first quarter of 2008 were US$260.8 million and US$354.7 million for original equipment and aftermarket parts and service sales, respectively. Included in surface mining aftermarket parts and service new orders was US$209.8 million related to multi-year contracts that will generate revenue in future years. New orders related to underground mining operations for the first quarter of 2008 were US$353.1 million and US$124.4 million for original equipment and aftermarket parts and service sales, respectively. About Bucyrus International Headquartered in South Milwaukee, Wisconsin, Bucyrus International Inc. (Nasdaq: BUCY) -- http://www.bucyrus.com/-- is a global manufacturer of electric mining shovels, walking draglines and rotary blasthole drills and provides aftermarket replacement parts and services for these machines. In 2006, it had sales of USUS$738 million. The company has operations in Brazil, Chile, China, Poland, the United Kingdom, Australia, India, Germany and Peru, among others. * * * Moody's Investor Service placed the company's long-term corporate family rating at 'Ba3' in April 2007. The rating still holds to date with a stable outlook. BUCYRUS INT'L: Inks Preliminary JV Agreement with Huainan --------------------------------------------------------- Bucyrus International, Inc. last week entered into a preliminary framework agreement with Huainan Mining Industry (Group) Co., Ltd. to establish the basis for the potential creation of a joint venture in the Huainan mining area of the Anhui Province in the People’s Republic of China. The preliminary agreement contemplates Bucyrus owning a controlling interest in a joint venture that would involve the building of a new state of the art manufacturing facility in the Huainan mining area of China that would initially manufacture belt systems and armored face conveyors for resale on a preferential basis to Huainan Mining, as well as to other third parties in China and elsewhere. It is possible that the joint venture could manufacture and sell additional underground mining equipment as well. Both Bucyrus and Huainan Mining would contribute an undisclosed amount of cash, as well as other assets and personnel, to the joint venture. The parties believe that initial equipment manufacturing and sales by the joint venture could begin within approximately nine months of final completion of the proposed joint venture. The preliminary agreement is subject to additional due diligence, final legal documentation, approval by the boards of directors of both Bucyrus and Huainan, Chinese governmental and regulatory approvals and various other customary consents, approvals and closing conditions and is anticipated to be completed later this year. Bucyrus does not intend to update the status of this process unless and until either a final joint venture agreement is completed, as to which there can be no assurance, or negotiations are definitely terminated. Bucyrus’ President and Chief Executive Officer Tim Sullivan stated, “The joint venture which we hope will result from this preliminary framework agreement will benefit both Bucyrus and Huainan Mining. The first step in a resulting joint venture will extend our market coverage and provide us with a low cost manufacturing base in China. Huainan Mining will benefit from the higher technology of our products, and the region will gain through the development of a high technology manufacturing base in Anhui Province. There is also the future potential for exports using our international sales network.” A business plan, to be developed by both parties, will include expansion phases linking additional future investment to direct successes in the targeted markets. “China is a large and very complex market,” said Sullivan. “Our underlying concept is to partner with strong industry players, such as Huainan Mining, who have market access, a manufacturing base and a service network through which we can rapidly extend our footprint in China. We recognize the value of localized relationships and wish to maintain and expand those links.” “With Huainan Mining’s coal production at 42 million tons in 2007, there is an already existing base market for the products that will result from a joint venture between us and Huainan Mining,” said Sullivan. “We have built a special relationship with Huainan Mining where our engineers have an open forum to look at mining issues and develop common solutions. This moves us away from a buyer versus seller, “western style” relationship that is typical in China to one that allows us to apply our technology to the benefit of both parties.” In addition to the announcement regarding the Huainan framework agreement, Mr Sullivan also emphasized, “This agreement is a first step. We are currently reviewing other, additional options that may provide us with an opportunity to achieve a market leading position in China with numerous product lines.” About Huainan Huainan Mining (Group) Co., Ltd. is a state-owned mining group company in China with its primary business being coal mining and power generation. Its coal output in 2007 was 42 million tons. The Huainan mining area is one of the largest coal fields in the southeast area of China with coal reserves of approximately 21.4 billion tons. The Huainan mining area has been listed as one of China’s top 13 large coal production bases and one of the top 6 coal-electricity bases. About Bucyrus International Headquartered in South Milwaukee, Wisconsin, Bucyrus International Inc. (Nasdaq: BUCY) -- http://www.bucyrus.com/-- is a global manufacturer of electric mining shovels, walking draglines and rotary blasthole drills and provides aftermarket replacement parts and services for these machines. In 2006, it had sales of USUS$738 million. The company has operations in Brazil, Chile, China, Poland, the United Kingdom, Australia, India, Germany and Peru, among others. * * * Moody's Investor Service placed the company's long-term corporate family rating at 'Ba3' in April 2007. The rating still holds to date with a stable outlook. =========== R U S S I A =========== AMK CJSC: Tyumen Bankruptcy Hearing Slated for June 17 ------------------------------------------------------ The Arbitration Court of Tyumen will convene on June 17, 2008, to hear the bankruptcy supervision procedure on CJSC AMK. The case is docketed under Case No. A-70-270/3-2008. The Temporary Insolvency Manager is: A. Zubairov Post User Box 6475 625039 Tyumen-39 Russia The Court is located at: The Arbitration Court of Tyumen Khokhryakova Str. 77 627000 Tyumen Russia The Debtor can be reached at: CJSC AMK Office 401 Respubliki Str. 55 625000 Tyumen Russia CENTRAL TELECOMMUNICATIONS: Plans 16,000 Job Cuts by 2012 --------------------------------------------------------- OAO Central Telecommunications Co. will reduce its 42,000-strong workforce by 16,000 jobs by 2012 to cut costs, Bloomberg News reports citing Chief Executive Officer Vaagn Martirosyan. CenterTelecom will use the saved funds to invest in the broadband Internet market as it eyes to serve 735,000 subscribers by end of 2008, Mr. Martirosyan told Bloomberg News. According to Mr. Martirosyan, Bloomberg News relates, the company currently provides broadband services to 380,000 subscribers and aims to serve 2.35 million clients in 2012, The company posted RUR3.64 billion in net profit on RUR32.41 billion in net revenues for year ended Dec. 31, 2007, compared with RUR2.05 billion in net profit on RUR28.4 billion in net revenues for year ended Dec. 31, 2006. About CenterTelecom Headquartered in Moscow, Russia, OAO Central Telecommunications Co. -- http://www.centertelecom.ru/eng-- provides fixed-line and mobile communications in the Russian Central Federal District. CenterTelecom had a charter capital of RUR6.31 billion (about US$234 million) as of July 1, 2006. * * * As of April 17, 2008, OAO CenterTelecom carries Standard & Poor's B Corporate Credit Rating with stable outlook. The company also carries Fitch's Issuer Default B-, Short-term B, National Long-term BB+ and a BB+ rating on its RUR3 billion notes due August 2011 with stable outlook. KAMAZ LLC: Astrakhan Bankruptcy Hearing Slated for June 19 ---------------------------------------------------------- The Arbitration Court of Astrakhan will convene at 2:00 p.m. on June 19, 2008, to hear the bankruptcy supervision procedure on LLC Astrakhanskiy Motor Car Centre Kamaz (TIN 3017025898). The case is docketed under Case No. A06-7265/2007-11. The Temporary Insolvency Manager is: S. Starzhevskiy Office 9 Kachuevskoy Str. 2D 400002 Volgograd Russia The Court is located at: The Arbitration Court of Astrakhan Gubernatora A. Guzhvina Str. 6. Astrakhan Russia The Debtor can be reached at: LLC Astrakhanskiy Motor Car Centre Kamaz Funtovskoe Shosse 9B Astrakhan Russia NORTH EXPEDITION: Bankruptcy Hearing Slated for June 20 ------------------------------------------------------- The Arbitration Court of Yamalo-Nenetskiy will convene at 9:15 a.m. on June 20, 2008, to hear the bankruptcy supervision procedure on OJSC North Expedition. The case is docketed under Case No. A81-545/2008. The Temporary Insolvency Manager is: N. Dmitriev Sverdlova Str. 5/2-306 625002 Tyumen Russia The Court is located at: The Arbitration Court of Yamalo-Nenetskiy Chubynina Str. 37A Salekhard Yamalo-Nenetskiy Russia The Debtor can be reached at: OJSC North Expedition Promzona Purpe Purovskiy 629840 Yamalo-Nenetskiy Russia PERVOMAYSKOE CJSC: Creditors Must File Claims by May 22 ------------------------------------------------------- Creditors of CJSC Pervomayskoe (TIN 4339000480) have until May 22, 2008, to submit proofs of claim to: V. Krygin Insolvency Manager Post User Box 1836 610020 Kirov Russia The Arbitration Court of Kirov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A28-237/07-166/24. The Court is located at: The Arbitration Court of Kirov K-Libknekhta Str. 102 610017 Kirov Russia The Debtor can be reached at: CJSC Pervomayskoe Svobody Str. 1 Pervomayskoe Yaranskiy Kirov Russia SPRING CJSC: Udmurtiya Bankruptcy Hearing Slated for July 22 ------------------------------------------------------------ The Arbitration Court of Udmurtiya will convene on July 22, 2008, to hear the bankruptcy supervision procedure on CJSC Spring. The case is docketed under Case No. A71-1283/2008-G9. The Temporary Insolvency Manager is: O. Reverchuk Post User Box 3502 Izhevsk 426034 Udmurtiya Russia The Court is located at: The Arbitration Court of Udmurtiya Lomonosova Str. 5 Izhevsk 426004 Udmurtiya Russia The Debtor can be reached at: CJSC Spring 30 Let Pobedy Str. 26 Izhevsk 426900 Udmurtiya Russia TITAN PETROCHEMICAL: S&P Cuts Rating to B on Weak Performance ------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Titan Petrochemical Group Ltd. to 'B' from 'B+'. The outlook is negative. At the same time, Standard & Poor's lowered the issue rating on US$400 million senior unsecured notes guaranteed by Titan to 'B-' from 'B'. "The rating actions reflect our expectation that Titan is likely to continue to be under financial pressure over the next 12 months and that its performance is no longer commensurate with a 'B+' rating. The company's expansion of its shipyard operations, which requires large capital expenditure, is likely to put further pressure on its funding and leverage," said Standard & Poor's credit analyst Lawrence Lu. Titan's various business lines--oil transportation, onshore oil storage, and petroleum supply chain--will face challenging conditions in 2008. In the transportation segment, very large crude carrier freight rates are weak, and operating and bunkering expenses are rising. Modest demand growth and stiff competition in the onshore oil storage segment are likely to continue to weigh on its profitability, although the utilization rate has improved. Onshore oil storage did not contribute as much as expected to 2007 results because of weaker-than-expected demand. Margins in Titan's petroleum supply-chain operations are likely to continue to erode. The margin squeeze began in the second half of 2007 because of stiff competition and negative margins on imports to China, as a result of high crude prices, which had a knock-on impact on Titan. Titan's shipyard operations could put pressure on the company's cash flow as capex mounts. The ship-building business is showing some progress, with two new orders from third parties and several others under negotiation. It continues to relay heavily on orders from related parties, has limited pricing power, and will be vulnerable further weakening of the U.S. dollar. The company's plan to expand into the ship-repairing and offshore engineering business entails sizable capex over the next few years, putting a further strain on Titan's fiscal performance. Titan's liquidity is weak. The company will find it challenging to meet all of its loan and bond covenants. Titan Petrochemicals Group Ltd -- http://www.petrotitan.com/-- is an Asian integrated oil logistics, distribution and supply services provider. It was listed on the Hong Kong Stock Exchange in 2002. Headquartered in Hong Kong, its operations are spread over Singapore, Malaysia and China. It also operates in Russia and Panama. It manages 25 tankers and has on-shore storage facilities in Guangdong, Fujian and Shanghai. ============================= S L O V A K R E P U B L I C ============================= U.S. STEEL: R. Beltz Named as North-Am Flat-Rolled Marketing GM --------------------------------------------------------------- United States Steel Corporation disclosed that Robert J. Beltz has been named general manager-North American flat-rolled marketing. Mr. Beltz will report to Richard M. Efkeman, vice president-worldwide marketing. Mr. Beltz, 39, will oversee industry market strategies, product mix distribution and pricing for U. S. Steel's flat-rolled operations in the United States and Canada. Beltz joined the company in 1990 as a management associate in accounting and finance. After spending two years in the audit department, he moved into the company's commercial organization in 1993 and advanced through increasingly responsible positions over the next 14 years, including managerial roles in automotive sales and marketing at U. S. Steel's Automotive Center in Troy, Mich. In February 2007, Beltz relocated to the company's corporate headquarters in Pittsburgh when he was named director-market analysis and strategy. He advanced to his most recent position, director-industry marketing, in November 2007. Mr. Beltz is a native of Canonsburg, Pa., and graduated from Duquesne University in 1990 with a bachelor's degree in accounting. He earned a master's degree in business administration from the University of Michigan-Flint in 1997. Mr. Beltz is a member of the American Iron and Steel Institute's Construction Market Committee. About U.S. Steel Corporation Headquartered in Pittsburgh, Pennsylvania, United States Steel Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures a wide variety of steel sheet, tubular and tin products; coke, and taconite pellets; and has a worldwide annual raw steel capability of 31.7 million net tons. U.S. Steel's domestic primary steel operations are: Gary Works in Gary, Indiana; Great Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley Works, which includes the Edgar Thomson and Irvin plants, near Pittsburgh and Fairless Works near Philadelphia, Pennsylvania; Granite City Works in Granite City, Illinois; Fairfield Works near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and East Chicago Tin in East Chicago, Indiana. The company also operates two seamless tubular mills, Lorain Tubular Operations in Lorain, Ohio; and Fairfield Tubular Operations near Birmingham, Alabama. U. S. Steel produces coke at Clairton Works near Pittsburgh, at Gary Works and Granite City Works. On Northern Minnesota's Mesabi Iron Range, U.S. Steel's iron ore mining and taconite pellet operations, Minnesota Taconite and Keewatin Taconite, support the steelmaking effort, and its subsidiary ProCoil Company provides steel distribution and processing services. U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o., in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and Smederevo, Serbia. Acero Prime, the company's joint venture with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico, S.A. de C.V., provides Mexico's automotive and appliance manufacturers with total supply chain management services through its slitting and warehousing facility in San Luis Potosi and its warehouse in Ramos Arizpe. * * * In December 2007, Standard & Poor's Ratings Services assigned its 'BB+' senior unsecured rating to the proposed offering of up to US$400 million in senior unsecured notes due Feb. 1, 2018, of United States Steel Corp. (BB+/Negative/--). The notes are being issued under the company's unlimited shelf registration filed on March 5, 2007. ========= S P A I N ========= GRUPO AISA: Asks Court to Dismiss Creditors' Insolvency Petition ---------------------------------------------------------------- Grupo Aisa SA has filed with a commercial court in Barcelona a petition to dismiss a legal request to declare it insolvent and place it under administration, Reuters reports. As reported in the TCR-Europe on April 18, 2008, a group of five creditors led by local insurer ASEFA asked the court on April 11, 2008, to begin bankruptcy proceedings against Aisa, after the property group missed a EUR1.3 million payment on a late delivery of new houses. Aisa claimed that ASEFA has no grounds to make insolvency claims, Bloomberg reports. About Grupo Aisa Headquartered in Barcelona, Spain, Grupo Aisa S.A. -- http://www.grupoaisa.com/AisaWeb/view/Inicio.aspx-- is principally engaged in property development and real estate leasing. It is also involved in brokerage activities related to the construction industry. ===================== S W I T Z E R L A N D ===================== CASTELL WINE: St. Gallen Court Starts Bankruptcy Proceedings ------------------------------------------------------------ The Bankruptcy Service of St. Gallen commenced bankruptcy proceedings against LLC Castell Wine & More on March 12, 2008. The Bankruptcy Service of St. Gallen can be reached at: Bankruptcy Service of St. Gallen Urs Benz 9001 St. Gallen Switzerland The Debtor can be reached at: LLC Castell Wine & More Hauptstrasse 82 9400 Rorschach Wahlkreis Rorschach SG Switzerland DRIVER POOL: Creditors' Liquidation Claims Due by July 18 --------------------------------------------------------- Creditors of LLC Driver Pool have until July 18, 2008, to submit their claims to: Robin Urech Dorfstrasse 70 5417 Untersiggenthal Baden AG Switzerland The Debtor can be reached at: LLC Driver Pool Untersiggenthal Baden AG Switzerland HOT CYCLE: Creditors' Liquidation Claims Due by May 26 ------------------------------------------------------- Creditors of LLC Hot Cycle Pilots have until May 26, 2008, to submit their claims to: LLC Hot Cycle Pilots Zentweg 17 3006 Berne Switzerland INPART INVESTMENT: Creditors' Liquidation Claims Due by June 30 --------------------------------------------------------------- Creditors of LLC InPart Investment Equity have until June 30, 2008, to submit their claims to: LLC InPart Investment Equity Dorfstrasse 2 6300 Zug Switzerland JSUALKIN LLC: Creditors' Liquidation Claims Due by June 12 ---------------------------------------------------------- Creditors of LLC Jsualkin have until June 12, 2008, to submit their claims to: Niklaus Janitsch Industrie Neuhof 17 3422 Kirchberg Burgdorf BE Switzerland The Debtor can be reached at: LLC Jsualkin Burgdorf BE Switzerland LONDON LANGUAGE: Creditors' Liquidation Claims Due by May 31 ------------------------------------------------------------ Creditors of JSC London Language School have until May 31, 2008, to submit their claims to: Egon Aebersold Sternenbergweg 4 4413 Buren Dorneck SO Switzerland The Debtor can be reached at: JSC London Language School Zurich Switzerland MALEGA LLC: Creditors' Liquidation Claims Due by May 21 ------------------------------------------------------- Creditors of LLC Malega have until May 21, 2008, to submit their claims to: Anton Theiler Treuhand Neuhofstr. 1 6341 Baar ZG Switzerland The Debtor can be reached at: LLC Malega Baar ZG Switzerland VINTSY JSC: Lucerne Court Starts Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Service of Luzern-Stadt commenced bankruptcy proceedings against JSC Vintsy on March 11, 2008. The Bankruptcy Service of Luzern-Stadt can be reached at: Bankruptcy Service of Luzern-Stadt 6000 Luzern 5 Switzerland The Debtor can be reached at: JSC Vintsy Kauffmannweg 17 6003 Lucerne Switzerland ============= U K R A I N E ============= AGRO LI: Proofs of Claim Deadline Set May 10 -------------------------------------------- Creditors of LLC Agro Li (code EDRPOU 32092705) have until May 10, 2008 to submit proofs of claim to: The Economic Court of Nikolaev Admiralskaya Str. 22 54009 Nikolaev Ukraine The Economic Court of Nikolaev commenced bankruptcy supervision procedure on the company on Feb. 14, 2008. The case is docketed as 14/70/08. The Debtor can be reached at: LLC Agro Li Morehodnaya Str. 14 54010 Nikolaev Ukraine CHUTOV AGRICULTURAL: Creditors Must File Claims by May 9 -------------------------------------------------------- Creditors of LLC Chutov Agricultural Road Building (code EDRPOU 03581262) have until May 9, 2008 to submit proofs of claim to: The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Economic Court of Poltava commenced bankruptcy proceedings against the company on March 25, 2008, after finding it insolvent. The case is docketed as 18/39. The Debtor can be reached at: LLC Chutov Agricultural Road Building Gagarin Str. 1 Artemovka Chutov District Poltava Ukraine CONSTRUCTION CHEMICAL: Creditors Must File Claims by May 9 --------------------------------------------------------- Creditors of LLC Construction Chemical System (code EDRPOU 34884968) have until May 9, 2008 to submit proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent on April 3, 2008. The case is docketed as B 15/111-08. The Debtor can be reached at: LLC Construction Chemical System Kirov Avenue 42A 49000 Dnipropetrovsk Ukraine EUROPEAN EXPRESS: Creditors Must File Claims by May 10 ------------------------------------------------------ Creditors of LLC European Express (code EDRPOU 34498004) have until May 10, 2008 to submit proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent on April 1, 2008. The case is docketed as B 15/109-08. The Debtor can be reached at: LLC European Express Universalnaya Str. 4 49000 Dnipropetrovsk Ukraine GORMACH CJSC: Proofs of Claim Deadline Set May 9 ------------------------------------------------ Creditors of CJSC Gormach (code EDRPOU 30540229) have until May 9, 2008 to submit proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy supervision procedure on the company on March 20, 2008. The case is docketed as B24/139-08. The Debtor can be reached at: CJSC Gormach Prapornaya Str. 1 49083 Dnipropetrovsk Ukraine MIR LLC: Creditors Must File Claims by May 9 -------------------------------------------- Creditors of LLC Mir (code EDRPOU 03749460) have until May 9, 2008 to submit proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent on March 20, 2008. The case is docketed as 16/7/08. The Debtor can be reached at: LLC Mir Pervomayskaya Str. 1 Novopoltavka Chernigovsky District Zaporozhje Ukraine MOTORCARINDUSTRIALWELDING PLANT: Creditors' Claims Due May 10 ------------------------------------------------------------- Creditors of OJSC Motorcarindustrialwelding Plant (code EDRPOU 05743102)have until May 10, 2008 to submit proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent on March 27, 2008. The case is docketed as 25/76/08. The Debtor can be reached at: OJSC Motorcarindustrialwelding Plant Sedov Str. 36 69057 Zaporozhje Ukraine SCIENCE-TECHNICAL: Creditors Must File Claims by May 10 ------------------------------------------------------- Creditors of LLC of Science-Technical Center Trans-Technology (code EDRPOU 30921906) have until May 10, 2008 to submit proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent on April 1, 2008. The case is docketed as B 15/108-08. The Debtor can be reached at: LLC of Science-Technical Center Trans-Technology Universalnaya Str. 10 49024 Dnipropetrovsk Ukraine UKRTECHNOPLAST LLC: Creditors Must File Claims by May 10 -------------------------------------------------------- Creditors of LLC Ukrtechnoplast (code EDRPOU 32403738) have until May 10, 2008 to submit proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent on April 3, 2008. The case is docketed as B 15/151-08. The Debtor can be reached at: LLC Ukrtechnoplast Moscow Str. 25A-2 49000 Dnipropetrovsk Ukraine =========================== U N I T E D K I N G D O M =========================== AMPEX CORPORATION: U.S. Trustee Forms Five-Member Committee ----------------------------------------------------------- Diana G. Adams, United States Trustee for Region 2 named five creditors as members to the Official Committee of Unsecured Creditors in Ampex Corporation's chapter 11 case filed with the U.S. Bankruptcy Court for the Southern District of New York. The five committee members are: 1. David R. Bunker 2800 South Court Palo Alto, CA 94306 Tel: (408-522-6913) 2. Robert L. Wilson 908 Corriente Point Drive Redwood City, CA 94065 Tel: (650) 678-7359 3. The PMA Group, Inc. 2345 Crystal Drive, Suite 300 Arlington, VA 22202 Attn: John Lynch Tel: (703) 415-0344 4. Robert McAdams 75644 Via Cortona Indian Wells, CA 92210 Tel: (760) 610-1305 5. David Chapman PO Box 490 Pescadero, CA 94060 Tel: (650) 879-0851 Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at the Debtors' expense. They may investigate the Debtors' business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. Those committees will also attempt to negotiate the terms of a consensual Chapter 11 plan -- almost always subject to the terms of strict confidentiality agreements with the Debtors and other core parties-in-interest. If negotiations break down, the Committee may ask the Bankruptcy Court to replace management with an independent trustee. If the Committee concludes reorganization of the Debtor is impossible, the Committee will urge the Bankruptcy Court to convert the Chapter 11 cases to a liquidation proceeding. About Ampex Headquartered in Redwood City, California, Ampex Corp. -- http://www.ampex.com/-- (Nasdaq:AMPX) is a licensor of visual information technology. The company has two business segments: Recorders segment and Licensing segment. The Recorders segment primarily includes the sale and service of data acquisition and instrumentation recorders (which record data and images rather than computer information), and to a lesser extent mass data storage products. The Licensing segment involves the licensing of intellectual property to manufacturers of consumer digital video products through their corporate licensing division. On March 30, 2008, Ampex Corp. and six affiliates filed for protection under Chapter 11 of the Bankruptcy Code with the U.S. Bankruptcy Court for the Southern District of New York (Case Nos. 08-11094 through 08-11100). Matthew Allen Feldman, Esq., and Rachel C. Strickland, Esq., at Willkie Farr & Gallagher LLP, represents the Debtors in their restructuring efforts. The Debtors have also retained Conway Mackenzie & Dunleavy as their financial advisors. In its schedules of assets and liabilities filed with the Court, Ampex Corp. disclosed total assets of US$9,770,089 and total debts of US$$82,488,054. The Debtors have nine foreign affiliates that are incorporated in seven countries -- one each in the United Kingdom, Japan, Belgium, Colombia and Brazil and two each in Germany and Mexico. With the exception of the affiliates located in the U.K. and Japan, none of the other foreign affiliates conduct meaningful business activity. As of March 30, 2008, none of the foreign affiliates have commenced insolvency proceedings. ASCOT INTERIORS: Brings In Liquidators from KPMG ------------------------------------------------ Richard James Philpott and Mark Jeremy Orton of KPMG LLP were appointed joint liquidators of Ascot Interiors (Derby) Ltd. on April 17 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: KPMG LLP 2 Cornwall Street Birmingham B3 2DL England BAA LTD: Airports Ownership May Not Be Good, UKCC Says ------------------------------------------------------ The common ownership of BAA Ltd. of seven airports in the United Kingdom may not be serving well the interests of either airlines or passengers, the U.K. Competition Commission disclosed in a press release on its website last week. In an interim report on its investigation into the market for the supply of airport services by BAA in the UK, the UKCC’s report on its ‘emerging thinking’ sets out the its current view on competition in the relevant UK airports markets on the basis of the evidence to date, identifies areas where it is seeking further evidence and outlines its next steps. The Commission said that while no conclusions have been reached at this stage, it expects to publish its provisional findings in August and if competition problems are identified, it intends to set out its possible remedies at the same time, whether requiring the sale of one or more of BAA’s airports or otherwise. Chairman’s Statement Christopher Clarke, Chairman of the BAA Airports inquiry, said: BAA dominates the airports markets in the South-East of England and in lowland Scotland, both areas of high economic activity and importance. Currently, there is no competition between BAA’s three London airports (Heathrow, Gatwick and Stansted) and only very limited competition from non-BAA airports (including London City and Luton). Similarly, there is no competition between their two airports in lowland Scotland (Edinburgh and Glasgow) although Glasgow does face competition from one non-BAA airport (Prestwick). One of the principal reasons for structuring the privatized BAA in 1987 to include all three major London airports was to provide adequate airport capacity in the South-East of England. Currently there is a shortage of capacity, notably runway capacity, to meet current and expected future demand. Even if the proposed expansion at both Stansted and Heathrow goes ahead within the expected timescales, this shortage will remain until at least 2015 and probably longer as a new runway at Heathrow could not be built until 2020. It has long been argued by BAA and others that competition cannot develop between BAA’s London airports until the shortage of capacity has been alleviated. However, two of the questions we will be seeking to answer at the next stage are whether and to what extent the shortage of capacity is a consequence of the lack of competition between these airports and also whether alleviation of that shortage can reasonably be expected in the absence of competition. There are no similar capacity constraints at any of BAA’s other four airports at Edinburgh, Glasgow, Aberdeen and Southampton. Particular features which we have identified as potentially limiting competition include the common ownership by BAA of each of its seven airports and the way it conducts its business. We are particularly concerned by its apparent lack of responsiveness to the differing needs of its airline customers, and hence passengers, and the consequences for the levels, quality, scope, location and timing of investment and levels and quality of service. We are also concerned about other aspects of BAA’s conduct such as its approach to the system of planning airport development which may, in part at least, be related to ownership of several neighbouring airports. Over many years, BAA seems to have taken a sequential approach to development, notably at its London airports, and been prepared to limit development at one airport to concentrate on development elsewhere. While it has successfully undertaken a significant number of smaller projects simultaneously, it seems largely to have limited itself to one major project at a time, for example Terminal 5. The planning system itself is an inherent constraint on at least the timing of airport development, but airport operators are not unique in having to comply and function within it. There are other long- term infrastructure businesses, such those engaged in utilities and energy projects and property development which operate successfully within similar constraints. There are, however, other features which appear to limit the scope for competition, including aspects of government policy. While the 2003 White Paper provided a much-needed policy framework for airport development, there are certain elements which may have the unintended consequence of intro-ducing constraints which reduce competition. In particular, by supporting the specific location and timing of additional runway capacity at Stansted and Heathrow, and also by stating that it would not support the development of a new runway at Gatwick before 2019 unless there was demonstrably no alternative way forward, it may have introduced at least two constraints. First, against the background of uncertainty over at least the timing of expansion at both Stansted and Heathrow, it arguably raises the risks of delay to much-needed new capacity becoming available in the South-East on a timely basis. Second, it may make it more difficult for other projects which have not received explicit government support in the White Paper to obtain planning consent even though they can be expected to be considered on their merits. We are also concerned that the system of economic regulation and the way it is conducted by the CAA may adversely affect competition though it is not yet clear to us whether it is a feature in itself or whether it facilitates or exacerbates other features of the airport services market which themselves limit competition. We recognize that the legal framework for the economic regulation of airports differs significantly from those in other regulated sectors. In setting a five-year price cap, the CAA is obliged to further the reasonable interests of airport users and to promote the efficient operation of airports; however, it has only limited powers to intervene in an airport’s business between price caps. Also BAA is not subject to a licence and there are no provisions to ring-fence the assets of any airport or for a special administration regime in the event that BAA were to get into financial difficulties. However, it may also be that the CAA’s ‘light touch’ approach to economic regulation impacts on the levels, quality, scope and timing of BAA’s investment as well as on the levels and quality of service, thereby impacting competition. Overall, our current view is that there is potential for competition at all BAA’s airports. Under separate ownership there would be potential for competition between Edinburgh and Glasgow, and between Aberdeen and the other two BAA airports in Scotland, although the evidence on Aberdeen is less strong. We therefore need to consider further the scope for potential competition between Aberdeen and either of the other two airports. On the south-east airports, there is a very real prospect of competition between the three London airports, and from the BAA London airports to Southampton subject to capacity constraints and regulation. Given the current shortage of capacity, competition in the short term between the London airports, were they separately owned, is unlikely, at least in the near future, to be as intense or effective as competition between regional airports at least for some airlines; but nonetheless there is scope for a degree of competition between them despite capacity constraints. But separate ownership would itself create a greater incentive to expand capacity at the three airports. While we are purposely setting out our current thinking in some detail, we have reached no conclusions. By being as explicit as possible at this stage, however, we are providing all interested parties with the opportunity to respond and pro-vide further evidence which we will consider before we reach our provisional findings in the late summer. It is quite possible, therefore, that our lines of argument set out in today’s report may change between now and then. The main points in the document are: The CC is inclined to the view that common ownership of the BAA airports is a feature of the market that adversely affects competition between airports and/or airlines. It is also inclined to the view that shortage of airport capacity, government policy and the regulatory system for airports might also be features that adversely affect competition or exacerbate other features which do so. The CC has considered each of BAA’s airports individually and it is currently inclined to the view that: (a) There is potential for competition between Edinburgh and Glasgow airports, hence common ownership adversely affects competition between them, although it is currently less clear to us whether there is a competition problem deriving from BAA’s common ownership of Aberdeen together with its other airports. (b) There is a real possibility of competition between the BAA London airports given the willingness of passengers to switch between them, although the scope for that compe-tition is also restricted in the short term by capacity constraints. Common ownership therefore adversely effects competition between them. We also currently see the potential for competition from Heathrow and Gatwick to Southampton, if not vice versa; hence competition problems also derive from BAA’s ownership of Southampton. (c) The capacity constraints adversely affect competition; but nonetheless may well result from aspects of planning restrictions and of government policy which may well also therefore adversely affect competition, and from the way BAA has conducted its business taking account of planning considerations. (d) The regulatory system applied to the BAA London airports and/or the way it operates may also reinforce or exacerbate other features which adversely affect competition; but BAA’s own ownership of the designated airports in turn exacerbates the inadequacies of the regulatory system, reducing the benefit of regulation. The CC also expresses concern that BAA has a financial structure with a dependence on a single group parent balance sheet that could constrain the ability of the airports adequately to invest or maintain service standards. 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: JPMorgan Report Affirms Risk of Default Within a Year -------------------------------------------------------------- BAA Ltd. faces the risk of defaulting within a year as plans to cut borrowing costs are impeded by an antitrust review, Bloomberg News cites a report by Olek Keenan of JPMorgan Chase & Co. According Mr. Keenan's report, BAA is yet to refinance at least GBP8 billion of debt used for its takeover. Grupo Ferrovial SA needs to seek an alternative as the U.K. Competition Commission determines whether to impose the selling of one of BAA's airports. Grupo Ferrovial may have a 'silver bullet' plan to tackle the concerns, Bloomberg relates, but if there is no such plan, then "we think a default at BAA is a possibility in the next 12 months," Mr. Keenan said. Bloomberg said that BAA has twice held off refinancing due to the regulatory review by the Competition Commission. The CC disclosed that BAA may not be serving well the interests of either airlines or passengers. An official at Grupo Ferrovial told Bloomberg that the company will keep its refinancing plan and that the CC does not affect BAA's refinancing. "The financial structure to refinance BAA takes into account possible asset sales of both regulated and unregulated assets, so its flexible and can adapt to future regulatory decisions," Bloomberg News quoted the Ferrovial official as saying. 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. BUTLER AND TANNER: Goes Into Receivership; 287 Jobs Affected ------------------------------------------------------------ The workforce of Butler and Tanner Printers Ltd. was informed by post on Saturday, April 26, 2008, that the company has been closed and is going into receivership owing 287 workers thousands of pounds in unpaid wages and deducted pension contributions. The news came at talks between the union Unite and the color book printers, Butler and Tanner were ongoing at the conciliation service ACAS. Negotiations have been underway on changes to working practices and massive cost reductions. On Friday, the union and the management were still in discussions with ACAS with no notification that the company was about to be closed. Workers have been told the company is closed, they are redundant with immediate effect and that an application for receivership will be made next week. Members gathered at the company on Saturday following receipt of their notices to find the gates barred and bolted. "Unite will be demanding recompense in full from the perpetrators of this despicable act sacrificing people's jobs and livelihoods. Mike Dolan and former boss Andrew Hillman should be called to account for what they have done to the workers' jobs, their pensions and their community," National officer Ann Field said. A members' meeting will be held today April 29, 2008. Headquartered in Frome, England, Butler and Tanner Printers Ltd. -- http://www.butlerandtanner.com/-- is a sheet-fed printing company specializing in book, brochures, annual reports, catalogs and fine art. CIBENZE SERVICES: Taps Joint Administrators from BDO Stoy --------------------------------------------------------- David Harry Gilbert and Martha Honara Thompson of BDO Stoy Hayward LLP were appointed joint administrators of Cibenze Services Plc (Company Number 01811263) on April 18, 2008. BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. The company can be reached at: Cibenze Services Plc 294-304 St. Jamess Road Bermondsey London SE1 5JX England Tel: 020 7740 3410 Fax: 020 7216 6490 Web site: http://www.cibenze.co.uk CLEAR CHANNEL: Set to Release 1st Quarter 2008 Results on May 9 --------------------------------------------------------------- Clear Channel Communications, Inc. and Clear Channel Outdoor Holdings, Inc. said that both companies will release first quarter 2008 financial results before the market opens on Friday, May 9, 2008 at approximately 7:00 a.m. Eastern Time. The companies will not be hosting a teleconference or webcast as a result of the Clear Channel Communications, Inc. pending merger transaction that was approved by Clear Channel Communications, Inc. shareholders on Sept. 25, 2007. About Clear Channel Based in San Antonio, Texas, Clear Channel Communications Inc. (NYSE:CCU) -- http://www.clearchannel.com/-- is a media and entertainment company specializing in "gone from home" entertainment and information services for local communities and premiere opportunities for advertisers. The company's businesses include radio, television and outdoor displays. Outside U.S., the company operates in 11 countries -- Norway, Denmark, the United Kingdom, Singapore, China, the Czech Republic, Switzerland, the Netherlands, Australia, Mexico and New Zealand. As of Dec. 31, 2007, it owned 717 core radio stations, 288 non-core radio stations which are being marketed for sale and a leading national radio network operating in the United States. * * * In March 2008, Standard & Poor's Ratings Services said its ratings on Clear Channel Communications Inc., including the 'B+' corporate credit rating, remain on CreditWatch with negative implications. Fitch Ratings stated that in line with previous guidance, Clear Channel Communications' 'BB-' Issuer Default Rating and Senior Unsecured Ratings would remain in place if the going-private transaction is not completed. Moody's stated that assuming the transaction is completed as currently contemplated, Clear Channel will likely be assigned a Corporate Family Rating of B2 and the rating on the existing senior notes is likely to be notched down to Caa1 based on their expected subordination to the new senior secured debt facilities and the new senior notes. CLEAR CHANNEL: Further Extends Offers' Expiration Date to May 2 --------------------------------------------------------------- In connection with Clear Channel Communications, Inc.'s previously announced tender offer for its outstanding 7.65% Senior Notes due 2010 (CUSIP No. 184502AK8) and Clear Channel's subsidiary AMFM Operating Inc.'s previously announced tender offer for its outstanding 8% Senior Notes due 2008 (CUSIP No. 158916AL0), Clear Channel disclosed that it has extended the date on which the tender offers are scheduled to expire from 8:00 a.m. New York City time on April 25, 2008 to 8:00 a.m. New York City time on May 2, 2008 and the consent payment deadline for the Notes from 8:00 a.m. New York City time on April 25, 2008 to 8:00 a.m. New York City time on May 2, 2008. The Offer Expiration Date and the Consent Payment Deadline are subject to extension by Clear Channel, with respect to the CCU Notes, and AMFM, with respect to the AMFM Notes, in their sole discretion. The completion of the tender offers and consent solicitations for the Notes is conditioned upon the satisfaction or waiver of all of the conditions precedent to the Agreement and Plan of Merger by and among Clear Channel, CC Media Holdings, Inc., B Triple Crown Finco, LLC, T Triple Crown Finco, LLC and BT Triple Crown Merger Co., Inc., dated November 16, 2006, as amended by Amendment No. 1, dated April 18, 2007, and Amendment No. 2, dated May 17, 2007 and the closing of the merger contemplated by the Merger Agreement. The closing of the Merger has not occurred. On March 26, 2008, Clear Channel, joined by CC Media Holdings, Inc., filed a lawsuit in the Texas State Court in Bexar County, Texas, against Citigroup, Deutsche Bank, Morgan Stanley, Credit Suisse, The Royal Bank of Scotland, and Wachovia, the banks who had committed to provide the debt financing for the Merger. Clear Channel intends to complete the tender offers and consent solicitations for the CCU Notes, and AMFM intends to complete the tender offers and consent solicitations for the AMFM Notes, upon consummation of the Merger. Clear Channel previously announced on Jan. 2, 2008 that it had received, pursuant to its previously announced tender offer and consent solicitation for the CCU Notes, the requisite consents to adopt the proposed amendments to the CCU Notes and the indenture governing the CCU Notes applicable to the CCU Notes, and that AMFM had received, pursuant to its previously announced tender offer and consent solicitation for the AMFM Notes, the requisite consents to adopt the proposed amendments to the AMFM Notes and the indenture governing the AMFM Notes. As of April 23 date, approximately 95 percent of the AMFM Notes have been validly tendered and not withdrawn and approximately 99 percent of the CCU Notes have been validly tendered and not withdrawn. The Clear Channel tender offer and consent solicitation is being made pursuant to the terms and conditions set forth in the Clear Channel Offer to Purchase and Consent Solicitation Statement for the CCU Notes dated Dec. 17, 2007, and the related Letter of Transmittal and Consent. The AMFM tender offer and consent solicitation is being made pursuant to the terms and conditions set forth in the AMFM Offer to Purchase and Consent Solicitation Statement for the AMFM Notes dated Dec. 17, 2007, and the related Letter of Transmittal and Consent. Further details about the terms and conditions of the tender offers and consent solicitations are set forth in the Offers to Purchase and the related documents. Clear Channel has retained Citi to act as the lead dealer manager for the tender offers and lead solicitation agent for the consent solicitations and Deutsche Bank Securities Inc. and Morgan Stanley & Co. Incorporated to act as co-dealer managers for the tender offers and co-solicitation agents for the consent solicitations. Global Bondholder Services Corporation is the Information Agent for the tender offers and the consent solicitations. Questions regarding the tender offers should be directed to Citi at (800) 558-3745 (toll-free) or (212) 723-6106 (collect). Requests for documentation should be directed to Global Bondholder Services Corporation at (212) 430-3774 (for banks and brokers only) or (866) 924-2200 (for all others toll- free). About Clear Channel Based in San Antonio, Texas, Clear Channel Communications Inc. (NYSE:CCU) -- http://www.clearchannel.com/-- is a media and entertainment company specializing in "gone from home" entertainment and information services for local communities and premiere opportunities for advertisers. The company's businesses include radio, television and outdoor displays. Outside U.S., the company operates in 11 countries -- Norway, Denmark, the United Kingdom, Singapore, China, the Czech Republic, Switzerland, the Netherlands, Australia, Mexico and New Zealand. As of Dec. 31, 2007, it owned 717 core radio stations, 288 non-core radio stations which are being marketed for sale and a leading national radio network operating in the United States. * * * In March 2008, Standard & Poor's Ratings Services said its ratings on Clear Channel Communications Inc., including the 'B+' corporate credit rating, remain on CreditWatch with negative implications. Fitch Ratings stated that in line with previous guidance, Clear Channel Communications' 'BB-' Issuer Default Rating and Senior Unsecured Ratings would remain in place if the going-private transaction is not completed. Moody's stated that assuming the transaction is completed as currently contemplated, Clear Channel will likely be assigned a Corporate Family Rating of B2 and the rating on the existing senior notes is likely to be notched down to Caa1 based on their expected subordination to the new senior secured debt facilities and the new senior notes. CREAM COMPUTER: Hires Liquidators from Tenon Recovery ----------------------------------------------------- A. J. Pear and I. M. D. G. Cadlock of Tenon Recovery were appointed joint liquidators of Cream Computer (UK) Ltd. on April 17 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Lyndean House 43/46 Queens Road Brighton East Sussex BN1 3XB England CREATIVE BUSINESS: Brings In Menzies as Administrators ------------------------------------------------------ David John Whitehouse and Philip Francis Duffy of Menzies Corporate Restructuring were appointed joint administrators of Creative Business Environments Ltd. (Company Number 05079693) on April 16, 2008. 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. The company can be reached at: Creative Business Environments Ltd. 49 Old Hall Road Sale Cheshire M33 2HT England Tel: 01612828524 EVESHAM TECHNOLOGY: Ceases Acceptance of PC Orders -------------------------------------------------- Evesham Technology Ltd. is no longer taking orders for PCs or for any peripherals through its sales line as it intends to sell off all of its stock, Carrier-Ann Skinner of PC Advisor reports, citing a sales advisor. The sales advisor, however, told PC Advisor that new units may become available in a month or so. PC Advisor noted the company's Web site appears to be offering PCs for sale. Evesham's head office, on the other hand, said the company had gone into liquidation, the paper relates. As previously reported in the TCR-Europe, Evesham had successfully completed its restructuring. The company went into administration on Aug. 3, 2007, after being unable to replace lost revenue of GBP30 million. The company said that the revenue loss was due to the decision made by the Government to axe the HCI (Home Computing Initiative) at short notice. In a structured deal PCC Technology Ltd. acquired certain assets of stricken Evesham from its administrators, including the Evesham brand. About Evesham Technology Headquartered in Evesham, England, Evesham Technology Ltd. -- http://www.evesham.com/-- is a provider of computer hardware including desktop and notebook PCs, workstations, servers, data storage systems, and third-party peripherals. The company also offers such services as consulting, network design and integration, and technical support. Evesham Technology has partnerships with manufacturers including AMD, Intel, and Microsoft. It was founded by Richard Austin in 1983. GRETNA FOOTBALL: Faces Liquidation as Offers Remain Unseen ---------------------------------------------------------- The joint administrators for Gretna Football Club Ltd., David Elliott and Lisa Hogg of Wilson Field Ltd., will convene the company's 139 creditors on May 8, 2008, to decide whether to send it into liquidation, News and Star reports. According to the report, three potential buyers -- including football consultant and agent Paul Davies -- have expressed interest on Gretna FC, but has yet to submit offers. The report adds that if a buyer can't be found, the company may be closed and placed into creditors voluntary liquidation. List of Major Creditors Creditor Amount -------- ------------ Brooks Mileson GBP1,871,000 Rowan Alexander 800,000 HM Inland Revenue is owed 439,762 HM Customs and Excise 136,292 University of Cumbria 74,000 James Grady 20,000 Martin Canning 9,000 Carlisle City Council 2,000 Gretna went into administration in March 2008 after Mr. Mileson terminated financial support, News and Star reports. The company has GBP3,734,811.53 in total debts, which excluded an administrators’ bill of more than GBP250,000. Headquartered Gretna, United Kingdom, Gretna Football Club Ltd. -- http://www.gretnafootballclub.co.uk-- is a Scottish football club that plays in the Scottish Premier League. HALIFAX TOWN: Administrators Reveal Proposal for Creditors ---------------------------------------------------------- Rob Sadler and Peter Sargent of Begbies Traynor, as administrators of Halifax Town Association Football Club Ltd., disclosed a proposal that aims to pay creditors 2.5 pence in the pound, Halifax Courier reports. The creditors however will have to give their approval to a company voluntary arrangement, the report adds. Messrs. Sadler and Sargent were appointed as administrators on March 14, 2008. According to Mr. Sadler, the Halifax Courier relates, the proposal, if approved, would give the club an opportunity to stabilize their financial standing and creditors will be able receive a dividend on what is owed to them. Failing to accept the proposal will more likely would lead the club being put into liquidation, Mr. Sadler warned. The proposal already has the backing of a consortium led by businessmen David Bosomworth and Bobby Ham, the report further relates. Creditors are expected to vote for the proposal on May 7, 2008. Halifax Town Association Football Club is an English football team currently playing in the Conference National. The club's current ground is The Shay in Halifax, West Yorkshire. HEXCEL CORP: Moody's Keeps Ba3 Corporate Family Rating ------------------------------------------------------ Moody's Investors Service affirmed Hexcel Corporation's Corporate Family and Probability of Default ratings of Ba3, and the B1 rating of Hexcel's subordinated notes, but raised the rating on the Secured Bank Credit Facilities to Baa3 from Ba1. The rating outlook remains stable. Because about US$96 million of the term loan portion of the Credit Facilities was repaid, recovery expectations are higher under Moody's Loss Given Default methodology and the rating on the Credit Facilities was raised one notch to Baa3. The claim of the Credit Facilities in the waterfall benefits from substantial collateral, up-stream guarantees from Hexcel's material domestic subsidiaries as well as a significant level of subordinated debt. The Ba3 Corporate Family and Probability of Default ratings balance the company's modest scale, significant market presence, strong credit metrics, and favorable growth prospects with the ongoing investment phase in its carbon fiber capacity, which constrains prospects for near term free cash flow. The rating also recognizes concentration aspects in Hexcel's customer base and the cyclical nature of the build rate for new commercial aircraft. Recent performance demonstrates healthy interest coverage and significantly lower leverage, and flows from a combination of higher production rates in commercial aerospace and wind energy, increasing percentage use of composite materials in new aircraft, sustained margins, and the application of proceeds from business divestitures to reduce indebtedness. Moody's expects favorable operating trends to continue, but the company's plan for substantial capital expenditures is likely to result in no better than break-even free cash flow in the near term. Consequently, debt is not expected to be reduced. Hexcel could generate strong free cash flow once the heavy capital investments begin to ebb and the build-rates for larger aircraft progress to a normalized production level. The ratings are further supported by Hexcel's strong competitive position in what is expected to be a continuing robust environment for OEM aircraft suppliers. While Hexcel is anticipated to generate credit metrics at levels at or above those typical for the Ba3 rating, the rating considers uncertainty in the pace at which the Airbus A380 (on which Hexcel will have US$3 million content per aircraft, according to the company) and the ongoing delays in production of Boeing's B787 (on which Hexcel will have between US$1.3 million to US$1.6 million of content per aircraft, according to the company). Also, a shareholder activist group has proposed three alternative nominees to Hexcel's board of directors (the shareholders meeting is scheduled for May 8, 2008) and has further said that shareholder value has not been maximized. Uncertainty of future financial policies constrains the rating. The stable rating outlook reflects Moody's expectations for continued healthy operating margins and revenue growth in an ongoing robust commercial aerospace environment and is supported by the firm's satisfactory liquidity profile despite the prospects for break-even free cash flow in 2008. The stable outlook also assumes that any developments relating to the production and delivery schedule of the A380 or B787 will have no material negative impact on the company's margins or working capital requirements. Ratings upgraded with revised Loss Given Default Assessments: -- US$125 million secured revolving credit facility, Baa3 (LGD-2, 14%) from Ba1 (LGD-2, 22%) -- US$87 million secured term loan, Baa3 (LGD-2, 14%) from Ba1 (LGD-2, 22%) Ratings affirmed with revised Loss Given Default Assessment: -- Corporate Family, Ba3; -- Probability of Default, Ba3; -- US$225 million senior subordinated notes, B1 (LGD-4, 69%). The last rating action was on April 3, 2007 at which time Hexcel's Corporate Family and Probability of Default ratings were up-graded to Ba3 from B1. Hexcel Corporation, headquartered in Stamford, CT, is a leading advanced structural materials company. It develops, manufactures and markets lightweight, high-performance structural materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures, used in commercial aerospace, space and defense, and certain industries. Revenues in 2007 were approximately US$1.2 billion. The company has subsidiaries in Austria, the United Kingdom, Spain, Hong Kong, Japan and Brazil. INTERNET TELECOMMUNICATIONS: Taps Administrators from Tenon ----------------------------------------------------------- A.J. Pear and I. Cadlock of Tenon Recovery were appointed joint administrators of Internet Telecommunications Plc (Company Number 03950920) on April 17, 2008. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. The company can be reached at: Internet Telecommunications PLC 46 Clerkenwell Close Clerkenwell London EC1R 0AZ England Tel: 020 7216 9000 Fax: 020 7216 9001 MELDRUM YOUNG: Taps Begbies & Chantrey to Administer Assets ----------------------------------------------------------- Paul Michael Davis of Begbies Traynor (South) LLP and Richard Howard Toone of Chantrey Vellacott DFK LLP were appointed joint administrators of Meldrum Young on April 11, 2008. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Chantrey Vellacott DFK -- http://www.cvdfk.com/-- provides accounting, taxation and related advisory services. The company can be reached at: Meldrum Young 6 Broad Road Sale Cheshire M33 2AL England Tel: 0161 969 6415 Fax: 0161 969 6326 NPS PHARMA: December 31 Balance Sheet Upside-Down by US$188MM ------------------------------------------------------------- NPS Pharmaceuticals Inc.'s balance sheet at Dec. 31, 2007, showed total assets of US$231.757 million and total liabilities of US$419.788 million, resulting to total shareholders' deficit of US$188.031 million. For the fourth quarter of 2007, NPS reported net income of US$21.2 million versus a net loss of US$14.0 million for the fourth quarter of 2006. For the year ended Dec. 31, 2007, NPS reported a net loss of US$657,000 as compared to a net loss of US$112.7 million for 2006. NPS's improved 2007 financial results were primarily due to (i) a US$30.0 million gain related to the sale of its interests in an early-stage research and development collaboration, (ii) declines in operating expenditures, and (iii) increased milestone and royalty revenues. In line with its new business plan, during 2007 NPS retired a substantial amount of its debt and significantly reduced operating expenditures. In 2007, the company raised more than US$275.0 million of capital and retired US$191.0 million in convertible debt due in 2008. The company's cash, cash equivalents, short- and long-term investments totaled US$161.7 million as of Dec. 31, 2007. NPS now expects its 2008 cash burn to be in the range of US$45 to US$55 million. The increase in the company's 2008 cash burn from previous guidance is due to the timing of payments of certain 2007 expenses, which are now projected to occur in 2008. "After implementing a new business plan in 2007, raising significant capital and obtaining regulatory clarity from the FDA, NPS now has the direction, the resources and the capabilities to develop its products in specialty indications with high unmet medical needs, including short bowel syndrome and hypoparathyroidism," Tony Coles, M.D., president and chief executive officer of NPS, stated. "With a two to three year cash runway, I am confident that NPS is well-positioned to advance its pipeline and achieve commercial success." During 2007, NPS reported these accomplishments: * Refocused its business on specialty indications for gastrointestinal and endocrine disorders with unmet medical need. * Raised more than US$275.0 million through the issuance of royalty-backed and convertible notes and the monetization of non-core assets. * Achieved net operating cash inflow of US$27.6 million for 2007 as compared to a net operating cash outflow of US$103.9 for 2006. * Retired US$191.0 million in convertible debt due in 2008. * Completed a Phase 3 study of GATTEX(TM) in short bowel syndrome patients who are dependent on parenteral nutrition. * Secured an ex-North America partnership for GATTEX with Nycomed. * Defined a clinical strategy and obtained orphan drug status for NPSP558 as a potential therapy for hypoparathyroidism. NPS reported restructuring charges of US$1.1 million for the fourth quarter of 2007 as compared to a US$61,000 credit for the fourth quarter of 2006. For the full year, restructuring charges for 2007 were US$13.4 million versus US$8.2 million in 2006. Restructuring charges were comprised of employee termination benefits. In connection with the implementation of NPS's new business plan, the company sold its interests in an early-stage research and development collaboration with AstraZeneca for metabotropic glutamate receptors and recognized a US$30.0 million gain in the fourth quarter of 2007. As of Dec. 31, 2007, the company's cash, cash equivalents, short- and long-term investments totaled US$161.7 million, as compared to US$146.2 million as of Dec. 31, 2006. The company's investment portfolio includes investments in certain auction-rate securities or ARS investments. As of Dec. 31, 2007, the company's ARS investments had an estimated value of US$53.3 million and a cost basis of US$59.8 million. Recently, NPS agreed to sell certain of these ARS investments to one of its investment advisors for US$26.0 million. These securities had an estimated market value of US$24.9 million at Dec. 31, 2007. In connection with the agreement to sell these investments, NPS recorded an other-than-temporary loss of US$4.1 million in the fourth quarter of 2007 to reflect the difference between the selling price of US$26.0 million and the cost basis of US$30.1 million. The estimated value of NPS's remaining ARS investments totaled US$28.4 million at Dec. 31, 2007, which reflects a US$1.3 million reduction in the principal value of US$29.7 million. Excluding the ARS investments the company is selling, as of Feb. 29, 2008, the estimated value of the remaining ARS investments was US$26.4 million. About NPS Pharmaceuticals Headquartered in Salt Lake City, Utah, NPS Pharmaceuticals Inc. (NASDAQ:NPSP) -- http://www.npsp.com/-- develops small molecules and recombinant proteins as drugs, primarily for the treatment of metabolic, bone and mineral, and central nervous system disorders. The company has drug candidates in various stages of clinical development. NPS Pharma UK LTD is a subsidiary of the company that is incorporated in the United Kingdom. NPS PHARMA: Annual Shareholders’ Meeting Scheduled on May 22 ------------------------------------------------------------ Andrew Rackear, Senior Vice President of NPS Pharmaceuticals Inc. disclosed in a regulatory filing that the company’s Annual Meeting of Stockholders will be held on Thursday, May 22, 2008, at 3:00 p.m. The meeting will be at the Bridgewater Marriott, 700 Commons Way in Bridgewater, New Jersey. At the meeting, shareholders will be asked to: -- elect seven members to the Board of Directors, each for a term of one year; -- amend the company’s 1998 Stock Option Plan to extend the term of the plan by four (4) years until May 31, 2012; -- ratify the appointment of KPMG LLP as the company’s independent registered public accounting firm for the fiscal year ending Dec. 31, 2008; and -- transact such other business as may properly come before the meeting or any adjournment thereof. The company’s Board of Directors has fixed the close of business on March 28, 2008, as the record date for the determination of stockholders entitled to notice of and to vote at this Annual Meeting of Stockholders and at any adjournment thereof. About NPS Pharmaceuticals Headquartered in Salt Lake City, Utah, NPS Pharmaceuticals Inc. (NASDAQ:NPSP) -- http://www.npsp.com/-- develops small molecules and recombinant proteins as drugs, primarily for the treatment of metabolic, bone and mineral, and central nervous system disorders. The company has drug candidates in various stages of clinical development. NPS Pharma UK LTD is a subsidiary of the company that is incorporated in the United Kingdom. PAINTER SALTER: Appoints Joint Administrators from KPMG -------------------------------------------------------- James Robert Tucker and Richard James Philpott of KPMG LLP were appointed joint administrators of Painter Salter Ltd. (Company Number 03259939) on April 18, 2008. 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. The company can be reached at: Painter Salter Ltd. 3-16 The Wharf Bridge Street Birmingham West Midlands B1 2JS England Tel: 0121 631 1969 Fax: 0121 643 2477 POWERFORCE RECRUITMENT: Calls In Liquidators from PwC ----------------------------------------------------- Anthony Barrell and Stuart Maddison of PricewaterhouseCoopers LLP were appointed joint liquidators of Powerforce Recruitment Ltd. on April 15 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: PricewaterhouseCoopers LLP Donington Court Pegasus Business Park Castle Donington Derbyshire DE4 2UZ England PRO-LIGHT LABEL: Claims Filing Period Ends May 23 ------------------------------------------------- Creditors of Pro-Light Label Ltd. have until May 23, 2008 to send in their names and addresses with particulars of their debts or claims to: Andrew Sheridan Joint Liquidator Baker Tilly Restructuring and Recovery LLP Hartwell House 55-61 Victoria Street Bristol BS1 6AD England Andrew Sheridan and Matthew Wild of Baker Tilly Restructuring & Recovery LLP were appointed joint liquidators of the company on April 11, 2008 for the creditors' voluntary winding-up proceeding. TARANATA LTD: Duncan R. Beat Leads Liquidation Procedure -------------------------------------------------------- Duncan R. Beat of Tenon Recovery was appointed liquidator of Taranata Ltd. on April 16 for the creditors' voluntary winding- up procedure. The liquidator can be reached at: Tenon Recovery 75 Springfield Road Chelmsford Essex CM2 6JB England TIMEWARP DISTRIBUTION: Taps Liquidators from Tenon Recovery ----------------------------------------------------------- I. Cadlock and A. J. Pear of Tenon Recovery were appointed joint liquidators of Timewarp Distribution Ltd. (formerly Timewarp Entertainments Ltd.) on April 21 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Third Floor Lyndean House 43/46 Queens Road Brighton East Sussex BN1 3XB England TZARINA JEWELS: Appoints Colin Prescott as Liquidator ----------------------------------------------------- Colin Prescott of Moore Stephens LLP was appointed liquidator of Tzarina Jewels Ltd. on April 18 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Moore Stephens LLP 1-2 Little King Street Bristol BS1 4HW England * UK Corporate Insolvencies Up 17% to 3,359 in First Qtr. 2008 -------------------------------------------------------------- New figures released by PricewaterhouseCoopers LLP show that the number of corporate insolvencies in quarter one of 2008 rose by 21% compared to the last quarter of 2007 and 17% compared to the same period of last year. In total, 3,359 businesses across England and Wales entered into insolvency in January, February and March –- the highest number of insolvencies since the fall-out from the dot-com crash in 2003. "Clearly, the increase in the number of insolvencies this quarter is a result of the current economic climate, but our experience shows that most company failure and insolvency is down to inadequate planning to deal with these more challenging conditions," Mike Jervis, partner in the Business Recovery Services practice at PricewaterhouseCoopers LLP, commented. "Our message to businesses is not to panic, but to ensure they are doing all they can to manage their way through the potential downturn as soon as they see signs of financial distress. The four key areas to focus on are: reviewing their business strategy so they can be certain it is still relevant; making sure they have access to adequate finance and cash; looking at their operational capability to ensure it is correctly deployed around the profit making areas of the business; and finally managing and communicating with their stakeholders from staff to banks and suppliers," Mr. Jervis said. "History has shown that the companies who emerge from the downturn as sector leaders will be those who proactively undertake a strategic, financial and operational review now, while carefully and positively managing their stakeholders differing agendas," Mr. Jervis added. The rise in insolvencies is being driven by the retail and construction sectors, which are also seeing five year highs this quarter with 431 and 500 insolvencies respectively. "The recent problems suffered by the retail sector have been well documented and are further impacted by the squeeze on consumer's discretionary spend. However, our experience shows that when retailers get into distress they shed nearly 40% of their store portfolio. Retailers need to constantly review their store portfolios to recognize those stores that are loss making and deal with them appropriately to ensure they have a higher prospect of survival," Mr. Jervis continued. * Large Companies with Insolvent Balance Sheet ---------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (85) 1,573 210 BELGIUM ------- Sabena S.A. (86) 2,215 (297) CYPRUS ------ Cyprus Airways CAIR (30) 262 (97) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Arbel ARB (150) 138 (96) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo De France (3,872) 4,738 (2,868) Euro Computer System (110) 682 377 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (67) 301 (13) Matussiere et Forest S.A. MTF (78) 294 (28) Outremer Telecom OMT (33) 229 (88) Pagesjaunes GRP PAJ (3,023) 1,377 (311) Pneumatiques Kleber S.A. (34) 480 139 SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 Selcodis S.A. SPVX (9) 134 (26) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Babcock Borsig BBX (1608) 137 (1,309) CBB Holding AG COB (43) 905 N.A. Cinemaxx AG MXC (27) 177 (30) Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (10) 111 N.A. Kabel Deutschland (1,199) 2,280 (306) Kaufring AG KAUG (19) 151 (51) Maternus Kliniken AG MAK.F (4) 201 (20) Nordsee AG (8) 195 (31) Schaltbau Hold SLTG (13) 185 3 SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) GREECE ------ Radio A.Korassidis KORA (101) 181 (139) Commercial HUNGARY ------- Exbus PLC EXBUS (30) 118 (5,162) ICELAND ------- Decode Genetics Inc. DCGN (146) 156 48 IRELAND ------- Elan Corp PLC ELN (388) 1,599 484 Waterford Wed Ut WTFU (145) 897 208 ITALY ----- A.S. Roma S.p.A. ASR (12) 188 (49) Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Gruppo Coin S.p.A. GC (154) 801 (50) Compagnia Italia ICT (138) 527 (235) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) I Viaggi del Ventaglio S.p.A. VVE (64) 529 (88) Lazio S.p.A. SSL (32) 254 (33) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Snia S.p.A. SN (39) 275 36 Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Interoil Exploration IOX (9) 205 (11) Petroleum-Geo Services PGO (32) 2,963 (5,250) ROMANIA ------- Rafo Onesti RAF (354) 475 (1,421) RUSSIA ------ East Siberia Brd VSNK (79) 107 (278) Omskij Kauchu OMKA (4) 125 (1,794) OAO Samaraneftegas (332) 892 (16,942) Vimpel Ship SOVP (93) 281 (420) Zil Auto ZILLP (178) 425 (10,597) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Santana Motor S.A. (46) 223 41 TURKEY ------ Nergis Holding (24) 125 26 Turk Tuborg TBORG (1) 153 (109) Yasarbank (948) 623 N.A. UKRAINE ------- Dniprooblenergo DNON (40) 477 (807) Donetskoblenergo DOON (286) 597 (1,991) UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Alldays Plc (120) 252 (202) Amey Plc AMY (49) 932 (47) Atkins (WS) Plc ATK (150) 1,390 62 Bagleys Investment (247) 1,094 (126) BCH Group Plc BCH (6) 188 (44) Blenheim Group BEH (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Ltd (5,823) 4,921 290 British Energy Plc BGY (5,823) 4,921 434 British Nuclear Fuels Plc (4,248) 40,326 977 Carlisle Group (12) 204 15 Compass Group CPG (668) 2,972 (298) Dowson Holding DWN (18) 226 31 Dignity Plc DTY (9) 648 35 Easybroker PLC (1) 287 (1) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (2,266) 2,950 (296) Evans Healthcare (86) 239 (144) Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (26) 1,273 (277) Imperial Chemical Industries Plc ICI (370) 8,393 2 Invensys PLC (276) 3,914 357 Jarvis Plc JRVS.L (28) 370 (22) Ladbrokes Plc LAD (894) 2,139 (356) Lambert Fenchurch Group (1) 1,827 3 Legal & Gen. Fin. (7) 3,576 (522) London Stock Exchange LSE (689) 526 (195) M 2003 Plc (2,204) 7,205 (756) Misys Plc MSY (7) 1,123 (131) Mytravel Group MT.L (380) 1,818 (488) New Star Asset (418) 368 17 Next Plc (156) 3,224 (63) Orange Plc ORNGF (594) 2,902 7 Pii Group Ltd (84) 236 (47) Rank Group Plc (26) 1,209 (87) Regus Plc (46) 367 (60) Saatchi & Saatchi SSI (119) 705 (41) SFI Group SUF (108) 178 (162) Skyepharma PLC SKP (95) 211 2 Spirit Group (75) 365 (56) Telereal Security (35) 3,418 1,948 Telewest Communications Plc TLWT (3,702) 7,581 (5,631) Trio Finance TRIO (14) 592 N.A. Unilever U.K. Cent. (1,170) 4,509 82 Upperpoint Manufac. (10) 280 (10) Webley Stadium (55) 1,561 (45) Wincanton Plc WIN (27) 1,451 (78) ********* 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 * * *