/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070201.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, February 1, 2007, Vol. 8, No. 23 Headlines A U S T R I A D.P.A. ANLAGENBAU: Claims Registration Period Ends March 4 G-S LLC: Claims Registration Period Ends February 27 HE WEI: Claims Registration Period Ends February 27 HR PERSONAL: Claims Registration Period Ends February 27 KELLER PROFI: Claims Registration Period Ends February 20 MAKO-MARCELLUS: Claims Registration Period Ends February 26 PLOBERGER & STADLER: Creditors' Meeting Slated for March 13 UJESKY HANDELS: Claims Registration Period Ends March 1 G E R M A N Y A & B BRINKMANN: Claims Registration Ends February 28 ADAPOCA ERSTE: Claims Registration Ends February 21 ARPS MONTAGE: Claims Registration Ends February 22 ART INDUSTRIEBAU: Claims Registration Ends February 26 BIOVEST INT'L: Closes Amended & Restated Loan Transaction BLHB GMBH: Claims Registration Ends March 16 CROMA HANDEL: Claims Registration Ends March 15 FOWIS INFORMATIONSDIENST: Claims Registration Ends February 21 HAIR FASHION: Claims Registration Ends February 22 HAKE STUERS: Claims Registration Ends February 5 HAMA MASCHINENBAU: Claims Registration Ends February 22 HB UNTERNEHMENSBERATUNG: Claims Registration Ends Feb. 5 HEINRICH KUENSTING: Creditors Have Until Feb. 26 to File Claims HOLZBAU WENIG: Claims Registration Ends March 16 IMS INDUSTRIEREINIGUNG: Claims Registration Ends Feb. 28 KT EUROTRANS: Claims Registration Ends February 28 KUCHEN ABC: Creditors' Meeting Slated for February 19 LOGIN HAGEN: Claims Registration Ends February 7 MACH-MIT BUSREISEN: Creditors' Meeting Slated for March 5 MASCHINE IM: Claims Registration Ends March 2 MASCHINENBAU KUESGEN: Claims Registration Ends February 28 MIW GMBH: Claims Registration Ends February 28 MR MANAGEMENT: Creditors Must Register Claims by February 20 NBW AREAL: Creditors Meeting Slated for February 19 NOVATEX MOEBEL: Creditors Must Register Claims by February 20 OMNICO LOGISTIK: Creditors Must Register Claims by Feb. 15 ORGA-BERATUNG ANGERSTEIN: Creditors Must File Claims by Feb 20 PATA NEGRA: Creditors Must Register Claims by February 28 PETIT PARIS: Claims Registration Ends February 28 PIN SYSTEMBERATUNG: Claims Registration Ends March 14 PROREAL NORD: Claims Registration Ends February 28 SCHIECKE GMBH: Claims Registration Ends April 5 SICOM EDV: Claims Registration Ends February 20 TIEF- UND KANALBAU: Claims Registration Ends Feb. 27 T.A.L. GMBH: Claims Registration Ends March 14 TANGERMANN GARTENBAU: Claims Registration Ends February 27 TBW TROCKENBAU: Claims Registration Ends February 12 TERRA-PLASTIK GMBH: Claims Registration Ends February 20 TKB BAU: Claims Registration Ends March 19 G R E E C E ANTENNA TV: Moody's Rates EUR120-Mln Sr. Unsec. Notes at B1 I T A L Y TAURUS CMBS: Asset Sale Spurs S&P to Rate Class G Notes at BB K A Z A K H S T A N AI-SAULE LLP: Claims Registration Period Ends March 9 ALTYN-AIMAK CJSC: Claims Registration Period Ends March 16 BIDAI-NAN: Karaganda Court Starts Bankruptcy Proceedings COMFORT BUILDING: Claims Registration Period Ends March 9 CONSTRUCTION LLP: Claims Registration Period Ends March 9 IBC-INTERNATIONAL: Claims Registration Period Ends March 9 MTS ALTYN-DEN: Claims Registration Period Ends March 9 SEVER TORG: Claims Registration Period Ends March 9 TECHNO-LUX & CO: Claims Registration Period Ends March 9 TSESNA INT'L: Fitch Assigns B- Rating to Upcoming Eurobond Issue K Y R G Y Z S T A N AKIMER LLC: Claims Filing Period Ends March 16 FATBOY'S LLC: Claims Registration Ends March 16 L U X E M B O U R G DOV PHARMA: Begins Debt-to-Equity Swap for Convertible Notes N E T H E R L A N D S INDOVER BANK: Fitch Revises B+ IDR Outlook to Stable R U S S I A BALEY-AUTO-TRANS OJSC: Creditors Must File Claims by March 13 CONFECTIONARY PERSPEKTIVA: Claims Filing Period Ends Feb. 13 ERSHOVSKAYA SEL-KHOZ-KHIMIYA: Claims Deadline Set March 13 KORKINSKIY DIARY: Creditors Must File Claims by March 13 KRONA-M CJSC: Moscow Court Names O. Dolina as Insolvency Manager KUCHUKOVSKOYE CJSC: Creditors Must File Claims by March 13 KUKUSHANSKIY YEAST: Asset Bidding Deadline Slated for Feb. 13 OPAL LLC: Creditors Must File Claims by February 13 OPEN PIT: Kemerove Bankruptcy Hearing Slated for April 4 ONAKO-VOLGA CJSC: Creditors Must File Claims by February 13 PROMSVYAZBANK JSCB: Earns RUR3.79 Billion Before Tax in 2006 ROS-TEKH-GAS CJSC: Creditors Must File Claims by March 13 ROSNEFT OIL: Inks US$6-Billion Oil Supply Deal with PKN Orlen SEVERSTAL OAO: Eyes Assets in America, Asia and Europe SEVERSTAL OAO: To Unveil 2006 Financial Results in April STROY-DETAIL OJSC: Creditors Must File Claims by March 13 STROY-OB' CJSC: Bankruptcy Hearing Slated for April 16 TOMSKAYA MATCH: Court Starts Bankruptcy Supervision Procedure TYUMENSKIY MACHINE-TOOL: Creditors Must File Claims by Feb. 13 VNESHTORGBANK JSC: Eyes Renaissance Capital and Troika Dialog VNESTORGBANK JSC: VTB 24 Unit Earns RUR1.14 Billion in 2006 S L O V A K R E P U B L I C U.S. STEEL: Earns US$297 Million in 2006 Fourth Quarter U.S. STEEL: Completes Tender Offer for 10-3/4% Senior Notes S P A I N BANCAJA 10: Moody's Junks EUR31-Million Series E Notes S W I T Z E R L A N D BOOMBASTIC BETRIEBS: Liquidation Claims Due February 23 EBNAT KAPPEL: Creditors' Liquidation Claims Due February 15 EMMENTALISCHER WASSERWIRTSCHAFTS: Liquidation Claims Due Feb. 12 FIGAS: Creditors' Liquidation Claims Due February 12 G. LEHMANN: Creditors' Liquidation Claims Due February 14 HAPPYLIFE BETRIEBS: Liquidation Claims Due February 23 LINDE: Creditors' Liquidation Claims Due February 12 RUSCHEGG-GRABEN: Creditors' Liquidation Claims Due February 12 SCHIBLI - DOPPLER: Creditors' Liquidation Claims Due February 14 T.O.P. BOOKS: Creditors' Liquidation Claims Due February 12 T U R K E Y TURKIYE HALK: Fitch Upgrades Individual Rating to 'C/D' TURKIYE KALKINMA: Fitch Assigns BB- Issuer Default Rating VESTEL ELEKTRONIK: Better Cash Flow Cues S&P to Revise Outlook ZIRAAT BANKASI: Solid Franchise Prompts Fitch to Lift D Rating U K R A I N E AMVROSIEVKA MOTOR 11468: Claims Filing Deadline Set February 10 AVANGARD OJSC: Claims Submission Deadline Set February 14 MAGISTRAL LLC: Claims Submission Deadline Set February 14 MAYAK OJSC: Creditors Must Submit Claims by February 14 NIVA LLC: Claims Submission Deadline Set February 14 SADOVOE OJSC: Creditors Must Submit Claims by February 14 VIKTORIYA LLC: Creditors Must Submit Claims by February 14 U N I T E D K I N G D O M ABBEY CATERING: Names Martin Dominic Pickard Liquidator ABITIBI-CONSOLIDATED: Bowater Merger Cues DBRS' Ratings Review ABITIBI-CONSOLIDATED INC: DBRS Puts Sr. Debt Rating Under Review ADVANCED MARKETING: Wants to Sell PGW Distribution Agreements ADVANCED MARKETING: Marc Ravitz Joins Board of Directors AQUAPETS LTD: Taps A. Poxon to Liquidate Assets CANINE CORP: Taps Grant Thornton to Administer Assets CAR 4 LIFE: Names Roderick Graham Butcher as Administrator CLASSIC SHOES: Claims Filing Period Ends March 7 COLIN COLLINS: Appoints Vantis as Joint Administrators COLLINS & AIKMAN: Court OKs First Amended Disclosure Statement COLLINS & AIKMAN: Liquidation Analysis Under First Amended Plan COLLINS & AIKMAN: Reveals Composition of Possible Allowed Claims DAMOVO GROUP: Debt-to-Equity Swap Spurs S&P to Withdraw D Rating DIRECT CATERING: Creditors' Meeting Slated for February 5 DUPLI PHOTO: Creditors' Meeting Slated for February 6 DURA AUTOMOTIVE: Judge Carey Approves CFO Employment Agreement F JOHNSON: Brings In Liquidator from Price & Co. FUSION SERVICES: Creditors' Claims Due March 23 GARDEN CITY: Creditors Must File Claims by April 18 GC IMPSAT: S&P Rates Proposed US$200-Million Notes at B- GDS INTERNATIONAL: Brings In T. Papanicola as Administrator GEO GROUP: Closes US$428-Mln Purchase of CentraCore Properties GIZMO RETAIL: Brings In Begbies Traynor to Administer Assets GOG SHOP: Appoints Joint Administrators from UHY Hacker GOLF INNOVATIONS: Appoints Martin Armstrong as Administrator GREEN LIGHT: Brings In Cooper Parry as Joint Administrators HAINAULT WASTE: Brings In Tenon Recovery as Administrators HEATFAST MECHANICAL: Appoints Mazars LLP as Joint Administrators INTERSTATE HOTELS: Moody's Lifts Rating to B1 on Revenue Growth MILLFIELD GROUP: Creditors' Meeting Slated for February 6 STANLEY J HOLMES: Joint Liquidators Take Over Operations UK GLASS: Liquidator Sets March 20 Claims Bar Date WHINSTONE CAPITAL: Fitch Rates Class C1 & C2 Notes at BB XL DISPLAYS: Claims Filing Period Ends February 14 * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= D.P.A. ANLAGENBAU: Claims Registration Period Ends March 4 ---------------------------------------------------------- Creditors owed money by LLC D.P.A. Anlagenbau (FN 192462h) have until March 4 to file written proofs of claim to court-appointed estate administrator Michael Lentsch at: Dr. Michael Lentsch Hauptplatz 32 2700 Wiener Neustadt Austria Tel: 02622/27 0 41 Fax: 02622/29 2 46 E-mail: office@kosch-partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on March 20 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Sollenau, Austria, the Debtor declared bankruptcy on Jan. 10 (Bankr. Case No. 11 S 2/07s). G-S LLC: Claims Registration Period Ends February 27 ---------------------------------------------------- Creditors owed money by LLC G-S (FN 248782g) have until Feb. 27 to file written proofs of claim to court-appointed estate administrator Gerhard Bauer at: Mag. Gerhard Bauer Mahlerstrasse 7 1010 Vienna, Austria Tel: 512 97 06 Fax: 512 97 06 20 E-mail: ra-g.bauer@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on March 13 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 9 (Bankr. Case No. 4 S 6/07w). HE WEI: Claims Registration Period Ends February 27 --------------------------------------------------- Creditors owed money by LLC HE WEI (FN 266588t) have until Feb. 27 to file written proofs of claim to court-appointed estate administrator Klemens Dallinger at: Dr. Klemens Dallinger c/o Dr. Guenther Hoedl Schulerstrasse 18 1010 Vienna Austria Tel: 513 28 33 Fax: 513 28 22 E-mail: dallinger@anwaltsteam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on March 13 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 11 (Bankr. Case No. 4 S 11/07f). Guenther Hoedl represents Dr. Dallinger in the bankruptcy proceedings. HR PERSONAL: Claims Registration Period Ends February 27 -------------------------------------------------------- Creditors owed money by LLC HR Personal management (FN 95914a) have until Feb. 27 to file written proofs of claim to court- appointed estate administrator Alexander Schoeller at: Dr. Alexander Schoeller c/o Dr. Johannes Jaksch Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jrs.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on March 13 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 10 (Bankr. Case No. 4 S 9/07m). Johannes Jaksch represents Dr. Schoeller in the bankruptcy proceedings. KELLER PROFI: Claims Registration Period Ends February 20 --------------------------------------------------------- Creditors owed money by LLC Keller - Profi (FN 266865z) have until Feb. 20 to file written proofs of claim to court-appointed estate administrator Peter Akkad at: Mag. Peter Akkad Hans Sachs Road 6 4600 Wels, Austria Tel: 07242/350850 Fax: 07242/350850-50 E-mail: office@akkad.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on March 1 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 1st Floor Maria Theresia Str. 12 Wels Austria Headquartered in Marchtrenk, Austria, the Debtor declared bankruptcy on Jan. 10 (Bankr. Case No. 20 S 6/07v). MAKO-MARCELLUS: Claims Registration Period Ends February 26 ----------------------------------------------------------- Creditors owed money by LLC MAKO-Marcellus Koch (FN 109782w) have until Feb. 26 to file written proofs of claim to court- appointed estate administrator Gerwald Holper at: Mag. Gerwald Holper Technologiezentrum Marktstrasse 3 7000 Eisenstadt Austria Tel: 02682/704266-0 Fax: 02682/704266-15 E-mail: eisenstadt@kosch-partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on March 12 for the examination of claims. The meeting of creditors will be held at: The Land Court of Eisenstadt Hall F Eisenstadt Austria Headquartered in Eisenstadt, Austria, the Debtor declared bankruptcy on Jan. 11 (Bankr. Case No. 26 S 4/07a). PLOBERGER & STADLER: Creditors' Meeting Slated for March 13 ----------------------------------------------------------- Creditors owed money by LLC Ploberger & Stadler (FN 97716a) are encouraged to attend the creditors' meeting at noon on March 13 to examine claims. The creditors' meeting will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 9 (Case No. 6 S 1/07z). Herbert Hochegger serves as the court-appointed estate administrator of the Debtor. Bernhard Eder represents Dr. Hochegger in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Herbert Hochegger c/o Dr. Bernhard Eder Brucknerstrasse 4/5 1040 Vienna Austria Tel: 505 78 61 Fax: 505 78 61 9 E-mail: office@hoch.co.at UJESKY HANDELS: Claims Registration Period Ends March 1 ------------------------------------------------------- Creditors owed money by LLC UJESKY Handels (FN 256575t) have until March 1 to file written proofs of claim to court-appointed estate administrator Ute Toifl at: Dr. Ute Toifl c/o Mag. Astrid Haider Tuchlauben 12/20 1010 Vienna Austria Tel: 535 46 11 Fax: 535 46 11 11 E-mail: office@thr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on March 15 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 Jan. 10 (Bankr. Case No. 5 S 5/07f). Astrid Haider represents Dr. Toifl in the bankruptcy proceedings. ============= G E R M A N Y ============= A & B BRINKMANN: Claims Registration Ends February 28 ----------------------------------------------------- Creditors of A & B Brinkmann GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting at 11:50 a.m. on March 21, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Room 119 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Andreas Sontopski Gnoiener Place 1 48493 Wettringen Germany Tel: 02557/9384-0 Fax: +49 2557/938450 The District Court of Muenster opened bankruptcy proceedings against A & B Brinkmann GmbH on Jan. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: A & B Brinkmann GmbH Attn: Brigitte Brinkmann, Manager Gravenkamp 11 48607 Ochtrup Germany ADAPOCA ERSTE: Claims Registration Ends February 21 --------------------------------------------------- Creditors of ADAPOCA Erste Verwaltungs-GmbH have until Feb. 21 to register their claims with court-appointed insolvency manager Hans Peter Runkel. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 8, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Room A234 2nd 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 contacted at: Hans Peter Runkel Friedrich-Ebert-Road 146 42117 Wuppertal Germany Tel: 0202/30 20 71 Fax: 0202/31 47 08 The District Court of Wuppertal opened bankruptcy proceedings against ADAPOCA Erste Verwaltungs-GmbH on Jan. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: ADAPOCA Erste Verwaltungs-GmbH Attn: Torsten Korb, Manager Sudetenstr. 5 42653 Solingen Germany ARPS MONTAGE: Claims Registration Ends February 22 -------------------------------------------------- Creditors of Arps Montage GmbH have until Feb. 22 to register their claims with court-appointed insolvency manager Jens-Soeren Schroeder. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on March 22, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neumuenster Area B 031 Law Courts Boostedter Road 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 contacted at: Jens-Soeren Schroeder Raboisen 38 20095 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against Arps Montage GmbH on Jan. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Arps Montage GmbH Lundener Road 12 24768 Rendsburg Germany Attn: Siegfried Arps, Manager Holunderweg 6 24582 Wattenbek Germany ART INDUSTRIEBAU: Claims Registration Ends February 26 ------------------------------------------------------ Creditors of ART Industriebau GmbH have until Feb. 26 to register their claims with court-appointed insolvency manager Cornelia Moenert. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on March 26, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Detmold Meeting Room 12 Ground Floor Court Road 6 Auxiliary Building 32756 Detmold 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 contacted at: Cornelia Moenert Lise-Meitner-Str. 13 33605 Bielefeld Germany The District Court of Detmold opened bankruptcy proceedings against ART Industriebau GmbH on Jan. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: ART Industriebau GmbH Attn: Wolfgang Klein, Liquidator Seelenkamp 13 32791 Lage Germany BIOVEST INT'L: Closes Amended & Restated Loan Transaction --------------------------------------------------------- Biovest International, Inc., disclosed in a regulatory filing with the U.S. Securities and Exchange Commission on Jan. 16, 2007, that it closed an amended and restated loan transaction with Pulaski Bank and Trust Company of St. Louis, Missouri, which amended the Loan Agreement dated Sept, 5, 2006 pursuant to which Pulaski agreed to loan up to of US$1 million to the company pursuant to an unsecured Promissory Note. The material terms of the Transaction include: * The Note will become due and payable on July 5, 2007. The Note can be prepaid by the Company at any time without penalty. * The outstanding principal amount of the Note will bear interest at the rate of the prime rate minus .05% (7.75% per annum initially). Monthly payments of accrued interest only shall be due and payable monthly on the 5th day of each month commencing on Feb, 5, 2007. * The Note is an unsecured obligation of the Company and is subordinated to the Company's outstanding loan to Laurus Master Fund, Ltd. * The Note is guaranteed by entities and individuals affiliated with the Company or Accentia Biopharmaceuticals, Inc., the majority stockholder of the Company. The Company has entered into Indemnification Agreements with each of the guarantors. * The company issued to the guarantors warrants to purchase an aggregate total of 1,388,636 shares of the company's Common Stock, par value US$0.01 per share, at an exercise price of US$1.10 per share. The Warrants will expire on Jan. 15, 2012. Under the terms of the Warrants, the guarantors shall have piggy-back registration rights for the shares underlying the Warrants. The Warrants were issued by the company in a transaction that was exempt from registration under the Securities Act of 1933, as amended, by virtue of Section 4(2) of the Securities Act and by virtue of Rule 506 of Regulation D under the Securities Act. The sale and issuance did not involve any public offering, was made without general solicitation or advertising, and the guarantors are accredited investors with access to all relevant information necessary to evaluate the investment and represented to us that the Warrants was being acquired for investment. Biovest International Inc. (OTC BB: BVTI.OB) -- http://www.biovest.com/-- develops advanced individualized immunotherapies for life-threatening cancers of the blood system. In addition, Biovest develops, manufactures and markets patented cell culture systems, including the innovative AutovaxID(TM), which is being developed as an automated vaccine manufacturing instrument and for production of cell-based materials and therapeutics. Biovest's therapy for follicular non-Hodgkin's lymphoma is currently in a Phase 3 pivotal clinical trial at more than 20 major centers in the U.S., and is being conducted under a Cooperative Research and Development Agreement (CRADA) with the National Cancer Institute. Biovest is a majority-owned subsidiary of Accentia Biopharmaceuticals Inc. The company has sales offices in China, Germany, Japan, Korea, Singapore, and Taiwan. * * * Going Concern Doubt Aidman Piser & Company P.A., in Tampa, Florida, expressed substantial doubt about Biovest International's ability to continue as a going concern after auditing the company's financial statements for the year ended Sept. 30, 2006. The auditing firm cited that the company incurred significant losses and used cash in operating activities during the years ended Sept. 30, 2006 and 2005, and had working capital and shareholders' deficits at Sept. 30, 2006. BLHB GMBH: Claims Registration Ends March 16 -------------------------------------------- Creditors of BLHB GmbH have until March 16 to register their claims with court-appointed insolvency manager Peter Scholl. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on April 4, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Meiningen Hall A 0105 Linden Avenue 15 Meiningen 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 contacted at: Peter Scholl Andreasstr. 39 99084 Erfurt Germany The District Court of Meiningen opened bankruptcy proceedings against BLHB GmbH on Jan. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: BLHB GmbH Attn: Juergen Rolf Leibfried, Manager Lindenweg 365 98663 Bad Colberg-Heldburg Germany CROMA HANDEL: Claims Registration Ends March 15 ----------------------------------------------- Creditors of Croma Handel & Vertriebs GmbH have until March 15 to register their claims with court-appointed insolvency manager Michael Hawelka. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.m. on April 5, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 145 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Michael Hawelka Nonnenstrasse 37 04229 Leipzig Germany Tel: 0341/4866414 Fax: 0341/4866428 The District Court of Leipzig opened bankruptcy proceedings against Croma Handel & Vertriebs GmbH on Jan. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Croma Handel & Vertriebs GmbH Bautzener Road 67 04347 Leipzig Germany Attn: Eberhard Krifter, Manager Bahnweg 23 A- 4060 Leonding/Linz Germany FOWIS INFORMATIONSDIENST: Claims Registration Ends February 21 -------------------------------------------------------------- Creditors of FOWIS Informationsdienst GmbH have until Feb. 21 to register their claims with court-appointed insolvency manager Tobias Hoefer. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 29, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Baden-Baden 009a Ground Floor Gutenbergstr. 17 76532 Baden-Baden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Tobias Hoefer Soldnerstr. 2 68219 Mannheim Germany The District Court of Baden-Baden opened bankruptcy proceedings against FOWIS Informationsdienst GmbH on Jan. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: FOWIS Informationsdienst GmbH Attn: Werner Vogt and Cornelia Bechtold-Grafe, Managers Steingeruest 27 76437 Rastatt Germany HAIR FASHION: Claims Registration Ends February 22 -------------------------------------------------- Creditors of Hair Fashion Patricia GmbH have until Feb. 22 to register their claims with court-appointed insolvency manager Andreas Mueller-Stein. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on March 22, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Room 1240 12th Floor Luxemburger Road 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 contacted at: Andreas Mueller-Stein Schuetzenstr. 5 50126 Bergheim Germany The District Court of Cologne opened bankruptcy proceedings against Hair Fashion Patricia GmbH on Jan. 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Hair Fashion Patricia GmbH Attn: Patricia Silbach, Manager Hohe Str. 14 50129 Bergheim Germany HAKE STUERS: Claims Registration Ends February 5 ------------------------------------------------ Creditors of Hake Stuers GmbH & Co. KG have until Feb. 5 to register their claims with court-appointed insolvency manager Friedrich Knoop. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on Feb. 26, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Area A 388 3rd Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Friedrich Knoop Robertstrasse 3 40229 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Hake Stuers GmbH & Co. KG on Jan. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Hake Stuers GmbH & Co. KG Wiesenstrasse 51 40549 Duesseldorf Germany Attn: Wolfgang Hake, Manager Antoniusstrasse 60 41564 Kaarst Germany Bernd Mueller-Stuers, Manager Ruhrtalstrasse 10 40233 Duesseldorf Germany HAMA MASCHINENBAU: Claims Registration Ends February 22 ------------------------------------------------------- Creditors of HAMA Maschinenbau GmbH have until Feb. 22 to register their claims with court-appointed insolvency manager Andreas Kienast. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on March 22, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Tostedt Meeting Room I Area CE.02 Linden 23 21255 Tostedt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Andreas Kienast Johnsallee 7 20148 Hamburg Germany Tel: 040/808065920 Fax: 040/808065999 The District Court of Tostedt opened bankruptcy proceedings against HAMA Maschinenbau GmbH on Jan. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: HAMA Maschinenbau GmbH Heuweg 87 21698 Harsefeld Germany Attn: Wilfried Wilkens, Manager Wohlerst 46 21698 Brest Germany HB UNTERNEHMENSBERATUNG: Claims Registration Ends Feb. 5 -------------------------------------------------------- Creditors of Hb Unternehmensberatung Gmbh have until Feb. 5 to register their claims with court-appointed insolvency manager Atty. Friedrich Knoop. Creditors and other interested parties are encouraged to attend the meeting at 9:25 Am on Feb 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Room A 388 3rd. Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Atty. Friedrich Knoop Robertstrasse 3 40229 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Hb Unternehmensberatung Gmbh on Jan. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hb Unternehmensberatung Gmbh Auf der Lausward 1 40221 Duesseldorf Germany HEINRICH KUENSTING: Creditors Have Until Feb. 26 to File Claims --------------------------------------------------------------- Creditors of Heinrich Kuensting Grosshandels GmbH have until Feb. 26 to register their claims with court-appointed insolvency manager Frank M. Welsch. Creditors and other interested parties are encouraged to attend the meeting at 9:35 on March 26, 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 Detmold Meeting Room 12 Ground Floor 32756 Detmold 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: Atty. Frank M. Welsch Villa Struck Barkeystr. 30 33330 Guetersloh Germany The District Court of Detmold opened bankruptcy proceedings against Heinrich Kuensting Grosshandels GmbH on Jan. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heinrich Kuensting Grosshandels GmbH Pottenhauser Str. 140 32791 Lage Germany Attn: Rolf Kuensting, Manager Pottenhauser Str. 140 32791 Lage Germany HOLZBAU WENIG: Claims Registration Ends March 16 ------------------------------------------------ Creditors of Holzbau Wenig GmbH have until March 16 to register their claims with court-appointed insolvency manager Dr. Romy Metzger. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on April 16, 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 Erfurt Hall 12 Judicial Center Rudolfstr. 46 99092 Erfurt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Romy Metzger Steigerstrasse 30 99096 Erfurt Germany The District Court of Erfurt opened bankruptcy proceedings against Holzbau Wenig GmbH on Oct. 23, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Holzbau Wenig GmbH GF Christian Wenig Waldstrasse 180 99885 Ohrdruf IMS INDUSTRIEREINIGUNG: Claims Registration Ends Feb. 28 -------------------------------------------------------- Creditors of IMS Industriereinigung, Maler- und Servicearbeiten GmbH have until Feb. 28 to register their claims with court- appointed insolvency manager Dr. Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 8:50 a.m. on March 30, 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 Dortmund Hall 3.201 2nd Floor Court Place 1 44135 Dortmund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Sebastian Henneke Hansastrasse 61 44137 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against IMS Industriereinigung, Maler- und Servicearbeiten GmbH on Jan 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IMS Industriereinigung, Maler- und Servicearbeiten GmbH Christian Nattkemper, Manager Roonstr. 5-13 a 59065 Hamm Germany KT EUROTRANS: Claims Registration Ends February 28 -------------------------------------------------- Creditors of KT Eurotrans GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 14, 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 Nordhorn Hall 42 Seilerbahn 15 48529 Nordhorn 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 Sontopski Gnoiener Platz 1 48493 Wettringen Germany Tel: 02557/93840 Fax: 02557/938450 The District Court of Nordhorn opened bankruptcy proceedings against KT Eurotrans GmbH on Jan. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KT Eurotrans GmbH Attn: Ulrich Koetsier, Managing Director Vennweg 16 48529 Nordhorn Germany KUCHEN ABC: Creditors' Meeting Slated for February 19 ----------------------------------------------------- The court-appointed insolvency manager for Kuechen ABC Handels- GmbH, Hartwig Albers, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:25 a.m. on Feb. 19. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Hall 218 District Court Place 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:30 a.m. on May 21 at the same venue. Creditors have until March 31 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Hartwig Albers Luetzowstr. 100 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Kuechen ABC Handels-GmbH on Jan. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kuechen ABC Handels-GmbH Hauptstrasse 22 13127 Berlin Germany LOGIN HAGEN: Claims Registration Ends February 7 ------------------------------------------------ Creditors of Login Hagen GmbH have until Feb. 7 to register their claims with court-appointed insolvency manager Thorsten Klepper. Creditors and other interested parties are encouraged to attend the meeting at 10:25 a.m. on Feb. 28, 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 Hagen Area 283 Karlsruhe 2nd Floor Main House (New Building) Heinitzstrasse 42 58097 Hagen 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: Thorsten Klepper Hochstrasse 124 58095 Hagen Germany The District Court of Hagen opened bankruptcy proceedings against Login Hagen GmbH on Jan. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Login Hagen GmbH Attn: Stefan Risch, Manager Stresemannstr. 16 58095 Hagen Germany MACH-MIT BUSREISEN: Creditors' Meeting Slated for March 5 --------------------------------------------------------- The court-appointed insolvency manager for Mach-mit Busreisen GmbH, Dr. Wolfgang Schroeder, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:15 a.m. on March 5. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Hall 218 District Court Place 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 10:50 a.m. on May 21 at the same venue. Creditors have until April 9 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Wolfgang Schroeder Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Mach-mit Busreisen Berlin on Jan. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mach-mit Busreisen GmbH Birkbuschstr. 16 12163 Berlin Germany MASCHINE IM: Claims Registration Ends March 2 --------------------------------------------- Creditors of maschine im raum AG have until March 2 to register their claims with court-appointed insolvency manager Ulrich Bastian. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Room 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Bastian Sendlinger Str. 46 80331 Munich Germany Tel: 089/2603966 Telefax: 089/2609204 The District Court of Munich opened bankruptcy proceedings against maschine im raum AG on Jan. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: maschine im raum AG Attn: Michael Wilhelm Kirchgassner, Manager Eduard-Schmidt-Str. 35 81541 Munich Germany MASCHINENBAU KUESGEN: Claims Registration Ends February 28 ---------------------------------------------------------- Creditors of Maschinenbau Kuesgen GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Dr. Henning Dohrmann. Creditors and other interested parties are encouraged to attend the meeting at 9:07 a.m. on March 30, 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 Room 1240 12th 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. Henning Dohrmann Moltkestrasse 12 51643 Gummersbach Germany The District Court of Cologne opened bankruptcy proceedings against Maschinenbau Kuesgen GmbH on Jan. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Maschinenbau Kuesgen GmbH Betriebsweg 4 51645 Gummersbach Germany Attn: Karl-Heinz Klesper, Manager Kreutzhauschen 21 b 51491 Overath Germany MIW GMBH: Claims Registration Ends February 28 ---------------------------------------------- Creditors of MIW GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Goerge Scheid. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Ground Floor Bernhard Goering Road 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Goerge Scheid Jacobstrasse 25 04105 Leipzig Germany Tel: 0341/702520 Telefax: 0341/7025244 E-mail: sozietaet@voigt-scheid.de The District Court of Leipzig opened bankruptcy proceedings against MIW GmbH on Jan. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MIW GmbH Attn: Christine Wiener, Manager Wilhelm-Pieck-Strasse 10 04651 Bad Lausick Germany MR MANAGEMENT: Creditors Must Register Claims by February 20 ------------------------------------------------------------ Creditors of MR Management GmbH have until Feb. 20 to register their claims with court-appointed insolvency manager Rudolf Rossmann. Creditors and other interested parties are encouraged to attend the meeting at 3:45 p.m. on March 7, 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 Noerdlingen Boardroom F/I Kaisheimer House Tandelmarkt 5 Noerdlingen 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: Rudolf Rossmann Schiessst"ttenstr. 15 86159 Augsburg Germany Tel: 0821/25272-70 Fax: 0821/25272-51 The District Court of Noerdlingen opened bankruptcy proceedings against MR Management GmbH on Jan. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MR Management GmbH Attn: Andreas Robert, Manager Kaiser-Karl-Str. 5 86609 Donauwoerth Germany NBW AREAL: Creditors Meeting Slated for February 19 --------------------------------------------------- The court-appointed insolvency manager for NBW Areal GmbH, Dr. Christoph Schulte-Kaubruegger, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 8:50 a.m. on Feb. 19. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Hall 218 District Court 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 8:30 a.m. on June 11 at the same venue. Creditors have until April 4 to register their claims with the court-appointed 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 NBW Areal GmbH on Jan. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: NBW Areal GmbH Kleiststr. 3-6 10787 Berlin Germany NOVATEX MOEBEL: Creditors Must Register Claims by February 20 ------------------------------------------------------------- Creditors of Novatex Moebel GmbH have until Feb. 20 to register their claims with court-appointed insolvency manager Frank M. Welsch. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on March 13, 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 Detmold Boardroom 12 Ground Floor Gerichtsstr. 6 32756 Detmold Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Frank M. Welsch Villa Struck Barkeystr. 30 33330 Guetersloh Germany The District Court of Detmold opened bankruptcy proceedings against Novatex Moebel GmbH on Jan. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Novatex Moebel GmbH Attn: Helmuth Vogt, Manager Nordstr. 62 32805 Horn-Bad Meinberg Germany OMNICO LOGISTIK: Creditors Must Register Claims by Feb. 15 ---------------------------------------------------------- Creditors of OMNICO Logistik GmbH & Co. KG have until Feb. 15 to register their claims with court-appointed insolvency manager Dr. Peter May. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on March 1, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landshut Board Room 8/I Maximilianstrasse 22-24 Landshut Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Peter May Bachstr. 6 84036 Landshut Germany Tel: 0871/94321-0 Fax: 0871/94321-50 The District Court of Landshut opened bankruptcy proceedings against OMNICO Logistik GmbH & Co. KG on Jan. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: OMNICO Logistik GmbH & Co. KG Watzmannstrasse 65 84034 Landshut Germany ORGA-BERATUNG ANGERSTEIN: Creditors Must File Claims by Feb 20 -------------------------------------------------------------- Creditors of Orga-Beratung Angerstein GmbH have until Feb. 20 to register their claims with court-appointed insolvency manager Rainer Eckert. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on March 27, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hannover Service Bldg. Hamburger Allee 26 30161 Hannover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. jur. Rainer Eckert Arthur-Menge-Ufer 5 30169 Hannover Germany Tel: 0511 626287-0 Fax: 0511 626287-10 The District Court of Hannover opened bankruptcy proceedings against Orga-Beratung Angerstein GmbH on Jan. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Orga-Beratung Angerstein GmbH Langer Acker 13 30900 Wedemark Germany Attn: Hans-H. Angerstein, Manager Danziger Ring 12 30900 Wedemark Germany PATA NEGRA: Creditors Must Register Claims by February 28 --------------------------------------------------------- Creditors of Pata Negra Restauration A. Garcia Ortega GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Dr. Joern-H. Meyn. The insolvency manager can be reached at: Dr. Joern-H. Meyn Herrengraben 31 20459 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Pata Negra Restauration A. Garcia Ortega GmbH on Jan. 10. Consequently, all pending proceedings against the company have been automatically stayed. The District Court of Hamburg can be reached at: Hall B 405 4th Floor Annex Civil Courts Bldg. Sievkingplatz 1 20355 Hamburg Germany The Debtor can be reached at: Pata Negra Restauration A. Garcia Ortega GmbH Domstrasse 17-19 20095 Hamburg Germany Attn: Avelino Garcia Ortega, Manager Freschenhausener Weg 41 21220 Seevetal Germany PETIT PARIS: Claims Registration Ends February 28 ------------------------------------------------- Creditors of Petit Paris Modehandels GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Olaf Spiekermann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 28, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landau in der Pfalz Room 223 Marienring 13 76829 Landau in der Pfalz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Olaf Spiekermann in Kanzlei Brinkmann & Partner Augustaanlage 62-64 68165 Mannheim Germany Tel: 0621/4329280 Fax: 0621/43292827 The District Court of Landau in der Pfalz opened bankruptcy proceedings against "Petit Paris" Modehandels GmbH on Jan. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Petit Paris Modehandels GmbH Attn: Martha Bischoff, Manager Gerberstr. 24 76829 Landau in der Pfalz Germany PIN SYSTEMBERATUNG: Claims Registration Ends March 14 ----------------------------------------------------- Creditors of PiN Systemberatung GmbH have until March 14 to register their claims with court-appointed insolvency manager Horst Piepenburg. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Room 119 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Horst Piepenburg Heinrich-Heine-Allee 20 40213 Duesseldorf Germany Tel: 0211/492240 Fax: +492114922487 The District Court of Muenster opened bankruptcy proceedings against PiN Systemberatung GmbH on Jan. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PiN Systemberatung GmbH Attn: Hendrik Hemsteg, Manager Zhrenfeld 6 46348 Raesfeld Germany PROREAL NORD: Claims Registration Ends February 28 -------------------------------------------------- Creditors of ProReal Nord GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Joern-H. Meyn. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 30, 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 (Civil Law Courts) 4th Floor Annex 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. Joern-H. Meyn Herrengraben 31 20459 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against ProReal Nord GmbH on Jan. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ProReal Nord GmbH Eilenau 56 22089 Hamburg Germany Attn: Andrea Foerster, Manager Guentherstr.9 a 3. Stock 22087 Hamburg Germany SCHIECKE GMBH: Claims Registration Ends April 5 ----------------------------------------------- Creditors of Schiecke GmbH have until April 5 to register their claims with court-appointed insolvency manager Dieter Rasehorn. Creditors and other interested parties are encouraged to attend the meeting at 1:40 p.m. on April 26, 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 Erfurt Hall 15 Judicial Center Rudolfstr. 46 99092 Erfurt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dieter Rasehorn Muehlweg 16 06108 Halle Germany The District Court of Erfurt opened bankruptcy proceedings against Schiecke GmbH on Jan. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schiecke GmbH Attn: Eric-Arne Schiecke, Manager Ulmenallee 4 99631 Weissensee Germany SICOM EDV: Claims Registration Ends February 20 ----------------------------------------------- Creditors of Sicom EDV-Service GmbH have until Feb. 20 to register their claims with court-appointed insolvency manager Juergen Holst. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 2, 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 Norderstedt Hall B City Hall Avenue 80 22846 Norderstedt 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: Juergen Holst Flughafenstrasse 52b 22335 Hamburg Germany The District Court of Norderstedt opened bankruptcy proceedings against Sicom EDV-Service GmbH on Jan. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sicom EDV-Service GmbH Attn: Petra Riepen, Liquidator Pinneberger Strasse 30e 25474 Hasloh Germany TIEF- UND KANALBAU: Claims Registration Ends Feb. 27 ---------------------------------------------------- Creditors of Tief- und Kanalbau Forst GmbH have until Feb. 27 to register their claims with court-appointed insolvency manager Sebastian Laboga. Creditors and other interested parties are encouraged to attend the meeting at 11:45 a.m. on March 27, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: District Court of Cottbus Hall 210 Court Place 2 Cottbus Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Sebastian Laboga Einemstrasse 24 10785 Berlin Germany The District Court of Cottbus opened bankruptcy proceedings against Tief- und Kanalbau Forst GmbH on Jan. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tief- und Kanalbau Forst GmbH neschen Graben 6 49 Forst Germany T.A.L. GMBH: Claims Registration Ends March 14 ---------------------------------------------- Creditors of T.A.L. GmbH Telekommunikations-Anlagen + Loesungen have until March 14 to register their claims with court- appointed insolvency manager Achim Thomas Thiele. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.m. on April 4, 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 Dortmund Hall 201 2nd Floor Geritchplatz 1 44135 Dortmund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Achim Thomas Thiele Bronnerstrasse 7 44141 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against T.A.L. GmbH Telekommunikations-Anlagen + Loesungen on Jan. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: T.A.L. GmbH Telekommunikations-Anlagen + Loesungen Otto-Brenner-Str. 2 59425 Unna Germany TANGERMANN GARTENBAU: Claims Registration Ends February 27 ---------------------------------------------------------- Creditors of Tangermann Gartenbau GmbH have until Feb. 27 to register their claims with court-appointed insolvency manager Bernd Wetjen. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 19, 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 Hildesheim Hall 124 Main Building Emperor Route 60 31134 Hildesheim Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bernd Wetjen Alter Markt (Kaiserhaus) 1 31134 Hildesheim Germany Tel: 91710 Fax: 917171 The District Court of Hildesheim opened bankruptcy proceedings against Tangermann Gartenbau GmbH on Jan. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tangermann Gartenbau GmbH Heyersumer Str. 21 31171 Nordstemmen Germany TBW TROCKENBAU: Claims Registration Ends February 12 ---------------------------------------------------- Creditors of TBW Trockenbau und Bauservice Weissenborn GmbH have until Feb. 12 to register their claims with court-appointed insolvency manager Horst Helberg. Creditors and other interested parties are encouraged to attend the meeting at 2:45 p.m. on March 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 28 Law Courts Prince Road 21 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Horst Helberg Selliner Str. 6 01109 Dresden Germany Tel: (0351) 884680 Fax: (0351) 8846811 E-mail: kanzleidd@pfefferle.de The District Court of Chemnitz opened bankruptcy proceedings against TBW Trockenbau und Bauservice Weissenborn GmbH on Jan 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TBW Trockenbau und Bauservice Weissenborn GmbH GF Michael May Bahnhofstrasse 45 B 09600 Weissenborn OT Berthelsdorf Germany TERRA-PLASTIK GMBH: Claims Registration Ends February 20 -------------------------------------------------------- Creditors of Terra-Plastik GmbH have until Feb. 20 to register their claims with court-appointed insolvency manager Raimund Schafmeister. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on March 16, 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 Detmold Hall 12 Gerichtsstr 6 Auxiliary Building 32756 Detmold Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Raimund Schafmeister Moltkestr 12 32756 Detmold Germany The District Court of Detmold opened bankruptcy proceedings against Terra-Plastik GmbH on Jan. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Terra-Plastik GmbH Oerlinghauser Str. 8 32108 Bad Salzuflen Germany TKB BAU: Claims Registration Ends March 19 ------------------------------------------ Creditors of tkb Bau GmbH have until March 19 to register their claims with court-appointed insolvency manager Dr. Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting at 8:50 a.m. on April 24, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt am Main Hall 1 Gebaude F Klingerstrasse 20 60313 Frankfurt am Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Jan Markus Plathner Lyoner Strasse 14 60528 Frankfurt am Main Germany Tel: 069/9623340 Fax: 069/96233422 The District Court of Frankfurt am Main opened bankruptcy proceedings against tkb Bau GmbH on Jan 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: tkb Bau GmbH Lersnerstrasse 22 60322 Frankfurt am Main Germany =========== G R E E C E =========== ANTENNA TV: Moody's Rates EUR120-Mln Sr. Unsec. Notes at B1 ----------------------------------------------------------- Moody's Investors Service changed to negative from stable the outlook on the B1 corporate family rating of Antenna TV S.A. and the B1 rating on the company's EUR120-million of 7.25% senior unsecured notes due 2015. The outlook change reflects the difficult operating environment that the company is facing in its core TV operations in Greece, which is characterized by declining audience shares due to the emergence of new competitors, pricing pressures and low profitability. Antenna TV's audience share for the first nine months of 2006 declined to 17.9% from 20.0% in the same period of 2005, while consolidated EBITD declined by 35% from EUR18.9 million to EUR12.3 million over the same period. Moody's said that it has changed the rating outlook to reflect Antenna's weakly positioned B1 rating, and that further negative pressure could develop over the coming months if Antenna does not strengthen its audience share and restore revenues and profits from its core Greek TV operations to the levels achieved back in 2005. Moody's expects that the task of improving audience share and operating performance will prove to be increasingly challenging for Antenna as a result of: (i) the lack of visibility in the Greek advertising market, (ii) the current tough competitive environment in Greece, and (iii) the uncertainty regarding the success of the company's new programming strategy, which is aimed at reaching a new target population of 15-45 years. However, Moody's positively notes that growth at Nova Television, the group's Bulgarian subsidiary, is to some extent offsetting the weakness in the core TV operations in Greece, and that as a result, credit metrics for year-end 2006 are not expected to change significantly compared with a year earlier. Moody's also notes that the company's efforts to reduce costs across its operations should help to improve margins going forward. The rating could come under further downward pressure if the company's audience shares in its core domestic TV operations fail to stabilize at around 20%, and if revenues and profitability do not return to 2005 levels with the reporting of its second quarter 2007 results. The rating could also be downgraded if Total debt / EBITDA is sustained at levels above 6.0x. At this juncture, upward pressure on the rating is likely to be limited to a stabilization of the ratings outlook. This is unlikely to occur until there is evidence of sustained improvement of performance in the core domestic operations, while maintaining a strong contribution from Nova and a satisfactory liquidity position. This rating action follows the stabilization of the Antenna's outlook in April 2005. The outlook has been changed to negative on these ratings: -- Corporate Family Rating of B1 -- EUR120-million of 7.25% senior unsecured notes due 2015 rated B1 Antenna TV S.A. is one of the leading media groups in Greece. The company operates Antenna TV (the leading television broadcast network and producer of television programming in Greece), Antenna FM (a radio station in the greater Athens area), and also has a 50% interest in Daphne, a publishing company with a portfolio of 13 magazines. Antenna also owns 100% of Nova Television, one of only two private national television networks in Bulgaria. ========= I T A L Y ========= TAURUS CMBS: Asset Sale Spurs S&P to Rate Class G Notes at BB ------------------------------------------------------------- Standard & Poor's Ratings Services placed on CreditWatch with positive implications its credit ratings on the class C, D, E, F, and G notes issued by Taurus CMBS No. 2 S.r.l. The ratings on the class A, B, and X notes are unaffected. The CreditWatch placement follows an initial review of the most recent transaction information received by Standard & Poor's. This analysis showed that the likelihood of a positive rating action has increased due to the prepayment of three of the four loans, the Bentra, Little Domus, and Leather loans. There was also a partial prepayment of the Berenice loan following the sale of two assets. At this time, there is one loan remaining in the portfolio. The EUR201.95 million loan prepayments proceeds have been deposited in an issuer account and will be applied to the notes at the July 2007 interest payment date. In Italian securitizations, repayments within the first 18 months are subject to a 20% withholding tax and it was decided that it would be financially advantageous to deposit the proceeds until the expiration of the withholding tax period. As a consequence of depositing the proceeds into an issuer account rated 'A-1+', the transaction is now partly cash- collateralized. Standard & Poor's will now execute a more detailed transactional analysis to investigate whether any or all of these notes can attain a higher rating. The results of this review and any rating changes are expected within a month of this media release. Taurus CMBS No. 2 closed in December 2005. Originally, the notes were backed by four loans originated by the Milan branch of Merrill Lynch Capital Markets Bank Ltd. and secured on 82 commercial properties located in Italy. There are currently 51 properties remaining in the portfolio. Ratings List Taurus CMBS No. 2 S.r.l. EUR403.9 Million Commercial Mortgage-Backed Floating-Rate Notes Series 2 Class Rating To From Ratings Placed on CreditWatch with Positive Implications C AA/Watch Pos AA D A+/Watch Pos A+ E A-/Watch Pos A- F BBB/Watch Pos BBB G BB/Watch Pos BB =================== K A Z A K H S T A N =================== AI-SAULE LLP: Claims Registration Period Ends March 9 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl Region declared LLP Ai-Saule insolvent. Creditors have until March 9 to submit proofs of claim to: LLP Ai-Saule Ulbike akyn Str. 124/10 Taraz Jambyl region Kazakhstan Tel/Fax: 8 (3262) 34-53-11 ALTYN-AIMAK CJSC: Claims Registration Period Ends March 16 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared CJSC Mountain-Metallurgical Corp. Altyn-Aimak insolvent. Creditors have until March 16 to submit proofs of claim to: CJSC Mountain-Metallurgical Corporation Altyn-Aimak Ushanov Str. 78-27 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel/Fax: 8 (3232) 26-24-41 BIDAI-NAN: Karaganda Court Starts Bankruptcy Proceedings -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda region has commenced bankruptcy proceeding against JSC Bidai- Nan. COMFORT BUILDING: Claims Registration Period Ends March 9 --------------------------------------------------------- LLP Comfort Building has declared insolvency. Creditors have until March 9 to submit proofs of claim to: LLP Comfort Building Dostyk Ave. 248a-4 Almaty Kasakhstan CONSTRUCTION LLP: Claims Registration Period Ends March 9 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau Region has declared LLP Construction insolvent. Creditors have until March 9 to submit proofs of claim to: LLP Construction Room 6 Building of Auto Station Micro district 28 Aktau Mangistau region Kazakhstan Tel: 8 (3292) 41-15-89 8 (3292) 41-59-84 8 701 512 79-11 IBC-INTERNATIONAL: Claims Registration Period Ends March 9 ---------------------------------------------------------- LLP IBC-International has declared insolvency. Creditors have until March 9 to submit proofs of claim to: LLP Ibc-International Abdirov Str. 19 Karaganda Karaganda Region Kasakhstan MTS ALTYN-DEN: Claims Registration Period Ends March 9 ------------------------------------------------------ OJSC Mts Altyn-Den has declared insolvency. Creditors have until March 9 to submit proofs of claim to: OJSC Mts Altyn-Den Kamskaya Str. 91 Karaganda Karaganda region Kasakhstan SEVER TORG: Claims Registration Period Ends March 9 --------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region has declared LLP Ever Torg Agro insolvent. Creditors have until March 9 to submit proofs of claim to: LLP Ever Torg Agro Jumabaev Str. 109-506 Petropavlovsk North Kazakhstan region Kazakhstan TECHNO-LUX & CO: Claims Registration Period Ends March 9 -------------------------------------------------------- LLP Techno-Lux & Co has declared insolvency. Creditors have until March 9 to submit proofs of claim to: LLP Techno-Lux & Co Tole bi Str. 144-4 Almaty Kazakhstan TSESNA INT'L: Fitch Assigns B- Rating to Upcoming Eurobond Issue ---------------------------------------------------------------- Fitch Ratings assigned Tsesna International B.V. upcoming debut eurobond an expected Long-term 'B-' rating and an expected Recovery Rating 'RR4'. Kazakhstan-based JSC Tsesnabank, rated Issuer Default 'B-', Short-term 'B', Individual 'D/E' and Support '5', will unconditionally and irrevocably guarantee the due and punctual payment of all amounts at any time becoming due and payable in respect of the notes. The final rating is contingent upon receipt of final documentation conforming materially to information already received. The notes are to rank at least equally with the claims of other unsecured creditors of TSB, save those preferred by relevant legislation. Under Kazakhstani law, the claims of retail depositors and accountholders rank above those of other senior unsecured creditors. At end of nine months 2006, retail deposits and accounts constituted 19.8% of TSB's total liabilities, according to the bank's reviewed IFRS accounts. Covenants prevent TSB from entering into transactions of US$3 million or more on other than market terms, restrict dividend payments to 50% of annual net income, and oblige the bank to maintain a total capital ratio of at least 12%, as calculated in accordance with the Basel I recommendations. The terms and conditions of the notes also contain a cross default clause and a negative pledge clause, the latter of which allows for a degree of securitization by TSB. Should any securitization be undertaken, Fitch comments that the nature and extent of any overcollateralization would be assessed by the agency for any potential impact on unsecured creditors. TSB was the 14th-largest bank in Kazakhstan at end Sept. 30, 2006, with only a small, but increasing, percentage of system assets. Historically, the bank's business has been concentrated in the capital Astana, where it still has a leading position. Around 96.5% of TSB's voting shares are held by Tsesna Corp. was established in 1988 in Astana. The group's ultimate beneficiaries are Mr. Adylbek Djaksybekov, who is the current chairman of the presidential administration, and his family. =================== K Y R G Y Z S T A N =================== AKIMER LLC: Claims Filing Period Ends March 16 ---------------------------------------------- Joint Kyrgyz-Arabic LLC Akimer has declared insolvency. Creditors have until March 16 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 53-01-77. FATBOY'S LLC: Claims Registration Ends March 16 ----------------------------------------------- LLC Fatboy's has declared insolvency. Creditors have until March 16 to submit written proofs of claim to: LLC Fatboy's Chui Ave. 104 Bishkek, Kyrgyzstan Tel: (+996 312) 28-73-27 =================== L U X E M B O U R G =================== DOV PHARMA: Begins Debt-to-Equity Swap for Convertible Notes ------------------------------------------------------------ DOV Pharmaceutical Inc. commenced an exchange offer on Jan. 29, 2007, for all of its 2.50% Convertible Subordinated Debentures due 2025. DOV is offering to exchange the Debentures for shares of convertible preferred stock and a cash payment. Holders of approximately 88% of the Debentures have committed to tender their Debentures in the Exchange Offer. Under the terms of the Exchange Offer, DOV will issue in exchange for each US$1,000 in principal amount of Debentures properly tendered and accepted for exchange, a cash payment of US$212.50 plus 8 shares of a new series C convertible preferred stock, par value US$1.00 per share and a liquidation preference of US$100 per share. The new series C preferred stock will be convertible by the holders into shares of common stock following stockholder approval and filing of an amendment to DOV's charter increasing the number of shares of authorized common stock as necessary to accommodate such conversion and also will automatically convert 30 days following the filing of the amendment to DOV's charter or earlier in certain circumstances. Generally, the preferred stock will vote with the common stock as a single class on an as-converted basis, and will entitle the holders of a majority of the new series C convertible preferred stock to initially appoint a majority of DOV's Board of Directors. As an alternative to the 8 shares of new series C convertible preferred stock, DOV will offer holders of Debentures the ability to elect to receive 8 shares of an alternative new series D convertible preferred stock, par value US$1.00 per share. For any holder who elects to receive this new series D convertible preferred stock in the Exchange Offer instead of the series C convertible preferred stock, DOV will issue in exchange for each US$1,000 in principal amount of Debentures properly tendered and accepted for exchange, the cash payment of US$212.50 plus 8 shares of the alternative new series D convertible preferred stock. Unlike the new series C convertible preferred stock, the alternative series D convertible preferred stock will have no voting rights except as required by law, will not have any initial stated liquidation preference, will not mandatorily convert into common stock and will restrict a holder's ability to convert if such holder would beneficially own in excess of 9.9% of the Company's capital stock entitled to vote generally. The company currently has 26,743,657 common shares outstanding. On an as converted basis if all Debentures are tendered in the Exchange Offer, the bondholders would hold 106,974,628 shares of common stock of the Company or approximately 80% of the equity of DOV without giving effect to any warrants and existing and future equity incentive plans of the company. In connection with the Exchange Offer, it is anticipated that holders of DOV's outstanding common stock will receive approximately one and one-tenths warrants for each share of common stock outstanding totaling approximately 30,000,000 warrants. The exercise price for the warrants will be US$0.523 per share and the warrants will become exercisable on July 1, 2007 and will expire Dec. 31, 2009. Assuming all Debentures are tendered in the Exchange Offer and all the new convertible preferred stock issued in the Exchange Offer were converted into common stock following completion of the Exchange Offer, existing common stockholders would own approximately 20% of the equity of DOV without giving effect to any warrants and existing and future equity incentive plans of the company. Assuming all Debentures are tendered in the Exchange Offer, all the new convertible preferred stock issued in the Exchange Offer were converted into common stock following completion of the Exchange Offer and all warrants issued in connection with the Exchange Offer are exercised, existing common stockholders would own approximately 34.7% of the equity of DOV without giving effect to existing and future equity incentive plans of the company. The Exchange Offer will expire at 5:00 p.m., New York City time, on Monday, March 5, 2007, unless extended by DOV with the consent of the holders of a majority in outstanding principal amount of the Debentures. The Exchange Offer is conditioned upon the valid tender of at least 99% of the aggregate principal amount of the outstanding Debentures. This condition may be modified by DOV with the consent of the holders of a majority in outstanding principal amount of the Debentures. The Exchange Offer is also conditioned on several other conditions. DOV will not be required, but will reserve the right, to accept for exchange any existing Debentures tendered (or, alternatively, DOV may terminate the Exchange Offer) if any of the conditions of the Exchange Offer remain unsatisfied, subject to the requirement that the company obtains the consent of holders of a majority in outstanding principal amount of the Debentures in order to modify the 99% minimum tender condition. An Offer to Exchange and a related Letter of Transmittal are being distributed to holders of the Debentures today in which the terms of the Exchange Offer are described in detail. Bankruptcy Warning If DOV is unable to restructure its obligations under the Debentures, it may be forced to seek protection under the U.S. bankruptcy laws. About DOV Pharmaceutical Somerset, New Jersey-based DOV Pharmaceutical Inc. (PS: DOVP.PK) -- http://www.dovpharm.com/-- is a biopharmaceutical company focused on the discovery, acquisition, and development of novel drug candidates for central nervous system disorders. The company's product candidates address some of the largest pharmaceutical markets in the world including depression, pain and insomnia. The company also operates a subsidiary in Luxembourg. At Sept. 30, 2006, the company's balance sheet showed US$54.528 million in total assets and US$105.504 million in total liabilities, resulting in a US$50.975 million stockholders' deficit. The company had a US$19.301 million deficit at Dec. 31, 2005. ===================== N E T H E R L A N D S ===================== INDOVER BANK: Fitch Revises B+ IDR Outlook to Stable ---------------------------------------------------- Fitch Ratings changed the Outlook of Netherlands-based Indover Bank's Issuer Default rating to Positive from Stable. At the same time the agency has affirmed the bank's ratings at IDR 'B+', Short-term 'B', Individual 'D/E', and Support '4'. The rating action mirrors Outlook revision on the Republic of Indonesia to Positive from Stable. The IDR continues to reflect the commitment of Bank Indonesia, the bank's sole shareholder and Indonesian central bank, to provide support to Indover Bank in case of need. Although Bank Indonesia is obliged to divest Indover Bank by end-2008, it has explicitly stated its commitment to "continue supporting the activities of Indover Bank" until divestment takes place. Indover Bank's Support rating of '4' takes into account this commitment, but also reflects possible limitations in Bank Indonesia's ability to provide support, as indicated by the Republic of Indonesia's IDR of 'BB-'. The Individual rating reflects Indover Bank's reduced but still existing dependence on Bank Indonesia for funding and liquidity and the bank's lack of profitability. However, the rating also takes into account the bank's strong, albeit declining, capital base. Indover Bank has not yet been able to rebuild a profitable business model since the 1997 Asian crisis, which caused a collapse in asset quality and profitability. The asset quality issues were subsequently addressed by transferring the bad loans into a separate legal entity but the bank has yet to regenerate its franchise, and revenues are low and do not cover costs. Nevertheless, management is restructuring the bank and has adopted a strategy aimed at expanding the client base and increasing transaction volumes. With a Tier 1 ratio of 26% at mid-2006, Indover Bank has sufficient capital to absorb current losses and to support future asset growth. A specialized wholesale bank active in trade finance based in Amsterdam, Indover Bank has a branch in Hamburg, wholly owned subsidiaries in Hong Kong and Singapore and a representative office in Jakarta. =========== R U S S I A =========== BALEY-AUTO-TRANS OJSC: Creditors Must File Claims by March 13 ------------------------------------------------------------- Creditors of OJSC Baley-Auto-Trans have until March 13 to submit written proofs of claim to: S. Dyubin, Insolvency Manager Post User Box 952 Chita-Center Chita Region 672000 Tver Region Russia The Arbitration Court of Chita Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A78-2107/2005 B-12. The Debtor can be reached at: OJSC Baley-Auto-Trans Oktyabrskaya Str. 93 Baley 673450 Chita Region Russia CONFECTIONARY PERSPEKTIVA: Claims Filing Period Ends Feb. 13 ------------------------------------------------------------ Creditors of Confectionary Perspektiva have until Feb. 13 to submit written proofs of claim to: S. Tsegoev, Insolvency Manager Avgustovskih Sobytiy Str. 10 Vladikavkaz 362002 Severnaya Osetiya Republic-Alaniya Russia The Arbitration Court of Severnaya Osetiya Republic-Alaniya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A61-1932/06-7. The Debtor can be reached at: Confectionary Perspektiva Gastello Str. 151 Vladikavkaz Severnaya Osetiya Republic-Alaniya Russia ERSHOVSKAYA SEL-KHOZ-KHIMIYA: Claims Deadline Set March 13 ---------------------------------------------------------- Creditors of OJSC Ershovskaya Sel-Khoz-Khimiya have until March 13 to submit written proofs of claim to: I. Kuvshinov, Insolvency Manager Shmidta Str. 4 440039 Penza Region Russia The Arbitration Court of Saratov Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-57-673b/05-23. The Arbitration Court of Saratov Region is located at: Babushkin Vvoz 1 Saratov Region Russia The Debtor can be reached at: OJSC Ershovskaya Sel-Khoz-Khimiya Pionerskaya Str. 30 Ershov Saratov Region Russia KORKINSKIY DIARY: Creditors Must File Claims by March 13 -------------------------------------------------------- Creditors of OJSC Korkinskiy Diary have until March 13 to submit written proofs of claim to: Y. Remizov, Insolvency Manager Kirova Str. 118 456091 Chelyabinsk Region Russia The Arbitration Court of Chelyabinsk Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A76-10751/2006-60-110. The Arbitration Court of Chelyabinsk Region is located at: Vorovskogo Str. 2 454091 Chelyabinsk Region Russia The Debtor can be reached at: OJSC Korkinskiy Diary Pushkova Str. 1 Korkino 456550 Chelyabinsk Region Russia KRONA-M CJSC: Moscow Court Names O. Dolina as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Moscow appointed Ms. O. Dolina as Insolvency Manager for CJSC Insurance Company Krona-M. She can be reached at: O. Dolina Apartment 39 M. Gorkogo Str. 4/26 Kaluga Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-14197/06-44-71B. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: CJSC Insurance Company Krona-M Myachkovskiy Avenue 31/19 Moscow Region Russia KUCHUKOVSKOYE CJSC: Creditors Must File Claims by March 13 ---------------------------------------------------------- Creditors of CJSC Kuchukovskoye have until March 13 to submit written proofs of claim to: V. Konovalov, Temporary Insolvency Manager Post User Box 7664 Central Post Office 644099 Omsk Region Russia The Arbitration Court of Tomsk Region commenced bankruptcy supervision procedure on CJSC Kuchukovskoye. The case is docketed under Case No. A675814/06. The Debtor can be reached at: CJSC Kuchukovskoye Kuchukovo Zyryanskiy Region 636859 Tomsk Region Russia KUKUSHANSKIY YEAST: Asset Bidding Deadline Slated for Feb. 13 ------------------------------------------------------------- A. Nudelman, bidding organizer for OJSC Kukushanskiy Yeast Plant, will open a public auction for the company's properties at 4:00 p.m. on Feb. 22 at: Drozhzavodskaya Str. 7 Kukushtan Perm Region Russia The company has set a RUR3,516,477 starting price for the auctioned assets. Interested participants have until Feb. 13 to deposit an amount of RUR700,000 to: OJSC Kukushanskiy Yeast Plant Settlement Account 40702810750020000041 Branch CB Dragotsennosti Urala (CJSC) Perm Correspondent Account 3010181010000000869 BIK 045744869 Bidding documents must be submitted to: A. Nudelman Drozhzavodskaya Str. 7 Kukushtan Perm Region Russia The Debtor can be reached at: OJSC Kukushanskiy Yeast Plant Drozhzavodskaya Str. 7 Kukushtan Perm region Russia OPAL LLC: Creditors Must File Claims by February 13 --------------------------------------------------- Creditors of LLC Opal have until Feb. 13 to submit written proofs of claim to: M. Makhnev, Insolvency Manager Nakhichevanskiy Per. 64 344010 Rostov-na-Donu Russia The Arbitration Court of Krasnodar Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A32-27044/2006-2/2537-B. The Arbitration Court of Krasnodar Region is located at: Krasnaya Str. 6 Krasnodar Region Russia The Debtor can be reached at: LLC Opal Korenovsk Krasnodar region Russia OPEN PIT: Kemerove Bankruptcy Hearing Slated for April 4 -------------------------------------------------------- The Arbitration Court of Kemerovo Region will convene on April 4 to hear the bankruptcy supervision procedure on LLC Open Pit Mine. The case is docketed under Case No. A27-17314/06-4. The Temporary Insolvency Manager is: M. Brodesko Post User Box 1927 Sovetskiy Pr. 61 650000 Kemerovo Region Russia The Arbitration Court of Kemerovo Region is located at: Krasnaya Str. 8 Kemerovo Russia The Debtor can be reached at: LLC Open Pit Mine Pochtovaya Str. 65 Trudoarmeyskiy Kemerovo Region Russia ONAKO-VOLGA CJSC: Creditors Must File Claims by February 13 ----------------------------------------------------------- Creditors of CJSC Onako-Volga (TIN 6313002166) have until Feb. 13 to submit written proofs of claim to: E. Ivanov, Insolvency Manager Dimitrova Str. 87 443122 Samara Region Russia The Arbitration Court of Samara Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A55-17685/2006. The Arbitration Court of Samara Region is located at: Avrory Str. 148 Samara Region Russia The Debtor can be reached at: CJSC Onako-Volga Prigorodnaya Str. 2 443028 Samara Region Russia PROMSVYAZBANK JSCB: Earns RUR3.79 Billion Before Tax in 2006 ------------------------------------------------------------ JSCB Promsvyazbank released its operating results for financial year 2006, prepared according to Russian Accounting Standards. Promsvyazbank posted a 150% increase in pre-tax profits to RUR3.79 billion. As of Dec. 31, 2006, the company had RUR181 billion in total assets, RUR159.9 billion in liabilities and RUR20.1 billion in shareholders' equity, RIA Novosti reports. "The profit increase is due to considerable growth in the bank's corporate and retail business, which resulted in a rise in interest and fee income," Promsvyazbank said. About Promsvyazbank Headquartered in Moscow, Russia, JSCB Promsvyazbank -- http://www.psbank.ru/eng/-- engages in lending business, project finance, leasing regional projects expanding its presence in the financial markets. Alexey and Dmitry Annaniev are the major shareholders in the Bank. Nova Ljubljanska Banka (Slovenia) holds 3.65% while Rostelecom owns 0.27%. * * * In a TCR-Europe report on Dec. 21, 2006, Standard & Poor's Ratings Services raised its long- and short-term counterparty credit ratings on Russia-based Promsvyazbank JSCB to 'B+/B' from 'B/C'. At the same time, the ratings were removed from CreditWatch where they had been placed with positive implications on Aug. 31, 2006, following the announcement that Germany-based Commerzbank AG was acquiring a 15.3% stake in PSB, with a potential step-by-step increase to a majority stake in the medium term. The outlook is positive. As reported in the TCR-Europe on Dec. 11, 2006, Moody's Investors Service changed from stable to positive the outlook on Promsvyasbank's Ba3 long-term foreign currency deposit and debt ratings. The outlook on the bank's D- financial strength rating remains unchanged. At the same time the outlook for the Ba3 long-term foreign currency debt rating assigned to US$125 million 8.75% senior unsecured loan participation notes and the B1 long-term foreign currency debt rating assigned to the US$200 million 9.625% subordinated loan participation notes issued by PSB Finance S.A. have also been changed to positive. As reported in the TCR-Europe on Dec. 8, 2006, Fitch Ratings changed the Outlook on the Issuer Default Rating of Russia-based Promsvyazbank to Positive from Stable. The bank's ratings are affirmed at IDR B+, Short-term B, Individual D, and Support 5. Fitch has assigned an expected Long-term rating of B+ to PSB's upcoming senior unsecured eurobond and an expected Long-term rating of B- to its upcoming subordinated debt issue. Fitch Ratings assigned PSB Finance S.A.'s upcoming senior notes issue expected ratings of Long-term B+ and Recovery RR4. The issue is to be used solely for financing a loan to Russia-based JSC Promsvyazbank, which has been upgraded to Issuer Default rating B+ from B. Fitch has also assigned an expected Long-term rating of B- to the bank's upcoming subordinated debt issue. ROS-TEKH-GAS CJSC: Creditors Must File Claims by March 13 -------------------------------------------------------- Creditors of CJSC Holding Company Ros-Tekh-Gas (TIN 7801109235) have until March 13 to submit written proofs of claim to: O. Shakhova, Temporary Insolvency Manager Office 502 Lenina Str. 21v 454091 Chelyabinsk Region Russia The Arbitration Court of St. Petersburg and Leningrad Region commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A56-14034/2006. The Arbitration Court of St. Petersburg and the Leningrad Region is located at: Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Holding Company Ros-Tekh-Gas Letter B Uralskaya Str. 12 St. Petersburg Region Russia ROSNEFT OIL: Inks US$6-Billion Oil Supply Deal with PKN Orlen ------------------------------------------------------------- OAO Rosneft Oil Co. signed a US$6-billion deal to supply 3.36 million tons of oil annually to PKN Orlen S.A. until 2011, Kommersant reports. Rosneft, through oil trader Petraco Oil Co., will supply the oil straight to PKN Orlen, bypassing Lithuania's Mazeikiu Nafta. The five-year contract, a rarity in the oil industry, may have been spurred by political risks as Russia tightened its stance on fuel deliveries, Kommersant suggests. Russia had cut oil supplies to Ukraine and Belarus, causing fuel disruptions to Western Europe. Mikhail Perfilov of Fearnleys said a long-term contract guarantees long-term oil supplies to a consumer. "Yearly contracts make it possible to reflect fundamental changes in the current situation on Russian oil market," Alexander Ershov of Argus Media said. According to Kommersant, PKN chose Rosneft, a state-owned company, so it might be able to influence the situation in Russia from within. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://ns.roilcom.ru/english/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus and the Arctic regions of Russia. * * * In a TCR-Europe report on Jan. 16, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Russian OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed it from CreditWatch, where it had been placed with positive implications on Nov. 15, 2006. S&P said the outlook is developing. As reported in the TCR-Europe on Jan. 2, Fitch Ratings placed OJSC Rosneft Oil's foreign and local currency Issuer Default ratings of BB+ on Rating Watch Positive following the company's announcement of strong financial results for the first nine months of 2006. SEVERSTAL OAO: Eyes Assets in America, Asia and Europe ------------------------------------------------------ OAO Severstal will acquire assets in North and Latin America, Europe, and Asia, RIA Novosti reports citing Severstal CEO Alexei Mordashov as saying. "In 2007, we plan to expand both by enhancing the effectiveness of existing assets and through mergers and acquisitions," Mr. Mordashov told RIA Novosti. Mr. Mordashov said Severstal would focus buying assets in North America and Europe, where the steel market potential is underestimated. The company would also acquire assets in high market growth regions -- Russia, Asia, and Latin America. Transactions Mr. Mordashov revealed that the company would participate in a tender to deliver steel pipes for the Nord Stream pipeline, which will link Russia to Germany via the Baltic Sea, RIA Novosti relays. Mr. Mordashov said some of the deals could be signed before the end of the year. Mr. Mordashov also revealed that the joint venture between Severstal and Anglo American will be registered soon, with the company holding 51% and the British firm controlling 49%. The joint venture will prospect for nickel, copper and zinc deposits in Russia. About Severstal Headquartered in Cherepovets, Russia, OAO Severstal -- http://www.severstal.com/-- is the country's largest steel producer, with steel production of 17.1 million tons in 2005. The Company owns Severstal North America, the fifth largest integrated steel maker in the U.S. with 2005 production of 2.7 million tons, and Lucchini, Italy's second largest steel group with 2005 production of 3.5 million tons. Severstal is one of the world's lowest cost and most profitable steel producers, with 2005 EBITDA per ton of around EUR150 per ton. As of June 30, 2006, Severstal had US14.04 billion in total assets, US$4.89 billion in total liabilities and US$9.15 billion in total shareholders' equity. For the first nine months of 2006, Severstal posted a 7.4% year- on-year slide in net profits to RUR23.5 billion, against a 6.3% year-on-year hike in revenues to RUR113.59 billion. * * * As of Feb. 1, 2007, Severstal carries these ratings: * Moody's -- Outlook: Stable -- Long-term Corp. Family Rating: Ba3 -- Senior Unsecured Debt: B1 * Standard & Poor's -- Outlook: Stable -- Long-term Foreign Issuer Credit: BB- -- Long-term Local Issuer Credit: BB- * Fitch -- Long-term Issuer Default Rating: BB- -- Senior Unsecured Debt: BB- -- Short-term: B -- Short-term Issuer Default Rating: B SEVERSTAL OAO: To Unveil 2006 Financial Results in April -------------------------------------------------------- OAO Severstal will publish its 2006 financial statements in April, Analytical Information Agency reports citing company chief executive Alexey Mordashov. Mr. Mordashov said Severstal posted considerable growth in 2006, noting that the company produced around 17 million tons of steel during the year. The chief executive forecasted an increase in Severstal's economic and production indexes. "Quotes of our shares will rise owing to the new corporate management and our information openness," Mr. Mordashov said. In 2007, Severstal will review opportunities to enlarge the business and will be more active in merger and acquisition transactions, Mr. Mordashov added. About Severstal Headquartered in Cherepovets, Russia, OAO Severstal -- http://www.severstal.com/-- is the country's largest steel producer, with steel production of 17.1 million tons in 2005. The Company owns Severstal North America, the fifth largest integrated steel maker in the U.S. with 2005 production of 2.7 million tons, and Lucchini, Italy's second largest steel group with 2005 production of 3.5 million tons. Severstal is one of the world's lowest cost and most profitable steel producers, with 2005 EBITDA per ton of around EUR150 per ton. As of June 30, 2006, Severstal had US14.04 billion in total assets, US$4.89 billion in total liabilities and US$9.15 billion in total shareholders' equity. For the first nine months of 2006, Severstal posted a 7.4% year- on-year slide in net profits to RUR23.5 billion, against a 6.3% year-on-year hike in revenues to RUR113.59 billion. * * * As of Feb. 1, 2007, Severstal carries these ratings: * Moody's -- Outlook: Stable -- Long-term Corp. Family Rating: Ba3 -- Senior Unsecured Debt: B1 * Standard & Poor's -- Outlook: Stable -- Long-term Foreign Issuer Credit: BB- -- Long-term Local Issuer Credit: BB- * Fitch -- Long-term Issuer Default Rating: BB- -- Senior Unsecured Debt: BB- -- Short-term: B -- Short-term Issuer Default Rating: B STROY-DETAIL OJSC: Creditors Must File Claims by March 13 -------------------------------------------------------- Creditors of OJSC Stroy-Detail have until March 13 to submit written proofs of claim to: A. Kolmagorov, Insolvency Manager Post User Box 2719 650070 Kemerovo Region Russia The Arbitration Court of Tomsk Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A67-8169/06. The Debtor can be reached at: OJSC Stroy-Detail Chernomorskaya Str. 83 634021 Tomsk Region Russia STROY-OB' CJSC: Bankruptcy Hearing Slated for April 16 ------------------------------------------------------ The Arbitration Court of Khanty-Mansiyskiy Autonomous Region will convene on April 16 to hear the bankruptcy supervision procedure on CJSC Building Company Stroy-Ob' (TIN 8603101042). The case is docketed under Case No. A-75-8105/2006. The Temporary Insolvency Manager is: V. Bolgov Apartment 1 Novogodnyaya Str. 9 Nizhnyaya Tavda Nizhnevartovskiy Region 626020 Tyumen Region Russia The Arbitration Court of Khanty-Mansiyskiy Autonomous Region is located at: Lenina Str. 54/1 Khanty-Mansiysk Autonomous Region Russia The Debtor can be reached at: CJSC Building Company Stroy-Ob' Apartment 1 Entuziastov 17 Nizhnevartovsk Khanty-Mansiyskiy Autonomous Region Russia TOMSKAYA MATCH: Court Starts Bankruptcy Supervision Procedure ------------------------------------------------------------- The Arbitration Court of Tomsk Region commenced bankruptcy supervision procedure on LLC Tomskaya Match Factory. The case is docketed under Case No. A67-6998/06. The Temporary Insolvency Manager is: D. Kotin Post User Box 981 Central Post Office 650000 Kemerovo Region Russia The Debtor can be reached at: LLC Tomskaya Match Factory Tsentralnaya Str. 150 Tomsk Region Russia TYUMENSKIY MACHINE-TOOL: Creditors Must File Claims by Feb. 13 ------------------------------------------------------------- Creditors of OJSC Tyumenskiy Machine-Tool Plant have until Feb. 13 to submit written proofs of claim to: P. Vagin, Temporary Insolvency Manager Kopeyskoye Shosse, 38 454010 Chelyabinsk Region Russia The Arbitration Court of Sverdlovsk Region commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A60-35165/06-S11. The Arbitration Court of Sverdlovsk Region is located at: Lenina Pr. 34 620151 Ekaterinburg Region Russia The Debtor can be reached at: OJSC Tyumenskiy Machine-Tool Plant Stantsionnaya Str. 12 Kushva 624300 Sverdlovsk Region Russia VNESHTORGBANK JSC: Eyes Renaissance Capital and Troika Dialog ------------------------------------------------------------- JSC Vneshtorgbank is holding talks to acquire investment firms Renaissance Capital Group Inc. and Troika Dialog, Adam Smallman writes for the Wall Street Journal. "Frankly speaking, there are two major investments and so we are looking at these and we certainly have made inquiries," VTB CEO Andrei Kostin said. Mr. Kostin added he was likely to meet Reuben Vardanyan, Troika founder and president. Mr. Vardanyan, however, denied holding sale talks with other firms, adding that Troika is also mulling an initial public offering. Neil Harvey, deputy chief executive of Renaissance Capital, told WSJ that his firm often receives offers from international financial institutions about "cooperating in various areas." According to WSJ, experts value Renaissance at over US$4 billion and Troika at over US$3 billion. WSJ suggests that through possible acquisitions, VTB is recasting itself as a firm suitable to offer 23% of its stock to the public in London, England. WSJ also suggests that VTB is distancing itself from its connections with North Korea and Iran. London IPO In a TCR-Europe report on Dec. 21, the Russian government eyes to privatize VTB in three phases: 1) dilution of government's stake in VTB from 99.9% to 97.6% via the bank's merger with Industry & Construction Bank of St. Petersburg (Promstroybank), which Russia completed in 2006; 2) disposal of the government's 20%-23% stake through an initial public offering in May 2007, cutting Russia's holdings to around 75% plus one share. The government expects to sell 50% the IPO shares locally and earn as much as RUR120 billion. 3) reduction of government's stake to 50% plus one share via an additional share issue in 2010. Russia expects to earn as much as RUR250 million from the share issue. Russian President Vladimir Putin recently signed a decree approving the IPO. Citigroup Inc., Deutsche Bank AG and Goldman Sachs Group Inc. are managing the IPO. The company's history with North Korea and Iran, however, raised doubts whether VTB could attract investors to participate in the IPO, WSJ relays. Mr. Kostin downplayed the connections, saying that VTB's "cooperation with these countries was always within the framework of international law." Mr. Kostin said VTB had been diligent in looking for potential problems these links might pose for its IPO, and found none. "Our cooperation . . . [was] very, very limited, concentrated on services and official contracts which have never been, and still aren't, subject to international sanctions," Mr. Kostin stressed. "If the international community moves to specific new sanctions, then the bank definitely will perform in line with them, and the Russian government as well." About Vneshtorgbank Headquartered in Moscow, Russia, JSC Vneshtorgbank and its subsidiaries are a leading Russian commercial banking group, offering a wide range of banking services and conducting operations in both Russian and international markets. As of Dec. 31, 2005, the Group had a network of 151 branches, including 55 branches of VTB, 42 branches of VTB Retail Services and 54 branches of Industry and Construction Bank, located in major Russian regions. The Group operates through three subsidiaries located in the CIS (Armenia, Georgia, Ukraine), seven subsidiaries located in Western Europe (Austria, Cyprus, Switzerland, Germany, Luxembourg, France) and Great Britain and through five representative offices located in India, Italy, China, Byelorussia and Ukraine. * * * Following the recent upgrade of the Russian sovereign foreign and local currency IDRs to BBB+ from BBB, Fitch ratings affirmed Vneshtorgbank's Individual rating at C/D and Support at 2. VNESTORGBANK JSC: VTB 24 Unit Earns RUR1.14 Billion in 2006 ----------------------------------------------------------- VTB 24, the retail finance arm of JSC Vnestorgbank, posted RUR1.14 billion in net profit in 2006, RosBusinessConsulting reports citing Mikhail Zadornov, the unit's chairman of the Board of Directors. The figure was markedly in contrast with the unit's results in 2005, when it posted a RUR7.5 billion net loss. Mr. Zadornov said the entire profit would be reinvested into VTB 24 to fund the bank's affiliates, RBC relays. Mr. Zadornov said that VTB 24 would receive some funds from Vnestorgbank after the parent completes its initial public offering. The received amount would also be used to finance its affiliates. Mr. Zadornov also revealed that VTB 24 plans to issue US$500 million in Eurobonds. About Vneshtorgbank Headquartered in Moscow, Russia, JSC Vneshtorgbank and its subsidiaries are a leading Russian commercial banking group, offering a wide range of banking services and conducting operations in both Russian and international markets. As of Dec. 31, 2005, the Group had a network of 151 branches, including 55 branches of VTB, 42 branches of VTB Retail Services and 54 branches of Industry and Construction Bank, located in major Russian regions. The Group operates through three subsidiaries located in the CIS (Armenia, Georgia, Ukraine), seven subsidiaries located in Western Europe (Austria, Cyprus, Switzerland, Germany, Luxembourg, France) and Great Britain and through five representative offices located in India, Italy, China, Byelorussia and Ukraine. * * * Following the recent upgrade of the Russian sovereign foreign and local currency IDRs to BBB+ from BBB, Fitch ratings affirmed Vneshtorgbank's Individual rating at C/D and Support at 2. ============================ S L O V A K R E P U B L I C ============================ U.S. STEEL: Earns US$297 Million in 2006 Fourth Quarter ----------------------------------------------------- United States Steel Corp. reported fourth quarter 2006 net income of US$297 million, compared to third quarter 2006 net income of US$417 million and fourth quarter 2005 net income of US$109 million. For full-year 2006, U.S. Steel reported net income of US$1.4 billion compared to 2005 net income of US$910 million. Commenting on results, U. S. Steel Chairman and CEO John P. Surma said, "Our performance in 2006 resulted in another outstanding year, with record sales, operating income and net earnings. During the year, our strong cash flow generation enabled us to reduce our debt by almost US$600 million, to repurchase common shares for US$442 million, to make voluntary cash contributions of US$190 million to our domestic benefit plans, to make significant capital investments and to double our common dividend rate to 20 cents per share. "Our safety performance also improved substantially from last year thanks to the continuing efforts of our employees. All in all, 2006 will go down as one of the best years in our long history." The company reported fourth quarter 2006 income from operations of US$341 million, compared with income from operations of US$561 million in the third quarter of 2006 and US$222 million in the fourth quarter of 2005. For the year 2006, income from operations was US$1,785 million versus income from operations of US$1,439 million for the year 2005. In the fourth quarter of 2006, net interest and other financial costs included a US$32 million pre-tax charge related to the early redemption of most of its 10-3/4% Senior Notes. This item and other items not allocated to segments decreased net income by US$33 million. Other items not allocated to segments in the third quarter of 2006 reduced net income by US$21 million. An income tax charge and other items not allocated to segments reduced fourth quarter 2005 net income by US$39 million. The annual effective tax rate for 2006 was lower than previously expected and the company reduced its fourth quarter income tax provision by US$58 million in order to adjust tax expense previously recorded. This adjustment primarily reflected a higher than anticipated percentage of total pre-tax earnings generated by its European operations and the impact of accounting rules on re-measuring the status of our main defined benefit pension plan at year end. Outlook Commenting on U. S. Steel's outlook, Surma said, "We expect first quarter results to decline from the fourth quarter, but flat-rolled demand is firming and we have restarted several domestic blast furnaces to bring our production in line with improving order rates." For Flat-rolled, first quarter 2007 shipments are expected to improve compared to the fourth quarter of 2006, and average realized prices should remain at about the fourth quarter level as contract price improvements offset lower spot prices. For U.S. Steel Europe, first quarter shipments are expected to increase from the fourth quarter, and average realized prices are expected to be slightly lower as the result of increased import product availability on the European market. Shipments and average realized prices for the Tubular segment in the first quarter of 2007 are expected to decrease from the fourth quarter as import levels and customer inventories remain high. First quarter costs for all of our reportable segments are expected to be in line with the fourth quarter. First quarter 2007 results for Other Businesses are expected to be consistent with historical first quarter results, but will decline substantially from the fourth quarter due primarily to normal seasonal effects at our iron ore operations in Minnesota and the non-recurrence of the fourth quarter land sales. Capital expenditures for 2007 are expected to total approximately US$750 million, reflecting domestic spending of approximately US$545 million and European spending of approximately US$205 million. Pensions and Other Benefits At year-end 2006, its defined benefit pension plans were overfunded by US$210 million on a projected benefit obligation basis. The combined effects of reversing previously recorded additional minimum liabilities and the adoption of Statement of Financial Accounting Standards No. 158 for pensions and other benefits resulted in a net charge to equity of US$186 million in the fourth quarter. Total costs for pension plans and other postretirement benefits are expected to be approximately US$237 million in 2007, compared with US$312 million in 2006. Common Stock Repurchase Program The company repurchased over 700,000 shares of U.S. Steel common stock for US$46 million during the fourth quarter, bringing total repurchases to 13.1 million shares for US$696 million since the repurchase program was originally authorized in July 2005. As of Dec. 31, 2006, 7.7 million shares remained authorized for repurchase under the company's stock repurchase program. About U.S. Steel Headquartered in Pittsburgh, Pa., 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 26.8 million net tons. U. S. Steel's domestic primary steel operations are: Gary Works in Gary, Ind.; Great Lakes Works in Ecorse and River Rouge, Mich.; Mon Valley Works, which includes the Edgar Thomson and Irvin plants, near Pittsburgh and Fairless Works near Philadelphia, Pa.; Granite City Works in Granite City, Ill.; Fairfield Works near Birmingham, Ala.; Midwest Plant in Portage, Ind.; and East Chicago Tin in East Chicago, Ind. The company also operates two seamless tubular mills, Lorain Tubular Operations in Lorain, Ohio; and Fairfield Tubular Operations near Birmingham, Ala. 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 (Minntac) and Keewatin Taconite (Keetac), support the steelmaking effort, and its subsidiary ProCoil Company provides steel distribution and processing services. Internationally, U.S. Steel has steelmaking subsidiaries in Kosice, Slovakia (U.S. Steel Kosice, s.r.o.), and in Sabac and Smederevo, Serbia (U.S. Steel Serbia, d.o.). In addition to primary steel operations, U. S. Steel participates in several joint ventures: USS-POSCO Industries, Pittsburg, Ca.; PRO-TEC Coating Company, Leipsic, Ohio; Worthington Specialty Processing, Jackson, Mich.; Double Eagle Steel Coating Company, Dearborn, Mich.; Double G Coating Company, Jackson, Miss.; and Acero Prime, San Luis Potosi, Mexico. U. S. Steel is also involved in a number of other businesses, among them transportation (Transtar, Inc.), real estate development, and leasing and financial services. * * * As reported in the Troubled Company Reporter on Jan. 19, 2007, Standard & Poor's Ratings Service raised its corporate credit rating on Pittsburgh, Pennsylvania-based United States Steel Corp to 'BB+' from 'BB' and removed all ratings from CreditWatch, where they had been placed with positive implications on July 27, 2006. At the same time, Standard & Poor's raised its rating on the company's senior unsecured debt to 'BB+' from 'BB'. The outlook is stable. U.S. STEEL: Completes Tender Offer for 10-3/4% Senior Notes ----------------------------------------------------------- United States Steel Corp. successfully completed on Dec. 28, 2006, its cash tender offer and consent solicitation for its 10-3/4% Senior Notes due Aug. 1, 2008. A total of US$328 million in aggregate principal amount, or approximately 94% of the Notes outstanding had been tendered and not withdrawn as of midnight Eastern Time Dec. 27, 2006. On Dec. 28, 2006, the company accepted for purchase and paid for all Notes tendered pursuant to the Offer. The company also disclosed the completion of the consent solicitation relating to the Notes. On Dec. 13, 2006, the company and The Bank of New York executed a third supplemental indenture upon receipt of the requisite consents to the proposed amendments to the indenture governing the Notes. The amendments, which eliminate or modify substantially all of the restrictive covenants in the indenture, became operative upon acceptance of the Notes for purchase. The company will record a fourth quarter 2006 pre-tax charge of approximately US$32 million for the premium, unamortized issuance and discount costs and transaction fees. UBS Investment Bank served as Dealer Manager and Solicitation Agent in connection with the Offer. Georgeson Inc. was the Information Agent. About U.S. Steel Headquartered in Pittsburgh, Pa., 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 26.8 million net tons. U. S. Steel's domestic primary steel operations are: Gary Works in Gary, Ind.; Great Lakes Works in Ecorse and River Rouge, Mich.; Mon Valley Works, which includes the Edgar Thomson and Irvin plants, near Pittsburgh and Fairless Works near Philadelphia, Pa.; Granite City Works in Granite City, Ill.; Fairfield Works near Birmingham, Ala.; Midwest Plant in Portage, Ind.; and East Chicago Tin in East Chicago, Ind. The company also operates two seamless tubular mills, Lorain Tubular Operations in Lorain, Ohio; and Fairfield Tubular Operations near Birmingham, Ala. 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 (Minntac) and Keewatin Taconite (Keetac), support the steelmaking effort, and its subsidiary ProCoil Company provides steel distribution and processing services. Internationally, U.S. Steel has steelmaking subsidiaries in Kosice, Slovakia (U.S. Steel Kosice, s.r.o.), and in Sabac and Smederevo, Serbia (U.S. Steel Serbia, d.o.). In addition to primary steel operations, U. S. Steel participates in several joint ventures: USS-POSCO Industries, Pittsburg, Ca.; PRO-TEC Coating Company, Leipsic, Ohio; Worthington Specialty Processing, Jackson, Mich.; Double Eagle Steel Coating Company, Dearborn, Mich.; Double G Coating Company, Jackson, Miss.; and Acero Prime, San Luis Potosi, Mexico. U. S. Steel is also involved in a number of other businesses, among them transportation (Transtar, Inc.), real estate development, and leasing and financial services. * * * As reported in the Troubled Company Reporter on Jan. 19, 2007, Standard & Poor's Ratings Service raised its corporate credit rating on Pittsburgh, Pennsylvania-based United States Steel Corp to 'BB+' from 'BB' and removed all ratings from CreditWatch, where they had been placed with positive implications on July 27, 2006. At the same time, Standard & Poor's raised its rating on the company's senior unsecured debt to 'BB+' from 'BB'. The outlook is stable. ========= S P A I N ========= BANCAJA 10: Moody's Junks EUR31-Million Series E Notes ------------------------------------------------------ Moody's Investors Service assigned definitive credit ratings to seven series of Bonos de Titulizacion de Activos to be issued by Bancaja 10 Fondo de Titulizacion de Activos, a Spanish Asset Securitization Fund that has been created by Europea de Titulizacion S.G.F.T S.A. Moody's has assigned these ratings: -- EUR420-million Series A1 notes: Aaa; -- EUR1,537-million Series A2 notes: Aaa; -- EUR500-million Series A3 notes: Aaa; -- EUR65-million Series B notes: A1; -- EUR52-million Series C notes: Baa3; -- EUR26-million Series D notes: Ba3; and -- EUR31-million Series E notes: Ca. The rating agency believes that the structure of the Bancaja 10 notes allows for timely payment of interest and ultimate payment of principal at par, on or before the final legal maturity date, and not at any other expected maturity date. The ratings do not address the full redemption of the notes on the expected maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. According to Moody's, this deal benefits from strong features, including: (1) interest rate swaps partially covering the interest rate risk; (2) a reserve fund that is fully funded upfront to cover a potential shortfall in interest and principal; (3) an 18-month artificial write-off mechanism; (4) the securing of 100% of loans by residential mortgages; and (5) the quality of Bancaja as originator and servicer. However, Moody's notes that the deal has weak features, including: (1) the fact that loans over 80% LTV comprise 35% of the total portfolio; (2) the strong geographical concentration (in the region of Valencia), which is an expected consequence of the originator's position as one of the main savings banks within this region; and (3) some of the debtors have the possibility of enjoying an automatic reduction in their margin in cases where they have been cross-sold other Bancaja products. These increased risks were reflected in Moody's Credit Enhancement calculation. This transaction marks the tenth time that Bancaja has tapped the RMBS market. The products being securitized are first-lien mortgage loans granted to individuals, all of whom will use these loans to acquire or refurbish properties located in Spain. All of the mortgage loans were originated by Bancaja, which will continue to service them. As of November 2006, the provisional portfolio comprised 21,616 loans for a total amount of EUR3,134,353,302.93. The original weighted average LTV is 78.43%. The current WALTV is 76.50%. The average loan size is EUR145,000. All the loans are paid through monthly installments, which are debited to accounts held by the debtors at Bancaja. Moody's bases its ratings on: (1) an evaluation of the underlying portfolio of mortgage loans securing the structure, and (2) on the transaction's structural protections, which include the subordination, the strength of the cash flows (including the reserve fund) and any excess spread available to cover losses. ===================== S W I T Z E R L A N D ===================== BOOMBASTIC BETRIEBS: Liquidation Claims Due February 23 ------------------------------------------------------- Creditors of LLC Boombastic Betriebs have until Feb. 23 to submit their claims to: LLC R&H Management Services Liquidator Rieterstrasse 35 8002 Zurich Switzerland The Debtor can be reached at: LLC Boombastic Betriebs Zurich Switzerland EBNAT KAPPEL: Creditors' Liquidation Claims Due February 15 ----------------------------------------------------------- Creditors of Ebnat-Kappel have until Feb. 15 to submit their claims to: Claude Dougoud Liquidator Im Baumliacher 2A 8602 Wangen b. Dubendorf Switzerland The Debtor can be reached at: Ebnat-Kappel Ebnat-Kappel Toggenburg St. Gallen Switzerland EMMENTALISCHER WASSERWIRTSCHAFTS: Liquidation Claims Due Feb. 12 ---------------------------------------------------------------- Creditors of Emmentalischer Wasserwirtschafts-Verband have until Feb. 12 to submit their claims to: Tanner Beat Liquidator Lindenpark 22 3427 Utzenstorf Fraubrunnen Bern Switzerland The Debtor can be reached at: Emmentalischer Wasserwirtschafts-Verband Burgdorf Bern Switzerland FIGAS: Creditors' Liquidation Claims Due February 12 ---------------------------------------------------- Creditors of FIGAS have until Feb. 12 to submit their claims to: Nuspliger Beck Zurkinden Liquidator 3001 Bern Bern Switzerland The Debtor can be reached at: FIGAS Koniz, Bern Switzerland G. LEHMANN: Creditors' Liquidation Claims Due February 14 --------------------------------------------------------- Creditors of LLC G. Lehmann MSR have until Feb. 14 to submit their claims to: Engineering Bureau G. Lehmann Liquidator Romanshornerstrasse 2 8280 Kreuzlingen Thurgau Switzerland The Debtor can be reached at: LLC G. Lehmann MSR Kreuzlingen Thurgau Switzerland HAPPYLIFE BETRIEBS: Liquidation Claims Due February 23 ------------------------------------------------------ Creditors of LLC Happylife Betriebs have until Feb. 23 to submit their claims to: LLC R&H Management Services Liquidator Rieterstrasse 35 8002 Zurich Switzerland The Debtor can be reached at: LLC Happylife Betriebs Zurich Switzerland LINDE: Creditors' Liquidation Claims Due February 12 ---------------------------------------------------- Creditors of Linde have until Feb. 12 to submit their claims to: Elisabeth Irniger Liquidator Lindenstrasse 14 8708 Mannedorf Zurich Switzerland The Debtor can be reached at: Linde Hirzel, Horgen Zurich Switzerland RUSCHEGG-GRABEN: Creditors' Liquidation Claims Due February 12 -------------------------------------------------------------- Creditors of Ruschegg-Graben have until Feb. 12 to submit their claims to: Urs Beyeler Liquidator Hausermann + Partner Weizacker 3152 Mamishaus Switzerland The Debtor can be reached at: Ruschegg-Graben Ruschegg Schwarzenburg Bern Switzerland SCHIBLI - DOPPLER: Creditors' Liquidation Claims Due February 14 ---------------------------------------------------------------- Creditors of JSC Schibli-Doppler have until Feb. 14 to submit their claims to: Isabelle Achermann Liquidator Markus Schulin Blumenrain 20 4001 Basel Switzerland The Debtor can be reached at: JSC Schibli-Doppler Birsfelden Arlesheim Basel-Country Switzerland T.O.P. BOOKS: Creditors' Liquidation Claims Due February 12 ----------------------------------------------------------- Creditors of LLC T.O.P. Books have until Feb. 12 to submit their claims to: Suzanne Lohrer Liquidator Vordergasse 76 P.O. Box 875 8201 Schaffhausen Switzerland The Debtor can be reached at: LLC T.O.P. Books Neuhausen am Rheinfall Schaffhausen Switzerland =========== T U R K E Y =========== TURKIYE HALK: Fitch Upgrades Individual Rating to 'C/D' ------------------------------------------------------- Fitch Ratings upgraded Turkey-based Turkiye Halk Bankasi's Individual rating to 'C/D' from 'D'. The other ratings of Halkbank are affirmed at foreign and local currency Issuer Default 'BB-' with Positive Outlook, Short-term foreign and local currency 'B', Support '3' and National Long- term 'A' with Stable Outlook. The upgrade reflects Halkbank's continued asset diversification, solid funding, sound capitalization and improvements in the operating environment. These positive factors are balanced by the continued reliance on government securities income. Halkbank's profitability improved in third quarter of 2006, mainly driven by high-yielding retail loans and controlled costs. The balance sheet composition of the bank has changed in favor of loans in 2005 and in third quarter of 2006; gross loans equaled 33% and government securities made up a still high 54% at the end of third quarter of 2006 assets, albeit lower than 66% at end-2005. Asset quality was aided by loan growth and continued to improve as old NPLs were collected, while there haven't been major new NPLs since 2001. The bank maintains full reserve coverage of the NPLs. Although asset liquidity is low, liquidity risk - which is created by a maturity mismatch - is mitigated to some extent by a well-diversified and stable core deposit base arising from the bank's strong franchise and state-ownership. At end of third quarter of 2006, Halkbank's consolidated Tier 1 ratio, despite having declined due to higher risk-weighted assets, equalled a high 34.4%. Halkbank is a state-owned bank and has been operational since 1938. The bank's original mandate was to provide loans to artisans, tradesmen and SMEs in economically underdeveloped parts of the country. I t went through a major restructuring process for state-owned banks starting in 2001, including recapitalization and branch rationalization. It specializes in financing artisans, tradesmen and SMEs. After Pamukbank was merged into Halkbank in November 2004, its focus extended to retail banking. At end-9M06, Halkbank ranked as the sixth- largest bank in Turkey, with 7.3% of Turkish banking assets and 588 branches. The bank will be privatized through a block sale in 2007. TURKIYE KALKINMA: Fitch Assigns BB- Issuer Default Rating --------------------------------------------------------- Fitch Ratings assigned Turkey-based Turkiye Kalkinma Bankasi's ratings at foreign and local currency Issuer Default 'BB-', Short-term foreign and local currency 'B', Individual 'D', Support '3' and National Long-term 'A'. The Outlooks on both foreign and local Issuer Default Ratings are Positive and the Outlook on the National rating is Stable. The IDR, Long-term and Support ratings reflect the moderate probability of support from the Turkish Treasury -- which owns 99% of TKB -- in case of need. The Individual rating reflects TKB's weak asset quality in spite of improvement and its high overhead costs. It also considers the bank's diversified funding, a big part of which is either provided or guaranteed by the Turkish Treasury, its strong capital and niche position as one of Turkey's state-owned development and investment banks. As of end third quarter of 2006, capitalization was solid as evidenced by free and regulatory capital ratios of 51% and 81%, respectively. Loan volumes are increasing, but only at a slow rate due to the amount of time it takes to process applications and allocate funding, though this is being addressed in the new framework of the reorganized bank. Further improvement in efficiency will depend on whether the planned loan growth is achieved. TKB is a non deposit-taking development and investment bank established in 1975 to promote the economic development of Turkey. TKB's main business is to provide medium- and long-term loans to joint stock companies via project financing, leasing, working capital loans and equity participation. The bank focuses particularly on geographical areas that have been identified by the government as high priority. The bank also provides consultancy and investment banking services. VESTEL ELEKTRONIK: Better Cash Flow Cues S&P to Revise Outlook -------------------------------------------------------------- Standard & Poor's Ratings Services revised to positive from negative its outlook on Turkey-based Vestel Elektronik Sanayi Ve Ticaret A.S., a cost-efficient consumer electronics manufacturer, reflecting expectations of improving cash flow generation and positive shareholding developments at Vestel. At the same time, the 'B+' long-term corporate credit rating was affirmed. On Sept. 30, 2006, Vestel had consolidated financial debt of US$692 million. "Vestel's cash flow generation, which is currently modest, is expected to improve in 2007, as revenues and EBITDA from the white-goods division continue to rise, on the back of recently increased production capacity," said Standard & Poor's credit analyst Patrice Cochelin. Capital expenditures should remain at about US$100 million per year. The rating on Vestel remains primarily constrained by the volatile Turkish macroeconomic environment and resulting currency swings; the company's significant debt burden; and the highly competitive nature of the company's end-markets. Vestel continues to benefit from its favorable cost position, flexible manufacturing capabilities, considerable economies of scale, limited marketing and distribution expenses, service quality, and end-market proximity. Turkey's participation in the European Customs Union gives Vestel a significant competitive advantage, although competitors with equally low costs could present a threat in the future. With significantly lower capital spending in the coming months, S&P expects Vestel's free cash flow generation to be positive, and to become a source of liquidity. "The positive outlook reflects the potential for an upgrade if the company's operating performance and, notably, cash flow generation, continues to improve, enabling some debt reduction," said Mr. Cochelin. "An upgrade would also hinge on our satisfaction with Vestel's majority shareholder's long-term financial and strategic goals, a lower reliance on short-term funding, and better currency matching of currencies and cash flows." On the other hand, the outlook could return to stable in the case of operating underperformance or liquidity pressure. ZIRAAT BANKASI: Solid Franchise Prompts Fitch to Lift D Rating -------------------------------------------------------------- Fitch Ratings upgraded Turkey-based T.C. Ziraat Bankasi's Individual rating to 'C/D' from 'D'. Ziraat's other ratings are affirmed at foreign and local currency Issuer Default 'BB-', Short-term foreign currency 'B', National Long-term 'A' and Support '3'. The Outlooks on both the foreign and local currency Issuer Default ratings are Positive and the Outlook on the National rating is Stable. The upgrade reflects Ziraat's solid franchise in an improved operating environment, continued improvements in its core banking business, strong funding and capital measures. The rating also reflects a high proportion of government securities in its asset structure, resulting in heavy dependence on securities revenue. Following a restructuring period involving the sale of unused and non-core fixed assets and change of branch organization structure, the bank reduced its administrative workload and improved its efficiency. The bank's increased focus on profitability, helped by its deposit-driven low cost funds, and tightened grip on efficiency produced sound results in 2005 and in 2006. Ziraat's profitability is expected to improve in 2007. However, securities revenue will continue to be significant in the near future. Ziraat's loans grew rapidly in 2005 and third quarter of 2006, reflecting a sharp increase in retail loans. However, gross loans were still low at 22.5% of total assets at end third quarter of 2006. Ziraat's non-performing loan ratio improved to 2% at end of third quarter of 2006 with full coverage from 2.24% at end-2005. Although government securities were down markedly at 55% of total assets as of end third quarter of 2006 from 60% at end-2005, they remain high as a share of Ziraat's assets. The bank has a well distributed core deposit base, equating to 83% of end third quarter of 2006 liabilities. Ziraat's unconsolidated regulatory capital adequacy ratio remained strong at 34% at end third quarter of 2006. Ziraat is a state-owned bank established in 1863 initially to support the agricultural industry. The bank also has the largest branch network in Turkey, with 1,136 domestic branches at end of third quarter of 2006 and serves as the payment and collection agent of the Turkish Treasury providing a wide variety of banking services. ============= U K R A I N E ============= AMVROSIEVKA MOTOR 11468: Claims Filing Deadline Set February 10 --------------------------------------------------------------- Creditors of OJSC Amvrosievka Motor Transport Enterprise 11468 (code EDRPOU 03116476) have until Feb. 10 to submit written proofs of claim to: Oleg Nesterenko, Liquidator Frunze Str. 29 Amvrosievka 87300 Donetsk Region Ukraine Tel: (0623) 22-59-98 Fax: (062) 334-97-31 The Economic Court of Donetsk Region commenced bankruptcy proceedings against the company on Dec. 12, 2006, after finding it insolvent. The case is docketed under Case No. 5/91B. The Economic Court of Donetsk Region is located at: Artema Str. 157 83048 Donetsk Region Ukraine The Debtor can be reached at: OJSC Amvrosievka Motor Transport Enterprise 11468 Frunze Str. 29 Amvrosievka 87300 Donetsk Region Ukraine AVANGARD OJSC: Claims Submission Deadline Set February 14 --------------------------------------------------------- Creditors of Joint OJSC Avangard (code EDRPOU 03733849) have until Feb. 14 to submit written proofs of claim to: Vasiliy Glebov, Liquidator Hmelnickiy Str. 23 21036 Vinnica Region Ukraine Tel: 67-33-66 The Economic Court of Vinnica Region commenced bankruptcy proceedings against the company on Jan. 9 after finding it insolvent. The case is docketed under Case No. 5/196-06. The Economic Court of Vinnica Region is located at: Hmelnickiy Str. 7 21036 Vinnica Region Ukraine The Debtor can be reached at: Joint OJSC Avangard Velyki Krushlynci Vinnica District 22111 Vinnica Region Ukraine MAGISTRAL LLC: Claims Submission Deadline Set February 14 --------------------------------------------------------- Creditors of LLC Agricultural Enterprise Magistral (code EDRPOU 30886846) have until Feb. 14 to submit written proofs of claim to: Ivan Radika, Liquidator Traktorostroiteley Str. 140-b Kharkov Region Ukraine The Economic Court of Kharkov Region commenced bankruptcy proceedings against the company on Dec. 25, 2006, after finding it insolvent. The case is docketed under Case No. B-39/217-06. The Economic Court of Kharkov Region is located at: Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Region Ukraine The Debtor can be reached at: LLC Agricultural Enterprise Magistral Goptovka Dergachi District Kharkov Region Ukraine MAYAK OJSC: Creditors Must Submit Claims by February 14 ------------------------------------------------------- Creditors of Joint OJSC Mayak (code EDRPOU 00182768) have until Feb. 14 to submit written proofs of claim to: Lina Demec, Temporary Insolvency Manager P.O. Box 5894 21016 Vinnica Region Ukraine Tel: 8 (0432)35-63-09 The Economic Court of Vinnica Region commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 10/195-06. The Economic Court of Vinnica Region is located at: Hmelnickiy Str. 7 21036 Vinnica Region Ukraine The Debtor can be reached at: Joint OJSC Mayak Selysche Litynsk District Vinnica Region Ukraine NIVA LLC: Claims Submission Deadline Set February 14 ---------------------------------------------------- Creditors of Agricultural LLC Niva (code EDRPOU 30142008) have until Feb. 14 to submit written proofs of claim to: V. Vakulenko, Liquidator Shakespeare Str. 12-A 61045 Kharkov Region Ukraine Tel: 773-01-30 The Economic Court of Kharkov Region commenced bankruptcy proceedings against the company on Dec. 22, 2006, after finding it insolvent. The case is docketed under Case No. B-48/164-06. The Economic Court of Kharkov Region is located at: Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Region Ukraine The Debtor can be reached at: Agricultural LLC Niva Kozyrev Str. Semenovka Zachepilovka District Kharkov Region Ukraine SADOVOE OJSC: Creditors Must Submit Claims by February 14 --------------------------------------------------------- Creditors of OJSC Sadovoe (code EDRPOU 00414109) have until Feb. 14 to submit written proofs of claim to: Irina Zaharchenko, Temporary Insolvency Manager October Avenue 325/4 54052 Nikolaev Region Ukraine Tel: (512) 63-57-72 The Economic Court of Nikolaev Region commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 5/538/06. The Debtor can be reached at: OJSC Sadovoe Mir Str. 1 Kvitneve Zhovtneve District Nikolaev Region Ukraine VIKTORIYA LLC: Creditors Must Submit Claims by February 14 ---------------------------------------------------------- Creditors of LLC Viktoriya (code EDRPOU 2303710271) have until Feb. 14 to submit written proofs of claim to: The Economic Court of Odessa Region Shevchenko Avenue 4 65032 Odessa Region Ukraine The Economic Court of Odessa Region commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 21/424-06-13037. The Debtor can be reached at: LLC Viktoriya Novie Troyany Bolgrad District 68711 Odessa Region Ukraine Izmailskaya Str. 30 =========================== U N I T E D K I N G D O M =========================== ABBEY CATERING: Names Martin Dominic Pickard Liquidator ------------------------------------------------------- Martin Dominic Pickard was appointed liquidator of Abbey Catering Ltd. on Jan. 17 for the creditors' voluntary winding-up procedure. The company can be reached at: Abbey Catering Ltd. Kingston Road Frilford Abingdon Oxfordshire OX13 5HB England Tel: 01865 391 888 Fax: 01865 391 108 ABITIBI-CONSOLIDATED: Bowater Merger Cues DBRS' Ratings Review -------------------------------------------------------------- Dominion Bond Rating Service placed the ratings of Abitibi- Consolidated Inc., Abitibi-Consolidated Company of Canada, Bowater Inc., and Bowater Canadian Forest Products Inc. under Review with Positive Implications following the announcement that Abitibi and Bowater will join in an all-stock merger of equals. Rating assigned: Abitibi-Consolidated Company of Canada -- Notes Under Review - Positive BB (low) Abitibi-Consolidated Inc. -- Senior Unsecured Debt Under Review - Positive BB (low) Bowater Canadian Forest Products Inc. -- Senior Debentures Under Review - Positive BB (low) Bowater Inc. -- Issuer Rating Under Review - Positive BB (low) The new company, AbitibiBowater Inc., will be the largest newsprint producer in the world, with a significant market share in North America. DBRS views the transaction, which is expected to close in third quarter 2007, as positive for Abitibi and Bowater. The Under Review with Positive Implications status reflects the expectation that the transaction will be completed on time, as well as the uncertainty regarding the operating strategy and financial structure of the new company. In the event that the transaction is delayed or does not close, there would be negative implications for the rating. The creation of AbitibiBowater will provide a broad base of assets available for rationalization and capacity reduction. The structural decline in newsprint demand, largely from electronic substitution and declining circulation, has been widely reported and is expected to continue. As such, the consolidation of commodity producers has become necessary to remain competitive in today's increasingly challenging marketplace. The increased scale of the new company contributes to an improvement in its business risk profile relative to that of Abitibi and Bowater on a standalone basis. The financial risk profile of AbitibiBowater is expected to remain relatively high. On a pro forma basis, credit metrics are generally in line with standalone Abitibi and Bowater, with debt-to-EBITDA of 6.7 and cash flow coverage of 0.05. However, planned asset sales, including previously announced timberland and hydroelectric-generating facilities, will provide funds to be used toward debt reduction in 2007, which will improve AbitibiBowater's financial profile. In addition, expected acquisition synergies of $250 million annually will increase earnings and cash flows in two years. Furthermore, combined available borrowings on credit facilities amounted to $860 million at September 30, 2006, which will be more than sufficient to fund capital requirements in the near term. DBRS will continue to monitor developments with respect to the transaction, along with prevailing market conditions, and will determine the appropriate rating action prior to the closing of the transaction. ABITIBI-CONSOLIDATED INC: DBRS Puts Sr. Debt Rating Under Review ---------------------------------------------------------------- Dominion Bond Rating Service placed the ratings of Abitibi- Consolidated Inc., Abitibi-Consolidated Company of Canada, Bowater Inc., and Bowater Canadian Forest Products Inc. under Review with Positive Implications following the announcement that Abitibi and Bowater will join in an all-stock merger of equals. Rating assigned: Abitibi-Consolidated Company of Canada -- Notes Under Review - Positive BB (low) Abitibi-Consolidated Inc. -- Senior Unsecured Debt Under Review - Positive BB (low) Bowater Canadian Forest Products Inc. -- Senior Debentures Under Review - Positive BB (low) Bowater Inc. -- Issuer Rating Under Review - Positive BB (low) The new company, AbitibiBowater Inc., will be the largest newsprint producer in the world, with a significant market share in North America. DBRS views the transaction, which is expected to close in third quarter 2007, as positive for Abitibi and Bowater. The Under Review with Positive Implications status reflects the expectation that the transaction will be completed on time, as well as the uncertainty regarding the operating strategy and financial structure of the new company. In the event that the transaction is delayed or does not close, there would be negative implications for the rating. The creation of AbitibiBowater will provide a broad base of assets available for rationalization and capacity reduction. The structural decline in newsprint demand, largely from electronic substitution and declining circulation, has been widely reported and is expected to continue. As such, the consolidation of commodity producers has become necessary to remain competitive in today's increasingly challenging marketplace. The increased scale of the new company contributes to an improvement in its business risk profile relative to that of Abitibi and Bowater on a standalone basis. The financial risk profile of AbitibiBowater is expected to remain relatively high. On a pro forma basis, credit metrics are generally in line with standalone Abitibi and Bowater, with debt-to-EBITDA of 6.7 and cash flow coverage of 0.05. However, planned asset sales, including previously announced timberland and hydroelectric-generating facilities, will provide funds to be used toward debt reduction in 2007, which will improve AbitibiBowater's financial profile. In addition, expected acquisition synergies of $250 million annually will increase earnings and cash flows in two years. Furthermore, combined available borrowings on credit facilities amounted to $860 million at September 30, 2006, which will be more than sufficient to fund capital requirements in the near term. DBRS will continue to monitor developments with respect to the transaction, along with prevailing market conditions, and will determine the appropriate rating action prior to the closing of the transaction. ADVANCED MARKETING: Wants to Sell PGW Distribution Agreements ------------------------------------------------------------- Advanced Marketing Services Inc. and its debtor-affiliates ask the U.S. Bankruptcy Court for the District of Delaware for authority to sell Publishers Group West Incorporated's rights under its distribution agreements with various publishers to Perseus Books, L.L.C., and Client Distribution Services, Inc. The Debtors also ask the Court to authorize PGW to assume and assign the Distribution Agreements, and sell certain other assets related to its distribution business to Perseus Books. The Debtors will continue to seek higher and better offers for the PGW Assets. However, given the exigencies surrounding PGW's business, the Debtors do not intend to auction or adopt other formal procedures to test the adequacy of the proposed transaction. The Debtors believe that any extended sale process could severely impact the value of the PGW estate or jeopardize the financial well being of PGW's publishers. The Debtors also explain that they had been exploring various strategic alternatives for months prior to the Petition Date and have continued those efforts postpetition. The Debtors believe that the terms of the Purchase Agreement and the PGW Sale contemplated are fair and reasonable, and that the PGW Sale will maximize the value of the PGW estate for the benefit of the Debtors' creditors, stakeholders and other parties-in-interest. Bankruptcy has prevented the Debtors from making payments with respect to the relatively higher volume of products purchased and sold by PGW during the busy holiday season, Paul N. Heath, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, relates. Although PGW has been paying substantially all PGW Publishers weekly since the Petition Date, according to Mr. Heath, failure to make payments relating to the holiday season is leading to drastic consequences for many, if not all of the PGW Publishers. In some cases, Mr. Heath says, the financial difficulties have placed the PGW Publishers in extreme distress, threatening a possible "domino effect" of insolvencies if PGW does not soon reach a solution where these claims may be satisfied. PGW Publishers may also demand for an expedited assumption or rejection of the Distribution Agreements. The Debtors, nonetheless, reserve the right to take appropriate measures to pursue an alternative bid should the Debtors receive any viable and superior offer before the Court considers the sale to Perseus Books. Should they pursue and accept an alternative transaction, the Debtors seek the Court's permission to pay a US$500,000 breakup fee to Perseus Books. AMS, through PGW, provides a full range of book marketing and distribution services to smaller publishers under exclusive contractual arrangements. PGW stores the books at its distribution centers and ships them to customers based on customer requirements, primarily on a fully returnable basis. PGW also provides smaller publisher clients with a range of related services, including marketing and publicity; customer service; warehousing and distribution; billing and collections; and sales and inventory reporting. PGW's fees for its distribution and marketing services are calculated as a percentage of net sales proceeds. In the event a product becomes old or unmarketable, PGW will, for a fee, return any books in its possession to the PGW Publisher or destroy the books. PGW is under no obligation to purchase the books held in its warehouses if it receives no orders for books from third party retailers. Founded in 1997, Perseus Books provides services to more than 150 independent publishers. Perseus Books operates through CDS and Consortium Book Sales & Distribution, Inc. In fiscal year 2006, CDS and Consortium shipped more than US$330,000,000 of books at wholesale value to more than 10,000 retailers and wholesalers in the United States and Canada. Purchase & Related Agreements Pursuant to a Purchase Agreement dated January 18, PGW will assign to CDS all of PGW's rights under each Distribution Agreement with a Publisher that executes a publisher agreement with Perseus Books. CDS will purchase and assume on a prospective basis all of PGW's obligations under each Distribution Agreement with a Consenting Publisher. PGW will also provide CDS with administrative, technical and support services pursuant to a Transition Services Agreement. Under the Publisher Agreements, Perseus Books will pay Consenting Publishers representing at least 65% of PGW's best good faith estimate of the maximum amount of the Prepetition Claims of all Publishers, 70% of their claims against PGW in exchange for a complete assignment to Perseus Books of the Prepetition Claims. With respect to Consenting Publishers representing the remaining 35%, Perseus Books may -- but is not required to -- pay the Consenting Publishers less than 70% of their Prepetition Claims. PGW and Perseus Books agree that the Maximum Prepetition Claims estimate will not exceed in the aggregate US$28,950,193. Perseus Books will release the estate from the paid portion of the Claims. Perseus Books will retain against the PGW estate an administrative claim for the amount of the assigned Prepetition Claim that is not released. Perseus Books' administrative claim may be increased on a dollar-for-dollar basis if the Net Amount paid by Perseus Books exceeds a sliding scale keyed off a "purchase price" -- that is, the amount paid by Perseus Books to Consenting Publishers net of its retained administrative claim -- of US$12,500,000 for all Distribution Agreements. CDS will purchase from PGW all returns of Consenting Publishers' books received on or after the Petition Date, provided that with respect to no more than 50% of the returns, CDS may pay for the returns with a reduction in the amount of Perseus Books' administrative claim against the estate. PGW will transfer all items of each Consenting Publisher's inventory to CDS, free and clear of all liens, claims and interests of PGW's creditors, including Wells Fargo Foothill and the DIP Lenders. As a condition to closing, Publishers holding Claims aggregating at least 65% of the Maximum Prepetition Claims against PGW must execute the Publisher Agreements. Perseus Books and CDS may terminate the Purchase Agreement if the closing has not occurred, or in Perseus Books' good faith judgment is not likely to occur, by March 15. AMS and PGW retain the right to terminate the deal if, in their good faith judgment, PGW no longer has the financial wherewithal and capacity to (y) perform under the Purchase Agreement or the Transition Services Agreement or (z) operate in the ordinary course as established postpetition. A full-text copy of the Purchase Agreement with Perseus Books is available at no charge at http://ResearchArchives.com/t/s?193d PGW to Abandon Unassigned Contracts The Debtors also seek the Court's nod to walk away from those Distribution Agreements that will not be assigned, to avoid burdening their estates with continuing obligations, if any, associated with the Non-Assigned Contracts. The Debtors may provide a written rejection notice by facsimile, first-class mail or overnight courier to each Publisher to any Non-Assigned Contract. The applicable Non-Assigned Contract will be deemed rejected effective upon the expiration of five days after receipt of a Rejection Notice. About Advanced Marketing Based in San Diego, California, Advanced Marketing Services, Inc. -- http://www.advmkt.com/-- provides customized merchandising, wholesaling, distribution, and publishing services, currently primarily to the book industry. The company has operations in the U.S., Mexico, the United Kingdom and Australia and employs approximately 1,200 people Worldwide. The company and its two affiliates, Publishers Group Incorporated and Publishers Group West Incorporated filed for chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480 through 06-11482). Suzzanne S. Uhland, Esq., Austin K. Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers, LLP, represent the Debtors as Lead Counsel. Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A., represent the Debtors as Local Counsel. When the Debtors filed for protection from their creditors, they listed estimated assets and debts of more than US$100 million. The Debtors' exclusive period to file a chapter 11 plan expires on April 28. ADVANCED MARKETING: Marc Ravitz Joins Board of Directors -------------------------------------------------------- The Board of Directors of Advanced Marketing Services Inc. has appointed Marc E. Ravitz, CFA, as a director of the company. Mr. Ravitz is executive vice president of Grace & White Inc., an investment advisory firm, which, together with other affiliated entities and persons, controls approximately 12% of the company's common stock. "Marc's firm has been a stockholder for many years. We're pleased that he has joined the Board, and we look forward to his contributions," said Robert F. Bartlett, the Chairman of the Board. "I look forward to working with the other members of the Board and management to chart a positive course for the company," Mr. Ravitz stated. The company's meeting of stockholders, scheduled on Jan. 24, was adjourned to Feb. 23, 8:00 a.m. Pacific Standard Time, at the company's offices in San Diego, California. The meeting was adjourned because less than a majority of the company's shares outstanding and entitled to vote were represented at the meeting. The record date for the meeting remains Dec. 26, 2006, and only stockholders of record as of the close of business on that date will be entitled to vote at the meeting. About Advanced Marketing Based in San Diego, California, Advanced Marketing Services, Inc. -- http://www.advmkt.com/-- provides customized merchandising, wholesaling, distribution, and publishing services, currently primarily to the book industry. The company has operations in the U.S., Mexico, the United Kingdom, and Australia and employs approximately 1,200 people Worldwide. The company and its two affiliates, Publishers Group Incorporated and Publishers Group West Incorporated filed for Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480 through 06-11482). Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A., represent the Debtors. When the Debtors filed for protection from their creditors, they listed estimated assets and debts of more than US$100 million. The Debtors' exclusive period to file a Chapter 11 Plan will expire on April 28. AQUAPETS LTD: Taps A. Poxon to Liquidate Assets ----------------------------------------------- A. Poxon of DTE Leonard Curtis was appointed liquidator of Aquapets Ltd. on Jan. 22 for the creditors' voluntary winding-up proceeding. DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax consultancy, company secretarial services, corporate finance, corporate recovery, turnaround, forensic accounting, financial services and insurance & risk management. Aquapets Ltd. can be reached at: 467 Leigh End Warrington Road Glazebury Warrington Cheshire WA3 5NT England Tel: 01942 262 979 Fax: 01942 262 979 CANINE CORP: Taps Grant Thornton to Administer Assets ----------------------------------------------------- Martin Gilbert Ellis and Nicholas Wood of Grant Thornton U.K. LLP were appointed joint administrators of Canine Corp. Plc. (Company Number 05572354) on Jan. 9. Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- provides value-added professional services as assurance services, compensation and benefits, merger and acquisition transaction services, management advisory services, tax consulting and valuation services. Headquartered in London, England, Canine Corp. Plc. retails dog accessories. CAR 4 LIFE: Names Roderick Graham Butcher as Administrator ---------------------------------------------------------- Roderick Graham Butcher of Butcher Woods Ltd. was named administrator of Car 4 Life (U.K.) Ltd. (Company Number 05171163) on Jan. 19. The administrator can be reached at: Roderick Graham Butcher Butcher Woods Ltd. 79 Caroline Street Birmingham West Midlands B3 1UP United Kingdom Tel: 0121 236 6001 Fax: 0121 236 5702 E-mail: rod.butcher@butcher-woods.co.uk Car 4 Life (U.K.) Ltd. can be reached at: 35A Blackmore Road Malvern Worcestershire WR14 1QT United Kingdom Tel: 01684 576 449 CLASSIC SHOES: Claims Filing Period Ends March 7 ------------------------------------------------ Creditors of Classic Shoes Ltd. have until March 7 to send their names and addresses, with particulars of their debts or claims, and the names and addresses of their solicitors, if any, to: Ashok K. Bhardwaj Liquidator Bhardwaj Insolvency Practitioners 47-49 Green Lane Northwood Middlesex HA6 3AE England Ashok K. Bhardwaj of Bhardwaj Insolvency Practitioners was appointed liquidator of the company on Jan. 23. COLIN COLLINS: Appoints Vantis as Joint Administrators ------------------------------------------------------ Nicholas Hugh O'Reilly and Simon Elliott Glyn of Vantis were appointed joint administrators of Colin Collins Ltd. (Company Number 00633749) on Jan. 17. Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. Colin Collins Ltd. can be reached at: 90-100 Pinner Road Harrow Middlesex HA1 4JD &nbs p; United Kingdom Tel: 020 8861 1666 Fax: 020 8863 0228 COLLINS & AIKMAN: Court OKs First Amended Disclosure Statement -------------------------------------------------------------- Collins & Aikman Corp. and its debtor-affiliates filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a modified First Amended Joint Plan and Disclosure Statement on Jan. 24, 2007. The Debtors advised the Court that they have reached an agreement in principle with the Official Committee of Unsecured Creditors and the Unofficial Steering Committee for their senior, secured prepetition lenders regarding the terms of the Amended Plan. "We have recently come to an agreement on the allocation of litigation trust distributions and funding of the Litigation Trust, which clears the way for a consensual plan," said John Boken, Collins & Aikman's Chief Restructuring Officer. "We are pleased to have reached another major milestone in these cases now that we have the support of our most significant creditor constituencies and our major customers regarding the terms of our plan." Collins & Aikman Corp. modified the Amended Plan to reflect the agreement. Certain provisions of the Amended Plan were also modified to address the objections filed by governmental agencies, insurers and other parties-in-interest. The Honorable Steven W. Rhodes approves the Disclosure Statement to the modified First Amended Plan and set the hearing to consider confirmation of that Plan to April 19, 2007. A copy of the Court-approved Disclosure Statement is available for free at http://ResearchArchives.com/t/s?192e A copy of the modified First Amended Plan is available for free at http://ResearchArchives.com/t/s?192f Disclosure Statement Objections (1) State of Michigan and IRS The State of Michigan, Department of Labor & Economic Growth and Unemployment Insurance Agency, and The United States of America, on behalf of the Internal Revenue Service, assert postpetition tax claims arising from the Debtors' business activities, and requested that the claims be paid at, or before, the confirmation of the Plan. Michigan filed a $10,937 administrative tax claim on March 15, 2006, involving the Debtors' subsidiary New Baltimore Holdings, LLC. The third and fourth quarter 2005 tax reports were not filed, and the unemployment tax amount owed is an estimate. Roland Hwang, assistant attorney general, complained that the First Amended Plan and Disclosure Statement had no indication that all postpetition unemployment taxes have been paid and fail to provide for payment of postpetition unemployment tax obligations for the Debtors' subsidiary, New Baltimore Holdings LLC. John W. Stevens, special assistant U.S. attorney, stated that the Debtors owe liabilities to the federal government for Form 941, Employer's Quarterly Federal Tax Return taxes. Based on the lack of records, the IRS has not yet filed an administrative claim for the taxes. The IRS filed a $24,590,752 claim on Aug. 2, 2006, with $22,471,909 as priority amount and $2,118,843 as unsecured general amount for various taxes. Pursuant to Article III.I.(a) of the Plan, payments on administrative claims will be made either before or after the Effective Date. However, there is no defined date when administrative claims will be paid, Mr. Stevens pointed out. (2) New Hampshire; Farmington; and MDEQ The State of New Hampshire Department of Environmental Services complained that the Debtors failed to disclose their intention with respect to their responsibility for and the disposition of certain environmentally contaminated sites in New Hampshire. Farmington, holder of a claim for prepetition unpaid real estate taxes, and other two claims arise from environmental conditions on and emanating from real estate owned by the Debtor, said that the Disclosure Statement needs to be clarified so as to provide: (a) whether a manufacturing plant in Farmington, which is subject to a certain Sarah GreenField Agreement with the Debtors, and other environmentally contaminated properties like the Cardinal Landfill, are covered by the sale process contemplated under the Plan; and (b) whether the Post-Consummation Trust will pay for clean up costs on and after the Effective Date. The State of Michigan, Department of Environmental Quality, filed claims relating to oversight or remediation of the contamination in a Debtor-owned property in Mancelona, Antrim County, Michigan. MDEQ pointed out that it is not clear whether the Post-Consummation Trust and the Litigation Trust contemplated under the First Amended Plan would address the environmental claims. Celeste R. Gill, assistant attorney general, Environment, Natural Resources, and Agriculture Division, asserted that, to the extent the Plan is an attempt to abandon the property of the bankruptcy estate in violation of the environmental laws of Michigan, it is unconfirmable. (3) Various Insurers Various insurers issued policies to the Debtors for real and personal property, international coverage and excess liability, including directors and officers' liability: -- ACE American Insurance Co., Westchester Fire Insurance Co. and other members of the ACE group of companies; -- certain insurers including Century Indemnity Co., Continental Insurance Co., Continental Casualty Co., St. Paul Surplus Lines Insurance Co., and the Travelers Indemnity Co.; and -- Fireman's Fund Insurance Co., National Surety Co., and other related insurance companies. David A. Lerner, Esq., at Plunkett & Cooney, P.C., in Bloomfield Hills, Michigan, separately representing ACE and Certain Insurers, claimed that the Disclosure Statement does not provide critical information on how potentially insured claims will be handled and whether the handling accords with the insurers' contractual rights, or how the insurance claims against the Debtors will be treated. The Disclosure Statement fails to indicate whether the Debtors will be assuming or rejecting any insurance policies or whether the Post-Consummation Trust will be performing the Debtors' obligations under the policies, but the Disclosure Statement indicates that the Plan will be using insurance policies to satisfy certain claims, Mr. Lerner pointed out. Moreover, the Disclosure Statement preserves the Debtors' rights of setoff, but does not specifically address the rights of setoffs and recoupment belonging to other parties. The Debtors may seek to bar the rights under the injunctive or other provisions in the proposed Plan, Mr. Lerner averred. It is also unclear how the Debtors intend to honor the Insurers' contractual rights to defend, settle, or litigate potentially covered claims on a post-confirmation basis, Mr. Lerner noted. FFIC, represented by Kelly A. Myers, Esq., at Myers & Allmand, PLLC, in Brighton, Michigan, may also be party to certain agreements, which are executory contracts under Section 365 of the Bankruptcy Code, relating to the policies. Mr. Myers said that the Disclosure Statement fails to disclose meaningful information regarding the procedures to be utilized by Debtors, Litigation Trust administrator and Plan Administrator in liquidating and paying Claims. The value of the Claims is also not provided, he added. Even when the Debtors finally identify which executory contracts to assume, assign, or reject, Mr. Myers pointed out, the purported treatment of the contract is rendered meaningless by the retention of the rights by the Debtors and Post-Consummation Trust to amend or supplement the list of the executory contracts to be assumed, at any time after 90 days after the Effective Date. The Plan also purports to make FFIC potentially liable to provide the full amount of insurance coverage while extinguishing its ability to enforce its reciprocal contractual rights, Mr. Myers contended. Additionally, the Plan may provide for the assignment of the FFIC Agreements without requiring the Post-Consummation Trust to assume the Debtors' reciprocal Contractual Obligations. The allowance of the possible assignment of the FFIC Agreements would vitiate any coverage otherwise available under the FFIC Agreements, he said. (4) RLI Insurance Company RLI Insurance Company issued three outstanding bonds aggregating $2,800,000, on behalf of the Debtors. The Bonds were issued primarily to cover obligations arising from self-insurance programs covering workers' compensation liabilities. Chase Manhattan USA, N.A., now known as JPMorgan Chase Bank, through the issuance of a letter of credit, is obligated to pay any obligations owed to RLI arising under or related to the Bonds. In addition to the Letter of Credit, RLI has direct claims against the Debtors, through commercial indemnity agreements, and subrogation rights through beneficiaries of the Bonds. Kay Standridge Kress, Esq., at Pepper Hamilton LLP, in Detroit, Michigan, notes that there is no information regarding how the Bonds and the Letter of Credit will be treated. The Disclosure Statement should also clearly advise RLI about the ultimate disposition of the Bonds and whether the releases effected under the Plan are intended to deprive RLI of its rights under the Letter of Credit, he asserts. (5) Hallmark, et al. Hallmark Technologies, Inc., doing business as Hallmark Tools; Phillips Tool & Mould; Tri-Way Mfg., Inc., doing business as Tri-Way Mold and Engineering each have fabricated certain molds pursuant to the Michigan Mold Lien Act, MCL 445.611 et seq. Tri-Way has also fabricated certain tools for the Debtors. Dennis W. Loughlin, Esq., at Strobl & Sharp, P.C., in Bloomfield Hills, Michigan, representing the three claimants, complained that the Disclosure Statement fails to provide adequate information concerning the treatment of the many tool and mold suppliers of the Debtors, and their potential tool and mold- related lien claims under the Act. The Disclosure Statement provides for a release and discharge of liens on estate assets. Hallmark, PTM, and Tri-Way object to the discharge of any tool or mold-related lien unless their lien claims are satisfied in full. The Disclosure Statement fails to recognize the statutory lien on the Molds and to provide payment to satisfy the liens on the Molds, Mr. Loughlin asserted. (6) SEI and PIC The PIC Group Inc. provided certain quality control-related services for the Debtors. At the time of the filing of the bankruptcy petitions, Debtor C&A Plastics, Inc., was a party defendant in a pending lawsuit brought by Sales Engineering, Inc., before the Oakland County Circuit Court, Case No 99-014804-CK. SEI had obtained, in the lawsuit, a default judgment against C&A Plastics in an amount in excess of $4,100,000. The Debtor appealed the default judgment and, pursuant to a consent order entered into by the parties, procured for SEI's benefit, as security, a letter of credit amounting to $5,400,000, issued by JPMorgan. Robert A. Peurach, Esq., at Fitzgerald & Dakmak, P.C., in Detroit, Michigan, stated that the Disclosure Statement is devoid of any mention of the Oakland lawsuit, much less whether the stay will be lifted to bring the lawsuit to a conclusion, and fails to address the treatment of claims that are supported by a letter of credit. The injunctive and release provisions contained in the Disclosure Statement and Plan are unclear whether SEI and other similarly situated creditors will be deemed, upon confirmation, to have released JPMorgan from any liability under the letter of credit, or whether SEI would be enjoined from enforcing the letter of credit, Mr. Peurach pointed out. Furthermore, according to Mr. Peurach, knowledge of the Effective Date is important because it triggers the running of a number of debtor obligations under the Plan, including the deadline for the Debtors to file objections to claims. The Effective Date should either contain a definitive date, or the Debtor should provide public notice of the date, he argued. (7) H.P. Pelzer H.P. Pelzer Automotive System Inc. maintained that it has set- off and recoupment rights. The Disclosure Statement is unclear on the treatment of H.P. Pelzer's set-off rights and similarly situated creditors, Charles D. Bullock, at Stevenson & Bullock, P.L.C., in Southfield, Michigan, tells the Court. The Debtors may seek to bar the rights under the injunctive or other provisions of the proposed Plan, he pointed out. The Disclosure Statement indicates that the Plan provides only for the Debtors and the Liquidation Trust to object to and to settle claims, Mr. Bullock noted. Moreover, it also indicates that the Plan will enjoin certain claims against the Debtors, certain other parties, and the Debtors' assets. (8) MacKay Shields LLC Before the Petition Date, MacKay Shields LLC purchased certain debt securities of one of the Debtors, specifically the 10-3/4% Senior Notes due 2011 and the 12-7/8% Senior Subordinated Notes due 2012, on behalf of its investment advisory clients. Michael S. Etkin, Esq., at Lowenstein Sandler PC, in Roseland, New Jersey, noted that the Plan treats members of the same class differently without any explanation or justification. With respect to Classes 5 to 7, the Plan provides that only those who vote in favor of the Plan are entitled to receive a distribution of Litigation Recovery Interests. The discriminatory treatment is not permitted by the bankruptcy Code, he asserts. Pursuant to the Plan, third-party claims against certain non- Debtors, including current or potential parties against whom creditors may have valid claims, are released, waived and discharged regardless of whether the holder of a Claim or Equity Interest votes in favor of the Plan, against the Plan, or not vote at all. Although non-released parties, potential defendants of any retained causes of action, are purportedly not being released from third-party claims, the release is ambiguous, Mr. Etkin argued. The Debtors fail to provide any factual basis to establish the required "unusual circumstances" which justify confirmation of a plan containing such extraordinary relief, Mr. Etkin told the Court. Mr. Etkin maintained that third-party releases, the related injunctions, and the requirement that a creditor vote in favor of the Plan in order to be entitled to receive a distribution must be eliminated or at least sufficiently justified. Debtors Addressed Objections The Debtors informed Judge Rhodes that Michigan's Agency's tax- related objection has been resolved. The Debtors will file a specific governmental form as soon as practical, and agree that Michigan reserves the right to pursue collection of unpaid taxes and to require the filing of the form. IRS has confirmed that its objection does not relate to the adequacy of the Disclosure Statement and that it is not objecting to the approval thereof. The Amended Disclosure Statement states the Debtors will supply the relevant local, state and federal environmental agencies with any additional information that exists regarding the Debtors' plans on the disposition of the properties no later than 18 calendar days before the voting deadline and the deadline to object to the confirmation hearing. The alternatives for disposition under the Plan are: (a) Owned properties; * sale or transfer to entities that will assume responsibility for environmental investigation and cleanup; * if sale or transfer is not possible before the Effective Date, transfer to a residual trust with details of any trust agreement, including a budget as it relates to environmental matters, to be supplied to the relevant agencies no later than 12 calendar days before the voting deadline and deadline to object to confirmation hearing; or * abandonment, if found by the Court after notice and hearing to be permissible under the law; (b) Rejection of applicable leases for any leased properties; and (c) Some other potential resolution under applicable law as to owned or leased properties. Additionally, the Debtors and the relevant environmental agencies are continuing efforts to seek the most beneficial outcome of concerns regarding the disposition of the properties, therefore, the Plan does not specify the ultimate disposition. The Customer Agreement does not waive any claims for environmental remediation or other environmental claims the Debtors may have against other parties to the Customer Agreement. If any of the Debtors' properties located in Michigan, which are the subject of ongoing environmental investigation or remediation activities are sold, any environmental responsibility language in agreements documenting the sales should be subject to the approval of the MDEQ, and the Debtors reserve all of their rights with respect thereto. If any of the Debtors' properties located in Michigan, which are the subject of ongoing environmental investigation or remediation activities are abandoned, Michigan should be named as beneficiaries to any insurance proceeds or pending insurance claims related to the properties, and the Debtors reserve all of their rights with respect thereto. ACE and FFIC reserve all of their rights, claims and defenses, if any, under the ACE policies or FFIC Agreements, including their rights to deny coverage. ACE reserves its rights to object to confirmation of the Plan and to seek declaratory relief that the improper treatment of the ACE Policies under the proposed Plan relieves them of any further obligation to provide insurance coverage. FFIC has indicated that it may object to confirmation of the Plan and seek declaratory relief that the treatment of the FFIC Agreement under the Plan relieves it of any further obligation to provide coverage. The Debtors reserve all rights and defenses with respect to the FFIC issues. The Debtors relate that no party to the claims handling agreement has served any notice of termination, so the claims handling agreement remains in effect as of Jan. 24, 2007. Discussions are in progress with counsel for certain of the insurers on whether the Debtors will assume the claims handling agreement. The Debtors are optimistic that they will agree to a resolution, which will include modifying and assuming the claims handling agreement. If no resolution can be reached, the Debtors may reject the claims handling agreement. The Debtors will advise RLI of their intentions with respect to the RLI bonds on or before the Effective Date. SEI's Oakwood lawsuit is currently stayed as a result of the Debtors' Chapter 11 cases. The Debtors inform the Court that SEI's letter of credit remains in place. Notwithstanding anything contrary in the Plan, the third party releases and exculpation in Articles XII.C, D, and E, or any other provisions of the Plan, are not intended to and do not limit the rights, if any, of RLI and SEI to seek and receive a distribution from the letters of credit issued by JPMorgan. As mentioned in the Debtors' Amended Disclosure Statement to the Joint Plan dated Jan. 24, 2007, the Debtors will provide a full discharge and release to each of the OEMs and the Debtor Releases, and the OEMs in turn will provide a full discharge and release to each of the Debtors, except as otherwise set forth in the Customer Agreement and the OEM excluded claims, on the Effective Date and effective as of the Effective Date. Nothing in Article IV.K of the Plan will operate as a release of any statutory lien on tooling until the lien is satisfied pursuant to the Plan, and the lien will remain in full force and effect in the same priority and to the same extent and validity as existed immediately before the Effective Date until the lien is satisfied pursuant to the Plan. The Debtors will provide notice of the Effective Date to PIC within 15 business days after the Effective Date. With respect to H.P. Pelzer's objection, the Debtors agreed to negotiate a stipulation regarding the setoff claim. The Debtors dispute McKay's position and believe that the releases and injunctions are valid. The parties reserve their rights with respect to the issue for the confirmation hearing. The Trusts The First Amended Plan provides for the creation of two trusts, a Post-Consummation Trust and a Litigation Trust, to liquidate the Debtors' businesses and causes of action after the effective date of the Plan. The Disclosure Statement provides that the Debtors' assets, including Causes of Action, will be transferred to the Post-Consummation Trust, and the Litigation Trust will use the assets to make distributions to allowed claims. The modified First Amended Plan provides that the Litigation Trust Allocation Exhibit will govern the allocation of the litigation recovery interests among the holders of the allowed general unsecured claims in Class 5, the holders of allowed senior note claims and allowed Pension Benefit Guaranty Corp. claims in Class 6, and holders of allowed senior subordinated note claims in Class 7. Under the Allocation, the Litigation Recovery Interests are delineated into (i) the Tranche A Litigation Recovery Interests equal to 75% of the beneficial interest in the proceeds of the Litigation Trust assets recovered from the effective date until the Tranche A termination date, when the prepetition facility claims in Class 3 is fully paid; and (iii) the Tranche B Litigation Recovery Interests, equal to the remaining 25% of the beneficial interest in the proceeds and 100% after the Trance A termination date. The modified First Amended Plan provides that the releasing parties include each holder of a claim that votes in favor of the Debtors' Joint Plan and, to the fullest extent permissible under applicable law, each person that has held, holds or may hold a Claim or at any time was a Holder of a Claim and that does not vote on the Plan. The original equipment manufacturers or the Holders of equity interests in Class 8 are excluded from the Releasing Parties. The exculpation clause provides that Article XII.D of the Plan will have no effect on the liability of the Post-Consummation Trust that results from any acts or omissions in connection with the customer agreement of the postpetition OEM contracts. The OEMs are included in the exculpated parties. Notwithstanding anything contrary to the Plan, no claims, obligations, suits judgments, damages, demands, debts, rights, causes of action or liabilities against any entity other than the Debtors, the Litigation Trust or the Post-Consummation Trust with respect to the pension plan, will be released, exculpated, discharged, enjoined or otherwise affected by the Plan. On the Effective Date, the Debtors will deposit $3,000,000 with the Litigation Trust to cover the reasonable costs of investigating, prosecuting, resolving and reconciling Claims. The Litigation Trust will have no obligation to and will not repay the $3,000,000 to the Debtors or the Post-Consummation Trust. Any cash in the Litigation Trust will be applied, first, to the fees, costs, expenses and liabilities of the Litigation Trust Administrator and the members of the Litigation Trust Committee and, second, to the distributions provided for pursuant to the Plan. The Post-Consummation Trust will maintain customary insurance coverage for the protection of persons serving as administrators and overseers of the Post-Consummation Trust on and after the effective date. The Bankruptcy Court, upon motion by a party-in-interest, may extend the term of the Post-Consummation Trust for a finite period if an extension is necessary to liquidate the Post- Consummation Trust Assets or to complete any distribution required under the Plan. Multiple extensions may be obtained so long as Bankruptcy Court approval is obtained at least six months before the expiration of each term. The Debtors will have the authority to establish the residual trust in accordance with the Residual Trust agreement to pay or otherwise resolve any Residual Trust claims. The sole right to recover on account of the Residual Trust Claims will be limited to the Residual Trust Assets. Upon satisfaction of the Residual Trust Claims, any residual assets remaining in the Residual Trust will be distributed to the Post-Consummation Trust. The postpetition OEM contracts will remain in full force and effect without modification by the Plan and, on and after the Effective Date, will be performed by the Post-Consummation Trust in the ordinary course of its business. Nothing in the Plan is intended to, nor will it, discharge, release or enjoin the enforcement of any unmatured, unliquidated or contingent claim of any OEM under any postpetition OEM Contract, provided that no claim will give rise to an administrative claim, except otherwise provided in the Customer Agreement. Nothing in the Customer Agreement is intended to modify, amend or supersede the agreement regarding Lambda program dated as of April 24, 2006, between the "Supplier" and General Motors Corp., which terms and conditions remain in full force and effect. A copy of the Customer Agreement along with a list of the plastics & convertibles plants, including the unsold plants, is available for free at http://ResearchArchives.com/t/s?172a Other Provisions in Plan The Debtors relate that with respect to the stipulation with the Securities & Exchange Commission, SEC had an extension until Jan. 15, 2007, to file a proof of claim in the Debtors' Chapter 11 cases. The SEC has not filed a proof of claim and no further extension has been negotiated. As of Jan. 24, the Debtors and Textron Financial Corp. are attempting to negotiate mutually acceptable treatment of Textron's claims and rights with respect to the Textron equipment agreement. The Debtors anticipate that a consensual agreement will be reached with Textron with respect to the Textron Equipment Agreement and all parties continue to reserve their respective rights, claims, and defenses. As part of the sale process, the Debtors believe the Collins & Aikman Pension Plan will be terminated. The Pension Plan may only be terminated in accordance with Title IV of Employee Retirement Income Security Act in an involuntary termination by the Pension Benefit Guaranty Corp., or a voluntary termination by the Debtors that is approved by the PBGC. The PBGC is currently investigation whether the Pension Plan meets the criteria for an involuntary termination. Retained Causes of Action The Debtors filed with the Court a list of over 20,000 potential parties to the Debtors' pending causes of action, which includes actions for payments, deposits, holdbacks, reserves or other amounts owed by any creditor, lessor, utility, supplier, vendor, insurer, surety, factor, lender, bondholder, lessor or other party. A list of the categories of the retained causes of action, including the potential non-released parties is available for free at http://ResearchArchives.com/t/s?1930 Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtor with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed $3,196,700,000 in total assets and US$2,856,600,000 in total debts. (Collins & Aikman Bankruptcy News, Issue No. 50; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) COLLINS & AIKMAN: Liquidation Analysis Under First Amended Plan --------------------------------------------------------------- Collins & Aikman Corp. and its debtor-affiliates filed on Jan. 16, 2007, a liquidation analysis in connection with the Disclosure Statement to their First Amended Joint Plan filed on Dec. 22, 2006. The U.S. Trustee, however, complained that there were serious and substantial discrepancies between the values listed in the Liquidation Analysis and the numbers reflected in the Debtors' balance sheet submitted to the U.S. Bankruptcy Court for the Eastern District of Michigan. The Debtors' November 2006 balance sheet indicated a total value for all assets of approximately $5,051,000,000, while the Liquidation Analysis places a value of $230,000,000, apparently on the same assets, the U.S. Trustee pointed out. The Liquidation Analysis also valued Investment in Subsidiaries at $58,000,000 to $70,000,000, while the most recent financial report values the assets at $2,479,000,000. In its objection to the Disclosure Statement, the U.S Trustee asked the Debtors to fully explain the huge discrepancy between the values. The Debtors re-filed their liquidation analysis together with their modified First Amended Plan and Disclosure Statement on Jan. 24, 2007. In response to the U.S. Trustee's concerns, the Debtors note that the Liquidation Analysis presents the liquidation of the Debtors on a consolidated basis. Proceeds realized from each Debtor are aggregated in a common distribution source. For purposes of distribution, each and every asserted Claim against, and Equity Interest in, any Debtor is entitled to a distribution from the aggregated proceeds. Any Claim against a Debtor, any guarantee executed by any other Debtor and any joint or several liability of any of the Debtors are deemed one right to a distribution from the aggregated proceeds. Value estimates were derived from a combination of actual balances as of Nov. 30, 2006, the date of the Customer Agreement; Dec. 31, 2006; and expected balances as of March 31, 2007, the assumed effective date. The financial information filed in the Debtors' Monthly Operating Reports represents aggregate book value of the each of the Debtors assets on a non-consolidated basis. In the November 2006 MOR, the aggregate assets were approximately $5,000,000,000. According to the Debtors, this is not an accurate indicator of liquidation value of the Debtors' assets for two main reasons: (a) It does not reflect the Debtors' balance sheet on a consolidated basis; and The Debtors equity interests in subsidiaries have no liquidation value. (b) It reflects book value, not liquidation or fair market value. Historical values were adjusted in accordance with certain accounting rules. The projected range of cash balances reflects cash that is assumed to be available to the Debtors in a liquidation scenario as of March 31, 2007. In each of the high and low value cases, the estimated balance is derived from the actual balance of $86,000,000, as reported in the November 2006 MOR, plus December activity and also includes estimates of settlements and wind- down proceeds expected to be realized before the Assumed Effective Date. The balance is net of the assumed pay down of the DIP Facility Claims as well as estimated wind-down costs through the Assumed Effective Date. The balance includes restricted cash of approximately $21,000,000 relating to incurred or anticipated professional fees. In the MOR, the Debtors reported a balance of $268,000,000. The Debtors' estimated recovery on accounts receivable reflects updated information through December 2006 and projected proceeds from future collections of the accounts receivable. Additionally, the analysis considers the prepetition and postpetition status of the balances. The Debtors estimate the net liquidation proceeds available for distribution at a high of $169,200,000, and a low of $106,000,000. Liquidation Analysis Estimated Liquidation Proceeds (Amounts in 000's) Estimated Liquidation Value High Low ------------------------- Statement of Assets Cash $138,300 $118,300 Fabrics 0 0 A/R, Top OEMs, Production & Other 0 0 A/R, Other OEMs, Production & Other 0 0 A/R, Non OEMs, Production & Other 0 0 A/R, Top OEMS, Tooling 8,800 7,000 A/R, Other OEMS, Tooling 400 300 A/R, Non OEMs, Tooling 500 400 Inventory 0 0 Prepaid Tooling & Molding, Current 0 0 Investments in Subsidiaries 0 0 InterCo Receivable - Canada 10,000 0 InterCo Receivable - Mexico 3,000 0 InterCo Receivable - European 39,000 27,000 Prepaid and Miscellaneous Assets 0 0 Other Long Term Assets 0 0 Goodwill 0 0 Deferred Tax Assets 0 0 Property Plant & Equipment 30,000 12,500 ------------------------- Gross Liquidation Proceeds 230,000 165,500 Costs of Liquidation Chapter 7 Expenses $18,900 $18,900 Chapter 7 Wind Down Costs 15,700 15,700 Chapter 11 Prof. Fee Holdback 21,000 21,000 Chapter 7 Trustee Fees 5,200 3,300 ------------------------- Total Costs of Liquidation 60,800 58,900 ------------------------- Net Liquidation Proceeds for Dist. $169,200 $106,600 Estimated Liquidation Recovery High Low ------------------------- Net Liquidation Proceeds for Dist. $169,200 $106,600 Less: Purchase Money Security Interests 25,900 25,900 Less: Secured Lien Claims 9,700 7,700 Less: Secured Claims Prepetition Facility Claims 133,600 73,000 OEM Jr. Secured Loan & Related Int. 0 0 OEM Launch Cost Funding 0 0 Less: Ch. 11 Administrative & Priority Claims Headquarter Lease Rejection 0 0 Other Chapter 11 Lease Rejection 0 0 OEM Administrative Loan 0 0 Environmental Claims 0 0 Chapter 11 Priority Claims 0 0 Less: Unsecured Claims General Unsecured Claims 0 0 Real Estate Lease Rejection Claims 0 0 Equipment Lease Rejection Claims 0 0 Prep. OEM Damage & Cancel. Claims 0 0 10.75% Senior Notes due 2011 0 0 12.875% Sr. Sub. Notes due 2012 0 0 ------------------------- $0 $0 A copy of the Liquidation Analysis is available for free at http://ResearchArchives.com/t/s?1932 Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtor with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed $3,196,700,000 in total assets and US$2,856,600,000 in total debts. (Collins & Aikman Bankruptcy News, Issue No. 50; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) COLLINS & AIKMAN: Reveals Composition of Possible Allowed Claims ---------------------------------------------------------------- In Collins & Aikman Corp. and its debtor-affiliates' modified First Amended Joint Plan and Disclosure Statement, the Debtors disclosed that, as of Jan. 24, their claims agent received around 9,246 claims, comprising of: -- 1,037 secured claims amounting to US$3,176,773,827; -- 44 administrative claims totaling US$2,380,409; -- 910 priority claims aggregating US$7,887,323,690; and -- 7,255 unsecured claims amounting to US$42,756,485,600. The Debtors are in the process of objecting to invalid, untimely, duplicative and overstated claims. Through withdrawal and disallowance of claims, a total of 556 claims totaling US$4,4414,393,899 have been expunged. The Debtors estimate that at the conclusion of the Claims objection, reconciliation and resolution process, the aggregate amount of allowed claims will be: -- administrative claims, US$74,000,000; -- secured claims, US$827,000,000; -- priority claims, US$12,000,000; -- senior note claims, US$521,000,000; -- senior subordinated note claims, US$428,000,000; -- PBGC claims, US$110,000,000 to US$208,000,000; and -- general unsecured claims, US$539,000,000. The Administrative Claim estimate does not include the US$26,000,000 of original equipment manufacturers' administrative debtor-in-possession claims payment, and the Allowed Secured Claims estimate does not include the US$82,500,000 OEM Subordinated DIP loan payment, which are expected to be waived pursuant the Customer Agreement and in exchange for a release in the Amended Joint Plan. The Debtors and the Pension Benefit Guaranty Corp. are currently in discussions regarding the treatment of the PBGC Claims. About Collins & Aikman Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtor with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed US$3,196,700,000 in total assets and US$2,856,600,000 in total debts. (Collins & Aikman Bankruptcy News, Issue No. 50; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) DAMOVO GROUP: Debt-to-Equity Swap Spurs S&P to Withdraw D Rating ---------------------------------------------------------------- Standard & Poor's Ratings Services withdrew its 'D' long-term corporate credit rating on U.K.-based telecommunication services provider Damovo Group S.A., and 'D' senior secured debt ratings and '4' recovery rating on subsidiary Damovo III S.A. The recovery rating was on CreditWatch negative, reflecting uncertain recovery prospects for noteholders. The withdrawal was made at the request of the company, whose noteholders recently approved a debt-to-equity swap. As part of the company's recent financial restructuring, noteholders approved ?50 million in new funding for the group's Italian subsidiaries. Damovo's Italian subsidiaries had EUR358 million in factoring liabilities at Oct. 31, 2006. DIRECT CATERING: Creditors' Meeting Slated for February 5 --------------------------------------------------------- Creditors of Direct Catering Fabrications Ltd. will meet at 11:15 a.m. on Feb. 5 at the offices of: Adcroft Hilton Ltd. 269 Church Street Blackpool England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Feb. 2 at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge on Feb. 1. DUPLI PHOTO: Creditors' Meeting Slated for February 6 ----------------------------------------------------- Creditors of Dupli Photo Ltd. will meet at 11:00 a.m. on Feb. 6 at the offices of: Bond Partners LLP The Grange 100 High Street London N14 6TB England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, and ensure their proxies are received (unless they are individual Creditors attending in person), at noon on Feb. 5 at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 2. Bond Partners LLP -- http://www.bondpartners.co.uk/-- specializes in: audit and assurance, taxation, corporate recovery, business rescue and insolvency, bookkeeping services, as well as financial services through Bond Financial Network. DURA AUTOMOTIVE: Judge Carey Approves CFO Employment Agreement -------------------------------------------------------------- The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware approves the Debtors' employment agreement dated Dec. 20, 2006, with David L. Harbert, as chief financial officer of Dura Automotive Systems Inc., and a related service agreement with Mr. Harbert's firm, Tatum, LLC, for payment of a placement fee and the provision of certain resources and support in connection with Mr. Harbert's employment. Judge Carey, however, did not approve the indemnification provisions stated in the Employment Agreement. Judge Carey rules that Mr. Harbert will be entitled to receive indemnification from the Debtors to the extent and in a manner as the Debtors' other current officers and directors. Judge Carey did not approve the early termination fee and states that it should not be paid unless approved by a separate Court order. Every payment and distribution obligation of the Debtors under the Employment Agreement and Tatum Agreement will be treated as an administrative expense pursuant to Section 503(b)(1)(A) of the Bankruptcy Code, Judge Carey says. The terms of the agreement, as published in the Troubled Company Reporter on Jan. 15, 2007, are: (a) The Employment Agreement will be deemed effective as of December 9, 2006; (b) As chief financial officer, Mr. Harbert will: * perform all duties as are consistent therewith as the Chief Executive Officer or the Board of Directors will designate; * report directly to Dura's chief executive officer; * devote his full time and attention and expend his best efforts, energies and skills on behalf of Dura in the performance of his duties and responsibilities; (c) Dura will pay Mr. Harbert $43,200 a month payable in accordance with the Company's normal payroll periods and procedures, but no less frequently than on a semi-monthly basis. Dura, in its sole discretion, may increase Mr. Harbert's salary. Dura will pay Mr. Harbert an early termination fee should it elect to terminate the Employment Agreement within 90 days of the Beginning Date. Dura will pay Mr. Harbert in an amount such that the total of Salary and Early Termination Fee paid is equal to $2,250 per day worked by Mr. Harbert from the Beginning Date to the date of termination of the agreement; (d) During the course of Mr. Harbert's employment, he will remain a partner at Tatum. Mr. Harbert will share with Tatum a portion of his economic interest in any stock options or equity bonus that Dura may, in its discretion, grant him. He may also share with Tatum a portion of any cash bonus and severance the Company may, in its discretion, pay him, to the extent specified in that certain Interim Engagement Resources Agreement between Dura and Tatum. Dura will promptly reimburse Mr. Harbert directly for reasonable travel and out-of-pocket business expenses in accordance with Dura's expense reimbursement policies and procedures and a per diem of $50.00; (e) Mr. Harbert will be eligible for: * any 401(k) plan offered to Dura's senior management in accordance with the terms and conditions of that 401(k) plan; * holidays consistent with Dura's policy as it applies to senior management; and * vacation accrued at 1.67 days per month. Mr. Harbert be exempt from any waiting periods required for eligibility under any benefit plan of Dura, other than a qualified retirement plan or if that exemption would otherwise cause impermissible discrimination under the income tax laws applicable to employee benefit plans; (f) Mr. Harbert must receive written evidence that Dura maintains directors' and officers' insurance to cover him in an amount comparable to that provided to senior management of the Company at no additional cost. Dura will maintain that insurance at all times while the Employment Agreement remains in effect. Furthermore, Dura will maintain that insurance coverage with respect to occurrences arising during the term of the Employment Agreement for at least three years after the termination or expiration of the Employment Agreement, or will purchase a directors' and officers' extended reporting period, or "tail," policy to cover Mr. Harbert. Dura has also agreed to indemnify Mr. Harbert for any claim arising from, related to or in connection with the his performance of the services. (g) Dura or Mr. Harbert may terminate the Employment Agreement for any reason on at least 30 days' prior written notice. Mr. Harbert will continue to render services and to be paid during that 30-day period, regardless of who give that notice; (h) Mr. Harbert may terminate the agreement immediately if Dura has not remained current in its obligations under the Employment Agreement or the Tatum Agreement, or if Dura engages in, or asks him to engage in or to ignore, any illegal or unethical conduct; (i) Dura may terminate the Employment Agreement immediately for cause; and (j) Either party may terminate the agreement in the event the Court declines to approve the Employment Agreement on or before January 23, 2007. Service Agreement with Mr. Harbert's Firm Dura entered into a related services agreement dated Dec. 20, 2006, with Tatum for the provision of resources and support in connection with Mr. Harbert's employment. The Tatum Agreement is subject to Court approval and will be deemed effective as of Dec. 9, 2006. Pursuant to the Tatum Agreement, Dura will pay directly to Tatum a fee equal to 25% of Mr. Harbert's salary as partial compensation for resources provided. In the event Mr. Harbert will be paid a bonus, Dura will pay Tatum, whether cash or equity, 25% of the total bonus paid by Dura during the term of the Tatum Agreement. Dura will have the opportunity to make Mr. Harbert a full-time permanent member of Dura management at any time during the term of the Tatum Agreement entering into another form of agreement. The Tatum Agreement will terminate immediately upon the earlier of: (a) the effective date of the Termination; (b) expiration of Mr. Harbert's employment with Dura; or (c) Mr. Harbert ceasing to be a partner of Tatum. During the 12-month period following termination or expiration of the Tatum Agreement, other than in connection with another agreement with the firm, Dura will not employ Mr. Harbert or engage him as an independent contractor, to render services of substantially the same nature as those for which Tatum is making him available pursuant to the Agreement. The parties agree that a breach by Dura of this provision would result in the loss to Tatum of Mr. Harbert's valuable expertise and revenue potential. Thus, in the event of breach, Tatum will be entitled to receive liquidated damages in an amount equal to 45% of Mr. Harbert's Annualized Compensation. In the event a court or arbitrator, as applicable, determines that liquidated damages are not appropriate for the breach, Tatum will have the right to seek actual damages. The amount will be due and payable to Tatum upon written demand to Dura. The Tatum Agreement defines "annualized compensation" as Mr. Harbert's most recent annual salary and the maximum amount of any bonus for which he was eligible with respect to the then current bonus year. Also, pursuant to the Tatum Agreement, Dura will provide Tatum or Mr. Harbert written evidence that it maintains directors' and officers' insurance covering the Partner as it covers similarly situated executive employees of the company. About DURA Automotive Systems Inc. Rochester Hills, Mich.-based DURA Automotive Systems Inc. (Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive industry. The company is also a supplier of similar products to the recreation vehicle and specialty vehicle industries. DURA sells its automotive products to North American, Japanese and European original equipment manufacturers and other automotive suppliers. The Debtors filed for chapter 11 petition on October 30, 2006 (Bankr. District of Delaware Case No. 06-11202). Richard M. Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the Debtors' co-counsel. Baker & McKenzie acts as the Debtors' special counsel. Togut, Segal & Segal LLP is the Debtors' conflicts counsel. Miller Buckfire & Co., LLC is the Debtors' investment banker. Glass & Associates Inc., gives financial advice to the Debtor. Kurtzman Carson Consultants LLC handles the notice, claims and balloting for the Debtors and Brunswick Group LLC acts as their Corporate Communications Consultants for the Debtors. As of July 2, 2006, the Debtor had $1,993,178,000 in total assets and $1,730,758,000 in total liabilities. (Dura Automotive Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). F JOHNSON: Brings In Liquidator from Price & Co. ------------------------------------------------ Alan R. Price of Price & Co. was appointed liquidator of F Johnson & Co Heating (1983) Ltd. on Jan. 19 for the creditors' voluntary winding-up proceeding. The Liquidator can be reached at: Price & Co. PO Box 5895 Wellingborough Northamptonshire NN8 4LQ England FUSION SERVICES: Creditors' Claims Due March 23 ----------------------------------------------- Creditors of Fusion Services Ltd. have until March 23 to send in their names and addresses and particulars of their debts or claims and of any security held by them, and the names and addresses of their solicitors, if any, to: Michael James Gregson Liquidator Bulley Davey 69-75 Lincoln Road Peterborough PE1 2SQ England Michael James Gregson of Bulley Davey was appointed liquidator of the company on Jan. 19. GARDEN CITY: Creditors Must File Claims by April 18 --------------------------------------------------- Creditors of Garden City Print and Design Ltd. have until April 18 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors, if any, to: Kevin Thomas Brown Liquidator Marriotts LLP Allan House 10 John Princes Street London W1G 0AH England Kevin Thomas Brown of Marriotts LLP was appointed liquidator of the company on Jan. 18. The company can be reached at: Garden City Print and Design Ltd. Unit 6 Such Close Letchworth Garden City Hertfordshire SG6 1JF England Tel: 01462 679 400 Fax: 01462 670 070 GC IMPSAT: S&P Rates Proposed US$200-Million Notes at B- -------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B-' corporate credit rating to U.K.-incorporated data transmission holding company, GC Impsat Holdings I Plc. The outlook is stable. Standard & Poor also assigned a 'B-' rating to the company's proposed US$200 million senior notes expected to mature in 2017. Proceeds of the issuance and additional funding from Global Crossing Ltd. will fund the merger of GC Crystal Acquisition Inc., a Delaware corporation that will be a GC Impsat wholly owned indirect subsidiary, with and into Impsat Fiber Networks Inc., a Delaware corporation, with Impsat continuing as the surviving entity. Upon consummation of the merger, Impsat will be a wholly owned indirect subsidiary of GC Impsat. If the merger is not completed by May 25, the company will redeem all outstanding notes. The affirmation of the ratings is subject to the materialization of Impsat's acquisition as well as the full legal implementation of the guarantees. As of the consummation of the merger, the notes will be guaranteed on a senior unsecured basis by all GC Impsat existing subsidiaries other than Impsat S.A., a Colombian company, until the latter repays existing obligations. The notes also benefit from a debt service reserve account that will be funded in an amount equivalent to the next two debt service payments of the notes until the company becomes free cash flow positive for a cumulative four-quarter period. The reserve account will be in place at least until June 2008. "The ratings on GC Impsat mirror our views on Impsat's credit quality and the potential fit of those assets within GCL's strategy," said Standard & Poor's credit analyst Pablo Lutereau. Impsat is exposed to very volatile economies in Latin America and a very competitive core business, both of which incorporate uncertainties regarding the ability of its operatingsubsidiaries to generate and upstream cash flow. S&P also expect Impsat to face significant financial challenges until its growth strategy materializes and the company becomes free cash flow positive. The ratings benefit from Impsat's operational track record and the relatively long tenor of the new debt with almost no significant maturities until 2017. Pro forma after the merger and acquisition, GC Impsat's total gross senior debt of around US$225 million is expected to be close to 40% of capitalization. Total senior consolidated debt will include the new US$200 million senior notes to be issued by GC Impsat, US$18.8 million bonds issued by Impsat S.A., and other financial obligations amounting to US$6.4 million. At close, the company is expected to have cash balances of about US$13.5 million. S&P believes the use of debt is aggressive when considering that the expected debt to EBITDA ratio would be around 3.5x and considering that GC Impsat will remain free cash flow negative in the near term. Still, the company benefits from an unchallenging debt-maturity profile given that the senior notes, that represent almost 90% of total senior debt, mature after 2017. Impsat provides private network integrated data and voice telecommunications and Internet services for corporate customers and governmental agencies as well as Internet services to Internet service and content providers. Impsat connects the most important cities in Latin America through proprietary broadband network combining fiber optics, wireless, and satellite. The company has 10,000 kilometers of network, 15 metropolitan networks, 15 data centers, and the majority of subsea network purchased from Global Crossing. Impsat currently has 4,700 customers. The stable outlook reflects our expectations that a manageable and protracted debt maturity schedule and a fully funded debt service reserve account to meet a year of interest payments counterbalance the volatile economic conditions in the countries where it operates and its very aggressive business strategy, at least in the short term. Rating upside is limited by industry dynamics as well as the uncertainties regarding cash flow generation in Venezuela, Ecuador and, to a lesser extent, Argentina. Nevertheless, the outlook could be revised to negative in the next 18 months if the company is unsuccessful in its business strategy and is unable to evidence a positive trend of free cash flow performance. Any significant increase in debt would very likely result in a downgrade if it is not accompanied ay a very significant cash flow increase. GDS INTERNATIONAL: Brings In T. Papanicola as Administrator ----------------------------------------------------------- T. Papanicola of Bond Partners LLP was appointed administrator of GDS International Ltd. (Company Number 03270673) on Jan. 8. The administrator can be reached at: T. Papanicola Bond Partners LLP Turnpike Gate House Alcester Heath Alcester Warwickshire B49 5NJ United Kingdom Tel: 01789 766406 GDS International Ltd. can be reached at: Hill Brow Road Liss Hampshire GU33 7LQ United Kingdom Tel: 01730 895 401 Fax: 01730 894 207 GEO GROUP: Closes US$428-Mln Purchase of CentraCore Properties -------------------------------------------------------------- The GEO Group Inc. closed its acquisition of CentraCore Properties Trust for approximately US$427.6 million. GEO paid US$32.58 per common share of CPT, inclusive of the repayment of US$40 million in CPT debt and the payment of US$20 million in transaction related fees and expenses. The acquisition was financed through the use of US$365 million in new term loan borrowings and US$62.6 million cash on hand. The amended senior secured credit facility consists of the 7- year term loan and a US$150 million, 5-year revolving credit facility. It was underwritten by BNP Paribas. "We are pleased with the acquisition of CentraCore Properties Trust," George C. Zoley, Chairman and Chief Executive Officer of GEO, said. "The acquisition allows our company to ensure the long-term ownership, control, and utilization of these facilities, while reducing our exposure to escalating use costs in the future. We can now move forward toward enhancing the value of these important new company assets." Lehman Brothers acted as GEO's financial adviser in connection with this transaction. Akerman Senterfitt served as GEO's legal advisor. About CentraCore Properties Based in Palm Beach Gardens, Florida, CentraCore Properties Trust (NYSE:CPV) -- http://www.correctionalpropertiestrust.com/ -- is a correctional real estate investment trust. CPT owns 13 correctional facilities totaling 8,671 beds, of which 11 facilities totaling 7,545 beds are currently leased to GEO under sale-lease back agreements. About GEO Group Headquartered in Boca Raton, Florida, The GEO Group, Inc. (NYSE: GEO) -- http://www.thegeogroupinc.com/-- delivers correctional, detention and residential treatment services to federal, state and local government agencies around the globe. It has government clients in the USA, Australia, South Africa, Canada and the United Kingdom. Its operations include 62 correctional and residential treatment facilities, with a total design capacity of 52,000 beds. * * * As reported in the Troubled Company Reporter-Europe on Jan. 23, Standard & Poor's Ratings Services assigned a BB rating to its US$515 million senior secured credit facility, with a recovery rating of 1, indicating a high expectation for full recovery of principal in the event of a payment default. S&P has affirmed its BB- corporate credit rating on GEO and revised the rating outlook to negative from stable. Also, the rating on GEO's senior unsecured debt rating was lowered to B from B+, reflecting unsecured lenders' less favorable recovery position than the senior secured lenders under the company's pro forma capital structure. S&P has also lowered its preliminary senior unsecured shelf debt rating to B from B+. GIZMO RETAIL: Brings In Begbies Traynor to Administer Assets ------------------------------------------------------------ James P. N. Martin and W. John Kelly of Begbies Traynor were appointed joint administrators of Gizmo Retail Ltd. (Company Number 04303766) on Jan. 10. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Gizmo Retail Ltd. can be reached at: Unit 4 Wales Designer Outlet Bridgend Mid Glamorgan CF32 9SU United Kingdom Tel: 01656 659 433 GOG SHOP: Appoints Joint Administrators from UHY Hacker ------------------------------------------------------- Andrew Andronikou and Ladislav Hornan of UHY Hacker Young were appointed joint administrators of GOG Shop Ltd. (Company Number 02817757) on Dec. 20, 2006. The administrators can be reached at: Andrew Andronikou and Ladislav Hornan UHY Hacker Young St Alphage House 2 Fore Street London EC2Y 5DH United Kingdom Tel: 020 7216 4600 Fax: 020 7638 2159 GOG Shop Ltd. can be reached at: Regent Arcade Brighton East Sussex BN1 1HR United Kingdom Tel: 01273 749 505 Fax: 01273 729 511 GOLF INNOVATIONS: Appoints Martin Armstrong as Administrator ------------------------------------------------------------ Martin C. Armstrong of Turpin Barker Armstrong was appointed administrator of Golf Innovations U.K. Ltd. (Company Number 04683786) on Jan. 18. Turpin Barker Armstrong -- http://www.turpinba.co.uk/-- provides accounting, tax and business advisory services. Golf Innovations U.K. Ltd. can be reached at: 24 Holmethorpe Avenue Redhill & nbsp; Surrey RH1 2NL United Kingdom Tel: 01737 764 949 Fax: 01737 766 663 GREEN LIGHT: Brings In Cooper Parry as Joint Administrators ----------------------------------------------------------- Tyrone Shaun Courtman and Jeremy Philip William Meadows of Cooper Parry LLP were appointed joint administrators of Green Light Performance Bike Hire Ltd. (Company Number 05290481) on Dec. 22, 2006. Cooper Parry LLP -- http://www.cooperparry.com/-- are advisers to private business. Green Light Performance Bike Hire Ltd. can be reached at: Unit 1 Hawkins Lane Manor Industrial Estate Burton-on-Trent Staffordshire DE14 1QX United Kingdom Tel: 01283 537 584 Fax: 01283 569 248 HAINAULT WASTE: Brings In Tenon Recovery as Administrators ---------------------------------------------------------- T J Binyon and S J Parker of Tenon Recovery were appointed joint administrators of Hainault Waste Management Ltd. (Company Number 3806299) on Jan. 3. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. Hainault Waste Management Ltd. can be reached at: Roebuck Road Trading Estate 15-1 7 Roebuck Road Hainault Business Park Ilford Essex IG6 3TU United Kingdom Tel: 020 8500 4131 Fax: 020 8500 0397 HEATFAST MECHANICAL: Appoints Mazars LLP as Joint Administrators ---------------------------------------------------------------- Simon David Chandler and Alistair Steven Wood of Mazars LLP were appointed joint administrators of Heatfast Mechanical Services Ltd. (Company Number 02197868) on Jan. 12. Mazars -- http://www.mazars.com/-- provides audit, accounting, tax and advisory services. Heatfast Mechanical Services Ltd. can be reached at: 55 Halesowen Road Netherton Dudley DY2 9PY United Kingdom Tel: 01384 235 054 Fax: 01384 455 343 INTERSTATE HOTELS: Moody's Lifts Rating to B1 on Revenue Growth --------------------------------------------------------------- Moody's Investors Service raised the corporate family rating of Interstate Hotels & Resorts to B1, from B2, and revised its rating outlook to stable. The senior secured credit facility rating of Interstate Operating Company, L.P., Interstate's main operating subsidiary, is also raised to B1 from B2. The rating change reflects the success Interstate has enjoyed in generating consistent revenue growth while improving credit metrics, specifically leverage and coverage. Moody's also acknowledges the company's increased hotel ownership and reduced exposure to Blackstone. According to Moody's, Interstate achieved substantial revenue growth from lodging activities, reaching in excess of US$100 million in 2005, excluding cost reimbursement revenues, versus around US$81 million in 2004. Additionally, the company has operated with much reduced leverage -- less than 2X currently, though Moody's considers this temporary as Interstate executes its growth strategy. Coverage is also temporarily high at above 6X; Moody's expects this figure to be at least 3X to 3.5X in the near to intermediate term. Recently, Interstate announced the sale of its corporate housing subsidiary, BridgeStreet Worldwide. This is a plus because it reduces exposure to non-core business and because the company plans to invest the proceeds into hotel ownership which enables it to retain a greater share of income per asset. Liquidity remains a ratings concern for Moody's, as the company utilizes its credit facility as its primary source of external liquidity and therefore has moderate to low levels of availability. Moody's expects that this would improve with better capital market access. Moreover, all assets of the company either collateralize mortgages or are pledged to the credit facility, meaning that there are no benefits of liquidity and flexibility associated with an unencumbered asset base. Moody's also notes the company has experienced meaningful management turnover during the last two to three years; increased tenure of its current officers would help improve Interstate's ratings prospects. The stable outlook reflects Moody's expectation that Interstate will continue to grow assets and revenues while maintaining around 3.5X leverage (net debt/EBITDA) and coverage. Moody's would consider raising Interstate's ratings should the company demonstrate sustained fixed charge coverage in excess of 4X or Net Debt/EBITDA below 3X. Positive rating momentum could also be achieved through better capital market access as evidenced by common stock or senior unsecured debt issues, an unencumbered asset base approaching 40% of gross assets and greater tenure of current management. Conversely, downward pressure on the rating would likely result from leverage above 4X or coverage below 3X. Moody's would also view negatively any loss of contracts resulting in a drop in EBITDA of 10% or more, or any increase in exposure to any single hotel owner exceeding 40% of total EBITDA. These ratings were raised from B2 to B1: -- Interstate Hotels & Resorts Inc.: Corporate Family Rating -- Interstate Operating Company, L.P.: Guaranteed senior secured credit facility. The ratings outlook for Interstate is stable. In its prior rating action with respect to Interstate, Moody's revised the rating outlook to positive from stable in September 2005. Interstate Hotels & Resorts (NYSE: IHR) is headquartered in Arlington, Virginia, USA and operates 223 hospitality properties with more than 50,000 rooms in 39 states, the District of Columbia, Canada, and Europe. The company operates hotels for REITs as well as other institutional real estate owners, non- institutional ownership groups and privately held companies. MILLFIELD GROUP: Creditors' Meeting Slated for February 6 --------------------------------------------------------- Creditors of Millfield Group Holdings Ltd. will meet at 2:00 p.m. on Feb. 6 at: PricewaterhouseCoopers LLP Plumtree Court London EC4A 4HT England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms if they are not attending in person, at noon on Feb. 5 at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 2. PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/-- provides auditing services, accounting advice, tax compliance and consulting, financial consulting and advisory services to clients in a variety of industries. STANLEY J HOLMES: Joint Liquidators Take Over Operations -------------------------------------------------------- David E. M. Mond and Lawrence I. Freedman of Hodgsons were appointed joint liquidators of Stanley J Holmes & Sons Ltd. on Jan. 15 for the creditors' voluntary winding-up procedure. The company can be reached at: Stanley J Holmes & Sons Ltd. Vale Mill Chamber Road Oldham Lancashire OL8 4PG England Tel: 0161 621 3000 Fax: 0161 627 2046 UK GLASS: Liquidator Sets March 20 Claims Bar Date -------------------------------------------------- Creditors of U.K. Glass & Mirror Ltd. have until March 20 to send in their full names and the addresses of their solicitors, if any, to: Helen Timothe Phillips Liquidator Phillips & Co. 21-23 Station Road Gerrards Cross Buckinghamshire SL9 8ES England Helen Timothe Phillips of Phillips & Co. was appointed liquidator of the company on Jan. 23 by resolutions of members and creditors. WHINSTONE CAPITAL: Fitch Rates Class C1 & C2 Notes at BB -------------------------------------------------------- Fitch Ratings rates Whinstone 2 Capital Management Ltd. RMBS Class C1 and Class C2 notes at 'BB'. The Whinstone 2 notes reference the performance of the Granite Master Issuer plc reserve fund and the Granite Finance Funding 2 Ltd. platform reserve fund. To determine appropriate credit enhancement levels, Fitch analised the collateral using its default model, details of which can be found in the report "U.K. Residential Default Model III" dated July 26. 2005. The agency modeled the transaction cash flows using default and loss severity assumptions indicated by the default model under various recession timings, prepayment speeds, interest rates, and originator default / downgrade scenarios. The cash flow tests showed that each Class of notes could withstand loan losses at a level corresponding to the related stress scenario without incurring any principal loss or interest shortfall and can retire principal by legal final maturity. XL DISPLAYS: Claims Filing Period Ends February 14 -------------------------------------------------- Creditors of XL Displays Ltd. have until Feb. 14 to send in their names and addresses, particulars of their debts or claims, and the names and addresses of their solicitors, if any, to: Tim J. Heaselgrave Liquidator The Till Morris Partnership 2 Church Street Warwick CV34 4AB England Tim J. Heaselgrave of The Till Morris Partnership was appointed liquidator of the company on Jan. 22. The company can be reached at: XL Displays Ltd. Unit 12 Madeley Road Moons Moat North Ind Est Redditch Worcestershire B98 9NB England Tel: 01527 659 00 Fax: 01527 658 20 * Upcoming Meetings, Conferences and Seminars --------------------------------------------- January 31 to February 1, 2007 EUROMONEY INSTITUTIONAL INVESTOR Asia M&A Forum Island Shangi-La, Hong Kong Contact: http://www.euromoneyplc.com/ February 2007 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium San Juan, Puerto Rico Contact: 1-703-739-0800 or http://www.abiworld.org/ February 5, 2007 STRATEGIC RESEARCH INSTITUTE 3rd Annual Tranche B & 2nd Lien Financing Summit Scottsdale, AZ Contact: http://www.euromoneyplc.com/ February 6-7, 2007 INSTITUTIONAL INVESTOR EVENTS Turnaround Management & Distressed Investing Forum New York, NY Contact: http://www.iievents.com/ February 7, 2007 TURNAROUND MANAGEMENT ASSOCIATION Member Appreciation FREE Happy Hour Rooney's Irish Pub, Jupiter, FL Contact: 561-882-1331 or http://www.turnaround.org/ February 7, 2007 TURNAROUND MANAGEMENT ASSOCIATION Comedy Night at Governors, Levittown, NY Contact: 631-251-6296 or http://www.turnaround.org/ February 7-9, 2007 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS VALCON: Hedge Funds, Distressed Debt, Risk and Restructurings Red Rock Casino, Resort and Spa, Las Vegas, NV Contact: http://www.airacira.org/ February 8, 2007 INSTITUTIONAL INVESTOR EVENTS Corporate Restructuring & Investing in Post-Crisis Latin America Forum New York, NY Contact: http://www.iievents.com/ February 8-9, 2007 EUROMONEY CONFERENCES 2nd Philippine Investment Conference Cebu Convention Center, Cebu, Philippines Contact: http://www.euromoneyplc.com/ February 8-9, 2007 EUROMONEY Leverage Finance Asia JW Marriott Hong Kong Contact: http://www.euromoneyplc.com/ February 8-11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Certified Turnaround Professional (CTP) Training NY/NJ Contact: http://www.turnaround.org/ February 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION 9th Annual TMA Symposium Four Seasons Hotel, Toronto, ON Contact: http://www.turnaround.org/ February 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Marketing Strategies available to the Turnaround Practitioner Sydney, Australia Contact: http://www.turnaround.org/ February 15, 2007 TURNAROUND MANAGEMENT ASSOCIATION 3rd Annual Martini Networking Event Gibson's Steakhouse, Chicago, IL Contact: 815-469-2935 or http://www.turnaround.org/ February 15, 2007 TURNAROUND MANAGEMENT ASSOCIATION Valuation Outlook - What's in Store for 2007 University Club, Portland, OR Contact: http://www.turnaround.org/ February 15, 2007 TURNAROUND MANAGEMENT ASSOCIATION Window of Opportunity: Maximizing Value in a Retail Bankruptcy Denver Athletic Club, Denver, CO Contact: http://www.turnaround.org/ February 15, 2007 TURNAROUND MANAGEMENT ASSOCIATION Men's College Basketball & Networking Wachovia Center, Philadelphia, PA Contact: 215-657-5551 or http://www.turnaround.org/ February 16, 2007 TURNAROUND MANAGEMENT ASSOCIATION Wharton Restructuring Conference The Wharton School Philadelphia, PA Contact: http://www.turnaround.org/ February 20, 2007 TURNAROUND MANAGEMENT ASSOCIATION Professional Development Brisbane, Australia Contact: http://www.turnaround.org/ February 21, 2007 TURNAROUND MANAGEMENT ASSOCIATION Member Appreciation FREE Happy Hour Gordon Biersch Brewery Restaurant, Miami, FL Contact: 561-882-1331 or http://www.turnaround.org/ February 21-22, 2007 EUROMONEY Euromoney Pakistan Conference Perceptions & Realities Marriott Hotel, Islamabad, Pakistan Contact: http://www.euromoneyplc.com/ February 22, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA-NOW Networking & Panel: Discussing Women's Networking Issues PBI, Philadelphia, PA Contact: 215-657-5551 or http://www.turnaround.org/ February 22, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA PowerPlay - Atlanta Thrashers Philips Arena, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ February 22, 2007 EUROMONEY 2nd Annual Euromoney Japan Forex Forum Mandarin Oriental, Tokyo, Japan Contact: http://www.euromoneyplc.com/ February 25-26, 2007 NORTON INSTITUTES Norton Bankruptcy Litigation Institute Marriott Park City, UT Contact: http://www2.nortoninstitutes.org/ February 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION Member Appreciation FREE Happy Hour Maggianos, Tampa, FL Contact: 561-882-1331 or http://www.turnaround.org/ February 27, 2007 PRACTISING LAW INSTITUTE Intercreditor Agreements & Bankruptcy Issues Workshop San Francisco, CA Contact: http://www.pli.edu/ February 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION Devil Rays Turnaround Centre Club, Tampa, FL Contact: http://www.turnaround.org/ February 27-28, 2007 EUROMONEY INSTITUTIONAL INVESTOR 5th Annual Corporate Restructuring Summit Sheraton Park Lane Hotel, London, U.K. Contact: http://www.euromoneyplc.com/ March 1, 2007 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - West Regency Beverly Wilshire, Los Angeles, CA Contact: http://www.abiworld.org/ March 2, 2007 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Bankruptcy Battleground West Regency Beverly Wilshire, Los Angeles, CA Contact: http://www.abiworld.org/ March 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION The Great Debate Sydney, Australia Contact: http://www.turnaround.org/ March 14-15, 2007 TURNAROUND MANAGEMENT ASSOCIATION Atlanta, GA Contact: http://www.turnaround.org/ March 15, 2007 TURNAROUND MANAGEMENT ASSOCIATION LI Turnaround Management Event Long Island, NY Contact: http://www.turnaround.org/ March 15, 2007 TURNAROUND MANAGEMENT ASSOCIATION Martini Madness Cocktail Reception with Geraldine Ferraro Westin Buckhead, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ March 15-18, 2007 NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES NABT Spring Seminar Ritz-Carlton Buckhead, Atlanta, GA Contact: http://www.NABT.com/ March 18-21, 2007 INSOL Annual Europe, Africa & Middle East Conference Cape Town, South Africa Contact: http://www.insol.org/CapeTown07/ March 20, 2007 THOMSON WEST LEGALWORKS Insurance and Reinsurance Allocation Superbowl New York, NY Contact: http://www.westlegalworks.com/ March 21, 2007 TURNAROUND MANAGEMENT ASSOCIATION The Next Wave of Distressed Businesses: A Panel Discussion South Florida Contact: http://www.turnaround.org/ March 21, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ March 21-22, 2007 EUROMONEY 2nd Annual Vietnam Investment Forum Melia, Hanoi, Vietnam Contact: http://www.euromoneyplc.com/ March 21-22, 2007 EUROMONEY Euromoney Indian Financial Market Congress Grand Hyatt, Mumbai, India Contact: http://www.euromoneyplc.com/ March 22-23, 2007 EUROMONEY INSTITUTIONAL INVESTOR Euromoney Indonesian Financial Markets Congress Bali, Indonesia Contact: http://www.euromoneyplc.com/ March 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION "The Six Keys of Sustained Profitable Growth" Rodney Page, Senior Partner of Blue Springs Partners Citrus Club, Orlando, FL Contact: http://www.turnaround.org/ March 27-31, 2007 TURNAROUND MANAGEMENT ASSOCIATION Spring Conference Four Seasons Las Colinas, Dallas, Texas Contact: http://www.turnaround.org/ March 29-31, 2007 ALI-ABA Chapter 11 Business Reorganizations Scottsdale, Arizona Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/ April 5, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Case Study "When Everything Goes Wrong" University of Florida, Gainesville, FL Contact: http://www.turnaround.org/ April 11-15, 2007 AMERICAN BANKRUPTCY INSTITUTE ABI Annual Spring Meeting J.W. Marriott, Washington, DC Contact: 1-703-739-0800; http://www.abiworld.org/ April 12, 2007 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC 4th Spring Luncheon and Founders Awards Washington, DC Contact: http://www.iwirc.org/ April 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, FL Contact: 561-882-1331 or http://www.turnaround.org/ April 12, 2007 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - East JW Marriott, Washington, DC Contact: http://www.abiworld.org/ April 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION Wine Tasting Social TBA, Long Island, NY Contact: 631-251-6296 or http://www.turnaround.org/ April 20, 2007 TURNAROUND MANAGEMENT ASSOCIATION Breakfast meeting with Chapter President, Bruce Sim Westin Buckhead, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ April 24, 2007 TURNAROUND MANAGEMENT ASSOCIATION "Why Prospects Become Clients" Mark Fitzgerald, President of Sales Training Institute Inc Centre Club, Tampa, FL Contact: http://www.turnaround.org/ April 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION Jacksonville Zoo Turnaround University Club, Jacksonville, FL Contact: http://www.turnaround.org/ April 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION 1st Annual Credit & Bankruptcy Symposium Golf/Spa Outing Fox Hopyard Golf Club, East Haddam, CT Contact: 203-265-2048 or http://www.turnaround.org/ April 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION Spa Outing Mohegan Sun, Uncasville, CT Contact: 203-265-2048 or http://www.turnaround.org/ April 26-27, 2007 TURNAROUND MANAGEMENT ASSOCIATION 1st Annual Credit & Bankruptcy Symposium Mohegan Sun, Uncasville, CT Contact: http://www.turnaround.org/ April 26-28, 2007 ALI-ABA Fundamentals of Bankruptcy Law Philadelphia, PA Contact: http://www.ali-aba.org/ April 29 - May 1, 2007 INTERNATIONAL BAR ASSOCIATION International Insolvency Conference Zurich, Switzerland Contact: http://www.ibanet.org/ May 4, 2007 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - NYC Alexander Hamilton U.S. Custom House, SDNY New York, NY Contact: http://www.abiworld.org/ May 7, 2007 AMERICAN BANKRUPTCY INSTITUTE 9th Annual New York City Bankruptcy Conference Millennium Broadway Hotel & Conference Center New York, NY Contact: http://www.abiworld.org/ May 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Annual TMA Atlanta Golf Outing White Columns, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ May 16, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ May 16, 2007 TURNAROUND MANAGEMENT ASSOCIATION Bankruptcy Judges Panel Marriott North, Fort Lauderdale, FL Contact: http://www.turnaround.org/ May 17-18, 2007 TURNAROUND MANAGEMENT ASSOCIATION 6th Annual Great Lakes Regional Conference Renaissance Quail Hollow Resort, Painesville, OH Contact: http://www.turnaround.org/ May 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Bankruptcy Judges Panel Citrus Club, Orlando, FL Contact: http://www.turnaround.org/ May 30-31, 2007 FINANCIAL RESEARCH ASSOCIATES Distressed Debt Harvard Club, New York, NY Contact: http://www.frallc.com/ June 6-8, 2007 TURNAROUND MANAGEMENT ASSOCIATION 5th Annual Mid-Atlantic Regional Symposium Borgata Hotel Casino & Spa, Atlantic City, NJ Contact: http://www.turnaround.org/ June 6-9, 2007 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 23rd Annual Bankruptcy & Restructuring Conference Westin River North, Chicago, Illinois Contact: http://www.airacira.org/ June 14-17, 2007 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort, Traverse City, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ June 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Bankruptcy Judges Panel Centre Club, Tampa, FL Contact: http://www.turnaround.org/ June 28 - July 1, 2007 NORTON INSTITUTES Norton Bankruptcy Litigation Institute Jackson Lake Lodge, Jackson Hole, WY Contact: http://www2.nortoninstitutes.org/ July 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Bankruptcy Judges Panel University Club, Jacksonville, FL Contact: http://www.turnaround.org/ July 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, FL Contact: 561-882-1331 or http://www.turnaround.org/ July 12-15, 2007 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Marriott, Newport, RI Contact: 1-703-739-0800; http://www.abiworld.org/ July 18, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ July 25-28, 2007 AMERICAN BANKRUPTCY INSTITUTE 12th Annual Southeast Bankruptcy Workshop The Sanctuary, Kiawah Island, SC Contact: http://www.abiworld.org/ August 9-11, 2007 AMERICAN BANKRUPTCY INSTITUTE 3rd Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, MD Contact: http://www.abiworld.org/ August 23-26, 2007 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Drake Hotel, Chicago, IL Contact: http://www.nabt.com/ August 28, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Healthcare Panel Centre Club, Tampa, FL Contact: http://www.turnaround.org/ September 6-8, 2007 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Southwest Bankruptcy Conference Four Seasons Las Vegas, NV Contact: http://www.abiworld.org/ September 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ September 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION Buying and Selling Troubled Companies Marriott North, Fort Lauderdale, FL Contact: http://www.turnaround.org/ September 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Retail Panel Citrus Club, Orlando, FL Contact: http://www.turnaround.org/ October 10-13, 2007 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Orlando, Florida Contact: http://www.ncbj.org/ October 11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, FL Contact: 561-882-1331 or http://www.turnaround.org/ October 16-19, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Copley Place, Boston, Massachusetts Contact: 312-578-6900; http://www.turnaround.org/ October 30, 2007 TURNAROUND MANAGEMENT ASSOCIATION Crisis Communications With Employees,Vendors and Media Centre Club, Tampa, FL Contact: http://www.turnaround.org/ October 30, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Centre Club, Tampa, FL Contact: 561-882-1331 or http://www.turnaround.org/ November 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Dinner South FL Contact: 561-882-1331 or http://www.turnaround.org/ December 6-8, 2007 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Westin Mission Hills Resort, Rancho Mirage, California Contact: 1-703-739-0800; http://www.abiworld.org/ December 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ TBA 2008 INSOL Annual Pan Pacific Rim Conference Shanghai, China Contact: http://www.insol.org/ January 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, FL March 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ April 3-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 26th Annual Spring Meeting The Renaissance, Washington, DC Contact: http://www.abiworld.org/ June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference JW Marriott Spa and Resort, Las Vegas, NV Contact: http://www.airacira.org/ June 12-14, 2008 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, MI Contact: http://www.abiworld.org/ August 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, FL Contact: http://www.abiworld.org/ September 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Scottsdale, Arizona Contact: http://www.ncbj.org/ October 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Copley Place, Boston, Massachusetts Contact: 312-578-6900; http://www.turnaround.org/ December 4-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, AZ Contact: http://www.abiworld.org/ June 21-24, 2009 INSOL 8th International World Congress TBA Contact: http://www.insol.org/ October 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ 2009 (TBA) NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Las Vegas, Nevada Contact: http://www.ncbj.org/ October 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ 2010 (TBA) NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges New Orleans, Louisiana Contact: http://www.ncbj.org/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergers-the New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Market Opportunities Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E- Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Deepening Insolvency - Widening Controversy: Current Risks, Latest Decisions Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Diagnosing Problems in Troubled Companies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Equitable Subordination and Recharacterization Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ ********* 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/books/to 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. Jazel P. Laureno, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A. Godinez, and Pius Xerxes Tovilla, Editors. Copyright 2007. 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 * * *