/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070302.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 Friday, March 2, 2007, Vol. 8, No. 44 Headlines A U S T R I A 3D-DETEKTEI: Claims Registration Period Ends April 5 BBB-FEIERER: Claims Registration Period Ends March 26 CON.BAU LLC: Claims Registration Period Ends March 12 PETZ LLC: Vienna Court Orders Business Shutdown S.K.T. LLC: Claims Registration Period Ends March 26 B E L G I U M GENERAL MOTORS: Expects 6%-7% Decrease in February U.S. Sales LEVI STRAUSS: Secures New US$325 Million Sr. Unsecured Term Loan LEVI STRAUSS: Moody's Lifts B2 Rating on US$145-Mln Debt Payment LEVI STRAUSS: Nov. 26 Balance Sheet Upside-Down by US$1 Billion F R A N C E ALCATEL-LUCENT: Partners with GE Capital in U.K. and Ireland ALCATEL-LUCENT: Expands SFERIA S.A.'s Fixed Wireless Network ITRON INC: Buys Actaris Metering's Bonds & Stock for US$1.6 Bln ITRON INC: Actaris Deal Prompts S&P's Negative Creditwatch THOMSON SA: Moody's Affirms Ba1 Rating on Jr. Subordinated Bonds G E R M A N Y AIRBUS SAS: Power8 Restructuring Sees 10,000 Job Cuts BACKEREI ROOS: Claims Registration Period Ends May 24 BAUMASCHINEN BERNHARD: Claims Registration Period Ends April 24 BIOVEST INT'L: Dec. 31 Balance Sheet Upside Down by US$14 Mln CH - IMMOBILIENHANDELS: Claims Registration Period Ends April 4 DAIMLERCHRYSLER AG: Two Main Unions Spar Over Chrysler's Future DAIMLERCHRYSLER AG: Magna Int'l. Interested in Chrysler's Future DAIMLERCHRYSLER AG: Chrysler Group February Sales Down 8% DATA POINT: Claims Registration Period Ends March 30 DREVS VERWALTUNGSGESELLSCHAFT: Claims Registration Ends April 10 EGT BORKENHAGEN: Claims Registration Period Ends April 4 F.MUSLEK GMBH: Claims Registration Period Ends March 22 FAY BAUTRAEGER: Claims Registration Period Ends March 15 FIRMA LOUISENPARK: Claims Registration Period Ends March 23 FLEISCHERFACHGESCHAEFT HORST: Claims Registration Ends April 6 FORM-A EINRICHTUNGSBEDARF: Claims Registration Ends April 5 FRANK REIMANN: Claims Registration Ends March 29 H U M B O L D T MASCHINEN- UND: Claims Deadline Set for March 23 HILDESHEIM HAUS: Claims Registration Ends April 30 KNAUFT TRANSPORTE: Claims Registration Period Ends March 23 LIGNUM-PARKETT GMBH: Claims Registration Ends March 27 LSA LIFE: Claims Registration Ends March 29 MATTHIAS SCHMIDT: Claims Registration Ends April 3 MESACOM GMBH: Claims Registration Ends April 18 MICHAEL KAISER: Claims Registration Period Ends March 23 MOTOPORT BETEILIGUNGS: Creditors Must File Claims by March 29 NEUE FENSTER: Creditors Must Register Claims by April 3 PATZSCHKE ENTSORGUNG'S: Creditors Must File Claims by April 25 PLAN 4: Creditors Must Register Claims by April 1 PLANET WORK: Claims Registration Ends April 16 QEZ QUAD: Claims Registration Period Ends April 5 R + W VERMOEGENSMANAGEMENT: Claims Registration Ends March 19 STENTOR WERBEGESELLSCHAFT: Claims Registration March 30 SUGARS GASTRO: Claims Registration Period Ends April 2 SWK TANKSTELLENGESELLSCHAFT: Claims Registration Ends April 11 TINNITUS SIGNAL: Claims Registration Period Ends April 4 VOLKSWAGEN AG: Hikes Voting Rights to 29.9% in MAN AG WEBER & HOFFRICHTER: Claims Registration Ends April 1 H U N G A R Y AES CORP: Restatement Issues Won't Affect Ratings Yet, S&P Says AES CORP: Fitch Affirms Dominica Unit's B- Issuer Default Rating I R E L A N D CLOVERIE PLC: Moody's Lifts Ba2-Rated US$12-Mln Notes to Baa2 EUROCHEM FINANCE: Fitch Assigns BB- Rating to Loan Issue SANYO ELECTRIC: SESC Initiates Probe Over Understated Losses SANYO ELECTRIC: Fitch Places BB+ Rating on Negative Watch I T A L Y ALITALIA SPA Business Plan Stays; Reckons EUR380-Mln 2006 Loss DANA CORP: Wants Retiree Panel's Schedule Order Amendment Denied DANA CORP: Wants to Terminate Non-Union Pension Benefits DANA CORP: Discloses Proposed Section 1113/1114 Modifications MACDERMID INC: S&P Junks Rating on Proposed US$465-Mln Sr. Notes TK ALUMINUM: Advisors Okay Nemak Transaction Consent Terms POLYPORE INT'L: Moody's Affirms Junk Ratings on Senior Notes K A Z A K H S T A N AK AHSAP: Creditors Must File Claims by April 6 AUTO-BEKET-KURMET LLP: Creditors' Claims Due April 6 CRAMITEC LLP: Claims Filing Period Ends April 6 DELTA PLUS-2: Selling Assets Via Public Auction on March 5 & 6 DESIGN-INVEST LLP: Claims Registration Ends April 6 KOKTEM ABK: Proof of Claim Deadline Slated for April 6 NAN JSC: Creditors Must File Claims by April 6 PASSAJIR LLP: Creditors' Claims Due April 6 PETROMEDTRADING LLP: Proof of Claim Deadline Slated for April 6 SAIRAM-KAPKA LLP: Claims Registration Ends April 6 K Y R G Y Z S T A N ASIAN PROPERTIES: Claims Filing Period Ends April 6 FINASIA INVESTMENT: Creditors Must File Claims by April 6 N E T H E R L A N D S HOLLAND MORTGAGE: Moody's Rates EUR32.5-Mln Notes at (P)Ba2 R U S S I A AGRO-RODINA OJSC: Creditors Must File Claims by March 10 AGRO-SERVICE OJSC: Creditors Must File Claims by March 10 BASTION-FUEL CJSC: Creditors Must File Claims by March 10 BIYSKAYA ENGINEERING: Creditors Must File Claims by April 10 BUILDER LLC: Creditors Must File Claims by March 10 CRYSTAL CJSC: Creditors Must File Claims by March 10 IZHEVSK-GAS OJSC: Creditors Must File Claims by April 10 LUKHOVITSY-AGRO-PROM-KHIMIYA: Claims Filing Period Ends March 10 LUKOIL OAO: Projects Receive Leningrad Region's Support MARYINSKAYA OJSC: Creditors Must File Claims by April 10 NIKOLSKOYE LLC: Creditors Must File Claims by March 10 OKA-CENTRE CJSC: Court Starts Bankruptcy Supervision Procedure SAREPTSKIY TREATING: Bankruptcy Hearing Slated for May 16 SBERBANK ROSSII: Secondary Offering Demand Mostly from Russia SEL-KHOZ-TEKHNIKA: Creditors Must File Claims by April 10 SIBERIAN SEA: Court Starts Bankruptcy Supervision Procedure VOSKHOD CJSC: Asset Sale Slated for March 13 S P A I N ARAMARK CORP: Earns US$87.7 Mln. in Fiscal Quarter Ended Dec. 31 S W I T Z E R L A N D ANAHID2 LLC: Creditors' Liquidation Claims Due March 19 BLITOG LLC: Creditors' Liquidation Claims Due March 16 CINESHARE JSC: Creditors' Liquidation Claims Due March 16 EVENT GASTRO: Aargau Court Starts Bankruptcy Proceedings M3 LLC: Bern Court Starts Bankruptcy Proceedings RESTAURANT ZUM: Bern Court Closes Bankruptcy Proceedings SGCONCULT JSC: Creditors' Liquidation Claims Due March 19 STEBU CONSULTING: Creditors' Liquidation Claims Due March 19 THERMISCAN JSC: Creditors' Liquidation Claims Due March 19 WANNER JSC: Creditors' Liquidation Claims Due March 19 U K R A I N E AGROALIANS LLC: Creditors Must File Claims by March 9 ALFA-TRANS LLC: Creditors Must File Claims by March 9 BREADMAKER LLC: Proofs of Claim Filing Deadline Set March 9 KONSTANTA LLC: Creditors Must File Claims by March 9 MARITAN LLC: Creditors Must File Claims by March 9 MEDIA-GROUP ESKORT: Creditors Must File Claims by March 9 OREANDA LLC: Proofs of Claim Filing Deadline Set March 9 U N I T E D K I N G D O M ALCATEL-LUCENT: Partners with GE Capital in the U.K. and Ireland ALFRESCO FINE: Joint Liquidators Take Over Operations BAR ICE: Creditors' Meeting Slated for March 7 BRADMATT TELECOM: Alex Kachani Leads Liquidation Procedure C C M S KENT: Appoints Richard Rones as Liquidator CCS DEVELOPMENTS: Claims Filing Period Ends March 30 CHPM LTD: Brings In Liquidators from Wilson Field CIRCLE STUDIO: Creditors' Meeting Slated for March 9 COLLINS & AIKMAN: U.S. Trustee Wants Examiner Appointed COLWICK ELECTRICAL: Taps Andrew Appleyard to Liquidate Assets GRAPHIC DETAIL: Claims Registration Ends March 20 M THIRTEEN: Claims Filing Period Ends April 4 MCDERMOTT INT'L: No TXU Update Regarding Contracts Amidst Sale MICHAEL COSTER: Creditors' Meeting Slated for March 13 OLDE SWAN: Creditors' Meeting Slated for March 7 SALISBURY INT'L: Moody's Puts Ba1 Ratings to Two Credit Notes SARACEN CYCLES: Hires A. Turpin to Liquidate Assets SILVERSTAR TRADING: Creditors' Meeting Slated for March 6 SOLUTIA INC: Buying Akzo Nobel's 50% Stake in Flexsys Venture SPECTRUM PROPERTY: Joint Liquidators Take Over Operations THREE COUNTIES: Appoints Liquidators from Begbies Traynor WILLIAM BELL: Calls In Liquidator from ThorntonRones LLP WOODFIELD LODGE: Creditors' Meeting Slated for March 7 YOUR PLACE: Creditors' Meeting Slated for March 7 * BOOK REVIEW: Ocean Transportation ********* ============= A U S T R I A ============= 3D-DETEKTEI: Claims Registration Period Ends April 5 ---------------------------------------------------- Creditors owed money by LLC 3D-Detektei Dieter Danneshuber (FN 219466w) have until April 5 to file written proofs of claim to court-appointed estate administrator Peter Sommerer at: Dr. Peter Sommerer Nottendorfer Gasse 11 1030 Vienna Austria Tel: 503 17 90 Fax: 503 17 90 444 E-mail: office@sommerer.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on April 19 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 Feb. 13 (Bankr. Case No. 5 S 15/07a). BBB-FEIERER: Claims Registration Period Ends March 26 ----------------------------------------------------- Creditors owed money by LLC BBB-Feierer (FN 172808f) have until March 26 to file written proofs of claim to court-appointed estate administrator Stefan Kohlfuerst at: Mag. Stefan Kohlfuerst Marburgerkai 47 8010 Graz Austria Tel: 0316/815454 Fax: 0316/815454-22 E-mail: kohlfuerst@hofstaetter.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 3:35 p.m. on April 12 for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 230 Hall L Second Floor Graz, Austria Headquartered in Fernitz bei Graz, Austria, the Debtor declared bankruptcy on Feb. 13 (Bankr. Case No. 25 S 19/07t). CON.BAU LLC: Claims Registration Period Ends March 12 ----------------------------------------------------- Creditors owed money by LLC CON.BAU (FN 137138z) have until March 12 to file written proofs of claim to court-appointed estate administrator Roland Grilc at: Dr. Roland Grilc Karfreitstrasse 14/I Second Floor 9020 Klagenfurt Austria Tel: 0463/54267 Fax: 0463/54267-77 E-mail: office@grilc.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on March 19 for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Hall 225 Second Floor Klagenfurt, Austria Headquartered in Klagenfurt, Austria, the Debtor declared bankruptcy on Feb. 13 (Bankr. Case No. 41 S 14/07t). PETZ LLC: Vienna Court Orders Business Shutdown ----------------------------------------------- The Trade Court of Vienna entered Feb. 12 an order shutting down the business of LLC Petz (FN 221445f). Court-appointed estate administrator Eva Riess recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Eva Riess c/o Dr. Leopold Riess Zeltgasse 3/13 1080 Vienna Austria Tel: 402 57 01-0 Fax: 402 57 01 21 E-mail: law@riess.co.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 31 (Bankr. Case No. 6 S 9/07a). Leopold Riess represents Dr. Riess in the bankruptcy proceedings. S.K.T. LLC: Claims Registration Period Ends March 26 ---------------------------------------------------- Creditors owed money by LLC S.K.T. (fka LLC LIFE Haus) (FN 32573b) have until March 26 to file written proofs of claim to court-appointed estate administrator Otto Werschitz at: Dr. Otto Werschitz c/o Dr. Georg Alexander Muhri Neutorgasse 47/I 8010 Graz Austria Tel: 0316/820620-0 Fax: 0316/820620-4 E-mail: office@cgo-masseverwaltung.at georg.muhri@mu-we.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:45 p.m. on April 12 for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 230 Hall L Second Floor Graz, Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on Feb. 13 (Bankr. Case No. 25 S 14/07g). Georg Alexander Muhri represents Dr. Werschitz in the bankruptcy proceedings. ============= B E L G I U M ============= GENERAL MOTORS: Expects 6%-7% Decrease in February U.S. Sales ------------------------------------------------------------- Following its decision to reduce sales to daily rental fleets, General Motors Corp. expects its February U.S. sales to be down between 6 to 7 percent, Reuters reports. GM reduced discounted fleet sales with the prospect of returning to profitability in North America. The move, according to analysts, allowed the automaker to keep its assembly plants running but eroded the value of its brands. GM spokesman John McDonald told Reuters in an interview that the company expects retail sales to be flat for the month. Overall, Mr. McDonald added, GM expects the U.S. February industry sales to come in at an annualized rate of 16 million units. According to Reuters, GM planned to cut its daily rental sales more than 200,000 units this year after a reduction of about 77,000 units in 2006. The planned cuts would take GM's annual rental-related sales below 700,000 units by the end of 2008 from more than 1 million before the effort began. GM shares eased more than 2% in pre-market trading after finishing almost 1% lower in Monday trade on the New York Stock Exchange, Reuters said. About General Motors Corp. General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the world's largest automaker, has been the global industry sales leader since 1931. Founded in 1908, GM employs about 317,000 people around the world. It has manufacturing operations in 32 countries, including Belgium, France, Germany, India, Mexico, and its vehicles are sold in 200 countries. * * * As reported in the Troubled Company Reporter-Europe on Feb. 2, Standard & Poor's Ratings Services said that General Motors Corp.'s (GM; B/Negative/B-3) announcement that it is restating financial results from 2002 through the third quarter of 2006 raises new concerns about the integrity of the company's financial reporting and internal controls, but has no immediate effect on the ratings on GM, GMAC LLC (BB+/Developing/B-1), or GMAC unit Residential Capital LLC (ResCap; BBB/Negative/A-3). In a TCR-Europe report on Dec. 15, 2006, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with negative implications, where they were placed March 29, 2006. S&P said the outlook is negative. Standard & Poor's Ratings Services earlier assigned its 'B+' bank loan rating to General Motors Corp.'s proposed US$1.5 billion senior term loan facility, expiring 2013, with a recovery rating of '1'. The 'B+' rating was placed on Creditwatch with negative implications, consistent with the other issue ratings of GM, excluding recovery ratings. LEVI STRAUSS: Secures New US$325 Million Sr. Unsecured Term Loan ---------------------------------------------------------------- Levi Strauss & Co. has entered into a binding commitment with Banc of America Securities LLC and Goldman Sachs Credit Partners L.P., as joint lead arrangers and joint book managers, with respect to a new seven-year US$325 million senior unsecured term loan facility. The company expects, subject to certain conditions, to enter into a definitive term loan agreement with the joint lead arrangers, their affiliates and other potential lenders by mid- March. The company intends to use the gross proceeds from the new term loan, plus cash on hand of approximately US$69 million, to redeem in full its outstanding US$380 million floating rate notes due 2012 and to pay related redemption premiums, transaction fees and expenses. Pursuant to the terms of the indenture relating to the floating rate notes, the floating rate notes become redeemable on April 1, 2007 at a price of 102% of par. The company intends to issue the redemption notice in the near future and to redeem the floating rate notes shortly after the notes become redeemable. About Levi Strauss Founded in 1853 by Bavarian immigrant Levi Strauss, Levi Strauss & Co. -- http://www.levistrauss.com/-- is one of the world's largest brand-name apparel marketers with sales in more than 110 countries. The company market-leading apparel products are sold under the Levi's(R), Dockers(R) and Levi Strauss Signature(R) brands. Levi Strauss & Co. is privately held by descendants of the family of Levi Strauss. Shares of company stock are not publicly traded. Shares of Levi Strauss Japan K.K., the company's Japanese affiliate, are publicly traded in Japan. The company employs a staff of approximately 10,000 worldwide, including approximately 1,010 at the company's San Francisco, California headquarters. Levi Strauss Europe is headquartered in Brussels, Belgium, while Levi's Asia Pacific division is based in Singapore. LEVI STRAUSS: Moody's Lifts B2 Rating on US$145-Mln Debt Payment ---------------------------------------------------------------- Moody's Investors Service upgraded its corporate family and probability of default ratings for Levi Strauss & Co. to B1 from B2. The rating outlook is stable. At the same time Moody's also assigned a B2 rating to the company's proposed US$325 million senior unsecured term loan, which reflects the B1 probability of default rating and the loss given default assessment of LGD4, 62%. Proceeds from the new financing and cash on hand are expected to be used to retire the outstanding floating rate notes due 2012, and upon repayment Moody's would expect to withdraw the ratings on these notes. The ratings for other rated senior unsecured debts were also upgraded to B2 from B3. "The upgrade reflects revenue and operating margin stability as well as improved free cash flow generation, which enabled the company to repay approximately US$145 million of debt in 2006", commented Moody's Vice President Scott Tuhy. The upgrade also reflects improving operational and systems controls which are expected to be enhanced by the rollout of SAP across the franchise in the near term. The stable outlook reflects Moody's expectations that the company's financial metrics will remain at appropriate levels for the B1 rating category. Assigned: * US$325 million Senior Unsecured Term Loan due 2014, B2, LGD4, 62% Upgraded: * Corporate Family Rating and Probability of Default Ratings: to B1 from B2 * Various Senior Unsecured Notes: to B2 from B3 San Francisco, California-based Levi Strauss & Co markets apparel products in more than 110 countries primarily under the "Levi's", "Dockers" and "Levi Strauss Signature" brands. The company had global net revenues of approximately US$4.2 billion in its fiscal year ending Nov. 26, 2006. Levi Strauss Europe is headquartered in Brussels, Belgium, while Levi's Asia Pacific division is based in Singapore. LEVI STRAUSS: Nov. 26 Balance Sheet Upside-Down by US$1 Billion --------------------------------------------------------------- Levi Strauss & Co. reported US$239 million of net income on US$4.19 billion of net revenues for the fiscal year ended Nov. 26, 2006, compared with US$156 million of net income on US$4.22 billion of net revenues in fiscal 2005. The increase in net income was primarily due to a US$29 million benefit plan curtailment gain in the third quarter, lower losses on early extinguishment of debt, and lower income tax and interest expense. The effective tax rate for 2006 was 30.8% compared to 44.8% for 2005, driven by a US$32 million benefit resulting from a modification of the ownership structure of certain of the company's foreign subsidiaries in the second quarter of 2006 and a US$29 million net reversal of valuation allowances in certain jurisdictions in the fourth quarter of fiscal 2006. Stable net revenue reflects higher net revenues in the U.S. Levi's(R), U.S. Dockers(R) and Asia Pacific businesses, offset by lower net revenues in the Europe and U.S. Levi Strauss SignatureR) businesses and currency translation. For the fourth quarter of fiscal 2006, Levi Strauss & Co. reported US$96 million of net income on US$1.24 billion of net revenues, compared with US$44 million of net income on US$1.19 billion of net revenues in the same period of fiscal 2005. The improvement was driven primarily by higher operating income and lower tax expense. "Our fourth-quarter performance was encouraging, with net revenue growth in each of our three regions," said John Anderson, chief executive officer. "For the full year, we delivered stable revenues and strong profits, and paid down debt. The year ended with improved performance in virtually all of our business units. I am pleased with our positive momentum heading into 2007." Selling, general and administrative expenses decreased 2 percent or US$33 million to US$1.3 billion for fiscal 2006 compared to the prior year. The decrease reflects reduced advertising and promotion expense and the US$29 million curtailment gain, partially offset by costs related to new company-operated retail stores. Operating income increased US$24 million to US$614 million compared to US$589 million in fiscal 2005. The increase was driven primarily by lower selling, general and administrative expenses. The operating margin for fiscal 2006 was 14.6 percent compared to 13.9 percent in fiscal 2005. Interest expense for the year decreased US$13 million to US$251 million compared to US$264 million in fiscal 2005. The decrease was primarily attributable to lower debt levels and lower average interest rates in fiscal 2006. Strong cash flow in 2006 is attributable to lower income tax payments, improved working capital management, and lower restructuring and interest payments. "We accomplished our objectives for 2006," said Hans Ploos van Amstel, chief financial officer. "We ended the year with revenues growing, and we sustained our strong margins while increasing our investments in our brands, retail expansion and SAP. We also delivered strong cash flow, which is a key priority for us. For 2007, we expect to continue our strong profits and cash flow and, at minimum, achieve revenue stability." At Nov. 26, 2006, the company's balance sheet showed US$2.8 billion in total assets and US$3.8 billion in total liabilities, resulting in a US$1 billion total stockholders' deficit. Full-text copies of the company's consolidated financial statements for the fiscal year ended Nov. 26, 2006, are available for free at http://researcharchives.com/t/s?1a02 About Levi Strauss Founded in 1853 by Bavarian immigrant Levi Strauss, Levi Strauss & Co. -- http://www.levistrauss.com/-- is one of the world's largest brand-name apparel marketers with sales in more than 110 countries. The company market-leading apparel products are sold under the Levi's(R), Dockers(R) and Levi Strauss Signature(R) brands. Levi Strauss & Co. is privately held by descendants of the family of Levi Strauss. Shares of company stock are not publicly traded. Shares of Levi Strauss Japan K.K., the company's Japanese affiliate, are publicly traded in Japan. The company employs a staff of approximately 10,000 worldwide, including approximately 1,010 at the company's San Francisco, California headquarters. Levi Strauss Europe is headquartered in Brussels, Belgium, while Levi's Asia Pacific division is based in Singapore. =========== F R A N C E =========== ALCATEL-LUCENT: Partners with GE Capital in U.K. and Ireland ------------------------------------------------------------ Alcatel-Lucent agreed with GE Capital Solutions in the U.K. to provide finance solutions for U.K. and Irish enterprises. GE's finance solutions enable U.K. and Irish businesses and organizations to reap the benefits of Alcatel's hardware and software communications products and services, without the burden of significant upfront investment. These financial solutions are also designed to help Alcatel- Lucent's business partners increase sales, as well as build on the profitability of each sale. Furthermore, by encouraging customer loyalty, these financial packages will help secure future upgrades and new deployments. This launch will entitle Alcatel-Lucent's premium and expert partner customers to a special introductory promotion on the purchase of its Alcatel-Lucent OmniPCX Office and Alcatel-Lucent OmniPCX Enterprise communications platforms for small, medium and large enterprises, as well as its conferencing and collaboration tool, Alcatel-Lucent My Teamwork. "GE is the ideal partner to work with for our finance offering," said Graeme Allan, for Alcatel-Lucent Enterprise activities in U.K. and Ireland. "Its finance consultants will support our business partners throughout the sales process, while its automated financing process, which will be available through our partner site, will make smaller transactions quick and easy to process." "The launch of these finance solutions, working with Alcatel- Lucent, will allow customers to improve their business processes and productivity with Alcatel-Lucent's leading convergence solutions, without impacting on their cash flow," Lynne Wood of GE said. "We've worked with Alcatel-Lucent to ensure that the products we've designed are competitive and truly beneficial to the business partners, by understanding and specifically meeting the needs of its end-user customers." About GE Capital GE Capital Solutions -- http://gecapsol.com/-- offers financing services for commercial, industrial, construction and technology equipment; corporate aircraft; trucks and trailers; franchise facilities; transportation fleets; private label, wholesale; and outsourced sales and inventory. The company also offers tax- exempt and non tax-exempt financing for federal, state and local governments and non-profit organizations. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide, to deliver voice, data and video communication services to end users. Through its operations in fixed, mobile and converged broadband networking, Internet protocol technologies, applications, and services, Alcatel-Lucent offers the end-to-end solutions that enable communications services for people at home, at work and on the move. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Australia, Brunei and Cambodia. * * * As of Feb. 7, Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's BB- rating. It's Short-Term Corporate Credit rating stands at B. Moody's, on the other hand, put a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured Debt rating at BB. ALCATEL-LUCENT: Expands SFERIA S.A.'s Fixed Wireless Network ------------------------------------------------------------ Alcatel-Lucent, within the framework of three frame agreements with SFERIA S.A., has upgraded and expanded the SFERIA network and is responsible for the maintenance of the operator's telecommunication wireless network based on CDMA2000 technology in the Warsaw calling area. Under terms of the agreements, Alcatel-Lucent upgraded SFERIA's existing base stations, with CDMA2000 1xEV-DO technology to enable high-speed wireless broadband data services at speeds of up to 2.4 Megabits per second. Part of the project was the implementation by Alcatel-Lucent of a more efficient transport network to support increased traffic carried over SFERIA's expanded CDMA2000 wireless broadband network. Alcatel-Lucent implemented several new end-user applications and new network management tools and was responsible for general deployment and other services and will continue to maintain the network. "SFERIA is taking a significant step to expand their network and enhance the services they offer their customers, and we are proud to be selected to help them with this important project," said Andrzej Dulka, Country Senior Officer, Alcatel-Lucent in Poland. "This achievement further confirms the role that our CDMA2000 technology plays in providing customers a competitive advantage in the market." The new synchronous digital hierarchy (SDH) transport network is based on Alcatel-Lucent's METROPOLIS(R) AMU and METROPOLIS(R) ADM Universal products. New network management tools to run the network include Alcatel-Lucent's NAVIS(TM) OMS (Optical Management System) and NAVISAAA(TM) software, to manage and protect SFERIA'snetwork against unauthorized access and provide billing information for data services. Alcatel-Lucent designed and deployed the new optical network, managed the CDMA2000 1xEV-DO upgrade and provided network integration for the new software platforms and applications. In addition, under an extension of an existing maintenance agreement, Alcatel-Lucent services will provide spare parts management, first-line maintenance and remote technical support (RTS) services. SFERIA will continue its participation in Alcatel-Lucent's Base Release Software (BRS) program, which guarantees that it receives major releases, point releases and software updates as they become available for both its mobile switching centres (MSCs) and base stations. Alcatel-Lucent's relationship with SFERIA dates back to the first half of 2003, when the companies signed a contract to upgrade SFERIA's network to support CDMA2000 1X technology. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide, to deliver voice, data and video communication services to end users. Through its operations in fixed, mobile and converged broadband networking, Internet protocol technologies, applications, and services, Alcatel-Lucent offers the end-to-end solutions that enable communications services for people at home, at work and on the move. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Australia, Brunei and Cambodia. * * * As of Feb. 7, Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's BB- rating. It's Short-Term Corporate Credit rating stands at B. Moody's, on the other hand, put a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured Debt rating at BB. ITRON INC: Buys Actaris Metering's Bonds & Stock for US$1.6 Bln --------------------------------------------------------------- Itron Inc. has signed an agreement to acquire all of the stock and convertible bonds of Actaris Metering Systems. The purchase price is EUR800 million plus the retirement of approximately EUR445 million of debt, which, at an exchange rate of 1.30, totals approximately US$1.6 billion. The acquisition is expected to close in the second quarter of 2007. This acquisition will allow Actaris to offer Itron's industry leading AMR and advanced metering infrastructure technologies, software and systems expertise to customers outside of North America, and expand Actaris gas and water meter opportunities in North America. For the twelve months ended Dec. 31, 2006, Actaris generated revenue of approximately US$1 billion and adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) of approximately US$159 million. "This acquisition, which will more than double Itron's annual revenues, brings together two industry leaders and reunites two former Schlumberger divisions," said LeRoy Nosbaum, chairman and CEO. "We have been looking for an investment that would allow Itron to bring its superior AMR technology and systems expertise to customers outside of North America. Our acquisition of Actaris is the perfect choice to combine their quality meters and established distribution channels with our expertise, which will ultimately bring more value to customers around the globe. No other meter or AMR provider offers a similar breadth and depth of solutions to their customers in the utility industry. This deal combines two companies that share a heritage, vision and passion for this industry and our combined customers." The acquisition of Actaris will be funded by approximately US$1.1 billion of fully-committed senior secured debt facilities, the net proceeds of the private placement of approximately US$235 million of common stock, which was completed Feb. 25 and cash on hand. Based on management's expectation for closing in the second quarter, Itron expects that in 2007 the acquisition will add approximately US$720 - US$730 million in revenue, US$0.20 - US$0.30 in non-GAAP EPS and US$110-US$115 million Adjusted EBITDA. These estimates are subject to financing terms and dependent on the closing date of the transaction and do not take into effect any intangible amortization expenses, in-process research and development expenses, charges related to inventory revaluation required under purchase accounting or other acquisition expenses. "This acquisition brings together two very talented management teams, including many individuals who have worked together in previous careers with Schlumberger," said Mr. Nosbaum. "These are both well-run companies that produce the highest quality products in very efficient and productive factories around the world. Bringing these companies together unites research and development, manufacturing and business synergies that no other provider can match. "There can be no doubt that this acquisition represents a historical turning point in the life of our company and a significant commitment on the part of our investors," commented Mr. Nosbaum. "But as I look at the strength of our businesses and cash flow, the talent of our combined management team and employee base, the synergies in our technology offerings, and the expanding opportunities in the global marketplace, I have no doubt that this is the right move -- both strategically and financially -- and the right time to take Itron to an entirely new level and drive strong future growth in our business on a global scale." Conditions The acquisition is not subject to U.S. regulatory review. However, it will be subject to review by several regulatory bodies in countries outside the U.S., including, Ukraine, Germany, Brazil, Spain and Portugal, which require filings regardless of competitive product overlap. Itron has received a senior secured underwritten agreement from UBS to finance the transaction. Additionally, UBS acted as exclusive financial advisor to the Company and sole placement agent for the private placement of common stock. Gibson, Dunn & Crutcher LLP and Perkins Coie LLP acted as legal advisors to Itron. Mayer, Brown, Rowe & Maw LLP acted as legal advisor to Actaris. About Actaris Actaris Metering Systems -- http://www.actaris.com/-- designs and manufactures meters and associated systems for the electricity, gas, water and heat markets, providing innovative products and systems that integrate the latest technologies to meet the evolving needs of public or private energy and water suppliers, utility services and industrial companies worldwide. Actaris is active in more than 30 countries, employs approximately 6,000 people in 60 locations and has 29 manufacturing sites worldwide. The company has a cumulative installed base of some 300 million electricity, gas and water meters throughout the world. About Itron Itron Inc. (NASDAQ: ITRI) -- http://www.itron.com/-- is a technology provider and critical source of knowledge to the global energy and water industries. Nearly 3,000 utilities worldwide rely on Itron technology to provide the knowledge they require to optimize the delivery and use of energy and water. Itron creates value for its clients by providing industry- leading solutions for electricity metering; meter data collection; energy information management; demand response; load forecasting, analysis and consulting services; distribution system design and optimization; web-based workforce automation; and enterprise and residential energy management. Effective April 2006, Itron has acquired Brazil's ELO Tecnologia. Itron Tecnologia has offices and a manufacturing assembly facility in Campinas and offices in Santiago. The company maintains operations in Canada, Qatar, Mexico, Taiwan, France and Australia, The Netherlands, and The United Kingdom. * * * As reported in the Troubled Company Reporter on Oct. 27, 2006, Moody's Investors Service confirmed Itron Inc.'s Ba3 Corporate Family Rating in connection with the rating agency's implementation of its new Probability-of-Default and Loss-Given- Default rating methodology. As reported in the Troubled Company Reporter on Sept. 1, 2006, Standard & Poor's Ratings Services assigned its 'B' rating to Itron Inc.'s $345 million convertible senior subordinated notes due Aug. 1, 2026, and affirmed all of its other ratings, including its 'BB-' corporate credit rating. ITRON INC: Actaris Deal Prompts S&P's Negative Creditwatch ---------------------------------------------------------- Standard & Poor's Ratings Services placed its ratings, including its 'BB-' corporate credit rating, on Itron Inc. on CreditWatch with negative implications. The CreditWatch placement follows the company's report that it has signed an agreement to acquire Luxembourg-based Actaris Metering Systems, a European manufacturer of electric, gas, and water meters, for more than US$1.6 billion. Itron had total debt of approximately US$469 million as of Dec. 31, 2006. "The CreditWatch placement reflects the increased financial risk associated with this type of transformational acquisition," said Standard & Poor's credit analyst James Siahaan. Although Itron's annual revenues will more than double with the purchase, its debt levels will increase by a more than commensurate amount. The majority of the acquisition price is expected to debt financed, through a new US$1.1 billion credit facility along with more than US$325 million of cash on hand. The company indicates that equity proceeds (via a private placement in public equity, or PIPE transaction) of roughly US$235 million will be used to fund a part of the transaction price as well. Itron's business risk profile is expected to improve somewhat, as Actaris provides the company with increased geographic and product diversity, coming by way of a strong foothold in the European market and the production of water and gas meters. This should provide additional opportunity for Itron to bundle its automated meter reading technology to a wider array of utilities. Standard & Poor's will resolve the CreditWatch placement following a meeting with management to discuss the acquisition in greater detail. The resolution of the CreditWatch will weigh the expected improvement in Itron's business risk profile and the company's financial policies against the additional leverage that will result from the transaction. THOMSON SA: Moody's Affirms Ba1 Rating on Jr. Subordinated Bonds ---------------------------------------------------------------- Moody's Investor's Service affirmed the long-term issuer rating for Thomson S.A. at Baa2 and the rating on its perpetual junior subordinated bonds at Ba1. The outlook remains negative. "Thomson has all but completed its corporate transformation in 2006, having stabilized the performance of its core businesses, broadened the customer base and having reduced debt," Oliver Giani, Senior Analyst at Moody's said. "Although the forecasted strengthening of key credit metrics (operating margins, cash leverage) has yet to be fully achieved, we expect that with renewed management attention focusing on internal improvements and with an unchanged financial discipline -- continued debt reduction supported by a moderate dividend policy -- the decline in Thomson's financial profile should have bottomed out in 2006 and it should moderately improve over the next couple of years." During 2006, Thomson's financial performance has not improved in line with our expectations and in line with criteria set by Moody's for a stabilization of the Baa2 rating at the time of the last downgrade. This was largely driven by weaker than expected DVD Services and Access Products. The negative outlook reflects these current weak metrics and the downward rating pressure should there be no improvement in Thomson's operating performance and debt protection metrics going forward. However, Moody's affirmation of the rating at Baa2 takes into consideration the expectation that Thomson's financial profile should improve over the next couple of years, provided that the company will continue to reduce net debt and continue its moderate financial policy. The achieved improvements in Thomson's business profile as a result of the company's nearly finalized transformation should allow management to concentrate on growing the business organically, translating into gradually improving financials over the next couple of years. Thomson's diversified positioning in growth sectors such as post- production services, network operating services, or its broadcast and networks systems should increasingly enable the company to offset the secular decline of DVD services and other mature, declining businesses. In order to stabilize the rating and reduce negative rating pressure, Thomson will need to: (i) improve operating margin to above 6% -- vs. 4.5% actual in 2006; and (ii) strengthen the ratio of retained cash flow to net debt above 25% (20.2% in 2006), which would be supported by rising cash flow contributions from the growth businesses and debt reduction as the main drivers for the increase in the debt protection metric. At the same time, Moody's notes that a further weakening -- or the absence of any strengthening -- in the group's operating margin or cash leverage from 2006 levels could indicate that expected improvements take significantly longer to materialize, which would most likely result in a downgrade to Baa3. Thomson has realized the largest part of its transformation from a consumer electronics company to a technology, systems and service provider for media and entertainment companies. Management has attained a leadership position in its core fields. Based primarily on stable royalty income and continuing revenue growth in its Services and Systems division at high single digit operating margins, the core business should demonstrate growth, profitability and generate substantial free cash flows. To conclude the transformation process Thomson still has to divest its Audio-Video and Accessories business which had been put for sale in December 2005. In January 2007 the sale of the US Accessories business has been closed with proceeds of US$70 million. Thomson is confident of being able to dispose of the remaining business marked as discontinued during 2007. The last rating action for Thomson has been on March 10, 2006, when Moody's downgraded the issuer rating to Baa2 from Baa1 and the rating on Thomson's perpetual junior subordinated bonds to Ba1 from Baa3. Headquartered in Paris, France, Thomson is a leading provider of technology, systems and service solutions for integrated media and entertainment companies operating in three business segments: Thomson's Services division offers end-to-end management of network operations and services for the media and entertainment industry, from finishing movie content (post- production) to content replication of film and DVD and distribution. The Systems division provides professional broadcasting and network equipment for TV stations and other network operators as well as broadband access products. The Technology division combines Thomson's research and exploitation of its patent portfolio through licensing programs. In fiscal year 2006 the company employed 29,628 people and generated revenues from continuing operations of EUR5.9 billion. ============= G E R M A N Y ============= AIRBUS SAS: Power8 Restructuring Sees 10,000 Job Cuts ----------------------------------------------------- Airbus S.A.S. presented the details of its Power8 restructuring plan to the Airbus European Works Council following the unanimous approval by the Board of Directors of parent European Aeronautic Defence & Space Co. on Monday. According to Airbus, Power8 will enable the plane maker to face the very substantial challenge of the US dollar weakness, increased competitive pressure, the financial burden related to the A380 delays as well as meet its other future investment needs. Power8 provides for strong cost-cutting measures, aims at transforming the Airbus business model and the development of a global network of partners. It will allow Airbus to devote its resources to core activities and eliminate inefficiencies within its current structure. The program aims at the full industrial integration of Airbus by establishing a new industrial organization with transnational Centers of Excellence replacing the existing national structures. This transformation will happen progressively over several years and includes the further extension of Airbus' global footprint. As part of Power8, the Airbus management will implement strong cost reduction and cash generating efforts leading to EBIT contributions of EUR2.1 billion from 2010 onwards and additional EUR5 billion of cumulative cash flow from 2007 to 2010. A large part of the cost savings will be achieved through reducing the total Airbus overhead workforce (including temporary and on-site supplier workforce) by 10,000. The envisaged measures to reduce overhead costs, and specifically headcount, require a provision of EUR680 million to be taken in the first quarter of 2007. Airbus has put in place a tracking system with tangible matrix regarding cost and cash impact up to their materialization in the financial statements. Airbus has the full support of all EADS core shareholders for Power8. The EADS and Airbus management has reviewed the program thoroughly and is convinced that the envisaged measures will deliver on its economic promises. "The core objective of the program is to make Airbus more efficient and competitive, so as to produce the most advanced and profitable products, and to serve its customers better in the future", the CEOs of EADS Tom Enders and Louis Gallois said. "We have had an excellent sales and delivery performance in 2006. But our long-term future is at stake if we don't act now," Mr. Gallois, who is also Airbus President and CEO, said. "We fully appreciate that this transformation must be undertaken jointly and in close consultation with our social partners." Airbus will report a negative EBIT in 2006 and, following the A380 delays, faces significant cash needs and deteriorating profits in the future, together with large investments needed for current and future programs, in particular the A350 XWB. More fundamentally, the Dollar weakness alone has led to a 20 percent loss of competitiveness in only six years versus Airbus' competition. "We cannot continue to produce at our current Euro costs and sell at Boeing's dollar prices," he said. "Without establishing Power8 quickly, profitability will drift significantly short of industry standards and of reasonable expectations. This is an unsustainable and unacceptable situation. Power8 is designed to reduce that gap," said EADS and Airbus CFO Hans Peter Ring. Power8 envisages these measures: (1) Lighter and cost efficient management The objective of a lighter and cost efficient management will be addressed by several Power8 program modules and in particular by the Reduction of Airbus Overhead costs module. (2) Reduction of Airbus Overhead Costs The Airbus management proposes a progressive headcount reduction of 10,000 overhead positions over four years - thereof in Airbus Deutschland around 3,700 in Airbus France around 3,200, in Airbus UK around 1,600, in Airbus CE around 1,100 and in Airbus Espa�a around 400. About 5,000 of these positions are temporary or on-site subcontractors, where reductions will begin immediately. The other 5,000 overhead positions affected will be direct Airbus employees. Priority is given to achieve reductions through negotiated voluntary severance processes and schemes in each country concerned. The respective national processes, including negotiations in each country of voluntary severance schemes, will be launched immediately. Airbus' total workforce consists of 57,000 direct employees plus 30,000 subcontractors. At this stage, the Airbus management proposes no forced redundancies. Should these schemes not generate the expected level of reductions within the next 12 to 18 months, other measures will have to be considered to fully achieve the cost saving targets. "We will manage the social impact of these measures properly and in close dialogue with our employee representatives," Mr. Gallois stressed. "The burden will be spread in a fair and equitable manner across Airbus. The balance of the Airbus founding nations will be preserved." Airbus will launch a strong training initiative, to identify the skills required by the "New Airbus" and to deliver the relevant training programs. Other substantial cost cutting and strict budget control measures are already underway. They include a temporary hiring freeze, an executive salary freeze for 2007, as well as significant cuts in general expenses. As part of the overall cost cutting, Airbus and EADS will work together to implement the strategy of shared services and sourcing. Power8 Modules Further Power8 modules aimed at streamlining Airbus' processes and supporting the transition to the "New Airbus" are: (a) Develop Faster This module aims at the reduction of cycle time of new aircraft development from 7.5 to 6 years, while establishing robust development processes with risk- sharing partners to secure these cycle time reductions, as well as the required aircraft maturity at entry into service. It also aims at improving the productivity of the company's engineering activities by 15 percent. (b) Lean Manufacturing It is meant to further integrate manufacturing and associated engineering, and ensure the deployment of consistent lean production principles across all plants. A productivity increase by 16 per cent is targeted by 2010. (c) Smart Buying This module aims at the reduction of the Airbus supply cost base. It will also contribute to the reshaping and consolidation of our supply base, and the building of a network of strong Risk Sharing Partners to Tier 1 suppliers, while streamlining the logistics organization (from 80 to 8 logistic centers). (d) Maximize Cash This module targets the reduction of financial working capital and the tight control of cash in all operations. The Customer First Module will ensure the interests of customers to always come first. "Delivering and even improving on our commitments, serving our customers even better, with even higher levels of services, more reliability and reactivity, and further improved quality is our prime objective in all this", explains Mr. Gallois. (e) Focus on core business In the future, Airbus will focus on "core business" activities that are critical for the integrity and safety of the aircraft, or vital for technological and commercial differentiation, for the operability and reliability of the aircraft and its maturity at entry into service. These activities include overall aircraft and cabin architecture, systems integration, as well as the design, assembly, installation, equipping, customization and testing of major and complex components or manufacturing of new technology parts. "This shift is essential for Airbus' future. Many industries face similar challenges, but we have to establish our own way with specific solutions. We must retain the competencies that are essential to design, develop, produce, deliver and support the best and most efficient products for our customers," Mr. Gallois said. "If we move carefully, pragmatically and quickly, we will leverage our position as a leading global player in the civil airliner market." This "core" activity focus will be implemented in the "make or buy" strategy adopted for the A350 XWB. About 50 percent of aerostructure work will be outsourced to risk- sharing partners (EUR1.8 billion non recurring costs and EUR600 million associated CAPEX). This is proportionally about twice as much as in earlier programs. The workshare responsibility for the development of the A350 XWB will be split equitably among the founding nations with about 35 percent for Germany and France, 20 percent for the UK and 10 percent for Spain. (f) Long-term global partnership network Airbus will restructure its industrial set up and establish in the coming years a long-term oriented network with strong partners. This will allow Airbus to share development costs as well as engineering resources. "We will turn Airbus into an extended enterprise. The A350 XWB will draw on this new business model, as we assign large work packages to Tier 1 suppliers in return for a better distribution of future investment, risks and opportunities, with a consolidated supply base," Mr. Gallois said. Airbus is considering industrial partnerships at its plants in Filton, Meaulte and Nordenham, in order to facilitate their development from metallic to composite design and manufacturing technology. The company has already received unsolicited proposals by potential industrial partners ready to invest in these sites and to possibly take partially or fully the control of them in the framework of the extended enterprise concept. Airbus is determined to pragmatically attain the optimum scope of industrial activities and to optimize resource allocation and enhance capital efficiency. "This is the right time to consider such a partnership approach," Mr. Gallois said. "Our order book translates into more than five years of production, and customer demand continues to be very high for our aircraft. We are ramping up our production everywhere and have just launched the A350 XWB. We are ready to share attractive business opportunities with strong partners." The sites in Laupheim, St. Nazaire-Ville and Varel will continue to perform long-term substantial workloads on the current Airbus aircraft programs, such as the A380, the A320, the A330/A340 families, and the A400M. Airbus is committed to seeking viable future opportunities for these sites, this includes options to sell sites to key suppliers, management buy out or combination with nearby sites. This will of course be done in close consultation with the social partners. "We will prepare the future of each and every one of our sites in the overall interest of Airbus, to strengthen industrial partners and suppliers, and to ensure long-term local business and employment continuity," said Mr. Gallois. (g) Streamline the final assembly lines A number of measures are also being implemented to further increase the efficiency of the final assembly lines (FALs). The A350 XWB will be assembled and receive its interior furnishing in Toulouse, in the same facilities as the current A330/A340, enabling a capacity enhancement of this FAL. A third A320 Family FAL will be set up in Hamburg immediately to cope with the steep production ramp-up currently under way. This FAL will be established in already existing facilities and will have full type flexibility when demand for A320s exceeds rate 14 per month. The A320 will continue to be assembled in Toulouse up to rate 14. Hamburg will also perform final assembly of the future New Single Aisle family. Furthermore, in order to allow parts to be fitted in the most logical place to optimize the overall cycle time, some upstream preparatory A320 and A380 cabin installation work will be transferred from Hamburg to Toulouse. Cabin installation will remain in Hamburg. A380 deliveries will still be made from both Hamburg and Toulouse. (h) Fully integrated and transnational organization Airbus will introduce a fully integrated and transnational organization to support the implementation of Power8 and the establishment of the new business model. This new organization will enable cost savings and strengthen leadership through clearer accountability, faster decision-making and simpler interfaces. "Integration means strengthening the accountability of those responsible. It is not an invitation for centralization or doing everything in-house. On the contrary, we demand an empowerment of those in charge," Mr. Gallois explained. The new industrial organization will force process streamlining through the establishment of four truly transnational "centers of excellence" led by the Head of Operations: Fuselage & Cabin, Wing & Pylon, Rear, and Aerostructure, the latter being in charge of fuselage subassembly and interior furnishing activities. This will replace the current organization of eight nationally structured centers of excellence. Further organizational changes include completing the integration of support functions such as Finance and HR as well as reinforcing the authority of core functions such as Engineering, Procurement and Programs. The national entity leaders will assume a strong representative role, acting as Airbus ambassadors. They will be accountable for all aspects connected to national regulations (legal, social etc.) but will not have any operational responsibility. They will report to the Airbus CEO office and act on its behalf. Sharing services with EADS corporate functions where clear benefits arise, will be another lever to improve the efficiency of the support processes, optimize resources and reduce overhead costs. Concluding his comments, Louis Gallois said: "None of these changes will be easy, but they are essential to securing the future of Airbus as a world-leading aircraft manufacturer for the long-term, and a business of which all its stakeholders can be rightly proud." Airbus operates in a growth market of 22,000 new aircraft in the next 20 years. The order backlog represents about five years of future production, and the company continues to deliver record levels of aircraft. Breakdown of Power8 EBIT contribution by module: EBIT ---- Develop Faster 6% Smart Buying 31% Lean Manufacturing 16% Reduce Overhead 32% Maximize Cash - Restructure Industrial Set up/ Focus on Core 12% Final Assembly Line 3% ---- Total 100% Headquartered in Toulouse, France, Airbus S.A.S. -- http://www.airbus.com/en-- is a leading aircraft manufacturer in Europe with around 55,000 people employed at sixteen sites in Germany, France, Spain and the United Kingdom. A380 Delays Airbus has been plagued by the two-year production delays of its A380 jets. The delays, caused by Airbus' failure to provide uniform software to aircraft design teams, and the ever-weaker U.S. dollar, prompted Airbus to estimate a loss before-interest- and-tax in 2006. EADS has forecast up to EUR4.8 billion in losses by 2010 on the A380. "Our financial estimate is a consequence of our 2006 turbulences -- in particular reflecting the effect of the A380 delay. We are also taking into account the launch of the A350 XWB and the financial impact of Power 8, which we originally expected for 2007," says Airbus President and CEO Louis Gallois. "Clearly we are cleaning the grounds and preparing for a new Airbus." EADS, which at the same time issued a profit, said its other divisions would compensate for Airbus' losses. It added that it might take additional charges tied to the two-year slip in deliveries of the A380, which cost around US$13.5 billion to develop. A380 Eyes First Delivery in October Mr. Gallois revealed in January that Airbus, which has finally fixed electrical problems in the A380, was "determined to complete this first delivery in October 2007, as we announced, and to prepare ourselves for the next deliveries in 2008," BBC News relates. The group said it is now on track to deliver the A380 superjumbo to its launch customer, Singapore Airlines, in October. BACKEREI ROOS: Claims Registration Period Ends May 24 ----------------------------------------------------- Creditors of Backerei Roos GmbH & Co.KG have until May 24 to register their claims with court-appointed insolvency manager Stefan Hinrichs. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 21, 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 Aurich Hall 115 Schlossplatz 2 26603 Aurich 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: Stefan Hinrichs Heiligengeiststr. 29 26121 Oldenburg Germany Tel: 0441/21891-0 Fax: 0441/21891-39 The District Court of Aurich opened bankruptcy proceedings against Backerei Roos GmbH & Co.KG on Feb. 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Backerei Roos GmbH & Co.KG Leeraner Str. 82 26725 Emden Germany Attn: Hans-Erich Roos, Manager Leeraner Strasse 87 b 26725 Emden Germany BAUMASCHINEN BERNHARD: Claims Registration Period Ends April 24 --------------------------------------------------------------- Creditors of Baumaschinen Bernhard Kazmierczak GmbH have until April 24 to register their claims with court-appointed insolvency manager Helmut Schmitz. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 15, 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 Duisburg Hall C407 Fourth Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg 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: Dr. Helmut Schmitz Flohbusch 1-3 47802 Krefeld Germany BIOVEST INT'L: Dec. 31 Balance Sheet Upside Down by US$14 Mln ------------------------------------------------------------- Biovest International, Inc. filed its quarterly financial statements for the three-month period ended Dec. 31, 2006, with the U.S. Securities and Exchange Commission. At Dec. 31, 2006, the company's balance sheet showed US$8,960,000 in total assets, US$17,034,000 in total liabilities, resulting in a US$14,074,000 stockholders' deficit. At Sept. 30, 2006, stockholders' deficit stood at US$16,520,000. The company's December 31 balance sheet also showed strained liquidity with US$4,122,000 in total current assets available to pay US$15,955,000 in total current liabilities coming due within the next 12 months. For the three-month period ended Dec. 31, 2006, the company reported a US$23,950,000 net loss on US$1,327,000 of total revenues, compared to a net loss of US$3,014,000 on total revenues of US$1,085,000 in the same prior year period. Total revenues for the three months ended Dec. 31, 2006 was US$1.3 million which is an increase of US$0.2 million over the three months ended Dec. 31, 2005. This represents an increase of 18%. This quarterly increase is primarily due to growth in the sales of instrument hardware and disposables. Research and development expenses for the three months ended Dec. 31, 2006 were US$2.9 million compared to the same prior year period of US$2.8 million. These costs relate to vaccine production supporting the on-going clinical trial and design engineering expense associated with design of the AutovaxID. The company has historically had significant losses from operations and these losses continued during the three months ended Dec. 31, 2006 resulting in a net operating cash flow deficit of US$4 million. At Dec. 31, 2006, the company had an accumulated deficit of approximately US$76.2 million and working capital deficit of approximately US$11.8 million. It has been meeting its cash requirements through proceeds from its cell culture and instrument manufacturing activities, various financing transactions, the use of cash on hand, short-term borrowings (primarily from affiliates), the sale of stock to and demand notes from Accentia Biopharmaceuticals, Inc., and by managing its accounts payable. A full-text copy of the company's financial statements for the quarterly period ended Dec. 31, 2006, is available for free at: http://researcharchives.com/t/s?1a7e 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. About Biovest International BioVest International, Inc. -- http://www.biovest.com/-- is a biotechnology company that provides cell culture services to research institutions and the biopharmaceutical industry. BioVest also develops, manufactures and markets cell culture systems. For over 10 years the company has been designated, by the National Institutes of Health, as the National Cell Culture Center. Through its proprietary technology, BioVest provides cell culture services to research institutions, biotechnology companies and the pharmaceutical industry. The company is the holder of a Cooperative Research and Development Agreement with the National Cancer Institute for the commercialization of a personalized biologic therapeutic cancer vaccine for the treatment of non-Hodgkin's lymphoma currently in its phase III pivotal trial. The company has sales offices in China, Germany, Japan, Korea, Singapore, and Taiwan. CH - IMMOBILIENHANDELS: Claims Registration Period Ends April 4 --------------------------------------------------------------- Creditors of CH - Immobilienhandels GmbH have until April 4 to register their claims with court-appointed insolvency manager Frank Nikolaus. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on April 18, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Dr. Frank Nikolaus Alfredstr. 108-112 45131 Essen Germany The District Court of Essen opened bankruptcy proceedings against CH - Immobilienhandels GmbH on Feb. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: CH - Immobilienhandels GmbH Girardetstr. 72 45131 Essen Germany Attn: Berthold Morsbach, Manager Alfredstr. 379 45133 Essen Germany DAIMLERCHRYSLER AG: Two Main Unions Spar Over Chrysler's Future --------------------------------------------------------------- DaimlerChrysler AG's two major unions, German IG Metall and the United Auto Workers of the U.S., disagree over the mechanics of the looming sale of the troubled Chrysler unit, the Wall Street Journal relates. According to the report, labor representatives on the company's board intend to block a potential all-share deal with GM in exchange for Chrysler. As reported in THE TCR-Europe on Feb. 28, DaimlerChrysler is considering General Motors Corp.'s offer to give the company a minority stake in GM in return for Chrysler if both groups come to an agreement on the sale of the unit. The unions' common ground regarding the unit's sale ends there, however, as regional interests collide. IG Metall is concerned that capital which could be spent augmenting the German Mercedes-Benz brand would instead be wasted on saving Chrysler, WSJ states. On the other hand, the U.S. arm is highly dependent on the Mercedes-Benz brand, with UAW President Ron Gettelfinger urging DaimlerChrysler's management to use the German division's resources to fix Chrysler, the report says. The Troubled Company Reporter revealed on Feb. 28 that the company's Chrysler Group and UAW agreed on two special programs that will provide retirement and separation incentives for the Company's bargaining-unit employees in the U.S. as part of the Chrysler Group's Recovery and Transformation Plan. Meanwhile, DaimlerChrysler plans to give bonuses of EUR2,000 each to 132,000 of its German employees as reward for the stellar performances of its Mercedes unit and commercial-truck division, WSJ reports. About DaimlerChrysler Based in Stuttgart, Germany, DaimlerChrysler AG -- http://www.daimlerchrysler.com/-- develops, manufactures, distributes, and sells various automotive products, primarily passenger cars, light trucks, and commercial vehicles worldwide. It primarily operates in four segments: Mercedes Car Group, Chrysler Group, Commercial Vehicles, and Financial Services. The company's worldwide operations are located in Canada, Mexico, United States, Argentina, Brazil, Venezuela, China, India, Indonesia, Japan, Thailand, Vietnam, and Australia. The Chrysler Group segment offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The Chrysler Group is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. In order to improve the earnings situation of the Chrysler Group as quickly and comprehensively, measures to increase sales and cut costs in the short term are being examined at all stages of the value chain, in addition to structural changes being reviewed as well. DAIMLERCHRYSLER AG: Magna Int'l. Interested in Chrysler's Future ---------------------------------------------------------------- Magna International Inc. indicated that it has a role in the future of DaimlerChrysler AG's Chrysler Group, Bernard Simon and John Reed write for the Financial Times. According to reports, DaimlerChrysler is Magna's biggest customer, contributing about 26% of total sales. The discussions between the two companies are all about "protecting Magna's franchise," Greg Keenan writes for Globe and Mail, citing an industry source in Detroit. However, KeyBanc analyst Brett Hoselton told investors that his sources said Magna is seriously considering a purchase of Chrysler, Tom Krisher writes for the Associated Press. Mr. Hoselton said Magna officers received Chrysler's financial information, visited Chrysler facilities, and met with United Auto Workers representatives, Mr. Krisher adds. About DaimlerChrysler Based in Stuttgart, Germany, DaimlerChrysler AG -- http://www.daimlerchrysler.com/-- develops, manufactures, distributes, and sells various automotive products, primarily passenger cars, light trucks, and commercial vehicles worldwide. It primarily operates in four segments: Mercedes Car Group, Chrysler Group, Commercial Vehicles, and Financial Services. The company's worldwide locations are located in: Canada, Mexico, United States, Argentina, Brazil, Venezuela, China, India, Indonesia, Japan, Thailand, Vietnam and Australia. The Chrysler Group segment offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The Chrysler Group is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. In order to improve the earnings situation of the Chrysler Group as quickly and comprehensively, measures to increase sales and cut costs in the short term are being examined at all stages of the value chain, in addition to structural changes being reviewed as well. DAIMLERCHRYSLER AG: Chrysler Group February Sales Down 8% --------------------------------------------------------- DaimlerChrysler AG's Chrysler Group reported sales for February 2007 of 174,506 units, down 8% compared with February 2006 with 190,367 units. All sales figures are reported unadjusted. "In a generally soft market environment in February, the Chrysler Group had good traffic and solid customer interest especially for our newly launched, fuel efficient models like the Dodge Avenger, Dodge Caliber, and Jeep(R) Compass. Also, the Jeep Wrangler had its best February ever," Chrysler Group Vice President for Sales and Field Operations Steven Landry said. The Dodge Avenger posted sales of 5,205 units. The vehicle is one of the Chrysler Group's five new models that achieve 30 miles per gallon or better in highway driving. Jeep Wrangler and Wrangler Unlimited continued to post strong sales in February with 9,240 units, a rise of 63% over February 2006 sales of 5,673 units. February 2007 marks the best month of February in the history of the Jeep Wrangler. Sales of the Jeep Compass increased 3% over the previous month with 4,071 units compared with 3,965 units in January 2007. The Dodge Caliber finished February with sales of 9,900 units, an increase of 14% compared with last month with 8,672 units. Dodge Ram pickup sales continued to increase after an already strong January and posted sales of 28,633 units, up by 17% over the previous month with 24,379 units. "Building on the sales momentum of the Dodge Ram in the first two months of 2007, March will be the Chrysler Group's 'National Truck Month.' "Our marketing approach will primarily focus on our biggest volume model, the Dodge Ram, and tie it with the value of one of our most successful product features, the legendary HEMI(R) engine," Chrysler Group Vice President for Sales and Dealer Operations Michael Manley said. "Customers have the opportunity to get a no-extra-charge HEMI engine upgrade for the Dodge Ram 1500 as well as the Dodge Durango. We are confident that 'National Truck Month' will resonate well with our customers." Chrysler Group finished the month with 492,230 units of inventory, or a 68-day supply. Inventory is down by 8% compared with February 2006 when it was at 532,534 units. National Truck Month Dodge will offer a no-extra charge Hemi(R) engine on a Dodge Ram 1500 and the Dodge Durango this month. "We have a no-charge Hemi and special incentives for both consumers and our dealers. So our dealers really ordered and stocked up in anticipation of a really strong truck month," Mr. Landry said. "It's kind of an anniversary of sorts. We've done it in the past and our dealers are geeked. And we think it's going to be a huge, huge Dodge Ram, Dakota, and Durango month in March." Uncertainty Impact February Sales "I certainly think it had something to do with it," Mr. Landry said in reply to a question that uncertainty surrounding the Chrysler Group had an impact on February sales results. "The industry was soft enough on its own. Our sales were off 8%. I think it could have been a lot worse, considering the impact of the notification of the options for our company. But, you know, our employees are standing strong, our dealers are totally behind us, so we expect to bounce back fairly strongly in March." About DaimlerChrysler Based in Stuttgart, Germany, DaimlerChrysler AG -- http://www.daimlerchrysler.com/-- develops, manufactures, distributes, and sells various automotive products, primarily passenger cars, light trucks, and commercial vehicles worldwide. It primarily operates in four segments: Mercedes Car Group, Chrysler Group, Commercial Vehicles, and Financial Services. The company's worldwide locations are located in: Canada, Mexico, United States, Argentina, Brazil, Venezuela, China, India, Indonesia, Japan, Thailand, Vietnam and Australia. The Chrysler Group segment offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The Chrysler Group is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. In order to improve the earnings situation of the Chrysler Group as quickly and comprehensively, measures to increase sales and cut costs in the short term are being examined at all stages of the value chain, in addition to structural changes being reviewed as well. DATA POINT: Claims Registration Period Ends March 30 ---------------------------------------------------- Creditors of Data Point Service GmbH & Co. KG have until March 30 to register their claims with court-appointed insolvency manager Georg Bernsau. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 17, 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 Hanau Hall 111 Engelhardstrasse 21 63450 Hanau 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: Dr. Georg Bernsau Zeilweg 42 D 60439 Frankfurt/Main Germany Tel: 069 963 761-130 Fax: 069 963 761-145 E-mail: info@bl-law.de Web site: http://bl-law.de/ The District Court of Hanau opened bankruptcy proceedings against Data Point Service GmbH & Co. KG on Feb. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Data Point Service GmbH & Co. KG Birkenweiherstr. 11 63505 Langenselbold Germany Attn: Sylvia Sauser, Manager Bahnhofstr. 10 63543 Neuberg Germany DREVS VERWALTUNGSGESELLSCHAFT: Claims Registration Ends April 10 ---------------------------------------------------------------- Creditors of Drevs Verwaltungsgesellschaft mbH have until April 10 to register their claims with court-appointed insolvency manager Susanne Mueller. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on May 7, 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 Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Susanne Mueller Vietmannsdorfer Strasse 23 17268 Templin Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Drevs Verwaltungsgesellschaft mbH on Feb. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Drevs Verwaltungsgesellschaft mbH Muehlenberg 62 17192 Klink Germany EGT BORKENHAGEN: Claims Registration Period Ends April 4 -------------------------------------------------------- Creditors of EGT Borkenhagen GmbH have until April 4 to register their claims with court-appointed insolvency manager Uwe Kuhmann. Creditors and other interested parties are encouraged to attend the meeting at 9:05 a.m. on April 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 Essen Meeting Hall 186 First Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Uwe Kuhmann Friedrich-List-Str. 20 45128 Essen Germany The District Court of Essen opened bankruptcy proceedings against EGT Borkenhagen GmbH on Feb. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: EGT Borkenhagen GmbH Hasselbruch 28 45356 Essen Germany Attn: Dominik Borkenhagen, Manager Werrastr. 43 45136 Essen Germany F.MUSLEK GMBH: Claims Registration Period Ends March 22 ------------------------------------------------------- Creditors of F.Muslek GmbH have until March 22 to register their claims with court-appointed insolvency manager Peter Staroselski. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on April 5, 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 Bonn Hall W 1.26 First Floor William-Strasse 21 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter Staroselski Godesberger Allee 125-127 53175 Bonn Germany Tel: 8100045 Fax: 8100020 The District Court of Bonn opened bankruptcy proceedings against F.Muslek GmbH on Feb. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: F.Muslek GmbH Attn: Franjo Muslek, Manager Friesdorfer Strasse 258 53175 Bonn Germany FAY BAUTRAEGER: Claims Registration Period Ends March 15 -------------------------------------------------------- Creditors of Fay Bautraeger GmbH have until March 15 to register their claims with court-appointed insolvency manager Dr. Wolfgang Petereit. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on April 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Mainz Hall 174 Building B Ernst-Ludwig Strasse 7 55116 Mainz 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. Wolfgang Petereit Kaiserstrasse 24a D 55116 Mainz Germany Tel: 06131/626080 Fax: 06131/6260813 The District Court of Mainz opened bankruptcy proceedings against Fay Bautraeger GmbH on Feb. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fay Bautraeger GmbH Attn: Christiane Fay, Manager Weinbergstr. 3 55129 Mainz-Hechtsheim Germany FIRMA LOUISENPARK: Claims Registration Period Ends March 23 ----------------------------------------------------------- Creditors of Firma Louisenpark Immobiliengesellschaft mbH have until March 23 to register their claims with court-appointed insolvency manager Joerg Nerlich. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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 Duesseldorf Meeting Hall A 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on April 20, at the same venue. The insolvency manager can be contacted at: Dr. Joerg Nerlich Louise-Dumont-Str. 25 40211 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Firma Louisenpark Immobiliengesellschaft mbH on Feb. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Firma Louisenpark Immobiliengesellschaft mbH Attn: Stephan Heublein, Manager Benderstrasse 134 40625 Duesseldorf Germany Ingeborg Heublein, Manager Neuenhausstrasse 59 40699 Erkrath Germany FLEISCHERFACHGESCHAEFT HORST: Claims Registration Ends April 6 -------------------------------------------------------------- Creditors of Fleischerfachgeschaeft Horst Rafalcik GmbH have until April 6 to register their claims with court-appointed insolvency manager Dr. Petra Mork. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on April 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 Dortmund Hall 3.201 Second Floor Gerichtsplatz 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. Petra Mork Arndtstr. 28 44135 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against Fleischerfachgeschaeft Horst Rafalcik GmbH on Feb. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fleischerfachgeschaeft Horst Rafalcik GmbH Attn: Horst Rafalcik, Manager Schillerstr. 1 58730 Froendenberg Germany FORM-A EINRICHTUNGSBEDARF: Claims Registration Ends April 5 ----------------------------------------------------------- Creditors of form-a Einrichtungsbedarf GmbH have until April 5 to register their claims with court-appointed insolvency manager Dr. Paul Fink. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.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 of Duesseldorf Meeting Hall A 409 Fourth Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Paul Fink Rheinort 1 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against form-a Einrichtungsbedarf GmbH on Feb. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: form-a Einrichtungsbedarf GmbH Kasernenstr. 14 40213 Duesseldorf Germany FRANK REIMANN: Claims Registration Ends March 29 ------------------------------------------------ Creditors of Frank Reimann GmbH have until March 29 to register their claims with court-appointed insolvency manager Dr. Bruno Kuebler. Creditors and other interested parties are encouraged to attend the meeting at 9:35 a.m. on April 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 Wuppertal Room A234 2nd Floor Eiland 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may 1constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Bruno Kuebler Vohwinkeler Str. 58 42329 Wuppertal Germany Tel: 0202/7470430 Fax: 0202/7470431 Web: http://www.kuebler-gbr.de The District Court of Wuppertal opened bankruptcy proceedings against Frank Reimann GmbH on Feb. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Frank Reimann GmbH Breite Str. 71 42369 Wuppertal Germany H U M B O L D T MASCHINEN- UND: Claims Deadline Set for March 23 ---------------------------------------------------------------- Creditors of H U M B O L D T Maschinen- und Geraete- Handelsgesellschaft mbH have until March 23 to register their claims with court-appointed insolvency manager Ingrid Trompertz. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on April 23, 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 Bonn Hall S 2.18 Second Floor William-Strasse 23 53111 Bonn 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: Ingrid Trompertz Sternstr. 79 53111 Bonn Germany Tel: 94 59 820 Fax: 94 59 729 The District Court of Bonn opened bankruptcy proceedings against H U M B O L D T Maschinen- und Geraete- Handelsgesellschaft mbH on Feb. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H U M B O L D T Maschinen- und Geraete- Handelsgesellschaft mbH Schwellenbach 41 53804 Much Germany Attn: Lucia Stolze, Liquidator Schwellenbach 41 53804 Much Germany HILDESHEIM HAUS: Claims Registration Ends April 30 -------------------------------------------------- Creditors of Hildesheim Haus GmbH have until April 30 to register their claims with court-appointed insolvency manager Ingo Thurm. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 22, 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 Kaiserstrasse 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: Ingo Thurm Aegidientorplatz 2B 30159 Hannover Tel: 0511 / 475577-0 Fax: 0511 / 475577-99 E-mail: kanzlei@rae-bax.de The District Court of Hildesheim opened bankruptcy proceedings against Hildesheim Haus GmbH on Feb. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hildesheim Haus GmbH Senkingstr. 10 31137 Hildesheim Germany KNAUFT TRANSPORTE: Claims Registration Period Ends March 23 ----------------------------------------------------------- Creditors of Knauft Transporte GmbH have until March 23 to register their claims with court-appointed insolvency manager Ulrich Hauter. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on April 23, 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 Muehlhausen Hall 35 Untermarkt 17 Muehlhausen 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 Hauter Untermarkt 12 99974 Muehlhausen Germany The District Court of Muehlhausen opened bankruptcy proceedings against Knauft Transporte GmbH on Feb. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Knauft Transporte GmbH Attn: Roland Knauft, Manager Bei der Station 24 37327 Leinefelde Germany LIGNUM-PARKETT GMBH: Claims Registration Ends March 27 ------------------------------------------------------ Creditors of Lignum-Parkett GmbH have until March 27 to register their claims with court-appointed insolvency manager Dr. Christian Willmer. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on April 3, 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 Trier Hall 63 Justizstrasse 2,4,6 54290 Trier Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christian Willmer Georgstrasse 5 27283 Verden Germany Tel: 04231/88445 Fax: 04231/88455 E-mail: info@willmer-inso.de Web: http://www.willmer-inso.de/ The District Court of Trier opened bankruptcy proceedings against Lignum-Parkett GmbH on Feb. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lignum-Parkett GmbH Bruehl 11 54340 Kluesserath Germany Attn: Theodor Hoehns, Manager Alter Muehlenweg 58 27386 Hemsbuende Germany LSA LIFE: Claims Registration Ends March 29 ------------------------------------------- Creditors of LSA Life Science Agency GmbH have until March 29 to register their claims with court-appointed insolvency manager Dr. Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on April 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 Duesseldorf Meeting Hall A 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Winfrid Andres Neuer Zollhof 3 40221 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against LSA Life Science Agency GmbH on Feb. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LSA Life Science Agency GmbH Merowinger Platz 1 40225 Duesseldorf Germany Dr. Sylvia Deutschmann, Manager Kirschbaumstr. 24 42115 Wuppertal Germany MATTHIAS SCHMIDT: Claims Registration Ends April 3 -------------------------------------------------- Creditors of Matthias Schmidt Stuck GmbH have until April 3 to register their claims with court-appointed insolvency manager Karl-Horst Beutel. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 3, 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 of Nuremberg Meeting Hall 126/I Flaschenhofstrasse 35 Nuernberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Karl-Horst Beutel Fuerther Str. 62 90429 Nuremberg Germany Tel: 0911/312203 Fax: 0911/325523 The District Court of Nuremberg opened bankruptcy proceedings against Matthias Schmidt Stuck GmbH on Feb. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Matthias Schmidt Stuck GmbH Attn: Matthias Schmidt, Manager Egenhauser Str. 7 90431 Nuremberg Germany MESACOM GMBH: Claims Registration Ends April 18 ----------------------------------------------- Creditors of mesacom GmbH have until April 18 to register their claims with court-appointed insolvency manager Heiko Fialski. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 9, 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 Lueneburg Hall 302 Ochsenmarket 3 21335 Lueneburg 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: Heiko Fialski Raboisen 38 20095 Hamburg Germany Tel: 040/33446-0 Fax: 040/33446111 The District Court of Lueneburg opened bankruptcy proceedings against mesacom GmbH on Feb. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: mesacom GmbH Zuernkamp 27 21217 Seevetal Germany Attn: Marcus Haschke, Manager Hinterm Holze 22 21271 Asendorf Germany MICHAEL KAISER: Claims Registration Period Ends March 23 -------------------------------------------------------- Creditors of Michael Kaiser Bauunternehmung GmbH have until March 23 to register their claims with court-appointed insolvency manager Ulrich Hauter. Creditors and other interested parties are encouraged to attend the meeting at 11:10 a.m. on April 23, 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 Muehlhausen Hall 35 Untermarkt 17 Muehlhausen 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 Hauter Untermarkt 12 99974 Muehlhausen Germany The District Court of Muehlhausen opened bankruptcy proceedings against Michael Kaiser Bauunternehmung GmbH on Feb. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Michael Kaiser Bauunternehmung GmbH Attn: Michael Kaiser, Manager Weinbergstr. 3 Niedertopfstedter Str. 2 99718 Greussen Germany MOTOPORT BETEILIGUNGS: Creditors Must File Claims by March 29 ------------------------------------------------------------- Creditors of Motoport Beteiligungs-GmbH have until March 29 to register their claims with court-appointed insolvency manager Biner Bahr. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on April 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 Duesseldorf Meeting Hall A 409 Fourth Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Biner Bahr Graf-Adolf-Platz 15 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Motoport Beteiligungs-GmbH on Feb. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Motoport Beteiligungs-GmbH Reisholzer Werftstrasse 19 40589 Duesseldorf Germany NEUE FENSTER: Creditors Must Register Claims by April 3 ------------------------------------------------------- Creditors of Neue Fenster ohne Dreck GmbH have until April 3 to register their claims with court-appointed insolvency manager Andree Wernicke. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Augsburg Meeting Hall 162 Alten Einlass 1 86150 Augsburg 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: Andree Wernicke Grottenau 6 86150 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against Neue Fenster ohne Dreck GmbH on Feb. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Neue Fenster ohne Dreck GmbH Stuttgarter Str. 12 86156 Augsburg Germany PATZSCHKE ENTSORGUNG'S: Creditors Must File Claims by April 25 -------------------------------------------------------------- Creditors of Patzschke Entsorgung's GmbH & Co. Kommanditgesellschaft have until April 25 to register their claims with court-appointed insolvency manager Andreas Amelung. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on May 25, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Amelung Im Mediapark 6 B 50670 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Patzschke Entsorgung's GmbH & Co. Kommanditgesellschaft on Feb. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Patzschke Entsorgung's GmbH & Co. Kommanditgesellschaft Moltkestr. 25 42799 Leichlingen Germany PLAN 4: Creditors Must Register Claims by April 1 ------------------------------------------------- Creditors of plan 4 GmbH have until April 1 to register their claims with court-appointed insolvency manager Robert Schiebe. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on April 23, 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 Bad Kreuznach Hall 309 Ringstrasse 79 55543 Bad Kreuznach 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: Robert Schiebe Lauterenstrasse 37 55116 Mainz Germany Tel.: 06131/693040 Fax: 06131/6930411 The District Court of Bad Kreuznach opened bankruptcy proceedings against plan 4 GmbH on Feb. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: plan 4 GmbH Naheweinstr. 122 55452 Guldental Germany PLANET WORK: Claims Registration Ends April 16 ---------------------------------------------- Creditors of Planet Work Personaldienstleistungen GmbH have until April 16 to register their claims with court-appointed insolvency manager Achim Thomas Thiele. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 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 Dortmund Hall 3.201 Second Floor Gerichtsplatz 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 Planet Work Personaldienstleistungen GmbH on Feb. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Planet Work Personaldienstleistungen GmbH Attn: Marzena-Beata Kanitz, Manager Evinger Str. 176 44339 Dortmund Germany QEZ QUAD: Claims Registration Period Ends April 5 ------------------------------------------------- Creditors of QEZ QUAD Event Zentrum Nord GmbH have until April 5 to register their claims with court-appointed insolvency manager Christoph Henningsmeier. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on May 3, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christoph Henningsmeier Osdorfer Landstrasse 230 22549 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against QEZ QUAD Event Zentrum Nord GmbH on Feb. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: QEZ QUAD Event Zentrum Nord GmbH Langenhorner Chaussee 299 22149 Hamburg Germany Attn: Schroeder Thomas Wolfgang, Manager Bansgraben 35 22459 Hamburg Germany R + W VERMOEGENSMANAGEMENT: Claims Registration Ends March 19 ------------------------------------------------------------- Creditors of R + W Vermoegensmanagement AG have until March 19 to register their claims with court-appointed insolvency manager Martin Manstein. Creditors and other interested parties are encouraged to attend the meeting at 8:50 a.m. on April 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 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: Martin Manstein Prannerstr. 11 80333 Munich Germany Tel: 089/211115 - 00 Telefax: 089/211115 - 55 The District Court of Munich opened bankruptcy proceedings against R + W Vermoegensmanagement AG on Feb. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: R + W Vermoegensmanagement AG Eugen-Sanger-Ring 1 85649 Brunnthal-Nord Germany STENTOR WERBEGESELLSCHAFT: Claims Registration March 30 ------------------------------------------------------- Creditors of Stentor Werbegesellschaft mbH have until March 30 to register their claims with court-appointed insolvency manager Arno Wolf. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on May 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 Bad Homburg v.d. Hoehe Room E32 Auf der Steinkaut 10-12 61352 Bad Homburg v.d. Hoehe 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: Arno Wolf Minnholzweg 2 b 61476 Kronberg/Ts Tel: 06173/78340 Fax: 06173/783422 The District Court of Bad Homburg v.d. Hoehe opened bankruptcy proceedings against Stentor Werbegesellschaft mbH on Feb. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Stentor Werbegesellschaft mbH Attn: Gert Matheisen, Friedrichsdorf, Manager Waldstrasse 6 61440 Oberursel/Ts Germany SUGARS GASTRO: Claims Registration Period Ends April 2 ------------------------------------------------------ Creditors of Sugars Gastro GmbH have until April 2 to register their claims with court-appointed insolvency manager Harald Schwartz. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on April 25, 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 Regensburg Room 105 Augustenstr. 5 Regensburg 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: Harald Schwartz Merianweg 3 93051 Regensburg Germany Tel: 0941/7803241 Fax: 0941/7803245 The District Court of Regensburg opened bankruptcy proceedings against Sugars Gastro GmbH on Feb. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sugars Gastro GmbH Rodinger Str. 3 93413 Cham Germany SWK TANKSTELLENGESELLSCHAFT: Claims Registration Ends April 11 --------------------------------------------------------------- Creditors of SWK Tankstellengesellschaft mbH have until April 11 to register their claims with court-appointed insolvency manager Wolfgang Folger. Creditors and other interested parties are encouraged to attend the meeting at 9:35 a.m. on May 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 Flensburg Hall A 220 Flensburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolfgang Folger Wrangelstrasse 19 24937 Flensburg Germany The District Court of Flensburg opened bankruptcy proceedings against SWK Tankstellengesellschaft mbH on Feb. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SWK Tankstellengesellschaft mbH Am Markt 6 24848 Kropp Germany Attn: Stefan Wolff-Koch Klueser Weg 52 24939 Flensburg Germany TINNITUS SIGNAL: Claims Registration Period Ends April 4 -------------------------------------------------------- Creditors of Tinnitus Signal Medizin GmbH have until April 4 to register their claims with court-appointed insolvency manager Christina Siegert. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on April 25, 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: Christina Siegert Oskar-von-Miller-Ring 34-36 80333 Muenchen Germany Tel: 089-24440930 Fax: 089-244409365 The District Court of Munich opened bankruptcy proceedings against Tinnitus Signal Medizin GmbH on Feb. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tinnitus Signal Medizin GmbH Kapellenweg 6 81371 Muenchen Germany VOLKSWAGEN AG: Hikes Voting Rights to 29.9% in MAN AG ----------------------------------------------------- Volkswagen AG disclosed that via shares, its voting rights in MAN AG have exceeded the 25% limit of the voting rights on Feb. 26. The company's voting rights in MAN AG now amount to 29.9%, corresponding to 42,150,000 voting rights. Headquartered in Wolfsburg, Germany, the Volkswagen Group -- http://www.volkswagen.de/-- is one of the world's leading automobile manufacturers and the largest carmaker in Europe. With 47 production plants in eleven European countries and a further seven countries in the Americas, Asia and Africa, Volkswagen has more than 343,000 employees producing over 21,500 vehicles or are involved in vehicle-related services on every working day. * * * Volkswagen has been carrying out measures to cut costs and raise profits, which could affect up to 30,000 jobs. The potential job cuts represent about a third of the carmaker's workforce and three times higher than initial estimates made by then CEO Bernd Pischetsrieder and former Volkswagen brand head, Wolfgang Bernhard. In November 2005, Volkswagen maintained its 2005 earnings guidance amid rumors it may lower targets. The company predicts a year-on-year improvement in both operating profit after special items and profit before tax this year. Rumors flew that the company would slash full-year earnings forecast due to higher restructuring costs. The company said the impact of its workforce reduction measures, which will be charged as special items in the fourth quarter, will be lower than last year's. The company also admitted there were no significant improvements in the economic environment in the first nine months of 2005, and the overall situation in the important automotive markets remained difficult. It also expected tougher competition in the Chinese and U.S. markets, and the rise in fuel prices to influence consumer confidence. WEBER & HOFFRICHTER: Claims Registration Ends April 1 ----------------------------------------------------- Creditors of Weber & Hoffrichter Verwaltungs-GmbH have until April 1 to register their claims with court-appointed insolvency manager Dr. Sabine Feuerborn. Creditors and other interested parties are encouraged to attend the meeting at 1:55 p.m. on May 2, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: Dr. Sabine Feuerborn Else-Lang-Str. 1 50858 Cologne Tel: (0221) 2855470 Fax: (0221) 28554729 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: The District Court of Siegen Hall 009 Ground Floor Main Building Berliner Str. 21-22 57072 Siegen Germany The District Court of Siegen opened bankruptcy proceedings against Weber & Hoffrichter Verwaltungs-GmbH on Feb. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Weber & Hoffrichter Verwaltungs-GmbH Weidenauer Str. 20 57078 Siegen Germany ============= H U N G A R Y ============= AES CORP: Restatement Issues Won't Affect Ratings Yet, S&P Says --------------------------------------------------------------- Standard & Poor's Ratings Services said that The AES Corp.'s (BB-/Stable/--) announcement that it would delay the release of its 2006 10-K, that it would restate previous financial statements because it has discovered certain errors mostly related to previously identified material weaknesses, and that it is reviewing its accounting for long-term compensation does not immediately affect the company's ratings or outlook. The review is not yet complete and AES Corp. has not yet determined the final amount of the adjustments, but at this time the company does not believe they will be material or will affect its cash balances. The restatements should not affect our view of the company's future credit quality, but they do raise further questions regarding AES Corp.'s accounting and financial controls, problems with which were first brought to light about two years ago. Although not expected to cause credit deterioration on their own, these accounting issues could hinder the company's ability to develop positive rating momentum as long as they go unresolved. AES Corporation -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. AES has been in Eastern Europe for more than ten years, since it acquired three power plants in Hungary in 1996. Currently, AES has two distribution companies in Ukraine, which serve 1.2 million customers and generation plants in the Czech Republic and Hungary. AES is also the leading company in biomass conversion in Hungary, generating 37% of the nation's total renewable generation in 2004. The company also has Asian presence in China, India and Sri Lanka. AES CORP: Fitch Affirms Dominica Unit's B- Issuer Default Rating ---------------------------------------------------------------- Fitch has affirmed AES Dominicana Energia Finance, S.A.'s foreign currency Issuer Default Rating at 'B-'. The rating outlook is stable. Fitch has also affirmed the 'B-/RR4' rating of the company's US$160 million of senior unsecured notes due 2015. The notes are jointly and severally guaranteed by AES Dominicana's two operating companies, AES Andres B.V. and Dominican Power Partners. In addition, the notes benefit from a six-month debt- service reserve account and a US$23.5 million guarantee from AES Corp., rated 'B+' by Fitch. The 'RR4' recovery rating reflects the Dominican Republic's recovery rating cap. AES Dominicana's ratings are based on the credit quality of the company's two main electricity generation assets, Andres and Dominican Power. The company's credit metrics are considered strong for the rating category and have recently improved significantly. The ratings also consider the company's dependence on government subsidies and the systemic risks associated with the power sector in the Dominican Republic. Over the next two years, Fitch expects the government to continue to support the sector via subsidies and the sector to slowly recover. The recent government initiatives to re- negotiate power purchase agreements might increase cash flow generation uncertainty for generation companies. Andres and Dominican Power enjoy a competitive advantage due to their favorable power purchase agreements and the use of liquefied natural gas or LNG versus other fuels to generate electricity. AES Dominicana controls the only LNG import point into the Dominican Republic. Andres is the newest and most efficient power plant in the country and ranks among the lowest cost electricity generators in the country. Andres' combined- cycle plant burns natural gas and is expected to be fully dispatched as a base load unit as long as the LNG price is not more than 15% above the imported price of fuel oil No. 6. Due to increased electricity generation, strong collections and favorable natural gas prices, AES Dominicana's credit metrics have exceeded expectations and are considered to be one year ahead of projections. The company generated EBITDA of US$74.3 million as of the last twelve months ended Sep. 30, 2006. Annual debt service of US$17.6 million can be adequately met using cash on hand of US$46 million as of Sept. 30, 2006, and free cash flow generation. The Dominican Republic power sector is characterized by low collections from end users and high electricity losses. This creates great uncertainty towards the government respect for private property. Such conditions have kept distribution companies from effectively transferring cash to the country's generation companies. The proposed electricity law reform that will penalized electricity theft is viewed as positive for the sector. Should the reform be approved by congress and passed into law, the sector benefits are expected to take place in two phases. Phase one will be a sharp reduction in electricity losses from theft of electricity from industrial customers. The second phase would be more challenging given that it requires significant investments from distribution companies in order to convert non-paying non-subscribers families and small users to regulated customers. Over the past two and a half years, the Dominican government has provided approximately US$1.4 billion of subsidies to the sector and has budgeted US$400 million in subsidies for 2007. This compare favorably with the US$500 million budgeted and allocated subsidies during 2006 and the US$600 million of subsidies during 2005. Going forward, subsidies to distribution companies are expected to decline as discos should increase efficiency by increasing collections and reducing losses and government funding tightens. If the sector's systemic problem does not improve, it will continue depending on the government's onerous subsidy program in order to endure. AES Dominicana is an energy group operating in the Dominican Republic, which manages two of AES Corp.'s wholly owned generation assets, Andres and Dominican Power. AES Dominicana, through an AES Corp subsidiary, also has a management agreement to operate EDE-Este, one of the three distribution companies in the country. Andres is a power plant with a 304 MW combined cycle generation facility with duel fuel capability (gas and diesel) but with natural gas supplied through the LNG import facility serving as the primary fuel while DPP is a 236 MW power plant comprising two simple-cycle combustion turbines that can burn both natural gas and fuel oil Number 2. Both plants together have PPA contracts with EDE-Este for 260 MW that increase over time, but Andres is currently servicing all contracts given its greater efficiency. Andres LNG terminal includes a large tanker berth and jetty, an LNG refueling pier, and a one million barrel (160,000 cubic meters, m3) LNG storage tank, as well as regasification and handling facilities for both LNG and diesel. AES Corporation -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. AES has been in Eastern Europe for more than ten years, since it acquired three power plants in Hungary in 1996. Currently, AES has two distribution companies in Ukraine, which serve 1.2 million customers and generation plants in the Czech Republic and Hungary. AES is also the leading company in biomass conversion in Hungary, generating 37% of the nation's total renewable generation in 2004. The company also has Asian presence in China, India and Sri Lanka. ============= I R E L A N D ============= CLOVERIE PLC: Moody's Lifts Ba2-Rated US$12-Mln Notes to Baa2 ------------------------------------------------------------- Moody's Investors Service has taken these rating actions in respect of notes issued by Cloverie Plc (Sphaera I): -- Upgraded to Aa1 from Aa2, the Series 2005-90, EUR17.5-million Floating Rate Portfolio Credit Linked Notes due 2010; -- Upgraded to Aa2 from A2, the Series 2005-91, EUR7.5-million Floating Rate Portfolio Credit Linked Notes due 2010; -- Upgraded to Aa3 from Baa2 the Series 2005-92 EUR10-million Floating Rate Portfolio Credit Linked Notes due 2010; and -- Upgraded to Baa2 from Ba2 the Series 2005-93 US$12-million Floating Rate Portfolio Credit Linked Notes due 2010. These upgrades are due to credit migration in the underlying reference portfolio in addition to a reduced time to maturity. EUROCHEM FINANCE: Fitch Assigns BB- Rating to Loan Issue -------------------------------------------------------- Fitch Ratings assigned EuroChem Finance p.l.c.'s proposed issue of loan participation notes an expected senior unsecured 'BB-' rating. The final rating is contingent on the receipt of final documentation conforming to information already received and further details regarding the amount and tenor. EuroChem Finance p.l.c. is a public limited liability company incorporated under the laws of Ireland. The notes are limited recourse obligations of the issuer. While the notes are referred to as "secured", such security is established to ensure a link to the ultimate borrower OJSC EuroChem Mineral and Chemical Company by assigning certain rights under a loan agreement between EuroChem Finance p.l.c and EuroChem. The purpose of EuroChem Finance p.l.c. is to issue the notes and lend the proceeds under a loan agreement to EuroChem. The latter will use the proceeds to refinance existing debt and for general corporate purposes. EuroChem Finance p.l.c.'s payment obligations in respect of the notes and obligations under a trust deed with Deutsche Trustee Company Limited will benefit from a first fixed charge with full title guarantee in favor of the trustee for the benefit of itself and the noteholders of certain EuroChem Finance p.l.c.'s rights and interests as lender under the loan agreement. The loan agreement, the trust deed and other related documents are governed by English law. Furthermore, covenants in the loan agreement include, among others, an equal ranking of the loan with present or future unsecured creditors of EuroChem and a negative pledge. EuroChem also has a total debt-to-consolidated EBITDA ceiling of 3:1 and a minimum level of total consolidated net worth of US$1 billion. With FY05 total debt/EBITDA ratio of 0.8x and consolidated net worth of US$1.02 billion at September 2006 the company has sufficient headroom under the above-mentioned covenants, although Fitch expects EuroChem's leverage to deteriorate over the next two to five years on the back of rising capital expenditure to finance its development strategy implementation. In addition, events of default clauses include a cross default clause with a US$15 million threshold. It should be noted that the documentation does not include a change-of-control clause. EuroChem is the largest fertilizer producer in Russia and among the world's top 10 manufacturers, and is involved in the full range of fertilizer products. The company's revenues totaled US$1.9 billion in 2005 and EBITDA margin was 30.3%. SANYO ELECTRIC: SESC Initiates Probe Over Understated Losses ------------------------------------------------------------ The Securities and Exchange Surveillance Commission commenced an investigation on whether Sanyo Electric Co. failed to fully disclose its losses, Bloomberg News reports. According to Zee News, Tokyo, Sanyo Electric said on Friday that it was fully cooperating with the SESC's investigation into the alleged window-dressing of earnings at the company. AFX News Limited explains that Sanyo allegedly underestimated valuation losses on its holdings in struggling subsidiaries and affiliates in reporting earnings for fiscal 2003. Specifically, the Asahi newspaper earlier reported that Sanyo had written off losses of JPY190 billion (US$1.6 billion) at its subsidiaries, but reported the losses as JPY50 billion (US$412 million). The Osaka-based company may have falsely reported a profit when it was in the red, the newspaper said. The Asahi report, however, stated that the differences have been corrected over the years, thus, Sanyo Electric's recent earnings reports are no longer false. According to Bloomberg, the SESC probe may hamper efforts by Goldman Sachs Group Inc., Daiwa Securities SMBC Co. and Sumitomo Mitsui Financial Group Inc. to revive Sanyo, which is projecting a third year of losses. The report recounts that New York-based Goldman, the world's most profitable securities firm, Daiwa and Sumitomo Mitsui invested JPY300 billion (US$2.5 billion) in Sanyo in January 2006 in return for management control. Goldman and Daiwa each bought JPY125 billion of preferred stock that can be converted into a 24.5% stake in the company and sold to outside investors without Sanyo's consent starting March 14. Shares Fall Sanyo Electric shares lost more than a fifth of their value on Friday after the consumer electronics group admitted it was under investigation, The Australian relates. Bloomberg says that Sanyo's stock fell JPY48 to JPY181 at last week's close in Tokyo -- 35% lower than Thursday's closing price of JPY229. The cost of protecting the company's debt against default doubled compared with that of Feb. 22 as perceptions of its creditworthiness deteriorated, the report cites BNP Paribas. Five-year credit-default swaps based on JPY1 billion of Sanyo bonds rose to JPY16.8 million from JPY8 million on Feb. 22, according to BNP Paribas. To Restate 2003 Financials AFX News, citing the Nikkei, notes that Sanyo Electric has decided to voluntarily restate its year to March 2004 earnings following the launch of the SESC investigation into its accounting procedures for that year. The exact size of the revision has yet to be determined, the report says. Sanyo, AFX says, is expected to make the announcement next month. About Sanyo Electric Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/-- is one of the world's leading manufacturers of consumer electronics products. The company has operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. Sanyo, according to press reports, has struggled after an earthquake damaged a key chip-making plant in Niigata, central Japan in October 2004. Operating losses in the unit mounted to JPY17.7 billion in the year to March 2005 and JPY35.1 billion the following year. An investigation was launched by Japan's Securities and Exchange Commission on Sanyo's financial accounts for the year to March 2004. The probe, media reports say, is a blow to Sanyo at a time when it has been struggling to turn around its business, trimming thousands of jobs, reducing factory space and dropping some businesses since announcing a restructuring plan in 2004. The company got a much-needed capital boost in January 2006 from a group of investors led by Goldman Sachs Group Inc., which became the company's top shareholders and took over the board, putting new management in place. The Troubled Company Reporter - Asia Pacific reported on December 22, 2006, that Fitch Ratings has affirmed the 'BB+' Long-term foreign and local currency Issuer Default and senior unsecured ratings on Sanyo Electric Co., Ltd. The Outlook on the ratings remains Stable. The rating affirmations follow Sanyo's latest downward revision of its forecast for the fiscal year ending March 2007, reflecting the difficulty of its operating environment, the need for additional restructuring activities, as well as the recent recall of its rechargeable batteries. Fitch says Sanyo's revised forecast is in line with the agency's expectation for the company at the time of assigning the current ratings. The TCR-AP also reported on Dec. 20, 2006, that Standard & Poor's Ratings Services lowered to 'BB-' from 'BB' its long-term corporate credit rating on Sanyo Electric. At the same time, Standard & Poor's lowered to 'BB' from 'BB+' its issue ratings on Sanyo Electric's senior unsecured debt. The outlook on the long-term credit rating is negative. The ratings were removed from CreditWatch, where they were placed on Nov. 22, 2006. SANYO ELECTRIC: Fitch Places BB+ Rating on Negative Watch --------------------------------------------------------- Fitch Ratings has placed Sanyo Electric Co. Ltd.'s 'BB+' Long- term foreign and local currency Issuer Default and senior unsecured ratings on Rating Watch Negative. The rating action was triggered by the ongoing investigation into Sanyo by Japan's Securities and Exchange Surveillance Commission. Fitch understands that The SESC is undertaking a review of Sanyo's past accounting practices. Although there is uncertainty regarding the timing and outcome of the investigation, Fitch considers that any negative conclusion by the authority will likely affect Sanyo's creditworthiness. This has already been adversely affected by a difficult operating environment, notwithstanding the company's various turnaround efforts. Although the agency believes that any negative cash flow impact on the company resulting directly from the investigation may not be material, a negative outcome from the investigation would likely result in a further weakening of Sanyo's brand equity and its operating performance. Fitch acknowledges that the company has a limited level of flexibility within the current rating category and, therefore, any material weakening of the credit profile would likely result in a rating downgrade. Sanyo is a major Japanese consumer electronics manufacturer, with its business segmented into three groups, namely consumer, commercial and components. For fiscal year ending 2006, the company recorded sales of JPY2,484.3 billion, an operating loss of JPY17.2 billion and a net loss of JPY205.7 billion. ========= I T A L Y ========= ALITALIA SPA Business Plan Stays; Reckons EUR380-Mln 2006 Loss -------------------------------------------------------------- Alitalia S.p.A. will stick to its present business plan until the Italian government completes the sale of its 39.9% stake in the troubled carrier, AFX News reports. Alitalia's board will refrain from discussing the business plan until it completes the review of the carrier's financial results for full year 2006, AFX News relates. The board has commenced the review of Alitalia's accounts for 2006 and will meet on March 9 to decide on the results. As previously reported in the TCR-Europe, the Italian government has amended the terms of the tender to sell part of its stake in national carrier Alitalia S.p.A. Italy, through its Finance Ministry, is now selling 39.9% of Alitalia, keeping a 10% stake in the carrier. Reports say the new terms of the agreement provides that the buyer must: -- retain Alitalia as Italy's national carrier for eight years, keeping its brand and logo during the period; -- keep Alitalia's headquarters in Italy; -- ensure Alitalia has adequate level of local and international flights for five years; The government also gave potential bidders until April 16 to submit non-binding offers and a five-year business plan for Alitalia, the Financial Times reports. The plan, which must include job levels, will be binding for three years and can only be amended with the government's approval. The buyer also has to consult Alitalia's unions and sector trade associations if it wants to amend its staffing plans, the Associated Press relates. The government stressed that it will not assist the buyer in achieving the business plan. The Italian government, advised by Merrill Lynch and Chiomenti Studio Legale, short-listed five interested parties for the next phase of the tender: -- UBM, a unit of Unicredito Italiano S.p.A., -- Texas Pacific Group Europe LLP, -- AP Holding S.p.A., owned by AirOne chief Carlo Toto, -- a consortium of Management & Capitali S.p.A., Cerberus European Investments LLC, ELQ Investors Ltd. and Lefinalc S.p.A., and -- MatlinPatterson Global Advisers LLC, The Ministry gave short-listed bidders until April 2 to partner with other interested investors, AFX News relates. Airline industry analysts, FT adds, said this clause allows Air France- KLM to stay in queue to acquire Alitalia. Italy aims to complete the sale by June. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. In Europe, the company reaches 45 airports, with 1,238 flights per week. In the rest of the world, the Alitalia Group's aircrafts operate out of 32 airports with 255 flights per week. The Alitalia Group network is centered on two main airports, Rome Fiumicino and Milan Malpensa, and includes, as of Sept. 30, 2006, an operating fleet of 182 aircrafts. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia registered EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked consecutive annual net losses of EUR520 million in 2003, EUR813 million in 2004, and EUR168 million in 2005. DANA CORP: Wants Retiree Panel's Schedule Order Amendment Denied ---------------------------------------------------------------- Dana Corp. and its debtor-affiliates ask the Honorable Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York to deny the Official Committee of Non-Union Retirees' request to amend the Section 1113/1114 Scheduling Order. What the Retiree Committee truly seeks is to delay the resolution of the Debtors' Section 1113/1114 Motion for a period of at least two months, Corinne Ball, Esq., at Jones Day, in New York, argues. Delaying the resolution of the Section 1113/1114 Process for at least two months will seriously jeopardize the Debtors' ability to complete their plan of reorganization and exit bankruptcy within 2007, Ms. Ball contends. According to Ms. Ball, the Debtors did not promise to provide the 2008 financial projections to the Retiree Committee and there are no written agreements that will support the Retiree Committee's allegation to that effect. The financial projections for 2008 and beyond are not yet complete, and will not likely be complete until March 2007 at the earliest, Ms. Ball says. "A multi-year financial plan will not reveal some miraculous financial reversal sufficient to obviate the Debtors' need for significant and permanent relief on their labor and retiree costs," Ms. Ball adds IAMAW Agrees with Retiree Committee The International Association of Machinists and Aerospace Workers relates that like the Retiree Committee, it has not received the Debtors' financial projections for 2008 and beyond. The IAMAW agrees with the Retiree Committee that the 2008 and beyond financial projections are necessary for it to evaluate the Debtors' proposed retiree benefit elimination and the collective bargaining agreement modification. About Dana Corp. Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China, Argentina and Italy. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total assets and US$6,800,000,000 in total debts. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors' exclusive period to file a plan expires on Jan. 3, 2007. They have until March 5, 2007, to solicit acceptances to that plan. (Dana Corporation Bankruptcy News, Issue No. 27; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). DANA CORP: Wants to Terminate Non-Union Pension Benefits -------------------------------------------------------- Dana Corp. and its debtor-affiliates seek authority from the Honorable Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York to terminate, effective as of April 1, 2007, unvested Non-Pension Retiree Benefits to their Non-Union Retirees and Non-Union Active Employees. The Debtors anticipate that termination of the Benefit Plans will reduce the accumulated pension benefit obligations for both Non-Union Retirees and Non-Union Active Employees by approximately US$404,000,000. The Debtors currently offer non-pension retiree welfare benefits, including hospital, medical, surgical, dental, prescription drug, vision, hearing, and life insurance, to their non-union retirees. In addition, non-union active employees hired on or before December 31, 2003, may be entitled to benefits under one of the Debtors' Non-Pension Retiree Benefit plans, provided that they have satisfied all conditions for eligibility. As of January 1, 2006, approximately 6,330 Non-Union Retirees were receiving Non-Pension Retiree Benefits and approximately 7,674 Non-Union Active Employees would potentially be covered under the Non-Pension Retiree Benefit plans, according to Corinne Ball, Esq., at Jones Day, in New York. During the same period, the Debtors accumulated post-retirement benefit obligations of approximately US$424,000,000 for Non- Union Retirees and Non-Union Active Employees. In 2006, the estimated cash cost to the Debtors of their existing Non-Union Retirees was approximately US$37,900,000, Ms. Ball adds. Ms. Ball informs the Court that the Non-Union Retirees are mostly covered under one of three "master" plans -- The "Brown Book," the "Blue Book" and the "Retiree Flex." 1. The Brown Book refers to the benefit plan that covers Non- Union Retirees who retired on or after 1980 but before 1983. 2. The Blue Book refers to the benefit plan that covers Non- Union Retirees who retired between 1983 and 1987. 3. The Retiree Flex Plan refers to the benefit plan that covers Non-Union Retirees who retired between 1988 and 1992. Non-Union Retirees who retired between 1988 and 1991 were responsible for 10% of the cost associated with that benefit plan. Non-Union Retirees who retired in 1992 were given the option of: -- paying 10% of the cost associated with that plan; or -- utilizing the Debtors' newly announced methodology for determining the amount of retiree healthcare premium to be paid by the retiree based on years of service and age at retirement. Non-Union Retirees retiring after January 1, 1992, are covered under either of the 1995 Retiree Flex Plan or the 2001 Retiree Flex Plan. A small number of Non-Union Retirees, Ms. Ball continues, remain covered under benefit plans specific to a facility or a division: 1. Approximately 85 Non-Union Retirees formerly affiliated with the Debtors' Warner Electric Facility receive Non-Pension Retiree Benefits under either the 1998 Products and Electrical Motors & Controls Divisions Plan or the 1999 Warner Post-Medicare Plan. 2. Approximately 529 Non-Union Retirees formerly affiliated with the Debtors' Superior Electric facility receive Non- Pension Retiree Benefits under either a "flexible" benefit plan for retirees aged below 65 years, or plans "A" or "B" for retirees over the age of 65. 3. Approximately 283 Non-Union Retirees formerly affiliated with one of the Debtors' automotive aftermarket locations currently receive Non-Pension Retiree Benefits under one of five benefits plans -- three of the plans pertain to pre-Medicare retirees and two pertain to post-Medicare retirees. The plans cover specific divisions or locations within the Dana Automotive Aftermarket Group: (i) The Dana Automotive Aftermarket Group Quarter Century Club Post-Medicare Retiree Health Plan SPD; and (ii) The Dana Automotive Aftermarket Group Pre-Medicare Retiree Health Plan SPD. 4. Approximately 257 Non-Union Retirees formerly affiliated with the Debtors' Wix Filtrator products division receive Non-Pension Retiree Benefits under the Wix retiree benefits plan for Wix salaried retirees. A list of the Non-Pension Retiree Benefit Plans is available for free at http://bankrupt.com/misc/dana_nonpensionbenefits.pdf Ms. Ball contends that to the extent current Non-Union Retirees and Non-Union Active Employees have any rights to non-pension retirement benefits, those rights exist solely as a matter of contract. "The Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. S 1001 et seq. deliberately provides no protection for such rights," Ms. Ball says. The Debtors point out that none of their Non-Pension Retiree Benefit Plans contain "clear and express" language purporting to vest retiree welfare benefits. Thus, Ms. Ball concludes, under applicable contract and non- bankruptcy law, the Non-Pension Retiree Benefits are not vested and the Benefit Plans can be terminated immediately with the aim of reducing significantly the Debtors' current and future cash expenditures for Non- Pension Retiree Benefits to Non-Union Retirees and Active Employees. Termination of unvested benefits does not require approval under the procedures of Section 1114 of the Bankruptcy Code because neither the language of nor legislative history to Section 1114 evidence any intent by Congress to create or enhance the rights of retirees beyond what they would possess outside of bankruptcy, Ms. Ball maintains. This conclusion is supported by published decisions of the Second Circuit, Ms. Ball adds. About Dana Corp. Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China, Argentina and Italy. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2005, the Debtors listed $7,900,000,000 in total assets and $6,800,000,000 in total debts. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors' exclusive period to file a plan expires on Jan. 3, 2007. They have until March 5, 2007, to solicit acceptances to that plan. (Dana Corporation Bankruptcy News, Issue No. 27; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). DANA CORP: Discloses Proposed Section 1113/1114 Modifications ------------------------------------------------------------- Dana Corp. and its debtor-affiliates through their Section 1113/1114 Motion, proposed to undertake wage cuts and modifications and eliminations of their union workers' benefits, the TCR reported. The proposed Section 1113/1114 modifications include: (a) Reduction of hourly wage rates currently paid to Union employees working at the Debtors' Auburn Hills, Michigan; Fort Wayne, Indiana; Lima, Ohio; Marion, Ohio; and Pottstown, Virginia facilities; (b) Creation of a two-tier wage rate structure at the Debtors' Union plants, which will classify current employees as Tier 1 employees and new hires under Tier 2 employees. Tier 1 employees will be paid approximately US$16 per hour, while Tier 2 employees will be paid US$13 per hour after three years of employment. During the next three years of employment, Tier 2 Employees would earn 85% to 95% of the US$13 wage; (c) Modification of overtime wage structure present in many CBAs and modification of work rules at certain facilities, including the implementation of standardized vacation benefits and holiday schedules, and elimination of prior policy of providing paid personal time-offs, tuition reimbursement, service award, and attendance bonus programs; (d) Elimination of lump-sum bonuses, wage improvements and COLA payments paid at certain facilities and wage re-opener provisions contained in the CBAs governing several plants; (e) Termination of the Debtors' existing long-term disability insurance program effective as of July 1, 2007; (f) Reduction of benefits for short-term disability offered to active Union employees effective January 1, 2007, and life/accidental death and disability insurance benefits; (g) Freezing of the accumulation of all future pension credited service under the Debtors' various pension benefit programs effective 2007; (h) Offering of a defined contribution 401(k) plan for any active Union employees not already covered under the Debtors' SavingsWorks/SavingsPlus programs; (i) Migrating active Union employees who are not previously participants of the HealthWorks health care program to the HealthWorks 2007 program starting Jan. 1, 2007. Objections These entities ask the Court to deny the Debtors' Section 1113/1114 Motion: 1. The Official Committee of Non-Union Retirees, 2. The International Association of Machinists and Aerospace Workers, and 3. The International Union, United Automobile, Aerospace and Agricultural Implement Workers of America; and the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union. The Unions tell the Court that the Debtors have not provided them relevant information necessary for them to evaluate the proposed rejections. Also, the Debtors did not meet with any of the Unions to negotiate the proposed changes before filing the Section 1113/1114 Motion, the Unions assert. Representing the UAW and USW, Babette A. Ceccotti, Esq., at Cohen, Weiss and Simon, LLP, in New York, asserts that the Debtors' attack on the CBAs and retiree benefits undermines the most fundamental premise of Sections 1113 and 1114 of the Bankruptcy Code -- to halt the use of the "bankruptcy law as an offensive weapon in labor relations." Ms. Ceccotti adds that the statutes were designed to ensure that "covered employees do not bear either the entire financial burden of making the reorganization work or disproportionate share of that burden, but only their fair and equitable share of the necessary sacrifices." The UAW and USW point out that the Debtors did not provide any evidence that the proposed reduced wages and modifications would be in line with those of their competitors in the auto parts industry. The IAMAW contends that proceedings under Sections 1113 and 1114 do not apply to three of the labor agreements the Debtors propose to reject. IAMAW's counsel, Marianne Goldstein Robbins, Esq., at Previant, Goldberg, Uelman, Gratz, Miller & Brueggeman, S.C., in Milwaukee, Wisconsin, maintains that the Debtors' labor agreements with IAMAW in the Robinson, Illinois; the Manchester, Missouri; and the Churubusco, Indiana facilities are postpetition executory contracts under Section 365 of the Bankruptcy Code, not Section 1113. Since most of the Debtors' labor agreements will be assumed by another entity pursuant to their divestiture plans, the Unions contend that the Debtors will realize no cost savings in rejecting the bargaining units. The Debtors' remaining contractual responsibilities with respect to IAMAW is the bargaining unit in Robinson, Illinois, and the pre-May 6, 2002, retirees from Churubusco, Indiana, who are not covered by the terms of the Engine Products Business sale, Ms. Robbins notes. The Debtors' remaining obligation to IAM- represented employees and retirees are modest, hence, there is no need for them to reject the agreements, Ms. Robbins says. The Retiree Committee filed its objection to the Section 1113/1114 Motion under seal. About Dana Corp. Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China, Argentina and Italy. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2005, the Debtors listed $7,900,000,000 in total assets and $6,800,000,000 in total debts. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors' exclusive period to file a plan expires on Jan. 3, 2007. They have until March 5, 2007, to solicit acceptances to that plan. (Dana Corporation Bankruptcy News, Issue No. 27; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). MACDERMID INC: S&P Junks Rating on Proposed US$465-Mln Sr. Notes ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its bank loan and recovery ratings to MacDermid Inc.'s proposed US$560 million senior secured credit facilities, based on preliminary terms and conditions. The 'B+' bank loan rating and the '1' recovery rating indicate the rating agency's expectation that lenders will experience full (100%) recovery of principal in a payment default scenario. Standard & Poor's also assigned its 'CCC+' rating to the proposed US$250 million senior unsecured notes due in 2014 and to the proposed US$215 million senior subordinated notes due 2017. Both note issues are rated two notches below the expected 'B' corporate credit rating to reflect the substantial amount of priority debt in the capital structure. Standard & Poor's said that its 'BB+' corporate credit rating and other existing ratings on MacDermid remain on CreditWatch with negative implications, where they were placed on Sept. 6, 2006. The ratings were placed on CreditWatch after the disclosure that MacDermid received a proposal letter from the investor group consisting of Daniel H. Leever, MacDermid's chairman and chief executive officer, Court Square Capital Partners, and Western Presidio to purchase all of its outstanding common stock at US$32.50 per share. Subsequently, the merger agreement was signed on Dec. 15, 2006, with a purchase price of US$35.00 per share. The investor group will use proceeds from the new bank credit facilities, the senior unsecured notes, and the senior subordinated notes to finance the acquisition of MacDermid in a transaction valued at about US$1.3 billion. Upon successful completion of the acquisition and proposed financing, Standard & Poor's will resolve the CreditWatch listing. "We will lower the corporate credit rating on MacDermid to 'B' from 'BB+' to reflect the substantial increase in debt and subsequent deterioration of the financial profile," said Standard & Poor's credit analyst David Bird. "We also expect to withdraw all of the ratings on the existing debt instruments upon closing of the proposed refinancing." After the completion of the pending transaction, the ratings on MacDermid will reflect its satisfactory business position, offset by a highly leveraged financial profile. MacDermid manufactures and markets specialty chemicals to a variety of industries, including graphic arts, electronic materials, and metal finishing. Graphic arts include liquid and solid-sheet photopolymer plates for flexographic printing, and offset blankets for the offset printing segment. In electronic materials, the company focuses on chemicals used in the fabrication of printed circuit boards. Metal finishing products include decorative and functional metal and plastic plating, andsurface treatment chemicals used in a variety of end-markets, including automotive, electronic equipment, and appliances. MacDermid Inc. -- http://www.macdermid.com/-- is manufacturer of a broad line of chemicals and related equipment for a range of applications, including metal and plastic finishing, electronics, graphic arts and printing, and offshore drilling. The company maintains its headquarters in Denver, Colorado, but operates facilities worldwide, including China, Germany, Italy, and Japan. Revenues for the twelve months ended June 30, 2006, were US$797 million. Moody's Investors Service revised the ratings outlook for MacDermid, Incorporated to developing from stable. Ratings for the issuer are: Corporate family rating - Ba2 * US$301.5 million 9.125% Guaranteed Senior Subordinated Notes due 2011 -- Ba3 TK ALUMINUM: Advisors Okay Nemak Transaction Consent Terms ---------------------------------------------------------- TK Aluminum Ltd., the indirect parent of Teksid Aluminum Luxembourg S.a. r.l., S.C.A. disclosed that the discussions with Houlihan Lokey Howard & Zukin (Europe) Limited and Cadwalader, Wickersham & Taft LLP, the financial and legal advisors to an ad hoc noteholders committee regarding terms for Noteholder consent to the sale of certain Teksid assets to Tenedora Nemak, S.A. de C.V., a subsidiary of ALFA, S.A. de C.V., and the distribution of proceeds from such sale, the Advisors confirmed they would recommend approval of those terms to the Ad Hoc Committee. The Ad Hoc Committee represents holders of over 50% of the outstanding Teksid Aluminum senior notes, and accordingly the company anticipates that its consent solicitation will be accepted by the Majority Noteholders. The company also announced the release of updated information relating to the proposed sources and uses of the proceeds from the Nemak transaction. Terms of Consent Solicitation and Indenture Amendment The consent solicitation will provide for approval by the Noteholders of the Nemak transaction, and the release of note guarantees of the relevant Nemak-purchased subsidiaries involved in the transaction, as well as providing the necessary amendments to the existing indenture. The proposed indenture amendments would also require Teksid Aluminum to pay out of the proceeds from the first closing of the Nemak transaction (relating to all of the assets being sold to Nemak other than the operations in Poland and the majority of Teksid Aluminum's interests in its China operations) the interest due and unpaid on the Senior Notes as of Jan. 15, 2007, together with required interest on such unpaid interest to the date of payment (the "January 15 Interest Payment", which amount, if the closing of the Nemak transaction occurs on Feb. 28, 2007, would equal approximately US$19,522,000, increasing by approximately US$6,600 for each day thereafter). The January 15 Interest Payment will be paid to holders of record of the Senior Notes on Jan. 1, 2007. In addition, the indenture amendment would require Teksid Aluminum to make a tender offer for a limited portion of the Senior Notes at 100% of par (including accrued but unpaid interest to the date of purchase). The tender offer would involve that amount of Senior Notes, which can be purchased (including accrued interest on such Senior Notes from Jan. 15, 2007 to the date of purchase in the tender) for the euro equivalent (such euro equivalent as determined by Teksid Aluminum) of US$71,891,000 less the sum of: (i) the January 15 Interest Payment and (ii) if the first closing of the Nemak transaction occurs after Feb. 28, 2007, but before March 15, 2007, the incremental amount (as determined by Teksid Aluminum) as a result of any delay in such first closing from Feb. 28, 2007, of additional interest payable on debt being paid or purchased in connection with the first closing of the Nemak transaction and additional overdue interest on the January 15 Interest Payment, and such US$71,891,000 is subject to further adjustment for changes in exchange rates from the assumed exchange rate of 1 euro = US$1.295 used in the computation of the US$71,891,000 amount in connection with amounts payable on the Sources and Uses. The amount of the required tender offer is the result of negotiations between the company and the Advisors as to permitted uses of proceeds and limitations on the use of funds for certain purposes. Such permitted uses of proceeds are a component of the indenture amendment and include the items provided for in the Sources and Uses, including among other things, and without duplication: (i) repayment of senior secured indebtedness; (ii) cash collateralization of outstanding letters of credit; (iii) payment of the January 15 Interest Payment; (iv) the purchase of intercompany obligations by Nemak; (v) repayment of capitalized leases; (vi) repayment of non-recourse factoring relating to the entities sold in the first closing of the Nemak transaction; (vii) settlement of certain intercompany transactions necessary for the consummation of the Nemak transaction; (viii) payment of certain employee-related expenses and professional fees and expenses related to the transaction; and (ix) a reserve of additional funds to provide for contingencies. As a result of the foregoing, Teksid Aluminum's French subsidiaries will receive approximately EUR40 million. The permitted uses of the proceeds will also include payments to Teksid Aluminum's Italian subsidiaries, including payments to terminate certain agreements between such Italian subsidiaries and the companies being sold to Nemak, which payments will provide Teksid Italy with funds sufficient to allow the Italian subsidiaries to entirely repay their secured indebtedness under the senior credit facility in the amount of EUR26 million, obtain the release of all the collateral over their assets in respect thereof, and satisfy certain other obligations, including intercompany obligations, of the Italian subsidiaries, thereby improving the financial position of the Italian subsidiaries. The indenture amendment also contemplates that the proceeds to be received under its settlement agreement with Fiat, proceeds received from subsequent anticipated sales of its Polish and Chinese operations pursuant to the Nemak transaction agreement, and any remainder of a purchase price adjustment escrow that is returned by Nemak to Teksid Aluminum, in each case less certain expenses, will be used to repurchase additional Senior Notes through tender offers at 100% of par plus accrued and unpaid interest thereon to the date of purchase. Remaining Senior Notes will be left outstanding in accordance with their original terms (as amended by the indenture amendment), but will no longer be guaranteed by those subsidiaries purchased by Nemak. In addition, the indenture amendment implements a standstill preventing acceleration of the Senior Notes through March 15, 2007, provided the lenders under Teksid Aluminum's credit facilities do not accelerate the amounts due under our senior credit facilities. In addition, the amendments to the indenture would permit an increase of up to EUR15 million in the amount of indebtedness, which may be incurred by Teksid Aluminum under its existing senior credit facility (provided that any of such amounts borrowed are required to be repaid at the first Nemak closing, or be applied to meet expenditures that result in a working capital adjustment in Teksid's favor). The indenture amendment would limit to US$55.25 million (including amounts borrowed under a bridge facility, if any) the amount of Nemak sale proceeds that can be paid into the company's subsidiaries in Italy, France and Germany. Finally, the indenture amendments would defer Teksid Aluminum's financial statement reporting requirements to Noteholders. There will not be any consent fee offered to Noteholders in conjunction with the consent solicitation. Most of the amendments to the indenture will not become effective if the first closing of the Nemak transaction does not occur on or before March 15, 2007. Consent Agreements The company expects to enter into consent agreements with the Majority Noteholders that will obligate such Noteholders to accept the consent solicitation promptly after it is launched. The Advisors will recommend that the Majority Noteholders enter into consent agreements; however, there is no guarantee that the Majority Noteholders will do so. The consent agreements, like the indenture amendment, provide for a standstill through March 15, 2007, and certain restrictions on transfer prior to the effectiveness of the amendment. The consent agreements further provide that the company will promptly appoint a representative of Alvarez and Marsal as the chief restructuring officer of the appropriate Teksid Aluminum entity or entities for an appropriate period of time to assist in the restructuring, recapitalization or disposition of the company's operations in France, Italy and Germany. Prior to the execution of the indenture amendment, the consent agreement may be terminated under certain circumstances, including if: (i) the Company withdraws the consent solicitation or amends the terms in a manner adverse to the Majority Noteholders; (ii) certain bankruptcy-related events or filings occur; (iii) the lenders under the company's senior secured indebtedness accelerate the amounts due thereunder; (iv) the Nemak transaction agreement is terminated; or (v) the company and the Majority Noteholders agree to terminate the consent agreements. Status of the Nemak Transaction On Feb. 12, 2007, the company received a signed term sheet from Nemak indicating revised terms for the transaction, taking into account the most current circumstances. The company continues to work with Nemak to finalize definitive documentation consistent with these terms and consummate the Nemak transaction. If Majority Noteholders provide their consent in the consent solicitation, as recommended by the Advisors, one of the conditions to the closing of the Nemak transaction will be satisfied. The company anticipates that Majority Noteholder consent will be received; however, until such Noteholders have delivered their consent in the consent solicitation, there can be no guarantee that the consents will be received. In addition, the previously announced letter of understanding with Nemak places Nemak under no obligation to consummate a transaction until a definitive agreement to amend the transaction has been executed. Failure to close the Nemak transaction could materially and adversely affect the Company's ability to continue trading. Closing of the amended Nemak transaction is subject to various conditions, including the receipt of the Noteholder consent discussed above and other customary conditions, including regulatory approvals. Italian Subsidiary Intercompany Loans Pursuant to intercompany loans by Teksid Aluminum's Italian subsidiaries to the Issuer, Teksid Investment Aluminum B.V. and TK Aluminum-Luxembourg Finance S.a. r.l. existing prior to the Nemak transaction, Teksid Aluminum's Italian subsidiaries are owed approximately EUR41 million. As a result of the settlement of intercompany relationships in connection with the first closing of the Nemak transaction, the company expects the amount due to Teksid Aluminum's Italian subsidiaries to be reduced to approximately EUR22.5 million, approximately EUR8 million of which will be due from the Issuer. There can be no guarantee that these intercompany arrangements can be settled as expected, and thus the amounts that remain outstanding after the first closing of the Nemak transaction may be greater than anticipated. Sources and Uses for Nemak Transaction The Sources and Uses have been reviewed by the Advisors, and, if the indenture amendments are approved by the Noteholders, the Sources and Uses provide the general basis for the terms of the amendment relating to the use of proceeds from the Nemak transaction and receipt of Fiat settlement agreement proceeds, if received. The Sources and Uses are provided to aid the Noteholders in their assessment of the Nemak transaction and consent solicitation. However, the Sources and Uses are based on numerous assumptions and projections about our financial condition, results of operations, business, strategies, objectives, future business, financing needs and capital expenditures. These assumptions and projections may prove to be materially inaccurate. In addition, other than the amount of the initial tender offer to Noteholders, in the company's current operating environment it is difficult to accurately quantify the payments from the Nemak transaction proceeds that the company will need to make, and the actual amounts may be higher or lower than those set forth in the Sources and Uses. The Sources and Uses are based on estimated working capital on an assumed date for each closing of the Nemak transaction, and thus the actual sources and uses may vary materially if the estimated working capital as of the actual date of any such closing is different. Accordingly, actual results may differ materially from those expressed or implied by the Sources and Uses. About Teksid Aluminum Headquartered in Bermuda, Teksid Aluminum -- http://www.teksidaluminum.com/-- is a leading independent manufacturer of aluminum engine castings for the automotive industry. Principal products include cylinder heads, engine blocks, transmission housings and suspension components. The company operates 15 manufacturing facilities in Europe, North America, South America and Asia. The company maintains operations in Italy, Brazil and China. * * * On Jan. 16, 2007, Moody's Investors Service placed TK Aluminum Ltd.'s long-term corporate family rating at Caa3. POLYPORE INT'L: Moody's Affirms Junk Ratings on Senior Notes ------------------------------------------------------------ Moody's Investors Service affirmed the ratings of Polypore International, Inc., and the ratings of Polypore, Inc.: -- corporate family rating, B3; -- guaranteed senior secured credit facilities, Ba3; -- guaranteed senior subordinated notes, Caa1; and -- unguaranteed senior discount notes, Caa2. The outlook is changed to stable from negative. The ratings continue to reflect the company's high leverage and weak interest coverage metrics, which are consistent with a low speculative grade rating. However, in changing the rating outlook, Moody's recognizes the actions that the company has taken to stabilize performance and enhance future earnings and cash flow. During the past year Polypore has successfully applied focused sales efforts, cost saving initiatives, and select price increases to improve performance in its energy business. At the same time, Polypore has restructured its healthcare business, exiting cellulosic membrane production and increasing volumes in its synthetic membranes business; actions which should stem losses from the healthcare sector. The stable rating outlook also reflects Moody's view that Polypore's liquidity profile should provide the company with sufficient financial flexibility to continue to implement its turnaround initiatives. These ratings were affirmed: * Polypore International, Inc. -- B3 Corporate Family rating; -- B3 Probability of Default rating; -- Caa2 rating for the $300 million of 10.5% unguaranteed senior discount notes due October 2012, with LGD assessment modified to LGD6, 91% from LGD6, 90%; * Polypore, Inc. -- Ba3 ratingfor the guaranteed senior secured credit facilities, with LGD assessment unchanged; -- Caa1 rating for the U.S. Dollar guaranteed senior subordinated notes due May 2012, with LGD assessment modified to LGD4, 65% from LGD4, 61%; and -- Caa1 rating for the Euro guaranteed senior subordinated notes due May 2012, with LGD assessment modified to LGD4, 65% from LGD4, 61%. The last rating action was on Sept. 22, 2006 when the LGD Methodology was applied. Using Moody's standard adjustments for the last twelve months ended Sept. 30, 2006, Polypore's consolidated total debt/EBITDA leverage approximated 8.3x, inclusive of the holding company discount notes. EBIT coverage of cash interest was 1.1x, and free cash flow was approximately $35MM for the LTM period. However, the company's interest coverage is enhanced by the fact that a portion of interest expense is non-cash, and the company's free cash flow further benefits from its relatively modest ratio of CAPEX to depreciation. Moody's believes that in order to more comfortably service its significant debt burden and support a higher level of reinvestment in the business, Polypore will need to demonstrate improved revenue growth and sustained margin improvement. The restructuring actions taken over the course of the past year should help in this regard and support the stable outlook for the B3 rating. Polypore maintains a $90 million revolving credit facility under which there were no borrowings at Sept. 30, 2006. The financial covenants under the senior secured facilities should provide sufficient cushion for the company to access the full revolving credit in the near-term. The company also maintained $64 million of cash on hand. Future events that could potentially improve Polypore's ratings or outlook include: improving revenues and operating margins through organic growth and improved free cash flow generation that facilitates debt reduction. Consideration for a higher outlook or rating could arise if any combination of these factors were to increase EBIT/Interest coverage to over 1.25x or reduce leverage below 6.0x. Future events that could result in a reduction in the rating or outlook include: sustained erosion of revenues or margins, or inability to sustain free cash flow generation as the company increases in level of business reinvestment. Acquisitions or business investments, as well as any incremental returns of capital to investors, that increase debt or delay debt reduction would also adversely affect the rating. Consideration for a lower rating could arise if any combination of these factors results in increasing leverage, EBIT/cash interest coverage below 1.0x, or deteriorating liquidity. Polypore International Inc. -- http://www.polypore.net/-- is a worldwide developer, manufacturer and marketer of highly specialized polymer-based membranes used in separation and filtration processes. Polypore's products and technologies target specialized applications and markets that require the removal or separation of various materials from liquids, with concentration in the ultrafiltration and microfiltration markets. As a global provider, Polypore has manufacturing facilities or sales offices in ten countries serving five continents. Polypore's corporate offices are located in Charlotte, NC. The company has manufacturing facilities in France, Germany, Italy, Australia, China and Thailand. =================== K A Z A K H S T A N =================== AK AHSAP: Creditors Must File Claims by April 6 ----------------------------------------------- Branch Of JSC Ak Ahsap Tarim Urunleri Ticaret Ve Senayi A.S. has declared insolvency. Creditors have until April 6 to submit written proofs of claim to: JSC Ak Ahsap Tarim Urunleri Ticaret Ve Senayi A.S. Micro District Samal-2 56a Almaty Kazakhstan Tel: 8 (3272) 64-64-52 AUTO-BEKET-KURMET LLP: Creditors' Claims Due April 6 ---------------------------------------------------- LLP Auto-Beket-Kurmet has declared insolvency. Creditors have until April 6 to submit written proofs of claim to: LLP Auto-Beket-Kurmet Micro District 5 19 Aksai Burlinsky District West Kazakhstan Region Kazakhstan CRAMITEC LLP: Claims Filing Period Ends April 6 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Cramitec insolvent. Creditors have until April 6 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Micro District Jetysu-4 10-11 Almaty Kazakhstan Tel: 8 (3272) 56-61-46 8 (7056) 51-99-29 DELTA PLUS-2: Selling Assets Via Public Auction on March 5 & 6 -------------------------------------------------------------- The insolvency manager of LLP Delta Plus-2 has set the public auction of the LLP Delta Plus-2 complex at 2:00 p.m. on March 5 and March 6. Price starts at KZT379,979,168. Interested bidders are required to deposit a 10% equivalent of the starting price to the cashier of LLP Delta Plus-2 or to: Account Number: 028467076 JSC Tsesna Bank (BIK 195301684/RNN 481600210289) Akmolinsky Branch Kokshetau Kazakhstan LLP Delta Plus-2 is engaged in the production and processing of agricultural products. The company can be reached at: LLP Delta Plus-2 Room 512 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (3162) 40-19-27 8 (7015) 27-08-36 DESIGN-INVEST LLP: Claims Registration Ends April 6 --------------------------------------------------- LLP Design-Invest has declared insolvency. Creditors have until April 6 to submit written proofs of claim to: LLP Design-Invest Maresiev Str. 95-47 Aktube Kazakhstan Tel: 8 (3132) 59-52-24 KOKTEM ABK: Proof of Claim Deadline Slated for April 6 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Akmola has declared LLP Koktem Abk insolvent. Creditors have until April 6 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (31622) 25-79-32 NAN JSC: Creditors Must File Claims by April 6 ---------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region has declared JSC Nan insolvent. Creditors have until April 6 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Region Ushanov 78-27 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3232) 26-24-41 PASSAJIR LLP: Creditors' Claims Due April 6 ------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region has declared LLP Passajir insolvent. Creditors have until April 6 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Region Ushanov 78-27 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3232) 26-24-41 PETROMEDTRADING LLP: Proof of Claim Deadline Slated for April 6 --------------------------------------------------------------- LLP Petromedtrading has declared insolvency. Creditors have until April 6 to submit written proofs of claim to: LLP Petromedtrading Parhomenko Str. 194 Petropavlovsk North Kazakhstan Region Kazakhstan SAIRAM-KAPKA LLP: Claims Registration Ends April 6 -------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region has declared LLP Sairam-Kapka insolvent. Creditors have until April 6 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of South Kazakhstan Region Jeleznodorojnaya Str. 23 Sastobe Tulkubassky District South Kazakhstan Region Kazakhstan Tel: 8 701 433 30-01 =================== K Y R G Y Z S T A N =================== ASIAN PROPERTIES: Claims Filing Period Ends April 6 --------------------------------------------------- LLC Asian Properties Ltd. has declared insolvency. Creditors have until April 6 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 68-08-86. FINASIA INVESTMENT: Creditors Must File Claims by April 6 --------------------------------------------------------- LLC Finasia Investment Ltd. has declared insolvency. Creditors have until April 6 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 68-08-86. ===================== N E T H E R L A N D S ===================== HOLLAND MORTGAGE: Moody's Rates EUR32.5-Mln Notes at (P)Ba2 ----------------------------------------------------------- Moody's Investors Service assigned these provisional long term credit ratings to six classes of Notes to be issued by Holland Mortgage Backed Series (Hermes) XIII B.V.: -- EUR785.5-million Senior Class A1 Mortgage-Backed Floating Rate Notes 2007 due 2039: (P)Aaa; -- EUR1.56-billion Senior Class A2 Mortgage-Backed Floating Rate Notes 2007 due 2039: (P)Aaa; -- EUR48.75-million Mezzanine Class B Mortgage-Backed Floating Rate Notes 2007 due 2039: (P)Aa1; -- EUR40-million Mezzanine Class C Mortgage-Backed Floating Rate Notes 2007 due 2039: (P)Aa3; -- EUR28.75-million Junior Class D Mortgage-Backed Floating Rate Notes 2007 due 2039: (P)Aa3; and -- EUR32.5-million Subordinated Class E Floating Rate Notes 2007 due 2039: (P)Ba2. This transaction represents the fourteenth securitization of Dutch residential mortgage loans originated by SNS Bank N.V. under the Hermes program, and has been arranged by SNS Bank with lead managers Deutsche Bank and BNP Paribas. The pool has been partially originated by BLG Hypotheekbank ([31.8]%) a fully owned subsidiary of SNS Bank acquired in 1993. Hermes XIII is using a structure very similar to the previous Hermes transactions. Similar to Hermes XI and XII, savings mortgages are included in the reference pool and a savings sub- participation is used in the structure. As in the Hermes XII transaction, the structure is not revolving and notes will start amortizing immediately after closing. However, please note that in Hermes XIII, all the notes are backed by mortgages and that the Class A has been divided into two sub-classes A1 and A2 repaid on a timely sequential order but sharing the same Principal Deficiency Ledger. Also there is no reserve fund in this transaction. An Excess Margin of [35] bps is guaranteed over the life of the transaction through the interest rate swap provided by SNS Bank (A1/ Prime-1). The liquidity facility and the GIC are also provided by SNS Bank. Moody's issues provisional ratings in advance of the final sale of securities, and these ratings only represent Moody's preliminary opinion. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive rating to the Notes. A final rating may differ from a provisional rating. The provisional ratings address the expected loss posed to investors by the legal final maturity. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal by the legal final maturity. =========== R U S S I A =========== AGRO-RODINA OJSC: Creditors Must File Claims by March 10 -------------------------------------------------------- Creditors of OJSC Agro-Rodina have until March 10 to submit proofs of claim to: O. Savkin, Temporary Insolvency Manager Slavy Pr. 90 Belgorod Russia The Arbitration Court of Belgorod commenced bankruptcy supervision procedure on the company. The hearing in the Court will convene on April 27. The case is docketed under Case No. A08-9607/06-2 B. The Court is located at: The Arbitration Court of Belgorod Narodnyj Avenue 135 308600 Belgorod Russia The Debtor can be reached at: OJSC Agro-Rodina M. Gorkogo Str. 34 Rovenki, Belgorod Russia AGRO-SERVICE OJSC: Creditors Must File Claims by March 10 --------------------------------------------------------- Creditors of OJSC Agro-Service have until March 10 to submit proofs of claim to: I. Gorn, Insolvency Manager Post User Box 183 127018 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A41-K2-17338/06. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: OJSC Agro-Service Kuybysheva Str. 47-a Voskresensk, Moscow Russia BASTION-FUEL CJSC: Creditors Must File Claims by March 10 --------------------------------------------------------- Creditors of CJSC Company Bastion-Fuel (TIN 4629003652) have until March 10 to submit proofs of claim to: A. Motorykin, Insolvency Manager Room 406 Dzerzhinskogo Str. 68 305001 Kursk Russia The Arbitration Court of Kursk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A35-8566/06 g. The Court is located at: The Arbitration Court of Kursk K. Marksa Str. 25 305004 Kursk Russia The Debtor can be reached at: CJSC Company Bastion-Fuel Sergeeva Pr. Kursk Russia BIYSKAYA ENGINEERING: Creditors Must File Claims by April 10 ------------------------------------------------------------ Creditors of OJSC Biyskaya Engineering Company have until April 10 to submit proofs of claim to: S. Ogorodnikov, Insolvency Manager Post User Box 2724 Barnaul 656065 Altay Russia The Arbitration Court of Altay commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A03-9006/05-B. The Court is located at: The Arbitration Court of Altay Lenina Pr. 76 Barnaul 656015 Altay Russia The Debtor can be reached at: OJSC Biyskaya Engineering Company Prom.zona Biysk 659315 Altay Russia BUILDER LLC: Creditors Must File Claims by March 10 --------------------------------------------------- Creditors of LLC Builder have until March 10 to submit proofs of claim to: N. Shevchenko, Insolvency Manager Krasnodonskaya Str. 4-15 640008 Kurgan Russia The Arbitration Court of Krasnodar commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-75-4630/06. The Court is located at: The Arbitration Court of Krasnodar Staroderevenkovskaya St. Krasnodar Russia The Debtor can be reached at: LLC BUILDER Poykovo, Krasnodar Russia CRYSTAL CJSC: Creditors Must File Claims by March 10 ---------------------------------------------------- Creditors of CJSC Crystal (TIN 7709076323) have until March 10 to submit proofs of claim to: S. Kuznetsov, Insolvency Manager To be called for Mr. S. Kuznetsov Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-40621/06-44-826B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Crystal Apartment 63 Building 1 Nizhegorodskaya Str. 7 109029 Moscow Russia IZHEVSK-GAS OJSC: Creditors Must File Claims by April 10 -------------------------------------------------------- Creditors of OJSC Izhevsk-Gas (TIN 1826001578) have until April 10 to submit proofs of claim to: G. Busygin, Insolvency Manager Post User Box 209 Ekaterinburg 620027 Sverdlovsk Russia The Arbitration Court of Udmurtiya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A71-108/2004-G21. The Court is located at: The Arbitration Court of Udmurtiya Lomonosova Str. 5 Izhevsk 426004 Udmurtiya Republic Russia The Debtor can be reached at: OJSC Izhevsk-Gas Kommunarov Str. 359 Izhevsk 426008 Udmurtiya Russia LUKHOVITSY-AGRO-PROM-KHIMIYA: Claims Filing Period Ends March 10 ---------------------------------------------------------------- Creditors of OJSC Lukhovitsy-Agro-Prom-Khimiya have until March 10 to submit proofs of claim to: E. Chuprov, Insolvency Manager Post User Box 38 111396 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 41-K2-24169/06. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: OJSC Lukhovitsy-Agro-Prom-Khimiya Pushkin Str. 8th km Lukhovitsy, Moscow Russia LUKOIL OAO: Projects Receive Leningrad Region's Support ------------------------------------------------------- OAO Lukoil gained incentives form the regional government of Leningrad for the company's projects in the area, Bloomberg News reports. Lukoil mulls investing around US$150 million to expand the capacity of its Vysotsk oil terminal from 11.6 million tons to 15 million tons, CEO Vagit Alekperov was cited by Interfax as saying. For investing in the region, Leningrad will promote Lukoil's expansion plans with federal and regional regulators. The regional government will also support the company in acquiring land to build filling stations, Bloomberg relays. The Leningrad government will also draft bills cutting the profit tax rate from 17.5% to 13.5% for firms investing in projects to increase oil products supplies to the region, Bloomberg News adds. Firms benefiting from the tax break will be expected to spend half of the amount saved on social and sports projects. About Lukoil Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX, RTS: LKOH) -- http://www.lukoil.com/-- explores and produces oil & gas, petroleum products and petrochemicals, and markets the outputs. Most of the Company's exploration and production activity is located in Russia, and its main resource base is in Western Siberia. * * * OAO Lukoil carries Standard & Poor's BB+ long-term foreign and local issuer credit ratings with a positive outlook. MARYINSKAYA OJSC: Creditors Must File Claims by April 10 -------------------------------------------------------- Creditors of OJSC Maryinskaya (OGRN 1022602222170) have until April 10 to submit proofs of claim to: A. Cherkasov, Insolvency Manager Post User Box 18 109044 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A41-K2-19220/06. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: OJSC Maryinskaya Oktyabrskiy Pr. 20 Troitsk, Moscow Russia NIKOLSKOYE LLC: Creditors Must File Claims by March 10 ------------------------------------------------------ Creditors of LLC Nikolskoye have until March 10 to submit proofs of claim to: A. Polonyankin, Temporary Insolvency Manager Room 904 Kulibina Str. 17 394029 Voronezh Russia The Arbitration Court of Voronezh commenced bankruptcy supervision procedure on the company. The hearing in the Court will convene at 10:00 a.m. on April 26. The case is docketed under Case No. A14-16307-2006/219/7b. The Court is located at: The Arbitration Court of Voronezh Room 606 Srednemoskovskaya Str. 77 Voronezh Russia The Debtor can be reached at: LLC Nikolskoye Nikolskoye Anninskiy 396231, Voronezh Russia OKA-CENTRE CJSC: Court Starts Bankruptcy Supervision Procedure -------------------------------------------------------------- The Arbitration Court of Tomsk commenced bankruptcy supervision procedure on CJSC Oka-Centre. The case is docketed under Case No. A67-318/07. The Debtor can be reached at: CJSC Oka-Centre Smirnova Str. 5 634059 Tomsk Russia SAREPTSKIY TREATING: Bankruptcy Hearing Slated for May 16 --------------------------------------------------------- The Arbitration Court of Volgograd will convene on May 16 to hear the bankruptcy supervision procedure on OJSC Sareptskiy Treating Plant (TIN 3444127318). The case is docketed under Case No. A12-81/07-s58. The Temporary Insolvency Manager is: V. Lukyanov Office 213 7th Gvardeyskaya Str. 2 Volgograd-5 Russia The Debtor can be reached at: OJSC Sareptskiy Treating Plant Shpalozavodskaya Str. 1 Volgograd-29 Russia SBERBANK ROSSII: Secondary Offering Demand Mostly from Russia ------------------------------------------------------------- OAO Sberbank Rossii CEO Andrei Kazmin revealed that a large number of the 49,197 applications submitted during the placement for its secondary offering of 3.5 million shares came from Russia, RIA Novosti relates. According to the report, Mr. Kazmin said the bank is not concerned about selling its shares in full, only that it would be able to dispose of the maximum number of shares at market price. Analysts interviewed by RIA Novosti shared a common view, predicting that Sberbank stands to sell 2.8 million shares or 80% of its secondary offering. TCR-Europe reported on Feb. 26 that the bank raised around RUR230 billion following its initial public offering, commencing on Feb. 1, selling the shares at RUR89,000 apiece with orders for around RUR260 billion of stock. The company is eyeing to raise US$12 billion during the 20-day IPO period, and is planning to use the amount to finance its expansion. About Sberbank Headquartered in Moscow, OAO Sberbank Rossii -- http://www.sbrf.ru/eng/-- provides a full range of banking services, including commercial, investment, merchant, mortgage, and retail banking, and a complete range of travel, lending, and credit services. The Bank operates through 17 territorial banks, 921 divisions, and 19,390 subdivisions across Russia. * * * As of Feb. 1, 2006, Sberbank carries Moody's Investors Service's D financial strength rating with stable outlook. At the same time, it also carries Fitch's C Individual Rating. SEL-KHOZ-TEKHNIKA: Creditors Must File Claims by April 10 --------------------------------------------------------- Creditors of OJSC Sel-Khoz-Tekhnika (TIN 4327000479) have until April 10 to submit proofs of claim to: A. Klabukov, Insolvency Manager Uritskogo Str. 12 610002 Kirov Russia The Arbitration Court of Kirov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A28-691/06-119/10. The Court is located at: The Arbitration Court of Kirov K-Libknekhta Str. 102 610017 Kirov Russia The Debtor can be reached at: OJSC Sel-Khoz-Tekhnika R. Lyuksemburg 6 Sanchursk 612370 Kirov Russia SIBERIAN SEA: Court Starts Bankruptcy Supervision Procedure ----------------------------------------------------------- The Arbitration Court of Irkutsk commenced bankruptcy supervision procedure on LLC Siberian Sea Group (TIN 3812070247). The case is docketed under Case No. A19-26894/ 06-38. The Temporary Insolvency Manager is: A. Antonov Post User Box 248 664074 Irkutsk-74 Russia The Court is located at: The Arbitration Court of Irkutsk Room 303 Gagarina Avenue 70 664025 Irkutsk Russia The Debtor can be reached at: LLC Siberian Sea Group Rakitnaya Str. 12 664082 Irkutsk Russia VOSKHOD CJSC: Asset Sale Slated for March 13 -------------------------------------------- State Unitary Enterprise Fund of Property of Belgorod, the bidding organizer for CJSC Voskhod, will open a public auction for the company's properties at 11:00 a.m. on March 13 at: State Unitary Enterprise Fund of Property of Belgorod Room 216 2nd Floor Nekrasova Str. 9/15 308007 Belgorod Russia The assets for sale are: -- Lot 1: Different property of CJSC Voskhod for RUR1,137,660 starting price -- Lot 2: Different property of CJSC Voskhod for RUR27,275 starting price Interested participants have until March 6 to deposit an amount equivalent to 20% of the starting price to: State Unitary Enterprise Fund of Property of Belgorod Settlement Account 4060281041602000052 Correspondent Account 301018106400000000757 BIK 041403757 TIN 3124012318 KPP 312301001 CB Vneshtorgbank Belgorod Russia Bidding documents must be submitted to: State Unitary Enterprise Fund of Property of Belgorod Room 216 2nd Floor Nekrasova Str. 9/15 308007 Belgorod Russia The Debtor can be reached at: CJSC Voskhod Rovny Veydeleevskiy, Belgorod Russia ========= S P A I N ========= ARAMARK CORP: Earns US$87.7 Mln. in Fiscal Quarter Ended Dec. 31 ---------------------------------------------------------------- Aramark Corp. earned US$87.7 million of net income on US$3.1 billion of sales for the first quarter of fiscal 2007, compared to US$93.1 million of net income on US$2.9 billion for the same period last year. Operating income was US$172.3 million for the first quarter of fiscal 2007, a 9% increase over the prior year period. Interest and other financing costs, net, for the first quarter of fiscal 2007 increased approximately US$1.8 million from the prior year period due principally to higher year-over-year interest rates. At Dec. 29, 2006, the company's balance sheet showed US$5.3 billion in total assets, US$3.7 billion in total liabilities, and US$1.6 billion in total stockholders' equity. Total debt increased US$208 million during the first quarter due principally to the normal seasonal working capital needs and the acquisition of a regional uniform company. During the first quarter of fiscal 2007, the company borrowed US$125 million under its U.S. and Canadian credit facility to repay the company's 7.10% notes that matured on Dec. 1, 2006. At Dec. 29, 2006, there was approximately US$330 million of unused committed credit availability under the company's U.S. and Canadian credit facility. As of Dec. 29, 2006, there was approximately US$516 million outstanding in foreign currency borrowings. Full-text copies of the company's consolidated financial statements for the quarter ended Dec. 31, 2006, are available for free at http://researcharchives.com/t/s?19aa About Aramark Corp. Headquartered in Philadelphia, Pennsylvania, Aramark Corporation (NYSE: RMK) -- http://www.aramark.com/-- is a professional services organization, providing food services, facilities management, hospitality services, and uniforms and career apparel to health care institutions, universities and school districts, stadiums and arenas, businesses, prisons, senior living facilities, parks and resorts, correctional institutions, conference centers, convention centers, and public safety professionals around the world. Aramark has approximately 240,000 employees serving clients in 18 countries, including Belgium, Czech Republic, Germany, Japan, Korea, Mexico and Spain, among others. * * * As reported in the Troubled Company Reporter-Europe on Feb. 14, Fitch has downgraded the Issuer Default Rating for both ARAMARK Corporation and its wholly owned subsidiary, ARAMARK Services, Inc. to 'B' from 'BB-' and has rated the new financing of ARAMARK Corporation: -- US$600 million revolving senior secured credit facility due 2013 'BB-/RR2'; -- US$4.15 billion senior secured term loans due 2014 'BB- /RR2'; -- US$250 million senior secured synthetic letter of credit facility due 2013 'BB-/RR2'; and -- US$1.78 billion senior unsecured notes due 2015 'B-/RR5'. In addition, the rating for the US$250 million senior unsecured notes due 2012 was lowered to 'CCC+/RR6' from 'BB-'. The ratings are removed from Rating Watch Negative. Fitch said the Rating Outlook is Stable. ===================== S W I T Z E R L A N D ===================== ANAHID2 LLC: Creditors' Liquidation Claims Due March 19 ------------------------------------------------------- Creditors of LLC Anahid2 have until March 19 to submit their claims to: Anahid Abraham-Moussa Liquidator Bruckenstrasse 15 4853 Murgenthal Zofingen AG Switzerland The Debtor can be reached at: LLC Anahid2 Murgenthal Zofingen AG Switzerland BLITOG LLC: Creditors' Liquidation Claims Due March 16 ------------------------------------------------------ Creditors of LLC Blitog have until March 16 to submit their claims to: JSC Mandataria Treuhand Liquidator Steinengraben 22 4002 Basel-Stadt Switzerland The Debtor can be reached at: LLC Blitog Zug Switzerland CINESHARE JSC: Creditors' Liquidation Claims Due March 16 --------------------------------------------------------- Creditors of JSC Cineshare have until March 16 to submit their claims to: Dr. Marco Lanter Liquidator Seefeldstrasse 19 8032 Zurich Switzerland The Debtor can be reached at: JSC Cineshare Zurich Switzerland EVENT GASTRO: Aargau Court Starts Bankruptcy Proceedings -------------------------------------------------------- The Bankruptcy Court of Aargau commenced bankruptcy proceedings against LLC Event Gastro on Jan. 31. The Debtor can be reached at: LLC Event Gastro Obere Bahnhofstrasse 24 5507 Mellingen Baden AG Switzerland The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Office Baden 5402 Baden AG Switzerland M3 LLC: Bern Court Starts Bankruptcy Proceedings ------------------------------------------------ The Bankruptcy Court of Bern commenced bankruptcy proceedings against LLC M3 on Jan. 25. The Debtor can be reached at: LLC M3 Marktgasse 34 4900 Langenthal Aarwangen BE Switzerland The Bankruptcy Service of Bern can be reached at: Bankruptcy Service of Bern Office Aarwangen 4912 Aarwangen BE Switzerland RESTAURANT ZUM: Bern Court Closes Bankruptcy Proceedings -------------------------------------------------------- The Bankruptcy Service of Bern entered Feb. 2 an order closing the bankruptcy proceedings of LLC Restaurant zum Spycher. The Debtor can be reached at: LLC Restaurant zum Spycher Dorf 48 3116 Kirchdorf BE Switzerland The Bankruptcy Service of Bern can be reached at: Bankruptcy Service of Bern Office Seftigen 3123 Belp Seftigen BE Switzerland SGCONCULT JSC: Creditors' Liquidation Claims Due March 19 --------------------------------------------------------- Creditors of JSC SGconsult have until March 19 to submit their claims to: Dr. Walter Hannes Wanner Liquidator Hohenweg 9D 5023 Biberstein Aarau AG Switzerland The Debtor can be reached at: JSC SGconsult St.Gallen Switzerland STEBU CONSULTING: Creditors' Liquidation Claims Due March 19 ------------------------------------------------------------ Creditors of JSC Stebu Consulting have until March 19 to submit their claims to: Stephan Buhler Liquidator Grunring 6 6300 Zug Switzerland The Debtor can be reached at: JSC Stebu Consulting Zug Switzerland THERMISCAN JSC: Creditors' Liquidation Claims Due March 19 ---------------------------------------------------------- Creditors of JSC Thermiscan have until March 19 to submit their claims to: Dr. Walter Hannes Wanner Liquidator Hohenweg 9D 5023 Biberstein Aarau AG Switzerland The Debtor can be reached at: JSC Thermiscan Seegraben Hinwil ZH Switzerland WANNER JSC: Creditors' Liquidation Claims Due March 19 ------------------------------------------------------ Creditors of JSC Wanner have until March 19 to submit their claims to: Dr. Walter Hannes Wanner Liquidator Hohenweg 9D 5023 Biberstein Aarau AG Switzerland The Debtor can be reached at: JSC Wanner Winterthur ZH Switzerland ============= U K R A I N E ============= AGROALIANS LLC: Creditors Must File Claims by March 9 ----------------------------------------------------- Creditors of LLC Agroalians (code EDRPOU 31090733) have until March 9 to submit written proofs of claim to: Ludmila Zaikina, Liquidator Turgenev Str. 52/58 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company on Jan. 18 after finding it insolvent. The case is docketed under Case No. 43/5. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Agroalians Apartment 529 Raskovaya Str. 23 02002 Kiev Ukraine ALFA-TRANS LLC: Creditors Must File Claims by March 9 ----------------------------------------------------- Creditors of LLC Alfa-Trans (code EDRPOU 31840818) have until March 9 to submit written proofs of claim to: State Tax Inspection in Podol, Liquidator Turovskaya Str. 12 04080 Kiev Ukraine Tel. 417-52-05 The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 24/759-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Alfa-Trans Mezhygorskaya Str. 82-A Kiev Ukraine BREADMAKER LLC: Proofs of Claim Filing Deadline Set March 9 ----------------------------------------------------------- Creditors of Joint LLC Breadmaker (code EDRPOU 23654114) have until March 9 to submit written proofs of claim to: M. Deyneka, Liquidator Apartment 120 Hotovicky Str. 8 Hmelnitskiy Ukraine The Economic Court of Hmelnitskij commenced bankruptcy proceedings against the company on Jan. 24 after finding it insolvent. The case is docketed under Case No. 2/179-B. The Debtor can be reached at: Joint LLC Breadmaker Belogorodka Iziaslavsk District Hmelnitskiy Ukraine KONSTANTA LLC: Creditors Must File Claims by March 9 ---------------------------------------------------- Creditors of LLC Konstanta (code EDRPOU 30723150) have until March 9 to submit written proofs of claim to: Ludmila Zaikina, Liquidator Turgenev Str. 52/58 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company on Jan. 18 after finding it insolvent. The case is docketed under Case No. 43/6. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Konstanta Volynskaya Str. 48/50 03151 Kiev Ukraine MARITAN LLC: Creditors Must File Claims by March 9 -------------------------------------------------- Creditors of LLC Maritan (code EDRPOU 25634680) have until March 9 to submit written proofs of claim to: Andrew Zharikov, Liquidator Turgenev Str. 52/58 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company on Jan. 17 after finding it insolvent. The case is docketed under Case No. 43/8. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Maritan Bastionnaya Str. 9 01159 Kiev Ukraine MEDIA-GROUP ESKORT: Creditors Must File Claims by March 9 --------------------------------------------------------- Creditors of LLC Media-Group Eskort (code EDRPOU 33401244) have until March 9 to submit written proofs of claim to: Andrew Zharikov, Liquidator Turgenev Str. 52/58 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company on Jan. 17 after finding it insolvent. The case is docketed under Case No. 43/4. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Media-Group Eskort Grushevsky Str. 28/2 01021 Kiev Ukraine OREANDA LLC: Proofs of Claim Filing Deadline Set March 9 -------------------------------------------------------- Creditors of LLC Agricultural Complex Oreanda (code EDRPOU 41852) have until March 9 to submit written proofs of claim to: Tatiana Nagorneva, Temporary Insolvency Manager Gagarin Str. 2 Sumy Ukraine Tel: (0542)22-14-06 The Economic Court of Sumy commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 6/169-06. The Court is located at: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Debtor can be reached at: LLC Agricultural Complex Oreanda Lenin Str. 2 Korshachina Belopolye District 41852 Sumy Ukraine =========================== U N I T E D K I N G D O M =========================== ALCATEL-LUCENT: Partners with GE Capital in the U.K. and Ireland ---------------------------------------------------------------- Alcatel-Lucent agreed with GE in the U.K. to provide finance solutions for U.K. and Irish enterprises. GE's finance solutions enable U.K. and Irish businesses and organizations to reap the benefits of Alcatel's hardware and software communications products and services, without the burden of significant upfront investment. These financial solutions are also designed to help Alcatel- Lucent's business partners increase sales, as well as build on the profitability of each sale. Furthermore, by encouraging customer loyalty, these financial packages will help secure future upgrades and new deployments. This launch will entitle Alcatel-Lucent's premium and expert partner customers to a special introductory promotion on the purchase of its Alcatel-Lucent OmniPCX Office and Alcatel-Lucent OmniPCX Enterprise communications platforms for small, medium and large enterprises, as well as its conferencing and collaboration tool, Alcatel-Lucent My Teamwork. "GE is the ideal partner to work with for our finance offering," said Graeme Allan, for Alcatel-Lucent Enterprise activities in U.K. and Ireland. "Its finance consultants will support our business partners throughout the sales process, while its automated financing process, which will be available through our partner site, will make smaller transactions quick and easy to process." "The launch of these finance solutions, working with Alcatel- Lucent, will allow customers to improve their business processes and productivity with Alcatel-Lucent's leading convergence solutions, without impacting on their cash flow," Lynne Wood of GE said. "We've worked with Alcatel-Lucent to ensure that the products we've designed are competitive and truly beneficial to the business partners, by understanding and specifically meeting the needs of its end-user customers." About GE Capital GE Capital Solutions -- http://gecapsol.com/-- offers financing services for commercial, industrial, construction and technology equipment; corporate aircraft; trucks and trailers; franchise facilities; transportation fleets; private label, wholesale; and outsourced sales and inventory. The company also offers tax- exempt and non tax-exempt financing for federal, state and local governments and non-profit organizations. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide, to deliver voice, data and video communication services to end users. Through its operations in fixed, mobile and converged broadband networking, Internet protocol technologies, applications, and services, Alcatel-Lucent offers the end-to-end solutions that enable communications services for people at home, at work and on the move. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Australia, Brunei and Cambodia. * * * As of Feb. 7, Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's BB- rating. It's Short-Term Corporate Credit rating stands at B. Moody's, on the other hand, put a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured Debt rating at BB. ALFRESCO FINE: Joint Liquidators Take Over Operations ----------------------------------------------------- James Richard Tickell and Carl Derek Faulds were appointed joint liquidators of Alfresco Fine Foods Ltd. on April 24, 2006, for the creditors' voluntary winding-up proceeding. The company can be reached at: Alfresco Fine Foods Ltd. Unit 6 Ashford Business Complex 166 Feltham Road Ashford Middlesex TW15 1YQ England Tel: 01784 244 222 BAR ICE: Creditors' Meeting Slated for March 7 ---------------------------------------------- Creditors of Bar Ice Ltd. will meet at 11:15 a.m. on March 7 at: 10 Landport Terrace Portsmouth PO1 2RG England Creditors who want to vote at the meeting have until noon on March 6 to submit their proxy forms together with particulars of their claims or of any security at: Rothman Pantall & Co. Clareville House 26-27 Oxendon Street London SW1Y 4EP England A list of names and addresses of the company's creditors will be available for inspection free of charge on March 5 at Rothman Pantall & Co. Rothman Pantal & Co -- http://www.rothman-pantall.co.uk/-- provides financial accounting and corporate services. BRADMATT TELECOM: Alex Kachani Leads Liquidation Procedure ---------------------------------------------------------- Alex Kachani of Crawfords was appointed liquidator of Bradmatt Telecom Ltd. on Feb. 12 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Alex Kachani Crawfords Stanton House 41 Blackfriars Road Salford Manchester M3 7DB England C C M S KENT: Appoints Richard Rones as Liquidator -------------------------------------------------- Richard Rones of ThorntonRones LLP was appointed liquidator of C C M S (Kent) Ltd. on Feb. 21 for the creditors' voluntary winding-up procedure. The company can be reached at: C C M S (Kent) Ltd. 11 Station Road Rainham Gillingham Kent ME8 7RS England Tel: 01634 366 000 Fax: 01634 378 222 CCS DEVELOPMENTS: Claims Filing Period Ends March 30 ---------------------------------------------------- Creditors of CCS (Developments) Ltd. have until March 30 to send in their full names and addresses with particulars of their debts or claims to: Mark Wilson Joint Liquidator Baker Tilly First Floor 46 Clarendon Road Watford Hertfordshire WD17 1JJ England Mark Wilson and Tracey Callaghan of Baker Tilly were appointed joint liquidators of the company on Feb. 19. Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing and other services for mid-cap and smaller publicly listed companes and private companies, particularly those expanding into new foreign markets. Services include business and financial planning, tax-related services, corporate finance, litigation support, turnaround services, and technology consulting. CHPM LTD: Brings In Liquidators from Wilson Field ------------------------------------------------- Lisa Hogg and Claire Foster of Wilson Field were appointed joint liquidators of CHPM Ltd. on Feb. 15 for the creditors' voluntary winding-up procedure proceeding. The company can be reached at: CHPM Ltd. Camberley House Portesbery Road Camberley Surrey GU15 3SZ England Tel: 01276 622 26 Fax: 01276 622 21 CIRCLE STUDIO: Creditors' Meeting Slated for March 9 ---------------------------------------------------- Creditors of Circle Studio Ltd. will meet at 10:30 a.m. on March 9 at: Holday Inn Derby-Nottingham M1 Jct 25 Bostocks Lane Sandiacre Nottingham NG10 5NJ England 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 March 7 at: The P&A Partnership 93 Queen Street Sheffield S1 1WF England The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- acts for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors, and business advisors. COLLINS & AIKMAN: U.S. Trustee Wants Examiner Appointed ------------------------------------------------------- Saul Eisen, the United States Trustee for Region 9, asks the Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for the Eastern District of Michigan to direct the appointment of an examiner under Section 1104(c)(2) of the Bankruptcy Code. The U.S. Trustee notes that approximately 13 firms have rendered professional services to the Debtors, with fees and expenses amounting to US$78,186,190, as of Aug. 31, 2006. Professional services rendered from Aug. 31, 2006, until the effective date of any confirmed plan will undoubtedly add tens of millions of dollars to the total, Mr. Eisen adds. Hence, the extent of professional fees and expenses is significant when compared to the US$165,500,000 to US$230,000,000 value the Debtors ascribed to the estates, Stephen E. Spence, trial attorney for the Office of the U.S. Trustee, in Detroit, Michigan, tells the Court. The U.S. Trustee believes that the allegations made by Third Avenue Trust regarding the professionals' compensation raises serious questions that require answers before the professionals are awarded final compensation and receive the exculpation and releases provided. Third Avenue, former member of the Official Committee of Unsecured Creditors, has claimed that recoveries to the unsecured creditors will be further reduced because of the fees sought by the law firms and financial advisors for work that has not produced any value for the estates. In light of the Debtors' abandonment of their reorganization strategy, Third Avenue, one of the Debtors' largest unsecured creditors, questioned whether it was appropriate to grant the compensation requests of the professionals who had been involved in the failed reorganization strategy. Third Avenue questioned payment for services that seemed to anticipate the Debtors' reorganization even after it became apparent, or should have been apparent, that reorganization was not feasible. The Court determined that Third Avenue's allegations, standing alone, did not justify the denial of interim fee applications. The Court, however, suggested that it would entertain a request for the appointment of a fee examiner to look into the professional fees in the Debtors' Chapter 11 cases. Section 1104(c)(2) requires the Court to order the appointment of an examiner in a case where (a) no trustee has been appointed under Section 1104, (b) no plan has been confirmed, and (c) the debtor's fixed, liquidated, unsecured debts, other than debts for goods, services or taxes, or owing to an insider, exceed US$5,000,000. As unsecured bond indebtness is US$901,000,000, a plan has not been confirmed, and a trustee has not been appointed, the appointment of an examiner is mandatory, Mr. Spence asserts. The U.S. Trustee wants the scope of inquiry of the examiner to cover: * a determination of the merit of Third Avenue's allegations; * an investigation of the progress of the Chapter 11 cases with a particular emphasis on whether appropriate and timely decisions were made by management, the Creditors Committee and their professionals on whether the company should remain a going concern or should be liquidated; * a determination if, once the decision to liquidate was reached, management took appropriate steps to manage costs, including professional fees and expenses; and * a review of applications for management compensation pursuant to Section 363, for professional fees and expenses pursuant to Section 330, and to recommendation to the Court and parties-in-interest whether the fees and expenses are appropriate under applicable law and guidelines and should be allowed in the amounts sought. An expeditious examination is necessary to either put to rest the issue raised by Third Avenue or to enable the Court and parties-in-interest to take appropriate action if the examiner concludes that the Debtors' cases have not been administered in accordance with applicable standards, Mr. Spence maintains. Accordingly, the examiner should be required to prepare and file a preliminary report describing his findings and recommendations within 60 days after his appointment, Mr. Spence says. While the examiner's ongoing investigation should not delay the Court's consideration of the Debtors' First Amended Joint Plan, the Plan contains certain provisions, not material to the determination of rights of stakeholders other than professionals and management, that should not be finally approved by the Court until the Court and parties-in-interest have received and evaluated the examiner's final report, Mr. Spence notes. Accordingly, upon entry of an order directing the appointment of an examiner, the U.S. Trustee will file a limited objection to the Plan confirmation to preserve parties' rights pending the conclusion of the examination. Mr. Spence asserts that the examiner should have the authority to retain professionals and standing as a party-in-interest to move, appear and be heard on any matters related to his appointment; and have the cooperation of the Debtors, Creditors Committee, and other parties-in-interest in his investigation. The appointment of the fee examiner should be without prejudice to the right of the fee examiner, U.S. Trustee or any party-in- interest to seek an expansion of the scope of examination, Mr. Spence adds. Post-Confirmation Review Panel Contested Mr. Spence notes that although the Debtors claim that a fee review is unnecessary, they appear to recognize its inevitability and proposed a fee evaluation committee as an alternative to an examiner. A fee committee cannot, as a matter of law, substitute for an examiner, Mr. Spence says. Moreover, he adds, a fee committee with a representative of the Debtors and the litigation trust administrator, as members, could not perform an investigation with the same independence as expected of an examiner under the Bankruptcy Code and as required by the investigation. Further, the Debtors' proposed committee would be formed after the Plan's confirmation, when the litigation trust is formed and its administrator appointed. Delaying the start of the investigation until after confirmation will make the investigation unnecessarily difficult as records and personnel are being dispersed while the Debtors continue their wind down. The fee examiner's report would also not be available in time, Mr. Spence asserts. Mr. Spence asserts that Third Avenue's troubling allegations merit independent investigation. "The allegations were broadly reported, and it is important to the integrity of the bankruptcy system that an independent person be appointed to investigate them and to publicly report his or her findings," Mr. Spence avers. "Under the Bankruptcy Code, that role is filled by an examiner or trustee, not by a committee." 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. On Aug. 30, 2006, the Debtors filed their Chapter 11 Plan and Disclosure Statement explaining that Plan. On Dec. 22, 2006, they filed an Amended Joint Chapter 11 Plan and then filed a modified Amended Plan on Jan. 24, 2007. The Court approved the Amended Disclosure Statement on Jan. 25, 2007. The confirmation hearing on the Amended Joint Plan is set for March 19, 2007. (Collins & Aikman Bankruptcy News, Issue No. 54; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). COLWICK ELECTRICAL: Taps Andrew Appleyard to Liquidate Assets ------------------------------------------------------------- Andrew Appleyard of Haines Watts was appointed liquidator of Colwick Electrical Ltd. on Feb. 21 for the creditors' voluntary winding-up proceeding. Haines Watts -- http://www.hwca.com/-- provides services that include taxation, business advisory, corporate finance, corporate recovery & insolvency and budget summary. The company can be reached at: Colwick Electrical Ltd. 42 Crosslands Meadow Colwick Nottingham Nottinghamshire NG4 2DJ England Tel: 078 7018 9096 GRAPHIC DETAIL: Claims Registration Ends March 20 ------------------------------------------------- Creditors of Graphic Detail (U.K.) Ltd. have until March 20 to send in their names and addresses, and particulars of debts or claims to: Gerard Keith Rooney Liquidator Rooney Associates Second Floor 19 Castle Street Liverpool L2 4SX England Gerard Keith Rooney of Rooney Associates was appointed liquidator of the company on Feb. 20. M THIRTEEN: Claims Filing Period Ends April 4 --------------------------------------------- Creditors of M (Thirteen) Ltd. have until April 4 to send in their names and addresses with particulars of the debts or claims to: David Moore Joint Liquidator Begbies Traynor No. 1 Old Hall Street Liverpool L3 9HF England David Moore and Donald Bailey of Begbies Traynor were appointed joint liquidators of the company on Feb. 21. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions, and individuals on all aspects of financial restructuring and corporate recovery. MCDERMOTT INT'L: No TXU Update Regarding Contracts Amidst Sale -------------------------------------------------------------- McDermott International Inc. has not received any notices from TXU Corp. pursuant to an announcement that TXU has agreed to be acquired. However, prior to the acquisition news, TXU had given notice to McDermott's subsidiary, The Babcock & Wilcox Company, to suspend performance on five of the eight projects in Texas for the design and supply of supercritical coal-fired boilers and selective catalytic reduction systems. A notice of suspension is a client-initiated directive to wind down and suspend all work on the affected units until a notice of resumption or termination is issued. These suspended projects will remain in McDermott's backlog until TXU provides further notice. For the suspended units, the contract(s) require that TXU compensate Babcock & Wilcox for all work performed to date and for all costs associated with the suspension, storage and resumption. Also, under the terms of the contract, Babcock & Wilcox is permitted to file claims for contract changes in all terms, including price and schedule should work resume. In the event of termination, the contract(s) provide for recovery of costs and a reasonable profit. Babcock & Wilcox is continuing to perform on the remaining unsuspended units. "We read TXU's press release this morning and their comments regarding reducing the number of plants. However, Babcock & Wilcox has not received any official word today from TXU related to either the suspended units or the other three," said Bruce W. Wilkinson, Chairman and Chief Executive Officer of McDermott. "Babcock & Wilcox is a clear industry leader in improving emissions associated with the power generation market, including carbon capture technology," continued Wilkinson. "Regardless of the potential change in TXU's ownership or the status of these projects, we expect TXU will remain a valued customer." About McDermott Int'l. McDermott International, Inc. (NYSE:MDR)-- http://www.mcdermott.com/--is a leading worldwide energy services company. McDermott's subsidiaries provide engineering, construction, installation, procurement, research, manufacturing, environmental systems, project management and facility management services to a variety of customers in the energy and power industries, including the U.S. Department of Energy. The company operates in most major offshore producing regions throughout the world, including the U.S. Gulf of Mexico, Mexico, the Middle East, India, the Caspian Sea and Asia Pacific. Operations in this segment are primarily conducted through its subsidiary, J. Ray McDermott, S.A. Its worldwide operations also include Indonesia and the United Kingdom. * * * As reported in the Troubled Company Reporter on Oct. 6, 2006, Moody's Investors Service's confirmed its B1 Corporate Family Rating for McDermott International Inc. MICHAEL COSTER: Creditors' Meeting Slated for March 13 ------------------------------------------------------ Creditors of Michael Coster Ltd. will meet at noon on March 13 at: Baker Tilly International House Queens Road Brighton BN1 3XE England Secured creditors who want to vote at the meeting must submit particulars of their security 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 March 9 at the offices of Baker Tilly. Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing and other services for mid-cap and smaller publicly listed companies and private companies, particularly those expanding into new foreign markets. Services include business and financial planning, tax-related services, corporate finance, litigation support, turnaround services, and technology consulting. OLDE SWAN: Creditors' Meeting Slated for March 7 ------------------------------------------------ Creditors of Olde Swan Ltd. will meet at noon on March 7 at: Ward Williams 43-45 High Street Weybridge Surrey KT13 8BB England 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 March and March 6 at the offices of Ward Williams. SALISBURY INT'L: Moody's Puts Ba1 Ratings to Two Credit Notes ------------------------------------------------------------- Moody's Investors Service has taken these rating actions in respect of notes issued by Salisbury International Investments Limited (Sphaera II): -- Upgraded to Aaa from Aa1 the Series 2006-06 US$3-million Floating Rate Portfolio Credit Linked Notes due 2011; -- Upgraded to Aaa from Aa1 the Series 2006-09 EUR10-million Floating Rate Portfolio Credit Linked Notes due 2011; -- Upgraded to Aaa from Aa1 the Series 2006-11 US$5-million Floating Rate Portfolio Credit Linked Notes due 2011; -- Upgraded to Aaa from Aa1 the Series 2006-14 EUR6.25-million Floating Rate Portfolio Credit Linked Notes due 2011; -- Upgraded to A1 from A2 the Series 2006-15 EUR10-million Floating Rate Portfolio Credit Linked Notes due 2011; -- Upgraded to Baa1 from Baa3 the Series 2006-05 US$3-million Floating Rate Portfolio Credit Linked Notes due 2011; -- Upgraded to Baa1 from Baa3 the Series 2006-13 EUR2.5-million Floating Rate Portfolio Credit Linked Notes due 2011; -- Upgraded to Ba1 from Ba2 the Series 2006-03 US$9-million Floating Rate Portfolio Credit Linked Notes due 2011; and -- Upgraded to Ba1 from Ba2 the Series 2006-04 EUR1-million Floating Rate Portfolio Credit Linked Notes due 2011. These upgrades are due to credit migration in the underlying reference portfolio in addition to a reduced time to maturity. SARACEN CYCLES: Hires A. Turpin to Liquidate Assets ------------------------------- ------------------- A. Turpin of Poppleton & Appleby was appointed liquidator of Saracen Cycles Ltd. on Jan. 25 for the creditors' voluntary winding-up procedure. The company can be reached at: Saracen Cycles Ltd. Saracen House Harriott Drive Warwick Warwickshire CV34 6TS England Tel: 01926 437 700 Fax: 01926 437 701 SILVERSTAR TRADING: Creditors' Meeting Slated for March 6 --------------------------------------------------------- Creditors of Silverstar Trading Ltd. will meet at 12:15 p.m. on March 6 at: Grantham Marriott Hotel Swingbridge Road Grantham NG31 7XT England 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 March 2 at: Crawfords Stanton House 41 Blackfriars Road Salford Manchester M3 7DB England SOLUTIA INC: Buying Akzo Nobel's 50% Stake in Flexsys Venture ------------------------------------------------------------- Solutia Inc. has reached a definitive agreement to purchase Akzo Nobel N.V.'s stake in Flexsys, the 50%/50% rubber chemicals joint venture between Akzo Nobel and Solutia. As reported in the Troubled Company Reporter on Dec. 20, 2006, Solutia and Akzo Nobel entered into a letter agreement committing the parties to execute the definitive agreement upon completion of consultation with Dutch employee works council representatives. The parties are moving forward to obtain the required approval of the U.S. Bankruptcy Court before which Solutia's Chapter 11 proceedings are pending, the receipt of required regulatory approvals, finalizing the definitive purchase agreement for Akzo Nobel's Crystex business in Japan and the fulfillment of other customary closing conditions. About Flexsys Based in Brussels, Belgium, Flexsys -- http://www.flexsys.com/ -- supplies chemicals for the rubber industry. With 2005 sales of approximately $600 million, Flexsys employs about 600 people worldwide. Formed in 1995, Flexsys products play a role in the manufacture of tires and other rubber products such as belts, hoses, seals and footwear. These chemicals help cure and protect rubber, increase durability, lengthen product life, and provide color control and heat resistance. Flexsys' products are manufactured at facilities across Europe, North America, South America and Asia. Flexsys also operates three technology centers as well as sales offices around the world. About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia, Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- with its subsidiaries, make and sell a variety of high-performance chemical-based materials used in a broad range of consumer and industrial applications. The Company filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., at Kirkland & Ellis. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. SPECTRUM PROPERTY: Joint Liquidators Take Over Operations --------------------------------------------------------- Paul A. Whitwam and Gary E. Blackburn of BWC Business Solutions were appointed joint liquidators of Spectrum Property Protection (Yorkshire) Ltd. on Feb. 21 for the creditors' voluntary winding-up proceeding. The company can be reached at: Spectrum Property Protection (Yorkshire) Ltd. Richmond House 2 Lavender Walk Leeds West Yorkshire LS9 8JB England Tel: 0113 217 2250 Fax: 0113 217 4040 THREE COUNTIES: Appoints Liquidators from Begbies Traynor --------------------------------------------------------- Rob Sadler and Michael Saville of Begbies Traynor were appointed joint liquidators of Three Counties Accountancy Ltd. on Feb. 19 for the creditors' voluntary winding-up proceeding. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions, and individuals on all aspects of financial restructuring and corporate recovery. The company can be reached at: Three Counties Accountancy Ltd. 45a Branthwaite Brow Kendal Cumbria LA9 4TX England Tel: 01539 721 002 Fax: 01539 736 667 WILLIAM BELL: Calls In Liquidator from ThorntonRones LLP -------------------------------------------------------- Richard Rones of ThorntonRones LLP was appointed liquidator of William Bell (Plashet) Ltd. on Feb. 20 for the creditors' voluntary winding-up procedure. The company can be reached at: William Bell (Plashet) Ltd. 30 Plashet Grove Newham London E6 1AE England Tel: 020 8472 2311 Fax: 020 8552 3298 WOODFIELD LODGE: Creditors' Meeting Slated for March 7 ------------------------------------------------------ Creditors of Woodfield Lodge Ltd. will meet at 11:00 a.m. on March 7 at: Fisher Partners Acre House 11-15 William Road London NW1 3ER England Secured creditors who want to vote at the meeting have until noon on March 6 to submit particulars of security at the said address. Stephen M. Katz of Fisher Partners will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require before the day of the meeting. YOUR PLACE: Creditors' Meeting Slated for March 7 ------------------------------------------------- Creditors of Your Place Ltd. will meet at 11:30 a.m. on March 7 at: Ward Williams 43-45 High Street Weybridge Surrey KT13 8BB England 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 March 5 and March 6 at the offices of Ward Williams. * BOOK REVIEW: Ocean Transportation ----------------------------------- Author: Carl E. McDowell and Helen M. Gibbs Publisher: Beard Books Paperback: 492 pages List Price: US$34.95 Order your personal copy at http://www.amazon.com/exec/obidos/ASIN/189312245X/internetbankru pt Carl E. McDowell and Helen M. Gibbs' Ocean Transportation gives a unique historical perspective of the shipping industry in the United States in the days following World War II. When first published in 1954, it was the first comprehensive book in two decades to discuss the principal aspects of ocean transportation. The book is primarily concerned with the techniques, practices, and problems of private ship ownership and operation, focusing on management from the point of view of the successful ship owner. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/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 * * *