/raid1/www/Hosts/bankrupt/TCREUR_Public/070308.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Thursday, March 8, 2007, Vol. 8, No. 48
Headlines
A U S T R I A
BAUUNTERNEHMEN MAYR: Innsbruck Court Orders Business Shutdown
CONTINENTAL LLC: Claims Registration Period Ends March 30
JOCHEN WEINDL: Claims Registration Period Ends March 14
MAIZE TECHNOLOGIES: Claims Registration Period Ends April 2
ORPHANETICS PHARMA: Claims Registration Period Ends April 10
RASENMAHER UND GARTENGERATE: Claims Registration Ends April 10
SPEIGNER BOEDEN: Claims Registration Period Ends April 10
TRUCK SERVICE: Claims Registration Period Ends March 23
B E L A R U S
BELTRANSGAZ JSC: May Go Bust if Government Lifts Extra Charge
B E L G I U M
AVNET INC: Prices Offering of 5-7/8% Senior Notes
CHIQUITA BRANDS: Delays 10-K Filing Over Loan Amendment Talks
METHANEX CORP: Board Declares Quarterly Cash Dividend
C Y P R U S
MARFIN POPULAR: Abstains Public Tender for Piraeus Shares
C Z E C H R E P U B L I C
ON SEMICONDUCTOR: Moody's Lifts Rating to B1 on Good Performance
F R A N C E
ADVANCED MICRO: Likely to Miss First Quarter Revenue Target
LEVEL 3: S&P Rates Proposed US$1.4-Bln Senior Secured Loan at B
G E R M A N Y
AUTO-MILZETTI: Claims Registration Period Ends April 3
BACKEREI GLADEN: Claims Registration Period Ends April 11
BRAUER MASCHINENFABRIK: Claims Registration Period Ends April 10
BRAUNBART-TELEMATIK: Claims Registration Period Ends March 27
BVM MAGNETANLAGENBAU: Claims Registration Period Ends April 11
C.T.I. SPEDITION: Claims Registration Period Ends April 11
D&H BAUSERVICE: Claims Registration Period Ends April 10
DAIMLERCHRYSLER AG: CEO Confirms Proposed SUV Deal with GM
DAIMLERCHRYSLER: CEO Hints Difficulty in Chrysler Piecemeal Sale
DAIMLERCHRYSLER: Offers US$100,000 Buyouts to Shed 13,000 Jobs
DOERING & BAUMER: Claims Registration Period Ends March 26
DRUCK-LINIE-VERWALTUNGS: Claims Registration Ends March 30
E. H.KLUGE: Claims Registration Period Ends April 10
ELEKTRO F. BURMEISTER: Claims Registration End April 5
FERROSUN GMBH: Claims Registration Ends March 29
FINANZDIENSTLEISTUNGSGESELLSCHAFT SCHAFER: Claims Due April 10
FORMEN- UND MASCHINENBAU: Claims Registration Ends March 30
GREINER UND PUTZ: Claims Registration Ends April 11
IMMOBILIEN SCHWEIGER: Creditors Must Register Claims by April 10
INTERNATIONAL CARGO: Creditors Must Register Claims by April 11
K UND K: Creditors Must Register Claims by April 10
KARSTEN PLAUMANN: Creditors Must Register Claims by April 11
KELLER GMBH: Creditors Must Register Claims by April 10
MARMOR-LINE GMBH: Creditors' Meeting Slated for April 10
MASSOLD BAU: Claims Registration Ends April 5
MEINTIER.DE GMBH: Claims Registration Ends April 11
METALLWERKE LOEWEN: Claims Registration Ends March 23
NEUTRANS GMBH: Claims Registration Ends April 5
OHT GMBH: Claims Registration Ends April 5
PFEIFFER GMBH: Claims Registration Ends April 5
POMMERIA-FROST DIEDRICHSHAGEN: Claims Registration Ends April 5
SAI GMBH: Claims Registration Ends March 27
SCHLEMMERMAHL GASTRONOMIE: Claims Registration Ends March 26
SCHUR ELEKTRO: Claims Registration Period Ends April 8
SEIDEN-GROHN: Claims Registration Period Ends April 10
SEVINC PRAZISIONSDREHTEILE: Claims Registration Ends March 16
TELEBAU ELEKTRO: Creditors' Meeting Slated for March 27
TISCALI SPA: Closes Sale of German B2C Activities to Freenet
URSULA JETTER: Claims Registration Period Ends March 28
I T A L Y
ALITALIA SPA: Hikes Group Net Debt by EUR75 Million in January
ALITALIA SPA: China Eyes Possible Partnership, Says Minister
POPOLARE ITALIANA: Chairman Piero Giarda Sees Yes Vote to Merger
TISCALI SPA: Closes Sale of German B2C Activities to Freenet
K A Z A K H S T A N
ALIN STROY: Creditors Must File Claims by April 6
ARTI-SIGUAR LLP: Creditors' Claims Due April 20
ENERGOSNAB 2006: Proof of Claim Deadline Slated for April 20
HALYK BANK: Posts KZT20.7 Billion Net Profit in 2006
KURYLYS-ORIGINAL LLP: Claims Registration Ends April 20
LAIYKTY LLP: Claims Filing Period Ends April 20
MAKSAT LLP: Creditors Must File Claims by April 20
MILLENIUM PROJECT: Creditors' Claims Due April 6
REMAX LLP: Proof of Claim Deadline Slated for April 20
RTC KAZAKHSTAN: Claims Registration Ends April 20
STROY-CONTRACT LLP: Claims Filing Period Ends April 20
K Y R G Y Z S T A N
LON SHAN: Claims Filing Period Ends April 20
N E T H E R L A N D S
GETRONICS NV: Posts EUR145 Million Net Loss for Full Year 2006
OI EUROPEAN: Offering EUR300-Mln Sr. Notes Via Private Placement
OI EUROPEAN: Moody's Rates New EUR300 Million Senior Notes at B3
OI EUROPEAN: Fitch May Rate New EUR300-Million Senior Notes at B
N O R W A Y
NORSKE SKOGINDUSTRIER: Nominates Kim Wahl as New Chairman
R U S S I A
AMFORA CJSC: Court Names N. Popov as Insolvency Manager
ARKO-RUSSIAN INSURANCE: Court Names N. Popov to Manage Assets
INDUSTRIAL-BUILDING: Court Names N. Popov as Insolvency Manager
KRYMSKIY TINNED: Asset Sale Slated for March 20
LUKOIL OAO: Puts Reserves at 20.4 Bln Barrels of Oil Equivalent
LUKOIL OAO: Commissions New Production Unit at OOO Stavrolen
METAL-DESIGN LLC: Court Names A. Lyutyj as Insolvency Manager
NAST CJSC: Court Names N. Popov as Insolvency Manager
NORTH-WEST LEASING: Court Names N. Popov as Insolvency Manager
OIL-SERVICE LLC: Court Starts Bankruptcy Supervision Procedure
POKHVISTNEVSKIY FACTORY: Court Names M. Kiyamov to Manage Assets
PUMPS CJSC: Moscos Court Names A. Lyutyj as Insolvency Manager
RUSSIAN TRADING: Court Names A. Trifonov as Insolvency Manager
SIBERIA CJSC: Creditors Must File Claims by March 17
SOUTHERN TELECOMMUNICATIONS: Seeks New Auditor for 2007 Results
TEPLO-SERVICE LLC: Bankruptcy Hearing Slated for March 22
TNK-BP HOLDING: Replaces 129% of Production with New Reserves
TRITON CJSC: Court Starts Bankruptcy Supervision Procedure
VSFK IMMOVABLE: Creditors Must File Claims by March 17
S P A I N
UTSTARCOM INC: Defers 10-K Filing Due to Financial Restatements
S W I T Z E R L A N D
ARKTIKUM INVESTMENTS: Creditors' Liquidation Claims Due March 20
CLOCK FINANCE: Moody's Puts Low-B Ratings on Three Classes Notes
CLOCK FINANCE: Fitch Puts Low-B Ratings to Three Note Classes
COMTRANS JSC: Creditors' Liquidation Claims Due March 15
EPC-CONSULT JSC: Creditors' Liquidation Claims Due April 30
LA PERGOLA: Creditors' Liquidation Claims Due March 22
MANOSOPH HOLDING: Creditors' Liquidation Claims Due April 15
MEULI WERBEARTIKEL: Creditors' Liquidation Claims Due March 22
NATELCENTER TELECOM: Creditors' Liquidation Claims Due March 22
ROBINSON NUGENT: Creditors' Liquidation Claims Due March 22
URANIA BETRIEBS: Creditors' Liquidation Claims Due March 22
ZARPA TRADING: Creditors' Liquidation Claims Due March 26
U K R A I N E
FISH EXTRACTIVE: Proofs of Claim Filing Deadline Set March 12
LUBOMIR CJSC: Creditors Must File Proofs of Claim by March 12
NOVYM SHLIAHOM: Creditors Must File Proofs of Claim by March 12
OHTYRKA PETROLEUM: Proofs of Claim Filing Deadline Set March 12
ROZOVSKY OJSC: Proofs of Claim Filing Deadline Set March 12
TH LISIANKAAGRO: Creditors Must File Proofs of Claim by March 12
U N I T E D K I N G D O M
ADVANCED MICRO: Likely to Miss First Quarter Revenue Target
ALCENTRA LTD: S&P Assigns BB Ratings to EUR33.75-Mln Notes
BAUSCH & LOMB: Financial Restatements Cue 10-K Filing Delay
BIG BUS: Names Administrators from Vantis Plc
COLLINS & AIKMAN: Wants to Further Extend Lease Decision Period
CORUS GROUP: Unit Hikes Hot Rolled Prices by 5% in EU and UK
CORUS GROUP: Increases UK Wire Rod Prices by 8% to 10%
CRAEGMOOR FUNDING: Moody's Cuts Rating to B1 on Two Bond Classes
CRAEGMOOR FUNDING: Fitch Keeps BB- Ratings on Class B1 & B2 Debt
DAMOVO GROUP: New Chairman Eyes Review of Scottish Operations
DURA AUTOMOTIVE: Creditors Must File Proofs of Claim by May 1
EXMOOR WHOLESALE: Names Timothy Alexander Close as Administrator
GENERAL MOTORS: Further Delays Filing of Reports Until March 16
HOHA LTD: Brings In Moore Stephens to Administer Assets
HOHA LTD: Joint Administrators Offer Business & Assets for Sale
IMPARO LTD: Brings In Joint Administrators from Vantis
IRON MOUNTAIN: Moody's Rates Proposed CDN$175-Mln Notes at B3
IRON MOUNTAIN: S&P Rates Proposed CDN$175 Million Sr. Notes at B
JOSEPH BARRACLOUGH: Appoints Administrator from Armstrong Watson
KENSINGTON MORTGAGE: Fitch Assigns BB Ratings to Class B2 Notes
LADBROKES PLC: To Continue 888.Com Bid Amid Litigation Concerns
METALLEX LTD: Taps Joint Administrators from Smith & Williamson
NORTH WEST: Taps Joint Administrators from Tenon Recovery
OO SOLUTIONS: Brings In Begbies Traynor as Administrators
OWEN OWEN: Appoints Kroll's Duffy & Whitehouse as Administrators
PRACTICAL LOGIC: Appoints BDO Stoy to Administer Assets
REFCO INC: Refco LLC Files January 2007 Monthly Operating Report
RMF EURO: S&P Assigns BB- Ratings to EUR17.1-Mln Class V Notes
SCOTTISH RE: Shareholders Okay MassMutal Capital & Cerberus Deal
SCOTTISH RE: S&P Holds Ratings Watch on MassMutual/Cerberus Deal
SIGNATECH SYSTEMS: Appoints Vantis as Joint Administrators
STARLIGHT GROWERS: Names Administrator from Hazlewoods LLP
TIMKEN COMPANY: Earns US$222.53 Million in Year Ended 2006
TOWER RECORDS: Court OKs Pact Expanding Consor's Retention Scope
* Crowell & Moring Adds Nine Lawyers to New York Office
* Upcoming Meetings, Conferences and Seminars
*********
=============
A U S T R I A
=============
BAUUNTERNEHMEN MAYR: Innsbruck Court Orders Business Shutdown
-------------------------------------------------------------
The Land Court of Innsbruck entered Feb. 15 an order shutting
down the business of LLC Bauunternehmen Mayr (FN 40752f).
Court-appointed estate administrator Stephan Kasseroler
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. Stephan Kasseroler
c/o Mag. Iris Jager
Lieberstrasse 3
6020 Innsbruck
Austria
Tel: 0512/57 13 31
Fax: 0512/57 33 199
E-mail: office@kasseroler.at
Headquartered in Hopfgarten im Brixental, Austria, the Debtor
declared bankruptcy on Feb. 12 (Bankr. Case No. 19 S 12/07y).
Iris Jager represents Dr. Kasserpler in the bankruptcy
proceedings.
CONTINENTAL LLC: Claims Registration Period Ends March 30
---------------------------------------------------------
Creditors owed money by LLC Continental (FN 87138w) have until
March 30 to file written proofs of claim to court-appointed
estate administrator Erik Kroker at:
Dr. Erik Kroker
Schmerlingstrasse 2
6020 Innsbruck
Austria
Tel: 0512/58 30 74
Fax: 0512/58 30 74 18
E-mail: kroker@law-office.co.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on April 16 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Innsbruck
Conference Hall 212
Second Floor
New Building
Maximilianstrasse 4
6020 Innsbruck
Austria
Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on Feb. 15 (Bankr. Case No. 19 S 15/07i). Hannes
Paulweber represents the Debtor in the bankruptcy proceedings.
The Debtor's representative can be reached at:
Dr. Hannes Paulweber
Anichstrasse 3
6020 Innsbruck
Austria
Tel: 0512/58 19 58
Fax: 0512/58 19 58 19
JOCHEN WEINDL: Claims Registration Period Ends March 14
-------------------------------------------------------
Creditors owed money by LLC Jochen Weindl & Co KEG (FN 268631x)
have until March 14 to file written proofs of claim to court-
appointed estate administrator Clemens Richter at:
Mag. Clemens Richter
c/o Dr. Thomas Engelhart
Esteplatz 4
1030 Vienna
Austria
Tel: 01/712 33 30
Fax: 01/712 33 30 30
E-mail: engelhart@csg.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on March 28 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Korneuburg
Room 204
Second Floor
Korneuburg, Austria
Headquartered in Strasshof an der Nordbahn, Austria, the Debtor
declared bankruptcy on Feb. 15 (Bankr. Case No. 36 S 19/07x).
Thomas Engelhart represents Mag. Richter in the bankruptcy
proceedings.
MAIZE TECHNOLOGIES: Claims Registration Period Ends April 2
-----------------------------------------------------------
Creditors owed money by LLC Maize Technologies International (FN
214239h) have until April 2 to file written proofs of claim to
court-appointed estate administrator Michael Wagner at:
Mag. Michael Wagner
Untere Hauptstrasse 52
7100 Neusiedl am See
Austria
Tel: 02167/3503
Fax: 02167/8825
E-mail: neusiedl@hajek-partner.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on April 16 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Eisenstadt
Hall F
Eisenstadt, Austria
Headquartered in Neusiedl am See, Austria, the Debtor declared
bankruptcy on Feb. 15 (Bankr. Case No. 26 S 24/07t).
ORPHANETICS PHARMA: Claims Registration Period Ends April 10
------------------------------------------------------------
Creditors owed money by LLC Orphanetics Pharma Entwicklung (FN
244570m) have until April 10 to file written proofs of claim to
court-appointed estate administrator Brigitte Stampfer at:
Dr. Brigitte Stampfer
Stadlergasse 27
1130 Vienna
Austria
Tel: 877 33 30
Fax: 877 33 30 33
E-mail: ra-stampfer@utanet.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:45 p.m. on April 24 for the
examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1701
Vienna, Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 15 (Bankr. Case No. 6 S 17/07b).
RASENMAHER UND GARTENGERATE: Claims Registration Ends April 10
--------------------------------------------------------------
Creditors owed money by LLC Rasenmaher und Gartengerate (FN
210035a) have until April 10 to file written proofs of claim to
court-appointed estate administrator Michael Lesigang at:
Dr. Michael Lesigang
Landstrasser Hauptstrasse 14-16/8
1030 Vienna
Austria
Tel: 715 25 26
Fax: 715 25 26 27
E-mail: michael@lesigang.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:00 p.m. on April 24 for the
examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1701
Vienna, Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 15 (Bankr. Case No. 6 S 19/07x).
SPEIGNER BOEDEN: Claims Registration Period Ends April 10
---------------------------------------------------------
Creditors owed money by LLC Speigner Boeden (FN 80203x) have
until April 10 to file written proofs of claim to court-
appointed estate administrator Erhard Hackl at:
Dr. Erhard Hackl
c/o Mag. Markus Weixlbaumer
Hofgasse 7
4020 Linz
Austria
Tel: 0732/7762343
Fax: 0732/776234-22
E-mail: hackl.hatak@aon.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 23 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Linz
Room 522
Fifth Floor
Linz, Austria
Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Feb. 15 (Bankr. Case No. 12 S 19/07t). Markus Weixlbaumer
represents Dr. Hackl in the bankruptcy proceedings.
TRUCK SERVICE: Claims Registration Period Ends March 23
-------------------------------------------------------
Creditors owed money by LLC Truck Service (FN 218173v) have
until March 23 to file written proofs of claim to court-
appointed estate administrator Gernot Moser at:
Dr. Gernot Moser
Ludwig Penz Strasse 2
6130 Schwaz
Austria
Tel: 05242/62331
Fax: 05242/623311
E-mail: g.moser@rechtsberater.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on April 6 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Innsbruck
Room 214
Conference Hall
Second Floor
Maximilianstrasse 4
6020 Innsbruck
Austria
Headquartered in Brixlegg, Austria, the Debtor declared
bankruptcy on Feb. 15 (Bankr. Case No. 7 S 9/07v). Alfred
Witzlsteiner serves as Dr. Moser's partner in the bankruptcy
proceedings.
The estate administrator's partner can be reached at:
Mag. Alfred Witzlsteiner
Gemeinschuldnervertreter
Maria-Theresien-Strasse 21/I
Second Floor
6020 Innsbruck
Austria
Tel: 0512/58 28 59
Fax: 0512/58 28 59 75
E-mail: office@ra-witzlsteiner.at
=============
B E L A R U S
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BELTRANSGAZ JSC: May Go Bust if Government Lifts Extra Charge
-------------------------------------------------------------
OAO Gazprom expressed concern that JSC Beltransgaz might succumb
to bankruptcy if the Belarusian government proceeds with its
plan to abolish an extra charge of US$18 per 1,000 cubic meters
of gas by the company to local gas retailer Beloptgaz, Charter
97 reports.
Valery Golubev, Gazprom's board member, said Beltransgaz would
become unprofitable if the charge is abolished, Charter 97 says.
Gazprom is pushing for a Belarusian presidential decree to
formalize the extra charge, Mr. Gobulev added.
Gazprom signed a deal in December 2006 with the Belarusian
government to acquire a 50% stake in Beltransgaz, which is
valued at US$5 billion, within 2007 to 2010. Gazprom agreed to
acquire for the first half of 2007 a 12.5% stake in Beltransgaz
for US$625 million, part of which will go to the Belarusian
budget. The deal also allows Gazprom to take possession of
property only after acquiring a 50% stake in Beltrasngaz.
Beltransgaz forecasts BYR56.2 billion in net profit for 2006 and
BYR80 billion in 2007, Charter 97 reports citing Interfax-
Ukraine.
Headquartered in Minsk, Belarus, Beltransgaz JSC --
http://www.beltransgaz.by/-- transports gas supplies from
Russia to Belarus through its pipelines.
=============
B E L G I U M
=============
AVNET INC: Prices Offering of 5-7/8% Senior Notes
-------------------------------------------------
Avnet Inc. prices its offering of US$300 million aggregate
principal amount of 5-7/8% Notes due 2014 in a registered
offering.
Upon pricing, the offering size was increased from the US$250
million aggregate principal amount, which was offered on
March 2. The offering was expected to close on March 7, subject
to customary closing conditions.
Avnet intends to use all of the net proceeds to repay amounts
outstanding under its revolving credit facility and its accounts
receivable securitization program.
The offering is lead-managed by Banc of America Securities LLC
and Credit Suisse Securities (USA) LLC.
A prospectus relating to the offering may be obtained from:
Banc of America Securities LLC
Telephone 1-800-294-1322
or
Credit Suisse Securities (USA) LLC
Prospectus Delivery Department
11 Madison Avenue, Floor 2B
New York, NY 10010 1-800-221-1037
Headquartered in Phoenix, Arizona, Avnet, Inc. (NYSE:AVT) --
http://www.avnet.com/-- distributes electronic components and
computer products, primarily for industrial customers. It has
operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and
Sweden.
* * *
As reported in the Troubled Company Reporter on March 5, 2007,
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet, Inc. and revised the outlook to
positive from stable.
CHIQUITA BRANDS: Delays 10-K Filing Over Loan Amendment Talks
-------------------------------------------------------------
Chiquita Brands International Inc. disclosed in a regulatory
filing with the Securities and Exchange Commission that it
delayed the filing of its Annual Report on Form 10-K for the
year ended Dec. 31, 2006.
The company said it is currently seeking approval of an
amendment with lenders under its credit agreement dated as of
June 28, 2005, with respect to the treatment of a charge of
US$25 million recorded in its financial statements for the year
ended Dec. 31, 2006, and certain other related costs in
connection with the previously announced U.S. Department of
Justice's evaluation of the company's officers and directors.
"While the company is currently in compliance with the financial
covenants under the credit agreement, this amendment is
necessary to mitigate the potential of financial covenant non-
compliance in future periods, which would affect the
consolidated balance sheet classification of the company's debt
as of Dec. 31, 2006, and related disclosures," Brian W. Kocher,
Chiquita's vice president, controller and chief accounting
officer, said.
The company anticipates completing its credit agreement
amendment in sufficient time to file Form 10-K for the year
ended Dec. 31, 2006, by March 16, or sooner.
U.S. Department of Justice Probe
In a press statement dated Feb. 22, Chiquita disclosed that in
April 2003, the company's management and audit committee, in
consultation with the board of directors, voluntarily disclosed
to the U.S. Department of Justice that its former banana-
producing subsidiary in Colombia, which was sold in June 2004,
had made payments to certain groups in that country which had
been designated under United States law as foreign terrorist
organizations.
Following the voluntary disclosure, the Justice Department
undertook an investigation, including consideration by a grand
jury. In March 2004, the Justice Department advised that, as
part of its criminal investigation, it would be evaluating the
role and conduct of the company and some of its officers in the
matter. In September and October 2005, the company was advised
that the investigation was continuing and that the conduct of
the company and some of its officers and directors was within
the scope of the investigation.
During the fourth quarter of 2006, the company commenced
discussions with the Justice Department about the possibility of
reaching a plea agreement. As a result of the discussions, and
in accordance with the guidelines set forth in SFAS No. 5, the
company has recorded a reserve of US$25 million in its financial
statements for the quarter and year ended Dec. 31, 2006.
The amount reflects liability for payment of a proposed
financial sanction contained in an offer of settlement made by
the company to the Justice Department. The US$25 million would
be paid out in five equal annual installments, with interest,
beginning on the date judgment is entered. The Justice
Department has indicated that it is prepared to accept both the
amount and the payment terms of the proposed US$25 million
sanction.
According to the company, negotiations are ongoing, and there
can be no assurance that a plea agreement will be reached or
that the financial impacts of any such agreement, if reached,
will not exceed the amounts currently accrued in the financial
statements. Furthermore, the company said that the agreement
would not affect the scope or outcome of any continuing
investigation involving any individuals.
In the event an acceptable plea agreement between the company
and the Justice Department is not reached, the company believes
the Justice Department is likely to file charges, against which
the company would aggressively defend itself. The company is
unable to predict the financial or other potential impacts that
would result from an indictment or conviction of the company or
any individual, or from any related litigation, including the
materiality of such events.
About Chiquita Brands
Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads. The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks. Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama, Philippines, Australia, Belgium, Germany, among others.
* * *
On Nov. 6, Moody's Investors Service downgraded its ratings for
Chiquita Brands LLC., as well as for its parent Chiquita Brands
International Inc. Moody's said the outlook on all ratings is
stable.
Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.
S&P said the ratings remain on CreditWatch with negative
implications where they were placed on Sept. 26.
METHANEX CORP: Board Declares Quarterly Cash Dividend
-----------------------------------------------------
Methanex Corporation's Board of Directors has declared a
quarterly dividend of US$0.125 per share that will be payable on
March 31 to holders of common shares of record on March 16,
2007. The Board has designated this dividend as an "eligible
dividend" for the purposes of Canadian tax law.
Methanex's Board also approved an increase in the company's
current normal course issuer bid, increasing the maximum
allowable repurchase by 2 million common shares to 7,495,763
shares, representing about 8 per cent of the public float as at
May 8, 2006. As at the close of business on March 2, 2007, the
Company had repurchased 5,000,000 common shares under the bid at
an average price of US$23.85 (CDN$27.17) per share.
Bruce Aitken, president and CEO of Methanex commented, "We have
generated significant cash flow from operating activities over
the past year. The extension of our share repurchase program
reflects our balanced approach to the utilization of cash and
demonstrates our ongoing commitment to returning excess cash to
shareholders." Mr. Aitken added, "We have excellent financial
strength and flexibility with US$355 million in cash at the end
of the fourth quarter of 2006, an undrawn US$250 million credit
facility and an outlook for continued strong cash generation."
The normal course issuer bid repurchase program was originally
filed and accepted by the Toronto Stock Exchange (TSX) on May 9,
2006. The program is carried out through the facilities of the
TSX. Purchases under the program, which commenced on May 17,
2006, will terminate on the earlier of May 16, 2007, and the
date upon which the Company has acquired the maximum number of
common shares permitted under the program or otherwise decided
not to make further purchases. Purchases will be made from time
to time at the then current market price of the Company's common
shares as traded on the TSX and the common shares purchased will
be cancelled.
About Methanex Corp.
Headquartered in Vancouver, British Columbia, Methanex Corp. --
http://www.methanex.com/ -- is a producer and marketer of
methanol. The marketing and logistics offices in Waterloo,
Belgium, and Tees, United Kingdom, oversee the management and
administration of all Methanex's sales and distribution
operations in Europe.
* * *
As reported in the Troubled Company Reporter on Nov. 13, 2006,
Moody's Investors Service affirmed its Ba1 Corporate Family
Rating for Methanex Corp.
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C Y P R U S
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MARFIN POPULAR: Abstains Public Tender for Piraeus Shares
---------------------------------------------------------
The Board of Directors of Piraeus Bank and Marfin Popular Bank
Public Co. Ltd., taking into account the best interests of their
respective institutions and their shareholders, have mutually
agreed and committed to abstain from launching a public tender
offer for the acquisition of the other party's shares until
Dec. 31, 2010.
The arrangement also covers the public tender offer submitted by
Piraeus Bank to Marfin Popular's shareholders.
Piraeus, in line with its previously communicated intention to
dispose its participation in Bank of Cyprus share capital, which
is currently 8.07%, shall immediately sell said shares to Marfin
Popular Bank.
Piraeus and Marfin Popular will also jointly examine forthwith
the possibility of transferring Marfin Popular's retail banking
network in England to Piraeus Bank.
Following such resolutions, the two institutions reinstate their
amicable business and commercial relationship.
About Piraeus
Headquartered in Athens, Greece, Piraeus Bank (TPEIR) --
http://www.piraeusbank.gr/-- is Greece's fourth largest banking
group by total assets with 480 branches and 8,747 staff in
Greece and the neighboring countries. Traditionally, it had a
strong franchise in SME lending but has in recent years
aggressively expanded its retail lending activities. The bank
is listed at the Athens Stock Exchange and has a diversified
shareholder base.
About Marfin Popular
Marfin Popular Bank Public Co. Ltd. -- http://www.laiki.com/--
the new name for Cyprus Popular Bank, Cyprus' second-largest
financial institution. It offers full banking and financial
services and at the end of 2005, it had 114 branches and 2,416
staff in Cyprus as well as 55 branches in Greece.
* * *
As of March 7, Marfin Popular Bank Public Co. Ltd.'s Bank
Financial Strength carries Moody's Investors Service's D+ rating
and Fitch's C Individual Rating.
===========================
C Z E C H R E P U B L I C
===========================
ON SEMICONDUCTOR: Moody's Lifts Rating to B1 on Good Performance
----------------------------------------------------------------
Moody's Investors Service upgraded the corporate family ratings
of ON Semiconductor Corporation to B1 from B2 and assigned a Ba1
rating to the amended and restated credit facility.
Moody's will withdraw the ratings on the existing US$200 million
term loan and US$25 million revolver upon completion of the
facility amendment. The ratings outlook remains positive.
The upgrade reflects ongoing improvements to the company's
capital structure, which has enhanced credit metrics and
improved financial flexibility by reducing borrowing costs and
extending near-term debt maturities. Importantly, the upgrade
reflects continued good internal execution on cost reduction,
manufacturing improvements, inventory management and supply
chain optimization that have resulted in margin expansion and
higher gross cash flows compared to prior year periods.
It also factors in the company's broad product portfolio,
diversified end markets, more favorable product mix and strong
product development strategy, which has resulted in ON Semi's
move up the value chain. Moody's notes that ON Semi's financial
metrics suggest a Ba3 rating, however the rating is constrained
by the increase in fixed costs related to the new Gresham fab,
potential heightened competition and some modest customer
concentration.
The positive outlook reflects the company's dedicated focus on
reducing debt and interest expense and Moody's expectation of
continued capital structure improvements. It also factors
Moody's expectation that the company will achieve above-average
revenue growth and expand gross and operating margins in
connection with incremental benefits from increasing
semiconductor content within OEM/ODM platforms, a gradual shift
to higher margin power products and continued cost savings. The
current ratings and outlook incorporate expectations of
expanding free cash flow, minimal acquisition activity and
limited share repurchases.
The ratings were upgraded:
-- Corporate Family Rating to B1 from B2
-- Probability of Default Rating to B1 from B2
The new ratings were assigned to the amended and restated credit
facility:
-- US$25-million Guaranteed Senior Secured Revolving Credit
Facility due 2013 to Ba1 (LGD-1, 4%)
-- US$175 million Guaranteed Senior Secured Term Loan
maturing through 2013 to Ba1 (LGD-1, 4%)
The ratings will be withdrawn upon completion of the facility
amendment:
-- US$25 million Guaranteed Senior Secured Revolving Credit
Facility due 2008 -- Ba3 (LGD-2, 25%)
-- US$200 million Guaranteed Senior Secured Term Loan Tranche
H due 2009 -- Ba3 (LGD-2, 25%)
The ratings outlook is positive.
Headquartered in Phoenix, AZ, ON Semiconductor is a global
manufacturer of power- and data-management semiconductors and
standard semiconductor components. Revenues and EBITDA for the
twelve months ended Dec. 31, 2006 were US$1.5 billion and US$410
million, respectively.
===========
F R A N C E
===========
ADVANCED MICRO: Likely to Miss First Quarter Revenue Target
-----------------------------------------------------------
Advanced Micro Devices Inc. said in a technology conference
sponsored by Morgan Stanley that it was unlikely the company
would meet its target of US$1.6 billion to US$1.7 billion in
revenue for the first quarter, providing evidence that the price
war with Intel was continuing to take its toll, Laurie J. Flynn
of The New York Times reports.
Citing AMD's chief executive officer, Hector Ruiz, the source
said the company had underestimated demand for its
microprocessors from its newest customers - personal computer
makers - while failing to meet the needs of its longtime
reseller partners.
"We didn't do as good a job as we should have," Mr. Ruiz said in
the report.
According to the source, Mr. Ruiz expected the pricing battles
to continue.
The intense price war caused Intel to step up campaign to win
back market share it lost to AMD while AMD cut prices on desktop
processors last month by as much as 35 percent, the report said.
In June 2005, AMD filed an antitrust lawsuit against Intel
alleging that the latter forced major customers into exclusive
deals and offered secret rebates to undercut AMD in the market
for microprocessors.
For the year ended Dec. 31, 2006, AMD reported a US$166 million
net loss on US$5,649 million of net revenues compared to a
US$165 million net income on US$5,848 million of net revenues
for the year ended Dec. 31, 2005.
AMD's balance sheet at Dec. 31, 2006, showed total assets of
US$13,147 million, total liabilities of US$4,362 million, and
total stockholders' equity of US$5,785 million.
About AMD
Based in Sunnyvale, California, Advanced Micro Devices Inc.
(NYSE:AMD) -- http://www.amd.com/-- designs and produces
innovative microprocessor and graphics and media solutions for
the computer, communications, and consumer electronics
industries. The company has corporate locations in Sunnyvale,
California, Austin, Texas, and Markham, Ontario, and global
operations and manufacturing facilities in the United States,
Europe, Japan, and Asia. It maintains operations in Belgium,
France, Germany, the United Kingdom, Mexico and Brazil.
* * *
As reported in the Troubled Company Reporter on Oct. 31, 2006,
in connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. technology semiconductor and
distributor sector, the rating agency affirmed its Ba3 corporate
family rating on Advanced Micro Devices, Inc.
As reported in the Troubled Company Reporter on Oct. 6, 2006,
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on AMD. The rating agency also assigned its 'BB-'
bank loan rating, one notch above the corporate credit rating,
and a '1' recovery rating to the company's proposed US$2.5
billion senior secured term loan, to be used as partial funding
of the acquisition. S&P further raised its rating on the
company's US$600 million (US$390 million outstanding) senior
notes to 'B+' from 'B'.
LEVEL 3: S&P Rates Proposed US$1.4-Bln Senior Secured Loan at B
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B' bank loan
rating, one notch above the corporate credit rating, to Level 3
Financing Inc.'s proposed US$1.4 billion senior secured term
loan due 2014.
A recovery rating of '1' was also assigned to the loan,
indicating our expectations for a full recovery of principal in
the event of a payment default.
The new senior secured term loan replaces Level 3 Financing's
existing US$730 million senior secured term loan. Upon closing
of the new facility, the 'B-' bank loan rating and '1' recovery
rating on the existing US$730 million senior secured term loan
will be withdrawn.
The corporate credit rating on parent company, Level 3
Communications Inc., is 'B-' and the outlook is stable. Level 3
Financing is a wholly owned subsidiary of Level 3
Communications, a facilities-based provider of integrated
communication services in the U.S. and Europe.
At Dec. 31, 2006, Level 3 Communications' network included
46,000 intercity fiber route miles, approximately 25,000
metropolitan fiber route miles in 125 metropolitan markets, and
6,500 traffic aggregation points in North American and Europe.
Debt outstanding at Dec. 31, 2007, pro forma for acquisitions
since Jan. 1,2007, and numerous financing transactions,
including the recently completed US$1 billion of senior note
offerings and proposed US$1.4 billion senior secured term loan
totaled about US$6.9 billion.
Ratings List
Ratings Assigned
* Level 3 Financing Inc.
-- US$1.4 Billion Senior Secured Credit Facility: B
-- Recovery Rating: 1
=============
G E R M A N Y
=============
AUTO-MILZETTI: Claims Registration Period Ends April 3
------------------------------------------------------
Creditors of Auto-Milzetti GmbH have until April 3 to register
their claims with court-appointed insolvency manager Thomas
Lanio.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Offenbach am Main
Hall 162N
First Floor
Kaiserstrasse
63065 Offenbach am Main
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be contacted at:
Dr. Thomas Lanio
Waldstrasse 45
D 63065 Offenbach am Main
Germany
Tel: 069/8007 490
Fax: 069/8007 4990
The District Court of Offenbach am Main opened bankruptcy
proceedings against Auto-Milzetti GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be contacted at:
Auto-Milzetti GmbH
Attn: Mario Milzetti, Manager
Mainzer Strasse 46
63303 Dreieich
Germany
BACKEREI GLADEN: Claims Registration Period Ends April 11
---------------------------------------------------------
Creditors of Backerei Gladen GmbH have until April 11 to
register their claims with court-appointed insolvency manager
Vera Mai.
Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on May 2, 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 Hagen
Meeting Hall 269
Second Floor
Heinitzstrasse 42/44
58097 Hagen
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be contacted at:
Vera Mai
Werner Str. 12 a
44388 Dortmund
Germany
The District Court of Hagen opened bankruptcy proceedings
against Backerei Gladen GmbH on March 1. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be contacted at:
Backerei Gladen GmbH
Mendener Str. 42 c
58675 Hemer
Germany
Attn: Guido Pantel, Manager
Dornstueck 23
58706 Menden
Germany
BRAUER MASCHINENFABRIK: Claims Registration Period Ends April 10
----------------------------------------------------------------
Creditors of Brauer Maschinenfabrik Oedheim GmbH i.L. have until
April 10 to register their claims with court-appointed
insolvency manager Marcus Egner.
Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Heilbronn
Hall 4
Ground Floor
Rollwagstr. 10a
74072 Heilbronn
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be contacted at:
Dr. Marcus Egner
Moltkestrasse 40
74072 Heilbronn
Germany
Tel: 07131/60990
Fax: 07131/609962
The District Court of Heilbronn opened bankruptcy proceedings
against Brauer Maschinenfabrik Oedheim GmbH i.L. on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be contacted at:
Brauer Maschinenfabrik Oedheim GmbH i.L.
Heuchlinger Strasse 35
74229 Oedheim
Germany
BRAUNBART-TELEMATIK: Claims Registration Period Ends March 27
-------------------------------------------------------------
Creditors of Braunbart-Telematik GmbH have until March 27 to
register their claims with court-appointed insolvency manager
Thomas Kind.
Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Karlsruhe
Hall IV
First Floor
Schlossplatz 23
76131 Karlsruhe
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be contacted at:
Thomas Kind
Eisenbahnstr. 19-23
77855 Achern
Germany
Tel: (078 41) 70 80
The District Court of Karlsruhe opened bankruptcy proceedings
against Braunbart-Telematik GmbH on Feb. 27. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be contacted at:
Braunbart-Telematik GmbH
Attn: Olaf Braunbart, Manager
Mergelgrube 5
76646 Bruchsal
Germany
BVM MAGNETANLAGENBAU: Claims Registration Period Ends April 11
--------------------------------------------------------------
Creditors of BVM Magnetanlagenbau GmbH have until April 11 to
register their claims with court-appointed insolvency manager
Tanja Bueckmann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Duisburg
Hall C207
Second 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:
Tanja Bueckmann
Lindnerstr. 165
46149 Oberhausen
Germany
The District Court of Duisburg opened bankruptcy proceedings
against BVM Magnetanlagenbau GmbH on Feb. 27. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be contacted at:
BVM Magnetanlagenbau GmbH
Aktienstr. 121
45473 Muelheim an der Ruhr
Germany
C.T.I. SPEDITION: Claims Registration Period Ends April 11
----------------------------------------------------------
Creditors of C.T.I. Spedition und Logistik GmbH have until
April 11 to register their claims with court-appointed
insolvency manager Dirk Herzig.
Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 Chemnitz
Hall 27
Fuerstenstrasse 21
Chemnitz
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 10:45 a.m. on May 23, at Hall 24 on the same
venue.
The insolvency manager can be contacted at:
Dr. Dirk Herzig
Promenadenstrasse 3
09111 Chemnitz
Germany
Tel: (0371) 382370
Fax: (0371) 3823710
E-mail: DHerzig@schubra.de
The District Court of Chemnitz opened bankruptcy proceedings
against C.T.I. Spedition und Logistik GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be contacted at:
C.T.I. Spedition und Logistik GmbH
Attn: Angela Welsch, Manager
Spinnerei 8
08371 Glauchau
Germany
D&H BAUSERVICE: Claims Registration Period Ends April 10
--------------------------------------------------------
Creditors of D&H Bauservice GmbH have until April 10 to register
their claims with court-appointed insolvency manager Nikolaus
Schmidt.
Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on May 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Leipzig
Hall 145
First Floor
Enforcement Court
Bernhard Goering Strasse 64
04275 Leipzig
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be contacted at:
Dr. Nikolaus Schmidt
Magdeburger Str. 23
06112 Halle
Germany
Tel: 0345/231110
Fax: 0345/2311199
E-mail: Dr.Frenzel.u.Kollegen@t-online
The District Court of Leipzig opened bankruptcy proceedings
against D&H Bauservice GmbH on March 2. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be contacted at:
D&H Bauservice GmbH
Attn: Gisela Doering and Dieter Heckel, Managers
Zwingerstrasse 5
04720 Doebeln
Germany
DAIMLERCHRYSLER AG: CEO Confirms Proposed SUV Deal with GM
----------------------------------------------------------
DaimlerChrysler AG Chief Executive Officer Dieter Zetsche
confirmed his company is talking to General Motors Corp. about
sharing the costs of future sport-utility vehicles, but he and
GM's CEO stayed mum about whether GM could try to buy its
Chrysler arm outright, Stephen Power and Neal E. Boudette of the
Wall Street Journal report.
According to the source, Mr. Zetsche reiterated that the
automaker is considering "all options" for Chrysler, including a
possible sale, which move came amid rising investor frustration
over the division's losses.
Possible buyers that have expressed interest in Chrysler include
auto-parts maker Magna International Inc. and private-equity
groups Blackstone Group LP and Cerberus Partners LP, the Journal
said citing people familiar with the matter.
Sources said early this week that Blackstone Group topped in its
bid to buy DaimlerChrysler's Chrysler Group. The private equity
firm, the reports said, is moving forward with a detailed
analysis of Chrysler's finances and operations with an eye
toward making a formal bid.
Lower February Sales
As reported in the Troubled Company Reporter on Mar. 2, 2007,
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.
About DaimlerChrysler
Headquartered 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: CEO Hints Difficulty in Chrysler Piecemeal Sale
----------------------------------------------------------------
DaimlerChrysler AG CEO Dieter Zetsche discounts the idea of
selling Chrysler Group in pieces because the U.S. automaker's
integrated production system, which binds together various
Chrysler brands, would be difficult to separate, Mark Landler
writes for the International Herald Tribune.
However, Mr. Zetsche emphasized that he was making an
observation not commenting on the options DaimlerChrysler might
consider for its loss-making unit, Mr. Lander continues.
Speculations of a possible sale or spin-off arose after Mr.
Zetsche announced on Feb. 14 that his company is keeping all
options open for Chrysler, a report carried by The New York
Times says.
DaimlerChrysler hinted early this week of a possible sale of its
Chrysler Financial auto loan and leasing unit, which could
parallel a similar scenario taken by General Motors Corp. last
year.
GM last year sold a 51% stake in its General Motors Acceptance
Corp. finance unit to a consortium of investors led by Cerberus
FIM Investors LLC and including wholly owned subsidiaries of
Citigroup Inc., Aozora Bank Ltd., and The PNC Financial Services
Group Inc. The sale carries a US$7.4 billion purchase price, a
US$2.7 billion cash dividend from GMAC, and other transaction
related cash flows including the monetization of certain
retained assets. GM and the Cerberus-led consortium invested
US$1.9 billion of cash in preferred equity in GMAC -- US$1.4
billion by GM and US$500 million by the consortium.
Chrysler Group earlier posted an operating loss of EUR1.12
billion in 2006, compared with an operating profit of EUR1.53
million in 2005. Its 2006 revenues of EUR47.1 billion were
significantly lower than its EUR50.1 billion revenues in 2005.
The company blamed lower volumes and a weaker U.S. dollar on
average for the deteriorating operating results.
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: Offers US$100,000 Buyouts to Shed 13,000 Jobs
--------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group will offer as much as
US$100,000 to some of its 49,600 hourly workers at 11 U.S.
plants to leave the company as part of its recovery plan, the
Associated Press relates.
Published reports claim that the company intends to eliminate
11,000 hourly positions and 2,000 salaried jobs in an effort to
return to profitability following its US$1.475 billion loss in
2006.
As reported in the TCR-Europe on March 1, Chrysler and the
United Auto Workers agreed to two special programs that will
provide retirement and separation incentives for the company's
bargaining-unit employees in the United States as part of the
Chrysler Group's Recovery and Transformation Plan.
The negotiated programs include an Incentive Program for
Retirement with US$70,000 cash lump-sum amount for employees
with 30 or more years of credited service, or who meet a
combination of age and years-of-service eligibility, and an
Enhanced Voluntary Termination of Employment Program, which
provides a lump sum payment of US$100,000 for employees with at
least one year of credited service.
Chrysler wants to slash production by 400,000 vehicles per year
and plans to offer the buyouts to workers in select plants in
the U.S. and Canada, including one slated for closure in Newark,
Delaware, the Associated Press states.
About DaimlerChrysler
Headquartered 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.
DOERING & BAUMER: Claims Registration Period Ends March 26
----------------------------------------------------------
Creditors of Doering & Baumer GmbH have until March 26 to
register their claims with court-appointed insolvency manager
Andreas Pantlen.
Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Siegen
Hall 009
Ground Floor
Main Building
Berliner Str. 21-22
57072 Siegen
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 3:00 p.m. on June 6, at Meeting Hall 10, on
the same venue.
The insolvency manager can be contacted at:
Andreas Pantlen
Koenigsallee 90
40212 Düsseldorf
Germany
Tel: 0211/8606800
Fax: 0211/8606810
The District Court of Siegen opened bankruptcy proceedings
against Doering & Baumer GmbH on March 1. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be contacted at:
Doering & Baumer GmbH
Koehlerweg 18
57250 Netphen
Germany
DRUCK-LINIE-VERWALTUNGS: Claims Registration Ends March 30
----------------------------------------------------------
Creditors of Druck-Linie-Verwaltungs GmbH have until March 30 to
register their claims with court-appointed insolvency manager
Matthias Landwehr.
Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Detmold
Meeting Hall 12
Ground Floor
Gerichtsstr. 6
32756 Detmold
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be contacted at:
Matthias Landwehr
Gerichtsstr. 12
32791 Lage
Germany
The District Court of Detmold opened bankruptcy proceedings
against Druck-Linie-Verwaltungs GmbH on Feb. 27. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be contacted at:
Druck-Linie-Verwaltungs GmbH
Attn: Udo Fulland and Wolfgang Hofer, Managers
Meiersfelder Str. 34
32760 Detmold
Germany
E. H.KLUGE: Claims Registration Period Ends April 10
----------------------------------------------------
Creditors of E. H.Kluge GmbH Dichtungselemente have until
April 10 to register their claims with court-appointed
insolvency manager Heiko Fialski.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Reinbek
Parkallee 6
21465 Reinbek
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:
Heiko Fialski
Raboisen 38
20095 Hamburg
Germany
The District Court of Reinbek opened bankruptcy proceedings
against E. H.Kluge GmbH Dichtungselemente on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be contacted at:
E. H.Kluge GmbH Dichtungselemente
Attn: Philip Schmit-Ohlhoff, Manager
Bunsenstrasse 2
22946 Trittau
Germany
ELEKTRO F. BURMEISTER: Claims Registration End April 5
------------------------------------------------------
Creditors of Elektro F. Burmeister GmbH have until April 5 to
register their claims with court-appointed insolvency manager
Burckhardt Reimer.
Creditors and other interested parties are encouraged to attend
the meeting at 12.05 p.m. on May 8, 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:
Burckhardt Reimer
Domstr. 15
20095 Hamburg
Germany
The District Court of Hamburg opened bankruptcy proceedings
against Elektro F. Burmeister GmbH on March 1. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Elektro F. Burmeister GmbH
Alsterdorfer Str. 280
22297 Hamburg
Germany
FERROSUN GMBH: Claims Registration Ends March 29
------------------------------------------------
Creditors of Ferrosun GmbH have until March 29 to register their
claims with court-appointed insolvency manager Heinrich
Stellmach.
Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on April 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Kleve
Meeting Room C 58
Ground Floor
Schlossberg 1 (Swan Castle)
47533 Kleve
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:
Heinrich Stellmach
Salierstr. 4
46395 Bocholt
Germany
Tel: 02871/2183-0
Fax: 02871/2183-410
The District Court of Kleve opened bankruptcy proceedings
against Ferrosun GmbH on March 1. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Ferrosun GmbH
Max-Planck-Str. 7
46446 Emmerich
Germany
FINANZDIENSTLEISTUNGSGESELLSCHAFT SCHAFER: Claims Due April 10
--------------------------------------------------------------
Creditors of Finanzdienstleistungsgesellschaft Schafer mbH have
until April 10 to register their claims with court-appointed
insolvency manager Thorsten Snyders.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Leipzig
Hall 056
Ground Floor
Enforcement Court
Bernhard Goering Strasse 64
04275 Leipzig
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Thorsten Snyders
Paulinerweg 27
04299 Leipzig
Germany
Tel: 0341/868370
Fax: 0341/8683737
Internet/E-mail: info@tug-lpz.de
The District Court of Leipzig opened bankruptcy proceedings
against Finanzdienstleistungsgesellschaft Schafer mbH on Feb.
21. Consequently, all pending proceedings against the company
have been automatically stayed.
The Debtor can be reached at:
Finanzdienstleistungsgesellschaft Schafer mbH
Querstr. 9b
04643 Frankenhain
Germany
FORMEN- UND MASCHINENBAU: Claims Registration Ends March 30
-----------------------------------------------------------
Creditors of Formen- und Maschinenbau GmbH have until March 30
to register their claims with court-appointed insolvency manager
Wolfgang Ott.
Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on May 8, 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 Weilheim
Meeting Hall E 020
Weilheim
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 Ott
Nymphenburger Str. 139
80636 Muenchen
Germany
Tel: 089/120260
Fax: 089/12026127
The District Court of Weilheim opened bankruptcy proceedings
against Formen- und Maschinenbau GmbH on March 1. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Formen- und Maschinenbau GmbH
Griesener Str. 2
82491 Grainau
Germany
GREINER UND PUTZ: Claims Registration Ends April 11
---------------------------------------------------
Creditors of Greiner und Putz GmbH (Gipsergeschaft) have until
April 11 to register their claims with court-appointed
insolvency manager Norbert Schneiders.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 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 Konstanz
Hall 102
First Floor
Gerichtstrasse 9
78462 Konstanz
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:
Norbert Schneiders
Brauneggerstr. 51
78462 Konstanz
Germany
The District Court of Konstanz opened bankruptcy proceedings
against Greiner und Putz GmbH (Gipsergeschaft) on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Greiner und Putz GmbH (Gipsergeschaft)
Reisstr. 13
78467 Konstanz
Germany
IMMOBILIEN SCHWEIGER: Creditors Must Register Claims by April 10
----------------------------------------------------------------
Creditors of Immobilien Schweiger & Schmitt GmbH have until
April 10 to register their claims with court-appointed
insolvency manager Andreas Schenk.
Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Chemnitz
Hall 28
Fuerstenstrasse 21
Chemnitz
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Andreas Schenk
Franz-Mehring-Strasse 15
08058 Zwickau
Tel: (0375) 211 857 0
Fax: (0375) 211 857 28
Germany
The District Court of Chemnitz opened bankruptcy proceedings
against Immobilien Schweiger & Schmitt GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Immobilien Schweiger & Schmitt GmbH
Attn: Gabrie Duje, Manager
Comeniusstrasse 25
08523 Plauen
Germany
INTERNATIONAL CARGO: Creditors Must Register Claims by April 11
---------------------------------------------------------------
Creditors of International Cargo and Transport Services GmbH
have until April 11 to register their claims with court-
appointed insolvency manager Ingmar Jarchow.
Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on May 11, 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:
Ingmar Jarchow
Heuberg 1
20354 Hamburg
Germany
The District Court of Hamburg opened bankruptcy proceedings
against International Cargo and Transport Services GmbH on
March 1. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
International Cargo and Transport Services GmbH
Cremon 11
20457 Hamburg
Germany
Attn: Alastair MacDougall & Dieter Bremer, Managers
Dorfstrasse 138
21720 Mittelnkirchen
Germany
K UND K: Creditors Must Register Claims by April 10
---------------------------------------------------
Creditors of K und K Fleischgrosshandel GmbH have until April 10
to register their claims with court-appointed insolvency manager
Biner Bahr.
Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Essen
Meeting Hall 293
Second Floor
Zweigertstr. 52
45130 Essen
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Biner Bahr
Graf-Adolf-Platz 15
40213 Duesseldorf
Germany
The District Court of Essen opened bankruptcy proceedings
against K und K Fleischgrosshandel GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
K und K Fleischgroßhandel GmbH
Am Schlachthof 4 a
45883 Gelsenkirchen
Germany
Attn: Bernhard Bernd Klapheck, Manager
Pflugstr. 7
40470 Duesseldorf
Germany
KARSTEN PLAUMANN: Creditors Must Register Claims by April 11
------------------------------------------------------------
Creditors of Karsten Plaumann Automaten have until April 11 to
register their claims with court-appointed insolvency manager
Robert Pinter.
Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Bueckeburg
Hall 504
Schulstr. 2
31675 Bueckburg
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 Pinter
Suentelstr. 44 c
31848 Bad Muender
Tel: 05042/93770
Fax: 05042/937719
Germany
The District Court of Bueckeburg opened bankruptcy proceedings
against Karsten Plaumann Automaten GmbH on Feb. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Karsten Plaumann Automaten GmbH
Sandstr. 5
31749 Auetal
Germany
KELLER GMBH: Creditors Must Register Claims by April 10
-------------------------------------------------------
Creditors of Keller GmbH Fenster- und Tuerentechnik have until
April 10 to register their claims with court-appointed
insolvency manager Jan-Michael Lippe.
Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Saarbruecken
Area Hall 13
First Floor
Vopeliusstrasse 2
66280 Sulzbach
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Jan-Michael Lippe
Bahnhofstrasse 101
66111 Saarbruecken
Tel: 0681/31026
Fax: 0681/390008
Germany
The District Court of Saarbruecken opened bankruptcy proceedings
against Keller GmbH Fenster- und Tuerentechnik on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Keller GmbH Fenster- und Tuerentechnik
Auf Scharlen 9
66440 Blieskastel
Germany
MARMOR-LINE GMBH: Creditors' Meeting Slated for April 10
--------------------------------------------------------
The court-appointed insolvency manager for Marmor-line GmbH,
Bernd Reuss, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:50 a.m. on
April 10.
The meeting of creditors and other interested parties will be
held at:
The District Court of Wetzlar
Meeting Hall 201
Building B
Second Floor
Wetherstr. 1
35578 Wetzlar
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on May 22 at the same venue.
Creditors have until April 10 to register their claims with the
court-appointed insolvency manager.
The insolvency manager can be reached at:
Bernd Reuss
Mainzer-Tor-Anlage 33
61139 Friedberg
Germay
Tel: 06031/7970
Fax: 06031/797100
E-mail: info@reuss-und-partner.de
The District Court of Wetzlar opened bankruptcy proceedings
against Marmor-line GmbH on March 1. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Marmor-line GmbH
Ruebenmorgen 1
35582 Wetzlar
Germany
Attn: Ulrich Theis, Manager
Bergstr. 18
35582 Wetzlar
Germany
MASSOLD BAU: Claims Registration Ends April 5
---------------------------------------------
Creditors of Massold Bau GmbH have until April 5 to register
their claims with court-appointed insolvency manager Helmut
Gattermann.
Creditors and other interested parties are encouraged to attend
the meeting at 3:40 p.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 Husum
Hall 220
Theodor-Storm-Strasse 55
Husum
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Helmut Gattermann
Lehmweg 17
20251 Hamburg
Germany
The District Court of Husum opened bankruptcy proceedings
against Massold Bau GmbH on March 1. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Massold Bau GmbH
Trassenheider Weg 8a
25876 Schwabstedt
Germany
MEINTIER.DE GMBH: Claims Registration Ends April 11
---------------------------------------------------
Creditors of MeinTier.de GmbH have until April 11 to register
their claims with court-appointed insolvency manager Andreas
Pantlen.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 11, 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
Meeting Hall W 1.26
First Floor
Wilhelmstr. 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:
Andreas Pantlen
Reutherstr. 1a-c
53773 Hennef
Germany
Tel: 02242-9019781
Fax: 0211/8606810
The District Court of Bonn opened bankruptcy proceedings against
MeinTier.de GmbH on Feb. 23. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
MeinTier.de GmbH
Attn: Sascha Mantscheff, Manager
Hahnenbach
51570 Windeck
Germany
METALLWERKE LOEWEN: Claims Registration Ends March 23
-----------------------------------------------------
Creditors of Metallwerke Loewen GmbH have until March 23 to
register their claims with court-appointed insolvency manager
Dr. Dirk Andres.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Hagen
Meeting Hall 259 A
Second Floor
Heinitzstr. 42/44
58097 Hagen
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Dirk Andres
Grabenstr. 28
58095 Hagen
Germany
The District Court of Hagen opened bankruptcy proceedings
against Metallwerke Loewen GmbH on Feb. 28. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Metallwerke Loewen GmbH
Gewerbestr. 28
58791 Werdohl
Germany
Attn: Klaus Betzing, Manager
Steinhausstr. 37
58099 Hagen
Germany
NEUTRANS GMBH: Claims Registration Ends April 5
-----------------------------------------------
Creditors of Neutrans GmbH have until April 5 to register their
claims with court-appointed insolvency manager Dr. Frank
Kebekus.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on 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 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. Frank Kebekus
Carl-Theodor-Str. 1
40213 Duesseldorf
Germany
The District Court of Duesseldorf opened bankruptcy proceedings
against Neutrans GmbH on March 1. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Neutrans GmbH
Attn: Karin Meier, Manager
Zechensplatzchen 2
41472 Neuss
Germany
OHT GMBH: Claims Registration Ends April 5
------------------------------------------
Creditors of OHT GmbH have until April 5 to register their
claims with court-appointed insolvency manager Marc Schmidt-
Thieme.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 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 of Mannheim
Area 232
Second Floor
West Wing
Schloss
68149 Mannheim
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Marc Schmidt-Thieme
Soldnerstr. 2
68219 Mannheim
Germany
Tel: 0621/877080
The District Court of Mannheim opened bankruptcy proceedings
against OHT GmbH on March 1. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
OHT GmbH
Attn: Sezin Demir, Manager
Moenchwoerthstr. 21
68199 Mannheim
Germany
PFEIFFER GMBH: Claims Registration Ends April 5
-----------------------------------------------
Creditors of Pfeiffer GmbH have until April 5 to register their
claims with court-appointed insolvency manager Sebastian Braun.
Creditors and other interested parties are encouraged to attend
the meeting at 3:15 p.m. on May 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 of Fuerth
Room 216
Second Floor
Office Building
Baumenstrasse 28
Fuerth
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Sebastian Braun
Im Stoeckig 46
90765 Fuerth
Germany
Tel: 0911/9792491
Telefax: 0911/9792492
The District Court of Fuerth opened bankruptcy proceedings
against Pfeiffer GmbH on March 1. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Pfeiffer GmbH
Bahnhofstr. 39
91413 Neustadt/Aisch
Germany
POMMERIA-FROST DIEDRICHSHAGEN: Claims Registration Ends April 5
---------------------------------------------------------------
Creditors of Pommeria-Frost Diedrichshagen Martens & Luedtke
GmbH have until April 5 to register their claims with court-
appointed insolvency manager Joerg Sievers.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 16, at which time the insolvency
manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Stralsund
Hall A 421
Fourth Floor
House A
Frankendamm 17
Stralsund
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:
Joerg Sievers
Robert-Blum-Str. 1
17489 Greifswald
Germany
The District Court of Stralsund opened bankruptcy proceedings
against Pommeria-Frost Diedrichshagen Martens & Luedtke GmbH on
March 1. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
Pommeria-Frost Diedrichshagen Martens & Luedtke GmbH
Attn: Klaus-Dieter Martens, Manager
Kastanienweg 7
17498 Diedrichshagen
Germany
SAI GMBH: Claims Registration Ends March 27
-------------------------------------------
Creditors of Sai GmbH Maler und Lackiererbetrieb have until
March 27 to register their claims with court-appointed
insolvency manager Wolfgang Ott.
Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Weilheim
Meeting Hall E 020
Weilheim
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr.jur. Wolfgang Ott
Nymphenburger Str. 139
80636 Munich
Germany
Tel: 089/120260
Telefax: 089/12026127
The District Court of Weilheim opened bankruptcy proceedings
against Sai GmbH Maler und Lackiererbetrieb on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Sai GmbH Maler und Lackiererbetrieb
Muehleck 4
82404 Sindelsdorf
Germany
SCHLEMMERMAHL GASTRONOMIE: Claims Registration Ends March 26
------------------------------------------------------------
Creditors of Schlemmermahl Gastronomie GmbH have until March 26
to register their claims with court-appointed insolvency manager
Michael Bremen.
Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on April 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Duesseldorf
Meeting Hall A 388
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:
Michael Bremen
Sternstr. 58
40479 Duesseldorf
Germany
The District Court of Duesseldorf opened bankruptcy proceedings
against Schlemmermahl Gastronomie GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Schlemmermahl Gastronomie GmbH
Schneider-Wibbel-Gasse 7
40213 Duesseldorf
Germany
Attn: Oliver Lenzen, Manager
Ostwall 140-142
47798 Krefeld
Germany
SCHUR ELEKTRO: Claims Registration Period Ends April 8
------------------------------------------------------
Creditors of Schur Elektro GmbH have until April 8 to register
their claims with court-appointed insolvency manager Andreas
Amelung.
Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 8, 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 6B
50670 Koeln
Germany
The District Court of Cologne opened bankruptcy proceedings
against Schur Elektro GmbH on March 1. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Schur Elektro GmbH
Attn: Schur Stefan, Manager
Ahornweg 61
51503 Roesrath
Germany
SEIDEN-GROHN: Claims Registration Period Ends April 10
------------------------------------------------------
Creditors of Seiden Grohn GmbH have until April 10 to register
their claims with court-appointed insolvency manager Rainer
Eckert.
Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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 Hannover
Hall 226
Second Upper Floor
Service Bldg.
Hamburger Allee 26
30161 Hannover
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Rainer Eckert
Arthur-Menge-Ufer 5
30169 Hannover
Germany
Tel: 0511 626287-0
Fax: 0511 626287-10
The District Court of Hannover opened bankruptcy proceedings
against Seiden Grohn GmbH on Feb. 28. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Seiden Grohn GmbH
Opelstr. 14
30916 Isernhagen
Germany
SEVINC PRAZISIONSDREHTEILE: Claims Registration Ends March 16
-------------------------------------------------------------
Creditors of Sevinc Prazisionsdrehteile GmbH have until March 16
to register their claims with court-appointed insolvency manager
Christian Plail.
Creditors and other interested parties are encouraged to attend
the meeting at 2:00 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:
The District Court of Noerdlingen
Meeting Hall F/I
Kaisheimer House
Tandelmarkt 5
Noerdlingen
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Christian Plail
Eserwallstrasse 1 - 3
86150 Augsburg
Germany
Tel: 0821/509330
Fax: 0821/5093333
The District Court of Noerdlingen opened bankruptcy proceedings
against Sevinc Prazisionsdrehteile GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Sevinc Prazisionsdrehteile GmbH
Attn: Kanan Sevinc
Ringstr. 5
89431 Bachingen
Germany
TELEBAU ELEKTRO: Creditors' Meeting Slated for March 27
-------------------------------------------------------
The court-appointed insolvency manager for Telebau Elektro- und
Fernmeldetechnik GmbH, Reinhard Bohlig, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:30 a.m. on March 27.
The meeting of creditors and other interested parties will be
held at:
The District Court of Korbach
Hall 39
Main Building
Hagenstrasse 2
34497 Korbach
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 10:20 a.m. on April 24 at the same venue.
Creditors have until March 30 to register their claims with the
court-appointed insolvency manager.
The insolvency manager can be reached at:
Reinhard Bohlig
Briloner Landstrasse 14
34497 Korbach
Germany
Tel: 05631-9509-70
Fax: 05631-9509-19
The District Court of Korbach opened bankruptcy proceedings
against Telebau Elektro- und Fernmeldetechnik GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Telebau Elektro- und Fernmeldetechnik GmbH
Attn: Michael Valentin
Am Krahenberg 1
34513 Waldeck
Germany
TISCALI SPA: Closes Sale of German B2C Activities to Freenet
------------------------------------------------------------
Tiscali S.p.A. closed the narrowband and broadband customer base
disposal in Germany to Freenet AG, following German antitrust
approval and fulfillment of the other closing conditions.
In a TCR-Europe report on Feb. 12, Tiscali reached an agreement
to sell its narrowband and broadband customer base in Germany to
freenet.de AG.
As of Dec. 31, 2006, Tiscali had around 380,000 active
customers, of which around one third were wholesale broadband
customers. The purchase price, to be paid in cash at closing,
will be based on the number of actual customer at the time the
transaction is completed and is expected to be around
EUR30 million.
The transaction is also subject to fulfillment of normal closing
conditions, including German antitrust approval, and is expected
to complete by first quarter 2007.
The activities being sold generated revenues of EUR45 million
and a EBITDA of -EUR3 million for Tiscali Group in 2006.
The disposal of Tiscali Germany's B2C activities and the
consideration are consistent with Tiscali's business plan as
presented to the market in October 2006, announcing the
refocusing of the Tiscali Group in the Italian and the U.K.
markets.
Tiscali is also in the final stage of negotiation for the
disposal of its B2B and ULL activities in Germany.
About Tiscali
Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country. The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users. It has sold non-core assets to
raise money to cover a EUR250 million bond that matured in July.
Former chairman and founder Renato Soru owns almost 30% of the
company.
As reported in the TCR-Europe on Oct. 13, 2006, Tiscali's Board
of Directors of Tiscali approved a new three-year plan for 2007-
2010, which calls for the concentration of its core business in
Italy and in the United Kingdom.
* * *
In a TCR-Europe report on Dec. 1, 2006, Fitch Ratings placed
Italy-based Tiscali S.p.A.'s Issuer Default rating of CCC on
Rating Watch Positive.
Upon receipt of EUR255 million in proceeds from the sale of its
Tiscali Netherlands subsidiary, expected to occur on first
quarter 2007, the agency anticipates that the Rating watch will
be resolved and the IDR will be upgraded to B- from CCC. At the
same time, the agency has affirmed the Short-term rating at C
and simultaneously withdrawn it.
URSULA JETTER: Claims Registration Period Ends March 28
-------------------------------------------------------
Creditors of Mode - Treff Ursula Jetter GmbH have until March 28
to register their claims with court-appointed insolvency manager
Rainer Emmer.
Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.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 Tuebingen
Hall 208
Second Floor
Branch Office
Schulberg 14
72074 Tuebingen
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Rainer Emmer
Birkenstr. 18
72574 Bad Urach
Germany
Tel: 0700/287636637
The District Court of Tuebingen opened bankruptcy proceedings
against Mode - Treff Ursula Jetter GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Mode - Treff Ursula Jetter GmbH
Uracher Str. 5
72525 Muensingen
Germany
=========
I T A L Y
=========
ALITALIA SPA: Hikes Group Net Debt by EUR75 Million in January
--------------------------------------------------------------
Alitalia Group's net debt as of Jan. 31, 2007, amounted to
EUR1.10 billion, showing an increase in net indebtedness of
EUR75 million (+7.3%) compared to the situation on Dec. 31,
2006. Such change was mainly caused by the negative seasonality
in January cash payments and cash-ins.
The net debt of the parent company Alitalia including short-term
net financial credits for subsidiaries on Jan. 31, 2007,
amounted to EUR1.073 billion increasing EUR75 million (+7.5%)
compared to net debt as of Dec. 31, 2006.
The Group's cash-to-hand and short-term financial credits as of
Jan. 31, 2007, amounted to EUR645 million.
It should be noted that as of Jan. 31, 2007, there were several
leasing contracts at the Group level (referring almost entirely
to fleet aircraft mostly held by the parent company amounting to
EUR129 million) whose capital share, including lease closure
value, amounted to EUR144 million (of which EUR16 million
represent the current capital share falling due within 12 months
of the reference date, with EUR14 million held by the parent
company).
By comparison, the same figure as of Dec. 31, 2006, amounted to
EUR148 million (of which EUR19 million falling due in the 12
months from the reference date); the corresponding figures for
the parent company on Dec. 31, 2006, amounted to EUR132 and
EUR16 million respectively.
It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit). The relative financing contracts contain
standard legal clauses relating to withdrawal. None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.
During January 2007, repayments were made of medium/long-term
financing amounting to about EUR3 million.
Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on Jan. 31, 2007, both for the parent company and for the other
companies in the Group.
As far as debts of a commercial nature are concerned, there were
no outstanding sums or payment irregularities on Jan. 31, 2007,
both for the parent company and for other Group companies,
except for those relating to disputed situations.
Regarding the latter, there were outstanding sums owed to some
airport management companies for disputed debts amounting to a
total of EUR82 million as of Jan. 31, 2007.
In addition, decisions are still pending for the petitions filed
by Alitalia regarding following:
-- injunctions issued by an airport management company for a
total of about EUR15.9 million (7 decrees);
-- an injunction by an IT services supplier for about
EUR812,000 (1 decree);
-- an injunction by a professional studio for EUR534,000
(1 decree);
-- a contractor for restructuring work has issued an
injunction for about EUR635,000 (1 decree);
-- an injunction has been issued by supplier of on-board
movies by around EUR909,000 (1 decree) ; and
-- injunctions issued by suppliers for a total of around
EUR110,000 (6 decrees).
There are no other injunction orders or executive actions
undertaken by creditors notified as of Jan. 30, 2006, nor are
there any threats by suppliers to suspend operations.
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.
ALITALIA SPA: China Eyes Possible Partnership, Says Minister
------------------------------------------------------------
China expressed interest in forming a partnership with Italy's
troubled national carrier Alitalia S.p.A., The Associated Press
reports citing Foreign Minister Massimo D'Alema.
"I can testify that there is an interest from the Chinese. They
looked at the accounts and relations with labor unions with a
certain concern," Mr. D'Alema was quoted by AP as saying. "But
they said they would be ready to discuss."
Mr. D'Alema stressed that a non-European ally would suit
Alitalia, since a European partner "would mean being bought by
someone." Mr. D'Alema added that the aim would be to create an
international hub for Chinese who want to come to Italy, AP
relates. Mr. D'Alema earlier said that alliance with a Chinese
partner could help Alitalia and would help Italy establish
stronger links with the Far East for business and tourism.
The Foreign Minister said a partnership agreement could be
signed after the Italian government completes the sale of its
39.9% stake in Alitalia.
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.
POPOLARE ITALIANA: Chairman Piero Giarda Sees Yes Vote to Merger
----------------------------------------------------------------
Piero Giarda, Chairman of Banca Popolare Italiana Scrl,
expressed confidence that the bank's shareholders will approve
the company's proposed sale to Banco Popolare di Verona e Novara
Scrl, Bloomberg News reports.
"The project we are presenting is rational and very profitable,"
Mr. Giarda told Bloomberg News.
Mr. Giarda said it would be a "disaster" if the acquisition
would be rejected since Popolare Italiana would be "the only
large cooperative lender left out of the consolidation process."
Bloomberg News notes that Italian banks participated in a record
US$85 billion of mergers in 2006, with three foreign banks
acquiring mid-sized Italian banks and domestic rivals combined
to cut costs. Popolare Italiana, meanwhile, had been pressured
by the Bank of Italy to consider a merger following a EUR744-
million net loss in 2005.
Since then, Popolare Italiana received takeover offers from
foreign lenders in 2006 before requesting bids from four
regional competitors in an auction, Mr. Giarda told Bloomberg
News.
In a TCR-Europe report on Dec. 19, 2006, the Boards of Directors
of Banco Popolare di Verona e Novara and Banca Popolare Italiana
have approved the merger between the two companies.
As reported in the TCR-Europe on Oct. 17, 2006, the Board of
Directors of BPI accepted an EUR8.2-billion takeover offer from
larger rival BPVN. BPI and BPVN will form a holding company
that will launch a share swap to stakeholders of the groups:
-- 0.43 share for every BPI share, and
-- a share for every BPVN share.
Aside from the share swap, BPI would distribute an extraordinary
dividend of EUR2 per share, for a total cash of EUR1.5 billion,
to existing shareholders. The share-and-cash offer values BPI
at EUR12 per share, based on BPVN's share price of EUR22.81 on
Oct. 13. BPI shareholders have yet to confirm the agreement
with due diligence.
According to BPI, the merger will generate annual pretax
synergies of EUR500 million starting 2010, but integration costs
will reach an overall EUR300 million before tax. The merged
group, BPI added, will have a market capitalization of EUR15.5
billion, 2,183 branches and more than 2.4 million clients.
The merged company will be called Banco Popolare and will
concentrate on savings and loans in northern Italy, Reuters
reports. The merger, the banks added, will raise BPI's
productivity and overall income.
The companies forecasted an 18.9% hike in operating profit in
2006-2010 and a 45% cost-to-income in 2010. The payout ratio
will be around 50% in 2010.
About Banco Popolare di Verona
Headquartered in Verona, Italy, Banco Popolare di Verona e
Novara (BPVN) -- http://www.bpv.it/-- offers private banking,
investment banking and asset management services, as well as
other services in the tax and real estate sectors. The
Company's banking network comprises over 1,170 branches, which
are spread throughout the Italian regions of the Veneto, Emilia-
Romagna, Piedmont and Lombardy, and internationally in London,
Luxembourg, Hong Kong and Shanghai.
About Banca Popolare Italiana
Headquartered in Lodi, Italy, Banca Popolare Italiana --
http://www.bancapopolareitaliana.it/-- attracts deposits and
offers commercial banking services. The Bank offers securities
brokerage, asset management, mortgage loans, insurance, lease
financing and treasury services and manages mutual funds.
Through a subsidiary, Banca Popolare Italiana offers merchant
banking services and medium- and long-term lending.
* * *
As of Feb. 23, BPI carries Moody's Investors Service's D
financial strength rating, Ba2 junior subordinated debt rating,
and Ba2 preferred stock and Tier III debt ratings.
At the same time, BPI also carries Fitch's C financial strength
rating, BB+ junior subordinated debt rating, and BB+ preferred
stock rating.
TISCALI SPA: Closes Sale of German B2C Activities to Freenet
------------------------------------------------------------
Tiscali S.p.A. closed the narrowband and broadband customer base
disposal in Germany to Freenet AG, following German antitrust
approval and fulfillment of the other closing conditions.
In a TCR-Europe report on Feb. 12, Tiscali reached an agreement
to sell its narrowband and broadband customer base in Germany to
freenet.de AG.
As of Dec. 31, 2006, Tiscali had around 380,000 active
customers, of which around one third were wholesale broadband
customers. The purchase price, to be paid in cash at closing,
will be based on the number of actual customer at the time the
transaction is completed and is expected to be around
EUR30 million.
The transaction is also subject to fulfillment of normal closing
conditions, including German antitrust approval, and is expected
to complete by first quarter 2007.
The activities being sold generated revenues of EUR45 million
and a EBITDA of -EUR3 million for Tiscali Group in 2006.
The disposal of Tiscali Germany's B2C activities and the
consideration are consistent with Tiscali's business plan as
presented to the market in October 2006, announcing the
refocusing of the Tiscali Group in the Italian and the U.K.
markets.
Tiscali is also in the final stage of negotiation for the
disposal of its B2B and ULL activities in Germany.
About Tiscali
Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country. The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users. It has sold non-core assets to
raise money to cover a EUR250 million bond that matured in July.
Former chairman and founder Renato Soru owns almost 30% of the
company.
As reported in the TCR-Europe on Oct. 13, 2006, Tiscali's Board
of Directors of Tiscali approved a new three-year plan for 2007-
2010, which calls for the concentration of its core business in
Italy and in the United Kingdom.
* * *
In a TCR-Europe report on Dec. 1, 2006, Fitch Ratings placed
Italy-based Tiscali S.p.A.'s Issuer Default rating of CCC on
Rating Watch Positive.
Upon receipt of EUR255 million in proceeds from the sale of its
Tiscali Netherlands subsidiary, expected to occur on first
quarter 2007, the agency anticipates that the Rating watch will
be resolved and the IDR will be upgraded to B- from CCC. At the
same time, the agency has affirmed the Short-term rating at C
and simultaneously withdrawn it.
===================
K A Z A K H S T A N
===================
ALIN STROY: Creditors Must File Claims by April 6
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Construction Company Alin Stroy insolvent.
Creditors have until April 6 to submit written proofs of claim
to:
The Specialized Inter-Regional Economic Court of
Karaganda
Karaganda Jambyl Str. 9
Karaganda
Kazakhstan
ARTI-SIGUAR LLP: Creditors' Claims Due April 20
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Arti-Siguar insolvent.
Creditors have until April 20 to submit written proofs of claim
to:
The Specialized Inter-Regional Economic Court of
Mangistau
Micro District 27, 67-7
Aktau
Mangistau
Kazakhstan
Tel: 8 (3292) 41-00-42
ENERGOSNAB 2006: Proof of Claim Deadline Slated for April 20
------------------------------------------------------------
LLP Energosnab 2006 has declared insolvency. Creditors have
until April 20 to submit written proofs of claim to:
LLP Energosnab 2006
Juravleva Str. 17
Kostanai
Kazakhstan
HALYK BANK: Posts KZT20.7 Billion Net Profit in 2006
----------------------------------------------------
Grigoriy Marchenko, Chairman of the Management Board of Halyk
Bank, disclosed preliminary results of the Bank's performance in
2006 based on unaudited consolidated financial statements.
These financial statements have not yet been confirmed by an
external auditor nor approved by the Board of Directors and
General Shareholders Meeting of the Bank. The final reports for
2006 will be published towards the end of March 2007.
Successful IPO on the London Stock Exchange, membership with the
ISDA (International Swaps and Derivatives Association, Inc.),
issuance and acquiring CUP (China UnionPay) payment cards and
successful Eurobond offering are among the Bank's most important
achievements last year.
Also in 2006 Euromoney magazine named Halyk Bank "The Best Bank
in Kazakhstan in 2006", while the Banker included Halyk Bank to
the top 1,000 banks by Tier I capital in the world, where the
Bank is number 658.
Halyk Group's key financial indicators as per preliminary IFRS
accounts. Last year Halyk Group's net profit reached KZT25.7
billion having increased 65%. The Bank's net profit on an
unconsolidated basis amounted to KZT20.7 billion.
At Jan. 1, 2007, the company's consolidated total assets
amounted to KZT987.4 billion, showing 76.4% growth ratio, and
shareholders' equity stood at KZT119.6 billion. In 2006, the
Bank's ROAA was 3.49%, ROAE -- 32.83% and Net Interest Margin --
6.83%.
The Bank remains undisputed leader in terms of issued payment
cards, the number of which is more than 2.8 million. In 2006
Halyk Bank was first in Kazakhstan to issue new high class
product - VISA Infinite.
Nowadays more than 130,000 customers use "Mobile Banking"
service, which is the most in-demand remote banking service in
the country. Last year the income from the service made
KZT168.2 million. Income from "Internet-Banking" service
increased in 2006 in comparison with the previous year by 6.7%
to reach KZT57.2 million.
The Bank is rendering services to its customers through its
network of 593 branches and divisions, including regional and
district branches in all 14 oblasts of Kazakhstan, as well as
through the most extensive network of approximately 1,000 ATMs.
The total number of retail customers of the Bank is more than
5.9 million (the biggest client base in Kazakhstan),
approximatley 62 thousand SME customers and more than 300 big
corporate customers.
Year 2006 was marked for its large charity projects under the
Halyk Bank's social responsibility campaign. Total amount of
funds spent on charity and sponsorship exceeded KZT63 million.
Headquartered in Almaty, Kazakhstan, Halyk Bank --
http://www.halykbank.kz/-- is the largest universal second-tier
bank of Kazakhstan.
* * *
As reported in the TCR-Europe on Jan. 22, Fitch Ratings affirmed
Kazakhstan-based Halyk Bank's ratings at foreign currency Issuer
Default BB+, Short-term foreign currency B, local currency
Issuer Default BBB-, Short-term local currency F3, Individual
C/D, and Support 3. Fitch said the Outlook on the foreign
currency Issuer Default rating remains Positive, and that on the
local currency IDR Stable.
KURYLYS-ORIGINAL LLP: Claims Registration Ends April 20
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Kurylys-Original insolvent.
Creditors have until April 20 to submit written proofs of claim
to:
The Specialized Inter-Regional Economic Court of
Kyzylorda
Micro District "Sayahat", V/47
Kyzylorda
Kazakhstan
Tel: 7 701 415 42-15
LAIYKTY LLP: Claims Filing Period Ends April 20
-----------------------------------------------
LLP Trade Company Laiykty has declared insolvency. Creditors
have until April 20 to submit written proofs of claim to:
LLP Trade Company Laiykty
Room 305
Krivoguza Str. 5
Karaganda
Kazakhstan
MAKSAT LLP: Creditors Must File Claims by April 20
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Maksat insolvent.
Creditors have until April 20 to submit written proofs of claim
to:
The Specialized Inter-Regional Economic Court of
Kyzylorda
Micro District "Sayahat", V/47
Kyzylorda
Kazakhstan
Tel: 7 701 415 42-15
MILLENIUM PROJECT: Creditors' Claims Due April 6
------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Millenium Project insolvent.
Creditors have until April 6 to submit written proofs of claim
to:
The Specialized Inter-Regional Economic Court of
Karaganda
Karaganda Jambyl Str. 9
Karaganda
Kazakhstan
REMAX LLP: Proof of Claim Deadline Slated for April 20
------------------------------------------------------
LLP Remax Middle Asia has declared insolvency. Creditors have
until April 20 to submit written proofs of claim to:
LLP Remax Middle Asia
Micro District "Almagul", 27-83
Almaty
Kazakhstan
RTC KAZAKHSTAN: Claims Registration Ends April 20
-------------------------------------------------
LLP Rtc Kazakhstan has declared insolvency. Creditors have
until April 20 to submit written proofs of claim to:
LLP Rtc Kazakhstan
Kyz Jybek Str. 73
Koktube-2
Almaty
Kazakhstan
STROY-CONTRACT LLP: Claims Filing Period Ends April 20
------------------------------------------------------
LLP Stroy-Contract has declared insolvency. Creditors have
until April 20 to submit written proofs of claim to:
LLP Stroy-Contract
Jeltoksan Str. 28/1
Astana
Kazakstan
Tel: 8 (3172) 22-14-51
===================
K Y R G Y Z S T A N
===================
LON SHAN: Claims Filing Period Ends April 20
--------------------------------------------
LLC Kyrgyz Plastic Company Lon Shan has declared insolvency.
Creditors have until April 20 to submit written proofs of claim.
Inquiries can be addressed to (0-502) 529219, (0-502) 241476.
=====================
N E T H E R L A N D S
=====================
GETRONICS NV: Posts EUR145 Million Net Loss for Full Year 2006
--------------------------------------------------------------
Getronics N.V. released its unaudited financial results for the
year ended Dec. 31, 2006.
Getronics posted EUR145 million in net losses, including
discontinued operations, on EUR2.63 billion in revenues for the
full year 2006, compared with EUR4 million in net profit,
including discontinued operations, on EUR2.53 billion in
revenues for 2005.
During 2006, Getronics divested non-core businesses in order to
strengthen its balance sheet and to sustain its focus on
workspace management and application services. Getronics sold
its HR Services and KZA consultancy businesses in the
Netherlands. By selling these higher margin non-core
businesses, a significant amount of cash was raised.
Getronics also sold a number of its country operations,
including those in Italy, Poland, Czech Republic, Slovakia,
Austria and France. The sale of these operations was carefully
considered -- as a provider of international ICT services,
Getronics understands the need to provide continual and
consistent service wherever it is required by its clients.
The international ICT service business relies heavily on the
ability to establish and sustain effective networks of local
partners, and Getronics' geographical divestments reflect this.
With each of these geographic divestments, Getronics builds
effective relationships with its local service partners in order
to ensure that its clients experience a smooth transition and
the same high level of service. In combination with Getronics
integrated network of Global Service Centres, the Company will
continue to provide full service throughout Europe to its global
clients.
Outlook
The level of contracted revenue and the quality of the
commercial pipeline at the start of 2007 supports an improved
organic service revenue growth. This growth will be driven by
demand in workspace management, including the Future-Ready
Workspace, security and transformation services. Although
service revenue is important to Getronics' long-term success,
the primary focus in 2007 will be on margin improvement and cash
generation.
In 2007, Getronics expects to see a margin improvement as a
result of profitable organic growth and the Breakout Program.
Management is working towards an EBITAE range of between 4.0%
and 4.5%, excluding one-off items. Getronics, as previously
stated at the Extraodinary General Meeting of Shareholders on 1
December 2006, re-confirms its EBITAE margin target of at least
5% to be achieved by the end of 2008.
In addition, the Company will no longer issue revenue targets,
as this is less relevant in the context of its focused strategy.
As a result of this and following significant divestments
executed, the previously communicated strategic target of
EUR4 billion in total revenue by the end of 2008 no longer
applies.
Also in 2007, Getronics may incur employee benefit plan related
gains or losses as the Company looks to further reduce its
exposure to such plans. Any such gains or losses may
have material effects on the Company's operating results.
The Company will also continue to focus on its cash management
programme, aiming to generate positive cash flows to support the
target Debt/EBITDA ratio of 2 or less by the end of 2008.
The Company is well positioned to successfully execute on its
recently communicated strategy. The Board of Management feels
confident that the Company will generate an operational
performance in line with the outlook. By meeting its outlook,
the Company expects to achieve a net profit in 2007, barring
unforeseen circumstances.
About Getronics
Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments. Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion. The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.
* * *
Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.
The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.
Moody's Investors Service downgraded Getronics' corporate family
rating to B2 from B1 and placed the ratings on review for
possible downgrade following the company's announcement of half
year results showing a widening of net losses and fall in
margins below the company's expectations. Concurrently the
rating on the EUR100 million senior unsecured convertible Dutch
bonds due 2008 has been downgraded to Caa1 from B3.
OI EUROPEAN: Offering EUR300-Mln Sr. Notes Via Private Placement
----------------------------------------------------------------
OI European Group B.V., an indirect wholly owned subsidiary of
Owens-Illinois, Inc., intends to offer, subject to market and
other conditions, EUR300 million aggregate principal amount of
senior notes due 2017 in a private offering.
OI European Group B.V. intends to use the net proceeds of the
offering to repay borrowings under its existing secured credit
agreement. In May 2007, a subsidiary borrower of Owens-
Illinois, Inc., intends to borrow under the secured credit
agreement in order to repay all outstanding $300 million of
Owens-Illinois, Inc.'s, 8.10% Senior Notes due May 15, 2007.
The notes have not been and will not be registered under the
Securities Act of 1933, as amended, and are being offered and
sold in the United States only to qualified institutional buyers
in reliance on Rule 144A under the Act and to certain non-U.S.
persons in transactions outside the United States in reliance on
Regulation S under the Act. Prospective purchasers that are
qualified institutional buyers are hereby notified that the
seller of the notes may be relying on the exemption from the
provisions of Section 5 of the Act provided by Rule 144A.
Headquartered in Perrysburg, Ohio, Owens-Illinois, Inc.
(NYSE:OI), through its subsidiaries, manufacturers glass
containers and healthcare packaging including prescription
containers and medical devices, and closures including tamper-
evident caps and dispensing systems. It has operations in
Australia, Mexico, Puerto Rico, Brazil, Hungary, Spain, the
Netherlands and Singapore, among others.
* * *
As reported in the Troubled Company Reporter-Europe on March 6,
Standard & Poor's Ratings Services assigned its 'B' senior
unsecured debt rating to OI European Group B.V.'s proposed
offering of EUR300 million of notes due 2017.
The notes will be issued under Rule 144A without registration
rights. OI Europe is an indirect wholly owned subsidiary of
Owens-Illinois Inc.
OI EUROPEAN: Moody's Rates New EUR300 Million Senior Notes at B3
----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to OI European
Group BV, a subsidiary of Owens-Illinois, Inc., new
EUR300 million senior unsecured notes.
Initially, the proceeds will be used to repay revolving debt,
which will then be used to fund the maturity of the US$300
million 8.1% senior unsecured notes held at Owens-Illinois, Inc.
due May 15. Concurrently, Moody's affirmed the ratings of
parent Owens-Illinois, Inc. The rating outlook is stable.
The B2 corporate family rating is constrained by weak free cash
flow over the past two fiscal years and the large debt
maturities in the intermediate term. The ratings are supported
by O-I's size and scale as measured by revenues and their
leading market position. Additionally, margins, leverage and
interest coverage are in line with the rating category. Moody's
expects the company's new strategic initiatives to have a
positive impact on the company.
The ratings are also subject to the finalization of the
indenture for the EUR300-million senior unsecured notes held at
OI European Group BV due March 31, 2017.
The B2 Corporate Family Rating and stable outlook contemplate an
improvement in free cash flow generation in the intermediate
term stemming from improvements in operating efficiency, a
decline in working capital needs and improved pricing and
inflation cost recovery. The outlook also anticipates that the
company will maintain an adequate liquidity cushion.
Headquartered in Perrysburg, Ohio, Owens-Illinois, Inc., through
its subsidiaries, is one of the world's largest global
manufacturers of glass containers and is also a leading
manufacturer of healthcare packaging including prescription
containers and medical devices, and closures including
tamper-evident caps and dispensing systems. For the twelve
months ended Dec. 31, 2006, O-I had revenue of approximately
US$7.4 billion.
OI EUROPEAN: Fitch May Rate New EUR300-Million Senior Notes at B
----------------------------------------------------------------
Fitch expects to rate OI European Group B.V.'s, a subsidiary of
Owens-Illinois, Inc., new senior unsecured notes 'B/RR3' upon
the successful completion of the offer. All of the company's
other ratings remain unchanged.
Owens-Illinois, Inc.:
-- Issuer Default Rating 'B-';
-- Senior unsecured notes 'CCC+/RR5'; and
-- Preferred stock 'CCC/RR6'.
Owens Brockway Glass Container Inc.
-- IDR 'B-';
-- Senior secured credit facilities 'BB-/RR1';
-- Senior Secured Notes 'BB-/RR1'; and
-- Senior Unsecured Notes 'B/RR3'.
The Rating Outlook is Stable. The company currently has about
US$5.2 billion of total rated debt.
The new notes are expected to be EUR300 million and will be
issued by OI European Group B.V., an indirect subsidiary of
Owens Brockway Glass Container Inc., which is an indirect
subsidiary of Owens-Illinois, Inc., the ultimate parent company.
The new notes will be guaranteed on a senior basis by the same
guarantors as for the senior secured credit facility and will
rank equal in right of payment to the senior unsecured debt held
at OB. Fitch therefore considers the new notes to be of similar
credit risk as the existing OB senior unsecured class. Proceeds
from the offering will be used to repay borrowings under the
secured credit agreement. The company has about US$300 million
of senior unsecured debt maturing in May 2007 held at OI, which
will likely be refinanced with the credit facility.
The Recovery Ratings and notching of the debt tranches reflect
Fitch's recovery expectations under a scenario in which
distressed enterprise value is allocated to the various debt
classes. The analysis is based on a going-concern valuation
which exceeds the estimated liquidation value. This results in
expected recovery in the 91%-100% range for the senior secured
credit facilities at OB, expected recovery in the 91%-100% range
for the senior secured debt at OB, expected recovery in the 51%-
70% range for the senior unsecured notes at OB and OI European
Group B.V., expected recovery in the 11%-30% range for the
senior unsecured notes at OI given their structural
subordination, and expected recovery in the 0%-10% range for
preferred equity.
Under certain scenarios using Fitch's recovery methodology the
new notes and the existing OB unsecured notes could experience
lower recovery than the current 'RR3' category suggests.
However, the recovery rating is not being changed at this time
because Fitch believes that the most likely scenarios will leave
the overall credit profile unchanged. The potential sale of
OI's plastics segment is also considered in the expected 'B/RR3'
rating of the new notes. OI is currently reviewing strategic
alternatives for this segment, which generated operating profits
of US$115 million in 2006. Depending on the use of the
proceeds, the potential sale of the plastics segment could have
a meaningful impact on the company's credit metrics, and the
company's ratings or outlook could be positively affected if a
transaction is executed.
The ratings are supported by the company's leading market
positions, global footprint, technology leadership, and long-
term customer relationships with large, stable customers. New
asbestos claims and asbestos cash payments continue to decline
steadily.
O-I has also improved its working capital management. With the
company's second quarter 2006 bank facility refinancing,
liquidity has improved, the need for currency hedging has been
reduced and interest expense has been lowered. Although cash
flows have been declining, the company has ample liquidity and
modest debt maturities in the near-term. Fitch views the
appointment of a new CEO in December 2006 as a potentially
favorable development, which could bring meaningful change to
OI's operating strategy.
Increasing energy costs and other cost inflation are primary
concerns. Although O-I has made progress on improving price,
reducing costs, and boosting productivity, raw materials and
energy inflation have more than offset these gains in recent
quarters. High leverage continues to be a key rating factor,
and free cash flow has been minimal or negative in the past
three years. Although total debt has declined by 11.5% from
fiscal-year 2003 to FY2006 and gross debt to EBITDA has declined
from 5.2x to 4.5x, the company's cash flow has deteriorated.
Cash from operations for the same period has fallen from US$353
million to US$150 million due to rising costs, increased taxes,
fees and premiums associated with a recent refinancing and note
repurchase, and a change in accounting treatment for receivables
securitization. Adjusted for the accounting change, FY2006
operating cash flow was US$278 million, or 21% lower than FY2003
operating cash flow.
Fitch's Recovery Ratings, introduced in 2005, are a relative
indicator of creditor recovery on a given obligation in the
event of a default.
===========
N O R W A Y
===========
NORSKE SKOGINDUSTRIER: Nominates Kim Wahl as New Chairman
---------------------------------------------------------
Kim Wahl has been nominated as the new chair of Norske
Skogindustrier ASA after Lars W. Groholt informed the nomination
committee that he would not be seeking re-election.
The nomination committee has also recommended that Oivind Lund
be re-elected as deputy chair, while Kari Broberg is recommended
for election as a new director of the group.
Mr. Groholt has been Norske Skog's chair for five years.
"The international paper industry has been through several
difficult years, and Norske Skog has therefore undergone an
extensive restructuring process during Groholt's time as chair.
We thank him for his commitment in this demanding period," Idar
Kreutzer, chair of the nomination committee, said.
Mr. Wahl is currently a partner in and deputy chair of Industri
Kapital, a European private equity company, which owns 24
companies throughout the continent with a combined turnover of
more than EUR8 billion. With an MBA from Harvard, his previous
appointments include jobs with US investment bank Goldman, Sachs
& Co. in London and New York.
"Wahl has very strong strategic experience and expertise," Mr.
Kreutzer continued. "He also has international industrial
experience, knowledge about and familiarity with the
international finance business, and experience from large and
demanding restructuring processes.
"Combined with his strong person qualities, this means that he
meets the requirements for a new chair specified by the
nomination committee. Wahl will contribute an expertise and
experience which will be important for Norske Skog in the
future," Mr. Kreutzer added.
Ms. Broberg has been nominated by the committee to replace
Annette Brodin Rampe, who is retiring from the board. With an
MSc in business economics from the Norwegian School of
Management, she currently works as a company adviser and farmer.
Her earlier career includes jobs with Hartmark Consulting,
Jordan, Alcatel Telecom and Aker Engineering.
The nomination committee has also recommended changes to Norske
Skog's corporate assembly.
Helge Evju has been nominated as the new chair of the assembly,
and thereby also of the nomination committee. Mr. Kreutzer is
recommended as deputy chair of both assembly and committee. In
addition, executive vice president Oyvind Birkeland at DnB NOR
Kapitalforvaltning has been nominated as a new member of the
assembly in succession to Svein Aaser, who has resigned.
The nomination committee's recommendations for shareholder-
elected directors and members of the corporate assembly are
accordingly as follows:
Board of directors:
-- Kim Wahl (chair),
-- Oivind Lund (deputy chair),
-- Halvor Bjorken,
-- Gisele Marchand,
-- Ingrid Wiik, and
-- Kari Broberg.
Corporate assembly:
-- Helge Evju (chair),
-- Idar Kreutzer (deputy chair),
-- Emil Aubert,
-- Ole H. Bakke,
-- Ann Kristin Brautaset,
-- Kirsten C. Ideboen,
-- Birgitta Rodstol Naess,
-- Christian Ramberg,
-- Tom Ruud,
-- Turid Fluge Svenneby,
-- Halvard Saether, and
-- Oyvind Birkeland.
The nomination committee in Norske Skog currently comprises:
-- Idar Kreutzer (chair),
-- Helge Evju, Gunn Waersted, and
-- Ole H. Bakke.
These elections will be held at Norske Skog's annual general
meeting on April 12.
All recommendations by the nomination committee are unanimous.
About Norske Skog
Headquartered in Lysaker, Norway, Norske Skogindustrier ASA --
http://www.norskeskog.com/-- manufactures paper and pulp. It
produces long and short fiber sulphate pulp, newsprint, bleached
Kraft paper and others. The Company owns and operates paper
mills in Europe, Asia, Australia, Africa and North and South
America. Norske has posted three consecutive annual net losses
of EUR116.3 million in 2004, EUR315.4 million in 2003, and
EUR849 million in 2002.
* * *
As of Feb. 14, Norske Skog carries these ratings:
Moody's:
-- Long-Term Corporate Family: Ba1
-- Senior Unsecured Debt: Ba1
-- Outlook: Stable
Standard & Poor's:
-- Long-Term Foreign Issuer Credit: BB+
-- Long-Term Local Issuer Credit: BB+
-- Short-Term Foreign Issuer Credit: B
-- Short-Term Local Issuer Credit: B
-- Outlook: Stable
===========
R U S S I A
===========
AMFORA CJSC: Court Names N. Popov as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed
Mr. N. Popov as Insolvency Manager for CJSC Publishing House
Amfora. He can be reached at:
N. Popov
Post User Box 366
OPS-100
170100 Tver
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A56-32156/2006.
The Court is located at:
The Arbitration Court of St. Petersburg and Leningrad
Hall 113
Suvorovskiy Pr. 50/52
St. Petersburg
Russia
The Debtor can be reached at:
CJSC Publishing House Amfora
Premise 12N
Ligovskiy Pr. 29
St. Petersburg
Russia
ARKO-RUSSIAN INSURANCE: Court Names N. Popov to Manage Assets
-------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed
Mr. N. Popov as Insolvency Manager for OJSC Arko-Russian
Insurance Transport Company. He can be reached at:
N. Popov
Post User Box 366
OPS-100
170100 Tver
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A56-32880/2006.
The Court is located at:
The Arbitration Court of St. Petersburg and Leningrad
Hall 113
Suvorovskiy Pr. 50/52
St. Petersburg
Russia
The Debtor can be reached at:
OJSC Arko-Russian Insurance Transport Company
Building 1
Narodnogo Opolcheniya Pr. 180
St. Petersburg
Russia
INDUSTRIAL-BUILDING: Court Names N. Popov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed
Mr. N. Popov as Insolvency Manager for CJSC Industrial-Building
Corporation-3. He can be reached at:
N. Popov
Post User Box 366
OPS-100
170100 Tver
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A56-37346/2006.
The Court is located at:
The Arbitration Court of St. Petersburg and Leningrad
Hall 113
Suvorovskiy Pr. 50/52
St. Petersburg
Russia
The Debtor can be reached at:
CJSC Industrial-Building Corporation-3
Aleksandrovskoy Fermy Pr. 29
St. Petersburg
Russia
KRYMSKIY TINNED: Asset Sale Slated for March 20
-----------------------------------------------
LLC Specialized Organization Auction Centre, the bidding
organizer for OJSC Krymskiy Tinned Food Factory, will open a
public auction for the company's properties at noon on March 20
at:
OJSC Krymskiy Tinned Food Factory
Administration
Sverdlova Str. 2
Krymsk
353383 Krasnodar
Russia
The company has set a RUR159,315,701 starting price for the
auctioned assets.
Interested participants have to deposit an amount equivalent to
20% of the starting price to:
LLC Specialized Organization Auction Centre
Settlement Account 40702810700000000146
Correspondent Account 3010181070000000000518
BIK 044585518
CB Bikbank (LLC)
Bidding documents must be submitted to:
LLC Specialized Organization Auction Centre
Office 10
2nd floor
Building 5/2
Krasnaya Str. 176
350020 Krasnodar
Russia
The Debtor can be reached at:
OJSC Krymskiy Tinned Food Factory
Sverdlova Str. 2
Krymsk
353383 Krasnodar
Russia
LUKOIL OAO: Puts Reserves at 20.4 Bln Barrels of Oil Equivalent
---------------------------------------------------------------
OAO Lukoil has completed an evaluation and independent audit of
its oil and gas reserves as at Jan. 1, 2007.
According to the data audited by Miller and Lents (U.S.A.),
Lukoil's proved reserves as at Jan. 1, 2007 are estimated at
20.36 billion barrels of oil equivalent (boe), including 15.93
billion barrels of oil and 26.60 trillion cubic feet of gas
(20.33 billion boe as at Jan. 1, 2006). In 2006 the Company had
a 4.1% growth in proved reserves taking into account production.
Thus, for seven years on end the Company has completely
compensated the hydrocarbons production with the reserves
additions.
The evaluation of the reserves of OAO Lukoil was performed in
compliance with the US Society of Petroleum Engineers and the
World Petroleum Congress requirements. The proved reserves
included those volumes, which are recoverable up to and past
license expiry dates.
The Company's total reserves in all categories constitute 100%
net reserves owned by the consolidated subsidiaries and net
share in appropriate reserves of affiliates.
The main factors behind the growth of the reserves are:
-- additions to reserves as a result of exploration activity
carried out in the regions where the Company traditionally
operates and in the North of the Caspian Sea where the
Filanovsky deposit was discovered (total proved reserves
replacement through geological exploration was 617 million
boe); and
-- revision of the previous estimates using renewed or
updated geological and development information.
The reserves evaluation and cost efficiency calculations include
bringing into action of the Law No.151-FZ dated July 27, 2006 as
far as the Mineral Extraction Tax is concerned. Besides, tax
benefits envisaged by the new legislation for the properties
with a high degree of depletion are not included in the
calculations due to the lack of application practices.
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.
LUKOIL OAO: Commissions New Production Unit at OOO Stavrolen
------------------------------------------------------------
OAO Lukoil commissioned a polypropylene production unit at OOO
Stavrolen, part of the Lukoil Group. The event was attended by
Vagit Alekperov, President of Lukoil, Dmitry Kozak, authorized
representative of the Russian Federation President in the
Southern Federal District, Vladimir Katrenko, Deputy Chairman of
the State Duma, Alexander Chernogorov, Governor of Stavropol
Region and Yury Luzhkov, Moscow Mayor.
The polypropylene production unit with the capacity of 120,000
tons per year is the first facility of its kind in the Lukoil
Group petrochemical complex. Propylene, which is the main crude
product for the unit, is produced at OOO Stavrolen and
transferred to the unit via the pipeline. Design of the unit is
based on the operational process Unipol, which is developed by
DOW Chemicals (U.S.A.).
As compared to other methods of polypropylene production, this
operational process is distinguished by higher environmental
safety, since it contains no basic sources of air pollutant
emission. The same technology will provide for production of
high-impact and frost-resistant polypropylene, as well as
different modifications used in medicine and agriculture.
Polypropylene produced for general use will be delivered to
Russian facilities to help manufacture fiber, pipes, mechanicals
and consumer goods. The new unit will allow the company to
satisfy the needs of the Russian market with modern brands of
polypropylene.
Construction of the polypropylene production unit at OOO
Stavrolen was launched in 1986. OAO Stavropolpolimerprodukt was
set up in 1992 to continue construction and start operation of
the unit. However, in 1995 due to termination of government
financing all operations were suspended. To complete the
project, the Lukoil Group acquired 87.42% of OAO
Stavropolpolimerprodukt assets from State Unitary Enterprise
Moscow Industry and Trade Center of Integration and Development
for US$32 million. Construction of the facility was resumed in
January of 2005.
Petrochemical plant Stavrolen was commissioned in 1981. It is
one of the largest Russian enterprises for polyethylene and
other petrochemicals production. OOO Stavrolen alongside with
OOO Saratovorgsintez, OOO Karpatneftechim (Ukraine) and AO
Lukoil Neftochim Bourgas (Bulgaria) are the basis of the LUKOIL
Group's petrochemical complex.
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.
METAL-DESIGN LLC: Court Names A. Lyutyj as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Lyutyj as
Insolvency Manager for LLC Metal-Design (TIN 7721012326). He
can be reached at:
A. Lyutyj
Post User Box 103
119415 Moscow
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A40-25003/06-123-333B.
The Court is located at:
The Arbitration Court of Moscow
Novaya Basmannaya Str. 10
Moscow
Russia
The Debtor can be reached at:
LLC Metal-Design
Room 3
Samarkandskiy Avenue 17
109507 Moscow
Russia
NAST CJSC: Court Names N. Popov as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed
Mr. N. Popov as Insolvency Manager for CJSC Building Company
Nast. He can be reached at:
N. Popov
Post User Box 366
OPS-100
170100 Tver
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A56-35607/2006.
The Court is located at:
The Arbitration Court of St. Petersburg and Leningrad
Hall 113
Suvorovskiy Pr. 50/52
St. Petersburg
Russia
The Debtor can be reached at:
CJSC Building Company Nast
Chernyshevskogo Pr. 2
St. Petersburg
Russia
NORTH-WEST LEASING: Court Names N. Popov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed
Mr. N. Popov as Insolvency Manager for CJSC North-West Leasing
Company. He can be reached at:
N. Popov
Post User Box 366
OPS-100
170100 Tver
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A56-37405/2006.
The Court is located at:
The Arbitration Court of St. Petersburg and Leningrad
Hall 113
Suvorovskiy Pr. 50/52
St. Petersburg
Russia
The Debtor can be reached at:
CJSC North-West Leasing Company
Komsomola Str. 41
St. Petersburg
Russia
OIL-SERVICE LLC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy
supervision procedure on LLC Oil-Service. The case is docketed
under Case No. A75-9617/2006.
The Temporary Insolvency Manager is:
V. Belonogov, Temporary Insolvency Manager
Mira Str. 9/2
Nefteyugansk
628309 Tyumen
Russia
The Court is located at:
The Arbitration Court of Khanty-Mansiyskiy
Lenina Str. 54/1
Khanty-Mansiysk Autonomous
Russia
The Debtor can be reached at:
LLC Oil-Service
11th location, 8
Nefteyugansk
628309 Khanty-Mansiyskiy
Russia
POKHVISTNEVSKIY FACTORY: Court Names M. Kiyamov to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Samara appointed Mr. M. Kiyamov as
Insolvency Manager for LLC Pokhvistnevskiy Factory of
Reinforced-Concrete Goods. He can be reached at:
M. Kiyamov
Lugovaya Str. 26
Nadezhdino
Koshkinskiy
446802 Samara
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A55-6239/06.
The Court is located at:
The Arbitration Court of Samara
Avrory Str. 148
Samara
Russia
The Debtor can be reached at:
LLC Pokhvistnevskiy Factory of Reinforced-Concrete
Goods
Venera
Pokhvistnevo
446450 Samara
Russia
PUMPS CJSC: Moscos Court Names A. Lyutyj as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Lyutyj as
Insolvency Manager for CJSC VSFK Immovable Property (TIN
3808091290). He can be reached at:
A. Lyutyj
Post User Box 103
119415 Moscow
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A40-24626/06-95-332B.
The Court is located at:
The Arbitration Court of Moscow
Novaya Basmannaya Str. 10
Moscow
Russia
The Debtor can be reached at:
CJSC Concern Russian Pumps
Krasnokazarmennaya Str. 17
111250 Moscow
Russia
RUSSIAN TRADING: Court Names A. Trifonov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed
Mr. A. Trifonov as Insolvency Manager for CJSC Russian Trading
Company. He can be reached at:
A. Trifonov, Insolvency Manager
Post User Box 383
OPS-100
170100 Tver
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A56-36058/2006.
The Court is located at:
The Arbitration Court of St. Petersburg and Leningrad
Hall 113
Suvorovskiy Pr. 50/52
St. Petersburg
Russia
The Debtor can be reached at:
CJSC Russian Trading Company
Kantemirovskaya Str. 12
St. Petersburg
Russia
SIBERIA CJSC: Creditors Must File Claims by March 17
----------------------------------------------------
Creditors of CJSC Siberia have until March 17 to submit proofs
of claim to:
N. Natarov, Temporary Insolvency Manager
Post User Box 251
Post Office 48
630048 Novosibirsk
Russia
The Arbitration Court of Novosibirsk commenced bankruptcy
supervision procedure on the company. The case is docketed
under Case No. A45-18691/06-43/489.
The Court is located at:
The Arbitration Court of Novosibirsk
Kirova Str. 3
630007 Novosibirsk
Russia
The Debtor can be reached at:
CJSC Siberia
Tsentralnaya Str., 41
Kargapolovo
Suzunskiy
633654 Novosibirsk
Russia
SOUTHERN TELECOMMUNICATIONS: Seeks New Auditor for 2007 Results
---------------------------------------------------------------
PJSC Southern Telecommunications Co. is inviting auditing firms
to take part in the tender for selection of an auditor to
perform obligatory audit of the bookkeeping procedures and
financial accounts of the company compiled in accordance with
Russian Accounting Standards (RAS) and International Financial
Reporting Standards (IFRS) for the year 2007.
About the Company
Headquartered in Krasnodar, Russia, Southern Telecommunications
Co. -- http://www.stcompany.ru/-- provides local, long-
distance, and cellular telephone, paging and telegraph services.
* * *
As of March 7, UTK carries these ratings:
Moody's
-- Issuer: Caa1
-- Long-Term Corporate Family: B3
-- Outlook: Stable
Standard & Poor's
-- Long-Term Foreign Issuer Credit: B-
-- Long-Term Local Issuer Credit: B-
-- Outlook: Stable
TEPLO-SERVICE LLC: Bankruptcy Hearing Slated for March 22
---------------------------------------------------------
The Arbitration Court of Chelyabinsk will convene at 2:00 p.m.
on March 22 to hear the bankruptcy supervision procedure on LLC
Teplo-Service. The case is docketed under Case No. A76-26604/
2006-60-220.
The Temporary Insolvency Manager is:
S. Domas'
Post User Box 137
Taganskaya Str. 51
620051 Ekaterinburg
Russia
The Court is located at:
The Arbitration Court of Chelyabinsk
Vorovskogo Str. 2
454091 Chelyabinsk
Russia
The Debtor can be reached at:
LLC Teplo-Service
Borby Str. 14
Kopeysk
455618 Chelyabinsk
Russia
TNK-BP HOLDING: Replaces 129% of Production with New Reserves
-------------------------------------------------------------
OAO TNK-BP Holding has released the results of the independent
audit of its reserves as at the end of 2006. This represents
the fourth annual audit of the company's reserves since its
creation in August 2003.
The latest audit confirms that as of Dec. 31, 2006, TNK-BP's
Total Proved Reserves were 7.81 billion barrels of oil
equivalent, applying U.S. SEC methodology on a life of field
(LOF) basis. This constitutes a Total Proved SEC (LOF) reserve
replacement ratio of 129%; exceeding for the fourth year in
succession the company's enduring objective of at least 100%
reserve replacement under these criteria.
These figures are adjusted for the sale of assets in 2006.
Under SPE criteria, Total Proved Reserves were 8.949 billion
barrels of oil equivalent. This represents a 156% Total Proved
SPE reserves replacement ratio after adjustment for divestments.
In addition in 2006 TNK-BP added more than 400 million barrels
of non-proved oil reserves through Exploration and Appraisal
activity.
No proved reserves have yet been booked for TNK-BP's greenfield
projects in West and East Siberia.
In 2006, TNK-BP grew oil and gas production by 3.0% to 620
million barrels of oil equivalent. This compares with Russian
industry average figure of approximately 2.2%. The main drivers
behind the strong reserve replacement figures were targeted
drilling and well work activity.
A long-term objective of TNK-BP is to play a role in unlocking
this Russian resource potential through the consistent transfer
of knowledge and technology to Russia's oil and gas sector. The
company plans to continue its exploration and appraisal activity
in West Siberia, the core region of its existing operations, and
contribute to Russia's national task of developing oil and gas
resources in East Siberia to the benefit of domestic and
international consumers.
"Replacement of annual production with new reserves is a vital
aspect of our business strategy," TNK-BP's Chief Executive
Officer, Robert Dudley said. "This is a clear demonstration of
the benefits of effectively applying advanced technologies to
our mature asset base. Importantly also, this is another
positive contribution to Russia's national reserves inventory."
The independent firm of DeGolyer and MacNaughton conducted the
audit to criteria stipulated by both the United States'
Securities and Exchange Commission (SEC) and the Society of
Petroleum Engineers (SPE).
About TNK-BP
Headquartered Moscow, Russia, TNK-BP Holding OAO --
http://www.tnk-bp.com/-- operates six refineries in Russia and
Ukraine, and markets products through 2,100 retail service
stations operating under TNK and BP brand. TNK owns 56.5% of
TNK-BP Holding, and Onako and Sidanco hold 6.8% and 30.9%,
respectively. The other 5.8% belongs to TNK-BP shareholders.
TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for around 18% of Russia's total crude oil
production.
* * *
Standard & Poor's assigned BB+/Stable foreign currency local
currency ratings to TNK-BP on June 30, 2006.
Moody's assigned Ba2/Positive foreign currency rating to the
company on Jan. 24, 2006.
Fitch assigned BB+/Positive foreign currency rating to TNK-BP on
Feb. 13, 2006, and BB+/Positive local currency rating on
Aug. 24, 2005.
TRITON CJSC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Sakhalin commenced bankruptcy
supervision procedure on CJSC Triton. The case is docketed
under Case No. A59-2822/06-S4.
The Temporary Insolvency Manager is:
N. Petrukhin
Apartment 29
Gorkogo Str. 40
Yuzhno-Sakhalinsk
693023 Sakhalin
Russia
Tel: (4242) 754-366
The Court is located at:
The Arbitration Court of Sakhalin
Kommunisticheskiy Pr. 24
693020 Yuzhno-Sakhalinsk
Russia
The Debtor can be reached at:
CJSC Triton
Sovetskaya Str. 111-A
Khomsk
Khomskiy
694620 Sakhalin
Russia
VSFK IMMOVABLE: Creditors Must File Claims by March 17
------------------------------------------------------
Creditors of CJSC VSFK Immovable Property (TIN 3808091290) have
until March 17 to submit proofs of claim to:
A. Nikiforov, Temporary Insolvency Manager
Post User Box 165
664047 Irkutsk
Russia
The Arbitration Court of Irkutsk commenced bankruptcy
supervision procedure on the company. The case is docketed
under Case No. A19-22997/06-29.
The Court is located at:
The Arbitration Court of Irkutsk
Room 303
Gagarina Avenue 70
664025 Irkutsk
Russia
The Debtor can be reached at:
CJSC VSFK Immovable Property
Rossiyskaya Str. 12
664026 Irkutsk
Russia
=========
S P A I N
=========
UTSTARCOM INC: Defers 10-K Filing Due to Financial Restatements
---------------------------------------------------------------
UTStarcom Inc. reported an expected delay in filing its Annual
Report on Form 10-K for the year ended Dec. 31, 2006.
Because of time needed to analyze and compute the financial
statement effects of the errors in measurement dates identified
in the Governance Committee's on-going review of the company's
equity grant award practices, to prepare restated financial
statements, and for audit by the company's independent
registered public accounting firm, the company did not file its
2006 10-K by the scheduled due date of March 1, 2007.
As previously communicated on Feb. 1, 2007, the Governance
Committee review found that in certain instances all actions
that establish a measurement date under the requirements of
Accounting Principles Board No. 25, Accounting for Stock Issued
to Employees, had not occurred at the grant date, which had been
used as the measurement date in accounting for Company stock
option grants. A later date, when all such actions had taken
place, should have been used as the measurement date for these
stock options. The Audit Committee of the company's Board of
Directors then determined, in consultation with and on the
recommendation of the company's management, the effect of using
incorrect measurement dates would require the company to record
material additional stock-based compensation charges in its
previously issued financial statements.
The Company therefore previously announced, based on preliminary
information, its previously issued financial statements for the
years 2000 through 2006, including interim periods within these
fiscal years, should no longer be relied upon, and its estimate
that the restatement may involve additional non-cash
compensation and related charges of approximately US$50 million.
The company has filed a notification of late filing with the
Securities and Exchange Commission, which reports: (i) the
company will be unable to file its 2006 10-K by the required
filing date and (ii) the company does not currently anticipate
the 2006 10-K will be filed on or before the fifteenth calendar
day following the prescribed due date according to Rule 12b-25.
The company will file its restated financial statements as soon
as practicable, but as is customary when required filings with
the SEC are not timely made, it expects to receive a notice from
Nasdaq concerning the possible delisting of its common stock.
This information is preliminary and is subject to changes that
might result from completion of the Governance Committee's
investigation, management's review of the findings of the
Governance Committee, and audit by the company's independent
registered public accounting firm, but it provides management's
best estimates based on available information.
Headquartered in Alameda, Calif., UTStarcom Inc. (Nasdaq: UTSI)
-- http://www.utstar.com/-- provides IP-based, end-to-end
networking solutions and international service and support. The
company sells its broadband, wireless, and handset solutions to
operators in both emerging and established telecommunications
markets around the world. The company maintains operations in
France, Italy, Spain, China, India, Japan, Argentina and Brazil.
* * *
As reported in the Troubled Company Reporter-Europe on Jan. 18,
noteholders of UTStarcom Inc.'s 7/8% convertible subordinated
notes due 2008 agreed to the proposed amendments of certain
provisions of the indenture pursuant to which the notes were
issued and a waiver of rights to pursue remedies available under
the indenture with respect to certain default.
Under the terms of the indenture, during the period beginning
Jan. 9, 2007 and ending 5:30 p.m., May 31, 2007, any failure by
the company to comply with certain provisions will not result in
a default or an event of default, and the Notes will accrue an
additional 6.75% per annum in special interest from and after
Jan. 9, 2007 to the maturity date of the Notes, unless the Notes
are earlier repurchased or converted.
=====================
S W I T Z E R L A N D
=====================
ARKTIKUM INVESTMENTS: Creditors' Liquidation Claims Due March 20
----------------------------------------------------------------
Creditors of JSC Arktikum Investments have until March 20 to
submit their claims to:
Silvia Katschnig
Liquidator
JSC KENDRIS private
Badenerstrasse 172
8004 Zurich
Switzerland
The Debtor can be reached at:
JSC Arktikum Investments
Zurich
Switzerland
CLOCK FINANCE: Moody's Puts Low-B Ratings on Three Classes Notes
----------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
nine classes of asset backed credit linked notes issued by Clock
Finance No.1 B.V.:
-- CHF132-million Class A Asset-Backed Credit Linked Notes
due 2015: Aaa;
-- CHF20-million Class B1 Asset-Backed Credit Linked Notes
due 2015: Aa2;
-- EUR45.4-million Class B2 Asset-Backed Credit Linked Notes
due 2015: Aa2;
-- CHF13-million Class C1 Asset-Backed Credit Linked Notes
due 2015: A2;
-- EUR52.7-million Class C2 Asset-Backed Credit Linked Notes
due 2015: A2;
-- EUR56.3-million Class D Asset-Backed Credit Linked Notes
due 2015: Baa3;
-- CHF40.3-million Class E Asset-Backed Credit Linked Notes
due 2015: Ba3;
-- CHF10-million Class F1 Asset-Backed Credit Linked Notes
due 2015: B3; and
-- EUR18.7-million Class F2 Asset-Backed Credit Linked Notes
due 2015: B3.
Moody's has not assigned a definitive rating to CHF153.6-
million Class G Asset-Backed Credit Linked Notes due 2015. In
addition, the structure includes a super senior piece of
CHF4.12 billion where no credit protection has been sought.
Investors should note that the Definitive Note structure as
listed above now includes both EUR and CHF tranches and Class B,
C and F have been further split into two parri-passu tranches.
However, the initial credit enhancement as stated in Moody's
provisional ratings for each Class has not been modified and the
exchange rate risk has been mitigated by fixing the exchange
rate at closing. The resulting slight reduction of the super
senior piece (CHF0.1 million) is due to rounding following the
inclusion of EUR denominated Notes in the structure.
Clock Finance No.1 B.V. is the first SME securitization by
Credit Suisse using Clock Finance No.1 B.V. The objective of
the credit protection buyer, Credit Suisse, is to achieve
economic and regulatory capital relief under Basel II for the
portfolio of SME and corporate loans. The portfolio consists of
1,977 reference obligations relating to small and medium sized
companies and some corporates domiciled in Switzerland for an
amount of CHF4.8 billion. Under a Credit Default Swap, Credit
Suisse will pay fixed payments to Clock Finance No. 1 B.V. and
in return Credit Suisse will be hedged for losses occurring in
the reference portfolio up to an amount equal to the total
initial amount of notes issued by the SPV. In order to hedge
its obligations under the Credit Default Swap, Clock Finance No.
1 B.V. has issued Class A to Class G Notes and invested the note
proceeds in CHF and Euro denominated cash deposits. The credit
linked notes have been structured to be redeemed in bullet on
the scheduled maturity date on a sequential basis. The
transaction includes a six-year replenishment period during
which new reference obligations can be added to the reference
portfolio subject to compliance with the reference entity
eligibility criteria, the reference portfolio eligibility
criteria and the replenishment suspension trigger.
According to Moody's, the ratings take account of, among other
factors, the subordination of the respective lower tranches and
the strong replenishment criteria. Portfolio replenishment is
also possible only as long as the losses are below
CHF153.6 million (3.5% of initial reference portfolio) and all
the notes' ratings are within the Moody's expected loss limit or
the expected loss is the same or better than before
replenishment. Moody's also assessed the credit quality of the
unrated refere nce portfolio obligors by mapping Credit Suisse's
internal credit scoring ratings using historical data, the
results of the internal Master scale validation and the 1-year
rating transition matrices observed for the period 1996 to 2003.
The ratings address the expected loss posed to investors by the
legal final maturity of the notes. Moody's ratings address only
the credit risks associated with the transaction. Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.
Moody's assigned provisional ratings to this transaction on
Feb. 13, 2007.
CLOCK FINANCE: Fitch Puts Low-B Ratings to Three Note Classes
-------------------------------------------------------------
Fitch assigned final ratings to CLOCK FINANCE NO 1 B.V.'s issue
of EUR213.4 million and CHF175 million of floating-rate notes
due 2015 as follows:
-- CHF132,000,000 Class A: 'AAA'
-- CHF20,000,000 Class B1: 'AA'
-- EUR45,400,000 Class B2: 'AA'
-- CHF13,000,000 Class C1: 'A'
-- EUR52,700,000 Class C2: 'A'
-- EUR56,300,000 Class D: 'BBB+'
-- EUR40,300,000 Class E: 'BB+'
-- CHF10,000,000 Class F1: 'B'
-- EUR18,700,000 Class F2: 'B'
The Class G notes, totaling CHF153,600,000 are not rated.
The transaction is a partially funded synthetic collateralized
debt obligation referencing a portfolio of Swiss small- and
medium-sized enterprise obligors. The initial reference
portfolio consists of reference entities that borrowed under
credit lines granted by the private banking division of Credit
Suisse subject to framework agreements and securitised in whole
or in part with a total securitization balance of
CHF4.8 billion.
The transaction can replenish over the entire transaction
horizon on a "not to worsen" basis until February 2013 subject
to certain replenishment criteria and a replenishment suspension
trigger. The replenishment criteria include single obligor
concentration limits based on CS's internal ratings on an
entity-by-entity basis, a weighted average internal rating
covenant and concentration limits to maintain regional and
industrial diversification. Any replenishment has to comply
with the Fitch VECTOR test.
At closing, CS entered into a credit default swap with the
issuer. Under the CDS, the issuer sold credit protection on the
reference entity portfolio to CS, which includes accrued
interest and enforcement costs. The issuer hedged itself
against the same risk by issuing credit-linked notes denominated
in euros and Swiss francs. To avoid FX risk, a fixed exchange
rate of 1 EUR = 1.6210 CHF applies. Realised losses are borne
first by the unrated most junior piece, and then by the rated
Class A to F notes in reverse order of seniority.
The final ratings of the notes are based on the credit quality
of the reference portfolio, the credit enhancement, the quality
of the collateral, the strength of the swap counterparty and the
transaction's sound financial and legal structure. The credit
quality of the reference portfolio has been determined using a
mapping approach. Fitch deems the average quality of the
initial reference portfolio to be equivalent to a 'BB+' rating.
Credit enhancement for the Class A to F notes is provided by
subordination. The final ratings address the timely payment of
interest and the ultimate repayment of principal.
Losses are determined at the latest three months after the
credit event based on recovery estimates. As a result, CS
receives protection payments fairly quickly compared to other
structures where such payments are only made once the recovery
process has been completed. To reflect early payments, a
discount factor applies.
COMTRANS JSC: Creditors' Liquidation Claims Due March 15
--------------------------------------------------------
Creditors of JSC Comtrans have until March 15 to submit their
claims to:
Helmut File
Liquidator
Waldheimstrasse 29
6300 Zug
Switzerland
The Debtor can be reached at:
JSC Comtrans
Neuheim ZG
Switzerland
EPC-CONSULT JSC: Creditors' Liquidation Claims Due April 30
-----------------------------------------------------------
Creditors of JSC EPC-Consult have until April 30 to submit their
claims to:
Beat Butler
Liquidator
Freudenbergstr. 3
6312 Steinhausen ZG
Switzerland
The Debtor can be reached at:
JSC EPC-Consult
Baden AG
Switzerland
LA PERGOLA: Creditors' Liquidation Claims Due March 22
------------------------------------------------------
Creditors of JSC La Pergola have until March 22 to submit their
claims to:
Lukas Polivka
Liquidator
Leonhardstrasse 22
4051 Basel BS
Switzerland
The Debtor can be reached at:
JSC La Pergola
Basel BS
Switzerland
MANOSOPH HOLDING: Creditors' Liquidation Claims Due April 15
------------------------------------------------------------
Creditors of JSC Manosoph Holding have until April 15 to submit
their claims to:
Giovanni Gaggini
Liquidator
Ausstellungsstrasse 41
Postfach 3322
8021 Zurich
Switzerland
The Debtor can be reached at:
JSC Manosoph Holding
Zurich
Switzerland
MEULI WERBEARTIKEL: Creditors' Liquidation Claims Due March 22
--------------------------------------------------------------
Creditors of JSC Meuli Werbeartikel have until March 22 to
submit their claims to:
Meuli Anton
Liquidator
Galglirain 9
5703 Seon
Lenzburg AG
Switzerland
The Debtor can be reached at:
JSC Meuli Werbeartikel
Seon
Lenzburg AG
Switzerland
NATELCENTER TELECOM: Creditors' Liquidation Claims Due March 22
---------------------------------------------------------------
Creditors of JSC Natelcenter Telecom Aarau have until March 22
to submit their claims to:
Hufschmid Rene
Liquidator
Milchgasse 16
5703 Seon
Lenzburg AG
Switzerland
The Debtor can be reached at:
JSC Natelcenter Telecom Aarau
Aarau AG
Switzerland
ROBINSON NUGENT: Creditors' Liquidation Claims Due March 22
-----------------------------------------------------------
Creditors of JSC Robinson Nugent have until March 22 to submit
their claims to:
JSC Robinson Nugent
Liquidator
JSC 3M (Schweiz)
Eggstrasse 93
8803 Ruschlikon
Horgen ZH
Switzerland
The Debtor can be reached at:
JSC Robinson Nugent
Eggstrasse 93
8803 Ruschlikon
Horgen ZH
Switzerland
URANIA BETRIEBS: Creditors' Liquidation Claims Due March 22
-----------------------------------------------------------
Creditors of JSC Urania Betriebs have until March 22 to submit
their claims to:
Dr. Peter Schwarz
Liquidator
Lowenstrasse 25
8021 Zurich
Switzerland
The Debtor can be reached at:
JSC Urania Betriebs
Zurich
Switzerland
ZARPA TRADING: Creditors' Liquidation Claims Due March 26
---------------------------------------------------------
Creditors of JSC Zarpa Trading & Invest have until March 26 to
submit their claims to:
LLC Kromag Verwaltungs
Liquidator
Chamerstrasse 172
6304 Zug
Switzerland
The Debtor can be reached at:
JSC Zarpa Trading & Invest
Zug
Switzerland
=============
U K R A I N E
=============
FISH EXTRACTIVE: Proofs of Claim Filing Deadline Set March 12
-------------------------------------------------------------
Creditors of LLC Ukrainian Fish Extractive Company (code EDRPOU
31252576) have until March 12 to submit written proofs of claim
to:
Victoria Sharmonova, Temporary Insolvency Manager
P.O. Box 2769
Simferopol
95048 AR Krym
Ukraine
The Economic Court of AR Krym commenced bankruptcy supervision
procedure on the company. The case is docketed under Case No.
2-6/7857.1-2006.
The Court is located at:
The Economic Court of AR Krym
Karl Marks Str. 18
Simferopol
95000 AR Krym
Ukraine
The Debtor can be reached at:
LLC Ukrainian Fish Extractive Company
Gudovancev Str. 4
Kerch
98300 AR Krym
Ukraine
LUBOMIR CJSC: Creditors Must File Proofs of Claim by March 12
-------------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Jan. 31 after finding it insolvent. The
case is docketed under Case No. 378/11b-06.
Creditors of CJSC Lubomir (code EDRPOU 24213947) have until
March 12 to submit written proofs of claim to:
Nikolay Zanko, Liquidator
Heroes of Dnepr Str. 81
18021 Cherkassy
Ukraine
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Debtor can be reached at:
CJSC Lubomir
Dachnaya Str. 18
Stavische
Kiev
Ukraine
NOVYM SHLIAHOM: Creditors Must File Proofs of Claim by March 12
---------------------------------------------------------------
Creditors of LLC Novym Shliahom (code EDRPOU 30728054) have
until March 12 to submit written proofs of claim to:
Yaroslav Kachmarik, Liquidator
Sadovaya Str. 23/20
Lvov
Ukraine
The Economic Court of Lvov commenced bankruptcy proceedings
against the company on Jan. 15 after finding it insolvent. The
case is docketed under Case No. 6/207-29/308.
The Court is located at:
The Economic Court of Lvov
Lichakivska Str. 81
79010 Lvov
Ukraine
The Debtor can be reached at:
LLC Novym Shliahom
Verbitsa
Zhydachev District
81760 Lvov
Ukraine
OHTYRKA PETROLEUM: Proofs of Claim Filing Deadline Set March 12
---------------------------------------------------------------
Creditors of LLC Ohtyrka Petroleum Refinery (code EDRPOU
31525582) have until March 12 to submit written proofs of claim
to:
Sergey Soldatkin, Temporary Insolvency Manager
P.O. Box 30
40014 Sumy
Ukraine
The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company. The case is docketed under Case No.
8/589-06.
The Court is located at:
The Economic Court of Sumy
Shevchenko Avenue 18/1
40030 Sumy
Ukraine
The Debtor can be reached at:
LLC Ohtyrka Petroleum Refinery
Lenin Str. 10
Mala Pavlovka
Ohtyrka District
42700 Sumy
Ukraine
ROZOVSKY OJSC: Proofs of Claim Filing Deadline Set March 12
-----------------------------------------------------------
Creditors of OJSC Tribal Plant Rozovsky (code EDRPOU 00483547)
have until March 12 to submit written proofs of claim to:
Denis Matveychuk, Temporary Insolvency Manager
P.O. Box 189
Mariupol
87557 Donetsk
Ukraine
The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company. The case is docketed under Case No.
42/329B.
The Court is located at:
The Economic Court of Donetsk
Artema Str. 157
83048 Donetsk
Ukraine
The Debtor can be reached at:
OJSC Tribal Plant Rozovsky
60 Years of USSR Str. 84
Novoazovsk
87600 Donetsk
Ukraine
TH LISIANKAAGRO: Creditors Must File Proofs of Claim by March 12
----------------------------------------------------------------
Creditors of Joint LLC TH Lisiankaagro (code EDRPOU 31417603)
have until March 12 to submit written proofs of claim to:
Anatoly Prihodko, Liquidator
Sennaya Str. 7
Erki
Katerinopolsk District
Cherkassy
Ukraine
The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. 01/747.
The Court is located at:
The Economic Court of Cherkassy
Shevchenko Avenue 307
18005 Cherkassy
Ukraine
The Debtor can be reached at:
Joint LLC TH Lisiankaagro
Buzhanskaya Str. 67
Lisianka
Cherkassy
Ukraine
===========================
U N I T E D K I N G D O M
===========================
ADVANCED MICRO: Likely to Miss First Quarter Revenue Target
-----------------------------------------------------------
Advanced Micro Devices Inc. said in a technology conference
sponsored by Morgan Stanley that it was unlikely the company
would meet its target of US$1.6 billion to US$1.7 billion in
revenue for the first quarter, providing evidence that the price
war with Intel was continuing to take its toll, Laurie J. Flynn
of The New York Times reports.
Citing AMD's chief executive officer, Hector Ruiz, the source
said the company had underestimated demand for its
microprocessors from its newest customers - personal computer
makers - while failing to meet the needs of its longtime
reseller partners.
"We didn't do as good a job as we should have," Mr. Ruiz said in
the report.
According to the source, Mr. Ruiz expected the pricing battles
to continue.
The intense price war caused Intel to step up campaign to win
back market share it lost to AMD while AMD cut prices on desktop
processors last month by as much as 35 percent, the report said.
In June 2005, AMD filed an antitrust lawsuit against Intel
alleging that the latter forced major customers into exclusive
deals and offered secret rebates to undercut AMD in the market
for microprocessors.
For the year ended Dec. 31, 2006, AMD reported a US$166 million
net loss on US$5,649 million of net revenues compared to a
US$165 million net income on US$5,848 million of net revenues
for the year ended Dec. 31, 2005.
AMD's balance sheet at Dec. 31, 2006, showed total assets of
US$13,147 million, total liabilities of US$4,362 million, and
total stockholders' equity of US$5,785 million.
About AMD
Based in Sunnyvale, California, Advanced Micro Devices Inc.
(NYSE:AMD) -- http://www.amd.com/-- designs and produces
innovative microprocessor and graphics and media solutions for
the computer, communications, and consumer electronics
industries. The company has corporate locations in Sunnyvale,
California, Austin, Texas, and Markham, Ontario, and global
operations and manufacturing facilities in the United States,
Europe, Japan, and Asia. It maintains operations in Belgium,
France, Germany, the United Kingdom, Mexico and Brazil.
* * *
As reported in the Troubled Company Reporter on Oct. 31, 2006,
in connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. technology semiconductor and
distributor sector, the rating agency affirmed its Ba3 corporate
family rating on Advanced Micro Devices, Inc.
As reported in the Troubled Company Reporter on Oct. 6, 2006,
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on AMD. The rating agency also assigned its 'BB-'
bank loan rating, one notch above the corporate credit rating,
and a '1' recovery rating to the company's proposed US$2.5
billion senior secured term loan, to be used as partial funding
of the acquisition. S&P further raised its rating on the
company's US$600 million (US$390 million outstanding) senior
notes to 'B+' from 'B'.
ALCENTRA LTD: S&P Assigns BB Ratings to EUR33.75-Mln Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the senior secured fixed- and/or floating-rate
notes to be issued by Jubilee CDO I-R B.V.
At closing, Jubilee CDO I-R will issue floating-rate notes and
will, after paying transaction fees and expenses, invest the
proceeds in a portfolio of predominantly senior-secured
leveraged loans. The transaction has a reinvestment period of
seven years and the investment manager will be Alcentra Ltd.
This will be the 14th European CDO transaction managed by
Alcentra.
In this transaction, the issuer, as protection buyer, can enter
into offsetting CDSs and credit-short obligations. Using these
instruments, the issuer can buy protection for a specified
reference obligation that it already owns or one it does not.
Ratings List
Jubilee CDO I-R B.V.
EUR817.2 Million Senior Secured Fixed- And/Or Floating-Rate
Notes And EUR82.8 Million Subordinated Notes
Class Prelim. Prelim.
rating amount (Mln. EUR)
A AAA 594.00
B AA 74.25
C A- 72.00
D BBB 43.20
E BB 33.75
F NR 82.80
BAUSCH & LOMB: Financial Restatements Cue 10-K Filing Delay
-----------------------------------------------------------
Bausch & Lomb disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission that it delayed the filing of
its Annual Report on Form 10-K for 2006. The report was
required to be filed on Feb. 28.
The company said that its inability to file is principally due
to the considerable time and effort that it had to devote to
completing the recently completed financial restatement and
filing of its Form 10-K for 2005. This has prevented the
company from being able to timely complete its financial close
process for 2006.
The company said that it expects to file the 2006 10-K by
April 30.
The company filed its annual report on Form 10-K for the year
ended Dec. 31, 2005, with the SEC on Feb. 7.
The company was unable to timely file its 2005 Annual Report due
to:
-- ongoing independent investigations conducted by the Board
of Directors' Audit Committee;
-- expanded year-end procedures that were not complete;
-- expanded procedures with respect to the accounting for
income taxes that were not complete; and
-- continued efforts to complete the company's assessment of
its internal control over financial reporting.
As a result of the Audit Committee's investigations and the
expanded procedures, the company identified errors made in the
application of generally accepted accounting principles that
impacted previously reported financial statements.
Consequently, management determined that it should restate its
previously issued:
-- consolidated financial statements for fiscal years ended
Dec. 27, 2003, and Dec. 25, 2004;
-- financial information for the fiscal years ended 2001 and
2002 (including a cumulative increase to 2001 beginning
retained earnings of US$34,000,000); and
-- financial reports for the first and second quarters of
2005.
The company included the restated financial statements for the
years 2003 and 2004 in the 2005 annual report.
2005 Financials
For the year ended Dec. 31, 2005, the company reported
US$19,200,000 of net income on US$2,353,800,000 of net sales,
compared with US$153,900,000 of net income on US$2,233,500,000
of net sales for the fiscal year ended Dec. 25, 2004.
At Dec. 31, 2005, the company had US$3,416,400,000 in total
assets, US$2,108,000,000 in total liabilities, and
US$1,283,900,000 in total shareholders' equity.
A full-text copy of the company's 2005 annual report is
available for free at http://ResearchArchives.com/t/s?19c0
Headquartered in Rochester, New York, Bausch & Lomb Inc. --
http://www.bausch.com/-- develops, manufactures, and markets
eye health products, including contact lenses, contact lens care
solutions, and ophthalmic surgical and pharmaceutical products.
The company is organized into three geographic segments: the
Americas; Europe, Middle East, and Africa; and Asia (including
operations in India, Australia, China, Hong Kong, Japan, Korea,
Malaysia, the Philippines, Singapore, Taiwan and Thailand). In
Latin America, the company has operations in Brazil and Mexico.
While in Europe, the company maintains operations in Austria,
Germany, the Netherlands, Spain, and the U.K., among o
* * *
On Feb. 2, 2007, Moody's Investors Service downgraded Bausch &
Lomb Inc.'s senior unsecured debt to Ba1 and continues to review
all ratings for possible downgrade. Moody's also assigned the
company a Ba1 Corporate Family Rating.
BIG BUS: Names Administrators from Vantis Plc
---------------------------------------------
Colin Ian Vickers and Christopher David Stevens of Vantis Plc
were appointed joint administrators of The Big Bus Education
Ltd. (Company Number 04074695) on Feb. 16.
Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.
The company can be reached at:
The Big Bus Education Ltd.
7 Dukes Court
Bognor Road
Chichester
West Sussex
PO19 8FX
England
Tel: 01243 815 845
COLLINS & AIKMAN: Wants to Further Extend Lease Decision Period
---------------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Eastern District of Michigan to further
extend until the date a plan is confirmed for their Chapter 11
cases the period within which they must assume or reject certain
unexpired leases of nonresidential real property with Becker
Properties LLC and Anchor Court LLC.
As reported in the TCR-Europe on Jan. 9, the Honorable Steven W.
Rhodes extended the time within which the Debtors must assume,
assume and assign or reject unexpired leases of non-residential
real property with Becker Properties LLC and Anchor Court LLC
through and including March 14.
As of Feb. 23, the Debtors are in discussion with interested
parties on the sale of certain of the Debtors' businesses,
including their operations at Sterling Heights, Michigan and
Plymouth, Michigan.
The potential sales directly impact what steps the Debtors may
take regarding the Sterling Heights lease and Plymouth lease,
Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York,
tells the Court.
Consistent with, and to avoid a breach under, their obligations
under the customer agreement with their principal customers, the
Debtors simply require more time to make an informed decision on
the Leases, Mr. Schrock asserts. The Debtors expect that the
decision will be made in connection with the cooperative sale
process.
The facility at Havre de Grace, Maryland is dedicated to
supplying DaimlerChrysler Corp.'s Newark, Delaware facility.
DaimlerChrysler recently announced its decision to close the
Newark Facility, but announced no timeline. The Debtors intend
to reject the Havre de Grace Lease; the rejection, however, must
correspond with the closing date for DaimlerChrysler's Newark
Facility, to avoid a breach of the postpetition purchase orders
or the Customer Agreement, Mr. Schrock says.
If the request is not granted, the Debtors will be at risk of
assuming leases that the selected purchaser or purchasers of the
Debtors' businesses might deem unnecessary or impractical, or
rejecting leases that might be deemed essential to the
operations of the Debtors' businesses, Mr. Schrock points out.
Moreover, rejecting the Havre de Grace Lease before the Newark
Facility's closing could result in substantial administrative
claims against the Debtors' estates arising from breach,
Mr. Schrock maintains. It would make no economic or practical
sense to compel the Debtors to assume or reject the Leases at
this time, he adds.
The Anchor and Becker Lessors are not damaged by the Debtors'
continued occupation of the properties covered by the Leases.
The Debtors are complying with their postpetition obligations
related to the Leases on a timely basis, Mr. Schrock attests.
Mr. Schrock says maintenance of the Leases is essential to the
Debtors' continued operations, as relocating from the properties
would be expensive and inconvenient, further complicating the
Debtors' ability to confirm a plan in their Chapter 11 cases.
About Collins & Aikman
Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems. The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world. The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring. Lazard Freres & Co., LLC, provides the Debtor
with investment banking services. Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee. When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts. (Collins & Aikman Bankruptcy News, Issue No. 54;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
CORUS GROUP: Unit Hikes Hot Rolled Prices by 5% in EU and UK
------------------------------------------------------------
Corus Narrow Strip, a division of Corus Group plc, will increase
its Hot rolled prices in mainland EU and the U.K., by 5% across
the full product range for Q2 deliveries.
"We are seeing an improved demand from all of our main customer
sectors, and stocks are now at normal levels," Richard Bell,
Commercial Manager Narrow Strip said. "The increase reflects
strong market conditions, and is fully supported by continuing
healthy demand in both the U.K. and European markets."
About Corus Group
Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988. It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens. Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products. It also manufactures
primary aluminum products. Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.
Corus turns over GBP10 billion annually and employs 47,300 in
over 40 countries and sales offices and service centers
worldwide, including Indonesia and the Philippines.
As previously reported in the TCR-Europe, Tata Steel won an
auction for Corus over Companhia Siderurgica Nacional after
offering investors 608 pence per share in cash, or GBP5.7
billion (US$11.3 billion).
* * *
As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Standard & Poor's Ratings Services kept its 'BB'/
long-term corporate credit rating on U.K.-based steelmaker Corus
Group PLC on CreditWatch with developing implications, after the
completion of the auction process, during which India-based
steel manufacturer Tata Steel Ltd. offered the highest bid of
608 pence per share.
This values the company at GBP5.75 billion, up from the 455
pence per share of the initial bid.
At the same time, the 'BB+' long-term debt rating on Corus'
EUR700 million senior secured bank loan and the 'BB-' unsecured
debt ratings on Corus remain on CreditWatch with developing
implications. The 'B' short-term corporate credit rating
remains on CreditWatch with positive implications.
All ratings were placed on CreditWatch on Oct. 18, 2006,
following the disclosure of an initial bid by Tata Steel.
On Feb 2, 2007, Fitch Ratings said that Corus Group Plc's
Issuer Default 'BB-' and Short-term 'B' ratings remain on Rating
Watch Negative following a recommended bid, valued at GBP6.2
billion, from India-based Tata Steel Limited in the wake of an
auction process conducted by the UK Takeover Panel on 30-31
January 2007. The RWN also applies to the 'B+' ratings on CS's
EUR800 million 7.5% senior notes and Corus Finance Plc's GBP200m
6.75% guaranteed bonds.
At the same time, Moody's Investors Service placed Corus Group
plc's Ba2 Corporate Family and other ratings under review.
CORUS GROUP: Increases UK Wire Rod Prices by 8% to 10%
------------------------------------------------------
Corus Group plc is increasing U.K. wire rod prices by 8 to 10
percent on deliveries from April 2.
"Wire rod demand has improved significantly and high scrap
prices and robust markets across Europe are supporting the price
increase," Gareth Beese General Manager, Sales and Marketing,
stated.
Corus remains committed to delivering high levels of service to
its customers by meeting the demands of the market.
About Corus Group
Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988. It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens. Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products. It also manufactures
primary aluminum products. Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.
Corus turns over GBP10 billion annually and employs 47,300 in
over 40 countries and sales offices and service centers
worldwide, including Indonesia and the Philippines.
As previously reported in the TCR-Europe, Tata Steel won an
auction for Corus over Companhia Siderurgica Nacional after
offering investors 608 pence per share in cash, or GBP5.7
billion (US$11.3 billion).
* * *
As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Standard & Poor's Ratings Services kept its 'BB'/
long-term corporate credit rating on U.K.-based steelmaker Corus
Group PLC on CreditWatch with developing implications, after the
completion of the auction process, during which India-based
steel manufacturer Tata Steel Ltd. offered the highest bid of
608 pence per share.
This values the company at GBP5.75 billion, up from the 455
pence per share of the initial bid.
At the same time, the 'BB+' long-term debt rating on Corus'
EUR700 million senior secured bank loan and the 'BB-' unsecured
debt ratings on Corus remain on CreditWatch with developing
implications. The 'B' short-term corporate credit rating
remains on CreditWatch with positive implications.
All ratings were placed on CreditWatch on Oct. 18, 2006,
following the disclosure of an initial bid by Tata Steel.
On Feb 2, 2007, Fitch Ratings said that Corus Group Plc's
Issuer Default 'BB-' and Short-term 'B' ratings remain on Rating
Watch Negative following a recommended bid, valued at GBP6.2
billion, from India-based Tata Steel Limited in the wake of an
auction process conducted by the UK Takeover Panel on 30-31
January 2007. The RWN also applies to the 'B+' ratings on CS's
EUR800 million 7.5% senior notes and Corus Finance Plc's GBP200m
6.75% guaranteed bonds.
At the same time, Moody's Investors Service placed Corus Group
plc's Ba2 Corporate Family and other ratings under review.
CRAEGMOOR FUNDING: Moody's Cuts Rating to B1 on Two Bond Classes
----------------------------------------------------------------
Moody's Investors Service downgraded the Class B1 and Class B2
Notes to B1 from Ba3 issued by Craegmoor Funding (No.2) Limited,
a securitization of a UK portfolio of elderly and specialist
homes.
The ratings of Class B1 and B2 Notes were placed on review for
possible downgrade on Oct. 25, 2006.
Moody's rating action was triggered by continued concerns
regarding the sustainability of the underlying operating
performance. Even though in the last investor report net cash
flow has improved, this was driven primarily by staff cost and
capital expenditure reductions, which may not be sustainable
over the long term. Operating and agency costs increased in the
last quarter, while occupancy remains below historical levels.
In addition, progress in the shared services center continues to
lag Moody's expectations.
Moody's rating action is based on updated financial information
up to Dec. 2006 and discussions with management. Moody's was
not provided with any detailed 2007 budget information or with a
business plan for the estate. Cash in the disposal proceeds
account, is anticipated to be used to acquire nine assets from
the non-securitized estate. Moody's anticipates, based on
discussions with management, that 2006 audited financials should
not contain any audit qualifications.
Moody's rating action in detail (amounts reflect current
outstandings):
-- GBP15-million Class B1 Floating Rate Notes due 2023,
downgraded to B1 from Ba3;
-- GBP42.2-million Class B2 Fixed Rate Notes due 2023,
downgraded to B1 from Ba3.
CRAEGMOOR FUNDING: Fitch Keeps BB- Ratings on Class B1 & B2 Debt
----------------------------------------------------------------
Fitch removed the Rating Watch Negative status from the
underlying 'A' rating of the Class A1 and A2 notes of Craegmoor
Funding No2 Ltd wrapped by MBIA and rated 'AAA'.
The RWN is also removed from Class M notes rated 'BBB-' and from
the Class B notes rated 'BB-'.
The Craegmoor transaction, which closed on August 2003, is the
whole business securitization of specialist and elderly nursing
homes in the UK.
The rating actions are:
-- Class A1 GBP43,327,400 secured FRNs affirmed at 'AAA'
-- Class A2 GBP100 million secured 5.321% fixed-rate notes
affirmed at 'AAA'
-- Class M GBP30 million secured FRNs affirmed at 'BBB-'
-- Class B1 GBP15 million secured FRNs affirmed at 'BB-'
-- Class B2 GBP42.2 million secured 7.782% fixed-rate notes
affirmed to 'BB-'
The Class A1 and A2 Notes benefit from an unconditional and
irrevocable guarantee from MBIA in relation to scheduled
interest and scheduled principal. The underlying rating for the
Class A1 and A2 notes is affirmed at 'A'.
"Fitch believes that the performance of the transaction should
now enter a stable or improving stage but will wait for a longer
and sustained period of improved operating and financial
performance before considering a ratings upgrade from their
current levels" said Guillaume Langellier, Associate Director in
the Global Infrastructure & Project Finance Group.
DAMOVO GROUP: New Chairman Eyes Review of Scottish Operations
-------------------------------------------------------------
Mike Parton, who agreed to become chairman of Damovo Group S.A.
after its financial restructuring, intends to initiate a review
of the telecom services group's Scottish operations, Guy Dixon
writes for Scotsman.
According to the report, the restructuring is expected to close
by mid-April during which creditors, whose identities remain
undisclosed, will take control.
However, Damovo may retain its world headquarters in Scotland
and keep its management team including Chief Executive Bob
Contreras and Chief Operating Officer Joe Boyle.
Paul Ward, U.K. managing director of Houlihan Lokey Howard and
Zukin, told Scotsman that there are no plans under way for
Damovo's Scottish staff just yet as actions are focused on
getting the capital structure of the company fixed.
Houlihan Lokey Howard and Zukin, is an investment bank advising
Damovo on the restructuring.
In December 2006, Damovo's bondholders approved a EUR358-million
(US$508 million) swap of fixed-rate and floating-rate bonds due
in 2012 for equity in the company, Bloomberg relates.
As previously reported in the TCR-Europe, the telecom services
group deferred on its EUR18.9-million semi-annual coupon payment
due on Oct. 30, 2006, under the EUR350 million senior secured
notes issued by subsidiary Damovo III S.A.
As part of the company's recent financial restructuring,
bondholders also approved EUR50 million in new funding for the
group's Italian subsidiaries.
Headquartered in Glasgow, Scotland, Damovo Group S.A. --
http://www.damovo.com/-- is a provider of information and
communications technology (ICT) and services to public service
organizations and larger private sector companies. The company
also maintains operations in Belgium, Brazil, Czech Republic,
Germany, Ireland, Italy, Mexico, Poland, Switzerland and the
United Kingdom.
* * *
As reported in the TCR-Europe on Feb. 1, Standard & Poor's
Ratings Services withdrew its 'D' long-term corporate credit
rating on U.K.-based telecommunication services provider Damovo
Group S.A., and 'D' senior secured debt ratings and '4' recovery
rating on subsidiary Damovo III S.A.
In November 2006, Moody's Investors Service downgraded the
corporate family rating of Damovo Group S.A. to Caa3 from Caa1
following the non-payment of a semi-annual interest coupon due
on Oct. 30 on the company's 2012 senior notes and the
announcement of its intention to undertake a financial
restructure. Moody's has concurrently downgraded the rating on
the senior notes, which are issued at Damovo III S.A. to Ca from
Caa2. Moody's said the outlook is negative. The rating actions
conclude a review initiated on Oct. 16.
DURA AUTOMOTIVE: Creditors Must File Proofs of Claim by May 1
-------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
entered an order setting the deadline for creditors to file
proofs of claim in the chapter 11 cases of Dura Automotive
Systems Inc. and its debtor-affiliates.
Creditors who have a claim or potential claim against the
Debtors that arose prior to Oct. 30, 2006, must file a proof of
claim on or before 6:00 p.m. on May 1.
Creditors must send an original proof of claim form to:
Kurtzman Carson Consultants LLC
2335 Alaska Ave.
El Segundo, California 90245
USA
The company can be reached at:
Dura Automotive Systems Inc.
2791 Research Drive
Rochester Hills, Michigan 48309
USA
248-299-7500
About DURA Automotive Systems Inc.
Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules, and exterior trim systems for the
global automotive industry. The company is also a supplier of
similar products to the recreation vehicle and specialty vehicle
industries. DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.
The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202). Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel. Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors. As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities. (Dura Automotive
Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
EXMOOR WHOLESALE: Names Timothy Alexander Close as Administrator
----------------------------------------------------------------
Timothy Alexander Close of Milsted Langdon was named
administrator of Exmoor Wholesale Supplies Ltd. (Company Number
02124935) on Feb. 21.
The administrator can be reached at:
Timothy Alexander Close
Milsted Langdon
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH
England
Tel: 01823 445566
Fax: 01823 445555
The company can be reached at:
Exmoor Wholesale Supplies Ltd.
Brushford
Dulverton
Somerset
TA22 9AG
England
Tel: 01398 323 933
Fax: 01398 323 327
GENERAL MOTORS: Further Delays Filing of Reports Until March 16
---------------------------------------------------------------
General Motors Corp. has pushed back the filing of its Annual
Report on Form 10-K with the U.S. Securities and Exchange
Commission until March 16 after failing to make the March 1
filing deadline.
The delay is due to the issues regarding the accounting for
deferred income tax liabilities and certain hedging activities
under the Statement of Financial Accounting Standards.
GM also intends to report restated results for the years ended
Dec. 31, 2002, to Dec. 31, 2005, and for the first three
quarters of 2006.
"As disclosed in prior [SEC] filings the current estimate of the
cumulative impact of the accounting adjustments under SFAS No.
133 to retained earnings, as of September 30, 2006, is an
increase of approximately US$200 million," the company disclosed
in its SEC filing.
"In addition, GM previously disclosed that retained earnings as
of December 31, 2001 and subsequent periods are understated by a
range of US$450 million to US$600 million due to an
overstatement of deferred tax liabilities. GM currently
estimates that the deferred income tax liability overstatement
is approximately US$1 billion. This impact is partially offset
by an estimated US$500 million adjustment to stockholders'
equity related to taxation of foreign currency translation,
arising primarily prior to 2002, and affects all periods through
the third quarter of 2006. The estimate net effect of such tax
adjustments results in an understatement of stockholders' equity
as of December 31, 2001 and subsequent periods of approximately
US$500 million," the company said.
About General Motors Corp.
General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader since 1931. Founded in 1908, GM employs about 284,000
people around the world. It has manufacturing operations in
33 countries including Belgium, France, Germany, India, Mexico,
and its vehicles are sold in 200 countries. GM sells cars and
trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and
Vauxhall.
* * *
As reported in the Troubled Company Reporter 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.
As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.
HOHA LTD: Brings In Moore Stephens to Administer Assets
-------------------------------------------------------
Mark Bowen and Nigel Price of Moore Stephens LLP were appointed
joint administrators of Hoha Ltd. (fka Stamfords U.K. Ltd.)
(Company Number 04482212) on Feb. 16.
Moore Stephens -- http://www.moorestephens.co.uk-- offers
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services. Its U.K. network comprises over
1,400 partners and staff.
Headquartered in Worcester, England, Hoha Ltd. (fka Stamfords
U.K. Ltd) -- http://www.stamfordsca.com/-- is a firm of
chartered accountants offering accountancy and business
consultancy services to owner managed and family owned
businesses.
HOHA LTD: Joint Administrators Offer Business & Assets for Sale
---------------------------------------------------------------
Mark Bowen and Nigel Price of Moore Stephens LLP, acting as
joint administrators of Hoha Ltd., offer for sale as a going
concern the company's business and assets.
Moore Stephens -- http://www.moorestephens.co.uk-- offers
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services. Its U.K. network comprises over
1,400 partners and staff.
Headquartered in Worcester, England, Hoha Ltd. (fka Stamfords
U.K. Ltd) -- http://www.stamfordsca.com/-- is a firm of
chartered accountants offering accountancy and business
consultancy services to owner managed and family owned
businesses.
IMPARO LTD: Brings In Joint Administrators from Vantis
-------------------------------------------------------
Colin Ian Vickers and Christopher David Stevens of Vantis Plc
were appointed joint administrators of Imparo Ltd. (Company
Number 03764770) on Feb. 16.
Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.
The company can be reached at:
Imparo Ltd.
7 Dukes Court
Bognor Road
Chichester
West Sussex
PO19 8FX
England
Tel: 01243 815 820
Fax: 01243 815 805
IRON MOUNTAIN: Moody's Rates Proposed CDN$175-Mln Notes at B3
-------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to the proposed
CDN$175 million senior subordinated notes due 2019 of Iron
Mountain Nova Scotia Funding Company, a Nova Scotia Unlimited
Liability Company and an indirect subsidiary of Iron Mountain
Incorporated.
The notes are guaranteed by Iron Mountain and are rated the same
as existing senior subordinated indebtedness and one notch lower
than the B2 Corporate Family Rating. The B3 rating reflects
Moody's expectation of loss-given-default greater or equal to
50% but less than 70% (LGD 4). The proposed notes are
redeemable on a "make whole basis" in the first five years, at a
premium between years five and eight and at par thereafter.
Proceeds from the notes will be used to repay outstanding
indebtedness and for general corporate purposes. Existing
ratings are unaffected.
Moody's believes that the proposed refinancing does not
materially impact the credit profile of Iron Mountain. Despite
meaningful improvement over the past two years, the Corporate
Family Rating of B2 and instrument ratings continue to reflect
high financial leverage, the significant amount of goodwill and
intangibles to total assets and the relatively low level of pro
forma free cash flow (defined as cash from operations less
capital expenditures less dividends) relative to debt. The
ratings also reflect a capital intensive business with most
revenues deriving from paper document storage and related
services which require significant customized physical space.
The ratings are supported by solid interest coverage for the
rating category of about 1.8 times in 2006 and adequate EBIT
return on assets of about 7% in the same period. The ratings
also reflect the company's prominent position as a global leader
in information storage and data protection, including its
strategic expansion in the digital market in recent years. The
ratings also benefit from the company's historical revenue
stability, geographical diversification and low customer
concentration.
The stable outlook reflects Iron Mountain's revenue stability
and successful record of acquiring and integrating assets, the
successful expansion in digital data storage and protection
services, as well as the recent reduction in the rate of
acquisitions. Solid operating margins, EBIT to interest
coverage of 1.8 times and satisfactory EBIT return on average
assets (about 7.7% in 2005 and about 7.0% for 2006) further
support the stable outlook. The outlook is constrained by
relatively narrow covenant cushions under the company's US
credit facilities.
Moody's took these rating actions:
* Assigned a B3 (LGD4, 64%) rating to the proposed
CDN$175-million senior subordinated notes due 2019;
* Affirmed the B3 (LGD4, 64%) rated EUR225-million 6.75%
Euro senior subordinated notes due 2018;
* Affirmed the Ba2 (LGD1, 7%) rated US$400-million IMI
revolving credit facility;
* Affirmed the Ba2 (LGD1, 7%) rated US$312-million IMI term
loan facility;
* Affirmed the B3 (LGD4, 64%) rated US$72-million 8.25%
senior subordinated notes due 2010;
* Affirmed the B3 (LGD4, 64%) rated US$200-million 8.75%
senior subordinated notes due 2018;
* Affirmed the B3 (LGD4, 64%) rated US$448-million 8.625%
senior subordinated notes due 2013;
* Affirmed the B3 (LGD4, 64%) rated US$293.9-million 7.25%
GBP senior subordinated notes due 2014;
* Affirmed the B3 (LGD4, 64%) rated US$439-million 7.75%
senior subordinated notes due 2016;
* Affirmed the B3 (LGD4, 64%) rated US$316-million 6.625%
senior subordinated notes due 2016;
* Affirmed the (P)Ba2 (LGD2, 10%) rated secured drawings
under the existing shelf;
* Affirmed the (P)B3 (LGD4, 64%) rated subordinated draws
under the existing shelf;
* Affirmed the (P)Caa1 (LGD6, 97%) preferred stock draws
under the existing shelf;
* Affirmed the (P)B3 (LGD4, 64%) rated Trust preferred stock
shelf;
* Affirmed the B2 Corporate Family Rating;
* Affirmed the B2 Probability of Default Rating.
The Speculative Grade Liquidity rating is unchanged at SGL-3.
The outlook for the ratings is stable.
Headquartered in Boston, Massachusetts, Iron Mountain
Incorporated is an international provider of information storage
and protection related services. The company offers
comprehensive records management and data protection solutions,
along with the expertise to address complex information
challenges such as rising storage costs, litigation, regulatory
compliance and disaster recovery. Founded in 1951, Iron
Mountain has more than 90,000 corporate clients throughout North
America, Europe, Latin America, and Asia Pacific. Revenue for
the twelve months ended December 31, 2006 was approximately
US$2.4 billion.
IRON MOUNTAIN: S&P Rates Proposed CDN$175 Million Sr. Notes at B
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
Iron Mountain Nova Scotia Funding Co.'s proposed CDN$175 million
in senior subordinated notes maturing in 2019. Iron Mountain
Nova Scotia Funding will be amalgamated into Iron Mountain
Canada Corp. (unrated) when the two subsidiaries of Iron
Mountain Inc. (IMI; B-/Stable/--) merge around the beginning of
April 2007.
The rating is two notches lower than the 'BB-' corporate credit
rating on the parent company because the notes represent senior
subordinated obligations. IMI and all of IMI's existing and
future subsidiaries will guarantee the issue. The company will
use proceeds from the transaction to pay down debt, including
U.S. dollar borrowings, and for general corporate purposes.
"The corporate credit rating on IMI is 'BB-', reflecting IMI's
relatively high debt leverage, limited debt capacity for large
acquisitions, and aggressive financial policies supporting its
growth strategy," said Standard & Poor's credit analyst Andy
Liu. "These factors are only partially offset by IMI's leading
position in records management and its stable growth rate from
existing and new customer accounts."
Ratings List
* Iron Mountain Inc.
-- Corporate Credit Rating: BB-/Stable/--
New Rating
* Iron Mountain Nova Scotia Funding Co.
-- Senior Subordinated Debt: B
JOSEPH BARRACLOUGH: Appoints Administrator from Armstrong Watson
----------------------------------------------------------------
M. C. Kienlen of Armstrong Watson was appointed administrator of
Joseph Barraclough Ltd. (Company Number 866991) on Feb. 20.
The administrator can be reached at:
M. C. Kienlen
Armstrong Watson
Central House
47 St Paul's Street
Leeds
LS1 2TE
West Yorkshire
England
Tel: 0113 384 3840
Fax: 0113 384 3841
The company can be reached at:
Joseph Barraclough Ltd.
Bankfield Mills
Huddersfield Road
Mirfield
West Yorkshire
WF14 9DD
England
Tel: 01924 493 147
Fax: 01924 490 702
KENSINGTON MORTGAGE: Fitch Assigns BB Ratings to Class B2 Notes
---------------------------------------------------------------
Fitch Ratings assigned expected ratings to Kensington Mortgage
Securities plc. - Series 2007-1's GBP800 million multi-currency
mortgage-backed floating-rate notes as follows:
-- GBP equivalent 240 million Class A1 notes due 2022: 'AAA'
-- A1 detachable coupons due 2012: 'AAA'
-- GBP equivalent 104 million Class A2 notes due 2040: 'AAA'
-- A2 detachable coupons due 2012: 'AAA'
-- GBP equivalent 336 million Class A3 notes due 2040: 'AAA'
-- A3 detachable coupons due 2012: 'AAA'
-- GBP equivalent 48 million Class M1 notes due 2040: 'AA'
-- GBP equivalent 32 million Class M2 notes due 2040: 'A'
-- GBP equivalent 24.8 million Class B1 notes due 2040:'BBB'
-- GBP equivalent 15.2 million Class B2 notes due 2040: 'BB'
The final ratings are contingent upon receipt of final documents
conforming to information already received.
This transaction is a securitization of non-conforming
residential mortgages originated and located in the U.K. This
is the first transaction under the KMS medium-term notes
program. In future, Kensington and Money Partners originations
will be securitized under the KMS MTN program.
The expected ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of
Kensington Group plc and its subsidiaries, the primary servicing
capabilities of Homeloan Management Ltd and the special
servicing capabilities Kensington Mortgages Ltd, and the sound
legal structure of the transaction.
Credit enhancement for the Class A1, A2 and A3 notes totals 16%
and will be provided by the subordination of the Class M1, Class
M2 Class B1, Class B2 and an initial reserve fund representing
1% of the initial issue size. The reserve fund is expected to
increase to a target amount equating to 1.5% of the initial
issue size, funded from available excess spread.
LADBROKES PLC: To Continue 888.Com Bid Amid Litigation Concerns
---------------------------------------------------------------
The prospect of litigation over 888.com's previous trading in
the U.S. and an investigation of online gaming executives by
French authorities may prompt Ladbrokes plc to drop its takeover
plans for the online gaming firm, The Sunday Telegraph reports.
According to the report, John Anderson, 888.com's non-executive
director and former chief executive, was one of the online
gaming executives called to answer questions by the French
authorities.
An executive close to the deal revealed that Ladbrokes is
concerned about the outcome of the investigation.
Industry sources say the company wants clause in the deal
granting it indemnity should U.S. and other authorities come
after 888, The Sunday Telegraph relates.
However, a spokesman for Ladbrokes dismissed the speculation
saying the company remained confident that the deal would push
through and would release a statement immediately if the deal
were off, the Telegraph continues.
Both parties confirmed takeover talks are ongoing.
As reported in the Troubled Company Reporter-Europe on Nov. 7,
2006, experts believed the merger talks were results of the U.S.
Congress' passing of the Safe Port Act on Sept. 30, 2006, which
contained certain provisions known as the "Unlawful Internet
Gambling Enforcement Act of 2006" that will affect the
processing of payments between U.S. customers and online
gambling companies that are publicly traded and licensed and
regulated in respected jurisdictions.
Experts forecasted mergers in the gambling sector following
moves that will make it impossible for 888 and other British
online betting businesses to collect revenues in the U.S.
Analysts, however, said the companies could shift their focus
from the U.S. market to the European and Asian arena.
About Ladbrokes
Headquartered in Watford, United Kingdom, Ladbrokes plc --
http://www.ladbrokesplc.com/-- engages in fixed odds betting.
The company is comprised of Ladbrokes, the biggest retail
bookmaker in the U.K. and Ireland, Ladbrokes.com, a world-
leading provider of interactive betting and gaming services,
Vernons, the leading football pools operator and Ladbrokes
Casinos, which opened its first casino at the Hilton London
Paddington in July 2006.
At Dec. 31, 2006, the Company's consolidated balance sheet
showed GBP852.9 million in total assets and GBP1.5 billion in
total liabilities, resulting in a GBP626.9-million stockholders'
deficit.
* * *
As reported in the TCR-Europe on Oct. 26, 2006, Standard &
Poor's Ratings Services affirmed its 'BB' ratings on the senior
unsecured debt of the U.K.-based gaming operator Ladbrokes PLC
and its guaranteed subsidiary Ladbrokes Group Finance PLC, and
removed the ratings from CreditWatch with negative implications.
Moody's Investors Service downgraded in February 2006 the senior
unsecured long-term ratings of Hilton Group Plc (nka Ladbrokes
Plc) and its guaranteed subsidiaries to Ba2 from Baa3; the
outlook is stable.
METALLEX LTD: Taps Joint Administrators from Smith & Williamson
---------------------------------------------------------------
Gregory Andrew Palfrey and Stephen John Adshead of Smith &
Williamson Ltd. were appointed joint administrators of Metallex
Ltd. (Company Number 04834777) on Feb. 15.
Smith & Williamson -- http://www.smith.williamson.co.uk/--
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.
The company can be reached at:
Metallex Ltd.
15-21 Horn Park
Broadwindsor
Beaminster
Dorset
DT8 3PX
England
Tel: 01308 867 788
Fax: 01308 867 789
NORTH WEST: Taps Joint Administrators from Tenon Recovery
---------------------------------------------------------
Christopher Ratten and Martin Shaw of Tenon Recovery were
appointed joint administrators of North West Continuous Ltd.
(Company Number 1646750) on Feb. 22.
Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.
The company can be reached at:
North West Continuous Ltd.
20 Fylde Road Industrial Estate
Fylde Road
Preston
Lancashire
PR1 2TY
England
Tel: 01772 561 144
Fax: 01772 253 392
OO SOLUTIONS: Brings In Begbies Traynor as Administrators
---------------------------------------------------------
Vivian Murray Bairstow and Timothy John Edward Dolder of Begbies
Traynor (South) LLP were appointed joint administrators of OO
Solutions Ltd. (Company Number 02275113) on Feb. 22.
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:
OO Solutions Ltd.
7 Edenhurst Avenue
Hammersmith and Fulham
London
SW6 3PD
England
Tel: 020 7432 3281
OWEN OWEN: Appoints Kroll's Duffy & Whitehouse as Administrators
----------------------------------------------------------------
Philip Duffy and David Whitehouse, Partners in Kroll's Corporate
Advisory and Restructuring Group, were appointed joint
administrators of Owen Owen (Wellingborough) Ltd. (Company
Number 03890792) on Feb. 28.
Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide. The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm. Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.
Owen Owen (Wellingborough) Ltd. can be reached at:
Irthlingborough Road
Wellinborough
Northamptonshire NN8 1RA
United Kingdom
Tel: 01933 223 212
Fax: 01933 440 150
PRACTICAL LOGIC: Appoints BDO Stoy to Administer Assets
-------------------------------------------------------
C. K. Rayment and M. H. Thompson of BDO Stoy Hayward LLP were
appointed joint administrators of Practical Logic Ltd. (Company
Number 04274979) on Feb. 19.
BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality. The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.
The company can be reached at:
Practical Logic Ltd.
Kings Court
17 School Road
Hall Green
Birmingham
West Midlands
B28 8JG
England
Tel: 0121 244 1807
Fax: 0121 244 1801
REFCO INC: Refco LLC Files January 2007 Monthly Operating Report
----------------------------------------------------------------
Albert Togut, the Chapter 7 trustee overseeing the liquidation
of Refco LLC's estate, filed with the U.S. Bankruptcy Court for
the Southern District of New York a monthly statement of cash
receipts and disbursements for the period from Jan. 1 to 31,
2007.
The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of Jan. 1 totals US$620,415,000. The Debtor's beginning
purchase price account balance totals US$15,212,000, while its
beginning capital account "A" balance aggregates US$605,203,000.
The purchase price account includes activity related to Man
Financial Inc. sale proceeds and related disbursements. Capital
account "A" includes activities related to collection of excess
capital.
Refco LLC received US$13,553,000 and disbursed US$690,000. The
Debtor held US$633,278,000 at the end of the period.
The Chapter 7 Trustee prepared the Monthly Statement in lieu of
comprehensive financial statements.
A full-text copy of Refco LLC's January 2007 Monthly Statement
is available at no charge at:
http://researcharchives.com/t/s?1a9b
Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operationsin 14 countries and an extensive global institutional
and retail client base. Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore. In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.
The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases. (Refco Bankruptcy News, Issue No. 58; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
RMF EURO: S&P Assigns BB- Ratings to EUR17.1-Mln Class V Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the to the EUR394.8 million secured floating-
rate notes and the EUR110.0 million revolving notes to be issued
by RMF Euro CDO V PLC, a special purpose entity.
At the same time, RMF V will also issue a class of EUR53.8
million unrated subordinated notes.
RMF Euro CDO V is the fifth CLO managed by Pemba Credit
Advisers, which continues the leveraged finance business of RMF
Investment Management. This transaction features multicurrency
revolving liabilities intended to match the
non-euro-denominated assets and multicurrency revolving loans
purchased by the issuer.
The collateral manager is experienced and the previous RMF CDO
transactions have performed well to date. The portfolio quality
will be monitored closely during the reinvestment period, using
Standard & Poor's CDO Monitor model.
Ratings List
RMF Euro CDO V PLC
EUR448.6 Million Secured Floating-Rate Notes And EUR110.0
Million Revolving Facility
Class Prelim. Prelim.
rating amount (Mil. EUR)
I AAA 275.0
Revolving
facility(1) AAA 110.0
II AA 48.9
III A 20.8
IV BBB- 33.0
V BB- 17.1
Subordinated NR 53.8
(1) The revolving facility can be repaid and redrawn at any
time during the reinvestment period subject to the class V
par value test being satisfied. It may be drawn in
various currencies. Advances in given currencies will be
indexed to the interest rate index for the relevant
currency.
SCOTTISH RE: Shareholders Okay MassMutal Capital & Cerberus Deal
----------------------------------------------------------------
Shareholders of Scottish Re Group Ltd approved a set of
proposals relating to the investment by MassMutual Capital
Partners LLC and an affiliate of Cerberus Capital Management,
L.P. at an Extraordinary General Meeting of Shareholders held in
Hamilton, Bermuda.
The approval of the proposals by the shareholders represents an
important step in the closing of the transaction, which after
receiving regulatory approval, will result in MassMutual Capital
and Cerberus each investing US$300 million into the company for
a total equity investment of US$600 million. Upon close of the
transaction, MassMutual Capital and Cerberus will have a
controlling voting equity interest in the company.
"We are very pleased that our shareholders have approved the
transaction and, on behalf of the board of directors, we thank
them for their support during this difficult period," said Paul
Goldean, Scottish Re's Chief Executive Officer. "We look
forward to expeditiously closing the transaction and working
with MassMutual Capital and Cerberus to achieve our financial
goals and deliver long-term value to our shareholders."
Pending certain regulatory approvals, the transaction is
expected to close in early second quarter of this year.
About Scottish Re Group
Scottish Re Group Limited -- http://www.scottishre.com/--
provides reinsurance of life insurance, annuities and annuity-
type products through its operating companies in Bermuda,
Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, and
Windsor, England. At March 31, 2006, the reinsurer's balance
sheet showed US$12.2 billion assets and US$10.8 billion in
liabilities.
SCOTTISH RE: S&P Holds Ratings Watch on MassMutual/Cerberus Deal
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Scottish Re Group Ltd. (B/Watch Dev/--) and affiliated operating
companies remain on CreditWatch with developing implications
following the announcement by the company that the shareholders
have approved the transaction by which MassMutual Capital
Partners LLC and affiliates of Cerberus Capital Management L.P.
would provide an equity infusion of US$600 million in a
transaction to close in the second quarter of 2007.
MassMutual Capital and Cerberus Capital will also provide
additional funds for short- and long-term liquidity and capital
needs. The transaction among the parties is planned to close in
the second quarter of 2007, assuming regulatory approval. The
shareholder approval is a positive step for Scottish Re.
If the deal closes, Standard & Poor's expects to raise the
counterparty credit rating on Scottish Re Group Ltd. to a level
not likely to exceed 'BB-' and would raise the counterparty
credit and financial strength ratings on Scottish Re's operating
companies as well as the ratings on dependent unwrapped
securitized deals related to Scottish Re to levels not likely to
exceed 'BBB-'.
However, in the event the deal is not consummated, the current
ratings would likely be lowered substantially (three or more
notches). Without the deal, it would be difficult for Scottish
Re to proceed with an orderly run-off or manage as an operating
company. At the closing of the proposed equity infusion,
Standard & Poor's will evaluate the ratings based on the terms
of the transaction, the financial and operational profile of the
company, and the expected prospective financial and business
profile of Scottish Re.
Scottish Re Group Ltd. -- http://www.scottishre.com/--
provides reinsurance of life insurance, annuities and annuity-
type products through its operating companies in Bermuda,
Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, and
Windsor, England.
SIGNATECH SYSTEMS: Appoints Vantis as Joint Administrators
----------------------------------------------------------
G. Mummery and J. S. French of Vantis Business Recovery Services
were appointed joint administrators of Signatech Systems Ltd.
(Company Number 04262507) on Feb. 21.
Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.
The company can be reached at:
Signatech Systems Ltd.
Cock Lane
Highwood
Chelmsford
Essex
CM1 3RB
England
Tel: 01277 354 816
Fax: 01277 356 584
STARLIGHT GROWERS: Names Administrator from Hazlewoods LLP
----------------------------------------------------------
Philip John Gorman of Hazlewoods LLP was named administrator of
Starlight Growers Ltd. (Company Number 04819773) on Feb. 21.
Hazlewoods -- http://www.hazlewoods.co.uk/-- offers a service
that sets it apart from other chartered accountancy firms. It
is highly qualified and experienced staff provides the greatest
level of professionalism in all areas of business advice,
accountancy, financial planning and tax. The firm employs 150
staff.
The company can be reached at:
Starlight Growers Ltd.
Willersey Fields
Badsey
Evesham
Worcestershire
WR11 7HF
England
Tel: 01386 859 238
Fax: 01386 859 053
TIMKEN COMPANY: Earns US$222.53 Million in Year Ended 2006
----------------------------------------------------------
The Timken Company reported net sales for the year ended
Dec. 31, 2006, of approximately US$4.97 billion, as compared
with US$4.82 billion in 2005, in its annual financial statements
filed with the Securities and Exchange Commission.
Net income earned for the year ended Dec. 31, 2006, was
US$222.53 million, down from US$260.28 million for the year
ended Dec. 31, 2005.
At Dec. 31, 2006, total assets increased by US$37.8 million, to
US$4.03 billion, from US$3.99 billion at Dec. 31, 2005. This
increase was primarily due to increased property, plant and
equipment - net, and working capital from continuing operations
required to support higher sales, partially offset by the
decrease in assets of discontinued operations that were part of
the sale of Latrobe Steel.
Total current assets at Dec. 31, 2006 were US$1.9 million as
compared with US$1.98 million in 2005. The decrease in total
current assets reflected decreases of US$12.1 million in
deferred income tax, US$6.8 million in deferred charges and
prepaid expenses, US$162.2 million in current assets of
discontinued operations, and US$5.7 in other current assets,
partially offset by increases of US$35.7 million in cash and
cash equivalents, US$16.1 million in net accounts receivable,
and US$52 million of net inventories.
The company lowered its total current debt to US$835.56 million
at Dec. 31, 2006, from US$1.07 billion in 2005, primarily
through lower salaries, wages, and benefits of US$225.40 million
in 2006, from US$364.02 million in 2005.
Total debt was US$597.8 million at December 31, 2006 compared to
US$720.9 million at Dec. 31, 2005. Net debt was US$496.7
million at December 31, 2006 compared to US$655.5 million at
Dec. 31, 2005.
Credit Facilities
At Dec. 31, 2006, the company had no outstanding borrowings
under its US$500 million Amended and Restated Credit Agreement
Senior Credit Facility that matures on June 30, 2010. It also
had no outstanding borrowings under its letters of credit
outstanding totaling US$33.8 million, which reduced the
availability under the Senior Credit Facility to US$466.2
million. At Dec. 31, 2006, the company was in full compliance
with the covenants under the Senior Credit Facility and its
other debt agreements.
At Dec. 31, 2006, the company had no outstanding borrowings
under the company's Asset Securitization, which provides for
borrowings up to US$200 million, limited to certain borrowing
base calculations, and is secured by certain domestic trade
receivables of the company. At Dec. 31, 2006, there were
letters of credit outstanding totaling US$16.7 million, which
reduced the availability under the Asset Securitization to
US$183.3 million.
The company expects that any cash requirements in excess of cash
generated from operating activities will be met by the
availability under its Asset Securitization and Senior Credit
Facility. It believes it has sufficient liquidity to meet its
obligations through 2010.
Sales by Segment
For the year 2006, the company's Industrial, Automotive, and
Steel Group had sales of US$2.07 billion, US$1.57 billion, and
US$1.33 billion, respectively. Total sales from each of the
segments were US$4.97 billion for the year ended Dec. 31, 2006.
Restructuring
In September 2006, the company announced further planned
reductions in its Automotive Group workforce of approximately
700 associates. These plans are targeted to deliver annual
pretax savings of approximately US$35 million by 2008, with
pretax costs of approximately US$25 million.
In December 2006, the company completed the divestiture of
its Steering business located in Watertown, Connecticut and
Nova Friburgo, Brazil, resulting in a loss on divestiture of
US$54.3 million. The Steering business employed approximately
900 associates.
In December 2006, the company completed the divestiture of its
Latrobe Steel subsidiary.
A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1aac
About The Timken Company
Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR)
-- http://www.timken.com/-- manufactures highly engineered
bearings and alloy steels. It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial, and railroad industries. The Company has
operations in 27 countries and employs 27,000 employees. It has
operations in the following countries: New Zealand, Canada,
Chile, Belgium, Japan, United Kingdom, among others.
* * *
As reported in the Troubled Company Reporter on Oct. 30, 2006,
Moody's Investors Service confirmed The Timken Company's Ba1
Corporate Family Rating and the Ba1 rating on the company's
US$300-million Unsecured Medium Term Notes Series A due 2028.
TOWER RECORDS: Court OKs Pact Expanding Consor's Retention Scope
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
a stipulation among MTS Inc. dba Tower Records, its debtor-
affiliates, the Official Committee of Unsecured Creditors, and
an informal committee of secured trade vendors expanding Consor
Intellectual Asset Management's scope of services.
Pursuant to that stipulation, Consor will now manage the
marketing and sale of the Debtors' intellectual properties under
the direction of the Debtors and in consultation with the
Committees.
The Creditors Committee had retained Consor as its intellectual
property valuation consultant pursuant to a Court-order dated
Dec. 20, 2006.
For its services under the modified retention agreement, Consor
will receive:
a) a non-refundable fee of US$100,000 upon Court approval of
the retention application;
b) an incentive and success fee out of the sale proceeds upon
closing of any sale transaction for each or all of the IP
assets as follows:
-- on the first US$2,000,000 of the gross consideration
received by or for the benefit of the Debtors' estates
for all transactions, no success fee will be payable to
Consor;
-- after generating the first US$2,000,000 of the gross
consideration received by or for the benefit of the
Debtors' estates for all transactions, the success fee
payable to Consor will be 5% of the increment in excess
of US$2,000,000 up to US$4,000,000 of the gross
consideration received by or for the benefit of the
Debtors' estates for all transactions;
-- after generating the first US$4,000,000 of the gross
consideration received by or for the benefit of the
Debtors' estates for all transactions, the success fee
payable to Consor will be 10% of the increment in
excess of US$4,000,000 up to US$6,000,000 of the gross
consideration received by or for the benefit of the
Debtors' estates for all transactions; and
-- after generating the first US$6,000,000 of the gross
consideration received by or for the benefit of the
Debtors' estates for all transactions, the success fee
payable to Consor will be 15% of the increment in
excess of US$6,000,000million of the gross
consideration received by or for the benefit of the
Debtors' estates for all transactions.
To the best of the parties' knowledge, Consor does not hold any
interest adverse to the Debtors' estate.
Consor has started marketing the IP Assets in January 2007.
About Tower Records
Headquartered in West Sacramento, California, MTS Inc., dba
Tower Records -- http://www.towerrecords.com/-- is a retailer
of music in the U.S., with nearly 100 company-owned music, book,
and video stores. The company and its affiliates previously
filed for chapter 11 protection on Feb. 9, 2004 (Bankr. D. Del.
Lead Case No. 04-10394). The Court confirmed the Debtors' plan
on March 15, 2004.
The company and seven of its affiliates filed their second
voluntary chapter 11 petition on Aug. 20, 2006 (Bankr. D. Del.
Case Nos. 06-10886 through 06-10893). Richards, Layton &
Finger, P.A. and O'Melveny & Myers LLP represent the Debtors.
The Official Committee of Unsecured Creditors is represented by
McGuirewoods LLP and Cozen O'Connor. When the Debtors filed for
protection from their creditors, they estimated assets and debts
of more than US$100 million. The Debtors' exclusive period to
file a plan expires on March 26, 2007.
* Crowell & Moring Adds Nine Lawyers to New York Office
-------------------------------------------------------
Crowell & Moring LLP has bolstered its New York office through
the addition of nine financial services and distressed debt
lawyers, including partners William M. O'Connor, Robert G.
Frucht, and Evelyn H. Seeler. The team, whose representative
institutional and hedge fund clients include Wachovia Bank,
Lehman Brothers, UBS, and Silver Point Capital, joins Crowell &
Moring's Corporate and Litigation groups. Crowell & Moring's
New York office will now comprise 29 lawyers after opening just
five months ago. The lawyers come from Buchanan Ingersoll &
Rooney PC.
"We are thrilled to bring on a team that comes with long-
standing connections to Wall Street and rich experience in the
financial services arena," Kent A. Gardiner, Crowell & Moring
chairman, said. "Our Corporate Group has served clients on the
transactional side for many years, across our U.S. and European
offices. We are now poised to expand the range of services we
provide clients, particularly financial institutions who need
the interdisciplinary counsel of a law firm that operates
internationally."
Mr. O'Connor, who leads the financial institutions team coming
to Crowell & Moring, is a former member of Buchanan's Board of
Directors and managing shareholder of its New York office. He
will lead the New York-based creditors' rights team that
represents leading financial institutions in a range of
concerns, including litigation, loan workouts, bankruptcies,
restructurings, debt portfolio acquisitions, international
documentary credits, multinational insolvencies, and Foreign
Sovereign Immunity Act cases. The team also includes partners
Seeler and Frucht and consists of seasoned transactional and
trial lawyers who work to solve the diverse challenges that its
financial clients confront -- from conducting due diligence in
distressed deals for hedge funds to advising on public and
private offerings on debt and equity securities.
In addition to the three partners, the team includes four
counsel: Douglas R. Arntsen, Timothy J. Fierst, Prassana
Mahadeva, and James Maisano. Associates joining the firm
include Genelle R. Francis and Jamie Krapf.
"It is exciting to help build a New York office with a firm that
has a premier track record in achieving its strategic vision
while maintaining its core values of who they are and how they
engage in client service," Mr. O'Connor said. "Our team will
join with Crowell & Moring's growing corporate and litigation
practices to expand the scope of services the firm provides, and
I am particularly eager to work with the London and Brussels
offices as my clients and their interests become increasingly
international."
In 2006, the firm's Corporate Group was ranked by The Legal 500
US-Volume I (Corporate and Finance) for its mergers and
acquisitions work.
Headquartered in Washington, D.C., Crowell & Moring LLP --
http://www.crowell.com/-- is a full-service law firm with
nearly 350 lawyers practicing in litigation, antitrust,
government contracts, corporate, intellectual property and more
than 40 other practice areas. More than two-thirds of the
firm's lawyers regularly litigate disputes on behalf of domestic
and international corporations, start-up businesses, and
individuals. Crowell & Moring's extensive client work ranges
from advising on one of the world's largest telecommunications
mergers to representing governments and corporations on
international arbitration matters. The firm also has offices in
California, New York, London, and Brussels.
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Upcoming Meetings, Conferences and Seminars
March 9, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast Forum
Mid-Day Club, Chicago, IL
Contact: http://www.turnaround.org/
March 13, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Association for Corporate Growth AZ Chapter Meeting
Biltmore Hotel, Phoenix, AZ
Contact: http://www.turnaround.org/
March 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
The Great Debate
Sydney, Australia
Contact: http://www.turnaround.org/
March 14-15, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Atlanta, GA
Contact: http://www.turnaround.org/
March 15, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Dinner Event - "Judges Panel"
Athletic Club
Seattle, WA
Contact: http://www.turnaround.org/
March 15, 2007
TURNAROUND MANAGEMENT ASSOCIATION
LI Turnaround Management Event
Long Island, NY
Contact: http://www.turnaround.org/
March 15-18, 2007
NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
NABT Spring Seminar
Ritz-Carlton Buckhead, Atlanta, GA
Contact: http://www.NABT.com/
March 15, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Martini Madness Cocktail Reception with Geraldine Ferraro
Westin Buckhead, Atlanta, GA
Contact: 678-795-8103 or http://www.turnaround.org/
March 20, 2007
THOMSON WEST LEGALWORKS
Insurance and Reinsurance Allocation Superbowl
New York, NY
Contact: http://www.westlegalworks.com/
March 20, 2007
TURNAROUND MANAGEMENT ASSOCIATION
The Cost of Government with Kevin P. Gaughan
Buffalo Club, Buffalo, NY
Contact: http://www.turnaround.org/
March 20, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Happy Hour
TBD, St. Louis, MO
Contact: 314-333-3815 or http://www.turnaround.org/
March 21, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Automotive Conference
Atheneum Hotel, Detroit, MI
Contact: http://www.turnaround.org/
March 21, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Joint Event with Institute of Management Accountants -
Role of Consultants in the Turnaround Industry
Cherry Creek Holiday Inn, Denver, CO
March 21, 2007
TURNAROUND MANAGEMENT ASSOCIATION
The Next Wave of Distressed Businesses: A Panel Discussion
South Florida
Contact: http://www.turnaround.org/
March 21, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South FL
Contact: 561-882-1331 or http://www.turnaround.org/
March 22, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Toot Your Own Horn - This event is for members only.
Pronto Cena, Newark, NJ
Contact: 908-575-7333 or http://www.turnaround.org/
March 22, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Reception Co-Sponsored with IWIRC
Hartford Club, Hartford, CT
Contact: 203-265-2048 or http://www.turnaround.org/
March 22, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA AZ Chapter Meeting
TBA
Contact: http://www.turnaround.org/
March 22, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Australia Launch
Melbourne Hotel, Perth, WA, Australia
Contact: http://www.turnaround.org/
March 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Lunch Seminar
Kansas City, MO
Contact: http://www.turnaround.org/
March 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
"The Six Keys of Sustained Profitable Growth"
Rodney Page, Senior Partner of Blue Springs Partners
Citrus Club, Orlando, FL
Contact: http://www.turnaround.org/
March 27-31, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Spring Conference
Four Seasons
Las Colinas, Dallas, TX
Contact: http://www.turnaround.org/
March 28-31, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Four Seasons Las Colinas, Dallas, TX
Contact: http://www.turnaround.org/
March 29-31, 2007
AMERICAN LAW INSTITUTE - AMERICAN BAR ASSOCIATION
Chapter 11 Business Reorganizations
Scottsdale, AZ
Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/
March 29, 2007
TURNAROUND MANAGEMENT ASSOCIATION
10th Annual April Fools' Networking Cocktail Reception
University Club, New York, NY
Contact: 646-932-5532 or http://www.turnaround.org/
March 30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Zinifex/Pasminco - What a ride?
Ferriers, Melbourne, Australia
Contact: http://www.turnaround.org/
April 5, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Case Study "When Everything Goes Wrong"
University of Florida, Gainesville, FL
Contact: http://www.turnaround.org/
April 11, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
Pal's Cabin, West Orange, NJ
Contact: 908-575-7333 or http://www.turnaround.org/
April 11-15, 2007
AMERICAN BANKRUPTCY INSTITUTE
ABI Annual Spring Meeting
J.W. Marriott, Washington, DC
Contact: 1-703-739-0800; http://www.abiworld.org/
April 12, 2007
INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
IWIRC 4th Spring Luncheon and Founders Awards
Washington, DC
Contact: http://www.iwirc.org/
April 12, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon University Club
Jacksonville, FL
Contact: 561-882-1331 or http://www.turnaround.org/
April 12, 2007
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts for Young Practitioners - East
JW Marriott, Washington, DC
Contact: http://www.abiworld.org/
April 17, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Association for Corporate Growth AZ Chapter Meeting
Biltmore Hotel, Phoenix, AZ
Contact: http://www.turnaround.org/
April 17, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Joint Breakfast with Association for Corporate Growth
Woodbridge Hilton, Iselin, NJ
Contact: 908-575-7333 or http://www.turnaround.org/
April 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Personnel Issues in Bankruptcy
University Club, Portland, OR
Contact: http://www.turnaround.org/
April 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast: Program on Fraud and Forensic Investigations
Athletic Club, Denver, CO
Contact: http://www.turnaround.org/
April 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
Tyson's Corner Marriott, Vienna, VA
Contact: 215-657-5551 or http://www.turnaround.org/
April 19-20, 2007
BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
Eighth Annual Conference on Healthcare Transactions
Successful Strategies for Mergers, Acquisitions,
Divestitures, and Restructurings
The Millennium Knickerbocker Hotel - Chicago
Contact: 800-726-2524;
http://renaissanceamerican.com/
April 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Wine Tasting Social
TBA, Long Island, NY
Contact: 631-251-6296 or http://www.turnaround.org/
April 20, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast meeting with Chapter President, Bruce Sim
Westin Buckhead, Atlanta, GA
Contact: 678-795-8103 or http://www.turnaround.org/
April 24, 2007
TURNAROUND MANAGEMENT ASSOCIATION
"Why Prospects Become Clients"
Mark Fitzgerald, President of Sales Training Institute
Inc
Centre Club, Tampa, FL
Contact: http://www.turnaround.org/
April 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Jacksonville Zoo Turnaround
University Club, Jacksonville, FL
Contact: http://www.turnaround.org/
April 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
1st Annual Credit & Bankruptcy Symposium Golf/Spa Outing
Fox Hopyard Golf Club, East Haddam, CT
Contact: 203-265-2048 or http://www.turnaround.org/
April 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Spa Outing
Mohegan Sun, Uncasville, CT
Contact: 203-265-2048 or http://www.turnaround.org/
April 26-27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
1st Annual Credit & Bankruptcy Symposium
Mohegan Sun, Uncasville, CT
Contact: http://www.turnaround.org/
April 26-28, 2007
ALI-ABA
Fundamentals of Bankruptcy Law
Philadelphia, PA
Contact: http://www.ali-aba.org/
April 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA AZ Chapter Meeting - Working Effectively with
the Media to Create Publicity for Your Business
TBA
Contact: http://www.turnaround.org/
April 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
13 Week CF Program
Washington University, St. Louis, MO
Contact: http://www.turnaround.org/
April 29 - May 1, 2007
INTERNATIONAL BAR ASSOCIATION
International Insolvency Conference
Zurich, Switzerland
Contact: http://www.ibanet.org/
May 2-4, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Association for Corporate Growth AZ Chapter Meeting
Washington University, AZ
Contact: http://www.turnaround.org/
May 4, 2007
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts for Young Practitioners - NYC
Alexander Hamilton US Custom House, SDNY
New York, NY
Contact: http://www.abiworld.org/
May 7, 2007
AMERICAN BANKRUPTCY INSTITUTE
9th Annual New York City Bankruptcy Conference
Millennium Broadway Hotel & Conference Center
New York, NY
Contact: http://www.abiworld.org/
May 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Annual TMA Atlanta Golf Outing
White Columns, Atlanta, GA
Contact: 678-795-8103 or http://www.turnaround.org/
May 15, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Corporate Restructuring Workshop
Cable Center, Denver, CO
Contact: http://www.turnaround.org/
May 16, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South FL
Contact: 561-882-1331 or http://www.turnaround.org/
May 16, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Bankruptcy Judges Panel
Marriott North, Fort Lauderdale, FL
Contact: http://www.turnaround.org/
May 17-18, 2007
TURNAROUND MANAGEMENT ASSOCIATION
6th Annual Great Lakes Regional Conference
Renaissance Quail Hollow Resort, Painesville, OH
Contact: http://www.turnaround.org/
May 17, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Enterprise Valuation / Sale of the Distressed Business
Athletic Club, Seattle, WA
Contact: http://www.turnaround.org/
May 18, 2007
TURNAROUND MANAGEMENT ASSOCIATION
13 Week CF Program
Kansas City, MO
Contact: http://www.turnaround.org/
May 21, 2007
TURNAROUND MANAGEMENT ASSOCIATION
LI-TMA Annual Golf Outing
TBD, Long Island, NY
Contact: 631-251-6296 or http://www.turnaround.org/
May 24-25, 2007
BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
Fourth Annual Conference on Distressed Investing Europe
Maximizing Profits in the European Distressed Debt
Market
Le Meridien Piccadilly Hotel - London, UK
Contact: 800-726-2524;
http://renaissanceamerican.com/
May 24, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA AZ and RMA Joint Meeting
Hotel Valley Ho, Scottsdale, AZ
Contact: http://www.turnaround.org/
May 29, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Bankruptcy Judges Panel
Citrus Club, Orlando, FL
Contact: http://www.turnaround.org/
May 30-31, 2007
FINANCIAL RESEARCH ASSOCIATES
Distressed Debt
Harvard Club, New York, NY
Contact: http://www.frallc.com/
May 31, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Wine Tasting and Casino Night
Mayfair Farms, West Orange, NJ
Contact: 908-575-7333 or http://www.turnaround.org/
May 31 - June 1, 2007
TURNAROUND MANAGEMENT ASSOCIATION
2nd Annual TMA Southeast Regional Conference
Marriott Resort at Grande Dunes
Myrtle Beach, SC
Contact: http://www.turnaround.org/
June 4-7, 2008
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
24th Annual Bankruptcy & Restructuring Conference
JW Marriott Spa and Resort, Las Vegas, NV
Contact: http://http://www.airacira.org/
June 6-8, 2007
TURNAROUND MANAGEMENT ASSOCIATION
5th Annual Mid-Atlantic Regional Symposium
Borgata Hotel Casino & Spa
Atlantic City, NJ
Contact: http://www.turnaround.org/
June 6-9, 2007
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
23rd Annual Bankruptcy & Restructuring Conference
Westin River North, Chicago, IL
Contact: http://www.airacira.org/
June 7-8, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Mealey's Asbestos Bankruptcy Conference
Intercontinental Hotel, Chicago, IL
Contact: http://www.turnaround.org/
June 12, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Association for Corporate Growth AZ Chapter Meeting
Biltmore Hotel, Phoenix, AZ
Contact: http://www.turnaround.org/
June 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Economic Update at the 1/2 Year Mark
University Club, Portland, OR
Contact: http://www.turnaround.org/
June 14-17, 2007
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort, Traverse City, MI
Contact: 1-703-739-0800; http://www.abiworld.org/
June 21-22, 2007
BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
Tenth Annual Conference on Corporate Reorganizations
Successful Strategies for Restructuring Troubled
Companies
The Millennium Knickerbocker Hotel - Chicago
Contact: 800-726-2524;
http://renaissanceamerican.com/
June 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Bankruptcy Judges Panel
Centre Club, Tampa, FL
Contact: http://www.turnaround.org/
June 28 - July 1, 2007
NORTON INSTITUTES
Norton Bankruptcy Litigation Institute
Jackson Lake Lodge, Jackson Hole, WY
Contact: http://www2.nortoninstitutes.org/
July 12, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Bankruptcy Judges Panel
University Club, Jacksonville, FL
Contact: http://www.turnaround.org/
July 12-15, 2007
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Marriott, Newport, RI
Contact: 1-703-739-0800; http://www.abiworld.org/
July 12, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Young Professionals Billiards Night
TBD, NJ
Contact: 908-575-7333 or http://www.turnaround.org/
July 13, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Body of Knowledge - CTP Review Class
Chicago, IL
Contact: http://www.turnaround.org/
July 18, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South FL
Contact: 561-882-1331 or http://www.turnaround.org/
July 25-28, 2007
AMERICAN BANKRUPTCY INSTITUTE
12th Annual Southeast Bankruptcy Workshop
The Sanctuary, Kiawah Island, SC
Contact: http://www.abiworld.org/
July 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA AZ Chapter Meeting
Contact: http://www.turnaround.org/
July 30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Annual Golf Outing
Raritan Valley Country Club, Bridgewater, NJ
Contact: 908-575-7333 or http://www.turnaround.org/
July 31, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Enterprise Florida: Improving Florida's
Business Climate and Helping Florida Companies
Market Overseas
Citrus Club, Orlando, FL
Contact: http://www.turnaround.org/
August 3, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Women's Spa Event
Short Hills Hilton, Livingston, NJ
Contact: 908-575-7333 or http://www.turnaround.org/
August 10, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Body of Knowledge - CTP Review Class
Chicago, IL
Contact: http://www.turnaround.org/
August 9-11, 2007
AMERICAN BANKRUPTCY INSTITUTE
3rd Annual Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay
Cambridge, MD
Contact: http://www.abiworld.org/
August 23-26, 2007
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
NABT Convention
Drake Hotel, Chicago, IL
Contact: http://www.nabt.com/
August 24, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Annual Fishing Trip
Point Pleasant, NJ
Contact: 908-575-7333 or http://www.turnaround.org/
August 28, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Healthcare Panel
Centre Club, Tampa, FL
Contact: http://www.turnaround.org/
August 29-30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
3rd Annual Northeast Regional Conference
Gideon Putnam Resort and Spa, Saratoga Springs, NY
Contact: http://www.turnaround.org/
September 6-7, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Complex Financial Restructuring Program
Four Seasons, Las Vegas, NV
Contact: http://www.turnaround.org/
September 6-8, 2007
AMERICAN BANKRUPTCY INSTITUTE
15th Annual Southwest Bankruptcy Conference
Four Seasons
Las Vegas, NV
Contact: http://www.abiworld.org/
September 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Body of Knowledge - CTP Review Class
Chicago, IL
Contact: http://www.turnaround.org/
September 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Buying and Selling Troubled Companies
Marriott North, Fort Lauderdale, FL
Contact: http://www.turnaround.org/
September 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South FL
Contact: 561-882-1331 or http://www.turnaround.org/
September 25, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Retail Panel
Citrus Club, Orlando, FL
Contact: http://www.turnaround.org/
September 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Joint Educational & Networking Reception
TBD, NJ
Contact: 908-575-7333 or http://www.turnaround.org/
September 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA AZ Chapter Meeting
Contact: http://www.turnaround.org/
September 27-30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
8th Annual Cross Border Business
Restructuring & Turnaround Conference
Contact: http://www.turnaround.org/
October 2, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
TBD, Bridgewater, NJ
Contact: 908-575-7333 or http://www.turnaround.org/
October 9-10, 2007
IWIRC
Orlando, FL
IWIRC Annual Fall Conference
Contact: http://www.iwirc.org/
October 10-13, 2007
NCBJ
81st Annual National Conference of Bankruptcy Judges
Contact: http://www.ncbj.org/
October 11, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
University Club, Jacksonville, FL
Contact: 561-882-1331 or http://www.turnaround.org/
October 10-13, 2007
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
Orlando, FL
Contact: http://www.ncbj.org/
October 16-19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Copley Place
Boston, MA
Contact: 312-578-6900; http://www.turnaround.org/
October 25, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Capital Markets Case Study
Contact: http://www.turnaround.org/
October 25, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA AZ Chapter Meeting
Contact: http://www.turnaround.org/
October 30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
Centre Club, Tampa, FL
Contact: 561-882-1331 or http://www.turnaround.org/
October 30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Crisis Communications With Employees,Vendors and Media
Centre Club, Tampa, FL
Contact: http://www.turnaround.org/
November 1, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
TBD, Hackensack, NJ
Contact: 908-575-7333 or http://www.turnaround.org/
November 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Dinner
South FL
Contact: 561-882-1331 or http://www.turnaround.org/
November 15, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Portland Holiday Party
University Club, Portland, OR
Contact: 206-223-5495 or http://www.turnaround.org/
November 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Real Estate Panel
Citrus Club, Orlando, FL
Contact: http://www.turnaround.org/
November 29, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Special Speaker
TBD, NJ
Contact: 908-575-7333 or http://www.turnaround.org/
November 29, 2007
TMA AZ Chapter Meeting
TURNAROUND MANAGEMENT ASSOCIATION
Contact: http://www.turnaround.org/
December 6, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Seattle Holiday Party
Athletic Club, Seattle, WA
Contact: 206-223-5495 or http://www.turnaround.org/
December 6-8, 2007
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
Westin Mission Hills Resort, Rancho Mirage, CA
Contact: 1-703-739-0800; http://www.abiworld.org/
December 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South FL
Contact: 561-882-1331 or http://www.turnaround.org/
January 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
University Club, Jacksonville, FL
March 25-29, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Ritz Carlton Grande Lakes, Orlando, FL
Contact: http://www.turnaround.org/
April 3-6, 2008
AMERICAN BANKRUPTCY INSTITUTE
26th Annual Spring Meeting
The Renaissance, Washington, DC
Contact: http://www.abiworld.org/
June 12-14, 2008
AMERICAN BANKRUPTCY INSTITUTE
15th Annual Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, MI
Contact: http://www.abiworld.org/
July 10-13, 2008
TURNAROUND MANAGEMENT ASSOCIATION
16th Annual Northeast Bankruptcy Conference
Ocean Edge Resort
Brewster, MA
Contact: http://www.turnaround.org/
July 31 - August 2, 2008
AMERICAN BANKRUPTCY INSTITUTE
4th Annual Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay
Cambridge, MD
Contact: http://www.abiworld.org/
August 16-19, 2008
AMERICAN BANKRUPTCY INSTITUTE
13th Annual Southeast Bankruptcy Workshop
Ritz-Carlton, Amelia Island, FL
Contact: http://www.abiworld.org/
September 24-27, 2008
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
Scottsdale, AZ
Contact: http://www.ncbj.org/
October 28-31, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott New Orleans, LA
Contact: 312-578-6900; http://www.turnaround.org/
December 4-6, 2008
AMERICAN BANKRUPTCY INSTITUTE
20th Annual Winter Leadership Conference
Westin La Paloma Resort & Spa
Tucson, AZ
Contact: http://www.abiworld.org/
May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
27th Annual Spring Meeting
Gaylord National Resort & Convention Center
National Harbor, MD
Contact: http://www.abiworld.org/
September 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
17th Annual Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, NV
Contact: http://www.abiworld.org/
October 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Desert Ridge, Phoenix, AZ
Contact: 312-578-6900; http://www.turnaround.org/
2009 (TBA)
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
Las Vegas, NV
Contact: http://www.ncbj.org/
June 21-24, 2009
INSOL
8th International World Congress
TBA
Contact: http://www.insol.org/
October 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, FL
Contact: http://www.turnaround.org/
2010 (TBA)
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
New Orleans, LA
Contact: http://www.ncbj.org/
BEARD AUDIO CONFERENCES
Coming Changes in Small Business Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Real Estate under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Changes to Cross-Border Insolvencies
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Healthcare Bankruptcy Reforms
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Calpine's Chapter 11 Filing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Changing Roles & Responsibilities of Creditors' Committees
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Validating Distressed Security Portfolios: Year-End Price
Validation and Risk Assessment
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Employee Benefits and Executive Compensation under the
New Code
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Dana's Chapter 11 Filing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Reverse Mergers-the New IPO?
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Fundamentals of Corporate Bankruptcy and Restructuring
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
High-Yield Opportunities in Distressed Investing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Privacy Rights, Protections & Pitfalls in Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
When Tenants File -- A Landlord's BAPCPA Survival Guide
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Clash of the Titans -- Bankruptcy vs. IP Rights
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Market Opportunities
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Homestead Exemptions under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
BAPCPA One Year On: Lessons Learned and Outlook
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Surviving the Digital Deluge: Best Practices in E-
Discovery and Records Management for Bankruptcy
Practitioners and Litigators
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Deepening Insolvency - Widening Controversy: Current
Risks, Latest Decisions Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
KERPs and Bonuses under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Diagnosing Problems in Troubled Companies
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Equitable Subordination and Recharacterization
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
*********
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 * * *