/raid1/www/Hosts/bankrupt/TCREUR_Public/070309.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Friday, March 9, 2007, Vol. 8, No. 49
Headlines
A U S T R I A
BPC BEST: Claims Registration Period Ends April 16
CLASSICO LLC: Claims Registration Period Ends March 19
CORONA EXPRESS: Claims Registration Period Ends March 23
DIE UHRENKLINIK: Claims Registration Period Ends March 20
ELEKTRO INSTALLATIONS: Claims Registration Period Ends April 16
FRIEDRICH POELZL: St. Poelten Court Orders Business Shutdown
MIBU BAUELEMENTE: Vienna Court Orders Business Shutdown
ZAPF-SYSTEM: Claims Registration Period Ends April 16
B E L G I U M
CHIQUITA BRANDS: Unit Rejects 3K Boxes of Coosemupar Bananas
D E N M A R K
TDC A/S: Launches Alcatel-Lucent-Powered IPTV Service
F I N L A N D
COMVERSE TECH: Launches Zero Yield Puttable Securities Offering
METSO OYJ: Cancels 2003 Stock Options
F R A N C E
ALCATEL-LUCENT: Deploys IPTV Service Solution to TDC A/S
ALCATEL-LUCENT: Inks Multi-Year UTS IP Network Upgrade Deal
RHODIA SA: Fitch Hikes IDR to BB- on Improved Credit Performance
VALASSIS COMMS: Acquires ADVO Inc. for US$1.2 Billion
G E R M A N Y
ALTENPFLEGEHEIM LUETTEKE: Creditors' Meeting Slated for April 18
AUTOHAUS ACKMANN: Claims Registration Period Ends April 24
AUTOHAUS FRITZ: Creditors' Meeting Slated for April 12
BCA BASS: Claims Registration Period Ends May 16
BIKE-ART GMBH: Claims Registration Period Ends April 12
BS-TOP EQUIPMENT: Claims Registration Period Ends April 2
CAFE EXTRABLATT: Claims Registration Period Ends April 16
CASA UNO: Claims Registration Period Ends April 12
CENTRAL GEBAUDEREINIGUNG: Claims Registration Ends April 16
COMKOTEXT GMBH: Claims Registration Ends May 18
CONSEQUENCE GESELLSCHAFT: Claims Registration Ends April 18
CONTROL-RISK SERVICE: Claims Registration Ends April 9
DAA SOLUTIONS: Claims Registration Ends April 13
DAIMLERCHRYSLER AG: Chrysler Recovery a Must for Sale, CEO Says
DAIMLERCHRYSLER AG: Equity Groups Wants Bernhard as Advisor
DIECKMANN BAU: Claims Registration Ends May 8
EDGAR KIRCHNER: Claims Registration Ends April 19
EURA FINANZ: Claims Registration Period Ends April 10
EURA-OPTIMUM: Claims Registration Period Ends April 11
EUTECH MONTAGEBAU: Creditors' Meeting Slated for April 5
GENERAL MOTORS: Wagoner Doesn't Expect Auto Industry Tie-Up Soon
GNEIDINGBAU GMBH: Claims Registration Period Ends March 30
GROLL-REISEN GMBH: Claims Registration Ends April 12
GUENTER PRIOR: Claims Registration Period Ends March 24
GUENTHER BAUER: Claims Registration Ends April 16
HANSEATISCHE MONTAGE: Claims Registration Ends April 12
HEPRONA GMBH: Claims Registration Ends April 16
HMR ELEKTROTECHNIK: Claims Registration Period Ends March 26
IMM.BAU GMBH: Claims Registration Ends April 19
INKRA NOVA: Creditors Must Register Claims by May 8
JEKAT GMBH: Creditors Must Register Claims by May 25
KHC GMBH: Creditors Must Register Claims by April 14
KIA VERTRIEBSZENTRUM: Creditors Must Register Claims by April 27
KIRCHNER SALES: Claims Registration Period Ends April 19
LIEBERMANN + SCHNEIDER: Creditors Must Register Claims by May 10
LK MOLKEREIPRODUKTE: Claims Registration Ends April 27
MA -TEK MASCHINENTECHNIK: Claims Registration Ends May 15
MBG MASSIVHAUS: Claims Registration Ends May 21
OLGUN FRUCHTGROSSHANDEL: Creditors Meeting Slated for April 16
PROFISOFT HOLDING: Claims Registration Period Ends April 20
RUETTEN GMBH: Claims Registration Period Ends April 13
RUETTEN VERWALTUNGS: Claims Registration Period Ends April 13
TMM TROEDER: Claims Registration Period Ends April 13
I T A L Y
FIAT SPA: Shelves Plans to Issue Eurobond Until Market Improves
FIAT SPA: May Hit Sales Target as Bravo Compact Orders Rise
PARMALAT SPA: Judge Denies Consolidation of Parmalat Actions
PARMALAT SPA: Noteholders Object to Prelim Injunction Extension
PARMALAT SPA: N.Y. Judge Modifies Injunction for Grant Thornton
K A Z A K H S T A N
ASTANA-2030 JSC: Creditors Must File Claims by April 20
COMPACT LLP: Creditors' Claims Due April 20
DAMU LLP: Proof of Claim Deadline Slated for April 13
INTER TRANS-2004: Claims Registration Ends April 13
MEYIR-K LLP: Claims Filing Period Ends April 13
REMSTROYSERVICE-KM LLP: Creditors Must File Claims by April 13
SMP-9 LLP: Creditors Must File Claims by April 20
TRANSSTROYSERVICE KZ: Claims Registration Ends April 13
USPEH JSC: Creditors' Claims Due April 20
K Y R G Y Z S T A N
ALSTAR LLC: Claims Filing Period Ends April 20
MOBILE TELESYSTEMS: Writes Off Costs Relating to Bitel Takeover
N E T H E R L A N D S
PHELPS DODGE: Freeport Offers US$6-Billion Notes to Fund Buy
PHELPS DODGE: Moody's Affirms B1 Rating on Cyprus Amax Notes
P O L A N D
READER'S DIGEST: Ripplewood Completes US$2.6-Bln. Acquisition
R U S S I A
AGRO-PROGRESS CJSC: Creditors Must File Claims by March 17
BASHMAKOVSKIY OJSC: Creditors Must File Claims by April 17
ERSHOVSKIY STONE: Creditors Must File Claims by April 17
FYRKALSKAYA POULTRY: Creditors Must File Claims by April 17
IRKUT CORP: Moody's Lifts B1 Rating to Ba1 on Acquired Stake
IRKUTSK-INNOVATION LLC: Creditors Must File Claims by March 17
KAMENSKOYE CJSC: Creditors Must File Claims by March 17
KASHIN-AGRO-PROM-KHIMIYA: Creditors Must File Claims by April 17
KRASNOSELSKAYA CJSC: Asset Sale Slated for March 19
LUKOIL OAO: In Talks with Banks to Sell Debts
MAGADANSKIY OJSC: Creditors Must File Claims by March 17
MOBILE TELESYSTEMS: Writes Off Costs Relating to Bitel Takeover
NAFTATRANS-VOSTOK CJSC: Creditors Must File Claims by April 17
PROGRESS + CJSC: Creditors Must File Claims by April 17
ROSNEFT OIL: May Place Shares for New Investments
ROSNEFT OIL: Approves All Nominees for Board of Directors
RUSSIAN PETROL: Court Names A. Popov as Insolvency Manager
TMK OAO: Acquires Controlling Stake in OAO RosNITI
TRANSCREDITBANK: Moody's Puts Ba3 Rating on Review & May Upgrade
URAL-ENERGO-STROY: Court Names T. Ivanova as Insolvency Manager
VOLGOGRAD-FISH OJSC: Creditors Must File Claims by March 17
VITAKOR OJSC: Creditors Must File Claims by March 17
YUKOS OIL: Eduard Rebgun Approved as Nominee for Rosneft's Board
S L O V A K R E P U B L I C
SLOVAK AIRLINES: Files for Bankruptcy at Bratislava Court
S P A I N
TDA CAM: Moody's Junks EUR12.8-million Series D Notes
S W I T Z E R L A N D
ABACHRON LLC: Creditors' Liquidation Claims Due March 20
ALUMATIC LLC: Creditors' Liquidation Claims Due March 26
ANIMALICO GGS: Creditors' Liquidation Claims Due March 23
BEST PACK: Creditors' Liquidation Claims Due March 22
COMMEX LLC: Creditors' Liquidation Claims Due March 22
CONFISERIE PFISTER: Creditors' Liquidation Claims Due March 22
DAPA GASTRO: Creditors' Liquidation Claims Due June 1
DIRLEWANGER BAUMANAGEMENT: Liquidation Claims Due March 22
HAKO LLC: Creditors' Liquidation Claims Due March 22
ZETTLER COMPONENTS: Creditors' Liquidation Claims Due March 20
T U R K E Y
GENERAL NUTRITION: Receives Requisite Consents for Senior Notes
GENERAL NUTRITION: Discloses Fourth Quarter Financial Estimates
U K R A I N E
DALAS LLC: Proofs of Claim Filing Deadline Set March 12
FOB-MODUS LLC: Creditors Must File Proofs of Claim by March 15
NIKA-MT LLC: Creditors Must File Claims by March 15
ROMANOV GLASS: Creditors Must File Claims by March 12
STOLICHNY OJSC: Creditors Must File Claims by March 15
U N I T E D K I N G D O M
ARL TECHNOLOGY: Brings In Liquidators from SFP
ARMSTRONG WORLD: Asks Partial Summary Judgment on Sea-Pac Claim
BAUSCH & LOMB: Net Revenues Plunge by 3% Due to Dwindling Sales
BESPOKE SIGN: Creditors' Meeting Slated for March 15
CHESHIRE AUTOTRADE: Creditors' Meeting Slated for March 14
CIVIC ENTERPRISES: Joint Liquidators Take Over Operations
CLARES RETAIL: Has 85 Redundancies at Swindon Factory
CLUB CONNEXION: Appoints Alisdair J. Findlay as Liquidator
COLLINS & AIKMAN: Withdraws Requests for Rule 2004 Probe
COLLINS & AIKMAN: Inks Letter of Intent with Cadence Innovation
CORUS GROUP: Shareholders Approve Tata Steel Offer
CUSTOMISED INTERIORS: Taps Claire L. Dwyer to Liquidate Assets
DELTA GRAPHC S: Creditors' Meeting Slated for March 21
DOPPLER LIFT: Calls In Liquidators from Vantis
FASHION CASHMERE: Claims Filing Period Ends April 19
FEDERAL-MOGUL: Wants Court OK on Anderson Memorial Agreement
FORD MOTOR: In Talks w/ Navistar on Diesel Engine Pricing Feud
FOUR SEASONS: Creditors' Meeting Slated for March 15
HIGHGROVE WINDOWS: Creditors' Meeting Slated for March 26
J P MEDIA: Creditors' Meeting Slated for March 14
KELCO UK: Creditors' Meeting Slated for March 21
LIEBSIDE DISTRIBUTION: Creditors' Meeting Slated for March 28
MARKWELL PECK: Claims Filing Period Ends May 23
MERLIN KITCHENS: Creditors' Meeting Slated for March 20
MKM DEVELOPMENTS: Claims Filing Period Ends April 16
MODUSPACE LTD: Taps Liquidator from Haines Watts
NWD GROUP: Sees Possible Financing from Investor Group
PENTOY LTD: Creditors' Meeting Slated for March 15
ROYAL & SUN: Posts GBP20-Mln Net Losses in Year Ended Dec. 31
SANDISK CORP.: Earns US$198.89 Million in Fiscal-Year 2006
SEA CONTAINERS: Wants Court OK to Provide Funding to SC Treasury
SOLUTIA INC: Judge Beatty Approves Equity Committee Stipulation
SOLUTIA INC: Appoints James Voss to Become President of Flexsys
SPEEDTERN LTD: Claims Filing Period Ends March 30
SPLASH OFFICE: Creditors' Meeting Slated for March 19
STILLMAN COMMUNICATIONS: Creditors Confirm Voluntary Liquidation
TELECOM MAINTENANCE: Names Martin Henry Linton Liquidator
TK BUILDERS: Appoints Liquidators from Deloitte & Touche
TOWNHOUSE LIFE: Appoints Begbies Traynor as Joint Administrators
TVR: DTI Considers Full Probe on Blackpool Division Collapse
UNITARY LIGHTING: Creditors' Meeting Slated for March 21
URBAN LEISURE: Claims Filing Period Ends April 23
VITAMINSMART LTD: Taps Joint Administrators from Begbies Traynor
WENDY SYRED: Names Timothy Alexander Close as Administrator
WHAT C: Hires Liquidator from Griffin & King
WIDDOWSON DALEBROOK: Taps Grant Thornton to Administer Assets
ZONEONE TRADING: Appoints Paul James Fleming as Liquidator
*********
=============
A U S T R I A
=============
BPC BEST: Claims Registration Period Ends April 16
--------------------------------------------------
Creditors owed money by LLC bpc best presented.com (FN 204552m)
have until April 16 to file written proofs of claim to court-
appointed estate administrator Gerhard Hoyer at:
Mag. Gerhard Hoyer
Rablstrasse 32
4600 Wels
Austria
Tel: 07242/46316
Fax: 07242/53359
E-mail: gerhard.hoyer@ra-hoyer.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:40 p.m. on April 26 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Wels
Hall 101
First Floor
Maria Theresia Str. 12
Wels, Austria
Headquartered in Wels, Austria, the Debtor declared bankruptcy
on Feb. 16 (Bankr. Case No. 20 S 23/07v).
CLASSICO LLC: Claims Registration Period Ends March 19
------------------------------------------------------
Creditors owed money by LLC Classico (FN 159770g) have until
March 19 to file written proofs of claim to court-appointed
estate administrator Gerhard Brandl at:
Dr. Gerhard Brandl
Kardinalschuett 7
9020 Klagenfurt
Austria
Tel: 0463/55577
Fax: 0463/502191
E-mail: insolvenzverwaltung@kanzlei-brandl.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 26 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Klagenfurt
Hall 225
Second Floor
Klagenfurt, Austria
Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Feb. 16 (Bankr. Case No. 41 S 15/07i).
CORONA EXPRESS: Claims Registration Period Ends March 23
--------------------------------------------------------
Creditors owed money by LLC Corona Express Transport (FN
274473m) 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 9:00 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 8/07x). Alfred
Witzlsteiner represents the Debtor in the bankruptcy
proceedings.
The Debtor's representative can be reached at:
Mag. Alfred Witzlsteiner
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
DIE UHRENKLINIK: Claims Registration Period Ends March 20
---------------------------------------------------------
Creditors owed money by OEG Die Uhrenklinik Leidorfer & Schmuck
(FN 229533z) have until March 20 to file written proofs of claim
to court-appointed estate administrator Erik Kroker at:
Dr. Karl Maier
Hauptplatz 13
8720 Knittelfeld
Austria
Tel: 03512-83428
Fax: 03512-83428-50
E-mail: office@ra-maier.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on April 11 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Leoben
Hall IV
First Floor
Leoben, Austria
Headquartered in Zeltweg, Austria, the Debtor declared
bankruptcy on Feb. 15 (Bankr. Case No. 17 S 16/07g).
ELEKTRO INSTALLATIONS: Claims Registration Period Ends April 16
---------------------------------------------------------------
Creditors owed money by KEG Elektro Installations Gesellschaft
Schmid & Partner (FN 246080h) have until April 16 to file
written proofs of claim to court-appointed estate administrator
Ursula Schilchegger-Silber at:
Mag. Ursula Schilchegger-Silber
Ringstrasse 14
4600 Wels
Austria
Tel: 07242/41824
Fax: 07242/41824-80
E-mail: office@rakanzlei.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:20 p.m. on April 26 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Wels
Hall 101
First Floor
Maria Theresia Str. 12
Wels, Austria
Headquartered in Wels, Austria, the Debtor declared bankruptcy
on Feb. 16 (Bankr. Case No. 20 S 22/07x).
FRIEDRICH POELZL: St. Poelten Court Orders Business Shutdown
------------------------------------------------------------
The Land Court of St. Poelten entered Feb. 15 an order shutting
down the business of LLC Friedrich Poelzl (FN 40752f).
Court-appointed estate administrator Anton Hintermeier
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. Anton Hintermeier
Andreas Hoferstrasse 8
3100 St. Poelten
Austria
Tel: 02742/847
Fax: 02742/847-50
E-mail: stpoelten@lhup.at
Headquartered in Matzleinsdorf bei Melk, Austria, the Debtor
declared bankruptcy on Feb. 6 (Bankr. Case No. 14 S 32/07g).
MIBU BAUELEMENTE: Vienna Court Orders Business Shutdown
-------------------------------------------------------
The Trade Court of Vienna entered Feb. 16 an order shutting down
the business of LLC Mibu Bauelemente (FN 40752f).
Court-appointed estate administrator Eberhard Wallentin
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. Eberhard Wallentin
Porzellangasse 4-6
1090 Vienna
Austria
Tel: 313 74-0
Fax: 313 74-80
E-mail: office@ksw.at
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 6 (Bankr. Case No. 3 S 8/07g).
ZAPF-SYSTEM: Claims Registration Period Ends April 16
-----------------------------------------------------
Creditors owed money by LLC zapf-system (FN 220933b) have until
April 16 to file written proofs of claim to court-appointed
estate administrator Matthias Kucera at:
Mag. Matthias Kucera
Hofsteigstrasse 89
6971 Hard
Austria
Tel: 05574/76655
Fax: 05574/76655-6
E-mail: rechtsanwalt@kucera.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 26 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Feldkirch
Conference Hall 45
First Floor
Feldkirch, Austria
Headquartered in Hoerbranz, Austria, the Debtor declared
bankruptcy on Feb. 16 (Bankr. Case No. 14 S 5/07h).
=============
B E L G I U M
=============
CHIQUITA BRANDS: Unit Rejects 3K Boxes of Coosemupar Bananas
------------------------------------------------------------
Tecno Asesora Agricola, a banana exporter and Chiquita Brands
International's local unit in Panama, has rejected 3 thousand
boxes of bananas from the Coosemupar cooperative, Fresh Plaza
reports.
Coosemupar director Salustiano de Gracia complained that there
was no reason to discard the fruits, which were of first
quality. He said the cooperative has incurred losses due to the
rejection, Fresh Plaza says.
Coosemupar has contractual obligations toward Chiquita Brands.
The cooperative plans to renegotiate the contract before
September, as it wants to sell bananas to another exporter,
Fresh Plaza states.
Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 70 countries including Panama, Philippines, Australia,
Belgium, Germany, among others. It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.
Moody's Investors Service downgraded the ratings for Chiquita
Brands L.L.C., 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'.
=============
D E N M A R K
=============
TDC A/S: Launches Alcatel-Lucent-Powered IPTV Service
-----------------------------------------------------
Alcatel-Lucent has deployed its IPTV solution, including the
Microsoft IPTV Edition software platform, to TDC A/S.
TDC has rolled-out a nationwide commercial IPTV service.
Together with the recent TDC TV launch, the company inaugurated
Denmark's largest and most state-of-the-art interactive TV
network, with services available to more than 1.6 million
households.
Building on Alcatel-Lucent's commitment to support service
providers in delivering a truly converged TV experience, this
critical market milestone follows TDC's selection of Alcatel-
Lucent's IPTV offering, including the Microsoft IPTV Edition
software platform, in 2006.
Alcatel-Lucent has established a leading position in interactive
TV services, and already enables TV, video, and music services
for more than 110 fixed and mobile service providers around the
world.
The solution delivered to TDC includes comprehensive Alcatel-
Lucent services integration as well as the Microsoft TV IPTV
Edition software platform. Based on this solution, TDC TV
subscribers will benefit from an enriched entertainment
experience with broadband access to 35 television channels, an
electronic program guide, digital recorder with pause feature,
and access to more than 200 movie titles available at their
convenience via video on demand technology. The network is also
HDTV-ready.
"The new generation of TDC TV is one of TDC's most important
growth projects within broadband for many years. This is one
example of how broadband will be playing a still greater role in
our everyday lives in the future," said Gert Rieder, President
of TDC Solutions.
"We deliver telephony, Internet, and TV through one and the same
wall outlet. This is clearly the most user-friendly solution in
the market because it is interactive and offers convenient
access to individual content preferences such as on-demand movie
rentals."
"With the launch of TDC TV, TDC is playing a market leadership
role by pioneering IPTV service delivery in the Nordic region,"
said Lars Boilesen, head of Alcatel-Lucent's activities in the
Nordic & Baltic countries.
"The successful delivery of advanced entertainment services is a
milestone not only for TDC and Alcatel-Lucent but also for other
carriers in the region who are looking to capitalize on
increasing demand for advanced, enhanced entertainment
services," Mr. Boilesen added.
About Alcatel-Lucent
Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users. Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work, and on the move.
On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.
Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Australia, Brunei and Cambodia.
About TDC A/S
Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.dk/-- through its subsidiaries and affiliates,
provides communication solutions in Europe. It provides
communication services in Denmark and Switzerland, and has a
significant presence in selected Northern and Central European
telecommunication markets. It operates through five business
lines.
* * *
As reported in the TCR-Europe on Jan. 25, Fitch Ratings says it
does not expect the intended sale by TDC A/S of its Lithuanian
and Latvian mobile subsidiary Bite to affect TDC's Issuer
Default rating of 'BB-' or the ratings of TDC and NTC Holdings.
=============
F I N L A N D
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COMVERSE TECH: Launches Zero Yield Puttable Securities Offering
---------------------------------------------------------------
Comverse Technology, Inc. is commencing a cash tender offer for
all of its outstanding Zero Yield Puttable Securities Due May
15, 2023 (CUSIP Nos. 205862AK1 and 205862AL9) and New Zero Yield
Puttable Securities due May 15, 2023 (CUSIP No. 205862AM7), upon
the terms and conditions set forth in the Offer to Purchase and
related Letter of Transmittal, each dated March 2, 2007.
The delisting of Comverse Technology's Common Stock from The
NASDAQ Global Market was a Designated Event under the Indentures
governing the ZYPS, and in order to satisfy its obligations
under the Indentures, Comverse Technology is offering to
purchase all of its outstanding ZYPS at a purchase price of
US$1,000 in cash for each US$1,000 principal amount of ZYPS
tendered.
The Offer is scheduled to expire at 5:00 p.m., New York City
time, on March 30, 2007, unless extended by Comverse Technology.
As of Jan. 31, there was US$419,647,000 aggregate principal
amount of ZYPS outstanding.
Comverse Technology has retained The Bank of New York Trust
Company, N.A. to serve as the Depositary and D.F. King & Co.,
Inc. as the Information Agent for the Offer. Questions
regarding the Offer and requests for documents in connection
with the Offer may be directed to D.F. King & Co., Inc. at (800)
829-6551 (toll free) or, for banks and brokers, (212) 269-5550
(call collect).
In addition, on or about March 19, Comverse Technology will
disclose its unaudited financial results for the fiscal year
ended Jan. 31.
As a result of Comverse Technology's ongoing investigation of
past stock option grants, including its evaluation of actual
dates of measurement for certain grants which differ from the
recorded grant dates, and of additional accounting issues,
including errors in the recognition of revenue related to
certain contracts, errors in the recording of certain deferred
tax accounts and the misclassification of certain expenses in
earlier periods as well as the possible misuse of accounting
reserves and the understatement of backlog, Comverse Technology
did not release earnings for the fiscal year ended Jan. 31,
2006, or for any subsequent fiscal quarter.
About Comverse Technology
Comverse Technology, Inc. (NASDAQ: CMVT) --
http://www.comverse.com/-- provides software and systems that
enable network-based multimedia enhanced communication and
billing services. Over 450 communication and content service
providers in more than 120 countries use Comverse products to
generate revenues, strengthen customer loyalty and improve
operational efficiency.
Comverse has offices all over the world, including Australia,
Finland, Greece, Indonesia, Malaysia, and the Philippines.
* * *
Standard & Poor's Ratings Services held its ratings on Comverse
Technology Inc. on CreditWatch with negative implications, where
they were placed on March 15, 2006, on the disclosure that the
board of directors at Comverse had created a special committee
to review matters relating to the company's stock option grants
and the likely need to restate prior-period financial results.
Standard & Poor's placed its corporate credit and senior
unsecured debt ratings on Comverse Technology on CreditWatch
with negative implications. The company has S&P's 'BB-'
corporate credit and senior unsecured debt ratings.
METSO OYJ: Cancels 2003 Stock Options
-------------------------------------
The Board of Directors of Metso Oyj has decided to cancel 2003
stock options in such a way that after the cancellation there
remains only 135,000 of 2003A options.
Out of these options, 35,000 have been granted and 100,000 are
held by Metso's subsidiary Metso Capital Ltd. Of the granted
options, 2,000 have been used to subscribe Metso shares in
February 2007.
About Metso
Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of around EUR4.2 billion. Its
22,000 employees in more than 50 countries serve customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.
The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom, and the United States.
* * *
As of Feb. 9, Metso Oyj carries Standard & Poor's 'BB+' long-
term and 'B' short-term corporate credit ratings and 'BB' senior
unsecured debt rating.
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F R A N C E
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ALCATEL-LUCENT: Deploys IPTV Service Solution to TDC A/S
--------------------------------------------------------
Alcatel-Lucent has deployed its IPTV solution, including the
Microsoft IPTV Edition software platform, to TDC A/S.
TDC has rolled-out a nationwide commercial IPTV service.
Together with the recent TDC TV launch, the company inaugurated
Denmark's largest and most state-of-the-art interactive TV
network, with services available to more than 1.6 million
households.
Building on Alcatel-Lucent's commitment to support service
providers in delivering a truly converged TV experience, this
critical market milestone follows TDC's selection of Alcatel-
Lucent's IPTV offering, including the Microsoft IPTV Edition
software platform, in 2006.
Alcatel-Lucent has established a leading position in interactive
TV services, and already enables TV, video, and music services
for more than 110 fixed and mobile service providers around the
world.
The solution delivered to TDC includes comprehensive Alcatel-
Lucent services integration as well as the Microsoft TV IPTV
Edition software platform. Based on this solution, TDC TV
subscribers will benefit from an enriched entertainment
experience with broadband access to 35 television channels, an
electronic program guide, digital recorder with pause feature,
and access to more than 200 movie titles available at their
convenience via video on demand technology. The network is also
HDTV-ready.
"The new generation of TDC TV is one of TDC's most important
growth projects within broadband for many years. This is one
example of how broadband will be playing a still greater role in
our everyday lives in the future," said Gert Rieder, President
of TDC Solutions.
"We deliver telephony, Internet, and TV through one and the same
wall outlet. This is clearly the most user-friendly solution in
the market because it is interactive and offers convenient
access to individual content preferences such as on-demand movie
rentals."
"With the launch of TDC TV, TDC is playing a market leadership
role by pioneering IPTV service delivery in the Nordic region,"
said Lars Boilesen, head of Alcatel-Lucent's activities in the
Nordic & Baltic countries.
"The successful delivery of advanced entertainment services is a
milestone not only for TDC and Alcatel-Lucent but also for other
carriers in the region who are looking to capitalize on
increasing demand for advanced, enhanced entertainment
services," Mr. Boilesen added.
About TDC A/S
Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.dk/-- through its subsidiaries and affiliates,
provides communication solutions in Europe. It provides
communication services in Denmark and Switzerland, and has a
significant presence in selected Northern and Central European
telecommunication markets. It operates through five business
lines.
About Alcatel-Lucent
Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users. Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work, and on the move.
On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.
Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Australia, Brunei, and Cambodia.
* * *
As of Feb. 7, Alcatel-Lucent's Long-Term Corporate Credit rating
and Senior Unsecured Debt carry Standard & Poor's BB- rating.
It's Short-Term Corporate Credit rating stands at B.
Moody's, on the other hand, put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating. Lucent carries Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred
rating.
Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured
Debt rating at BB.
ALCATEL-LUCENT: Inks Multi-Year UTS IP Network Upgrade Deal
-----------------------------------------------------------
Alcatel-Lucent entered into a multi-year agreement with the
University of Technology Sydney (UTS) to supply its OmniSwitch
6850 solution for the distribution and access layer of the
university's IP network upgrade.
The solution will deliver reliable connectivity to more than
27,000 users across two UTS campuses in Sydney.
Alcatel-Lucent's OmniSwitch 6850 solutions, which provide the
most advanced services, highest performance and best value in
the industry, will replace an existing multi-vendor legacy
network, reducing the cost and complexity of network operations
for UTS.
The 14,000 network ports that make up the access and
distribution network will be upgraded in phases by systems
integrator, Integ. The initial phase has already been deployed
to address UTS' immediate requirements.
"We selected Alcatel-Lucent because of the strength of its
portfolio and the seamless integration it offered with the rest
of our network," said Peter James, director of IT Infrastructure
and Operations at UTS. "We have also, through previous projects
with them, built up a level of trust in their solutions."
More universities are responding to the needs of a new
generation of tech-savvy faculty and students through network
transformations similar to UTS' upgrade. The network
improvements will enable UTS to differentiate themselves through
an enhanced learning process and increased overall user
satisfaction.
"This win reinforces the partnership and strong ties that we
already enjoy with UTS," said Tom Burns, president of Alcatel-
Lucent enterprise solutions activities. "The consolidation of
this relationship has also contributed to Alcatel-Lucent's
continued strong growth in the enterprise sector."
UTS, which became a member of Alcatel-Lucent's Research Partner
Program in 2003, also utilized the company's services in April
2006 for its 3-D Animation Multimedia Lab, the first of its kind
in an Australian university.
Developing 3-D animations requires sophisticated computers and
software applications built over a very high-speed network.
Users typically require huge bandwidth at Gigabit Ethernet
speeds to meet the demands of a distributed rendering solution.
UTS selected the Alcatel-Lucent OmniSwitch 9700 to support the
core and the Alcatel-Lucent OmniSwitch 6800 to support the edge
of the network in the lab, which is made up of 50 Quad Mac G5
workstations, two Apple X Servers, and 19 dedicated render
cluster nodes. The two switches are linked together via 10
Gigabit Ethernet in order to deliver maximum performance to
simultaneous users.
About UTS
The University of Technology, Sydney (UTS) is Sydney's city
university, with a main campus located on the edge of the CBD
and the vibrant Chinatown precinct. In 2006 more than 32,700
students were enrolled at UTS in onshore and offshore courses.
UTS is known for its practical and industry-focused teaching and
research in fields including business, engineering, design,
science, communications, social inquiry, law, IT, nursing, and
education.
About Alcatel-Lucent
Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide, to
deliver voice, data and video communication services to end
users. Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work, and on the move.
On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.
Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Australia, Brunei, and Cambodia.
* * *
As of Feb. 7, Alcatel-Lucent's Long-Term Corporate Credit rating
and Senior Unsecured Debt carry Standard & Poor's BB- rating.
It's Short-Term Corporate Credit rating stands at B.
Moody's, on the other hand, put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating. Lucent carries Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred
rating.
Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured
Debt rating at BB.
RHODIA SA: Fitch Hikes IDR to BB- on Improved Credit Performance
----------------------------------------------------------------
Fitch Ratings has upgraded the Issuer Default rating of France's
chemicals producer Rhodia SA to 'BB-' from 'B+'; the EUR300
million revolving credit facility rating to 'BB+' from 'BB'; the
senior notes due 2010 and 2013 rating to 'BB-' from 'B+'; and
the senior subordinated notes due 2011 rating to 'B' from 'B-'.
The Outlook on the IDR is Stable.
"The IDR upgrade to 'BB-' reflects Rhodia's improved credit
metrics as a result of successfully streamlining the business by
selling non-core assets and restructuring underperforming
businesses", says Claudiu Filionescu, associate director in
Fitch's Leveraged Finance team. These measures have translated
into considerably improved EBITDA levels. This, in combination
with recent debt prepayments, is expected to result in improved
coverage ratios.
Rhodia has established a solid track record on delivering on its
re-structuring and financial targets. Fitch expects the company
to broadly meet its guidance for 2007, including further
improvements in cash generation.
Fitch anticipates that Rhodia will not embark on aggressive
acquisitions and that no significant shift in its financial
policy will occur.
Alongside other major French electricity consumers, Rhodia has
entered into an electricity JV on favorable terms. This should
minimize the impact on profitability related to the end of the
long-term electricity contracts due to expire in 2007.
The recent downward volatility in the price of carbon emission
credits does not materially affect Rhodia's credit profile.
While the existence of CERs represents a potential positive
factor, due to their size and inherent volatility Fitch
continues to remain cautious regarding their monetization and
subsequent impact on the credit profile.
Rhodia's reported EBITDA margin at the end of Fiscal-Year 2006
was 14.2%, an improvement on 11.3% at the end of 2005 on a like
for like basis, and comparing adequately with the company's
chemical sector peers. This is a continuation of the positive
trend observed in Rhodia's operating performance during the past
two years. Historically, weak cash conversion has kept cash
coverage ratios at low levels, which constrained the ratings.
As at the end of Fiscal-Year 2006, funds from operations/net
interest expense was in excess of 2x and the operating
EBITDAR/net interest expense was in excess of 3x. The coverage
ratios are expected to further improve above 3x and 4.5x
respectively by the end of Fiscal-Year 2007.
Rhodia's capital structure and leverage profile compare well to
its Chemicals peers. The net debt-to-adjusted EBITDA at the end
of 2006 was 2.9x before accounting for the cash inflow resulting
from the sales of the Silicones business and 2.4x after
accounting for the cash inflow. This compares to 3.5x at FYE05.
At the end of Fiscal-Year 2006 Rhodia had total debt of EUR2.4
billion, of which approximately EUR1.4 billion represented
senior notes and EUR467 million were senior subordinated notes.
Approximately EUR320 million/US$415 million of senior notes are
in the process of being prepaid. Cash and liquid assets on
balance sheet was EUR486 million. In Fitch's view, the moderate
debt repayment schedule until 2011, the starting cash position,
the anticipated continued rolling-over of the securitization
program, and the revolving credit facility constitute sufficient
liquidity in the short to medium term.
The 'BB+' rating on the senior secured revolving credit facility
reflects the superior recovery prospects for this instrument
upon default based on its ranking, security package and low
senior leverage. This translates into a substantial buffer
underneath provided by subordinated debt and equity value.
The 'BB-' rating on the senior notes reflects their unsecured
status, structural subordination to the claims of creditors of
subsidiaries and contractual subordination to the revolving
credit facility lenders. The 'B' rating on the senior
subordinated notes reflects their structural or contractual
subordination to all remaining debt and to all creditors of
subsidiaries.
Rhodia is a diversified chemicals company based in France, which
achieved net sales of EUR4.8 billion in Fiscal-Year 2006. Its
products are sold in a broad spectrum of consumer and industrial
markets, including cosmetics, detergents, pharmaceuticals,
automotive, electronics, agrochemicals, and construction.
VALASSIS COMMS: Acquires ADVO Inc. for US$1.2 Billion
-----------------------------------------------------
Valassis Communications Inc. has completed its acquisition of
ADVO, Inc., a direct mail media company, for approximately
US$1.2 billion, including the refinancing of approximately
US$125 million in existing ADVO debt.
The transaction was finalized on Friday. Shares of ADVO common
stock were acquired by Valassis for US$33.02 per share in cash,
including interest accrued from Feb. 28, in accordance with the
merger agreement. As a result of the acquisition, ADVO common
stock will no longer be traded as of March 5.
Valassis funded the ADVO acquisition, as well as the refinancing
of ADVO debt and the payment of fees and expenses, through an
US$870 million senior secured credit facility with a syndicate
of lenders jointly arranged by Bear, Stearns & Co. Inc. and Banc
of America Securities LLC; US$540 million in Valassis' 8-1/4%
Senior Notes due 2015; and existing cash on hand.
The combination of Valassis and ADVO provides the delivery of
value-oriented consumer promotions by blending home newspaper
delivery with shared direct mail. The combined company features
the most comprehensive products and services offering in the
industry serving over 15,000 advertisers worldwide, including 96
of the top 100 advertisers in the United States. The combined
company now has 7,500 employees with operations in 22 states and
nine countries.
"Today is a historic day as it marks the largest acquisition in
Valassis history, further advancing a key growth strategy put
into effect eight years ago," said Alan F. Schultz, Valassis
chairman, president, and chief executive officer.
"By combining Valassis and ADVO, we are creating the nation's
leading marketing services company. With complementary
products, customers, and distribution methods, we will now be
able to offer superior customer solutions of unmatched reach,
scale, and value. This unique offering will allow us to gain a
greater share of our customers' marketing budgets. We are
working to make the integration process as seamless as possible
for all of our stakeholders. In addition, over the next few
years we will work diligently to maximize free cash flow and
reduce debt."
"We are excited to have finalized the Valassis-ADVO transaction
and begin writing a new chapter in the company's history by
combining ADVO's highly complementary shared mail with Valassis'
newspaper-delivered offerings and existing 1 to 1 channels,"
said Robert A. Mason, ADVO president. "ADVO's extensive shared
mail network will augment Valassis' newspaper distribution
network by providing shared mail reach to over 90% of U.S.
homes. We now have the ability to grow our business by offering
customers jointly-developed programs which optimize and
integrate the usage of multiple distribution methods."
Mr. Schultz will remain in his current role to lead the combined
company, with Mr. Mason serving as president of ADVO.
Valassis' executive management team will take an active role in
the combined company's strategic direction. William F. Hogg,
Valassis executive vice president of Manufacturing and Client
Services, will continue to lead integration efforts while at the
same time leading the manufacturing and client services areas of
the combined company. Donald E. McCombs will retain his title
as ADVO executive vice president and president of Operations.
The combined company will be governed by the current Valassis
Board of Directors and will continue to be headquartered in
Livonia, Michigan. ADVO will maintain a substantial presence in
Windsor, Connecticut, where it has three locations.
Headquartered in Livonia, Michigan, Valassis Communications Inc.
(NYSE: VCI) -- http://www.valassis.com/-- provides marketing
services to consumer-packaged goods manufacturers, retailers,
technology companies, and other customers with operations in the
United States, France, Germany, Italy, Mexico, and Canada.
Valassis' products and services portfolio includes: newspaper-
delivered promotions and advertisements such as inserts,
sampling, polybags and on-page advertisements; direct-to-door
advertising and sampling; direct mail; Internet-delivered
marketing; loyalty marketing software; coupon and promotion
clearing; and promotion planning and analytic services.
* * *
As reported in the Troubled Company Reporter on Feb. 20,
Standard & Poor's Ratings Services assigned its B- rating to
Valassis Communications Inc.'s proposed US$590 million senior
unsecured notes. S&P affirmed the B+ corporate credit rating on
Valassis and said the company's rating outlook is stable.
=============
G E R M A N Y
=============
ALTENPFLEGEHEIM LUETTEKE: Creditors' Meeting Slated for April 18
----------------------------------------------------------------
The court-appointed insolvency manager for Altenpflegeheim
Luetteke GmbH, Thomas Christmann, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 10:00 a.m. on April 18.
The meeting of creditors and other interested parties will be
held at:
The District Court of Saarbruecken
Meeting Hall 24
Second Floor
Vopeliusstrasse 2
66280 Sulzbach
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on May 30, at the same venue.
Creditors have until May 9 to register their claims with the
court-appointed insolvency manager.
The insolvency manager can be reached at:
Dr. Thomas Christmann
Graf-Johann-Strasse 8
66121 Saarbruecken
Germany
Tel: 0681/301 404 69
Fax: 0681/635 321
The District Court of Saarbruecken opened bankruptcy proceedings
against Altenpflegeheim Luetteke GmbH on Feb. 15. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Altenpflegeheim Luetteke GmbH
Attn: Norbert Luetteke, Manager
Sulzbachtalstr. 171
66125 Saarbruecken
Germany
AUTOHAUS ACKMANN: Claims Registration Period Ends April 24
----------------------------------------------------------
Creditors of Autohaus Ackmann GmbH have until April 24 to
register their claims with court-appointed insolvency manager
Stefan Meyer.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 15, at which time the insolvency
manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Bielefeld
Hall 4065
Fourth Floor
Gerichtstrasse 66
33602 Bielefeld
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be contacted at:
Stefan Meyer
Ostertorstr. 7
32312 Luebbecke
Germany
The District Court of Bielefeld opened bankruptcy proceedings
against Autohaus Ackmann GmbH on March 1. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be contacted at:
Autohaus Ackmann GmbH
Attn: Dirk Ackmann, Manager
Schwarzer Weg 4
32423 Minden
Germany
AUTOHAUS FRITZ: Creditors' Meeting Slated for April 12
------------------------------------------------------
The court-appointed insolvency manager for Autohaus Fritz Burr
GmbH & Co. KG, Detlef-Helmut Stuermann, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:00 a.m. on April 12.
The meeting of creditors and other interested parties will be
held at:
The District Court of Bremen
Hall 115
Ostertorstr. 25-31
28195 Bremen
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on June 14, at the same venue.
Creditors have until May 29 to register their claims with the
court-appointed insolvency manager.
The insolvency manager can be reached at:
Detlef-Helmut Stuermann
Domshof 18-20
28195 Bremen
Germany
Tel: 0421/3686-0
Fax: 0421/3686-100
E-mail: InsolvenzBremen@schubra.de
Web site: http://www.schubra.de/
The District Court of Bremen opened bankruptcy proceedings
against Autohaus Fritz Burr GmbH & Co. KG on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Autohaus Fritz Burr GmbH & Co. KG
Groepelinger Heerstr. 245
28239 Bremen
Germany
BCA BASS: Claims Registration Period Ends May 16
------------------------------------------------
Creditors of BCA Bass Classic Automobiles GmbH have until May 16
to register their claims with court-appointed insolvency manager
Oliver Jakob.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 6, 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 Ludwigsburg
Hall 2008
Palace Schuetz
Schorndorfer Str. 28
Ludwigsburg
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. Oliver Jakob
Loeffelstr. 1
70597 Stuttgart
Germany
Tel: (0711) 720715-0
Web site: http://www.kanzlei-jakob.de/
The District Court of Ludwigsburg opened bankruptcy proceedings
against BCA Bass Classic Automobiles GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be contacted at:
BCA Bass Classic Automobiles GmbH
Attn: Christopher and Alexander Bass, Managers
Saarstr. 46
71282 Hemmingen
Germany
BIKE-ART GMBH: Claims Registration Period Ends April 12
-------------------------------------------------------
Creditors of BIKE-ART GmbH Iris Sandau have until April 12 to
register their claims with court-appointed insolvency manager
Thorsten Schnoor.
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 Rostock
Hall 330
Zochstrasse
18057 Rostock
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:
Thorsten Schnoor
Wendenstrasse 4
20097 Hamburg
Germany
The District Court of Rostock opened bankruptcy proceedings
against BIKE-ART GmbH Iris Sandau on March 1. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be contacted at:
BIKE-ART GmbH Iris Sandau
Attn: Iris Sandau, Manager
Warnowallee 35
18107 Rostock
Germany
BS-TOP EQUIPMENT: Claims Registration Period Ends April 2
---------------------------------------------------------
Creditors of BS-TOP equipment GmbH & Co. KG have until April 2
to register their claims with court-appointed insolvency manager
Norbert Schrader.
Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Wuppertal
Meeting Hall A234
Second Floor
Eiland 2
42103 Wuppertal
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be contacted at:
Norbert Schrader
Viehhofstr. 117
42117 Wuppertal
Germany
Tel: 0202-430980
Fax: 0202-4309843
The District Court of Wuppertal opened bankruptcy proceedings
against BS-TOP equipment GmbH & Co. KG on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be contacted at:
BS-TOP equipment GmbH & Co. KG
Scheidtstrasse 18
42369 Wuppertal
Germany
CAFE EXTRABLATT: Claims Registration Period Ends April 16
---------------------------------------------------------
Creditors of Cafe Extrablatt Nova Eventis GmbH have until
April 16 to register their claims with court-appointed
insolvency manager Norbert Kruse.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court Muenster
Meeting Hall 101 B
First Floor
Gerichtsstr. 2-6
48149 Muenster
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be contacted at:
Norbert Kruse
Bonhoefferstr. 10
48282 Emsdetten
Germany
Tel: 02572/875-0
Fax: +49257287533
The District Court of Muenster opened bankruptcy proceedings
against Cafe Extrablatt Nova Eventis GmbH on Feb. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be contacted at:
Cafe Extrablatt Nova Eventis GmbH
Rheiner Strasse 2
48282 Emsdetten
Germany
Attn: Christoph Wefers, Manager
Kurt-Schumacher-Strasse 3
48282 Emsdetten
Germany
CASA UNO: Claims Registration Period Ends April 12
--------------------------------------------------
Creditors of Casa Uno Italienisches Wohndesign GmbH have until
April 12 to register their claims with court-appointed
insolvency manager Ulrike Hoge-Peters.
Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 16, 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 Rostock
Hall 330
Zochstrasse
18057 Rostock
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:
Ulrike Hoge-Peters
Rosa-Luxemburg-Strasse 8
18055 Rostock
Germany
The District Court of Rostock opened bankruptcy proceedings
against Casa Uno Italienisches Wohndesign GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be contacted at:
Casa Uno Italienisches Wohndesign GmbH
Attn: Stefan and Joachim Zedler, Managers
Beginenberg 1
18055 Rostock
Germany
CENTRAL GEBAUDEREINIGUNG: Claims Registration Ends April 16
-----------------------------------------------------------
Creditors of Central Gebaudereinigung Johannes Mueller GmbH &
Co. KG have until April 16 to register their claims with court-
appointed insolvency manager Winfrid Andres.
Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on May 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Dortmund
Hall 3.201
Second Floor
Gerichtsplatz 1
44135 Dortmund
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be contacted at:
Dr. Winfrid Andres
Neuer Zollhof 3
40221 Duesseldorf
Germany
The District Court of Dortmund opened bankruptcy proceedings
against Central Gebaudereinigung Johannes Mueller GmbH & Co. KG
on Feb. 28. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be contacted at:
Central Gebaudereinigung Johannes Mueller GmbH & Co. KG
Attn: Ulrich and Winfried Hemmerich, Managers
Hohbrinkstrasse 13-15
44379 Dortmund
Germany
COMKOTEXT GMBH: Claims Registration Ends May 18
-----------------------------------------------
Creditors of COMKOTEXT GmbH Marktforschung und Verlag fuer
Buero- und Datentechnik have until May 18 to register their
claims with court-appointed insolvency manager Eberhard Stock.
Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Krefeld
Meeting Room H 131
First Floor
Nordwall 131
47798 Krefeld
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Eberhard Stock
Wilhelmshofallee 75
47800 Krefeld
Tel: (02151) 5813-0
Fax: +4921515813134
The District Court of Krefeld opened bankruptcy proceedings
against COMKOTEXT GmbH Marktforschung und Verlag fuer Buero- und
Datentechnik on Feb. 23. Consequently, all pending proceedings
against the company have been automatically stayed.
The Debtor can be reached at:
COMKOTEXT GmbH Marktforschung und Verlag fuer
Buero- und Datentechnik
Buedericher Str. 14
47877 Willich
Germany
Attn: Wolfgang Broetzmann, Manager
Buedericherstr. 14
47877 Willich
Germany
CONSEQUENCE GESELLSCHAFT: Claims Registration Ends April 18
-----------------------------------------------------------
Creditors of CONSEQUENCE Gesellschaft fuer instrumentelle
Bioanalytik mbH have until April 18 to register their claims
with court-appointed insolvency manager Ulrich Wenzel.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Potsdam
Hall 301
Third Floor
Nebenstelle Lindenstrasse 6
14467 Potsdam
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be contacted at:
Dr. Ulrich Wenzel
Grossbeerenstrasse 231
14480 Potsdam
Germany
The District Court of Potsdam opened bankruptcy proceedings
against CONSEQUENCE Gesellschaft fuer instrumentelle Bioanalytik
mbH on March 1. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be contacted at:
CONSEQUENCE Gesellschaft fuer instrumentelle
Bioanalytik mbH
Potsdamer Str. 18 a
14513 Teltow
Germany
CONTROL-RISK SERVICE: Claims Registration Ends April 9
------------------------------------------------------
Creditors of Control-Risk Service & Facilitymanagement GmbH have
until April 9 to register their claims with court-appointed
insolvency manager Peter Depre.
Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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
Room 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:
Peter Depre
O4, 13-16
68161 Mannheim
Germany
Tel: 0621/12078-0
The District Court of Mannheim opened bankruptcy proceedings
against Control-Risk Service & Facilitymanagement GmbH on
March 1. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
Control-Risk Service & Facilitymanagement GmbH
Attn: Reinhold Winter, Manager
Besselstr. 2-4
68219 Mannheim
Germany
DAA SOLUTIONS: Claims Registration Ends April 13
------------------------------------------------
Creditors of daa Solutions GmbH have until April 13 to register
their claims with court-appointed insolvency manager Goetz
Lautenbach.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Offenbach am Main
Hall 162N
First Floor
Kaiserstrasse
63065 Offenbach am Main
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Goetz Lautenbach
Zeilweg 42
D 60439 Frankfurt
Germany
Tel: 069/963761-130
Fax: 069/963761-145
The District Court of Offenbach am Main opened bankruptcy
proceedings against daa Solutions GmbH on Feb. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
daa Solutions GmbH
Attn: Martin Stritzel
Schulgasse 44 a
64380 Rossdorf-
Weiskircher Weg 9
63150 Heusenstamm
Germany
DAIMLERCHRYSLER AG: Chrysler Recovery a Must for Sale, CEO Says
---------------------------------------------------------------
DaimlerChrysler AG CEO Dieter Zetsche says Chrysler Group needs
to report a profit for the loss-making U.S. division's possible
sale or entry into a partnership, Bloomberg News reports.
Chrysler Group has 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.
"Whatever development happens, this recovery is needed," Mr.
Zetsche said. "There's nothing wrong with focusing on a
recovery."
Speculations of a possible sale or spin-off arose after Mr.
Zetsche disclosed on Feb. 14 that his company is keeping all
options open for Chrysler.
DaimlerChrysler hinted early this week of a possible sale of its
Chrysler Financial auto loan and leasing unit, which could
parallel a 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 that includes 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, which
consists of US$1.4 billion by GM and US$500 million by the
consortium.
About DaimlerChrysler
Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.
The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.
The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names. It also sells parts and
accessories under the MOPAR brand.
The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles. At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions. In addition, increased interest
rates caused higher sales & marketing expenses.
In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.
DAIMLERCHRYSLER AG: Equity Groups Wants Bernhard as Advisor
-----------------------------------------------------------
Some private equity groups want Former Volkswagen AG Chairman
Wolfgang Bernhard to act as adviser for a consortium seeking to
acquire DaimlerChrysler AG's Chrysler Group, John Reed writes
for the Financial Times.
The report says that Mr. Bernhard, who is deemed a potential
asset for aspiring Chrysler investors, was previously the unit's
chief operating officer before he moved to Volkswagen in 2005.
A source involved in the bidding process said Cerberus Capital
Management, Carlyle, Apollo Management, and Ripplewood could all
submit proposals, FT states.
The TCR-Europe reported on March 7, citing a Reuters report,
that two sources close to the sales said last week that a
detailed sales prospectus for Chrysler Group bidders should be
completed soon, the first step toward a potential sale that
would unwind the 1998 merger that created DaimlerChrysler.
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.
DIECKMANN BAU: Claims Registration Ends May 8
---------------------------------------------
Creditors of Dieckmann Bau GmbH have until May 8 to register
their claims with court-appointed insolvency manager Andreas
Sontopski.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 29, at which time the insolvency
manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court Muenster
Meeting Hall 13 B
Gerichtsstr. 2-6
48149 Muenster
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Andreas Sontopski
Gnoiener Platz 1
48493 Wettringen
Tel: 02557/9384-0
Fax: +492557938450
The District Court of Muenster opened bankruptcy proceedings
against Dieckmann Bau GmbH on March 1. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Dieckmann Bau GmbH
Jacksonring 11
48429 Rheine
Germany
EDGAR KIRCHNER: Claims Registration Ends April 19
-------------------------------------------------
Creditors of Edgar Kirchner GmbH have until April 19 to register
their claims with court-appointed insolvency manager Dr. Guenter
Trutnau.
Creditors and other interested parties are encouraged to attend
the meeting at 8:00 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 Bochum
Hall A29
Ground Floor
Main Building
Viktoriastrasse 14
44787 Bochum
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. Guenter Trutnau
Kemnastr. 41
44867 Bochum
Germany
The District Court of Bochum opened bankruptcy proceedings
against Edgar Kirchner GmbH on March 1. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Edgar Kirchner GmbH
Josef-Baumann-Str. 5
44866 Bochum
Germany
EURA FINANZ: Claims Registration Period Ends April 10
-----------------------------------------------------
Creditors of EURA Finanz- und Wirtschaftsberatung und
Vermittlung AG have until April 10 to register their claims with
court-appointed insolvency manager Klaus Loeffler.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 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 Ludwigshafen/Rhein
Room XIII
Wittelsbachstr. 10
67061 Ludwigshafen/Rhein
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Klaus Loeffler
Welschgasse 3
D 67227 Frankenthal
Germany
The District Court of Ludwigshafen/Rhein opened bankruptcy
proceedings against EURA Finanz- und Wirtschaftsberatung und
Vermittlung AG on Feb. 9. Consequently, all pending proceedings
against the company have been automatically stayed.
The Debtor can be reached at:
EURA Finanz- und Wirtschaftsberatung und Vermittlung AG
Neumayerring 31
67227 Frankenthal
Germany
Attn: Ralf Ehrlich, Manager
Batschkastrasse 10
67117 Limburgerhof
Germany
EURA-OPTIMUM: Claims Registration Period Ends April 11
------------------------------------------------------
Creditors of Eura-Optimum GmbH have until April 11 to register
their claims with court-appointed insolvency manager Stephan
Poppe.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 9, at which time the insolvency
manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Halle-Saalkreis
Hall 1.043
Judicial Center
Thueringer Str. 16
06112 Halle
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Stephan Poppe
Emil-Eichhorn-Str. 1
06114 Halle
Germany
Tel: 0345/530490
Fax: 0345/5304926
The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Eura-Optimum GmbH on Feb. 15. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Eura-Optimum GmbH
Attn: Martin Pfeifer, Manager
Georgenpromenade 4
06526 Sangerhausen
Germany
EUTECH MONTAGEBAU: Creditors' Meeting Slated for April 5
--------------------------------------------------------
The court-appointed insolvency manager for EUTECH Montagebau
GmbH, Bjoern Gehde, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:25 a.m. on April 5.
The meeting of creditors and other interested parties will be
held at:
The District Court of Charlottenburg
Second Stock Hall 218
Amtsgerichtsplatz 1
14057 Berlin
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 10:05 a.m. on July 12 at the same venue.
Creditors have until May 18 to register their claims with the
court-appointed insolvency manager.
The insolvency manager can be reached at:
Dr. Bjoern Gehde
Goethestr. 85
10623 Berlin
Germany
The District Court of Charlottenburg opened bankruptcy
proceedings against EUTECH Montagebau GmbH on Feb. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
EUTECH Montagebau GmbH
Herzbergstr. 140-146
10365 Berlin
Germany
GENERAL MOTORS: Wagoner Doesn't Expect Auto Industry Tie-Up Soon
----------------------------------------------------------------
General Motors Corp. Chief Executive Rick Wagoner does not
expect a consolidation in the U.S. auto industry in the near
term despite intense pressure from fierce competition and excess
production capacity, Neal E. Boudette and Stephen Power at The
Wall Street Journal report.
The U.S. auto industry has enough plants to produce more
vehicles than it sells for at least 10 years, the Journal said,
citing Mr. Wagoner as saying in an interview.
Reuters' Kevin Krolicki cited Mr. Wagoner on Tuesday as saying
that escalating costs would mean more industry alliances and
mergers.
Reuters said in that report that according to Mr. Wagoner, the
costs of developing the next generation of automobiles,
especially the replacement for the traditional internal-
combustion engine, meant that the industry would be driven
toward deeper collaboration.
GM is open to tie-ups with other automakers to develop an all-
electric car like the Chevrolet Volt concept that GM unveiled in
January, Reuters quotes Mr. Wagoner.
Despite an expected 6 to 7% decline in its U.S. industry sales,
the automaker reported a 3.4% total sales increase last month,
due to an 11% retail sales increase.
The company lowered its sales forecast for last month following
its decision to reduce sales to daily rental fleets.
As reported in the Troubled Company Reporter on Mar. 1, GM
reduced discounted fleet sales with the prospect of returning to
profitability in North America. The move, according to
analysts, allowed the automaker to keep its assembly plants
running but eroded the value of its brands.
According to Reuters, GM planned to cut its daily rental sales
more than 200,000 units this year after a reduction of about
77,000 units in 2006. The planned cuts would take GM's annual
rental-related sales below 700,000 units by the end of 2008 from
more than 1 million before the effort began.
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 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.
GNEIDINGBAU GMBH: Claims Registration Period Ends March 30
----------------------------------------------------------
Creditors of Gneidingbau GmbH have until March 30 to register
their claims with court-appointed insolvency manager Hubertus
Bange.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Osnabrueck
Hall N 301
Kollegienwall 10
49074 Osnabrueck
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:
Hubertus Bange
Kardinal-von-Galen-Str. 5
48268 Greven
Germany
Tel: 02571/8650
Fax: 02571/8645
The District Court of Osnabrueck opened bankruptcy proceedings
against Gneidingbau GmbH on Feb. 21. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Gneidingbau GmbH
Attn: Efrem Gneiding, Manager
Forststr. 4
49152 Bad Essen
Germany
GROLL-REISEN GMBH: Claims Registration Ends April 12
----------------------------------------------------
Creditors of Groll-Reisen GmbH have until April 12 to register
their claims with court-appointed insolvency manager Bernd
Depping.
Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on May 15, at which time the insolvency
manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Bochum
Meeting Hall A 29
Ground Floor
Viktoriastr. 14
44787 Bochum
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Bernd Depping
Kunibertistrasse 9
45657 Recklinghausen
Germany
The District Court of Bochum opened bankruptcy proceedings
against Groll-Reisen GmbH on Feb. 22. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Groll-Reisen GmbH
Hochstr. 156
45661 Recklinghausen
Germany
Attn: Petra Wessels, Manager
Weissenburgstr. 25
45663 Recklinghausen
Germany
GUENTER PRIOR: Claims Registration Period Ends March 24
-------------------------------------------------------
Creditors of Guenter Prior Metzgerei GmbH have until March 24 to
register their claims with court-appointed insolvency manager
Martin Wiedemann.
Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on May 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Ludwigshafen/Rhein
Room XIII
Wittelsbachstr. 10
67061 Ludwigshafen/Rhein
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Martin Wiedemann
O 3 11+12
68161 Mannheim
Germany
The District Court of Ludwigshafen/Rhein opened bankruptcy
proceedings against Guenter Prior Metzgerei GmbH on Feb. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Guenter Prior Metzgerei GmbH
Attn: Guenter Prior, Manager
St.Germanstrasse 32
67346 Speyer
Germany
Attn: Rolf Dieter Moyzyczyk, Manager
Karl-Evang-Str. 40
42897 Remscheid
Germany
GUENTHER BAUER: Claims Registration Ends April 16
-------------------------------------------------
Creditors of Guenther Bauer GmbH have until April 16 to register
their claims with court-appointed insolvency manager Klaus-
Christof Ehrlicher.
Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Coburg
Meeting Hall K
I. Stock
Auxiliary Building
Coburg
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Klaus-Christof Ehrlicher
Rosenauer Str. 22
96450 Coburg
Germany
Tel: 09561/80340
Fax: 09561/803434
The District Court of Coburg opened bankruptcy proceedings
against Guenther Bauer GmbH on March 1. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Guenther Bauer GmbH
Ketschengasse 31
96450 Coburg
Germany
Attn: Heinz Goesmann, Manager
Ketschendorfer Str. 72
96450 Coburg
Germany
HANSEATISCHE MONTAGE: Claims Registration Ends April 12
-------------------------------------------------------
Creditors of Hanseatische Montage Bremen GmbH have until
April 12 to register their claims with court-appointed
insolvency manager Jan H. Wilhelm.
Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Syke
Hall 112
Hauptstr. 5A
28857 Syke
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 9:20 a.m. on May 24 at the same venue, while
creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.
The insolvency manager can be reached at:
Jan H. Wilhelm
Markt 1
28195 Bremen
Germany
Tel: 0421/178765
Fax: 0421/1787665
The District Court of Syke opened bankruptcy proceedings against
Hanseatische Montage Bremen GmbH on March 1. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Hanseatische Montage Bremen GmbH
Attn: Heinz Flerlage and Siegfried Persch, Managers
Betsbruchdamm 23
28816 Stuhr
Germany
HEPRONA GMBH: Claims Registration Ends April 16
-----------------------------------------------
Creditors of HEPRONA GmbH have until April 16 to register their
claims with court-appointed insolvency manager Matthias Bayer.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Saarbruecken
Meeting Hall 13
First Floor
Branch Office Sulzbach
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:
Matthias Bayer
Kaiserstrasse 77
66386 St. Ingbert
Germany
Tel: (06894) 3876311
Fax: (06894) 382185
The District Court of Saarbruecken opened bankruptcy proceedings
against HEPRONA GmbH on March 1. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
HEPRONA GmbH
Wiesenstr. 11
66128 Saarbruecken
Germany
Attn: Herbert Probst, Manager
1 Impasse Claude Debussy
FRA-57350 Schoeneck
Germany
HMR ELEKTROTECHNIK: Claims Registration Period Ends March 26
------------------------------------------------------------
Creditors of HMR Elektrotechnik GmbH have until March 26 to
register their claims with court-appointed insolvency manager
Dr. Peter Neu.
Creditors and other interested parties are encouraged to attend
the meeting at 10:25 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 Wuppertal
Meeting Hall A234
Second Floor
Eiland 2
42103 Wuppertal
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Peter Neu
Elberfelder Strasse 39
42853 Remscheid
Germany
Tel: 02191/499 18-0
Fax: 02191/499 18-50
Web: http://www.meiski.de/
The District Court of Wuppertal opened bankruptcy proceedings
against HMR Elektrotechnik GmbH on Feb. 21. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
HMR Elektrotechnik GmbH
Ringstr. 63 a
42897 Remscheid
Germany
Attn: Rolf Dieter Moyzyczyk, Manager
Karl-Evang-Str. 40
42897 Remscheid
Germany
IMM.BAU GMBH: Claims Registration Ends April 19
-----------------------------------------------
Creditors of Imm.bau GmbH have until April 19 to register their
claims with court-appointed insolvency manager Hans-Peter
Burghardt.
Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on May 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Hameln
Hall 106
Zehnthof 1
31785 Hameln
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Hans-Peter Burghardt
Bunsenstr. 3, D
32052 Herford
Tel: 05221/693 0731
Fax: 05221/693 0691
The District Court of Hameln opened bankruptcy proceedings
against Imm.bau GmbH on March 1. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Imm.bau GmbH
Attn: Henning Feist, Manager
Bierweg 4
31812 Bad Pyrmont
Germany
INKRA NOVA: Creditors Must Register Claims by May 8
---------------------------------------------------
Creditors of Inkra Nova Industrie- und Krandienstleistungen GmbH
have until May 8 to register their claims with court-appointed
insolvency manager Sandra Mitter.
Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on July 10, 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 Fulda
Hall 3100
Koenigstrasse 38
36037 Fulda
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:
Sandra Mitter
Wilhelmshoeher Allee 270
34131 Kassel
Germany
Tel: 0561/3166-311
Fax: 0561/3166-312
The District Court of Fulda opened bankruptcy proceedings
against Inkra Nova Industrie- und Krandienstleistungen GmbH on
Feb. 26. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
Inkra Nova Industrie- und Krandienstleistungen GmbH
Ignaz-Komp-Strasse 7A
36043 Fulda
Germany
JEKAT GMBH: Creditors Must Register Claims by May 25
----------------------------------------------------
Creditors of Jekat GmbH have until May 25 to register their
claims with court-appointed insolvency manager
Friedemann Schulz.
Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on June 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Erfurt
Hall 15
Judicial Center
Rudolfstr. 46
99092 Erfurt
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Friedemann Schulz
Clara-Zetkin-Strasse 40
99099 Erfurt
Germany
The District Court of Erfurt opened bankruptcy proceedings
against Jekat GmbH on Feb. 28. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Jekat GmbH
Erfurter Strasse 8
98693 Ilmenau
Germany
KHC GMBH: Creditors Must Register Claims by April 14
----------------------------------------------------
Creditors of KHC GmbH & Co. KG have until April 14 to register
their claims with court-appointed insolvency manager
Andre Mueller.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 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:
Andre Mueller
Dresdner Strasse 86
09130 Chemnitz
Tel: (0371) 44 43 90
Fax: (0371) 44 43 911
Germany
The District Court of Chemnitz opened bankruptcy proceedings
against KHC GmbH & Co. KG on Feb. 26. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
KHC GmbH & Co. KG
Landgraben 4
09337 Hohenstein-Ernstthal
Germany
KIA VERTRIEBSZENTRUM: Creditors Must Register Claims by April 27
----------------------------------------------------------------
Creditors of KIA Vertriebszentrum Suedwest Beteiligungs GmbH
have until April 27 to register their claims with court-
appointed insolvency manager Georg Utzinger.
The insolvency manager can be reached at:
Georg Utzinger
Bahnhofstrasse 2
66953 Pirmasens
Germany
Tel: 0 63 31-55 22 0
Fax: 0 63 31-55 22 55
The District Court of Pirmasens opened bankruptcy proceedings
against KIA Vertriebszentrum Suedwest Beteiligungs GmbH on
Feb. 26. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
KIA Vertriebszentrum Suedwest Beteiligungs GmbH
Zweibruecker Strasse 171
66954 Pirmasens
Germany
Attn: Manfred Schoch, Manager
Rauhbergstrasse 5
76848 Wilgartswiesen
Germany
KIRCHNER SALES: Claims Registration Period Ends April 19
--------------------------------------------------------
Creditors of Kirchner Sales & Service GmbH have until April 19
to register their claims with court-appointed insolvency manager
Dr. Guenter Trutnau.
Creditors and other interested parties are encouraged to attend
the meeting at 8:20 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 Bochum
Hall A29
Ground Floor
Main Building
Viktoriastrasse 14
44787 Bochum
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. Guenter Trutnau
Kemnastrasse 41
44867 Bochum
Germany
The District Court of Bochum opened bankruptcy proceedings
against Kirchner Sales & Service GmbH on March 10.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Kirchner Sales & Service GmbH
Attn: Ralf Peter Beck, Manager
Josef-Haumann Str. 5
44866 Bochum
Germany
LIEBERMANN + SCHNEIDER: Creditors Must Register Claims by May 10
----------------------------------------------------------------
Creditors of Liebermann + Schneider GmbH have until May 10 to
register their claims with court-appointed insolvency manager
Klaus Siemon.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 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 Meiningen
Meeting Hall A 0105
Lindenallee 15
Meiningen
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Klaus Siemon
Strasse der Nationen 51
09111 Chemnitz
Germany
The District Court of Meiningen opened bankruptcy proceedings
against Liebermann + Schneider GmbH on March 1. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Liebermann + Schneider GmbH
Neustadter Str. 89
96515 Sonneberg
Germany
LK MOLKEREIPRODUKTE: Claims Registration Ends April 27
------------------------------------------------------
Creditors of LK Molkereiprodukte GmbH & Co. KG have until April
27 to register their claims with court-appointed insolvency
manager Udo Groener.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Saarbruecken
Area Hall 24
Second Floor
Branch Office Sulzbach
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:
Udo Groener
Faktoreistrasse 4
66111 Saarbruecken
Germany
Tel: 0681/ 41010
Fax: 0681/ 4101 276
The District Court of Saarbruecken opened bankruptcy proceedings
against LK Molkereiprodukte GmbH & Co. KG on Jan. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
LK Molkereiprodukte GmbH & Co. KG
Attn: Frank Loewenbrueck, Manager
Nobelstr. 1-3
66130 Saarbruecken
Germany
MA -TEK MASCHINENTECHNIK: Claims Registration Ends May 15
---------------------------------------------------------
Creditors of Ma -Tek Maschinentechnik GmbH have until May 15 to
register their claims with court-appointed insolvency manager
Carsten Bloss.
Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on June 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court Erfurt
Hall 12
Judicial Center
Rudolfstr. 46
99092 Erfurt
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Carsten Bloss
Charlottenstr. 7
99096 Erfurt
Germany
The District Court of Erfurt opened bankruptcy proceedings
against Ma -Tek Maschinentechnik GmbH on March 1. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Ma -Tek Maschinentechnik GmbH
Buttstadter Strasse 14
99510 Niederreissen
Germany
MBG MASSIVHAUS: Claims Registration Ends May 21
-----------------------------------------------
Creditors of MBG Massivhaus Berlin GMBH have until May 21 to
register their claims with court-appointed insolvency manager
Hartwig Albers.
Creditors and other interested parties are encouraged to attend
the meeting at 11:25 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 Charlottenburg
Second Stock Hall 218
Amtsgerichtsplatz 1
14057 Berlin
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on July 16.
The insolvency manager can be reached at:
Hartwig Albers
Luetzowstr. 100
10785 Berlin
Germany
The District Court of Charlottenburg opened bankruptcy
proceedings against MBG Massivhaus Berlin GMBH on Feb. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
MBG Massivhaus Berlin GMBH
Lietzenburger Str.99
10707 Berlin
Germany
OLGUN FRUCHTGROSSHANDEL: Creditors Meeting Slated for April 16
--------------------------------------------------------------
The court-appointed insolvency manager for Olgun
Fruchtgrosshandel GmbH, Per Hendrik Heerma, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 11:00 a.m. on April 16.
The meeting of creditors and other interested parties will be
held at:
The District Court of Bremerhaven
Hall 209
Nordstr. 10
27580 Bremerhaven
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 11:00 a.m. on July 16 at the same venue.
Creditors have until May 31 to register their claims with the
court-appointed insolvency manager.
The insolvency manager can be reached at:
Dr. Per Hendrik Heerma
Jungfernstieg 50
20354 Hamburg
Germany
Tel: 040-4689915-0
Fax: 040-4689915-15
The District Court of Bremerhaven opened bankruptcy proceedings
against Olgun Fruchtgrosshandel GmbH on March 1. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Olgun Fruchtgrosshandel GmbH
Thunstr. 4
27572 Bremerhaven
Germany
Attn: Halil Olgun, Manager
Neufelder Str. 12
27612 Loxstedt-Bexhoevede
Germany
PROFISOFT HOLDING: Claims Registration Period Ends April 20
-----------------------------------------------------------
Creditors of Profisoft Holding GmbH have until April 20 to
register their claims with court-appointed insolvency manager
Stephan Michels.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 6, 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 Osnabrueck
Branch N 301
Kollegienwall 10
49074 Osnabrueck
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Stephan Michels
C/o PLUTA Rechtsanwalts GmbH
Lublinring 12
48147 Mnster
Germany
Tel: 0251/162830
Fax: 0251/16283-11
E-Mail: muenster@pluta.net
RUETTEN GMBH: Claims Registration Period Ends April 13
------------------------------------------------------
Creditors of Ruetten GmbH have until April 13 to register their
claims with court-appointed insolvency manager Norbert
Wischermann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Wuppertal
Meeting Room A234
Second Floor
Isle 2
42103 Wuppertal
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Norbert Wischermann
Alter Markt 9-13
42275 Wuppertal
Germany
Tel: 0202/493 88-0
Fax: 0202/45 19 39
The District Court of Wuppertal opened bankruptcy proceedings
against Ruetten GmbH on Feb. 28. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Ruetten GmbH
Industriestrasse 28
42551 Velbert
Germany
Attn: Wolfgang Ruetten
Fischlaker Strasse 18
45239 Essen
Germany
RUETTEN VERWALTUNGS: Claims Registration Period Ends April 13
-------------------------------------------------------------
Creditors of Ruetten Verwaltungs GmbH have until April 13 to
register their claims with court-appointed insolvency manager
Dr. Norbert Wischermann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Wuppertal
Meeting Room A234
Second Floor
Isle 2
42103 Wuppertal
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Norbert Wischermann
Alter Markt 9-13
42275 Wuppertal
Germany
Tel: 0202/493 88-0
Fax: 0202/45 19 39
The District Court of Wuppertal opened bankruptcy proceedings
against Ruetten Verwaltungs GmbH on Feb. 28. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Ruetten Verwaltungs GmbH
Industriestrasse 28
42551 Velbert
Germany
Attn: Wolfgang Ruetten
Fischlaker Strasse 18
45239 Essen
Germany
TMM TROEDER: Claims Registration Period Ends April 13
-----------------------------------------------------
Creditors of TMM Troeder Messtechnik und Maschinendynamik GmbH
have until April 13 to register their claims with court-
appointed insolvency manager Thomas Georg.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 22, at which time the insolvency
manager will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Aachen
Meeting Hall K 5
Third Floor
Alter Posthof 1
52062 Aachen
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:
Thomas Georg
Juelicher Strasse 116
52070 Aachen
Germany
The District Court of Aachen opened bankruptcy proceedings
against TMM Troeder Messtechnik und Maschinendynamik GmbH on
Feb. 23. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
TMM Troeder Messtechnik und Maschinendynamik GmbH
Attn: Ernst Christian Kramer, Manager
Koenigsbenden 38
52249 Eschweiler
Germany
=========
I T A L Y
=========
FIAT SPA: Shelves Plans to Issue Eurobond Until Market Improves
---------------------------------------------------------------
Fiat S.p.A. postponed plans to issue bonds until conditions in
the financial markets are better in order to avoid higher yields
that would make an issue more expensive, reports say.
"We haven't stopped the bond issue, but we have suspended it,"
Fiat CEO Sergio Marchionne said. "We have decided to stay on
the sidelines until the market becomes rational again."
Fiat disclosed Feb. 27 its intention to offer a benchmark
Eurobond for EUR750 million to EUR1 billion. The notes will be
guaranteed by the company and issued by Fiat Finance North
America Inc., its wholly owned subsidiary, under the Global
Medium Term Note Program.
Mr. Marchionne said the company would not wait for its credit
rating to increase before launching the bond, AFX News Ltd.
relates.
About Fiat S.p.A.
Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment. It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems. Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.
Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.
* * *
On Feb. 12, Moody's Investors Service upgraded to Ba2 from Ba3
Fiat SpA's Corporate Family Rating and the group's other long-
term senior unsecured ratings. At the same time, Moody's
maintained the positive outlook on all long-term ratings. The
short-term non-Prime rating remains unchanged.
On Jan. 30, Fitch Ratings upgraded Fiat S.p.A.'s and Fiat
Finance and Trade Ltd. S.A.'s respective Issuer Default and
senior unsecured ratings to 'BB' from 'BB-'. Fitch affirmed
Fiat's Short-term rating at 'B'. Fitch said the outlook on the
Issuer Default rating remains positive.
On Jan. 30, Standard & Poor's Ratings Services revised its
outlook on Italian industrial group Fiat SpA to positive from
stable. At the same time, Standard & Poor's affirmed the 'BB'
long-term and 'B' short-term corporate credit ratings on Fiat.
FIAT SPA: May Hit Sales Target as Bravo Compact Orders Rise
-----------------------------------------------------------
Fiat S.p.A. got more than 10,000 orders of its new Bravo compact
in February, suggesting the company will reach sales target of
70,000 for the unit in 2007, Alessandro Torello writes for
Bloomberg News.
Fiat, which relied on Bravo to challenge competitors, started
selling the unit in Italy in February. It plans to introduce
the car in France, Spain, and Germany in the coming weeks,
Bloomberg relates, quoting Luca De Meo, head of the Fiat brand.
In February Fiat's market share in Italy increased to 33% from
31% for the same period last year.
About Fiat S.p.A.
Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment. It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems. Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.
Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.
* * *
On Feb. 12, Moody's Investors Service upgraded to Ba2 from Ba3
Fiat SpA's Corporate Family Rating and the group's other long-
term senior unsecured ratings. At the same time, Moody's
maintained the positive outlook on all long-term ratings. The
short-term non-Prime rating remains unchanged.
On Jan. 30, Fitch Ratings upgraded Fiat S.p.A.'s and Fiat
Finance and Trade Ltd. S.A.'s respective Issuer Default and
senior unsecured ratings to 'BB' from 'BB-'. Fitch affirmed
Fiat's Short-term rating at 'B'. Fitch said the outlook on the
Issuer Default rating remains positive.
On Jan. 30, Standard & Poor's Ratings Services revised its
outlook on Italian industrial group Fiat SpA to positive from
stable. At the same time, Standard & Poor's affirmed the 'BB'
long-term and 'B' short-term corporate credit ratings on Fiat.
PARMALAT SPA: Judge Denies Consolidation of Parmalat Actions
------------------------------------------------------------
The Hon. Domenico Truppa of the Parma Court denied the request
filed by counsel to Calisto Tanzi, former chairman and chief
executive officer of Parmalat, seeking the consolidation of all
legal proceedings relating to Parmalat's collapse, The
International Herald Tribune reports.
According to the Tribune, Judge Truppa agreed with Parma
prosecutors that mergin the proceedings would have slowed down
the main investigation.
Judge Truppa will decide on indictments at the end of the
hearings, with the main proceeding expected to wrap up in the
summer, the Tribune relates citing the judge.
About Parmalat
Based in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months. It also has 40-
some brand product line, which includes yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups, and juices.
The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors. When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts. The U.S. Debtors emerged from
bankruptcy on April 13, 2005.
Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases. The Parma Court has declared the units
insolvent.
On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.
Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A. The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases. On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York. In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators. Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.
The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.
PARMALAT SPA: Noteholders Object to Prelim Injunction Extension
---------------------------------------------------------------
Certain holders of claims against Parmalat Finanziaria S.p.A.
and its subsidiaries and affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to exercise its
equitable discretion by refusing to extend the preliminary
injunction and denying entry of the permanent injunction under
Section 304(b) of the Bankruptcy Code.
As reported in the Troubled Company Reporter on Jan. 31, 2007,
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York adjourned the hearing to
consider entry of a permanent injunction in the Foreign Debtors'
Section 304 cases until Feb. 27, 2007.
In the interim, the preliminary injunction is extended until
March 2, 2007. All persons subject to the jurisdiction of the
U.S. court are enjoined and restrained from engaging in any
action against the Foreign Debtors without obtaining permission
from the Bankruptcy Court.
The Civil and Criminal Court of Parma, in Italy, will continue
to have exclusive jurisdiction to hear and determine any suit,
action, claim or proceeding, other than an enforcement action
initiated by the U.S. Securities and Exchange Commission, and to
settle all disputes, which may arise out of
-- the construction or interpretations of the Foreign
Debtors' restructuring plan approved by the Italian Court;
or
-- any action taken or omitted to be taken by any person or
entity in connection with the administration of the
Italian Plan.
In September 2006, five creditors and parties-in-interest filed
with the U.S. Court their objections to Dr. Enrico Bondi's
request for a permanent injunction order in Parmalat's ancillary
proceedings.
Dr. Bondi is the authorized foreign representative of Parmalat
Finanziaria S.p.A. and certain of its affiliates.
The Noteholders hold an aggregate of US$1,036,000,000 in claims
against Parmalat. The Claims consist of certain claims that
were filed under Article 2362 of the Italian Civil Code, and
claims that have been "conditionally admitted" in Parmalat's
Italian extraordinary administration proceedings.
According to Evan D. Flaschen, Esq., at Bingham McCutchen LLP,
in Hartford, Connecticut, the Conditional Claim Noteholders have
satisfied the Italian Court's sole condition to full claim
admittance and provided additional documents detailing ownership
of bonds. The 2362 Claim Noteholders have filed valid Claims,
which are nearly identical to claims admitted time after time by
the Italian Court in Parmalat's case, he adds.
Mr. Flaschen argues that contrary to Parmalat's representations
that it has reached an "agreement in principle" with the
Noteholders, the Claims remain unresolved. The Noteholders have
not received their shares of the company's common stock while
other creditors with nearly identical claims received their
Shares back in October 2005.
Mr. Flaschen relates that Parmalat has continued its "bad faith"
dealings with the Noteholders, including filing additional
objections to Claims and pulling the plug on their 2362 claim
settlements.
Mr. Flaschen notes that although the Noteholders have filed
substantial ancillary documents to evidence their Claims, they
continue to get hit with objections that are mostly irrelevant
to the merits of the Claims. The Noteholders have met each of
the objections with supplemental materials. Parmalat has
continued to abuse the Italian Proceedings in an attempt to
overburden the Noteholders with legal fees, expenses, delays and
the hassles of dealing with outrageous objections.
Parmalat is manipulating the Italian Proceedings to gain as much
leverage as possible, intended to treat the Noteholders unfairly
and inconsistently, and to prejudice and inconvenience them in
the processing of their Claims, Mr. Flaschen points out.
Parmalat's settlement with Deloitte & Touche will provide the
company with a consideration of US$149,000,000. Parmalat also
has several other high-profile lawsuits pending against various
U.S. parties, including Bank of America, Citibank and Grant
Thornton, which could result in settlement proceeds and monetary
judgments in its favor. Because of the availability of Parmalat
assets in the United States, Mr. Flaschen asserts that it is
necessary to terminate the preliminary injunction now to permit
the Noteholders to take appropriate actions in the U.S. to
enforce and collect upon their Claims against the company. In
the absence of a termination of the injunctions, the Noteholders
may be left without a remedy if Parmalat moves any settlement
proceeds to Italy.
About Parmalat
Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months. It also has 40-
some brand product line, which includes yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups, and juices.
The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors. When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts. The U.S. Debtors emerged from
bankruptcy on April 13, 2005.
Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases. The Parma Court has declared the units
insolvent.
On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.
Parmalat has three financing arms: Parmalat Capital Finance
Ltd., Dairy Holdings, Ltd., and Food Holdings, Ltd. Dairy
Holdings and Food Holdings are Cayman Island special-purpose
vehicles established by Parmalat S.p.A.
The Finance Companies are under separate winding up petitions
before the Grand Court of the Cayman Islands. Gordon I. MacRae
and James Cleaver of Kroll (Cayman) Ltd. serve as Joint
Provisional Liquidators in the cases.
On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York. In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators. Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey,
Gordon, Herlands Randolph, represent the Finance Companies in
the Sec. 304 case.
The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.
PARMALAT SPA: N.Y. Judge Modifies Injunction for Grant Thornton
---------------------------------------------------------------
At the behest of Grant Thornton International and Grant Thornton
LLP, the Hon. Lewis A. Kaplan the U.S. District Court for the
Southern District of New York modifies the preliminary
injunction previously entered under Section 304 of the
Bankruptcy Code to permit the Grant Thornton Entities to assert
certain claims in a securities fraud action and a recovery
action against Parmalat S.p.A.
Dr. Enrico Bondi, Parmalat's extraordinary commissioner in its
Italian proceedings and the plaintiff in the Recovery Actions,
previously consented to the modification of the 304 Order to
permit the assertion of compulsory counterclaims against
Parmalat.
Grant Thornton seeks to assert:
(1) counterclaims by the Grant Thornton entities in the
Recovery Action for damages for spoliation of evidence;
and
(2) a counterclaim by Grant Thornton International in the
relevant Recovery Action and a third-party complaint in
the Securities Fraud Action for contribution for any
liability that it may be found to owe in that Action.
Grant Thornton also seeks to liquidate the amount of any
liability owed to it in excess of amounts owed to Dr. Bondi.
Grant Thornton agrees that it will seek to enforce any judgment
for that amount only in Italy and that its enforceability would
be a matter for determination of the Italian courts.
Dr. Bondi disputes that Grant Thornton's counterclaims are
compulsory. He argues that the interests of judicial economy do
not compel allowance of the Counterclaims and that impleader of
Parmalat into the Securities Fraud Action would contravene the
principles of Section 304 as it is unnecessary to just treatment
and ignores the importance of comity.
Judge Kaplan relates that Dr. Bondi will not be heard to object
to the assertion of compulsory counterclaims given his previous
consent. In view of the fact that the spoliation issue may be
litigated in the Recovery Actions as it appears to go to Grant
Thornton's alleged liability and would be asserted as a set-off,
the Court can see no reason why the judge should not also
liquidate Parmalat's liability entirely. In light of Grant
Thornton's commitment to leave the enforceability of any
affirmative judgment to the Italian courts, comity does not even
suggest, let alone require, declining to allow the claim.
Indeed, comity supports it, as liquidation of the claim would
spare the Italian courts the burden of doing so, Judge Kaplan
says.
Judge Kaplan clarifies that the issue at hand is whether Grant
Thornton should be permitted to liquidate its claim, if any, in
the Securities Fraud Action, not whether the claim should be
allowed or disallowed as that will be a matter for the Italian
courts.
The Court says that it is well-aware that the involvement of
Dr. Bondi in the Securities Fraud Action would require the
expenditure of assets of the bankrupt estates that otherwise
would not have been made at all. However, Judge Kaplan finds
the consideration outweighed by several concerns including:
-- allowing the third-party complaint to proceed on the
terms proposed would be the more efficient course, would
substantially serve the Italian courts and the overall
interest in the swiftest possible resolution of the
Foreign Debtors' bankruptcies;
-- Dr. Bondi's equitable claim to the protection of the U.S.
courts would have been stronger had he elected to pursue
all of his claims in Italy, the jurisdiction in which the
bankruptcies are pending, rather than resorting to U.S.
litigation when it suits him and seeking protection of
the U.S. courts against his involvement where it does
not; and
-- the likelihood that any of the actions consolidated
before the District Court under the Parmalat multi-
district litigation will go to trial is very limited
given that the exposures are too high.
Furthermore, Judge Kaplan notes that the procedural posturing by
the parties may be viewed as efforts by litigants to better
position themselves for eventual settlement.
Accordingly, Judge Kaplan allows Grant Thornton to pursue its
claims.
"Allowing appropriate claims against Dr. Bondi means that
everyone will have come to the dance, and there is a lot to be
said for starting to play the music and letting the matter go
forward and be resolved in one forum at one time," Judge Kaplan
says.
Parmalat and Deloitte Settlement
Pursuant to the settlement agreement reached between Dr. Enrico
Bondi and Deloitte & Touche S.p.A., Dianthus S.p.A., Deloiite
Touche Tohmatsu, Deloitte & Touche LLP and Deloitte & Touche USA
LLP, and Deloitte Touche Tohmatsu Auditores Independentes, the
parties stipulate that any of their prior requests are
withdrawn, without prejudice and with the right to reinstate the
requests in the event that the Agreement fails to be consummated
on their terms.
Dr. Enrico Bondi, as extraordinary commissioner for 25
companies, and Parmalat S.p.A. entered into the settlement
agreement with Deloitte & Touche and Dianthus to release and
dismiss all claims and counterclaims asserted as between them in
the action captioned Dr. Enrico Bondi v. Grant Thornton
International et al.
In connection with the Agreement and as an integral part of the
consideration, Deloitte Touche Tohmatsu, Deloitte & Touche LLP
and Deloitte & Touche USA LLP, and Deloitte Touche Tohmatsu
Auditores Independentes have executed a side letter under which
they agree to release Parmalat, and Dr. Bondi and Parmalat
agreed to settle and dismiss all claims in the Auditor Action
against DTT, D&T U.S. and D&T Brazil.
According to Richard A. Martin, Esq., at Heller Ehrman LLP, in
New York, the terms of the Agreement and Dr. Bondi's claims in
the Auditor Action are governed by Illinois law. Under the
Illinois Joint Tortfeasor Contribution Act, 740 Ill. Comp. Stat.
100/1 et seq., a settling tortfeasor is shielded from claims of
contribution by non-settling tortfeasors provided a court has
determined that the release of the settling tortfeasor by the
plaintiff was given and received in good faith.
Accordingly, Deloitte & Touche, Dianthus, DTT, D&T U.S. and D&T
Brazil ask the U.S. District Court for the Southern District of
New York for an order to show cause and for a good-faith
determination, bar order and final judgment.
The Agreement also provides Deloitte & Touche and Dianthus an
option to terminate if the requested contribution bar order is
not entered by March 13, 2007, which is 60 days after the Jan.
12 effective date of the Agreement. The releases executed by
DTT, D&T U.S. and D&T Brazil in connection with the Side Letter
become null, void and of no effect if the option is exercised.
Mr. Martin told the District Court that the request should be
granted because:
(1) the Settlements were the products of extensive arm's-
length negotiations, including a mediation before former
California Superior Court Judge Daniel Weinstein;
(2) the Settlements resolve all claims as between Parmalat
and Deloitte & Touche, Dianthus, DTT, D&T U.S. and D&T
Brazil through the exchange of reciprocal releases; and
(3) the Agreement provides for a consideration totaling
US$150,000,000, which amount is inconsistent with any
hypothesis of bad faith.
About Parmalat
Based in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months. It also has 40-
some brand product line, which includes yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.
The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors. When the U.S. Debtors filed
or bankruptcy protection, they reported more than US$200 million
in assets and debts. The U.S. Debtors emerged from bankruptcy
on April 13, 2005.
Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases. The Parma Court has declared the units
insolvent.
On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.
Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A. The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases. On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York. In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators. Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.
The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.
Parmalat Bankruptcy News; Issue No. 85; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000.
===================
K A Z A K H S T A N
===================
ASTANA-2030 JSC: Creditors Must File Claims by April 20
-------------------------------------------------------
JSC Hotel Astana-2030 has declared insolvency. Creditors have
until April 20 to submit written proofs of claim to:
JSC Hotel Astana-2030
Abai ave. 219/4-30
Almaty District
Astana
Kazakhstan
COMPACT LLP: Creditors' Claims Due April 20
-------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Compact insolvent.
Creditors have until April 20 to submit written proofs of claim
to:
The Specialized Inter-Regional Economic Court of Akmola
Room 228
Auelbekov Str. 139a
Kokshetau
Akmola
Kazakhstan
Te: 8 (3162) 25-79-32
DAMU LLP: Proof of Claim Deadline Slated for April 13
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Publishing House Damu
insolvent.
Creditors have until April 13 to submit written proofs of claim
to:
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region
Ilyaev Str. 24
Shymkent
South Kazakhstan Region
Kazakhstan
Tel: 8 (7017) 20-54-32
INTER TRANS-2004: Claims Registration Ends April 13
---------------------------------------------------
LLP Inter Trans-2004 has declared insolvency. Creditors have
until April 13 to submit written proofs of claim to:
LLP Inter Trans-2004
Tynyshbaev Str. 3-60
Almaty
Kazakshtan
MEYIR-K LLP: Claims Filing Period Ends April 13
-----------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Meyir-K insolvent.
Creditors have until April 13 to submit written proofs of claim
to:
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region
Ilyaev Str. 24
Shymkent
South Kazakhstan Region
Kazakhstan
Tel: 8 (7017) 20-54-32
REMSTROYSERVICE-KM LLP: Creditors Must File Claims by April 13
--------------------------------------------------------------
LLP Remstroyservice-Km has declared insolvency. Creditors have
until April 13 to submit written proofs of claim to:
LLP Remstroyservice-Km
Bibliotechnaya Str. 1a
Karaganda
Kazakhstan
SMP-9 LLP: Creditors Must File Claims by April 20
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Smp-9 insolvent.
Creditors have until April 20 to submit written proofs of claim
to:
The Specialized Inter-Regional Economic Court of
Mangistau
Micro District 27, 71-23
Aktau
Mangistau
Kazakhstan
Tel: 8 (3292) 41-05-96
TRANSSTROYSERVICE KZ: Claims Registration Ends April 13
-------------------------------------------------------
LLP Transstroyservice Kz has declared insolvency. Creditors
have until April 13 to submit written proofs of claim to:
LLP Transstroyservice Kz
Lenin Str. 151
Jangusurovo
Aksusky District
Almaty
Kazakhstan
USPEH JSC: Creditors' Claims Due April 20
-----------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared JSC Uspeh insolvent.
Creditors have until April 20 to submit written proofs of claim
to:
The Specialized Inter-Regional Economic Court of Akmola
Room 228
Auelbekov Str. 139a
Kokshetau
Akmola
Kazakhstan
Te: 8 (3162) 25-79-32
===================
K Y R G Y Z S T A N
===================
ALSTAR LLC: Claims Filing Period Ends April 20
----------------------------------------------
LLC Valuation Agency Alstar (INN 02412200210045) has declared
insolvency. Creditors have until April 20 to submit written
proofs of claim to:
LLC Alstar
Shevchenko Str. 3a/12
Djalal-Abad
Djalal-Abad Region
Kyrgyzstan
MOBILE TELESYSTEMS: Writes Off Costs Relating to Bitel Takeover
---------------------------------------------------------------
Mobile TeleSystems OJSC has decided to write off costs
associated with the acquisition of a 51% stake in Tarino Ltd.,
indirect owner of Bitel LLP, a Kyrgyz GSM mobile phone operator,
at the end of 2005 in the amount of US$150 million.
However, MTS has brought damage claims in the High Court of
Justice in the Isle of Man seeking damages for the
misappropriation and forced seizure of Bitel and its assets
against a number of companies, including Bitel LLC, Fellowes
International Holdings Ltd., Altimo Holdings and Investments
Ltd., Altimo LLC, CJSC Reservspetzmet, Lovianco Trading Co.
Ltd., Yuridicheskoe Bureau Pravo, Energia Light LLC, KI-Credit
Prive SA JSC, AK Investment Limited CJSC, Sky Mobile LLC.
In the damage claims MTS states that Bitel's shares were
repeatedly sold and reregistered in the names of purportedly
independent companies over the past 16 months. These companies
will likely assert that they are good faith purchasers, even if
this is not the case. It has also become apparent that Bitel's
assets were purportedly sold and transferred to Sky Mobile LLC,
another Kyrgyz mobile phone operator. MTS reserves the right to
institute legal proceedings against additional parties should
further attempts of selling Bitel's shares or assets are made.
As announced earlier by the Company, MTS Finance S.A., a 100%-
owned subsidiary of MTS registered in Luxembourg, at the end of
2005 acquired from Nomihold Securities Inc. a 51% stake in
Tarino Limited, which held 100% of Bitel's shares though its
subsidiaries. Bitel's offices in Bishkek were seized by
Reservspetzmet three days after MTS' official announcement of
the acquisition and subsequently MTS has been unable to gain
operational control over Bitel.
MTS has recently taken additional steps to vindicate its
ownership rights in Bitel although these efforts have thus far
not proven successful. It has brought this matter to the Kyrgyz
Prosecutor General and asked him to investigate. Unfortunately,
on Jan. 15, 2007, the Prosecutor General informed MTS that it
sees no grounds to become involved in the ownership dispute over
Bitel and additionally stated that MTS had no basis to appeal
the decision of the Kyrgyz courts in connection with ownership
to Bitel.
An appeal to overturn certain adverse Kyrgyz courts rulings
connected with the ownership rights to Bitel was also filed with
the Kyrgyz Supreme Court on December 15, 2006, but the time
period in which the appeal should have been heard has expired
without any action by the court.
"We have almost exhausted all available legal means at our
disposal in order to defend our rights in Bitel within the
framework of the Kyrgyz legal system. Moreover, since we are
currently unable to generate income from Bitel's operations, as
we lack operational control over the company, we have decided to
write off the costs relating to the purchase of Bitel. The loss
will be reflected in the Company's financial statements for the
year ended December 31, 2006," commented Leonid Melamed, MTS'
President and Chief Executive Officer.
"At the same time, we will continue fighting to gain
compensation for damages related to this illegal
misappropriation and seizure of Bitel and its assets,"
emphasized Mr. Melamed.
About MTS
Headquartered in Moscow, Russia, Mobile TeleSystems OJSC --
http://www.mtsgsm.com/-- is the largest mobile phone operator
in Russia and the CIS. Together with its subsidiaries, the
Company services over 61.77 million subscribers. The regions of
Russia, as well as Belarus, Turkmenistan, Ukraine, and
Uzbekistan, in which MTS and its associates and subsidiaries are
licensed to provide GSM services, have a total population of
around 233.1 million. Since June 2000, MTS' Level 3 ADRs have
been listed on the New York Stock Exchange.
* * *
As of Dec. 31, 2005, MTS had a working capital deficit of
US$631.6 million, compared with a US$189 million working capital
deficit at Dec. 31, 2004.
MTS is rated to BB-/outlook stable by Standard & Poor's and
Ba3/outlook stable by Moody's.
=====================
N E T H E R L A N D S
=====================
PHELPS DODGE: Freeport Offers US$6-Billion Notes to Fund Buy
------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. intends to offer a total of
US$6 billion aggregate principal amount of senior notes to the
public in two tranches. The first tranche will be 8-year senior
notes and the second tranche will be 10-year senior notes.
Freeport-McMoRan plans to use the net proceeds from the offering
to fund a portion of the Phelps Dodge Corp. acquisition
consideration and pay related fees and expenses. The closing of
this offering is conditioned on the Phelps Dodge acquisition.
As previously announced, each company will hold a special
meeting of stockholders on March 14, 2007, to vote on the
proposed acquisition of Phelps Dodge by Freeport-McMoRan.
The joint book-running managers for the offering are JPMorgan
and Merrill Lynch & Co. Copies of the preliminary prospectus
supplement relating to this offering may be obtained by
contacting J.P. Morgan Securities Inc., 270 Park Avenue, 8th
Floor, New York, New York, 10017 or Merrill Lynch & Co., 4 World
Trade Center, New York, New York, 10080.
This announcement is neither an offer to sell nor a solicitation
of an offer to buy any securities and shall not constitute an
offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale would be unlawful. Any offers of
the notes will be made exclusively by means of a prospectus and
prospectus supplement.
About Freeport-McMoran Copper & Gold Inc.
Freeport-McMoRan Copper & Gold Inc. is a Louisiana based
producer of copper and gold through its Grasberg mine in
Indonesia. Freeport's revenue in 2006 was US$5.8 billion.
About Phelps Dodge Corp.
Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.
Phelps Dodge has operations in Venezuela, Thailand, China,
Netherlands, Philippines, Japan, United Kingdom, among others.
* * *
On June 26, 2006, Moody's Investors Services has placed Phelps
Dodge's Ba1 junior preferred shelf rating in CreditWatch for a
possible downgrade.
PHELPS DODGE: Moody's Affirms B1 Rating on Cyprus Amax Notes
------------------------------------------------------------
Moody's Investors Service affirmed the B1 (LGD4, 63%) rating on
Phelps Dodge's Cyprus Amax notes and on Phelps Dodge's other
existing senior unsecured notes.
Moody's also assigned a B2 (LGD5, 88%) senior unsecured rating
to Freeport-McMoRan Copper & Gold Inc.'s US$6 billion notes
issue. The notes will be unsecured and unguaranteed obligations
of Freeport-McMoRan. Moody's also affirmed Freeport's Ba3
corporate family rating and its other ratings:
-- the Baa3 (LGD1, 1.0%) senior secured rating on
Freeport-McMoRan's US$500-million secured revolver;
-- the Ba2 (LGD2, 29%) senior secured ratings on each of
Freeport-McMoRan's US$1-billion secured revolver, US$2.5
billion secured Term Loan A, and US$7.5-billion secured
Term Loan B; and
-- the Ba2 (LGD2, 29%) rating on Freeport-McMoRan's existing
6.875%, 10.125% and 7.20% senior unsecured notes.
The ratings actions are based on the assumption that Freeport-
McMoRan completes the acquisition of Phelps Dodge on
substantially the terms agreed. The ratings reflect the overall
probability of default of Freeport-McMoRan, to which Moody's
assigns a PDR of Ba3 (LGD4, 50%). The ratings outlook for both
Freeport-McMoRan and Phelps Dodge is stable.
The Ba3 corporate family rating reflects Freeport-McMoRan's very
high debt level of approximately US$19 billion and what Moody's
believes will be a protracted time frame for debt reduction in
the face of softening metals prices and continued high cost
challenges. The rating also considers the high concentration in
copper and resultant variability in earnings and cash flow,
significant capital expenditures, and a high level of reliance
on the Grasberg mine in Indonesia. The rating also reflects the
cultural challenges inherent in the acquisition of the larger
Phelps Dodge by Freeport-McMoRan, and the execution and
political risk of Phelps Dodge's development project in the
Congo. The Ba3 rating favorably considers the company's leading
positions in copper and molybdenum, a significant amount of gold
production, the low cost, long-life reserves at PT-FI, and
improved operating and political diversity.
Rating assigned is:
Issuer: Freeport-McMoRan Copper & Gold Inc.
-- Senior Unsecured Notes: B2, LGD5, 88%
Ratings affirmed are:
Issuer: Freeport-McMoRan Copper & Gold Inc.
-- Corporate Family Rating: Ba3
-- Probability of Default Rating: Ba3
-- US$0.5-billion Senior Secured Revolving Credit facility,
Baa3, LGD1, 1.0%
-- US$1-billion Senior Secured Revolving Credit Facility,
Ba2, LGD2, 29%
-- US$2.5-billion Senior Secured Term Loan A, Ba2,
LGD2, 29%
-- US$7.5-billion Senior Secured Term Loan B, Ba2,
LGD2, 29%
-- US$340-million 6.875% Senior Unsecured Notes due 2014,
Ba2, LGD2, 29%
-- US$272-million 10.125% Senior Unsecured Notes due 2010,
Ba2, LGD2, 29%
-- US$0.2-million 7.20% Senior Unsecured Notes due 2026,
Ba2, LGD2, 29%
Issuer: Cyprus Amax Minerals Company
-- US$60.1 million 7.375% Senior Notes due 2007, B1,
LGD4, 63%
Issuer: Phelps Dodge Corporation
-- US$107.9-million 8.75% Senior Notes due 2011, B1,
LGD4, 63%
-- US$115-million 7.125% Senior Notes due 2027, B1,
LGD4, 63%
-- US$150-million 6.125% Senior Notes due 2034, B1,
LGD4, 63%
-- US$193.8-million 9.50% Senior Notes due 2031, B1,
LGD4, 63%
About Phelps Dodge Corp.
Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.
Phelps Dodge has operations in Venezuela, Thailand, China,
Netherlands, Philippines, Japan, United Kingdom, among others.
===========
P O L A N D
===========
READER'S DIGEST: Ripplewood Completes US$2.6-Bln. Acquisition
-------------------------------------------------------------
Ripplewood Holdings L.L.C. completed the acquisition of The
Reader's Digest Association, Inc., a publisher and global
marketer of books, magazines, music, and video founded 85 years
ago by DeWitt and Lila Acheson Wallace.
The move to take Reader's Digest private completed 17 years of
public ownership and will result in the delisting of the firm's
familiar RDA ticker symbol on The New York Stock Exchange.
Reader's Digest shareholders voted on Feb.2 to approve the
transaction, which was structured as a merger with an entity
created for purposes of the transaction. Shareholders will
receive US$17 per share in cash for each common share of
Reader's Digest they held, representing an approximately 23%
premium over the stock's average closing share price during the
45 trading days prior to the deal's announcement on
Nov. 16, 2006. Including the assumption of Reader's Digest debt
as well as the WRC Media and Direct Holdings deals, the full
value of the transaction is approximately US$2.6 billion.
Along with Ripplewood, other investors in the transaction
include the J. Rothschild Group, GoldenTree Asset Management,
C.V. Starr & Co., GSO Capital Partners, Merrill Lynch Capital
Corp., and Magnetar Capital or their affiliates.
New President and CEO
Harvey Golub, executive chairman of Ripplewood and chairman of
Reader's Digest, disclosed the appointment of Mary Berner as
president and chief executive officer, succeeding Eric W.
Schrier, who will become an industrial partner with Ripplewood
and a consultant to Reader's Digest. The change is effective
immediately. Ms. Berner will assume responsibility for WRC
Media and Direct Holdings U.S. Corp., two of Ripplewood's
portfolio companies that are being integrated into the new
Reader's Digest.
"We are delighted to complete this agreement and to take
Reader's Digest forward in the next chapter of building its
brands and businesses," Mr. Golub said. "I am especially
pleased that Mary Berner is becoming the CEO. She is the ideal
chief executive to unlock the inherent value of this
organization. Mary is a proven leader and motivator of people,
and she possesses strategic scope and outstanding business
judgment. Mary will have Reader's Digest running at top speed,
and employees and business partners alike can expect an exciting
future."
Ms. Berner brings broad experience in all aspects of the
publishing industry. Most recently, she led Fairchild
Publications, Inc. from 1999 to 2006, first as president and CEO
and then as president of Fairchild and an officer of Conde Nast
when Fairchild became a division of Conde Nast Publications
Inc. Ms. Berner led the company to unprecedented financial
growth and doubled its portfolio of magazines and businesses,
leading to Advertising Age naming her "Publishing Executive of
the Year" in 2004.
Ms. Berner holds a B.A. from the College of the Holy Cross in
Worcester, MA. She lives in Manhattan with her husband and four
children.
About Ripplewood
Based in New York, Ripplewood Holdings L.L.C. was established in
1995 by Timothy C. Collins, the firm's CEO. Through five
institutional private equity funds it manages, Ripplewood has
invested in transactions in the United States, Europe, Asia and
the Middle East. To date, it has managed over US$10 billion of
capital in industries including direct marketing, consumer
products, industrial products, automotive, consumer electronics,
chemicals, financial services and technology. The foundation of
the firm's approach is to enhance the value of the businesses it
acquires through a combination of strategic, operational and
financial actions.
The Wallaces founded Reader's Digest in 1922 in their Greenwich
Village, N.Y. apartment with the notion that people needed a
reader-friendly magazine to help them keep pace with a fast-
changing world. The magazine included 30 stories each month,
one for each day, on a variety of topics. An overnight success,
the magazine grew into a global powerhouse as the company added
new lines of business and moved into markets in most parts of
the world.
About Reader's Digest
Headquartered in Pleasantville, New York, The Reader's Digest
Association, Inc. (NYSE:RDA) -- http://www.rda.com/-- is a
global publisher and direct marketer of products including
magazines, books, recorded music collections and home videos.
Products include Readers Digest magazine, which is published in
50 editions and 21 languages. Annual revenues approximate
US$2.4 billion.
Reader's Digest has offices in Australia, Hong Kong, Malaysia,
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R U S S I A
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AGRO-PROGRESS CJSC: Creditors Must File Claims by March 17
----------------------------------------------------------
Creditors of OJSC Butter-Cheese Factory Bashmakovskiy (TIN
5806000140) have until March 17 to submit proofs of claim to:
Sh. Fazailov, Insolvency Manager
Mira Pr. 101V
129085 Moscow
Russia
The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A40-25003/06-123-333B.
The Court is located at:
The Arbitration Court of Moscow
Novaya Basmannaya Str. 10
Moscow
Russia
The Debtor can be reached at:
CJSC Agro-Progress
Yaroslavskaya 17
129366 Moscow
Russia
BASHMAKOVSKIY OJSC: Creditors Must File Claims by April 17
----------------------------------------------------------
Creditors of OJSC Butter-Cheese Factory Bashmakovskiy (TIN
5806000140) have until April 17 to submit proofs of claim to:
V. Batrakov, Insolvency Manager
Office 002
Pushkina Str. 2
Penza
Russia
The Arbitration Court of Penza commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A49-3495/2006-343b/26.
The Court is located at:
The Arbitration Court of Penza
Belinskogo Str. 2
440600 Penza
Russia
The Debtor can be reached at:
OJSC Butter-Cheese Factory Bashmakovskiy
Sovetskaya Str. 23
Bashmakovo, Penza
Russia
ERSHOVSKIY STONE: Creditors Must File Claims by April 17
--------------------------------------------------------
Creditors of OJSC Ershovskiy Stone Pit have until April 17 to
submit proofs of claim to:
V. Ovchinnikov, Insolvency Manager
Post User Box 33
Saratov
Russia
The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A-57-323B/05-12.
The Court is located at:
The Arbitration Court of Saratov
Babushkin Vvoz 1
Saratov
Russia
The Debtor can be reached at:
V. Ovchinnikov, Insolvency Manager
Post User Box 33
Saratov
Russia
FYRKALSKAYA POULTRY: Creditors Must File Claims by April 17
-----------------------------------------------------------
Creditors of LLC Fyrkalskaya Poultry Farm have until April 17 to
submit proofs of claim to:
E. Lysenko, Insolvency Manager
Krylova Str. 106-1-54
Abakan
655000 Khakasiya
Russia
The Arbitration Court of Khakasiya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A74-2142/2006.
The Court is located at:
The Arbitration Court of Khakasiya
Post User Box 147
Pushkina Str. 165
Abakan
655017 Khakasiya Republic
Russia
The Debtor can be reached at:
LLC Fyrkalskaya Poultry Farm
Gagarina Str. 10
Fyrkal
Shirinskiy
655232 Khakasiya
Russia
IRKUT CORP: Moody's Lifts B1 Rating to Ba1 on Acquired Stake
------------------------------------------------------------
Moody's Investors Service upgraded to Ba1 from B1 the corporate
family rating of Irkut Corp. reflecting the acquisition of a
38.22% stake by a majority state-owned holding company and
application of Moody's Government Related Issuer methodology to
assess a medium level of financial support by the Russian
Federation.
The rating action concludes the rating review for upgrade
initiated on Sept. 14, 2006. Concurrently, Moody's Interfax
Rating Agency today assigned an Aa1.ru national scale rating to
Irkut Corp. The ratings outlook is stable.
According to Moody's and Moody's Interfax, the Ba1 global scale
rating reflects the company's global default and loss
expectation, while the Aa1.ru NSR reflects the standing of the
company's credit quality relative to its domestic peers. The
Baseline credit assessment of 16 under the GRI methodology (on a
scale of 1-21, where 1 represents lowest credit risk) primarily
reflects:
(1) the strong market position of Irkut's SU-30MK multi-role
jet fighter among the Indian, Algerian and Malaysian air
forces and increasing exports to other markets;
(2) the company's ability to deliver products which can
compete internationally;
(3) positive trends of diversifying the product range into
non-defence related areas, for example the BE-200
multipurpose amphibious aircraft and components
production for EADS; and
(4) a solid backlog of signed orders providing for medium-
term revenue visibility.
At the same time, the rating remains constrained by:
(1) the weak position with its most significant domestic
client, the Russian military, exposing it to political
uncertainties which may affect business prospects and
undermine future revenue potential;
(2) concentration on one foreign customer accounting for a
significant part of the order book;
(3) substantial global competition;
(4) one main product accounting for a core part of the
revenue and approaching the maturity of its lifecycle,
requiring significant research and development
expenditure to replace the model;
(5) the predominance of sales outside Russia; and
(6) a challenging operating environment characterised by
significant political, legal, fiscal and exchange rate
risks.
Moody's rating review for possible upgrade had expected to see
indications of comprehensive support for Irkut's operations by
the Russian government in the aftermath of the reorganization of
the Russian aviation industry and integration of Irkut
Corporation into United Aircraft Corporation. Such measures may
include benefits from state R&D programmes, as well as state
defence and civil orders to be awarded to Irkut. Even though
UAC has acquired a large stake in Irkut and has also launched a
tender offer for the remaining shares of Irkut, tangible signs
of operational or financial support have not yet been
identified.
While Moody's still expects substantial benefits for the
participating companies to result over time from an integrated
and consolidated Russian aircraft industry, the progress of the
reorganisation has been slow so far and has not enhanced Irkut's
credit quality to a meaningful degree to date.
Since the corporate family rating was first assigned to Irkut,
the state has increased its ownership in the company to 38.22%
via UAC, itself a majority state-owned holding company of
Russian aviation activity. Therefore Irkut is rated in
accordance with Moody's Government Related Issuer methodology.
Following the application of the GRI rating methodology, the Ba1
corporate family rating now reflects the combination of these
inputs:
-- Baseline credit assessment of 16 (on a scale of 1-21,
where 1 represents lowest credit risk);
-- Local currency rating of the Russian government: Baa2;
-- Dependence: medium;
-- Support probability: medium.
The baseline credit assessment of 16 is underpinned by the
company's role as a leading military aircraft producer with an
extensive portfolio of signed contracts and all the other
strengths and weaknesses outlined above.
Moody's GRI assessment assumes a scenario where Russia's
recently announced defence-spending program of about US$170
billion for the period 2007-2015 is implemented as scheduled and
the aircraft manufacturers included in UAC will be awarded a
sizable share of the orders. In this scenario, Irkut could
benefit over time from a rising volume of Russian state orders
driving a medium probability for financial support in distress
but also would make the company more dependent on the Russian
Federation for their operations.
Medium dependence reflects foremost the expectation of Irkut's
rising share of Russia's aircraft procurements creating an
increasing dependence on state revenues.
Medium support reflects Irkut's strong export performance in
high technology applications, the social and political
importance of the company to the state, anticipated increases in
government weapons procurements for state defence, and increases
in state funding to finance military modernisation.
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency. The Aa1.ru NSR reflects the same
positive factors and is constrained by the same challenges as
the B1 corporate family rating. The upward and downward drivers
for the company's NSRs are the same as those identified by
Moody's for its global scale rating.
Irkut Corporation is a leading military aircraft producer and
one of the largest company in the Russian aerospace & defence
industry, with defence-related revenues in 2005 of over US$602
million and total company revenue of US$712 million. The order
book in 2006 is estimated at US$5.1 billion. Irkut Corporation
is the only public company in the Russian defence industry; the
government currently controls 50.11% of it through Sukhoi
Holding and UAC.
IRKUTSK-INNOVATION LLC: Creditors Must File Claims by March 17
--------------------------------------------------------------
Creditors of LLC Irkutsk-Innovation (TIN 3811071270) have until
March 17 to submit proofs of claim to:
V. Pyatkov, Temporary Insolvency Manager
Post User Box 383
664025 Irkutsk-25
Russia
The Arbitration Court of Irkutsk commenced bankruptcy
supervision procedure on the company. The case is docketed
under Case No. A19-77/07-29.
The Court is located at:
The Arbitration Court of Irkutsk
Room 303
Gagarina Avenue 70
664025 Irkutsk
Russia
The Debtor can be reached at:
LLC Irkutsk-Innovation
30 Divizii Str. 8b
664081 Irkutsk
Russia
KAMENSKOYE CJSC: Creditors Must File Claims by March 17
-------------------------------------------------------
Creditors of CJSC Agro Industrial Assosiation Kamenskoye (TIN
7127000413) have until March 17 to submit proofs of claim to:
D. Cheparev, Temporary Insolvency Manager
Apartment 46
Lenina Pr. 76-a
300000 Tula
Russia
The Arbitration Court of Tula commenced bankruptcy supervision
procedure on the company. The case is docketed under Case No.
A68-8364/06-648/B.
The Court is located at:
The Arbitration Court of Tula
Hall 35
Sovetskaya Str. 112
Tula
Russia
The Debtor can be reached at:
CJSC Agro Industrial Assosiation Kamenskoye
Tihomirova Str. 26
Arkhangelskoye
Kamenskiy
301990 Tula
Russia
KASHIN-AGRO-PROM-KHIMIYA: Creditors Must File Claims by April 17
----------------------------------------------------------------
Creditors of OJSC Kashin-Agro-Prom-Khimiya have until April 17
to submit proofs of claim to:
P. Tarasov, Insolvency Manager
Post User Box 19
170100 Tver 100
Russia
The Arbitration Court of Tver commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A66-6678/2006.
The Court is located at:
The Arbitration Court of Tver
Room 7
Sovetskaya Str. 23b
Tver
Russia
The Debtor can be reached at:
OJSC Kashin-Agro-Prom-Khimiya
Stroiteley Str. 1
Kashin, Tver
Russia
KRASNOSELSKAYA CJSC: Asset Sale Slated for March 19
---------------------------------------------------
LLC Audit-Ekaterinodar, the bidding organizer for CJSC
Agricultural Company Krasnoselskaya, will open a public auction
for the company's properties at 1:00 p.m. on March 19 at:
LLC Audit-Ekaterinodar
Office 10
Stasova Str. 183/3
Krasnodar
Russia
Interested participants have until March 16 to deposit an amount
equivalent to 10% of the starting price to:
CJSC Agricultural Company Krasnoselskaya
Settlement Account 40702810200440003322
Correspondent Account 3010181030000000000978
BIK 040349978
TIN/KPP 2310106770/231001001
OGRN 1027700159497
Bidding documents must be submitted to:
LLC Audit-Ekaterinodar
Office 10
Stasova Str. 183/3
Krasnodar
Russia
The Debtor can be reached at:
CJSC Agricultural Company Krasnoselskaya
Lenina Str. 4a
Sovetskiy
Timashevskiy, Krasnodar
Russia
LUKOIL OAO: In Talks with Banks to Sell Debts
---------------------------------------------
OAO Lukoil is holding talks with banks to sell its debts,
Bloomberg News reports, citing three bankers privy to the deal.
The sale may consist of loans and bonds.
Lukoil previously said in reports it would at least invest US$3
billion to upgrade its refining facilities. It said in October
2006 it may borrow funds to finance a yearly US$11 billion
spending until 2016 to pump more crude oil and expand into
Europe and the U.S. The company last issued dollar-denominated
bonds to international investors in 2002.
"There is a scarcity of issuance from Russian corporations,"
Michael Ganske of Deka Investment GmbH in Frankfurt told
Bloomberg News. "If Lukoil can sell a story, there will be
interest."
Bloomberg News suggests that Russia's oil and gas producers
don't need to tap international debt markets often due to high
oil prices.
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.
MAGADANSKIY OJSC: Creditors Must File Claims by March 17
----------------------------------------------------
Creditors of OJSC Spirit Factory Magadanskiy have until March 17
to submit proofs of claim to:
V. Pentyashin, Temporary Insolvency Manager
Post User Box 142
Proletarskaya Str. 10
685000 Magadan
Russia
The Arbitration Court of Magadan commenced bankruptcy
supervision procedure on the company. The case is docketed
under Case No. A73-2550/06-14 B.
The Debtor can be reached at:
OJSC Spirit Factory Magadanskiy
Zaytseva Str., 3
685026 Magadan
Russia
MOBILE TELESYSTEMS: Writes Off Costs Relating to Bitel Takeover
---------------------------------------------------------------
Mobile TeleSystems OJSC has decided to write off costs
associated with the acquisition of a 51% stake in Tarino Ltd.,
indirect owner of Bitel LLP, a Kyrgyz GSM mobile phone operator,
at the end of 2005 in the amount of US$150 million.
However, MTS has brought damage claims in the High Court of
Justice in the Isle of Man seeking damages for the
misappropriation and forced seizure of Bitel and its assets
against a number of companies, including Bitel LLC, Fellowes
International Holdings Ltd., Altimo Holdings and Investments
Ltd., Altimo LLC, CJSC Reservspetzmet, Lovianco Trading Co.
Ltd., Yuridicheskoe Bureau Pravo, Energia Light LLC, KI-Credit
Prive SA JSC, AK Investment Limited CJSC, Sky Mobile LLC.
In the damage claims MTS states that Bitel's shares were
repeatedly sold and reregistered in the names of purportedly
independent companies over the past 16 months. These companies
will likely assert that they are good faith purchasers, even if
this is not the case. It has also become apparent that Bitel's
assets were purportedly sold and transferred to Sky Mobile LLC,
another Kyrgyz mobile phone operator. MTS reserves the right to
institute legal proceedings against additional parties should
further attempts of selling Bitel's shares or assets are made.
As announced earlier by the Company, MTS Finance S.A., a 100%-
owned subsidiary of MTS registered in Luxembourg, at the end of
2005 acquired from Nomihold Securities Inc. a 51% stake in
Tarino Limited, which held 100% of Bitel's shares though its
subsidiaries. Bitel's offices in Bishkek were seized by
Reservspetzmet three days after MTS' official announcement of
the acquisition and subsequently MTS has been unable to gain
operational control over Bitel.
MTS has recently taken additional steps to vindicate its
ownership rights in Bitel although these efforts have thus far
not proven successful. It has brought this matter to the Kyrgyz
Prosecutor General and asked him to investigate. Unfortunately,
on Jan. 15, 2007, the Prosecutor General informed MTS that it
sees no grounds to become involved in the ownership dispute over
Bitel and additionally stated that MTS had no basis to appeal
the decision of the Kyrgyz courts in connection with ownership
to Bitel.
An appeal to overturn certain adverse Kyrgyz courts rulings
connected with the ownership rights to Bitel was also filed with
the Kyrgyz Supreme Court on December 15, 2006, but the time
period in which the appeal should have been heard has expired
without any action by the court.
"We have almost exhausted all available legal means at our
disposal in order to defend our rights in Bitel within the
framework of the Kyrgyz legal system. Moreover, since we are
currently unable to generate income from Bitel's operations, as
we lack operational control over the company, we have decided to
write off the costs relating to the purchase of Bitel. The loss
will be reflected in the Company's financial statements for the
year ended December 31, 2006," commented Leonid Melamed, MTS'
President and Chief Executive Officer.
"At the same time, we will continue fighting to gain
compensation for damages related to this illegal
misappropriation and seizure of Bitel and its assets,"
emphasized Mr. Melamed.
About MTS
Headquartered in Moscow, Russia, Mobile TeleSystems OJSC --
http://www.mtsgsm.com/-- is the largest mobile phone operator
in Russia and the CIS. Together with its subsidiaries, the
Company services over 61.77 million subscribers. The regions of
Russia, as well as Belarus, Turkmenistan, Ukraine, and
Uzbekistan, in which MTS and its associates and subsidiaries are
licensed to provide GSM services, have a total population of
around 233.1 million. Since June 2000, MTS' Level 3 ADRs have
been listed on the New York Stock Exchange.
* * *
As of Dec. 31, 2005, MTS had a working capital deficit of
US$631.6 million, compared with a US$189 million working capital
deficit at Dec. 31, 2004.
MTS is rated to BB-/outlook stable by Standard & Poor's and
Ba3/outlook stable by Moody's.
NAFTATRANS-VOSTOK CJSC: Creditors Must File Claims by April 17
--------------------------------------------------------------
Creditors of CJSC Naftatrans-Vostok (TIN 7703237101) have until
April 17 to submit proofs of claim to:
S. Veymer, Insolvency Manager
Apartment 89
Molodyezhnyj Pr. 11B
650070 Kemerovo
Russia
The Arbitration Court Moscow commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A40-49303/06-73-1082B.
The Court is located at:
The Arbitration Court of Moscow
Novaya Basmannaya Str. 10
Moscow
Russia
The Debtor can be reached at:
CJSC Naftatrans-Vostok
Building 2
Krasina Str. 7
123056 Moscow
Russia
PROGRESS + CJSC: Creditors Must File Claims by April 17
-------------------------------------------------------
Creditors of CJSC Progress + (TIN 3801046757) have until April
17 to submit proofs of claim to:
I. Kozlov, Insolvency Manager
Post User Box 55
664022 Irkustk
Russia
The Arbitration Court of Irkustk commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A19-10574/06-34.
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 Progress +
Block 251
Angarsk
665824 Irkustk
Russia
ROSNEFT OIL: May Place Shares for New Investments
-------------------------------------------------
OAO Rosneft Oil Co. may place shares when it needs investment
funds, Interfax News reports, citing Russian Economics Minister
German Gref.
Mr. Gref said Rosneft would issue shares when it really needs
to, or when the market condition for new placement is favorable,
Interfax relates. Mr. Gref, however, commented that it is still
too early to discuss a new share for Rosneft.
Interfax News, citing a government source, suggests that Russia
might place more Rosneft shares in the second half of 2007, but
will keep enough to retain control over the company.
About Rosneft
Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://ns.roilcom.ru/english/-- produces and markets petroleum
products. The Company explores for, extracts, refines and
markets oil and natural gas. Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.
* * *
In a TCR-Europe report on Jan. 16, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Russian
OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed it from
CreditWatch, where it had been placed with positive implications
on Nov. 15, 2006. S&P said the outlook is developing.
As reported in the TCR-Europe on Jan. 2, Fitch Ratings placed
OJSC Rosneft Oil's foreign and local currency Issuer Default
ratings of BB+ on Rating Watch Positive following the company's
announcement of strong financial results for the first nine
months of 2006.
ROSNEFT OIL: Approves All Nominees for Board of Directors
---------------------------------------------------------
OAO Rosneft Oil Co.'s board of directors has approved 11
nominees for available nine seats at the company's new board,
RIA Novosti reports.
Rosneftegas, which holds 75.16% stake in Rosneft, nominated nine
persons while OAO Yukos Oil Co. nominated two, including
bankruptcy receiver Eduard Rebgun and manager Sergei Tregub,
RosBusinessConsulting relays.
As previously reported in the Troubled Company Reporter-Europe,
Yukos plans to sell its 9.44% stake in Rosneft and 20% stake in
Gazprom at an auction later this month. State-owned Rosneft Oil
and Gazprom are seen as the most likely bidders for the bulk of
nearly 200 Yukos assets set to be liquidated this year.
Rosneft Chief Executive Officer Sergei Bogdanchikov had told the
Interfax news agency last month that his company's decision to
bid would be based on the valuations of Yukos' individual
assets.
According to AK&M News, Yukos's assets are valued at US$33
billion minus a 30% discount. The sale of the company's
remaining assets, which include refineries and two oil
production units, will begin March 27.
Aside from being a potential buyer, Rosneft also holds a
RUR264.6 billion (US$10 billion) claim against Yukos, which
entitles Rosneft a seat in the firm's creditors' committee.
About Yukos Oil
Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation. Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.
The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for 2000-
2003. Yugansk eventually was bought by state-owned Rosneft,
which is now claiming more than US$12 billion from Yukos.
On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements. The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.
On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.
On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake. The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.
On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.
About Rosneft
Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://ns.roilcom.ru/english/-- produces and markets petroleum
products. The Company explores for, extracts, refines and
markets oil and natural gas. Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.
* * *
In a TCR-Europe report on Jan. 16, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Russian
OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed it from
CreditWatch, where it had been placed with positive implications
on Nov. 15, 2006. S&P said the outlook is developing.
As reported in the TCR-Europe on Jan. 2, Fitch Ratings placed
OJSC Rosneft Oil's foreign and local currency Issuer Default
ratings of BB+ on Rating Watch Positive following the company's
announcement of strong financial results for the first nine
months of 2006.
RUSSIAN PETROL: Court Names A. Popov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Popov as
Insolvency Manager for CJSC Russian Petrol (TIN 7731048699). He
can be reached at:
A. Popov
Post User Box 345
Moscow 230
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A40-63224/06-44-1124B.
The Court is located at:
The Arbitration Court of Moscow
Novaya Basmannaya Str. 10
Moscow
Russia
The Debtor can be reached at:
CJSC Russian Petrol 3
Building 1
Osennyaya Str. 26
Moscow
Russia
TMK OAO: Acquires Controlling Stake in OAO RosNITI
--------------------------------------------------
OAO TMK disclosed that it has acquired a controlling stake in
OAO RosNITI (Russian Research Institute for the Tube and Pipe
Industries), the only metallurgical scientific and technological
research center in Russia.
Following the acquisition, TMK intends to create a central
corporate scientific and technology research center by
integrating RosNITI with the Company's existing research
functions. The center will consist of the Russian Research
Institute for the Tube and Pipe Industries and the research
divisions of the Company's plants laboratories. The center will
be managed by the TMK's scientific and technical council, which
is chaired by TMK's vice president and chief engineer, Leonid
Marchenko.
"As TMK implements its strategic investment program, it is
totally committed to the principle of aggressive scientific and
technical development," Konstantin Semerikov, CEO of OAO TMK,
said. "TMK pays particular attention to the development and
implementation of leading edge technologies which not only meet
today's quality standards but are also designed for the future,
keeping ahead of the demands of customers."
OAO RosNITI (Russian Research Institute for the Tube and Pipe
Industries), located in Chelyabinsk and founded in 1961, is
Russia's only scientific research institute specializing in pipe
production technology.
About TMK
Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture. TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.
* * *
As of Feb. 5, OAO TMK carries Moody's B1 long-term corporate
family rating with a positive outlook.
Standard & Poor's rates TMK's long-term foreign and local issuer
credits at B+ with a stable outlook.
TRANSCREDITBANK: Moody's Puts Ba3 Rating on Review & May Upgrade
----------------------------------------------------------------
Moody's Investors Service placed TransCreditBank's Ba3 long-term
foreign currency deposit rating and Aa3.ru National Scale Rating
on review for possible upgrade. The bank's E+ FSR and its
Stable outlook remain unchanged.
According to Moody's and Moody's Interfax, the Ba3 long-term
foreign currency rating reflects global default and loss
expectation, while the Aa3.ru national scale rating reflects the
standing of the bank's credit quality relative to its domestic
peers.
Moody's review is prompted by the recent order of the President
of Russia that 75% of the stake controlled by the government is
to be transferred to Russian Railways (rated A3). This means
that it is very likely that the transaction will be finalized
successfully. As a result of the transfer, TCB will benefit
from parental support while, additionally, support from the
state cannot be ruled out.
The review reflects Moody's anticipation that several notches
following finalization of the share transfer, which is expected
by August this year, may raise TCB's rating. Although in
Moody's opinion, there is a small chance that the transfer might
not go ahead, the likelihood is very small; however it
nevertheless prevents the deposit ratings from being upgraded
immediately.
TCB has been mainly servicing the needs of Russian Railways and
has its branch network in locations that enable it to better
provide services for RR's regional entities and their employees.
The state controls 75% of the bank. However, in spring 2006 the
decision was taken to transfer TCB's stake into the share
capital of RR. Since then the realization of this plan has been
underway.
Headquartered in Moscow, TCB had total assets of US$3 billion at
end-third quarter 2006.
URAL-ENERGO-STROY: Court Names T. Ivanova as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Sverdlovsk appointed Ms. T. Ivanova as
Insolvency Manager for OJSC Ural-Energo-Story. She can be
reached at:
T. Ivanova
Post User Box 366
620014 Ekaterinburg
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A60-13467/04-S1.
The Court is located at:
The Arbitration Court of Sverdlovsk
Lenina Pr. 34
620151 Ekaterinburg
Russia
The Debtor can be reached at:
OJSC Ural-Energo-Story
Post User Box 366
620014 Ekaterinburg
Russia
VOLGOGRAD-FISH OJSC: Creditors Must File Claims by March 17
-----------------------------------------------------------
Creditors of OJSC Volgograd-Fish (TIN 3443009174, OGRN
1023402969920) have until March 17 to submit proofs of claim to:
M. Dyakonov, Temporary Insolvency Manager
Post User Box 481
111141 Moscow
Russia
The Arbitration Court of Volgograd commenced bankruptcy
supervision procedure on the company. The case is docketed
under Case No. A12-20363/06-s48.
The Debtor can be reached at:
OJSC Volgograd-Fish
Shosse Aviatorov 21
400075 Volgograd
Russia
VITAKOR OJSC: Creditors Must File Claims by March 17
----------------------------------------------------
Creditors of OJSC Vitakor have until March 17 to submit proofs
of claim to:
V. Ovchinnikov, Temporary Insolvency Manager
Post User Box 33
410000 Saratov
Russia
The Arbitration Court of Saratov commenced bankruptcy
supervision procedure on the company. The case is docketed
under Case No. A-57-323B/06-32.
The Court is located at:
The Arbitration Court of Saratov
Babushkin Vvoz 1
Saratov
Russia
The Debtor can be reached at:
OJSC Vitakor
Osipova Str. 1
Saratov
Russia
YUKOS OIL: Eduard Rebgun Approved as Nominee for Rosneft's Board
----------------------------------------------------------------
OAO Rosneft Oil Co.'s board of directors has approved two
nominees by Yukos Oil for the available nine seats at the
state-owned company's new board, RIA Novosti reports.
Rosneftegas, which holds 75.16% stake in Rosneft, nominated nine
persons while OAO Yukos Oil Co. nominated two, including
bankruptcy receiver Eduard Rebgun and manager Sergei Tregub,
RosBusinessConsulting relates.
As previously reported in the Troubled Company Reporter-Europe,
Yukos plans to sell its 9.44% stake in Rosneft and 20% stake in
Gazprom at an auction later this month. State-owned Rosneft Oil
and Gazprom are seen as the most likely bidders for the bulk of
nearly 200 Yukos assets set to be liquidated this year.
Rosneft CEO Sergei Bogdanchikov had told the Interfax news
agency last month that his company's decision to bid would be
based on the valuations of Yukos' individual assets.
According to AK&M News, Yukos's assets are valued at US$33
billion minus a 30% discount. The sale of the company's
remaining assets, which include refineries and two oil
production units, will begin March 27.
Aside from being a potential buyer, Rosneft also holds a
RUR264.6 billion (US$10 billion) claim against Yukos, which
entitles Rosneft a seat in the firm's creditors' committee.
About Rosneft
Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://ns.roilcom.ru/english/-- produces and markets petroleum
products. The Company explores for, extracts, refines and
markets oil and natural gas. Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.
About Yukos Oil
Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation. Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.
The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for
2000-2003. Yugansk eventually was bought by state-owned
Rosneft, which is now claiming more than US$12 billion from
Yukos.
On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements. The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.
On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.
On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake. The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.
On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.
=============================
S L O V A K R E P U B L I C
=============================
SLOVAK AIRLINES: Files for Bankruptcy at Bratislava Court
---------------------------------------------------------
Slovak Airlines, an Austrian Airlines subsidiary, filed for
bankruptcy on March 2 at a Bratislava court, the Slovak news
agency reports, quoting Slovak Airlines Chief Executive Officer
Christiane Boehm-Mayer.
As reported in the TCR-Europe on Feb. 23, Austrian Airlines
terminated scheduled flights in mid-February in the wake of the
Slovakian government's failure to meet a final extension for the
repayment of its unsettled debts.
The Austrian national carrier had withdrawn all financial
support for the company since Jan. 17 and also recalled its two
Boeing 737 300s from Slovak Airlines' custody, forcing the
company to cease its operations.
An Austrian Airlines spokesperson told the Austrian Press Agency
that the carrier is presently considering filing legal action
against Slovakia.
About 100 employees are affected by Slovak Airlines' bankruptcy,
JURNALO states.
About Austrian Airlines
Based in Wien, Austria, Austrian Airlines -- http://www.aua.com/
has three partners: Austrian, Lauda Air, and Austrian arrows.
The focus of Austrian is on scheduled traffic, Austrian arrows
specializes in regional business, while Lauda Air completes the
Group program with its activities in the charter flight segment.
About Slovak Airlines
Headquartered in Bratislava, Slovak Republic, Slovak Airlines --
http://www.slovakairlines.sk/-- has been operating on the
Slovak airlines market for almost 10 years. The company's main
target is to operate regular and irregular passenger air
transport.
In January 2005, Austrian Airlines purchased a 62% stake in the
company under the condition that the Slovakian government will
take on the company's debts.
After the company finished its transformation in January 2006,
the maintenance of the aircrafts was shifted on a contractual
basis to Austrian Airlines Technik.
=========
S P A I N
=========
TDA CAM: Moody's Junks EUR12.8-million Series D Notes
-----------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
four series of Bonos de Titulizacion de Activos to be issued by
TdA CAM 8 Fondo de Titulizacion de Activos, a Spanish asset
securitization fund that has been created by Titulizacion de
Activos, S.G.F.T, S.A. Moody's has assigned these ratings:
-- EUR1.63-billion Series A notes: Aaa;
-- EUR45.9-million Series B notes: Aa3;
-- EUR18.7-million Series C notes: Baa1; and
-- EUR12.8-million Series D notes: Ca.
The ratings address the expected loss posed to investors by the
legal final maturity. In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal
at par on or before the rated final legal maturity date for
Notes A to C, and ultimate payment of principal and interest on
the final legal maturity for Note D. Moody's ratings address
only the credit risks associated with the transaction. Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.
According to Moody's, this deal benefits from several credit
strengths includes:
(1) strong swaps to hedge interest rate risk in the
transaction and secure the weighted average interest rate
on the notes, plus 65 bps and to cover the servicer fee
in the event that Caja de Ahorros del Mediterraneo
is substituted as servicer;
(2) a reserve fund that is fully funded upfront to cover any
potential shortfall in interest and principal;
(3) a 12-month artificial write-off mechanism;
(4) the fact that 100% of the loans are secured by first-lien
residential mortgages; and
(5) the quality of CAM as originator and servicer.
However, Moody's notes that the deal also features credit
weaknesses, notably:
(1) the inclusion of some high LTV loans in the portfolio
(22% of the portfolio over 80% LTV), which leads to a
higher expected default frequency and more severe
expected losses;
(2) the strong geographical concentration in the region of
Valencia, which is a consequence of the originator's
position as one of the main savings banks within this
region;
(3) the fact that pro-rata amortization of the Series B and C
notes leads to reduced credit enhancement of the senior
class in absolute terms; and
(4) the negative impact of the interest deferral trigger on
the subordinated series. These increased risks were
reflected in the credit enhancement calculation.
TDA Cam 8 comes to market with a portfolio of first lien
mortgage loans backed by residential properties. The pool has
19.491 loans accounting for a maximum amount of over 2 bn euros
in issuance. Current LTV levels are good with average CLTV of
[68.50%], and OLTV of [72.87%] (lower levels than in the
previous transaction -- In addition the transaction also
benefits from a good seasoning of over [2.31] years.
Moody's based its ratings on:
(1) an evaluation of the underlying portfolio of mortgage
loans securing the structure, and
(2) the transaction's structural protections, which include
the subordinate position of Series B and C with respect
to Series A notes, the strength of the cash flows
and any excess spread available to cover losses.
=====================
S W I T Z E R L A N D
=====================
ABACHRON LLC: Creditors' Liquidation Claims Due March 20
--------------------------------------------------------
Creditors of LLC Abachron have until March 20 to submit their
claims to:
Francois Zahnd
Liquidator
Alexander-Moser-Strasse 76
2503 Biel/Bienne BE
Switzerland
The Debtor can be reached at:
LLC Abachron
Biel/Bienne BE
Switzerland
ALUMATIC LLC: Creditors' Liquidation Claims Due March 26
--------------------------------------------------------
Creditors of LLC Alumatic have until March 26 to submit their
claims to:
ABT TREUHANDGESELLSCHAFT ANDREAS BAUMANN & CO.
Liquidator
Zurichstrasse 27b
8134 Adliswil
Horgen ZH
Switzerland
The Debtor can be reached at:
LLC Alumatic
Cham ZG
Switzerland
ANIMALICO GGS: Creditors' Liquidation Claims Due March 23
---------------------------------------------------------
Creditors of LLC Animalico GGS have until March 23 to submit
their claims to:
Monika Gruber
Liquidator
Landstrasse 52
5436 Wurenlos
Baden AG
Switzerland
The Debtor can be reached at:
LLC Animalico GGS
Wurenlos
Baden AG
Switzerland
BEST PACK: Creditors' Liquidation Claims Due March 22
-----------------------------------------------------
Creditors of LLC Best Pack Akar have until March 22 to submit
their claims to:
Nevriz Akar
Liquidator
Hauptstrasse 1
5015 Erlinsbach
Aarau AG
Switzerland
The Debtor can be reached at:
LLC Best Pack Akar
Aarau AG
Switzerland
COMMEX LLC: Creditors' Liquidation Claims Due March 22
------------------------------------------------------
Creditors of LLC Commex have until March 22 to submit their
claims to:
Am Bachli 11
5632 Buttwil
Muri AG
Switzerland
The Debtor can be reached at:
LLC Commex
Buttwil
Muri AG
Switzerland
CONFISERIE PFISTER: Creditors' Liquidation Claims Due March 22
--------------------------------------------------------------
Creditors of LLC Confiserie Pfister have until March 22 to
submit their claims to:
Technikumstrasse 12
3400 Burgdorf BE
Switzerland
The Debtor can be reached at:
LLC Confiserie Pfister
Burgdorf BE
Switzerland
DAPA GASTRO: Creditors' Liquidation Claims Due June 1
-----------------------------------------------------
Creditors of LLC DAPA Gastro have until June 1 to submit their
claims to:
P.V. Salucci ben-INVEST ConsulTreuhand
Liquidator
Talstrasse 1
8852 Altendorf SZ
Switzerland
The Debtor can be reached at:
LLC DAPA Gastro
Freienbach
Hofe SZ
Switzerland
DIRLEWANGER BAUMANAGEMENT: Liquidation Claims Due March 22
----------------------------------------------------------
Creditors of LLC Dirlewanger Baumanagement have until March 22
to submit their claims to:
Schilfweg 19
6402 Merlischachen
Switzerland
The Debtor can be reached at:
LLC Dirlewanger Baumanagement
Kussnacht SZ
Switzerland
HAKO LLC: Creditors' Liquidation Claims Due March 22
----------------------------------------------------
Creditors of LLC Hako have until March 22 to submit their claims
to:
Martin Buttiker
Liquidator
Heidegassli 11
5512 Wohlenschwil
Baden AG
Switzerland
The Debtor can be reached at:
LLC Hako
Killwangen
Baden AG
Switzerland
ZETTLER COMPONENTS: Creditors' Liquidation Claims Due March 20
--------------------------------------------------------------
Creditors of JSC Zettler Components have until March 20 to
submit their claims to:
Hansrudolf Freuler and Hans-Jorg Marti
Liquidators
JSC Marelcom
Bahnhofstrasse 1
8772 Nidfurn
Haslen GL
Switzerland
The Debtor can be reached at:
JSC Zettler Components
Haslen GL
Switzerland
===========
T U R K E Y
===========
GENERAL NUTRITION: Receives Requisite Consents for Senior Notes
---------------------------------------------------------------
GNC Parent Corp., General Nutrition Centers, Inc.'s parent
company, said that with respect to its previously announced
tender offer to purchase any and all of its outstanding Floating
Rate Senior PIK Notes due 2011, it has received valid tenders
and consents representing a majority of the aggregate principal
amount of Parent Notes outstanding as of the Consent Date.
GNC Parent also disclosed that it executed the supplemental
indenture relating to the Parent Notes, which became effective
upon execution but will not become operative until after
acceptance of, and final payment for, the Parent Notes on the
Payment Date.
In addition, General Nutrition Centers said that with respect to
its previously announced tender offer to purchase any and all of
each of its outstanding 8-5/8% Senior Notes due 2011 and 8-1/2%
Senior Subordinated Notes due 2010, Centers has received valid
tenders and consents representing a majority of the aggregate
principal amount of each of the Centers Notes outstanding as of
the Consent Date. Centers also executed the supplemental
indentures relating to each of the Centers Notes, which became
effective upon execution but will not become operative in each
case until after acceptance of, and final payment for, the
respective Centers Notes on the Payment Date.
The consent deadline pursuant to the terms of the offers to
purchase and consent solicitation statements for each of the
Parent Notes and the Centers Notes expired at 5:00 p.m., New
York City time, on March 1, 2007. In each case, rights to
withdraw tendered Notes and to revoke delivered consents
terminated on the Consent Date, except in limited circumstances
or as otherwise required by law.
Centers further said that the consideration payable for each of
the Centers Notes given the expected expiration date of 12:00
midnight, New York City time, on March 15, 2007 and the payment
date of March 16, 2007, is:
* Holders who validly tendered and did not withdraw their
Centers Senior Notes and related consents before the
Consent Date will receive, for each US$1,000 principal
amount of Centers Senior Notes tendered, tender offer
consideration equal to US$1,066.40, which includes a US$30
consent payment.
Holders who tender their Centers Senior Notes and deliver
their consents after the Consent Date, but before the
Expiration Date, will receive, for each US$1,000 principal
amount of Centers Senior Notes tendered, tender offer
consideration equal to US$1,036.40 (which is the Total
Centers Senior Notes Consideration less the Consent
Payment). Accrued and unpaid interest will be paid on all
Centers Senior Notes tendered and accepted for purchase.
* Holders who validly tendered and did not withdraw their
Centers Senior Sub Notes and related consents before the
Consent Date will receive, for each US$1,000 principal
amount of Centers Senior Sub Notes tendered, tender offer
consideration equal to US$1,061.35, which includes the
Consent Payment.
Holders who tender their Centers Senior Sub Notes and
deliver their consents after the Consent Date, but before
the Expiration Date, will receive, for each US$1,000
principal amount of Centers Senior Sub Notes tendered,
tender offer consideration equal to US$1,031.35. Accrued
and unpaid interest will be paid on all Centers Senior Sub
Notes tendered and accepted for purchase.
The tender offers and consent solicitations for each of the
Notes are being conducted in connection with the previously
announced acquisition of Parent by an affiliate of Ares
Management LLC and the Ontario Teachers' Pension Plan.
J.P. Morgan Securities Inc. and Goldman, Sachs & Co. are the
Dealer Managers for each of the tender offers and Solicitation
Agents for each of the consent solicitations.
Questions concerning the terms of each of the tender offers may
be directed to J.P. Morgan Securities Inc. at (800) 245-8812
(toll-free) or to Goldman, Sachs & Co. at (800) 828-3182 (toll-
free). Copies of each of the Offers to Purchase may be obtained
by calling the information agent, MacKenzie Partners, Inc.,
toll-free at (800) 322-2885 or at (212) 929-5500 (call collect).
Based in Pittsburgh, Pennsylvania, General Nutrition Centers,
Inc., is a wholly owned subsidiary of GNC Parent Corp. --
http://www.gnc.com/-- a specialty retailer of health and
wellness products, including vitamins, minerals, herbal, and
specialty supplements, sports nutrition products and diet
products. The company sells its products through a network of
more than 5,800 locations operating under the GNC brand name and
operates in three business segments: retail, franchise and
manufacturing/wholesale.
GNC has franchise operations in 46 international markets
including Turkey, Ukraine, Australia, Colombia, Singapore,
Indonesia, Philippines, among others.
* * *
As reported in the Troubled Company Reporter on March 2, 2007,
Moody's Investors Service assigned a B3 corporate family rating
and SGL-3 liquidity rating to General Nutrition Centers, Inc.
Moody's also rated GNC's proposed secured bank loan at B1, LGD2,
27%, senior notes at Caa1, LGD5, 77%, and senior subordinated
notes at Caa2, LGD6, 95%. Proceeds from the new debt, together
with preferred and common equity from the new owners Ares
Management and Ontario Teachers' Pension Plan, will be used to
finance the leveraged buyout of GNC from Apollo Management for
total consideration of almost US$1.7 billion. The rating
outlook is stable.
GENERAL NUTRITION: Discloses Fourth Quarter Financial Estimates
---------------------------------------------------------------
General Nutrition Centers, Inc., an indirect wholly owned
subsidiary of GNC Parent Corporation, disclosed estimated ranges
with respect to certain of its financial results for the fourth
quarter ended Dec. 31, 2006.
GNC disclosed the estimates in connection with its private debt
offering to be completed as part of the financing for the
previously announced agreement of GNC Parent Corporation to be
acquired by an affiliate of Ares Management LLC and the Ontario
Teachers' Pension Plan.
GNC plans to file its annual report on Form 10-K for the year
ended Dec. 31, 2006, on or before March 31, 2007. It is in the
process of completing its audit for 2006 and, as a result, the
ranges presented below are preliminary and unaudited.
GNC expects to report these results for the fourth quarter of
2006:
* net revenues of between US$345.2 million and US$350.2
million compared to US$325.4 million for the same period
in 2005;
* net cash provided by operating activities of between
US$4.3 million and US$5.8 million compared to US$29.5
million for the same period in 2005;
* EBITDA of between US$16.6 million and US$18.5 million
compared to US$29.0 million for the same period in 2005;
and
* Adjusted EBITDA of between US$39.2 million and US$41.1
million compared to US$30.2 million for the same period in
2005.
GNC does not intend to update or otherwise revise these
estimates.
GNC also disclosed that, as of Dec. 31, 2006, it operated 2,554
company-owned stores in the United States, 134 company-owned
stores in Canada, 1,046 domestic franchised stores, 961
international franchised stores in 48 international markets, and
1,227 store-within-a-store locations.
Based in Pittsburgh, Pennsylvania, General Nutrition Centers,
Inc., is a wholly owned subsidiary of GNC Parent Corp. --
http://www.gnc.com/-- a specialty retailer of health and
wellness products, including vitamins, minerals, herbal, and
specialty supplements, sports nutrition products and diet
products. The company sells its products through a network of
more than 5,800 locations operating under the GNC brand name and
operates in three business segments: retail, franchise and
manufacturing/wholesale.
GNC has franchise operations in 46 international markets
including Turkey, Ukraine, Australia, Colombia, Singapore,
Indonesia, Philippines, among others.
* * *
As reported in the Troubled Company Reporter on March 5, 2007,
Moody's Investors Service assigned a B3 corporate family rating
and SGL-3 liquidity rating to General Nutrition Centers, Inc.
Moody's also rated GNC's proposed secured bank loan at B1, LGD2,
27%, senior notes at Caa1, LGD5, 77%, and senior subordinated
notes at Caa2, LGD6, 95%. Proceeds from the new debt, together
with preferred and common equity from the new owners Ares
Management and Ontario Teachers' Pension Plan, will be used to
finance the leveraged buyout of GNC from Apollo Management for
total consideration of almost US$1.7 billion. The rating
outlook is stable.
=============
U K R A I N E
=============
DALAS LLC: Proofs of Claim Filing Deadline Set March 12
-------------------------------------------------------
Creditors of LLC Cultivated Center DaLaS (code EDRPOU 31033539)
have until March 12 to submit written proofs of claim to:
S. Diachenko, Temporary Insolvency Manager
P.O. Box 149
03035 Kiev
Ukraine
The Economic Court of Kiev has renewed the bankruptcy
supervision procedure on the company. The case is docketed
under Case No. 15/07.
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Debtor can be reached at:
LLC Cultivated Center DaLaS
Andreev Str. 2
Brovary
07401 Kiev
Ukraine
FOB-MODUS LLC: Creditors Must File Proofs of Claim by March 15
--------------------------------------------------------------
Creditors of LLC Fob-Modus (code EDRPOU 32832132) have until
March 15 to submit written proofs of claims to:
The Economic Court of Kharkov
Derzhprom 8th Entrance
Svoboda Square 5
61022 Kharkov
Ukraine
The Economic Court of Harkiv commenced bankruptcy proceedings
against the company on Jan. 29 after finding it insolvent. The
case is docketed under Case No. B-39/219-06.
The Debtor can be reached at:
LLC Fob-Modus
Traktorostroiteley Str. 140-B
Kharkov
Ukraine
NIKA-MT LLC: Creditors Must File Claims by March 15
---------------------------------------------------
Creditors of LLC Nika-MT (code EDRPOU 31087935) have until March
15 to submit written proofs of claim to:
Vladimir Osanich, Liquidator
P.O. Box 265
03150 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Feb. 1 after finding it insolvent. The
case is docketed under Case No. 15/30-b.
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Debtor can be reached at:
LLC Nika-MT
Institutskaya Str. 16
01021 Kiev
Ukraine
ROMANOV GLASS: Creditors Must File Claims by March 12
-----------------------------------------------------
Creditors of OJSC Romanov Glass Works (code EDRPOU 00293226)
have until March 12 to submit written proofs of claim to:
Vladimir Kravcov, Liquidator
Kotovsky Str. 103-B
10001 Zhytomir
Ukraine
The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company on Jan. 31 after finding it insolvent. The
case is docketed under Case No. 5/108-b.
The Court is located at:
The Economic Court of Zhytomir
Putiatinskiy Square 3/65
10014 Zhytomir
Ukraine
The Debtor can be reached at:
OJSC Romanov Glass Works
October Str. 97.
Romanov
Zhytomir
Ukraine
STOLICHNY OJSC: Creditors Must File Claims by March 15
------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 6. The
case is docketed under Case No. 23/528-b.
Creditors of OJSC Stolichny (code EDRPOU 01549359) have until
March 15 to submit written proofs of claim to:
I. Konstantinov, Liquidator
P.O. Box 124
04111 Kiev 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:
OJSC Stolichny
Khreschatik Str. 5
Kiev
Ukraine
===========================
U N I T E D K I N G D O M
===========================
ARL TECHNOLOGY: Brings In Liquidators from SFP
----------------------------------------------
Simon Franklin Plant and Daniel Plant of SFP were appointed
joint liquidators of ARL Technology Ltd. on for the creditors'
voluntary winding-up procedure.
The company can be reached at:
ARL Technology Ltd.
Millbrook Road
Yate
Bristol
Avon
BS375PB
England
Tel: 01454 311 646
ARMSTRONG WORLD: Asks Partial Summary Judgment on Sea-Pac Claim
---------------------------------------------------------------
Armstrong World Industries, Inc., asks the U.S. Bankruptcy Court
for the District of Delaware for a partial summary judgment on
Sea-Pac Sales Company's Claim No. 4854 relating to AWI's alleged
breaches of the parties' commercial flooring products
distributorship agreement, and residential flooring products and
distributorship agreement and sales/service center agreement to
the extent Sea-Pac asserts a prepetition claim.
AWI also asks the Court to find as a matter of law that:
* Sea-Pac waived AWI's alleged breach of the Commercial
Agreement in appointing a second distributor; and
* Sea-Pac waived, by withdrawing the original Sea-Pac Claim,
Claim No. 3528, with prejudice, any claim for prepetition
damages relating to AWI's alleged breach of the
Residential Agreement.
Pursuant to Rule 56 of the Federal Rules of Civil Procedure,
made applicable through Rules 7056 and 9014 of the Federal Rules
of Bankruptcy Procedure, summary judgment is warranted when
"there is no genuine issue as to any material fact. . .," Jason
M. Madron, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, states.
"It is hornbook law that when one party to a contract has actual
knowledge of the other party's breach and continues to perform
under the contract and accepts the benefits of the contract,
such continuing performance constitutes a waiver of the breach,"
Mr. Madron says.
Similarly, the fact that a party is on notice of a breach of
contract and renews or extends that contract also waives the
prior breach and resulting claims, Mr. Madron adds.
It is undisputed that AWI gave Sea-Pac notice of its appointment
of a second distributor in the Pacific Northwest sales
territory, and that Sea-Pac had actual knowledge of the
appointment, Mr. Madron tells the Court. After learning of the
alleged breach in February 2003, Sea-Pac:
-- failed to invoke the dispute resolution procedures of the
Commercial Agreement;
-- withdrew with prejudice the Aug. 30, 2001 Claim No. 3528
on May 28, 2003;
-- failed to file any administrative expense claim before
the Nov. 24, 2003 bar date;
-- failed to file any motion to compel AWI to assume or
reject the Commercial Agreement;
-- failed to terminate the Commercial Agreement for breach;
-- failed to seek relief form the stay to cancel the
Commercial Agreement without cause;
-- negotiated an extension from the expiration of the
contract on Feb. 15, 2004, until March 31;
-- continued the commercial relationship from March 31,
2004, until Aug. 27;
-- entered into a new interim contract from Aug. 27, 2005,
until Dec. 31; and
-- continued the commercial relationship after Dec. 31,
2004.
Mr. Madron points out that Sea-Pac's voluntary withdrawal of the
Original Sea-Pac Claim with prejudice precludes Sea-Pac from now
asserting the portion of the second Sea-Pac Claim, Claim No.
4854, alleging prepetition obligations of AWI under the
Residential Agreement.
As a result, Mr. Madron asserts, Sea-Pac waived any alleged
prepetition breach by AWI of the Residential Agreement and any
related claim, including the $400,000 prepetition claim Sea-Pac
asserts in the Second Sea-Pac Claim.
About Armstrong
Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- designs and manufactures
floors, ceilings and cabinets. AWI operates 42 plants in 12
countries and employs approximately 14,200 people worldwide.
The company has operations in Australia, Brazil, Chile, Hong
Kong, Malaysia, Singapore, Taiwan, Philippines, Poland,
Portugal, Hungary, United Kingdom, among others.
The company and its affiliates filed for chapter 11 protection
on December 6, 2000 (Bankr. D. Del. Case No. 00-04469).
StephenKarotkin, Esq., at Weil, Gotshal & Manges LLP, and
Russell C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represented the Debtors in their restructuring efforts. The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.
Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors. The Creditors Committee tapped Houlihan Lokey for
financial and investment advice. The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.
The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003. The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006. The Clerk entered the formal written
confirmation order on Aug. 18, 2006. The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.
(Armstrong Bankruptcy News, Issue No. 108; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
* * *
As reported in the Troubled Company Reporter on Oct. 9, 2006,
Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the Company's emergence from bankruptcy on Oct. 2,
2006. The outlook is stable.
BAUSCH & LOMB: Net Revenues Plunge by 3% Due to Dwindling Sales
---------------------------------------------------------------
Bausch & Lomb expects to report consolidated full-year net sales
of approximately US$2.293 billion in 2006, down 3% compared to
US$2.354 billion in 2005, mainly due to lower sales of vision
care products.
Reported sales in both years were reduced by charges associated
with provisions for customer returns and consumer coupon
redemptions related to the May 2006 recall of ReNu with
MoistureLoc contact lens solution.
Sales comparisons are also impacted by acquisition and
divestiture activities. In the third quarter of 2005, the
Company divested Woehlk, a German contact lens business, and in
the fourth quarter of 2005 it acquired CT Freda, a Chinese
ophthalmic pharmaceuticals company.
Excluding the MoistureLoc recall charges and sales associated
with Woehlk and Freda from both periods, full-year net sales
decreased 4% from 2005.
Bausch & Lomb expects to report consolidated net sales of
approximately US$598.5 million for the fourth quarter of 2006,
compared to US$626.4 million in the same period in 2005. That
represents a decline of 5%, or 7% on a constant-currency basis,
and mainly reflects lower sales of vision care products.
Because the Company has not yet completed its year-end financial
close process, including the calculation and review of income
taxes, Bausch & Lomb is unable to estimate net earnings or
earnings per share at this time.
However, as previously disclosed, as a result of lower lens care
sales and costs associated with the MoistureLoc recall, the
Company expects its U.S. operations to be unprofitable.
Therefore a valuation allowance on certain deferred tax assets
was recorded in 2005 and no tax benefit is expected to be
recorded on U.S. operations in 2006. As a result, Bausch &
Lomb's effective tax rate for 2006 will be significantly higher
than historical levels.
The Company expects to report income before income taxes and
minority interest of approximately US$70 million in 2006,
compared to US$246.4 million in 2005.
For the fourth quarter of 2006, the Company expects to report
income before income taxes and minority interest of
approximately US$25 million, compared to US$84.3 million a year
ago.
Bausch & Lomb also expects to report cash and investments of
approximately US$500 million as of December 30, 2006, compared
to US$720.6 million at the end of 2005; total debt of
approximately US$835 million at the end of 2006, compared to
US$992.5 million at the end of 2005; and full-year cash flows
from operating activities of approximately US$125 million in
2006, and capital spending of approximately US$105 million.
"In 2006, we were confronted with two challenges that
significantly impacted our financial performance and hindered
our positive momentum," said Bausch & Lomb Chairman and Chief
Executive Officer Ronald L. Zarrella.
"Having confronted both those challenges, we're now focused on
rebuilding that momentum with specific emphasis on the areas of
our business most affected by the MoistureLoc recall, so that
2007 can serve as a springboard for renewed growth," he added.
Expectations for 2007
Bausch & Lomb projects 2007 sales of approximately US$2.5
billion based on current exchange rates, or approximately 8%
growth compared to 2006 sales prior to MoistureLoc charges.
These overall growth projections take into consideration
expected market trends, the anticipated benefit from several new
products, and assume the Company is successful in regaining
modest market share in the lens care category.
Bausch & Lomb expects sales of contact lenses to grow 8%-10% in
2007, as well as a 3%-5% growth in lens care sales. The
Company's pharmaceuticals category sales are projected to grow
10%-12%, while cataract and vitreoretinal sales are expected to
grow 10%-12%. In refractive surgery, sales are expected to
decline 3%-5%, reflecting challenging market conditions.
The Company currently projects income before income taxes and
minority interest of approximately US$220 million in 2007.
The Company's income projections do not include a benefit from
the anticipated reversal of interest and penalties associated
with a previously recorded Brazilian tax assessment.
As previously disclosed, Bausch & Lomb has applied for, and
expects to be granted, amnesty from the state government of Sao
Paulo as to a portion of the penalties and interest associated
with one such assessment that was recorded as part of the
financial restatement. The Company expects to reverse
approximately US$20 million of penalties and interest when it
receives formal notification by the state government of Sao
Paulo.
From a liquidity perspective, Bausch & Lomb expects to generate
cash flow from operations of between US$240 million and US$260
million and to incur approximately US$100 million of capital
expenditures.
"The entire Bausch & Lomb management team is focused on
successfully executing our product marketing strategies and lens
care recovery activities, while prudently managing expenses, in
order to achieve our 2007 goals and regain momentum in the
business. We are confident in our ability to do so," Mr.
Zarrella said.
About Bausch & Lomb Inc.
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.
* * *
On Feb. 2, 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.
BESPOKE SIGN: Creditors' Meeting Slated for March 15
----------------------------------------------------
Creditors of Bespoke Sign Fabrication Ltd. will meet at
12:30 p.m. on March 15 at:
MWB Business Exchange
77 Oxford Street
London
W1D 2ES
England
Creditors who want to vote at the meeting have until noon on
March 14 to submit their proxy forms together with particulars
of their claims or of any security at:
Hamiltons Insolvency Practitioners Ltd.
Omega Court
368 Cemetery Road
Sheffield
S11 8FT
England
Adrian Graham, of Hamiltons Insolvency Practitioners Ltd. will
furnish creditors with information concerning the company's
affairs free of charge as they may reasonably require during the
period before the day of the meeting.
CHESHIRE AUTOTRADE: Creditors' Meeting Slated for March 14
----------------------------------------------------------
Creditors of Cheshire Autotrade Ltd. will meet at 11:00 a.m. on
March 14 at:
Bridgestones
125-127 Union Street
Oldham
OL1 1TE
England
Jonathan Lord of Bridgestones will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require during the period before the day on
which the meeting is held.
CIVIC ENTERPRISES: Joint Liquidators Take Over Operations
---------------------------------------------------------
Simon Franklin Plant and Daniel Plant of SFP were appointed
joint liquidators of Civic Enterprises Ltd. on Feb. 3 for the
creditors' voluntary winding-up procedure.
The company can be reached at:
Civic Enterprises Ltd.
St. Georges Court
1 Abion Street
Birmingham
West Midlands
B1 3AH
England
Tel: 0121 232 0700
Fax: 0121 232 0730
CLARES RETAIL: Has 85 Redundancies at Swindon Factory
-----------------------------------------------------
Myles Halley and Richard Hill of KPMG Restructuring, the
administrative receivers of Clares Retail Equipment Ltd.,
disclosed 85 redundancies at the company's Swindon factory.
The redundancies are manufacturing and administration roles
within the part of the business.
A further 153 employees continue to work in Swindon while 193
people continue to be employed in Wells.
"Following a review of the business it became apparent that some
redundancies were necessary to enable trading to continue,"
Myles Halley, joint administrative receiver and KPMG partner,
said. "We will continue to review the options for the remaining
parts of the business and are still seeking offers for the
business as a going concern."
The group also includes Clares Merchandise Handling Equipment
Ltd. (in administrative receivership) based in Wells, Somerset,
which continues to trade as normal. The business is the U.K.'s
largest manufacturer of supermarket trolleys, baskets, roll
containers, material handling equipment and luggage trolleys and
employs 193 people.
Headquartered in Swindon, England, Clares Retail Equipment Ltd.
http://www.clares.com/-- manufactures shelving systems, display
equipment, checkouts & cash desks and kiosks.
CLUB CONNEXION: Appoints Alisdair J. Findlay as Liquidator
----------------------------------------------------------
Alisdair J. Findlay of Findlay James was appointed liquidator of
Club Connexion Ltd. on Feb. 26 for the creditors' voluntary
winding-up proceeding.
The company can be reached at:
Club Connexion Ltd.
91 Brick Lane
Tower Hamlets
London
E1 6QL
England
Tel: 020 8852 5010
Fax: 020 7631 1730
COLLINS & AIKMAN: Withdraws Requests for Rule 2004 Probe
--------------------------------------------------------
Based on the terms of the Debtors' First Amended Joint Plan and
related disclosure statement, Collins & Aikman Corp.'s Official
Committee of Unsecured Creditors informs the the U.S. Bankruptcy
Court for the Eastern District of Michigan of the withdrawal of
its (y) request for authorization to commence avoidance actions
on behalf of the Debtors' estates and (z) requests for Rule 2004
examination and production of documents from entities including
DaimlerChrysler Corp., General Motors Corp., Ford Motor Co., and
GE Capitla DeMexico's DE R.L. De C.V., without prejudice to its
rights to re-file the requests or any other related pleadings.
As reported in the TCR-Europe on Aug. 18, 2006, the Committee
wishes to obtain additional evidence relating to potential
causes of action that may be asserted against these principal
customers under applicable fraudulent transfer and antitrust
laws.
In particular, the Committee wants information concerning
prepetition terms and conditions under which the Debtors
supplied goods and services to the Principal Customers and the
extent to which the Debtors were provided with reasonably
equivalent value in exchange for them. In addition, the
Committee wants to investigate whether the Principal Customers
exchanged competitively sensitive information concerning pricing
and other terms of their dealings with the Debtors.
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. 53;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
COLLINS & AIKMAN: Inks Letter of Intent with Cadence Innovation
---------------------------------------------------------------
Collins & Aikman Corp. has signed a letter of intent with
Cadence Innovation for the sale of a significant portion of the
company's North American Plastics Business assets and business
operations. The company and Cadence will work together on an
expeditious schedule to sign a definitive asset purchase
agreement. Details of the bid will be made available when the
company files its sale motion with the bankruptcy court for a
hearing. Any offer will be subject to overbid through a
bankruptcy court monitored auction process.
"This transaction will preserve a significant number of jobs,
generate important recoveries for our creditors and represents a
significant step toward confirmation of our chapter 11 plan,"
John Boken, Collins & Aikman's Chief Restructuring Officer,
said.
The portion of the Plastics business covered in the LOI includes
nine facilities in the United States, Canada and Mexico, employs
approximately 3,500 people and produces products for all major
North American automakers.
Collins & Aikman continues to pursue efforts to sell many of its
remaining businesses. The company is in the process of working
with its customers and creditors while soliciting and reviewing
qualified bids for the purchase of all or portions of these
businesses.
The company remains committed to providing updates to all
interested parties on these matters and other potential sales
transactions when appropriate and as they become available.
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
S$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.
CORUS GROUP: Shareholders Approve Tata Steel Offer
--------------------------------------------------
The scheme of arrangement to implement the recommended offer for
Corus Group plc by Tata Steel UK Limited at a price of 608 pence
per ordinary share in cash was considered. At both the Court
Meeting and at the Extraordinary General Meeting, shareholders
approved the Scheme by the requisite majority.
Voting Results
Court Meeting
Resolution
Description For Votes % Against Votes %
----------- --------- - ------------- -
To approve
the Scheme 226,783,105 97.43 5,988,195 2.57
Extraordinary General Meeting
Resolution For Against
Description Votes % Votes % Abstentions
----------- ----- - ----- - ----------
Special resolution 227,167,597 97.48 5,866,894 2.52 2,252,884
to approve the
Scheme, to ammend the
Articles of Association
of the company, to
cancel all the
Cancellation Shares
and the Corus Deferred
Shares, to reduce the
share capital of the
company, to increase
the authorized capital
of the company, and
to authorize the
allotment of shares.
A total of 31,985 shareholders holding in aggregate 232,771,300
shares attended the Court Meeting in person and shareholders
holding, in aggregate, 233,034,491 shares attended the
Extraordinary General Meeting in person.
The expected timetable of the remaining principal events
required to implement the Scheme is as:
March 27
Court hearing to sanction the Scheme
March 29
Dealings in Corus Shares suspended on the London Stock Exchange
and the Amsterdam Stock Exchange and dealings in Corus ADSs
suspended on the New York Stock Exchange
March 30
Court hearing to confirm the Reduction of Capital
April 2
Effective Date of the Scheme
Tata Steel disclosed on Feb. 7 that it intends to despatch the
consideration pursuant to the Scheme as soon as practicable
following the Effective Date and, if practicable, on the
Effective Date. Tata Steel is, in any event, required under the
terms of the Scheme to despatch the consideration pursuant to
the Scheme not more than 14 days after the Effective Date.
"Tata Steel is pleased with the outcome of the EGM. It stands
committed to work along with Corus to create a vibrant and value
creating enterprise," Tata Steel Managing Director B. Muthuraman
was quoted by The Telegraph as saying.
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).
About Tata Steel
Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company. Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).
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 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.
CUSTOMISED INTERIORS: Taps Claire L. Dwyer to Liquidate Assets
--------------------------------------------------------------
Claire L. Dwyer of Jones Lowndes Dwyer LLP was appointed
liquidator of Customised Interiors Ltd. on Feb. 28 for the
creditors' voluntary winding-up proceeding.
The company can be reached at:
Customised Interiors Ltd.
Strand Road
Oystons Mill
Preston
Lancashire
PR1 8UR
England
Tel: 01772 794 167
Fax: 01772 794 167
DELTA GRAPHC S: Creditors' Meeting Slated for March 21
------------------------------------------------------
Creditors of Delta Graphics Ltd. will meet at 10:30 a.m. on
March 21 at:
The Roebuck Hotel
Baldock Street
Ware
Hertfordshire
SG12 9DR
England
A creditor entitled to vote at the meeting may appoint a proxy
to attend and vote in his place.
Creditors have until noon on March 20 to submit their proxy
forms at:
Castlegate House
36 Castle Street
Hertford
Hertfordshire
SG14 1HH
England
DOPPLER LIFT: Calls In Liquidators from Vantis
----------------------------------------------
Christopher David Stevens and Colin Ian Vickers of Vantis plc
were appointed joint liquidators of Doppler Lift Installations
Ltd. on Feb. 23 for the creditors' voluntary winding-up
procedure.
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:
Doppler Lift Installations Ltd.
The Roller Mill
Mill Lane
Uckfield
East Sussex
TN225AA
England
Tel: 01825 768 400
FASHION CASHMERE: Claims Filing Period Ends April 19
----------------------------------------------------
Creditors of Fashion Cashmere Ltd. have until April 19 to send
in their full names and addresses, full particulars of their
debts or claims, and the names and addresses of their solicitors
(if any) to:
William Antony Batty
Liquidator
Antony Batty & Co.
Third Floor
3 Fied Court
Gray's Inn
London
WC1R 5EF
England
William Antony Batty of Antony Batty & Co. was appointed
liquidator of the company on Feb. 23.
FEDERAL-MOGUL: Wants Court OK on Anderson Memorial Agreement
------------------------------------------------------------
In 1992, Anderson Memorial Hospital filed an individual and
class action against T&N, plc, in the South Carolina Circuit
Court. The Debtors acquired T&N in 1998 and subsequently
assumed all of its liabilities, Scotta E. McFarland, Esq., at
Pachulski Stang Ziehl Young Jones & Weintraub LLP, in
Wilmington, Delaware, notes.
Since filing for bankruptcy, the Circuit Court Litigation
against Federal-Mogul Corporation and its debtor-affiliates has
been stayed pursuant to Section 362(a) of the Bankruptcy Code.
Anderson Memorial also filed eight class proofs of claim and
2,907 asbestos property damage claims against the Debtors.
Anderson Memorial currently serves as a member of the Official
Committee of Asbestos Property Damage Claimants.
Through various orders from the U.S. Bankruptcy Court for the
District of Delaware and voluntary withdrawals, only 886
Anderson Memorial Claims are pending in the Debtors' bankruptcy
cases. The Remaining Anderson Memorial Claims roughly represent
97% of the 912 remaining unresolved Asbestos Property Damage
Claims against the Debtors, according to Ms. McFarland.
Anderson Memorial asserts that the aggregate amount for damages
and removal costs for its Remaining Claims is more than
US$1,000,000,000.
Although the Debtors strongly dispute the amount of the
Remaining Anderson Memorial Claims, the Debtors acknowledge that
Anderson Memorial has provided them with evidence supporting the
legitimacy of some of the Remaining Claims.
The Debtors also acknowledge that despite the many meritorious
defenses they have asserted or could assert against the
Remaining Anderson Memorial Claims, it would be extremely costly
and time-consuming for them to continue pursuing existing claim
objections and file additional claims objections to the
Remaining Claims.
Accordingly, the Debtors, along with the Official Committee of
Unsecured Creditors, negotiated a settlement agreement with
Anderson Memorial, which provides for the complete resolution of
the Remaining Anderson Memorial Claims.
Pursuant to the Settlement Agreement, the Debtors will deliver a
US$36,200,000 settlement fund to the Class Counsel, in complete
satisfaction of the Remaining Anderson Memorial Claims, on the
later of:
(i) six months after the effective date of a plan of
reorganization; or
(ii) the Circuit Court's final approval of the Settlement
Agreement without modification.
The Debtors will also withdraw any and all pending objections to
the Remaining Anderson Memorial Claims.
If the Circuit Court does not approve the Settlement Agreement,
or if the Debtors terminate the Settlement Agreement, the
Settlement Fund will be transferred to a trust to be maintained
and administered by W. D. Hilton of Trust Services,
Incorporated, or another qualified individual or entity mutually
acceptable to the Class Counsel and the Debtors.
The sole recovery for the Remaining Anderson Memorial Claims
will be limited to the Settlement Fund, Ms. McFarland clarifies.
In addition, the Debtors will amend their Chapter 11 Plan to
incorporate the Settlement Agreement with Anderson Memorial.
Anderson Memorial and the Class Claimants agree to unanimously
vote in favor of the Plan, and to cooperate with the Debtors in
seeking confirmation of the Plan on any issues relating to the
Settlement Agreement.
The Debtors thus ask the Court to:
(a) approve their Settlement Agreement with Anderson
Memorial;
(b) lift the automatic stay to allow Anderson Memorial to
seek the Circuit Court's approval of the Settlement
Agreement; and
(c) authorize the Trust to oversee the allocation and
distribution of the Settlement Fund among the Class
Claimants if the Circuit Court disapproves the Settlement
Agreement.
About Federal-Mogul
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts
company with worldwide revenue of some US$6 billion. The
Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr.
Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts. When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities. Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.
On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003. They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan. On July 28,
2004, the District Court approved the Disclosure Statement. The
estimation hearing began on June 14, 2005. They then submitted
a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006,
and the Bankruptcy Court approved that Disclosure Statement on
Feb. 6, 2007. The confirmation hearing is set for May 8, 2007.
(Federal-Mogul Bankruptcy News, Issue No. 129; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
FORD MOTOR: In Talks w/ Navistar on Diesel Engine Pricing Feud
--------------------------------------------------------------
Ford Motor Co. and Navistar International Corp. are in
negotiation to temporarily settle a long-running pricing dispute
over diesel engines Navistar supplies for Ford's heavy-duty F-
Series pickups, Jeff McCracken of The Wall Street Journal
reports.
The negotiation follows the automaker and the engine supplier's
motion Wednesday last week asking Oakland County Circuit Court
Judge John McDonald to delay ruling on the companies' pricing
dispute.
Judge McDonald ordered the two sides to negotiate yesterday and
today, the Journal said.
According to the source, Navistar will for now continue to ship
diesel engines to Ford, to be used in the Ford Super Duty F-
Series pick-up truck line.
The dispute, the report said, goes back over a year, involving a
previous diesel truck engine Navistar built for Ford from 2002
through the end of 2006. It also involves a new engine Navistar
began shipping last month with the launch of the redesigned Ford
F-Series Super Duty pick-up truck.
The F-series pick-up truck is Ford's best-selling and most
profitable line of vehicles, the Journal relates.
Navistar, the Journal says, is the sole supplier of diesel
engines to Ford, producing 225,000 to 300,000 of them a year.
Last week, Ford estimated US$11,182 million in total life-time
costs for restructuring actions.
Of the total US$11,182 million of estimated costs, Ford said
that US$9,982 million has been accrued in 2006 and the balance,
which is primarily related to salaried personnel-reduction
programs, is expected to be accrued in the first quarter of
2007.
The company expects a curtailment gain for other postretirement
employee benefit obligations related to hourly personnel
separations that occur in 2007, which gain the company expects
to record in 2007. Of the estimated costs, those relating to
job bank benefits and personnel-reduction programs also
constitute cash expenditure estimates.
The restructuring cost estimates relate to the automaker's
previously announced commitment to accelerate its restructuring
plan, referred to as Way Forward plan.
The "Way Forward" plan includes closing plants and laying off up
to 45,000 employees.
Ford, which incurred a US$12,613 million net loss on US$160,123
million of total sales and revenues for the year ended
Dec. 31, 2006, said in a regulatory filing with the Securities
and Exchange Commission that its overall market share in the
United States has declined in each of the past five years, from
21.1% in 2002 to 17.1% in 2006. The decline in overall market
share primarily reflects a decline in the company's retail
market share, which excludes fleet sales, during the past five
years from 16.3% in 2002 to 11.8% in 2006, the automaker said.
Ford also reported a $16.9 billion decrease in its stockholders'
equity at Dec. 31, 2006, which, according to the company,
primarily reflected 2006 net losses and recognition of
previously unamortized changes in the funded status of the
company's defined benefit postretirement plans as required by
the implementation of Statement of Financial Accounting
Standards No. 158, offset partially by foreign currency
translation adjustments.
About Navistar International Corp.
Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent
company of Navistar Financial Corp. and International Truck and
Engine Corp. The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market. The company
also provides truck and diesel engine parts and service sold
under the International brand. A wholly owned subsidiary offers
financing services.
About Ford Motor Co.
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents. With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury, and Volvo. Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.
* * *
As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co.
As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.
As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's $3 billion of senior convertible notes due
2036.
FOUR SEASONS: Creditors' Meeting Slated for March 15
----------------------------------------------------
Creditors of Four Seasons Window Systems Ltd. will meet at
11:30 a.m. on March 15 at:
Sale Smith & Co. Ltd.
Carmella House
3 & 4 Grove Terrace
Walsall
West Midlands
WS1 2NE
England
Creditors who want to vote at the meeting have until noon on
March 14 to submit their proxy forms together with particulars
of their claims or of any security at the said address.
Alan J. Clark of Carter Clark will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.
A list of names and addresses of the company's creditors will be
available for inspection free of charge on March 13.
HIGHGROVE WINDOWS: Creditors' Meeting Slated for March 26
---------------------------------------------------------
Creditors Highgrove Windows Ltd. will meet at 11:00 a.m. on
March 26 at:
BRI Business Recovery and Insolvency
100-102 St. James Road
Northampton
NN5 5LF
England
A list of names and addresses of the company's creditors will be
available for inspection on March 23 and March 26.
J P MEDIA: Creditors' Meeting Slated for March 14
-------------------------------------------------
Creditors of J P Media Ltd. will meet at 3:00 p.m. on March 14
at the offices of:
Griffin & King
26-28 Goodall Street
Walsall
West Midlands
WS1 1QL
England
Creditors who want to vote at the meeting have until noon on
March 13 to submit their proxy forms together with particulars
of their claims or of any security at the said address.
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 12.
KELCO UK: Creditors' Meeting Slated for March 21
------------------------------------------------
Creditors of Kelco U.K. Ltd. will meet at 11:00 a.m. on March 21
at:
Hodgsons
George House
48 George Street
Manchester
M1 4HF
England
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. from March 19.
LIEBSIDE DISTRIBUTION: Creditors' Meeting Slated for March 28
-------------------------------------------------------------
Creditors of Liebside Distribution Ltd. will meet at 11:00 a.m.
on March 28 at:
Carter Clark
Meridian House
62 Station Road
North Chingford
London E4 7BA
England
Creditors who want to vote at the meeting have until noon on
March 27 to submit their proxy forms together with particulars
of their claims or of any security at:
Begbies Traynor
The Old Exchange
234 Southchurch Road
Southend-on-Sea
Essex
SS1 2EG
England
Lloyd Biscoe of Begbies Traynor will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.
Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions, and individuals on all
aspects of financial restructuring and corporate recovery.
MARKWELL PECK: Claims Filing Period Ends May 23
-----------------------------------------------
Creditors of Markwell Peck Ltd. have until May 23 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to:
Kevin Brown
Liquidator
Marriotts LLP
Allan House
10 John Princes Street
London
W1G 0AH
England
Kevin Brown of Marriotts LLP was appointed liquidator of the
company on Feb. 23.
MERLIN KITCHENS: Creditors' Meeting Slated for March 20
-------------------------------------------------------
Creditors of Merlin Kitchens & Bedrooms Ltd. will meet at
11:00 a.m. on March 20 at:
Tenon House
Ferryboat Lane
Sunderland
SR5 3JN
England
A list of names and addresses of the company's creditors will be
available for inspection free of charge on March 16 and March
19.
MKM DEVELOPMENTS: Claims Filing Period Ends April 16
----------------------------------------------------
Creditors of MKM Developments Ltd. (t/a Sureseal Windows) have
until April 16 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors, if any, to:
Martin Henry Linton
Liquidator
Leigh & Co.
Brentmead House
Britannia Road
London
N12 9RU
England
Martin Henry Linton of Leigh & Co. was appointed liquidator of
the company on Feb. 23.
MODUSPACE LTD: Taps Liquidator from Haines Watts
------------------------------------------------
Timothy Calverley of Haines Watts was appointed liquidator of
Moduspace Ltd. (formerly London Portable Buildings Ltd.) on
Feb. 22 for the creditors' voluntary winding-up procedure.
Haines Watts -- http://www.hwca.com/-- provides services that
include taxation, business advisory, corporate finance,
corporate recovery & insolvency and budget summary.
The company can be reached at:
Moduspace Ltd.
Burts Wharf
Crabtree Manorway North
Belvedere
Kent
DA176LJ
England
Tel: 020 8311 7070
Fax: 020 8312 9908
NWD GROUP: Sees Possible Financing from Investor Group
------------------------------------------------------
NWD Group Plc has been approached by a group of investors who
might be prepared to provide additional funding for the company
that could permit it to be sold as a going concern, Bill
Rochelle writes for Bloomberg News.
The insolvent company has warned shareholders that they might
not get anything if the company opts to undergo liquidation
proceedings at present, AFX News reports.
However, NWD said the additional financing from lenders could
provide for its working capital needs if it were to enter a
company voluntary arrangement, AFX adds.
A company voluntary arrangement is a recognized legal procedure
under the provisions of the Insolvency Act of 1986 that enables
a company to enter into a binding agreement with its creditors
detailing how the company's debts and liabilities will be dealt
with, and allows the directors to retain the control of the
company.
Creditors' approval, representing 75% in number and 75% of the
value of the company's debts, are required for a plan to become
effective.
Under such an arrangement, AFX says, the company's net debts
would be settled through an issue of new NWD shares.
Headquartered in London, England, NWD Group Plc and its debtor-
affiliates appointed Phillip Sykes and Nigel Price of Moore
Stephens LLP as their joint administrators on Jan. 16.
PENTOY LTD: Creditors' Meeting Slated for March 15
--------------------------------------------------
Creditors of Pentoy Ltd. will meet at 11:00 a.m. on March 15 at:
Poppleton & Appleby
35 Ludgate Hill
Birmingham
B3 1EH
England
Creditors have until noon on March 14 to submit particulars of
their claims to M. T. Coyne of Poppleton & Appleby.
M. T. Coyne of Poppleton & Appleby will furnish creditors with
information concerning the company's affairs as they may
reasonably require.
ROYAL & SUN: Posts GBP20-Mln Net Losses in Year Ended Dec. 31
-------------------------------------------------------------
Royal & Sun Alliance Insurance Group plc released its financial
results for the year ended Dec. 31, 2006.
Royal & Sun posted GBP20 million in net losses against GBP5.5
billion in net written premiums for the year ended Dec. 31,
2006, compared with GBP605 million in net profit against GBP5.3
billion in net written premiums for the same period in 2005.
At Dec. 31, 2006, the Group's balance sheet showed GBP22.6
billion in total assets, GBP19.8 billion in total liabilities,
resulting in a GBP2.9 billion stockholders' equity.
"It has been a good twelve months for the Group," Andy Haste,
Group CEO of Royal & Sun Alliance Insurance Group plc,
commented. "We have achieved another strong performance with an
18% increase in the underwriting result and continued delivery
against our strategic objectives. The completion of our US
disposal resolves the Group's last remaining legacy issue. Our
portfolio of businesses is strong, we are growing profitably in
our target trades and we are well positioned to continue
delivering sustainable profitable performance. As it stands
today, we expect the Group to deliver a combined operating ratio
of better than 95% for 2007."
"As a reflection of our confidence in the earnings of the Group
and our capital strength, we are announcing a 35% increase in
the final dividend to 4.12p, bringing the total dividend for the
year to 5.87p up 24% on 2005. We plan to grow future dividends
at least in line with inflation," Mr. Haste added.
Headquartered in London, England, Royal & Sun Alliance Insurance
Group PLC -- http://www.royalsunalliance.com/-- is a FTSE 100
company, listed on the London Stock Exchange and in New York.
The group consists of three regions -- U.K., Scandinavia and
International -- with operations in 30 countries, providing
general insurance products to over 20 million customers
worldwide. In Latin America, it operates in Brazil, Chile,
Colombia, Mexico, Uruguay and Venezuela. In Asia, the company
operates in Hong Kong, Singapore and Saudi Arabia.
* * *
As of Feb. 22, Royal & Sun Alliance Insurance Group PLC carries
Moody's Ba1 preferred stock rating.
SANDISK CORP.: Earns US$198.89 Million in Fiscal-Year 2006
----------------------------------------------------------
SanDisk Corp. reported net income of US$198.89 million on total
revenues of US$3.25 billion for the fiscal year ended Dec. 31,
2006, as compared with a net income of US$386.38 million on
total revenues of US$2.3 billion in total revenues for the
fiscal year ended Jan. 1, 2006.
The company increased its research and development, sales and
marketing, and general and administrative costs for 2006. It
also incurred additional expenses of US$225.6 million in write-
off of acquired in-process technology and US$17.43 million in
amortization of acquisition-related intangible assets that drove
total operating expenses to US$913.13 million for fiscal year
2006, up from US$396.15 million for fiscal year 2005.
Operating activities generated US$598.1 million of cash during
the year ended Dec. 31, 2006. Operating activities generated
US$480.9 million of cash during the year ended Jan. 1, 2006. At
Dec. 31, 2006, the company had cash, cash equivalents and short-
term investments of US$2.81 billion.
At Dec. 31, 2006, the company had a working capital balance of
US$3.3 billion and says that it does not expect any liquidity
constraints over the next twelve months.
The company's balance sheet showed US$6.96 billion in total
asset, US$2.2 billion in total liabilities, resulting to US$4.76
billion in stockholders' equity at Dec. 31, 2006.
In December 2006, the company announced that its Board of
Directors authorized a stock repurchase program under which
SanDisk intends to acquire up to US$300 million of its
outstanding common stock in the open market over the next two
years. As of Feb. 15, 2007, the company has repurchased
US$400,000 of shares.
Work Force Reduction
On Feb. 15, the company's Board of Directors approved a plan to
reduce operating costs, which includes a worldwide reduction in
force of up to 10% of its headcount, or approximately 250
employees. SanDisk expects to incur a restructuring charge in
connection with the Plan in the range of US$15 million to US$20
million, with the majority of the expense occurring in the first
quarter of 2007. The work force reduction will impact functions
related to operations, engineering, sales, and marketing and
administration and will primarily be based in the United States
and Israel, and to a lesser degree, other international
locations. The Plan is expected to be completed by the third
quarter of fiscal 2007.
Financing Arrangements
In May 2006, the company issued and sold US$1.15 billion in
aggregate principal amount of 1% Notes due 2013 that were issued
at par. The Notes may be converted into our common stock, under
certain circumstances, based on an initial conversion rate of
12.1426 shares per US$1,000 principal amount of notes.
Concurrently, with the issuance of the 1% Notes, the company
purchased a convertible bond hedge and sold warrants. The
separate convertible bond hedge and warrant transactions are
structured to reduce the potential future economic dilution
associated with the conversion of the 1% Notes and to increase
the initial conversion price to US$95.03 per share.
A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1aad
About SanDisk Corp.
Headquartered in Milpitas, Calif., SanDisk Corp. (NASDAQ:SNDK) -
- http://www.sandisk.com/-- manufactures various formats of
flash memory cards for use in consumer electronics products,
including digital cameras, mobile phones, and game systems. In
addition, the company produces devices such as USB drives and
MP3 music players. SanDisk has worldwide locations in China,
Ireland, India, Israel, Japan, Taiwan, Korea, United Kingdom,
among others.
* * *
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Sunnyvale, California-based SanDisk Corp.'s proposed issue of
US$1 billion of senior unsecured convertible notes due 2013. The
'BB-' corporate credit rating on SanDisk was affirmed. The
rating outlook is stable.
SEA CONTAINERS: Wants Court OK to Provide Funding to SC Treasury
----------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates asked the U.S.
Bankruptcy Court for the District of Delaware to provide a
secured, intercompany line of credit of up to US7,000,000 to its
non-debtor subsidiary Sea Containers Treasury Ltd.
Sean T. Greecher, Esq., at Young Conaway Stargatt & Taylor LLP,
in Wilmington, Delaware, discloses that starting in 2002, SCL
initiated an operational restructuring program targeted at
evaluating and selling identified non-core assets held directly
by its foreign, non-debtor subsidiaries. The Non-Core Asset
sale program requires support from SCL, both in the form of
management oversight and through case flow support.
Mr. Greecher says many of the businesses identified as Non-Core
Assets cannot fully fund their operations on a stand-alone basis
from cash receipts alone because they are cyclical businesses
that have significant funding needs during certain parts of the
year. Hence, to maintain the operation of the businesses for a
sufficient time to allow for thorough marketing and maximization
of sale value, SCL has been required to fund their operations.
The Debtors believe that the targeted intercompany funding
accomplishes two primary objectives, both aimed at the ultimate
goal of maximizing the value of SCL's assets.
Mr. Greecher relates that the Debtors have determined that
meeting the funding needs of certain non-debtor subsidiaries
will preserve the value of Non-Core Assets during a robust
marketing and sale process that will achieve its maximum value.
Also, the Debtors have identified a need to ease cash flow
problems of some non-debtor subsidiaries that could not survive
on their own to prevent creditors from initiating insolvency or
foreclosure proceedings in foreign jurisdiction that would be
detrimental on the Debtors' reorganization and could destroy
value for the stakeholders.
Before Oct. 15, 2006, the Debtors formed SC Treasury as a
financing subsidiary that would carry out the business of
funding the operations of international subsidiaries that are or
hold Non-Core Assets. Throughout the Chapter 11 cases, it has
successfully operated to help fund operations for various non-
debtor subsidiaries.
SCL has identified a process by which funding requests are made
to SC Treasury and reviewed before any intercompany loans are
made to non-debtor foreign subsidiaries. The SC Treasury
mechanism has proven to be an effective vehicle to preserve
value in the Non-Core Assets and allow for the orderly
reorganization of the Debtors without an undue cash drain, Mr.
Greecher notes.
As of March 2, 2007, the cash needs of SCL's non-debtor foreign
subsidiaries have been lower than originally projected. As of
Feb. 21, about US$2,520,000 remained in SC Treasury. SCL
projects SC Treasury could reallocate the remaining funds and
allow for continued financing of the non-debtor subsidiaries
through March 2007 and will run out of funds after that.
Mr. Greecher tells the Court that the Debtors' decision to make
the intercompany loan to facilitate the continued operation of
the SC Treasury funding mechanism for non-debtor foreign
subsidiaries is calibrated to maximize value of their estates
for the benefit of creditors in the form of increasing sale
values for the Non-Core Assets and reducing secondary liability
claims against SCL. Indirectly, the mechanism avoids the
expense, distraction and potential value-destroying effect of a
series of international insolvency filings for the non-debtor
subsidiaries, he adds.
About Sea Containers
Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, 2006, the company's common shares
and senior notes were suspended from trading on the NYSE and
NYSE Arca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts. (Sea Containers Bankruptcy News, Issue No. 12;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
SOLUTIA INC: Judge Beatty Approves Equity Committee Stipulation
---------------------------------------------------------------
Solutia Inc. and the Official Committee of Equity Security
Holders entered into an agreement to allow the Equity Committee
to file its response to the Debtors' request under seal, as it
contains sensitive information and refers to information
provided to the Equity Committee subject to a confidentiality
agreement with the Debtors.
The Honorable Prudence Carter Beatty approves the stipulation:
-- The Equity Committee waives the need to file an
unredacted version of its response;
-- The Response and any information derived from it will
remain confidential, be filed under seal and will be
served on and made available to counsel for the Debtors
and parties who are subject to confidentiality agreements
with the Debtors; and
-- Any pleadings filed in the Debtors' Chapter 11 cases that
reference or disclose any of the information contained in
the Response will be filed under seal and served only on
parties authorized to receive the Response.
About Solutia Inc.
Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications. The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 80; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
SOLUTIA INC: Appoints James Voss to Become President of Flexsys
---------------------------------------------------------------
Solutia Inc. disclosed that James R. Voss will become president
of Flexsys, upon completion of the acquisition of the 50% of
Flexsys that Solutia does not currently own.
Mr. Voss, 40, has been serving as Solutia's senior vice
president for business operations since 2005. He will succeed
Enrique Bolanos, who will become chairman emeritus of Flexsys
upon Solutia's acquisition of Flexsys.
"Flexsys is a truly outstanding global business and it will
become an integral part of Solutia," Jeffry N. Quinn, chairman,
president and chief executive officer of Solutia Inc., said.
"Jim's leadership as a proven executive will ensure we fully
capitalize on the key role Flexsys will play in Solutia's future
success."
As reported in the TCR-Europe on Marc 2, Solutia has reached a
definitive agreement to purchase Akzo Nobel N.V.'s stake in
Flexsys, the rubber chemicals joint venture between Akzo Nobel
and Solutia. Solutia and Akzo Nobel have entered into a letter
agreement committing the parties to execute the definitive
agreement upon completion of consultation with Dutch employee
works council representatives. The parties are moving forward
to obtain the required approval of the U.S. Bankruptcy Court
before which Solutia's Chapter 11 proceedings are pending, the
receipt of required regulatory approvals, finalizing the
definitive purchase agreement for Akzo Nobel's Crystex business
in Japan and the fulfillment of other customary closing
conditions.
Mr. Bolanos, has led Flexsys for the past eight years. As
chairman emeritus he will continue to play an active role in the
business.
"Flexsys must continue to meet its customers' needs and its
business goals," Mr. Voss said. "We are very pleased to have
the benefit of Enrique's nearly three decades of industry
experience to ensure a smooth and timely transition."
In his new role, Mr. Voss will continue to report to Mr. Quinn.
Mr. Voss joined Solutia in 2005 from Premcor Inc., a major
independent oil refiner, where he served as senior vice
president and chief administrative officer. Mr. Voss holds
bachelor's degrees in psychology and sociology from Maryville
University, a master's degree in human resources development
from Webster University and an MBA from Washington University in
St. Louis.
About Flexsys
Based in Brussels, Belgium, Flexsys -- http://www.flexsys.com/
-- supplies chemicals for the rubber industry. With 2005 sales
of approximately US$600 million, Flexsys employs about 600
people worldwide. Formed in 1995, Flexsys products play a role
in the manufacture of tires and other rubber products such as
belts, hoses, seals and footwear. These chemicals help cure and
protect rubber, increase durability, lengthen product life, and
provide color control and heat resistance. Flexsys' products
are manufactured at facilities across Europe, North America,
South America and Asia. Flexsys also operates three technology
centers as well as sales offices around the world.
About Solutia Inc.
Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications. The company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
SPEEDTERN LTD: Claims Filing Period Ends March 30
-------------------------------------------------
Creditors of Speedtern Ltd. have until March 30 to send in their
full names, their addresses and descriptions, full particulars
of their debts or claims, and the names and addresses of their
solicitors (if any), to:
Charles Howard Ranby-Gorwood
Liquidator
CRG Insolvency & Financial Recovery
Alexandra Dock Business Center
Fisherman's Wharf
Grimsby
DN31 1UL
England
Charles Howard Ranby-Gorwood of CRG Insolvency & Financial
Recovery was appointed liquidator of the company on Feb. 23.
SPLASH OFFICE: Creditors' Meeting Slated for March 19
------------------------------ ----------------------
Creditors of Splash Office Services Ltd. will meet at 11:00 a.m.
on March 19 at:
Tomlinsons
St. John's Court
72 Gartside Street
Manchester
M3 3EL
England
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on March 15.
Tomlinsons -- http://www.tomlinsons.co.uk/-- specializes in all
types of business recovery and insolvency procedures, as well as
offering advice to companies and individuals who believe they
may be heading towards, or are already in, financial difficulty.
STILLMAN COMMUNICATIONS: Creditors Confirm Voluntary Liquidation
----------------------------------------------------------------
Creditors of Stillman Communications Ltd. confirmed on Feb. 21
the company's resolutions for voluntary liquidation and the
appointment of John Russell and Allan Cooper of The P&A
Partnership as liquidators.
The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders. Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors, and business advisors.
The company can be reached at:
Stillman Communications Ltd.
26-30 Stoney Street
Nottingham
Nottinghamshire
NG1 1LL
England
Tel: 0115 948 7969
Fax: 0115 950 7565
TELECOM MAINTENANCE: Names Martin Henry Linton Liquidator
---------------------------------------------------------
Martin Henry Linton of Leigh & Co. was appointed liquidator of
Telecom Maintenance (Liverpool) Ltd. on Feb. 23 for the
creditors' voluntary winding-up procedure.
The company can be reached at:
Telecom Maintenance (Liverpool) Ltd.
77 Mount Pleasant
Liverpool
Merseyside
L3 5TB
England
Tel: 0151 709 1212
Fax: 0151 702 0459
TK BUILDERS: Appoints Liquidators from Deloitte & Touche
--------------------------------------------------------
Neil Matthews and Ian Brown of Deloitte & Touche LLP were
appointed joint liquidators of TK Builders (North) Ltd. on
Feb. 28 for the creditors' voluntary winding-up proceeding.
Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting, and corporate finance services through
more than 9,000 people in 21 locations. The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.
The joint liquidators can be reached at:
Neil Matthews and Ian Brown
Deloitte & Touche LLP
Gainsborough House
34-40 Grey Street
Newcastle upon Tyne
NE1 6AE
England
TOWNHOUSE LIFE: Appoints Begbies Traynor as Joint Administrators
----------------------------------------------------------------
Gary Norton Lee and Stephen Leonard Conn of Begbies Traynor were
appointed joint administrators of Townhouse Life Ltd. (Company
Number 03538531) on Feb. 23.
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:
Townhouse Life Ltd.
21 Wharf Street
Leeds
West Yorkshire
LS2 7EQ
England
Tel: 0113 245 2663
Fax: 0113 245 2664
TVR: DTI Considers Full Probe on Blackpool Division Collapse
------------------------------------------------------------
The U.K. Department of Trade and Industry may investigate the
collapse of Blackpool Automotive Ltd., the former production
division of TVR, Nicholas Neveling writes for Accountancy Age.
According to the report, DTI minister for employment, Jim
Fitzpatrick, turned over details of Blackpool's collapse to the
investigators following pressures by trade unions and Blackpool
North Member of Parliament Joan Humble.
"I have passed the papers to officials at the DTI's companies
investigations branch who are considering whether a Companies
Act investigation should be conducted in this instance," Mr.
Fitzpatrick was quoted by Accountancy Age as saying.
Blackpool Automotive appointed joint administrators from PKF LLP
on Dec. 22, 2006. More than 250 employees were made redundant.
TVR owner Nikolai Smolenski bought back Blackpool Automotive's
assets on Feb. 23, securing the marque's trademarks and
intellectual property rights, which were tied up in the company.
According to reports, production of the famous sports cars like
Sagaris, Tuscan S and Tuscan S convertible will likely transfer
in Italy.
According to The Gazette, a new TVR is likely to be built in
Italy, bringing to an end 60 years of TVR manufacturing in the
U.K.
Some essential component manufacturing will remain in the U.K.,
including the engines and drivetrains being developed by
specialist partner Ricardo. The design team and office
personnel will also remain in the country in a new headquarters,
which will in time also house some production and servicing
facilities.
Headquartered in London, England, TVR -- http://www.tvr-
eng.co.uk/ -- produces sports cars like Sagaris, Tuscan S and
Tuscan S convertible.
UNITARY LIGHTING: Creditors' Meeting Slated for March 21
--------------------------------------------------------
Creditors of Unitary Lighting Anchorwend Ltd. will meet at
11:30 a.m. on March 21 at:
Smith & Williamson Ltd.
No. 1 St. Swithin Street
Worcester
WR1 2PY
England
A list of names and addresses of the company's creditors will be
available for inspection on March 19.
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.
URBAN LEISURE: Claims Filing Period Ends April 23
------------------------------------------------
Creditors of Urban Leisure & Recreation Ltd. have until April 23
to prove their debts by sending written statements of the
amounts they claim to be due to them from the company to:
Paul John Clark
Joint Liquidator
Menzies Corporate Restructuring
43-45 Portman Square
London
W1H 6LY
England
Paul John Clark and Jason James Godefroy of Menzies Corporate
Restructuring were appointed joint liquidators of the company on
Feb. 22.
Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.
VITAMINSMART LTD: Taps Joint Administrators from Begbies Traynor
----------------------------------------------------------------
Scott McGregor and Kenneth Wilson Pattulo of Begbies Traynor
were appointed joint administrators of Vitaminsmart Ltd.
(Company Number 04735395) on Feb. 13.
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:
Vitaminsmart Ltd.
5 Wycombe Road
Princes Risborough
Buckinghamshire
HP27 0EE
England
Tel: 01844 346 888
WENDY SYRED: Names Timothy Alexander Close as Administrator
-----------------------------------------------------------
Timothy Alexander Close of Milsted Langdon was named
administrator of Wendy Syred Ltd. (Company Number 04979231) on
Feb. 19.
The administrator can be reached at:
Timothy Alexander Close
Milsted Langdon
Winchester House
Deane Gate Avenue
Tunton
Somerset
TA1 2UH
England
Tel: 01823 445566
Fax: 01823 445555
The company can be reached at:
Wendy Syred Ltd.
Yarde Place
Taunton
Somerset
TA1 1UR
England
Tel: 01823 325 685
WHAT C: Hires Liquidator from Griffin & King
--------------------------------------------
Timothy Frank Corfield of Griffin & King was appointed
liquidator of What C Exhibitions Ltd. (formerly Advicemine Ltd.)
on Feb. 28 for the creditors' voluntary winding-up procedure.
The company can be reached at:
What C Exhibitions Ltd.
Unit 24 Stockwood Business Park
Stockwood
Redditch
Worcestershire
B96 6SX
England
Tel: 01386 793 616
Fax: 01386 793 616
WIDDOWSON DALEBROOK: Taps Grant Thornton to Administer Assets
-------------------------------------------------------------
Leslie Ross and Keith Hinds of Grant Thornton U.K. LLP were
appointed joint administrators of Widdowson Dalebrook Engineers
Ltd. (Company Number 00758344) on Feb. 16.
Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting, and valuation services.
The company can be reached at:
Widdowson Dalebrook Engineers Ltd.
Basford Road
Crewe
Cheshire
CW2 6ES
England
Tel: 01270 661 111
Fax: 01270 662 216
ZONEONE TRADING: Appoints Paul James Fleming as Liquidator
----------------------------------------------------------
Paul James Fleming of Parkin S. Booth & Co. was appointed
liquidator of Zoneone Trading Ltd. on Feb. 22 for the creditors'
voluntary winding-up procedure.
Parkin S. Booth & Co http://www.parkinsbooth.co.uk/-- deals
entirely with insolvency practice.
The company can be reached at:
Zoneone Trading Ltd.
4 Middleton Gardens
Middleton
Manchester
Lancashire
M24 4DF
England
Tel: 0161 654 6111
*********
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,
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members of the same firm for the term of the initial
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