/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070328.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 Wednesday, March 28, 2007, Vol. 8, No. 62 Headlines A U S T R I A AURA KACHELOEFEN: Wiener Neustadt Court Orders Business Closure CHRISTINA TINTEANU: Salzburg Court Orders Business Shutdown DIE PROFIS: Claims Registration Period Ends April 23 HACKL TRANSPORTE: Claims Registration Period Ends April 25 K & K LLC: Claims Registration Period Ends April 23 ON THE AGE: Vienna Court Orders Business Shutdown ROOTS NEW: Claims Registration Period Ends April 30 SPEDITION KRAUTGARTNER: Claims Registration Period Ends April 30 B E L G I U M GENERAL MOTORS: Awards Stock Grants to Executives GENERAL MOTORS: Annual Stockholders' Meeting Scheduled on June 5 GOODYEAR TIRE: Sells Unit to Carlyle Group for US$1.475 Billion SOLUTIA INC: Saflex Unit Opens New Manufacturing Line in Belgium G E R M A N Y BAD KOMFORT: Claims Registration Period Ends May 16 BEEKEN FLEISCHWAREN: Claims Registration Period Ends May 15 CRONE BIKES: Creditors' Meeting Slated for April 19 DAIMLERCHRYSLER AG: General Motors Will Not Bid for Chrysler DAIMLERCHRYSLER: Delays Filing First Quarter Report to May 15 DEIKO GESELLSCHAFT: Creditors' Meeting Slated for April 26 ECKHARD HENN: Claims Registration Period Ends May 9 GOOS GMBH: Claims Registration Period Ends May 10 GROHNER HANDELSGESELLSCHAFT: Creditors' Meeting Set for April 26 HERTWIG & FRANGOULIS: Claims Registration Period Ends May 18 HYDRA GMBH: Claims Registration Period Ends April 24 KMR UMWELT: Creditors Must Register Claims by May 4 MALERMEISTER KARL: Creditors' Meeting Slated for June 5 MDPRINT MEDIENCENTER: Claims Registration Ends April 30 MEGA COM: Claims Registration Ends May 8 MEMO METALLBAU: Claims Registration Period Ends April 10 MR. CLEAN: Claims Registration Ends May 8 MTS-MOEBEL TRANSPORT: Claims Registration Period Ends April 16 MUELLER HANDELS: Claims Registration Ends May 4 NATURSTAMMHAUS HERMESKEIL: Creditors' Meeting Set for April 17 NITROIL EUROPE: Claims Registration Period Ends April 20 OST-LEAS DEUTSCHLAND: Creditors Must Register Claims by May 16 RAUMDESIGN SCHLEISIEK: Creditors Must Register Claims by May 15 REINDL FAHRSERVICE: Creditors Must Register Claims by May 23 REINE STEINE: Creditors Must Register Claims by May 21 REITZIG GMBH: Creditors Must Register Claims by April 18 S.R.V. GMBH: Claims Registration Period Ends May 26 SARAY GROSSHANDEL: Claims Registration Period Ends April 25 STEFFENS DER: Claims Registration Period Ends May 10 TEPPICH CENTER: Claims Registration Period Ends May 2 TERRA VERDE: Claims Registration Period Ends May 10 TUEREN STUDIO: Claims Registration Period Ends April 19 TUSSEX BUEYUEKYILMAZ: Claims Registration Period Ends May 15 WALTER THEILEN: Claims Registration Period Ends May 8 H U N G A R Y AES CORPORATION: Gets Waivers from Majority of Lenders I R E L A N D EUROMAX VI: S&P Rates EUR3 Million Class F Notes at BB I T A L Y FIAT SPA: CEO Sergio Marchionne Warns Cutback on Production POPOLARE ITALIANA: Reduced Profit Spurs Firm to Cancel Dividend POPOLARE DI INTRA: Fitch Lifts Ratings to D with Stable Outlook VENETO BANCA: Fitch Affirms BB Support Ratings on Intra Control K A Z A K H S T A N AK-BARYS-TRADE LLP: Creditors Must File Claims by May 8 DRUJBA-KI LLP: Creditors' Claims Due May 4 MARHABAT & K: Proof of Claim Deadline Slated for May 4 MARINE LINE: Claims Registration Ends May 4 NEFTEBAZA LLP: Claims Filing Period Ends May 4 ORAL TELEVISION: Creditors Must File Claims by May 4 OTAN-ORDA LLP: Creditors' Claims Due May 4 SKIF LTD: Proof of Claim Deadline Slated for May 4 STROYLAND PV: Claims Registration Ends May 4 VITA CLINIC: Claims Filing Period Ends May 2 K Y R G Y Z S T A N AKTAN TRADERS: Claims Filing Period Ends May 8 CENTURY LLC: Creditors Must File Claims by May 8 IMPEKS-OSH LLC: Claims Registration Ends May 8 KYRGYZKOMUR CORP: Final Creditors' Meeting Slated for April 2 RAMZDEN-TRANS LLC: Creditors' Claims Due May 8 N E T H E R L A N D S PANGAEA ABS: Fitch Rates EUR5-Million Class F Notes at BB- X5 RETAIL: Postpones RUR25-Billion Callable Bond Issue R U S S I A ALDAN-GOLD-WOOD: Creditors Must File Claims by May 10 CORAL LLC: Creditors Must File Claims by April 10 EAST-URAL-OIL: Asset Bidding Deadline Slated for April 5 GAZPROM NEFT: In Talks to Upgrade North Korean Seung-ri Refinery GREVI LLC: Creditors Must File Claims by May 10 IMPULSE CJSC: Creditors Must File Claims by April 10 KARASEVSKIY POTTERY: Creditors Must File Claims by May 10 KARSUNSKIY OJSC: Creditors Must File Claims by April 10 KUBAN-ECO LLC: Court Names E. Leyliyan as Insolvency Manager LENINOGORSKIY INSTRUMENT: Bankruptcy Hearing Slated for June 5 LIPETSKCOMBANK: S&P Puts C Short-Term Counterparty Credit Rating PARANGINSKIY AGRO-SNAB: Creditors Must File Claims by April 10 PERVOMAYSKAYA LLC: Creditors Must File Claims by April 10 PROJECT-INVEST LLC: Moscow Bankruptcy Hearing Slated for June 5 ROSNEFT OIL: Buys Own Stake for RUR197.84 Bln in Yukos Auction ROSNEFT OIL: Inks Delivery Deal with Unipec; May Eye Yukos Unit RYZDVYANENSKIY COMBINE: Creditors Must File Claims by May 10 SEVERSTAL OAO: Vorkutaugol Unit Names New Director General STEKLYANSKOYE CJSC: Creditors Must File Claims by April 10 TNK-BP HOLDING: Rosneft Outbids Firm in Yukos' Share Auction VESTA OJSC: Creditors Must File Claims by May 10 VIMPEL-COMMUNICATIONS: Armenian Govt. Re-Offers Armentel Stake X5 RETAIL: Postpones RUR25-Billion Callable Bond Issue YUKOS OIL: Rosneft Wins Auction to Repurchase 9.44 Percent Stake YUKOS OIL: Rosneft Oil May Bid for Yukos Transservis Unit YUKOS OIL: Auctioning Two Bank Stakes Next Month S L O V A K R E P U B L I C DRUKOS AS: Creditors' Meeting Set for March 30 S P A I N AFINSA BIENES: Former Chairman Plans to Sue Spanish Government S W I T Z E R L A N D ARTVERTISING JSC: Creditors' Liquidation Claims Due April 10 BUHOLZER HOLZBAU: Creditors' Liquidation Claims Due April 10 COLONIE DU CHALET: Creditors' Liquidation Claims Due April 10 CONTINENTAL TRUST: Creditors' Liquidation Claims Due April 11 IMMOBILIEN GRUNAU: Creditors' Liquidation Claims Due April 10 ISMAG JSC: Creditors' Liquidation Claims Due April 10 KOLUMBUS REISEN: Creditors' Liquidation Claims Due April 10 MSC MANAGEMENT: Creditors' Liquidation Claims Due April 6 ROTWAND IMMO: Creditors' Liquidation Claims Due April 10 TBBH INVESTMENTS: Creditors' Liquidation Claims Due April 10 U K R A I N E CHUGUEV AGRARIAN: Creditors Must Register Claims by March 31 DWELLING COMPLEX: Bar Date for Submission of Claims Set March 31 FEMIDA CJSC: Creditors Must File Proofs of Claim by March 31 GNIEVAN BEARING: Creditors Must File Proofs of Claim by March 31 KRYM SALT: Creditors Must File Proofs of Claim by March 31 MECHANICAL COLUMN 49: Creditors Must File Claims by March 31 METAL CHEMISTRY: Claims Filing Bar Date Set March 31 SEMENOV SHOE: Creditors Must File Proofs of Claim by March 31 TIMUR LLC: Creditors Must File Proofs of Claim by March 31 U N I T E D K I N G D O M ABSOLUTE @ 72: Creditors' Meeting Slated for April 3 ACTIONJACK LTD: Manchester Court Winds Up Business AEROBOX PLC: Board Fails to Secure Rescue Financing ANGLIAN FLEXIBLE: Names Peter Anthony Johnson Liquidator BLOOMFIELD DENTAL: Creditors' Meeting Slated for April 3 BOOM PROPERTY: Appoints Liquidator from Findlay James COLLINS & AIKMAN: Former CEO Charged with Securities Fraud COLLINS & AIKMAN: Inks Non-Prosecution Agreement with DOJ CORUS GROUP: Confirms Issuance of Ordinary Shares & Bonds DEARLE & HENDERSON: Brings In Ernst & Young as Administrators DENBUR FOODS: Hires Liquidator from Begbies Traynor DOLE FOOD: Posts US$89 Million Net Loss in Full Year 2006 DUCT VENT: Creditors' Meeting Slated for April 11 EAVE PROJECTS: Creditors' Meeting Slated for April 12 ELECTRACOM UK: Creditors' Meeting Slated for April 10 ELLIS HILL: Appoints KPMG to Administer Assets EMI GROUP: Reaches Napster Suit Agreement with Bertelsmann AG FLYING FOX: Taps Liqudator from Bishop Fleming GLOBALSTORM LTD: Brings In Begbies Traynor as Administrators HAMILTON FORBES: Manchester Court Closes Down Business HOMECHARM WINDOWS: Joint Liquidators Take Over Operations HOTELOC PLC: S&P Keeps Junk Ratings on Class E Notes JOHN KING: Claims Filing Period Ends June 16 KP RENEWABLES: Seeks Relisting of Shares on AIM MANOR BUILDERS: Creditors' Meeting Slated for April 5 MOTT CENTRE: Creditors' Meeting Slated for April 10 PENTOY LTD: M. T. Coyne Leads Liquidation Procedure PJP LTD: Taps BDO Stoy as Joint Administrators PRICE CHAMBERLAIN: Manchester Court Closes Down Business PULS CDO: S&P Rates EUR7.2 Million Class E Notes at BB R D PUTNAM: Claims Filing Period Ends April 9 REFCO INC: Administrators Want Protocol on 140 Related Claims RIVELIN INSTALLATIONS: Creditors' Meeting Slated for April 3 SCOTTISH RE: Preferred Shareholders to Get US$0.4531 Dividend SCREEN 4 HEALTH: Taps Joint Administrators from Tenon Recovery SKYEPHARMA PLC: Completes Disposal of Injectable Business SOLUTIA INC: Saflex Unit Opens New Manufacturing Line in Belgium TOREX RETAIL: May Break Banking Pacts Due to Low Profit Levels TPACK LTD: Brings In Liquidator from Daly & Co. UNIVERSAL: Manchester Court Winds Up Business WATERGATE INNS: Creditors Confirm Liquidator's Appointment * FTI Consulting Promotes 17 Employees to Senior Level Positions ********* ============= A U S T R I A ============= AURA KACHELOEFEN: Wiener Neustadt Court Orders Business Closure --------------------------------------------- The Land Court of Wiener Neustadt entered Feb. 26 an order closing the business of LLC Aura Kacheloefen (FN 148477z). Court-appointed estate administrator Petra Klingenschmid recommended the business closure after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Petra Klingenschmid Wassergasse 20 2500 Baden Austria Tel: 02252/252 991 Fax: 02252/252991-25 E-mail: office@aurednik.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 14 (Bankr. Case No. 11 S 17/07x). CHRISTINA TINTEANU: Salzburg Court Orders Business Shutdown ----------------------------------------------------------- The Land Court of Salzburg entered Feb. 26 an order shutting down the business of KEG Christina Tinteanu (FN 248971i). Court-appointed estate administrator Christian Adam 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. Christian Adam Sigmund Haffner-Gasse 3 5020 Salzburg Austria Tel: 0662-841222-0 Fax: 0662-841222-6 E-mail: info@ra-adam.at Headquartered in Salzburg, Austria, the Debtor declared bankruptcy on Feb. 22 (Bankr. Case No. 44 S 10/07f). DIE PROFIS: Claims Registration Period Ends April 23 ---------------------------------------------------- Creditors owed money by KEG Die PRofis Kress & Team (FN 471v) have until April 23 to file written proofs of claim to court- appointed estate administrator Peter Sommerer at: Dr. Peter Sommerer Nottendorfer Gasse 11 1030 Vienna Austria Tel: 503 17 90 Fax: 503 17 90 444 E-mail: peter.sommerer@at.pwcglobal.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on May 7 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 27 (Bankr. Case No. 3 S 31/07i). HACKL TRANSPORTE: Claims Registration Period Ends April 25 ---------------------------------------------------------- Creditors owed money by LLC Hackl Transporte & Spedition (FN 40624t) have until April 25 to file written proofs of claim to court-appointed estate administrator Axel Reckenzaun at: Dr. Axel Reckenzaun Annenstr. 10/I 8020 Graz Austria Tel: 0316/713353 Fax: 0316/71335330 E-mail: office@boehm-reckenzaun.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on May 8 for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 205 Hall K Second Floor Graz Austria Headquartered in Wundschuh, Austria, the Debtor declared bankruptcy on Feb. 28 (Bankr. Case No. 26 S 11/07y). K & K LLC: Claims Registration Period Ends April 23 --------------------------------------------------- Creditors owed money by LLC K & K (FN 254661b) have until April 23 to file written proofs of claim to court-appointed estate administrator Erwin Senoner at: Dr. Erwin Senoner c/o Dr. Georg Freimueller Alser Strasse 21 1080 Vienna Austria Tel: 406 05 51 Fax: 406 96 01 E-mail: kanzlei@jus.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on May 7 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 28 (Bankr. Case No. 3 S 32/07m). Georg Freimueller represents Dr. Senoner in the bankruptcy proceedings. ON THE AGE: Vienna Court Orders Business Shutdown ------------------------------------------------- The Trade Court of Vienna entered Feb. 27 an order closing the business of LLC on the age (FN 270562k). Court-appointed estate administrator Johannes Leon recommended the business closure after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Johannes Leon Reichsratsstrasse 5 1010 Vienna Austria Tel: 402 15 54 Fax: 402 15 54 54 E-mail: office@leonlaw.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 23 (Bankr. Case No. 6 S 25/07d). ROOTS NEW: Claims Registration Period Ends April 30 --------------------------------------------------- Creditors owed money by LLC Roots New Energy Drink (FN 255266t) have until April 30 to file written proofs of claim to court- appointed estate administrator Wolfgang Strasser at: Dr. Wolfgang Strasser Hauptplatz 11 4300 St. Valentin Austria Tel: 07435/52437 Fax: 5243721 E-mail: ra-strasserwolf@rechtsanwaelte.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:30 p.m. on May 15 for the examination of claims. The meeting of creditors will be held at: The Land Court of Steyr Hall 7 Second Floor Steyr Austria Headquartered in Salzburg, Austria, the Debtor declared bankruptcy on Feb. 26 (Bankr. Case No. 14 S 5/07v). SPEDITION KRAUTGARTNER: Claims Registration Period Ends April 30 ---------------------------------------------------------------- Creditors owed money by KG Spedition Krautgartner (FN 267463d) have until April 30 to file written proofs of claim to court- appointed estate administrator Alexander Hacker at: Dr. Alexander Hacker Mirabellplatz 6 Second Floor 5020 Salzburg Austria Tel: 0662-881367 Fax: 0662-881367-22 E-mail: fussenegger.partner@eunet.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on May 10 for the examination of claims. The meeting of creditors will be held at: The Land Court of Salzburg Room 221 Second Floor Salzburg Austria Headquartered in Anthering, Austria, the Debtor declared bankruptcy on Feb. 26 (Bankr. Case No. 23 S 11/07y). ============= B E L G I U M ============= GENERAL MOTORS: Awards Stock Grants to Executives ------------------------------------------------- General Motors Corporation is giving bonuses in the form of stock to Chairman and Chief Executive Rick Wagoner and other top executives, the Wall Street Journal reports. Filings with the U.S. Securities and Exchange Commission show that Mr. Wagoner received restricted stock valued at US$2.8 million and 500,000 options. A total of 18 executives also disclosed equity grants in separate filings, the WSJ relates. The move, according to WSJ, could cause difficulties in the company's efforts to get additional concessions from its biggest U.S. labor union. Citing company spokeswoman Renee Rashid-Merem, WSJ relates that GM's board makes a decision annually on granting stock-based compensation. Executive compensation had undergone scrutiny in recent years due to the company's sinking financial position. WSJ further relates that these executives also receive stock grants: * Vice Chairman Bob Lutz with 60,000 restricted stock units valued at US$1.8 million and 250,000 options, * Chief Financial Officer Frederick Henderson with 60,000 restricted stock units valued at US$1.8 million and 250,000 options; * North American Chief Troy Clarke with 45,000 restricted stock units valued at US$1.32 million and 50,000 options; and * Europe Chief Carl-Peter Forster with 40,000 restricted stock units valued at US$1.17 million and 40,000 options. The value of the restricted stock units was calculated based on the closing price of US$29.35 as of March 20, 2007. Restricted stock units vest in equal installments every year over five years, while their option awards vest annually in three equal installments over three years while the options have an exercise price of US$29.11 each, and expire in 2017, WSJ reports. About General Motors Corp. General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's largest automaker and has been the global industry sales leader since 1931. Founded in 1908, GM employs about 284,000 people around the world. It has manufacturing operations in 33 countries including Belgium, France, Germany, India, Mexico, and its vehicles are sold in 200 countries. GM sells cars and trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and Vauxhall. * * * As reported in the Troubled Company Reporter on Dec. 15, 2006, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with negative implications, where they were placed March 29, 2006. S&P said the outlook is negative. As reported in the Troubled Company Reporter on Nov. 14, 2006, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the US$1.5 billion secured term loan of General Motors Corp. As reported in the Troubled Company Reporter on Nov. 14, 2006, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the US$1.5 billion secured term loan of General Motors Corp. GENERAL MOTORS: Annual Stockholders' Meeting Scheduled on June 5 ---------------------------------------------------------------- General Motors Corporation will hold its annual meeting of stockholders at 9:00 a.m., on June 5 at the Hotel du Pont, 11th and Market Streets in Wilmington, Delaware. At the meeting, stockholders will be asked to vote on: * The election of directors for the next year; * The ratification of the selection of independent public accountants for the next year; * The approval of the 2007 Annual Incentive Plan; * The approval of the 2007 Long-Term Incentive Plan; and * Ten stockholder proposals, if they are properly presented at the meeting. Holders of GM Common Stock at the close of business on April 9 will be entitled to vote at the meeting. A full-text copy of the definitive proxy statement for the annual meeting is available for free at: http://ResearchArchives.com/t/s?1c1f About General Motors Corp. General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's largest automaker and has been the global industry sales leader since 1931. Founded in 1908, GM employs about 284,000 people around the world. It has manufacturing operations in 33 countries including Belgium, France, Germany, India, Mexico, and its vehicles are sold in 200 countries. GM sells cars and trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and Vauxhall. * * * As reported in the Troubled Company Reporter on Dec. 15, 2006, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with negative implications, where they were placed March 29, 2006. S&P said the outlook is negative. As reported in the Troubled Company Reporter on Nov. 14, 2006, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the US$1.5 billion secured term loan of General Motors Corp. As reported in the Troubled Company Reporter on Nov. 14, 2006, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the US$1.5 billion secured term loan of General Motors Corp. GOODYEAR TIRE: Sells Unit to Carlyle Group for US$1.475 Billion --------------------------------------------------------------- The Goodyear Tire & Rubber Company has agreed to sell substantially all of its Engineered Products business to EPD, Inc., an entity sponsored by Carlyle Partners IV, L.P., for US$1.475 billion, subject to certain post-closing adjustments. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals as well as EPD's completion of a labor agreement with the United Steelworkers union. As part of the transaction, Goodyear has agreed to a trademark licensing agreement with EPD to use the Goodyear brand and certain other trademarks in connection with the Engineered Products business. Goodyear expects to record a gain on the sale, the amount of which has not yet been finalized. "This transaction reinforces our focus on our core consumer and commercial tire businesses and on improving our balance sheet," said Robert J. Keegan, Goodyear chairman and chief executive officer. "We anticipate using the proceeds for purposes including reducing debt, addressing legacy obligations and supporting growth in our tire businesses." Specific plans regarding debt reduction and investments will be announced at a later date. "Engineered Products is a successful business with outstanding associates who have made important contributions to Goodyear. We thank them for these contributions," Mr. Keegan added. "I'm confident the resources and business philosophy of Carlyle will support Engineered Products' growth and continued success going forward." Timothy R. Toppen, president, Goodyear Engineered Products, said the transaction will not interfere with its daily operations or on meeting customer needs. "The cornerstone of our operating philosophy stays intact - we want to help our customers grow their businesses for the long- term," Mr. Toppen said. About The Carlyle Group The Carlyle Group is one of the world's largest private equity firms with US$54.5 billion under management, investments in more than 185 companies and 750 employees in 16 countries. In the aggregate, Carlyle portfolio companies have more than US$68 billion in revenue and employ more than 200,000 people around the world. About Goodyear Engineered Products Goodyear Engineered Products operates 32 facilities in 12 countries and has approximately 6,500 associates. It manufactures and markets engineered rubber products for industrial, military, consumer and transportation original equipment end-users. The product portfolio of the business includes hose, conveyor belts, power transmission products, rubber track, molded products and air springs. In 2006, Engineered Products had sales of approximately US$1.5 billion. About The Goodyear Tire & Rubber Company Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE: GT) -- http://www.goodyear.com/-- is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. Goodyear Tire has marketing operations in almost every country around the world including Chile, Colombia, Guatemala and Peru in Latin America. Goodyear employs more than 80,000 people worldwide. The company's European operation is headquartered in Belgium. * * * As reported in the Troubled Company Reporter on March 15, 2007, Fitch Ratings affirmed ratings for The Goodyear Tire & Rubber Company and revised the Rating Outlook to Stable from Negative. The ratings affirmed are: Issuer Default Rating at 'B'; US$1.5 billion first lien credit facility at 'BB/RR1'; US$1.2 billion second lien term loan at 'BB/RR1'; US$300 million third lien term loan at 'B/RR4'; US$650 million third lien senior secured notes at 'B/RR4'; and Senior unsecured debt at 'CCC+/RR6'. SOLUTIA INC: Saflex Unit Opens New Manufacturing Line in Belgium ---------------------------------------------------------------- The Saflex(r) unit of Solutia Inc. broke ground Monday, March 26, for a new manufacturing line at its plant in Ghent, Belgium. This project marks another major step in Solutia's global investment program for its Saflex(r) PVB interlayers. "For 80 years, Solutia and its corporate predecessors have driven innovation in glass interlayers," Luc De Temmerman, president of Solutia's Performance Products Division, said. "As demand from our customers continues to grow, we are making significant investments in each world region to ensure capacity is in place to meet the demand. This project is a key part of our growth strategy for the Saflex business, allowing us to continue our commitment of providing the highest degree of responsiveness, quality and innovation to our customers on every continent." The new Ghent manufacturing line will produce 3.2-meter-wide rolls of Saflex PVB interlayers. These specific interlayers are used primarily to make laminated glass for the growing European architectural market. The new line also will provide Saflex with greater flexibility in how it operates its plants worldwide. "The third Saflex manufacturing line at Ghent is an important step forward in our strategy to optimize our production on a global scale," Dirk Duquet, vice president of manufacturing excellence for Saflex, said. "Along with our 2006 acquisition of the plant in Puebla, Mexico, and the new plant under construction in Suzhou, China, the expansion at Ghent will help us achieve the highest quality and lowest cost production for our customers in every world area." The new manufacturing line is being constructed at the Saflex Ghent plant, leveraging existing infrastructure and the plant's 40-plus years of experience in manufacturing Saflex products. In addition, the new line will employ the latest technology, enabling the production process to be highly automated. "Our customers recognize the Ghent plant as a trusted supplier of the world's premier PVB interlayers," Mr. Duquet added, "and this expansion will enable us to very efficiently take that tradition of quality to an even greater scale." The Saflex Ghent plant employs 300 people and began operation in 1961. The plant maintains ISO 14001 registration for its environmental management systems, OSHAS 18001 registration for its occupational safety and health management systems, as well as several registrations for its quality management systems, including QS 9000, ISO 9001 and TS 16949. Saflex manufactures PVB interlayers at Ghent, Belgium; Puebla, Mexico; San Jose Dos Campos, Brazil; Springfield, Mass., USA; and Trenton, Mich., USA. It also operates a PVB finishing and distribution center in Singapore. A new plant for Saflex PVB interlayers in Suzhou, China, will begin production later this year. With 80 years of experience in developing glass interlayers, Saflex is the world's largest producer and seller of PVB interlayers, and is known as the global leader in PVB innovation, quality and reliability. When laminated between layers of glass, PVB interlayers greatly enhance the performance characteristics of glass, providing benefits such as security, solar protection, sound attenuation and safety. Laminated glass made with Saflex PVB is used extensively in both the automotive and architectural markets. 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. ============= G E R M A N Y ============= BAD KOMFORT: Claims Registration Period Ends May 16 --------------------------------------------------- Creditors of Bad Komfort GmbH have until May 16 to register their claims with court-appointed insolvency manager Adolf Sirrenberg. Creditors and other interested parties are encouraged to attend the meeting at 9:35 a.m. on June 27, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt (Main) Hall 1 Building F Klingerstrasse 20 60313 Frankfurt (Main) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Adolf Sirrenberg Landgraf-Philipp-Strasse 9 60431 Frankfurt (Main) Germany The District Court of Frankfurt (Main) opened bankruptcy proceedings against Bad Komfort GmbH on March 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Bad Komfort GmbH Privatstrasse 1 65795 Hattersheim Germany Attn: Francesco Maria Varvara, Manager Wallgraben 7 61476 Kronberg Germany BEEKEN FLEISCHWAREN: Claims Registration Period Ends May 15 ----------------------------------------------------------- Creditors of Beeken Fleischwaren GmbH have until May 15 to register their claims with court-appointed insolvency manager Bernhard Schuering. Creditors and other interested parties are encouraged to attend the meeting at 3:00 p.m. on June 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 Oldenburg Meeting hall Second Floor Elisabethstrasse 6 26135 Oldenburg 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: Bernhard Schuering Eichenstrasse 77 a 26131 Oldenburg Germany Tel: 0441 3618450 Fax: 0441 36184520 The District Court of Oldenburg opened bankruptcy proceedings against Beeken Fleischwaren GmbH on March 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Beeken Fleischwaren GmbH Feldweg 28 26689 Apen-Augustfehn Germany Attn: Rolf Beeken, Manager Feldweg 30 26689 Apen-Augustfehn Germany CRONE BIKES: Creditors' Meeting Slated for April 19 --------------------------------------------------- The court-appointed insolvency manager for Crone Bikes GmbH, Haro Helms, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m. on April 19. 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 10:00 a.m. on June 14, at the same venue. Creditors have until May 1 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Haro Helms Schillerstr. 10 28195 Bremen Germany Tel: 0421/337790 Fax: 0421/3377933 E-mail: helms@dr-stankewitz.de Web site: http://www.dr-stankewitz.de/ The District Court of Bremen opened bankruptcy proceedings against Crone Bikes GmbH on March 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Crone Bikes GmbH Dortmunder Str. 8 28199 Bremen Germany Attn: Peer Crone, Manager Felde 1 27211 Bassum Germany DAIMLERCHRYSLER AG: General Motors Will Not Bid for Chrysler ------------------------------------------------------------ General Motors Corp. will not join in the first round of bidding for DaimlerChrysler AG's Chrysler Group because it had no need for extra capacity, Reuters reports citing the New York Times as its source. Meanwhile, a report from Bear Stearns & Co. said GM's acquisition of Chrysler would probably face difficulty in gaining approval from antitrust authorities since it would give the combined company a high market share in light trucks, The Wall Street Journal reports. Bear Stearns' report said that the new entity could overcome antitrust concerns in passenger cars but could face problems in pick up trucks, sports-utility vehicles and minivans, WSJ notes. According to figures from Autodata Corp. in a report carried by WSJ, market share for pickup truck sales show: Carmaker Pickup Truck Sales Shares -------- ------------------------- GM 38.2% Chrysler 16.4% Ford Motor Co. 36.5% Toyota Motor Corp. 5.6% Nissan Motor Co. 3.3% Bear Stearns also said it believes an acquisition of Chrysler "could do more harm than good for GM's ongoing turnaround." The report noted a combination of GM and Chrysler would increase GM's exposure to the highly competitive U.S. market, WSJ adds. About DaimlerChrysler Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA: DCX) -- 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: Delays Filing First Quarter Report to May 15 ------------------------------------------------------------- DaimlerChrysler AG will not publish its interim report on the first quarter of 2007 on April 26, 2007, as was originally planned, but on May 15, 2007. The change of date has been caused solely by delays with the preparation of the financial statements for the year 2006 and with the parallel work for the International Financial Reporting Standards financial statements, which have also had an impact on the timeframe for the quarterly financial statements. DaimlerChrysler previously disclosed that it will change over its accounting and financial reporting from U.S. generally accepted accounting principles to International Financial Reporting Standards, in the 2007 financial year. For comparative reasons, this also necessitates the preparation of retroactive IFRS financial statements for the year 2006. The change of schedule was caused by delays with the preparation of the financial statements for the year 2006 according to U.S. GAAP and IFRS in the first two months of this year. It was not possible to compensate for these delays in the following weeks. As a first step, DaimlerChrysler intends to publish its consolidated financial statements for the year 2006 according to IFRS on April 26, 2007. The interim report on the first quarter of 2007 is to follow on May 15, 2007. About DaimlerChrysler Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA: DCX) -- 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. DEIKO GESELLSCHAFT: Creditors' Meeting Slated for April 26 ---------------------------------------------------------- The court-appointed insolvency manager for Deiko Gesellschaft fuer Anlageberatung und Vermoegensverwaltung mbH, Rolf Nacke, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:45 a.m. on April 26. 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 10:00 a.m. on Sept. 13, at the same venue. Creditors have until June 20 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Rolf Nacke Gross-Berliner Damm 73 c 12487 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Deiko Gesellschaft fuer Anlageberatung und Vermoegensverwaltung mbH on March 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Deiko Gesellschaft fuer Anlageberatung und Vermoegensverwaltung mbH Karl-Marx-Str. 256 12057 Berlin Germany ECKHARD HENN: Claims Registration Period Ends May 9 --------------------------------------------------- Creditors of Eckhard Henn GmbH have until May 9 to register their claims with court-appointed insolvency manager Klaus-Werner Bonow. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 30, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wilhelmshaven Hall 109 Old Building Marktstrasse 15 26382 Wilhelmshaven Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Klaus-Werner Bonow Alter Markt 10 D 26441 Jever Germany Tel: 04461/2046 Fax: 04461/72220 E-mail: KlausBonow@t-online.de The District Court of Wilhelmshaven opened bankruptcy proceedings against Eckhard Henn GmbH on March 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Eckhard Henn GmbH Attn: Eckhard Henn, Manager Wittmunder Strasse 20 26441 Jever Germany GOOS GMBH: Claims Registration Period Ends May 10 ------------------------------------------------- Creditors of Goos GmbH have until May 10 to register their claims with court-appointed insolvency manager Oliver Liersch. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on June 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 Gifhorn Hall 118 Schlossgarten 4 38518 Gifhorn 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 Liersch Schultze & Braun Rechtsanwaltsgesellschaft mbH Karl-Wiechert-Allee 1 c 30625 Hannover Germany Tel: 0511/554706-0 Fax: 0511/554706-99 E-mail: OLiersch@schubra.de The District Court of Gifhorn opened bankruptcy proceedings against Goos GmbH on March 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Goos GmbH Attn: Richard Goos, Manager Goerlitzer Str. 20 31226 Peine Germany GROHNER HANDELSGESELLSCHAFT: Creditors' Meeting Set for April 26 ---------------------------------------------------------------- The court-appointed insolvency manager for Grohner Handelsgesellschaft mbH, Frank-Michael Rhode, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:30 a.m. on April 26. 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 9:30 a.m. on July 26, at the same venue. Creditors have until June 12 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Frank-Michael Rhode Graf-Moltke-Str. 62 28211 Bremen Germany Tel: 0421/3485212/213 Fax: 0421/341078 E-mail: info@rhode.de Web site: http://www.rhode.de/ The District Court of Bremen opened bankruptcy proceedings against Grohner Handelsgesellschaft mbH on March 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Grohner Handelsgesellschaft mbH Friedrichsdorfer Str. 52 28759 Bremen Germany Attn: Filiz Sivrel, Manager Grohner Kamp 2 28759 Bremen Germany HERTWIG & FRANGOULIS: Claims Registration Period Ends May 18 ------------------------------------------------------------ Creditors of Hertwig & Frangoulis Derivative Tradinggesellschaft mbH have until May 18 to register their claims with court- appointed insolvency manager Rolf G. Pohlmann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Rolf G. Pohlmann Richard-Strauss-Str. 69 81677 Munich Germany The District Court of Munich opened bankruptcy proceedings against Hertwig & Frangoulis Derivative Tradinggesellschaft mbH on March 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Hertwig & Frangoulis Derivative Tradinggesellschaft mbH Kolpingring 4 82041 Oberhaching Germany Attn: Joachim Lorenz, Manager Gabriel-von-Seidl-Str. 59 82031 Gruenwald Germany HYDRA GMBH: Claims Registration Period Ends April 24 ---------------------------------------------------- Creditors of Hydra GmbH have until April 24 to register their claims with court-appointed insolvency manager Markus Merbecks. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on June 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 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 contacted at: Markus M. Merbecks Leipziger Strasse 58 09113 Chemnitz Germany Tel: (0371) 444610 Fax: (0371) 4446111 The District Court of Chemnitz opened bankruptcy proceedings against Hydra GmbH on March 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Hydra GmbH Schulstrasse 38 0912125 Chemnitz Germany Attn: Eberhard Krifter, Manager Bahnweg 23 A-4060 Leonding Germany KMR UMWELT: Creditors Must Register Claims by May 4 --------------------------------------------------- Creditors of KMR Umwelt GmbH have until May 4 to register their claims with court-appointed insolvency manager Friedrich Irschlinger. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Neustadt a. d. Wstr. C 9 Seitengebaude Robert-Stolz-Str. 20 67433 Neustadt a. d. Wstr. 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: Friedrich Irschlinger L 9, 11, D 68161 Mannheim Germany Tel: 0621/12796-0 Fax: 0621/1279611 The District Court of Neustadt a. d. Wstr. opened bankruptcy proceedings against KMR Umwelt GmbH on March 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KMR Umwelt GmbH Attn: Manuela Renfer-Stutz, Manager Schwetzinger Strasse 33 67157 Wachenheim Germany MALERMEISTER KARL: Creditors' Meeting Slated for June 5 ------------------------------------------------------- Creditors of Malermeister Karl Lang GmbH have until June 5 to register their claims with court-appointed insolvency manager Winther, Petzoldt, Barth und v. Einem. The Court will verify the claims set out in the insolvency manager's report at 10:00 a.m. on July 19 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 during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Bremen opened bankruptcy proceedings against Malermeister Karl Lang GmbH on Feb. 28. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Winther, Petzoldt, Barth und v. Einem Domsheide 3 28195 Bremen Germany Tel: 0421/2440090 Fax: 0421/24400929 E-Mail: dr.peters@dr-peters.org The Debtor can be reached at: Malermeister Karl Lang GmbH Attn: Karl Lang, Manager Essener Str. 40 28199 Bremen Germany MDPRINT MEDIENCENTER: Claims Registration Ends April 30 ------------------------------------------------------- Creditors of MDprint Mediencenter GmbH have until April 30 to register their claims with court-appointed insolvency manager Ruediger Wienberg. Creditors and other interested parties are encouraged to attend the meeting at 10:10 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 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 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: Ruediger Wienberg Giesebrechtstr. 1 10629 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against MDprint Mediencenter GmbH on March 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MDprint Mediencenter GmbH Ernst-Augustin-Str. 12 12489 Berlin Germany MEGA COM: Claims Registration Ends May 8 ---------------------------------------- Creditors of MEGA COM Handels-GmbH have until May 8 to register their claims with court-appointed insolvency manager Hans-Peter Lehner. Creditors and other interested parties are encouraged to attend the meeting at 10:05 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 Regensburg Room 105 Augustenstr. 5 Regensburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans-Peter Lehner Ditthornstr. 5 93055 Regensburg Germany Tel: 0941/640820-0 Fax: 0941/640820-10 The District Court of Regensburg opened bankruptcy proceedings against MEGA COM Handels-GmbH on March 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MEGA COM Handels-GmbH Von Kleist Str. 35 93138 Lappersdorf Germany MEMO METALLBAU: Claims Registration Period Ends April 10 -------------------------------------------------------- Creditors of MeMo Metallbau und Montageleistungen GmbH have until April 10 to register their claims with court-appointed insolvency manager Henning Schorisch. Creditors and other interested parties are encouraged to attend the meeting at 10:10 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 Dessau Hall 123 Willy-Lohmann-Str. 33 Dessau Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Dessau opened bankruptcy proceedings against MeMo Metallbau und Montageleistungen GmbH on March 2. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Henning Schorisch Leipziger Strasse 70 06108 Halle Germany Tel: 0345/678780 Fax: 0345/6787810 The Debtor can be reached at: MeMo Metallbau und Montageleistungen GmbH Markt 16 06385 Aken Germany Attn: Peter Weckerle, Manager genannt Stolze Hermann-Loens-Strasse 36 06385 Aken Germany MR. CLEAN: Claims Registration Ends May 8 ----------------------------------------- Creditors of Mr. Clean GmbH have until May 8 to register their claims with court-appointed insolvency manager Michael Woelte. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.m. on May 24, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Woelte Schuetzenbahn 60 45127 Essen Germany The District Court of Essen opened bankruptcy proceedings against Mr. Clean GmbH on March 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mr. Clean GmbH Strickerstr. 30 45329 Essen Germany Attn: Richard Winter, Manager Morsehofstr. 13 45138 Essen Germany MTS-MOEBEL TRANSPORT: Claims Registration Period Ends April 16 -------------------------------------------------------------- Creditors of MTS-Moebel Transport Service GmbH have until April 16 to register their claims with court-appointed insolvency manager Dr. Michael Jaffe. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on May 24, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Munich opened bankruptcy proceedings against MTS-Moebel Transport Service GmbH on Feb. 28. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Dr. Michael Jaffe Franz-Joseph-Str. 8 80801 Munich Germany Tel: 089/255487-00 Fax: 089/255487-10 The Debtor can be reached at: MTS-Moebel Transport Service GmbH Rappenweg 140 81829 Munich Germany MUELLER HANDELS: Claims Registration Ends May 4 ----------------------------------------------- Creditors of Mueller Handels Gesellschaft mbH have until May 4 to register their claims with court-appointed insolvency manager Hanns Poellmann. Creditors and other interested parties are encouraged to attend the meeting at 1:10 p.m. on May 30, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gera Room 310 Rudolf-Diener-Str. 1 Gera 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: Hanns Poellmann Blankenburger Str. 3 07318 Saalfeld Germany The District Court of Gera opened bankruptcy proceedings against Mueller Handels Gesellschaft mbH on March 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mueller Handels Gesellschaft mbH Attn: Sibylle Mueller, Manager Markt 3-5 07318 Saalfeld Germany NATURSTAMMHAUS HERMESKEIL: Creditors' Meeting Set for April 17 -------------------------------------------------------------- The court-appointed insolvency manager for Naturstammhaus Hermeskeil GmbH, Joerg A. Wunderlich, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on April 17. The meeting of creditors and other interested parties will be held at: The District Court of Trier Hall 63 Justizstrasse 2,4,6 54290 Trier Germany The Court will also verify the claims set out in the insolvency manager's report at 2:30 p.m. on May 15 at the same venue. Creditors have until April 12 to register their claims with the court-appointed insolvency manager. The District Court of Trier opened bankruptcy proceedings against Naturstammhaus Hermeskeil GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Joerg A. Wunderlich Bahnhofsplatz 8 54292 Trier Germany The Debtor can be reached at: Naturstammhaus Hermeskeil GmbH Industriegebiet Grafenwald 54411 Hermeskeil Germany Attn: Andreas Kaspar Jost, Manager In der Mess 9 66620 Nonnweiler-Kastel Germany NITROIL EUROPE: Claims Registration Period Ends April 20 -------------------------------------------------------- Creditors of Nitroil Europe Handels GmbH have until April 20 to register their claims with court-appointed insolvency manager Michael W. Scholz. Creditors and other interested parties are encouraged to attend the meeting at 9:40 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 Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Hamburg opened bankruptcy proceedings against Nitroil Europe Handels GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Michael W. Scholz Welckerstrasse 8 20354 Hamburg Germany The Debtor can be reached at: Nitroil Europe Handels GmbH Liebigstrasse 2- 20 22113 Hamburg Germany Attn: Werner Klockemann, Manager Zuckerkamp 3 21244 Buchholz Germany OST-LEAS DEUTSCHLAND: Creditors Must Register Claims by May 16 -------------------------------------------------------------- Creditors of Ost-Leas Deutschland Beteiligungsgesellschaft mbH have until May 16 to register their claims with court-appointed insolvency manager Henning Samisch. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Lueneburg Hall 302 Ochsenmarket 3 21335 Lueneburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Henning Samisch Muehlenkamp 59 D 22303 Hamburg Germany Tel: 040650390 Fax: 04065039199 The District Court of Lueneburg opened bankruptcy proceedings against Ost-Leas Deutschland Beteiligungsgesellschaft mbH on March 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ost-Leas Deutschland Beteiligungsgesellschaft mbH Hittfelder Kirchweg 10 21220 Seevetal Germany Attn: Carmen Hornbostel, Manager Fachenfelder Weg 125 D 21220 Seevetal Germany RAUMDESIGN SCHLEISIEK: Creditors Must Register Claims by May 15 --------------------------------------------------------------- Creditors of Raumdesign Schleisiek Handelsgesellschaft mbH have until May 15 to register their claims with court-appointed insolvency manager Erich Hoelzemann. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on June 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 Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Erich Hoelzemann Goethestrasse 2 59065 Hamm Germany The District Court of Dortmund opened bankruptcy proceedings against Raumdesign Schleisiek Handelsgesellschaft mbH on March 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Raumdesign Schleisiek Handelsgesellschaft mbH Hesslingsweg 5 44309 Dortmund Germany REINDL FAHRSERVICE: Creditors Must Register Claims by May 23 ------------------------------------------------------------ Creditors of Reindl Fahrservice GmbH have until May 23 to register their claims with court-appointed insolvency manager Stephan Mitlehner. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 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 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 reached at: Stephan Mitlehner Walter-Benjamin-Platz 6 10629 Berlin Germany The District Court of Postdam opened bankruptcy proceedings against Reindl Fahrservice GmbH on March 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Reindl Fahrservice GmbH Schulzendorfer Strasse 28 15806 Zossen OT Glienick Germany REINE STEINE: Creditors Must Register Claims by May 21 ------------------------------------------------------ Creditors of Reine Steine GmbH have until May 21 to register their claims with court-appointed insolvency manager Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court 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: Sebastian Henneke Adenauerallee 36 46399 Bocholt Germany Tel: 0 2871/2354877 Fax: +4928712354879 The District Court of Muenster opened bankruptcy proceedings against Reine Steine GmbH on March 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Reine Steine GmbH Hamalandstrauee 87a 46399 Bocholt Germany Attn: Hermann Sturm, Manager Werderstrauee 21 46397 Bocholt Germany REITZIG GMBH: Creditors Must Register Claims by April 18 -------------------------------------------------------- Creditors of Reitzig GmbH Zoologischer Grosshandel have until April 18 to register their claims with court-appointed insolvency manager Falk Eppert. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) 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: Falk Eppert Vietmannsdorfer Str. 23 17268 Templin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against Reitzig GmbH Zoologischer Grosshandel on March 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Reitzig GmbH Zoologischer Grosshandel Hauptstrasse 62 16348 Wandlitz OT Schoenwalde Germany S.R.V. GMBH: Claims Registration Period Ends May 26 --------------------------------------------------- Creditors of S.R.V. GmbH have until May 26 to register their claims with court-appointed insolvency manager Eberhard Stock. Creditors and other interested parties are encouraged to attend the meeting at 10:06 a.m. on June 1, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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 KrefeldDer Germany The District Court of Krefeld opened bankruptcy proceedings against S.R.V. GmbH on March 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: S.R.V. GmbH Attn: Hans Schillings, Manager Christenfeld 14 41379 Brueggen Germany SARAY GROSSHANDEL: Claims Registration Period Ends April 25 ----------------------------------------------------------- Creditors of Saray Grosshandel GmbH have until April 25 to register their claims with court-appointed insolvency manager Frank Kreuznacht. Creditors and other interested parties are encouraged to attend the meeting at 10:15 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 Muenster Meeting Hall 119 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Frank Kreuznacht Wolbecker Windmuehle 15 a 48167 Muenster Germany Tel: 02506/821-0 Fax: +492506821100 The District Court of Muenster opened bankruptcy proceedings against Saray Grosshandel GmbH on March 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Saray Grosshandel GmbH Eulerstrasse 15 48155 Muenster Germany Attn: Franco Cosentino, Manager Bahnhofstrasse 93 59759 Arnsberg Germany STEFFENS DER: Claims Registration Period Ends May 10 ---------------------------------------------------- Creditors of Steffens Der Kuechenprofi GmbH have until May 10 to register their claims with court-appointed insolvency manager Ingmar Jarchow. Creditors and other interested parties are encouraged to attend the meeting at 11:05 a.m. on June 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 Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ingmar Jarchow Heuberg 1 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Steffens Der Kuechenprofi GmbH on March 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Steffens Der Kuechenprofi GmbH Attn: Wolfgang Johannsen, Manager Kuehnstrasse 71 A 22045 Hamburg Germany TEPPICH CENTER: Claims Registration Period Ends May 2 ----------------------------------------------------- Creditors of Teppich Center Harburg GmbH have until May 2 to register their claims with court-appointed insolvency manager Joern Weitzmann. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on June 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 Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Joern Weitzmann Arnold-Heise-Strasse 9 20249 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Teppich Center Harburg GmbH on March 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Teppich Center Harburg GmbH Attn: Friedrich Koenig, Manager Grossmoorring 2, 21079 Hamburg Germany TERRA VERDE: Claims Registration Period Ends May 10 --------------------------------------------------- Creditors of Terra Verde Braunschweiger Gesellschaft fur Garten- und Landschaftsbau mbH have until May 10 to register their claims with court-appointed insolvency manager Kaufmann Joachim Schmitz. Creditors and other interested parties are encouraged to attend the meeting at 12:00 p.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 Braunschweig E 01 Martinikirche 8 38100 Braunschweig 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: Kaufmann Joachim Schmitz Immengarten 2 D 38104 Braunschweig Germany Tel: (05 31) 23 64 60 Fax: (05 31) 2 36 46 99 The District Court of Braunschweig opened bankruptcy proceedings against Terra Verde Braunschweiger Gesellschaft fur Garten- und Landschaftsbau mbH on March 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Terra Verde Braunschweiger Gesellschaft fur Garten- und Landschaftsbau mbH Attn: Thomas Stefan Hilscher Hamburger Strasse 273 a 38114 Braunschweig Germany TUEREN STUDIO: Claims Registration Period Ends April 19 ------------------------------------------------------- Creditors of Tueren Studio GmbH have until April 19 to register their claims with court-appointed insolvency manager Wilhelm Wessel. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 31, 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 Luebeck Hall E3 Am Burgfeld 7 23568 Luebeck 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. Wilhelm Wessel Roeckstr. 1 23568 Luebeck Germany The District Court of Luebeck opened bankruptcy proceedings against Tueren Studio GmbH on March 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tueren Studio GmbH Attn: Joerg Schmiedeke, Manager Grosse Burgstr. 39 23552 Luebeck Germany TUSSEX BUEYUEKYILMAZ: Claims Registration Period Ends May 15 ------------------------------------------------------------ Creditors of USSEX Bueyuekyilmaz GmbH have until May 15 to register their claims with court-appointed insolvency manager Harald Kroth. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Harald Kroth Eisenbahnstr. 19-23 77855 Achern Germany Tel: (07 8 41) 70 80 The District Court of Karlsruhe opened bankruptcy proceedings against USSEX Bueyuekyilmaz GmbH on March 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TUSSEX Bueyuekyilmaz GmbH Attn: Naim Bueyuekyilmaz, Manager Weinweg 43 76137 Karlsruhe Germany WALTER THEILEN: Claims Registration Period Ends May 8 ----------------------------------------------------- Creditors of Walter Theilen Maschinenbau GmbH have until May 8 to register their claims with court-appointed insolvency manager Dr. Joerg Behrends. Creditors and other interested parties are encouraged to attend the meeting at 3:30 p.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 of Nebenstelle Hall 2 Second Floor Elisabethstrasse 6 26135 Oldenburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Joerg Behrends Scheideweg 161 26127 Oldenburg Germany Tel: 0441 - 3616220 Fax: 0441 - 36162229 The District Court of Nebenstelle opened bankruptcy proceedings against Walter Theilen Maschinenbau GmbH on March 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Walter Theilen Maschinenbau GmbH Werrastrasse 11 26135 Oldenburg Germany Attn: Walter Theilen, Manager Eichenstrasse 36 26131 Oldenburg Germany ============= H U N G A R Y ============= AES CORPORATION: Gets Waivers from Majority of Lenders ------------------------------------------------------ AES Corporation obtained the necessary votes from a majority of its lenders under both the senior bank facility and the senior unsecured credit facility, to waive the respective events of default. Waivers have been executed with respect to each credit facility. Because the company has obtained these waivers, the company now has access to the credit available under its senior bank facility and senior unsecured credit facility. Restatements and Default As previously reported in the Troubled Company Reporter, the company said that it was restating its previously reported financial statements due to errors discovered by its management. As a result, it has delayed the filing of its Form 10-K for the year ending Dec. 31, 2006. The company further disclosed that as a result of the restatement, it was in default under its senior bank credit facility. A full-text copy of Amendment No. 10 and Waiver No. 6 dated as of March 22, 2007 to Third Amended and Restated Credit and Reimbursement Agreement is available for free at: http://ResearchArchives.com/t/s?1c2d A full-text copy of Waiver No. 2 dated as of March 22, 2007 to the Credit Agreement among The AES Corporation as Borrower, the Banks listed therein, and Merrill Lynch Capital Corporation as Administrative Agent, is available for free at: http://ResearchArchives.com/t/s?1c2e About AES Corporation AES Corporation -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia, and the Caribbean countries. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. AES has been in Eastern Europe for nearly ten years, since it acquired three power plants in Hungary in 1996. Currently, AES has two distribution companies in Ukraine, which serve 1.2 million customers and generation plants in the Czech Republic and Hungary. AES is also the leading company in biomass conversion in Hungary, generating 37% of the nation's total renewable generation in 2004. ============= I R E L A N D ============= EUROMAX VI: S&P Rates EUR3 Million Class F Notes at BB ------------------------------------------------------ Standard & Poor's Ratings Services assigned its preliminary credit ratings to the floating-rate notes to be issued by Euromax VI ABS Ltd., a special purpose entity. The transaction is a refinancing of Euromax MBS S.A., the first of the Euromax series, and Euromax II MBS S.A., both managed by Collineo Asset Management GmbH. Euromax VI is a securitization of a portfolio of CMBS, RMBS, and CDO assets managed by Collineo. The collateral manager has extensive experience with European ABS, and currently has 12 cash flow CDOs under management. Ratings List EUROMAX VI ABS Ltd. EUR430 Million Floating-Rate Notes Prelim. Prelim. Amount Class rating (Mln. EUR) ----- ------ -------------- X AAA 5 A AAA 333 B AA 37 C A 16 D BBB 16 E BB 3 Subordinated NR 20 ========= I T A L Y ========= FIAT SPA: CEO Sergio Marchionne Warns Cutback on Production ----------------------------------------------------------- Fiat S.p.A. CEO Sergio Marchionne cautioned a possible reduction on auto production in Europe resulting from the European Commission's plan to cap carbon-dioxide emission from cars, Budapest Business Journal reports. According to BBJ, the 27-nation European Union's regulatory arm commission is processing a legislation that would reduce carbon- dioxide discharges from cars in Europe to an average of 120 grams a kilometer in 2012. The commission also wants engine emissions to be reduced to 130 grams and an extra 10-gram cut to come from improvements in car parts and fuels. "The timelines that have been imposed and the size of the reduction are not technologically feasible," Mr. Marchionne, who is also president of the European Automobile Manufacturers Association, was quoted by BBJ as saying. "It is not doable at Fiat, it is not doable as a whole for the European car industry. We'll have to curtail production," he added. The proposal will need the support of EU governments and the European Parliament. The process of approval could last until 2009 or longer. "The industry does need lead time," Mr. Marchionne said. "This is not a grocery store. Cars being sold in 2012 are being worked on now," he added. Ratings agency Standard & Poor's stated that European carmakers' profits may be seriously undermined by the cost of the planned EU legislation. A limit on engine carbon-dioxide emissions of 130 grams a kilometer in 2012 may cost EUR600 to EUR3,000 per vehicle compared with average profit margin of less than EUR500 per unit, BBJ relates. According to Mr. Marchionne, the commission plan would be the most expensive way of cutting carbon-dioxide emissions from cars because it directs the burden mainly on the auto industry. 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. * * * Standard & Poor's Ratings Services raised its long-term corporate credit rating on Italian industrial group Fiat S.p.A. to 'BB' from 'BB-'. At the same time, Standard & Poor's affirmed its 'B' short-term rating on Fiat. S&P said the outlook is stable. Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from Stable. Its Issuer Default rating and senior unsecured rating are affirmed at BB-. The Short-term rating is affirmed at B. Around EUR6 billion of debt is affected by this rating action. The Troubled Company Reporter - Asia Pacific reported that Moody's Investors Service changed the outlook on Fiat SpA's Ba3 Corporate Family Rating to positive from stable and affirmed the long-term senior unsecured ratings as well as the short-term non-Prime rating. POPOLARE ITALIANA: Reduced Profit Spurs Firm to Cancel Dividend --------------------------------------------------------------- The Board of Directors of Banca Popolare Italiana will not pay its promised ordinary dividend after a series of extraordinary items wiped out around EUR200 million in profits for 2006, AFX News reports citing Italian daily MF. The board will exclude the dividend payout from the company's annual results, which it will review and approve today, March 28, MF says. In a TCR-Europe report on Mar. 26, BPI's board of directors said it will write off EUR104 million of the EUR448-million loan availed to Dutch foundation Stichting Bakery Finance following a survey by Tamburi & Associati on its financial exposure to Kamps and Harry's, AFX News says. BPI used Stitching as vehicle to acquire Kamps and Harry's. BPI, however, will confirm the extraordinary dividend announced in relation to its merger with Banco Popolare di Verona e Novara. In October 2006, the Board of Directors of BPI accepted an EUR8.2-billion takeover offer from larger rival BPVN. BPI and BPVN will form a holding company that will launch a share swap to stakeholders of the groups: -- 0.43 share for every BPI share, and -- a share for every BPVN share. Aside from the share swap, BPI would distribute an extraordinary dividend of EUR2 per share, for a total cash of EUR1.5 billion, to existing shareholders. The share-and-cash offer values BPI at EUR12 per share, based on BPVN's share price of EUR22.81 on Oct. 13. About Banca Popolare Italiana Headquartered in Lodi, Italy, Banca Popolare Italiana -- http://www.bancapopolareitaliana.it/-- attracts deposits and offers commercial banking services. The Bank offers securities brokerage, asset management, mortgage loans, insurance, lease financing and treasury services and manages mutual funds. Through a subsidiary, Banca Popolare Italiana offers merchant banking services and medium- and long-term lending. * * * As of Feb. 23, BPI carries Moody's Investors Service's D financial strength rating, Ba2 junior subordinated debt rating, and Ba2 preferred stock and Tier III debt ratings. At the same time, BPI also carries Fitch's C financial strength rating, BB+ junior subordinated debt rating, and BB+ preferred stock rating. POPOLARE DI INTRA: Fitch Lifts Ratings to D with Stable Outlook --------------------------------------------------------------- Fitch Ratings upgraded Banca Popolare di Intra's IDR to 'BBB+' from 'BB', Short-term rating to 'F2' from 'B', Individual rating to 'D/E' from 'E' and Support rating to '2' from '3'. Simultaneously it has removed Intra's IDR, Short-term, Individual and Support ratings from Rating Watch Positive and assigned the bank's IDR a Stable Outlook. The current Support Rating Floor for Intra is 'BB' based on sovereign support. It will be revised when Fitch publishes its Support Rating Floors based on institutional support in due course. The rating action follows the decision of Intra's extraordinary shareholders meeting on March 24 to transform the bank from a cooperative bank into a limited liability company, which gives VB control of Intra after having successful completed on March 21, its binding offer to acquire a maximum 75% of Intra's capital. The upgrade of Intra's IDR and Support rating reflects the new ownership structure and strategic role within the Veneto Banca's group. The upgrade of Intra's Individual rating reflects its capital ratios having been restored above the regulatory minimum requirements at end-2006. However, capital remains tight with a Tier 1 capital ratio of 6.4%, given the high level of impaired loans. Intra's asset quality remains a problem. Although at end-2006 loan impairment allowance was adequate at 70%, the bank's net impaired loans represented a still very high 111% of its equity. However, the bank should return to profitability in 2007. Intra is a small cooperative bank based in Piedmont in northern Italy. It provides retail banking services and is closely linked to the local economy. It also owns Banca Popolare di Monza e della Brianza, a two-branch bank. VENETO BANCA: Fitch Affirms BB Support Ratings on Intra Control --------------------------------------------------------------- Fitch Ratings downgraded Italy-based Veneto Banca's Individual rating to 'C' from 'B/C'. At the same time, it has affirmed the bank's Issuer Default rating at 'A-', Short-term rating at 'F2', and Support rating at '3'. Simultaneously it has removed VB's IDR from Rating Watch Negative and assigned it a Stable Outlook. VB's Support Rating Floor has been also affirmed at 'BB'. The downgrade of VB's Individual rating reflects execution and integration risks arising from the acquisition of an entity that is nearly half of its size in terms of total assets and from the severe problems Intra has suffered in the recent past, weakening VB's individual profile. However, Fitch expects VB to act quickly to integrate Intra into its group, and VB should have sufficient managerial expertise and resources to handle such an acquisition successfully. Because of the goodwill generated by the acquisition and Intra's low capitalization, VB post-acquisition regulatory Tier 1 capital ratio tightens to around 7% from 8.5% at end-2005. End- 2006 pro-forma asset quality ratios are weak with gross impaired loans representing a high 8.2% of gross loans, despite the adequate loan impairment allowances of the new group. At end- 2006, net impaired loans accounted for a high 26% of eligible capital. The group is expected to return to profitability in 2007 with an estimated operating return on average equity of around 11% at year-end. VB is a co-operative bank based in the Province of Treviso in the region of the Veneto. Its client base mainly comprises small and micro-enterprises and private individuals. By means of its federal structure, VB is also active in Veneto with Banca del Garda, in Lombardy with Banca di Bergamo, and in the southern regions of Puglia and Basilicata with Banca Meridiana. It has had a foothold in Romania since 2000 through its Italy- based subsidiary Banca Italo-Romena and has recently acquired two small local banks based in Moldavia and Croatia. The VB group also includes some specialized product companies. =================== K A Z A K H S T A N =================== AK-BARYS-TRADE LLP: Creditors Must File Claims by May 8 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Ak-Barys-Trade insolvent. Creditors have until May 8 to submit written proofs of claim to: LLP Ak-Barys-Trade Altynsarin Str. 31 Aktube Kazakhstan Tel: 8 (3132) 21-30-32 DRUJBA-KI LLP: Creditors' Claims Due May 4 ------------------------------------------ The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Drujba-Ki insolvent. Creditors have until May 4 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Fourth Floor Gogol Str. 177a Kostanai Kazakstan MARHABAT & K: Proof of Claim Deadline Slated for May 4 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Marhabat & K insolvent. Creditors have until May 4 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kyzylorda Jahaev Str. 71 Kyzylorda Kazakshtan MARINE LINE: Claims Registration Ends May 4 ------------------------------------------- LLP Kazakh Marine Line has declared insolvency. Creditors have until May 4 to submit written proofs of claim to: LLP Kazakh Marine Line Petroleum Storage Depot Industrial Zone Aktau Mangistau Kazakshtan NEFTEBAZA LLP: Claims Filing Period Ends May 4 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Jitikarinskaya Petroleum Storage Depot Neftebaza insolvent. Creditors have until May 4 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakhstan ORAL TELEVISION: Creditors Must File Claims by May 4 ---------------------------------------------------- LLP Oral Television has declared insolvency. Creditors have until May 4 to submit written proofs of claim to: LLP Oral Television Karagandinskaya Str. 1 Uralsk West Kazakhstan Region Kazakstan OTAN-ORDA LLP: Creditors' Claims Due May 4 ------------------------------------------ The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Otan-Orda insolvent. Creditors have until May 4 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kyzylorda Jahaev Str. 71 Kyzylorda Kazakshtan SKIF LTD: Proof of Claim Deadline Slated for May 4 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Skif Ltd insolvent. Creditors have until May 4 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Fourth Floor Gogol Str. 177a Kostanai Kazakstan STROYLAND PV: Claims Registration Ends May 4 -------------------------------------------- LLP Stroyland Pv has declared insolvency. Creditors have until May 4 to submit written proofs of claim to: LLP Stroyland Pv Tovarnaya Str. 25a 140000 Pavlodar Kazakhstan VITA CLINIC: Claims Filing Period Ends May 2 -------------------------------------------- LLP Vita Clinic has declared insolvency. Creditors have until May 2 to submit written proofs of claim to: LLP Vita Clinic Imanov Str. 28 Almaty District Astana Kazakhstan =================== K Y R G Y Z S T A N =================== AKTAN TRADERS: Claims Filing Period Ends May 8 ---------------------------------------------- LLC Aktan Traders has declared insolvency. Creditors have until May 8 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 28-22-78. CENTURY LLC: Creditors Must File Claims by May 8 ------------------------------------------------ LLC Century has declared insolvency. Creditors have until May 8 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 62-00-19. IMPEKS-OSH LLC: Claims Registration Ends May 8 ---------------------------------------------- LLC Impeks-Osh has declared insolvency. Creditors have until May 8 to submit written proofs of claim to: LLC Impeks-Osh Supanaliev Str. 4/2 Osh Kyrgyzstan KYRGYZKOMUR CORP: Final Creditors' Meeting Slated for April 2 ------------------------------------------------------------- The temporary insolvency manager of OJSC Corporation Kyrgyzkomur will hold a final creditors' meeting at 10:00 a.m. on April 2 at: Room 141 Chui Ave. 106 Bishkek Kyrgyzstan Agenda: -- confirmation of final temporary insolvency manager's report and ending of the bankruptcy proceedings of OJSC Corporation Kyrgyzkomur; -- confirmation of bankruptcy proceedings expenses; -- discarding of tangible assets and accounts receivable; -- transmission of accounts receivable, military and police uniforms to the creditors on acts of execution; and -- others. Proxies must have authorization to vote. Inquiries can be addressed to (+996 312) 62-52-42. RAMZDEN-TRANS LLC: Creditors' Claims Due May 8 ---------------------------------------------- LLC Ramzden-Trans has declared insolvency. Creditors have until May 8 to submit written proofs of claim. Inquiries can be addressed to (0-543) 91-90-04. ===================== N E T H E R L A N D S ===================== PANGAEA ABS: Fitch Rates EUR5-Million Class F Notes at BB- ---------------------------------------------------------- Fitch assigned Pangaea ABS 2007-1 B.V's issue of EUR309.2 million floating-rate notes final ratings due 2096. The transaction is a securitization of structured finance assets including primarily mortgage-backed securities and collateralised debt obligations. -- EUR220 million Class A floating-rate notes: 'AAA' -- EUR16 million Class B floating-rate notes: 'AAA' -- EUR18 million Class C floating-rate notes: 'AA' -- EUR22 million Class D deferrable floating-rate notes: 'A' -- EUR16 million Class E deferrable floating-rate notes: 'BBB-' -- EUR5 million Class F deferrable floating-rate notes: 'BB-' -- EUR12.2 million subordinated notes: not rated -- EUR5 million Class S1 combination notes: 'A' The ratings of the Class A, B and C notes address the ultimate repayment of principal at maturity and the timely payment of interest when due, according to the terms of the notes. For the Class D, E and F notes, which can defer interest, the ratings address the ultimate payment of principal and interest, including deferred interest, at maturity. The rating of the Class S1 combination note addresses the ultimate receipt of the rated balance from funds received on their components by the legal final maturity date according to conditions of the notes. The ratings are based on the quality and diversity of the portfolio of assets, which are selected by the collateral manager, Investec Principal Finance, subject to the guidelines outlined in the collateral management agreement. The guidelines limit the collateral manager's portfolio allocations with respect to obligor, industry and asset type. Investec will actively manage the collateral over a six-year reinvestment period. The ratings are also based on the credit enhancement provided to the various Classes of notes in the form of subordination, structural protection and excess spread. Credit enhancement, in the form of subordination, for the A notes totals 26.7% and is provided by the B notes, the C notes, the D notes, the E notes, the F notes and the unrated subordinated notes. Some of the EUR12.2 million proceeds from the subordinated notes are used to pay certain initial expenses of the issuer rather than to purchase collateral and therefore are not be available for subordination. Pangaea ABS 2007-1 B.V. is a limited liability company incorporated under the laws of the Netherlands. At the closing date, the issuer has purchased around 62% of the target portfolio; the remainder will be purchased over a six-month ramp-up period. X5 RETAIL: Postpones RUR25-Billion Callable Bond Issue ------------------------------------------------------ X5 Retail Group N.V. has decided to postpone the first tranche of its RUR25-billion Callable Bonds originally planned in three tranches during 2007 and early 2008 to refinance the Group's existing debt and fund its store expansion. "We intended to use the net proceeds of the first tranche (RUR9 billion) planned for March-April 2007 to improve our debt structure taking advantage of favorable market conditions by converting our foreign currency loans into the Ruble zone and extending our debt maturity," Vitaliy Podolskiy, Group CFO , commented. "However, while market conditions are improving after recent global market correction, current volatility of the market makes this operation unattractive at this stage. There will be no implications of this decision on our operations nor investment plans.' The company will disclose the date of the Ruble bonds issue in due course depending on market conditions and corporate funding requirements. About X5 Retail Headquartered in the Netherlands, X5 Retail Group N.V. (fka Pyaterochka Holding N.V.) (LSE: FIVE) -- http://www.5chka.com/ -- operates a large store network largely covering the Moscow region and St. Petersburg but also has a good presence in other Russian regions through its franchise operations. The company has recently acquired two of its successful regional franchise operations -- in Yekaterinburg and Chelyabinsk. * * * As of Feb. 15, Pyaterochka Holding's Long-Term Corporate Family Rating carries Moody's B1 rating with a stable outlook. The company's Long-Term Foreign Issuer Credit Rating and Long- Term Local Issuer Credit Rating carry Standard & Poor's BB- rating with a negative Outlook. =========== R U S S I A =========== ALDAN-GOLD-WOOD: Creditors Must File Claims by May 10 ----------------------------------------------------- Creditors of CJSC Aldan-Gold-Wood (TIN 1402011999) have until May 10 to submit proofs of claim to: V. Utilenkov, Insolvency Manager 125009 Moscow Russia Tel: (985) 774-70-81 The Arbitration Court Sakha commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A58-4844/2005. The Debtor can be reached at: CJSC Aldan-Gold-Wood Stroitelnaya Str. 14 Nizhniy Kuranakh Aldanskiy Ulus 678940 Sakha Russia CORAL LLC: Creditors Must File Claims by April 10 ------------------------------------------------- Creditors of LLC Coral have until April 10 to submit proofs of claim to: I. Yas'ko, Temporary Insolvency Manager Post User Box 5973 350007 Krasnodar Russia The Arbitration Court of Krasnodar will convene on April 23 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A-32-24366/2006-27/2265-B. The Court is located at: The Arbitration Court of Krasnodar Staroderevenkovskaya St. Krasnodar Russia The Debtor can be reached at: LLC Coral Promyshlennaya Str. 3 Zhuravskiy Sherbinovskiy 353163 Krasnodar Russia EAST-URAL-OIL: Asset Bidding Deadline Slated for April 5 -------------------------------------------------------- N. Ershov, the external insolvency manager and bidding organizer for CJSC East-Ural-Oil, will open a public auction for the company's properties at 2:00 p.m. on April 10 at: CJSC East-Ural-Oil Zelenaya Str. 2 Prigorodnyj 460507 Orenburg Russia The company has set a RUR1.05 million starting price for the auctioned assets. Interested participants have until April 5 to deposit an amount of RUR52,500 to: CJSC East-Ural-Oil Settlement Account 40702810700110000021 Correspondent Account 3010181070000000000828 TIN 5610052739 KPP 563801001 OGRN 1025602723475 BIK 045354828 OJSC VKB (Orenburgskiy) Russia Bidding documents must be submitted to: N. Ershov Zelenaya Str. 2 Prigorodnyj 460507 Orenburg Russia Tel: (846) 279-53-78 The Debtor can be reached at: CJSC East-Ural-Oil Zelenaya Str. 2 Prigorodnyj 460507 Orenburg Russia GAZPROM NEFT: In Talks to Upgrade North Korean Seung-ri Refinery ---------------------------------------------------------------- OAO Gazprom Neft is holding talks with the North Korean government to upgrade the country's Seung-ri refinery, Bloomberg News reports citing minutes of the meeting between North Korean Foreign Trade Minister Rim Kyong Man and Russian government representative Konstantin Pulikovsky. Natalya Vyalkina, Gazprom Neft spokeswoman, confirmed to Bloomberg News that the company is eyeing projects in North Korea. The company plans to tap into North Korea's growing need for energy, as the country receives international pressure to end its nuclear program. North Korean lost access to cheap oil in 1991 when former ally Soviet Union collapsed. About Gazprom Neft Headquartered in Moscow, Russia, OAO Gazprom Neft -- http://www.gazprom-neft.ru/-- explores, produces, refines, markets, produces and sells petroleum products. The Company holds oilfield exploration and development licenses in the Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as in the Omsk and Tomsk regions, and in Chukotka. The Company' smain oil processing center is the Omsk Refinery. * * * As reported in the TCR-Europe on Nov. 20, 2006, Standard & Poor's Ratings Services placed its 'BB+' corporate credit rating and 'ruAA+' national scale rating on Russia-based oil company JSC Gazprom Neft on CreditWatch with positive implications. GREVI LLC: Creditors Must File Claims by May 10 ----------------------------------------------- Creditors of LLC Grevi have until May 10 to submit proofs of claim to: A. Zadunayskiy, Insolvency Manager Proletarskaya Str. 73V Olkhovka Olkhovskiyr 403650 Saratov Russia The Arbitration Court of Saratov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A57-668B/06-31. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: LLC Grevi Privokzalnaya Str. 73 Balakovo, Saratov Russia IMPULSE CJSC: Creditors Must File Claims by April 10 ---------------------------------------------------- Creditors of CJSC Impulse (TIN 5204003087) have until April 10 to submit proofs of claim to: L. Margaryan, Temporary Insolvency Manager Post User Box 115 Gorkogo Square 603000 Nizhniy Novgorod Russia The Arbitration Court of Nizhniy Novgorod commenced bankruptcy supervision procedure on the company. The case is under Case No. A43-719/2007 33-8. The Court is located at: The Arbitration Court of Nizhniy Novgorod Kremlin 9 603082 Nizhniy Novgorod Russia The Debtor can be reached at: CJSC Impulse Fabrichnaya Str. 7 B. Murashkino 606360 Nizhniy Novgorod Russia KARASEVSKIY POTTERY: Creditors Must File Claims by May 10 --------------------------------------------------------- Creditors of CJSC Karasevskiy Pottery have until May 10 to submit proofs of claim to: V. Kofnov, Insolvency Manager Lesnoy Kolomenskiy 140451 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A41-K2-15664/06. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Karasevskiy Pottery Lesnoy Kolomenskiy 140451 Moscow Russia KARSUNSKIY OJSC: Creditors Must File Claims by April 10 ------------------------------------------------------- Creditors of OJSC Food Combine Karsunskiy have until April 10 to submit proofs of claim to: V. Bogdanov, Insolvency Manager 50 Let VLKSM Pr. 7 432034 Ulyanovsk Russia The Arbitration Court of Ulyanovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A72-9365/06-26/51-B. The Debtor can be reached at: OJSC Food Combine Karsunskiy Stepana Razina Str. 87 Karsun 433210 Ulyanovsk Russia KUBAN-ECO LLC: Court Names E. Leyliyan as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Krasnodar appointed Mr. E. Leyliyan as Insolvency Manager for LLC Kuban-Eco. He can be reached at: E. Leyliyan Office 2 Kubano-Naberezhnaya Str. 100 350063 Krasnodar Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-32-17514/2006-1/1051-B. The Court is located at: The Arbitration Court of Krasnodar Staroderevenkovskaya St. Krasnodar Russia The Debtor can be reached at: LLC Kuban-Eco Zakharova Str. 1 350007 Krasnodar Russia LENINOGORSKIY INSTRUMENT: Bankruptcy Hearing Slated for June 5 -------------------------------------------------------------- The Arbitration Court of Tatarstan will convene on June 5 to hear the bankruptcy supervision procedure on OJSC Leninogorskiy Instrument Factory (TIN 1649008773). The case is docketed under Case No. A65-18695/2006-SG4-27. The Temporary Insolvency Manager is: I. Satdykov Post User Box 553 Kazan 420104 Tatarstan Russia The Court is located at: The Arbitration Court of Tatarstan Room 12, Floor 2 Entrance 2, Building 1 Kremlin Kazan, Tatarstan Russia The Debtor can be reached at: OJSC Leninogorskiy Instrument Factory Chaykovskogo Str. 30 Leninogorsk Tatarstan Russia LIPETSKCOMBANK: S&P Puts C Short-Term Counterparty Credit Rating ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B' long-term and 'C' short-term counterparty credit and 'ruBBB+' Russia national scale ratings to Russian LipetskComBank. The outlook is stable. "The ratings are constrained by LipetskComBank's low capitalization, high related-party exposure in funding, high single-name concentration in lending, fairly narrow geographic business base, and under-developed risk management, as well as the high economic and industry risks prevalent for banks operating in Russia," said Standard & Poor's credit analyst Elena Romanova. These negative factors are somewhat mitigated by LipetskComBank's strengthening franchise and growth in its home region, business and financial support from its majority shareholder, and a stable management team. With total assets of Russian RUR13 billion at Dec. 31, 2006, LipetskComBank is considered a midsize bank in Russia, and is headquartered in the central Russian town of Lipetsk. "We believe that LipetskComBank will improve its franchise and market position in the Lipetsk Oblast, which should enable the bank to sustain adequate business growth, and improve its structural weaknesses," added Ms. Romanova. A material increase in profitable independent customers, accompanied by decreasing related-party exposure in funding, a reduction in loan concentration, and improved capitalization, could lead to an upgrade. A negative rating action might follow if the bank's capitalization materially declines, or its financial results weaken significantly. A deterioration in support and business flows from NLMK, or a decline in Russia's economy, could also have a negative impact on the bank's creditworthiness. PARANGINSKIY AGRO-SNAB: Creditors Must File Claims by April 10 -------------------------------------------------------------- Creditors of OJSC Paranginskiy Agro-Snab have until April 10 to submit proofs of claim to: F. Gabdullin, Temporary Insolvency Manager Post User Box 141 Sovetskaya Str. 140 Yoshkar-Ola 424000 Mariy El Russia The Arbitration Court of Mariy El will convene at 10:00 a.m. on June 21 to hear the company's bankruptcy supervision procedure. The Case is docketed under Case No. A-38-154-11/35-2007. The Debtor can be reached at: OJSC Paranginskiy Agro-Snab Mira Str. 2a Paranga Paranginskiy 425570 Mariy El Russia PERVOMAYSKAYA LLC: Creditors Must File Claims by April 10 --------------------------------------------------------- Creditors of LLC Agricultural Company Pervomayskaya have until April 10 to submit proofs of claim to: V. Glukhovtsev, Insolvency Manager Office 203 Dovatora Str. 12 398024 Lipetsk Russia The Arbitration Court of Lipetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A36-34/2007. The Court is located at: The Arbitration Court of Lipetsk Skorokhodova Str. 2 398019 Lipetsk Russia The Debtor can be reached at: LLC Agricultural Company Pervomayskaya Panino, Lipetsk Russia PROJECT-INVEST LLC: Moscow Bankruptcy Hearing Slated for June 5 --------------------------------------------------------------- The Arbitration Court of Moscow will convene at 2:00 p.m. on June 5 to hear the bankruptcy supervision procedure on LLC Project-Invest. The case is docketed under Case No. A41-K2-3043/07. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: LLC Project-Invest Transportnaya Str. 1 Lyubertsy 140004 Moscow Russia ROSNEFT OIL: Buys Own Stake for RUR197.84 Bln in Yukos Auction -------------------------------------------------------------- OAO Rosneft Oil Co., through its RN-Razvitiye, won the auction for OAO Yukos Oil Co.'s 9.44% stake in the company, outbidding TNK-BP Holding Ltd., various reports say. Rosneft offered RUR197.84 billion to acquire the first lot, which includes the stake and 12 promissory notes worth RUR3.56 billion in unit Yuganskneftegaz, RIA Novosti reports. Rosneft acquired the lot at 10 percent less than the market price. TNK-BP, meanwhile, said it could not offer more than Rosneft had. "We're disappointed, but we took it to where we were comfortable paying," Peter Henshaw, TNK-BP's spokesman, told Reuters. "We had a limit and Rosneft went a lot beyond it." Eduard Rebgun, Yukos' bankruptcy receiver, tagged a RUR195.5- billion starting price to the first lot, putting in a RUR260- million bid increment for it. "We are satisfied with the auction results," said Nikolai Lashkevich, press secretary for Yukos insolvency manager Eduard Rebgun, said. Mr. Lashkevich said the proceeds from the auction would be used to satisfy a substantial part of over RUR700 billion claims against the bankrupt oil company. Viktor Gerashchenko, chairman of the Yukos' board of directors criticized the results of the first auction. "The buyer of these shares should understand what the market price is," Mr. Gerashchenko told RIA Novsoti. "But if you pay less, then you are at risk of being criticized by the company's majority and minority shareholders." Share Plans Rosneft, meanwhile, said it plans to use the acquired shares to acquire oil, natural gas and refining assets in Russia and abroad, Bloomberg News relates. The company will also resell the shares in the market to expand its shareholder base. 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 TNK-BP Headquartered Moscow, Russia, TNK-BP operates six refineries in Russia and Ukraine, and markets products through 2,100 retail service stations operating under TNK and BP brand. BP Plc and Alfa Access/Renova jointly own the group. TNK-BP holds a strategic position as the second largest liquids producer in the Russian intergraded operating environment, accounting for approximately 18% of Russia's total crude oil production. 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 Mar. 23, Fitch Ratings notes that Rosneft's plans to borrow US$22 billion from a group of eight banks in two credit arrangements of US$13 billion maturing in 12 months and US$9 billion maturing in 18 months is currently incorporated into the company's local and foreign currency Issuer Default ratings of 'BB+' Rating Watch Positive. 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. ROSNEFT OIL: Inks Delivery Deal with Unipec; May Eye Yukos Unit --------------------------------------------------------------- OAO Rosneft Oil Co. and China International United Petroleum & Chemicals Co. Ltd., the trading unit of China Petroleum & Chemical Corp., have signed an oil delivery contract to China, Kommersant reports. Under the contract, Rosneft will deliver three million tons of oil annually through the Sino-Russo border of Naushki, Kommersant relates. Rosneft delivered via the Transbaikal- Manchuria border crossing 8.9 million of the 10.3 million tons of oil that China received from Russia in 2006. Russia agreed in 2004 to supply China around 15 million tons of oil in 2006. The deal, however, failed after OAO Yukos Oil Co. ceased supplying oil to the Asian country in the autumn of 2006. Kommersant suggests that the deal between Unipec and Rosneft would spur the latter to bid for Yukos Transservis, the bankrupt firm's profitable railway unit operating on the same line. The paper notes that Rosneft would face difficulties in shipping oil through Naushki without Yukos Transservis, which handles 13% of all Russian train oil shipment. The paper said Eduard Rebgun, Yukos' bankruptcy receiver will likely place Yukos Transservis on the auction block. Rosneft may have to shell around RUR8 billion to RUR10 billion to acquire the unit, which posted EUR1 billion in net profit in 2006. If Rosneft decides to bid for Yukos Transservis, it might face Severstaltrans, which was reportedly interested in acquiring it, Kommersant relates. 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 Mar. 23, Fitch Ratings notes that Rosneft's plans to borrow US$22 billion from a group of eight banks in two credit arrangements of US$13 billion maturing in 12 months and US$9 billion maturing in 18 months is currently incorporated into the company's local and foreign currency Issuer Default ratings of 'BB+' Rating Watch Positive. 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. RYZDVYANENSKIY COMBINE: Creditors Must File Claims by May 10 ------------------------------------------------------------ Creditors of OJSC Ryzdvyanenskiy Combine of Grain Products have until May 10 to submit proofs of claim to: V. Shvayko, Insolvency Manager Buynakskaya Str. 2/56 344037 Rostov-na-Donu Russia The Arbitration Court of Stavropol commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A63-4925/2006-S5. The Court is located at: The Arbitration Court of Stavropol Mira Str. 458 b Stavropol Russia The Debtor can be reached at: OJSC Ryzdvyanenskiy Combine of Grain Products Vostochnaya Str. 1A Ryzdvyanyj Izobilnenskiy Stavropol Russia SEVERSTAL OAO: Vorkutaugol Unit Names New Director General ---------------------------------------------------------- JSC Vorkutaugol, a coal-mining unit of OAO Severstal, has appointed G. Zadavin as its new director general, Analytical Information Agency reports. Mr. Zadavin replaces A. Loginov, who will join MC Severstal Resources, another Severstal unit. Vorkutaugol operates five coalmines in Vorkutinsky, which contains the largest coal reserves in Europe. The unit mined 12.3 million tons of coal in 2006. Severstal plans to inject RUR4.9 billion into Vorkutaugol to hike coal production to 13.5 million tons this year. Severstal acquired Vorkutaugol in 2003. About Severstal Headquartered in Cherepovets, Russia, OAO Severstal -- http://www.severstal.com/-- is the country's largest steel producer, with steel production of 17.1 million tons in 2005. The Company owns Severstal North America, the fifth largest integrated steel maker in the U.S. with 2005 production of 2.7 million tons, and Lucchini, Italy's second largest steel group with 2005 production of 3.5 million tons. Severstal is one of the world's lowest cost and most profitable steel producers, with 2005 EBITDA per ton of around EUR150 per ton. As of June 30, 2006, Severstal had US14.04 billion in total assets, US$4.89 billion in total liabilities and US$9.15 billion in total shareholders' equity. For the first nine months of 2006, Severstal posted a 7.4% year- on-year slide in net profits to RUR23.5 billion, against a 6.3% year-on-year hike in revenues to RUR113.59 billion. * * * As of Feb. 1, 2007, Severstal carries these ratings: * Moody's -- Outlook: Stable -- Long-term Corp. Family Rating: Ba3 -- Senior Unsecured Debt: B1 * Standard & Poor's -- Outlook: Stable -- Long-term Foreign Issuer Credit: BB- -- Long-term Local Issuer Credit: BB- * Fitch -- Long-term Issuer Default Rating: BB- -- Senior Unsecured Debt: BB- -- Short-term: B -- Short-term Issuer Default Rating: B STEKLYANSKOYE CJSC: Creditors Must File Claims by April 10 ---------------------------------------------------------- Creditors of CJSC Steklyanskoye have until April 10 to submit proofs of claim to: A. Biryukov, Temporary Insolvency Manager Post User Box 2004 Central Post Office 650000 Kemerovo Russia The Arbitration Court of Novosibirsk will convene at 10:30 a.m. on June 20 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A45-16533/06- 29/329. The Court is located at: The Arbitration Court of Novosibirsk Kirova Str. 3 630007 Novosibirsk Russia The Debtor can be reached at: CJSC Steklyanskoye Steklyanskoye Kupinskiy, Novosibirsk Russia TNK-BP HOLDING: Rosneft Outbids Firm in Yukos' Share Auction ------------------------------------------------------------ OAO Rosneft Oil Co., through its RN-Razvitiye, won the auction for OAO Yukos Oil Co.'s 9.44% stake in the company, outbidding TNK-BP Holding Ltd., various reports say. Rosneft offered RUR197.84 billion to acquire the first lot, which includes the stake and 12 promissory notes worth RUR3.56 billion in unit Yuganskneftegaz, RIA Novosti reports. Rosneft acquired the lot at 10 percent less than the market price. TNK-BP, meanwhile, said it could not offer more than Rosneft had. "We're disappointed, but we took it to where we were comfortable paying," Peter Henshaw, TNK-BP's spokesman, told Reuters. "We had a limit and Rosneft went a lot beyond it." Eduard Rebgun, Yukos' bankruptcy receiver, tagged a RUR195.5- billion starting price to the first lot, putting in a RUR260- million bid increment for it. "We are satisfied with the auction results," said Nikolai Lashkevich, press secretary for Yukos insolvency manager Eduard Rebgun, said. Mr. Lashkevich said the proceeds from the auction would be used to satisfy a substantial part of over RUR700 billion claims against the bankrupt oil company. Viktor Gerashchenko, chairman of the Yukos' board of directors criticized the results of the first auction. "The buyer of these shares should understand what the market price is," Mr. Gerashchenko told RIA Novsoti. "But if you pay less, then you are at risk of being criticized by the company's majority and minority shareholders." Share Plans Rosneft, meanwhile, said it plans to use the acquired shares to acquire oil, natural gas and refining assets in Russia and abroad, Bloomberg News relates. The company will also resell the shares in the market to expand its shareholder base. 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. About TNK-BP Headquartered Moscow, Russia, TNK-BP operates six refineries in Russia and Ukraine, and markets products through 2,100 retail service stations operating under TNK and BP brand. BP Plc and Alfa Access/Renova jointly own the group. TNK-BP holds a strategic position as the second largest liquids producer in the Russian intergraded operating environment, accounting for approximately 18% of Russia's total crude oil production. * * * Standard & Poor's assigned BB+/Stable foreign currency local currency ratings to TNK-BP on June 30, 2006. Moody's assigned a Ba2/Positive foreign currency rating to the company on Jan. 24, 2006. Fitch assigned a BB+/Positive foreign currency rating to TNK-BP on Feb. 13, 2006, and BB+/Positive local currency rating on Aug. 24, 2005. VESTA OJSC: Creditors Must File Claims by May 10 ------------------------------------------------ Creditors of OJSC Vesta have until May 10 to submit proofs of claim to: I. Konygin, Insolvency Manager Admiralskogo Str. 51-3 Pyatigorsk 357538 Stavropol Russia The Arbitration Court of Stavropol commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A63-233/05-S5. The Court is located at: The Arbitration Court of Stavropol Mira Str. 458 b Stavropol Russia The Debtor can be reached at: OJSC Vesta Gagarina Str. 1 Ipatovo Stavropol Russia VIMPEL-COMMUNICATIONS: Armenian Govt. Re-Offers Armentel Stake -------------------------------------------------------------- The Armenian government is selling its 10% stake in CJSC Armenia Telephone Co. for EUR38 million to OJSC Vimpel-Communications, RIA Novosti reports. A government spokesman told RIA Novosti that the price is one- ninth of the amount VimpelCom paid to acquire 90% of Armentel in November 2006. In mid-November 2006, VimpelCom concluded a deal to acquire Hellenic Telecommunications Organization's 90% stake in Armentel for EUR341.9 million, including the assumption of EUR40 million in debts. The Armenian government had offered its stake to VimpelCom in November 2006, but conditioned the sale on the company discarding further expansion plans in the country. In a TCR-Europe report on Dec. 12, 2006, Vladimir Ryabokon, VimpelCom's Vice President and Corporate Development Chief, said the company is interested in a 100% stake in Armentel, adding that the issue is being discussed. About VimpelCom Headquartered in Moscow, Russia, OJSC Vimpel-Communications (NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile telecommunications services in Russia and Kazakhstan with newly acquired operations in Ukraine, Tajikistan and Uzbekistan. The Company operates under the 'Beeline' brand in Russia and Kazakhstan. In addition, VimpelCom is continuing to use 'K- mobile' and 'EXCESS' brands in Kazakhstan. The group wholly owns Mobitel in Georgia. * * * As reported in the TCR-Europe on Oct. 12, 2006, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Russia-based mobile telecommunications operator Vimpel-Communications (JSC) to 'BB+' from 'BB', reflecting the company's continuing strong performance. S&P said the outlook is stable. X5 RETAIL: Postpones RUR25-Billion Callable Bond Issue ------------------------------------------------------ X5 Retail Group N.V. has decided to postpone the first tranche of its RUR25-billion Callable Bonds originally planned in three tranches during 2007 and early 2008 to refinance the Group's existing debt and fund its store expansion. "We intended to use the net proceeds of the first tranche (RUR9 billion) planned for March-April 2007 to improve our debt structure taking advantage of favorable market conditions by converting our foreign currency loans into the Ruble zone and extending our debt maturity," Vitaliy Podolskiy, Group CFO, commented. "However, while market conditions are improving after recent global market correction, current volatility of the market makes this operation unattractive at this stage. There will be no implications of this decision on our operations nor investment plans." The company will disclose the date of the Ruble bonds issue in due course depending on market conditions and corporate funding requirements. About X5 Retail Headquartered in the Netherlands, X5 Retail Group N.V. (fka Pyaterochka Holding N.V.) (LSE: FIVE) -- http://www.5chka.com/ -- operates a large store network largely covering the Moscow region and St. Petersburg but also has a good presence in other Russian regions through its franchise operations. The company has recently acquired two of its successful regional franchise operations -- in Yekaterinburg and Chelyabinsk. * * * As of Feb. 15, Pyaterochka Holding's Long-Term Corporate Family Rating carries Moody's B1 rating with a stable outlook. The company's Long-Term Foreign Issuer Credit Rating and Long- Term Local Issuer Credit Rating carry Standard & Poor's BB- rating with a negative Outlook. YUKOS OIL: Rosneft Wins Auction to Repurchase 9.44 Percent Stake ---------------------------------------------------------------- OAO Rosneft Oil Co., through its RN-Razvitiye, won the auction for OAO Yukos Oil Co.'s 9.44% stake in the company, outbidding TNK-BP Holding Ltd., various reports say. Rosneft offered RUR197.84 billion to acquire the first lot, which includes the stake and 12 promissory notes worth RUR3.56 billion in unit Yuganskneftegaz, RIA Novosti reports. Rosneft acquired the lot at 10 percent less than the market price. TNK-BP, meanwhile, said it could not offer more than Rosneft had. "We're disappointed, but we took it to where we were comfortable paying," Peter Henshaw, TNK-BP's spokesman, told Reuters. "We had a limit and Rosneft went a lot beyond it." Eduard Rebgun, Yukos' bankruptcy receiver, tagged a RUR195.5- billion starting price to the first lot, putting in a RUR260- million bid increment for it. "We are satisfied with the auction results," said Nikolai Lashkevich, press secretary for Yukos insolvency manager Eduard Rebgun, said. Mr. Lashkevich said the proceeds from the auction would be used to satisfy a substantial part of over RUR700 billion claims against the bankrupt oil company. Viktor Gerashchenko, chairman of the Yukos' board of directors criticized the results of the first auction. "The buyer of these shares should understand what the market price is," Mr. Gerashchenko told RIA Novsoti. "But if you pay less, then you are at risk of being criticized by the company's majority and minority shareholders." Share Plans Rosneft, meanwhile, said it plans to use the acquired shares to acquire oil, natural gas and refining assets in Russia and abroad, Bloomberg News relates. The company will also resell the shares in the market to expand its shareholder base. 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 TNK-BP Headquartered Moscow, Russia, TNK-BP operates six refineries in Russia and Ukraine, and markets products through 2,100 retail service stations operating under TNK and BP brand. BP Plc and Alfa Access/Renova jointly own the group. TNK-BP holds a strategic position as the second largest liquids producer in the Russian intergraded operating environment, accounting for approximately 18% of Russia's total crude oil production. 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. YUKOS OIL: Rosneft Oil May Bid for Yukos Transservis Unit --------------------------------------------------------- OAO Rosneft Oil Co. may bid for OAO Yukos Oil Co.'s Transservis unit after signing an oil delivery contract with China International United Petroleum & Chemicals Co. Ltd., the trading unit of China Petroleum & Chemical Corp., Kommersant reports. Under the contract, Rosneft will deliver three million tons of oil annually through the Sino-Russo border of Naushki, Kommersant relates. Rosneft delivered via the Transbaikal- Manchuria border crossing 8.9 million of the 10.3 million tons of oil that China received from Russia in 2006. Russia agreed in 2004 to supply China around 15 million tons of oil in 2006. The deal, however, failed after OAO Yukos Oil Co. ceased supplying oil to the Asian country in the autumn of 2006. The paper notes that Rosneft would face difficulties in shipping oil through Naushki without Yukos Transservis, which handles 13% of all Russian train oil shipment. The paper said Eduard Rebgun, Yukos' bankruptcy receiver will likely place Yukos Transservis on the auction block. Rosneft may have to shell around RUR8 billion to RUR10 billion to acquire the unit, which posted EUR1 billion in net profit in 2006. If Rosneft decides to bid for Yukos Transservis, it might face Severstaltrans, which was reportedly interested in acquiring it, Kommersant relates. 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. YUKOS OIL: Auctioning Two Bank Stakes Next Month ------------------------------------------------ The Russian Federal Property Fund said OAO Yukos Oil Co.'s stakes in two banks will be auctioned off next month, AFX News Limited states. According to the report, the assets to be sold will include: -- a 7.69 percent stake in VTB Bank Deutschland to be auctioned on April 25 for a EUR6.7 million (US$8.9 million) starting price; and -- a 1.998 percent stake in Khanty-Mansiisk Bank to be auctioned on April 26 for a EUR4.7 million (US$6.3 million) starting price. As widely reported, Yukos auctioned off its first set of assets, which include its 9.44 percent stake in state-owned Rosneft Oil and promissory notes issued by Yuganskneftegaz, Yukos' former main production unit, yesterday for a RUR195.5 billion (US$7.47 billion) starting price. Meanwhile, its 20 percent stake in Gazprom Neft, along with Yukos' ArcticGaz unit and 20 other assets in one lot, will carry a RUR145-billion starting price during the April 4 auction. The bidding for the assets started March 19. Other auction details show: Bidding Auction Starting Bid Increment Assets Deadline Date Price (RUR) (RUR) ------ -------- ------- -------------- -------------- Lot 4 Apr. 13 Apr. 17 2.64 billion 26.39 million Lot 5 Apr. 16 Apr. 18 992.31 million 9.92 million Lot 6 Apr. 18 Apr. 20 3.12 million 31,000 An unidentified source tells Interfax that assets under Lot 4, which will feature Yukos's stakes in various energy companies, include: -- ZAO Energy Service Co. (100%), -- ESKOM- EnergoTrade (100%), -- Belgorodenergo (25.73%), -- Tambovenergo (25.15%), -- Tambov Energy Sales Company (25.15%), -- Tambov Trunk Grid Company (25.15%), -- Belgorod Trunk Grid Company (25%), -- Belgorod Sales Company (25%), -- Corporate Service Systems (25%), and -- Territorial Generation Company No. 4 (3.18%). RBC says the fifth lot will be comprised of nine assets while the sixth would include eight non-core assets of the bankrupt oil firm. Mr. Rebgun has estimated Yukos' assets between US$25.6 billion and US$26.8 billion, minus a possible liquidation discount of not more than 30 percent. As of Jan. 31, claims against Yukos filed by 68 creditors reached RUR709 billion (US$26.8 billion). Rosneft Oil and Gazprom are seen as the most likely bidders for the bulk of the nearly 200 Yukos assets up for liquidation, which Mr. Rebgun aims to sell by August 2007. Aside from being a potential buyer, Rosneft also holds a RUR264.6 billion (US$10 billion) claim against Yukos, which entitled 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. ============================= S L O V A K R E P U B L I C ============================= DRUKOS AS: Creditors' Meeting Set for March 30 ---------------------------------------------- The Regional Court of Banska Bystrica has scheduled a creditors' meeting for Drukos a.s. on March 30, at the court's premises, Zuzana Vilikovska writes for The Slovak Spectator. The official receiver will present his report on the bankrupt company's assets and its bankruptcy proceedings, as well as the status on the sale, claims, and claims recovery. ========= S P A I N ========= AFINSA BIENES: Former Chairman Plans to Sue Spanish Government -------------------------------------------------------------- Juan Antonio Cano Cuevas, the former chairperson of Afinsa Bienes, and Francisco Briones, his counterpart in Forum Filatelico, have threatened to take the Spanish government to court for damages amid what they say are "premeditated" investigations launched against them, Expansion reports. Messrs. Cano and Briones, who are being scrutinized for fraud, money laundering, and other charges, claim that the two companies had never been insolvent in spite of more than EUR4.5 billion in losses discovered during the administrative receivership process, Expansion states. On March 15, the TCR-Europe reported that Spanish authorities under the supervision of the Spanish High Court closed Afinsa's offices, suspended its operations, and began a probe on May 9, 2006, into potentially illegal activities allegedly committed by Afinsa Bienes and certain of its officers and directors. These supposed activities include money laundering, fraud, tax evasion, and criminal insolvency. It has been alleged that Afinsa Bienes had been engaged in a massive Ponzi scheme built on worthless stamps, with Afinsa Bienes' assets siphoned off in bogus transactions. About Afinsa Bienes Headquartered in Madrid, Spain, Afinsa Bienes Tangibles SA -- http://www.afinsa.es/eng/-- is a wholesaler and retailer of stamps, coins, art works and other collectables. Thomas L. Kent, Esq., Anthony Princi, Esq., and Jennifer A. Mo, Esq., at Paul, Hastings, Janofsky & Walker LLP represent the Debtor. When the petitioners filed the chapter 15 petition, they estimated more than US$100 million in assets and over US$100 million in debts. On May 11, 2006, a claim for the declaration Afinsa Bienes' bankruptcy was presented to Mercantile Court No. 6 in Madrid, Spain. Subsequently, on July 14, 2006, the Spanish Court declared Afinsa Bienes insolvent and appointed the Foreign Representatives to oversee the Debtor's operations. ===================== S W I T Z E R L A N D ===================== ARTVERTISING JSC: Creditors' Liquidation Claims Due April 10 ------------------------------------------------------------ Creditors of JSC Artvertising have until April 10 to submit their claims to: Roland Knecht Liquidator Chrummbachliweg 4b 8805 Richterswil Horgen ZH Switzerland The Debtor can be reached at: JSC Artvertising Hirzel Horgen ZH Switzerland BUHOLZER HOLZBAU: Creditors' Liquidation Claims Due April 10 ------------------------------------------------------------ Creditors of JSC Buholzer Holzbau have until April 10 to submit their claims to: Marcel Huber Liquidator JSC Botrag P.O. Box 173 6274 Eschenbach LU Switzerland The Debtor can be reached at: JSC Buholzer Holzbau Eschenbach LU Switzerland COLONIE DU CHALET: Creditors' Liquidation Claims Due April 10 ------------------------------------------------------------- Creditors of JSC Colonie du Chalet have until April 10 to submit their claims to: UNIA Liquidator Weltpoststrasse 20 3000 Bern 15 Switzerland The Debtor can be reached at: JSC Colonie du Chalet Tramelan Courtelary BE Switzerland CONTINENTAL TRUST: Creditors' Liquidation Claims Due April 11 ------------------------------------------------------------- Creditors of JSC Continental Trust have until April 11 to submit their claims to: LLC Kromag Verwaltungs Liquidator Chamerstrasse 172 6300 Zug Switzerland The Debtor can be reached at: JSC Continental Trust Zug Switzerland IMMOBILIEN GRUNAU: Creditors' Liquidation Claims Due April 10 ------------------------------------------------------------- Creditors of JSC Immobilien Grunau Gerlafingen have until April 10 to submit their claims to: UNIA Liquidator Weltpoststrasse 20 3000 Bern 15 Switzerland The Debtor can be reached at: JSC Immobilien Grunau Gerlafingen Gerlafingen Wasseramt SO Switzerland ISMAG JSC: Creditors' Liquidation Claims Due April 10 ----------------------------------------------------- Creditors of JSC Ismag have until April 10 to submit their claims to: UNIA Liquidator Weltpoststrasse 20 3000 Bern 15 Switzerland The Debtor can be reached at: JSC Ismag Rorschach SG Switzerland KOLUMBUS REISEN: Creditors' Liquidation Claims Due April 10 ----------------------------------------------------------- Creditors of JSC Kolumbus Reisen have until April 10 to submit their claims to: JSC Reise-Treuhand Liquidator Etzelstrasse 42 8038 Zurich Switzerland The Debtor can be reached at: JSC Kolumbus Reisen Greifensee Uster ZH Switzerland MSC MANAGEMENT: Creditors' Liquidation Claims Due April 6 --------------------------------------------------------- Creditors of LLC MSC Management Support & Consulting have until April 6 to submit their claims to: Bernhard Loffel Liquidator Rebenweg 7 3225 Muntschemier Erlach BE Switzerland The Debtor can be reached at: LLC MSC Management Support & Consulting Muntschemier Erlach BE Switzerland ROTWAND IMMO: Creditors' Liquidation Claims Due April 10 -------------------------------------------------------- Creditors of JSC Rotwand Immo have until April 10 to submit their claims to: UNIA Liquidator Weltpoststrasse 20 3000 Bern 15 Switzerland The Debtor can be reached at: JSC Rotwand Immo Zurich Switzerland TBBH INVESTMENTS: Creditors' Liquidation Claims Due April 10 ------------------------------------------------------------ Creditors of JSC TBBH Investments (Europe) have until April 10 to submit their claims to: Marco Blarer Liquidator JSC BTI Treuhand & Consulting Seeblick 1 6330 Cham ZG Switzerland The Debtor can be reached at: JSC TBBH Investments (Europe) Cham ZG Switzerland ============= U K R A I N E ============= CHUGUEV AGRARIAN: Creditors Must Register Claims by March 31 ------------------------------------------------------------ Creditors of OJSC Chuguev Agrarian Technical Service (code EDRPOU 00907510) have until March 31 to submit written proofs of claims to: I. Bulyzhyn, Liquidator August 23 Str. 73 61018 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company on Feb. 20 after finding it insolvent. The case is docketed under Case No. B-39/118-05. The Court is located at: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Debtor can be reached at: OJSC Chuguev Agrarian Technical Service Rostov Str. 7 Korobochkino Chuguev District 63540 Kharkov Ukraine DWELLING COMPLEX: Bar Date for Submission of Claims Set March 31 ---------------------------------------------------------------- Creditors of LLC Dwelling Complex (code EDRPOU 16329363) have until March 31 to submit written proofs of claim to: Alexander Tamashov, Temporary Insolvency Manager Nekrasov Str. 43 Evpatoriya 97412 AR Krym Ukraine The Economic Court of AR Krym commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 2-6/2348-2007. The Court is located at: The Economic Court of AR Krym Karl Marks Str. 18 Simferopol 95000 AR Krym Ukraine The Debtor can be reached at: LLC Dwelling Complex Gagarin Str. 14-A Simferopol 95026 AR Krym Ukraine FEMIDA CJSC: Creditors Must File Proofs of Claim by March 31 ------------------------------------------------------------ Creditors of CJSC Femida have until March 31 to submit written proofs of claims to: Dmitry Antonenko, Liquidator Zernovaya Str. 55-v 61124 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company on Feb. 9 after finding it insolvent. The case is docketed under Case No. B-31/22-07 The Court is located at: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Debtor can be reached at: CJSC Femida Dinamichny Lane 6 61052 Kharkov Ukraine GNIEVAN BEARING: Creditors Must File Proofs of Claim by March 31 ---------------------------------------------------------------- Creditors of OJSC Gnievan Bearing Plant (code EDRPOU 32192639) have until March 31 to submit written proofs of claim to: N. Vozniakevich, Liquidator Hmelnickiy Highway Str. 2a Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 10/217-06. The Court is located at: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Debtor can be reached at: OJSC Gnievan Bearing Plant Lenin Str. 43 Gnievan Tyvrovka District 23310 Vinnica Ukraine KRYM SALT: Creditors Must File Proofs of Claim by March 31 ---------------------------------------------------------- Creditors of LLC Krym Salt Company (code EDRPOU 31481349) have until March 31 to submit written proofs of claim to: K. Kubalov, Liquidator Micro Koriavko 20 Armiansk 96012 AR Krym Ukraine The Economic Court of AR Krym commenced bankruptcy proceedings against the company on Jan. 30 after finding it insolvent. The case is docketed under Case No. 2-6/11124-2006. The Court is located at: The Economic Court of AR Krym Karl Marks Str. 18 Simferopol 95000 AR Krym Ukraine The Debtor can be reached at: LLC Krym Salt Company micro10 Krasnoperekopsk AR Krym Ukraine MECHANICAL COLUMN 49: Creditors Must File Claims by March 31 ------------------------------------------------------------ Creditors of OJSC Specialized Mechanical Column 49 have until March 31 to submit written proofs of claim to: Vladimir Derbin, Liquidator Spero Str. 6 Simferopol 96006 AR Krym Ukraine The Economic Court of AR Krym commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 2-3/385/1-2006. The Court is located at: The Economic Court of AR Krym Karl Marks Str. 18 Simferopol 95000 AR Krym Ukraine The Debtor can be reached at: OJSC Specialized Mechanical Column 49 Kubanskaya Str. 23-a Simferopol 95000 AR Krym Ukraine METAL CHEMISTRY: Claims Filing Bar Date Set March 31 ---------------------------------------------------- Creditors of LLC Metal Chemistry Complex (code EDRPOU 31229552) have until March 31 to submit written proofs of claim to: Valery Strelnikov, Temporary insolvency manager Krasnoarmeyskaya Str. 97/103 58013 Chernovcy Ukraine The Economic Court of Chernovcy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 5/8/B. The Court is located at: The Economic Court of Chernovcy O. Kobylianska Str. 14 58000 Chernovcy Ukraine The Debtor can be reached at: LLC Metal Chemistry Complex Golovnaya Str. 246 58021 Chernovcy Ukraine SEMENOV SHOE: Creditors Must File Proofs of Claim by March 31 ------------------------------------------------------------- Creditors of CJSC Semenov Shoe Plant (code EDRPOU 00308382) have until March 31 to submit written proofs of claim to: Jury Ushach, Liquidator Pobeda Avenue 189, 93 14027 Chernigov Ukraine The Economic Court of Chernigov commenced bankruptcy proceedings against the company on Jan. 23 after finding it insolvent. The case is docketed under Case No. 4/324-b/61. The Court is located at: The Economic Court of Chernigov Mir Avenue 20 14000 Chernigov Ukraine The Debtor can be reached at: CJSC Semenov Shoe Plant Krasnaya Ploschad Str. 20 Semenovka Chernigov Ukraine TIMUR LLC: Creditors Must File Proofs of Claim by March 31 ---------------------------------------------------------- Creditors of LLC Firm Timur (code EDRPOU 24345092) have until March 31 to submit written proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Debtor can be reached at: LLC Firm Timur Shevchenko Str. 235 Kharkov Ukraine =========================== U N I T E D K I N G D O M =========================== ABSOLUTE @ 72: Creditors' Meeting Slated for April 3 ---------------------------------------------------- Creditors of Absolute @ 72 Ltd. will meet at 10:15 a.m. on April 3 at: XL Business Solutions 1st Floor 2-4 Market Street Cleckheaton BD19 5AJ England Creditors who want to vote at the meeting have until noon on April 2 to submit their proxy forms together with particulars of their claims or of any security at the said address. The proxy forms and statement may be posted or sent by fax to 01274 870606. 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 30. ACTIONJACK LTD: Manchester Court Winds Up Business -------------------------------------------------- The High Court in Manchester wound up Actionjack Ltd., t/a English Land Partnerships, following an investigation by the Companies Investigation Branch of the Insolvency Service. From August 2005 to July 2006, Actionjack carried out a telesales campaign recruiting private individuals to a scheme in which parcels of land were purchased for investment purposes. ELP is described in promotional literature as a land bank business aimed at identifying and securing prime undeveloped land before planning consent is granted. The land is then divided into smaller plots and sold to private individuals with a view to planning permission for the whole site being obtained. Investors were recruited on the basis that the value of a site may increase tenfold if planning permission was obtained. CIB's investigation found that the company had been offering investment advice to the public despite Actionjack and its sales staff having had no previous experience or qualifications to advise members of the public on purchasing land as an investment. Furthermore, the promotional literature issued by Actionjack on behalf of ELP suggested that even if planning permission is not granted, there is some security in that title in the land passes to the purchaser and can be sold. This impression was given by claims such as: -- "When you purchase land through ELP, you have the security of your own title deeds issued directly by HM Land Registry. These give you legal freehold ownership of your plot or plots, which you can sell whenever, and to whoever, you wish. Alternatively, ownership can be passed from generation to generation;" and -- "As the owner of the land with your name on the title deeds you have complete freedom of choice over how long you hold on to your asset for. Should you need access to your capital, you are free to sell your land at any time. Because land is in limited supply there is always demand." However, investors were unaware that 50% of their original "investment" was paid to Actionjack in commission and that, depending on ELP's mark-up, the true value of the land might be a fraction of what the investor had paid for it. CIB also alleged that Actionjack had taken part in the promotion of an unauthorized Collective Investment Scheme because individuals were investing in a plot of land in anticipation of planning permission being obtained on the site as a whole resulting in the value of their plot increasing. While individuals own their own plot separately to other investors, any application for planning permission would be made collectively on behalf of the individual plot holders by either ELP or another unidentified body using the pooled resources of the investors. Investors do not therefore have day-to-day control over the planning process. CIB have warned individuals to be wary of anyone cold calling and asking potential clients to "invest" in land-banking schemes. The petition to wind-up the company in the public interest was presented on Jan. 23 under the provisions of s124A of the Insolvency Act 1986 following investigations carried out under section 447 of the Companies Act 1985 by the Companies Investigation Branch of the Insolvency Service. The winding-up order was made on March 5. AEROBOX PLC: Board Fails to Secure Rescue Financing --------------------------------------------------- The directors of Aerobox plc have been unable to secure rescue financing or find an appropriate company willing to effect a reverse takeover by allowing Aerobox to purchase it. A major issue remains the viability of the U.S. subsidiary company AeroBox Composite Structures LLC. ACS is now protected under the provisions of Chapter 11 of the U.S. Bankruptcy Code where the intention is for the Court to oversee the disposal of ACS sometime in the future. The Board considers that there is very little prospect of any return to Aerobox from a subsequent sale of ACS, although this will only be known with certainty following the sale of ACS, which may take up to a year. Aerobox has minimal funds and substantial creditors that cannot be paid. In an effort to make it attractive to any possible reverse target, discussions have been taking place for the private purchase of these debts so that ARX can be viewed as a solvent entity, which currently it is not. The Board will advise shareholders on the outcome of those discussions and the convening of any shareholder meeting in regard to any company reorganization. Following the sale of ACS the Board will know whether there are any funds that flow to ARX and will notify shareholders of the position at that time. The likely outcome if no business can be attracted to the ARX "shell" is that the Company will be wound up. AIM Listing Under the AIM rules, if a suspension of share trading prevails for six months then trading on AIM is automatically cancelled. As trading in the Company's shares has been suspended since Sept. 15, 2006, the Company's listing on AIM was cancelled at the close of trading on March 15. Only if the Board can find a suitable business to acquire or can suitably refinance the Company could they consider restoring an AIM listing. Trading on AIM for the Company's Ordinary Shares of 1 pence each fully paid (3-265-442) (GB0032654427) have been cancelled from 7:00 a.m. on March 16 pursuant to AIM Rule 41. About the Company Headquartered in London, United Kingdom, Aerobox Plc -- http://www.aeroboxPlc.com/-- acts as a holding company and has traded on the AIM market of the London Stock Exchange. It has one 100% owned subsidiary-Aerobox Composite Structures LLC (fka Aerospace Composite Structures LLC) that was formed in September 1998 in Albuquerque, New Mexico, USA, to exploit composites technology and was acquired by Aerobox Plc in March 2003. As previously reported in the TCR-Europe, ACS filed a chapter 11 petition in the U.S. Bankruptcy Court for the District of New Mexico on Jan. 23. Under the terms of the petition, ACS is being funded by its previously secured lender Laurus Master Fund. ANGLIAN FLEXIBLE: Names Peter Anthony Johnson Liquidator -------------------------------------------------------- Peter Anthony Johnson of Johnson Holmes & Co. was appointed liquidator of Anglian Flexible Coatings Ltd. on March 5 for the creditors' voluntary winding-up procedure. The company can be reached at: Anglian Flexible Coatings Ltd. Unit 6 Snetterton Business Park Chalk Lane Snetterton Norwich Norfolk NR16 2JZ England Tel: 01953 888 922 Fax: 01953 888 082 BLOOMFIELD DENTAL: Creditors' Meeting Slated for April 3 -------------------------------------------------------- Creditors Bloomfield Dental Laboratories Ltd. will meet at 11:30 a.m. on April 3 at: Blades Insolvency Services Charlotte House 19B Market Place Bingham Nottingham NG13 8AP England Creditors who want to vote at the meeting have until noon on April 2 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 on March 30. BOOM PROPERTY: Appoints Liquidator from Findlay James ----------------------------------------------------- Alisdair J. Findlay of Findlay James was appointed liquidator of Boom Property Group Ltd. on March 13 for the creditors' voluntary winding-up proceeding. The company can be reached at: Boom Property Group Ltd. Springfield House Water Lane Wilmslow Cheshire SK9 5BG England Tel: 01625 549 050 COLLINS & AIKMAN: Former CEO Charged with Securities Fraud ---------------------------------------------------------- An indictment was unsealed revealing charges against David A. Stockman, the former President and CEO of Collins and Aikman Corp., and seven other former members of C&A's management, U.S. Attorney Michael J. Garcia for the Southern District of New York, and Ron Walker, Inspector-in-Charge of the New York Division of the U.S. Postal Inspection Service, disclosed on March 26. The indictment unsealed in federal court in Manhattan charges Stockman with conspiracy, securities fraud, bank fraud, wire fraud, and obstruction of an agency proceeding, in connection with his participation, from December 2001 through May 2005, in a scheme to conceal from investors and lenders the truth about C&A's declining operating performance and financial results. The indictment also charges: * former C&A Chief Financial Officer J. Michael Stepp; * former Controller David R. Cosgrove; and * former Director of Purchasing Paul C. Barnaba. Four felony information, filed on March 26 and last week, charge other C&A executives with related crimes. Mr. Garcia also announced a non-prosecution agreement between his Office and Collins & Aikman Corp. Summary of the Fraudulent Scheme The indictment alleges that starting in December 2001, Stockman, Stepp and others knew that C&A's true operating performance and financial results were not meeting internal and external expectations. Rather than reveal C&A's true condition, which might trigger default on the financial covenants governing C&A's credit facilities and impede C&A's ability to raise additional capital in the debt markets, Messrs. Stockman, Cosgrove, Stepp, Barnaba and others joined in a scheme to defraud C&A's investors, banks and creditors by manipulating C&A's reported earnings. From December 2001 through 2004, Stockman, Stepp, Cosgrove, Barnaba, and their co-conspirators schemed to misrepresent C&A's true operating performance and financial results by causing C&A's reported figures for EBITDA, operating income, and other financial metrics to be falsely and fraudulently inflated through the systematic premature recognition of cost reductions based on supplier rebates. According to the indictment, to further the scheme and conceal the fraud, Stockman, Stepp, Cosgrove, Barnaba, and their co- conspirators caused C&A to file financial statements with the U.S. Securities & Exchange Commission that presented a misleading picture of C&A's operating performance and financial results, including quarterly and annual reports that misrepresented C&A's expenses, operating income, and earnings per share. At the end of 2004 and the beginning of 2005, C&A's true operating results substantially deteriorated, causing an unprecedented liquidity crisis. The indictment charges that Stockman directed a scheme to further defraud C&A's creditors by, among other things, misrepresenting to General Electric Capital Corp. the nature of C&A's portfolio of accounts receivable, against which GECC was permitting C&A to borrow over a US$100 million dollars on a daily basis. Also in the beginning of 2005, as C&A's improper rebate accounting practices came under scrutiny from its auditors, Stockman directed a scheme to further defraud C&A's investors and creditors by making numerous false statements to the public and to C&A's creditors concerning: (a) C&A's current liquidity situation, (b) C&A's forecasted EBITDA for the first quarter of 2005, and (c) the scope of the improper rebate recognition practices that C&A's outside auditors and Audit Committee were beginning to examine. In early April 2005, Stockman repeated many of these false assurances to Credit Suisse First Boston, in order to secure US$75 million in additional financing. These additional funds, however, were not sufficient to meet C&A's needs and were depleted by late April 2005, according to the indictment. In May 2005, the Board of Directors discovered that C&A had run out of cash and had, at Stockman's direction, misled C&A's investors about C&A's true operating performance. When the truth about C&A's operations and finances was revealed, C&A went into bankruptcy, its common stock became nearly worthless, and the value of its bonds plummeted, resulting in hundreds of millions of dollars in investor and creditor losses. Charges The eight-count indictment charges Stockman, Stepp, Cosgrove, and Barnaba each with one count of conspiracy to commit securities fraud, make false filings with the SEC, falsify books and records of C&A, commit wire fraud, commit bank fraud, and obstruct justice, and with three counts of securities fraud. Stockman alone is charged with two counts of bank fraud (arising from fraud on GECC and JP Morgan Chase) and one count of wire fraud. Stockman and Stepp together are charged with obstruction of an agency proceeding. The conspiracy charge carries a maximum sentence of five years in prison and a fine of the greater of US$250,000, or twice the gross gain or loss resulting from the offense. Each of the securities fraud counts carries a maximum sentence of 20 years in prison and a fine of the greater of US$5 million, or twice the gross gain or loss resulting from the offense. Each of the bank fraud counts carries a maximum sentence of 30 years in prison and a fine of the greater of US$1 million, or twice the gross gain or loss resulting from the offense. The wire fraud count carries a maximum sentence of 20 years in prison and a fine of the greater of US$250,000, or twice the gross gain or loss resulting from the offense. Finally, the obstruction of an agency proceeding count carries a maximum sentence of five years in prison and a fine of the greater of US$250,000, or twice the gross gain or loss resulting from the offense. Non-Prosecution Agreement With C&A In light of C&A's cooperation with the government's investigation and the current financial situation of C&A, among other factors, the government has entered into a non-prosecution agreement with C&A. C&A will continue to cooperate with the government as a condition of that agreement. U.S. Attorney Garcia, a member of the President's Corporate Fraud Task Force, praised the efforts of the USPIS and thanked the SEC for its assistance in the investigation. Assistant U.S. Attorney Helen V. Cantwell is in charge of the prosecution. The charges contained in the indictment are merely accusations, and the defendants are presumed innocent unless and until proven guilty. About Collins & Aikman Headquartered in Troy, Michigan, Collins & Aikman Corporation (CKCRQ.PK) -- 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 around 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. The Debtors' disclosure statement explaining their First Amended Joint Chapter 11 Plan was approved on Jan. 25, 2007. The hearing to consider confirmation of the Plan is scheduled on April 19, 2007. COLLINS & AIKMAN: Inks Non-Prosecution Agreement with DOJ --------------------------------------------------------- Collins & Aikman Corp. confirmed that it had reached a non- prosecution agreement with the United States Attorney for the Southern District of New York in connection with that office's investigation into matters investigated by the company's Audit Committee and certain other conduct undertaken by executives and employees who were in place at the company on or before May 1, 2005. The non-prosecution agreement removes the threat of an indictment of Collins & Aikman by the United States government for any such conduct. SEC Settlement The company also confirmed it had reached a settlement with the U.S. Securities and Exchange Commission. Under the settlement approved by the SEC, the company agreed, without admitting or denying any wrongdoing, to be enjoined from future violations of the securities laws. The SEC did not impose civil monetary penalties against Collins & Aikman, noting the significant remedial steps and extensive cooperation provided by the company. The SEC settlement was effectuated by the SEC commencing and simultaneously settling a lawsuit alleging violations of federal securities laws. The lawsuit and settlement relate to matters that were the subject of an Audit Committee investigation of, among other things, the company's accounting for certain supplier rebates and the company's forecasts for the first quarter 2005, as well as the company's accounts receivable securitization facility. "Since their inception, we have cooperated fully with the government's investigations and will continue to do so. We are pleased to put the Department of Justice and SEC investigations behind us and consider this a significant milestone as we focus on completing our restructuring activities," said John Boken, Collins & Aikman's Chief Restructuring Officer. About Collins & Aikman Headquartered in Troy, Michigan, Collins & Aikman Corporation (CKCRQ.PK) -- 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 around 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. The Debtors' disclosure statement explaining their First Amended Joint Chapter 11 Plan was approved on Jan. 25, 2007. The hearing to consider confirmation of the Plan is scheduled on April 19, 2007. CORUS GROUP: Confirms Issuance of Ordinary Shares & Bonds --------------------------------------------------------- In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, Corus Group plc confirms that, as at March 26, it had the following relevant securities in issue (including any ordinary shares represented by American Depositary Shares but excluding any ordinary shares held in treasury): -- 946,267,435 ordinary shares of 50p each under ISIN code GB00B127GF29. -- 4.625% convertible subordinated bonds due 2007 amounting to NLG 334,249,000 convertible into 19,313,499 ordinary shares of Corus Group plc. The ISIN code for these securities is NL0000183184. Each American Depositary Share of Corus Group Plc represents two ordinary shares of the company. About Corus Group Corus Group plc, fka British Steel, was formed when the U.K. 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 TCR-Europe, Tata Steel won an auction for Corus over Companhia Siderurgica Nacional after offering investors 608 pence per share in cash, or GBP5.7 billion (US$11.3 billion). * * * As reported in the TRubled 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 Ltd. in the wake of an auction process conducted by the U.K. Takeover Panel on Jan. 30-31, 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. DEARLE & HENDERSON: Brings In Ernst & Young as Administrators ------------------------------------------------------------- Roy Bailey and Angela Swarbrick of Ernst & Young LLP were appointed March 8, joint administrators of: -- Dearle & Henderson Energy Ltd. (Company Number 03940461); -- Dearle & Henderson Ltd. (Company Number 02681659); -- Dearle & Henderson Group Ltd. (Company Number 04221789); -- Dearle & Henderson Technologies Ltd. (Company Number 05427196); and -- Dearle & Henderson Total Sourcing Ltd. Ernst & Young -- http://www.ey.com/-- provides broad array of services relating to audit and risk-related services, tax, and transactions across all industries-from emerging growth companies to global powerhouses-deal with a broad range of business issues. Headquartered in London, England, Dearle & Henderson -- http://www.dearle-henderson.co.uk/-- is a multi-disciplinary consultancy company offering an integrated portfolio of professional services across construction, property and the built environment. DENBUR FOODS: Hires Liquidator from Begbies Traynor --------------------------------------------------- Louise Donna Baxter of Begbies Traynor was appointed liquidator of Denbur Foods Ltd. on March 19 for the creditors' voluntary winding-up procedure. 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: Denbur Foods Ltd. Unit 5 Fletchers Way Forest Town Mansfield Nottinghamshire NG19 0FN England Tel: 01623 627 714 Fax: 01623 627 716 DOLE FOOD: Posts US$89 Million Net Loss in Full Year 2006 --------------------------------------------------------- Dole Food Company, Inc. incurred a net loss of US$88.98 million on net revenues of US$6.17 billion for the year ended Dec. 30, 2006, as compared with a net income of US$44.09 million on net revenues of US$5.82 million for the comparable period ended Dec. 31, 2005. Higher revenues were reported in the company's fresh fruit and packaged foods operating segments. The company earned operating income of US$85.61 million in 2006, as compared with US$224.59 million earned in 2005. Higher commodity costs, primarily fuel and tinplate, continued to adversely impact operations. Throughout 2006 and 2005, the company has experienced significant cost increases in many of the commodities it uses in production, including containerboard, tinplate, resin and other agricultural chemicals. For the year ended Dec. 30, 2006, the company recorded a charge of US$29 million which consisted of US$6.4 million of restructuring costs and US$22.6 million of non-cash impairment charges related to the write-off of certain assets. The company also currently estimates that an additional US$0.8 million of land clearing costs and employee severance will be incurred and paid by the end of 2007. As of Dec. 30, 2006, the company had total assets of US$4.6 billion, total liabilities of US$4.24 billion, minority interests of US$25.33 million, resulting to total shareholders' equity totaling US$335.21 million. The company had retained deficit totaling US$59.68 million as of Dec. 30, 2006, as compared with retained earnings totaling US$192.99 million as of Dec. 31, 2005. As of Dec. 30, 2006, the company increased its cash and cash equivalents to US$92.41 million, from US$48.81 million as of Dec. 31, 2005. Cash provided by operating activities was US$15.92 million, cash used in investing activities was US$117 million, and cash provided by financing activities was US$142.83 million. Borrowings and Credit Facilities At Dec. 30, 2006, the company had total outstanding long-term borrowings of US$2.4 billion, consisting primarily of US$1.11 billion of unsecured senior notes and debentures due 2009 through 2013 and US$1.13 billion of secured debt, consisting of revolving credit and term loan facilities and capital lease obligations. As of Dec. 30, 2006, the term loan facilities consisted of US$223.3 million of Term Loan B and US$744.4 million of Term Loan C. The term loan facilities bear interest at LIBOR plus a margin ranging from 1.75% to 2%, dependent upon the company's senior secured leverage ratio. The weighted average variable interest rates at Dec. 30, 2006 for Term Loan B and Term Loan C were LIBOR plus 2%, or 7.5%. The company entered into a new asset based revolving credit facility of US$350 million. As of Dec. 30, 2006, the ABL revolver-borrowing base was US$294.8 million and the amount outstanding under the ABL revolver was US$167.6 million. The ABL revolver bears interest at LIBOR plus a margin ranging from 1.25% to 1.75%, dependent upon the company's historical borrowing availability under this facility. The company had about US$109.2 million available for borrowings as of Dec. 30, 2006. In addition, the company had about US$82.4 million of letters of credit and bank guarantees outstanding under its pre- funded letter of credit facility as of Dec. 30, 2006. At Dec. 30, 2006, included in the company's capital lease obligations is US$85.6 million of vessel financings related to two vessel leases denominated in British pound sterling. The interest rates on these leases are based on LIBOR plus a spread. A full-text copy of the company's annual report is available for free at http://ResearchArchives.com/t/s?1c23 Fresh-cut Flowers Fresh-cut flowers revenues in 2006 decreased to US$160.07 million from US$171.25 million in 2005. The decrease was primarily due to lower sales volumes during the second half of the year associated with changes in the customer base related to the implementation of the third quarter restructuring plan, partially offset by higher overall pricing and additional sales generated from the Valentine's Day holiday. During the third quarter of 2006, the company initiated a plan to restructure its fresh-cut flowers business in order to implement changes that will create efficiencies, improve performance and better align supply with demand. In connection with this initiative, the company expects to incur total costs of about US$29.8 million. About Dole Food Headquartered in Westlake Village, California, Dole Food Company, Inc. -- http://www.dole.com/-- is a producer and marketer of fresh fruit, fresh vegetables and fresh-cut flowers, and markets a line of packaged foods. The company has four primary operating segments. The fresh fruit segment produces and markets fresh fruit to wholesale, retail and institutional customers worldwide. The fresh vegetables segment contains operating segments that produce and market commodity vegetables and ready-to-eat packaged vegetables to wholesale, retail and institutional customers primarily in North America, Europe and Asia. The packaged foods segment contains several operating segments that produce and market packaged foods, including fruit, juices and snack foods. Dole's fresh-cut flowers segment sources, imports and markets fresh-cut flowers, grown mainly in Colombia and Ecuador, primarily to wholesale florists and supermarkets in the U.S. * * * As reported in the Troubled Company Reporter on Jan. 31, 2007, Moody's Investors Service downgraded Dole Food Company Inc.'s corporate family rating to B2 from B1; probability of default rating to B2 from B1; senior secured bank credit facilities to Ba3 from Ba2; senior unsecured notes to Caa1 from B3; and various shelf registrations to (P)Caa1 from (P)B3. Moody's said the outlook is stable. On Dec. 11, Standard & Poor's Ratings Services lowered its ratings on Dole Food Co. Inc. and Dole Holding Co. LLC, including its corporate credit rating, to 'B' from 'B+'. DUCT VENT: Creditors' Meeting Slated for April 11 ------------------------------------------------- Creditors of Duct Vent Services Ltd. will meet at 10:30 a.m. on April 11 at: The Freemasons Hall 36 Bridge Street Manchester M3 3BT 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 April 9 a the offices of: Tomlinsons St. John's Court 72 Gartside Street Manchester M3 3EL England 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. EAVE PROJECTS: Creditors' Meeting Slated for April 12 ----------------------------------------------------- Creditors of Eave Projects Ltd. will meet at 3:30 p.m. on April 12 at: Maidment Judd Verulam House 110 Luton Road Harpenden Hertfordshire AL5 3BL England Secured creditors who want to vote at the meeting have until noon on April 11 to submit their proxy forms together with particulars of their security at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge on April 10. ELECTRACOM UK: Creditors' Meeting Slated for April 10 ----------------------------------------------------- Creditors of Electracom U.K. Ltd. will meet at 12:30 p.m. on April 10 at: Express by Holiday Inn London Royal Docks Docklands Silvertown Way Silvertown London E16 1EA England Jonathan Lord of Bridgestones will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. ELLIS HILL: Appoints KPMG to Administer Assets ---------------------------------------------- Paul Andrew Flint and Richard Dixon Fleming of KPMG LLP were appointed joint administrators of Ellis Hill Ltd. (Company Number 03692089) on March 8. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. The company can be reached at: Ellis Hill Ltd. 843-845 Leeds Road Huddersfield West Yorkshire HD2 1WA England Tel: 01484 451 338 Fax: 01484 451 340 EMI GROUP: Reaches Napster Suit Agreement with Bertelsmann AG ------------------------------------------------------------- Bertelsmann AG settled a copyright-infringement suit filed by EMI Group PLC for an undisclosed amount, reports say. According to the Financial Times, EMI CEO Eric Nicoli said he was pleased by the settlement but declined to state its terms. Bertelsmann did not admit any liability as part of the settlement. EMI, Vivendi's Universal Music Group and a group of music publishers filed a copyright-infringement suit against Bertelsmann in 2003 in relation to Bertelsmann's support for Napster. According to FT, the lawsuit centered on Bertelsmann's loans, amounting to US$50 million and US$10 million, to Napster. EMI and others alleged that the loans were investment in a company that violated their copyrighted material. Bertelsmann argued that the loans were to help Napster become legitimate. "We can now put this matter behind us and continue to pursue the development of new legitimate digital-music business models," Mr. Nicoli was quoted by The Wall Street Journal as saying. About EMI Headquartered in London, United Kingdom, EMI Group PLC -- http://www.emigroup.com/-- is the world's largest independent music company, operating directly in 50 countries and with licensees in a further 20. The group has operations in Brazil, China, and Hungary. The group employs over 6,600 people. Revenues in 2005 were near EUR2 billion and operating profit generated was over EUR225 million. At March 31, 2006, EMI Group's consolidated balance sheet revealed GBP1.817 billion in total assets, GBP2.544 billion in total liabilities and GBP726.6 million in shareholders' deficit. * * * As reported in the TCR-Europe on March 1, Standard & Poor's Ratings Services placed its ratings on Warner Music Group Corp., including the 'BB-' corporate credit rating, on CreditWatch with negative implications, following the company's statement that it is exploring a possible merger agreement with EMI Group PLC (BB- /Watch Neg/B), which EMI management has confirmed. According to a TCR-Europe report on Jan. 17, Moody's Investors Service downgraded EMI Group Plc's Corporate Family and senior debt ratings to Ba3 from Ba2. All ratings remain under review for possible further downgrade. FLYING FOX: Taps Liqudator from Bishop Fleming ---------------------------------------------- J. A. O'Sullivan of Bishop Fleming was appointed liquidator of Flying Fox Telecom Ltd. on March 19 for the creditors' voluntary winding-up procedure. The company can be reached at: Flying Fox Telecom Ltd. Jennings Road Penryn Cornwall TR10 9LY England Tel: 01326 377 234 Fax: 01326 377 780 GLOBALSTORM LTD: Brings In Begbies Traynor as Administrators ------------------------------------------------------------ Simon Robert Haskew and Kenneth Stephen Chalk of Begbies Traynor were appointed joint administrators of Globalstorm Ltd. (t/a Arrow Tyre Services) (Company Number 05031366) on March 15. 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: Globalstorm Ltd. Porte Marsh Road Calne Wiltshire SN11 9BW England Tel: 01249 815 539 Fax: 01249 821 544 HAMILTON FORBES: Manchester Court Closes Down Business ------------------------------------------------------ The High Court in Manchester wound up Hamilton Forbes Ltd. and Price Chamberlain Ltd. in the public interest following an investigation by Companies Investigation Branch of the Insolvency Service. Hamilton Forbes and Price Chamberlain, traded from Burscough Lancashire, were set up to continue the business of charity publisher Barrington House Publishing Corp. Ltd., which itself was wound up in October 2005. Investigators found that both Hamilton Forbes and Price Chamberlain sold advertising space in wall planners to small businesses who were contacted by way of cold calling, by many of the same staff, from the same premises, using the same methods and for the same charities as Barrington House. The Managing Director Jeannette Walker, a former credit controller of Barrington House was unable to answer many of the questions put to her by investigators and was reliant on consultant and self-employed accountant Lisa Colford, the former company secretary of Barrington House. Ms. Colford along with other consultants of Hamilton Forbes and Price Chamberlain, Peter Lyon, a sales motivator, and Lorraine Wells were all the main benefactors of Barrington House and continued to benefit from Hamilton Forbes, each earning more than Ms. Walker. Ms. Walker, received a salary of GBP30,000 per annum. Donna Tomlinson, the company secretary received a salary of GBP26,000 per annum. Ms. Colford was paid GBP45,666 on the production of invoices for her services and she also received a car allowance, latterly of GBP731.93 per month. Mr. Lyon, was paid payments on account totaling GBP100,927 for which no invoices were produced. He is also recorded as having made unsecured loans totaling GBP351,905 to Hamilton Forbes. Ms. Wells was paid payments on account totaling GBP68,034 for which no invoices were produced. Paul Lyon, a self-employed sales manager (and brother of Peter Lyon) was paid GBP51,757 for which no invoices were produced. As in Barrington House, those placing advertisements were misled as to the amounts going to charity. Initially the companies failed to comply with Section 60 of the Charities Act 1992 and inform advertisers of the proportion of their fees which would be given to charity. Even though they latterly sent out statements, these were inaccurate. Advertisers were told that from Hamilton Forbes 15 pence in every pound would be given to The Children's Research Fund and 10 pence in every pound to the International League for Protection of Horses. However in reality less that 5 pence in every pound went to these charities. Advertisers for Price Chamberlain were told 25 pence in every pound would go to the charity Kids in Need and Distress (KIND) but in reality it was 8 pence. Advertisers were also misled as to the planned distribution of the wall planners with telesales staff stating figures ranging from 100's to 100,000 or "all hospitals." In reality investigators found that the maximum distribution for any one wall planner was just 87 with the average closer to 67. The accounting records of both companies were at best inaccurate and at worst misleading with many repostings, undocumented loans and consultants paid on account without any invoices to account for the payments. Both companies appeared to be insolvent owing VAT and PAYE of over GBP250,000. Turnover for the 11 month trading period to July 2006 for Hamilton Forbes was GBP2,227,416 of which GBP103,877 was paid to charity. Turnover for Price Chamberlain for the same period was GBP774,226 of which GBP63,360 was paid to charity. The petitions were presented under s124A of the Insolvency Act 1986 on Jan. 24. The Official Receiver was appointed as provisional liquidator of each company on Jan. 29 and the winding up orders were made on March 13. HOMECHARM WINDOWS: Joint Liquidators Take Over Operations --------------------------------------------------------- Lisa Hogg and Claire Foster of Wilson Field were appointed joint liquidators of Homecharm Windows (2000) Ltd. on March 15 for the creditors' voluntary winding-up procedure. The company can be reached at: Homecharm Windows 2000 Ltd. 31 Fawler Mead Bracknell Berkshire RG129YW England Tel: 0800 169 2181 HOTELOC PLC: S&P Keeps Junk Ratings on Class E Notes ---------------------------------------------------- Standard & Poor's Ratings Services removed from CreditWatch with negative implications and raised its ratings on the class A, B, C, and D notes issued by HOTELoC PLC to 'AAA'. These notes were placed CreditWatch negative on Sept. 22, 2006. The ratings on the class E notes are unchanged. The rating actions follow the sale of the remaining 28 hotels and borrower share capital that secured the single loan backing the notes. Standard & Poor's understands that the sale proceeds available to repay the loan will be around GBP386 million. This cash will be placed on deposit until the next interest payment date, and therefore will be repaid to noteholders at the legal final maturity date in May 2007. This cash collateralization of the class A, B, C, and D notes is considered sufficient over the remaining period to support the raising of the ratings on these classes. The sale proceeds will however be insufficient to fully repay the class E1, E2, and E3 notes at legal maturity. Therefore, these notes remain on CreditWatch with negative implications in expectation of the ratings being lowered to 'D' at that time. Ratings List HOTELoC PLC GBP514.000 Million Commercial Mortgage-Backed Floating-Rate Notes And US$26.557 Million Mortgage-Backed Floating-Rate Notes Rating Class To From ----- -- ---- Ratings Raised A AAA AA/Watch Neg B AAA AA/Watch Neg C AAA BBB/Watch Neg D AAA B/Watch Neg Ratings Remaining On CreditWatch With Negative Implications E1 CC/Watch Neg E2 CC/Watch Neg E3 CC/Watch Neg JOHN KING: Claims Filing Period Ends June 16 -------------------------------------------- Creditors of John King Pools Ltd. have until June 16 to send their names and addresses and particulars of their debts or claims and the names and addresses of their solicitors (if any) to: Richard A. B. Saville and Peter A. Blair Joint Liquidators Begbies Traynor Regency House 21 The Ropewalk Nottingham NG1 5DU England Richard A. B. Saville and Peter A. Blair of Begbies Traynor were appointed joint liquidators of the company on March 16. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. KP RENEWABLES: Seeks Relisting of Shares on AIM ----------------------------------------------- KP Renewables PLC disclosed that proposals, which will enable the Company to relist its shares on the AIM Market have been finalized for approval by shareholders. The Company obtained a quotation on AIM on July 29, 2005, with a strategy to establish a leading position in the United Kingdom renewable energy sector by developing, building or acquiring a portfolio of renewable energy projects in conjunction with small to mid-sized renewable energy generators. During the period to May 2006, the Company made good progress in identifying suitable opportunities for development and investment, and entered into a number of significant development agreements. However, since May 2006, the development program has been restricted as a result of a shortage of funds; this shortage can be attributed indirectly to the illness and subsequent untimely death of the Company's Chief Executive and Founder, Dr. James Richard Watkins, who was leading the fund raising efforts. The Board had been hopeful that it would be able to generate value from its existing portfolio of projects but, in view of the financial position of the Company, there were insufficient resources to devote to these projects to bring them to fruition. Indeed, the financial position of the Company was such that, on Sept. 21, 2006, the Board requested that the Company's Existing Ordinary Shares be suspended from trading on AIM pending a decision on refinancing. Since the suspension, the Board has continued to seek to realize value for Creditors and Shareholders and has taken forward the proposed sale of small wind farm projects. Negotiations are continuing for their sale; however, there can be no certainty as to the outcome at this stage. They have considered a number of other proposals to refinance the Company in its present form but none have proceeded beyond early stage discussions. As a consequence, the Board, with the active assistance of its advisers, has conducted a review of all the available options and concluded that the Proposals represent the only route to provide some residual value for Creditors and Shareholders. The Proposals will provide the Company with sufficient new working capital to enable it to announce its Interim Results and to meet its expected future obligations and to review its portfolio of projects and, where possible, resuscitate them. Following approval of the Proposals and the proposed Refinancing, the Directors will be in a position to announce the interim results for the financial period to June 30, 2006, and it is expected that the suspension of the Company's shares from trading on AIM will be lifted. The Directors believe the Proposals will be a first step towards providing an opportunity to achieve future value for Shareholders. An Extraordinary General Meeting of Shareholders has been called, to be held at 11:00 a.m., on April 10, 2006, to seek approval, inter alia, for an increase in and reorganization of the Company's share capital, for the disapplication of statutory pre-emption rights to enable the Proposals to be implemented and for these steps to be approved in order to address the serious loss of capital that the Company has suffered. If the Proposals are approved, the Company will continue to operate in the renewable energy sector and the immediate priority of the Board will be to attempt to crystallize value from some of the existing projects in a cost effective manner for the benefit of Creditors and Shareholders. However, the Directors recognize that the business will initially be limited in scale and that it may be in shareholders best interests for consideration to be given either to a significant further fund raising to support investment in a sizable project in the renewable energy field or to the acquisition of another business. In the latter event, this would almost certainly be considered to be a reverse takeover under the AIM Rules and would be subject to further approval by shareholders. Board Changes In preparation for the Proposals and the EGM, David Lloyd-Jacob, Stephen Drummond and Paul Goodrow have resigned as directors of the Company, while David Lindley and John Bryant will remain as directors. Peter Redmond and Richard Armstrong have agreed to join the Board, subject to the approval and implementation of the Proposals. Peter Redmond, 60, has over 20 years' experience in corporate finance and small cap fundraising and is a particular specialist in the reconstruction and recapitalization of microcap companies, including Bizzbuild plc (now Optimisa plc), Weatherly International plc and Future Internet Technologies plc and assisting them to acquire new businesses. He is the CEO of the corporate finance house, Merchant House Group Plc, and is a director of AIM-quoted Weatherly International plc, Bella Media plc and Fortfield Investments plc. Richard Armstrong, 59, is an associate with Fiske plc, the AIM quoted stockbrokers. He is a former equity analyst with extensive experience in reconstructing and raising capital for turnaround situations especially in the quoted microcap sector, including Bizzbuild plc (now Optimisa plc), Weatherly International plc and Future Internet Technologies plc He is a director of AIM quoted Fortfield Investments plc. Serious Loss of Capital As a consequence of the financial position of the Company its net assets are less than half the amount of its called up share capital. As a result, under s142 of the Act, the Company is required to convene an EGM in order to discuss the Company's financial position. The Directors consider that the Proposals address this issue. The Proposals The Placing The Company has raised at least GBP150,000, which provides sufficient funds to address its immediate priorities and responsibilities to the Creditors through a conditional placing of New Consolidated Ordinary Shares at the Placing Price. The Directors anticipate receiving additional commitments to provide funds for development prior to the EGM to be held on April 10 and Shareholders will be informed of the final amount of the Placing in due course. Immediately upon the passing of the Resolutions at the EGM the Directors intend to exercise their authority to allot the necessary number of New Consolidated Ordinary Shares for the purposes of the CVA and the Placing. The Placing is conditional upon the lifting of the suspension of the trading on AIM of the Company's Existing Ordinary Shares and admission of the New Consolidated Ordinary Shares to trading to AIM. Company Voluntary Arrangement Unsecured creditors are to be offered either a payment of 4 pence in the GBP to be paid in cash or, at the option of individual creditors, a cash payment of 2 pence in the GBP plus an allotment of new ordinary shares to the equivalent value of 2 pence in the GBP at the issue price. Those creditors who choose the cash and share option will be entitled to annual dividends to be paid by the Supervisor of the CVA which will represent 60% of the net proceeds generated from existing projects over the first three years following the commencement of the CVA. Meetings of Creditors and Shareholders have been convened under the provisions of the Insolvency Act 1986 for 10:00 a.m. and 10:15 a.m., respectively, on April 10, immediately prior to the EGM. The Proposals, and hence the Resolutions to be proposed at the EGM, are dependent upon the resolutions proposed at the Creditors' and Shareholders' meetings in relation to the CVA being passed. In the event that such resolutions are not passed the Chairman will open, but then adjourn the EGM and take the necessary steps, which will lead to the appointment of a liquidator. Capital Reorganization The price at which the Company is able to raise additional capital is less than the current nominal value of its Existing Ordinary Shares. However, the Act prevents a company from issuing shares at a discount to the nominal value. Accordingly, it will be necessary to reorganize the share capital of the Company to allow the Placing to take place at the proposed Placing Price. Resolutions will be proposed at the EGM to inter alia: (a) sub-divide each of the issued Existing Ordinary Shares into one New Sub-divided Ordinary Share of 0.05p and one Deferred Share of 0.95p. The New Sub-divided Ordinary Shares created will have all the rights of the Existing Ordinary Shares. The Deferred Shares will have very limited rights which effectively render them economically valueless with no voting rights, although they continue to represent a proportion of the Company's permanent capital until such time as they are cancelled by a subsequent resolution of the holders of the Company's ordinary shares; (b) the New Sub-divided Ordinary Shares of 0.05p each will be consolidated into New Consolidated Ordinary Shares of 1p each on the basis that every 20 New Ordinary Shares will be consolidated into one New Consolidated Ordinary Share. This will have no significant effect on Shareholders but will reduce the large number of New Consolidated Ordinary Shares that would otherwise be in issue; and (c) subject to the resolutions concerning the Sub-division and Consolidation being passed, adopt new articles of association of the Company which will contain, inter alia, the rights and restrictions attaching to the Deferred Shares. Increase in share capital, authority to allot and disapplication of pre-emption rights In addition to those resolutions described above, the following resolutions will be put to Shareholders at the EGM: (a) that the authorized share capital of the Company be increased from the existing GBP1,000,000 to GBP6,000,000; (b) that the Directors be granted authority to issue and allot a maximum of 553,410,338 New Consolidated Ordinary Shares under section 80 of the Act; (c) that the Directors be granted authority to allot a maximum of 553,410,338 New Consolidated Ordinary Shares without the application of section 89 of the Companies Act 1985 which represents approximately 92% of the total increased issued and unissued ordinary share capital of the Company assuming the Proposals are implemented; and (d) the Directors seek the Shareholders' approval of their course of action to address the serious loss of capital in the Company by the recapitalization of the Company under the Proposals. The Shareholders should note that the Directors are asking for the authority to issue a substantial number of shares on a non pre-emptive basis. The Board has considered the Company's position carefully and after consultation with the proposed new directors it is considered appropriate that such authority should be sought now in order that the Company is able to raise additional capital without the need to incur the expense and delay of seeking further shareholder approval. However, in the event of a reverse takeover, shareholder approval would be required. Conditions of the Proposals The Company has already received commitments from Shareholders to vote in favor of the Resolutions amounting to 76.75% of the Existing Ordinary Shares. The Proposals, including the Placing, are conditional only upon the Creditors and Shareholders approving the CVA, the lifting of the suspension of the trading of the Company's Existing Ordinary Shares on AIM and admission of the New Consolidated Ordinary Shares to trading to AIM. Change of Adviser Libertas Capital Corporate Finance has been appointed the Company's Nominated Adviser, in addition to its existing role as broker, with immediate effect. Headquartered in Brentford, England, KP Renewables PLC -- http://www.kprenewables.com/-- is a holding company whose subsidiary, KP Renewables (Operations) Ltd., has entered into a number of framework power purchase agreements (to provide renewable energy) with major suppliers of electricity in the United Kingdom. The Company focuses on developing a technology independent portfolio of renewable energy projects, either on its own or in conjunction with third-party co-developers. MANOR BUILDERS: Creditors' Meeting Slated for April 5 ----------------------------------------------------- Creditors of Manor Builders (Yeovil) Ltd. will meet at 11:30 a.m. on April 5 at: Exeter Court Hotel Kennford Exeter EX6 7UX England Creditors who want to vote at the meeting have until noon on April 4 to submit their proxy forms together with particulars of their claims or of any security at: Balliol House Southernhay Gardens Exeter EX1 1NP 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 April 3 at: Balliol House Southernhay Gardens Exeter EX1 1NP England MOTT CENTRE: Creditors' Meeting Slated for April 10 --------------------------------------------------- Creditors of The Mott Centre Ltd. will meet at 11:15 a.m. on April 10 at: Phillips & Co. 21-23 Station Road Gerrards Cross Buckinghamshire SL9 8ES England Creditors who want to vote at the meeting have until noon on April 8 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 on April 6. PENTOY LTD: M. T. Coyne Leads Liquidation Procedure --------------------------------------------------- M. T. Coyne of Poppleton & Appleby was appointed liquidator of Pentoy Ltd. on March 15 for the creditors' voluntary winding-up procedure. The company can be reached at: Pentoy Ltd. Old Garage Shuckburgh Road Priors Marston Southam Warwickshire CV477RS England Tel: 01327 261 631 Fax: 01327 261 040 PJP LTD: Taps BDO Stoy as Joint Administrators ---------------------------------------------- Andrew Howard Beckingham and Dermot Brendon Coakley of BDO Stoy Hayward LLP were appointed joint administrators of PJP (Southern) Ltd. (Company Number 04177528) on March 19. BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. The company can be reached at: PJP (Southern) Ltd. Allington Lane Fair Oak Eastleigh Hampshire SO50 7DD England Tel: 023 8060 1150 Fax: 023 8069 5284 PRICE CHAMBERLAIN: Manchester Court Closes Down Business -------------------------------------------------------- The High Court in Manchester wound up Hamilton Forbes Ltd. and Price Chamberlain Ltd. in the public interest following an investigation by Companies Investigation Branch of the Insolvency Service. Hamilton Forbes and Price Chamberlain, traded from Burscough Lancashire, and were set up to continue the business of charity publisher Barrington House Publishing Corp. Ltd., which itself was wound up in October 2005. Investigators found that both Hamilton Forbes and Price Chamberlain sold advertising space in wall planners to small businesses who were contacted by way of cold calling, by many of the same staff, from the same premises, using the same methods and for the same charities as Barrington House. The Managing Director Jeannette Walker, a former credit controller of Barrington House was unable to answer many of the questions put to her by investigators and was reliant on consultant and self-employed accountant Lisa Colford, the former company secretary of Barrington House. Ms. Colford along with other consultants of Hamilton Forbes and Price Chamberlain, Peter Lyon, a sales motivator, and Lorraine Wells were all the main benefactors of Barrington House and continued to benefit from Hamilton Forbes, each earning more than Ms. Walker. Ms. Walker, received a salary of GBP30,000 per annum. Donna Tomlinson, the company secretary received a salary of GBP26,000 per annum. Ms. Colford was paid GBP45,666 on the production of invoices for her services and she also received a car allowance, latterly of GBP731.93 per month. Mr. Lyon, was paid payments on account totaling GBP100,927 for which no invoices were produced. He is also recorded as having made unsecured loans totaling GBP351,905 to Hamilton Forbes. Ms. Wells was paid payments on account totaling GBP68,034 for which no invoices were produced. Paul Lyon, a self-employed sales manager (and brother of Peter Lyon) was paid GBP51,757 for which no invoices were produced. As in Barrington House, those placing advertisements were misled as to the amounts going to charity. Initially the companies failed to comply with Section 60 of the Charities Act 1992 and inform advertisers of the proportion of their fees which would be given to charity. Even though they latterly sent out statements, these were inaccurate. Advertisers were told that from Hamilton Forbes 15p in every pound would be given to The Children's Research Fund and 10p in every pound to the International League for Protection of Horses. However in reality less that 5p in every pound went to these charities. Advertisers for Price Chamberlain were told 25p in every opound would go to the charity Kids in Need and Distress (KIND) but in reality it was 8p. Advertisers were also misled as to the planned distribution of the wall planners with telesales staff stating figures ranging from 100's to 100,000 or "all hospitals." In reality investigators found that the maximum distribution for any one wall planner was just 87 with the average closer to 67. The accounting records of both companies were at best inaccurate and at worst misleading with many repostings, undocumented loans and consultants paid on account without any invoices to account for the payments. Both companies appeared to be insolvent owing VAT and PAYE of over GBP250,000. Turnover for the 11 month trading period to July 2006 for Hamilton Forbes was GBP2,227,416 of which GBP103,877 was paid to charity. Turnover for Price Chamberlain for the same period was GBP774,226 of which GBP63,360 was paid to charity. The petitions were presented under s124A of the Insolvency Act 1986 on Jan. 24. The Official Receiver was appointed as provisional liquidator of each company on Jan. 29 and the winding up orders were made on March 13. PULS CDO: S&P Rates EUR7.2 Million Class E Notes at BB ------------------------------------------------------ Standard & Poor's Ratings Services assigned its preliminary credit ratings to the senior and subordinated deferrable floating-rate notes series 2007-1 to be issued by PULS CDO 2007- 1 Ltd., a special purpose entity. The transaction is backed by a portfolio of senior unsecured and subordinated bonds issued by German, Austrian, and Swiss SMEs. The portfolio manager will be Capital Securities Group AG. The reference portfolio is expected to be reasonably diversified by sector and region. The transaction will benefit from sound eligibility criteria, robust portfolio profile tests, and a thorough selection process. Ratings List PULS CDO 2007-1 Ltd. EUR300 Million Senior And Subordinated Deferrable Floating- Rate Notes Series 2007-1 Prelim. Prelim. Amount Class rating (Mln. EUR) ----- ------ -------- A AAA 194.4 B AA 22.2 C A 28.5 D BBB 16.8 E BB 7.2 Subnotes NR 30.9 R D PUTNAM: Claims Filing Period Ends April 9 --------------------------------------------- Creditors of R D Putnam (High Wycombe) Ltd. have until April 9 to send their names and addresses with particulars of their debts or claims, to: Stephen Harfitt Liquidator Haines Watts BRI Abbey House 18-24 Stoke Road Slough Berkshire SL1 5AG England Stephen Harfitt of Haines Watts BRI was appointed liquidator of the company on March 9. Haines Watts -- http://www.hwca.com/-- provides services that include taxation, business advisory, corporate finance, corporate recovery & insolvency and budget summary. REFCO INC: Administrators Want Protocol on 140 Related Claims ------------------------------------------------------------- RJM LLC, the duly appointed administrator of Refco Inc.'s Chapter 11 case, and Marc S. Kirschner, the duly appointed administrator and Chapter 11 Trustee of Refco Capital Markets, Ltd.'s estate, ask the U.S. Bankruptcy Court for the Southern District of New York to treat approximately 140 claims as Related Claims in accordance with the Plan. The Plan Administrators assumed the rights, powers, and duties of the Reorganized Debtors and RCM upon the Plan Effective Date. Under the Reorganized Debtors' chapter 11 Plan, a creditor is entitled to recover on its claim from its primary debtor obligor. Other claims arising from the same facts, transactions or occurrences giving rise to the creditor's claim are deemed "Related Claims" and are subordinated under the Plan. The claimholders are not entitled to a distribution on account of those claims unless and until all Allowed General Unsecured Claims against the applicable Reorganized Debtor or RCM, have been paid in full. After reviewing the Reorganized Debtors' books and records, the Plan Administrators have identified around 140 Related Claims, with underlying claims asserted against each claimant's primary obligor. The Related Claims include: Primary Related Claimant Case No. Claim No. Case No. Claim No. -------- -------- --------- -------- --------- Alternative Investments 018 9198 262 9172 Fund Ltd. Banesco Holding CA 018 10125 023 10546 Fimex International 018 5750 029 9288 Limited IDS Managed Fund LLC 018 9352 261 14417 Lebo Capital 018 12289 262 12261 Management LLC NBK Investment Ltd. 018 10221 262 10194 Nikko Futures Fund 018 10015 020 10017 Reserve Invest 018 11392 006 11391 (Cyprus) Limited Rietumu Banka 018 11383 027 11380 RPM Risk & Portfolio 018 9568 007 9561 Management AB TAU 28 Fund Ltd. 018 9420 023 9404 A complete list of the Related Claims is available at no charge at http://ResearchArchives.com/t/s?1bc1 Mark W. Deveno, Esq., at Bingham McCutchen LLP, in New York, asserts that proper treatment of the Related Claims is necessary to ensure that distributions are properly calculated within the terms of the Plan. About Refco Inc. Headquartered in New York, New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. The Court confirmed the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its Direct and Indirect Subsidiaries, including Refco Capital Markets, Ltd., and Refco F/X Associates, LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26, 2007. (Refco Bankruptcy News, Issue No. 59; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000). RIVELIN INSTALLATIONS: Creditors' Meeting Slated for April 3 ------------------------------------------------------------ Creditors of Rivelin Installations Ltd. will meet at noon on April 3 at: King Street House 90-92 King Street Maidstone ME14 1BH England Secured creditors who want to vote must submit particulars of their security at the registered office of the company at: 47-49 Green Lane Northwood Middlesex HA6 3AE England Ashok Kumar Bhardwaj will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. SCOTTISH RE: Preferred Shareholders to Get US$0.4531 Dividend ------------------------------------------------------------- The Board of Directors of Scottish Re Group Ltd. declared a cash dividend of US$0.4531 per Perpetual Preferred Share outstanding to be paid on April 16, 2007, to Perpetual Preferred Share shareholders of record as of the close of business on March 30, 2007. About Scottish Re Group Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a global life reinsurance specialist. Scottish Re has operating businesses in Bermuda, Grand Cayman, Guernsey, Ireland, Singapore, the United Kingdom and the United States. Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd. and Scottish Re (US), Inc. Scottish Re Capital Markets, Inc., a member of Scottish Re Group Ltd., is a registered broker dealer that specializes in securitization of life insurance assets and liabilities. * * * In a TCR-Europe report on Mar. 7, Standard & Poor's Ratings Services said that its ratings on Scottish Re Group Ltd. (B/Watch Dev/--) and affiliated operating companies remain on CreditWatch with developing implications following the announcement by the company that the shareholders have approved the transaction by which MassMutual Capital Partners LLC and affiliates of Cerberus Capital Management L.P. would provide an equity infusion of US$600 million in a transaction to close in the second quarter of 2007. As reported in the TCR-Europe on Feb. 26, Fitch Ratings has downgraded Scottish Re Group Ltd.'s (NYSE:SCT) ratings: Scottish Re Group Ltd.: -- Issuer Default Rating to 'B+' from 'BB'; -- Preferred Stock to 'B-' from 'B+'; and -- 'RR6' Recovery Rating Assigned. Operating subsidiaries: -- Insurer Financial Strength to 'BB+' from 'BBB'. Fitch said all ratings remain on Rating Watch Evolving. In a TCR-Europe report on Nov. 29, 2006, Moody's Investors Service disclosed that it continues to review the ratings of Scottish Re Group Ltd. with direction uncertain following the announcement by the company that it has entered into an agreement to sell a majority stake to MassMutual Capital Partners LLC, a member of the MassMutual Financial Group and Cerberus Capital Management, L.P., a private investment firm. Moody's said the continuing review affects the debt rating of Scottish Re (senior unsecured at Ba3), as well as the Baa3 insurance financial strength ratings of the company's core insurance subsidiaries, Scottish Annuity & Life Insurance Company (Cayman) Ltd. and Scottish Re (U.S.), Inc. The uncertain direction of the review indicates the possibility that Scottish Re's ratings could be upgraded, downgraded, or confirmed depending on future developments at Scottish Re. These ratings continue on review with direction uncertain: Scottish Re Group Limited -- senior unsecured debt of Ba3; -- senior unsecured shelf of (P)Ba3; subordinate shelf of (P)B1; -- junior subordinate shelf of (P)B1; -- preferred stock of B2; and -- preferred stock shelf of (P)B2. Scottish Holdings Statutory Trust II -- preferred stock shelf of (P)B1 Scottish Holdings Statutory Trust III -- preferred stock shelf of (P)B1 Scottish Annuity & Life Insurance Co (Cayman) Ltd. -- insurance financial strength of Baa3 Premium Asset Trust Series 2004-4 -- senior secured debt of Baa3 (based on IFS of SALIC) Scottish Re (U.S.), Inc. -- insurance financial strength of Baa3 Stingray Pass-Through Certificates -- senior secured debt of Baa3 (based on IFS rating of SALIC) On Sept. 5, 2006, Moody's changed the direction of review for Scottish Re's ratings to uncertain from possible downgrade. SCREEN 4 HEALTH: Taps Joint Administrators from Tenon Recovery -------------------------------------------------------------- Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were appointed joint administrators of Screen 4 Health Plc (Company Number 5135654), Health Screening (U.K.) Ltd. (Company Number 5135654) and U.K. Health Screening Ltd. (Company Number 3790420) on March 16. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. Headquartered in Taunton, England, Screen 4 Health Plc, Health Screening (U.K.) Ltd., and U.K. Health Screening Ltd. -- http://www.screen4health.com/-- concentrate solely on allergy care, and offer a unique program of food intolerance and sensitivity testing. SKYEPHARMA PLC: Completes Disposal of Injectable Business --------------------------------------------------------- SkyePharma PLC has completed the Paul Capital Refinancing and the disposal of its Injectable business. As such, the Placing of the new ordinary shares is no longer conditional and will raise GBP14.8 million (net of costs). This completes the major financial restructuring disclosed on Jan. 9. SkyePharma is now able to focus on organic growth of its business by completing the development of its unique combination product Flutiform(TM) (fluticasone/formoterol inhalation treatment for asthma), which is in phase III development, as well as seeking additional opportunities to leverage the Group's proven range of skills and technologies in developing oral and inhalation products. "The completion of the disposal has removed the cash burn attributable to the Injectable Business and has significantly strengthened the Company's balance sheet and cash flows," Frank Condella, SkyePharma's Chief Executive, said. "With the restructuring phase now successfully completed, we can focus fully on the development of SkyePharma's existing oral and inhalation product pipeline, and seek further new opportunities to exploit our unique capabilities in the rapidly growing drug delivery market." Headquartered in London, SkyePharma PLC (Nasdaq: SKYE; LSE: SKP) -- http://www.skyepharma.com/-- develops pharmaceutical products benefiting from world-leading drug delivery technologies that provide easier-to-use and more effective drug formulations. There are now 12 approved products incorporating SkyePharma's technologies in the areas of oral, injectable, inhaled, and topical delivery supported by advanced solubilisation capabilities. Going Concern Doubt As reported in the TRubled Company Reporter on Aug. 1, 2006, PricewaterhouseCoopers LLP in London raised substantial doubt about Skyepharma PLC's ability to continue as a going concern after auditing the company's financial statements for the year ended Dec. 31, 2005. The auditing firm pointed to the uncertainty as to when Skyepharma's certain strategic initiatives may be concluded and their effect on the company's working capital requirements. SOLUTIA INC: Saflex Unit Opens New Manufacturing Line in Belgium ---------------------------------------------------------------- The Saflex(r) unit of Solutia Inc. broke ground Monday, March 26, for a new manufacturing line at its plant in Ghent, Belgium. This project marks another major step in Solutia's global investment program for its Saflex(r) PVB interlayers. "For 80 years, Solutia and its corporate predecessors have driven innovation in glass interlayers," Luc De Temmerman, president of Solutia's Performance Products Division, said. "As demand from our customers continues to grow, we are making significant investments in each world region to ensure capacity is in place to meet the demand. This project is a key part of our growth strategy for the Saflex business, allowing us to continue our commitment of providing the highest degree of responsiveness, quality and innovation to our customers on every continent." The new Ghent manufacturing line will produce 3.2-meter-wide rolls of Saflex PVB interlayers. These specific interlayers are used primarily to make laminated glass for the growing European architectural market. The new line also will provide Saflex with greater flexibility in how it operates its plants worldwide. "The third Saflex manufacturing line at Ghent is an important step forward in our strategy to optimize our production on a global scale," Dirk Duquet, vice president of manufacturing excellence for Saflex, said. "Along with our 2006 acquisition of the plant in Puebla, Mexico, and the new plant under construction in Suzhou, China, the expansion at Ghent will help us achieve the highest quality and lowest cost production for our customers in every world area." The new manufacturing line is being constructed at the Saflex Ghent plant, leveraging existing infrastructure and the plant's 40-plus years of experience in manufacturing Saflex products. In addition, the new line will employ the latest technology, enabling the production process to be highly automated. "Our customers recognize the Ghent plant as a trusted supplier of the world's premier PVB interlayers," Mr. Duquet added, "and this expansion will enable us to very efficiently take that tradition of quality to an even greater scale." The Saflex Ghent plant employs 300 people and began operation in 1961. The plant maintains ISO 14001 registration for its environmental management systems, OSHAS 18001 registration for its occupational safety and health management systems, as well as several registrations for its quality management systems, including QS 9000, ISO 9001 and TS 16949. Saflex manufactures PVB interlayers at Ghent, Belgium; Puebla, Mexico; San Jose Dos Campos, Brazil; Springfield, Mass., USA; and Trenton, Mich., USA. It also operates a PVB finishing and distribution center in Singapore. A new plant for Saflex PVB interlayers in Suzhou, China, will begin production later this year. With 80 years of experience in developing glass interlayers, Saflex is the world's largest producer and seller of PVB interlayers, and is known as the global leader in PVB innovation, quality and reliability. When laminated between layers of glass, PVB interlayers greatly enhance the performance characteristics of glass, providing benefits such as security, solar protection, sound attenuation and safety. Laminated glass made with Saflex PVB is used extensively in both the automotive and architectural markets. 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. TOREX RETAIL: May Break Banking Pacts Due to Low Profit Levels -------------------------------------------------------------- Torex Retail Plc may break its banking covenants due to less than expected profit levels as the company is expected to publish full-year operating profits of GBP23 million, less than half the forecast of GBP53 million, the Accountancy Age reveals. According to the report, Deloitte compiled the figures after Torex's management hired the firm in an advisory capacity. Deloitte is said to have made the statement for KPMG, which is reviewing the Royal Bank of Scotland, Torex's main lender, David Jetuah of Accountancy Age states. Despite its financial woes, the company recently posted on its Web site that its lenders have agreed to provide the requested additional short-term working capital facility of GBP15 million. Accounting Probe Meanwhile, the Serious Fraud Office has escalated its investigation of the software group, conducting further raids together with City of London Police at two homes in Gloucestershire and Warwickshire, and one office in Banbury, the Accountancy Age relates. The AIM has also suspended Torex from trading due to alleged accounting irregularities in the wake of the investigation and raids, which were also made in January, the release states. Torex Chairman Chris Moore has resigned from the board, effective immediately, while CEO Neil Mitchell also quit his post, though he will stay on as board member, Accountancy Age reports. About Torex Retail Plc Headquartered in Banbury, Oxfordshire, in the United Kingdom, Torex Retail Plc -- http://www.torexretail.com/-- is a leading global retail systems solutions provider. The company's solution set spans all facets of the retail systems business, from leading edge electronic point of sale software; to back office software; to sophisticated performance and productivity systems; to loss prevention and basket analysis solutions. The company is currently being investigated by the Serious Fraud Office for alleged accounting irregularities and has also been suspended from trading by the AIM for the same reason. It is also expected to default on its financial obligations, after accruing less than desirable profits in 2006. TPACK LTD: Brings In Liquidator from Daly & Co. ----------------------------------------------- Philip Malachy Daly of Daly & Co. was appointed liquidator of Tpack Ltd. on March 13 for the creditors' voluntary winding-up procedure. The company can be reached at: Tpack Ltd. Unit 2 Industry Road Carlton Barnsley South Yorkshire S71 3PQ England Tel: 01226 722 822 Fax: 01226 722 822 UNIVERSAL: Manchester Court Winds Up Business --------------------------------------------- The High Court in Manchester wound up Universal following an investigation by the Companies Investigation Branch of the Insolvency Service. CIB's investigation found that Universal acted as a sales agent for new and off-plan properties in Bulgaria and Dubai earning commissions from developers of between 1% and 2% of the agreed sale price. The company received income in excess of GBP560,000 including GBP478,000 loaned to the company by 23 individuals. However, the Secretary of State alleged that due to inadequate accounting records, CIB was unable to properly investigate purported property investments and loans by the company in India and Saudi Arabia. Additionally, the enquiry was unable to determine the nature of payments made by Universal and establish whether such payments were bona fide and for the benefit of the company. This included GBP102,000 drawn from the company's bank account in cash. The petition to wind-up the company in the public interest was presented on Sept. 28, 2006, under the provisions of s124A of the Insolvency Act 1986 following investigations carried out under section 447 of the Companies Act 1985 by the Companies Investigation Branch of the Insolvency Service. The Winding-up Order was made on March 5. WATERGATE INNS: Creditors Confirm Liquidator's Appointment ---------------------------------------------------------- Creditors of Watergate Inns Ltd. confirmed on March 6 the appointment of Martin Williamson of DSi Services as the company's liquidator. The company can be reached at: Watergate Inns Ltd. Ironmaster House 37 Wyle Cop Shrewsbury Shopshire SY1 1XF England Tel: 01743 271 071 Fax: 01743 340 300 * FTI Consulting Promotes 17 Employees to Senior Level Positions ---------------------------------------------------------------- FTI Consulting Inc. disclosed the promotion of 17 employees to senior managing director and senior vice president positions-the two highest levels of distinction among FTI client service professionals. A senior level promotion demonstrates exemplary leadership in client service, business development and team development. "I want to congratulate these individuals on their achievements with FTI which has led to these well-earned advancements. Each of the 17 individuals promoted today are recognized as leaders not only by their peers and clients, but by our executive management team," Executive Vice President and Chief Operating Officer, Dominic DiNapoli, said. "We look forward to their ongoing contributions as we continue to build our Company." Promotions include: * William Adams Technology, Washington, D.C. William Adams specializes in litigation discovery, database creation and management, and courtroom presentation technologies. He is adept at finding the most efficient use of litigation technology across the spectrum of client requirements with particular depth and experience in the application of electronic discovery and knowledge management solutions. Mr. Adams holds a J.D. from George Mason School of Law & Economics and a B.A. in Political Science from Northwestern University. * Felicia Battista Forensic and Litigation Consulting, Washington, D.C. Felicia Battista provides expert consulting services to clients in matters of accounting, financial reporting, financial restatements, corporate governance and SEC disclosure requirements. She has more than 25 years of accounting experience. She began her career in public accounting and has held accounting and legal positions in the private sector and the U.S. Securities and Exchange Commission. Ms. Battista holds a B.B.A with a concentration in accounting from the George Washington University and a J.D. degree from the Columbus School of Law at the Catholic University of America in Washington, D.C. * Joseph Cavicchi Economic Consulting, Cambridge, MA Joe Cavicchi provides wholesale and retail electricity market regulatory economic analyses in connection with the restructuring of the U.S. electricity industry. He advises clients on a variety of Federal Energy Regulatory Commission and state regulatory proceedings related to the new markets and the contractual arrangements that have emerged to support the electricity industry. Mr. Cavicchi holds an S.M. in technology policy from M.I.T., an M.S. in environmental engineering from Tufts University and a B.S. in mechanical engineering from the University of Connecticut. * Cuong Do Technology, Washington, D.C. Cuong Do joined FTI Consulting in 2002 and has been a key contributor in helping to establish and grow FTI's eDiscovery products and services in this rapidly expanding market sector. He has also been able to attract a pool of dedicated and talented people to support FTI's continued growth. He has particular experience and expertise in document management, database development, application development, data analysis and native file processing. Mr. Do has over 14 years of experience consulting in accounting and financial services. He holds a B.S. in Accounting and Finance from Virginia Tech and is a Microsoft Certified Database Administrator and a Microsoft Certified IT Professional. * Timothy J. Dragelin Corporate Finance, Charlotte, NC Timothy Dragelin has provided financial advisory services to debtors and creditors through in-court and out-of-court reorganizations in a number of industries for more than 17 years. These matters have included bankruptcy planning and management, turnaround consultation, interim management, lender advisory, buy-side due diligence, sell-side mandates, valuation, process improvement, forensic investigations and litigation advisory. Mr. Dragelin holds a B.B.A. in accounting from the College of William and Mary in Virginia. He is a published author and frequent speaker on accounting and financial topics. * Adrian Frankum Corporate Finance, New York, NY Adrian Frankum specializes in providing restructuring services to companies in large, complex reorganizations. With over 14 years of restructuring and finance experience, he has provided corporate recovery and litigation support services to both companies and creditors in a wide range of industries, including manufacturing, telecommunications, automotive and restaurants. Mr. Frankum holds an M.B.A. from the Stern School of Management at NYU and is a certified public accountant (CPA). * Bryan Harston Forensic and Litigation Consulting, Dallas, TX Bryan Harston provides strategic trial consulting, courtroom graphics, and presentation consulting services to attorneys and their clients in Federal and state jurisdictions nationwide. He has developed trial presentations in virtually every major litigation area, with special emphasis on patent infringement, environmental remediation, product liability, computers/electronics, public utilities and energy, mining, and manufacturing. A registered patent attorney, Mr. Harston earned his J.D. cum laude, as well as undergraduate and graduate degrees in Geology and Geophysics, from the University of Oklahoma. * Richard J. Haynes Forensic and Litigation Consulting, Washington, D.C. Richard Haynes has over 19 years of consulting and auditing experience including more than four years in the Enforcement Division of the U.S. Securities and Exchange Commission. His experience includes fraud investigation, forensic accounting and damages analysis. His experience includes matters involving fraud investigations, accounting and reporting issues, breach of contract, government contracts, regulated industry, class action lawsuits, antitrust and other litigation matters. Mr. Haynes holds a B.A. degree in accounting from George Washington University. He is a CPA and CFE. * Barbara Horvath Corporate Finance, Washington, D.C. Barbara Horvath is a member of the Transaction Advisory Services group within FTI Corporate Finance. She has worked on due diligence and post- acquisition projects for private equity and strategic investors in a variety of industries, including manufacturing, automotive, aerospace and defense, government and construction contracting, distribution, software and technology. She has provided post-merger integration assistance and assisted with carve-out and stand- alone issues at the semiconductor equipment division of an international manufacturing company, an oil and natural gas industry services company, and a major automotive parts supplier. Ms. Horvath has a B.S.B.A. with a concentration in accounting from Duquesne University. She is a CPA. * Michael A. Keable FTI Lexecon, Chicago, IL Michael Keable specializes in securities markets, damages, corporate finance and financial statement analysis. He has consulted on and directed numerous studies analyzing a broad range of issues in financial economics, including price movements of many types of securities, accounting restatements, market efficiency, insider trading and calculation of damages. These studies have involved a wide variety of industries, including healthcare, technology and banking. Mr. Keable received an M.B.A with a concentration in finance from the University of Chicago Graduate School of Business. * Shelly Irvine Forensic and Litigation Consulting, San Francisco, CA Shelly Irvine has over 12 years of experience consulting with clients and counsel regarding intellectual property matters in a wide range of industries. Ms. Irvine's exclusive focus is on assisting clients and counsel with the damages aspects of their intellectual property disputes, as well as consulting with clients who have intellectual asset management needs. She holds an M.B.A. degree from the University of California, Berkeley, Walter Haas School of Business and a B.S. degree in Economics from Santa Clara University. * Jamey Johnson Forensic and Litigation Consulting, Washington, D.C. Jamey Johnson leads FTI's Trial Technology Consulting practice in FTI's Washington, D.C. and Atlanta offices and is responsible for managing, staffing and coordinating trial technology consulting services for the Mid-Atlantic and Southeast regions. Mr. Johnson has worked in multiple jurisdictions on behalf of numerous Am Law 100 firms and Fortune 500 companies. Most notably, he served for more than a year as lead technology consultant to the major tobacco companies in United States of America v. Philip Morris USA, et al. Mr. Johnson holds a J.D., with honors, from the University of Baltimore School of Law, where he was Casenotes Editor of the Law Review. * Travis Johnson Technology, Denver, CO and Melbourne, Australia Travis Johnson has over 10 years experience in database architecture, particularly in the design, implementation, and administration of databases and data warehouses. He has significant experience in Windows and database programming languages. Mr. Johnson is a member of the FTI's Ringtail software development team. FTI Ringtail, a software product developed by FTI, enhances and streamlines document-intensive processes and offers support throughout the litigation document lifecycle. * Kevin Kuby Corporate Finance, Chicago, IL Kevin Kuby has eight years of experience in restructuring, bankruptcy proceedings, troubled company consulting, financial analyses and due diligence. His experience includes developing business plans and restructuring strategies, contingency planning, liquidity forecasting development and analysis, liquidation analysis, valuation, implementing operational improvement strategies for companies inside and outside of bankruptcy, optimizing operating assets, and providing litigation support services and investigating fraudulent transactions and preference payments. Mr. Kuby holds an M.B.A. with an emphasis in finance and accounting from the University of Chicago and a B.A. in economics from the University of Illinois at Champaign- Urbana. He is a CIRA and CTP. * Chris LeWand Corporate Finance, Denver, CO Chris LeWand is an industry specialist and part of FTI's Communications and Media practice group. He specializes in providing strategic and financial planning, process improvement, integration planning and execution, cost allocation studies, troubled company evaluation and restructurings, interim management services, mergers and acquisitions advisory, valuation and dispute advisory assistance. He holds an M.B.A. with honors from Texas A&M University and a B.S. in finance with honors from Villanova University. He is a CPA, CIRA and chartered financial analyst. * Patrick Strong Technology, Denver, CO Patrick Strong leads the global technical sales team for the Technology segment of FTI. He has extensive consulting experience in the electronic discovery process, in particular online review platforms, litigation database structure and design, search technology and work flow development. He has worked on hundreds of cases involving patent infringement, antitrust, securities litigation and large-scale product liability suits. Mr. Strong holds an M.B.A. from the Kellogg School of Management at Northwestern University and a B.A. in History from Denison University. * Daniel Ventricelli Forensic and Litigation Consulting, New York, NY Dan Ventricelli has over 20 years of professional experience. He specializes in accounting and financial investigations involving SEC enforcement and reporting issues, books and records reconstruction, fraudulent conveyances, schemes to divert assets and tracing the flow of funds. Dan has provided consulting services in matters involving allegations of fraud, mismanagement, and breach of fiduciary duties, owner/managing agent disputes, purchase price disputes, breach of contract, lost profits, intellectual property infringement, and accountant liability. Mr. Ventricelli graduated with honors from St. John's University in 1984 with a B.S. in accounting and with a J.D. degree in 1987 from its School of Law. Dan is a CPA and CFE. About FTI Consulting FTI Consulting Inc. (NYSE:FCN) -- http://www.fticonsulting.com/ -- provides problem-solving consulting and technology services to major corporations, financial institutions and law firms when confronting critical issues that shape their future and the future of their clients, such as financial and operational improvement, major litigation, complex investigations, mergers and acquisitions and regulatory issues. FTI's total workforce of more than 1,400 employees includes numerous PhDs, MBAs, CPAs, CIRAs and CFEs, who are committed to delivering the highest level of service to clients. FTI Consulting has offices in the United States, the United Kingdom, Australia, China, Hong Kong, Japan, and Singapore. * * * As reported in the Troubled Company Reporter on Sept. 19, 2006, Standard & Poor's Ratings Services assigned its 'B+' rating to FTI Consulting Inc.'s US$215 million senior notes due 2016. At the same time, Standard & Poor's affirmed the corporate credit rating of FTI at 'BB-' and revised the outlook to positive from stable, based on strong earnings performance and talent retention. As reported in the Troubled Company Reporter on Sept. 18, 2006 Moody's Investors Service assigned a Ba2 rating to FTI Consulting, Inc.'s proposed US$215 million of senior unsecured notes and lowered the ratings on its US$150 million senior subordinated convertible notes to B1 from Ba3. Moody's affirmed the Ba2 corporate family rating and the Ba2 rating on FTI's existing senior unsecured notes. Moody's said the rating outlook remains stable. ********* 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 tRubled 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 TRubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel P. Laureno, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A. Godinez, and Pius Xerxes Tovilla, Editors. Copyright 2007. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *