/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070424.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 Tuesday, April 24, 2007, Vol. 8, No. 80 Headlines A U S T R I A INGENIEUR ALEXANDER: Vienna Court Orders Business Shutdown JOHANN PRIVOZNIK: Claims Registration Period Ends May 17 MARTO INSTALLATION: Vienna Court Dismisses Estate Administrator NOVAL MASSIVBAU: Claims Registration Period Ends May 8 PASCAL LLC: Vienna Court Orders Business Shutdown SCHILLER LLC: Claims Registration Period Ends May 21 TZIANAS LLC: Claims Registration Period Ends May 11 W.B.T. WOHNBAU: Claims Registration Period Ends May 4 B U L G A R I A LUKOIL BULGARIA: Petrol Holding Pays BGN1.1-Million Debt D E N M A R K TDC A/S: Tax Bill Effect to Reach DKK1.2 Billion G E R M A N Y ACN GESELLSCHAFT: Claims Registration Period Ends May 18 AUTOHAUS ELSNER: Claims Registration Period Ends May 25 BHS GERUESTBAU: Claims Registration Period Ends June 22 BOUTIQUE SCHMETTERLING: Claims Registration Period Ends May 15 BSVG BUERO: Claims Registration Period Ends June 4 DAIMLERCHRYSLER AG: UAW Talks with Tracinda but Prefers Magna ELLUG GMBH: Claims Registration Period Ends May 15 ERNST SPIES: Claims Registration Period Ends May 15 GHR VERMOEGENSVERWALTUNGS: Claims Registration Ends May 25 GROSS UND SOEHNE: Creditors' Meeting Slated for May 7 GSK GMBH: Claims Registration Ends May 24 HTI GMBH: Claims Registration Ends May 15 ILMDOC HALLE: Claims Registration Ends May 31 KNOEFFEL BAU: Creditors Meeting Slated for June 4 LUPP GMBH: Creditors Must Register Claims by June 1 MAXBAU PLANUNGS: Creditors Must Register Claims by May 31 MEDORA GMBH: Creditors Must Register Claims by May 25 MRC SIMULATORENTECHNOLOGIE: Creditors Meeting Slated for May 21 MONTAGESERVICE JEHL: Claims Registration Ends June 15 NATURSTEINWERK BAWINKEL: Claims Registration Ends May 18 NEW ZEPPELIN: Claims Registration Ends May 15 NIEBECK GMBH: Creditors Must Register Claims by June 1 OBJEKTWERK GMBH: Claims Registration Ends June 8 SCHULTE-ALLAGEN GMBH: Claims Registration Period Ends May 12 SCHULZ & CZERNY: Claims Registration Period Ends May 11 SIGGELKOW COMPUTER: Claims Registration Period Ends June 2 SPRANZ SONNTAG: Claims Registration Period Ends May 31 TEBEX GMBH: Creditors' Meeting Slated for May 11 TRW AUTOMOTIVE: Completes Tender Offers of Outstanding Notes VHB GMBH: Claims Registration Period Ends May 8 WBN AUTOMATENBETRIEBS: Claims Registration Period Ends May 29 WIDGET ONLINE: Claims Registration Period Ends May 26 I T A L Y ALITALIA SPA: Three Groups Launch Final Bid for Italy's Stake CLINICAL DATA: Dutch Unit Selling Division to Sclavo Diagnostics CLINICAL DATA: Cogenics Division Partners with Epigenomics AG K A Z A K H S T A N ARYS TOLKYNDARY-1: Creditors Must File Claims by May 22 CRISTALL LA: Creditors' Claims Due May 25 INTERSTROYGROUP LLP: Proof of Claim Deadline Slated for May 25 INVEST PLUS: Claims Registration Ends May 25 MATAI MARKET: Claims Filing Period Ends May 25 NOVATOR LLP: Creditors' Claims Due May 22 NURBAI LLP: Creditors Must File Claims by May 22 SARY-BULAK-OIL LLP: Proof of Claim Deadline Slated for May 22 TDS & K: Claims Registration Ends May 25 TURAN OIL: Claims Filing Period Ends May 25 K Y R G Y Z S T A N AREOPAG-DISTRIBUTION LLC: Claims Filing Period Ends June 2 NUR LLC: Creditors Must File Claims by June 2 N E T H E R L A N D S CLINICAL DATA: Dutch Unit Selling Division to Sclavo Diagnostics N O R W A Y CLEAR CHANNEL: To Pay US$0.1875 Per Share Dividend R U S S I A AGATE CJSC: Asset Bidding Deadline Slated for May 2 ALTAY-COAL-RESOURSE: Creditors Must File Claims by May 31 ANGAR-STORY OJSC: Asset Bidding Deadline Slated for May 3 AZNAKAEVSKIY BAKERY: Bankruptcy Hearing Slated for Aug. 20 CORN-INVEST LLC: Creditors Must File Claims by May 31 KARBONA OJSC: Creditors Must File Claims by May 31 KORKINSKIY DIARY: Creditors Must File Claims by May 31 KRASNOSELSKAYA CJSC: Asset Bidding Deadline Slated for May 2 LUKOIL OAO: Bulgarian Unit Gets BGN1.1 Mil. From Petrol Holding MAGADANSKIY LIQUEUR: Creditors Must File Claims by May 31 MAGNITOGORSK-TRANS-STROY: Asset Sale Slated for May 8 MAGNITOSTROY LLC: Creditors Must File Claims by May 1 MARIBERG OJSC: Creditors Must File Claims by May 31 NIKA-EXPORT LLC: Court Names S. Sakhnenko as Insolvency Manager REGINA CJSC: Creditors Must File Claims by May 31 SEVERSTAL OAO: Fitch Affirms BB IDR with Positive Outlook TULUNSKIY HYDROLYZE: Creditors Must File Claims by May 31 VIMPEL-COMMUNICATIONS: Earns US$811.5 Million for Full Year 2006 YUKOS OIL: Faces Environmental Violations in East Siberia S P A I N AFINSA BIENES: Court to Hear Chapter 15 Petition Tomorrow S W I T Z E R L A N D ABECO JSC: Creditors' Liquidation Claims Due May 7 BARRY CALLEBAUT: Moody's Assigns Loss-Given-Default Rating DHB LLC: Creditors' Liquidation Claims Due May 7 GLOBOGAL IMMOBILIEN: Creditors' Liquidation Claims Due May 3 IFAO (SCHWEIZ): Creditors' Liquidation Claims Due May 7 MAKINA HOLDING: Creditors' Liquidation Claims Due May 3 MIMOBA JSC: Creditors' Liquidation Claims Due May 3 NOVA CASA: Graubunden Court Starts Bankruptcy Proceedings ROBINSON RESEARCH: Zug Court Starts Bankruptcy Proceedings ROCA COLORADA: Creditors' Liquidation Claims Due May 7 VOWI CONSULTING: Zug Court Starts Bankruptcy Proceedings U K R A I N E ARTEX LLC: Claims Registration Bar Date Set May 3 CHONGDAO LLC: Claims Registration Deadline Set May 3 CONCOUR-MM LLC: Claims Registration Bar Date Set May 3 DARDAN-1 LLC: Claims Registration Deadline Set May 2 DNIEPRO INVEST: Claims Registration Deadline Set May 3 IFV PLANT: Claims Registration Deadline Set April 28 KOLOS CJSC: Claims Registration Deadline Set May 2 REAL LLC: Claims Registration Bar Date Set May 3 SIGMA JSC: Claims Registration Deadline Set May 2 U N I T E D K I N G D O M ADVANCED MARKETING: Wants Exclusive Period Pushed Until Aug. 10 ADVANCED MARKETING: Asks Court to Fix Claims Bar Date to July 2 ALFRED MCALPINE: Independent Probe Confirms Systematic Fraud ARMOR HOLDINGS: Bags US$345 Million Truck Order from U.S. Army BRITISH AIRWAYS: Mulls Consortium Offer for Iberia BRITISH AIRWAYS: Appoints Julia Simpson as Communications Head CLEAR CHANNEL: Sells TV Stations to Providence for US$1.2 Bil. CLEAR CHANNEL: Raised Bid Prompts S&P to Cut Credit Rating to B+ COLLINS & AIKMAN: Seeks Court Nod on PBGC Settlement Agreement COLLINS & AIKMAN: Parties Oppose First Amended Plan Confirmation COLLINS & AIKMAN: Plan Confirmation Hearing Adjourned to May 24 CONSTELLATION BRANDS: Joins Punch Taverns in Matthew Clark Deal CONSTELLATION BRANDS: Names Patty Yahn-Urlaub as Vice President DURA AUTOMOTIVE: Inks Technical Alliance with Indian Parts Maker FOOT LOCKER: Offers to Buy Genesco for US$1.2 Billion in Cash FOOT LOCKER: Moody's Reviews Ba1 Ratings Over Genesco Bid ISLE OF CAPRI: Posts US$9.5 Mil. Net Loss in Qtr Ended Jan. 28 LYONDELL CHEMICAL: Fitch Puts B Rating on Sr. Subordinated Notes MEGA BRANDS: Moody's Reviews Ratings on Weak 2006 Performance RANK GROUP: Moody's Cuts Ratings on US$114.3-Million Notes to B2 SEA CONTAINERS: Court OKs Conyers Dill as Bermuda Counsel SEA CONTAINERS: Services Committee Can Hire Pepper Hamilton SOLUTIA INC: Court Approves 2007 Annual Incentive Program * Large Companies with Insolvent Balance Sheets ********* ============= A U S T R I A ============= INGENIEUR ALEXANDER: Vienna Court Orders Business Shutdown ---------------------------------------------------------- The Trade Court of Vienna entered March 27 an order shutting down the business of LLC Ingenieur Alexander Lugner (FN 236148b). Court-appointed estate administrator Stephan Riel recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Stephan Riel c/o Dr. Johannes Jaksch Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 21 (Bankr. Case No 3 S 45/07y). Johannes Jaksch represents Dr. Riel in the bankruptcy proceedings. JOHANN PRIVOZNIK: Claims Registration Period Ends May 17 -------------------------------------------------------- Creditors owed money by LLC Johann Privoznik (FN 75456s) have until May 17 to file written proofs of claim to court-appointed estate administrator Nikolaus Vogt at: Mag. Nikolaus Vogt c/o Dr. Eva Riess Zeltgasse 3/13 1080 Vienna Austria Tel: 02 57 01 33 Fax: 402 57 01 57 E-mail: nikolaus.vogt@riess.co.at law@riess.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on May 31 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 27 (Bankr. Case No. 6 S 39/07p). Eva Riess represents Mag. Vogt in the bankruptcy proceedings. MARTO INSTALLATION: Vienna Court Dismisses Estate Administrator --------------------------------------------------------------- The Trade Court of Vienna declares the dismissal of Mag. Sebastian Lesigang as estate administrator of LLC Marto Installation (FN 158929w) on March 27. The Court also approved the additional amount of EUR49,054.32 for distribution to creditors. Headquartered in Vienna, Austria, the Debtor 's bankruptcy case number is 3 S 186/01z. NOVAL MASSIVBAU: Claims Registration Period Ends May 8 ------------------------------------------------------ Creditors owed money by LLC Noval Massivbau & Fertighaus (FN 264304h) have until May 8 to file written proofs of claim to court-appointed estate administrator Peter Zens at: Dr. Peter Zens Reichsratsstrasse 7 1010 Vienna Austria Tel: 534 90 Fax: 534 90 50 E-mail: office@schopf-zens.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 on May 22 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 16th Floor Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 27 (Bankr. Case No. 38 S 15/07v). PASCAL LLC: Vienna Court Orders Business Shutdown ------------------------------------------------- The Trade Court of Vienna entered March 27 an order shutting down the business of LLC Pascal (FN 251529x). Court-appointed estate administrator Beate Holper recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Beate Holper c/o Dr. Susi Pariasek Gonzagagasse 15 1010 Vienna Austria Tel: 533 28 55 Fax: 533 28 55 28 E-mail: office@anwaltwien.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 20 (Bankr. Case No 6 S 35/07z). Susi Pariasek represents Mag. Holper in the bankruptcy proceedings. SCHILLER LLC: Claims Registration Period Ends May 21 ---------------------------------------------------- Creditors owed money by LLC Schiller (FN 34700f) have until May 21 to file written proofs of claim to court-appointed estate administrator Wolfgang Winiwarter at: Dr. Wolfgang Winiwarter Utzstrasse 9 3500 Krems Tel: 02732/83234 Fax: 02732/74153 E-mail: office@winiwarter.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 8:30 a.m. on June 6 for the examination of claims. The meeting of creditors will be held at: The Land Court of Krems an der Donau Hall A Second Floor Krems an der Donau Austria Headquartered in Mautern, Austria, the Debtor declared bankruptcy on March 27 (Bankr. Case No. 9 S 15/07i). TZIANAS LLC: Claims Registration Period Ends May 11 --------------------------------------------------- Creditors owed money by LLC Tzianas (FN 162119k) have until May 11 to file written proofs of claim to court-appointed estate administrator Michael Neuhauser at: Mag. Michael Neuhauser Esslinggasse 9 1010 Vienna Austria Tel: 536 50-0 Fax: 536 50-14 E-mail: officewien@aaa-law.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:10 a.m. on May 25 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 27 (Bankr. Case No. 28 S 37/07f). W.B.T. WOHNBAU: Claims Registration Period Ends May 4 ----------------------------------------------------- Creditors owed money by LLC W.B.T. Wohnbau in Tirol (FN 126994g) have until May 4 to file written proofs of claim to court- appointed estate administrator Gunther Nagele at: Dr. Gunther Nagele c/o Mag. Christian Pesl Suedtirolerplatz 8 6020 Innsbruck Austria Tel: 0512/58 74 81 Fax: 0512/580897 E-mail: office@nagele-pesl.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:45 p.m. on May 22 for the examination of claims. The meeting of creditors will be held at: The Land Court of Innsbruck Conference Hall 114 First Floor New Building Maximilianstrasse 4 6020 Innsbruck Austria Headquartered in Mils, Austria, the Debtor declared bankruptcy on March 27 (Bankr. Case No. 19 S 27/07d). Christian Pesl represents Dr. Nagele in the bankruptcy proceedings. =============== B U L G A R I A =============== LUKOIL BULGARIA: Petrol Holding Pays BGN1.1-Million Debt -------------------------------------------------------- Petrol Holding AD has paid its BGN1.1-million debt to Lukoil Bulgaria, a unit of OAO Lukoil, Dnevnik reports. Lukoil, however, said the payment does not cover accrued interest, warning that it would collect the remaining amount in court if not settled promptly, Dnevnik relates. Lukoil has an existing BGN89.6-million claim suit against Petrol Holding. Lukoil alleged that the Bulgarian fuel group breached a 2001 concession agreement by deliberately delaying payments. Petrol also filed a BGN84-million counterclaim against Lukoil Bulgaria, arguing that the latter had also delayed payments, Dnevnik relates. Lukoil, however, denied Petrol's accusations. The court will hear Lukoil's suit against Petrol on May 11, Sofia Weekly relates. About Lukoil Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX, RTS: LKOH) -- http://www.lukoil.com/-- explores and produces oil & gas, petroleum products and petrochemicals, and markets the outputs. Most of the Company's exploration and production activity is located in Russia, and its main resource base is in Western Siberia. * * * OAO Lukoil carries Standard & Poor's BB+ long-term foreign and local issuer credit ratings with a positive outlook. ============= D E N M A R K ============= TDC A/S: Tax Bill Effect to Reach DKK1.2 Billion ------------------------------------------------ The preliminary calculations of TDC A/S show that the Danish government's proposed tax bill will cost the company an estimated annual amount of DKK700 million. On top of this, TDC's majority shareholder, NTC, will be impacted by an estimated annual amount of DKK500 million. The total effect will thus be an estimated annual amount of DKK1.2 billion. "We already have a huge challenge in maintaining our profit on a market that does not grow, and where prices are constantly declining. And the tax bill certainly does not make things easier," Jens Alder, TDC's President and CEO, said. The calculations are based on TDC's current business plans for 2007, and assumes that the tax package will be adopted in accordance with the Government's proposal dated April 18, 2007. The numbers are calculated on a full year basis and will be somewhat lower in 2007 due to the enactment dates set out in the proposal. "Obviously, we will follow whatever legislation the politicians decide to adopt, and the tax package will not change anything with regard to our basic strategy and goals. On the contrary it now becomes even more clear and imminent that we will do as we have said: Reduce our costs and become much more efficient," Mr. Alder said. The reason why the total financial impact is bigger than the impact for TDC alone is primarily that NTC has taken up independent loans and therefore will be impacted further by the limitations in the right to deduct interest payments. NTC and TDC are subject to joint taxation. About TDC A/S Headquartered in Copenhagen, Denmark, TDC A/S -- http://www.tdc.dk/-- through its subsidiaries and affiliates, provides communication solutions in Europe. It provides communication services in Denmark and Switzerland, and has a significant presence in selected Northern and Central European telecommunication markets. It operates through five business lines. * * * In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa last week, the rating agency confirmed its Ba3 Corporate Family Rating for TDC A/S. Moody's also assigned a Ba3 Probability-Of-Default-rating to the company. The implementation of the LGD methodology in EMEA follows the introduction of the methodology in September 2006. Most of the rating actions Moody's confirmed relate to senior secured loans. * Issuer: TDC A/S Projected Old New LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$6-billion Sr. Unsecured Medium-Term Note Program Ba3 B1 LGD5 81% DEM500-billion 5% Sr. Unsecured Ba3 B1 LGD5 81% Regular Bond/ Debenture Due 2008 JPY3-billion 1.28% Sr. Unsecured Regular Bond/ Debenture Due 2008 Ba3 B1 LGD5 81% EUR350-million 5.625% Senior Unsecured Regular Bond/ Debenture Due 2009 Ba3 B1 LGD5 81% EUR750-million 6.5% Senior Unsecured Regular Bond/ Debenture Due 2012 Ba3 B1 LGD5 81% Senior Secured Bank Credit Facility Ba2 Ba2 LGD3 34% * Issuer: Nordic Telephone Company Holdings ApS Projected Old New LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Sr. Unsecured Floating Rate Notes 2016 B2 B2 LGD6 92% 8.875%/8.25% Senior Unsecured Regular Bond/ Debenture Due 2016 B2 B2 LGD6 92% As reported in the TCR-Europe on April 4, Standard & Poor's Ratings Services affirmed all its ratings on Danish telecoms operator TDC A/S and its parent company Nordic Telephone Co. Holding ApS, including the 'BB-/B' corporate credit ratings on TDC. S&P said the outlook is stable. In January, Fitch Ratings said it does not expect the intended sale by TDC A/S of its Lithuanian and Latvian mobile subsidiary Bite to affect TDC's Issuer Default rating of 'BB-' or the ratings of TDC and NTC Holdings. * TDC's debt instruments: -- Senior secured bank facilities rated 'BB+' -- EMTN bonds rated 'BB-': -- DEM 5% notes due 2008 -- JPY 1.28% notes due 2008 -- EUR5.625% notes due 2009 -- EUR6.5% notes due 2012 -- NTC Holdings senior notes rated 'B+': -- EUR800-million 8.25% senior notes due 2016; -- US$600-million 8.875% senior notes due 2016; -- EUR750-million floating-rate notes due 2 ============= G E R M A N Y ============= ACN GESELLSCHAFT: Claims Registration Period Ends May 18 -------------------------------------------------------- Creditors of ACN Gesellschaft fuer internationale Hotel-, Resort- und Tourismusentwicklung mbH have until May 18 to register their claims with court-appointed insolvency manager Karl-Heinz Trebing. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on June 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Karl-Heinz Trebing Hanauer Landstrasse 287 - 289 60314 Frankfurt (Main) Germany The District Court of Frankfurt (Main) opened bankruptcy proceedings against ACN Gesellschaft fuer internationale Hotel-, Resort- und Tourismusentwicklung mbH on April 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: ACN Gesellschaft fuer internationale Hotel-Resort- und Tourismusentwicklung mbH Attn: Dr. Paulus, Manager Trakehner Str. 7-9 b 60487 Frankfurt (Main) Germany AUTOHAUS ELSNER: Claims Registration Period Ends May 25 ------------------------------------------------------- Creditors of Autohaus Elsner GmbH have until May 25 to register their claims with court-appointed insolvency manager Stefano Buck. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 2, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenburg Hall 0005 Kellergeschoss Hindenburgstr. 5 77654 Offenburg 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: Stefano Buck Eisenbahnstr. 19-23 77855 Achern Germany The District Court of Offenburg opened bankruptcy proceedings against Autohaus Elsner GmbH on April 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Autohaus Elsner GmbH Attn: Peter Nock, Manager Schwarzwaldstr. 50 77933 Lahr Germany BHS GERUESTBAU: Claims Registration Period Ends June 22 ------------------------------------------------------- Creditors of BHS Geruestbau GmbH have until June 22 to register their claims with court-appointed insolvency manager Peter Houben. Creditors and other interested parties are encouraged to attend the meeting at 11:04 a.m. on June 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 Krefeld Meeting Hall H 131 First Floor Nordwall 131 47798 Krefeld Germany The Court will also verify the claims set out in the insolvency manager's report at 9:32 a.m. on Aug. 24, at the same venue. The insolvency manager can be contacted at: Peter Houben Sternstrasse 58 40479 Duesseldorf Germany Tel: 0211/49 144-0 Fax: +4902114914434 The District Court of Krefeld opened bankruptcy proceedings against BHS Geruestbau GmbH on April 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: BHS Geruestbau GmbH Attn: Johannes Boos, Manager Schmacks Kirchweg 8 41379 Brueggen Germany BOUTIQUE SCHMETTERLING: Claims Registration Period Ends May 15 -------------------------------------------------------------- Creditors of Boutique Schmetterling GmbH have until May 15 to register their claims with court-appointed insolvency manager Siegfried Wolter. Creditors and other interested parties are encouraged to attend the meeting at 2:20 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 Hall 311 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: Siegfried Wolter Nadorster Strasse 222 26123 Oldenburg Germany Tel: 0441 27417 Fax: 0441 25979 E-mail: buero@wolter-kollegen.de The District Court of Oldenburg opened bankruptcy proceedings against Boutique Schmetterling GmbH on April 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Boutique Schmetterling GmbH Staustrasse 3/4 26122 Oldenburg Germany Attn: Gholam Ali Shah-Hosseini, Manager Alter Kamp 9 26135 Oldenburg Germany BSVG BUERO: Claims Registration Period Ends June 4 -------------------------------------------------- Creditors of BSVG Buero Service u. Vermietungsgesellschaft mbH have until June 4 to register their claims with court-appointed insolvency manager Ruediger Werres. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 1240 12th Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Dr. Ruediger Werres Friesenplatz 17 a 150672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against BSVG Buero Service u. Vermietungsgesellschaft mbH on April 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: BSVG Buero Service u. Vermietungsgesellschaft mbH Hansaring 61 50670 Cologne Germany Attn: Hans-Theo Winter, Manager Drosselweg 14 53909 Zuelpich Germany DAIMLERCHRYSLER AG: UAW Talks with Tracinda but Prefers Magna ------------------------------------------------------------- United Auto Workers members, who have proposed an employee- stock-ownership plan for DaimlerChrysler AG's Chrysler Group, met with representatives of billionaire investor Kirk Kerkorian's Tracinda Corp., which has submitted a US$4.5 billion bid for the U.S. unit, Gina Chon and John D. Stoll report for The Wall Street Journal. Concurrently, the DaimlerChrysler Employee Buyout Committee, a group of members from UAW local 12 in Toledo, Ohio, has expressed preference for Magna International Inc. as Chrysler's buyer. Both the UAW and the Canadian Auto Workers union have expressed opposition to private equity ownership of the company because of fears that such owners would eliminate long-standing labor agreements, close plants and then flip the company once it returned to profitability, Greg Keenan writes for the Globe and Mail. Union Proposal The TCR-Europe reported on April 23 that workers at a Chrysler plant in Toledo, Ohio, have written to DaimlerChrysler AG Chief Executive Dieter Zetsche, suggesting employees could buy 70% of Chrysler, possibly in exchange for cost concessions. UAW President Ron Gettelfinger, who serves as an employee representative on the company's supervisory board, plans to ask the company's directors to keep Chrysler. DaimlerChrysler's top leaders, including Chief Executive Dieter Zetsche, will meet with labor groups, who plan to ask about the company's strategic review of Chrysler and the status of talks with three other groups, WSJ reveals. Mr. Zetsche faces pressure from shareholders who are concerned that Chrysler, with its US$18-billion unfunded health-care liabilities and recent operating losses, is pulling down the company's profitable Mercedes-Benz luxury-car business. Tracinda, in its proposal to DaimlerChrysler, said it would consider giving the UAW a stake as part of a new capital structure, WSJ relates. The proposal would give the union equity in return for giving up some future benefits. This idea, swapping the retirement health-care debts owed to UAW workers for equity in their employers, is getting increasing attention among Detroit union leaders. The company is presently negotiating with all Chrysler bidders, including Cerberus Capital Management LP; joint bidders Blackstone Group and Centerbridge Capital Partners LP; and the tandem of Magna International Inc. and Onex Corp., but has ignored Tracinda Corp. 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. ELLUG GMBH: Claims Registration Period Ends May 15 -------------------------------------------------- Creditors of Ellug GmbH have until May 15 to register their claims with court-appointed insolvency manager Sylvia Wille. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on June 26, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Sylvia Wille Nansenstrasse 7 09116 Chemnitz Germany Tel: (03 71) 400 44 0 Fax: (03 71) 400 44 10 E-mail: Info@wir-chemnitz.de The District Court of Chemnitz opened bankruptcy proceedings against Ellug GmbH on April 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Ellug GmbH Attn: Sven Schmidt, Manager Waldstrasse 8 09385 Lugau Germany ERNST SPIES: Claims Registration Period Ends May 15 --------------------------------------------------- Creditors of Ernst Spies Service und Handelsgesellschaft mbH fuer Haustechnik have until May 15 to register their claims with court-appointed insolvency manager Carsten Koch. Creditors and other interested parties are encouraged to attend the meeting at 2:00 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 Siegen Hall 009 Ground Floor Main Building Berliner Str. 21-22 57072 Siegen Germany The Court will also verify the claims set out in the insolvency manager's report 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: Carsten Koch Mauerstr. 1 35781 Weilburg Germany Tel: 06471/516630 Fax: 06471/516639 The District Court of Siegen opened bankruptcy proceedings against Ernst Spies Service und Handelsgesellschaft mbH fuer Haustechnik on April 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Ernst Spies Service und Handelsgesellschaft mbH fuer Haustechnik Grube Neue Haardt 6 57076 Siegen Germany Attn: Thomas Hoffmann, Manager Brachhain 31 57078 Siegen Germany GHR VERMOEGENSVERWALTUNGS: Claims Registration Ends May 25 ---------------------------------------------------------- Creditors of GHR Vermoegensverwaltungs GmbH have until May 25 to register their claims with court-appointed insolvency manager Tibor Daniel Braun. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Stuttgart Hall 178 Hauffstr. 5 (Am Neckartor) 70190 Stuttgart 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. Tibor Daniel Braun Kriegerstr. 3 70191 Stuttgart Germany Tel: 0711/22 55 830 Fax: 0711/22 55 8320 The District Court of Stuttgart opened bankruptcy proceedings against GHR Vermoegensverwaltungs GmbH on April 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: GHR Vermoegensverwaltungs GmbH Attn: Uwe Renchen, Manager Bachhalde 49-53 70378 Stuttgart Germany GROSS UND SOEHNE: Creditors' Meeting Slated for May 7 ----------------------------------------------------- The court-appointed insolvency manager for Gross und Soehne GmbH Schlosserei und Maschinenbau, Dr. jur. Dieter Kuehn, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m. on May 7. The meeting of creditors and other interested parties will be held at: The District Court of Saarbruecken Area Hall 13 First Floor Branch Office Sulzbach Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report at 9:15 a.m. on June 18 at the same venue. Creditors have until May 21 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. jur. Dieter Kuehn Talstrasse 33 66119 Saarbruecken Germany Tel: (0681) 51222 Fax: (0681) 52152 The District Court of Saarbruecken opened bankruptcy proceedings against Gross und Soehne GmbH Schlosserei und Maschinenbau on Feb. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gross und Soehne GmbH Schlosserei und Maschinenbau Illinger Str. 57 66265 Heusweiler Germany GSK GMBH: Claims Registration Ends May 24 ----------------------------------------- Creditors of GSK GmbH Guxhagener Speditionskontor have until May 24 to register their claims with court-appointed insolvency manager Jutta Ruedlin. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Fritzlar Room 17 Building A Schladenweg 1 34560 Fritzlar 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: Jutta Ruedlin Am Markt 4 34212 Melsungen Germany Tel: 05661/926280 Fax: 05661/9262820 The District Court of Fritzlar opened bankruptcy proceedings against GSK GmbH Guxhagener Speditionskontor on April 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GSK GmbH Guxhagener Speditionskontor Amselweg 3 34302 Guxhagen Germany HTI GMBH: Claims Registration Ends May 15 ----------------------------------------- Creditors of HTI GMBH have until May 15 to register their claims with court-appointed insolvency manager Dr. Wolfgang Bilgery. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 15, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Pforzheim Mannheimer Str. 17 75179 Pforzheim Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Wolfgang Bilgery Humboldtstr. 16 70178 Stuttgart Germany The District Court of Pforzheim opened bankruptcy proceedings against HTI GMBH on April 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HTI GmbH Attn: Dr. Herbert Rauber Liquidator Rastatter Str. 22 75179 Pforzheim Germany ILMDOC HALLE: Claims Registration Ends May 31 --------------------------------------------- Creditors of IlmDoc Halle Technische Dokumentation GmbH have until May 31 to register their claims with court-appointed insolvency manager Herbert Feigl. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on June 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Halle-Saalkreis Hall 1.043 Judicial Center Thueringer Str. 16 06112 Halle Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Herbert Feigl Hansering 1 D 06108 Halle Germany Tel: 0345/212220 Fax: 0345/2122222 The District Court of Halle-Saalkreis opened bankruptcy proceedings against IlmDoc Halle Technische Dokumentation GmbH on April 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IlmDoc Halle Technische Dokumentation GmbH Eisenbahnstr. 3 06132 Halle Germany KNOEFFEL BAU: Creditors Meeting Slated for June 4 ------------------------------------------------- The court-appointed insolvency manager for Knoeffel Bau Gesellschaft mbH, Christian Koehler-Ma, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:40 a.m. on June 4. 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 9:15 a.m. on Sept. 3 at the same venue. Creditors have until July 5 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christian Koehler-Ma Kurfuerstendamm 212 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Knoeffel Bau Gesellschaft mbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Knoeffel Bau Gesellschaft mbH Samoastr. 7 13353 Berlin Germany LUPP GMBH: Creditors Must Register Claims by June 1 --------------------------------------------------- Creditors of Lupp GmbH & Co KG have until June 1 to register their claims with court-appointed insolvency manager Guenter Trutnau. Creditors and other interested parties are encouraged to attend the meeting at 9: 40 a.m. on July 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Hall A234 Second Floor Eiland 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Guenter Trutnau III. Hagen 30 45127 Essen Germany Tel: 0201-10953 Fax: 0201-1095500 The District Court of Wuppertal opened bankruptcy proceedings against Lupp GmbH & Co. KG on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lupp GmbH & Co KG Metallwarenfabrik Nordstr. 9 42551 Velbert Germany MAXBAU PLANUNGS: Creditors Must Register Claims by May 31 --------------------------------------------------------- Creditors of MAXBAU Planungs- und Projektmanagementgesellschaft mbH have until May 31 to register their claims with court- appointed insolvency manager Manfred Vellmer. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 21, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court 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: Manfred Vellmer Rothenburg 20/21 48143 Muenster Germany Tel: 0251/511801 Fax: +492519277785 Germany The District Court of Muenster opened bankruptcy proceedings against MAXBAU Planungs- und Projektmanagementgesellschaft mbH on April 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MAXBAU Planungs- und Projektmanagementgesellschaft mbH Von-Esmarch-Strasse 121 48149 Muenster Germany MEDORA GMBH: Creditors Must Register Claims by May 25 ----------------------------------------------------- Creditors of Medora GmbH have until May 25 to register their claims with court-appointed insolvency manager Peter Neu. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Hall A234 Second Floor Eiland 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter Neu Elberfelder Strasse 39 42853 Remscheid Germany Tel: 02191/499 18-0 Fax: 02191/499 18-50 The District Court of Wuppertal opened bankruptcy proceedings against Medora GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Medora GmbH Theodor-Heuss-Platz 8 42853 Remscheid Germany MRC SIMULATORENTECHNOLOGIE: Creditors Meeting Slated for May 21 --------------------------------------------------------------- The court-appointed insolvency manager for MRC Simulatorentechnologie GmbH, Ruediger Wienberg, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:05 a.m. on May 21. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Second Stock Hall 218 Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 10:05 a.m. on July 23 at the same venue. Creditors have until June 25 to register their claims with the court-appointed 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 MRC Simulatorentechnologie GmbH on April 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MRC Simulatorentechnologie GmbH Brunsbuettler Damm 448 13591 Berlin Germany MONTAGESERVICE JEHL: Claims Registration Ends June 15 ----------------------------------------------------- Creditors of Montageservice Jehl GmbH have until June 15 to register their claims with court-appointed insolvency manager Jochen Wagner. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on July 2, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Amberg Room 115 Meeting Hall V First Stock Baustadelgasse 1 Amberg 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: Jochen Wagner Salzgasse 2 92224 Amberg Germany Tel: 09621/607 330 Fax: 09621/607 33-10 The District Court of Amberg opened bankruptcy proceedings against Montageservice Jehl GmbH on April 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Montageservice Jehl GmbH Stauffenbergstr. 4 a 93133 Burglengenfeld Germany NATURSTEINWERK BAWINKEL: Claims Registration Ends May 18 -------------------------------------------------------- Creditors of Natursteinwerk Bawinkel GmbH have until May 18 to register their claims with court-appointed insolvency manager Clemens Sandhaus. Creditors and other interested parties are encouraged to attend the meeting at 2:10 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 Lingen (Ems) Hall Z 17 New Building Burgstrasse 28 49808 Lingen (Ems) 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: Clemens Sandhaus Alter Pferdemarkt 2 49808 Lingen (Ems) Germany Tel: 0591/80037-65 Fax: 0591/80037-11 The District Court of Lingen (Ems) opened bankruptcy proceedings against Natursteinwerk Bawinkel GmbH on April 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Natursteinwerk Bawinkel GmbH Gewerbegebiet 1-3 49844 Bawinkel Germany NEW ZEPPELIN: Claims Registration Ends May 15 --------------------------------------------- Creditors of New Zeppelin Winsen GmbH & Co. KG have until May 15 to register their claims with court-appointed insolvency manager Karl-Joachim Meyer. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.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 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: Karl-Joachim Meyer Schiessgrabenstr. 8/9 21335 Lueneburg Germany Tel: 20100 Fax: 201014 The District Court of Lueneburg opened bankruptcy proceedings against New Zeppelin Winsen GmbH & Co. KG on April 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: New Zeppelin Winsen GmbH & Co. KG Gutenbergstrasse 28-30 21423 Winsen/Luhe Germany Attn: Christian Kostiuk, Manager Alvesener Schulweg 12 21224 Rosengarten Germany NIEBECK GMBH: Creditors Must Register Claims by June 1 ------------------------------------------------------ Creditors of NieBeck GmbH have until June 1 to register their claims with court-appointed insolvency manager Klaus Knetter. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on July 2, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Detmold Meeting Room 12 Ground Floor Gerichtsstr. 6 32756 Detmold Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus Knetter Otto-Brenner-Str. 186 33604 Bielefeld Germany The District Court of Detmold opened bankruptcy proceedings against NieBeck GmbH on April 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: NieBeck GmbH Herforder Str. 125 32657 Lemgo Germany OBJEKTWERK GMBH: Claims Registration Ends June 8 ------------------------------------------------ Creditors of ObjektWerk GmbH have until June 8 to register their claims with court-appointed insolvency manager Dr. Hubert Ampferl. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on July 3, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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 reached at: Dr. Hubert Ampferl Nymphenburger Str. 20 80335 Muenchen Germany Tel: 089/3090586-0 Fax: 089/3090586-10 The District Court of Munich opened bankruptcy proceedings against ObjektWerk GmbH on April 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ObjektWerk GmbH Goethe Ring 22 85570 Markt Schwaben Germany SCHULTE-ALLAGEN GMBH: Claims Registration Period Ends May 12 ------------------------------------------------------------ Creditors of Schulte-Allagen GmbH have until May 12 to register their claims with court-appointed insolvency manager Martin Buchheister. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on June 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Arnsberg Meeting Room 328 Eichholzstr. 4 59821 Arnsberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Martin Buchheister Rathausplatz 21-23 58507 Luedenscheid Germany The District Court of Arnsberg opened bankruptcy proceedings against Schulte-Allagen GmbH on April 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schulte-Allagen GmbH Udenstrasse 33 59581 Warstein Germany Attn: Ralf Schulte, Manager Dorfstrasse 50 59581 Warstein Germany SCHULZ & CZERNY: Claims Registration Period Ends May 11 ------------------------------------------------------- Creditors of Schulz & Czerny Financial Brokers GmbH have until May 11 to register their claims with court-appointed insolvency manager Biner Bahr. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Duesseldorf Meeting Hall A 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Biner Bahr Graf-Adolf-Platz 15 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Schulz & Czerny Financial Brokers GmbH on April 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schulz & Czerny Financial Brokers GmbH Am Neumarkt 5 41564 Kaarst Germany Attn: Ralf Schulz, Manager Ackerstrasse 125 40233 Duesseldorf Germany SIGGELKOW COMPUTER: Claims Registration Period Ends June 2 ---------------------------------------------------------- Creditors of Siggelkow Computer GmbH have until June 2 to register their claims with court-appointed insolvency manager Jens-Soeren Schroeder. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 2, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Jens-Soeren Schroeder Raboisen 38 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Siggelkow Computer GmbH on April 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Siggelkow Computer GmbH Attn: Jens Siggelkow and Urlich Voss, Managers Tarpenring 13 22419 Hamburg Germany SPRANZ SONNTAG: Claims Registration Period Ends May 31 ------------------------------------------------------ Creditors of Spranz Sonntag GmbH have until May 31 to register their claims with court-appointed insolvency manager Michael Pluta. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Ulm Hall 103 Olgastr. 107 89073 Ulm 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 Pluta c/o PLUTA Rechtsanwalts GmbH Karlstr. 33 89073 Ulm Germany Tel: 0731-96880-0 Fax: 0731-96880-50 E-mail: ulm@pluta.net Web site: www.pluta.net The District Court of Ulm opened bankruptcy proceedings against Spranz Sonntag GmbH on April 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Spranz Sonntag GmbH Attn: Martin Spranz, Manager Bleicherstr. 46 89597 Munderkingen Germany TEBEX GMBH: Creditors' Meeting Slated for May 11 ------------------------------------------------ The court-appointed insolvency manager for Tebex GmbH, Ruediger Wienberg, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 8:45 a.m. on May 11. 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 9:35 a.m. on Aug. 31 at the same venue. Creditors have until July 3 to register their claims with the court-appointed 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 Tebex GmbH on April 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tebex GmbH Neukoellnische Allee 160 12057 Berlin Germany TRW AUTOMOTIVE: Completes Tender Offers of Outstanding Notes ------------------------------------------------------------ TRW Automotive Holdings Corp., through its subsidiary TRW Automotive Inc., disclosed the expiration of its cash tender offers for its outstanding: -- US$825-million 9-3/8% Senior Notes due 2013, -- EUR130-million 10-1/8% Senior Notes due 2013, -- US$195-million 11% Senior Subordinated Notes due 2013, and -- EUR81-million 11-3/4% Senior Subordinated Notes due 2013. The tender offers expired at midnight, New York City time, on April 18. The settlement for Notes validly tendered and accepted for payment between the Consent Date of March 23, and the Expiration Date occurred on April 19, and was funded with cash on hand. Through the tender offers, the company repurchased a total of: -- US$825,218,850 or 99.98% of the aggregate principal amount of the 9-3/8% Senior Notes; -- EUR121,123,000 or 93.17% of the aggregate principal amount of the 10-1/8% Senior Notes; -- US$192,909,000 or 98.93% of the aggregate principal amount of the 11% Senior Subordinated Notes; and -- EUR79,028,000 or 97.27% of the aggregate principal amount of the 11-3/4% Senior Subordinated Notes. As a result of the Note tender transaction, the company expects to incur related premiums and expenses of US$147 million in the first quarter of 2007. About TRW Automotive Headquartered in Livonia, Michigan, TRW Automotive Holdings Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive supplier. Through its subsidiaries, it employs approximately 63,800 people in 26 countries including Brazil, China, Germany, Italy, among others. TRW Automotive products include integrated vehicle control and driver assist systems, braking systems, steering systems, suspension systems, occupant safety systems (seat belts and airbags), electronics, engine components, fastening systems and aftermarket replacement parts and services. * * * Fitch assigned a 'BB' on TRW Automotive Holdings Corp.'s LT Issuer Default rating and 'BB-' on its Unsecured Debt rating. The outlook is Stable. VHB GMBH: Claims Registration Period Ends May 8 ----------------------------------------------- Creditors of VHB GmbH & Co. KG have until May 8 to register their claims with court-appointed insolvency manager Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting at 10:50 a.m. on May 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 13 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Sontopski Gnoiener Platz 1 48493 Wettringen Germany Tel: 02557/9384-0 Fax: +492557938450 The District Court of Muenster opened bankruptcy proceedings against VHB GmbH & Co. KG on April 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: VHB GmbH & Co. KG Oldenkottplatz 1 48683 Ahaus Germany Attn: Franz Schaten, Manager Leuskesweg 44 48619 Heek Germany WBN AUTOMATENBETRIEBS: Claims Registration Period Ends May 29 ------------------------------------------------------------- Creditors of WBN Automatenbetriebs GmbH have until May 29 to register their claims with court-appointed insolvency manager Hendrik Rogge. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on June 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Hendrik Rogge Albert-Einstein-Ring 15 22761 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against WBN Automatenbetriebs GmbH on April 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WBN Automatenbetriebs GmbH Attn: Astrid Wesselhoeft, Manager Osdorfer Landstr. 1 22607 Hamburg Germany WIDGET ONLINE: Claims Registration Period Ends May 26 ----------------------------------------------------- Creditors of Widget Online GmbH have until May 26 to register their claims with court-appointed insolvency manager Rene Bruckhoff. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on June 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rene Bruckhoff Theodor-Heuss-Ring 19-21 50668 Koeln Germany Tel: 0221/7716-234 Fax: +497716177. The District Court of Cologne opened bankruptcy proceedings against Widget Online GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Widget Online GmbH Attn: Karl Heupel, Manager Maria-Montessori-Str. 20 50259 Pulheim Germany ========= I T A L Y ========= ALITALIA SPA: Three Groups Launch Final Bid for Italy's Stake ------------------------------------------------------------- Three consortia eyeing the Italian government's 39.9% stake in Alitalia S.p.A. have submitted non-binding offers as well as business plans for the national carrier, Kristine Crane writes for The Wall Street Journal. The bidders, Ms. Crane says citing a statement by the Italian Treasury, include: -- OAO Aeroflot and Unicredito Italiano S.p.A.; -- TPG Capital and MatlinPatterson Global Advisers; and -- AirOne S.p.A. and Intesa-San Paolo S.p.A. The Treasury said the bidders could modify their bids and business plans "given the preliminary nature" of their offers, Ms. Crane adds. The bidders had until April 16 to submit non-binding offers and a five-year business plan for Alitalia. The plan, which must include job levels, will be binding for three years and can only be amended with the government's approval. The government plans to complete the sale in June. In a TCR-Europe report on April 17, Transport Minister Alessandro Bianchi told Dow Jones Newswires that the buyer for Alitalia would have to spend around EUR3 billion to acquire and return it to profitability. Mr. Bianchi said Alitalia's buyer would have to spend EUR1.5 billion for buying the carrier, and another EUR1.5 billion to turn it around. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. In Europe, the company reaches 45 airports, with 1,238 flights per week. In the rest of the world, the Alitalia Group's aircrafts operate out of 32 airports with 255 flights per week. The Alitalia Group network is centered on two main airports, Rome Fiumicino and Milan Malpensa, and includes, as of Sept. 30, 2006, an operating fleet of 182 aircrafts. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia registered EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked consecutive annual net losses of EUR520 million in 2003, EUR813 million in 2004, and EUR168 million in 2005. CLINICAL DATA: Dutch Unit Selling Division to Sclavo Diagnostics ---------------------------------------------------------------- Vital Scientific N.V., a unit of Clinical Data Inc., signed an OEM agreement with Sclavo Diagnostics International S.r.l. to sell its line of automated clinical chemistry analyzers in Europe, the Middle East and Africa, and to provide installation and first line support services. "We are very pleased to reach this multi-year agreement, and we look forward to working closely with Sclavo Diagnostics to more broadly distribute our technology throughout Europe, the Middle East and Africa," Sakari Boman, Director of Sales and Business Development for Vital Scientific, said. "This partnership with Sclavo Diagnostics follows clearly our strategy to further strengthen our OEM businesses." "Sclavo Diagnostics is pleased to bring the Sclavolab product line to our international customers," Angelo Fracassi, Chairman of D-Group S.p.A., said. "This technology provides a new level of automation to our customers and extends the value proposition we offer to customers. This agreement allows Sclavo Diagnostics to place Vital Scientific clinical chemistry systems into small- to-medium hospital laboratories and in all private laboratories." About Sclavo Diagnostics Sclavo Diagnostics is active in research, development, production and marketing of in vitro clinical diagnostic reagents kits in Clinical Chemistry, Specific and Urinary Proteins, Serology, Immunology, Bacteriology and Molecular Biology. About Clinical Data Headquartered in Newton, Massachusetts Clinical Data Inc. (NASDAQ: CLDA) -- http://www.clda.com/-- provides comprehensive molecular and pharmacogenomics services as well as genetic tests. The Company has operations in the U.K., France, the Netherlands, Italy and Australia. Going Concern Doubt Deloitte & Touche LLP expressed substantial doubt about Clinical Data Inc.'s ability to continue as a going concern after auditing the Company's financial statements for the fiscal year ended March 31, 2006. The auditing firm pointed to the Company's accumulated deficit, negative cash flows from operations and the expectation that the Company will continue to incur losses in the future. CLINICAL DATA: Cogenics Division Partners with Epigenomics AG ------------------------------------------------------------- Clinical Data, Inc. and Epigenomics AG signed an agreement to offer Epigenomics' proprietary DNA methylation services through Clinical Data's service division, Cogenics. Under this agreement, Cogenics will promote to its customers Epigenomics' comprehensive portfolio of DNA methylation services including genome-wide DNA methylation analysis, bisulfite sequencing, and real-time PCR technologies, which are performed in Epigenomics' laboratories in Germany. Additionally, the companies plan to offer regulated (GLP) DNA methylation analyses in Cogenics' laboratories in the U.S. Under the agreement, Epigenomics will promote Cogenics' comprehensive pharmacogenomics and molecular biology services to its DNA methylation biomarker development partners and customers that Epigenomics serves through its Clinical Solutions group. "We are very pleased to enter into this partnership agreement with Epigenomics and look forward to working closely with the company," Robert Bondaryk, Ph.D., Senior Vice President and General Manager of Cogenics, said. "We are excited to offer Cogenics customers Epigenomics' expertise and technology in DNA methylation services. This partnership brings unique value to our customers by expanding our current biomarker offering to now allow them to use DNA methylation as a marker of disease diagnosis, prognosis and drug response prediction." "This reference laboratory partnership with Cogenics enables us to serve Cogenics' broad client base with our DNA methylation services and biomarker development expertise," Christina Dahlstroem, Ph.D., Senior Vice President of Epigenomics' Clinical Solutions group, said. "We are excited about the prospect of eventually offering DNA methylation analysis in a regulated environment through Cogenics. This will be particularly important once our pharma partners want to use the biomarkers in clinical trials. In addition, we are enthusiastic about being able to offer our customers an even broader range of biomarker services, in addition to DNA methylation, through this partnership with Cogenics." About Clinical Data Headquartered in Newton, Massachusetts Clinical Data Inc. (NASDAQ: CLDA) -- http://www.clda.com/-- provides comprehensive molecular and pharmacogenomics services as well as genetic tests. The Company has operations in the U.K., France, the Netherlands, Italy and Australia. Going Concern Doubt Deloitte & Touche LLP expressed substantial doubt about Clinical Data Inc.'s ability to continue as a going concern after auditing the Company's financial statements for the fiscal year ended March 31, 2006. The auditing firm pointed to the Company's accumulated deficit, negative cash flows from operations and the expectation that the Company will continue to incur losses in the future. =================== K A Z A K H S T A N =================== ARYS TOLKYNDARY-1: Creditors Must File Claims by May 22 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region has declared LLP Arys Tolkyndary-1 insolvent. Creditors have until May 22 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of South Kazakhstan Region Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan CRISTALL LA: Creditors' Claims Due May 25 ----------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Cristall La insolvent. Creditors have until May 25 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakstan INTERSTROYGROUP LLP: Proof of Claim Deadline Slated for May 25 -------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Interstroygroup insolvent. Creditors have until May 25 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakstan INVEST PLUS: Claims Registration Ends May 25 -------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Capital Stroy Invest Plus insolvent. Creditors have until May 25 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakstan MATAI MARKET: Claims Filing Period Ends May 25 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Matai Market insolvent. Creditors have until May 25 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakstan NOVATOR LLP: Creditors' Claims Due May 22 ----------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Trade House Novator insolvent on March 2. Creditors have until May 22 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (3162) 25-79-32 NURBAI LLP: Creditors Must File Claims by May 22 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty has declared LLP Joint Enterprise Nurbai insolvent. Creditors have until May 22 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Kaldayakov Str. 89-26 Almaty Kazakshtan SARY-BULAK-OIL LLP: Proof of Claim Deadline Slated for May 22 ------------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region has declared LLP Sary-Bulak-Oil insolvent. Creditors have until May 22 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of South Kazakhstan Region Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan TDS & K: Claims Registration Ends May 25 ---------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region has declared LLP TDS & K insolvent. Creditors have until May 25 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of South Kazakhstan Region Momysh-Uly Str. 27 Shymkent South Kazakhstan Kazakshtan TURAN OIL: Claims Filing Period Ends May 25 ------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region has declared LLP Turan Oil insolvent. Creditors have until May 25 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of South Kazakhstan Region Momysh-Uly Str. 27 Shymkent South Kazakhstan Kazakshtan =================== K Y R G Y Z S T A N =================== AREOPAG-DISTRIBUTION LLC: Claims Filing Period Ends June 2 ---------------------------------------------------------- LLC Areopag-Distribution has declared insolvency. Creditors have until June 2 to submit written proofs of claim to: LLC Areopag-Distribution L. Tolstoy Str. 2a Bishkek Kyrgyzstan NUR LLC: Creditors Must File Claims by June 2 --------------------------------------------- LLC Scientific Engineering-Construction Enterprise Nur has declared insolvency. Creditors have until June 2 to submit written proofs of claim to: LLC Nur L. Tolstoy Str. 17a-16 Bishkek Kyrgyzstan ===================== N E T H E R L A N D S ===================== CLINICAL DATA: Dutch Unit Selling Division to Sclavo Diagnostics ---------------------------------------------------------------- Vital Scientific N.V., a unit of Clinical Data Inc., signed an OEM agreement with Sclavo Diagnostics International S.r.l. to sell its line of automated clinical chemistry analyzers in Europe, the Middle East and Africa, and to provide installation and first line support services. "We are very pleased to reach this multi-year agreement, and we look forward to working closely with Sclavo Diagnostics to more broadly distribute our technology throughout Europe, the Middle East and Africa," Sakari Boman, Director of Sales and Business Development for Vital Scientific, said. "This partnership with Sclavo Diagnostics follows clearly our strategy to further strengthen our OEM businesses." "Sclavo Diagnostics is pleased to bring the Sclavolab product line to our international customers," Angelo Fracassi, Chairman of D-Group S.p.A., said. "This technology provides a new level of automation to our customers and extends the value proposition we offer to customers. This agreement allows Sclavo Diagnostics to place Vital Scientific clinical chemistry systems into small- to-medium hospital laboratories and in all private laboratories." About Sclavo Diagnostics Sclavo Diagnostics is active in research, development, production and marketing of in vitro clinical diagnostic reagents kits in Clinical Chemistry, Specific and Urinary Proteins, Serology, Immunology, Bacteriology and Molecular Biology. About Clinical Data Headquartered in Newton, Massachusetts Clinical Data Inc. (NASDAQ: CLDA) -- http://www.clda.com/-- provides comprehensive molecular and pharmacogenomics services as well as genetic tests. The Company has operations in the U.K., France, the Netherlands, Italy and Australia. Going Concern Doubt Deloitte & Touche LLP expressed substantial doubt about Clinical Data Inc.'s ability to continue as a going concern after auditing the Company's financial statements for the fiscal year ended March 31, 2006. The auditing firm pointed to the Company's accumulated deficit, negative cash flows from operations and the expectation that the Company will continue to incur losses in the future. =========== N O R W A Y =========== CLEAR CHANNEL: To Pay US$0.1875 Per Share Dividend -------------------------------------------------- Clear Channel Communications, Inc.'s Board of Directors has declared a quarterly cash dividend of $0.1875 per share on its Common Stock. The dividend is payable on July 15, 2007, to shareholders of record at the close of business on June 30, 2007. About Clear Channel Communications Based in San Antonio, Texas, Clear Channel Communications Inc. -- http://www.clearchannel.com/-- (NYSE:CCU) is a global leader in the out-of-home advertising industry with radio and television stations and outdoor displays in various countries around the world. Aside from the U.S., the company operates in 11 countries -- Norway, Denmark, the United Kingdom, Singapore, China, the Czech Republic, Switzerland, the Netherlands, Australia, Mexico and New Zealand. * * * Clear Channel's long-term local and foreign issuer credits carry Standard & Poor's BB+ rating. In addition, the company's senior unsecured debt and long-term issuer default ratings were placed by Fitch at BB- on Nov. 16, 2006. =========== R U S S I A =========== AGATE CJSC: Asset Bidding Deadline Slated for May 2 --------------------------------------------------- LLC Legal Office of Naumov and Borisov, the bidding organizer for CJSC Agate, will open a public auction for the company's properties at 11:00 a.m. on May 7 at: LLC Legal Office of Naumov and Borisov Bolshaya Kazachya Str. 23/27 Saratov Russia Interested participants have until May 2 to deposit an amount equivalent to 10% of the starting price to: LLC Legal Office of Naumov and Borisov Settlement Account 40702810202000000301 Correspondent Account 301018106000000000781 BIK 046322781 ACB Electronica (Saratovskiy) Saratov Russia Bidding documents must be submitted to: LLC Legal Office of Naumov and Borisov Kazachya Str. 23/27 Bolshaya Saratov Russia The Debtor can be reached at: CJSC Agate Lenina Pr. 111 Marks Saratov Russia ALTAY-COAL-RESOURSE: Creditors Must File Claims by May 31 --------------------------------------------------------- Creditors of CJSC Altay-Coal-Resourse have until May 31 to submit proofs of claim to: V. Gilev Temporary Insolvency Manager Post User Box 56 2nd Post Office Gorno-Altaysk 649002 Altay Russia The Arbitration Court of Altay commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A02-84/2007. The Court is located at: The Arbitration Court of Altay Lenina Pr. 76 Barnaul 656015 Altay Russia The Debtor can be reached at: V. Gilev Temporary Insolvency Manager Post User Box 56 2nd Post Office Gorno-Altaysk 649002 Altay Russia ANGAR-STORY OJSC: Asset Bidding Deadline Slated for May 3 --------------------------------------------------------- LLC Yuta, the bidding organizer for OJSC Angar-Story, will open a public auction for the company's properties at 3:00 p.m. on May 7 at: OJSC Angar-Stroy Angarstroya Str. 8 Osinovka Bratsk Irkutsk Russia Interested participants have until May 3 to deposit an amount equivalent to 10% of the starting price to: OJSC Angar-Stroy Settlement Account 40702810818090102312 Correspondent Account 301018109000000000607 BIK 042520607 TIN 3805100028 Baykalskiy bank SB RF Irkutsk Russia Bidding documents must be submitted to: LLC Yuta Room 21 Angarstroya Str. 8 Bratsk Irkutsk Russia Tel: (39530) 35-77-14, 35-72-50 The Debtor can be reached at: OJSC Angar-Stroy Angarstroya Str. 8 Osinovka Bratsk Irkutsk Russia AZNAKAEVSKIY BAKERY: Bankruptcy Hearing Slated for Aug. 20 ---------------------------------------------------------- The Arbitration Court of Tatarstan will convene at 1:00 p.m. on Aug. 20 to hear the bankruptcy supervision procedure on OJSC Aznakaevskiy Bakery. The case is docketed under Case No. A65-27057/2006-SG4-35. The Temporary Insolvency Manager is: V. Lavrentyev Post User Box 802 Kazan-111 420111 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 Aznakaevskiy Bakery Pushkina Str. 18 Aznakaevo 423300 Tatarstan Russia CORN-INVEST LLC: Creditors Must File Claims by May 31 ----------------------------------------------------- Creditors of LLC Corn-Invest have until May 31 to submit proofs of claim to: P. Klimenko Insolvency Manager Office 607 Moskovskoye Shosse 137 Orel Russia The Arbitration Court of Orel commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A48-3673/06-20b. The Court is located at: The Arbitration Court of Orel Gorkogo Str. 42 302000 Orel Russia The Debtor can be reached at: LLC Corn-Invest Kolkhoznaya Str. 11a Orel Russia KARBONA OJSC: Creditors Must File Claims by May 31 -------------------------------------------------- Creditors of OJSC Karbona have until May 31 to submit proofs of claim to: I. Shesterkin Insolvency Manager Post User Box 3690 41005 Saratov Russia The Arbitration Court of Saratov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A57-384B/05-23. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: OJSC Karbona Zapadnaya Str. 1 Krasnoarmeysk 412800 Saratov Russia KORKINSKIY DIARY: Creditors Must File Claims by May 31 ------------------------------------------------------ Creditors of OJSC Korkinskiy Diary (TIN 7412003042, OGRN 1027400806707) have until May 31 to submit proofs of claim to: T. Vysotskaya Insolvency Manager Office 704 Right Wing Rossiyskaya Str. 279 454091 Chelyabinsk Russia The Arbitration Court of Chelyabinsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A76-10751/2006-60-110. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: OJSC Korkinskiy Diary Pushkovo Str. 1 Korkino 456550 Chelyabinsk Russia KRASNOSELSKAYA CJSC: Asset Bidding Deadline Slated for May 2 ------------------------------------------------------------ LLC Audit-Ekaterinodar, the bidding organizer for CJSC Agricultural Company Krasnoselskaya, will open a public auction for the company's properties at 3:00 p.m. on May 11 at: LLC Audit-Ekaterinodar Office 10 Stavropolskaya Str. 183/3 Krasnodar Russia The assets for sale are: -- Lot 1: Property complex for a RUR1,772,000 starting price. -- Lot 2: Some property for a RUR1,024,000 starting price. Interested participants have until May 2 to deposit an amount equivalent to 10% of the starting price to: OJSC Bank Moskvy (Krasnodarskiy) Krasnodar Russia Settlement Account 40702810200440003322 Correspondent Account 301018103000000000978 BIK 040349978 TIN/KPP 2310106770/231001001 OGRN 1027700159497 Bidding documents must be submitted to: LLC Audit-Ekaterinodar Office 10 Stavropolskaya Str. 183/3 Krasnodar Russia The Debtor can be reached at: CJSC Agricultural Company Krasnoselskaya Timashevskiy Krasnodar Russia LUKOIL OAO: Bulgarian Unit Gets BGN1.1 Mil. From Petrol Holding --------------------------------------------------------------- Petrol Holding AD has paid its BGN1.1-million debt to Lukoil Bulgaria, a unit of OAO Lukoil, Dnevnik reports. Lukoil, however, said the payment does not cover accrued interest, warning that it would collect the remaining amount in court if not settled promptly, Dnevnik relates. Lukoil has an existing BGN89.6-million claim suit against Petrol Holding. Lukoil alleged that the Bulgarian fuel group breached a 2001 concession agreement by deliberately delaying payments. Petrol also filed a BGN84-million counterclaim against Lukoil Bulgaria, arguing that the latter had also delayed payments, Dnevnik relates. Lukoil, however, denied Petrol's accusations. The court will hear Lukoil's suit against Petrol on May 11, Sofia Weekly relates. About Lukoil Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX, RTS: LKOH) -- http://www.lukoil.com/-- explores and produces oil & gas, petroleum products and petrochemicals, and markets the outputs. Most of the Company's exploration and production activity is located in Russia, and its main resource base is in Western Siberia. * * * OAO Lukoil carries Standard & Poor's BB+ long-term foreign and local issuer credit ratings with a positive outlook. MAGADANSKIY LIQUEUR: Creditors Must File Claims by May 31 --------------------------------------------------------- Creditors of OJSC Magadanskiy Liqueur-Vodka Distillery (TIN 4909070404) have until May 31 to submit proofs of claim to: V. Belyakov Insolvency Manager Office 306 Volochaevskaya Str. 181-B 680038 Khabarovsk Russia The Arbitration Court of Volgograd commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A73-2549/06-13B. The Debtor can be reached at: OJSC Magadanskiy Liqueur-Vodka Distillery Dzerzhinskogo Str. 2 685000 Magadan Russia MAGNITOGORSK-TRANS-STROY: Asset Sale Slated for May 8 ----------------------------------------------------- The insolvency manager and bidding organizer for Magnitogoskoye Ojsc Magnitogorsk-Trans-Story will open a public auction for the company's properties at noon on May 8 at: Office 401 Sportivnaya Str. 30 443030 Samara Russia Interested participants have until May 4 to deposit an amount equivalent to 20% of the starting price to: Magnitogoskoye OJSC Magnitogorsk-Trans-Story Settlement Account 40702810111400004216 Correspondent Account 301018105000000000802 BIK 047501802 Pravoberezhnyj ChF OJSC URSABank Chelyabinsk Russia Bidding documents must be submitted to: Magnitogoskoye OJSC Magnitogorsk-Trans-Story Moskovskaya Str. 22 455039 Magnitogorsk Russia The Debtor can be reached at: Magnitogoskoye OJSC Magnitogorsk-Trans-Story Moskovskaya Str. 22 455039 Magnitogorsk Russia MAGNITOSTROY LLC: Creditors Must File Claims by May 1 ----------------------------------------------------- Creditors of LLC House Building Enterprise Magnitostroy (TIN 7444041435) have until May 1 to submit proofs of claim to: I. Sushkova Temporary Insolvency Manager Gagarina Str. 56 Magnitogorsk 455017 Chelyabinsk Russia The Arbitration Court of Chelyabinsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A76-1100/2007-60-30. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: LLC House Building Enterprise Magnitostroy Gagarina Str. 56 Magnitogorsk 455017 Chelyabinsk Russia MARIBERG OJSC: Creditors Must File Claims by May 31 --------------------------------------------------- Creditors of OJSC Kozmodemyanskiy Bakery Mariberg have until May 31 to submit proofs of claim to: V. Emelyanov Insolvency Manager Office 12 Out House P. Lumumby Str. 8 Cheboksary 428022 Chuvashiya Russia The Arbitration Court of Mariy El commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-38-1932-19/243-2006. The Court is located at: The Arbitration Court of Mariy El Lenina Pr. 40 Yoshkar-Ola, Mariy El Russia The Debtor can be reached at: OJSC Kozmodemyanskiy Bakery Mariberg Kozmodemyansk Mariy El Russia NIKA-EXPORT LLC: Court Names S. Sakhnenko as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Chita appointed S. Sakhnenko as Insolvency Manager for LLC Zabaykalskaya Timber Company Nika- Export. He can be reached at: S. Sakhnenko Post User Box 891 Central Post Office 672000 Chita Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A78-729/2007-B-36. The Debtor can be reached at: LLC Zabaykalskaya Timber Company Nika-Export Babushkina Str. 111 Chita Russia REGINA CJSC: Creditors Must File Claims by May 31 ------------------------------------------------- Creditors of CJSC Regina have until May 31 to submit proofs of claim to: V. Gilev Temporary Insolvency Manager Post User Box 56 2nd Post Office Gorno-Altaysk 649002 Altay Russia The Arbitration Court of Altay commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A02-2733/2001 The Court is located at: The Arbitration Court of Altay Lenina Pr. 76 Barnaul 656015 Altay Russia The Debtor can be reached at: V. Gilev Temporary Insolvency Manager Post User Box 56 2nd Post Office Gorno-Altaysk 649002 Altay Russia SEVERSTAL OAO: Fitch Affirms BB IDR with Positive Outlook --------------------------------------------------------- Fitch Ratings revised the Outlooks on OAO Severstal's Issuer Default and National Long-term ratings to Positive from Stable. In addition, Fitch has affirmed Severstal's ratings at Issuer Default 'BB-', senior unsecured 'BB-', Short-term 'B' and National Long-term 'A+'. The Positive Outlook reflects Severstal's corporate governance improvements that were undertaken in view of its IPO in November 2006 and Fitch's expectations that the company will continue to adhere to best international practice. Severstal appointed an independent Chairman of the Board of Directors, changed the Board's composition and established board committees. However, as these initiatives were only recently implemented, it remains to be seen how steadfastly the company will adhere to the new practices. The ratings are underpinned by Severstal's strong financial profile, diversified product portfolio and geography of sales as well as a high degree of vertical integration. The company is favorably positioned compared with its international peers, based on its FY06 EBITDAR margin of 23.5% and FY06 leverage of 0.4x. Severstal has a track record of a prudent financial policy that is reflected in its sound credit metrics. Although the company does not exclude future acquisitions to support its growth strategy, it plans to adhere to a disciplined and prudent approach to M&A. Severstal has successfully consolidated its acquired international assets, namely Severstal North America (formerly Rouge Steel) and Lucchini. Both divisions demonstrated an increase in profitability in 2006 following the implementation of cost-cutting initiatives and operational efficiency programs. Fitch believes that foreign acquisitions enable the company to gain a footprint in the international markets, expand its customer base, diversify its portfolio and gain access to new technologies. Fitch notes that Severstal stands out among its Russian peers based on its product portfolio diversification. The company focuses on high value-added and niche products, the share of which totaled 52% of its revenues in FY06. However, Fitch is concerned about Severstal's involvement in significant related-party transactions. In addition, rising input costs, including energy prices and labor costs, continue to pressure the company's margins. Nonetheless, Severstal's current high profitability provides certain flexibility and cushion against such cost pressures. Like other steel producers, Severstal is exposed to the cyclicality of the steel industry. Severstal is the largest vertically integrated steel producer in Russia by volume. Its crude steel production totaled 17.6 million tons in 2006. It has recently expanded the geographic scope of its operations to Europe and North America. The company's FY06 revenues reached US$12.4 billion. TULUNSKIY HYDROLYZE: Creditors Must File Claims by May 31 --------------------------------------------------------- Creditors of OJSC Tulunskiy Hydrolyze Factory (TIN 3816000321) have until May 31 to submit proofs of claim to: S. Galandin Insolvency Manager Office 403 Dek. Sobytij Str. 125 664007 Irkutsk Russia The Arbitration Court of Irkutsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A19-22175/06-29. The Court is located at: The Arbitration Court of Irkutsk Room 303 Gagarina Avenue 70 664025 Irkutsk Russia The Debtor can be reached at: OJSC Tulunskiy Hydrolyze Factory: Gidroliznaya Str. 1 Tulun Irkutsk Russia VIMPEL-COMMUNICATIONS: Earns US$811.5 Million for Full Year 2006 ---------------------------------------------------------------- OJSC Vimpel-Communications posted a 31.9% year-on-year hike in net profit to US$811.5 million on a 51.4% year-on-year increase in net revenues to US$4.9 billion for the year ended Dec. 31, 2006, prepared according to U.S. GAAP. The company also posted a 30.4% quarter-on-quarter rise in net profit to US$198 million on a 6.8% quarter-on-quarter hike in revenues to US$1.5 billion for the fourth quarter ended Dec. 31, 2006. "2006 was another great year for VimpelCom," Alexander Izosimov, Chief Executive Officer, said. "The Company continued to show strong revenue growth in excess of 50%, leading to almost US$5 billion in turnover. We achieved a record OIBDA margin of 50.4%." "During 2006, we successfully dealt with challenges in Russia related to a more demanding competitive landscape and the introduction of a 'calling party pays' regime," Mr. Izosimovadded. "We turned around the declining ARPU trend and secured ARPU growth during the last three quarters. It allowed us to maintain high growth rates in revenue and OIBDA in 2006 in spite of a greatly reduced influx of new subscribers. We expect our business in Russia to continue to expand primarily due to the increased usage of our services as living standards improve with the rapid growth of the Russian economy." 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. * * * In a TCR-Europe report on April 16, in connection with Moody's Investors Service's implementation of its new Probability-of- Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and Technology sectors, the rating agency confirmed its Ba2 Corporate Family Rating for OJSC Vimpel-Communication. Moody's also assigned a Ba2 Probability-of-Default rating to the company. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ -------- 10% Senior Unsecured Regular Bond/Debenture Due 2009 Ba2 Ba2 LGD4 52% 8.375% Senior Unsecured Regular Bond/Debenture Due 2011 Ba2 Ba2 LGD4 52% 8% Senior Unsecured Regular Bond/Debenture Due 2010 Ba2 Ba2 LGD4 52% 8.25% Senior Unsecured Regular Bond/Debenture Due 2016 Ba2 Ba2 LGD4 52% 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. YUKOS OIL: Faces Environmental Violations in East Siberia --------------------------------------------------------- Rosprirodnadzor, Russia's mineral resources watchdog, named OAO Yukos Oil Co. as the leading violator in East Siberia, after it found that most of the bankrupt company's licenses in the region failed to meet environmental standards, published reports say. Vladimir Smolin, deputy head of Rosprirodnadzor, told RIA Novosti that the agency would re-check the licenses of oil firms operating in the region, including Yukos, starting next month. The Ministry for Natural Resources, through Rosprirodnadzor, found violations at 23 out of 52 sites in East Siberia, MosNews relates. "We will conduct new checks on 23 sites and revoke licenses if the companies have failed to do anything," Mr. Smolin was quoted by RIA Novosti as saying. Yukos operates about 70 percent of proven reserves in the region. The company's East Siberian assets will be auctioned under one lot on May 3 for a starting price of at least RUR166 billion. However, the Russian government did not intend to withdraw licensing from the future owner, AFX News reports citing Natural Resources Minister Yuri Trutnev as saying. Mr. Trutnev told Itar-Tass that they "will grant more time [to the new owner] for regulation of lapses," adding that all companies would be treated equally, MosNews relates. In an April 4 TCR-Europe report citing Interfax as its source, the lot would consist of oil refineries, including Achinsk Oil Refinery, oil production companies (Tomskneft), energy service, research and development companies and other assets. 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 $9.35 billion, as payment for $27.5 billion in tax arrears for 2000-2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than $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 $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 $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 P A I N ========= AFINSA BIENES: Court to Hear Chapter 15 Petition Tomorrow --------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York has set a hearing on April 25, 2007, to consider the petition and the request of the Foreign Representatives for an order granting recognition of Afinsa Bienes Tangibles SA's proceeding pending in Madrid, Spain, as a foreign main proceeding. The hearing will be held at Room 601 of the U.S. Bankruptcy Court for the Southern District of New York, One Bowling Green in New York. 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. The Debtor has a pending proceeding in the Mercantile Court No. 6 in Madrid, Spain. On March 13, 2007, Javier Diaz Galvez, Benito Aguera Marin, and Ana Fernandez Daza, as the Debtor's Foreign Representatives, filed a chapter 15 petition (Bankr. S.D.N.Y. Case No. 07-10675). The Foreign Representatives are represented by Thomas L. Kent, Esq., Anthony Princi, Esq., and Jennifer A. Mo, Esq., at Paul, Hastings, Janofsky & Walker LLP. When the petitioners filed the chapter 15 petition, they estimated the Debtor's assets and debts to be more than US$100 million. ===================== S W I T Z E R L A N D ===================== ABECO JSC: Creditors' Liquidation Claims Due May 7 -------------------------------------------------- Creditors of JSC Abeco have until May 7 to submit their claims to: Adolf Bachmann Liquidator Rutenenstrasse 78a 6375 Beckenried NW Switzerland The Debtor can be reached at: JSC Abeco Hergiswil NW Switzerland BARRY CALLEBAUT: Moody's Assigns Loss-Given-Default Rating ---------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Aerospace and Defence, Automotive, Forest Products, Healthcare and Pharmaceuticals, Metals and Mining, Natural Products Processor and Consumer Products sectors last week, the rating agency confirmed its Ba1 Corporate Family Rating for Barry Callebaut AG. Moody's also assigned a Ba2 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Zurich, Switzerland Barry Callebaut -- http://www.barry-callebaut.com/-- manufactures cocoa, chocolate, and confectionery products. Barry Callebaut is present in 25 countries, operates more than 30 production facilities and employs around 8,000 people. The company serves the entire food industry, from food manufacturers to professional users of chocolate, to global retailers. It also provides a comprehensive range of services in the fields of product development, processing, training, and marketing. DHB LLC: Creditors' Liquidation Claims Due May 7 ------------------------------------------------ Creditors of LLC DHB have until May 7 to submit their claims to: Mooswiesenstr. 19 8598 Bottighofen Kreuzlingen TG Switzerland The Debtor can be reached at: LLC DHB Bottighofen Kreuzlingen TG Switzerland GLOBOGAL IMMOBILIEN: Creditors' Liquidation Claims Due May 3 ------------------------------------------------------------ Creditors of JSC Globogal Immobilien have until May 3 to submit their claims to: Monica Stauffer Liquidator Tannlihag 5 5600 Lenzburg AG Switzerland The Debtor can be reached at: JSC Globogal Immobilien Seon Lenzburg AG Switzerland IFAO (SCHWEIZ): Creditors' Liquidation Claims Due May 7 ------------------------------------------------------- Creditors of JSC IFAO (Schweiz) have until May 7 to submit their claims to: JSC Intactus Treuhand Liquidator Baarerstrasse 71 6302 Zug Switzerland The Debtor can be reached at: JSC IFAO (Schweiz) Zug Switzerland MAKINA HOLDING: Creditors' Liquidation Claims Due May 3 ------------------------------------------------------- Creditors of JSC Makina Holding have until May 3 to submit their claims to: Zellweger Hannes Liquidator Saumhalde 5 9102 Herisau AR Switzerland The Debtor can be reached at: JSC Makina Holding Zug Switzerland MIMOBA JSC: Creditors' Liquidation Claims Due May 3 --------------------------------------------------- Creditors of JSC Mimoba Holding have until May 3 to submit their claims to: Dr. iur. Romano Kunz Liquidator Ottoplatz 19 7001 Chur Plessur GR Switzerland The Debtor can be reached at: JSC Mimoba Chur Plessur GR Switzerland NOVA CASA: Graubunden Court Starts Bankruptcy Proceedings --------------------------------------------------------- The Bankruptcy Court of Imboden in Graubunden commenced bankruptcy proceedings against LLC Nova Casa Baumanagement on March 14. The Bankruptcy Service of Imboden can be reached at: Bankruptcy Service of Imboden 7013 Domat/Ems GR Switzerland The Debtor can be reached at: LLC Nova Casa Baumanagement Sum Curtgins 6 D 7013 Domat/Ems GR Switzerland ROBINSON RESEARCH: Zug Court Starts Bankruptcy Proceedings ---------------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC Robinson Research on March 19. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Robinson Research 6300 Zug Switzerland ROCA COLORADA: Creditors' Liquidation Claims Due May 7 ------------------------------------------------------ Creditors of JSC Roca Colorada have until May 7 to submit their claims to: Peter Gerber Liquidator Geisserweg 3 8306 Bruttisellen Switzerland The Debtor can be reached at: JSC Roca Colorada Risch ZG Switzerland VOWI CONSULTING: Zug Court Starts Bankruptcy Proceedings -------------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against LLC VOWI Consulting & Treuhand on Feb. 27. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: LLC VOWI Consulting & Treuhand 6300 Zug Switzerland ============= U K R A I N E ============= ARTEX LLC: Claims Registration Bar Date Set May 3 ------------------------------------------------- Creditors of LLC Artex have until May 3 to submit written proofs of claim to: State Tax Inspection in Solomenka of Kiev Liquidator Smilianskaya Str. 6 03151 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. 15/123-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Artex Vozduhoflotsky Avenue 54 03151 Kiev Ukraine CHONGDAO LLC: Claims Registration Deadline Set May 3 ---------------------------------------------------- Creditors of LLC Chongdao (code EDRPOU 22142373) have until May 3 to submit written proofs of claim to: O. Layevsky Liquidator Yuzhnoukrainskaya Str. 2-A 69037 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. 19/177/06. The Court is located at: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Debtor can be reached at: LLC Chongdao Matrosov Str. 11 69057 Zaporozhje Ukraine CONCOUR-MM LLC: Claims Registration Bar Date Set May 3 ------------------------------------------------------ Creditors of LLC Concour-MM (code EDRPOU 31283693) have until May 3 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company on March 19 after finding it insolvent. The case is docketed as Case No. 15/152-b. The Debtor can be reached at: LLC Concour-MM Metallistov Str. 17 03057 Kiev Ukraine DARDAN-1 LLC: Claims Registration Deadline Set May 2 ---------------------------------------------------- Creditors of LLC Dardan-1 (code EDRPOU 33204753) have until May 2 to submit their proofs of claims to: V. Kalashnikov Liquidator Narodov Str. 223 Druzhba 61183 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. B-50/42-07. 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: LLC Dardan-1 Novgorod Str. 2 Kharkov Ukraine DNIEPRO INVEST: Claims Registration Deadline Set May 3 ------------------------------------------------------ Creditors of LLC Dniepro Invest Group (code EDRPOU 32447542) have until May 3 to submit written proofs of claim to: Rostislav Talan Liquidator a/b 158 49000 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. B 24/133-07. The Court is located at: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Debtor can be reached at: LLC Dniepro Invest Group Novoselovskaya Str. 42 49000 Dnipropetrovsk Ukraine IFV PLANT: Claims Registration Deadline Set April 28 ---------------------------------------------------- Creditors of LLC IFV Plant (code EDRPOU 31329659) have until April 28 to submit written proofs of claim to: Alexander Kharitonov Liquidator Syrovitsa 38-5 Dnieprodzerzhynsk 51900 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. B 24/102-07. The Court is located at: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Debtor can be reached at: LLC IFV Plant Krivoy Rog Str. 1 A Dnipropetrovsk Ukraine KOLOS CJSC: Claims Registration Deadline Set May 2 -------------------------------------------------- Creditors of Agricultural CJSC Kolos (code EDRPOU 14005998) have until May 2 to submit written proofs of claim to: Aleksey Sysoev Liquidator Petropavlovskaya Str. 74] Sumy Ukraine The Economic Court of Sumy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. 7/576-06. The Court is located at: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Debtor can be reached at: Agricultural CJSC Kolos Kirichenko Str. 9 Lokhnia 42313 Sumy Ukraine REAL LLC: Claims Registration Bar Date Set May 3 ------------------------------------------------ Creditors of LLC Ukrainian Trade Real (code EDRPOU 32977877) have until May 3 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. 15/151-b. The Debtor can be reached at: LLC Ukrainian Trade Real Vasilenko Str. 7-A 03124 Kiev Ukraine SIGMA JSC: Claims Registration Deadline Set May 2 ------------------------------------------------- Creditors of JSC Sigma (code EDRPOU 30237866) have until May 2 to submit their proofs of claims to: Aleksey Diukarev Liquidator Zapadnaya Str. 2-V Malaya Rogan 61140 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. B-19/72-07. 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: JSC Sigma Pushkin Str. 59/45 Kharkov Ukraine =========================== U N I T E D K I N G D O M =========================== ADVANCED MARKETING: Wants Exclusive Period Pushed Until Aug. 10 --------------------------------------------------------------- Advanced Marketing Services Inc. and its debtor-affiliates ask the United States Bankruptcy Court for the District of Delaware to extend their exclusive periods to: (1) file a Chapter 11 plan until Aug. 10; and (2) solicit acceptances of that plan until Oct. 9. The Debtors' exclusive period to file a chapter 11 plan expires on April 28, 2007. Section 1121(b) of the Bankruptcy Code provides for an initial 120-day period after the Petition Date during which a debtor has the exclusive right to file a Chapter 11 plan. Section 1121(c)(3) provides that if a debtor proposes a plan within the exclusive filing period, it has a period of 180 days after the Petition Date to obtain acceptances of the plan. Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, relates that the Debtors believe these dates are consistent with the plan process timeline they have discussed with the Official Committee of Unsecured Creditors. Mr. Collins asserts that the Debtors' Exclusive Periods should be extended because: (a) the Debtors' Chapter 11 cases are large and complex and they need more time to craft a plan of reorganization; (b) in addition to negotiating debtor-in-possession financing and the sales of their assets, the Debtors have been making significant progress in their efforts on stabilizing, winding down their remaining operations, and implementing the transition services related to the Sales; (c) while the Debtors will shortly file a request for the Court to establish bar dates for filing proofs of claim, it will only be after the claims bar date has passed that the Debtors will be in a position to begin evaluating the universe of claims against them and, in light of that evaluation and the results of their planning process, develop the plan; and (d) the Debtors believe that analysis of their remaining executory contracts and leases, review of claims, development of a draft plan and negotiations with their various constituencies regarding the terms of a plan and the related process, together with the day-to-day tasks of operating as Chapter 11 debtors-in-possession, will consume the bulk of their time and efforts in the coming months. The Debtors submit that the extension of the Exclusive Periods will not harm creditors or other parties-in-interest. In light of the significant issues that must be resolved before a plan can be finalized, the Debtors believe that neither their creditors nor any other party-in-interest would be in a position to propose a plan before the proposed expiration of the Exclusive Filing Period in the first instance. About Advanced Marketing Services Based in San Diego, California, Advanced Marketing Services, Inc. -- http://www.advmkt.com/-- provides customized merchandising, wholesaling, distribution and publishing services, currently primarily to the book industry. The company has operations in the U.S., Mexico, the United Kingdom, and Australia and employs approximately 1,200 people Worldwide. The company and its two affiliates, Publishers Group Incorporated and Publishers Group West Incorporated filed for chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480 through 06-11482). Suzzanne S. Uhland, Esq., Austin K. Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers, LLP, represent the Debtors as Lead Counsel. Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A., represent the Debtors as Local Counsel. Lowenstein Sandler PC represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they listed estimated assets and debts of more than US$100 million. The Debtors' exclusive period to file a chapter 11 plan expires on April 28, 2007. (Advanced Marketing Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). ADVANCED MARKETING: Asks Court to Fix Claims Bar Date to July 2 --------------------------------------------------------------- Advanced Marketing Services Inc. and its debtor-affiliates ask the United States Bankruptcy Court for the District of Delaware to enter a ruling establishing July 2 as the bar date by which all entities, including governmental units, must file proofs of claim in the Debtors' Chapter 11 cases. Additionally, the Debtors ask the Court to establish a bar date to file: (a) claims relating to the Debtors' rejection of executory contracts or unexpired leases pursuant to Section 365 of the Bankruptcy Code; (b) claims as a result of amendments to the Debtors' schedules of assets and liabilities; (c) administrative expense claims asserted under Section 503(b)(9) of the Bankruptcy Code; (d) all other non-Section 503(b)(9) administrative expense claims arising or accruing on or before April 30 under Sections 503(b) and 507(a) of the Bankruptcy Code. The Debtors ask the Court to approve the form and manner of notice of the Bar Dates. Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, relates that as the General Bar Date falls more than 180 days from the Petition Date, the General Bar Date will apply to governmental units. He notes that Rule 3003(c)(3) of the Federal Rules of Bankruptcy Procedure provides that a "court [will] fix and for cause shown may extend the time within which proofs of claim or interest may be filed." General Bar Date Mr. Collins says that except as provided, the General Bar Date would apply to all entities holding claims against the Debtors -- whether secured, unsecured, priority or unsecured non- priority -- that arose before the Petition Date. The proposed General Bar Date is approximately 60 days after the date the Debtors will serve the Bar Date Notice. The Debtors propose that, subject to the provisions set forth for holders of claims subject to the proposed Rejection Bar Date, the Schedules Bar Date, the Section 503(b)(9) Bar Date, and the First Administrative Bar Date, these entities must file claims on or before the General Bar Date: -- any entity whose prepetition claim against a Debtor is not listed in the applicable Debtor's Schedules or is listed as disputed, contingent or unliquidated in the Schedules, and that desires to participate or share in any distribution in the Debtors' Chapter 11 cases; and -- any entity that believes that its prepetition claim is improperly classified or is listed in an incorrect amount in the Schedules, and that desires to have its claim allowed in a classification or amount other than that identified in the Schedules. These entities, whose claims otherwise would be subject to the General Bar Date, need not file claims: -- any entity that already has properly filed a claim against one or more of the Debtors in accordance with the procedures described; -- any entity (1) whose claim against a Debtor is not listed as disputed, contingent or unliquidated in the Schedules, and (2) that agrees with the nature, classification and amount of its claim as identified in the Schedules; -- any entity whose claim against a Debtor previously has been allowed by, or paid pursuant to, a Court ruling; -- Interest Holders whose claims are based exclusively on the ownership of Interests; and -- any of the Debtors that hold claims against one or more of the Debtors. Rejection Bar Date Unless a different deadline has previously been established by a Court ruling, the Debtors propose that for any claim relating to a rejection of an executory contract or unexpired lease, the bar date for the claim will be the later of (a) the General Bar Date for all Entities, or (b) 30 days after the service of a Court ruling approving rejection on the affected entities. Schedules Bar Date The Debtors propose that they will retain the right to: * dispute, or assert offsets or defenses against, any filed claim or any claim listed or reflected in the Debtors' Schedules as to nature, amount, liability, classification Or otherwise; * subsequently designate any claim as disputed, contingent or unliquidated; and * otherwise amend their Schedules, provided that if one of the Debtors amends its Schedules to reduce the undisputed, non-contingent and liquidated amount or to change the nature or classification of a claim against a Debtor, the affected claimant will have until the Schedules Bar Date to file a claim or to amend any previously filed proof of claim in respect of the amended scheduled claim. The Debtors ask the Court to fix the Schedules Bar Date to the later of (a) the General Bar Date, or (b) 30 days after the date that a notice of the applicable amendment to the Schedules, if any, is served on the claimant. To the extent the Debtors amend their Schedules relating to the claim of any creditor, the Debtors will serve notice of both the amendment and the Schedules Bar Date on the affected creditor. Nothing would preclude the Debtors from amending their Schedules in accordance with the Local Rules of Bankruptcy Practice and Procedure for the U.S. Bankruptcy Court in the District of Delaware. Section 503(b)(9) Bar Date To properly address all Section 503(b)(9) Claims, the Debtors propose that the Court establish the General Bar Date as the Section 503(b)(9) Bar Date. The Debtors believe that the time period is adequate and appropriate under the circumstances because: (a) Rule 2002 of the Federal Rules of Bankruptcy Procedure only requires 20 days notice of a claims bar date; and (b) holders of reclamation claims are provided, by statute, only 20 days to file reclamation claims, and Section 503(b)(9) Claims might overlap with reclamation claims. Under Section 503(b)(9), a claim is accorded administrative expense priority where the claim is for "the value of any goods received by the debtor within 20 days before the date of commencement of a case under [Chapter 11] in which the goods have been sold to the debtor in the ordinary course of [the] debtor's business." Thus, the Debtors must pay these claims in full to confirm a bankruptcy plan, Mr. Collins says. The Debtors ask the Court to approve the notice procedures designed to apprise holders of potential Section 503(b)(9) Claims that if they fail to file a request for payment of claims on or before the Section 503(b)(9) Bar Date, the holders will be forever barred and estopped from asserting their Section 503(b)(9) Claims against the Debtors. First Administrative Bar Date The Debtors propose that the Court establish the General Bar Date as the First Administrative Bar Date. The First Administrative Bar Date is the deadline for claimants requesting the allowance of administrative expense claims arising under Sections 503(b), 507(a) or any other section of the Bankruptcy Code, except Section 503(b)(9) Claims, arising or accruing on or after the Petition Date but prior to or on April 30 to file a claim. Mr. Collins asserts that the circumstances of the Debtors' Chapter 11 cases justify setting the First Administrative Bar Date as requested because the Debtors are in the process of completing the sale of substantially all of their assets and intend to file a Chapter 11 plan. In connection with the Plan and wind-down process, the Debtors must ascertain the amount and the extent of Administrative Expense Claims asserted against their estate. The Debtors also propose that the Court approve their proposed proof of administrative claim form; permit creditors to assert claims without the necessity of requesting a formal hearing; and set an objection deadline. The Debtors propose that these entities, whose claims otherwise would be subject to the First Administrative Bar Date, need not file claims: * professionals retained pursuant to Sections 327, 328 and 363 of the Bankruptcy Code who may seek fees, expenses and other compensation for their services; * members of the Official Committee of Unsecured Creditors who may seek expenses pursuant to Section 503(b)(3)(F) of the Bankruptcy Code; * those seeking fees payable and unpaid under Section 1930 of the Judiciary Procedures Code; * those seeking fees or charges assessed against the Debtors' estates under Section 123 of the of the Judiciary Procedures Code; * employees, officers and directors employed by the Debtors as of the Service Date; and * any of the Debtors or their affiliates who may seek to assert inter-company claims. Any entity holding an interest in any Debtor, which interest is based exclusively on the ownership of common or preferred stock in a corporation, a membership interest in a limited liability partnership, or warrants or rights to purchase, sell, or subscribe to a security or interest, need not file a proof of interest on or before the General Bar Date. However, Interest Holders who wish to assert claims against any of the Debtors that arise out of or relate to the sale, issuance, or distribution of the Interest, must file claims on or before the General Bar Date, unless another exception identified in the request applies. The Debtors will serve on all known entities holding potential prepetition claims: (i) a notice of the Bar Dates; (ii) a proof of claim form based upon Official Form No. 10; (iii) the Section 50.3(b)(9) Claim Request form; and (iv) the Proof of Administrative Claim Form. The Debtors anticipate that they will serve on all known Entities holding potential prepetition Claims the Bar Dates Notice Package within three business days after the Court approves the request. All entities asserting claims against more than one Debtor are required to file a separate claim with respect to each Debtor. About Advanced Marketing Services Based in San Diego, California, Advanced Marketing Services, Inc. -- http://www.advmkt.com/-- provides customized merchandising, wholesaling, distribution and publishing services, currently primarily to the book industry. The company has operations in the U.S., Mexico, the United Kingdom, and Australia and employs approximately 1,200 people Worldwide. The company and its two affiliates, Publishers Group Incorporated and Publishers Group West Incorporated filed for chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480 through 06-11482). Suzzanne S. Uhland, Esq., Austin K. Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers, LLP, represent the Debtors as Lead Counsel. Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A., represent the Debtors as Local Counsel. Lowenstein Sandler PC represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they listed estimated assets and debts of more than US$100 million. The Debtors' exclusive period to file a chapter 11 plan expires on April 28, 2007. (Advanced Marketing Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). ALFRED MCALPINE: Independent Probe Confirms Systematic Fraud ------------------------------------------------------------ Ashurst and Deloitte completed its independent investigation into accounting irregularities identified within Alfred McAlpine Plc's slate business, confirming the extensive and systematic fraud by senior managers within the business dating back several years. In the light of the uncovering of these irregularities, the remit of the Deloitte investigation also included a wider review of relevant key financial control procedures in the company's core businesses. This review has been completed and confirmed the robustness and appropriateness of the company's existing control procedures. No material issues were identified. "Our three core businesses made substantial progress in 2006, delivering further growth in underlying profits and the opportunities for these businesses going forward remain strong. However, the discovery of extensive fraud within our slate business has clearly overshadowed what would otherwise have been another successful year for Alfred McAlpine," Ian Grice, group chief executive, disclosed. "The extent of the fraud and cover up within Slate has been a shock to us all and is most disappointing, but we have responded quickly and decisively. Our immediate priority for Slate is to return this business to profitability," Mr. Grice added. On Feb. 26, Alfred McAlpine disclosed that an investigation by its internal audit team had uncovered a systematic misrepresentation of production volumes and sales for a number of years by a number of senior managers at Slate. On discovering these irregularities, the Board immediately suspended two senior managers at Slate and instigated an independent forensic investigation, under the terms of which Ashurst and Deloitte have now reported their findings on accounting irregularities in the slate business to the Audit Committee. The investigatory work has confirmed that the controls in Slate were systematically circumvented over a number of years to overstate results. It is clear that the behavior and collusion of the managers responsible was entirely deliberate and involved fraud. The Managing Director of Slate has been dismissed and the Operations Director is subject to disciplinary proceedings. The other members of the former senior management team of Slate have already left the business. The impacts on the Group's Income Statement for the year to Dec. 31, 2006, and on its Balance Sheet as at Dec. 31, 2006, include: (a) a reduction in reported Group revenue and pre-tax profit in relation to the sales fraud in the years up to and including 2006 of GBP22.9 million, of which GBP5.4 million represents deferred income which will be recognized in 2007 - in line with the guidance given in the statement on Feb. 26, 2007; (b) a reduction of GBP17.6 millionin the current assets of the Group, as reflected in the Group Balance Sheet as at Dec. 31, 2006, in respect of the write down/impairment of the value of stock and work in progress in the slate business; (c) a reduction of GBP9.5 million in the fixed assets of the Group, as reflected in the Group Balance Sheet as at Dec. 31, 2006, principally in respect of the overstatement of quarry development costs in the slate business; and (d) a one-off cost of GBP6 million reflecting the costs of the independent investigation and the costs of completing the arrangement of new banking facilities with the Group's bankers. The cash impact on the Group of the accounting irregularities and the non-recurring costs referred to above is expected to be GBP30 million in 2007. "We are determined to ensure we retain maximum focus on the three strong core businesses that make up the bulk of Alfred McAlpine's business. Each of these has excellent opportunities and we are confident, as reflected in the recommended final dividend, that we will be able to deliver continued growth in the years ahead," Mr. Grice concluded. Finance Director Steps Down Dominic Lavelle has decided to stand down as Finance Director from the board with immediate effect. He will leave the business following a short handover period. The search for a replacement has commenced and until a successor is found, Mark Greenwood, Finance Director of Project Services has been appointed interim finance director. Headquartered in London, England, Alfred McAlpine Plc -- http://www.alfredmcalpineplc.com/-- is a leading support services group focused on providing clients with integrated solutions for built environment needs. The company employs over 8,500 people. ARMOR HOLDINGS: Bags US$345 Million Truck Order from U.S. Army -------------------------------------------------------------- Armor Holdings Inc. has received a US$345-million order for production of additional Family of Medium Tactical Vehicle trucks and trailers from the U.S. Army Tank-automotive and Armaments Command. The company advised that the order is made under the existing multi-year FMTV production contract, with work to be performed in 2007 and 2008 by the Armor Holdings Aerospace & Defense Group at its facilities located in Sealy, Texas. "This new order gives Armor Holdings the opportunity to continue providing the most reliable tactical vehicles to our soldiers," Robert Schiller, President of Armor Holdings Inc., said. "We are extremely proud to support the Army's deployed and home- based missions with the FMTV." About Armor Holdings Headquartered in Jacksonville, Florida, Armor Holdings, Inc. -- http://www.armorholdings.com/-- manufactures and distributes security products and vehicle armor systems for the law enforcement, military, homeland security, and commercial markets. The company has operations in Australia, England and Brazil. * * * In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology, the rating agency confirmed its Ba3 Corporate Family Rating for Armor Holdings Inc. Additionally, Moody's affirmed its B1 ratings on the company's 2% Convertible Senior Subordinated Notes Due 2024 and 8.25% Senior Subordinated Notes Due 2013. Moody's assigned those debentures an LGD5 rating suggesting noteholders will experience a 77% loss in the event of default. BRITISH AIRWAYS: Mulls Consortium Offer for Iberia -------------------------------------------------- British Airways plc is considering how to use its 10% holding in Iberia Lineas Aereas de Espana SA. As part of this process, the airline has approached a number of private equity companies about making a consortium offer for Iberia. Any consortium bid would not involve further capital investment by British Airways. As well as a private equity partner, this consortium is likely to include one or more Spanish partners. British Airways has not made a final decision about the future of its shareholding in Iberia and continues to examine numerous options including full disposal. However, it has ruled out an independent bid for the airline. As previously reported in the TCR-Europe on April 5, British Airways has decided to appoint UBS AG to advise on how to use its 10% holding in Iberia in the best interests of shareholders. The move came after Iberia disclosed that it has received a bid approach from private equity firm Texas Pacific Group. According to the report, TPG is considering a cash offer of EUR3.60 a share, which values Iberia at EUR3.4 billion (US$4.5 billion. About British Airways Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Limited and British Airways Travel Shops Limited. BA has offices in India and Guatemala. * * * In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa, the rating agency confirmed its Ba1 Corporate Family Rating for British Airways Plc. * Issuer: British Airways, Plc Projected Old POD New POD LGD Loss-iven Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- GBP100-million 10.875% Sr. Unsec. Regular Bond/Debenture Due 2008 Ba2 Ba2 LGD5 84% GBP250-million 7.25% Sr. Unsec. Regular Bond/Debenture Due 2016 Ba2 Ba2 LGD5 84% As reported in the TCR-Europe on March 27, Standard & Poor's Ratings Services said that its 'BB+' long-term corporate credit rating on British Airways PLC remains on CreditWatch, with positive implications, following a vote on March 22 by EU ministers approving a proposed "open skies" aviation treaty with the U.S. BRITISH AIRWAYS: Appoints Julia Simpson as Communications Head -------------------------------------------------------------- British Airways plc has appointed Julia Simpson as Head of Corporate Communications with effect from August 2007. Ms. Simpson will report to Chief Executive, Willie Walsh. She will be responsible for corporate media relations, the newsdesk and internal communications. "British Airways is one of the U.K.'s highest profile business brands, Mr. Walsh said. "This is one of the most important jobs in communications and we are delighted that Julia is joining us. Her background and experience are exactly what we need given the wide-ranging communications agenda that we have over the medium term." Thomas Coops has agreed to continue as Head of Corporate and Media Relations until the end of July to ensure a smooth transition. About British Airways Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Limited and British Airways Travel Shops Limited. BA has offices in India and Guatemala. * * * In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa, the rating agency confirmed its Ba1 Corporate Family Rating for British Airways Plc. * Issuer: British Airways, Plc Projected Old POD New POD LGD Loss-iven Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- GBP100-million 10.875% Sr. Unsec. Regular Bond/Debenture Due 2008 Ba2 Ba2 LGD5 84% GBP250-million 7.25% Sr. Unsec. Regular Bond/Debenture Due 2016 Ba2 Ba2 LGD5 84% As reported in the TCR-Europe on March 27, Standard & Poor's Ratings Services said that its 'BB+' long-term corporate credit rating on British Airways PLC remains on CreditWatch, with positive implications, following a vote on March 22 by EU ministers approving a proposed "open skies" aviation treaty with the U.S. CLEAR CHANNEL: Sells TV Stations to Providence for US$1.2 Bil. -------------------------------------------------------------- Clear Channel Communications Inc. has agreed to sell its Television Group to Providence Equity Partners Inc. for approximately US$1.2 billion. The sale includes 56 television stations, including 18 digital multicast stations, located in 24 markets across the United States. Also included in the sale are the stations' associated Web sites, the Television Operations Center, and Inergize Digital Media, which manages the Television Group's online and wireless initiatives. The transaction is expected to close in the fourth quarter of 2007, subject to regulatory approvals and other customary closing conditions. "The stations and management of Clear Channel Television have established an outstanding record of achievement, innovation and community service in broadcasting and web development" Commenting on the transaction, Mark Mays, Chief Executive Officer of Clear Channel said. "While we will miss the important role they have played in the Clear Channel family, we are excited that they will be partnered with Providence Equity to continue to pursue growth opportunities in the rapidly changing media environment." "This is a rare opportunity to acquire a premier collection of broadcast television stations with strong positions in many attractive markets across the United States," said Al Dobron, a Managing Director of Providence Equity. "We are pleased to again partner with Sandy DiPasquale to create value at these local broadcasting stations and identify additional potential high-quality television opportunities." "These are well run, quality television stations," said Sandy DiPasquale, a veteran broadcast executive and the President and CEO of BlueStone Television. "I look forward to continuing my partnership with Providence Equity and working with the talented CCTV employees to build on their success integrating broadcast and internet services to serve their communities." The Television Group currently consists of ten CW, eight FOX, seven NBC, six ABC, six CBS, four My Network TV, two NBC Weather Plus, two Telemundo, five independent stations, and six stations affiliated with Clear Channel's Variety Television Network (VTV). A chart of the individual broadcast properties, by location and network affiliation, is attached below. Clear Channel estimates net proceeds after-tax and after customary transaction costs will be approximately US$1.1 billion for the Television Group. Information on the treatment of tax loss carry forwards relative to this sale is provided below. Tax Loss Carry Forwards The Company plans to utilize its capital loss carry forward to offset the related capital gain on the transactions. A portion of the gain will be considered ordinary gain, not capital gain, due to depreciation and amortization recapture, and will be taxed as ordinary income. There can be no assurance that any of the divestures contemplated in this release will actually be consummated and therefore the Company may not receive the proceeds estimated herein. Furthermore, there can be no assurance that the Company will be able to utilize tax loss carry forwards to offset capital gains as contemplated in this release. Sales Not Contingent Upon Merger All sales and contemplated future divestitures mentioned in this release are not contingent upon the completion of the separate merger proposal for Clear Channel Communications, Inc. Update On Radio Divestitures The company reported that it was also attempting to divest 448 radio stations in 88 markets. At preset, the company has entered definitive agreements to sell 161 radio stations in 34 markets for a total consideration of approximately US$331 million. The company expects these transactions to close during the second half of 2007. The company estimates net proceeds after-tax and after customary transaction costs for these 161 stations will be approximately US$300 million. Information on the treatment of tax loss carry forwards relative to these sales is provided below. The company continues to pursue the divestiture of 287 radio stations in 54 markets. These remaining stations that are not under definitive agreement had OIBDAN* of approximately US$54 million in 2006. There can be no assurance that any or all of these stations will ultimately be divested and the Company reserves the right to terminate the sales process at any time. OIBDAN is defined as Operating Income before Depreciation & Amortization, Non-Cash Compensation Expense and Gain on Disposition of Assets - Net. Since OIBDAN is not a measure calculated in accordance with GAAP, it should not be considered as a substitute for operating income or net income. About Clear Channel Communications Based in San Antonio, Texas, Clear Channel Communications Inc. (NYSE:CCU) -- http://www.clearchannel.com/-- is a global media and entertainment company specializing in "gone from home" entertainment and information services for local communities and premiere opportunities for advertisers. The company's businesses include radio, television and outdoor displays. Outside U.S., the company operates in 11 countries -- Norway, Denmark, the United Kingdom, Singapore, China, the Czech Republic, Switzerland, the Netherlands, Australia, Mexico and New Zealand. CLEAR CHANNEL: Raised Bid Prompts S&P to Cut Credit Rating to B+ ---------------------------------------------------------------- Standard & Poor's Ratings Services lowered its corporate credit and senior unsecured debt ratings on Clear Channel Communications Inc. to 'B+' from 'BB+'. The ratings remain on CreditWatch with negative implications, where they were placed on Oct. 26, 2006, following the company's announcement that it was exploring strategic alternatives to enhance shareholder value. The downgrade and continuing negative CreditWatch implications are based on the company's confirmation that the private equity consortium jointly led by Bain Capital Partners LLC and Thomas H. Lee Partners L.P. has raised its offer for the company to US$39.00 per share, from its previous bid of US$37.60. The proposed total transaction value is now approximately US$27.1 billion, assuming the inclusion of roughly US$7.7 billion of existing debt. "The downgrade stems from our conclusion that if the proposed transaction goes through, credit measures will be heavily burdened by buyout debt," said Standard & Poor's credit analyst Michael Altberg. "Although the company has not announced specific financing terms of the new capital structure, we would expect a marked increase in leverage if the deal is consummated." As Standard & Poor's gets the opportunity to review the proposed capital structure and the financial and operating strategies of the new owners, it could further lower the ratings. If the deal is not approved by shareholders, Standard & Poor's would revisit the rating at that time. The merger is subject to approval by Clear Channel's shareholders and needs two-thirds approval to pass, with abstentions counting against the deal. A shareholder vote has been scheduled for May 8. S&P will continue to monitor developments surrounding the proposed merger and will review the business and financial strategies, as well as post-transaction liquidity, in determining the new rating. COLLINS & AIKMAN: Seeks Court Nod on PBGC Settlement Agreement -------------------------------------------------------------- Collins & Aikman Corp. and its debtor-affiliates ask the U.S. Bankruptcy Court for the Eastern District of Michigan to approve their settlement agreement with the U.S. Pension Benefits Guaranty Corp. to provide for the settlement of their obligations to the PBGC and the government agency's take over of their pension plan. The Debtors maintained one consolidated tax-qualified United States defined benefit pension plan sponsored by Collins & Aikman Products Co., entitled the C&A Pension Plan. The Pension Plan provides retirement benefits to certain of the Debtors' current and former employees, many of whom are represented by labor unions, and is covered by Title IV of the Employee Retirement Income Security Act. The Pension Plan assets are not part of the Debtors' estates. On March 29, 2007, the PBGC issued a notice of determination that the Pension Plan has not met the minimum funding standards and will be unable to pay benefits when due. The NOD states that the Pension Plan must be terminated, effective March 31, to protect participants in the Pension Plan and PBGC. Under ERISA, the PBGC has the authority to terminate the Pension Plan and appoint a trustee of the Pension Plan without the Debtors' consent. The Debtors are pursuing a cooperative sale process, which the Debtors expect will culminate with the confirmation of their First Amended Joint Plan. A condition to confirmation of the Plan is the termination of the Pension Plan. To effectuate the involuntary termination of the Pension Plan by the PBGC and appointment of the PBGC as trustee of the Pension Plan, and to resolve the administrative and unsecured claims of the PBGC against the Debtors' estates and certain related matters, the Debtors and the PBGC have agreed to a settlement agreement and a termination & trustee agreement. The principal terms of the Settlement Agreement and Termination & Trustee Agreement are: * the PBGC will terminate the Pension Plan as of March 31; * the PBGC will be appointed trustee of the Pension Plan and C&A Products will transfer any records, assets or other property of the Pension Plan to the PBGC; * the PBGC will be granted (i) an allowed administrative claim of US$8,478,000 that will be paid in cash on the effective date, and (ii) an allowed general, unsecured claim of US$87,891,000 classified in Class 6 under the Plan; * the PBGC will be deemed to have settled and released any and all claims on its own behalf or on behalf of the Pension Plan against Collins arising from or related to (w) the Pension Plan; (x) minimum funding obligations; (y) the PBGC insurance premiums; and (z) unfounded benefits liability; * the PBGC will be deemed to have fully and forever released any purported liens against Collins that exist, or could have been asserted, under ERISA; and * the PBGC will not assert any set-off rights against Collins. * the PBGC will affirmatively support the Plan, Settlement Agreement, and the Termination & Trustee Agreement and any related relief sought by the Debtors to the extent that it does not limit or impair PBGC in the exercise of its fiduciary duties in its capacity as a member of the Official Committee of Unsecured Creditors. Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtor with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed US$3,196,700,000 in total assets and US$2,856,600,000 in total debts. 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 Debtors' Amended Joint Plan is set for April 19, 2007. (Collins & Aikman Bankruptcy News, Issue No. 58; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) COLLINS & AIKMAN: Parties Oppose First Amended Plan Confirmation ---------------------------------------------------------------- The Ohio Department of Taxation and Noble International Ltd. ask the U.S. Bankruptcy Court for the Eastern District of Michigan to deny confirmation of Collins & Aikman Corp. and its debtor- affiliates' First Amended Joint Plan. Objections (1) ODT The ODT has filed numerous priority and unsecured tax claims in the Debtors' Chapter 11 cases. ODT objects to the ambiguous and vague language of Article XII of the Debtors' First Amended Joint Plan, which provides that officer liability may be released. ODT reserves the right to retain and protect its liens to the extent of potential officer liability, and has the right to officer reassessments on any of its prepetition claims. (2) Noble Noble is the successor-in-interest to the rights, title, claims and interests of Concept Engineering & Manufacturing Corp. Before the Petition Date, Concept and the Debtors entered into contracts for the manufacture by Concept of certain tooling desired by the Debtors' Dura subsidiary and to be used by Concept for the benefit of Dura. Thomas R. Morris, Esq., at Silverman & Morris, P.L.L.C., in West Bloomfield, Michigan, relates that the Debtors failed to pay for the Tooling in full. As of the Petition Date, US$191,622 was due and owing Concept for the Tooling. Concept utilized the Tooling to produce component parts for Dura pursuant to purchase orders from Dura. As of the Petition date, the Debtors owed US$61,724 to Concept for parts manufactured for Dura and delivered to Dura within 20 days before May 17, 2005. Concept made a demand upon Dura for reclamation of the Parts and filed a written demand with the Bankruptcy Court on June 3, 2005, Mr. Morris tells the Court. The Tooling has at all times remained in the possession of Noble, as successor to Concept. Noble has liens upon all the Tooling to secure the obligations of the Debtors to Concept, he adds. Noble has not filed a proof of claim with respect to its secured claims and lien rights. However, Noble has neither forfeited nor waived the rights and retains the same. As no proof of claim has been filed, the secured claims do not fall within the Plan's definition of "Allowed Claims," Mr. Morris states. Mr. Morris points out that the Plan appears to violate Section 1129(a)(7)(A) and (8) of the Bankruptcy Code for several reasons, including: -- the Plan seems to include the claims of Noble as "Other Priority Claims in Case II," which are purported to be Unimpaired. The Plan contains no provision for payment of the Noble claim, as it is not an Allowed Claim. -- Article IV of the Plan provides for release of certain liens. It contemplates that statutory liens on tooling will remain in effect until "satisfied pursuant to the Plan," but does not otherwise provide for payment of the Noble claims. -- the provision of third-party releases in Article XII(C) purports to effect a release by Noble of all claims against the Debtors, but the Plan provides no consideration therefore; and -- Article XII(E) purports to enjoin persons, such as Noble, from enforcing their lien rights upon the Tooling, but is without a basis in law, without consideration to Noble, without consent, and in direct contravention of Section 1129(a)(7)(A)(ii). (3) JSP Before and since the Debtors' Petition Date, Lorro Inc., place purchase orders with Meridian Automotive Systems - Detroit Operations Inc., pursuant to which Meridian Detroit was to manufacture and sell bumper energy absorbers, fascia supports and other EPP automotive parts to Lorro. Lorro also placed purchase orders with JSP Mold LLC, pursuant to which JSP was to manufacture certain tooling needed by Meridian Detroit in order to manufacture the Parts. JSP shipped the Tooling to Meridian Detroit at its facility in Detroit, Michigan. JSP remains unpaid for certain of the Tooling, Hannah Mufson McCollum, Esq., at Pepper Hamilton LLP, in Detroit, Michigan, informs the Court. Lorro filed for Chapter 7 on April 28, 2006, in the United States Bankruptcy Court for the Eastern District of Michigan and went out of business. Subsequent to the Lorro Petition Date, JSP obtained replacement purchase orders from one or more of the Debtors for certain of the Unpaid Tooling. At the direction of one or more of the Debtors, Meridian Detroit re-shipped certain of the Replacement PO Tooling to Createc Inc. Ms. McCollum states that JSP has taken all steps necessary under applicable Michigan law to obtain and perfect a moldbuilders lien on the Replacement PO Tooling, with the exception of the 2006 PM49 Rear Upper, Plus 9 Cavities (10 Total), T2 x 1000 - Vertical. Ms. McCollum notes that none of the Replacement PO Tooling is property of any of the estates of any of the Debtors. All tooling is owned by others, including various original equipment manufacturers. However, the Debtors never acknowledged in their Plan, Disclosure Statement or otherwise that the Replacement PO Tooling is not property of their estates, she points out. It is not clear to JSP how, if at all, any transfers, releases, exculpations or injunctions in the Plan would impact its claims, which are secured by its perfected moldbuilders liens. The Plan also does not create a class, which specifically includes holders of perfected moldbuilders liens, Ms. McCollum says. JSP is uncertain whether its claims would be considered "Other Secured Claims" since its claims all arose postpetition and are thus, administrative claims against the Debtors' estates, she adds. Moreover, assuming administrative claims can be Other Secured Claims under the Plan, if the Replacement PO Tooling is determined to be property of any of the Debtors' estates, JSP's claims would fall within two classes -- administrative claims and Other Secured Claims, which classes provide for different treatment, Ms. McCollum tells the Court. Ms. McCollum asserts that to avoid any uncertainty regarding the impact that confirmation of the Plan and transfers of property of the Debtors' estates to buyers or trusts would have on the moldbuilder liens asserted by JSP against the Replacement PO Tooling, any order confirming the Plan should provide that any properly perfected moldbuilders lien held by JSP in the Replacement PO Tooling will not be divested by Plan confirmation, the occurrence of the effective date or any transfers contemplated by the Plan. Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtor with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed US$3,196,700,000 in total assets and US$2,856,600,000 in total debts. 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 Debtors' Amended Joint Plan is set for April 19, 2007. (Collins & Aikman Bankruptcy News, Issue No. 58; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) COLLINS & AIKMAN: Plan Confirmation Hearing Adjourned to May 24 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Michigan extended the deadline to vote on Collins & Aikman Corp. and its debtor-affiliates' Plan and object to the Plan's confirmation until May 7, 2007. The Court also adjourned the hearing to consider the Plan's confirmation until May 24, 2007. The Court's Jan. 26, 2007 order approving the disclosure statement to the Plan and the Solicitation Procedures provides that (i) the voting deadline is April 7; and the (ii) the Confirmation Hearing is scheduled for April 19. Pursuant to the Solicitation Procedures, the Debtors may extend the deadline to vote on the Plan to a date no later than five days before the Confirmation Hearing with notice to all creditors entitled to vote on the Plan. The Debtors or the Court may also adjourn the Confirmation Hearing. Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, attests that the Debtors have worked diligently to satisfy all of the conditions to confirmation of the Plan since the entry of the Solicitation Procedures Order. The Debtors have worked extensively with their major constituents to market and sell the Debtors' assets, in accordance with the deadlines set forth in the Plan and the customer agreement among the Debtors and their major customers, and settle several major outstanding creditor disputes, Mr. Schrock tells the Court. The Debtors believe that they will require a short extension to satisfy the conditions to confirmation of the Plan. After consulting with the Official Committee of Unsecured Creditors' advisors and the agent for the Debtors' prepetition senior, secured lenders, the Debtors determined that it is in the best interests of the Debtors' estates and their creditors to seek an extension of the voting and confirmation objection deadline, and an adjournment of the Confirmation Hearing. Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtor with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed US$3,196,700,000 in total assets and US$2,856,600,000 in total debts. The Debtors' disclosure statement explaining their First Amended Joint Chapter 11 Plan was approved on Jan. 25, 2007. (Collins & Aikman Bankruptcy News, Issue No. 58; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) CONSTELLATION BRANDS: Joins Punch Taverns in Matthew Clark Deal --------------------------------------------------------------- Constellation Brands Inc. has formed a joint venture with Staffordshire, England-based Punch Taverns plc that will reinforce Matthew Clark's position as the U.K.'s largest independent premier drinks wholesaler and distributor serving the on-trade drinks industry. Under the terms of the arrangement, Constellation Europe and Punch Taverns have each become 50 percent owners of Matthew Clark and provide representation on a new holding company board. On a day-to-day basis the business will continue to be run by Steve Thomson, currently managing director of Matthew Clark Wholesale Limited, and his management team. The joint venture will benefit customers, suppliers and employees. Capital investment will further enhance Matthew Clark's reputation for providing outstanding customer value, additional branded products and a faster, more efficient route- to-market to the U.K. on-trade industry consisting of hotels, pubs, clubs and restaurants. For supply partners, Matthew Clark intends to become a more effective, efficient and complete route-to-market for their brands, including Constellation Europe's existing branded wine offerings. From the outset, Matthew Clark will supply a number of Punch Taverns pubs with a portfolio of wines and spirits, and will progressively become the preferred supplier of choice to the remaining tenanted Punch Taverns pubs. The pubs will benefit from the scale and variety offered by Matthew Clark's wine and spirits expertise, extensive drinks portfolio and supply chain capabilities. The joint venture will invest in Matthew Clark's distribution infrastructure for such items as updated warehouse management and route-scheduling software, which will enable more rapid response rates for customers, faster and more efficiently processed orders and a wider reach across the British Isles through its highly skilled and knowledgeable sales team. "Our joint venture with Punch Taverns is an innovative drinks distribution initiative that will transform the business to one with a focus on providing improved service and an unequalled portfolio of drinks options to on-premise customers," stated Rob Sands, Constellation Brands president and chief operating officer. "Given the importance of the U.K. on-premise drinks business, this joint venture helps assure that Matthew Clark, its customers and, most important, consumers can benefit from distribution efficiency gains and expanded beverage offerings. We believe this collaboration will establish a new benchmark for wholesale drinks distribution in the U.K. and it should result in additional long-term growth for Matthew Clark." The transaction closed April 17. Although terms of the agreement were not disclosed, Constellation Brands expects to receive approximately GBP85 million (approximately US$168 million) of cash proceeds from formation of the joint venture, subject to post-closing adjustments. This includes GBP35 million from Punch Taverns with the remainder coming primarily from the issuance of debt by the joint venture. The transaction is not expected to result in a gain or loss. The company expects to incur a charge for the provision for income taxes associated with the repatriation of the proceeds from the transaction. This is expected to result in a US$0.05 reduction to the company's fiscal 2008 diluted earnings per share as reported under generally accepted accounting principles, and will be excluded from the company's comparable basis diluted earnings per share. The impact of this transaction, including joint venture formation costs, is expected to be neutral to slightly dilutive to ongoing reported basis and comparable basis diluted earnings per share in fiscal 2008. As a result of this transaction the company now expects its fiscal 2008 reported interest expense to be in the range of US$300-US$310 million. The company expects its reported tax rate for fiscal 2008 to be approximately 40 percent, which includes a provision of approximately two percent related to the repatriation of the proceeds from the transaction, or approximately 38 percent on a comparable basis. Constellation will report its investment in the joint venture under the equity method of accounting in its consolidated financial statements. For net sales in fiscal 2008, the company expects low single-digit growth in organic net sales and low single-digit incremental benefit from the acquisitions of Vincor and SVEDKA. As a result of these increases, and the impact of reporting the Crown Imports joint venture and the joint venture for the Matthew Clark wholesale business under the equity method, reported net sales are expected to decrease 30-32 percent. Due to the anticipated impact on reported earnings, the company is adjusting its reported diluted EPS outlook for fiscal 2008 from that set forth in its April 5, 2007, news release, to US$1.16-US$1.26. The company's comparable diluted EPS outlook for fiscal 2008, as set forth in the company's April 5, 2007, news release, is unchanged. About Matthew Clark Matthew Clark -- http://www.matthewclark.co.uk/-- is the largest independent premier drinks supplier serving the U.K.'s on-trade drinks industry. It offers customers a choice of wines, spirits, FABs, beers, ciders and soft drinks that is unrivalled in the U.K. for breadth and value. Matthew Clark has a customer base of around 20,000 accounts and provides a full range of drinks to its pub, club, hotel, and restaurant customers throughout the U.K. Matthew Clark was acquired by Constellation Brands, Inc. in 1998. Since that time, the business has rapidly expanded into a dynamic service-orientated business with annual net sales of approximately 500 million Pounds (approximately US$925 million). The business, with over 1,200 employees is headquartered in Bristol and operates a national network of regional distribution depots and a fleet of more than 200 vehicles with extensive reach across the British Isles. It also operates two purpose-designed contact centers located in Bristol and Glasgow. About Constellation Brands Headquartered in Fairport, New York, Constellation Brands Inc. (NYSE:STZ, ASX:CBR) -- http://www.cbrands.com/-- produces and markets beverage alcohol brands with a broad portfolio across the wine, spirits and imported beer categories. The company also operates in the United Kingdom, Chile, Canada, Australia, Japan, and New Zealand. * * * As reported in the Troubled Company Reporter on March 5, Moody's lowered the company's corporate family rating and probability of default rating to Ba3 from Ba2 after the company reported a new US$500 million share repurchase program. Moody's revised its outlook to stable from negative. Standard & Poor's Ratings Services lowered its ratings on Constellation Brands, including its corporate credit and bank loan ratings to 'BB-' from 'BB', with a stable outlook. Fitch Ratings has downgraded Constellation Brands' issuer default rating, bank credit facility, and senior unsecured notes to 'BB-' from 'BB'. CONSTELLATION BRANDS: Names Patty Yahn-Urlaub as Vice President --------------------------------------------------------------- Constellation Brands Inc. has named Patty Yahn-Urlaub vice president of investor relations, effective immediately. She succeeds Lisa Schnorr who was recently named vice president of finance in the company's worldwide wine group. Ms. Yahn- Urlaub was previously associate director of investor relations at Kodak in Rochester, N.Y. She will report to Tom Summer, Constellation Brands chief financial officer. "Patty's business and financial market insights and knowledge, combined with her communication skills, strategic thinking and solid experience, make her the ideal person to lead our investor relations efforts," said Mr. Summer. "She brings enthusiasm and fresh perspectives to this position, and I am confident she will be a valuable contributor to Constellation's future success with the investment community in this key role." Ms. Yahn-Urlaub began her career with Kodak in 1988 and served in a variety of finance positions for Eastman Kodak Credit Corporation, Kodak's health imaging division and the corporate investor relations group. Prior to joining Kodak, she worked in the banking industry as a commercial lending officer. A native of Rochester, N.Y., Ms. Yahn-Urlaub holds a B.B.A. degree in accounting from St. Bonaventure University and an M.B.A. in international finance from Schiller International University in Heidelberg, Germany. About Constellation Brands Headquartered in Fairport, New York, Constellation Brands Inc. (NYSE:STZ, ASX:CBR) -- http://www.cbrands.com/-- produces and markets beverage alcohol brands with a broad portfolio across the wine, spirits and imported beer categories. The company also operates in the United Kingdom, Chile, Canada, Australia, Japan, and New Zealand. * * * As reported in the Troubled Company Reporter on March 5, Moody's lowered the company's corporate family rating and probability of default rating to Ba3 from Ba2 after the company reported a new US$500 million share repurchase program. Moody's revised its outlook to stable from negative. Standard & Poor's Ratings Services lowered its ratings on Constellation Brands, including its corporate credit and bank loan ratings to 'BB-' from 'BB', with a stable outlook. Fitch Ratings has downgraded Constellation Brands' issuer default rating, bank credit facility, and senior unsecured notes to 'BB-' from 'BB'. DURA AUTOMOTIVE: Inks Technical Alliance with Indian Parts Maker ---------------------------------------------------------------- DURA Automotive Systems, Inc. entered into a technical alliance with Aditya Auto Products and Engineering Pvt. Ltd., based in Bangalore, India, to bring new automotive technologies to the growing domestic Indian and Asian markets. DURA will supply technology to Aditya for the manufacture of products such as pedals, parking brakes, shifters and spare tire carriers. Aditya will produce the parts and provide local support to automotive OEMs in the region. DURA and Aditya anticipate that the alliance will commence manufacturing of DURA components in India by the first quarter of 2008. "Establishing a manufacturing presence in India is a key component of our global growth strategy, which is designed to leverage DURA technology investments and provide local support to customers anywhere in the world," Larry Denton, DURA Automotive's chief executive officer said. "The DURA and Aditya partnership opens significant opportunities for us in fast- growing automotive markets." By 2012, India is projected to be the seventh largest automobile producer in the world. The establishment of the alliance in Bangalore, a major Indian market, also provides access to neighboring Asian markets. "Our alliance brings together Aditya's expertise in designing and manufacturing systems with DURA's world-class technology to meet the requirements of leading automakers in this region," C. Jayaraman, Aditya's managing director and chief executive officer, said. "Combining our strengths will better position us to participate in India's growing domestic automotive market and beyond." DURA will contribute designs, intellectual property and technical resources. Under the terms of the agreement, the alliance is planned to become a joint venture in three years and when certain milestones are achieved. Once initiated, the joint venture will operate under the name Aditya DURA Pvt. Ltd. DURA currently has a presence in 16 countries with 69 locations, including its manufacturing facilities, technology and customer service centers, and joint venture companies. About Aditya Auto Headquartered in Bangalore, India, Aditya Auto Products & Engineering India Private Limited -- http://www.adityaauto.com/ -- is a privately owned and professionally managed organization, engaged in the business of design & manufacture of systems & sub systems to meet the requirements of the growing automobile industry. Beginning as Autarky Auto in April 1989 and established as Aditya Auto Products in February 1999, the company works closely with leading Automotive OEMs & Global tier 1 industries, both in India and the rest of the world. About DURA Automotive Systems Inc. Rochester Hills, Mich.-based DURA Automotive Systems Inc. (Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive industry. The company is also a supplier of similar products to the recreation vehicle and specialty vehicle industries. DURA sells its automotive products to North American, Japanese and European original equipment manufacturers and other automotive suppliers. The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr. D. Delaware Case No. 06-11202). Richard M. Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the Debtors' co- counsel. Baker & McKenzie acts as the Debtors' special counsel. Togut, Segal & Segal LLP is the Debtors' conflicts counsel. Miller Buckfire & Co., LLC is the Debtors' investment banker. Glass & Associates Inc., gives financial advice to the Debtor. Kurtzman Carson Consultants LLC handles the notice, claims and balloting for the Debtors and Brunswick Group LLC acts as their Corporate Communications Consultants for the Debtors. As of July 2, 2006, the Debtor had $1,993,178,000 in total assets and $1,730,758,000 in total liabilities. The Debtors' exclusive plan-filing period expires on May 23, 2007. FOOT LOCKER: Offers to Buy Genesco for US$1.2 Billion in Cash ------------------------------------------------------------- Foot Locker, Inc., disclosed that it had made an acquisition proposal to purchase all of the outstanding shares of Genesco Inc. for US$46 per share in cash, subject to certain terms and conditions. The proposal came in a letter that Matthew D. Serra, Foot Locker, Inc.'s Chairman and CEO, sent on April 4, 2007 to Hal N. Pennington, Chairman, President and Chief Executive Officer of Genesco Inc. On April 19, 2007, Mr. Serra sent a follow-up letter to Mr. Pennington to reiterate Foot Locker, Inc.'s interest in acquiring Genesco, Inc. and his belief that the proposal represents significant value to Genesco shareholders. The proposed purchase price of US$46 per share in cash represents a total consideration of approximately US$1.2 billion for all of the equity of Genesco. This proposal provides to Genesco Inc.'s shareholders a 26% premium to the average share price during the one-year period preceding the April 4, 2007 letter. About Genesco Inc. Headquartered in Nashville, Tennessee, Genesco Inc. (NYSE:GCO) -- http://www.genesco.com/-- retails branded footwear, licensed and branded headwear, and wholesaler of branded footwear. Its business segments include Journeys, Underground Station Group, Hat World, Johnston & Murphy, and Licensed Brands. The Journeys segment consists of the Journeys and Journeys Kidz retail footwear chains. The Underground Station Group segment includes the Underground Station and Jarman retail footwear chains. The Hat World segment includes the Hat World, Lids, Hat Zone, Cap Connection and Head Quarters retail headwear chains. The Johnston & Murphy segment includes Johnston & Murphy retail operations, and wholesale distribution. The Licensed Brands segment is engaged in the wholesale distribution of footwear manufactured under the Dockers and Perry Ellis brands, under licenses from Levi Strauss & Company and PEI, Inc. As of June 9, 2006, it operated a total of 1,773 stores: 1,755 stores throughout the United States and Puerto Rico, and 18 stores in Canada. About Foot Locker Headquartered in New York, Foot Locker, Inc. (NYSE: FL) --- http://www.footlocker-inc.com/-- is a global retailer of athletic footwear and apparel, operated 3,942 primarily mall- based stores in the United States, Canada, Europe, Australia, and New Zealand as of Feb. 3, 2007. The Company, through its subsidiaries, operates in two segments: Athletic Stores and Direct-to-Customers. The Athletic Stores segment is an athletic footwear and apparel retailer, whose formats include Foot Locker, Lady Foot Locker, Kids Foot Locker, Champs Sports and Footaction. The Direct-to-Customers segment reflects Footlocker.com, Inc., which sells, through its affiliates, including Eastbay, Inc., to customers through catalogs and Internet Websites. The Foot Locker brand is the Company's principal brand. In March of 2006, Foot Locker, Inc. entered into a 10-year area development agreement with the Alshaya Trading Co. W.L.L., in which the Company agreed to enter into separate license agreements for the operation of a minimum of 75-foot Locker stores. FOOT LOCKER: Moody's Reviews Ba1 Ratings Over Genesco Bid --------------------------------------------------------- Moody's Investors Service placed the ratings of Foot Locker, Inc. on review for possible downgrade following the company's announcement that it had made an unsolicited proposal to purchase all of the outstanding shares of Genesco Inc. for US$46 per share cash representing a total consideration of approximately US$1.2 billion. These ratings are placed on review for possible downgrade: * Corporate family rating of Ba1; * Probability of default rating of Ba1; * Senior unsecured notes rating of Ba1. The senior unsecured notes current LGD assessment of LGD4-60% is subject to change as a result of the review for possible downgrade. The review is prompted by the high likelihood that the acquisition, if successful, will be predominantly financed with debt and will result in a sizable increase in the pro forma company's leverage and a corresponding weakening in credit metrics. In addition the review is prompted by the apparent change that this action signals to the company's financial policy, which had historically viewed as relatively conservative and stable by Moody's and had supported the current Ba1 corporate family rating. The review will focus on the pro forma company's capital structure and debt protection measures post transaction; its financial policies, including its risk appetite for acquisitions and liquidity; and the pro forma company's ability to manage its expected higher debt burden. If the bid is unsuccessful, the review for possible downgrade will assess Foot Locker's appetite for leverage and future debt financed growth strategies. Foot Locker, Inc., headquartered in New York, New York operates 4,000 stores in 20 countries in North America, Europe, and Australia under the nameplates; Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker, Champs Sports and Footquarters. Revenues for the fiscal year ended February 3, 2007 were approximately US$5.8 billion. Genesco Inc., headquartered in Nashville, Tennessee, operates 2,009 footwear and headwear stores throughout the United States and in Puerto Rico and Canada. In addition, Genesco also is a wholesaler of branded footwear. Revenues for the fiscal year ended February 3, 2007 were approximately $1.5 billion. Pro forma revenues of the combined companies would be approximately US$7.2 billion. ISLE OF CAPRI: Posts US$9.5 Mil. Net Loss in Qtr Ended Jan. 28 -------------------------------------------------------------- Isle of Capri Casinos Inc. reported a net loss of US$9.5 million for the third quarter ended Jan. 28, compared with net income of US$4.2 million for the same period ended Jan. 22, 2006. Gross revenues for the fiscal quarter ended Jan 28, were US$280.5 million, which included US$233.2 million of casino revenue, US$10 million of room revenue, US$5.1 million of pari- mutuel commissions, and US$32.3 million of food, beverage and other revenue. This compares to gross revenues for the fiscal quarter ended Jan. 22, 2006, of US$272.8 million, which included US$235 million of casino revenue, US$6.2 million of room revenue, US$4.4 million of pari-mutuel commissions and US$27.3 million of food, beverage and other revenue. Promotional allowances increased US$5.9 million, or 13.4%, in fiscal quarter ended Jan. 28, as compared to the prior year quarter, primarily due to Isle-Biloxi being open for only one month of the fiscal quarter ended Jan. 22, 2006, related to the impact of Hurricane Katrina. Operating results for the third quarter of fiscal 2007 include some significant additional expenses, some of which will not be recurring, as compared to the third quarter of fiscal 2006. These include an increase of approximately US$4.5 million in property insurance expense over the prior year's third quarter and approximately US$1.5 million of stock compensation expense. Pre-opening costs increased US$3 million compared to the third quarter of fiscal 2006 primarily due to costs related to casino developments in Pompano Beach, Florida; Waterloo, Iowa, and Coventry, England. Marketing and administrative expenses increased US$12.9 million, or 17.0%, compared to the fiscal quarter ended Jan. 22, 2006. The increase is primarily related to Isle-Biloxi being open for only one month of the prior year fiscal quarter due to Hurricane Katrina and the closure of Pompano Park in Florida for 18 live race dates in the prior year fiscal quarter due to Hurricane Wilma. Net interest expense for the quarter increased US$3.9 million or 21.7% compared with fiscal quarter ended Jan. 22, 2006, mainly as a result of the reversal of interest income previously recorded in relation to the lease on the Coventry arena, higher interest rates and higher debt balances on the company's senior secured credit facility partially offset by higher interest income. At Jan. 28, the company had cash and cash equivalents and marketable securities of US$146.9 million compared to US$138.6 million at Apr. 30, 2006, the end of the company's last fiscal year. The US$8.3 million increase in cash and cash equivalents is the net result of US$44.4 million net cash provided by operating activities, US$24.3 million net cash used in investing activities and US$11.1 million net cash used in financing activities. The company also had US$2.6 million of restricted cash as of Jan. 28. In addition, as of Jan. 28, the company had US$413.8 million of capacity under the lines of credit and available term debt which consisted of US$381 million in unused credit capacity under the revolving loan commitment on the company's senior secured credit facility, US$28.6 million of unused credit capacity under the Isle-Black Hawk's senior secured credit facility and US$4.2 million under other lines of credit and available term debt. At Jan. 28, the company's balance sheet showed US$1,880.4 million in total assets, US$1,555.7 million in total liabilities, US$27.2 million in minority interest, and US$297.4 million in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the third quarter ended Jan. 28, 2007, are available for free at http://researcharchives.com/t/s?1d8f About Isle of Capri Based in Biloxi, Miss., Isle of Capri Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns and operates casinos in Biloxi, Lula and Natchez, Mississippi; Lake Charles, Louisiana; Bettendorf, Davenport and Marquette, Iowa; Kansas City and Boonville, Missouri and a casino and harness track in Pompano Beach, Florida. The company also operates and has a 57 percent ownership interest in two casinos in Black Hawk, Colorado. Isle of Capri Casinos' international gaming interests include a casino that it operates in Freeport, Grand Bahama and a two-thirds ownership interest in casinos in Dudley and Wolverhampton, England. * * * Moody's Investors Service affirmed its Ba3 Corporate Family Rating on Isle of Capri Casinos in connection with its implementation of the new Probability-of-Default and Loss-Given- Default rating methodology for the Gaming, Lodging & Leisure sector. Moody's assigned LGD ratings to four of the company's debts including a LGD5 rating on its 9% Sr. Sub. Notes, suggesting debt holders will experience a 76% loss in the event of a default. As reported in the Troubled Company Reporter on Nov. 8, 2006, Standard & Poor's Ratings Services affirmed ratings on Isle of Capri Casinos Inc., including its 'BB-' corporate credit rating. At the same time, Standard & Poor's removed the ratings from CreditWatch, where they were placed on Oct. 4, 2006, with negative implications. The outlook is stable. LYONDELL CHEMICAL: Fitch Puts B Rating on Sr. Subordinated Notes ---------------------------------------------------------------- Fitch Ratings affirmed Lyondell Chemical Company's Issuer Default Rating at 'BB-'. In addition, Fitch affirmed these ratings for the company: -- Senior secured credit facility and term loan at 'BB+'; -- Senior secured notes at 'BB+'; -- Senior unsecured notes at 'BB-'; -- Senior subordinated notes at 'B'. At the same time, Fitch lowered the rating of Lyondell's US$100 million, 10.25% debentures due 2010 and US$225 million, 9.8% debentures due 2020 to 'BB-' from 'BB+'. Approximately US$5 billion of debt is covered by these actions and the Rating Outlook remains Positive. The two-notch downgrade of the Lyondell debentures reflects its junior ranking to existing secured debt and equal ranking with existing and future senior unsecured debt. Under the indentures for these debentures, it is required that the debentures be equally and ratably secured with any debt that is secured by certain manufacturing plants. There are currently no qualifying manufacturing plants securing other debt and therefore the debentures are unsecured. The rating affirmation of Lyondell's other ratings is supported by better than expected cash generation from operations and debt repayment. In addition, Fitch expects debt reduction to continue and potentially accelerate later in 2007 with a successful completion of the pending sale of its Inorganics business. The recent tender for its outstanding 11-1/8% senior secured notes and consent solicitation for the 10-1/2% senior secured notes illustrates Lyondell's strong effort to repay debt early instead of allowing cash to build and repay maturities as they come due as well as improve its financial flexibility. The ratings also consider Lyondell's size, high integration of businesses, liquidity, and access to capital markets. The Positive Outlook reflects the likelihood that Lyondell will be able to accelerate its debt reduction efforts in the next 12- 18 months. Additionally, supply/demand fundamentals continue to be favorable for most of Lyondell's products. Fitch also expects energy and raw material prices will continue to be volatile although these prices on average are expected to trend lower. Continued strong operations from petrochemical and refining operations are likely to offset other cyclical businesses within the portfolio. Lyondell holds leading global positions in propylene oxide and derivatives, plus TiO2, as well as leading North American positions in ethylene, propylene, polyethylene, aromatics, acetic acid, and vinyl acetate monomer. The company also has substantial refining operations located in Houston, Tex. The company benefits from strong technology positions and barriers to entry in its major product lines. Lyondell owns 100% of Equistar; 70.5% directly and 29.5% indirectly through its wholly owned subsidiary Millennium. In 2006, Lyondell and subsidiaries generated US$2.55 billion of EBITDA on US$22.2 billion in sales. Headquartered in Houston, Texas, Lyondell Chemical Company (NYSE: LYO) -- http://www.lyondell.com/-- is North America's third-largest independent, publicly traded chemical company. Lyondell manufacturers basic chemicals and derivatives including ethylene, propylene, titanium dioxide, styrene, polyethylene, propylene oxide and acetyls. It also refines heavy, high-sulfur crude oil and produces gasoline-blending components. It operates on five continents and employs approximately 11,000 people worldwide. The company has locations in Australia, China, Japan, France, Germany, United Kingdom, among others. * * * Fitch Ratings affirmed Lyondell Chemical Company's issuer default rating at 'BB-'; senior secured credit facility at 'BB+'; and senior secured notes and debentures at 'BB+'. At the same time, Fitch downgraded Lyondell's senior subordinated notes rating to 'B' from 'B+' and assigns a 'BB+' rating to Lyondell's US$800 million senior secured revolving credit facility and US$2.65 billion senior secured term loan. MEGA BRANDS: Moody's Reviews Ratings on Weak 2006 Performance ------------------------------------------------------------- Moody's placed the Ba3 corporate family rating and other long- term ratings of MEGA Brands, Inc. on review for possible downgrade after the company announced weaker than expected results for the fourth quarter of 2006 and for the full year. The speculative grade liquidity rating was affirmed at SGL-3 Ratings under review for possible downgrade: MEGA Brands Inc. -- Ba3 Corporate Family Rating MEGA Brands Inc. -- Ba2 rating on the 5-year revolving credit facility; LGD 2; 24% MEGA Blocks US -- Ba2 rating on the 5-year revolving credit facility; LGD 2; 24% MEGA Brands Inc. -- Ba2 rating on the US$40 million, 5-year term loan A facility; LGD 2; 24% MEGA Brands Finco -- Ba2 rating on the US$260 million 7-year term loan B facility; LGD 2; 24% MEGA Brands Inc. -- Probability of Default rating at B1 As a result of litigation, unexpectedly high costs related to the redesign and shipping of Magnetix and other costs, and soft sales in certain categories, earnings and cash flow for the year were below Moody's expectations. On a Moody's FM adjusted basis, MEGA Brands EBITDA for the year reached US$86 million versus Moody's expectation of over US$110 million and Debt/EBITDA was 4.3 times versus Moody's expectation of closer to 3 times. The results were impacted by a number of one-time charges and special expenses and some amounts may be recoverable. The review will focus on the prospects for a rebound of business results in 2007, likely recovery of insurance proceeds for amounts paid out related to product liability litigation and settlement, the possibility of further product liability costs in 2007 and beyond, the timing of the US$57 million earn-out payment to Rose Arts, and the impact of the company's decision to self insure on certain Magnetix products, for which product replacement programs have been undertaken together with the US consumer product safety commission. The SGL-3 was affirmed based on Moody's continued expectation for adequate near-term liquidity for the company. Absent an earn-out payment, which the company does not expect to make before 2008, MEGA Brands' liquidity is supported by balance sheet cash and availability under its US$120 million revolver, offset by the seasonal nature of its cash flow which requires reliance on its bank facility, the potential for limited covenant cushion under its credit agreement, and its limited alternative sources of liquidity. Montreal, Canada-based Mega Brands Inc. fka Mega Bloks Inc. -- http://www.megabloks.com/-- distributes a range of toys, puzzles, and craft-based products worldwide. The company has its European headquarters in Laagstraat, Belgium. RANK GROUP: Moody's Cuts Ratings on US$114.3-Million Notes to B2 ---------------------------------------------------------------- Moody's Investors Service downgraded to B2 (from Ba3) the debt ratings of the US$100-million guaranteed notes due 2008 and US$14.3-million guaranteed notes due 2018 at Rank Group Finance Plc. The rating actions follow The Rank Group Plc's closing of refinanced multicurrency term and revolving credit facilities totaling GBP400-million, which incorporates upstreamed unsecured guarantees from material subsidiaries and results in structural subordination of the 2008 and 2018 notes. The notes formally ranked pari passu with the term and revolving credit facilities. Moody's new Loss Given Default methodology was applied in assessing the revised financing structure. Under the methodology the change in the ratings for the notes was driven by the introduction of a senior ranking position for the term and revolving credit facilities in the priority of claims waterfall relative to the notes, together with the material amount of the higher ranking debt in the overall capital structure. According to the Loss Given Default methodology, Moody's has also assigned: -- a probability of default rating of Ba3 to the corporate family; and -- an LGD assessment of LGD5 and an LGD rate of 84% to the 2008 and 2018 notes. The Ba3 corporate family rating and Negative outlook are not affected. Affected ratings are as follows: -- A probability of default rating of Ba3 has been assigned to Rank. -- The rating on the US$100 million Guaranteed notes due 2008 at Rank Group Finance (guaranteed by Rank) downgraded to B2 from Ba3. An LGD5 and 84% LGD rate has been assigned. -- The rating on the US$14.3 million Guaranteed notes due 2018 at Rank Group Finance (guaranteed by Rank) downgraded to B2 from Ba3. An LGD5 and 84% LGD rate has been assigned. Rank is a gaming group with interests in casinos, bingo, online and telephone betting, mainly in the U.K. but also Spain and Belgium. The company is based in London, England. For the fiscal year ended in December 2006 Rank reported net revenues of around GBP530 million. SEA CONTAINERS: Court OKs Conyers Dill as Bermuda Counsel --------------------------------------------------------- The Official Committee of Unsecured Creditors of Sea Containers Ltd. and Sea Containers Caribbean, Inc. obtained permission from the U.S. Bankruptcy Court for the District of Delaware to employ Conyers Dill & Pearman as its Bermuda counsel, nunc pro tunc to Oct. 26, 2006. Conyers Dill is expected to: (a) advise the SCL Committee with respect to its rights, duties, and powers in these cases; (b) assist and advise the SCL Committee in its consultations with the Debtors relative to the administration of the Chapter 11 cases; (c) assist the SCL Committee in analyzing the claims of the Debtors' creditors in negotiating with such creditors; (d) represent the SCL Committee at all hearing and other proceedings with regard to Bermuda law; (e) interface and coordinate with the provisional liquidators and any analogous parties that may be appointed under the law of various jurisdictions; (f) appear before the Bermuda Supreme Court, the Bermuda Court of Appeal, Bermuda Magistrate Courts and Bermuda regulatory bodies and protect the interests of the SCL Committee before the courts and regulators; (g) review and analyze all applications, orders, statements of operations and schedules filed with Bermuda courts and advise the SCL Committee as to their property; (h) attend the meetings of the SCL Committee, if requested; (i) advise as required on issues of Bermuda corporate law and governance with respect to SCL to the extent requested by the SCL Committee; and (j) perform other legal services as may be required and are deemed to be in the interests of the SCL Committee in accordance with its powers and duties as set forth in the Bankruptcy Code. Conyers Dill's professional services will be paid based on its standard hourly rates: Designation Hourly Rate ----------- ----------- Partners US$420 - US$650 Counsel and Associates US$300 - US$600 Conyers Dill attorneys principally responsible for the matters in the Chapter 11 cases and their fees are: Professional Hourly Rate ------------ ----------- Narinder Hargun, Esq. US$600 - US$650 David Cooke, Esq. US$605 - US$635 Robin Mayor, Esq. US$575 - US$600 Paul Smith, Esq. US$575 - US$600 Angela Atherden, Esq. US$315 - US$345 Jennifer Haworth, Esq. US$250 - US$300 Robin J. Mayor, Esq., an attorney at Conyers Dill, assures the Court that her firm is a "disinterested person" as that term is defined in Section 101 (14) of the Bankruptcy Code. About Sea Containers Based in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers Ltd. disclosed total assets of $62,400,718 and total liabilities of $1,545,384,083. The Debtors' exclusive period to file a chapter 11 plan of reorganization expires on June 12, 2007. SEA CONTAINERS: Services Committee Can Hire Pepper Hamilton ----------------------------------------------------------- The Official Committee of Unsecured Creditors of Sea Containers Services, Ltd. and its debtor-affiliates obtained authority from the Honorable Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware to employ Pepper Hamilton LLP as its Delaware counsel, nunc pro tunc to Jan. 26, 2007. The Official Services Committee represents the interests of Sea Containers 1983 Pension Scheme and Sea Containers 1990 Pension Scheme in the Debtors' bankruptcy cases. David B. Stratton, Esq., and David M. Fournier, Esq., partners in the firm, and James C. Carignan, Esq., an associate, are expected to do the primary work for Pepper Hamilton. Pepper Hamilton is expected to: (a) assist Willkie Farr & Gallagher LLP in representing the Services Committee; (b) advise the Services Committee with respect to its rights, duties, and powers in the Debtors Chapter 11 cases; (c) assist and advise the Services Committee in its consultations with the Debtors, other committees and other parties-in-interest, relating to the administration of the Debtors' bankruptcy cases; (d) assist the Services Committee in analyzing the claims of Services' creditors and capital structure and in negotiating with the holders of claims, and if appropriate, equity interests; (e) assist in the Services Committee's investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and other parties involved with the Debtors, and the Debtors' business operation; (f) assist the Services Committee in analyzing intercompany transactions; (g) assist the Services Committee in its analysis of, and negotiations, with the Debtors or any other third party concerning matters related to, among other things, the assumption or rejection of certain leases of non- residential real property and executory contracts, asset dispositions, financing of other transactions and the terms of a plan of reorganization for the Debtors; (h) assist and advise the Services Committee as to its communications, if any to the general creditor body regarding significant matters in the Chapter 11 cases; (i) represent the Services Committee at all hearing and other proceedings; (j) review, analyze, and advise the Services Committee with respect to all applications, orders, statements of operations, and schedules filed with the Court; (k) assist the Services Committee in preparing pleadings and applications as may be necessary in furtherance of its interests and objectives; and (l) perform other services as may be required and are deemed to be in the interests of the Services Committee in accordance with its powers and duties as set forth in the Bankruptcy Code. Pepper Hamilton's services will be paid based on the firm's customary hourly rates: Designation Hourly Rate ----------- ----------- Partners, Special Counsel, and Counsel US$385 - US$575 Associates US$210 - US$350 Paraprofessionals US$135 - US$190 Mr. Stratton assures the Court that his firm "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About Sea Containers Based in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers Ltd. disclosed total assets of US$62,400,718 and total liabilities of US$1,545,384,083. The Debtors' exclusive period to file a chapter 11 plan of reorganization expires on June 12, 2007. SOLUTIA INC: Court Approves 2007 Annual Incentive Program --------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York approved on April 11 the implementation of the 2007 Solutia Annual Incentive Program, approved amendments to the employment agreements with Solutia's senior executive officers and approved an increase in compensation for Jeffry N. Quinn, Solutia's President, Chief Executive Officer, and Chairman of the Board. The 2007 Solutia Annual Incentive Program The 2007 Solutia Annual Incentive Program is Solutia's annual incentive-based bonus opportunity that applies to almost all of Solutia's employees, including its executive officers. Each participant in the 2007 AIP has a set target bonus. Target bonuses are based upon both external and internal considerations and payouts are set as a percentage of annual base salary and vary by participant level in the organization. Solutia's named executive officers included in the Summary Compensation Table of Solutia's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2006, have target bonus opportunities for the 2007 AIP as set forth in their respective employment agreements. The 2007 AIP is based upon a bonus pool concept. There are separate bonus pools for enterprise-level participants and business unit participants. The Executive Compensation and Development Committee of Solutia's Board of Directors established financial and operating performance metrics for the enterprise and for each business unit and a weighting for each metric, including EBITDAR (75%) and Enterprise Average Working Capital (as defined in the 2007 AIP) for the enterprise pool. For each metric, a threshold (0.50x), target (1.0x), and maximum (3.0x) funding level is determined by the ECDC. These funding levels are referred to as funding factors. If the threshold performance level is not met with respect to any particular performance metric there is no funding of the bonus pool with respect to that metric. The target level funding or a 1.0x funding factor is the aggregate of all target bonuses for participants in the 2007 AIP. At the end of the year, the performance of Solutia and its business units is measured against the pre-established metrics and the ECDC determines the funding factor for each bonus pool. Once the bonus pools are established, individual bonuses are determined as part of Solutia's performance management process. Individual bonuses are comprised of an objective portion and a subjective portion. Forty-five percent (45%) of each bonus pool is paid out on a straight objective basis to participants in that pool based upon enterprise or business unit performance, depending on the pool. This is the objective portion of a participant's bonus. Forty-five percent (45%) of each bonus pool is allocated to individual participants within the pool based upon individual performance versus set goals and individual performance versus peer performance. The remaining ten percent (10%) of each bonus pool is aggregated to constitute an enterprise discretionary pool, which can be allocated to any participant in the 2007 AIP. Allocations from these discretionary funds constitute the discretionary portion of a participant's bonus. Each participant's target bonus is multiplied by the relevant funding factor (the same funding factor that was used to determine the size of the bonus pool from which the participant's bonus is paid). The sum of all performance adjusted target bonuses for all participants in one of the bonus pools equals the total bonus pool. The discretionary portion of an individual's bonus can range from zero upward, which is limited only by the total funding of the relevant bonus pool. The aggregate of all bonuses paid from each of the bonus pools cannot exceed the amount of the pool, except any discretionary bonus paid to Mr. Quinn in excess of 50% of his performance adjusted target bonus will not, at the discretion of the ECDC, diminish the pool available for bonuses to other participants. The 2007 AIP also includes a bankruptcy emergence metric for all of the NEO's and certain other executives that is designed to incent such executives for Solutia to promptly emerge from Chapter 11 while maximizing the value of the bankruptcy estates. Each Emergence Metric Employees' actual bonus awarded under the 2007 AIP will be multiplied by a factor based on the date Solutia emerges from Chapter 11. The factor decreases each quarter of 2007 and certain executive's bonuses are penalized in the event the Company does not emerge from Chapter 11 during 2007. The 2007 AIP is administered by the ECDC. Awards under the 2007 AIP, including those based on the emergence metric, will be paid within two and one-half months following the end of the year. Emergence Metric Employees will be entitled to the Emergence Bonus even if their employment is terminated (voluntarily or involuntarily) on or after the Emergence Date, or if they are terminated without Cause (as defined in their respective employment agreements) prior to the Emergence Date. Executive Officer Employment Agreements On April 11, upon Bankruptcy Court approval, Solutia entered into amended and restated employment agreements with its NEO's and other executive officers effective as of Jan. 1. The Agreements have been amended to extend the term of employment for each of the Executive's to the six-month anniversary of the Emergence Date, and provide for an automatic three-year renewal of the employment period after the Initial Term and automatic 12-month renewals thereafter. In addition, the Agreement with Mr. Quinn reflects an increase in base salary to US$825,000 effective as of Jan. 1. The Agreement with James R. Voss, one of Solutia's NEO's, reflects an increase in base salary to US$400,000 and a target bonus opportunity increase from 75% to 100% of his base salary in connection with his new position as the Company's Senior Vice President and President-Flexsys. Solutia also entered into an employment agreement with Robert T. DeBolt in connection with his new position as the Company's Senior Vice President of Business Operations. Mr. DeBolt's Agreement reflects a base salary of US$300,000 while his target bonus opportunity will be 75% of his base salary. Mr Voss' and Mr. DeBolt's new positions will be effective upon the closing of the Flexsys Acquisition. The Agreements provide that if any Executive is terminated other than for Cause or the Executive terminates employment for Good Reason, the Executive shall be entitled to receive from Solutia payment of the following: (1) the sum of (i) the Executive's accrued annual base salary through the date of termination, (ii) any unpaid annual bonus amounts earned with respect to the previous year, and (iii) any accrued vacation pay; (2) an amount equal to what the Executive would have received under Solutia's Annual Incentive Program for the fiscal year of such termination prorated based on the number of days employed during that fiscal year; (3) a severance payment equal to 200% of the sum of (i) the Executive's annual base salary immediately prior to the date of termination and (ii) the average annualized payment he received for the three most recent years under Solutia's Annual Incentive Program; and (4) any unpaid portion of the special emergence bonus provided for in the Agreements, if applicable. If the Executive's employment is terminated other than for Cause or the Executive terminates employment for Good Reason upon a Change in Control, or at any time within 24 months after a Change in Control, he or she will be entitled to receive the payments described above, provided however, that (1) the severance payment will be equal to 250% (as opposed to 200%) of the sum described in (3) above, and all outstanding equity awards granted pursuant to any equity compensation plans in effect will immediately vest. The Agreements also provide that in the event taxes are imposed on the Executive, due to a payment provided for under the Agreements, and such payment results in taxes being imposed that would not normally be imposed but for the occurrence of a Change of Control, Solutia will provide a tax reimbursement and a gross up of such tax reimbursement. 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$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., at Kirkland & Ellis. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. In February 2007, the Honorable Prudence Carter Beatty entered a bridge order extending the Debtors' exclusive period to file a plan until April 30, 2007. * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (214) 1,756 293 BELGIUM ------- City Hotels CITY.BR (7) 210 (15) Hamon S.A. HAMO (12) 236 (58) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Acces Industrie (8) 106 (35) Arbel PA.ARB (116) 194 (94) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo De France (3,872) 4,738 (2,868) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Dollfus Mieg & Cie S.A. DS (16) 143 (45) Euro Computer System (110) 682 377 Genesys S.A. GNS.PA (10) 120 (5) Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (65) 259 10 Labo Dolisos DOLI.PA (28) 110 (33) Matussiere et Forest S.A. MTF (78) 294 (28) Oeneo S.A. SABT.PA (12) 292 38 Pneumatiques Kleber S.A. (34) 480 139 Rhodia S.A. RHA (788) 6,681 171 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Selcodis S.A. SPVX (18) 128 22 Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Teamlog TLO (19) 109 (3) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Cognis Deutschland GmbH & Co. KG (174) 3,003 606 Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (8) 111 N.A. Kaufring AG KAUG (19) 151 (51) Maternus Kliniken AG MAK.F (3) 207 (30) Nordsee AG (8) 195 (31) Plambeck Neue Energien AG PNE3 (4) 141 6 Primacom AG PRIG (268) 1,257 (1,048) Rinol AG RLIG (64) 104 (15) Schaltbau Hold SLTG (22) 162 (4) SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) Vivanco Gruppe (33) 132 (45) GREECE ------ Empedos S.A. EMPED (34) 175 (48) Pouliadis Associates Corporation POUL (28) 124 (31) Radio A.Korassidis KORA (101) 181 (139) Commercial HUNGARY ------- Exbus Asset Management Nyrt. EXBUS (30) 118 (5,162) IPK Osijek DD OS IPKORA (18) 190 (320) ICELAND ------- Decode Genetics Inc. DCGN (55) 216 141 ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Compagnia Italia ICT (138) 527 (235) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) Gruppo Coin S.p.A. GC (154) 800 (50) I Viaggi del Ventaglio S.p.A. VVE.MI (61) 487 (57) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) Wind Telecomunicazioni S.p.A. (10) 12,698 (815) IRELAND ------- Waterford Wed Ut WTFU (203) 828 190 LUXEMBOURG ---------- Millicum International MICC (59) 1,523 4 NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Petroleum-Geo Services PGO (32) 2,963 (5,250) BW Offshore BWO (85) 487 (516) POLAND ------ Mostostal Zabrze MECOF.PK (6) 227 (366) Vista Alegre Atlantis SGPS S.A. VAAAE (18) 193 (83) ROMANIA ------- Oltchim RM Valce OLT (45) 232 (321) Rafo Onesti RAF (395) 359 (1695) RUSSIA ------ OAO Samaraneftegas (332) 892 (16,942) Zil Auto (185) 378 (11,107) Vimpel Ship SOVP (77) 188 (927) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Santana Motor S.A. (46) 223 41 Sniace S.A. (10) 134 (37) SWITZERLAND ----------- Wedins Skor Accessoarer AB (10) 139 (129) TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UKRAINE ------- Dnepropetrovsk Metallurgical Plant Imeni Petrovsko DMZP (10) 358 (596) Dniprooblenergo (38) 478 (797) Donetskoblenergo (166) 706 (1,320) UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) AEA Technology Plc AAT.L (24) 340 (50) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Anker Plc ANK.L (22) 115 13 Atkins (WS) Plc ATK (63) 1,279 69 BCH Group Plc BCH (6) 188 (44) Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Ltd 523362Q (5,823) 4,921 290 British Energy Plc BGY (5,823) 4,921 434 British Nuclear Fuels Plc (4,248) 40,326 977 Britvic Plc BVIC (108) 874 (20) Compass Group CPG (668) 2,972 (298) Costain Group COST (108) 595 (61) Danka Bus System DNK.L (108) 540 34 Dawson Holdings DWN.L (12) 158 (19) Dignity Plc DTY (55) 552 36 Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,264) 2,818 (253) Euromoney Institutional Investor Plc ERM.L (50) 448 (67) European Home Retail Plc EHRL (14) 111 (37) Galiform Plc GFRM (152) 889 35 Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Gondola Holdings Plc GND.L (239) 987 (396) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (4) 948 (175) HOGG Robinson Gr HRG (258) 791 (5) Homestyle Group Plc HME (29) 409 (124) Imperial Chemical Industries Plc ICI (370) 8,393 2 Invensys PLC (1,031) 3,875 523 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (49) 307 (53) Ladbrokes Plc LAD (1,227) 1,669 (267) Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Micro Focus International Plc MCRO.L (72) 129 (4) Mytravel Group MT.L (380) 1,818 (488) Orange Plc ORNGF (594) 2,902 7 Park Group Plc PKG.L (5) 111 (13) Partygaming Plc PRTY (46) 398 (110) Premier Farner Plc PFL (33) 964 127 Premier Foods Plc PFD.L (31) 1,475 16 Probus Estates Plc PBE.L (28) 113 (49) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,144) 3507 (457) RHM Plc RHM (586) 2,411 59 Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,631) UK Coal Plc UKC (25) 865 (62) Virgin Mobile Holdings Plc VMOB.L (490) 155 (80) Wincanton Plc WIN (66) 1,236 (71) ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. 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