/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080124.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, January 24, 2008, Vol. 9, No. 17 Headlines A U S T R I A BIOMASSE-HEIZANLAGEN: Graz Court Orders Business Shutdown HOLZBAU KLAURA: Claims Registration Period Ends January 28 ING. GRILLNBERGER: Claims Registration Period Ends January 29 KAINZ INSTALLATEUR: Claims Registration Period Ends January 28 OMEGA-BAU: Korneuburg Court Orders Business Shutdown R.O.L.A. GABMANN: Claims Registration Period Ends January 29 SPORTBAU LLC: Claims Registration Period Ends January 29 WIBO LLC: Vienna Court Orders Business Shutdown F R A N C E MTI TECHNOLOGY: Court Approves CMA Business as Auctioneer G E R M A N Y ALPHA HOTELBETRIEBS: Claims Registration Ends February 13 AP PRODUKTIONS: Claims Registration Period Ends February 12 APIK MD: Claims Registration Ends February 13 AUTOHAUS HAAG: Claims Registration Period Ends February 3 AZEGO AG: Illiquidity Triggers Second Insolvency Filing FUTUR FENSTER: Claims Registration Period Ends February 12 G & M DESIGN: Claims Registration Ends February 13 GARTNER & THOR: Claims Registration Period Ends February 12 HEINECKE INTERNATIONALER: Claims Registration Ends February 13 HEKL-MASSIV-HAUS GMBH: Claims Period Ends February 14 INTELLIGENT CROP: Claims Registration Period Ends February 4 JOSEF MAHLERT: Claims Registration Ends February 13 LANDDIENST GMBH: Claims Registration Period Ends February 12 LTH OELBAU: Claims Registration Period Ends February 12 M. MICHAELIS BAU: Claims Registration Period Ends February 12 MACIKOWSKI INDUSTRIESERVICE: Claims Registration Ends Feb. 13 MCM PRUEFSYSTEME: Claims Registration Period Ends February 12 SGORZALI IT-CONSULTING: Claims Period Ends February 4 STEFFEN AUTOMOBILE: Claims Registration Period Ends February 11 TRUCK SERVICE: Claims Registration Period Ends February 1 W. MUELLER: Claims Registration Period Ends February 11 WESTLB AG: Fitch Cuts Individual Rating to F on Near Default I T A L Y ALITALIA SPA: Ministers Say Political Crisis Not Affecting Talks K A Z A K H S T A N AIMAK LLP: Proof of Claim Deadline Slated for February 20 AKTOBETRUBOPROVOD LLP: Creditors Must File Claims by February 20 BESASPAN LLP: Claims Filing Period Ends February 14 BUSINESS INFORM: Creditors' Claims Due on February 20 DJANUAR LLP: Claims Registration Ends February 14 ENBEK-2030 LLP: Creditors Must File Claims by February 20 GASBYTSERVICE LLP: Claims Filing Period Ends February 14 INTER GEO: Creditors' Claims Due on February 20 MAGELLAN LLP: Claims Registration Ends February 14 K Y R G Y Z S T A N BELLUS TRADE: Creditors Must File Claims by February 14 N E T H E R L A N D S GLOBAL POWER: Emerges from Chapter 11 Bankruptcy X5 RETAIL: Annual Net Sales Up 53% to US$5.28 Billion in 2007 N O R W A Y COAST AIR: Increased Losses Prompt Bankruptcy Filing P O L A N D DAEWOO MOTOR: Receiver Plans to Auction Honker Production Rights R O M A N I A TIMKEN CO: Signs Acquisition Agreement with Boring Specialties R U S S I A AGIDEL' CJSC: Creditors Must File Claims by February 29 INVESTSBERBANK OAO: Fitch Affirms Individual Ratings at D/E CHELYABINSK AIRPORT: Creditors Must File Claims by February 29 CONSTRUCTION TOOL: Creditors Must File Claims by February 29 CRYSTAL GLASS: Asset Sale Slated for February 8 KARAGAILACOAL CJSC: Creditors Must File Claims by February 29 KOLKHOZ ARMET: Creditors Must File Claims by February 29 NIZHNEOMSKTSELINSTROY: Creditors Must File Claims by February 29 TATNEFT OAO: Forms Joint Working Group with Turkmenneft GK URALSVYAZINFORM OJSC: S&P Affirms BB- Ratings on Risk Profile X5 RETAIL: Annual Net Sales Up 53% to US$5.28 Billion in 2007 S W I T Z E R L A N D BUECHEGGE JSC: Creditors' Liquidation Claims Due by January 28 E.P.S. SUPERMARKET: Creditors Must File Claims by January 28 FREIWA LLC: Creditors' Liquidation Claims Due by January 28 IMDAR LLC: Creditors' Liquidation Claims Due by January 28 MALER WALDBURGER: Creditors Must File Claims by January 28 RIZZUTO HANDEL: Creditors' Liquidation Claims Due by January 28 SALCO GRAIN: Zug Court Starts Bankruptcy Proceedings SWISSAIR: In Talks with Polish Government on Lot Stake TECHNORADA JSC: Zug Court Starts Bankruptcy Proceedings TUSTRA JSC: Creditors' Liquidation Claims Due by January 28 VHG IMMOBILIEN: Zug Court Starts Bankruptcy Proceedings U K R A I N E ANTORS TDM: Creditors Must File Claims by January 25 CAPITAL INVEST: Creditors Must File Claims by January 25 CORD-PLUS LLC: Creditors Must File Claims by January 25 MELITOPOL ADMINISTRATIVE-TRADING: Creditors' Claim Due Jan. 25 MIROS-KM LLC: Creditors Must File Claims by January 25 PR TECHNOLOGIES: Creditors Must File Claims by January 25 SERDEN KMT: Creditors Must File Claims by January 25 SHEVCHENKO AGRICULTURAL: Proofs of Claim Filing Ends January 25 UKRAINIAN RAILWAY: Proofs of Claim Filing Ends January 25 VALSAR KM: Creditors Must File Claims by January 25 VERKHOVKA LLC: Proofs of Claim Filing Ends January 25 U N I T E D K I N G D O M BATHROOM WAREHOUSE: Names Administrators from Tenon Recovery BOURNE END: Appoints Grant Thornton to Administer Assets BRITISH AIRWAYS: Pilots to Vote for Strike Action BRITISH AIRWAYS: Accident Insurance Premium May Go Up CASTLE FINANCE: Moody's May Lower B2 Rating After Review CHESS III: Moody's May Lower B2 Rating After Review CLASSIQUE BATHROOMS: Brings In Liquidators from Moore Stephens DRS PARTNERSHIP: Brings In Administrators from Grant Thornton ENRON CORP: Court OKs Investors Receiving US$7.2BB Final Payout ENRON CORP: FERC Okays US$18MM Settlement with Snohomish County ENRON CORP: Wants US$25 Mil. Deutsche Bank Settlement Approved ENVIRONMENTAL SEALS: Appoints Tenon as Joint Administers HAMPSHIRE TECHNICAL: RBS Invoice Taps Menzies as Receivers PHF LEISURE: Calls In Liquidators from Tenon Recovery PROPEX INC: Wants to Employ King & Spalding as Lead Counsel PROPEX INC: Wants Court Nod to Use BNP Paribas' Cash Collateral PROPEX INC: Wants Access to US$60 Million DIP Financing PROPEX INC: Bankruptcy Filing Cues Moody's to Cut Debt Ratings QUEBECOR WORLD: Gets CCAA Order for Creditor Protection QUEBECOR WORLD: Moody's Cuts Corp. Family & Bond Ratings to Ca QUEBECOR WORLD: S&P Slashes Ratings to D on Chapter 11 Filing SANYO ELECTRIC: Hires Execs from Financial Firms to Head Units SANYO ELECTRIC: Kyocera Buyout Won't Affect Ratings, S&P Says SHAW GROUP: Fossil Unit Inks Definitive Pact with Entergy SOLUTIA INC: DuPont Demands Payment of US$1,394,718 Admin. Claim SOLUTIA INC: Files 2nd Supplement to Stock Offering Prospectus SPOONER VICARS: Taps Tenon Recovery as Joint Administrators SR COMMUNICATIONS: Brings In Administrators from Menzies TATA MOTORS: Board Meeting Set on Jan. 31 to Consider Results TRANSENSE LTD: Names Christopher Farrington as Administrator WOODCON PRODUCTS: Brings In Vantis to Administer Assets * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= BIOMASSE-HEIZANLAGEN: Graz Court Orders Business Shutdown --------------------------------------------------------- The Land Court of Graz entered Dec. 13, 2007 an order shutting down the business of LLC Biomasse-Heizanlagen Flecht (FN 274650y). Court-appointed estate administrator Gisela Possnig 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. Gisela Possnig Wielandgasse 14-16 8010 Graz Austria Tel: 03172/2442 Fax: 03172/2442-14 E-mail: office@ra-wpm.at Headquartered in St. Margarethen an der Raab, Austria, the Debtor declared bankruptcy on Dec. 11, 2007 (Bankr. Case No 26 S 112/07a). HOLZBAU KLAURA: Claims Registration Period Ends January 28 ---------------------------------------------------------- Creditors owed money by LLC Holzbau Klaura (FN 121666x) have until Jan. 28, 2008 to file written proofs of claim to court- appointed estate administrator Manfred Opetnik at: Dr. Manfred Opetnik Hauptplatz 2 9100 Voelkermarkt Austria Tel: 04232/4170 Fax: 04232/4170-3 E-mail: kanzlei@ra-opetnik.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Feb. 5, 2008 for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Conference Hall 225 Second Floor Klagenfurt Austria Headquartered in Bad Eisenkappel, Austria, the Debtor declared bankruptcy on Dec. 19, 2007 (Bankr. Case No. 40 S 67/07d). ING. GRILLNBERGER: Claims Registration Period Ends January 29 ------------------------------------------------------------- Creditors owed money by LLC Ing. Grillnberger (FN 87465a) have until Jan. 29, 2008 to file written proofs of claim to court- appointed estate administrator Franz Hofbauer at: Dr. Franz Hofbauer Hauptplatz 6 3370 Ybbs/Donau Austria Tel: 07412/52731 Fax: 07412/52731-22 E-mail: dr.hofbauer@wibs.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on Feb. 19, 2008 for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Purgstall an der Erlauf, Austria, the Debtor declared bankruptcy on Dec. 20, 2007 (Bankr. Case No. 14 S 206/07w). KAINZ INSTALLATEUR: Claims Registration Period Ends January 28 -------------------------------------------------------------- Creditors owed money by LLC Ing. KAINZ Installateur (FN 245196h) have until Jan. 28, 2008 to file written proofs of claim to court-appointed estate administrator Maximilian Schludermann at: Dr. Maximilian Schludermann c/o Mag. Wolfgang Winkler Reisnerstrasse 32/12 1030 Vienna Austria Tel: 715 50 45 Fax: 715 50 47 4 E-mail: office@anwalt-vienna.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Feb. 11, 2008 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 12, 2007 (Bankr. Case No. 3 S 157/07v). Wolfgang Winkler represents Dr. Schludermann in the bankruptcy proceedings. OMEGA-BAU: Korneuburg Court Orders Business Shutdown ---------------------------------------------------- The Land Court of Korneuburg entered Dec. 19, 2007 an order shutting down the business of LLC OMEGA-Bau (FN 103640m). 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 Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 01/713 44 33 Fax: 01/713 10 33 E-mail: kanzlei@jsr.at Headquartered in Hainburg an der Donau, Austria, the Debtor declared bankruptcy on Dec. 14, 2007 (Bankr. Case No 36 S 146/07y). R.O.L.A. GABMANN: Claims Registration Period Ends January 29 ------------------------------------------------------------ Creditors owed money by LLC R.O.L.A. Gabmann (FN 93760h) have until Jan. 29, 2008 to file written proofs of claim to court- appointed estate administrator Stefan Jahns at: Mag. Stefan Jahns c/o Mag. Beate Holper Gonzagagasse 15 1010 Vienna Austria Tel: 532 17 11 Fax: 532 17 11 11 E-mail: kanzlei@jahns.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Feb. 12, 2008 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 12, 2007 (Bankr. Case No. 4 S 142/07w). Beate Holper represents Mag. Jahns in the bankruptcy proceedings. SPORTBAU LLC: Claims Registration Period Ends January 29 -------------------------------------------------------- Creditors owed money by LLC Sportbau (FN 233569i) have until Jan. 29, 2008 to file written proofs of claim to court-appointed estate administrator Wolfgang Strasser at: Dr. Wolfgang Strasser Hauptplatz 11 4300 St. Valentin Austria Tel: 07435/52 4 37 E-mail: st-valentin@advocat24.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 3:00 p.m. on Feb. 12, 2008 for the examination of claims. The meeting of creditors will be held at: The Land Court of Steyr Hall 7 Second Floor Steyr Austria Headquartered in Enns, Austria, the Debtor declared bankruptcy on Dec. 13, 2007 (Bankr. Case No. 14 S 47/07w). WIBO LLC: Vienna Court Orders Business Shutdown ----------------------------------------------- The Trade Court of Vienna entered Dec. 12, 2007 an order shutting down the business of LLC WIBO (FN 210755i). Court-appointed estate administrator Felix Stortecky 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. Felix Stortecky Schulerstrasse 18 1010 Vienna Austria Tel: 513 88 37 Fax: 513 88 37-22 E-mail: office@stortecky.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 29, 2007 (Bankr. Case No 5 S 136/07w). =========== F R A N C E =========== MTI TECHNOLOGY: Court Approves CMA Business as Auctioneer --------------------------------------------------------- MTI Technology Corporation obtained authority from the Honorable Erithe A. Smith of the United States Bankruptcy Court for the Central District of California to employ CMA Business Credit Services as its auctioneer. As reported in the Troubled Company Reporter on Jan. 4, 2008, CMA Business is expected to auction accumulated items from the Debtor's various office location at its headquarters at 15641 Red Hill Avenue, Suite 200 in Tustin, California. In addition, the firm will provide a copy of its surety bond and increase certificate and auctioneer report defining the sales, amount and respective buyer and as required by the U.S. Trustee guidelines. The Debtor told the Court that the auction value of the assets is approximately US$50,000 to US$60,000. The Debtor said that it agreed to pay to the firm 12.5% buyer's premium on the gross sale of the auction and US$4,750 for advertising costs. Charles G. Klaus, an employee of the firm, assured the Court that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. Headquartered in Tustin, California, M.T.I. Technology Corp. -- http://www.mti.com/-- provides professional services and data storage for mid- to large-sized organizations. In addition, the company owns all of the issued and outstanding share capital of three European subsidiaries: MTI Technology GmbH in Germany, MTI Technology Limited in Scotland and MTI France S.A.S. in France. The company filed for Chapter 11 protection on Oct. 15, 2007 (Bankr. C.D. Calif. Case No. 07-13347). Scott C. Clarkson, Esq., at Clarkson, Gore & Marsella, A.P.L., represents the Debtor. Omni Management Group LLC serves as the Debtor's claim, noticing and balloting agent. The U.S. Trustee for Region 16 appointed nine creditors to serve on an Official Committee of Unsecured Creditors in the Debtor's case. Winthrop Couchot Professional Corporation represents the Committee as general insolvency counsel. As of July 7, 2007, the Debtor had total assets of US$64,002,000 and total debts of US$58,840,000. ============= G E R M A N Y ============= ALPHA HOTELBETRIEBS: Claims Registration Ends February 13 --------------------------------------------------------- Creditors of Alpha Hotelbetriebsgesellschaft mbH have until Feb. 13, 2008, to register their claims with court-appointed insolvency manager Dr. Joerg Nerlich. Creditors and other interested parties are encouraged to attend the meeting at 1:10 p.m. on Feb. 27, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Joerg Nerlich Goethestr. 100 45130 Essen Germany The District Court of Essen opened bankruptcy proceedings against Alpha Hotelbetriebsgesellschaft mbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Alpha Hotelbetriebsgesellschaft mbH Loemuehlenweg 221 45770 Marl Germany AP PRODUKTIONS: Claims Registration Period Ends February 12 ----------------------------------------------------------- Creditors of AP Produktions- und Service GmbH have until Feb. 12, 2008 to register their claims with court-appointed insolvency manager Christina Siegert. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on March 6, 2008, 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 Munich Meeting Hall 101 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christina Siegert Oskar-von-Miller Ring 34-36 80333 Munich Germany Tel: 089-24440930 Fax: 089-244409365 The District Court of Munich opened bankruptcy proceedings against AP Produktions- und Service GmbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AP Produktions- und Service GmbH Attn: Martin Pfefferl, Manager Heimstattenstr. 13 a 82166 Grafelfing Germany APIK MD: Claims Registration Ends February 13 --------------------------------------------- Creditors of APIK MD GmbH have until Feb. 13, 2008 to register their claims with court-appointed insolvency manager Heiko Rautmann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 12, 2008, 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 Magdeburg Hall 13 Judicial Center Breiter Weg 203-206 39104 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Heiko Rautmann Editharing 31 39108 Magdeburg Germany Tel: 0391/5066030 Fax: 0391/5066033 E-mail: Heiko.Rautmann@gmx.de The District Court of Magdeburg opened bankruptcy proceedings against APIK MD GmbH on Dec. 21, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: APIK MD GmbH Glindenberger Weg 5 39126 Magdeburg Germany Attn: Juergen Braatz, Manager Nussweg 5 06317 Aseleben Germany AUTOHAUS HAAG: Claims Registration Period Ends February 3 --------------------------------------------------------- Creditors of Autohaus Haag GmbH have until Feb. 3, 2008 to register their claims with court-appointed insolvency manager Dr. Gerhard Th. Walter. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 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 Bad Homburg v.d. Hoehe Room 120 Auf der Steinkaut 10-12 61352 Bad Homburg v.d. Hoehe Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Gerhard Th. Walter Cronstettenstrasse 30 D 60322 Frankfurt a.M. Germany Tel: 069/9591100 Fax: 069/95911012 The District Court of Bad Homburg v.d. Hoehe opened bankruptcy proceedings against Autohaus Haag GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Haag GmbH Robert-Bosch-Strasse 24 61267 Neu-Anspach Germany Attn: Patricia Arnold, Manager Schlossborner Weg 18 61467 Glashuetten Germany AZEGO AG: Illiquidity Triggers Second Insolvency Filing ------------------------------------------------------- Azego AG, on Jan. 22, 2008, filed a second insolvency petition with the Munich Municipal Court after attempts to negotiate with investors and competitors failed. The company said it was not able to eliminate its illiquidity even though there had been several promising possibilities. Azego's problems also prompted its subsidiary, First Components GmbH to file an insolvency petition for the second time. The company said that despite implementing several cost reduction measures to reduce losses and significantly increase its margins over the last two years, as well as a convertible loan 2007/2011, it couldn't achieve the planned revenue of liquidity which would have been precondition to continue its operations. Headquartered in Munich, Germany, Azego AG, fka ACG Advanced Component Group -- http://www.azego.com/-- is a supplier of semiconductor components and related logistic services. The company offers tailor-made and comprehensive solutions ranging from search and commercial processes to the delivery of the goods. Its portfolio of logistic services include excess inventory management services, shortage management services, bill of material services, franchise services, mass market services, computer services and last time buy services. Its portfolio of products includes capacitors, connectors, inductors, crystals, diodes, microcontrollers, resistors and other computer products and accessories. It has subsidiaries in Germany, Singapore, China, Korea, Luxemburg, France, Brazil, the United States, Austria and in the United Kingdom. FUTUR FENSTER: Claims Registration Period Ends February 12 ---------------------------------------------------------- Creditors of Futur Fenster GmbH have until Feb. 12, 2008 to register their claims with court-appointed insolvency manager Rudolf Rossmann. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on March 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Augsburg Meeting Hall 162 Alten Einlass 1 86150 Augsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rudolf Rossmann Weisskopfstr. 13 86343 Koenigsbrunn Germany The District Court of Augsburg opened bankruptcy proceedings against Futur Fenster GmbH on Jan. 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Futur Fenster GmbH Ob. Bahnhofstr. 6 86465 Welden Germany G & M DESIGN: Claims Registration Ends February 13 -------------------------------------------------- Creditors of G & M Design GmbH have until Feb. 13, 2008 to register their claims with court-appointed insolvency manager Juergen Sulz. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 13, 2008, 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 Esslingen Hall 1 First Floor Ritterstr. 5 (Eingang Strohstr.) Esslingen 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: Juergen Sulz Rommelsbacher Str. 27 72760 Reutlingen Germany Tel: 07121/333540 Fax: 07121/333544 The District Court of Esslingen opened bankruptcy proceedings against G & M Design GmbH on Jan. 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: G & M Design GmbH Attn: Bernd Spath, Manager Dieselstr. 9 70771 Leinfelden-Echterdingen Germany GARTNER & THOR: Claims Registration Period Ends February 12 ----------------------------------------------------------- Creditors of Gartner & Thor & Co Bau GmbH have until Feb. 12, 2008 to register their claims with court-appointed insolvency manager Hubertus Bartelheimer. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on March 11, 2008, 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 Cottbus Hall 210 First Floor Gerichtsplatz 2 03046 Cottbus 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. Hubertus Bartelheimer Bernburger Str. 32 10963 Berlin Germany The District Court of Cottbus opened bankruptcy proceedings against Gartner & Thor & Co Bau GmbH on Jan. 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gartner & Thor & Co Bau GmbH Finsterwalder Strasse 57 03238 Massen Germany HEINECKE INTERNATIONALER: Claims Registration Ends February 13 -------------------------------------------------------------- Creditors of Heinecke Internationaler Gueterverkehr GmbH have until Feb. 13, 2008 to register their claims with court- appointed insolvency manager Norbert Kruse. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 101 B First Floor Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Norbert Kruse Bonhoefferstr. 10 48282 Emsdetten Germany Tel: 02572/875-0 Fax: +49257287533 The District Court of Muenster opened bankruptcy proceedings against Heinecke Internationaler Gueterverkehr GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heinecke Internationaler Gueterverkehr GmbH Wellenesch 5 49504 Lotte Germany Attn: Kurt-Werner Heinecke, Manager Wellenesch 5 49504 Lotte Germany HEKL-MASSIV-HAUS GMBH: Claims Period Ends February 14 ----------------------------------------------------- Creditors of Hekl-Massiv-Haus GmbH have until Feb. 14, 2008 to register their claims with court-appointed insolvency manager Andreas Heintz. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on March 6, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gifhorn Hall 118 Am Schlossgarten 4 38518 Gifhorn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Heintz Moocksgang 5 30169 Hannover Germany Tel: 0511/3539997-0 Fax: 0511/3539997-77 E-mail: heintz@pkl.com Web site: http://www.pkl.com/ The District Court of Gifhorn opened bankruptcy proceedings against Hekl-Massiv-Haus GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hekl-Massiv-Haus GmbH Attn: August W. Hekl, Manager Maschstr. 19 b 38518 Gifhorn Germany INTELLIGENT CROP: Claims Registration Period Ends February 4 ------------------------------------------------------------ Creditors of Intelligent Crop Forecasting GmbH have until Feb. 4, 2008 to register their claims with court-appointed insolvency manager Dr. Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 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 Darmstadt Hall 4.312 Building D Mathildenplatz 15 64283 Darmstadt 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. Jan Markus Plathner Lyoner Strasse 14 60528 Frankfurt Germany Tel: 069/962334-0 Fax: 069/962334-22 E-mail: m.plathner@brinkmann-partner.de The District Court of Darmstadt opened bankruptcy proceedings against Intelligent Crop Forecasting GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Intelligent Crop Forecasting GmbH Attn: Dr. Katharina Elisabeth Born Marienburgstrasse 27 64297 Darmstadt Germany JOSEF MAHLERT: Claims Registration Ends February 13 --------------------------------------------------- Creditors of Josef Mahlert GmbH & Co. KG have until Feb. 13, 2008 to register their claims with court-appointed insolvency manager Dr. Helmut Schmitz. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 26, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Meeting Hall C315 Third Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Helmut Schmitz Flohbusch 1 47802 Krefeld Germany The District Court of Duisburg opened bankruptcy proceedings against Josef Mahlert GmbH & Co. KG on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Josef Mahlert GmbH & Co. KG Koloniestrasse 209-213 47057 Duisburg Germany Attn: Horst Mahlert, Manager Alexander-Fleming-Weg 3 47447 Moers Germany LANDDIENST GMBH: Claims Registration Period Ends February 12 ------------------------------------------------------------ Creditors of Landdienst GmbH have until Feb. 12, 2008 to register their claims with court-appointed insolvency manager Horst Piepenburg. Creditors and other interested parties are encouraged to attend the meeting at 11:05 a.m. on March 13, 2008, 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 Neuruppin Hall 325 Karl-Marx-Strasse 18a 16816 Neuruppin 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: Horst Piepenburg Heinrich-Heine-Allee 20 40213 Duesseldorf Germany The District Court of Neuruppin opened bankruptcy proceedings against Landdienst GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Landdienst GmbH Chaussee 21 16559 Liebenwalde Germany LTH OELBAU: Claims Registration Period Ends February 12 ------------------------------------------------------- Creditors of LTH Oelbau GmbH have until Feb. 12, 2008, to register their claims with court-appointed insolvency manager Joerg Riedemann. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on March 11, 2008, 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 (Saale) Hall 1.043 Justizzentrum Thueringer Strasse 16 06112 Halle (Saale) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Joerg Riedemann Muehlweg 47D 06114 Halle Germany Tel: 0345/293900 Fax: 0345/2939029 The District Court of Halle (Saale) opened bankruptcy proceedings against LTH Oelbau GmbH on Dec. 2, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LTH Oelbau GmbH Am Saalehafen 1 06118 Halle Germany M. MICHAELIS BAU: Claims Registration Period Ends February 12 ------------------------------------------------------------- Creditors of M. Michaelis Bau- und Sanierungs GmbH have until Feb. 12, 2008, to register their claims with court-appointed insolvency manager Ruediger Wienberg. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on March 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ruediger Wienberg Giesebrechtstr. 1 10629 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against M. Michaelis Bau- und Sanierungs GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: M. Michaelis Bau- und Sanierungs GmbH Goerzallee 305 14167 Berlin Germany MACIKOWSKI INDUSTRIESERVICE: Claims Registration Ends Feb. 13 ------------------------------------------------------------- Creditors of Macikowski Industrieservice GmbH have until Feb. 13, 2008 to register their claims with court-appointed insolvency manager Ruediger Bauch. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on March 12, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Braunschweig Hall E 01 Martinikirche 8 38100 Braunschweig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ruediger Bauch Damm 18 38100 Braunschweig Germany Tel: 0531 38848-10 Fax: 0531 38848-11 The District Court of Braunschweig opened bankruptcy proceedings against Macikowski Industrieservice GmbH on Dec. 19, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Macikowski Industrieservice GmbH Attn: Siegfried Macikowski, Manager Bachstrasse 1 38272 Burgdorf Germany MCM PRUEFSYSTEME: Claims Registration Period Ends February 12 ------------------------------------------------------------- Creditors of mcm Pruefsysteme GmbH have until Feb. 12, 2008, to register their claims with court-appointed insolvency manager Ruediger Wienberg. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on March 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ruediger Wienberg Giesebrechtstr. 1 10629 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against mcm Pruefsysteme GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: mcm Pruefsysteme GmbH Schiffbauerdamm 17 10117 Berlin Germany SGORZALI IT-CONSULTING: Claims Period Ends February 4 ----------------------------------------------------- Creditors of Sgorzali IT-Consulting Verwaltungsgesellschaft mbH have until Feb. 4, 2008 to register their claims with court- appointed insolvency manager Dr. jur. Rainer Eckert. Creditors and other interested parties are encouraged to attend the meeting at 2:20 p.m. on March 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. jur. Rainer Eckert Arthur-Menge-Ufer 5 30169 Hannover Germany Tel: 0511 626287-0 Fax: 0511 626287-10 The District Court of Hannover opened bankruptcy proceedings against Sgorzali IT-Consulting Verwaltungsgesellschaft mbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sgorzali IT-Consulting Verwaltungsgesellschaft mbH Attn: Peter Sgorzali, Manager Langer Brink 28 30880 Laatzen Germany STEFFEN AUTOMOBILE: Claims Registration Period Ends February 11 --------------------------------------------------------------- Creditors of Steffen Automobile GmbH have until Feb. 11, 2008 to register their claims with court-appointed insolvency manager Karsten Foerster. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on March 10, 2008, 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 Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Karsten Foerster Otto von Guericke Strasse 5 17033 Neubrandenburg Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Steffen Automobile GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Steffen Automobile GmbH Loecknitzer Strasse 32 17309 Pasewalk Germany TRUCK SERVICE: Claims Registration Period Ends February 1 --------------------------------------------------------- Creditors of TRUCK Service Gummersbach GmbH have until Feb. 1, 2008 to register their claims with court-appointed insolvency manager Dr. Ruediger Werres. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on Feb. 26, 2008, 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: Dr. Ruediger Werres Friesenplatz 17 a 50672 Koeln Germany The District Court of Cologne opened bankruptcy proceedings against TRUCK Service Gummersbach GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TRUCK Service Gummersbach GmbH Attn: Joern Oschatz, Manager Betriebsweg 2 b 51645 Gummersbach Germany W. MUELLER: Claims Registration Period Ends February 11 ------------------------------------------------------- Creditors of W. Mueller Sportanlagenbau GmbH have until Feb. 11, 2008 to register their claims with court-appointed insolvency manager Christoph Goergen. Creditors and other interested parties are encouraged to attend the meeting at 10:40 a.m. on Feb. 13, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Saarbruecken Area Hall 24 Second Floor Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on March 12, 2008 at: The District Court of Saarbruecken Area Hall 13 First Floor Vopeliusstrasse 2 66280 Sulzbach Germany The insolvency manager can be reached at: Christoph Goergen Beethovenstrasse 13 66606 St. Wendel Germany Tel: (06851) 4066 Fax: (06851) 4068 The District Court of Saarbruecken opened bankruptcy proceedings against W. Mueller Sportanlagenbau GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: W. Mueller Sportanlagenbau GmbH Attn: Winfried Mueller, Manager Werkstr. 17 66606 St Wendel Germany WESTLB AG: Fitch Cuts Individual Rating to F on Near Default ------------------------------------------------------------ Fitch Ratings has downgraded Germany's WestLB AG's Individual rating to 'F' from 'D/E' and removed the Rating Watch Negative. At the same time, the agency has affirmed the bank's Long-term Issuer Default Rating at 'A-', Short-term IDR at 'F1', Support rating at '1' and Support Rating Floor at 'A-'. The Outlook for the Long-term IDR remains Stable. The bank's guaranteed obligations are also affirmed at Long-term 'AAA'. The ratings of the state of North-Rhine Westfalia, WestLB's 38% direct and indirect shareholder are unaffected at Long-term 'AAA' with Stable Outlook and Short-term 'F1+'. The downgrade of the Individual rating reflects Fitch's opinion that WestLB would have defaulted without its shareholders' rescue measures announced by the bank on Jan. 21, 2008. Anna Lozmann, Associate Director in Fitch's Financial Institutions team, said, "In Fitch's opinion, it is very likely that the impact upon the bank's equity of a EUR1 billion annual loss for 2007 as well as up to EUR1 billion portfolio writedowns would have left the bank with a precarious capital position and severely dented its ability to function normally. The writedowns reflect the impact on specific portfolios of recent market turmoil. Given ongoing market uncertainty the possibility of further writedowns cannot be excluded." The measures announced to repair the capital damage are viewed positively by Fitch. However, it is possible that the losses announced will further erode the bank's franchise and reputation, and underline the challenges facing management in addressing core performance metrics in persistently difficult market conditions. WestLB's IDRs and Support rating continue to reflect the extremely high potential of support from its owners in case of need, in particular from NRW. Although there are ongoing discussions about a possible change in ownership, Fitch expects implicit support to remain very strong, particularly given the targeted Verbund structure and the shareholders' statement from December 2007 regarding WestLB's future. The shareholders' announcement to compensate the annual loss and to absorb the non-P&L relevant valuations confirm their strong commitment to the bank. The Long-term rating for WestLB's guaranteed obligations reflects the grandfathering of the state guarantee, Gewaehrtraegerhaftung, and Fitch's 'AAA' rating for NRW. WestLB's shareholders are the two savings banks associations in NRW (25.15% each), two regional associations (0.52% each), the state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by NRW (64.7%) and two regional associations (35.3%). ========= I T A L Y ========= ALITALIA SPA: Ministers Say Political Crisis Not Affecting Talks ---------------------------------------------------------------- Italian ministers assured that the current political crisis in the country will not affect the exclusive talks to sell the government's 49.9% stake in Alitalia S.p.A. to Air France-KLM SA, published reports say. "[Alitalia Chairman Maurizio] Prato has full powers to conduct and conclude talks with Air France, with the duty to keep the minister informed, even during a government crisis," Transport Minister Alessandro Bianchi told Reuters. "Nothing changes, even if there is a government crisis," Economic Development Minister Pierluigi Bersani told Thomson Financial. "There is no disturbance," Mr. Bersani adds. Prime Minister Romano Prodi no longer has a majority in the Italian Senate after the Udeur party left the coalition government. Mr. Prodi yesterday survived a confidence vote in the lower parliamentary house, but may tender resignation on pressure from allies before the Senate vote, The Wall Street Journal says. As reported in the TCR-Europe on Jan. 17, 2007, Alitalia and Italy have commenced exclusive sale talks with Air France-KLM. The carriers have two months to reach an agreement, which would be approved by the government. Tommaso Padoa Schioppa, Italy's finance minister, has delivered a letter to Alitalia S.p.A. approving the commencement of exclusive talks with Air France-KLM. In its non-binding offer, Air France plans to: -- acquire 100% of the shares of Alitalia through an exchange offer; -- acquire 100% of Alitalia convertible bonds; and -- immediately inject at least EUR750 million into Alitalia through a capital increase, that will be open to all shareholders and be fully underwritten by Air France. Air France CEO Jean-Cyril Spinetta confirmed plans to cut 1,700 jobs and defended plans to downsize Alitalia's operations in Milan's Malpensa airport. Mr. Spinetta also revealed that should the French carrier acquire 100% of Alitalia shares, Air France would list itself in the Milan bourse. Mr. Schioppa will represent the Italian government during sale talks and will evaluate whether to sell to the state's majority stake in Alitalia, Agenzia Giornalistica Italia says. 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. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. 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 posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. =================== K A Z A K H S T A N =================== AIMAK LLP: Proof of Claim Deadline Slated for February 20 --------------------------------------------------------- LLP Monetary House - Aimak has declared insolvency. Creditors have until Feb. 20, 2008 to submit written proofs of claims to: LLP Monetary House - Aimak Omarov Str. 166 Almaty Kazakhstan AKTOBETRUBOPROVOD LLP: Creditors Must File Claims by February 20 ---------------------------------------------------------------- LLP Trade House Aktobetruboprovod has declared insolvency. Creditors have until Feb. 20, 2008 to submit written proofs of claims to: LLP Trade House Aktobetruboprovod Micro District 11, 25-85 Aktobe Aktube Kazakhstan BESASPAN LLP: Claims Filing Period Ends February 14 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Besaspan insolvent. Creditors have until Feb. 14, 2008 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Abai ave. 48 Kyzylorda Kazakhstan Tel: 8 (32422) 23-56-11 BUSINESS INFORM: Creditors' Claims Due on February 20 ----------------------------------------------------- Branch of LLP Corporation Business Inform has declared insolvency. Creditors have until Feb. 20, 2008 to submit written proofs of claims to: LLP Corporation Business Inform Djambul Str. 221-4 Almaty Kazakhstan DJANUAR LLP: Claims Registration Ends February 14 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau has declared LLP Djanuar insolvent. Creditors have until Feb. 14, 2008 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Mangistau Micro District 27, 39-35 Aktau Mangistau Kazakhstan Tel: 8 (7292) 41-32-87 7 701 380 72-53 ENBEK-2030 LLP: Creditors Must File Claims by February 20 --------------------------------------------------------- LLP Enbek-2030 has declared insolvency. Creditors have until Feb. 20, 2008 to submit written proofs of claims to: LLP Enbek-2030 Konstantinovka Arshalynsky District Akmola Kazakhstan GASBYTSERVICE LLP: Claims Filing Period Ends February 14 -------------------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Gasbytservice (RNN 090500029663). Creditors have until Feb. 14, 2008 to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 INTER GEO: Creditors' Claims Due on February 20 ----------------------------------------------- LLP Inter Geo Consulting has declared insolvency. Creditors have until Feb. 20, 2008 to submit written proofs of claims to: LLP Inter Geo Consulting Kabanbai batyr Str. 69a Medeusky District Almaty Kazakhstan MAGELLAN LLP: Claims Registration Ends February 14 -------------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Magellan (RNN 090500028610). Creditors have until Feb. 14, 2008 to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 =================== K Y R G Y Z S T A N =================== BELLUS TRADE: Creditors Must File Claims by February 14 ------------------------------------------------------- LLC Bellus Trade has declared insolvency. Creditors have until Feb. 14 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 93-38-25 ===================== N E T H E R L A N D S ===================== GLOBAL POWER: Emerges from Chapter 11 Bankruptcy ------------------------------------------------ Global Power Equipment Group Inc. has successfully reorganized its business operations and emerged from chapter 11 bankruptcy protection. The company has completed the steps necessary to cause its Plan of Reorganization to become effective, including securing US$150 million in exit financing and completing its rights offering and private placement that raised US$71 million in new capital for the company. "After almost a year and half in the bankruptcy process, our company achieved an extraordinary milestone and exited chapter 11 with a sound financial position in order to remain a global leader as an equipment and services provider to the power infrastructure, energy and process industries," John Matheson, President and Chief Executive Officer of Global Power, said. "Our dedicated employees and management team have a great sense of pride for our company's accomplishments and remain committed to serving our strong customer base. We thank our customers and stakeholders for their perseverance, and going forward we pledge to continue providing the highest quality products and services." Consistent with the terms of the order confirming the Plan, the company entered into a US$150 million exit financing package with a group of lenders led by Morgan Stanley Senior Funding, Inc., as lead arranger, bookrunner and administrative agent. The exit financing package consists of a US$60 million revolving credit facility and a US$90 million term loan. In accordance with the Plan, the funds from the exit financing and new equity investment will be used, in part, to pay all allowed creditor claims of Global Power and its Williams and Braden subsidiaries in full. A separate cash reserve of US$34 million has been established for the payment of allowed unsecured claims against the company's Deltak, L.L.C. subsidiary. In addition to the payment of allowed claims, Global Power will also be issuing approximately 134 million shares of new common stock to its shareholders and participants in the new equity investment, and it will issue warrants for approximately 16 million additional shares as consideration to the group of shareholders that fully backstopped the rights offering and private placement. Under the rights offering and private placement, the share price was dependant upon the final amount of equity capital raised by the company. The final amount of equity capital raised by the company was US$71 million, resulting in a per share price of US$0.85 for the new common stock issued pursuant to the Plan. The company has begun its initial distributions of cash and new common stock provided for under the Plan and it expects to complete initial distributions by the end of January 2008. With the company's successful emergence from chapter 11, Global Power has a new five-member board of directors. The directors, in addition to John Matheson, are Carl Bartoli, Terence Cryan, Eugene I. Davis, and Charles Macaluso. About Global Power Equipment Group Based in Oklahoma, Global Power Equipment Group Inc. (Pink Sheets: GEGQQ) -- http://www.globalpower.com/-- is a design, engineering and manufacturing firm providing an array of equipment and services to the energy, power infrastructure and process industries. The company designs, engineers and manufactures a comprehensive portfolio of equipment for gas turbine power plants and power-related equipment for industrial operations, and has over 40 years of power generation industry experience. The company's equipment is installed in power plants and in industrial operations in more than 40 countries on six continents. In addition, the company provides routine and specialty maintenance services to nuclear, coal-fired, fossil, and hydroelectric power plants and other industrial operations. The company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico; Shanghai, China; Nanjing, China; and Heerleen, The Netherlands. The company filed for chapter 11 protection on Sept. 28, 2006 (Bankr. D. Del. Case No. 06-11045). Thomas E. Lauria, Esq., Matthew C. Brown, Esq., Gerard Uzzi, Esq., John Cunningham, Esq., and Frank Eaton, Esq., at White & Case LLP; and Jeffrey M. Schlerf, Esq., Eric M. Sutty, Esq., and Mary E. Augustine, Esq., at The Bayard Firm, represent the Debtors. Kurtzman Carson Consultants LLC acts as the Debtors' noticing and claims agent. At Oct. 31, 2006, Global Power's balance sheet showed total assetsof US$177,758,000 and total debts of US$99,017,000 Jeffrey S. Sabin, Esq., and David M. Hillman, Esq., at Schulte Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri K. Mumford, Esq., at Landis Rath & Cobb LLP, represent the Official Committee of Unsecured Creditors. The Official Committee of Equity Security Holders is represented by Howard L. Siegel, Esq., and Steven D. Pohl, Esq., at Brown Rudnick Berlack Israels LLP. X5 RETAIL: Annual Net Sales Up 53% to US$5.28 Billion in 2007 ------------------------------------------------------------- X5 Retail Group N.V. has released its retail sales and expansion results for the fourth quarter and full year 2007. Fourth Quarter 2007 Highlights * net retail sales surged 57% year-on-year to US$1.692 billion; * in RUR terms, net retail sales grew by 48% year-on-year to RUR42.148 billion; * LFL sales growth totaled 26%; * the Group added net 119 stores; and * net addition of selling space in equaled 69,000 sq. m. Full Year 2007 Highlights * net retail sales surged 53% year-on-year to US$5.284 billion; * in RUR terms, net retail sales grew by 44% year-on-year to RUR135.156 billion; * LFL sales growth totaled 20%; * the Group added net 249 stores; and * net addition of selling space in equaled 143,100 sq. m. Lev Khasis, X5 Retail Group CEO, commented: "Our achievement of a vigorous increase in sales of 53% in dollar terms in 2007 gives us a firm foundation for further growth of X5's market share and underpins the competitive position of the Company, which is stronger than ever. Going forward we will continue to focus our efforts on enhancement of the Group's market leadership both through better performance of existing stores and through expansion into new regions of European Russia. This year we plan to accelerate gaining exposure to the hypermarket format by opening six compact and two large size hypermarkets. As a result, we expect to deliver a net sales increase in the range of 36-38% excluding FX effect for the full year 2008." Antonio Melo, Chief Operating Officer, added: "Our decision to postpone several openings and concentrate on existing stores' operations has borne fruit. As a result, Fourth Quarter was the strongest in the year in terms of sales growth. This outstanding performance was the result of several factors, including strong macro economic environment, increased pre-New Year spending as well as innovative and successful promo campaigns and a significant investment in customer loyalty. Traffic numbers show that this approach was welcomed by our clients, which more than compensates for some margin investment. For 2008 we will continue to focus on delivering balanced growth in traffic and basket, especially in the hypermarket format, which we expect to be the leader in LFL stores performance." Outlook for 2008 * X5 Retail Group expects net sales growth in the range of 36-38% in RUR terms for the full year 2008; * 2008 LFL stores' sales expected to grow at above 10% with hypermarkets being clear leaders in LFL growth; * in 2008, X5 plans to add 140,000-160,000 sq. m. of selling space; * eight hypermarkets to be opened during 2008, including six compact and two large-size stores; * add around 40,000 sq. m. of storage capacity on the net basis; * 2008 CapEx estimated at US$1.2 billion-US$1.4 billion, out of which about 40% will be spent on the stores to be opened after 2008, including expansion of the landbank for future hypermarket construction. About X5 Retail Headquartered in the Netherlands, X5 Retail Group N.V. -- http://www.x5.ru/en/-- operates a large store network largely covering the Moscow region and St. Petersburg but also has a good presence in other Russian regions through its franchise operations. The company has recently acquired two of its successful regional franchise operations -- in Yekaterinburg and Chelyabinsk. * * * As of Nov. 12, 2007, X5 Retail Group N.V. carries a B1 Corporate Family Rating from Moody's Investors Service. Moody's said the outlook is positive. X5 Retail and its subsidiaries also carries a 'BB-' long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. =========== N O R W A Y =========== COAST AIR: Increased Losses Prompt Bankruptcy Filing ---------------------------------------------------- Coast Air AS, Norway's fourth-largest airline filed for bankruptcy protection on Jan. 23, 2008, which prompted the company to cancel all its flights, the Associated Press reports. "The bankruptcy is the result of a dramatic and unexpected increase in negative results for the fourth quarter," Trygve Seglem, a major shareholder was quoted by AP as saying. Mr. Seglem did not reveal the extent of the losses. Mr. Seglem told AP that the expenses of operating the aircraft had increased and that the company had failed to reach a revised agreement with its pilots that may have slashed costs and boost crew flexibility. According to the report, around 400 passengers held tickets for the Jan. 23, 2008 flights but were rendered invalid by the bankruptcy. The company does not have money to offer passengers compensation or book them to other airlines. Around 90 airline staff were made redundant following the declaration. Headquartered in Haugesund, Norway, Coast Air AS -- http://www.coastair.no/-- was founded in 1975 and operated eight aircrafts that had routes in Norway and two international connections - Denmark and Poland. =========== P O L A N D =========== DAEWOO MOTOR: Receiver Plans to Auction Honker Production Rights ---------------------------------------------------------------- Leszek Liszcz, the receiver of Daewoo Motor Polska Sp. z o.o., plans to call an auction for the rights to produce the 4x4 Honker vehicle by end of January 2008, The Financial Times reports, citing Polish News Bulletin. As previously reported in the Troubled Company Reporter-Europe in November 2007, the company resumed limited production of the honker vehicle at its Lublin factory following the bankruptcy of its manufacturer Intrall Polska. According to the TCR-Europe report, Mr. Liszcz ruled out autonomous production of the Honker vehicle, which the Polish army uses in Iraq. Mr. Liszcz claimed that interest into the auction is large, FT relates. FT said potential buyers for the rights include Andoria-Mot, Honker manufacturer up to 2003, AMZ Kutno and Naftogazbud. A trustee of Intrall Polska is also considering to bid for Daewoo Motor's assets, including its machinery for Honker production. Headquartered in Lublin, Poland, Daewoo Motor Polska Sp. z o.o. operates a car factory. Its parent company is Daewoo Motors Corp. On Oct. 1, 2001, a Lublin court declared Daewoo bankrupt after the company could no longer pay its debts and failed to find a buyer. Daewoo Motor Sales Corporation -- http://www.dm.co.kris/-- a Korea-based automobile sales and service company. The Company distributes GM-Daewoo vehicles, as well as other brands, such as Ssangyong Motors, Daewoo Commercial Vehicles and General Motors through its direct management stores and agencies. ============= R O M A N I A ============= TIMKEN CO: Signs Acquisition Agreement with Boring Specialties -------------------------------------------------------------- The Timken Company has entered into an agreement to acquire the assets of Boring Specialties Inc., a leading provider of a wide range of precision deep-hole oil and gas drilling and extraction products and services. Based in Houston, Texas, BSI had 2006 sales of approximately US$48 million and employs 190 people. The acquisition will extend Timken's presence in the growing energy market by adding BSI's value-added products to its wide range of alloy steel products for oil and gas customers. Terms of the acquisition, which Timken expects to be accretive during the first year of ownership, were not disclosed. Founded in 1972 by Charlie Elder, BSI primarily serves the oil and gas industry, with value-added products used in the manufacture of down-hole drilling and completion components. Timken steel is used in a number of BSI's products. Mr. Elder will continue as president of the new entity following successful completion of the transaction. "Customers operating in an oilfield environment face some of the most demanding conditions on earth, and both Timken and BSI provide the products they need to succeed," said Salvatore J. Miraglia, president - Steel Group. "As the search for new energy reserves goes farther afield and deeper below the surface, we believe that together we can capitalize on growth opportunities that alone we could not have tapped." The transaction is subject to customary closing conditions, including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Timken expects the transaction to close in the first quarter of 2008. Timken solutions span a variety of energy and power-generation applications from windmill gearboxes to energy exploration. The demanding conditions encountered in oil and gas drilling lead companies to turn to Timken for high-quality steel products that can withstand the extremes encountered below the earth's surface. About Timken Co. Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) -- http://www.timken.com/-- is a manufacturer of highly engineered bearings and alloy steels. It also provides related components and services such as bearing refurbishment for the aerospace, medical, industrial and railroad industries. The company has operations in Argentina, Australia, Belgium, Brazil, Canada, China, Czech Republic, England, France, Germany, Hungary, India, Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania, Russia, Singapore, South America, Spain, Taiwan, Turkey, United States, and Venezuela and employs 27,000 employees. * * * In August 2007, Moody's Investors Service affirmed Timken's Ba1 corporate family rating and the Ba1 rating on Timken's US$300 million Medium Term Notes, Series A. =========== R U S S I A =========== AGIDEL' CJSC: Creditors Must File Claims by February 29 ------------------------------------------------------- Creditors of CJSC Confectionary Agidel' have until Feb. 29, 2008, to submit proofs of claim to: A. A. Fazlyev Competitive Proceedings Manager P.O. Box 220 Ufa 450080 Bashkortostan Russia The Arbitration Court of Bashkortostan commenced one-year competitive proceedings against the company after finding it insolvent as the absent debtor on Nov. 29, 2007. The case is docketed under Case No. A07-15185/07-G-MPC. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia INVESTSBERBANK OAO: Fitch Affirms Individual Ratings at D/E ----------------------------------------------------------- Fitch Ratings has affirmed the ratings of Russia's Investsberbank OAO at Long-term Issuer Default 'BBB-', Short- term foreign currency IDR 'F3', Individual 'D/E', Support '2' and National Long-term 'AA+(rus)'. The Outlooks for the Long- term IDR and National Long-term rating are Stable. The IDRs, Support and National Long-term ratings of ISB are driven by the high potential for support, in case of need, from Hungary's largest bank, OTP Bank (Support '2'), which since end- 2006 has been ISB's major shareholder. The Individual rating reflects ISB's small size by international standards, risks stemming from the rapid growth of its unsecured retail exposure and deteriorating asset quality, which to date has been mitigated by its high margins. It also reflects the bank's increased exposure to market and operational risk, modest capitalization and the still challenging operating environment. In addition, the Individual rating takes into account the bank's growing franchise, as a result of organic development and mergers, as well as improved corporate governance. Any future movement in the bank's Long-term IDR will likely depend on the financial position of OTP. Downward pressure on the Individual rating could result primarily from further deterioration of asset quality as the loan book seasons following rapid loan growth. Improvements in asset quality and earnings generation would be positive for ISB's stand-alone credit profile, as would a strengthening of capitalization and liquidity and reduction of credit risk in ISB's substantial holdings of Russian bank debt instruments. ISB's net interest margin is solid due to the large proportion of high-yield consumer lending. However, bottom-line profitability is modest due to expansion-related expenditure and high provisioning charges, which are likely to persist in the medium term. Reported asset quality deteriorated in September 2007, in part due to the fact that loan write-offs have been negligible; however, the latter are expected to increase in the future. ISB's corporate debt securities portfolio, equal to 1.3 times equity at end of third quarter of 2007, is highly concentrated on the banking industry and consists primarily of instruments not eligible for refinancing with the CBR. Liquidity is highly dependent on the stability of retail accounts, although could be supported by OTP in case of need. Capital adequacy has come under pressure from rapid asset growth and, in 2007, ISB was able to meet regulatory requirements only as a result of subordinated debt provided by OTP. To support continued growth, OTP plans to contribute RUR4.2 billion of new capital in second quarter of 2008, equal to 73% of end of third quarter of 2007 IFRS equity. OTP is currently considering further bank acquisitions in Russian regions, following the purchase of the small Donskoy Narodniy Bank in November, 2007; these may be positive for ISB's franchise, but would elevate operational risks and, if substantial, could significantly impact the composition of ISB's loan portfolio, funding profile and capitalisation levels. ISB is a medium-sized Russian bank and assumed its present form during 2005/6 as a result of the merger of four domestic banks, including two in the Russian regions, under the Investsberbank brand. With total consolidated assets of US$2.1 billion, ISB was the 41st-largest Russian bank at end of September 2007. OTP currently holds a 96.4% stake. CHELYABINSK AIRPORT: Creditors Must File Claims by February 29 -------------------------------------------------------------- Creditors of Chelyabinsk Airport, State Unitary Enterprise (Chelyabinsk) have until Feb. 29, 2008, to submit proofs of claim to: S. M. Ivanov Competitive Proceedings Manager Sovetskaya Str. 104-60 Sterlitamak 453124 PB Russia The Arbitration Court of Chelyabinsk commenced competitive proceedings against the company after finding it insolvent on Nov. 13, 2007. The case is docketed under Case No. A76-8253/ 2007-36-112. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia CONSTRUCTION TOOL: Creditors Must File Claims by February 29 ------------------------------------------------------------ Creditors of CJSC Construction Tool Integrated Plant have until Feb. 29, 2008, to submit proofs of claim to: A. O. Zhukov Competitive Proceedings Manager P.O. Box 12 109443 Moscow Russia The Arbitration Court of Moscow commenced competitive proceedings against the company after finding it insolvent on Nov. 30, 2007. The case is docketed under Case No. A41-K2-25970/06. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Construction Tool Integrated Plant Zhdanova Str. 9 Stupino Moscow Russia CRYSTAL GLASS: Asset Sale Slated for February 8 ----------------------------------------------- The competitive proceedings manager of OJSC Crystal Glass Plant will open a public auction for the company's properties at 10:00 a.m. on Feb. 8, 2008, at: The Competitive Proceedings Manager Office 302 Block 15 Nizhegorodskaya Str. 32 Moscow Russia The company has set a RUR24 million starting price for the assets on auction. Interested participants have until Feb. 1, 2008, to deposit an amount equivalent to 20% of the starting price. Bidding documents must be submitted to: The Competitive Proceedings Manager Office 302 Block 15 Nizhegorodskaya Str. 32 Moscow Russia KARAGAILACOAL CJSC: Creditors Must File Claims by February 29 ------------------------------------------------------------- Creditors of CJSC Karagailacoal have until Feb. 29, 2008, to submit proofs of claim to: A. A. Ashpin Competitive Proceedings Manager P.O. Box 4282 654000 Novokuznetsk Russia The Arbitration Court of Kemerovo commenced 6-months competitive proceedings against the company after finding it insolvent on Dec. 10, 2007. The case is docketed under Case No. A27-5529/ 2007-4. The Court is located at: The Arbitration Court of Kemerovo Krasnaya Str. 8 Kemerovo Russia The Debtor can be reached at: CJSC Karagailacoal Karagailinsky Settlement Kiselevsk Kemerovo Russia KOLKHOZ ARMET: Creditors Must File Claims by February 29 -------------------------------------------------------- Creditors of Kolkhoz Armet have until Feb. 29, 2008, to submit proofs of claim to: A. R. Validova Competitive Proceedings Manager Mashinostroiteley 4-82 Kumertau 453303 Bashkortostan Russia The Arbitration Court of Bashkortostan commenced competitive proceedings against the company after finding it insolvent on Dec. 3, 2007. The case is docketed under Case No. A07-5420/ 07-G-MPC. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: Kolkhoz* Armet Nizhny Armet Village Ishimbaisky Raion 453238 Bashkortostan Russia NIZHNEOMSKTSELINSTROY: Creditors Must File Claims by February 29 ---------------------------------------------------------------- Creditors of OJSC Nizhneomsktselinstroy have until Feb. 29, 2008, to submit proofs of claim to: S. A. Vinnik Competitive Proceedings Manager P.O. Box 2699 644099 Omsk Russia The Arbitration Court of Omsk commenced competitive proceedings against the company after finding it insolvent on Nov. 27, 2007. The case is docketed under Case No. A46-4932/ 2007. The Debtor can be reached at: OJSC Nizhneomsktselinstroy Transportnaya Str. 55 Nizhnyaya Omka Settlement Nizhneomsky Raion 646620 Omsk Russia TATNEFT OAO: Forms Joint Working Group with Turkmenneft GK ---------------------------------------------------------- The Protocol of Intent was signed between OAO Tatneft and the state-run concern Turkmenneft GK over current development and prospects for cooperation in implementation of oil and gas projects in Turkmenistan. Tatneft has highly skilled personnel, extensive expertise related to oil and gas field exploration and development, well construction and workover, which are areas of keen interest for the Turkmen side. A wide range of issues were agreed during meetings such as OAO Tatneft's participation in service tenders, implementation of advanced equipment and cutting-edge technologies to increase oil production and provide well work-over operations in the fields of GK Turkmenneft, learning of OAO Tatneft experience in side tracking and horizontal lateral drilling, horizontal well construction, radial under-balanced drilling and others. Turkmenneft GK will consider OAO Tatneft's proposals to provide professional development and retraining for the specialists of the Turkmenistan oil and gas industry in the Almetyevsk State Petroleum Institute and the Corporate Training Centre of OAO Tatneft. A Joint Working Group including the specialists of both OAO Tatneft and Turkmenneft GK was decided to set up in order to facilitate the targeted business cooperation. About Tatneft Headquartered in Tatartan, Russia, OAO Tatneft -- http://www.tatneft.ru/eng/-- explores for, produces, refines and markets crude oil. The company operates a chain of retain gasoline filling stations and exports some of its petrochemical products to former Soviet Union countries and Europe. * * * As of Nov. 5, 2007, Tatneft carries Fitch's B+ Issuer Default rating. Its Short-Term rating stands at B. Fitch said the outlook is positive. URALSVYAZINFORM OJSC: S&P Affirms BB- Ratings on Risk Profile -------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating on Russian regional telecoms operator Uralsvyazinform OJSC. The outlook is stable. "The rating is constrained by the company's financial risk profile, due to significant leverage and modest liquidity, with sizable short-term refinancing requirements," said Standard & Poor's credit analyst Alexander Griaznov. Moderate profitability, intense competition in the mobile segment, and the possible risks associated with ongoing industry and regulatory reform also limit the rating. The rating is supported by Uralsvyazinform's solid and improving market position in its service area, expanding business diversification, and superior network quality. Uralsvyazinform's strategic focus on improving efficiency and cost control, along with moderating investments, continues to translate into stronger profitability and cash flow generation. The rating also takes into account the positive dynamics in Russia's telecommunications industry -- helped by robust growth of GDP and disposable incomes--and an improving regulatory framework. At June 30, 2007, Uralsvyazinform's total adjusted debt amounted to RUR34 billion (US$1.4 billion). "We expect that Uralsvyazinform's improving business position, strengthening efficiency of operations, and increasing cash flow generation will enable the company to adequately manage its financial risk," said Mr. Griaznov. S&P expects the company to continue deleveraging on the back of moderating capital expenditures and a strong focus on cost control. An inability to control financial risk -- reflected, among others, by persistent high exposure to short term funding or deterioration of profitability or cash flow generation -- would pressure the rating. At present, the company maintains undrawn committed bank lines to cover its repayments for approximately the next six months, which limits financial risk in the short term. S&P will closely monitor the company's progress in refinancing its debt in 2008. The rating could come under pressure if the company is unable to arrange the refinancing reasonably in advance. Ratings upside potential would require Uralsvyazinform to decrease its leverage to at least 2.5x adjusted EBITDA, while meaningfully improving liquidity. X5 RETAIL: Annual Net Sales Up 53% to US$5.28 Billion in 2007 ------------------------------------------------------------- X5 Retail Group N.V. has released its retail sales and expansion results for the fourth quarter and full year 2007. Fourth Quarter 2007 Highlights * net retail sales surged 57% year-on-year to US$1.692 billion; * in RUR terms, net retail sales grew by 48% year-on-year to RUR42.148 billion; * LFL sales growth totaled 26%; * the Group added net 119 stores; and * net addition of selling space in equaled 69,000 sq. m. Full Year 2007 Highlights * net retail sales surged 53% year-on-year to US$5.284 billion; * in RUR terms, net retail sales grew by 44% year-on-year to RUR135.156 billion; * LFL sales growth totaled 20%; * the Group added net 249 stores; and * net addition of selling space in equaled 143,100 sq. m. Lev Khasis, X5 Retail Group CEO, commented: "Our achievement of a vigorous increase in sales of 53% in dollar terms in 2007 gives us a firm foundation for further growth of X5's market share and underpins the competitive position of the Company, which is stronger than ever. Going forward we will continue to focus our efforts on enhancement of the Group's market leadership both through better performance of existing stores and through expansion into new regions of European Russia. This year we plan to accelerate gaining exposure to the hypermarket format by opening six compact and two large size hypermarkets. As a result, we expect to deliver a net sales increase in the range of 36-38% excluding FX effect for the full year 2008." Antonio Melo, Chief Operating Officer, added: "Our decision to postpone several openings and concentrate on existing stores' operations has borne fruit. As a result, Fourth Quarter was the strongest in the year in terms of sales growth. This outstanding performance was the result of several factors, including strong macro economic environment, increased pre-New Year spending as well as innovative and successful promo campaigns and a significant investment in customer loyalty. Traffic numbers show that this approach was welcomed by our clients, which more than compensates for some margin investment. For 2008 we will continue to focus on delivering balanced growth in traffic and basket, especially in the hypermarket format, which we expect to be the leader in LFL stores performance." Outlook for 2008 * X5 Retail Group expects net sales growth in the range of 36-38% in RUR terms for the full year 2008; * 2008 LFL stores' sales expected to grow at above 10% with hypermarkets being clear leaders in LFL growth; * in 2008, X5 plans to add 140,000-160,000 sq. m. of selling space; * eight hypermarkets to be opened during 2008, including six compact and two large-size stores; * add around 40,000 sq. m. of storage capacity on the net basis; * 2008 CapEx estimated at US$1.2 billion-US$1.4 billion, out of which about 40% will be spent on the stores to be opened after 2008, including expansion of the landbank for future hypermarket construction. About X5 Retail Headquartered in the Netherlands, X5 Retail Group N.V. -- http://www.x5.ru/en/-- operates a large store network largely covering the Moscow region and St. Petersburg but also has a good presence in other Russian regions through its franchise operations. The company has recently acquired two of its successful regional franchise operations -- in Yekaterinburg and Chelyabinsk. * * * As of Nov. 12, 2007, X5 Retail Group N.V. carries a B1 Corporate Family Rating from Moody's Investors Service. Moody's said the outlook is positive. X5 Retail and its subsidiaries also carries a 'BB-' long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. ===================== S W I T Z E R L A N D ===================== BUECHEGGE JSC: Creditors' Liquidation Claims Due by January 28 -------------------------------------------------------------- Creditors of JSC Buechegge have until Jan. 28, 2008, to submit their claims to: JSC Buechegge 8810 Horgen 1 ZH Switzerland E.P.S. SUPERMARKET: Creditors Must File Claims by January 28 ------------------------------------------------------------ Creditors of LLC E.P.S. Supermarket have until Jan. 28, 2008, to submit their claims to: Bulent Bozbiyik Lothringerstr. 23 4056 Basel Switzerland The Debtor can be reached at: LLC E.P.S. Supermarket Basel Switzerland FREIWA LLC: Creditors' Liquidation Claims Due by January 28 ----------------------------------------------------------- Creditors of LLC Freiwa have until Jan. 28, 2008, to submit their claims to: Im Leisibhl 43 8044 Gockhausen ZH Switzerland The Debtor can be reached at: LLC Freiwa Dubendorf Uster ZH Switzerland IMDAR LLC: Creditors' Liquidation Claims Due by January 28 ---------------------------------------------------------- Creditors of LLC IMDAR have until Jan. 28, 2008, to submit their claims to: Hansjorg Oesch Liquidator Rainstrasse 7 8330 Pfaffikon ZH Switzerland The Debtor can be reached at: LLC IMDAR Pfaffikon ZH Switzerland MALER WALDBURGER: Creditors Must File Claims by January 28 ---------------------------------------------------------- Creditors of JSC Maler Waldburger have until Jan. 28, 2008, to submit their claims to: Reto Keller Alfina Treuhand Rathausgasse 10 7250 Klosters Prattigau/Davos GR Switzerland The Debtor can be reached at: JSC Maler Waldburger Klosters-Serneus Prattigau/Davos GR Switzerland RIZZUTO HANDEL: Creditors' Liquidation Claims Due by January 28 --------------------------------------------------------------- Creditors of JSC Rizzuto Handel have until Jan. 28, 2008, to submit their claims to: A.C. Rostetter Treuhand Rorschacherstrasse 307 9016 St. Gallen Switzerland The Debtor can be reached at: JSC Rizzuto Handel Amriswil Bischofszell TG Switzerland SALCO GRAIN: Zug Court Starts Bankruptcy Proceedings ---------------------------------------------------- The Bankruptcy Service of Zug commenced bankruptcy proceedings against JSC Salco Grain (Rumanien) Holding on Dec. 12, 2007. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Salco Grain (Rumanien) Holding Alte Steinhauserstrasse 1 6330 Cham ZG Switzerland SWISSAIR: In Talks with Polish Government on Lot Stake ------------------------------------------------------ The Polish government is currently in talks with Swissair's insolvency administrator regarding the company's 25.1% stake in LOT Polish Airlines, the Financial Times reports citing Handelsblatt. According to the report, Deutsche Lufthansa has expressed an interest in acquiring a stake in the Polish flag carrier for an undisclosed amount. About Swissair Swissair collapsed in October 2001 after accumulating CHF17 billion in debt in relation to significant investments in a number of European airlines including Sabena, Air Liberte of France, and Turkish Airlines. It defaulted on the debt during the slump that followed the Sept. 11, 2001 terrorist attacks in the U.S. The entire Swissair fleet was grounded on Oct. 2, 2001, and Swissair ceased to exist after Crossair took over most of its assets on March 31, 2002. Kurt Hoss Liquidators in Zurich liquidated the assets that Crossair did not take over. Crossair was later renamed Swiss International Air Lines Ltd. The District Courts of Zurich and Bulach in the Canton of Zurich provisionally approved the debt-restructuring moratorium petitions on Oct. 5, 2001, for: -- SAirGroup, Zurich (holding company) -- SAirLines, Zurich -- Flightlease AG, Zurich -- Swissair Schweizerische Luftverkehr AG, Kloten On Oct. 7, 2001, the Courts granted a provisional debt- restructuring moratorium to: -- Cargologic AG, Zurich -- Swisscargo AG, Zurich The Court appointed Karl Wuethrich at Wenger Plattner as the Debtors' provisional administrator. Swissair's liquidation status as of Dec. 31, 2006 -- http://www.liquidator-swissair.ch/-- listed total assets at CHF509,017,592 over total liabilities of CHF84,684,932. TECHNORADA JSC: Zug Court Starts Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Service of Zug commenced bankruptcy proceedings against JSC TECHNORADA on Sept. 18, 2007. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC TECHNORADA Chamerstrasse 172 6300 Zug Switzerland TUSTRA JSC: Creditors' Liquidation Claims Due by January 28 ----------------------------------------------------------- Creditors of JSC Tustra have until Jan. 28, 2008, to submit their claims to: JSC Von Graffenried Waaghausgasse 1 3011 Bern Switzerland The Debtor can be reached at: JSC Tustra Muri bei Bern BE Switzerland VHG IMMOBILIEN: Zug Court Starts Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Service of Zug commenced bankruptcy proceedings against JSC VHG Immobilien on Nov. 6, 2007. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC VHG Immobilien Innere G�terstrasse 4 6300 Zug Switzerland ============= U K R A I N E ============= ANTORS TDM: Creditors Must File Claims by January 25 ---------------------------------------------------- Creditors of LLC Antors TDM (code EDRPOU 34762172) have until Jan. 25, 2008, to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kyiv commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 49/204-b. The Debtor can be reached at: LLC Antors TDM Bulgakov Str. 16 Kiev Ukraine CAPITAL INVEST: Creditors Must File Claims by January 25 -------------------------------------------------------- Creditors of CJSC Finance Company Capital Invest (code EDRPOU 34479713) have until Jan. 25, 2008, to submit written proofs of claim to: Bogdan Yesin Liquidator 01010 Kiev Ukraine Andrew Ivanov Str. 21/17, of. 13 The Economic Court of Kyiv commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/551-b. The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: CJSC Finance Company Capital Invest Patrice Lumumba Str. 15-A Kiev Ukraine CORD-PLUS LLC: Creditors Must File Claims by January 25 ------------------------------------------------------- Creditors of LLC Cord-Plus (code EDRPOU 23269456) have until Jan. 25, 2008, to submit written proofs of claim to: The Economic Court of Lvov Lichakivska Str. 81 79010 Lvov Ukraine The Economic Court of Lvov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 8/283. The Debtor can be reached at: LLC Cord-Plus Sakharov Str. 2 79000 Lvov Ukraine MELITOPOL ADMINISTRATIVE-TRADING: Creditors' Claim Due Jan. 25 -------------------------------------------------------------- Creditors of LLC Administrative-Trading Center of Melitopol (code EDRPOU 32433469) have until Jan. 25, 2008, to submit written proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 25/291/07. The Debtor can be reached at: LLC Administrative-Trading Center of Melitopol B. Hmelnitsky Avenue 70 Melitopol 72311 Zaporozhje Ukraine MIROS-KM LLC: Creditors Must File Claims by January 25 ------------------------------------------------------ Creditors of LLC Miros-KM (code EDRPOU 34616681) have until Jan. 25, 2008, to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kyiv commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 49/203-b. The Debtor can be reached at: LLC Miros-KM Patrice Lumumba Str. 15-A Kiev Ukraine PR TECHNOLOGIES: Creditors Must File Claims by January 25 --------------------------------------------------------- Creditors of LLC PR Technologies (code EDRPOU 30858735) have until Jan. 25, 2008, to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kyiv commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/525-b. The Debtor can be reached at: LLC PR Technologies Khreschatik Str. 7/11 Kiev Ukraine SERDEN KMT: Creditors Must File Claims by January 25 ---------------------------------------------------- Creditors of LLC Serden KMT (code EDRPOU 34762151) have until Jan. 25, 2008, to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kyiv commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 49/199-b. The Debtor can be reached at: LLC Serden KMT Bulgakov Str. 16 Kiev Ukraine SHEVCHENKO AGRICULTURAL: Proofs of Claim Filing Ends January 25 --------------------------------------------------------------- Creditors of Agricultural LLC Shevchenko Agricultural Firm (code EDRPOU 03760987) have until Jan. 25, 2008, to submit written proofs of claim to: Ruslan Puriy Temporary Insolvency Manager P.O. Box 8110 79066 Lvov Ukraine The Economic Court of Lvov commenced bankruptcy supervision procedure on the company on Dec. 13, 2007. The case is docketed under Case No. 4/250. The Economic Court of Lvov Lichakivska Str. 81 79010 Lvov Ukraine The Debtor can be reached at: Agricultural LLC Shevchenko Agricultural Firm Rudniki Nikolayevsky District 81642 Lvov Ukraine UKRAINIAN RAILWAY: Proofs of Claim Filing Ends January 25 --------------------------------------------------------- Creditors of LLC Ukrainian Railway Delivery (code EDRPOU 31311641) have until Jan. 25, 2008, to submit written proofs of claim to: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy supervision procedure on the company on Dec. 18, 2007. The case is docketed under Case No. 7/307-07. The Debtor can be reached at: LLC Ukrainian Railway Delivery Topolianskaya Str. 28 40022 Sumy Ukraine VALSAR KM: Creditors Must File Claims by January 25 --------------------------------------------------- Creditors of LLC Valsar KM (code EDRPOU 34187381) have until Jan. 25, 2008, to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kyiv commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 49/200-b. The Debtor can be reached at: LLC Valsar KM Apartment 34 Pobeda Avenue 136 Kiev Ukraine VERKHOVKA LLC: Proofs of Claim Filing Ends January 25 ----------------------------------------------------- Creditors of Verkhovka LLC (code EDRPOU 33079512) have until Jan. 25, 2008, to submit written proofs of claim to: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 5/586-07. The Debtor can be reached at: Verkhovka LLC Verkhovka Trostianets District 24351 Vinnica Ukraine =========================== U N I T E D K I N G D O M =========================== BATHROOM WAREHOUSE: Names Administrators from Tenon Recovery ------------------------------------------------------------ Nigel Ian Fox and Carl Stuart Jackson of Tenon Recovery were appointed joint administrators of Bathroom Warehouse Winchester Ltd. (Company Number 3204271) on Jan. 9, 2008. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. The company can be reached at: Bathroom Warehouse Winchester Ltd. Unit 3 Wykeham Industrial Estate Moorside Road Winchester Hampshire SO23 7RX England Tel: 01962 862 467 Fax: 01962 840 927 BOURNE END: Appoints Grant Thornton to Administer Assets -------------------------------------------------------- Malcolm Brian Shierson and David Robert Thurgood of Grant Thornton UK LLP were appointed joint administrators of Bourne End One Ltd. (Company Number 00961457) on Jan. 7, 2008. Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- provides value-added professional services as assurance services, compensation and benefits, merger and acquisition transaction services, management advisory services, tax consulting and valuation services. The company can be reached at: Bourne End One Ltd. 2 Caley Close Sweet Briar Road Industrial Estate Norwich Norfolk NR3 2BW England Fax: 01603 415 682 BRITISH AIRWAYS: Pilots to Vote for Strike Action ------------------------------------------------- Pilots in British Airways Plc are to ballot for strike action following the airline's refusal to ensure that there is open access to jobs between BA and its new European subsidiary OpenSkies. The ballot is being held by the pilots' union BALPA (British Airline Pilots' Association), which represents almost all of BA's 3,200 pilots. The decision to ballot was taken after weeks of abortive negotiations with BA. The notice was due to be served on January 17 but was delayed for obvious reasons. If subsequently endorsed by members in a ballot it would be the first strike by pilots in BA since 1980. "We hope the BA leadership will think again," BALPA General Secretary Jim McAuslan said. "This is not about money; and it is not about safety (whatever today's Times headline writers might think). BALPA is explicitly not linking the events of BA038 with this dispute. "We have been prepared to accept that a new service will need lower costs to build business and that BALPA would be able to crew the service to meet the BA business case, but we are not prepared to see the pilot body broken up in the way BA plans and are bemused as to why they will not use BA pilots. There are fears, borne out by BA's intransigence, that BA's real aim is to start an outsourcing program that will eventually force down BA pilot conditions. "We believe there should be one pilot body for BA and its subsidiary so that there can be fair promotion opportunities, a cohesion of the pilot force which is so important in a safety critical industry and a safeguarding of BA's brand. "OpenSkies is being set up with BA money, will fly BA planes and draw on the BA brand; and a brand is more than a tailfin, it is about its people and the BA pilot community is making a stand to protect that brand. This is a line in the sand." As previously reported in the TCR-Europe on January 11, 2008, BA is planning to launch its new US-EU subsidiary airline "OpenSkies" in June 2008 with one Boeing 757 aircraft that will operate from New York to either Brussels or Paris Charles de Gaulle airports. A second aircraft will be added to the fleet later this year to fly to the other EU destination. The plan is to operate six 757s by the end of 2009, all of which will be sourced from BA's current fleet. 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 Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * As of Jan. 2, 2008, British Airways Plc carries a senior unsecured debt rating of Ba1 from Moody's Investors' Service with a stable outlook. BRITISH AIRWAYS: Accident Insurance Premium May Go Up ----------------------------------------------------- British Airways Plc's accident insurance premium may go up after one of its Boeing 777 crash-landed at Heathrow, the Daily Telegraph reports, citing an underwriter at Lloyd's. It is speculated that the incident left BA's insurers with a GBP135 million bill, but the airline, seems to be "spending more on toilet rolls and peanuts per flight than on its insurance cover," the underwriter was quoted by the Daily Telegraph's Yvette Essen. The underwriter explained that the airline insurance market, which is thought to have made a loss in 2007, saw a drop in premiums in recent years because of increased competition, the Daily Telegraph relates. Aon, an insurance broker, on the other hand, revealed in a report that "technology, training and fleet improvements have all reduced the risk of an incident and minimized the effects of any incidents that do occur," the Daily Telegraph adds. A spokesman for BA, however, told the paper "our insurance premiums have come down since 2002 and for quality carriers with a good record there is still capacity in the market at attractive prices." As previously reported in the TCR-Europe on January 21, 2008, BA has confirmed that a Boeing 777, registration GYMMM operating flight BA038 from Beijing to Heathrow was involved in an incident on Friday, Jan. 18, at Heathrow airport. According to published reports, the pilot, Captain Peter Burkill, lost all power as he approached the runway. 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 Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * As of Jan. 2, 2008, British Airways plc carries a senior unsecured debt rating of Ba1 from Moody's Investors' Service with a stable outlook. CASTLE FINANCE: Moody's May Lower B2 Rating After Review -------------------------------------------------------- Moody's Investors Service placed on review for downgrade two Constant Proportion Debt Obligations exposed to portfolios of financial names. The affected CPDOs represent 22% of outstanding CPDOs linked to financial names and 4% of all CPDOs rated by Moody's. The rating actions reflect the negative impact of the widening of the weighted average spread of the underlying portfolio from 117 basis points on Jan. 9, 2008 to 128 basis points on Jan.17. As a result of this widening, the leverage of these transactions was reduced from 4.94 to 4.04. The trading expense related to the leverage reduction reduced the cash deposit balance. The leverage reduction, while positive in diminishing the short-term transaction unwind risk (cash out when NAV touches the 10% trigger) nonetheless increases the risk of non payment of principal at maturity. The NAV is the aggregate value of the assets of the special purpose vehicle. This is generally the sum of the cash deposit account and the marked-to-market value of the leveraged credit default swap position. Moody's will continue to closely monitor the development of the spreads of financial names. These rating actions are: * Series 4 EUR20,000,000 SURF Constant Proportion Debt Obligation Notes Due 2017 issued by Castle Finance II Ltd -- Current rating: B2 on review for downgrade -- Prior rating: B2 * Series 2007-1 EUR 100,000,000 SURF Constant Proportion Debt Obligation Notes Due 2017 issued by CHESS III Ltd -- Current rating: B2 on review for downgrade -- Prior rating: B2 CHESS III: Moody's May Lower B2 Rating After Review --------------------------------------------------- Moody's Investors Service placed on review for downgrade two Constant Proportion Debt Obligations exposed to portfolios of financial names. The affected CPDOs represent 22% of outstanding CPDOs linked to financial names and 4% of all CPDOs rated by Moody's. The rating actions reflect the negative impact of the widening of the weighted average spread of the underlying portfolio from 117 basis points on Jan. 9, 2008 to 128 basis points on January 17. As a result of this widening, the leverage of these transactions was reduced from 4.94 to 4.04. The trading expense related to the leverage reduction reduced the cash deposit balance. The leverage reduction, while positive in diminishing the short term transaction unwind risk (cash out when NAV touches the 10% trigger) nonetheless increases the risk of non payment of principal at maturity. The NAV is the aggregate value of the assets of the special purpose vehicle. This is generally the sum of the cash deposit account and the marked-to-market value of the leveraged credit default swap position. Moody's will continue to closely monitor the development of the spreads of financial names. These rating actions are: * Series 4 EUR20,000,000 SURF Constant Proportion Debt Obligation Notes Due 2017 issued by Castle Finance II Ltd -- Current rating: B2 on review for downgrade -- Prior rating: B2 * Series 2007-1 EUR 100,000,000 SURF Constant Proportion Debt Obligation Notes Due 2017 issued by CHESS III Ltd -- Current rating: B2 on review for downgrade -- Prior rating: B2 CLASSIQUE BATHROOMS: Brings In Liquidators from Moore Stephens -------------------------------------------------------------- Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP were appointed joint liquidators of Classique Bathrooms Ltd. on Jan. 8 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Moore Stephens LLP Beaufort House 94-96 Newhall Street Birmingham B3 1PB England DRS PARTNERSHIP: Brings In Administrators from Grant Thornton ------------------------------------------------------------- Charles William Anthony Escott, Joseph Peter Francis McLean and Keith Hinds of Grant Thornton U.K. LLP were appointed joint administrators of DRS Partnership in Pigs Ltd. (Company Number 3654565) on Jan. 8, 2008. Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- provides value-added professional services as assurance services, compensation and benefits, merger and acquisition transaction services, management advisory services, tax consulting and valuation services. The company can be reached at: DRS Partnership in Pigs Ltd. Agriculture House Murton Lane Murton York North Yorkshire YO19 5UF England Tel: 01904 481 484 Fax: 01904 481 485 ENRON CORP: Court OKs Investors Receiving US$7.2BB Final Payout --------------------------------------------------------------- The Honorable Melinda Harmon of the U.S. District Court for the Southern District of Texas has approved a notice which officially states that Enron Corp. shareholders will receive about the US$7,200,000,000 settlement fund, or an average of US$6.79 per share for their common stock, the Associated Press reports. The mailing also notifies those who owned preferred stock that they will receive US$168.50 per share. The compensation fund was obtained from settlements of various class action lawsuits against certain banks which Enron shareholders allege were aiding and abetting a fraud. About 1,500,000 Enron investors who bought shares or bonds between September 1997 and December 2001 are involved in the lawsuit. The lawsuit has become known as the Newby case after shareholder Mark Newby. Investors paid up to US$90 per share for a stake at Enron, but which was revealed to be "a financial house of cards kept upright by a string of complex accounting frauds," according to Independent News and Media Ltd. Independent News also relates that, this week, the Enron investors have been receiving letters detailing the compensation fund and notifying them of a Feb. 29, 2008 court hearing that will settle the distribution and rule on whether the lawyers involved can take a 10% cut. The paper further says that some plaintiffs still hope that the settlement fund could be raised further, since some banks have refused to pay into it; however, a Supreme Court ruling this week limited the scope for shareholder lawsuits against the business partners of fraudulent companies. About Enron Corp. Based in Houston, Texas, Enron Corporation filed for chapter 11 protection on Dec. 2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033) following controversy over accounting procedures, which caused Enron's stock price and credit rating to drop sharply. Judge Gonzalez confirmed the Company's Modified Fifth Amended Plan on July 15, 2004, and numerous appeals followed. The Debtors' confirmed chapter 11 Plan took effect on Nov. 17, 2004. Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S. Rosen, Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P. Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP represent the Debtors. Jeffrey K. Milton, Esq., Luc A. Despins, Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at Milbank, Tweed, Hadley & McCloy LLP represents the Official Committee of Unsecured Creditors. The Debtors filed their Chapter Plan and Disclosure Statement on July 11, 2003. On Jan. 9, 2004, they filed their fifth Amended Plan and on the same day the Court approved the adequacy of the Disclosure Statement. On July 15, 2004, the Court confirmed the Debtors' Modified Fifth Amended Plan and that plan was declared effective on Nov. 17, 2004. (Enron Bankruptcy News, Issue No. 201; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) ENRON CORP: FERC Okays US$18MM Settlement with Snohomish County --------------------------------------------------------------- Resolving the last of the remaining claims against Debtor Enron Corp. stemming from the 2000-2001 California energy crisis, the Federal Energy Regulatory Commission has approved the settlement agreement between Enron and Public Utility District No. 1 of Snohomish County, Washington, the Energy Legal Blog reports. Under the Settlement, which was already approved by the U.S. Bankruptcy Court for the Southern District of New York, Snohomish will pay Enron US$18,000,000 out of the US$180,000,000 that Snohomish allegedly owes Enron in termination fees arising from Snohomish's cancellation of contracts entered into with Enron during 2001. FERC's approval of the Settlement puts an end to litigation between the parties and dismisses Enron from various California refund proceedings. About Enron Corp. Based in Houston, Texas, Enron Corporation filed for chapter 11 protection on Dec. 2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033) following controversy over accounting procedures, which caused Enron's stock price and credit rating to drop sharply. Judge Gonzalez confirmed the Company's Modified Fifth Amended Plan on July 15, 2004, and numerous appeals followed. The Debtors' confirmed chapter 11 Plan took effect on Nov. 17, 2004. Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S. Rosen, Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P. Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP represent the Debtors. Jeffrey K. Milton, Esq., Luc A. Despins, Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at Milbank, Tweed, Hadley & McCloy LLP represents the Official Committee of Unsecured Creditors. The Debtors filed their Chapter Plan and Disclosure Statement on July 11, 2003. On Jan. 9, 2004, they filed their fifth Amended Plan and on the same day the Court approved the adequacy of the Disclosure Statement. On July 15, 2004, the Court confirmed the Debtors' Modified Fifth Amended Plan and that plan was declared effective on Nov. 17, 2004. (Enron Bankruptcy News, Issue No. 201; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) ENRON CORP: Wants US$25 Mil. Deutsche Bank Settlement Approved -------------------------------------------------------------- Enron Creditors Recovery Corporation, formerly known as Enron Corporation, and its affiliated reorganized debtor entities obtained approval from the U.S. Bankruptcy Court for the Southern District of New York for its settlement agreement with Deutsche Bank AG, Deutsche Bank Trust Companies Americas, Deutsche Bank Securities, Inc., et al., dated Dec. 17, 2007. William J. McSherry, Jr., Esq., at Crowell & Moring LLP, in New York, relates that in 2003, Enron commenced an action against a number of financial institutions, alleging their significant involvement in certain fraudulent accounting activities that led to Enron's collapse. Pursuant to the Deutsche Bank Settlement, the Deutsche Bank Entities will pay US$25,000,000 to resolve pending disputes among the parties. With respect to the Settlement Amount, US$648,919 will be allocated to the settlement of the Commercial Paper Action. Substantial Deutsche Bank claims against the Enron estate are compromised, withdrawn, or subordinated. In addition, the Deutsche Bank Entities' interest in certain structured finance entities are canceled or conveyed to Enron in return for US$35,350,000 in cash, allowing it to liquidate and dissolve those entities, and distribute the remaining value to their creditors. According to Mr. McSherry, the Deutsche Bank Entities denied all allegations of wrongdoing made by Enron, and maintained that they have meritorious defenses and counterclaims. However, they conceded to a compromise with the Debtors in order to mitigate litigation expenses. The Deutsche Bank Settlement further provides that: (a) upon the receipt of the Structure Settlements, the Deutsche Bank Entities will cancel or transfer all rights concerning ECTIP, Maliseet or Wiltshire to the Enron Structures Entities; (b) the Deutsche Bank Debtor Claims and Acquired Claims will be deemed as allowed, and entitled to all distributions pursuant to the Plan; (c) all claims that Enron may have against the Deutsche Bank Entities, with respect to the MegaClaim Litigation, will be deemed satisfied, and the Deutsche Bank Entities will be dismissed as defendants, with prejudice; and (d) the settling parties exchange mutual releases from all claims and causes of action arising from the MegaClaim Litigation and its related issues. Mr. McSherry states that the Deutsche Bank Settlement represents a significant benefit to Enron, as it resolves pending litigation, settles multiple claims, and brings cash into Enron's estates. A full-text copy of the Deutsche Bank Settlement is available for free at http://researcharchives.com/t/s?273e About Enron Corp. Based in Houston, Texas, Enron Corporation filed for chapter 11 protection on Dec. 2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033) following controversy over accounting procedures, which caused Enron's stock price and credit rating to drop sharply. Judge Gonzalez confirmed the Company's Modified Fifth Amended Plan on July 15, 2004, and numerous appeals followed. The Debtors' confirmed chapter 11 Plan took effect on Nov. 17, 2004. Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S. Rosen, Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P. Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP represent the Debtors. Jeffrey K. Milton, Esq., Luc A. Despins, Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at Milbank, Tweed, Hadley & McCloy LLP represents the Official Committee of Unsecured Creditors. The Debtors filed their Chapter Plan and Disclosure Statement on July 11, 2003. On Jan. 9, 2004, they filed their fifth Amended Plan and on the same day the Court approved the adequacy of the Disclosure Statement. On July 15, 2004, the Court confirmed the Debtors' Modified Fifth Amended Plan and that plan was declared effective on Nov. 17, 2004. (Enron Bankruptcy News, Issue No. 201; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) ENVIRONMENTAL SEALS: Appoints Tenon as Joint Administers -------------------------------------------------------- Duncan Robert Beat and Nigel Ian Fox of Tenon Recovery were appointed joint administrators of Environmental Seals Ltd. (Company Number 1754705) on Jan. 9, 2008. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. The company can be reached at: Environmental Seals Ltd. Envirograf House Barfrestone Dover Kent CT15 7JG England Tel: 01304 842 555 Fax: 01304 842 666 HAMPSHIRE TECHNICAL: RBS Invoice Taps Menzies as Receivers ---------------------------------------------------------- RBS Invoice Finance Ltd. appointed Paul David Williams and Andrew John Duncan of Menzies Corporate Restructuring joint administrative receivers of Hampshire Technical Supplies Ltd. (Company Number 02735438) on Jan. 8, 2008. Menzies Corporate Restructuring -- http://www.menzies.co.uk/-- provides corporate restructuring services including: services for directors or stakeholders of troubled businesses; services to Lenders of troubled businesses; raising rescue funding at short notice; and forensic and fraud services. The company can be reached at: Hampshire Technical Supplies Ltd. 211 Lynchford Road Farnborough Hampshire GU14 6HF England Tel: 01252 517 333 Fax: 01252 519 267 Web site: http://www.hampshire-technical.co.uk/ PHF LEISURE: Calls In Liquidators from Tenon Recovery ----------------------------------------------------- Steven P. Ross and Ian William Kings of Tenon Recovery were appointed joint liquidators of PHF Leisure Ltd. on Jan. 11 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Tenon House Ferryboat Lane Sunderland Tyne & Wear SR5 3JN England PROPEX INC: Wants to Employ King & Spalding as Lead Counsel ----------------------------------------------------------- Propex Inc. and its debtor-affiliates ask authority of the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ King & Spalding LLP, as their lead counsel in their Chapter 11 cases. Lee McCarter, executive vice president and chief financial officer of Propex, Inc., relates that the Debtors selected King & Spalding because of the firm's extensive experience and expertise in business reorganizations and bankruptcy proceedings. Mr. McCarter asserts that King & Spalding has the necessary legal background to deal effectively with many of the potential legal issues and problems that may arise in the context of the Debtors' bankruptcy cases. As the Debtors' lead counsel, King & Spalding will: * advise the Debtors on their powers and duties as debtors- in-possession in the continued management and operation of their business; * take all necessary action to protect and preserve the estates of the Debtors, including the prosecution of actions on the Debtors' behalf, the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the Debtors' estates; * prepare on behalf of the Debtors all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtors' estates; * negotiate and prepare a plan of reorganization, a disclosure statement, documents relating to the disposition of assets, and other related documents on behalf of the Debtors; * advise the Debtors on federal and state regulatory matters; * advise the Debtors on finance, and finance-related matters and transactions, as well as matters relating to the sale of the Debtors' assets; and * perform other legal services for the Debtors as may be necessary and appropriate. In exchange for the contemplated legal services, the Debtors will pay King & Spalding based on the firm's applicable hourly rates: Professional Hourly Rate ------------ ----------- Attorneys US$275 to US$800 Clerks/Legal Assistants US$120 to US$255 The Debtors will also reimburse the firm for expenses it may incur, including travel costs and temporary employment of additional staff, relating to any work undertaken. King & Spalding has done, has been paid fees and expenses for, intellectual property work for the Debtors. As a result, King & Spalding received a US$200,000 retainer from the Debtors on Jan. 3, 2008. Furthermore, prior to the Petition Date, the firm received payments, aggregating US$69,918, from the Debtors, in contemplation or in connection with the Chapter 11 cases. Henry J. Kaim, Esq., a partner of King & Spalding, assures the Court that his firm is a "disinterested person," as the term is defined in Section 101(14) of the Bankruptcy Code. Mr. Kaim notes that as of the Petition Date, King & Spalding had an outstanding balance of more than US$70,000 for its services and expenses incurred. If the Court approves payment of the fees, King & Spalding will write off the amounts and and will not assert an unsecured claim for the amounts against the Debtors. The firm will also write off approximately US$250,000 of fees and expenses for non-reorganization work incurred prepetition, and will not assert a claim for the amounts. About Propex Headquartered in Chattanooga, Tennessee, Propex Inc. -- http://www.propexinc.com/-- produces geosynthetic, concrete, furnishing, and industrial fabrics and fiber. It is produces primary and secondary carpet backing. Propex operates in Brazil, Mexico, Germany, Hungary, and the United Kingdom. The company and its debtor-affiliates filed for Chapter 11 protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08- 10249). The debtors' has selected Edward L. Ripley, Esq., Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston, Texas, to represent them. As of Sept. 30, 2007, the debtors' balance sheet showed total assets of US$585,700,000 and total debts of US$527,400,000. (Propex Bankruptcy News, Issue No. 1; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) PROPEX INC: Wants Court Nod to Use BNP Paribas' Cash Collateral --------------------------------------------------------------- Propex Inc. and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the Eastern District of Tennessee to use BNP Paribas Securities Corp.'s cash collateral. Prior to Jan. 18, 2008, the working capital needs of the Debtors were met primarily by a US$360 million senior credit facility. Pursuant to the terms and conditions of a prepetition credit agreement and related documents, a syndicate of financial institutions arranged by BNP Paribas Securities Corp., which serves as administrative agent for the lender, agreed to provide the senior credit facility, comprised of a US$260 million term loan, a US$50 million revolving facility and a US$50 million bridge loan facility. The Prepetition Credit Facility was secured by perfected, valid, binding and non-avoidable first priority security interests and liens upon substantially all of the assets of the Debtors. In April 2006, the Debtors used the estimated after-tax proceeds from the sale of one of their plants to repay the US$50 million bridge loan and to pay US$11.5 million of the term loan. In January 2007, the Prepetition Lenders waived, among other things, the Debtors' compliance with certain financial covenants, and required the Debtors to pay US$20 million in debt related to the credit facility from cash-on-hand. In September 2007, the Debtors were in default under the Prepetition Credit Agreement. They were unable to refinance the facility. As of the Petition Date, the Debtors were indebted in the aggregate principal of about US$230 million to the Prepetition Lenders. Substantially all of the cash generated by the Debtors' businesses as of the Petition Date constitutes "cash collateral," as the term is defined in Section 363(a) of the Bankruptcy Code, and is subject to the interest of the Prepetition Lenders. The financial lenders under a postpetition credit agreement, under which (i) BNP Paribas also serves as administrative agent and (ii) the the lenders have agreed to provide a US$60 million loan in favor of the Debtors, will also hold an interest in the Debtors' cash. The DIP Documents provide that the Debtors' obligations under the DIP Facility will be secured by, among other things, (i) a perfected first priority, senior priming lien on all the property of the Debtors of any kind, senior to the liens that secure the obligations of the Debtors, under the Prepetition Loan Documents; (ii) first priority lien on all unencumbered property and assets of the Debtors. The Debtors intend to use the Cash Collateral of the Prepetition Lenders and of the DIP Lenders, pursuant to the terms of a monthly budget and cash forecast approved by BNP Paribas. Pursuant to an agreement with BNP Paribas, the Debtors may use the Cash Collateral during the period commencing immediately following the entry of an interim order granting approval of the DIP Financing through the date that is 10 days after the occurrence of an event of default under the DIP Facility. Pursuant to Section 364 of the Bankruptcy Code, the Prepetition Lenders as holders of the Primed Liens will receive adequate protection to the extent of any diminution in value of their collateral in the form of: (i) replacement liens on all assets of the Debtors' estates, junior to the liens securing the DIP Facility and a superpriority claim junior to the superpriority claim granted to the DIP Lenders; provided that neither the superpriority claim or liens will be paid from or attach to the proceeds of avoidance actions; and (ii) subject to the rights of all parties under Section 506(b) of the Bankruptcy Code, the payment of reasonable fees and expenses of the agent under the Prepetition Loan Documents, and, subject to the rights of all parties under Section 506(b) of the Bankruptcy Code, the payment of interest at the respective contractual non-default rates set forth in the Prepetition Loan Documents. Henry J. Kaim, Esq., at King & Spalding, LLP, in Houston, Texas, proposed lead counsel of the Debtors, relates that the Debtors require the immediate use of the Cash Collateral and financing for, among other things, the purchase of their inventory, maintenance of their facilities, and other working capital needs. About Propex Headquartered in Chattanooga, Tennessee, Propex Inc. -- http://www.propexinc.com/-- produces geosynthetic, concrete, furnishing, and industrial fabrics and fiber. It is produces primary and secondary carpet backing. Propex operates in Brazil, Mexico, Germany, Hungary, and the United Kingdom. The company and its debtor-affiliates filed for Chapter 11 protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08- 10249). The debtors' has selected Edward L. Ripley, Esq., Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston, Texas, to represent them. As of Sept. 30, 2007, the debtors' balance sheet showed total assets of US$585,700,000 and total debts of US$527,400,000. (Propex Bankruptcy News, Issue No. 2; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) PROPEX INC: Wants Access to US$60 Million DIP Financing ------------------------------------------------------- Propex Inc. and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the Eastern District of Tennessee, on an interim and final basis, to obtain postpetition secured loans, advances, and other financial accommodations of up to US$60 million, subject to the terms and conditions of a credit agreement and related loan documents between the Debtors and BNP Paribas, as administrative agent for certain financial institutions. Henry J. Kaim, Esq., at King & Spalding, LLP, in Houston, Texas, proposed lead counsel of the Debtors, relates that the Debtors do not have sufficient available sources of working capital to operate their businesses in the ordinary course without postpetition financing. The Debtors believe that the DIP financing with BNP Paribas presents the best option available to them and would enable them to preserve their value as a going concern. The salient terms of the proposed DIP Facility are: Borrower. Propex, Inc. Guarantors. Propex Holdings, Inc., Propex Concrete Systems Corporation, Propex Fabrics International Holdings I Inc., Propex Fabrics International Holdings II Inc., and all other existing and future subsidiaries of Propex, except for foreign subsidiaries under certain conditions. Lenders. A syndicate of financial institutions arranged by BNP Paribas Securities Corp., which includes BNP Paribas and Black Diamond Commercial Finance, L.L.C. BNP Paribas will serve as administrative agent under the DIP Facility. Commitment & Availability. The Credit Agreement provides for a revolving credit facility of US$60 million in the aggregate, of which up to US$20 million may be used for the issuance of letters of credit. Availability. Up to US$10 million of the DIP Facility will be available for draw on the Closing Date, and thereafter will be available, subject to a budget approved by the Administrative Agent, on a revolving basis during the period commencing the day after the Closing Date and ending on the earlier of: (i) the one year anniversary of the Closing Date, (ii) the date of substantial consummation of a plan of reorganization which pays all obligations under the DIP Facility in full in cash, and (iii) the date on which an unmatured default or event of default under the DIP Facility occurs. In the event that a hearing on confirmation of a plan of reorganization begins in the Chapter 11 cases on or before the Maturity Date, that date will be extended for an additional 90 days; provided, however, that only US$20,000,000 may be borrowed prior to the entry of a Final Order. Purpose. The DIP Facility will be used to (i) pay fees and expenses associated with the financings and (ii) provide for the working capital requirements and other general corporate purposes of Propex, Propex Holdings and their subsidiaries during the Debtors' Chapter 11 cases. Priority and Liens. All obligations under the DIP Facility will, at all times: * be entitled to super-priority claim status in the Chapter 11 cases; provided that those claims will not be paid from the proceeds of avoidance actions; * be secured by a perfected first priority lien on all unencumbered property and assets of the Debtors, with the exception of proceeds of avoidance actions; * be secured by a perfected junior lien on all property and assets of the Debtors that are subject to valid and perfected liens in existence at the time of the commencement of the Chapter 11 cases or to valid liens in existence at the time of the commencement; and * be secured by a perfected first priority, senior priming lien on all the property of the Debtors of any kind, senior to (a) the liens that secure the obligations of the Debtors under the US$360,000,000 Prepetition Credit Facility and (b) any liens to which the liens are senior. Carve-Out. The Primed Liens and liens and rights granted to the DIP Agent and DIP Lenders are subject in each case only to (i) in the event of an occurrence and during the continuance of an Event of Default, the payment of allowed and unpaid professional fees and disbursements incurred after the Event of Default by the Debtors and any statutory committees appointed in the Chapter 11 cases in an aggregate amount to be agreed upon, (ii) allowed and unpaid Professional Fees incurred prior to notice of an Event of Default; and (iii) the payment of the fees pursuant to Section 1930 of the Judicial and Judiciary Procedures Code. Interest. All amounts outstanding under the Senior Credit Facilities will bear interest, at the option of Propex, at the Base Rate or at the reserve adjusted LIBOR Rate plus, in each case, an applicable margin of 4%. Events of Default. Events of Default include, among other things, failure to pay amounts due under the DIP Facility. In addition, it will be an event of default if Propex has not: (i) delivered to the Lenders a comprehensive five-year business plan and projections on or before the six-month anniversary of the Petition Date; (ii) delivered to the DIP Lenders a proposed reorganization plan on or before the eight-month anniversary of the Petition Date; and (iii) filed with the Bankruptcy Court a proposed reorganization plan and accompanying disclosure statement on or before the nine-month anniversary of the Petition Date. Fees and Expenses. * An aggregate closing fee equal to 2% of the commitments in respect of the DIP Facility earned and payable on the Closing Date * An unused Commitment Fee equal to 0.75% of the average unused facility amount * A prepayment fee equal to 2% of the Revolving Loan Commitment Amount in the event of a voluntary termination of the DIP Facility. Indemnification The Credit Agreement provides for full indemnification rights in favor of the Agent and DIP Lenders except for liability resulting solely from their gross negligence or willful misconduct. The Debtors, on Jan. 18, 2008, submitted a copy of the most recent draft of the Credit Agreement. A full-text copy of the draft is available for free at: http://bankrupt.com/misc/Propex_Draft_DIPAccord.pdf Mr. Kaim notes that the Credit Agreement has not been executed by the parties due to time constraints and is still subject to final negotiations. About Propex Headquartered in Chattanooga, Tennessee, Propex Inc. -- http://www.propexinc.com/-- produces geosynthetic, concrete, furnishing, and industrial fabrics and fiber. It is produces primary and secondary carpet backing. Propex operates in Brazil, Mexico, Germany, Hungary, and the United Kingdom. The company and its debtor-affiliates filed for Chapter 11 protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08- 10249). The debtors' has selected Edward L. Ripley, Esq., Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston, Texas, to represent them. As of Sept. 30, 2007, the debtors' balance sheet showed total assets of US$585,700,000 and total debts of US$527,400,000. (Propex Bankruptcy News, Issue No. 2; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) PROPEX INC: Bankruptcy Filing Cues Moody's to Cut Debt Ratings -------------------------------------------------------------- Moody's Investors Service downgraded its debt ratings of Propex, Inc: -- corporate family to Ca from Caa2; -- probability of default to D from Caa2; -- senior secured to Caa2 from B3; and -- senior unsecured to C from Caa3. The downgrades follow Propex' Jan. 18, 2008 announcement that it filed for Chapter 11 protection in U.S. Bankruptcy Court in Chattanooga, Tennessee. Propex' speculative grade liquidity rating remains SGL-4. The outlook is stable. Moody's also will withdraw all of its debt ratings of Propex because of the bankruptcy filing. The probability of default rating of D reflects that timely payments of interest and principal amortization are not likely to occur because of the bankruptcy filing. Moody's used a fundamental EBITDA multiple to estimate the enterprise value of Propex and the family level loss-given-default rate because of the company's weakened financial condition. Moody's believes that the expected family recovery rate is not materially different from the standard 50% assumption of its Loss Given Default Rating Methodology. An assumed EBITDA multiple of four times supports Moody's belief of about a 50% expected family recovery rate. The LGD-2 Loss Given Default Assessment of the senior secured credit facility implies that the potential exists for lenders to receive less than a full recovery. The LGD-5 Loss Given Default Assessment of the senior unsecured notes implies a significant loss on these notes. The previous rating action for Propex was on January 14, 2008, when Moody's downgraded the company's ratings; corporate family rating to Caa2 from Caa1 because of Propex' inability to timely secure relief from the covenant breach of the senior secured credit agreement, first disclosed on October 26, 2007. Downgrades: * Issuer: Propex Inc. -- Probability of Default Rating, Downgraded to D from Caa2; -- Corporate Family Rating, Downgraded to Ca from Caa2; -- Senior Secured Bank Credit Facility, Downgraded to Caa2 from B3; -- Senior Unsecured Regular Bond/Debenture, Downgraded to C from Caa3. Outlook Actions: * Issuer: Propex Inc. -- Outlook, Changed To Stable From Rating Under Review; -- Outlook, to be Changed To Rating Withdrawn From Stable. Loss Given Default Assessments: * Issuer: Propex Inc. -- Senior Secured Bank Credit Facility, Changed to 27 - LGD2 from 28 - LGD2; -- Senior Unsecured Regular Bond/Debenture, Changed to 80 - LGD5 from 81 - LGD5. Ratings to be Withdrawn: * Issuer: Propex Inc. -- Probability of Default Rating, previously rated D; -- Corporate Family Rating, previously rated Ca; -- Senior Secured Bank Credit Facility, previoualy rated Caa2, 27-LGD2; -- Senior Unsecured Regular Bond/Debenture, previously rated C, 80-LGD5. About Propex Headquartered in Chattanooga, Tennessee, Propex Inc. -- http://www.propexinc.com/-- produces geosynthetic, concrete, furnishing, and industrial fabrics and fiber. It is produces primary and secondary carpet backing. Propex operates in Brazil, Mexico, Germany, Hungary, and the United Kingdom. QUEBECOR WORLD: Gets CCAA Order for Creditor Protection ------------------------------------------------------- Quebecor World Inc. has obtained an Order for creditor protection under the Companies' Creditors Arrangement Act. Under the terms of the Order, Ernst & Young Inc. will serve as the Court-appointed Monitor under the CCAA process and will assist the company in formulating its restructuring plan. Headquartered in Montreal, Quebec, Canada, Quebecor World Inc. (TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/-- provides marketing and advertising solutions to leading retailers, catalogers, branded-goods companies and other businesses with marketing and advertising activities, as well as complete, full-service print solutions for publishers. The company's major product categories include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories, digital premedia, logistics, mail list technologies and other value-added services. Quebecor World has approximately 27,500 employees working in more than 120 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 21, 2008, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Montreal-based printing company Quebecor World Inc. to 'D' from 'CCC'. Standard & Poor's also lowered the rating on the company's US$400 million 9.75% senior unsecured notes due 2015 to 'D' from 'CCC-'. In addition, S&P lowered the rating on the company's other senior unsecured notes to 'CC' from 'CCC-'. The preferred stock rating remains unchanged at 'D'. With these rating actions, S&P also QUEBECOR WORLD: Moody's Cuts Corp. Family & Bond Ratings to Ca -------------------------------------------------------------- Moody's Investors Service downgraded Quebecor World Inc.'s corporate family rating to Ca. The company's debt instruments and those of related companies, Quebecor World Capital Corporation and Quebecor World Capital ULC, were also downgraded to Ca. In addition, the company's probability-of-default rating was downgraded to D to respond to QWI's Jan. 21, 2008 announcement that had applied for creditor protection under the Companies' Creditors Arrangement Act in Canada and Chapter 11 of the United States Bankruptcy Code in the United States. QWI's announcement also indicated that, pending court approval, it had entered into a US$1 billion financing commitment with Credit Suisse and Morgan Stanley that will allow the company "to meet all current operating needs, including wages, benefits and other operating expenses" as it restructures its operations and finances. Following these rating actions, Moody's will withdraw all of the relevant ratings. Downgrades: * Issuer: Quebecor World, Inc. -- Corporate Family Rating, Downgraded to Ca from Caa2; -- Probability of Default Rating, Downgraded to D from Caa2; -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ca (LGD4, 67) from Caa2 (LGD4, 67). * Issuer: Quebecor World Capital Corporation -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ca (LGD4, 67) from Caa2 (LGD4, 67). * Issuer: Quebecor World Capital ULC -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ca (LGD4, 67) from Caa2 (LGD4, 67). Outlook Actions: * Issuer: Quebecor World, Inc. -- Outlook, Changed To Stable From Negative. * Issuer: Quebecor World Capital Corporation -- Outlook, Changed To Stable From Negative. * Issuer: Quebecor World Capital ULC -- Outlook, Changed To Stable From Negative. Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX: IQW)(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company is an independent commercial printer in Europe with 19 facilities, operating in Austria, Belgium, Finland, France, Spain, Sweden, Switzerland and the United Kingdom. In March 2007, it sold its facility in Lille, France. Quebecor World (USA) Inc. is its wholly owned subsidiary. QUEBECOR WORLD: S&P Slashes Ratings to D on Chapter 11 Filing ------------------------------------------------------------- Standard & Poor's Ratings Services lowered its ratings on the remainder of Quebecor World Inc.'s senior unsecured notes to 'D' from 'CC'. The downgrade follows Quebecor World's announcement that its board has unanimously agreed to file for creditor protection under the Companies' Creditors Arrangement Act in Canada and under Chapter 11 of the U.S. Bankruptcy Code. On Jan. 16, 2008, Standard & Poor's downgraded Quebecor World to 'D' from 'CCC' and lowered the ratings on the company's USUS$400 million 9.75% senior unsecured notes due 2015 to 'D' from 'CCC- ', following its nonpayment of interest expense on these notes. SANYO ELECTRIC: Hires Execs from Financial Firms to Head Units -------------------------------------------------------------- Sanyo Electric Co. appoints executives from financial firms to head its main units in a management reshuffle scheduled to take effect April 1, reports Jiji Press. According to the report, the appointed officers transferred from Sanyo's shareholder firms in the financial industry. The report states that Sanyo will appoint Vice President Koichi Maeda, formally at Sumitomo Mitsui Banking Corp., to head its semiconductor business. Sumitomo Mitsui is a major shareholder of Sanyo, relates Jiji Press. Kazuhiko Suruta, from Daiwa Securities SMBC Co., will head the solar cell business, while Kentaro Yamagishi, from Goldman Sachs Group Inc., will spearhead Sanyo's business strategy division, notes Jiji Press. Sanyo Electric Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/-- is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. * * * In March 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s BB+ long-term foreign and local currency issuer default and senior unsecured ratings on rating watch negative. The company also carries Standard & Poor's 'BB-' long-term corporate credit rating. SANYO ELECTRIC: Kyocera Buyout Won't Affect Ratings, S&P Says ------------------------------------------------------------- Standard & Poor's Ratings Services said that its ratings on Sanyo Electric Co. Ltd. (BB-/Stable/--) would not be affected by the company's final agreement to sell its mobile telephone business to Kyocera Corp. The effective date of sale is scheduled for April 1, 2008. The business value has been agreed upon by both companies at JPY50 billion, although the final amount is subject to adjustments related to the amount of outstanding debt and the amount of cash and deposits to be transferred on the effective date. Standard & Poor's considers the sale of the mobile telephone business, which is characterized by fierce competition and volatile profitability, to be a positive factor for Sanyo allowing it to enhance its business franchise and concentrate its management resources on its core businesses, particularly rechargeable batteries and solar cells. The final agreement, however, is largely consistent with the basic agreement reached in October 2007, while the effect of the sale on Sanyo's credit quality is likely to be such that it remains within the range of the current rating. An upgrade will depend on Sanyo's steady progress in enhancing the competitiveness of its core businesses, as laid down in the current medium-term management plan, and improving cash flow generation and financial stability. Meanwhile, continued close attention must be paid to any change in support from the financial institutions, which are Sanyo's major shareholders, as well as to any judgment passed down by the Tokyo Stock Exchange, which placed Sanyo's shares on the supervising post after it recently voluntarily restated its earnings reports. Sanyo Electric Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/-- is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. * * * In March 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s BB+ long-term foreign and local currency issuer default and senior unsecured ratings on rating watch negative. The company also carries Standard & Poor's 'BB-' long-term corporate credit rating. SHAW GROUP: Fossil Unit Inks Definitive Pact with Entergy --------------------------------------------------------- The Shaw Group Inc. reported that Entergy Louisiana, LLC, has signed a definitive agreement for the Fossil Division of Shaw's Power Group to proceed with engineering, procurement and construction services to re-power the existing Unit 3 at Entergy Louisiana's Little Gypsy station in St. Charles Parish, near New Orleans. The value of Shaw's contract, which will be added to its second quarter fiscal 2008 backlog, was not disclosed. Shaw's EPC work will include replacing an existing natural gas- fired boiler with two new circulating fluidized bed boilers that will supply steam to an existing steam turbine generator at Little Gypsy 3. The new facility is expected to be completed early in 2012. "We are pleased to have received from Entergy the full notice to proceed on the Little Gypsy 3 re-power project, which will provide residents and businesses in the New Orleans area with the power needed to continue the rebuilding and revitalization of the city and the region," said J.M. Bernhard Jr., Shaw's chairman, president and chief executive officer. "The Shaw Group and Entergy are two Fortune 500 companies headquartered in Louisiana, and it is a proud moment when two of the state's largest companies can join forces to bolster the economic fortunes of our state." "At its peak, this project will create more than 1,500 new and good-paying jobs, but also will rely on a number of local products and services, which extends the benefits of the Little Gypsy 3 project to many other businesses and families in Louisiana," Mr. Bernhard said. About Shaw Group Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR) -- http://www.shawgrp.com/-- provides services to the environmental, infrastructure and homeland security markets, including consulting, engineering, construction, remediation and facilities management services to governmental and commercial customers. It is also a vertically integrated provider of engineering, procurement, pipe fabrication, construction and maintenance services to the power and process industries. The company segregates its business activities into four operating segments: Environmental & Infrastructure; Energy & Chemicals; Maintenance, and Fabrication, Manufacturing & Distribution. In January 2005, the company sold substantially all of the assets of its Shaw Power Technologies, Inc. and Shaw Power Technologies International, Ltd. units to Siemens Power Transmission and Distribution Inc., a unit of Siemens AG. The company has operations in Chile, China, Malaysia, the United Kingdom and, Venezuela, among others. * * * Standard & Poor's Ratings Services affirmed its 'BB' corporate credit rating on The Shaw Group Inc. and removed it from CreditWatch, where it was placed with negative implications in October 2006. S&P said the outlook is stable. In addition, 'BB' senior secured debt rating was affirmed after the US$100 million increase to the company's revolving credit facility. SOLUTIA INC: DuPont Demands Payment of US$1,394,718 Admin. Claim ---------------------------------------------------------------- E.I. DuPont de Nemours and Company asks the U.S. Bankruptcy Court for the Southern District of New York to compel Solutia Inc. and its debtor-affiliates to immediately pay a US$1,394,718 administrative claim. DuPont sold certain product on an exclusive basis to Solutia Inc., pursuant to a contract dated Jan. 1, 2002. The Contract was assumed by Solutia pursuant to an order approved by the Court in Oct. 19, 2005. Allan L. Hill, Esq., at Phillips Lytle LLP, in New York, relates that the Contract contained a "Meet or Release" provision, which provided that if Solutia received an offer from a third party supplier to supply Material to Solutia at a lower price than the price currently charged by DuPont, then Solutia could demand that DuPont either match the price of the new offer or release Solutia from its obligation to purchase the Material from DuPont. By letter dated Feb. 17, 2006, Solutia invoked the "Meet or Release" provision. DuPont elected to "meet" the offer of the third party supplier, effective immediately, subject to a third party audit to determine whether Solutia met the terms of the "Meet or Release" provision, Mr. Hill says. Solutia and DuPont entered into an amendment to the Contract as of March 1, 2006, to reflect those new terms. The Contract Second Amendment states that "if the third party auditor . . . concludes that Solutia has failed to comply with the meet or release clause of the Contract . . . this Amendment shall be null and void and the Contract shall continue as if this Amendment were never executed." By letter agreement dated March 31, 2006, Solutia and DuPont agreed to the terms under which a third party auditor would make the determination of whether Solutia properly invoked the "Meet or Release" provision. On Aug. 29, 2007, BDO Seidman LLP, the third party auditor, issued a report setting forth its conclusion that "Solutia did not meet the terms of the 'Meet or Release' clause." As a result of the BDO report, the Contract Second Amendment setting forth reduced prices for the Material provided by DuPont to Solutia is, by its own terms, null and void. Mr. Hill contends that DuPont is entitled to the difference between what Solutia paid for Material between March 1, 2006, and Dec. 31, 2006, and what Solutia should have paid in absence of the Contract Second Amendment, plus interest and certain rebates. Solutia has refused to pay the Claim Amount. About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates 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., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. 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. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, 2007, the Court confirmed the Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No. 114; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter on Dec. 10, 2007, Standard & Poor's Ratings Services assigned its 'B+' loan rating to Solutia Inc.'s (D/--/--) proposed US$1.2 billion senior secured term loan and a '3' recovery rating, indicating the likelihood of a meaningful (50%-70%) recovery of principal in the event of a payment default. The ratings are based on preliminary terms and conditions. S&P also assigned its 'B-' rating to the company's proposed US$400 million unsecured notes. Standard & Poor's expects to assign its 'B+' corporate credit rating to Solutia if the company and its subsidiaries emerge from Chapter 11 bankruptcy proceedings in early 2008 as planned. S&P expect the outlook to be stable. SOLUTIA INC: Files 2nd Supplement to Stock Offering Prospectus -------------------------------------------------------------- Solutia Inc. filed with the Securities and Exchange Commission a second supplement to its Nov. 21, 2007 prospectus with respect to the rights offering for 28,906,562 shares of new common stock. The Supplement dated Jan. 14, 2008, amends and updates the Prospectus. Solutia is pursuing a proposed private placement of debt securities and is meeting with potential lenders for its anticipated new senior secured asset-based revolving credit facility and new senior secured term loan facility. The securities to be issued in the proposed private placement will not be registered under the Securities Act of 1933, as amended, and will not be offered or sold absent registration or an applicable exemption from registration requirements. Solutia expects, but cannot provide any assurances that it will emerge from bankruptcy by the end of January 2008. Solutia distributed rights to subscribe for 28,906,562 shares of the company's new common stock to certain pre-petition general unsecured creditors, noteholders and holders of common stock. Eligible creditors to participate in the creditor rights offering may purchase new common stock at US$13.33 per share. Eligible stockholders that will participate in the equity rights offering may purchase new common stock at US$17.23 per share. Solutia disclosed that the closing price of its new common stock was reported on the New York Stock Exchange at US$17.60 per share as of Jan. 11, 2008. The ticker symbol for the stock is "SOA." Currently the ticker symbol also includes the "wi" notation, which means the stock is being traded on a "when issued" basis. The "wi" notation will be removed when the stock begins "regular way" trading. Rosemary L. Klein, senior vice president, general counsel and corporate secretary of Solutia, reports that assuming that the confirmed Plan is consummated, certain creditors, holders of equity interests or other entities may own significant portions of the new common stock and may be principal stockholders of the newly reorganized company. The potential principal stockholders of reorganized Solutia include Merrill Lynch, Pierce, Fenner and Smith Incorporated; funds managed by Longacre Fund Management, LLC, and by Murray Capital Management, Inc.; Bear, Stearns & Co. Inc.; Highland Crusader Holding Corporation, and UBS Securities, LLC. Those companies and their affiliates may potentially be holders of up to 31% of the outstanding new common stock as a result of their commitment obligation in case the creditor rights offering at US$13.33 per share is not fully funded, according to Ms. Klein. Additionally, the Monsanto Company may potentially be a holder of up to 17% of the outstanding new common stock, assuming the equity rights offering at US$17.23 per share is not fully funded. Ms. Klein says that a significant portion of Solutia's debt and equity is held in street name and through nominees. Holders of the company's debt, equity and claims are also able to trade in those holdings until it emerges from Chapter 11. Therefore, Solutia is unable to ascertain from the claims and equity registers in its Chapter 11 case the aggregate amount of new common stock that the potential principal stockholders, or any other entity, will own of the emerged company. A full-text copy of the Second Supplement to the Prospectus is available for free at: http://ResearchArchives.com/t/s?273d About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates 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., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. 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. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, 2007, the Court confirmed the Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No. 114; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter on Dec. 10, 2007, Standard & Poor's Ratings Services assigned its 'B+' loan rating to Solutia Inc.'s (D/--/--) proposed US$1.2 billion senior secured term loan and a '3' recovery rating, indicating the likelihood of a meaningful (50%-70%) recovery of principal in the event of a payment default. The ratings are based on preliminary terms and conditions. S&P also assigned its 'B-' rating to the company's proposed US$400 million unsecured notes. Standard & Poor's expects to assign its 'B+' corporate credit rating to Solutia if the company and its subsidiaries emerge from Chapter 11 bankruptcy proceedings in early 2008 as planned. S&P expect the outlook to be stable. SPOONER VICARS: Taps Tenon Recovery as Joint Administrators ----------------------------------------------------------- Christopher Ratten and Jeremy Woodside of Tenon Recovery were appointed joint administrators of Spooner Vicars Ltd. (Company Number 02666521) on Jan. 10, 2008. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. The company can be reached at: Spooner Vicars Ltd. Junction Lane Newton Le Willows Merseyside WA12 8DL England Tel: 01925 296 600 Fax: 01925 227 185 SR COMMUNICATIONS: Brings In Administrators from Menzies -------------------------------------------------------- Andrew Gordon Stoneman and Paul John Clark of Menzies Corporate Restructuring were appointed joint administrators of SR Communications Ltd. (Company Number 01577782) on Jan. 11, 2008. Menzies Corporate Restructuring -- http://www.menzies.co.uk/-- provides corporate restructuring services including: services for directors or stakeholders of troubled businesses; services to Lenders of troubled businesses; raising rescue funding at short notice; and forensic and fraud services. The company can be reached at: SR Communications Ltd. S.R. House Childers Street London SE8 5JT England Tel: 020 8516 7000 Fax: 020 8692 8057 Web site: http://www.srcommunications.co.uk/ TATA MOTORS: Board Meeting Set on Jan. 31 to Consider Results ------------------------------------------------------------- Tata Motors Ltd's board of directors will hold a meeting on Jan. 31, 2008, inter alia, to consider, the audited results for the third quarter ended Dec. 31, 2007, the company informed the Bombay Stock Exchange. In the corresponding quarter in 2006, the company reported a net profit of INR5.13 billion on net sales of INR69.57 billion. India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. * * * As reported in the TCR-Europe on Jan. 8, 2008, Moody's Investors Service placed the Ba1 Corporate Family Rating of Tata Motors Ltd on review for possible downgrade. TRANSENSE LTD: Names Christopher Farrington as Administrator ------------------------------------------------------------ Christopher James Farrington of Deloitte & Touche LLP was named administrator of Transense Ltd. (Company Number 3854575) on Jan. 14, 2008. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. Headquartered in Grantham, England, Transense Ltd. buys and sell motor vehicles. WOODCON PRODUCTS: Brings In Vantis to Administer Assets ------------------------------------------------------- Colin Ian Vickers and Christopher David Stevens of Vantis Plc were appointed joint administrators of Woodcon Products Ltd. (Company Number 00628206) on Jan. 8, 2008. Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. The company can be reached at: Woodcon Products Ltd. Daux Road Billingshurst West Sussex RH14 9SR England Tel: 01403 784 671 Fax: 01403 785 353 Web site: http://www.woodcon.co.uk/ * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Jan. 24, 2008 TURNAROUND MANAGEMENT ASSOCIATION Winter Warm-up Belgo Brasserie, Calgary, Alberta Contact: 403-294-4954 or http://www.turnaround.org/ Jan. 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Finding Money: Int'l Asset Search and Recovery Methods for Collecting Judgments Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ Jan. 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Member Appreciation FREE Happy Hour The Lime, Tampa, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Jan. 29, 2008 WEST LEGALWORKS Southeastern Distressed M&A Summit Westin Buckhead, Atlanta, Georgia Contact: http://www.westlegalworks.com/ Jan. 30, 2008 TURNAROUND MANAGEMENT ASSOCIATION Year 2008 Kick-Off Party Oak Hill Country Club, Rochester, New York Contact: 716-440-6615 or http://www.turnaround.org/ Jan. 31, 2008 BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding the Deal Contact: 240-629-3300; http://www.beardaudioconferences.com/ Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION PowerPlay Philips Arena, Atlanta, Georgia Contact: 678-795-8103 or http://www.turnaround.org/ Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Event Carnelian Room, San Francisco, California Contact: 510-346-6000 ext 226 or http://www.turnaround.org/ Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION PowerPlay Philips Arena, Atlanta, Georgia Contact: 678-795-8103 or http://www.turnaround.org/ Feb. 14-16, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Rocky Mountain Bankruptcy Conference Westin Tabor Center, Denver, Colorado Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 20, 2008 TURNAROUND MANAGEMENT ASSOCIATION 13 Week Cash Flow Courtyard Marriott, Dania Beach, Florida Contact: http://www.turnaround.org/ Feb. 20, 2008 TURNAROUND MANAGEMENT ASSOCIATION Member Appreciation FREE Happy Hour Islamorada Fish Company, Dania, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Feb. 22, 2008 AMERICAN BANKRUPTCY INSTITUTE Bankruptcy Battleground West Fairmont Miramar, Santa Monica, California Contact: http://www.abiworld.org/ Feb. 23-26, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Bankruptcy Litigation Seminar I Park City, Utah Contact: http://www.nortoninstitutes.org/ Feb. 25, 2008 FINANCIAL RESEARCH ASSOCIATES LLC Financial Services Mergers & Acquisitions Deals Forum Harvard Club, New York, New York Contact: http://www.frallc.com/ Feb. 26, 2008 TURNAROUND MANAGEMENT ASSOCIATION Member Appreciation FREE Happy Hour One Eyed Jacks, Orlando, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Feb. 26, 2008 TURNAROUND MANAGEMENT ASSOCIATION Retail Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Feb. 27-28, 2008 EUROMONEY INSTITUTIONAL INVESTOR 6th Annual Distressed Investing Forum Union League Club, New York, New York Contact: http://www.euromoneyplc.com/ Feb. 27 - Mar. 1, 2008 TURNAROUND MANAGEMENT ASSOCIATION CTP Courses Holland & Knight, Atlanta, Georgia Contact: http://www.turnaround.org/ Mar. 6-8, 2008 ALI-ABA Fundamentals of Bankruptcy Law Mandalay Bay Resort, Las Vegas, Nevada Contact: http://www.ali-aba.org/ Mar. 8-10, 2008 AMERICAN BANKRUPTCY INSTITUTE Conrad Duberstein Moot Court Competition St. John's University School of Law, New York Contact: http://www.abiworld.org/ Mar. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION Rick Cieri of Kirkland & Ellis Jamie Sprayregan of Goldman Sachs Bankers Club of Miami, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Mar. 25, 2008 TURNAROUND MANAGEMENT ASSOCIATION Dearfoam Slipper Turnaround Centre Club, Tampa, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Mar. 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Mar. 27-30, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Bankruptcy Litigation Seminar II Las Vegas, Nevada Contact: http://www.nortoninstitutes.org/ Apr. 3, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Annual Spring Luncheon Renaissance Hotel, Washington, District of Columbia Contact: 703-449-1316 or http://www.iwirc.org/ Apr. 3, 2008 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - East The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ Apr. 3-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 26th Annual Spring Meeting The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ Apr. 7-8, 2008 PRACTISING LAW INSTITUTE 30th Annual Current Developments in Bankruptcy & Reorganization PLI Center New York, New York Contact: http://www.pli.edu/ Apr. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Assignment for Benefit of Creditors University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ Apr. 25-27, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Spring Seminar Eldorado Hotel & Spa, Santa Fe, New Mexico Contact: http://www.nabt.com/ Apr. 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Why Prospects Become Clients Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ May 1-2, 2008 TURNAROUND MANAGEMENT ASSOCIATION 2nd Annual Credit & Bankruptcy Symposium Foxwoods Resort Casino, Ledyard, Connecticut Contact: http://www.turnaround.org/ May 1-2, 2008 AMERICAN BANKRUPTCY INSTITUTE Debt Symposium Hilton Garden Inn, Champagne/Urbana, Illinois Contact: 1-703-739-0800; http://www.abiworld.org/ May 9, 2008 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - NYC Alexander Hamilton U.S. Custom House, New York Contact: 1-703-739-0800; http://www.abiworld.org/ May 12, 2008 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference Millennium Broadway Hotel & Conference Center, New York Contact: 1-703-739-0800; http://www.abiworld.org/ May 12-13, 2008 PRACTISING LAW INSTITUTE 30th Annual Current Developments in Bankruptcy & Reorganization PLI Center San Francisco, California Contact: http://www.pli.edu/ May 13-16, 2008 AMERICAN BANKRUPTCY INSTITUTE Litigation Skills Symposium Tulane University, New Orleans, Louisiana Contact: 1-703-739-0800; http://www.abiworld.org/ May 18-20, 2008 INTERNATIONAL BAR ASSOCIATION 14th Annual Global Insolvency & Restructuring Conference Stockholm, Sweden Contact: http://www.ibanet.org/ May 21, 2008 TURNAROUND MANAGEMENT ASSOCIATION What Happened to My Money - The Restructuring of a Loan Servicer Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org/ June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference J.W. Marriott Spa and Resort, Las Vegas, Nevada Contact: http://www.airacira.org/ June 12-14, 2008 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: http://www.abiworld.org/ June 19-21, 2008 ALI-ABA Partnerships, LLCs, and LLPs: Uniform Acts, Taxation, Drafting, Securities, and Bankruptcy Omni Hotel, San Francisco, California Contact: http://www.ali-aba.org/ June 24, 2008 TURNAROUND MANAGEMENT ASSOCIATION Fraud Panel Citrus Club, Orlando, Florida Contact: http://http://www.turnaround.org/ June 26-29, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Western Mountains Bankruptcy Law Seminar Jackson Hole, Wyoming Contact: http://www.nortoninstitutes.org/ July 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Cynthia Jackson of Smith Hulsey & Busey University Club, Jacksonville, Florida Contact: http://http://www.turnaround.org/ July 10-13, 2008 AMERICAN BANKRUPTCY INSTITUTE 16th Annual Northeast Bankruptcy Conference Ocean Edge Resort Brewster, Massachussets Contact: http://www.abiworld.org/events July 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Employment Issues Following Hurricanes & Disasters Centre Club, Tampa, Florida Contact: http://http://www.turnaround.org/ July 31 - Aug. 2, 2008 AMERICAN BANKRUPTCY INSTITUTE 4th Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, Florida Contact: http://www.abiworld.org/ Aug. 20-24, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Captain Cook, Anchorage, Alaska Contact: http://www.nabt.com/ Aug. 26, 2008 TURNAROUND MANAGEMENT ASSOCIATION Do's and Don'ts of Investing in a Turnaround Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Sept. 4-5, 2008 AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 4-6, 2008 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 17, 2008 TURNAROUND MANAGEMENT ASSOCIATION Real Estate / Condo Restructuring Panel Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org/ Sept. 24-26, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC 15th Annual Fall Conference Scottsdale, Arizona Contact: http://www.ncbj.org/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Desert Ridge Marriott, Scottsdale, Arizona Contact: http://www.iwirc.org/ Sept. 30, 2008 TURNAROUND MANAGEMENT ASSOCIATION Private Equity Panel Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ Oct. 9, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Luncheon - Chapter 11 University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ Oct. 28, 2008 TURNAROUND MANAGEMENT ASSOCIATION State of the Capital Markets Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Nov. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION Interaction Between Professionals in a Restructuring/Bankruptcy Bankers Club, Miami, Florida Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ June 11-13, 2009 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.org/ July 16-19, 2009 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Mt. Washington Inn Bretton Woods, New Hampshire Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ BEARD AUDIO CONFERENCES 2006 BACPA Library Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/; http://researcharchives.com/t/s?20fa BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Carve-Out Agreements for Unsecured Creditors Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Chinas New Enterprise Bankruptcy Law Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Corporate Bankruptcy Bootcamp: Fundamentals of BAPCPA Proceedings Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Deepening Insolvency Widening Controversy: Current Risks, Latest Decisions Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Diagnosing Problems in Troubled Companies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Claims Trading Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Market Opportunities Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Equitable Subordination and Recharacterization Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Handling Complex Chapter 11 Restructuring Issues Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Non-Traditional Lenders and the Impact of Loan-to-Own Strategies on the Restructuring Process Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergersthe New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Todays Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Battle of Green & Red: Effect of Bankruptcy on Obligations to Clean Up Contaminated Property Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Subprime Sector Meltdown: Legal Developments and Latest Opportunities Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite M&A and Insolvency Proceedings Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel P. Laureno, Jason Nieva, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, Patrick Abing and Marites Claro, Editors. Copyright 2008. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *