/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080229.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, February 29, 2008, Vol. 9, No. 43 Headlines A U S T R I A ABA-SYSTEM: Claims Registration Period Ends March 26 ALOIS RESCH: Claims Registration Period Ends March 3 AT & A ANLAGENTECHNIK: Claims Registration Period Ends March 17 ERWIN WITTMANN: Claims Registration Period Ends March 26 FENSTERSTUDIO LLC: Claims Registration Period Ends April 8 MM JEKLIC: Claims Registration Period Ends March 20 B E L G I U M SOLUTIA INC: Emerges from Chapter 11 Bankruptcy Protection SOLUTIA INC: New Stock to Trade on NYSE Effective March 3 F I N L A N D NOVELL INC: To Acquire PlateSpin for US$205 Million F R A N C E FRESH DEL MONTE: Earns US$179.8 Million in Fiscal Year 2007 LAZARD LTD: Gets Okay for Additional US$100MM Share Repurchase SMOBY-MAJORETTE SA: Court to Select New Buyer on March 3 SOTHEBY'S: Earnings Rise to US$102 Mln in Quarter Ended Dec. 31 G E R M A N Y AUTOHAUS GOETTINGEN: Claims Registration Period Ends March 25 AUTOHAUS UNGETHUEM: Claims Registration Period Ends March 25 GARTEN DESIGN: Claims Registration Ends March 25 GIG-BREMEN: Creditors' Meeting Slated for March 13 GOLDEN FOOD: Creditors' Meeting Slated for March 20 H+F HOCH: Claims Registration Period Ends March 24 HAMMER MODE: Creditors' Meeting Slated for March 19 IKB DEUTSCHE: European Commission Probes Germany’s Measures INOVA COMPUTERS: Claims Registration Ends March 25 KNICKMEIER GMBH: Claims Registration Period Ends March 5 MATRIX GMBH: Claims Registration Period Ends March 18 MCBEE GMBH: Claims Registration Ends March 25 MEDICOR DEUTSCHLAND: Claims Registration Period Ends March 3 MEGA MOEBEL: Claims Registration Ends March 25 NEGLIUS GMBH: Claims Registration Period Ends March 20 OSTROGA EDELSTAHLVERARBEITUNG: Claims Period Ends March 15 PPD PRIVATER: Claims Registration Ends March 25 PROVIDE-VR 2002-1: Moody's Cuts Rating on Class D Notes to B2 TELECASS GMBH: Claims Registration Period Ends March 14 YAYCI GMBH: Claims Registration Period Ends March 24 H U N G A R Y FLEXTRONICS: To Increase Workforce in Hungary by 10% I C E L A N D NAVISTAR INTERNATIONAL: Re-Files Breach of Contract Suit vs Ford I R E L A N D ELAN CORP: Moody's Changes Outlook to Positive; Holds B3 Ratings LUNAR FUNDING V: Moody's Junks Ratings on Two Notes Series WELLMAN INC: Wants Kirkland & Ellis as Bankruptcy Counsel WELLMAN INC: Wants to Employ Edwards Angell as Conflicts Counsel I T A L Y FIAT SPA: Linea Line to Start Production in India on August INTERNATONAL RECTIFIER: Elects O. Khaykin and R. Dahl to Board K A Z A K H S T A N DELTA ITALY: Creditors Must File Claims by March 21 DJ-H LLP: Claims Deadline Slated for March 28 EX-INTERIER LLP: Claims Filing Period Ends March 28 EUROBRAND LLP: Creditors' Claims Due on March 28 GOLDEN MIDDLE: Claims Registration Ends March 28 KAINAR-D LLP: Creditors Must File Claims by March 28 MAYAK LLP: Claims Deadline Slated for March 21 MGM LIMITED: Claims Filing Period Ends March 28 SAMET-2000 LLP: Creditors' Claims Due on March 28 SEVER-7 LLP: Claims Registration Ends March 25 K Y R G Y Z S T A N AI HAN: Creditors Must File Claims by March 21 ALMAZ SERVICE: Claims Filing Period Ends March 21 TSENTRALNOAZIATSKY ANGLISKY: Claims Registration Ends March 21 L U X E M B O U R G AMERICAN AXLE: UAW's Work Stoppage Won't Affect S&P's BB Rating CA INC: Will Pay US$0.04 Per Share Dividend Due on March 28 PIN GROUP: To Cut Jobs at Insolvent Units PIN GROUP: Administrator Dismisses Claims of Splitting Company N E T H E R L A N D S FIRST DATA: Inks Multi-Year Contract With Wells Fargo R U S S I A ARMIDA CJSC: Creditors Must File Claims by April 16 EAST-ENERGY LLC: Creditors Must File Claims by March 16 FEDERAL-SERVICE: Court Starts Bankruptcy Supervision Procedure FIN-STARS LLC: Creditors Must File Claims by March 16 FLEXTRONICS: To Buy Elcoteg's St. Petersburg Factory for EUR3MM GAZENERGOPROMBANK: Moody's Puts Bank Financial Strength at E+ INMOR CJSC: St. Petersburg Bankruptcy Hearing Slated for June 17 INT'L INDUSTRIAL: S&P Lifts LT Counterparty Credit Rating to BB- MOSCOW BANK: Securitizes RUR1.499 Billion Car Loan Portfolio PKK VOZROZHDENIE: Creditors Must File Claims by April 16 PROM-TORG-WOOD: Creditors Must File Claims by April 16 RAMENSKIY TEXTILE: Under Bankruptcy Supervision Procedure ROS-MED-STRAKH: Creditors Must File Claims by April 16 RUS’ CJSC: Court Names V. Lukyanov as Insolvency Manager TATNEFT OAO: Oil Output Hikes to 25.74 Million Tons in 2007 TORG-RESOURCE LLC: Creditors Must File Claims by April 16 VOLZHSKIE CANNED: Moscow Bankruptcy Hearing Slated for June 24 VOSKHOD LLC: Creditors Must File Claims by April 16 VYSHNE-VOLOTSKAYA TEXTILE: Claims Filing Period Ends April 16 S W I T Z E R L A N D ARCHTECH PARTNER: Creditors' Liquidation Claims Due by March 31 AVA CAD: Creditors' Liquidation Claims Due by March 31 ECOMPTRADE LLC: Creditors' Liquidation Claims Due by April 9 FABIO REAL: Creditors' Liquidation Claims Due by March 20 GALDAN INVESTMENT: Creditors' Liquidation Claims Due by March 20 HERCULES INC: Appoints Allan H. Cohen to Board of Directors MOBITRADE LLC: Creditors' Liquidation Claims Due by March 5 PETROPLUS HOLDINGS: Robert J. Lavinia Appointed as CEO PETROPLUS HOLDINGS: Ties Up with Blackstone and First Reserve PETROPLUS HOLDINGS: S&P Says Ratings Unchanged Despite Buy Plans RAB LLC: Creditors' Liquidation Claims Due by March 31 SEDICO-IT JSC: Creditors' Liquidation Claims Due by April 23 TREND SHM: Creditors' Liquidation Claims Due by April 1 WIKO KRONBUHL: Creditors' Liquidation Claims Due by March 31 U K R A I N E ALFA-EXPORT LLC: Proofs of Claim Filing Deadline Set March 10 COLLATING-TRANSPORT ENTERPRISE: Proofs of Claim Due March 10 GRAN-IMPEKS LLC: Creditors Must File Claims by March 10 GREBENKOVSKOYE OJSC: Claims Filing Deadline Set March 10 IVANO-FRANKOVSK STOA: Creditors Must File Claims by March 10 MILEKSA LLC: Creditors Must File Claims by March 10 SOLE LLC: Proofs of Claim Filing Deadline Set March 10 SOUTH-UKRAINIAN LEASING: Claims Filing Deadline Set March 10 U N I T E D K I N G D O M CABLE & WIRELESS: CitiGroup Seeks Demerger of Two Businesses CONSTELLATION BRANDS: Appoints Peter Perez as Board Director COTT CORP: Unable to Meet Deadline; Delays Filing of Form 10-K COTT CORP: In Talks with Wal-Mart on Shelf Space Allocation COTT CORP: Wal-Mart Negotiations Cue Moody's to Review Ratings COTT CORP: Wal-Mart Negotiations Cue S&P’s Negative CreditWatch DUDLEY INKWELL: Brings In Liquidators from Menzies DURA AUTOMOTIVE: Creditor Opposes Confirmation of Chap. 11 Plan FEBREY LTD: Taps Joint Administrators from Grant Thornton FORD MOTOR: Navistar Re-Files Breach of Contract Suit FURNITURE LOGISTICS: Calls In Liquidators from Tenon Recovery K.W. BEARD: Creditors' Meeting Slated for March 17 MICROGISTIX UK: Hires Liquidators from Mazars OAK LTD: Appoints Neil Francis Hickling as Liquidator ODYSSEY RE: Names Brian Young as CEO of London Market Operations PELOTON PARTNERS: Liquidates US$2 Billion ABS Fund PENTAGON FLEXIBLES: Claims Filing Period Ends May 19 QUEBECOR WORLD: To Convert Series 5 Preferred Shares on March 1 QUEBECOR WORLD: Names A. Caille as Restructuring Panel Chairman SEA CONTAINERS: Court Stretches Plan-Filing Period to April 15 SECOND CITY: M. H. Abdulali Leads Liquidation Procedure SWADDLERS LTD: Taps Liquidators from Vantis Business Recovery TVONICS LTD: Appoints Milner Boardman to Administer Assets BOOK REVIEW: Inside Investment Banking: Second Edition ********* ============= A U S T R I A ============= ABA-SYSTEM: Claims Registration Period Ends March 26 ---------------------------------------------------- Creditors owed money by LLC ABA-System & Co. (FN 126398f) have until March 26, 2008, to file written proofs of claim to court- appointed estate administrator Christian Bachmann at: Dr. Christian Bachmann c/o Dr. Eva-Maria Bachmann-Lang Opernring 8 1010 Vienna Austria Tel: 512 87 01-Serie Fax: 513 82 50 E-mail: bachmann.rae@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on April 9, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 7, 2008 (Bankr. Case No. 2 S 17/08z). Eva-Maria Bachmann-Lang represents Dr. Bachmann in the bankruptcy proceedings. ALOIS RESCH: Claims Registration Period Ends March 3 ---------------------------------------------------- Creditors owed money by LLC Alois Resch (FN 78073p) have until March 3, 2008, to file written proofs of claim to court- appointed estate administrator Erich Gugenberger at: Dr. Erich Gugenberger Attergaustrasse 30 4880 St. Georgen im Attergau Austria Tel: 07667/20980 Fax: 07667/20980-20 E-mail: office@drgugenberger.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:40 a.m. on March 13, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Str. 12 Wels Austria Headquartered in St. Georgen im Attergau, Austria, the Debtor declared bankruptcy on Feb. 7, 2008 (Bankr. Case No. 20 S 11/08f). AT & A ANLAGENTECHNIK: Claims Registration Period Ends March 17 --------------------------------------------------------------- Creditors owed money by LLC AT & A Anlagentechnik und Automation (FN 172439m) have until March 17, 2008, to file written proofs of claim to court-appointed estate administrator Josef Hofinger at: Mag. Josef Hofinger Rossmarkt 20 4710 Grieskirchen Austria Tel: 07248/66347, 61990 Fax: 07248/62013 E-mail: anwaelte@hofinger-menschick.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on March 27, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Str. 12 Wels Austria Headquartered in Grieskirchen, Austria, the Debtor declared bankruptcy on Feb. 7, 2008 (Bankr. Case No. 20 S 9/08m). ERWIN WITTMANN: Claims Registration Period Ends March 26 -------------------------------------------------------- Creditors owed money by LLC Erwin Wittmann (FN 116844f) have until March 26, 2008, to file written proofs of claim to court- appointed estate administrator Ute Toifl at: Dr. Ute Toifl c/o Mag. Astrid A. Haider Tuchlauben 12/20 1010 Vienna Austria Tel: 01/535 46 11 Fax: 01/535 46 11 11 E-mail: office@thr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on April 9, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Strasshof an der Nordbahn, Austria, the Debtor declared bankruptcy on Feb. 7, 2008 (Bankr. Case No. 36 S 17/08d). Astrid A. Haider represents Dr. Toifl in the bankruptcy proceedings. FENSTERSTUDIO LLC: Claims Registration Period Ends April 8 ---------------------------------------------------------- Creditors owed money by LLC FENSTERSTUDIO (FN 166834w) have until April 8, 2008, to file written proofs of claim to court- appointed estate administrator Gernot Faber at: Mag. Gernot Faber Neunkirchner Strasse 34 2700 Wiener Neustadt Austria Tel: 02622/82 1 18 Fax: 02622/82 1 18-6 E-mail: kanzlei@ra-faber.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:30 a.m. on April 22, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Wiener Neustadt, Austria, the Debtor declared bankruptcy on Feb. 7, 2008 (Bankr. Case No. 11 S 3/08i). MM JEKLIC: Claims Registration Period Ends March 20 --------------------------------------------------- Creditors owed money by OEG MM Jeklic Bau have until March 20, 2008, to file written proofs of claim to court- appointed estate administrator Kurt Hirn at: Dr. Kurt Hirn Dr. Arthur Lemisch Platz 2 9020 Klagenfurt Austria Tel: 0463/504770 Fax: 0463/504771 E-mail: dr.kurt.hirn@chello.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on April 1, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Room 225 Second Floor Klagenfurt Austria Headquartered in Klagenfurt, Austria, the Debtor declared bankruptcy on Feb. 7, 2008 (Bankr. Case No. 40 S 8/08d). ============= B E L G I U M ============= SOLUTIA INC: Emerges from Chapter 11 Bankruptcy Protection ---------------------------------------------------------- Solutia Inc. esterday emerged from Chapter 11 reorganization. "Solutia has emerged as a well-positioned specialty chemicals and performance materials company with market-leading global positions and a diverse portfolio of high potential businesses," said Jeffry N. Quinn, chairman, president and chief executive officer. "We believe we are a stronger, healthier and more competitive company than at any point in our history. Over the past four years, we have transformed our portfolio through strategic acquisitions, internal investments, asset dispositions, and the re-deployment of significant nylon assets to higher-value uses." During its time in Chapter 11, Solutia has diversified from both an end-market and a geographic perspective. In 2007, the company's net sales from outside the United States were 55% of the total revenue, compared to 39% in 2003. The increase has been driven primarily by Solutia's Asian growth strategy, as well as significant growth in Europe. "During this period, we have made great strides in improving our financial position by reducing legacy liabilities, enhancing and focusing the business portfolio and delivering strong revenue and operating earnings growth and momentum," said James M. Sullivan, senior vice president and chief financial officer. "With a strong balance sheet and more than 50% of our portfolio growing at greater than two times global GDP, we believe we are positioned to deliver increased shareholder value." On Nov. 29, 2007, the U.S. Bankruptcy Court for the Southern District of New York confirmed Solutia's plan of reorganization and approved the company's exit from bankruptcy subject to certain conditions including the funding of an exit financing facility. Solutia's $2.05 billion exit financing facility was funded by Citigroup Global Markets Inc., Goldman Sachs Credit Partners L.P., and Deutsche Bank Securities Inc. This exit financing is being used to pay certain creditors, and for ongoing operations. About Solutia Inc. Solutia Inc. (NYSE:SOA-WI) -- http://www.solutia.com/-- is a performance materials and specialty chemicals company. The company focuses on providing solutions for a better life through a range of products, including Saflex(r) interlayer for laminated glass, CPFilms(r) aftermarket window films, high- performance nylon polymers and fibers sold under brands including Vydyne(r) and Wear-Dated(r), Flexsys(r) chemicals for the rubber industry, and specialty products such as Skydrol(r) aviation hydraulic fluid and Therminol(r) heat transfer fluid. Solutia's businesses are world leaders in each of their market segments. With its headquarters in St. Louis, Missouri, USA, the company operates globally with approximately 6,000 employees in more than 60 countries that includes 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. * * * As reported in the Troubled Company Reporter-Europe on Dec. 11, 2007, Standard & Poor's Ratings Services assigned its 'B+' loan rating to Solutia Inc.'s (D/--/--) proposed $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 $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: New Stock to Trade on NYSE Effective March 3 --------------------------------------------------------- Solutia Inc. disclosed that the new common stock of reorganized Solutia is scheduled to begin trading on the New York Stock Exchange under the ticker symbol SOA on Monday, March 3, 2008. (Currently the stock symbol also includes the "WI" notation). The "old" Solutia stock, which was trading over-the-counter under the SOLUQ ticker symbol, together with warrants or options to purchase old common stock, were canceled as of Feb. 28, 2008. About Solutia Inc. Solutia Inc. (NYSE:SOA-WI) -- http://www.solutia.com/-- is a performance materials and specialty chemicals company. The company focuses on providing solutions for a better life through a range of products, including Saflex(r) interlayer for laminated glass, CPFilms(r) aftermarket window films, high- performance nylon polymers and fibers sold under brands including Vydyne(r) and Wear-Dated(r), Flexsys(r) chemicals for the rubber industry, and specialty products such as Skydrol(r) aviation hydraulic fluid and Therminol(r) heat transfer fluid. Solutia's businesses are world leaders in each of their market segments. With its headquarters in St. Louis, Missouri, USA, the company operates globally with approximately 6,000 employees in more than 60 countries that includes 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. ============= F I N L A N D ============= NOVELL INC: To Acquire PlateSpin for US$205 Million --------------------------------------------------- Novell Inc. entered into a definitive agreement to acquire PlateSpin Ltd. for US$205 million. The acquisition will extend Novell's leadership position in the next-generation data center by providing the only solution to dynamically deliver business critical services across both physical and virtual infrastructures. PlateSpin offers extensive solutions for the management of heterogeneous workloads that encapsulate data, applications and operating systems residing on a physical or virtual host. These solutions improve the speed and quality of server consolidation, data center relocation and disaster recovery. Novell and PlateSpin will deliver unparalleled support for mixed infrastructure environments offering products for complete workload lifecycle management and optimization for Linux, UNIX and Windows operating systems in the physical and virtual data center. The combined solutions will deliver superior value by helping customers reduce costs, improve service levels and respond to fluctuating business requirements. "Flexible, automated management products that fully leverage server resources and allow the movement of workloads are necessary for optimizing the data center," said Stephen Elliot, research director, Enterprise Systems Management Software and ITMS at IDC. "Over the next three years, heterogeneous virtualization architectures will be the norm for most IT organizations; as such they must purchase data center management solutions that offer an ongoing opportunity for lowering operational costs as well as integrating and managing VMs across both server and storage infrastructures for greater control and visibility between hardware and the virtual software tiers." "The PlateSpin acquisition will be a cornerstone of our two- pronged enterprise Linux and IT management software strategy," Ron Hovsepian, president and CEO of Novell, said. "With the addition of the PlateSpin product portfolio, Novell will be uniquely positioned to deliver the next generation infrastructure software that is at the core of the data center. Together, we will have the most comprehensive workload management solution that allows customers to monitor and analyze what to virtualize, provide the tools to seamlessly virtualize and unvirtualize workloads, automate the management of workloads, and provide the leading open source platform from which to run virtualized work." "PlateSpin's ability to manage workloads is unparalleled and is an essential part of making the data center truly respond to the needs of the business," Stephen Pollack, founder and CEO of PlateSpin, said. "Combined with ZENworks Orchestrator and virtualization from Novell, we are very excited about the synergies that this acquisition will give to customers." Financial Overview Novell will acquire PlateSpin for US$205 million using current cash. The acquisition is expected to close during Novell's second fiscal quarter 2008 subject to the satisfaction of closing conditions. PlateSpin will be integrated into Novell's Systems and Resource Management business unit. As part of this business unit, PlateSpin will continue to develop and market its solutions to a global customer base. This will be done through the continued operation of PlateSpin's Toronto facility as well as through a combination of PlateSpin and Novell offices and facilities around the globe. About Novell Inc. Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq: NOVL) -- http://www.novell.com/-- delivers infrastructure software for the Open Enterprise. Novell provides desktop to data center operating systems based on Linux and the software required to secure and manage mixed IT environments. The company has offices in Australia, Argentina, Austria, Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia, Netherlands, New Zealand, Norway, Philippines, Poland, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand and United Kingdom. * * * Novell Inc.'s subordinated debt carries Moody's Investors Service's B1 rating. =========== F R A N C E =========== FRESH DEL MONTE: Earns US$179.8 Million in Fiscal Year 2007 ----------------------------------------------------------- Fresh Del Monte Produce Inc. released a strong financial and operating results for the fourth quarter and year ended Dec. 28, 2007. Net income for the fourth quarter of 2007 increased to US$34.4 million, compared with a net loss of US$58.8 million in the fourth quarter of 2006. The increase in net income for the quarter was driven by improvements in gross profit; reduction in selling general and administrative expense; gains from favorable foreign exchange rates; lower asset impairment and other charges; and the sale of nonperforming assets. For the full year, the company reported net income of US$179.8 million, compared with a net loss of US$142.2 million in 2006. Results for the fourth quarter of 2007 exclude charges totaling US$7.3 million from asset impairment, restructuring and other charges, net, primarily associated with exit activities in the United Kingdom and Italy. Full year results include charges totaling US$9.5 million from asset impairment, restructuring and other charges, net. Net sales for the fourth quarter of 2007 increased 15 percent to US$848.2 million, compared with US$737.6 million in the prior year fourth quarter. The significant increase in net sales was due to strong sales performance in all of the company’s product segments driven by product price increases in the company’s gold pineapple, canned pineapple and melon product lines; higher worldwide banana selling prices; increased demand for bananas, especially in emerging markets; and favorable foreign exchange rates. Net sales for the year increased 5 percent to US$3.4 billion, compared with US$3.2 billion in 2006. Gross profit for the fourth quarter of 2007 increased to US$78.4 million, compared with gross profit of US$57.4 million in the fourth quarter of 2006. The US$21.0 million rise in gross profit for the quarter was driven by higher selling prices in the Company’s major product lines; operational improvements in key business segments; favorable foreign exchange rates; and increased sales in the company’s Prepared Food business segment, a direct result of lower canned pineapple supply in the marketplace. These gains were partially offset by significantly higher costs associated with the growing and procurement of fruit, packaging, labor, fuel and transportation during the quarter. Gross profit for the year was US$364.9 million, compared with gross profit of US$189.4 million in 2006. "We delivered the best fourth quarter in our history, driven by the improvements made in our business segments," said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. "In spite of the fact that we experienced dramatic increases in fruit production, procurement and logistics costs that exceeded previous record highs, we were still able to remain flexible and use strategically creative methods to address these factors. We focused our sales of fruit to markets with the greatest demand, focused our fresh-cut line on the highest value products, capitalized on health and wellness and convenience trends, and achieved higher selling prices in key product lines. These accomplishments were achieved without sacrificing product quality, freshness and reliability – characteristics associated with Fresh Del Monte Produce and the Del Monte(R) brand." Based in the Cayman Islands, Fresh Del Monte Produce Inc. -- http://www.freshdelmonte.com/-- is one of the world's leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared fruit and vegetables, juices, beverages, snacks and desserts in Europe, the Middle East and Africa. Fresh Del Monte markets its products worldwide under the Del Monte(R) brand, a symbol of product quality, freshness and reliability since 1892. Del Monte Fresh Produce Company has operations in Chile, Brazil, France, Philippines, and Korea. * * * As reported in the Troubled Company Reporter- Europe on Nov. 23, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on Fresh Del Monte Produce Inc., and removed the rating from CreditWatch, where it was placed with positive implications on Nov. 1, 2007. S&P said the outlook is stable. LAZARD LTD: Gets Okay for Additional US$100MM Share Repurchase -------------------------------------------------------------- Lazard Ltd's Board of Directors has approved an additional share repurchase authorization of US$100 million, for purchases prior to June 30, 2009. Lazard also has US$32 million under a previously disclosed authorization. Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a preeminent financial advisory and asset management firms, that operates from 32 cities across 16 countries in North America, Europe, Asia, Australia and South America. With origins dating back to 1848, the firm provides advice on mergers and acquisitions, restructuring and capital raising, well as asset management services to corporations, partnerships, institutions, governments, and individuals. The company has locations in Australia, Brazil, China, France, Germany, India, Japan, Korea and Singapore. The company's consolidated balance sheet at Sept. 30, 2007, showed US$3.51 billion in total assets, US$3.54 billion in total liabilities, and US$49.0 million minority interest, resulting in a US$74.5 million total shareholders' deficiency. SMOBY-MAJORETTE SA: Court to Select New Buyer on March 3 -------------------------------------------------------- The Commercial Court of Lons-le-Saunier will rule March 3, 2008, on the buyer for Smoby-Majorette S.A., various reports say. Leading bidders for Smoby are the consortium of Abcia S.A. and Caravelle, and German toy-maker Simba, Le Monde reports. Meanwhile, around 500 employees staged a demonstration at several of the Smoby's plants, asking for reduction of job cuts from 600 to 250, Les Echos reports. Abcia and Simba both offered to keep around between 44% to 47% of the comany's employees. MGA Entertainment, which bought 51% of Smoby in May 2007, said it failed to reach an agreement with Smoby's creditors, Thomson Merger News relates. MGA didn't make an offer for Smoby. As reported in the TCR-Europe on Jan. 8, 2008, the Court of Appeal in Besancon rejected the recovery plan presented by MGA Entertainment Inc. for Smoby-Majorette, maintaining the decision of the Commercial Court of Lons-le-Saunier to place the company under receivership on Oct. 9, 2007. The appellate court gave interested parties until at latest Jan. 20, 2008, to submit offers for Smoby. Around 30 parties have sought information on Smoby and its units. About Smoby Headquartered in Lavans les Saint-Claude, France, Smoby -- http://www.smoby.fr/-- specializes in the creation, development, production and distribution of toys for children from birth to age 10. Smoby has a presence in over 90 countries globally, with commercial and/or industrial operations in South America, Asia and throughout Europe. The Company's products are sold worldwide through a network of 18 subsidiaries, with 65% of sales generated outside of France. In France, the Company employs 1, 300 workers. Its Latin America operations are found in Argentina, Brazil and Mexico. The Commercial Court of Lons-le-Saunier opened bankruptcy proceedings against Smoby on March 19, 2007, upon the Debtor's request. Smoby was hoping to snag an investor who will inject fresh capital yet remain a minority, as the company grapples with a EUR330-million debt. The company reported a net loss of EUR15.87 million for the year ended March 31, 2006, compared with a net profit of EUR1.56 million in 2005. SOTHEBY'S: Earnings Rise to US$102 Mln in Quarter Ended Dec. 31 --------------------------------------------------------------- Sotheby's reported results for the fourth quarter and full year ended Dec. 31, 2007. The company's net income for the fourth quarter of 2007 was a record US$102.4 million compared to US$70.3 million for the prior period, a 46%, or US$32.1 million improvement, due to growth in auction commission revenues. These results include a US$32.2 million, or 49%, increase in salaries and related costs, due to higher incentive compensation costs attributable to the strong results for the period well as higher full time salaries. For the quarter ended Dec. 31, 2007, the company reported record revenues of US$345.8 million, an US$82.6 million, or 31%, increase over the prior fourth quarter, due to higher auction commission revenues. Net income for the full year 2007 totaled US$213.1 million, about double the 2006 figure of US$107 million. These results, due to the revenue increases mentioned above, are partially offset by a 30% rise in salaries and related costs from higher incentive compensation costs due to the exceptional financial performance for the year well as increased full time salaries and stock compensation expense over the period. Total revenues were US$917.7 million which is US$252.9 million, or 38%, higher than the prior year due to a US$210 million, or 38%, improvement in auction commission revenues. This increase in total revenues is attributable to a 51% increase in Consolidated Sales, which rose to US$6.2 billion in 2007. Operating income of US$275.8 million was US$78.6 million, or 40%, ahead of the prior year. Also, general and administrative expenses increased by 22% partly due to a 33% increase in professional fees and a 28% increase in travel and entertainment costs over the period. The company's results for the full year 2007 were significantly impacted by a one-time benefit of US$20 million related to an insurance recovery from the key man life insurance policy covering Robert Noortman, who died unexpectedly in January 2007, and a US$4.8 million gain on the sale of our former Billingshurst salesroom property in the United Kingdom, partially offset by a US$15 million impairment charge related to intangible assets and goodwill of Noortman Master Paintings, B.V. "2007 was a record year for Sotheby's, significantly exceeding the company's outstanding performance in 2006," Bill Ruprecht, president and chief executive officer of Sotheby's, said. "Over the past five years, the number of clients buying at the top end of our business has increased by more than 200% and their geographical diversity has expanded by over 60%," he added. "In 2003 our top buyers -- purchasing lots of US$500,000 and above -- came from 36 countries; in 2007 they came from 58 countries. Our increased global focus on our top clients is delivering excellent results -- for our business, for our clients, our employees and for our shareholders." The company related that many areas were noteworthy in 2007. For the first time, Contemporary Art became Sotheby's largest category with auction sales of US$1.34 billion, an increase of 107% from the prior year. Sales of Impressionist and Modern Art rose by 24% to US$1.16 billion. Emerging markets performed strongly as well. Russian Paintings and Works of Art brought US$190.9 million, a 25% increase from the prior year. Sales in Asia totaled US$400.7 million, a 41% increase from the prior year and worldwide sales of Contemporary Asian Art brought US$140 million, 99% above the prior year level. Traditional categories also fared extremely well with Antiquities bringing US$112.2, million a ten-fold increase from the prior year, due to the sale of two masterpieces, and Old Master Paintings, Jewelry, British Paintings, French Furniture and European Works of Art each experienced over 40% growth in their respective categories. About Sotheby's Headquartered in New York City, Sotheby's -- http://www.sothebysrealty.com/(NYSE: BID) engages in art auction, private sales and art-related financing activities. The company operates in 40 countries, with principal salesrooms located in New York, London, Hong Kong and Paris. The company also regularly conducts auctions in six other salesrooms around the world. * * * Moody's Investors Service placed Sotheby's long term corporate family rating and probability of default rating at 'Ba2' in August 2007. The ratings still hold to date with stable outlook. ============= G E R M A N Y ============= AUTOHAUS GOETTINGEN: Claims Registration Period Ends March 25 ------------------------------------------------------------- Creditors of Autohaus Goettingen-Ost GmbH & Co KG have until March 25, 2008, to register their claims with court-appointed insolvency manager Peter Staufenbiel. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on April 23, 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 Goettingen Hall B 11 Berliner Strasse 8 37073 Goettingen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Peter Staufenbiel Dransfelder Strasse 19 A 37079 Goettingen Germany Tel: 0551/9000950 Fax: 0551/9000955 E-mail: info@hauter.com The District Court of Goettingen opened bankruptcy proceedings against Autohaus Goettingen-Ost GmbH & Co KG on Jan. 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Goettingen-Ost GmbH & Co KG Hannover Strasse 42 37075 Goettingen Germany AUTOHAUS UNGETHUEM: Claims Registration Period Ends March 25 ------------------------------------------------------------ Creditors of Autohaus Ungethuem in Zwickau GmbH have until March 25, 2008, to register their claims with court-appointed insolvency manager Andreas Schenk. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 22, 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 Chemnitz Hall 27 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Schenk Schumannstrasse 9 08056 Zwickau Germany Tel: (0375) 211 857 0 Fax: (0375) 211 857 28 E-mail: zwickau@scharl-schenk-scheuffler.de The District Court of Chemnitz opened bankruptcy proceedings against Autohaus Ungethuem in Zwickau GmbH on Jan. 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Ungethuem in Zwickau GmbH Crimmitschauer Strasse 82-84 08058 Zwickau Germany GARTEN DESIGN: Claims Registration Ends March 25 ------------------------------------------------ Creditors of Garten Design Paul Flender Garten- und Landschaftsbau GmbH have until March 25, 2008 to register their claims with court-appointed insolvency manager Stephan Heinrichsmeyer. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on April 25, 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 Dortmund Hall 3.205 Second Floor Gerichtsplatz 1 44135 Dortmund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Heinrichsmeyer Spiekergasse 6-8 33330 Guetersloh Germany The District Court of Dortmund opened bankruptcy proceedings against Garten Design Paul Flender Garten- und Landschaftsbau GmbH on Jan. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Garten Design Paul Flender Garten- und Landschaftsbau GmbH Duererstr. 3 59069 Hamm Germany Attn: Achim Bahne, Manager Alte Landwehrstr. 7 59077 Hamm Germany GIG-BREMEN: Creditors' Meeting Slated for March 13 -------------------------------------------------- The court-appointed insolvency manager for GIG-Bremen Gesellschaft fuer innovative Gebaudetechnik mbH, Edgar Groenda will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:45 a.m. on March 13, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Bremen Hall 115 Ostertorstr. 25-31 28195 Bremen Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on May 8, 2008, at the same venue. Creditors have until March 25, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Edgar Groenda Domshof 18-20 28195 Bremen Germany Tel: 0421-3686-0 Fax: 0421-3686-100 E-mail: InsOBremen@schubra.de Web site: http://www.schubra.de/ The District Court of Bremen opened bankruptcy proceedings against GIG-Bremen Gesellschaft fuer innovative Gebaudetechnik mbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GIG-Bremen Gesellschaft fuer innovative Gebaudetechnik mbH Attn: Wolfgang Palecki, Manager Otto-Lilienthal-Str. 27 28199 Bremen Germany GOLDEN FOOD: Creditors' Meeting Slated for March 20 --------------------------------------------------- The court-appointed insolvency manager for Golden Food GmbH, Ruediger Wienberg will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m. on March 20, 2008. The meeting of creditors and other interested parties 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 at 9:05 a.m. on May 8, 2008, at the same venue. Creditors have until March 25, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Ruediger Wienberg Giesebrechtstr. 1 10629 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Golden Food GmbH on Jan. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Golden Food GmbH Eschenallee 25 14050 Berlin Germany H+F HOCH: Claims Registration Period Ends March 24 -------------------------------------------------- Creditors of H+F Hoch- und Ausbau GmbH have until March 24, 2008, to register their claims with court-appointed insolvency manager Ulrich Hauter. Creditors and other interested parties are encouraged to attend the meeting at 2:50 p.m. on April 24, 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 Jena Hall 91 Jena 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: Ulrich Hauter Untermarkt 12 99974 Muehlhausen Germany The District Court of Jena opened bankruptcy proceedings against H+F Hoch- und Ausbau GmbH on Jan. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H+F Hoch- und Ausbau GmbH Attn: Ursula Hauptvogel, Manager Torstrasse 3 98762 Neustadt/Harz Germany HAMMER MODE: Creditors' Meeting Slated for March 19 --------------------------------------------------- The court-appointed insolvency manager for Hammer Mode GmbH, Joachim Exner will present his first report on the Company's insolvency proceedings at a creditors' meeting at 1:00 p.m. on March 19, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Hof Meeting Hall 012 Ground Floor Berliner Platz 1 95030 Hof Germany The Court will also verify the claims set out in the insolvency manager's report at 1:00 p.m. on April 22, 2008 at the same venue. Creditors have until March 25, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Joachim Exner Ludwigstr. 50 95028 Hof Germany Tel: 09281/8331080 Fax: 09281/8331089 The District Court of Hof opened bankruptcy proceedings against Hammer Mode GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hammer Mode GmbH Kirchenlamitzer Str. 71 95213 Muenchberg Germany IKB DEUTSCHE: European Commission Probes Germany’s Measures ----------------------------------------------------------- The European Commission has commenced a probe into whether the German government's financial measures to IKB Deutsche Industriebank AG constitutes violation of European Union competition laws, Bloomberg News reports. "The commission has to ensure that such interventions do not unduly distort trade in the markets," Competition Commissioner Neelie Kroes was quoted by Bloomberg News as saying. "[The commission] has to assess whether these measures constitute state aid and, if so, whether they can be found compatible with EU rules for rescuing and restructuring firms in difficulties." IKB is reportedly needing up to EUR2 billion in fresh capital, EUR500 million of which is needed in the short term. KfW may have to bail out IKB for the third time after the bank's other shareholders refused to finance the company's restructuring. As previously reported in the TC-Europe, the German government has decided to infuse EUR1.5 billion in fresh capital into IKB, pledging to provide EUR1 billion of the rescue fund, while the local banking industry will furnish EUR500 million. KfW had agreed in July 2007 to take over all of IKB's obligations related to Rhineland Funding when the vehicle's commercial paper couldn't be sold to investors following the U.S. subprime crisis. In December 2007, a KfW-led banking pool agreed to cover US$520 million in risks for IKB, which brought the cost of the rescue to EUR6.15 billion. IKB had notified Bundesbank and BaFin that it could face more liquidity problems if it fails to secure necessary financing. IKB warned in September 2007 that it may post EUR700 million in losses for fiscal year ending March 31, 2008. Mr. Kroes noted that IKB "would not have been able to continue their business without the measures." Meanwhile, Finance Ministry spokeswoman Ulrike Abratis told Bloomberg News that the government assumed that the financial measures doesn't qualify as state aid. Ms. Abratis said the government will work closely with the commission and provide all required documents.. About IKB Deutsche Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank AG -- http://www.ikb.de/-- pioneered the long-term industrial loan and provides medium-sized companies with long-term financing. The bank operates in several German locations, as well as branches in the United Kingdom, Luxembourg, Spain and France. IKB had previously invested in securitized loans on the US market for subprime mortgages, which are now almost worthless. This resulted in a deep-seated crisis within the bank, pushing it on the brink of bankruptcy. * * * As reported in the TCR-Europe on Jan. 25, 2008, Moody's Investors Service downgraded the bank financial strength rating of IKB Deutsche Industriebank to E+ from D-. The outlook on the BFSR is now developing. As reported in the TCR-Europe on Jan. 9, 2008, Fitch Ratings has upgraded IKB Deutsche Industriebank AG's Individual rating to 'E' from 'F'. The TCR-Europe also reported on Dec. 13, 2007, that Fitch Ratings downgraded the loan facilities provided by IKB Deutsche Industriebank AG and IKB International S.A. to Havenrock II Limited as: US$165,000,000 loan provided by IKB International: downgraded to 'CC/DR2' from 'BBB+' Outlook Negative; US$404,875,000 Facility C loan provided by IKB: downgraded to 'CC/DR2' from 'BBB+'; Outlook Negative; US$43,750,000 Facility B loan provided by IKB: downgraded to 'CC/DR2' from 'B+'; Outlook Negative; and US$11,375,000 Facility A loan provided by IKB: downgraded to 'CC/DR2' from 'CCC'; Outlook Negative. INOVA COMPUTERS: Claims Registration Ends March 25 -------------------------------------------------- Creditors of INOVA Computers GmbH have until March 25, 2008 to register their claims with court-appointed insolvency manager Michael Pluta. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 15, 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 Kempten Meeting Hall 169 First Floor Residenzplatz 4-6 87435 Kempten Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Pluta Karlstr. 31 - 33 89073 Ulm Germany Tel: 0731/96880-0 Fax: 0731/96880-50 The District Court of Kempten opened bankruptcy proceedings against INOVA Computers GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: INOVA Computers GmbH Innovapark 20 87600 Kaufbeuren Germany KNICKMEIER GMBH: Claims Registration Period Ends March 5 -------------------------------------------------------- Creditors of Knickmeier GmbH have until March 5, 2008, to register their claims with court-appointed insolvency manager Ulrich Zerrath. Creditors and other interested parties are encouraged to attend the meeting at 9:40 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 Muenster Meeting Hall 101 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Zerrath Lange Wanne 57 45665 Recklinghausen Tel: 02361/4884-0 Fax: +492361488499 The District Court of Feb. 13, 2008, opened bankruptcy proceedings against Knickmeier GmbH on DATE. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Knickmeier GmbH Dreiboemerweg 8 46419 Isselburg Germany Attn: Ewald Foecking Verdistr. 5 46414 Rhede Germany MATRIX GMBH: Claims Registration Period Ends March 18 ----------------------------------------------------- Creditors of Matrix GmbH have until March 18, 2008, to register their claims with court-appointed insolvency manager Holger Bluemle. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 15, 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 Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Holger Bluemle Kriegsstr. 113 76135 Karlsruhe Germany Tel: (07 21) 91 95 70 The District Court of Karlsruhe opened bankruptcy proceedings against Matrix GmbH on Feb. 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Matrix GmbH Attn: Thomas Heeger, Manager Bannwaldallee 46 76185 Karlsruhe Germany MCBEE GMBH: Claims Registration Ends March 25 --------------------------------------------- Creditors of McBee GmbH have until March 25, 2008 to register their claims with court-appointed insolvency manager Dr. Hans von Gleichenstein. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 22, 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 Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Hans von Gleichenstein Rottmannstr. 11a 80333 Munich Germany Tel: 089/5427300 Fax: 089/54273015 The District Court of Munich opened bankruptcy proceedings against McBee GmbH on Jan. 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: McBee GmbH Attn: Roland Horend, Manager Moosfeld 3 81829 Munich Germany MEDICOR DEUTSCHLAND: Claims Registration Period Ends March 3 ------------------------------------------------------------ Creditors of MediCor Deutschland GmbH have until March 3, 2008, to register their claims with court-appointed insolvency manager Dr. Kurt Bruder. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 3, 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 Munich Meeting Room 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Kurt Bruder Herzog-Wilhelm-Str. 17 80331 Muenchen Germany Tel: 089/236858-0 Fax: 089/2603440 The District Court of Munich opened bankruptcy proceedings against MediCor Deutschland GmbH on Feb. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MediCor Deutschland GmbH Attn: Markus Halfpap, Manager Alte Landstr. 27 85521 Ottobrunn Germany MEGA MOEBEL: Claims Registration Ends March 25 ---------------------------------------------- Creditors of MEGA MOEBEL MAGAZIN GmbH have until March 25, 2008 to register their claims with court-appointed insolvency manager Manfred Vellmer. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on April 15, 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 119 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: Manfred Vellmer Adalbertstr. 8 48565 Steinfurt Germany Tel: 02552/638710 Fax: +4925526387111 The District Court of Muenster opened bankruptcy proceedings against MEGA MOEBEL MAGAZIN GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MEGA MOEBEL MAGAZIN GmbH Roemerstrasse 17 48429 Rheine Germany Attn: Peter Lorenschat, Manager Salzdahlumer Str. 128 D 38302 Wolfenbuettel Germany NEGLIUS GMBH: Claims Registration Period Ends March 20 ------------------------------------------------------ Creditors of Neglius GmbH have until March 20, 2008, to register their claims with court-appointed insolvency manager Stefan Beck. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 11, 1008, 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 Wuerzburg Room 14 Tiepolostr. 6 Wuerzburg 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: Stefan Beck Kuerschnerhof 4 97070 Wuerzburg Germany Tel. 0931/3229656 The District Court of Wuerzburg opened bankruptcy proceedings against Neglius GmbH on Feb. 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Neglius GmbH Friedrich-Bergius-Ring 34 97076 Wuerzburg Germany OSTROGA EDELSTAHLVERARBEITUNG: Claims Period Ends March 15 ---------------------------------------------------------- Creditors of OSTROGA Edelstahlverarbeitung GmbH have until March 15, 2008, to register their claims with court-appointed insolvency manager Stefan Haas. Creditors and other interested parties are encouraged to attend the meeting at 8:35 a.m. on March 28, 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 Landshut Meeting Hall 9/I Maximilianstrasse 22-24 Landshut 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: Stefan Haas Rennweg 119 a 84028 Landshut Germany Tel: 0871/9655326 Fax: 0871/9655325 The District Court of Landshut opened bankruptcy proceedings against OSTROGA Edelstahlverarbeitung GmbH on Feb. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: OSTROGA Edelstahlverarbeitung GmbH Hartbeckerforst 41 84172 Buch am Erlbach Germany PPD PRIVATER: Claims Registration Ends March 25 ----------------------------------------------- Creditors of PPD Privater Postdienst GmbH have until March 25, 2008 to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on April 25, 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 1240 12th Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany Tel: 0221/650 660 Fax: +49221650661 The District Court of Cologne opened bankruptcy proceedings against PPD Privater Postdienst GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PPD Privater Postdienst GmbH Attn: Karsten Knaup, Manager Haferwende 29 a 28357 Bremen Germany PROVIDE-VR 2002-1: Moody's Cuts Rating on Class D Notes to B2 ------------------------------------------------------------- Moody's Investors Service downgraded this Class of Notes issued by Provide-VR 2002-1 plc: -- EUR23,000,000 Class D Floating Rate Credit Linked Notes, downgraded to B2 from Ba1. This downgrade concludes the review process of Class D Notes that was started on 30 January 2008. Moody's rating action was prompted by a worse-than-expected performance of the underlying portfolio. The performance analysis primarily considered: (1) the level of outstanding credit events reported as of February 2008 totaling at EUR15.7 million; and (2) the average recovery rate reported for already worked- out reference claims of 32.3%. One of the reasons for the relatively low recovery rate experienced so far is the fact that the securitised portfolio mainly consists of second lien mortgage loans (i.e. loan parts above 60 per cent loan-to-lending-value). Moody's considered in its analysis that EUR3.2 million of reported credit events are re-performing and are currently not in arrears. Nevertheless, both performance indicators suggest that additional losses will materialise going forward at levels higher than Moody's initially expected. Next to reviewing the performance indicators, Moody's assessed also updated loan-by- loan information on the outstanding reference claims to determine the volatility of the future losses. Based on this available loan-by-loan information and the limited additional information provided, Moody's decided to use the so far experienced recovery rate as a best estimate for the expected future recovery rate for the monitoring of this transaction. Taking into account the current amount of outstanding credit events and a roll rate analysis for the non- defaulted portion of the portfolio, Moody's expects additional future losses to exceed EUR11 million. In case losses equal to this Moody's expected future loss assumption should materialise, this would mean a total loss of principal for Class E Notes and a significant loss of principal for Class D Notes, which are currently supported by about EUR 9 million of subordination. The Class F Notes, which constitutes the first loss piece in this transaction, have an outstanding balance of EUR5.7 million as of February 2008. In the recent reporting period EUR0.95 million of losses were allocated to the transaction, so that a total of EUR6.6 million of losses have been allocated to Class F since closing. The Class E Notes have an outstanding balance of EUR3.3 million. Provide-VR 2002-1 is a transaction by DG HYP (95.21 per cent of the initial portfolio), which - together with five co-operative banks (4.79 per cent of the initial portfolio) - transferred the credit risk of approximately 20,876 residential mortgage loans to investors. At closing the total portfolio amounted to EUR 623.3 million (EUR343.0 current portfolio balance) and had a weighted average loan-to-market-value of 74 per cent. The portfolio has an above average concentration in the Northern Laender of Germany. The realised loss definition includes principal and external work-out costs. Accrued interest is excluded from the realised loss definition of the transaction. Losses will be allocated in a reverse sequential order, first to the unrated Class F Notes. The portfolio is static and the credit linked notes amortise sequentially, starting with the Class A+ Notes, which rank pro- rata with the Senior Credit Default Swap. The ratings address the ultimate payment of principal on or before final legal maturity of the Notes. TELECASS GMBH: Claims Registration Period Ends March 14 ------------------------------------------------------- Creditors of Telecass GmbH have until March 14, 2008, to register their claims with court-appointed insolvency manager Anton Rosenauer. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on April 4, 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 Stuttgart Room 178 Hauffstr. 5 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Anton Rosenauer Industriestr. 3 70565 Stuttgart Germany Tel: 0711/2317593 The District Court of Stuttgart opened bankruptcy proceedings against Telecass GmbH on Feb. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Telecass GmbH Albstr. 14 70597 Stuttgart Germany YAYCI GMBH: Claims Registration Period Ends March 24 ---------------------------------------------------- Creditors of Yayci GmbH have until March 24, 2008, to register their claims with court-appointed insolvency manager Martin Moderegger. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 29, 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 Hannover Hall 226 Second 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. Martin Moderegger Schiffgraben 23 30159 Hannover Germany Tel: 0511 763529-0 Fax: 0511 763529-43 The District Court of Hannover opened bankruptcy proceedings against Yayci GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Yayci GmbH Arndtstr. 2 30167 Hannover Germany ============= H U N G A R Y ============= FLEXTRONICS: To Increase Workforce in Hungary by 10% ---------------------------------------------------- Flextronics International Ltd. is planning to increase its manufacturing in Hungary and will increase its local workforce by approximately 10%, EE Times Europe reports, citing Hungarian business daily news. Flextronics, the report relates, employs 10,000 workers in five production plants in Hungary. As well as increasing manufacturing with some particular product lines the company wants to develop its service base in Zalaegerszeg, which is one of the largest regional service centers in Central and Eastern Europe, the report adds. Production is set to start in May, report adds. About Flextronics Headquartered in Singapore, Flextronics International Ltd. (NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an Electronics Manufacturing Services provider focused on delivering design, engineering and manufacturing services to automotive, computing, consumer digital, industrial, infrastructure, medical and mobile OEMs. Flextronics helps customers design, build, ship, and service electronics products through a network of facilities in over 30 countries on four continents including Brazil, Mexico, Hungary, Sweden, United Kingdom, among others. * * * Flextronics International Ltd. continues to carry Moody's "Ba1" probability of default and long-term corporate family ratings with a negative outlook. The company also carries Standard & Poor's "BB+" long-term local and foreign issuer credit ratings with a negative outlook. ============= I C E L A N D ============= NAVISTAR INTERNATIONAL: Re-Files Breach of Contract Suit vs Ford ---------------------------------------------------------------- Navistar International Corp. has re-filed a lawsuit against Ford Motor Co. for violating a diesel engine contract in which Ford promised that Navistar would be Ford's primary manufacturer and supplier of V-6 and V-8 diesel engines in North America, including diesel engines for Ford's F-150 pickup trucks. The suit, filed in the Circuit Court of Cook County, Ill., seeks "at least hundreds of millions of dollars." Navistar originally sued Ford alleging breach of the contract in June 2007. Cook County Circuit Court Judge Dennis Burke dismissed that suit to allow for mediation of the dispute by a third-party. Navistar and Ford were unable to resolve the dispute through mediation, so Navistar now has re-filed the lawsuit. According to the lawsuit, Ford will introduce a 4.4 liter diesel engine for production in North America by late 2009 or 2010 or possibly earlier. Ford intends to produce the engine itself for use in the F-150, and possibly other vehicles. The lawsuit states that Ford cannot manufacture the engine without violating its contract with Navistar. Reportedly, Ford will produce the engines at a Ford facility in Chihuahua, Mexico. The lawsuit states that Navistar spent millions of dollars and devoted years of its employees' time to develop a next generation diesel engine named "Lion" for use in F-150 pickup trucks and other vehicles in which Ford had not previously offered diesel engines. Ford agreed that Navistar, which has been the exclusive diesel engine supplier for Ford's heavy-duty pickup trucks since 1979, would be the manufacturer and supplier of the new engines for the North American vehicle market. The lawsuit, filed Feb. 26, 2008, is separate from previously reported litigation between the two companies. In 2007, Ford filed a lawsuit against Navistar involving engine pricing and warranty claims on Power Stroke diesel engines. Navistar counter-sued, stating that pricing was consistent with contractual agreements, that the warranty claims were entirely without merit and that Ford has stopped honoring the terms of an agreement under which the engines were built. Navistar amended its counter-suit in May 2007 and asked for in excess of US$2 billion in damages. About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. About Navistar International Based in Warrenville, Illinois, Navistar International Corp. (NYSE:NAV) -- http://www.nav-international.com/-- is the parent company of Navistar Financial Corp. and International Truck and Engine Corp. The company produces International brand commercial trucks, mid-range diesel engines and IC brand school buses, Workhorse brand chassis for motor homes and step vans, and is a private label designer and manufacturer of diesel engines for the pickup truck, van and SUV market. The company also provides truck and diesel engine parts and service sold under the International brand. A wholly owned subsidiary offers financing services. The company has operations in Brazil, Iceland and India. * * * The company carries Standard & Poor's Ratings Services' 'BB-' corporate credit ratings with a negative outlook. The company's subsidiary, Navistar Financial Corp. also carries S&P's BB- rating. ============= I R E L A N D ============= ELAN CORP: Moody's Changes Outlook to Positive; Holds B3 Ratings ---------------------------------------------------------------- Moody's Investors Service revised the rating outlook for Elan Corporation, plc and Elan Finance plc to positive from stable. At the same time, Moody's affirmed Elan's existing ratings including the B3 Corporate Family Rating. Moody's last rating action on Elan was an affirmation of the ratings with a stable rating outlook on Nov. 9, 2006 in conjunction with a B3 rating assignment to a senior note offering. "The change in Elan's rating outlook to positive reflects steady market acceptance of Tysabri approximately 18 months after the re-launch," stated Moody's Senior Vice President Michael Levesque. Other positive developments include the recent FDA approval of Tysabri in moderate to severe Crohn's disease, and the initiation of Phase III clinical trials of bapineuzumab in Alzheimer's disease in a collaboration with Wyeth. "However, thee B3 rating remains constrained by uncertainty that Elan will attain positive free cash flow, especially if any additional PML cases arise," continued Levesque. Elan's B3 Corporate Family Rating reflects the criteria outlined in Moody's Global Pharmaceutical Rating Outlook including size and scale (where Elan maps to the "B" category), cash flow relative to debt ("Caa"), and cash coverage of debt ("Ba"). Elan's rate of cash use is still significant, reflecting higher spending on R&D, and generic pressures affecting the Maxipime franchise. A rating upgrade could result from additional market acceptance of Tysabri, leading Moody's to conclude that Elan is on a clear path to generating positive free cash flow. Negative rating pressure could develop if Moody's believes that Elan is unlikely to ever achieve positive earnings and cash flow. Ratings affirmed: Elan Corporation plc: -- B3 Corporate Family Rating -- B2 Probability of Default Rating Elan Finance plc: -- B3 (LGD4, 65%) fixed rate senior notes of $850 million due 2011 (guaranteed by Elan Corporation, plc and subsidiaries) -- B3 (LGD4, 65%) floating rate senior notes of $300 million due 2011 (guaranteed by Elan Corporation, plc and subsidiaries) -- B3 (LGD4, 65%) fixed rate senior notes due 2013 (guaranteed by Elan Corporation, plc and subsidiaries) Elan Corporation, plc is a specialty biopharmaceutical company headquartered in Dublin Ireland, with areas of expertise in neurological and autoimmune disease, and drug delivery technology. The company reported US$759 million of total revenue in 2007. LUNAR FUNDING V: Moody's Junks Ratings on Two Notes Series ---------------------------------------------------------- Moody's has taken rating actions on these Series of notes issued by Lunar Funding V PLC: -- Downgraded to C, the Series 16 EUR4,250,000 Secured Asset-Backed Notes due 2053; and -- Downgraded to Caa3 (on watch for possible downgrade), the Series 17 EUR11,050,000 Secured Asset-Backed Notes due 2053. Series 17 represents the repackaging of the US$13,000,000 Class C Secured Floating Rate Credit-Linked Notes due 2053 of Marc CDO I plc, while Series 16 represents the repackaging of the USD 14,000,000 Class D Secured Floating Rate Credit-Linked Notes due 2053 of Marc CDO I plc. The equivalent rating actions have been taken on both Class C & D. The rating actions on the underlying Marc CDO I Notes are a response to severe credit deterioration in the underlying portfolio. Marc CDO I plc is a managed synthetic CDO of ABS referencing a portfolio which contains 55% US RMBS and 15% US ABS CDOs of the 2005, 2006, and 2007 vintages. In addition, 0.25% of the portfolio by volume is wrapped by monoline insurer FGIC, whilst 2.26% of the portfolio by volume (one US ABS CDO) is currently in default. Moody's will continue to monitor all deals with exposure to US subprime RMBS and ABS CDOs, and will take further actions in respect of all CDOs placed under review for downgrade once the extent of actual downgrades to US RMBS and ABS CDO vintages becomes known. Lunar Funding V PLC is a special purpose company located in Ireland and established for the purpose of repackaging debt securities. WELLMAN INC: Wants Kirkland & Ellis as Bankruptcy Counsel --------------------------------------------------------- Wellman Inc. and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the Southern District of New York to employ Kirkland & Ellis, LLP, as their primary bankruptcy counsel, nunc pro tunc Feb. 22, 2008. The Debtors selected Kirkland & Ellis because of the firm's expertise and extensive experience in the field of debtors' protections, creditors' rights and business reorganizations under Chapter 11 of the Bankruptcy Code. As primary counsel, Kirkland is expected to: (a) advise the Debtors with respect to their powers and duties as debtors-in-possession in the continued management and operation of their business and properties; (b) advise and consult on the conduct of Chapter 11 including all of the legal and administrative requirements of operating in the bankruptcy case; (c) attend meeting and negotiate with representatives of the creditors and other parties-in-interest; (d) take all action to protect and preserve the Debtors' estates including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, among other things; (e) prepare all Court pleadings, reports and other papers necessary to the administration of The Debtors' estates; (f) represent the Debtors in connection with obtaining postpetition financing; (g) advise the Debtors in connection with any potential sale of their assets or business; (h) appear before the Court and any appellate courts to represent the interests of the Debtors' estates; (i) consult with the Debtors regarding tax, environmental, employment, pension, real estate and other matters; (j) take any necessary action on behalf of the Debtors to negotiate, prepare and obtain approval of a Chapter 11 plan and all related documents; and (h) perform all other necessary or otherwise beneficial legal services for the Debtors in connection with the prosecution of their cases. In exchange for Kirkland's services, the firm will be paid on an hourly basis and reimbursed for the expenses incurred related to any work undertaken. The firm's professionals and their hourly rates are: Partners US$520 - US$975 Of Counsel US$330 - US$595 Associates US$295 - US$600 Paraprofessionals US$150 - US$265 Jonathan S. Henes, a partner at Kirkland, assures the Court that the firm does not have any connection with any of the Debtors or parties-in-interest. He adds that the firm is a "disinterested person" as that phrase is defined in Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b). About Wellman Inc. Headquartered in Fort Mill, South Carolina, Wellman Inc. -- http://www.wellmaninc.com/-- manufactures and markets packaging and engineering resins used in food and beverage packaging, apparel, home furnishings and automobiles. They manufacture resins and polyester staple fiber a three major production facilities. Wellman has recycling facilities in the U.S., Ireland, the Netherlands and France. The company and its debtor-affiliates filed for Chapter 11 protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No. 08- 10595). Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP, in New York City, represents the Debtors. Wellman Inc., in its bankruptcy petition, listed total assets of US$124,277,177 and total liabilities of US$600,084,885, as of Dec. 31, 2007, on a stand-alone basis. Debtor-affiliate ALG, Inc., listed assets between US$500 million and US$1 billion on a stand-alone basis at the time of the bankruptcy filing. Debtor-affiliates Fiber Industries Inc., Prince Inc., and Wellman of Mississippi Inc., listed assets between US$100 million and US$500 million at the time of their bankruptcy filings. On a consolidated basis, Wellman Inc., and its debtor-affiliates listed US$498,867,323 in assets and US$684,221,655 in liabilities as of Jan. 31, 2008. (Wellman Bankruptcy News, Issue No. 2; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) WELLMAN INC: Wants to Employ Edwards Angell as Conflicts Counsel ---------------------------------------------------------------- Wellman Inc. and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the Southern District of New York to employ Edwards Angell Palmer & Dodge LLP, as conflicts and special counsel, nunc pro tunc to Feb. 22, 2008. Edwards Angell Palmer & Dodge has acted as general corporate counsel to the Debtors since 1985. EAPD is entirely familiar with the Debtors' businesses and operations. Thus, the Debtors have asked EAPD to continue to represent them as special general corporate counsel in their Chapter 11 cases. The Debtors believe that EAPD's proposed employment is in the best interest of the Debtors, their estates and creditors. EAPD will render these services to the Debtors: a. advise on matters such as general corporate, tax, labor and employment, intellectual property, patent and trademark, and patent prosecution and defense, securities, environment, and litigation; b. give assistance to Debtors in management and coordination of other litigation counsel; c. appear before courts to protect the interests of the Debtors' estates within the scope of EAPD's retention; d. act as bankruptcy conflicts counsel; and e. perform all other necessary legal services and provide all other necessary legal advice to the Debtors. The principal attorneys and paralegals to represent the Debtors and their rates are: Professional Hourly Rate ------------ ----------- D. Roger Glenn US$630 Shmule Vasser US$625 Stuart M. Brown US$580 James I. Rubens US$575 William E. Chapman, Jr. US$525 Scott D. Wolfsy US$525 Patricia A. Sullivan US$525 Douglas G. Gray US$515 Paul J. Labov US$400 Brian R. Pollack US$390 Mark D. Olivere US$315 Timothy D. Watson US$305 Carolyn Fox US$180 Other attorneys and paralegals who will be serving from time to time are paid at these hourly rates: Partners US$315 to US$755 Counsel US$275 to US$600 Associates US$125 to US$480 Legal Assistants/Paralegals US$90 to US$265 The firm will also seek reimbursement of out-of-pocket expenses. William Chipman Jr., a partner at EAPD, assures the Court that the firm does not hold or represent any interest adverse to the Debtors or their Chapter 11 cases, their creditors, or any other party in this case. Mr. Chipman says the firm is a "disinterested person," as that term is defined in Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b). About Wellman Inc. HHeadquartered in Fort Mill, South Carolina, Wellman Inc. -- http://www.wellmaninc.com/-- manufactures and markets packaging and engineering resins used in food and beverage packaging, apparel, home furnishings and automobiles. They manufacture resins and polyester staple fiber a three major production facilities. Wellman has recycling facilities in the U.S., Ireland, the Netherlands and France. The company and its debtor-affiliates filed for Chapter 11 protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No. 08- 10595). Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP, in New York City, represents the Debtors. Wellman Inc., in its bankruptcy petition, listed total assets of US$124,277,177 and total liabilities of US$600,084,885, as of Dec. 31, 2007, on a stand-alone basis. Debtor-affiliate ALG, Inc., listed assets between US$500 million and US$1 billion on a stand-alone basis at the time of the bankruptcy filing. Debtor-affiliates Fiber Industries Inc., Prince Inc., and Wellman of Mississippi Inc., listed assets between US$100 million and US$500 million at the time of their bankruptcy filings. On a consolidated basis, Wellman Inc., and its debtor-affiliates listed US$498,867,323 in assets and US$684,221,655 in liabilities as of Jan. 31, 2008. (Wellman Bankruptcy News, Issue No. 2; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) ========= I T A L Y ========= FIAT SPA: Linea Line to Start Production in India on August ----------------------------------------------------------- Fiat SpA Chief Executive Officer Rajeev Kapoor said that the company’s Linea will start production in August 2008 at its joint venture plant in Ranjangaon, India, Thomson Financial News reports. The plant is a 50:50 joint venture between Fiat and Tata Motors Ltd's and has a 100,000-car and 200,000-engine and transmission parts manufacturing capacity. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR33.4 billion in the first nine months of 2005. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. * * * In November 2007, Moody's Investors Service changed the outlook on Fiat S.p.A. and subsidiaries' Ba3 Corporate Family Rating to positive from stable and affirmed its Ba3 long-term senior unsecured ratings as well as the short-term non-Prime rating. In October 2007, Fitch Ratings affirmed Fiat S.p.A.'s Issuer Default and senior unsecured ratings at BB- and Short-term rating at B. The company carries Standard & Poor's Ratings Services' BB long- term corporate credit rating. The compay also carries B short- term rating. S&P said the outlook is stable. INTERNATONAL RECTIFIER: Elects O. Khaykin and R. Dahl to Board -------------------------------------------------------------- International Rectifier Corporation elected Oleg Khaykin, the company's appointed chief executive officer, and Richard J. Dahl to its board of directors. Mr. Dahl, 56, has since 2004 served as a director of the NYSE- listed IHOP Corporation where he presides as chairman of the audit committee and was chairman of the special committee of the board formed to oversee IHOP's successful bid to acquire Applebee's International. From 2002 to 2007, he was employed by the Dole Food Company. He held various executive level positions with Dole including president, chief operating officer and director from 2004 to 2007, and senior vice president, chief financial officer and director positions from 2002 to 2004. Prior to his work at Dole, Mr. Dahl was president and chief operating officer of NYSE listed Bank of Hawaii Corporation. "As an accomplished leader with extensive managerial and financial experience and expertise, Richard will be a strong addition to our board," International Rectifier's lead director Jack Vance, said. "His unique and broad perspective on driving operational excellence and international growth, and his deep understanding of finance and audit will greatly benefit the Board in addition to the entire IR organization." Mr. Dahl was elected to serve with a board term expiring at the company's 2008 annual meeting. Mr. Khaykin, 43, appointed chief executive officer effective March 1, 2008, was elected to serve with a board term expiring at the company's 2009 annual meeting. About International Rectifier International Rectifier Corporation (NYSE:IRF) -- http://www.irf.com/-- provides power management technology. IR's analog, digital, and mixed signal ICs, and other advanced power management products, enable high performance computing and save energy in a wide variety of business and consumer applications. Manufacturers of computers, energy efficient appliances, lighting, automobiles, satellites, aircraft, and defense systems rely on IR's power management solutions to power their next generation products. The company has manufacturing facilities in the U.S., Mexico, United Kingdom, Germany and Italy; and has subsidiaries in Japan and Singapore. * * * In September 2007, Standard & Poor's Ratings Services said that its 'BB' corporate credit rating on International Rectifier Corp. remains on CreditWatch with negative implications. =================== K A Z A K H S T A N =================== DELTA ITALY: Creditors Must File Claims by March 21 --------------------------------------------------- LLP Delta Italy & Co. has declared insolvency. Creditors have until March 21, 2008, to submit written proofs of claims to: LLP Delta Italy & Co Gagarin Str. 69/57 Kokshetau Akmola Kazakhstan DJ-H LLP: Claims Deadline Slated for March 28 --------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Company DJ-H (RNN 600400551810). Creditors have until March 28, 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 EX-INTERIER LLP: Claims Filing Period Ends March 28 --------------------------------------------------- LLP Ex-Interier has declared insolvency. Creditors have until March 28, 2008, to submit written proofs of claims to: LLP Ex-Interier Shark Str. 85 Shymkent South Kazakhstan Kazakhstan EUROBRAND LLP: Creditors' Claims Due on March 28 ------------------------------------------------ LLP Eurobrand has declared insolvency. Creditors have until March 28, 2008, to submit written proofs of claims to: LLP Eurobrand Office 424 Jybek joly Str. 50 Almaty Kazakhstan GOLDEN MIDDLE: Claims Registration Ends March 28 ------------------------------------------------ LLP Golden Middle has declared insolvency. Creditors have until March 28, 2008, to submit written proofs of claims to: LLP Golden Middle Pushkin Str. 129-67 Almaty Kazakhstan KAINAR-D LLP: Creditors Must File Claims by March 28 ---------------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Kainar-D (RNN 090200211530). Creditors have until March 28, 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 MAYAK LLP: Claims Deadline Slated for March 21 ---------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Mayak insolvent. Creditors have until March 21, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Frunze Str. 52-52 Zyryanovsk East Kazakhstan Kazakhstan Tel: 8 (7233) 54-01-07 Fax: 8 (7233) 56-03-83 MGM LIMITED: Claims Filing Period Ends March 28 ----------------------------------------------- LLP MGM Limited has declared insolvency. Creditors have until March 28, 2008, to submit written proofs of claims to: LLP MGM Limited Poletayev Str. 6/12 Karaganda Kazakhstan SAMET-2000 LLP: Creditors' Claims Due on March 28 ------------------------------------------------- LLP Samet-2000 has declared insolvency. Creditors have until March 28, 2008, to submit written proofs of claims to: LLP Samet-2000 Azerbayev Str. 8 Taraz Jambyl Kazakhstan SEVER-7 LLP: Claims Registration Ends March 25 ---------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Sever-7 insolvent. Creditors have until March 25, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Pervogo Maya Str. 9/14 Shymkent South Kazakhstan Kazakhstan =================== K Y R G Y Z S T A N =================== AI HAN: Creditors Must File Claims by March 21 ---------------------------------------------- LLC Ai Han Telecom has declared insolvency. Creditors have until March 21, 2008 to submit written proofs of claim to: LLC Ai Han Telecom Tabaldiyev Str. 5 Bishkek Kyrgyzstan ALMAZ SERVICE: Claims Filing Period Ends March 21 ------------------------------------------------- LLC Almaz Service Company has declared insolvency. Creditors have until March 21, 2008 to submit written proofs of claim to: LLC Almaz Service Company Mahatmy Gandi Str. 23-1 Bishkek Kyrgyzstan Tel: (0-515) 79-41-29 TSENTRALNOAZIATSKY ANGLISKY: Claims Registration Ends March 21 -------------------------------------------------------------- LLC Tsentralnoaziatsky Anglisky Centre has declared insolvency. Creditors have until March 21, 2008 to submit written proofs of claim. Inquiries can be addressed to (0-772) 94-99-79. =================== L U X E M B O U R G =================== AMERICAN AXLE: UAW's Work Stoppage Won't Affect S&P's BB Rating --------------------------------------------------------------- Standard & Poor's Ratings Services said that its ratings on American Axle and Manufacturing Holdings Inc. (BB/Negative/--) are not immediately affected by yesterday's reports that the United Auto Workers, the company's main labor union, elected to conduct a work stoppage at the expiration of its four-year master labor agreement with American Axle. The agreement covered roughly 3,650 associates at five facilities in Michigan and New York. S&P expects American Axle and the UAW to reach an agreement soon that will reflect more competitive labor costs. In fact, S&P believes that despite this work stoppage, the two sides will continue to negotiate, and S&P remains mindful of the positives that could result. Still, if the work stoppage were to persist beyond a brief and largely symbolic period, S&P could place the ratings on American Axle on CreditWatch with negative implications. S&P estimates that American Axle has about US$344 million in cash and marketable securities. The company also has access to US$572 million under a revolving credit facility and US$60 million of uncommitted lines of credit. And even if the strike were to persist, the company has substantial cushion in regard to existing financial covenants. CA INC: Will Pay US$0.04 Per Share Dividend Due on March 28 ----------------------------------------------------------- CA Inc.'s Board of Directors has declared a regular, quarterly cash dividend of US$0.04 per share. The dividend will be paid on March 28, 2008, to stockholders of record at the close of business on March 14, 2008. Headquartered in Islandia, New York, CA Inc. (NYSE:CA) -- http://www.ca.com/-- is an information technology management software company that unifies and simplifies the management ofenterprise-wide IT. Founded in 1976, CA serves customers in more than 140 countries. The company has operations in Brazil, Indonesia, Luxembourg, Philippines and Thailand. * * * In December 2007, Fitch Ratings affirmed these ratings of CA, Inc.: Issuer Default Rating at 'BB+'; Senior unsecured revolving credit facility at 'BB+'; and Senior unsecured debt at 'BB+'. Additionally, Fitch revised the Rating Outlook on CA Inc. to Stable from Negative. Fitch's actions affect approximately US$2.8 billion of total debt, including the company's US$1.0 billion revolving credit facility. PIN GROUP: To Cut Jobs at Insolvent Units ----------------------------------------- PIN Group AG said that it will cut jobs in its 37 insolvent unit, the Thomson Financial reports. The company however didn't give out specific details on the job cuts. The company's insolvent units, the report says, has around 7,000 employees. Headquartered in Luxembourg, PIN Group AG -- http://www.pin-group.net/-- provides postal services across Germany. The group has more than 60 regional subsidiaries, and in 2006 became a national integrated provider by setting up an efficient nationwide distribution network. As previously reported in the TCR-Europe report, PIN Group's units filed for insolvency after Axel Springer AG, which holds a 71% stake, decided to stop funding the company. Axel Springer said the business in unviable following the German government's decision to introduce minimum wages of EUR8-EUR9.80 for the postal industry, which would PIN, which has 9,000 employees, up to EUR45 million, although "most of the costs are expected to be covered by a form of state reimbursement." PIN GROUP: Administrator Dismisses Claims of Splitting Company -------------------------------------------------------------- Bruno Kuebler, PIN Group AG's insolvency administrator, dismissed media claims that the company will likely be split up, Thomson Financial reports. The company, the report adds, is still looking for investors who will either buy the company as a whole or buy as many units as possible. Mr. Kuebler however said that talk with possible investors is not yet likely to end although he confirmed that there were many interested buyers, the report says. Headquartered in Luxembourg, PIN Group AG -- http://www.pin-group.net/-- provides postal services across Germany. The group has more than 60 regional subsidiaries, and in 2006 became a national integrated provider by setting up an efficient nationwide distribution network. As previously reported in the TCR-Europe report, PIN Group's units filed for insolvency after Axel Springer AG, which holds a 71% stake, decided to stop funding the company. Axel Springer said the business in unviable following the German government's decision to introduce minimum wages of EUR8-EUR9.80 for the postal industry, which would PIN, which has 9,000 employees, up to EUR45 million, although "most of the costs are expected to be covered by a form of state reimbursement." ===================== N E T H E R L A N D S ===================== FIRST DATA: Inks Multi-Year Contract With Wells Fargo ----------------------------------------------------- First Data Corp. has signed a multi-year contract extension with to provide debit processing services to Wells Fargo Bank for its 19.6 million debit cards. First Data also provides Wells Fargo with consumer credit and small business card processing services, statement production and mailing, plastic card personalization and fraud detection services. "First Data is pleased Wells Fargo has extended our longstanding relationship," said Matt Lewis, president of First Data Financial Institution Services. "Wells Fargo is an innovator, and we continue to support them with technologies that help them build stronger, more valuable customer relationships." "Wells Fargo has enjoyed a long relationship with First Data, and we are pleased to announce the extension of our agreement," said Ed Kadletz, executive vice president and Debit Card business manager of Wells Fargo Card Services. Wells Fargo has been a First Data client since 1971. Through the years, Wells Fargo and First Data have worked closely together to drive innovation in the payments industry. First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/-- provides electronic commerce and payment solutions for businesses worldwide, including those in New Zealand, the Netherlands and Mexico. The company's portfolio of services and solutions includes merchant transaction processing services; credit, debit, private-label, gift, payroll and other prepaid card offerings; fraud protection and authentication solutions; receivables management solutions; electronic check acceptance services through TeleCheck; as well as Internet commerce and mobile payment solutions. The company's STAR Network offers PIN-secured debit acceptance at 2 million ATM and retail locations. * * * In February 2008, Moody's Investors Service lowered First Data Corporation's untendered senior unsecured stub notes rating to Caa1 from A2. Upon completion of the tender process, First Data had approximately US$200 million of the pre-LBO senior unsecured notes outstanding at the end of December 2007, of which US$68 million will be due in August 2008. =========== R U S S I A =========== ARMIDA CJSC: Creditors Must File Claims by April 16 --------------------------------------------------- Creditors of CJSC Armida have until April 16, 2008, to submit proofs of claim to: L. Kadobnov Insolvency Manager Office 1 Saltykova-Shedrina Str. 23 248002 Kaluga Russia The Arbitration Court of Kaluga commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A23-2042/07B-8-88. The Court is located at: The Arbitration Court of Kaluga Staryj Torg Square 4 Kaluga Russia The Debtor can be reached at: CJSC Armida Chekhova Str. 49 Maloyaroslavets Kaluga Russia EAST-ENERGY LLC: Creditors Must File Claims by March 16 ------------------------------------------------------- Creditors of LLC Investment Company East-Energy (OGRN 1042501605046) have until March 16, 2008, to submit proofs of claim to: S. Savin Insolvency Manager Post User Box 153 Nakhodka-10 Primorye Russia The Arbitration Court of Primorye commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A51-8788/2007 15-175 B. The Court is located at: Arbitration Court of Primorye Room 313 Svetlanovskaya Str. 54 Vladivostok Russia The Debtor can be reached at: LLC Investment Company East-Energy Nakhodka Primorye Russia FEDERAL-SERVICE: Court Starts Bankruptcy Supervision Procedure -------------------------------------------------------------- The Arbitration Court of Tambov commenced bankruptcy supervision procedure on LLC Federal-Service. The case is docketed under Case No. A64-7288/07-25. The Temporary Insolvency Manager is: O. Kiselev Derzgavinskaya Str. 16a, 605 392000 Tambov Russia The Debtor can be reached at: LLC Federal-Service L. Tolstogo Square 4, 210a 392020 Tambov Russia FIN-STARS LLC: Creditors Must File Claims by March 16 ----------------------------------------------------- Creditors of LLC Fin-Stars (TIN 7710346398, OGRN 1027739259503) have until March 16, 2008, to submit proofs of claim to: M. Dyakonov Temporary Insolvency Manager Post User Box 481 111141 Moscow Russia The Arbitration Court of Moscow will convene at 10:00 a.m. on July 2, 2008, to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A40-63252/ 07-86-175B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: LLC Fin-Stars Tverskaya Str. 7 103009 Moscow Russia FLEXTRONICS: To Buy Elcoteg's St. Petersburg Factory for EUR3MM --------------------------------------------------------------- Flextronics International Ltd. had signed a deal to purchase Finnish electronics contract manufacturer Elcoteq's factory in St. Petersburg in Russia, STT News reports. According to the report, Elcoteq sold the factory as part of the plan to restore profitability and competitiveness. Elcoteq said it expected to book a one-off gain of about EUR3 million from the sale in its second-quarter figures, the report adds. Headquartered in Singapore, Flextronics International Ltd. (NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an Electronics Manufacturing Services provider focused on delivering design, engineering and manufacturing services to automotive, computing, consumer digital, industrial, infrastructure, medical and mobile OEMs. Flextronics helps customers design, build, ship, and service electronics products through a network of facilities in over 30 countries on four continents including Brazil, Mexico, Hungary, Sweden, United Kingdom, among others. * * * Flextronics International Ltd. continues to carry Moody's Investors Service's "Ba1" probability of default and long-term corporate family ratings with a negative outlook. The company also carries Standard & Poor's "BB+" long-term local and foreign issuer credit ratings with a negative outlook. GAZENERGOPROMBANK: Moody's Puts Bank Financial Strength at E+ ------------------------------------------------------------- Moody's Investors Service assigned these global scale ratings to Gazenergoprombank: -- a bank financial strength rating of E+ and -- long-term and short-term local and foreign currency deposit ratings of Ba3/Not Prime. Concurrently, Moody's Interfax Rating Agency assigned a long- term national scale rating of Aa3.ru to Gazenergoprombank. Moscow-based Moody's Interfax is majority-owned by Moody's, a leading global rating agency. The outlook on the global scale ratings is stable, while the national scale rating carries no specific outlook. According to Moody's and Moody's Interfax, the Ba3/Not Prime/E+ global scale ratings reflect Gazenergoprombank's global default and loss expectation, while the Aa3.ru national scale rating reflects the standing of the bank's credit quality relative to that of its domestic peers. According to Moody's, Gazenergoprombank's ratings reflect its entrenched positions in the central region of Russia stemming from its strong links with Gazprom and, in particular, with local gas distribution companies, as well as its adequate liquidity, good asset quality to date and recent considerable improvement in profitability and operating efficiency. However, the ratings are constrained by the bank's significant reliance on a highly concentrated funding coming from the single group of clients in the gas and utility sectors, as well as an insufficient capital adequacy level, which is restricting the growth of the bank, and a certain susceptibility to political risks. In addition, the bank's still significant business concentration related to gas sector companies exerts further pressure on its ratings. Moody's notes that Gazenergoprombank would be unlikely to receive support from the Russian government in case of distress. However, Gazenergoprombank's Ba3/NP global local currency deposit ratings reflect Moody's assessment of a moderate probability of support in the event of need from the bank's ultimate controlling shareholder Gazprom. Although Gazenergoprombank is legally owned by Mezhregiongaz, an unrated domestic gas distribution subsidiary of Gazprom, Moody's used the Ba1 Baseline Credit Assessment of Gazprom as the rating of Gazenergoprombank's supporting parent. Moody's notes Gazenergoprombank's key role as the settlement bank for Mezhregiongaz. Consequently, Gazenergoprombank's global local currency deposit ratings enjoy a two-notch uplift from its Baseline Credit Assessment of B2. Moody's notes that an upgrade of Gazenergoprombank's deposit ratings might be possible in the event of a material strengthening of the bank's franchise, provided this is accompanied by visible improvements in business diversification and a decreasing dependence on a limited number of customers, together with a solid track record of internal capital generation and the maintenance of an adequate financial performance. At the same time, any evidence of a material strengthening in parental support from the bank's ultimate shareholder Gazprom might also lead to an upgrade of the bank's deposit ratings. Conversely, any material adverse changes in the bank's risk profile, particularly growth in market risks or increase in single-name borrower concentration, or a weakening liquidity position might have a negative impact on the bank's ratings. Gazenergoprombank's deposit ratings could be also downgraded if any actions of Gazprom were to prompt Moody's to lower its current perception of the probability of parental support. Headquartered in Moscow, Gazenergoprombank had total assets of US$900 million and shareholders' equity of US$43.3 million as at YE2006. According to unaudited financials prepared in accordance with local accounting standards, in 2007 the bank more than doubled both its total assets and shareholders' equity figures compared to the previous year. INMOR CJSC: St. Petersburg Bankruptcy Hearing Slated for June 17 ---------------------------------------------------------------- The Arbitration Court of St. Petersburg and Leningrad will convene at 11:00 a.m. on June 17, 2008, to hear the bankruptcy supervision procedure on CJSC Inmor (TIN 7825447138). The case is docketed under Case No. A56-35795/2007. The Temporary Insolvency Manager is: O. Gonzharov Apt. 66 Pyatnitskoe Shosse 38 115432 Moscow Russia The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Inmor 5th Sovetskaya Str. 44 St. Petersburg Russia INT'L INDUSTRIAL: S&P Lifts LT Counterparty Credit Rating to BB- ---------------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term counterparty credit rating on Russia-based International Industrial Bank to 'BB-' from 'B+'. At the same time, the short-term counterparty credit rating was affirmed at 'B'. The outlook is stable. "The upgrade reflects the bank's progress in building its lending and asset base while maintaining financial performance, liquidity, and capitalization at healthy levels," said Standard & Poor's credit analyst Elena Romanova. "It also reflects IIB's reduction of concentrations in lending, funding, and related parties." The ratings are constrained by the bank's weak funding structure and strategy, characterized by still-high single-name concentrations and lack of stable, long-term sources. An unclear diversification strategy, particularly in retail banking; underdeveloped risk management; and vulnerabilities associated with Russia's overall risky operating environment also constrain the ratings. These negative factors are somewhat mitigated by IIB's historically strong capitalization, ability to maintain sufficient liquidity and decent growth under adverse market conditions, healthy revenue structure, and efficient cost management. IIB ranks among Russia's top 20 banks by assets and top 10 by capital, with Russian ruble (RUR) 133 billion (US$5.3 billion) in assets at Dec. 31, 2007. "We expect IIB to benefit in the medium-term from its expanding geographic presence, business diversification, and franchise," said Ms. Romanova. "The bank will also face growing credit, funding, and operational risks as a result of this strategy, however." The ratings could be raised if the bank shows good progress in meeting its strategic aims and improves its funding structure toward more long-term and stable sources, while maintaining financial performance and capitalization at adequate levels. The ratings could come under pressure, however, if the bank's financial or commercial profiles or funding structure deteriorate significantly, or concentrations on the asset or liability sides post a visible increase, or capital comes under severe pressure. MOSCOW BANK: Securitizes RUR1.499 Billion Car Loan Portfolio ------------------------------------------------------------ Moscow Bank for Reconstruction and Development has securitized part of its car loan portfolio. This deal will provide the bank with the funding in the amount of RUR1.499 billion. The issuer may increase the borrowing of up to US$200 million in the next 12 months. All notes are denominated in rubles and the transaction implies a unique interest rate hedging scheme. Bayerische Hypo- und Vereinsbank AG, member of UniCredit Group, was the sole arranger and sole lead manager for the bank in this deal. Class A Notes were rated by Fitch Ratings international rating agency as "BBB+", and Class B Notes as "BBB". "We hope that this deal will let us offer our clients more attractive car loan rates in the nearest future", Sergey Zaytsev, MBRD chairman of the management board disclosed. Headquartered in Moscow, Russia, Moscow Bank for Reconstruction and Development (MBRD) -- http://www.sistema.ru/_en/-- is a medium-sized Russian bank that ranked 32nd by total assets in Russia by end of 2006. MBRD's core focus has been on servicing the needs of Sistema, although it is now seeking to develop third-party business and diversify into the retail segment. At end of 2006 it had a network of 110 outlets. * * * As of Feb. 28, 2008, Moscow Bank for Reconstruction and Development (MBRD) carries Moody's Outlook Positive, Foreign Long-term bank deposits of B1, Local Long-term bank deposits of B1, bank financial strength of E+ with positive outlook. Fitch Ratings' assigned Stable outlook, Long- term Issuer Default Rating of B+, Senior Unsecured Debt rating of B+, Short-term Issuer Default rating of B, Individual Rating of D/E and Support rating of 4 for MBRD. PKK VOZROZHDENIE: Creditors Must File Claims by April 16 -------------------------------------------------------- Creditors of CJSC PKK Vozrozhdenie (TIN 7701009237) have until April 16, 2008, to submit proofs of claim to: O. Matveeva Temporary Insolvency Manager Apt. 64 Building 1 Polotskaya Str. 29 121351 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A40-59842/07-88-159B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC PKK Vozrozhdenie Myasnitskaya Str. 22 Moscow Russia PROM-TORG-WOOD: Creditors Must File Claims by April 16 ------------------------------------------------------ Creditors of CJSC Prom-Torg-Wood have until April 16, 2008, to submit proofs of claim to: A. Terlyakov Insolvency Manager Room 358 Marshala Timoshenko Str. 17/2 121359 Moscow Russia The Arbitration Court of Kaluga commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A23-4093/07B-17-189. The Court is located at: The Arbitration Court of Kaluga Staryj Torg Square 4 Kaluga Russia The Debtor can be reached at: CJSC Prom-Torg-Wood 1st Leninskiy Per. 21 Duminichi 249300 Kaluga Russia RAMENSKIY TEXTILE: Under Bankruptcy Supervision Procedure --------------------------------------------------------- The Arbitration Court of Moscow will convene at 2:00 p.m. on June 30, 2008, to hear the bankruptcy supervision procedure on CJSC Ramenskiy Textile. The case is docketed under Case No. A41-K2-22760/07. The Temporary Insolvency Manager is: I. Lavrushenkova Post User Box 48 127560 Moscow Russia Tel: 8-926-526-66-96 The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Ramenskiy Textile K. Marksa Str. 5 Ramenskoe 140100 Moscow Russia ROS-MED-STRAKH: Creditors Must File Claims by April 16 ------------------------------------------------------ Creditors of OJSC Ros-Med-Strakh have until April 16, 2008, to submit proofs of claim to: V. Yakimov Insolvency Manager Building 2 Stolovyj Per. 6 121069 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-59746/06-103-1083 B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: OJSC Ros-Med-Strakh Building 1 Novoalekseevskaya Str. 20A 129626 Moscow Russia RUS’ CJSC: Court Names V. Lukyanov as Insolvency Manager -------------------------------------------------------- The Arbitration Court of Volgograd appointed V. Lukyanov as Insolvency Manager for CJSC Rus’. He can be reached at: V. Lukyanov 7th Gvardeyskaya Str. 2-215 Volgograd-5 Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A12-283/08-s27. The Debtor can be reached at: CJSC Rus’ Kommunalnaya Str. 95 Alekseevskaya St. 403241 Volgograd Russia TATNEFT OAO: Oil Output Hikes to 25.74 Million Tons in 2007 ----------------------------------------------------------- OAO Tatneft's Board of Directors discussed the information regarding the results of the oil production plan implementation for 2007. Tatneft produced over 25,740,000 tons of crude oil from its fields in 2007 that is 101.3% to the level of 2006. Around 44.7% of the total volume were produced through the application of advanced tertiary oil recovery methods and hydrodynamic production methods. All oil and gas producing units of the company exceeded their oil production plan targets for 2007. In 2007, two oil fields, the Zapadno-Khrustalinskoye and the Nyrtinskoye fields, were put into pilot operation. The company put on stream 349 new operating wells with the average flow rate of 8.1 tons/day. The company completed 223 wells were completed for water injection. The company put into operation: * 62 wells using sidetracking and lateral drilling techniques; and * 133 wells using hydrofracturing and acid hydrofracturing operations. The executive management was instructed to proceed with the implementation of effective geological and engineering operations to achieve the oil production volume planned for the year 2008. The Board of Directors reviewed the track record of Tatneft\'s Internal Audit Department for 2007, and approved the work plan for 2008. 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. * * * Tatneft continues to carry Fitch's B+ Issuer Default rating. Its Short-Term rating stands at B. Fitch said the outlook is positive. TORG-RESOURCE LLC: Creditors Must File Claims by April 16 --------------------------------------------------------- Creditors of LLC Torg-Resource (TIN 7326021256) have until April 16, 2008, to submit proofs of claim to: S. Berezov Insolvency Manager Office 37 Krymova Str. 12 432071 Ulyanovsk Russia The Arbitration Court of Ulyanovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A72-8475/07-17/30-b. The Court is located at: The Arbitration Court of Ulyanovsk Zheleznodorozhnaya Str. 14 432063 Ulyanovsk Russia The Debtor can be reached at: LLC Torg-Resource 50 letiya VLKSM Pr. 23a 432028 Ulyanovsk Russia VOLZHSKIE CANNED: Moscow Bankruptcy Hearing Slated for June 24 -------------------------------------------------------------- The Arbitration Court of Moscow will convene at 11:00 a.m. on June 24, 2008, to hear the bankruptcy supervision procedure on LLC Volzhskie Canned Goods (TIN/KPP 7709329951/770901001, OGRN 1027700189175). The case is docketed under Case No. A40-55289/ 07-86-159 B. The Temporary Insolvency Manager is: M. Fonarev Post User Box 123 107014 Moscow Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: LLC Volzhskie Canned Goods Building 2 Bolshoj Fakelnyj Per. 3 109004 Moscow Russia VOSKHOD LLC: Creditors Must File Claims by April 16 --------------------------------------------------- Creditors of LLC Voskhod have until April 16, 2008, to submit proofs of claim to: E. Mikhaylov Insolvency Manager Priborostroitelnaya Str. 13 302040 Orel Russia The Arbitration Court of Orel commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A48-3262/07-17b. The Court is located at: The Arbitration Court of Orel Gorkogo Str. 42 302000 Orel Russia The Debtor can be reached at: LLC Voskhod Vysokovoltnaya Str. 5 Naberezhnyj Livenskiy Orel Russia VYSHNE-VOLOTSKAYA TEXTILE: Claims Filing Period Ends April 16 ------------------------------------------------------------- Creditors of CJSC Vyshne-Volotskaya Textile Company have until April 16, 2008, to submit proofs of claim to: O. Gonzharov Insolvency Manager Apt. 66 Pyatnitskoe Shosse 39 125310 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-33319/07-73-120B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Vyshne-Volotskaya Textile Company Building 1 5th Magistralnaya Str. 12 123007 Moscow Russia ===================== S W I T Z E R L A N D ===================== ARCHTECH PARTNER: Creditors' Liquidation Claims Due by March 31 --------------------------------------------------------------- Creditors of LLC Archtech Partner have until March 31, 2008, to submit their claims to: Pascal Locher CSL Architekten Baarerstrasse 133 6300 Zug Switzerland The Debtor can be reached at: LLC Archtech Partner Zug Switzerland AVA CAD: Creditors' Liquidation Claims Due by March 31 ------------------------------------------------------ Creditors of JSC Ava cad cam have until March 31, 2008, to submit their claims to: JSC Ava cad cam Kornhausstrasse 26 9001 St. Gallen Switzerland ECOMPTRADE LLC: Creditors' Liquidation Claims Due by April 9 ------------------------------------------------------------ Creditors of LLC eCompTrade have until April 9, 2008, to submit their claims to: Marc Mathis Chappelihof 4 9050 Appenzell Switzerland The Debtor can be reached at: LLC eCompTrade Rute AI Switzerland FABIO REAL: Creditors' Liquidation Claims Due by March 20 --------------------------------------------------------- Creditors of LLC FABIO Real Estate have until March 20, 2008, to submit their claims to: LLC FABIO Real Estate Dorfstrasse 6 8835 Feusisberg Hofe SZ Switzerland GALDAN INVESTMENT: Creditors' Liquidation Claims Due by March 20 ---------------------------------------------------------------- Creditors of LLC GALDAN Investment & Trading have until March 20, 2008, to submit their claims to: LLC GALDAN Investment & Trading Dorfstrasse 6 8835 Feusisberg Hofe SZ Switzerland HERCULES INC: Appoints Allan H. Cohen to Board of Directors ----------------------------------------------------------- The board of directors of Hercules Incorporated elected Allan H. Cohen, Ph.D. to the Hercules board of directors effective immediately. With his election, the Hercules board has expanded from nine to ten members. Until August 2007, Dr. Cohen was a managing director with First Analysis Corporation, a research driven investment organization, where he was employed for fifteen years. During his career, he has held executive and senior management positions at The Valspar Corporation and The Enterprise Companies, a unit of Insilco, and planning and chemical research management positions with The Sherwin-Williams Company and Champion International Corp. Dr. Cohen also serves on the boards of directors of Intertape Polymer Group Inc., Doe and Ingalls Management LLC, and IGI Holding Corporation. The board of directors also declared a quarterly cash dividend of five cents per common share, payable on April 18, 2008, to shareholders of record at the close of business on March 28, 2008. Hercules will hold its Annual Meeting of Shareholders on Thursday, April 17, 2008, at its corporate headquarters in Wilmington, Delaware. Shareholders of record on March 3, 2008, will be entitled to vote at the Annual Meeting. About Hercules Inc Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE:HPC) -- http://www.herc.com/-- manufactures and markets chemical specialties globally for making a variety of products for home, office and industrial markets. The company has its regional headquarters in China and Switzerland, and a production facility in Brazil. * * * Standard & Poor's BB rating on the company's long-term foreign and local issuer credits still hold to date. S&P says that outlook is positive. MOBITRADE LLC: Creditors' Liquidation Claims Due by March 5 ----------------------------------------------------------- Creditors of LLC Mobitrade have until March 5, 2008, to submit their claims to: Peter Muller Liquidator Gyrhaldenstrasse 10 8963 Kindhausen ZH Switzerland The Debtor can be reached at: LLC Mobitrade Bergdietikon Baden AG Switzerland PETROPLUS HOLDINGS: Robert J. Lavinia Appointed as CEO ------------------------------------------------------ Petroplus Holdings AG said that Robert J. Lavinia, currently Petroplus's President, has been appointed Chief Executive Officer of the Company, effective March 1, 2008. In this capacity he succeeds Thomas D. O'Malley, who will continue as Chairman of the Board of Directors. Thomas D. O'Malley, Petroplus's current Chief Executive Officer, said, "The addition of Bob Lavinia to our management team in July 2007 as President was an important step in the consolidation of the management structure of the Company. Petroplus has grown from a small, privately held refiner in May 2006 to Europe's largest publicly-held independent refiner. The continued projected growth, including the acquisition of Shell's Petit Couronne and Reichstett refineries in France, requires the Company to focus very carefully on day-to-day operations. Mr. Lavinia's broad operating background will provide the Company with needed expertise and management. I have complete confidence in Mr. Lavinia's ability to run and optimize Petroplus's growing portfolio of refineries." Mr. O'Malley further stated, "My area of expertise, and indeed my desired role in Petroplus, is to continue to grow the enterprise. In my role as Chairman of the Board of Directors at Petroplus, I look forward, in particular, to focusing my efforts on growth initiatives for the Company which will contribute to the company's future development and generation of shareholder value." Robert J. Lavinia, Petroplus's current President, said, "This is truly an exciting opportunity for me. I have spent my entire career in the oil industry, and now have a chance to manage this quality set of refining assets, and I intend to concentrate on improving every part of our operation. Refining is safe and environmentally sensitive when operations are reliable, and reliability brings added profitability." Patrick Monteiro de Barros, the company's Vice Chairman, said, 'This change brings the Company broadly in line with best business practices in Europe by separating the roles of Chairman and Chief Executive Officer. We are pleased that Mr. O'Malley has committed to the Board to remain as its Chairman for a minimum of an additional 3 years." About Petroplus Holdings Headquartered in Zug, Switzerland, Petroplus Holdings AG -- http://www.petroplusholdings.com/-- (SWX:PPHN) is an independent refiner and wholesaler of petroleum products in Europe. Petroplus focuses on refining and currently owns and operates five refineries across Europe: the Coryton refinery on the Thames Estuary in the United Kingdom, the Ingolstadt refinery in Ingolstadt, Germany, the Belgium Refining Company refinery in Antwerp, Belgium, the Cressier refinery in the canton of Neuchatel, Switzerland, and the Teesside refinery in Teesside, United Kingdom. The refineries have a combined throughput capacity of approximately 625,000 bpd. Petroplus has signed a letter of intent to acquire the Petit Couronne and Reichstatt refineries, located in France, from Shell International Petroleum Company Limited. The refineries have a total nameplate crude capacity of 239,000 barrels per day. PETROPLUS HOLDINGS: Ties Up with Blackstone and First Reserve ------------------------------------------------------------- Petroplus Holdings AG said Wednesday that that, effective March 1, 2008, it has entered into a partnership with the Blackstone Group and First Reserve, to pursue acquisitions of crude oil refineries in the United States. Each partner has committed US$667 million in equity to this venture. PBF will assemble a small group of highly experienced professionals in the U.S. to examine potential opportunities. Thomas O'Malley, Chairman of Petroplus, will act as the Chief Executive Officer of the Partnership. Commenting on the new venture, Mr. O'Malley said "there are interesting opportunities in the U.S., and Petroplus's Board of Directors is extremely pleased that we were able to assemble partners with two outstanding organizations, both of whom are familiar with the refining and energy business and bring to the partnership extraordinary talents and financial support. This investment vehicle gives Petroplus accretive expansion opportunities, without the need to significantly lever up the balance sheet or issue equity to support a U.S. growth vehicle. This initiative opens up a new geographic area of growth for Petroplus and should allow for Petroplus to add to earnings per share and free cash flows without distraction from its current operations." Petroplus's Chief Executive Officer, Mr. Robert Lavinia, said "while we continue to be focused on our business in Europe, we are excited about the possibility of providing our shareholders with another avenue of growth. Mr. O'Malley has great experience in this area and Petroplus, we believe, will enjoy success from this venture." Stephen Schwarzman, Blackstone's Chairman and CEO, said "Tom O'Malley's track record in creating value for his shareholders through buying and integrating refining assets is outstanding. We know him well from when Blackstone invested in Premcor and Tom served as its Chairman and CEO from 2002 until its sale to Valero in 2005. Blackstone is delighted to be in a partnership involving Tom and the Company he Chairs, Petroplus." William Macaulay, CEO and Chairman of First Reserve Corporation, said, "Tom O'Malley is a world class executive with a consistent record of finding and creating value in the refining industry. We are very pleased to have the opportunity to partner with him and the Company he Chairs, Petroplus, to acquire US refining assets. As the largest energy-focused private equity firm, we look forward to supporting this excellent management team to develop its next refining platform." About The Blackstone Group The Blackstone Group (NYSE:BX) – http://www.blackstone.com/-- is a leading global alternative asset manager and provider of financial advisory services. Its alternative asset management businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services. About First Reserve First Reserve -– http://www.firstreserve.com/-- is the world's leading private equity firm in the energy industry. Throughout its 25-year history of investing solely in the global energy industry, First Reserve has developed a strong franchise, utilizing its broad base of specialized industry knowledge as an advantage. First Reserve believes that strategic diversification across a wide range of energy industry sectors has been a major contributor to the long-term, superior investment record achieved by the First Reserve Funds across economic cycles. About Petroplus Holdings Headquartered in Zug, Switzerland, Petroplus Holdings AG -- http://www.petroplusholdings.com/-- (SWX:PPHN) is an independent refiner and wholesaler of petroleum products in Europe. Petroplus focuses on refining and currently owns and operates five refineries across Europe: the Coryton refinery on the Thames Estuary in the United Kingdom, the Ingolstadt refinery in Ingolstadt, Germany, the Belgium Refining Company refinery in Antwerp, Belgium, the Cressier refinery in the canton of Neuchatel, Switzerland, and the Teesside refinery in Teesside, United Kingdom. The refineries have a combined throughput capacity of approximately 625,000 bpd. Petroplus has signed a letter of intent to acquire the Petit Couronne and Reichstatt refineries, located in France, from Shell International Petroleum Company Limited. The refineries have a total nameplate crude capacity of 239,000 barrels per day. PETROPLUS HOLDINGS: S&P Says Ratings Unchanged Despite Buy Plans ---------------------------------------------------------------- Standard & Poor's Ratings Services said that its ratings on Switzerland-based Petroplus Holdings AG (BB/Stable/--) remain unchanged following Wednesday's announcement that the company will enter a partnership to pursue acquisitions of U.S.-based refineries. Petroplus will provide $667 million for a 33% stake in the acquisitions, with the remainder coming from private equity firms. The company has not committed to the arrangement at this stage and S&P does not expect any major cash outlay by Petroplus over the short term. In the event that a large cash injection is required, S&P understands that Petroplus would fund it partly with equity (as it funded acquisitions in 2007) to maintain moderate leverage. Equity finance may be needed as headroom is currently very limited; Petroplus is on the point of completing an US$875 million debt-financed acquisition of two French refineries from Royal Dutch Shell AG. The joint-venture announcement underlines Petroplus' continuing growth appetite, while reducing the risk that the company will fund multi-billion U.S. refinery acquisitions on its own. RAB LLC: Creditors' Liquidation Claims Due by March 31 ------------------------------------------------------ Creditors of LLC Mobitrade have until March 31, 2008, to submit their claims to: Peter Muller Liquidator Gyrhaldenstrasse 10 8963 Kindhausen ZH Switzerland The Debtor can be reached at: LLC Mobitrade Bergdietikon Baden AG Switzerland SEDICO-IT JSC: Creditors' Liquidation Claims Due by April 23 ------------------------------------------------------------ Creditors of JSC SEDICO-IT have until April 23, 2008, to submit their claims to: Andreas Ronchetti Liquidator Grundstrasse 14 6343 Rotkreuz ZG Switzerland The Debtor can be reached at: JSC SEDICO-IT Risch ZG Switzerland TREND SHM: Creditors' Liquidation Claims Due by April 1 ------------------------------------------------------- Creditors of JSC Trend SHM Swiss have until April 1, 2008, to submit their claims to: Friedrich Tschan Tschan & Partner Rankackerweg 26 4133 Pratteln Liestal BL Switzerland The Debtor can be reached at: JSC Trend SHM Swiss Pratteln Liestal BL Switzerland WIKO KRONBUHL: Creditors' Liquidation Claims Due by March 31 ------------------------------------------------------------ Creditors of LLC WIKO Kronbuhl have until March 31, 2008, to submit their claims to: Anton Koller Liquidator Tobel 9302 Kronbuhl SG Switzerland The Debtor can be reached at: LLC WIKO Kronbuhl Wittenbach SG Switzerland ============= U K R A I N E ============= ALFA-EXPORT LLC: Proofs of Claim Filing Deadline Set March 10 ------------------------------------------------------------- Creditors of LLC Alfa-Export (code EDRPOU 30667059) have until March 10, 2008, to submit written proofs of claim to: Garan Semen Temporary Insolvency Manager Voenny Passage 6 Apartment 1 73000 Herson Ukraine The Economic Court of Herson commenced bankruptcy supervision procedure on the company on Dec. 10, 2007. The case is docketed under Case No. 5/1-B-08. The Court is located at: The Economic Court of Herson Gorkiy Str. 18 73000 Herson Ukraine COLLATING-TRANSPORT ENTERPRISE: Proofs of Claim Due March 10 ------------------------------------------------------------ Creditors of State Collating-Transport Enterprise (code EDRPOU 00112453) have until March 10, 2008, to submit written proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy supervision procedure on the company on Jan. 17, 2008. The case is docketed under Case No. 45/272B. The Debtor can be reached at: State Collating-Transport Enterprise Vostochnaya Str. 1 Dobropoliye 85000 Donetsk Ukraine GRAN-IMPEKS LLC: Creditors Must File Claims by March 10 ------------------------------------------------------- Creditors of LLC Gran-Impeks (code EDRPOU 32873142) have until March 10, 2008, to submit written proofs of claim to: The Economic Court of Ivano-Frankovsk Shevchenko Str. 16a 76000 Ivano-Frankovsk Ukraine The Economic Court of Ivano-Frankovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B-21/266. The Debtor can be reached at: LLC Gran-Impeks I. Makukha Str. 2 76000 Ivano-Frankovsk Ukraine GREBENKOVSKOYE OJSC: Claims Filing Deadline Set March 10 -------------------------------------------------------- Creditors of OJSC Grebenkovskoye (code EDRPOU 00384911) have until March 10, 2008, to submit written proofs of claim to: The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Economic Court of Poltava commenced bankruptcy supervision procedure on the company on Jan. 22, 2008. The case is docketed under Case No. 4/158. The Debtor can be reached at: OJSC Grebenkovskoye Topolevo Grebenkovsky District Poltava Ukraine IVANO-FRANKOVSK STOA: Creditors Must File Claims by March 10 ------------------------------------------------------------ Creditors of CJSC Ivano-Frankovsk Stoa (code EDRPOU 00435459) have until March 10, 2008, to submit written proofs of claim to: The Economic Court of Ivano-Frankovsk Shevchenko Str. 16a 76000 Ivano-Frankovsk Ukraine The Economic Court of Ivano-Frankovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B-14/136-6/217. The Debtor can be reached at: CJSC Ivano-Frankovsk Stoa Dekabristov Str. 45-a Ivano-Frankovsk Ukraine MILEKSA LLC: Creditors Must File Claims by March 10 --------------------------------------------------- Creditors of LLC Mileksa (code EDRPOU 33896878) have until March 10, 2008, to submit written proofs of claim to: The Economic Court of Nikolaev Admiralskaya Str. 22 54009 Nikolaev Ukraine The Economic Court of Nikolaev commenced bankruptcy proceedings against the company after finding it insolvent on Jan. 30, 2008. The case is docketed under Case No. 5/41/08. The Debtor can be reached at: LLC Mileksa Potemkinskaya Str. 15 54030 Nikolaev Ukraine SOLE LLC: Proofs of Claim Filing Deadline Set March 10 ------------------------------------------------------ The Economic Court of Kiev commenced bankruptcy supervision procedure on the company on Dec. 18, 2007. The case is docketed under Case No. 10/348. Creditors of LLC Sole have until March 10, 2008, to submit written proofs of claim to: The Economic Court of Kirovograd Lunacharski Str. 29 25006 Kirovograd Ukraine The Debtor can be reached at: LLC Sole Sovetskaya Str. 42a Alexandriya 28000 Kirovograd Ukraine SOUTH-UKRAINIAN LEASING: Claims Filing Deadline Set March 10 ------------------------------------------------------------ Creditors of LLC South-Ukrainian Leasing Company (code EDRPOU 33471793) have until March 10, 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 supervision procedure on the company on Feb. 1, 2008. The case is docketed under Case No. 21/08/08. The Debtor can be reached at: LLC South-Ukrainian Leasing Company Kosmicheskaya Str. 122 69050 Zaporozhje Ukraine =========================== U N I T E D K I N G D O M =========================== CABLE & WIRELESS: CitiGroup Seeks Demerger of Two Businesses ------------------------------------------------------------ Citigroup's telecoms team is urging Cable & Wireless Plc to demerge its UK and international divisions, declaring it will take a "dim view" of the company if it decides otherwise, Dominic White writes for the Daily Telegraph. According to the report, Cable & Wireless, which is preparing for an investor day next week, is contemplating a demerger. However, Michael Williams, an analyst at Citigroup, noted the telecoms company's management may opt to maintain the combined group structure instead after a successful turnaround of the UK business, whose GBP2 billion revenue and GBP400 million underlying earnings target the Daily Telegraph says are crucial to its ability to operate as a standalone business. "We call on management to confirm its plans in this respect on or before the H1 results in November 2008," Mr. Williams told the paper. Headquartered in London, Cable & Wireless Plc -- http://www.cw.com/new/-- operates through two standalone business units –- International and Europe, Asia & US. The International business unit operates integrated telecommunications companies in 33 countries offering mobile, broadband, domestic and international fixed line services to residential and business customers, with principal operations in the Caribbean, Panama, Macau, Monaco and the Channel Islands. The Europe, Asia & U.S. business unit provides enterprise and carrier solutions to the largest users of telecoms services across the U.K., U.S., continental Europe and Asia -- and wholesale broadband services in the U.K. * * * As of Feb. 12, 2008, Cable & Wireless Plc carries a Ba3 long- term corporate family rating, a B1 senior unsecured debt rating and a Ba3 probability of default rating from Moody's, which said the outlook is stable. The company also carries a BB- long-term local and foreign issuer credit ratings from Standard & Poor's, which said the outlook is stable. S&P rates its short-term local and foreign issuer credit at B. CONSTELLATION BRANDS: Appoints Peter Perez as Board Director ------------------------------------------------------------ Constellation Brands Inc.'s board of directors authorized an increase in board positions from nine to 10, and approved Peter Perez, 54, to fill the new board seat effective Feb 19, 2008. Mr. Perez is executive vice president of human resources for ConAgra Foods Inc., a US$12 billion, international packaged foods company based in Omaha, Nebraska. "Peter has a wealth of human resources experience with large, international, food, beverage and service companies, and his unique point of view and strategic thinking will complement our board," Richard Sands, Constellation Brands chairman, said. "In particular, his efforts to build a diverse and inclusive corporate culture align well with Constellation's long-held values." A native of Aurora, Illinois, Mr. Perez joined ConAgra in 2003 as senior vice president of human resources. He held a similar position with W. W. Grainger Inc., after holding senior human resource positions at Pepsi-Cola General Bottlers and the Kraft General Food division of Philip Morris Companies Inc. He began his career with Emerson Electric as a production supervisor in 1979. Mr. Perez has a Bachelor of Science degree in Production and Personnel Management from Eastern Illinois University, and a Master of Management in Human Resources Management and Organizational Behavior from Northwestern University's Kellogg Graduate School of Management. About Constellation Brands Headquartered in Fairport, New York, Constellation Brands Inc. (NYSE:STZ) -- http://www.cbrands.com/-- has more than 250 brands in its portfolio, sales in approximately 150 countries and operates approximately 60 wineries, distilleries and distribution facilities. The company has market presence in the U.K., Australia, Canada, New Zealand; Mexico. Barton Brands Ltd. is the spirits division of Constellation Brands Inc. is a producer, importer and exporter of a wide range of spirits products, including brands such as Black Velvet Canadian Whisky, Ridgemont Reserve 1792 bourbon, and Effen vodka. * * * As reported in the Troubled Company Reporter-Europe on Dec. 4, 2007, Fitch Ratings assigned a 'BB-' rating to a note registered by Constellation Brands Inc. to fund the purchase price of Beam Wine Estates Inc., a subsidiary of Fortune Brands Inc: US$500 million 8.375% senior unsecured note due Dec. 15, 2014. The rating outlook is negative. COTT CORP: Unable to Meet Deadline; Delays Filing of Form 10-K -------------------------------------------------------------- Cott Corporation filed a Form 12b-25 Wednesday notifying the U.S. Securities and Exchange Commission that it was unable to meet the Feb. 27, 2008 deadline to file its Annual Report on Form 10-K for the fiscal year ended Dec. 29, 2007. The company anticipates filing its Form 10-K on or before March 13, 2008. The company is unable to file its Form 10-K by the deadline because it requires additional time to complete the preparation of its consolidated financial statements and to complete its assessment of the company's internal control over financial reporting as of December 29, 2007. This delay is principally due to the previously announced transition of its executive offices, including corporate accounting and control functions, from Toronto, Ontario to new offices in Tampa, Florida. As a result, the company did not have an appropriate complement of accounting personnel during the year-end financial closing process. The company expects to report material weaknesses in its internal control over financial reporting as a result of such shortage. The company has taken and is continuing to take actions to remedy this issue as soon as practicable. About Cott Corporation Headquartered in Toronto, Ontario, Cott Corporation (NYSE: COT)(TSX: BCB) -- http://www.cott.com/-- is a non-alcoholic beverage company and a retailer brand soft drink company. The company commercializes its business in over 60 countries worldwide, with its principal markets being the United States, Canada, the United Kingdom and Mexico. Cott markets or supplies over 200 retailer and licensed brands, and company-owned brands including Cott, RC, Vintage, Vess and So Clear. Its products include carbonated soft drinks, sparkling and flavored waters, energy drinks, sports drinks, juices, juice drinks and smoothies, ready-to-drink teas, and other non-carbonated beverages. COTT CORP: In Talks with Wal-Mart on Shelf Space Allocation ----------------------------------------------------------- Cott Corporation, in response to recent reports of reallocation of shelf space by Wal-Mart, confirmed that it has received notice of a reduction in shelf space and merchandising support for Wal-Mart's private label carbonated soft drinks in the U.S., including Sam's Choice, which would be significant to Cott's business plans. However, the 2008 programs have not yet been finalized and Cott is still actively negotiating with Wal-Mart appropriate space allocation and other merchandising programs associated with Sam's Choice brands. Wal-Mart is Cott's biggest customer and Cott is fully committed to deploying the necessary efforts to maintain a mutually satisfactory relationship for the long-term. Cott further confirmed that Wal-Mart's notice did not indicate any potential shelf space reduction for Sam's Choice water. Conversations between Cott and Wal-Mart are on-going and the final outcome of the 2008 merchandising, shelf allocation and other support programs for Sam's Choice carbonated soft drinks at Wal-Mart has yet to be determined. Regardless of the outcome, Cott will work hard to continue to diversify its customer base and to offset the potential impact on its profitability. About Cott Corporation Headquartered in Toronto, Ontario, Cott Corporation (NYSE: COT)(TSX: BCB) -- http://www.cott.com/-- is a non-alcoholic beverage company and a retailer brand soft drink company. The company commercializes its business in over 60 countries worldwide, with its principal markets being the United States, Canada, the United Kingdom and Mexico. Cott markets or supplies over 200 retailer and licensed brands, and company-owned brands including Cott, RC, Vintage, Vess and So Clear. Its products include carbonated soft drinks, sparkling and flavored waters, energy drinks, sports drinks, juices, juice drinks and smoothies, ready-to-drink teas, and other non-carbonated beverages. COTT CORP: Wal-Mart Negotiations Cue Moody's to Review Ratings -------------------------------------------------------------- Moody's Investors Service placed Cott Corporation's B1 CFR and B2 subordinated ratings on review for possible downgrade. The rating action follows a very difficult year in which Cott's revenues and profitability were negatively affected by shrinking carbonated soft drink volumes, higher than expected commodities costs and the need to take impairment charges to write down all of the goodwill relating to the U.S. business. This week, Cott also announced that it is currently negotiating with Wal-Mart to avoid a possible reduction in shelf space and merchandising support for Wal-Mart's private label carbonated soft drinks produced by Cott in the U.S. Cott also announced that it would be late filing its 2007 10K and that it will report a material weakness in financial controls due to lack of an appropriate complement of accounting personnel. Moody's last lowered Cott's ratings in November, 2007, leaving the outlook negative. The review will focus on the ultimate resolution of negotiations with Wal-Mart concerning appropriate merchandising support including shelf space, for brands produced by Cott, the resolution of material weaknesses, the expectation for performance in 2008 and the ability of the company to adequately bolster its liquidity position in the short run, which is under pressure because current covenant levels for Q1 will be breeched, absent waivers or closing a new ABL facility. These ratings were placed on review for downgrade: Cott Corporation: -- Corporate Family Rating of B1 -- Probability of Default Rating of B1 Cott Beverages Inc: -- $275 million 8% senior subordinated notes due 2011 at B2 LGD 5; 74% Headquartered in Toronto, Ontario, Cott Corporation is one of the word's largest retailer-brand soft drink suppliers with a leading position in take-home carbonated soft drink markets in the U.S. Canada, and the UK. Sales in 2007 were approximately $1.8 billion. COTT CORP: Wal-Mart Negotiations Cue S&P’s Negative CreditWatch --------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B' long-term corporate credit and 'CCC+' subordinated debt ratings on Toronto-based beverage manufacturer Cott Corp. on CreditWatch with negative implications. "The CreditWatch listing follows Cott's announcement that ongoing negotiations with Wal-Mart Stores Inc. could result in a reduction of shelf space and merchandising support for its private label carbonated soft drinks in the U.S.," said Standard & Poor's credit analyst Lori Harris. Wal-Mart (AA/Stable/A-1+) is Cott's most important customer, representing about 40% of Cott's total revenues. The company provides private label carbonated soft drinks and water to Wal-Mart; however, CSD is its most important product line. Standard & Poor's is concerned about a potential significant volume reduction and its impact on Cott's profitability, which is already pressured by elevated raw material costs. S&P will keep the ratings on Cott on CreditWatch until the 2008 merchandising and shelf space for Sam's Choice CSD is finalized and S&P obtains better visibility regarding forecast volumes and profitability. DUDLEY INKWELL: Brings In Liquidators from Menzies -------------------------------------------------- Paul John Clark and Jason James Godefroy of Menzies Corporate Restructuring were appointed joint liquidators of Dudley Inkwell Ltd. on Feb. 29 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Menzies Corporate Restructuring 43-45 Portman Square London W1H 6LY England DURA AUTOMOTIVE: Creditor Opposes Confirmation of Chap. 11 Plan --------------------------------------------------------------- Johnson Electric North America, Inc., asked the U.S. Bankruptcy Court for the District of Delaware to deny confirmation of Dura Automotive Systems Inc. and its debtor-affiliates' Joint Plan of Reorganization. Charlene D. Davis, Esq., at The Bayard Firm, in Wilmington, Delaware, says the Plan is unconfirmable because it provides for the assumption of a contract between with Debtors and Johnson Electric without proposing to cure the existing default of US$2,078,859, under the contract. Failure to cure existing default violates Sections 365(b), 1123(b) and 1123(d) of the Bankruptcy Code, thus rendering the Plan unconfirmable, Ms. Davis asserts. Johnson Electric asked that, if the Court confirms the Plan, the Court should compel the Debtors to pay the US$2,078,859 Cure Amount. Rochester Hills, Mich.-based DURA Automotive Systems Inc. (Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive industry. The company is also a supplier of similar products to the recreation vehicle and specialty vehicle industries. DURA sells its automotive products to North American, Japanese and European original equipment manufacturers and other automotive suppliers. The company has three locations in Asia -- China, Japan and Korea. It has locations in Europe and Latin-America, particularly in Mexico, Germany and the United Kingdom. The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr. D. Del. Case No. 06-11202). Richard M. Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the Debtors' co- counsel. Baker & McKenzie acts as the Debtors' special counsel. Togut, Segal & Segal LLP is the Debtors' conflicts counsel. Miller Buckfire & Co., LLC is the Debtors' investment banker. Glass & Associates Inc., gives financial advice to the Debtor. Kurtzman Carson Consultants LLC handles the notice, claims and balloting for the Debtors and Brunswick Group LLC acts as their Corporate Communications Consultants for the Debtors. As of July 2, 2006, the Debtor had US$1,993,178,000 in total assets and US$1,730,758,000 in total liabilities. The Debtors have asked the Court to extend their exclusive plan filing period to April 30, 2008. (Dura Automotive Bankruptcy News, Issue No. 45; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). FEBREY LTD: Taps Joint Administrators from Grant Thornton --------------------------------------------------------- Trevor O'Sullivan and Nigel Morrison of Grant Thornton U.K. LLP were appointed joint administrators of Febrey Ltd. (Company Number 02256417) on Feb. 15, 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: Febrey Ltd. 120 Burcott Road Bristol Avon BS11 8AD England Tel: 0117 982 8125 Fax: 0117 982 8127 FORD MOTOR: Navistar Re-Files Breach of Contract Suit ----------------------------------------------------- Navistar International Corp. has re-filed a lawsuit against Ford Motor Co. for violating a diesel engine contract in which Ford promised that Navistar would be Ford's primary manufacturer and supplier of V-6 and V-8 diesel engines in North America, including diesel engines for Ford's F-150 pickup trucks. The suit, filed in the Circuit Court of Cook County, Ill., seeks "at least hundreds of millions of dollars." Navistar originally sued Ford alleging breach of the contract in June 2007. Cook County Circuit Court Judge Dennis Burke dismissed that suit to allow for mediation of the dispute by a third-party. Navistar and Ford were unable to resolve the dispute through mediation, so Navistar now has re-filed the lawsuit. According to the lawsuit, Ford will introduce a 4.4 liter diesel engine for production in North America by late 2009 or 2010 or possibly earlier. Ford intends to produce the engine itself for use in the F-150, and possibly other vehicles. The lawsuit states that Ford cannot manufacture the engine without violating its contract with Navistar. Reportedly, Ford will produce the engines at a Ford facility in Chihuahua, Mexico. The lawsuit states that Navistar spent millions of dollars and devoted years of its employees' time to develop a next generation diesel engine named "Lion" for use in F-150 pickup trucks and other vehicles in which Ford had not previously offered diesel engines. Ford agreed that Navistar, which has been the exclusive diesel engine supplier for Ford's heavy-duty pickup trucks since 1979, would be the manufacturer and supplier of the new engines for the North American vehicle market. The lawsuit, filed Feb. 26, 2008, is separate from previously reported litigation between the two companies. In 2007, Ford filed a lawsuit against Navistar involving engine pricing and warranty claims on Power Stroke diesel engines. Navistar counter-sued, stating that pricing was consistent with contractual agreements, that the warranty claims were entirely without merit and that Ford has stopped honoring the terms of an agreement under which the engines were built. Navistar amended its counter-suit in May 2007 and asked for in excess of US$2 billion in damages. About Navistar International Based in Warrenville, Illinois, Navistar International Corp. (NYSE:NAV) -- http://www.nav-international.com/-- is the parent company of Navistar Financial Corp. and International Truck and Engine Corp. The company produces International brand commercial trucks, mid-range diesel engines and IC brand school buses, Workhorse brand chassis for motor homes and step vans, and is a private label designer and manufacturer of diesel engines for the pickup truck, van and SUV market. The company also provides truck and diesel engine parts and service sold under the International brand. A wholly owned subsidiary offers financing services. The company has operations in Brazil, Iceland and India. About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter-Europe on Nov. 20, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. FURNITURE LOGISTICS: Calls In Liquidators from Tenon Recovery ------------------------------------------------------------- Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon Recovery were appointed joint liquidators of Furniture Logistics Ltd.(t/a New Move & Barrett Distribution) (formerly Barrett Distribution Ltd.) on Feb. 19 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TZ England K.W. BEARD: Creditors' Meeting Slated for March 17 -------------------------------------------------- Creditors of K.W. Beard Ltd. (Company Number 01487858) will meet at 11:00 a.m. on March 17, 2008, at: BDO Stoy Hayward LLP One Victoria Street Bristol BS1 6AA England Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at noon on March 14, 2008, at: G. Randall Joint Administrative Receiver BDO Stoy Hayward LLP One Victoria Street Bristol BS1 6AA England BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. MICROGISTIX UK: Hires Liquidators from Mazars --------------------------------------------- Roderick John Weston and Nigel Heath Sinclair of Mazars LLP were appointed joint liquidators of Microgistix UK Ltd. (formerly Point Group UK Ltd.) on Feb. 19 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Mazars LLP Tower Bridge House St. Katharine's Way London E1W 1DD England OAK LTD: Appoints Neil Francis Hickling as Liquidator ----------------------------------------------------- Neil Francis Hickling of Smith & Williamson Ltd. was appointed liquidator of The Oak (Hockley Heath) Ltd. on Feb. 20 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Smith & Williamson Ltd. No. 1 St. Swithin Street Worcester WR1 2PY England ODYSSEY RE: Names Brian Young as CEO of London Market Operations ---------------------------------------------------------------- Odyssey Re Holdings Corp. appointed Brian Young as chief executive officer of its global insurance and London market operations effective April 1, 2008. Mr. Young manages Odyssey Re's London Market Division. In his new position, Mr. Young will have overall responsibility for Odyssey Re's U.S. Insurance and London Market Divisions. The present management structure of Odyssey Re's U.S. Insurance Division will remain in place, with Jim Migliorini, chief executive officer - U.S. insurance, reporting to Mr. Young. Through its Hudson Insurance Group, the division provides underwriting capacity on an admitted and non-admitted basis to medical malpractice and specialty insurance markets nationwide. Mr. Young will be relocating from London to New York in connection with his new responsibilities. Carl Overy will assume local senior management responsibility in London as Odyssey Re's new chief executive officer - London market division, and report to Mr. Young. Mr. Overy is the chief actuary of the London market division, and has been a member of Odyssey Re's management team in London for the past six years. The division underwrites casualty insurance and treaty reinsurance on a worldwide basis through Odyssey Re's London branch, Newline Insurance Company Limited and Newline Syndicate 1218 at Lloyd's. "Unifying the reporting structure of our London and U.S. platforms is an important step in optimizing the development of Odyssey Re's insurance activities on a global basis," Andrew A. Barnard, Odyssey Re's chief executive officer, commented. "Brian's proven management skills, and the variety and depth of his industry experience, make him well-suited for this important new position." About Odyssey Re Holdings Corp. Headquartered in Stamford, Connecticut, Odyssey Re Holdings Corp. (NYSE: ORH) -- http://www.odysseyre.com/-- is an underwriter of property and casualty treaty and facultative reinsurance, as well as specialty insurance. The company operates through its subsidiaries, Odyssey America Reinsurance Corporation, Hudson Insurance Company, Hudson Specialty Insurance Company, Clearwater Insurance Company, Newline Underwriting Management Limited, Newline Asia Services Pte. Ltd. and Newline Insurance Company Limited. The company underwrites through offices in the United States, London, Paris, Singapore, Toronto and Latin America. * * * Odyssey Re Holdings Corp. continues to carry Standard & Poor's 'BB' preferred stock rating, which was placed in October 2005. PELOTON PARTNERS: Liquidates US$2 Billion ABS Fund -------------------------------------------------- Peloton Partners LLP said that it is liquidating its US$2 billion ABS Fund citing a drop in the value of highly rated mortgage securities as well as being unable to meet the “margin calls” made by banks, published reports say. Peloton founders Ron Beller and Geoff Grant, former Goldman Sachs Group Inc. partners, told investors that they would be selling off the assets of the fund, stating that it was the “best solution” in order to “stabilize the situation,” reports say. Peloton also stopped redemptions from its US$1.6 billion Multi- Strategy Fund, which according to reports, has a sizable stake in the ABS Fund. Citing a person familiar, The Wall Street Journal reports that Messrs. Beller and Grant lost about US$120 million of personal money invested in Peloton. Headquartered in London, England, Peloton Partners LLP -- http://www.pelotonpartners.com/-- is a hedge fund manager that was recognized as one of the best performers in London's hedge fund community for 2007. The fund employs around 60 people in London and another 10 in Montecito, California. PENTAGON FLEXIBLES: Claims Filing Period Ends May 19 ---------------------------------------------------- Creditors of Pentagon Flexibles Ltd. have until May 19, 2008 to send in their full names, addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: M. H. Abdulali Liquidator Moore Stephens 6 Ridge House Ridgehouse Drive Festival Park Stoke on Trent England M. H. Abdulali of Moore Stephens was appointed liquidator of the company on Feb. 19 for the creditors' voluntary winding-up procedure. QUEBECOR WORLD: To Convert Series 5 Preferred Shares on March 1 --------------------------------------------------------------- Quebecor World Inc. determined the final conversion rate applicable to the 3,975,663 Series 5 Cumulative Redeemable First Preferred Shares (TSX: IQW.PR.C) that will be converted into Subordinate Voting Shares effective as of March 1, 2008. Taking into account all accrued and unpaid dividends on the Series 5 Preferred Shares up to and including March 1, 2008, Quebecor World has determined that, in accordance with the provisions governing the Series 5 Preferred Shares, each Series 5 Preferred Share will be converted on March 1, 2008 into 12.93125 Subordinate Voting Shares. Registered holders of Series 5 Preferred Shares who submitted notices of conversion on or prior to Dec. 27, 2007, will receive in the coming days from Quebecor World's transfer agent and registrar, Computershare Investor Services Inc., certificates representing their Subordinate Voting Shares resulting from the conversion. Approximately 51,400,000 new Subordinate Voting Shares will thus be issued by Quebecor World to holders of Series 5 Preferred Shares on March 1, 2008. Quebecor World will apply to list the 51,400,000 Subordinate Voting Shares on The Toronto Stock Exchange(TSX), although there can be no assurance that the TSX will accept the listing of [the] shares. About Quebecor World Based 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 and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. They obtained creditor protection until Feb. 20, 2008. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of US$5,554,900,000, total liabilities of US$3,964,800,000, preferred shares of US$175,900,000, and total shareholders' equity of US$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. The Debtors' CCAA stay expires on Feb. 20, 2008. (Quebecor World Bankruptcy News, Issue No. 5; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter-Europe on Feb. 13, 2008 Moody's Investors Service assigned a Ba2 rating to the US$400 million super priority senior secured revolving term loan facility of Quebecor World Inc. as a Debtor-in-Possession. The related US$600 million super priority senior secured term loan was rated Ba3 (together, the DIP facilities). The RTL's better asset value coverage relative to the TL accounts for the ratings' differential. QUEBECOR WORLD: Names A. Caille as Restructuring Panel Chairman --------------------------------------------------------------- Quebecor World Inc. provides an update on its restructuring under the Canadian Companies' Creditors Arrangement Act(CCAA) and under Chapter 11 of the U.S. Bankruptcy Code: The Board of Directors of Quebecor World Inc. has created a restructuring committee of the board as referenced in the most recent Monitor's report. The Committee is chaired by Andre Caille. The Committee will facilitate and supervise the work of management of the Corporation and its advisors in developing [the] plan or plans as may be necessary or desirable to effect: (i) a restructuring of the Corporation's financial affairs including, without limitation, the liabilities and obligations to [the] creditors of the Corporation and its subsidiaries as the Committee may deem necessary or appropriate, and (ii) a recapitalization of the Corporation and its subsidiaries and to report thereon, from time-to-time, with its recommendations to the Board of Directors of the Corporation. In addition, Quebecor World appointed Jacques Mallette, President and Chief Executive Officer of Quebecor World, to the Board of Directors and will serve on the Committee. Other members include Jean LaCouture, Michele Desjardins, and Jean Neveu. About Quebecor World Based 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 and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. They obtained creditor protection until Feb. 20, 2008. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of US$5,554,900,000, total liabilities of US$3,964,800,000, preferred shares of US$175,900,000, and total shareholders' equity of US$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. The Debtors' CCAA stay expires on Feb. 20, 2008. (Quebecor World Bankruptcy News, Issue No. 5; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter-Europe on Feb. 13, 2008 Moody's Investors Service assigned a Ba2 rating to the US$400 million super priority senior secured revolving term loan facility of Quebecor World Inc. as a Debtor-in-Possession. The related US$600 million super priority senior secured term loan was rated Ba3 (together, the DIP facilities). The RTL's better asset value coverage relative to the TL accounts for the ratings' differential. SEA CONTAINERS: Court Stretches Plan-Filing Period to April 15 -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware further extended, until April 15, 2008, Sea Containers Ltd. and its debtor-affiliates' exclusive period to file a plan of reorganization. The Court also fixed June 16, 2008, as the deadline for the Debtors to solicit acceptances of that plan. As reported in the Troubled Company Reporter-Europe on Feb. 19, 2008, the Debtors told the Court that this will be their last request for an extension of the Exclusive Periods, in accordance with Section 1121(d)(2) of the U.S. Bankruptcy Code. The Debtors related that since filing their last exclusivity request, they have made substantial progress on the (i) change of control arbitration, and (ii) treatment of claims arising on account of the Debtors' pension scheme liabilities. The Debtors also hope to engage in discussions with GE to resolve open disputed issues between them with respect to GE SeaCo. The Debtors related that they obtained a favorable result in the change of control arbitration. The arbitrator ruled in favor of Sea Containers Ltd. by finding that a change of control did not occur as a result of the resignation of Jim Sherwood, its president, chief executive officer, and chairman of the board. The Debtors also related that they have reached agreement on the terms of a settlement with the Official Committee of Unsecured Creditors for Sea Containers Services Ltd. and the Pension Trustees with respect to the Debtors' pension scheme liabilities. The Debtors expect to file a request to approve the settlement in the near term. Maintaining exclusivity will allow the Debtors to focus on obtaining approval of the Pension Settlement, which the Debtors' view as a prerequisite to filing a Chapter 11 plan. Failure to obtain the extension can lead only to unnecessary distraction and delay in resolving the Debtors' pension scheme liabilities, a task that must be completed before a viable Plan can be presented to the Court, the Debtors said. The Debtors believe that the requested extension will also facilitate the arrangement of exit financing. About Sea Containers Based in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/ -- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of US$62,400,718 and total liabilities of US$1,545,384,083. The Court previously gave the Debtors until Feb. 20, 2008 to file a plan of reorganization. SECOND CITY: M. H. Abdulali Leads Liquidation Procedure ------------------------------------------------------- M. H. Abdulali of Moore Stephens was appointed liquidator of Second City (Manchester) Ltd. on Feb. 21 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Moore Stephens 6 Ridge House Ridgehouse Drive Festival Park Stoke on Trent ST1 5TL England SWADDLERS LTD: Taps Liquidators from Vantis Business Recovery ------------------------------------------------------------- Paul Atkinson and Glyn Mummery of Vantis Business Recovery Services were appointed joint liquidators of Swaddlers Ltd. on Feb. 19 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Vantis Business Recovery Services 43-45 Butts Green Road Hornchurch Essex RM11 2JX England TVONICS LTD: Appoints Milner Boardman to Administer Assets ---------------------------------------------------------- Darren Brookes and Colin Burke of Milner Boardman & Partners were appointed joint administrators of Tvonics Ltd. (Company Number 05087575) on Feb. 18, 2008. Milner Boardman -- http://www.milnerboardman.co.uk/-- provides financial accounting and business advisory services. The company can be reached at: Tvonics Ltd. Technium Digital@Sony Pencoed Technology Park Bridgend CF35 5HZ Wales Tel: 01656 868 520 Fax: 01656 868 526 BOOK REVIEW: Inside Investment Banking: Second Edition ------------------------------------------------------ Author: Ernest Bloch Publisher: Beard Books Softcover: 440 Pages List Price: US$34.95 Order your personal copy at http://www.amazon.com/exec/obidos/ASIN/1587982684/internetbankru pt Even though Bloch states that "no last word may ever be written about the investment banking industry," he nonetheless has written a definitive book on the subject. Bloch wrote Inside Investment Banking after discovering that no textbook on the subject was available when he began teaching a course on investment banking. Bloch's book is like a textbook, though one not meant to be limited to classroom use. It's a complete, knowledgeable study of the structure and operations of the field of investment banking. With a long career in the field, including work at the Federal Reserve Bank of New York, Bloch has the background for writing the book. He sought the input of many of his friends and contacts in investment banking for material as well as for critical guidance to put together a text that would stand the test of time. While giving a nod to today's heightened interest in the innovative securities that receive the most attention in the popular media, Inside Investment Banking concentrates for the most part on the unchanging elements of the field. The book takes a subject that can appear mystifying to the average person and makes it understandable by concentrating on its central processes, institutional forms, and permanent aims. The author shows how all aspects of the complex and ever-changing field of investment banking, including its most misunderstood topic of innovative securities, leads to a "financial ecology" which benefits business organizations, individual investors in general, and the economy as a whole. "[T]he marketplace for innovative securities becomes, because of its imitators, a systematic mechanism for spreading risk and improving efficiency for market makers and investors," says Bloch. For example, Bloch takes the reader through investment banking's "market making" which continually adapts to changing economic circumstances to attract the interest of investors. In doing so, he covers the technical subject of arbitrage, the role of the venture capitalist, and the purpose of initial public offerings, among other matters. In addition to describing and explaining the abiding basics of the field, Bloch also takes up issues regarding policy (for example, full disclosure and government regulation) that have arisen from the changes in the field and its enhanced visibility with the public. In dealing with these issues, which are to a large degree social issues, and similar topics which inherently have no final resolution, Bloch deals indirectly with criticisms the field has come under in recent years. Bloch cites the familiar refrain "the more things change, the more they remain the same" and then shows how this applies to investment banking. With deregulation in the banking industry, globalization, mergers among leading investment firms, and the growing number of individuals researching and trading stocks on their own, there is the appearance of sweeping change in investment banking. However, as Inside Investment Banking shows, underlying these surface changes is the efficiency of the market. Anyone looking for an authoritative work covering in depth the fundamentals of the field while reflecting both the interest and concerns about this central field in the contemporary economy should look to Bloch's Inside Investment Banking. After time as an economist with the Federal Reserve Bank of New York, Ernest Bloch was a Professor of Finance at the Stern School of Business at New York University. ********* 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. 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 * * *