/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080307.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, March 7, 2008, Vol. 9, No. 48 Headlines A U S T R I A HAFNER + PARTNER: Claims Registration Period Ends March 20 IRS VERTRIEB: Claims Registration Period Ends March 31 PRI-MA.NET: Claims Registration Period Ends April 24 ZIMMEREI SPORN: Salzburg Court Closes Bankruptcy Proceedings B E L G I U M SOLUTIA INC: Flexsys Unit Raises Prices to Ensure Reinvestment SOLUTIA INC: Agreement Gives GE Betz US$255,575 in Allowed Claim SOLUTIA INC: To Issue 7,450,000 Shares for Employee Plans B U L G A R I A KREMIKOVTZI AD: Merrill Lynch Starts Talks with Potential Buyers F I N L A N D EXIDE TECHNOLOGIES: Moody's Revises Rating Outlook to Positive F R A N C E DELPHI CORP: Gets Exit Financing Proposal from General Motors G E R M A N Y A.P.A. - AUTOMOBILE: Claims Registration Period Ends March 24 APA HANDELSGESELLSCHAFT: Claims Registration Ends March 24 ARMANDO DEL GAUDIO: Claims Registration Period Ends March 14 ASAT HOLDINGS: Expects 4% Revenue Growth in 2008 Third Quarter BARTER TRADE: Claims Registration Period Ends April 1 BSC ENTSORGUNG: Claims Registration Ends March 31 BUENA VISTA: Creditors' Meeting Slated for March 20 CARGO & CARRIER: Claims Registration Period Ends March 28 CHARTERBOERSE REISEVERMITTLUNGS: Claims Filing Ends April 1 CONSUMERS FRUIT: Claims Registration Period Ends March 28 DIE NAHT: Claims Registration Period Ends April 1 DONLOX GMBH: Claims Registration Period Ends April 1 EB VERWALTUNGSGESELLSCHAFT: Claims Period Ends March 20 ERICH SCHENK: Claims Registration Period Ends March 17 GARBODES PARTYSERVICE: Claims Registration Ends March 31 H. MAYER GMBH: Claims Registration Period Ends March 12 HAINKE INTERNATIONALE: Claims Registration Ends March 31 HEALTH MED: Claims Registration Period Ends March 24 IKB DEUTSCHE: Fitch Lowers Ratings on Hybrid Securities to CCC- ROLF BRANDMANN: Claims Registration Period Ends April 17 TRAUT-GMBH: Claims Registration Period Ends March 31 UNITHERM GESELLSCHAFT: Claims Registration Ends March 30 WELTZIEN & PATTBERG: Claims Registration Ends March 31 H U N G A R Y AES CORP: Defaults on Debt Facilities due to Misrepresentation I R E L A N D INTL SECURITIES: Unsecured Creditors Okay Scheme of Arrangement RITCHIE (IRELAND): Court Refuses to Review Case Against Coventry I T A L Y BERRY PLASTICS: B. Scheu Takes Helm at Rigid Closed Top Division FIAT SPA: Plans to Manufacture Alfa Romeo in the U.S. K A Z A K H S T A N ARASLAN LLP: Creditors Must File Claims by April 1 ASPAN TRADE: Creditors Must File Claims by April 4 ATYRAU NEFT: Claims Deadline Slated for April 4 ENERGY DIAMOND: Claims Deadline Slated for April 4 ENERGOPROMSERVICE LTD: Claims Filing Period Ends April 4 GOLDEN VIP-S: Creditors' Claims Due on March 28 KAZ INTER: Claims Filing Period Ends April 4 KOKSU AJARY: Claims Registration Ends March 28 NUR SNAB: Creditors' Claims Due on April 4 ROGACHEVSKY COMBINATE: Creditors Must File Claims by April 4 RUDNY KAZ: Claims Deadline Slated for April 4 TRUST-SERVICE LLP: Claims Registration Ends April 4 UGO-VOSTOK ONLINE: Claims Filing Period Ends April 4 K Y R G Y Z S T A N ATLANT STROY: Creditors Must File Claims by April 1 TAZA-OIL LLC: Claims Filing Period Ends March 28 N E T H E R L A N D S KONINKLIJKE AHOLD: Earns EUR2.9 Billion for Full Year 2007 X5 RETAIL: Launches Mercado Supercenter Hypermaket Brand N O R W A Y DRESSER-RAND: Earnings Rise to US$44MM in Quarter Ended Dec. 31 P O L A N D POLSKA GRUPA: Fitch Lowers National Long-Term Rating to BB(pol) VALEANT PHARMA: To Restate Financial Statements Due to Errors R U S S I A AGTRO-TEKH OJSC: Creditors Must File Claims by March 16 COMSTAR-UNITED: Inks Deal to Install 10,000 Phones in Podolsky EXPERIMENTAL-PRODUCTION: Creditors Must File Claims by March 16 IDEAL LLC: Creditors Must File Claims by March 16 KOLPASHEVSKAYA SHIPBUILDING: Asset Sale Slated for March 20 OGK-5 OAO: Unveils Agenda for Upcoming Shareholders Meeting OGK-5 OAO: Nominates Sixteen People to Board of Directors SERVICE-STROY-KOMPLEKT: Creditors Must File Claims by March 16 SOGORNOE CJSC: Creditors Must File Claims by March 16 TALITSKIY TRANSPORT: Creditors Must File Claims by March 16 X5 RETAIL: Launches Mercado Supercenter Hypermaket Brand S P A I N BANKINTER 16 FONDO: S&P Junks Rating on EUR43 Mln Class E Notes FONDO DE TITULIZACION: S&P Puts CCC- Rating on Class D Notes S W I T Z E R L A N D AXENTIC LLC: Creditors' Liquidation Claims Due by March 7 COMIT RESOURCES: Creditors' Liquidation Claims Due by March 10 CPR HANDEL: Zurich Court Starts Bankruptcy Proceedings D. S. KARLEN: Creditors' Liquidation Claims Due by March 10 MEIER SCHREINEREI: Creditors' Liquidation Claims Due by March 10 MEWOTEC LLC: Creditors' Liquidation Claims Due by March 7 NATURHEILPRAXIS: Creditors' Liquidation Claims Due by March 7 NOVA NICKEL: Creditors' Liquidation Claims Due by March 10 SISNOVA GASTRO: Creditors' Liquidation Claims Due by March 10 ZUM TEDDY: Aargau Court Starts Bankruptcy Proceedings T U R K E Y TURKCELL ILETISIM: To Pay TRY648.7 Million Dividend for 2008 TURKCELL ILETISIM: Earns US$1.35BB for Year Ended December 31 U K R A I N E BANK FORUM: Fitch Upgrades Rating on Acquisition by Commerzbank NAFTOGAZ UKRAINY: Gazprom Resumes Full Gas Supply to Ukraine U N I T E D K I N G D O M ACZ REALISATIONS: Taps Liquidators from PricewaterhouseCoopers BANKMEADOW LTD: Claims Filing Period Ends April 7 BATHROOM WAREHOUSE: Creditors' Meeting Slated for March 17 BUCKS AUTO: Creditors' Meeting Slated for March 17 CELSIUS ENERGY: Taps Abbott Fielding as Joint Administrators CHRYSLER LLC: Can Have Unlimited Access to Daimler AG's Tech. CLEAR CHANNEL: Trial on Sale Funding Dispute Set for April 7 D.S.B. LTD: Andrew Appleyard Leads Liquidation Procedure DEL MONTE: Shuts Down West Lynn Factory; 80 Jobs Affected EMI GROUP: Chairman Admits Takeover Has Not Gone to Plan FARNDELL AND GATES: Appoints Joint Administrators from Begbies G.M. TECHNICAL: Appoints Peter Wastell as Liquidator GENERAL MOTORS: Offers Additional Exit Financing to Delphi Corp. GENERAL MOTORS: Key Supplier Labor Strike Affects More GM Plants MASHLIN FRICTION: Brings In Harrisons to Administer Assets MYRIAD CHILDRENSWEAR: Brings In Liquidators from PwC NIKKO U.K.: Calls In Liquidators from Grant Thornton OFFSHORE TRAVEL: Joint Liquidators Take Over Operations PETER ROBINSON: Taps Thomas Dixon to Liquidate Assets QUEBECOR WORLD: WEB Printing Supports Suppliers' Objections QUEBECOR WORLD: Reaches Settlement with Utility Providers QUEBECOR WORLD: Wants Banc of America Aircraft Lease Rejected SUBSEA RESOURCES: Suspends Trading of Shares to Sell Assets VONAGE HOLDINGS: May Modify Terms of US$253 Mln Convertible Debt WORDMAP LTD: Brings In Liquidators from BDO Stoy Hayward ZIFF DAVIS: Files for Bankruptcy to Improve Capital Structure ZIFF DAVIS: Case Summary and 30 Largest Unsecured Creditors * Beard Group's Cross-Border Insolvencies Audio Primer * BOOK REVIEW: Voluntary Assignments for the Benefit of Creditors, Volumes I and II ********* ============= A U S T R I A ============= HAFNER + PARTNER: Claims Registration Period Ends March 20 ---------------------------------------------------------- Creditors owed money by LLC Hafner + Partner (FN 35496a) have until March 20, 2008, to file written proofs of claim to court- appointed estate administrator Elisabeth Simma at: Dr. Elisabeth Simma Kaiserfeldgasse 15/II 8010 Graz Austria Tel: 0316/827720 Fax: 0316/82772028 E-mail: office@simma-stoff.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:40 a.m. on March 27, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Rom 222 Second Floor Graz Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on Feb. 15, 2008 (Bankr. Case No. 26 S 21/08w). IRS VERTRIEB: Claims Registration Period Ends March 31 ------------------------------------------------------ Creditors owed money by LLC IRS Vertrieb und Handel (FN 277509b) have until March 31, 2008, to file written proofs of claim to court-appointed estate administrator Rudolf Franzmayr at: Dr. Rudolf Franzmayr Stadtplatz 32 4840 Voecklabruck Austria Tel: 07672/23432 Fax: 07672/23432-4 E-mail: dr.franzmayr@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on April 10, 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 Voecklabruck, Austria, the Debtor declared bankruptcy on Feb. 15, 2008 (Bankr. Case No. 20 S 18/08k). PRI-MA.NET: Claims Registration Period Ends April 24 ---------------------------------------------------- Creditors owed money by LLC pri-ma.net Print Management (FN 265969g) have until April 24, 2008, to file written proofs of claim to court-appointed estate administrator Horst Winkelmayr at: Mag. Horst Winkelmayr c/o Dr. Carl Knittl Mariahilfer Strasse 1d/13 Porzellangasse 22A/7 1090 Vienna Austria Tel: 532 47 77 Fax: 532 47 77 50 E-mail: rae@kniwi.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on May 8, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 15, 2008 (Bankr. Case No. 6 S 20/08w). Carl Knittl represents Mag. Winkelmayr in the bankruptcy proceedings. ZIMMEREI SPORN: Salzburg Court Closes Bankruptcy Proceedings ------------------------------------------------------------ The Land Court of Salzburg closed the bankruptcy case of LLC Zimmerei Sporn (FN 55921m) on Dec. 19, 2007, following the Debtor's final distribution to creditors. Creditors recovered 4% on account of their claim against the Debtor. Headquartered in Hallein, Austria, the Debtor declared bankruptcy on March 7, 2007 (44 S 12/07z). Gernot Franz Herzog served as the court-appointed estate administrator for the bankrupt's estate. The estate administrator can be reached at: Dr. Gernot Franz Herzog Haunspergstr. 33 5020 Salzburg Austria Tel: 0062-8700460 Fax: 0662-878462 E-mail: office@hauserherzog.com ============= B E L G I U M ============= SOLUTIA INC: Flexsys Unit Raises Prices to Ensure Reinvestment -------------------------------------------------------------- Solutia Inc. said that its Flexsys subsidiary is initiating price increases across select product groups including Crystex(R) insoluble sulfur, Santoflex (R) 6 PPD antiozonant, and other rubber chemicals. "These price increases are driven by a number of factors," said Jim Voss, president of Flexsys. "We must continue to reinvest to ensure our long-term success and the success of our customers. We have successfully differentiated ourselves from our competition in the areas of technology, quality, manufacturing reliability, and supply chain excellence. We will continue to invest in capacity expansions and new technology to provide our customers with the high-quality and innovative products backed by superior customer service and world-class technical support that they have come to expect from Flexsys." "The continued upward trend of energy and raw material costs makes this action necessary," said Tim Wessel, vice president, Antidegradants and Crystex. "We have seen an unprecedented rise in the cost of raw material ingredients, such as sulfur." He noted that the global agricultural boom and demand for fertilizer has significantly tightened the sulfur market. The price increases are effective April 1, 2008, or as soon as permitted by contract. Crystex insoluble sulfur is the vulcanizing agent of choice for critical applications in the tire industry, providing the highest level of quality and performance. In addition, Crystex HD insoluble sulfur offers tire manufacturers improved prouctivity and safety in their manufacturing processes. Santoflex 6 PPD antiozonant is used to improve tire longevity by protecting against degradation by oxygen, ozone, and fatigue. Flexsys products play an essential role in the manufacturing of tires and other rubber products, such as belts, hoses, seals, and footwear. Flexsys is a global business with offices, manufacturing facilities and technology centers around the world. Flexsys has annual sales of over US$650 million, about two-thirds of which take place outside the United States. About Solutia Inc. Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, 2007, the Court confirmed the Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No. 118; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter-Europe on March 3, 2008, Standard & Poor's Ratings Services raised its corporate credit rating on Solutia Inc. to 'B+' from 'D', following the company's emergence from bankruptcy on Feb. 28, 2008, and the implementation of its financing plan. The outlook is stable. S&P also affirmed its 'B+' rating and '3' recovery rating on Solutia's proposed senior secured term loan. In addition, S&P assigned its 'B-' rating to Solutia's US$400 million unsecured bridge loan facility. S&P also withdrew its 'B-' rating on the proposed US$400 million unsecured notes, which have been replaced by the bridge facility in Solutia's capital structure. SOLUTIA INC: Agreement Gives GE Betz US$255,575 in Allowed Claim ---------------------------------------------------------------- On Nov. 22, 2004, GE Betz, Inc., filed Claim No. 5640 alleging a total claim of US$406,006, of which US$124,545 was secured by a right of offset. On Feb. 4, 2008, GE Betz filed Claim No. 14845 for US$380,119, of which US$124,545 is secured by a right of offset. Claim No. 14845 is intended to amend and supersede Claim No. 5640. Solutia Inc. and GE Betz have agreed that: -- Claim No. 14845 will amend and supersede Claim No. 5640; -- GE Betz may exercise its right of setoff. GE Betz withdraws the secured claim of US$124,545; and -- GE Betz will retain an allowed general unsecured claim of US$255,575. About Solutia Inc. Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, 2007, the Court confirmed the Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No. 118; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter-Europe on March 3, 2008, Standard & Poor's Ratings Services raised its corporate credit rating on Solutia Inc. to 'B+' from 'D', following the company's emergence from bankruptcy on Feb. 28, 2008, and the implementation of its financing plan. The outlook is stable. S&P also affirmed its 'B+' rating and '3' recovery rating on Solutia's proposed senior secured term loan. In addition, S&P assigned its 'B-' rating to Solutia's US$400 million unsecured bridge loan facility. S&P also withdrew its 'B-' rating on the proposed US$400 million unsecured notes, which have been replaced by the bridge facility in Solutia's capital structure. SOLUTIA INC: To Issue 7,450,000 Shares for Employee Plans --------------------------------------------------------- Solutia Inc. informed the U.S. Securities and Exchange Commission that it is registering 7,450,000 shares of stock common stock, US$0.01 par value, which it intends to sell at a maximum offering price of US$20.00 a share. The move is in pursuance to its Plan of Reorganization, approved by the U.S. Bankruptcy Court for the Southern District of New York, which became effective Feb. 28, 2008, and provided for the cancellation of its existing stock and the issuance of new stock. Kirkland & Ellis LLP, special counsel to Solutia, says the company will issue the shares pursuant to its Management Long- Term Incentive Plan and Non-Employee Director Stock Compensation Plan. The Non-Employee Director Stock Compensation Plan is aimed to further the growth and profitability of the company by increasing incentives and encouraging share ownership on the part of the Members of the Board of Solutia. Pursuant to the Plan, board members will be granted awards that constitute options, stock appreciation rights, restricted stock, restricted stock units and other stock awards, in the aggregate of up to 250,000 shares. A full-text copy of the Plan is available at: http://ResearchArchives.com/t/s?28b3 The 2007 Management Long-Term Incentive Plan is aimed to further the growth and profitability of the company by increasing incentives and encouraging share ownership on the part of the employees and independent contractors of Solutia. The Plan is intended to permit the grant of awards that constitute Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units and Other Stock Awards, and Cash Incentive Awards. The Up to US$7,200,000 shares will be made available for grants and awards under the Plan. A copy of the Plan is available at: http://ResearchArchives.com/t/s?28b4 About Solutia Inc. Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, 2007, the Court confirmed the Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No. 118; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter-Europe on March 3, 2008, Standard & Poor's Ratings Services raised its corporate credit rating on Solutia Inc. to 'B+' from 'D', following the company's emergence from bankruptcy on Feb. 28, 2008, and the implementation of its financing plan. The outlook is stable. S&P also affirmed its 'B+' rating and '3' recovery rating on Solutia's proposed senior secured term loan. In addition, S&P assigned its 'B-' rating to Solutia's US$400 million unsecured bridge loan facility. S&P also withdrew its 'B-' rating on the proposed US$400 million unsecured notes, which have been replaced by the bridge facility in Solutia's capital structure. =============== B U L G A R I A =============== KREMIKOVTZI AD: Merrill Lynch Starts Talks with Potential Buyers ---------------------------------------------------------------- Merrill Lynch has began talks with Kremikovtzi AD's potential investors on behalf of company owner Pramod Mittal, Seeurope.net reports citing Dnevnik. According to the report, the investment bank's executive met with metallurgical companies who have some tentative interest in Kremikovtzi. Mr. Mittal hired Merrill Lynch to advise on the alternatives facing the company after negotiations with Konstantin Zhevago fell through, the report said. The possibility of plant closure is one option Merrill Lynch is considering, Dnevnik relates citing senior management of Kremikovtzi. Accodring to the report, Bulgarian economy and energy minister Petar Dimitrov said that a bankruptcy or liquidation of the company is not an option. As reported in the TCR-Europe on March 5, 2008, Mr. Dimitrov confirmed that a Turkish company was interested in buying a majority stake in Kremikovtzi and four other potential investors have declared interest in buying the company. Seeurope.net relates that the Bulgarian government, a 25% shareholder, arranged the ramped down of Kremikovtzi's gas supplies as part of its attempt to force Mr. Mittal to sell Finmetals Holdings, a 17% shareholder in Kremikovtzi. Mr. Dimitrov explained that the government's moves pre-empt a siphoning-off the company through the overpriced purchases and delayed payments to state payments to state-owned utilities. Headquartered in Sofia, Bulgaria, Kremikovtzi AD -- http://www.kremikovtzi.com/-- is a single-site steel producer in Bulgaria that reported BGN896 million in revenues in 2006. It explores and produces iron and ore fields. * * * Kremikovtzi AD carries Moody's Long-term corporate family rating of Caa1 and probability of default rating of Caa1 with negative outlook. ============= F I N L A N D ============= EXIDE TECHNOLOGIES: Moody's Revises Rating Outlook to Positive -------------------------------------------------------------- Moody's Investors Service affirmed the Corporate Family Rating at Caa1 for Exide Technologies, Inc. but changed the outlook to positive from stable. Moody's also raised the rating on the company's asset based revolving credit facility to Ba3 from B1. Moody's also affirmed ratings of the senior secured term loans, at B1; and the senior secured junior-lien notes, at Caa1. The Probability of Default remains Caa1. The Caa1 Corporate Family Rating continues to reflect Exide's weak credit metrics balanced against operating performance that is improving as a result of cost reduction initiatives and successful pricing actions. While Exide benefits from its geographic and customer diversity, the company remains exposed to cyclical industry conditions, weather uncertainties, and commodity pricing pressures. The positive outlook reflects the company's progress in applying customer price increases and improved operational efficiencies which are reflected in the company's recent quarterly performance. The company's recent performance further indicates that price increases have taken hold and should further improve the company's operating performance. The company's capacity to generate free cash flow in the near term should be helped by softer global lead pricing due to softer global economic conditions. For the LTM period ending Dec. 30, 2007 DEBT/EBITDA (using Moody's standard adjustments) was approximately 6.2x and interest coverage approximated 0.7x. Exide had US$71 million of cash on hand at 12/31/2007 and US$79 million of availability under its revolving credit. A fixed charge covenant 1.1 becomes effective if availability falls below US$40 million. Ratings affirmed: Exide Technologies, Inc. -- Caa1 Corporate Family Rating; -- Caa1 Probability of Default; -- Caa1 (LGD3, 45%) rating of US$290 million of senior secured junior-lien notes due March 2013; Exide Technologies, Inc. and its foreign subsidiary Exide Global Holdings Netherlands CV: -- B1 (LGD2, 16%) to the US$130 million senior secured term loan at Exide Technologies, Inc.; -- B1 (LGD2, 16%) to the US$165 million senior secured term loan at Exide Global Holdings Netherlands CV.; Ratings raised: Exide Technologies, Inc. -- US$200 million asset based revolving credit facility, to Ba3 from B1. The last rating action was on April 26, 2007 when the senior secured bank debt was rated. In a January 2008 Special Comment, Moody's outlined the changes to its Loss-Given-Default methodology to recognize the favorable recovery experience of asset-based loans relative to other types of senior secured first-lien loans. The terms of Exide's ABL meet the eligibility requirements outlined in the Special Comment and, therefore, its rating is Ba3, which is one notch higher than would otherwise have been indicated by the LGD waterfall. Exide, headquartered in Alpharetta, Georgia, is one of the largest global manufacturers of lead acid batteries, with net sales approximating US$3.5 billion. The company manufactures and supplies lead acid batteries for transportation and industrial applications worldwide. =========== F R A N C E =========== DELPHI CORP: Gets Exit Financing Proposal from General Motors ------------------------------------------------------------- Delphi Corp. is taking the steps necessary to enable the completion of its exit financing syndication. Delphi said that it has been advised by General Motors Corp. that GM is prepared to provide additional exit financing. The company's US$6.1 billion exit financing package is now expected to include a US$1.6 billion asset-backed revolving credit facility, at least US$1.7 billion of first-lien term loan, an up to US$2.0 billion first-lien term note to be issued to GM (junior to the US$1.7 billion first-lien term loan), and an US$825 million second-lien term loan, of which any unsold portion would be issued to GM. Delphi believes that GM's increased participation in the exit financing structure is necessary to successfully syndicate its exit financing on a timely basis and is consistent with its First Amended Joint Plan of Reorganization and the investment agreement with its plan investors. However, certain of Delphi's plan investors have advised the company they believe the proposed exit financing with increased GM participation would not comply with conditions in the company's investment agreement between Delphi and the plan investors. To clarify that GM's increased participation complies with the Plan and the investment agreement, and to require each of the Plan Investors to perform their obligations under the investment agreement, Delphi asks the U.S. Bankruptcy Court for the Southern District of New York seeking limited relief from the Court under section 1142 of the Bankruptcy Code with respect to the Plan, which was confirmed by the Court on Jan. 25, 2008. Under Section 1142 of the Bankruptcy Code, bankruptcy courts may direct the debtor and any other necessary party to perform any act that is necessary for the consummation of a plan that has been confirmed by the Bankruptcy Court. Delphi's lead plan investor has also agreed to extend from March 31, 2008 to Apr. 5, 2008 the first date by which it could terminate the investment agreement with Delphi if the effective date of the Plan has not occurred, which would provide Delphi additional time to comply with closing conditions under the investment agreement. About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 266,000 people around the world and manufactures cars and trucks in 35 countries. In 2007, nearly 9.37 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. The Court confirmed the Debtors' First Amended Plan on Jan. 25, 2008. (Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As previously reported in the Troubled Company Reporter-Europe, Moody's Investors Service assigned ratings to Delphi Corporation for the company's financing for emergence from Chapter 11 bankruptcy protection: Corporate Family Rating of (P)B2; US$3.7 billion of first lien term loans, (P)Ba3; and US$0.825 billion of 2nd lien term debt, (P)B3. In addition, a Speculative Grade Liquidity rating of SGL-2 representing good liquidity was assigned. The outlook is stable. Standard & Poor's Ratings Services in the meantime said it expects to assign its 'B' corporate credit rating to Delphi upon the company's emergence from Chapter 11 bankruptcy protection, which may occur by the end of the first quarter of 2008. S&P expects the outlook to be negative. In addition, Standard & Poor's expects to assign these issue-level ratings: a 'B+' issue rating (one notch above the corporate credit rating), and '2' recovery rating to the company's proposed US$3.7 billion senior secured first-lien term loan; and a 'B-' issue rating (one notch below the corporate creditrating), and '5' recovery rating to the company's proposed US$825 million senior secured second-lien term loan. ============= G E R M A N Y ============= A.P.A. - AUTOMOBILE: Claims Registration Period Ends March 24 ------------------------------------------------------------- Creditors of A.P.A. - Automobile GmbH & Co. KG have until March 24, 2008, to register their claims with court-appointed insolvency manager Heiko Fialski. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Pinneberg Hall 5 First Floor Bahnhofstrasse 17 25421 Pinneberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Heiko Fialski Raboisen 38 20095 Hamburg Germany The District Court of Pinneberg opened bankruptcy proceedings against A.P.A. - Automobile GmbH & Co. KG on Feb. 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: A.P.A. - Automobile GmbH & Co. KG Osterbrooksweg 62 22869 Schenefeld Germany APA HANDELSGESELLSCHAFT: Claims Registration Ends March 24 ---------------------------------------------------------- Creditors of APA Handelsgesellschaft mbH have until March 24, 2008, to register their claims with court-appointed insolvency manager Heiko Fialski. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on May 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Pinneberg Hall 5 First Floor Bahnhofstrasse 17 25421 Pinneberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Heiko Fialski Raboisen 38 20095 Hamburg Germany The District Court of Pinneberg opened bankruptcy proceedings against APA Handelsgesellschaft mbH on Feb. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: APA Handelsgesellschaft mbH Attn: Richard Theurer, Manager Osterbrooksweg 62 22869 Schenefeld Germany ARMANDO DEL GAUDIO: Claims Registration Period Ends March 14 ------------------------------------------------------------ Creditors of Armando Del Gaudio GmbH have until March 14, 2008, to register their claims with court-appointed insolvency manager Stefan Conrads. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on April 7, 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 Wuppertal Meeting Hall A234 Second Floor Eiland 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefan Conrads Mankhauser Str. 7a 42699 Solingen Germany Tel: 0212/22172-0 Fax: 0212/22172-18 The District Court of Wuppertal opened bankruptcy proceedings against Armando Del Gaudio GmbH on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Armando Del Gaudio GmbH Attn: Armando Del Gaudio, Manager Schlachthofstr. 45 42651 Solingen Germany ASAT HOLDINGS: Expects 4% Revenue Growth in 2008 Third Quarter -------------------------------------------------------------- ASAT Holdings Limited expects revenue for the third quarter ended Jan. 31, 2008 of approximately US$41.7 million, representing an increase of approximately 4% above second quarter fiscal 2008 revenue of US$40.2 million. It is also above the guidance the company provided on Jan. 14, 2008 that said revenue will be in line with the prior quarter. The company's board of directors has approved a compensation award to its acting chief executive in the form of a warrant exercisable for an aggregate of up to 41.8 million ordinary shares at an exercise price of US$0.01 per share, subject to certain adjustments. The warrant is exercisable with respect to 20.6 million ordinary shares immediately, with the remainder subject to certain vesting or performance criteria. Headquartered in Pleasanton, California, ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/-- is a provider of semiconductor package design, assembly and test services. With 18 years of experience, the company offers a definitive selection of semiconductor packages and world-class manufacturing lines. ASAT's advanced package portfolio includes standard and high thermal performance ball grid arrays, leadless plastic chip carriers, thin array plastic packages, system-in- package and flip chip. ASAT was the first company to develop moisture sensitive level one capability on standard leaded products. The company has operations in the United States, Hong Kong, China and Germany. * * * Standard & Poor's placed ASAT Holdings Limited's long-term foreign and local issuer credit ratings at 'CCC-' in September 2007. The outlook is negative. BARTER TRADE: Claims Registration Period Ends April 1 ----------------------------------------------------- Creditors of Barter Trade Logistik GmbH have until April 1, 2008, to register their claims with court-appointed insolvency manager Carsten Morgenstern. Creditors and other interested parties are encouraged to attend the meeting on May 13, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Carsten Morgenstern Michaelstrasse 71 09116 Chemnitz Tel: (0371) 381770 Fax: (0371) 3817730 E-mail: chemnitz@hww-kanzlei.de The District Court of Chemnitz opened bankruptcy proceedings against Barter Trade Logistik GmbH on Feb. 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Barter Trade Logistik GmbH Dresdner Str. 113 09131 Chemnitz Germany BSC ENTSORGUNG: Claims Registration Ends March 31 ------------------------------------------------- Creditors of BSC Entsorgung und Beteiligungs GmbH have until March 31, 2008 to register their claims with court-appointed insolvency manager Dr. Dirk Wittkowsk. Creditors and other interested parties are encouraged to attend the meeting at 11:50 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 Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Dirk Wittkowski Kirchblick 11 14129 Berlin Germany The District Court of Potsdam opened bankruptcy proceedings against BSC Entsorgung und Beteiligungs GmbH on Feb. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BSC Entsorgung und Beteiligungs GmbH Dorfstrasse 50 14913 Niedergoersdorf Germany BUENA VISTA: Creditors' Meeting Slated for March 20 --------------------------------------------------- The court-appointed insolvency manager for Buena Vista GmbH, Helmut Stuermann, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:45 a.m. on March 20, 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 9:00 a.m. on May 15, 2008, at the same venue. Creditors have until April 1, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Helmut Stuermann Domshof 18-20 28195 Bremen Germany Tel: 0421/3686-0 Fax: 0421/3686-100 E-mail: InsolvenzBremen@schubra.de Website: http://www.schubra.de/ The District Court of Bremen opened bankruptcy proceedings against Buena Vista GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Buena Vista GmbH Ostertorstr. 11-13 28195 Bremen Germany CARGO & CARRIER: Claims Registration Period Ends March 28 --------------------------------------------------------- Creditors of Cargo & Carrier Logistic GmbH have until March 28, 2008, to register their claims with court-appointed insolvency manager Stephan Muenzel. Creditors and other interested parties are encouraged to attend the meeting at 11:20 a.m. on April 30, 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 Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Muenzel Bachstrasse 85 a 22083 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Cargo & Carrier Logistic GmbH on Feb. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cargo & Carrier Logistic GmbH Attn: Gerd Seele, Manager Buergerweide 73 20535 Hamburg Germany CHARTERBOERSE REISEVERMITTLUNGS: Claims Filing Ends April 1 ----------------------------------------------------------- Creditors of Charterboerse Reisevermittlungsgesellschaft mbH have until April 1, 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 May 8, 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 Hall 178 Hauffstr. 5 (Am Neckartor) 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Holger Bluemle Kriegsstr. 113 76135 Karlsruhe Germany Tel: 0721/919570 Fax: 0721/9195711 The District Court of Stuttgart opened bankruptcy proceedings against Charterboerse Reisevermittlungsgesellschaft mbH on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Charterboerse Reisevermittlungsgesellschaft mbH Attn: Alexander Sturm, Manager Eberhardstr. 47 70173 Stuttgart Germany CONSUMERS FRUIT: Claims Registration Period Ends March 28 --------------------------------------------------------- Creditors of Consumers Fruit Laboratories GmbH have until March 28, 2008, to register their claims with court-appointed insolvency manager Peter-Alexander Borchardt. Creditors and other interested parties are encouraged to attend the meeting at 12:00 p.m. on April 30, 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 Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter-Alexander Borchardt Deichstrasse 1 20459 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Consumers Fruit Laboratories GmbH on Feb. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Consumers Fruit Laboratories GmbH Attn: Rolf Otto Wieckhoff, Manager Banksstrasse 28 20097 Hamburg Germany DIE NAHT: Claims Registration Period Ends April 1 ------------------------------------------------- Creditors of Die Naht GmbH have until April 1, 2008, to register their claims with court-appointed insolvency manager Wolfgang Hauser. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on May 13, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolfgang Hauser Poetenweg 36 08056 Zwickau Germany Tel: (0375) 273660 Fax: (0375) 2736613 The District Court of Chemnitz opened bankruptcy proceedings against Die Naht GmbH on Feb. 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Die Naht GmbH Attn: Werner Mueller, Manager Hauptstrasse 11 09235 Burkhardtsdorf Germany DONLOX GMBH: Claims Registration Period Ends April 1 ---------------------------------------------------- Creditors of Donlox GmbH have until April 1, 2008, to register their claims with court-appointed insolvency manager Dr. Carlos Mack. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.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 Augsburg Law Courts Meeting Room 162 Alten Einlass 1 86150 Augsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Carlos Mack Brienner Str. 21 80333 Muenchen Germany The District Court of Augsburg opened bankruptcy proceedings against Donlox GmbH on Feb. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Donlox GmbH Siemensstr. 1 86695 Nordendorf Germany EB VERWALTUNGSGESELLSCHAFT: Claims Period Ends March 20 ------------------------------------------------------- Creditors of EB Verwaltungsgesellschaft mbH have until March 20, 2008, to register their claims with court-appointed insolvency manager Wolfgang Illig. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on April 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Wolfgang Illig Kriegerstr. 3 70191 Stuttgart Germany The District Court of Stuttgart opened bankruptcy proceedings against EB Verwaltungsgesellschaft mbH on Feb. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EB Verwaltungsgesellschaft mbH Attn: Jens Schmelt, Manager Rheinstahlstr. 3 70469 Stuttgart Germany ERICH SCHENK: Claims Registration Period Ends March 17 ------------------------------------------------------ Creditors of Erich Schenk GmbH have until March 17, 2008, to register their claims with court-appointed insolvency manager Georg Kreplin. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on April 7, 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 Duesseldorf Meeting Hall A 388 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Georg Kreplin Breite Strasse 27 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Erich Schenk GmbH on Feb. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Erich Schenk GmbH Attn: Erich Schenk, Manager Hohe Strasse 28 40213 Duesseldorf Germany GARBODES PARTYSERVICE: Claims Registration Ends March 31 -------------------------------------------------------- Creditors of Garbodes Partyservice GmbH have until March 31, 2008 to register their claims with court-appointed insolvency manager Burghard Wegener. 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 Goettingen Hall B8 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: Burghard Wegener Obere Karspuele 36, D 37073 Goettingen Germany Tel: 0551/9003660 Fax: 0551/90036629 The District Court of Goettingen opened bankruptcy proceedings against Garbodes Partyservice GmbH on Feb. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Garbodes Partyservice GmbH Attn: Heinrich Domroese, Manager Plan 4 37124 Rosdorf Germany H. MAYER GMBH: Claims Registration Period Ends March 12 ------------------------------------------------------- Creditors of H. Mayer GmbH have until March 12, 2008, to register their claims with court-appointed insolvency manager Wolfgang Bilgery. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 20, 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 (Am Neckartor) 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Wolfgang Bilgery Humboldtstr. 16 70178 Stuttgart Germany Tel: 0711/96 68 90 Fax: 0711/96 68 919 The District Court of Stuttgart opened bankruptcy proceedings against H. Mayer GmbH on Feb. 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H. Mayer GmbH Steinbeisweg 14 71364 Winnenden Germany HAINKE INTERNATIONALE: Claims Registration Ends March 31 -------------------------------------------------------- Creditors of HAINKE Internationale Essplatz Collection GmbH have until March 31, 2008 to register their claims with court- appointed insolvency manager Dr. Markus Schadler. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 18, 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 Wuerzburg Meeting Hall 14 Second Floor 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: Dr. Markus Schadler Hofstr. 3 97070 Wuerzburg Germany Tel: 0931/452029-50 The District Court of Wuerzburg opened bankruptcy proceedings against HAINKE Internationale Essplatz Collection GmbH on Feb. 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HAINKE Internationale Essplatz Collection GmbH Attn: Ronald Hake, Manager Barthelsmuehle 1 97907 Hasloch Germany HEALTH MED: Claims Registration Period Ends March 24 ---------------------------------------------------- Creditors of Health Med GmbH have until March 24, 2008, to register their claims with court-appointed insolvency manager Dr. Carlos Mack. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 14, 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 Hall 139/I 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: Dr. Carlos Mack Brienner Str. 21 80333 Muenchen Germany Tel: 089/54 88 88-0 Fax: 089/54888899 The District Court of Kempten opened bankruptcy proceedings against Health Med GmbH on Feb. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Health Med GmbH Ortsstrasse 23 87662 Kaltental Germany IKB DEUTSCHE: Fitch Lowers Ratings on Hybrid Securities to CCC- --------------------------------------------------------------- Fitch Ratings downgraded IKB Deutsche Industriebank AG's hybrid securities to 'CCC-' (CCC minus) from the 'B' range and removed them from Rating Watch Negative (RWN) where they were placed on 14 February 2008 and 21 December 2007. Their respective Recovery Ratings were downgraded to 'RR4' from 'RR1' and 'RR2'. The hybrid securities affected are listed below. This rating action follows Fitch's updated recovery analysis. At the same time, Fitch has revised the Rating Watch Evolving on IKB's 'A+' Long-term Issuer Default Rating and 'F1' Short-term IDR to RWN. IKB's other ratings are affirmed at Individual 'E' and Support '1'. The RWE on the 'A' rated subordinated debt issue is revised to RWN. "Taken all together, our assumptions result in a long period of time before the hybrid debt securities resume coupon payments," says Sabine Bauer, Director in Fitch's Financial Institutions Group. "The introduction of a preferential claim as part of February's support package and higher initial losses extend the time until hybrid debt holders will receive payments again." Fitch sees average recovery prospects for IKB's hybrid debt securities with corresponding recovery rates ranging between 31%-50%. The dated securities issued by IKB International SA (IKB Lux) are characterised by relatively high initial write- downs and their remaining short maturities. Fitch understands that existing reserves at IKB Lux will not be available to reduce the bank's balance sheet loss. Holders in securities issued by the parent bank IKB are to some extent disadvantaged by the structure of the February support package. While a EUR600m support payment was directly made into equity, its repayment needs to be made out of future earnings with those payments ranking above hybrid debt holders. Fitch expects that IKB will not use reserves to reduce its balance sheet loss on an unconsolidated basis. The sale of structured securities at IKB or IKB Lux may further increase the assumed losses for FY07 or FY08. IKB's Long- and Short-term IDRs continue to reflect the extremely high probability of support from its main shareholder, KfW, and IKB's importance to the key German "Mittelstand" sector. In light of their significant involvement in the restructuring since end-July 2007, Fitch considers the probability of KfW (rated 'AAA'/Stable) and the German authorities continuing to support IKB as extremely high. To date, IKB benefited from EUR7bn of support from KfW and the German authorities and EUR1.5bn from the banking community. The RWN reflects Fitch's opinion that KfW's planned sale of its 43% stake would most likely result in a downgrade of the IDRs. In Fitch's view, the universe of highly rated banks, which could be interested in acquiring IKB in the current market environment, has shrunk. IKB's Support rating will be reviewed as the sales process proceeds. The Individual rating reflects Fitch's view that IKB's financial position remains vulnerable. The received support measures include a buffer, but it is uncertain if it is sufficient to cover potential additional losses from the planned sale of structured securities. IKB plans to focus on its key strength in the future, its domestic SME franchise. The success of IKB's revised business model, however, will depend on securing competitive funding terms under new ownership. In the future, the bank will focus on corporate clients, leasing, acquisition and project financing, private equity and property lending. The ratings for the hybrid capital instruments are: EUR150m Propart Funding Ltd's profit participation certificates maturing in 2015: Long-term rating: downgraded to 'CCC-' (CCC minus) from 'B+'; removed from RWN Recovery Rating: downgraded to 'RR4' from 'RR1' EUR75m IKB Funding Trust I's and EUR400m Funding Trust II's perpetual trust preferred securities: Long-term rating: downgraded to 'CCC-' (CCC minus) from 'B'; removed from RWN Recovery Rating: downgraded to 'RR4' from 'RR1' EUR200m Hybrid Raising GmbH's and EUR200m Capital Raising GmbH's perpetual notes linked to a silent participation in IKB: Long-term rating: downgraded to 'CCC-' (CCC minus) from 'B-' (B minus); removed from RWN Recovery Rating: downgraded to 'RR4' from 'RR2' EUR70m IKB International SA's capital contribution certificates maturing in 2010 and EUR100m IKB International SA's capital contribution certificates maturing in 2009: Long-term rating: downgraded to 'CCC-' (CCC minus) from 'B'; removed from RWN Recovery Rating: downgraded to 'RR4' from 'RR1' ROLF BRANDMANN: Claims Registration Period Ends April 17 -------------------------------------------------------- Creditors of Rolf Brandmann Logistik + Vertrieb GmbH have until April 17, 2008, to register their claims with court-appointed insolvency manager Yvo Dengs. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on May 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 Neumuenster Hall 0.31 Boostedter Strasse 26 Neumuenster 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: Yvo Dengs Sandtorkai 62 20457 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against Rolf Brandmann Logistik + Vertrieb GmbH on Feb. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rolf Brandmann Logistik + Vertrieb GmbH Attn: Rolf Brandmann, Manager Dorfstrasse 25 24806 Lohe-Foehrden Germany TRAUT-GMBH: Claims Registration Period Ends March 31 ---------------------------------------------------- Creditors of TRAUT-GmbH have until March 31, 2008, to register their claims with court-appointed insolvency manager Dr. Stephan Schlegel. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Darmstadt Hall 4.308 Building D Mathildenplatz 15 64283 Darmstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Stephan Schlegel Hauptstrasse 83 65760 Eschborn Germany Tel: 06196/77906-0 Fax: 06196/77906-20 The District Court of Darmstadt opened bankruptcy proceedings against TRAUT-GmbH on Feb. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TRAUT-GmbH Attn: Jacek Dola, Manager Schafstrasse 11 64579 Gernsheim Germany UNITHERM GESELLSCHAFT: Claims Registration Ends March 30 -------------------------------------------------------- Creditors of UNITHERM Gesellschaft fuer Elektroheizsysteme mbH have until March 30, 2008 to register their claims with court- appointed insolvency manager Frank Hanselmann. 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 Wuerzburg Meeting Hall 14 Second Floor 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: Frank Hanselmann Heinestr. 7 b 97070 Wuerzburg Germany Tel: 0931/359800 The District Court of Wuerzburg opened bankruptcy proceedings against UNITHERM Gesellschaft fuer Elektroheizsysteme mbH on Feb. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: UNITHERM Gesellschaft fuer Elektroheizsysteme mbH Attn: Dagmar Volkmuth, Manager Otto-Hahn-Str. 9 a 97230 Estenfeld Germany WELTZIEN & PATTBERG: Claims Registration Ends March 31 ------------------------------------------------------ Creditors of Weltzien & Pattberg Vertriebs GmbH have until March 31, 2008 to register their claims with court-appointed insolvency manager Justus Schneidewind. Creditors and other interested parties are encouraged to attend the meeting at 1:20 p.m. on May 7, 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 Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Justus Schneidewind Behlertstrasse 28 a 14469 Potsdam Germany The District Court of Potsdam opened bankruptcy proceedings against Weltzien & Pattberg Vertriebs GmbH on Feb. 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Weltzien & Pattberg Vertriebs GmbH Alfred-Nobel-Strasse 6 14641 Nauen Germany Attn: H.-U. Nyhof, Manager Ricarda-Huch-Strasse 30 B 44807 Bochum Germany ============= H U N G A R Y ============= AES CORP: Defaults on Debt Facilities due to Misrepresentation -------------------------------------------------------------- The AES Corporation is in default under its senior secured credit facility and its senior unsecured credit facility due to a breach of representation related to its financial statements as set forth in the credit agreements. As a result, US$200 million of the debt under the company's senior secured credit facility will be classified as current on the balance sheet as of Dec. 31, 2007. There are no outstanding borrowings under the senior unsecured facility. The company will seek a waiver of these defaults from its lenders under these facilities. The company may not borrow additional funds under either of these facilities until it obtains the waiver. The company would delay the filing of its 2007 Annual Report on Form 10-K with the Securities and Exchange Commission. The company discloses that it is still preparing its financial statements as a result of its efforts to remediate the disclosed material weaknesses. In addition, the company relates that financial statements for the years ended Dec. 31, 2005, and 2006, of the company's independent registered public accounting firm, Deloitte & Touche LLP, could no longer be relied upon. Although the company provides no assurance that it will able to file its 2007 Form 10-K within the 15 calendar day extension period it relates that the Form 10-K will be filed within the extension period. About AES Corporation AES Corporation -- http://www.aes.com/-- a global power company, operates in South America, Europe, Africa, Asia and the Caribbean countries. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. AES has been in Eastern Europe for over ten years, since it acquired three power plants in Hungary in 1996. Currently, AES has two distribution companies in Ukraine, which serve 1.2 million customers and generation plants in the Czech Republic and Hungary. AES is also the leading company in biomass conversion in Hungary, generating 37% of the nation's total renewable generation in 2004. ============= I R E L A N D ============= INTL SECURITIES: Unsecured Creditors Okay Scheme of Arrangement --------------------------------------------------------------- Unsecured creditors of International Securities Trading Corporation has approved the scheme of arrangement drafted by court-appointed examiner John McStay, Joe Brennan writes for the Irish Independent. Under the scheme, unsecured creditors, which include banks, are expected to recover 12% of their EUR439 million investment, the Irish Independent relates. Meanwhile, subordinated creditors -- including 125 small investors who invested EUR43 million in bonds in ISTC -- and Asian investors, who bought EUR160 million, worth of preference share-like instruments, will see no return, Irish Independent relates. According to the report, Mr. McStay only needed the vote from unsecured creditors to get the High Court's approval for the scheme. Headquartered in Dublin, Ireland, International Securities Trading Corporation Plc -- http://www.istcorporation.com/-- provides investment grade Tier 1 and Tier II hybrid bank capital via private placement issues and primary market participation. Acting as principal in private placement transactions, ISTC is uniquely positioned to offer bespoke solutions and certainty of execution to issuers. The company disclosed on Nov. 12, 2007, that given the uncertainty to ISTC's funding position, the company will enter into discussions with its providers of finance with the objective of making appropriate amendments to their respective financing terms. Pending the outcome of these negotiations, ISTC decided to defer certain payments under financing obligations. RITCHIE (IRELAND): Court Refuses to Review Case Against Coventry ---------------------------------------------------------------- The Hon. Denise Cote of the U.S. Bankruptcy Court for the Southern District of New York rejected a request of Ritchie Risk-Linked Strategies Trading (Ireland), Ltd. and Ritchie Risk- Linked Strategies Trading (Ireland) II, Ltd. to reconsider a dismissal of claims of breach of fiduciary duty, fraud, and RICO violations filed against Coventry First LLC, in a Feb. 29 hearing. The judge granted Coventry First's request to dismiss these claims filed by the Debtors on the same day. As a result, all of Ritchie's claims against Coventry have been dismissed by the Court. The only remaining issue to be resolved is a breach of contract claim. The Ritchie I Complaint The Debtors also disclose that on May 2, 2007, a complaint was filed in the U.S. District Court for the Southern District of New York alleging that the Debtors and their investors were defrauded by certain companies and individuals affiliated with the Coventry-affiliated group of companies. In the complaint titled "Ritchie Capital Management, L.L.C., et al. v. Coventry First, LLC, et al." (No. 07-3494 U.S. D. Ct. S.D.N.Y.), the plaintiffs allege that Coventry partnered with them to invest in life insurance policies with a view toward re- selling them through a securitization transaction. The complaint further alleges that Coventry concealed from Ritchie Capital that the defendants were systematically defrauding the owners of the policies, and then further deceived Ritchie Capital as to the existence of an investigation by the Attorney General of New York into the defendants' misconduct. The complaint also argued that Moody's lost confidence in the health of the collateral -- i.e., the policies -- because it no longer believed that representations and warranties could be made by Ritchie I and Ritchie II to potential investors in the securitization of the nature and character provided to, and relied upon by, Ritchie I and Ritchie II in the purchase of the policies. Moody's, according to the complaint, no longer believed that the policies had been purchased in compliance with applicable legal requirements. Ritchie Capital sought damages of US$700 million against Coventry First. Under the Federal RICO Act, these damages would be three times the actual damages established at the trial and potentially amount to more than US$2 billion. About Coventry Headquartered in Philadelphia, Pennsylvania, Coventry First LLC -- http://www.coventry.com/-- is a secondary market leader for life settlements. About Ritchie (Ireland) Based in Dublin, Ireland, Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading (Ireland) II Ltd. -- http://www.ritchiecapital.com/-- are Dublin-based funds of hedge fund group Ritchie Capital Management LLC. The Debtors were formed as special purpose vehicles to invest in life insurance policies in the life settlement market. The Debtors filed for Chapter 11 protection on June 20, 2007 (Bankr. S.D.N.Y. Case Nos. 07-11906 and 07- 11907). Allison H. Weiss, Esq., David D. Cleary, Esq., and Lewis S. Rosenbloom, Esq., at LeBoeuf, Lamb, Greene & MacRae, LLP represent the Debtors in their restructuring efforts. No Official Committee of Unsecured Creditors has been appointed to date. When the Debtors filed for bankruptcy, they listed estimated assets and debts of more than US$100 million. The Debtors' exclusive period to file a Chapter 11 plan of liquidation expires on April 15, 2008. ========= I T A L Y ========= BERRY PLASTICS: B. Scheu Takes Helm at Rigid Closed Top Division ---------------------------------------------------------------- Berry Plastics Corp. disclosed on March 3, 2008 an organizational change involving one of its operating segments. Ben Scheu has accepted the role of president of Rigid Closed Top Division. Randy Hobson, who formerly served as president of Rigid Closed Top Division, has assumed the corporate role of executive vice president for Commercial Development. The company did not provide any additional information. About Berry Plastics Headquartered in Evansville, Nebraska, Berry Plastics Corporation -- http://www.berryplastics.com/-- is a manufacturer and supplier of a diverse mix of rigid plastics packaging products focusing on the open top container, closure, aerosol overcap, drink cup and housewares markets. The company sells a broad product line to over 12,000 customers. Berry Plastics concentrates on manufacturing high quality, value-added products sold to marketers of institutional and consumer products. In 2004, the company created its international division as a separate operating and reporting division to increase sales and improve service to international customers utilizing existing resources. The international segment includes the company's foreign facilities and business from domestic facilities that is shipped or billed to foreign locations. Berry has 25 manufacturing facilities worldwide, including in Italy, England, and Hong Kong and more than 6,800 employees. * * * As reported in the Troubled Company Reporter-Europe on Feb. 14, 2008, Moody's Investors Service affirmed the B3 Corporate Family Rating of Berry Plastics Corporation and downgraded certain instrument ratings. The outlook is stable. FIAT SPA: Plans to Manufacture Alfa Romeo in the U.S. ----------------------------------------------------- Fiat SpA intends to bring back Alfa Romeo cars to the United States in the next two years, Bloomberg reports. The is also also considering the option to produce the cars in the U.S. In an interview at the Geneva International Motor Show, Fiat SpA CEO Sergio Marchionne reiterated that they are thinking of producing the vehicles in the medium to long term in the U.S. According to the report, the company is considering the option since the U.S. dollar is currently at a record low against the Euro thus making it more profitable to produce the cars in the U.S. instead of exporting them from Europe. 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. =================== K A Z A K H S T A N =================== ARASLAN LLP: Creditors Must File Claims by April 1 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Araslan insolvent on Jan. 3, 2008, Creditors have until April 1, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Deribas Str. 19/1 Pavlodar Kazakhstan Tel: 8 (3182) 34-74-67 ASPAN TRADE: Creditors Must File Claims by April 4 -------------------------------------------------- LLP Aspan Trade has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Aspan Trade Jangozin Str. 7 Kaskelen Karasaisky District Almaty Kazakhstan Tel: 8 700 415 63-44 ATYRAU NEFT: Claims Deadline Slated for April 4 ----------------------------------------------- LLP Atyrau Neft Gas Service Ltd. has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Atyrau Neft Gas Service Ltd. Abai Str. 3-16 Atyrau Kazakhstan Tel: 8 (31222) 32-46-45 ENERGY DIAMOND: Claims Deadline Slated for April 4 -------------------------------------------------- LLP Energy Diamond has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Energy Diamond Office 43 Jybek joly ave. 106 Almaty Kazakhstan ENERGOPROMSERVICE LTD: Claims Filing Period Ends April 4 -------------------------------------------------------- LLP Energopromservice Ltd has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Energopromservice Ltd Tole bi Str. 196-13 Almaty Kazakhstan GOLDEN VIP-S: Creditors' Claims Due on March 28 ----------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Golden ViP-S (RNN 092000210200). 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 KAZ INTER: Claims Filing Period Ends April 4 -------------------------------------------- LLP Kaz Inter Trade has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Kaz Inter Trade Turkestanskaya Str. Shymkent South Kazakhstan Kazakhstan KOKSU AJARY: Claims Registration Ends March 28 ---------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Koksu Ajary (RNN 530900000201). 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 NUR SNAB: Creditors' Claims Due on April 4 ------------------------------------------ LLP Nur Snab Alliance has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Nur Snab Alliance Nauryz Str.153 Algabas Karasaisky 040928, Almaty Kazakhstan ROGACHEVSKY COMBINATE: Creditors Must File Claims by April 4 ------------------------------------------------------------ LLP Rogachevsky Combinate V kazakhstane has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Rogachevsky Combinate V kazakhstane Esenjanov Str. 42/3 Uralsk West Kazakhstan Kazakhstan Tel: 8 (3112) 54-90-08 8 (3112) 54-89-40 RUDNY KAZ: Claims Deadline Slated for April 4 --------------------------------------------- LLP Rudny Kaz Stroy Standart has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Rudny Kaz Stroy Standart Korchagin Str. 34-75 Rudny 111500, Kostanai Kazakhstan TRUST-SERVICE LLP: Claims Registration Ends April 4 --------------------------------------------------- LLP Trust-Service has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Trust-Service Karasaisky district, Mir Str. Almaty Kazakhstan UGO-VOSTOK ONLINE: Claims Filing Period Ends April 4 ---------------------------------------------------- LLP Ugo-Vostok Online has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Ugo-Vostok Online Stepnoy-4, 31-17 Karaganda Kazakhstan =================== K Y R G Y Z S T A N =================== ATLANT STROY: Creditors Must File Claims by April 1 --------------------------------------------------- LLC Construction Company Atlant Stroy Service has declared insolvency. Creditors have until April 1, 2008 to submit written proofs of claim to: LLC Construction Company Atlant Stroy Service Den Saopin Str. 308a Bishkek Kyrgyzstan Tel: (+996 312) 61-08-30 TAZA-OIL LLC: Claims Filing Period Ends March 28 ------------------------------------------------ LLC Taza-Oil (INN 01511200610029) has declared insolvency. Creditors have until March 28, 2008 to submit written proofs of claim to: LLC Taza-Oil Razzakov Str. 58 Osh Kyrgyzstan Tel: (+996 3222) 2-22-08 ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Earns EUR2.9 Billion for Full Year 2007 ---------------------------------------------------------- Koninklijke Ahold N.V. has published its summary financial report for the full year and fourth quarter 2007. Full Year Net sales were EUR28.2 billion, up 1.2% compared to 2007. At constant exchange rates, net sales increased by 6.1%. Operating income was EUR1.1 billion, EUR71 million higher than in 2007. Retail operating income was EUR1.3 billion, EUR31 million higher compared to 2007. Corporate Center costs were EUR106 million, down EUR26 million from 2007. Net income was EUR2.9 billion, up EUR2 billion compared to 2007, mainly as a result of the divestment of U.S. Foodservice, Ahold�s Polish operations and Tops. Cash flow before financing activities was EUR6.6 billion positive, EUR5.6 billion better than in 2007, mainly as a result of the proceeds from the sale of U.S. Foodservice, Ahold�s Polish operations and Tops. Fourth Quarter Net sales were EUR6.6 billion, up 0.2% from the same period in 2007. At constant exchange rates, net sales increased by 6.5%. Operating income was EUR253 million, EUR51 million higher than the same period in 2007. Retail operating income was EUR289 million, a retail operating margin of 4.4% compared to 3.7% in the same period in 2007. Corporate Center costs were EUR29 million for the quarter, down EUR6 million from the same period in 2007. Net income was EUR262 million, up EUR22 million from the same period in 2007, reflecting a higher operating income and lower net financial expense, partially offset by higher income taxes. Cash flow before financing activities was EUR582 million positive, EUR239 million better than the same period in 2007, mainly as a result of the proceeds from the sale of Tops. Full year 2007 "Ahold exceeded the targets we set in 2007," CEO John Rishton said. "We delivered an underlying retail operating margin of 4.6% against our 4% to 4.5% guidance. We largely completed our planned divestments, returned EUR4 billion to shareholders, and our investment grade rating was reinstated. We restructured the company into two continental platforms and achieved reductions in Corporate Center costs ahead of schedule. "We are progressing with our strategy for profitable growth, largely thanks to the continuing hard work and commitment of all our employees. In the United States, we rolled out 70% of our VIP program at Stop & Shop and Giant-Landover by year-end while Giant-Carlisle continued its strong performance. In Europe, Albert Heijn continued to exceed expectations, and we saw promising first results from the repositioning program at Albert and Hypernova in the Czech Republic. "I am delighted that our improved performance has enabled us to reinstate an annual dividend. For 2007, the proposed dividend is EUR0.16 per common share. We plan increase future annual dividends while meeting the capital needs of the business and maintaining an efficient investment grade capital structure. "In 2008, our focus will be on the completion of the VIP program at Stop & Shop and Giant-Landover, the start of the remodeling of our Giant-Landover stores, further repositioning of Albert/Hypernova, and driving the growth of Albert Heijn. "The VIP program will continue to impact margins with improvements expected later in the year. Underlying retail operating margin for the year is projected to be between 4.5% and 5.0%. Capital expenditure will be around EUR1.1 billion. Gross debt will fall further in 2008 as we progress towards our announced EUR2 billion debt reduction target. Net interest expense for the year is expected to be in the range of EUR270 million to EUR290 million." About Ahold Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal Ahold) -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe. It has operations in Argentina. The company's chain stores include Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. * * * As of Nov. 19, 2007, Koninklijke Ahold carries BB+ Issuer Default and senior unsecured ratings from Fitch Ratings. Fitch said the Outlook is Positive. Its Short-term rating is B. X5 RETAIL: Launches Mercado Supercenter Hypermaket Brand -------------------------------------------------------- X5 Retail Group N.V. has launched a new hypermarket concept under the Mercado Supercenter brand and detailed its plans to open the first Mercado store in June 2008. X5 Group has developed the Mercado Supercenter concept based on the best practice and expertise of most successful European retailers, while also taking local dynamics and the likes and dislikes of Russian consumers into account. The major advantages of Mercado Supercenter stores for customers will include low prices, a list of products based on local market preferences, a balanced assortment of food and non-food goods, a customer-friendly layout for the stores, a private label bakery and deli, and ample parking, as well as additional services and attractions developed in line with European retail standards. "We see great potential for our new hypermarket format in Russia," Antonio Melo, COO of X5 Retail Group, said. "At the same time, careful development and perfect execution of the store concept and its value positioning for customers is absolutely critical for success of large format stores. "Success cannot simply be based on low prices and wide assortment, but rather the ability to offer our customers a unique shopping experience and the highest level of service. We sincerely hope that the new, modern Mercado Supercenter hypermarkets will provide such an experience for our customers and that the brand�s success will further strengthen the Group�s competitive position." The first hypermarket under the Mercado Supercenter brand will open on 1006 Gagarin St. in Lipetsk with a total floor space of 6000 sq. m. The store will offer approximately 40,000 SKUs and customers will also be able to enjoy a cafe and a kids� room. The opening will be the result of rebranding the My hypermarket that X5 Group acquired when it purchased the Korzinka chain. After opening its first store in Lipetsk, all new hypermarkets with a floor space of 6,000-12,000 sq. meters will be opened under the Mercado Supercenter brand. About X5 Retail Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V. -- http://www.x5.ru/en/-- acts as a holding firm for the group of companies that operate retail grocery stores. The main activity of the Company is the development and operation of grocery retail stores. The Company operated Pyaterochka and Perekrestok retail chains in Russia, including Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan, Samara, Ekaterinburg and Kiev, Ukraine. * * * As of March 6, 2008, X5 Retail Group N.V. carries a B1 Corporate Family Rating from Moody's Investors Service. Moody's said the outlook is positive. X5 Retail and its subsidiaries also carries a 'BB-' long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. =========== N O R W A Y =========== DRESSER-RAND: Earnings Rise to US$44MM in Quarter Ended Dec. 31 --------------------------------------------------------------- Dresser-Rand Group Inc. reported financial results for fourth quarter and year ended Dec. 31, 2007. The company reported net income of US$43.8 million for the fourth quarter 2007, compared with net income of US$32.9 million for the fourth quarter 2006. Net income was US$106.7 million for 2007 compared to a net income of US$78.8 million for 2006. "2007 was a year of record performance. Revenues increased 11%, operating income increased 12% and our year-end backlog was at a record level," Vincent R. Volpe Jr., president and chief executive officer of Dresser-Rand, said. "Consistent with our expectation at the start of the fourth quarter, we experienced a strong recovery in our aftermarket bookings and shipments," Mr. Volpe added. "Aftermarket bookings in the fourth quarter of 2007 increased approximately 16% over the fourth quarter of 2006. "I am also pleased that our bargaining unit employees at our Painted Post, New York facility have returned to work after a 17 week work stoppage," Mr. Volpe continued. "They have chosen to return to work under the terms of the company's implemented last offer, which includes important changes to work rules and the elimination of future retiree healthcare benefits for certain employees." "We had expected to be able to record a non-cash curtailment gain in 2007 in connection with the elimination of retiree heathcare benefits for certain employees, Mr. Volpe related. "However, it has been determined that the benefit change as implemented represents a plan amendment. Therefore, the resulting curtailment amendment reduction of US$18.6 million in the accumulated benefit obligation is expected to be amortized to income over 36 months beginning in January 2008." "We enter 2008 with a backlog of approximately US$1.9 billion, continuing strong markets and a well-defined business strategy focused on increased production and bolt-on acquisitions," he said. Liquidity and Capital Resources As of Dec. 31, 2007, cash and cash equivalents totalled US$206.2 million and borrowing availability under the company's US$500 million senior secured credit facility was US$273.0 million, as US$227.0 million was used for outstanding letters of credit. In 2007, cash provided by operating activities was US$216.0 million compared to US$164.1 million in 2006. The increase of US$51.9 million in net cash provided by operating activities was principally from changes in working capital and improved operating performance. In 2007, net capital investments totaled US$26.0 million and the company prepaid US$137.2 million of its outstanding indebtedness under its senior secured credit facility. As of Dec. 31, 2007, total debt was US$370.5 million and total debt net of cash and cash equivalents was approximately US$164.3 million. In August 2007, the company amended its senior secured credit facility. The amended credit facility is a five year, US$500 million revolving credit facility. The amendment increased the size of the facility by US$150 million, lowered borrowing costs 50 basis points to LIBOR plus 150 basis points at present leverage and extended the maturity date from Oct. 29, 2009, to Aug. 30, 2012. The amendment also reduced the commitment fee from 37.5 basis points to 30.0 basis points. At Dec. 31, 2007, the company's balance sheet showed total assets US$1.95 billion, total liabilities of US$1.15 billion and total stockholders' equity of US$0.80 billion. Internal Control Over Financial Reporting The company concluded that its internal control over financial reporting as of Dec. 31, 2007, was effective. "Eliminating all of the disclosed material weaknesses is a great milestone for the company and reflects the hard work and excellent team effort of many of our employees across the entire worldwide orgnization," Lonnie A. Arnett, vice president, controller and chief accounting officer of Dresser-Rand, said. About Dresser-Rand Group Headquartered in Houston, Texas, Dresser-Rand Group Inc. (NYSE: DRC) -- http://www.dresser-rand.com/-- supplies rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. The company operates manufacturing facilities in the United States, France, Germany, Norway, India, and Brazil, and maintains a network of 26 service and support centers covering more than 140 countries. * * * Moody's Investor Service placed Dresser-Rand Group Inc.'s probability of default rating at 'Ba3' in September 2006. The rating still hold to date with a stable outlook. In addition, Dresser-Rand Group Inc. continues to carry Standard & Poor's Ratings Services' BB- rating with a stable outlook. The company's US$500 million senior secured revolving credit facility due 2012 was rated BB+ by S&P in September 2007. =========== P O L A N D =========== POLSKA GRUPA: Fitch Lowers National Long-Term Rating to BB(pol) --------------------------------------------------------------- Fitch Ratings downgraded Poland's largest pharmaceutical distributor Polska Grupa Farmaceutyczna S.A.'s National Long- term rating to 'BB(pol)' from 'BB+(pol)' and removed it from Rating Watch Negative. A Stable Outlook is assigned. Its National Short-term rating is affirmed at 'B(pol)'. The downgrade reflects a weakening of PGF's debt protection measures, primarily driven by debt-financed acquisitions in Q407. At end-2007 PGF's consolidated net debt stood at PLN506m, up from PLN252m at end-2006 while EBITDAR (excluding profits from asset disposals) grew 8% to PLN104m during 2007. This led to a marked deterioration in the group's lease-adjusted net debt/EBITDAR to almost 6x at end-2007 from 3.5x at end-2006. Its leverage ratio based on funds from operations was also materially weaker. Fitch expects PGF's lease-adjusted interest coverage ratio to deteriorate in 2008 as the full impact of increased debt following acquisitions completed in Q407 and higher interest rates in Poland is expected to more than offset EBITDAR growth. This will leave the company with lower financial flexibility. The company has recently announced plans of further expansion into the central European pharmaceutical distribution business, following its acquisition of a controlling stake in a Lithuanian wholesale and retail distribution group, UAB Limedika and Gintarine Vastine, for EUR22.5m (PLN82m), closed in November 2007. For 2008 PGF plans more acquisitions of regional distributors in at least two other CE countries. Fitch understands that these transactions will be funded through the sale of a stake in a PGF subsidiary to investors (via a private placement or an IPO) and, possibly, asset disposals, rather than additional debt. The group continues to pursue selected acquisitions in Poland. In February 2008 PGF completed its acquisition of a 58.3% stake in Hurtownia Aptekarz, a wholesale business located in south eastern Poland. The acquisition price was PLN34m, of which PLN26m cash was injected as an equity increase into the acquired company and effectively remained in the PGF group. The Stable Outlook assumes PGF will not increase debt further, while EBITDAR should improve in 2008 due to stronger profitability and positive contributions from the recently acquired entities. This should help reduce the group's financial leverage from its high level at end-2007. Should the company pursue sizeable debt-funded acquisitions in 2008, its ratings may be put under pressure. The ratings reflect PGF's aggressive financial policy and growth strategy through selected acquisitions. They also take into account the company's leading position in the growing Polish pharmaceuticals distribution market, including operations in the retail pharmacy business through its chain of about 1,700 pharmacies under PGF's loyalty programme. VALEANT PHARMA: To Restate Financial Statements Due to Errors ------------------------------------------------------------- Valeant Pharmaceuticals International disclosed in a regulatory filing that its Board of Directors on March 1, 2008, determined that certain of the company's annual and interim financial statements, earnings press releases and similar communications, should no longer be relied upon. During the preparation process for the 2007 Annual Report on Form 10-K, the company identified certain accounting errors related to certain foreign operations which primarily arose during the period Jan. 1, 2002, to Sept. 30, 2007, and, in aggregate, would have resulted in a net charge to income from continuing operations before income taxes of approximately US$2.8 million to correct the cumulative effect of the errors in the fourth quarter of 2007. These included adjustments impacting annual periods prior to 2007 with a cumulative charge to income from continuing operations before income taxes of approximately US$5.2 million as of Jan. 1, 2007. The adjustments also included items originating in the first, second and third quarters of 2007 with a net benefit to income from continuing operations before income taxes of approximately US$2.4 million. The errors and the estimated cumulative effect of the corrections are: a. Increase in reserves for anticipated product returns based on historical trends and for certain credit memos in Mexico, the cumulative effect of which is an expected reduction in revenue of approximately US$4.0 million; b. Decrease in revenues associated with sales to certain customers in Italy where preexisting rights of return became known in the fourth quarter of 2007, the cumulative effect of which is an estimated reduction of revenues of approximately US$1.8 million; c. Decrease in costs of goods sold related to bookkeeping errors in recording inventory costing and manufacturing variances in the UK and France, the cumulative effect of which is an expected reduction in cost of goods sold and a corresponding increase in gross profit of approximately US$4.9 million; d. Increase in pension expense in the UK and the Netherlands resulting from incorrect application of Statement of Financial Accounting Standard No. 87, Employers Accounting for Pensions, the cumulative effect of which is an expected increase in general and administrative expenses of approximately US$1.9 million; and e. Increase in income tax expense due to correction of deferred income taxes in certain foreign locations resulting in a decrease in income of approximately US$500,000. Additionally income tax expense is reduced by approximately US$800,000 resulting from the income tax effects of the pre- tax adjustments described above. About Valeant Pharmaceuticals Headquartered in Costa Mesa, California, Valeant Pharmaceuticals International -- http://www.valeant.com/-- is a global specialty pharmaceutical company with USUS$823 million of 2005 revenues. It has offices in Argentina, Hungary, Poland, Singapore, Taiwan, and the United Kingdom. * * * In January 2007, Moody's Investors Service confirmed the ratings of Valeant, including the B2 Corporate Family Rating, and concluded the rating review for possible downgrade, which was first initiated on Oct. 23, 2006. Valeant's rating outlook is stable, Moody's said. =========== R U S S I A =========== AGTRO-TEKH OJSC: Creditors Must File Claims by March 16 ------------------------------------------------------- Creditors of OJSC Agtro-Tekh have until March 16, 2008, to submit proofs of claim to: V. Zorin Insolvency Manager Post User Box 4608 656049 Barnaul Russia The Arbitration Court of Altay commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A11967/07-B. The Debtor can be reached at: OJSC Agtro-Tekh Zelenaya Str. 5 Novonikolaevka 658254 Rubtsovskiy Russia COMSTAR-UNITED: Inks Deal to Install 10,000 Phones in Podolsky -------------------------------------------------------------- Comstar � United TeleSystems JSC has signed a cooperation agreement with Administration of Podolsky region, Moscow area, in the field of telecommunication infrastructure development. COMSTAR-UTS cooperate with the local administration of Podolsky region to ensure reduced-price telephone services for limited income residents. Besides, in the near future COMSTAR-UTS Moscow Area Branch will start construction of telecom network in Podolsky region to provide the region residents with a set of advanced telecom services, including telephony, broadband Internet, cable and IP TV. Within two years, the branch will introduce more than 10,000 phone numbers and roll out more than 50 km of backbone network lines in the region. "The cooperation is a prerequisite for large-scale business development and promotion of the services in one of strategically important areas for us, Moscow region," Dmitry Dronov, Director of COMSTAR-UTS Moscow Area Branch, said. About Comstar-UTS Headquartered in Moscow, Russia, Comstar-UTS JSC -- http://www.comstar-uts.com/en/-- is the largest provider of fixed line telecommunication services in the Moscow metropolitan area with a population of over 10 million, 5 regions of Russia, Ukraine and Armenia. As at Dec. 31, 2006, Comstar had US$1.12 billion in revenues and US$428.6 million in EBITDA (excluding US$62 million stock bonus awards). * * * As of Dec. 10, 2007, Comstar-United TeleSystems carries Moody's long-term corporate family rating of Ba3 with positive outlook. Standard & Poor's gave the company BB- on long-term foreign issuer credit rating and BB- on long-term local issuer credit rating. The outlook is positive. EXPERIMENTAL-PRODUCTION: Creditors Must File Claims by March 16 -------------------------------------------------------------- Creditors of OJSC Experimental-Production Centre have until March 16, 2008, to submit proofs of claim to: K. Shamsutdinov Temporary Insolvency Manager Post User Box 18 Elabuga 423600 Tatarstan Russia The Arbitration Court of Tatarstan will convene at 1:00 p.m. on April 24, 2008, to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A65-25488/ 2007-SG4-21. The Court is located at: The Arbitration Court of Tatarstan Room 12 Floor 2 Entrance 2 Building 1 Kremlin Kazan Tatarstan Russia The Debtor can be reached at: OJSC Experimental-Production Centre Naberezhnye Chelny Tatarstan Russia IDEAL LLC: Creditors Must File Claims by March 16 ------------------------------------------------- Creditors of LLC Agricultural Company Ideal (TIN 0232005792) have until March 16, 2008, to submit proofs of claim to: R. Abubakirov Insolvency Manager Post User Box 55 Baymak 453630 Bashkortostan Russia The Arbitration Court of Bashkortostan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A07-3337/07-G-NLV. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: R. Abubakirov Insolvency Manager Post User Box 55 Baymak 453630 Bashkortostan Russia KOLPASHEVSKAYA SHIPBUILDING: Asset Sale Slated for March 20 ----------------------------------------------------------- F. Voytsik, the insolvency manager and bidding organizer for OJSC Kolpashevskaya Shipbuilding Yard, will open a public auction for the company's properties at 10:00 a.m. on March 20, 2008, at: OJSC Kolpashevskaya Shipbuilding Yard Office 206 Nakhimova Str. 13/1 Tomsk Russia Interested participants have until March 14, 2008, to deposit an amount equivalent to 10% of the starting price to: Settlement Account 40702810606100000284 OJSC Tomsk-stroy-bank Tomsk Russia Bidding documents must be submitted to: F. Voytsik Insolvency Manager and Bidding Organizer Office 207 Nakhimova Str. 13/1 Tomsk Russia Tel/Fax: (3822) 42-59-53 The Debtor can be reached at: OJSC Kolpashevskaya Shipbuilding Yard Office 206 Nakhimova Str. 13/1 Tomsk Russia OGK-5 OAO: Unveils Agenda for Upcoming Shareholders Meeting ----------------------------------------------------------- OAO OGK-5's Board of Directors has resolve to include these issues proposed by OGK-5�s shareholders into the agenda of the Annual General Shareholders� Meeting: * ratification of the annual report; * ratification of the annual financial statements, including the profit and loss statement (profit and loss accounts); * approval of the Company�s profit appropriation based on the results of 2007; * size, period and form for the payment of dividends based on the results of 2007; * election of members to the Board of Directors (supervisory council); * election of members to the Internal Audit Commission (internal auditor); * ratification of the Company�s auditor; and * ratification of a new edition of the Articles of Association of JSC OGK-5. About OGK-5 Headquartered in Ekaterinburg, Russia, OAO OGK-5 -- http://www.ogk-5.com/-- generates electricity and heat energy. The Company owns and operates four power plants: Konakovskaya GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and Sredneuralskaya GRES. * * * As of Nov. 20, 2007, OAO OGK-5 carries Ba3 Corporate Family and Probability-of-Default ratings from Moody's Investors Service. Moody's said the Outlook is Stable. OGK-5 OAO: Nominates Sixteen People to Board of Directors --------------------------------------------------------- OAO OGK-5 has revealed the list of candidates for Board of Directors: * Andrey Kozlov: Consultant, the Department for Property Management of Organisations in Commercial Sector, the Federal Property Management Agency; * Sergey Zhuravlev: Head of the Department for Property Management of Organisations in Commercial Sector, the Federal Property Management Agency; * Dmitry Akhanov: Head of the Federal Energy Agency (Rosenergo); * Andrey Kobzev: Deputy Head of the Property Relations Legal Support Department in TEK Rosenergo; * Maria Tikhonova: Deputy Head of the Property Relations Legal Support Department in TEK Rosenergo; * Dominique Fache - General Director of ENEL S.p.A in Russia and CIS; * Enrico Viale: ENEL�s Head of Operations for Russia; * Carlo Tamburi: Head of ENEL�s International Division; * Marco Piero Arcelli: Director of the Development Department of ENEL�s International Division; * Claudio Zito: Director of the Planning and Control Department of ENEL�s International Division; * Gabriele Frea: Director of Enel Investment Holding B.V.; * Gerald Joseph Rohan: Independent Director, Founder/CEO of RGC; * Stephane Maurice Zweguintsow: Head of the Representation of ENEL Produzione S.p.A.; * Dmitry Ponomarev: Chairman of the Executive Board of NP ATS; * Marcello Bruti: Head of the Integration Project, OGK-5 ENEL Produzione S.p.A.; and * Giorgio Cimini: General Director of OOO ENEL-ESNenergo About OGK-5 Headquartered in Ekaterinburg, Russia, OAO OGK-5 -- http://www.ogk-5.com/-- generates electricity and heat energy. The Company owns and operates four power plants: Konakovskaya GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and Sredneuralskaya GRES. * * * As of Nov. 20, 2007, OAO OGK-5 carries Ba3 Corporate Family and Probability-of-Default ratings from Moody's Investors Service. Moody's said the Outlook is Stable. SERVICE-STROY-KOMPLEKT: Creditors Must File Claims by March 16 -------------------------------------------------------------- Creditors of LLC Service-Stroy-Komplekt have until March 16, 2008, to submit proofs of claim to: F. Akhmetshin Temporary Insolvency Manager Rossiyskaya Str. 59 Tuymazy 452750 Bashkortostan Russia The Arbitration Court of Bashkortostan commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A07-13701/2007-G-SVI. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: LLC Service-Stroy-Komplekt Office 311 Kirova Str. 107 Ufa Bashkortostan Russia SOGORNOE CJSC: Creditors Must File Claims by March 16 ----------------------------------------------------- Creditors of CJSC Agricultural Company Sogornoe (TIN 5420100487) have until March 16, 2008, to submit proofs of claim to: A. Bogdanov Temporary Insolvency Manager 3rd Floor Officer of Chamber of Commerce and Industry K. Marksa Pr. 1 630064 Novosibirsk Russia The Arbitration Court of Novosibirsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A45-16014/07-55/118. The Court is located at: The Arbitration Court of Novosibirsk Kirova Str. 3 630007 Novosibirsk Russia The Debtor can be reached at: CJSC Agricultural Company Sogornoe Sadovaya Str. 73 Sogornoe Dovolenskiy 632477 Novosibirsk Russia TALITSKIY TRANSPORT: Creditors Must File Claims by March 16 ----------------------------------------------------------- Creditors of LLC Talitskiy Transport-Mechanical Factory (TIN 6654009210) have until March 16, 2008, to submit proofs of claim to: A. Krylova Insolvency Manager Post User Box 398 Ekaterinburg-144 Russia The Arbitration Court of Sverdlovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A60-34314/07-S11. The Court is located at: The Arbitration Court of Sverdlovsk Lenina Pr. 34 620151 Ekaterinburg Russia The Debtor can be reached at: LLC Talitskiy Transport-Mechanical Factory Zavodskaya Str. 13 Talitsa Sverdlovsk Russia X5 RETAIL: Launches Mercado Supercenter Hypermaket Brand -------------------------------------------------------- X5 Retail Group N.V. has launched a new hypermarket concept under the Mercado Supercenter brand and detailed its plans to open the first Mercado store in June 2008. X5 Group has developed the Mercado Supercenter concept based on the best practice and expertise of most successful European retailers, while also taking local dynamics and the likes and dislikes of Russian consumers into account. The major advantages of Mercado Supercenter stores for customers will include low prices, a list of products based on local market preferences, a balanced assortment of food and non-food goods, a customer-friendly layout for the stores, a private label bakery and deli, and ample parking, as well as additional services and attractions developed in line with European retail standards. "We see great potential for our new hypermarket format in Russia," Antonio Melo, COO of X5 Retail Group, said. "At the same time, careful development and perfect execution of the store concept and its value positioning for customers is absolutely critical for success of large format stores. "Success cannot simply be based on low prices and wide assortment, but rather the ability to offer our customers a unique shopping experience and the highest level of service. We sincerely hope that the new, modern Mercado Supercenter hypermarkets will provide such an experience for our customers and that the brand�s success will further strengthen the Group�s competitive position." The first hypermarket under the Mercado Supercenter brand will open on 1006 Gagarin St. in Lipetsk with a total floor space of 6000 sq. m. The store will offer approximately 40,000 SKUs and customers will also be able to enjoy a cafe and a kids� room. The opening will be the result of rebranding the My hypermarket that X5 Group acquired when it purchased the Korzinka chain. After opening its first store in Lipetsk, all new hypermarkets with a floor space of 6,000-12,000 sq. m will be opened under the Mercado Supercenter brand. About X5 Retail Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V. -- http://www.x5.ru/en/-- acts as a holding firm for the group of companies that operate retail grocery stores. The main activity of the Company is the development and operation of grocery retail stores. The Company operated Pyaterochka and Perekrestok retail chains in Russia, including Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan, Samara, Ekaterinburg and Kiev, Ukraine. * * * As of March 6, 2008, X5 Retail Group N.V. carries a B1 Corporate Family Rating from Moody's Investors Service. Moody's said the outlook is positive. X5 Retail and its subsidiaries also carries a 'BB-' long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. ========= S P A I N ========= BANKINTER 16 FONDO: S&P Junks Rating on EUR43 Mln Class E Notes --------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EU2 billion mortgage-backed floating-rate securitization notes to be issued by Bankinter 16 Fondo de Titulizacion de Activos. At the same time, it will issue EUR43 million of class E notes. The originator is Bankinter S.A. (Bankinter). At closing, Bankinter will sell the issuer a EUR2 billion closed pool of mortgage credits granted to Spanish residents. The mortgage credits will be backed by first-, second-, and further- ranking mortgages. To fund this purchase, Bankinter 16 will issue five classes of floating-rate, quarterly paying notes. The class E notes will fully fund the cash reserve account at closing. This will be the 16th securitization of Bankinter's mortgage credit and the third where Hipoteca SIN credits are being securitized. Hipoteca SIN credits are flexible loans that allow borrowers, with Bankinter's approval, to take payment holidays, make additional draws (which, if any, are not securitized in the current transaction), and increase the term of their mortgage credit. Unlike in previous Bankinter transactions, a small percentage of the loans from the preliminary pool will not be backed by residential properties but commercial properties. The preliminary ratings on the notes reflect the subordination of the respective classes of notes below them, the cash reserve account, the interest rate swap, and comfort provided by various other contracts. Ratings List Bankinter 16 Fondo de Titulizacion de Activos EUR2,043 Million Floating-Rate Notes Class Prelim. Rating Prelim. Amount ----- -------------- -------------- A AAA EUR1,882,000,000 B AA EUR46,000,000 C BBB EUR38,000,000 D BB EUR34,000,000 E CCC- EUR43,000,000 FONDO DE TITULIZACION: S&P Puts CCC- Rating on Class D Notes ------------------------------------------------------------ Standard & Poor's Ratings Services assigned its initial credit ratings to the EUR1,723 million floating-rate notes issued by Fondo de Titulizacion de Activos UCI 18. UCI 18 acquired credit rights backed by mortgage loans. To fund this purchase, UCI 18 issued three classes of floating-rate notes. The initial reserve fund (1.35%) was funded at closing using the class D note issuance proceeds. This transaction is slightly different from Fondo de Titulizacion de Activos UCI 17. In UCI 18, there are no loans covered by a mortgage insurance guarantor, or associated loans with original LTV ratios higher than 80%. The originator of the assets is UCI, which was created in 1989 as a specialized mortgage lending company. The capital in its immediate holding company (UCI), which holds 100% of the shares in the originator, is 50% owned by Banco Santander S.A. and 50% by BNP Paribas. Ratings List Fondo de Titulizacion de Activos UCI 18 EUR1,723 Million Floating-Rate Notes Class Rating Amount ----- ------ ------ A AAA EUR1,640,500,000 B A EUR38,300,000 C BBB EUR21,200,000 D CCC- EUR23,000,000 ===================== S W I T Z E R L A N D ===================== AXENTIC LLC: Creditors' Liquidation Claims Due by March 7 --------------------------------------------------------- Creditors of LLC Axentic have until March 7, 2008, to submit their claims to: Schwarz + Neuenschwander Neuengasse 25 Postfach 7421 3001 Bern Switzerland The Debtor can be reached at: LLC Axentic Bern Switzerland COMIT RESOURCES: Creditors' Liquidation Claims Due by March 10 -------------------------------------------------------------- Creditors of JSC Comit Resources Marketing have until March 10, 2008, to submit their claims to: Stefan Pfister Fabrikstrasse 50 8031 Zurich Switzerland The Debtor can be reached at: JSC Comit Resources Marketing Zurich Switzerland CPR HANDEL: Zurich Court Starts Bankruptcy Proceedings ------------------------------------------------------ The Bankruptcy Service of Dubendorf in Zurich commenced bankruptcy proceedings against JSC CPR Handel on Jan. 30, 2008. The Bankruptcy Service of Dubendorf can be reached at: Bankruptcy Service of Dubendorf 8600 Dubendorf 2 Uster ZH Switzerland The Debtor can be reached at: JSC CPR Handel Industriestrasse 4a 8604 Volketswil Uster ZH Switzerland D. S. KARLEN: Creditors' Liquidation Claims Due by March 10 ----------------------------------------------------------- Creditors of JSC D.S. Karlen Holding have until March 10, 2008, to submit their claims to: Frau S. Karlen Liquidator Zurichstrasse 5 8124 Maur Uster ZH Switzerland The Debtor can be reached at: JSC D.S. Karlen Holding Maur Uster ZH Switzerland MEIER SCHREINEREI: Creditors' Liquidation Claims Due by March 10 ---------------------------------------------------------------- Creditors of LLC Meier Schreinerei & Einbruchschutz have until March 10, 2008, to submit their claims to: Elisabeth Meier Liquidator Winterried 111 4814 Bottenwil Zofingen AG Switzerland The Debtor can be reached at: LLC Meier Schreinerei & Einbruchschutz Bottenwil Zofingen AG Switzerland MEWOTEC LLC: Creditors' Liquidation Claims Due by March 7 --------------------------------------------------------- Creditors of LLC Mewotec have until March 7, 2008, to submit their claims to: Erwin Wolf Liquidator Industriestrasse 8 6055 Alpnach Dorf OW Switzerland The Debtor can be reached at: LLC Mewotec Alpnach OW Switzerland NATURHEILPRAXIS: Creditors' Liquidation Claims Due by March 7 ------------------------------------------------------------- Creditors of LLC Naturheilpraxis Grichting have until March 7, 2008, to submit their claims to: Stucky Richard Liquidator Bahnhofstrasse 4A 3900 Brig-Glis VS Switzerland The Debtor can be reached at: LLC Naturheilpraxis Grichting Riederalp Raron VS Switzerland NOVA NICKEL: Creditors' Liquidation Claims Due by March 10 ----------------------------------------------------------- Creditors of JSC Nova Nickel Resources have until March 10, 2008, to submit their claims to: Stefan Pfister Fabrikstrasse 50 8031 Zurich Switzerland The Debtor can be reached at: JSC Nova Nickel Resources Zurich Switzerland SISNOVA GASTRO: Creditors' Liquidation Claims Due by March 10 ------------------------------------------------------------- Creditors of LLC Sisnova Gastro have until March 10, 2008, to submit their claims to: LLC Sisnova Gastro Metallstrasse 9 6304 Zug Switzerland ZUM TEDDY: Aargau Court Starts Bankruptcy Proceedings ----------------------------------------------------- The Bankruptcy Service of Aargau commenced bankruptcy proceedings against LLC Zum Teddy Behr on Feb. 4, 2008. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Amtsstelle Brugg 5201 Brugg AG Switzerland The Debtor can be reached at: LLC Zum Teddy Behr Junkholzweg 1 4303 Kaiseraugst Rheinfelden AG Switzerland =========== T U R K E Y =========== TURKCELL ILETISIM: To Pay TRY648.7 Million Dividend for 2008 ------------------------------------------------------------ The Board of Directors of Turkcell Iletisim Hizmetleri A.S. has decided to propose distribution of cash dividends in an amount of around TRY648.7 million which correspond to 50% of Turkcell's distributable income of the current year. This dividend proposal is to be evaluated and decided upon at the Ordinary General Assembly of Shareholders to be held on April 25, 2008. This represents a net and gross cash dividend of TRY0.2948699 (29.48699%) per ordinary share with a nominal value of TRY1. Details of the Dividend Proposal * As a result of the activities of the Company, pertaining to the period between Jan.1, 2007, and Dec. 31, 2007, the Company�s profit, calculated according to the consolidated financial statements, which were audited independently in accordance with the Capital Markets Board Communique Serial: XI numbered 25, named "Communique Regarding the Accounting Standards in Capital Markets" is TRY1,758,625,233. The commercial after tax profit calculated according to the provisions of Turkish Commercial Code is TRY1,901,863,845; * After tax profits, subject to dividend distribution, calculated, in accordance with article 36 of the Capital Markets Board Communique Serial: XI numbered 20, named "Communique on Principles Regarding Financial Reporting in Hyperinflationary Periods," modified by the Capital Markets Board Communique Serial: XI numbered 26 is TRY1,758,625,233; * TRY1,392,521,095 -- calculated by subtracting the total profits of the Company�s subsidiaries and the affiliated companies, which have not passed a shareholders resolution regarding dividend distribution or not subject to distribution despite such resolution, amounting to TRY366,104,138. shall be taken as the basis for dividend distribution; * In accordance with the CMB Communique Serial IV No: 27 on "Principles Regarding Distribution of Dividends and Interim Dividends To Be Followed by the Publicly Held Joint Stock Corporations Subject to Capital Market Law" and within the framework of article 466 of the Turkish Commercial Code (TCC), 5% of the commercial after tax profit of TRY1,901,863,845, shall be set aside as the first legal reserve, which amounts to TRY95,093,192; * TRY1,297,427,903 -- the basis for dividend distribution for the Company, pertaining to year 2007, which is the difference between TRY1,392,521,095 as stated in the consolidated financial reports of the Company and TRY95,093,192, which is the first legal reserve amount, as mentioned and TRY1,301,935,368, calculated by adding TRY4,507,465, which is the aggregate amount of the donations made during the year, to the mentioned amount shall be taken as the first dividend basis; * TRY260,387,074, which is 20%, the percentage declared by the Capital Markets Board as the minimum dividend distribution percentage for year 2007, of the first dividend basis, amounting to TRY1,301,935,368 shall be distributed as the first cash dividend and the secondary reserve amounting to TRY53,871,395 shall be separated from the rest of the net distributable current year profit: -- the total amount of TRY648,713,951, which shall be distributed in cash, will be distributed as: * TRY1,687,150 from extraordinary reserves; and * TRY647,026,801.- from previous years profits. -- as the total amount of TRY648,713,951 which shall be distributed in cash, has been obtained by the investment incentive utilized within the scope of the investments made during the period prior to April 24, 2003, and investment allowance withholding has been calculated on the same amount in this regard, it shall be distributed without any withholding tax deductions; -- in this respect, an amount of TRY0.2948699 net and gross, shall be paid in cash equally, to the shareholders for each share, having a nominal value of TRY1. The aggregate net amount of cash dividend payment shall be TRY648,713,951. * TRY1,243,556,508, which is the remaining distributable profit after the cash dividend distribution shall be: -- regarded as extraordinary reserves and set aside within the Company; -- as the total of such amount, transferred to 2008 financial year as extraordinary reserves, has been obtained by the investment incentive, utilized within the scope of the investments made during the period prior to April 24, 2003, and investment allowance withholding has been calculated on such amount, no withholding tax deductions shall be applicable on such amount in case such amount will be subject to redistribution; * TRY366,104,138, the aggregate profit of the Company�s subsidiaries and the affiliated companies, which is not subject to distribution shall be left within the Company as the extraordinary reserve; * Cash dividend payment to the Company�s shareholders shall commence on May 20, 2008, and shall continue for 15 days in Istanbul Head Office, Ciftehavuzlar, Izmir and Ankara branches of Finans Yat?r?m Menkul Degerler A.S. and also in: Central Registry Agency Suezer Plaza Askerocag? Cad. No: 15 K 2 34367 Elmadag Sisli Istanbul TUrkey and shall be made in exchange of the dividend share denominations for year 2007. About Turkcell Headquartered in Instanbul, Turkey, Turkcell Iletisim Hizmetleri A.S. -- http://www.turkcell.com.tr/eng-- provides high-quality mobile voice and data services through its own GSM network, with 39.4 million proportionate GSM subscribers as of Dec. 31,2006. The company also operates in the Ukraine through its indirect subsidiary Astelit, in Azerbaijan, Kazakhstan, Georgia and Moldova through its associate Fintur, and in Northern Cyprus through its wholly owned subsidiary Kibris Telekom. * * * As reported in the TCR-Europe on Feb. 7, 2008, Moody's Investors Service Moody's Investors Service affirmed the Ba2 foreign currency and Ba2 domestic currency corporate family ratings of Turkcell Iletisim Hizmetleri A.S., and changed the outlook to positive from stable. As reported by the TCR-Europe on Dec. 19, 2007, Standard & Poor's Ratings Services raised its foreign currency long-term corporate credit rating on Turkish mobile telephony operator Turkcell Iletisim Hizmetleri A.S. to 'BB' from ' BB-'. S&P said the outlook is positive. Turkcell continues to carry Fitch Ratings' BB foreign currency Issuer Default rating with stable outlook, and BB+ local currency Issuer Default rating with positive outlook. TURKCELL ILETISIM: Earns US$1.35BB for Year Ended December 31 ------------------------------------------------------------- Turkcell Iletisim Hizmetleri A.S. released it consolidated financial results for the full year and fourth quarter ended Dec. 31, 2007. Turkcell posted US$1.35 billion in net profit on US$6.33 billion in net revenues for full year 2007, compared with US$875.5 million in net profit on US$4.7 billion in net revenues for 2006. The company posted US$403.2 million in net profit on US$1.81 billion in net revenues for fourth quarter 2007, compared with US$289.6 million in net profit on US$1.2 billion in net revenues for same period in 2006. As of Dec. 31, 2007, Turkcell had US$9.77 billion in total assets, US$3.61 billion in cash and cash equivalents, US$2.94 billion in total liabilities, and US$6.83 billion in total shareholders' equity. "We are pleased about our performance and record results in year 2007," CEO Sureyya Ciliv said. "In a challenging year of intense competition, we recorded strong growth in all aspects of our business. Our focus on delivering the best value and user experience for our customers, our strong brand and our technology leadership have set us apart. "Our 2007 revenues grew by 35% to record $6.3 billion, EBITDA increased by 44%. In Turkey, our subscriber base reached 35.4 million, one of the largest in any country in Europe. In our Ukraine operations our revenues grew 191% in 2007 and reported positive EBITDA for the second half. Our Fintur operations continue to grow rapidly and contribute to our bottom line. Dynamic economies of Turkey and Ukraine together with the emerging markets of Fintur operations provided the right setting. About Turkcell Headquartered in Instanbul, Turkey, Turkcell Iletisim Hizmetleri A.S. -- http://www.turkcell.com.tr/eng-- provides high-quality mobile voice and data services through its own GSM network, with 39.4 million proportionate GSM subscribers as of December 31, 2006. The company also operates in the Ukraine through its indirect subsidiary Astelit, in Azerbaijan, Kazakhstan, Georgia and Moldova through its associate Fintur, and in Northern Cyprus through its wholly owned subsidiary Kibris Telekom. * * * As reported in the TCR-Europe on Feb. 7, 2008, Moody's Investors Service Moody's Investors Service affirmed the Ba2 foreign currency and Ba2 domestic currency corporate family ratings of Turkcell Iletisim Hizmetleri A.S., and changed the outlook to positive from stable. As reported by the TCR-Europe on Dec. 19, 2007, Standard & Poor's Ratings Services raised its foreign currency long-term corporate credit rating on Turkish mobile telephony operator Turkcell Iletisim Hizmetleri A.S. to 'BB' from ' BB-'. S&P said the outlook is positive. Turkcell continues to carry Fitch Ratings' BB foreign currency Issuer Default rating with stable outlook, and BB+ local currency Issuer Default rating with positive outlook. ============= U K R A I N E ============= BANK FORUM: Fitch Upgrades Rating on Acquisition by Commerzbank --------------------------------------------------------------- Fitch Ratings upgraded Ukraine-based Bank Forum's ratings to Long-term foreign currency Issuer Default 'BB-' (BB minus) from 'B-' (B minus) and Support '3' from '5'. The ratings are removed from Rating Watch Positive. This follows the recent completion of the acquisition of a 60%+1 share in the bank by German bank, Commerzbank ('A'/Outlook Stable/'F1'). A Long-term local currency IDR of 'BB' has also been assigned. Both Long-term IDRs are on Positive Outlook. The Short-term foreign currency IDR and Individual rating are affirmed at 'B' and 'D/E', respectively. The sovereign-derived Support Rating Floor of 'No Floor' is withdrawn as the ratings are now driven by institutional support. In addition, Forum's outstanding USD100m eurobond issue due October 2009 is upgraded to 'BB-' (BB minus) from 'B-' (B minus) and, consequently, the Recovery Rating of 'RR4' on it is withdrawn, in accordance with Fitch's methodology. The upgrade reflects Fitch's view of Commerzbank's greater ability - as indicated by its Long-term IDR - compared with that of Forum's previous majority owner, to provide the bank with support in case of need. However, Forum's Long-term foreign currency IDR is constrained by Ukraine's 'BB-' (BB minus) Country Ceiling, while the Long-term local currency IDR also takes into account country risks. The Outlooks on Forum's Long-term IDRs reflect the Positive Outlook on the sovereign rating ('BB-' (BB minus)). Should Ukraine be upgraded, Forum's Long-term foreign and local currency IDRs would be very likely to follow suit. The Individual rating of Forum reflects its small size by international standards, modest profitability, relatively high borrower risk concentration in the loan book, risks stemming from rapid loan growth, and potentially vulnerable liquidity. The rating also acknowledges the bank's growing franchise, adequate asset quality to date and limited market risks. The Individual rating may be upgraded if the bank can demonstrate successful franchise expansion and sustained asset quality, and a major improvement in its liquidity position and profitability. Downward pressure might arise mainly from weakened asset quality. Forum is a medium-sized bank ranked 11th by assets in Ukraine at end-2007. Commerzbank also has an option to purchase a further stake of up to 25% of Forum during the next 36 months. NAFTOGAZ UKRAINY: Gazprom Resumes Full Gas Supply to Ukraine ------------------------------------------------------------ Following conversations between Ukraine president Viktor Yushchenko and Russia Federation president Vladimir Putin, OAO Gazprom Chairman Alexey Miller and NAK Naftogaz Ukrainy Chairman Oleg Dubyna have reached an agreement aimed at settling the crisis situation arisen in gas relations of the two states. The Parties agreed that the relevant documentation certifying the gas supplies provided from the Jan. 1 to March 1, 2008, should be executed in full and appropriate accounts paid-up by Naftogaz on the basis of the procedure in force as of the beginning of this year. Thus the issues related to the Russian gas deliveries will be settled. Negotiation talks concerning other matters of the gas cooperation will continue. The transit of Russian gas through the territory of Ukraine for supplying to European customers is carried out in full. All the limitations in relation of gas supply to the Ukrainian customers have been canceled. Gazprom cut deliveries to Ukraine by 25% on March 3, 2008, and another 25% on March 4, 2008, citing lack of progress of debt settlement talks between the two countries. Gazprom claims Ukraine owes it US$1.5 billion for gas deliveries since November 2007. As reported in the TCR-Europe on Feb. 19, 2008, Naftogaz Ukrainy and Gazprom entered into an agreement to create two joint ventures to handle domestic gas trade in Ukraine, as a result of a gas supply/debt repayment deal between the governments of Russia and Ukraine. As reported in the TCR-Europe on Feb. 27, 2008, Ukrainian Deputy Prime Miniter Oleksandr Turchinov said the country's Cabinet is opposing plans to create joint ventures between Naftogaz and Gazprom. Mr. Turchinov stressed that there is no need to create ventures since Naftogaz is capable of handling domestic distribution. RosUkrEnergo, a 50-50 joint venture owned by Gazprom and ARosgas Holding AG, currently holds a 50% stake in UkrGazEnergo, giving Gazprom a 25% share in Ukraine's domestic gas business. According to reports, the 50-50 joint ventures of Naftogaz and Gazprom will replace RosUkrEnergo and UkrGazEnergo, effectively increasing the Russian firm's presence in Ukraine's domestic gas business to 50%. About Naftogaz Ukrainy Headquartered in Kiev, Ukraine, NAK Naftogaz Ukrainy -- http://www.naftogaz.com/-- processes gas, oil and condensate at the Company's five gas processing plants, which produce LPG, motor fuels and other types of petroleum products. Over 97% of the oil and gas in Ukraine is produced by the enterprises of the Company. * * * As reported in the TCR-Europe on Oct. 17, 2007, Fitch has placed the ratings of Naftogaz on Rating Watch Negative. The ratings include the company's Long-term foreign and local currency Issuer Default Ratings of 'B+', senior unsecured rating of 'B+' and Recovery Rating of 'RR4'. Naftogaz Ukraine also carries a Ba3 Corporate Family Rating, a Ba2 Senior Unsecured Debt rating, and a Ba3 Probability-of- Default rating from Moody's with a stable outlook. =========================== U N I T E D K I N G D O M =========================== ACZ REALISATIONS: Taps Liquidators from PricewaterhouseCoopers -------------------------------------------------------------- Mark David Charles Hopkins and David Matthew Hammond of PricewaterhouseCoopers LLP were appointed joint liquidators of ACZ Realisations 2007 Ltd. (formerly Tu Childrenswear Ltd.) on Feb. 20 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: PricewaterhouseCoopers LLP Cornwall Court 19 Cornwall Street Birmingham B3 2DT England BANKMEADOW LTD: Claims Filing Period Ends April 7 ------------------------------------------------- Creditors of Bankmeadow Ltd. have until April 7, 2008 to send in their full names, their addresses and descriptions, full particulars of their debts or claims and the names and addresses of their solicitors (if any) to: Mark Newman Joint Liquidator Vantis Business Recovery Services Judd House 16 East Street Tonbridge TN9 1HG England Mark Newman and Robert Knight of Vantis Business Recovery Services were appointed joint liquidators of the company on Feb. 26 by the members and creditors. BATHROOM WAREHOUSE: Creditors' Meeting Slated for March 17 ---------------------------------------------------------- Creditors of Bathroom Warehouse Winchester Ltd. (Company Number 3204271) will meet at 2:30 p.m. on March 17, 2008, at: Tenon Recovery Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TZ 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: Nigel Ian Fox and Carl Stuart Jackson Joint Administrators Tenon Recovery Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TZ England Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. BUCKS AUTO: Creditors' Meeting Slated for March 17 -------------------------------------------------- Creditors of Bucks Auto Components Ltd. (Company Number 01524529) will meet at 2:30 p.m. on March 17, 2008, at: Smith & Williamson Limited Room 121 25 Moorgate London EC2R 6AY 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: Stephen John Tancock Joint Administrator Smith & Williamson Limited First Floor 89 King Street Maidstone Kent ME14 1BG England Smith & Williamson -- http://www.smith.williamson.co.uk/-- provides investment management, financial advisory and accountancy services to private clients, professional practices, mid to large corporates and non-profit organizations. CELSIUS ENERGY: Taps Abbott Fielding as Joint Administrators ------------------------------------------------------------ Nedim Ailyan and Andrew Tate of Abbott Fielding were appointed joint administrators of Celsius Energy Control Ltd. (Company Number 02541741) on Feb. 27, 2008. Abbott Fielding -- http://www.abbottfielding.co.uk/-- is an independent firm specialising in Corporate Rescue, Recovery and Insolvency procedures. Their professionals have significant expertise in all aspects of both corporate and personal insolvency and are experts in business recovery and reorganization. The company can be reached at: Celsius Energy Control Ltd. 15 Systems House Station Road High Wycombe Buckinghamshire HP13 6AD England Tel: 01494 688 000 Fax: 01494 688 019 Web site: http://www.celsiusenergy.co.uk/ CHRYSLER LLC: Can Have Unlimited Access to Daimler AG's Tech. ------------------------------------------------------------- Daimler AG granted Chrysler LLC a no-frills access to its advanced technology, Mike Spector of The Wall Street Journal reports. Chrysler can use the technology in order to pursue and enhance fuel-economy and mileage on its products, says WSJ, citing Chrysler vice chairman Jim Press at a Geneva auto convention. Chrysler previously streamlined its production by rejecting the "car cloning" practice, and instead will focus on selling its remaining, unique car models. As reported in the Troubled Company Reporter on Feb. 27, 2008, the company's streamlining measures came after it lost its tooling battle with Plastech Engineered Products Inc. The U.S. Bankruptcy Court for the Eastern District of Michigan denied the company's request to pull out tooling equipment from Plastech's plants. About Chrysler LLC Based in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter-Europe on Nov. 13, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. S&P said the outlook is negative. CLEAR CHANNEL: Trial on Sale Funding Dispute Set for April 7 ------------------------------------------------------------ The Hon. Leo Strine of the Chancery Court of Delaware will hold an April 7, 2008 a hearing to determine if Wachovia Corp. should be compelled to extend financing to Providence Equity Partners Inc. for the purchase of Clear Channel Communications Inc.'s television stations, The Wall Street Journal and Reuters relate. As reported in the Troubled Company Reporter-Europe on Feb. 20, 2008, Clear Channel filed a lawsuit on Feb. 15, 2008, against Providence Equity to compel the private equity firm to complete its acquisition of Clear Channel's Television Group. The TV Group has 56 television stations, including 18 digital multicast stations, located in 24 markets across the United States. Providence disclosed in November 2007 that it had reservations about the transaction, which it entered with Clear Channel in April 2007. US$1.3 Billion Sale Approved by FCC As reported in the TCR-Europe on Dec. 6, 2007, Clear Channel received approval from the Federal Communications Commission to sell 35 television stations to Newport Television LLC, a private equity firm controlled by Providence, for US$1.3 billion. In its order, the FCC denied a petition filed by Buckley Broadcasting of Monterey, seeking reconsideration of the 2002 Commission decision granting applications to transfer control of the Ackerley Group Inc. to Clear Channel. However, the FCC approval comes with certain conditions that must be met by Newport in six months, including divesting TV stations in nine markets where it is in violation with FCC ownership rules. Companies must comply with the numerical ownership limits of the FCC local television ownership rule. The nine market areas are Bakersfield, San Francisco, Santa Barbara, Fresno and Monterey in California; Salt Lake City; Albany, New York; Jacksonville, Florida, and San Antonio, Texas. Clear Channel then cut its selling price to US$1.1 billion. Wachovia Wants to Get Out Wachovia Corp.'s lawsuit filed on Feb. 22, 2008, with the North Carolina Superior Court could thwart a sale deal between Clear Channel and Providence. Wachovia filed for a declaratory judgment to liberate itself from funding the sale after the parties amended the terms of the transaction, dropping the price to US$1.1 billion. Wachovia, which agreed in April to finance US$500 million of the deal, contends that the revision of the original transaction terms nullified its financing commitment, the TCR said on Feb. 27, 2008. Newport Strikes Back Providence previously said it may try to renegotiate the purchase price, and should the deal fails, a US$45 million break-up fee would have to be paid. Newport then filed a countersuit against Wachovia in a Delaware Court, demanding payment of break-up fee plus costs unless Wachovia extends the needed fund. Providence demanded that the lenders be held to the terms of the deal it had rejected. About Clear Channel Based in San Antonio, Texas, Clear Channel Communications Inc. (NYSE:CCU) -- http://www.clearchannel.com/-- is a media and entertainment company specializing in "gone from home" entertainment and information services for local communities and premiere opportunities for advertisers. The company's businesses include radio, television and outdoor displays. Outside U.S., the company operates in 11 countries -- Norway, Denmark, the United Kingdom, Singapore, China, the Czech Republic, Switzerland, the Netherlands, Australia, Mexico and New Zealand. * * * As reported in the Troubled Company Reporter-Europe on Jan. 31, 2008, Standard & Poor's Ratings Services said its ratings on Clear Channel Communications Inc., including the 'B+' corporate credit rating, remain on CreditWatch with negative implications. S&P originally placed them on CreditWatch on Oct. 26, 2006, following the company's announcement that it was exploring strategic alternatives to enhance shareholder value. D.S.B. LTD: Andrew Appleyard Leads Liquidation Procedure -------------------------------------------------------- Andrew Appleyard of Tenon Recovery was appointed liquidator of D.S.B. (Building Services) Ltd. on Feb. 16 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Tenon Recovery 6th Floor The White House 111 New Street Birmingham B2 4EU England DEL MONTE: Shuts Down West Lynn Factory; 80 Jobs Affected --------------------------------------------------------- Del Monte Foods UK Ltd. is closed its West Lynn factory yesterday, March 6, 2008, affecting around 80 jobs, Lynn News reports. Lynn News relates Del Monte resolved to shut down the site, which produces fruit juices and canned foods for supermarkets across the UK, following market pressures. "The marketplace in which we operate is now dominated by the supermarket's own labels," Del Monte's UK managing director Peter Miller was quoted by Lynn News as saying. "The site is fairly old and needs an awful lot of investment. There are bigger and more efficient manufacturers out there and we are struggling to compete." Mr. Miller told Lynn News Del Monte is focusing on reaching a settlement with its workers, a "significant number" of them he disclosed have already found alternative employment. North West Norfolk MP Henry Bellingham, however, criticized the company's treatment of its employees, claiming "I think they have treated staff shabbily and elected representatives shabbily. They did not discuss this with me or the council. They have been arrogant and I think West Lynn and the people who have given years of loyal service deserve better." Meanwhile, the future of the site still remains uncertain, although according to Mr. Bellingham, a housing development is likely, the paper adds. Del Monte Foods (NYSE: DLM) -� http://www.delmonte.com/-- is a producer, distributor and marketer of food and pet products for the U.S. retail market, generating more than $3.4 billion in net sales in fiscal 2007. The company's portfolio includes Del Monte(R), StarKist(R), S&W(R), Contadina(R), College Inn(R), Meow Mix(R), Kibbles 'n Bits(R), 9Lives(R), Milk-Bone(R), Pup- Peroni(R), Meaty Bone(R), Snausages(R) and Pounce(R). * * * Del Monte carries Moody's Investors Service's Ba3 corporate family rating. EMI GROUP: Chairman Admits Takeover Has Not Gone to Plan -------------------------------------------------------- EMI Group Ltd. chairman, Guy Hands conceded that his takeover of the company has not gone to plan and has taken a far greater emotional strain than he expected, David Litterick reports for the Telegraph. According to the report, Mr. Hands was asked by delegates attending a private equity conference in Munich, if his first 100 days at the group had gone to plan, Mr. Hands answered, "The honest answer to that is no." "Strategically and financially we are 100 percent there, but emotionally and physically it has been harder than we thought," Mr. Hands was quoted by the Telegraph as saying. Mr. Hands said it had been a struggle to change 25 years of tradition of how the music business operates, Telegraph relates. However, Mr. Hands said the transformation of EMI was on track and insisted that it would be seen as a success. "We're getting there - a little slower than I would like, but I'm always impatient," Mr. Hands said. As previously reported, Mr. Hand's Terra Firma assumed control of EMI Group in August 2007. About Terra Firma Terra Firma is a leading European private equity firm, created in 2002 as the independent successor to the Principal Finance Group, a division of Nomura that was created in 1994. Terra Firma focuses on buyouts of large, asset-rich and complex businesses in need of operational and/or strategic change. About EMI Headquartered in London, United Kingdom, EMI Group PLC -- http://www.emigroup.com/-- is the world's largest independent music company, operating directly in 50 countries and with licensees in a further 20. The group has operations in Brazil, China, and Hungary. The group employs over 6,600 people. Revenues in 2005 were near EUR2 billion and operating profit generated was over EUR225 million. EMI Group's consolidated balance sheet for the fiscal year ended March 31, 2007, showed GBP1.498 billion in total assets, GBP2.649 billion in total liabilities and GBP1.151 billion in shareholders' deficit. The company issued two profit warnings since January 2007. FARNDELL AND GATES: Appoints Joint Administrators from Begbies -------------------------------------------------------------- David Paul Hudson and Mark Fry of Begbies Traynor (South) LLP were appointed joint administrators of Farndell and Gates Ltd. (Company Number 00429234) on Feb. 21, 2008. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. The company can be reached at: Farndell & Gates Ltd Unit R Rudford Industrial Estate Arundel West Sussex BN18 0BF England Tel: 01903 736 300 Fax: 01903 736 333 G.M. TECHNICAL: Appoints Peter Wastell as Liquidator ---------------------------------------------------- Peter Wastell of Vantis was appointed liquidator of G.M. Technical Services Ltd. on Feb. 28 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Vantis Torrington House 47 Holywell Hill St. Albans Hertfordshire AL1 1HD England GENERAL MOTORS: Offers Additional Exit Financing to Delphi Corp. ---------------------------------------------------------------- Delphi Corp. is taking the steps necessary to enable the completion of its exit financing syndication. Delphi said that it has been advised by General Motors Corp. that GM is prepared to provide additional exit financing. The company's US$6.1 billion exit financing package is now expected to include a US$1.6 billion asset-backed revolving credit facility, at least US$1.7 billion of first-lien term loan, an up to US$2.0 billion first-lien term note to be issued to GM (junior to the US$1.7 billion first-lien term loan), and an US$825 million second-lien term loan, of which any unsold portion would be issued to GM. Delphi believes that GM's increased participation in the exit financing structure is necessary to successfully syndicate its exit financing on a timely basis and is consistent with its First Amended Joint Plan of Reorganization and the investment agreement with its plan investors. However, certain of Delphi's plan investors have advised the company they believe the proposed exit financing with increased GM participation would not comply with conditions in the company's investment agreement between Delphi and the plan investors. To clarify that GM's increased participation complies with the Plan and the investment agreement, and to require each of the Plan Investors to perform their obligations under the investment agreement, Delphi asks the U.S. Bankruptcy Court for the Southern District of New York seeking limited relief from the Court under section 1142 of the Bankruptcy Code with respect to the Plan, which was confirmed by the Court on Jan. 25, 2008. Under Section 1142 of the Bankruptcy Code, bankruptcy courts may direct the debtor and any other necessary party to perform any act that is necessary for the consummation of a plan that has been confirmed by the Bankruptcy Court. Delphi's lead plan investor has also agreed to extend from March 31, 2008 to Apr. 5, 2008 the first date by which it could terminate the investment agreement with Delphi if the effective date of the Plan has not occurred, which would provide Delphi additional time to comply with closing conditions under the investment agreement. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. The Court confirmed the Debtors' First Amended Plan on Jan. 25, 2008. (Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 266,000 people around the world and manufactures cars and trucks in 35 countries. In 2007, nearly 9.37 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter-Europe on Feb. 28, 2008, Fitch Ratings has affirmed the Issuer Default Rating of General Motors at 'B', with a Rating Outlook Negative. As reported in the Troubled Company Reporter-Europe on Nov. 12, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of US$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. As reported in the Troubled Company Reporter-Europe on Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. The outlook is stable. GENERAL MOTORS: Key Supplier Labor Strike Affects More GM Plants ---------------------------------------------------------------- General Motors Corp. anticipates to shut down a transmission plant in Toledo, Ohio, a metal casting plant in Saginaw, Michigan, and a DMAX plant in Moraine, Ohio, on Monday, March 10, 2008, as United Auto Workers union workers of key supplier American Axle & Manufacturing Inc. continue their labor strike, according to GM's production statement. An assembly plant in Janesville, Wisconsin will continue production but on shortened shifts next week. If the strike lasts beyond next week, other alternative work schedules will be evaluated. Roughly 680 hourly and 170 salaried workers at the Saginaw plant will be affected, while 1,008 hourly and 187 salaried employees at the DMAX plant will be displaced. About 2,246 hourly and 193 salaried workers of the Janesville plant will be affected with the shortened shifts. The Toledo Transmission plant is expecting 1,444 hourly and 219 salaried workers to be laid off. As previously disclosed, UAW president Ron Gettelfinger and Vice President James Settles disclosed that members at American Axle began an unfair labor practices strike at 12:01 a.m. on Feb. 26, 2008, following expiration of a four-year master labor agreement. Lay-off numbers will vary on a day-to-day basis, as some employees will be needed at work for training, maintenance and other activities. The figures of employees displaced is for employees at manufacturing operations only, excluding Service Parts and Operations and other automotive (non-manufacturing) sites. Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 266,000 people around the world and manufactures cars and trucks in 35 countries. In 2007, nearly 9.37 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter-Europe on Feb. 28, 2008, Fitch Ratings has affirmed the Issuer Default Rating of General Motors at 'B', with a Rating Outlook Negative. As reported in the Troubled Company Reporter-Europe on Nov. 12, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of US$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. As reported in the Troubled Company Reporter-Europe on Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. The outlook is stable. MASHLIN FRICTION: Brings In Harrisons to Administer Assets ---------------------------------------------------------- P.R. Boyle and J.C. Sallabank of Harrisons were appointed joint administrators of Mashlin Friction Ltd. (Company Number 04746768) on Feb. 21, 2008. Harrisons -- http://www.harrisons.uk.com/-- provides advice and solutions to professional advisors who found their clients experiencing financial difficulties. Originally trading from offices in Reading and has added London, Manchester, Bristol and Derby and has associate offices in Grantham and Stockton on Tees. The company can be reached at: Mashlin Friction Ltd. 408 Cricket Inn Road Sheffield South Yorkshire S2 5AX England Tel: 0114 272 5650 Fax: 0114 273 1665 Web site: http://www.mashlin.f9.co.uk/ MYRIAD CHILDRENSWEAR: Brings In Liquidators from PwC ---------------------------------------------------- Mark David Charles Hopkins and David Matthew Hammond of PricewaterhouseCoopers LLP were appointed joint liquidators of Myriad Childrenswear Group Ltd. on Feb. 20 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: PricewaterhouseCoopers LLP Cornwall Court 19 Cornwall Street Birmingham B3 2DT England NIKKO U.K.: Calls In Liquidators from Grant Thornton ---------------------------------------------------- David J. Dunckley and Martin G. Ellis of Grant Thornton UK LLP were appointed joint liquidators of Nikko U.K. Ltd. on Feb. 17 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Grant Thornton UK LLP 30 Finsbury Square London EC2P 2YU England OFFSHORE TRAVEL: Joint Liquidators Take Over Operations ------------------------------------------------------- Julie Anne Kinnison and Colin Ian Vickers of Vantis Business Recovery Services were appointed joint liquidators of Offshore Travel Ltd. on Feb. 28 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Vantis Business Recovery Services Fourth Floor Southfield House 11 Liverpool Gardens Worthing BN11 1RY England PETER ROBINSON: Taps Thomas Dixon to Liquidate Assets ----------------------------------------------------- Thomas Dixon of Tenon Recovery was appointed liquidator of Peter Robinson (Electrical) Ltd. on Feb. 25 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Tenon Recovery Fourth Floor York House York Street Manchester M2 3BB England QUEBECOR WORLD: WEB Printing Supports Suppliers' Objections ----------------------------------------------------------- WEB Printing Company, Inc., supports the objection raised by Packaging Corporation of America; and Abitibi Consolidated Sales Corp., Abitibi-Consolidated US Funding Corp., and Bowater America Inc. regarding the reclamation procedures proposed by Quebecor World Inc. and its debtor-affiliates. WEB Printing also asks the U.S. Bankruptcy Court for the Southern District of New York to require the Debtors to: (a) provide liquid collateral, in the form of irrevocable letters of credit in a amount at least equal to 125% of the reclamation claims; and (b) preclude the necessity of the Debtors obtaining the approval of any DIP Lender, the U.S. Trustee, or the Unsecured Creditors Committee to the resolution of any reclamation claim. As reported in the Troubled Company Reporter-Europe on Feb. 26, 2008, in separate filings Abitibi Consolidated Sales Corp., Abitibi-Consolidated US Funding Corp., Bowater America Inc. and Bowater Inc.; Packaging Corporation of America; Catalyst Pulp and Paper Sales Inc., and Catalyst Paper (USA) Inc.; Rock-Tenn Company; Midland Paper Company; and Day International Inc., objected to the Debtors' proposed claims treatment procedures. The initial objectors demanded the return of supplies worth more than US$30 million. The Suppliers asserted that the proposed Reclamation Procedures will effectively deny their right of reclamation stating that after a 120-day stay has expired, the Suppliers' goods will have almost certainly been entirely consumed by the Debtors. The Suppliers believe that they have satisfied the requirements of Section 546(c), which gives them an absolute right to reclaim the goods they sold to the Debtors which was received 45 days before the bankruptcy filing. These 22 suppliers filed notices of demand for reclamation from Feb. 5, 2008, to March 2, 2008, to recover goods supplied to the Debtors with 45 days before the bankruptcy filing: Claimant Claim Amount -------- ------------ Forbo Adhesives US$106,684,453 Abitibi Consolidated Sales Corp. 15,109,949 Bowater America Inc. 7,554,670 Bowater Inc. unspecified Catalyst Paper (USA) Inc. 8,388,821 NewPage Corporation 3,553,262 Midland Paper 3,070,833 Packaging Corporation of America 1,454,988 Day International 1,225,783 AEP Industries, Inc. 1,099,710 A.T. Clayton & Company 721,305 Rock-Tenn Company 387,380 MSC Industrial Supply Co. 327,402 ACTEGA Kelstar, Inc. 325,711 Goss International 293,642 C&W Pressroom Products 182,170 Roosevelt Paper Company 74,226 WEB Printing Controls Company, Inc. 50,482 Holliston LLC 45,967 Valley Industrial Rubber Products Co. 25,610 WESCO 19,544 Newsweek, Inc. unspecified 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. 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. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. 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 has been extended to May 12, 2008. (Quebecor World Bankruptcy News, Issue No. 7; 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: Reaches Settlement with Utility Providers --------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York approved five stipulations entered into by Quebecor World Inc. and its debtor-affiliates and certain utility providers to resolve objections to the Utility Motion. Consolidated Edison Company of New York, Inc., Duke Energy Ohio, Inc., Duke Energy Carolinas, LLC, New York State Electric and Gas Corporation, The Commonwealth Edison Company, PECO Energy Company, Piedmont Natural Gas Company and Virginia Electric and Power Company, d/b/a Dominion Virginia Power, CenterPoint Energy Arkansas Gas, CenterPoint Energy Gas Transmission, Inc., and Merced Irrigation District entered into a letter agreement dated Feb. 20, 2008, with the Debtors pursuant to which the Debtors will provide certain adequate assurance of payment for future utilities services to the Utilities. The parties agreed that upon delivery of the adequate assurance by the Debtors pursuant to the Letter Agreement, the Utilities will be deemed to be adequately assured of payment for future utility services within the meaning of Section 366 of the Bankruptcy Code. The amount of adequate assurance was not disclosed. BP Canada Energy Marketing Corp., BP Energy Company, IGI Resources, Inc., Hess Corporation formerly known as Amerada Hess Corporation and the Debtors have engaged in negotiations to resolve their Objections and seek an adjournment of a hearing on the Objection to continue those efforts. The parties agreed that the hearing on the Objections is adjourned to March 20, 2008. Pending the hearing and resolution or adjudication of the Objections, BP and Hess will be excluded from the definition of Utility Provider and none of the parties will be included on the Utility Service List, and the Debtors, Hess and BP reserve their rights. Hess waives any and all objections to (a) the Proposed Adequate Assurance for Utility Providers proposed in the Motion, provided, however, Hess's Objection is preserved to the extent that it seeks adequate assurance in the manner and form that existed pre-petition, viz. posting of a US$1,500,000 letter of credit by the Debtors with Hess as beneficiary and (b) the Adequate Assurance Procedures and the procedures for opting out of Adequate Assurance Procedures. The Debtors also entered into a letter agreement with Integrys Energy Services of Canada Corp. and Integrys Energy Services, Inc. The parties agreed that the Debtors agree not to assert in their chapter 11 cases that Integrys is a "utility" within the meaning and subject to the application of Section 366 of the Bankruptcy Code. The Debtors further agree that Integrys is not subject to the Utility Motion, or any related orders. Integrys withdraws with prejudice, and will not seek Bankruptcy Court consideration of, its Objection. The parties also agree that Integrys US is authorized to apply the prepetition deposit in its possession to the net, outstanding prepetition balances owed to Integrys US. The Debtors ask the Court to enter an order: (i) determining that utility providers have been provided with adequate assurance of payment within the meaning of Section 366 of the Bankruptcy Code; (ii) approving proposed procedures for granting adequate assurance payments to certain utility providers; and (iii) prohibiting utility providers from altering, refusing or discontinuing services on account of prepetition amounts owed. Michael J. Canning, Esq., at Arnold & Porter LLP, in New York, proposed counsel for the Debtors, tells the Court that the Debtors operate 78 printing facilities in 29 states. As an indispensable part of those operations, the Debtors obtain electric, gas, water, sewer, telephone and other similar utility services provided by 200 utility companies. The Debtors pay utility providers, on average, about US$10,000,000 per month for services rendered. The Debtors, pursuant to an Energy Sourcing and Management agreement, transfer US$3,000,000 every week to Summit Energy Systems, Inc., which then transmits payment to majority of the Debtors' utility providers. Mr. Canning avers that uninterrupted utility services are essential to the Debtors' ongoing operations and, therefore, to the success of the Debtors' reorganization. BP Canada Refused to Supply U.S. Plants As reported in the Troubled Company Reporter on Feb. 7, 2008, Craig W. Wolfe, Esq., at Kelley Drye & Warren, LLP, in New York asserted that the Debtors' request for supply should be denied as it relates to BP Canada, BPEC and IGI. He argues that BP Canada, BPEC and IGI are not "utilities," and are thus not subject to Section 366 of the Bankruptcy Code. Mr. Wolfe asserts that BP Canada, BPEC and IGI do not have a monopoly over the sale of natural gas to the Debtors. There are numerous other providers of natural gas that are available to the Debtors, including the local distribution company, he points out. For purposes of the Interim Order, BP Canada, BPEC, IGI, BP Energy Marketing Corp., and National Fuel Resources Inc., will be excluded from the definition of Utility Provider. More Objections (1) Consolidated Edison Company, et al. Consolidated Edison Company of New York, Inc., Duke Energy Ohio, Inc., Duke Energy Carolinas, LLC, New York State Electric and Gas Corporation, The Commonwealth Edison Company, PECO Energy Company, Piedmont Natural Gas Company, and Virginia Electric and Power Company doing business as Dominion Virginia Power asked the Court to deny the Debtors' request and award them postpetition adequate assurance of payment pursuant to Section 366 of the Bankruptcy Code. Jil Mazer-Marino, Esq., at Rosen Slome Marder LLP, in Uniondale, New York, related that Dominion Virginia Power maintained a letter of credit on the Debtors' prepetition accounts totaling US$331,938. New York State Electric and Gas maintained security deposits on the Debtors' prepetition accounts totaling US$85,000. CenterPoint Energy Arkansas Gas requested a two-month deposit of US$9,640, while CenterPoint Energy Gas Transmission seeks a 90- day deposit of US$12,375. (2) Clearwater Enterprises Clearwater Enterprises, L.L.C., asked the Court to determine that the Interim Order does not apply to Clearwater and that the rights set forth in Section 556 of the Bankruptcy Code are applicable to Clearwater. According to Osman Dennis, Esq., at Peter Axelrod & Associates, P.C., in New York, the Debtors sought to compel Clearwater to continue to provide natural gas to the Debtors' Stillwater Oklahoma Facility under a certain Base Contract by deeming Clearwater as a utility. (3) Merced Irrigation District Merced Irrigation District proposed two alternative methods of providing adequate assurances. The first method is for the Debtors to post a two-month deposit of US$1,006,098. The second method requires the Debtors to provide Merced a two-week deposit of US$232,176, involves changing the billing cycle from monthly to weekly, requires the Debtors to pay weekly invoice timely, among others. (4) Franklin Electric, et al. Franklin Electric Plant Board; Cumberland Electric Membership Corporation; Memphis Light, Gas & Water Division of the City of Memphis, Tennessee; Covington Electric System; City of Covington; Nashville Electric Service; Trenton Light & Water Department of the City of Trenton, Tennessee; Dyersburg Electric System; City of Dyersburg, Tennessee; Dickson Electric System; Alcorn County Electric Power Association; Clarksville Department of Electricity; and Northcentral Electric Power Association asked the Court to require the Debtors to post a security deposit within 30 days of the Petition Date satisfactory to Franklin Electric, et al., in an amount not less than 250% of the highest month's usage for each of the Municipal and Cooperative Utilities during the 12-month period preceding the Petition Date, as adjusted by an additional proportionate increase associated with the anticipated increases in the cost of supplying electricity and natural gas, among others. The Debtors' highest monthly utility consumption during the 12 months preceding the Petition Date total US$2,407,533. Franklin Electric, et al., also asserted US$2,083,485 prepetition claims against the Debtors. Stipulation With SCANA In a Court-approved stipulation, the Debtors and SCANA Energy Marketing have agreed that (a) the Debtors will not assert that SCANA is a "utility" within the meaning and subject to the application of Section 366 of the Bankruptcy Code; and (b) the Debtors agree that SCANA is not subject to the Utility Motion and orders related to it, and SCANA will not be listed on the schedule of utilities attached to the Final Order. Court's Final Order Judge James Peck issued a final order determining adequate assurance of payment for future utility services. The Court ordered that utilities identified by the Debtors are forbidden to discontinue, alter or refuse service on account of any unpaid prepetition charges, or require additional adequate assurance of payment other than the Debtors' adequate assurance. A copy of the Utility Service List is available for free at: http://bankrupt.com/misc/Quebecor_FinalUtilityServiceList.pdf 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. 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. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. 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 has been extended to May 12, 2008. (Quebecor World Bankruptcy News, Issue No. 7; 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: Wants Banc of America Aircraft Lease Rejected ------------------------------------------------------------- Quebecor World Inc. and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the Southern District of New York to reject an aircraft lease agreement with Banc of America Leasing and Capital, LLC. The Debtors further ask the Court to lift the automatic stay so that Banc of America can exercise its rights to the Aircraft Lease Agreement, which includes one Bombardier CL-601-3A aircraft, two General Electric CF34-3A engines and certain appliances, parts, instruments, appurtenances, accessories, furnishings, seats and other equipment incorporated to the aircraft. The Aircraft Lease expired on January 18, 2008. The Debtors want to reject the Aircraft Lease effective as of the Petition Date out of an abundance of caution, and to confirm that their bankruptcy estates do not retain any equitable interest in the aircraft or the Aircraft Lease. In addition, the Debtors request clarification that Banc of America's exercise of remedies under the Aircraft Lease and actions to take possession of the aircraft will not be construed as a violation of the automatic stay under Section 362 of the Bankruptcy Code. As of Jan. 7, 2008, the Debtors owe US$12,218,351 under the Lease. According to Michael Canning, Esq., at Arnold & Porter LLP, in New York, the aircraft is not operational and is hangered in Montreal, Canada. The Debtors are also continuing to incur costs associated with its storage and insurance. The Debtors have determined that the fair market value of the aircraft is significantly less than the US$12,218,351 payment amount. Based on an Aircraft Appraisal Report prepared by Aeronautical Systems, Joseph T. Zulueta, ASA, dated Jan. 28, 2008, the fair market value of the aircraft is at an estimated US$9,633,000. Mr. Canning relates that Banc of America desires to retake possession of the aircraft as soon as possible, and has agreed to waive any and all postpetition claims, as well as any rejection damages arising from the Debtors' rejection of the Aircraft Lease. Accordingly, the Debtors have entered into discussions with Banc of America regarding the Aircraft Lease rejection and relief from the automatic stay. 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. 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. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. 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 has been extended to May 12, 2008. (Quebecor World Bankruptcy News, Issue No. 7; 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. SUBSEA RESOURCES: Suspends Trading of Shares to Sell Assets ----------------------------------------------------------- SubSea Resources PLC's board requested the suspension of its ordinary shares and warrants from trading on AIM pending clarification of its financial position on March 4, 2008. The board decided to seek and to secure sale of the assets and business of SubSea. The board announced on Dec. 27, 2007, that has been in discussions with a number of parties including the company's bondholder. These discussions have not been successful. Discussions in January and February 2008, have particularly focused on a bid for a five month survey of seafloor massive sulphide deposits utilizing the John Lethbridge and its associated equipment. The Board now believes the contract is unlikely to be awarded to the company. In the context of the company's cash position this situation has caused the board to decide to seek to sell the business of the company. "In forming our review conclusion, we have considered the adequacy of the disclosures made in Note 1 of the financial statements concerning the ability of the Group to continue as a going concern. In addition to the cash currently available, the group will require additional financing to remain operational for the following 12 months," the board said. "As set forth in Note 1 of the Financial Statements and the chairman's statement, the directors continue to pursue a number of potential opportunities, however should none of these opportunities prove viable and the group is liquidated, the sale of assets may well fail to generate sufficient funds to settle the secured creditors," the board continued. "These conditions indicate the existence of a material uncertainty which may cast significant doubt on the ability of the group to continue as a going concern. This financial statement does not include the adjustments that would result if the Group was unable to continue as a going concern," the board concluded. The board highlighted that for immediate future, the directors are of the opinion that the group requires debt, equity or an alternative source of financing withing the first few weeks of calendar 2008. At Feb. 29, 2008, cash was GBP1.1 million. Excluding the bond liabilities of GBP5 million repayable in 2011. Headquartered in London, England, SubSea Resources PLC -- http://www.subsearesources.com/-- specializes in the research, survey and salvage of high value non-ferrous metals and other valuable cargoes from deep-water ship-wrecks. It is an AIM- traded company. VONAGE HOLDINGS: May Modify Terms of US$253 Mln Convertible Debt ---------------------------------------------------------------- Vonage Holdings Corp. disclosed in a regulatory SEC filing Monday that the company and its financial advisor are engaged in preliminary discussions with certain holders of its US$253 million in convertible debt which can be "put" to the company in December 2008. In those discussions, the company has explored the possibility of a transaction in which holders would agree to forego the right to "put" the convertible notes in December 2008. As an inducement for holders to participate in such a transaction, the company may agree to make certain modifications to the terms of the convertible notes including, but not limited to: (a) an increase in the interest rate payable under the convertible notes; (b) a modification of the conversion price of the convertible notes; or (c) a change in maturity date of the convertible notes. Additionally, as part of a transaction, the company disclosed it may also agree to: (a) redeem a portion of the outstanding principal of the convertible notes with cash and/or (b) issue common equity or equity-type securities to participating holders. About Vonage Holdings Headquartered in Holmdel, New Jersey, Vonage Holdings Corp. (NYSE:VG) -- http://www.vonage.com/-- provides broadband telephone services with nearly 2.6 million subscriber lines. The company's Residential Premium Unlimited and Small Business Unlimited calling plans offer consumers unlimited local and long distance calling, and features like call waiting, call forwarding and voicemail for a flat monthly rate. Vonage's service is sold on the web and through national retailers including Best Buy, Circuit City, Wal-Mart Stores Inc. and Target and is available to customers in the U.S., Canada and the United Kingdom. * * * At Dec. 31, 2007, the company had US$465.0 million in total assets and US$537.4 million in total liabilities, resulting in a US$72.4 million total stockholders' deficit. WORDMAP LTD: Brings In Liquidators from BDO Stoy Hayward -------------------------------------------------------- Simon Edward Jex Girling and Mark Peter George Roach of BDO Stoy Hayward LLP were appointed joint liquidators of Wordmap Ltd. on Feb. 16 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: BDO Stoy Hayward LLP One Victoria Street Bristol BS1 6AA England ZIFF DAVIS: Files for Bankruptcy to Improve Capital Structure ------------------------------------------------------------- Ziff Davis Holdings Inc. and certain of its affiliates filed Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of New York, in order to implement a restructuring and improve its capital structure. The company intends to implement the restructuring through a pre-arranged plan of reorganization that the company intends to file. The company intends to seek Court approval of the pre-arranged plan soon as possible. Ziff Davis expects operations to continue as usual during the reorganization process and expects to emerge from Chapter 11 this summer. Ziff Davis Media Inc., an indirect subsidiary of Ziff Davis, reached an agreement with an ad hoc group of holders of more than 80% in principal amount of its Senior Secured Floating Rate Notes on the terms of a restructuring to reduce substantially the company's funded indebtedness. As part of the restructuring, the ad hoc noteholder group has agreed to set aside up to $24.5 million to fund the company's operations during the Chapter 11 as well as after the company emerges from Chapter 11. These funds, together with the company's current cash reserves and cash flow from operations, will be sufficient to fund its operations during the reorganization process. In addition, the restructuring, if approved by the Court, will result in a substantial de-leveraging of the company's balance sheet. Specifically, $225 million, principal amount of senior secured indebtedness, including the Senior Secured Notes, will be exchanged for a new $57.5 million, maximum face amount, senior secured note and at least 88.8% of the common stock in the reorganized company. The restructuring provides for 11.2% of the reorganized company's common stock to be distributed to holders of the company's subordinated unsecured notes if the class of such holders votes to accept the restructuring. Holders of the company's subordinated, unsecured notes have not yet agreed on the restructuring; however, the company relates the restructuring plan can be approved by the Court without their agreement. "This agreement underscores our Senior Secured Noteholders' confidence in our ability to position ourselves for continued profitable growth," Jason Young, chief executive officer of Ziff Davis Media, said. "This restructuring agreement goes a long way towards resolving the burdens of a debt load and capital structure established seven years ago, during a leveraged buyout of the company." "Operationally, we are also making great progress," Mr. Young continued. "As a result of our employees' hard work, we ended 2007 on a strong note. We matched audience growth with impressive digital revenue expansion. And while the print market continued to be challenging, we continue to be print category leaders in the markets we serve." Ziff Davis also disclosed that, despite good faith negotiations with certain of its subordinated unsecured noteholders, the company has been unable to reach a consensual agreement with such holders. The company intends to work with its constituencies, including its subordinated unsecured noteholders, throughout the Chapter 11 process. "In light of the progress we have made with our senior secured creditors, and after careful consideration of all of our alternatives, we have concluded that a court-supervised process will accelerate - and finalize - our restructuring while helping to ensure that current business operations continue," Mr. Young added. "Through this process, we will improve our capital structure and align it with the size of our current business operations," said Mr. Young. "We have great strength in our industry leading brands and products and we believe that this restructuring will allow us to unlock the underlying value of our businesses and achieve our true growth potential." In conjunction with this filing, the company filed a variety of customary "first day" motions to support its employees and vendors during the reorganization process. As part of these motions, the company has asked the Court for permission to continue paying employee wages and salaries and to provide employee benefits without interruption. Additionally, during the restructuring process, vendors and business partners would expect to be paid for post-filing goods sold and services rendered to the Company in the ordinary course of business. Ziff Davis has retained Alvarez & Marsal as financial and restructuring advisor and Winston & Strawn LLP as legal counsel to provide professional services in connection with these restructuring efforts. The ad hoc noteholder group is advised by Houlihan Lokey Howard & Zukin and Paul, Weiss, Rifkind, Wharton & Garrison LLP. About Ziff Davis Holdings Inc. Headquartered in New York City, Ziff Davis Holdings Inc. -- http://www.ziffdavis.com/-- is the parent company of Ziff Davis Media Inc. Ziff Davis is an integrated media companies serving the technology and videogame markets. They are information services and marketing solutions providers of technology media, including publications, Websites, conferences, events, eSeminars, eNewsletters, custom publishing, list rentals, research and market intelligence. Their US-based media properties reach over 22 million people per month at work, home and play. They operate in three segments: the Consumer Tech Group, which includes PC Magazine and pcmag.com; the Enterprise Group, which includes eWEEK and eweek.com, and the Game Group, which includes Electronic Gaming Monthly and 1up.com. Ziff Davis' foreign affiliates include Ziff Davis Europe Ltd. (United Kingdom), Ziff Davis Publishing (UK) Ltd. (United Kingdom), Ziff Davis France S.A. (France), SEEC/Ziff Davis Group (China) Ltd. (British Virgin Islands), and Ziff Davis Internet I. The company's non-U.S. affiliates are not included in the bankruptcy filing. ZIFF DAVIS: Case Summary and 30 Largest Unsecured Creditors ----------------------------------------------------------- Lead Debtor: Ziff Davis Media, Inc. 28 East 28th Street New York, NY 10016 Bankruptcy Case No.: 08-10768 Debtor-affiliates filing separate Chapter 11 petitions: Entity Case No. ------ -------- Ziff Davis Development Inc. 08-10769 Ziff Davis Holdings Inc. 08-10771 Ziff Davis Intermediate Holdings Inc. 08-10772 Ziff Davis Internet Inc. 08-10773 Ziff Davis Publishing Inc. 08-10774 Ziff Davis Publishing Holdings Inc. 08-10775 Type of Business: The Debtors are integrated media companies serving the technology and videogame markets. They are information services and marketing solutions providers of technology media, including publications, Websites, conferences, events, eSeminars, eNewsletters, custom publishing, list rentals, research and market intelligence. Their US-based media properties reach over 22 million people per month at work, home and play. They operate in three segments: the Consumer Tech Group, which includes PC Magazine and pcmag.com; the Enterprise Group, which includes eWEEK and eweek.com, and the Game Group, which includes Electronic Gaming Monthly and 1up.com. Ziff Davis' foreign affiliates are Ziff Davis Europe Ltd. (United Kingdom), Ziff Davis Publishing (UK) Ltd. (United Kingdom), Ziff Davis France S.A. (France), SEEC/Ziff Davis Group (China) Ltd. (British Virgin Islands), and Ziff Davis Internet I. See http://www.ziffdavis.com/ Chapter 11 Petition Date: March 5, 2008 Court: Southern District of New York (Manhattan) Judge: Burton R. Lifland Debtors' Counsel: Carey D. Schreiber, Esq. (cschreiber@winston.com) Winston & Strawn, LLP 200 Park Avenue New York, NY 10166 Tel: (212) 294-3547 Fax: (212) 294-4700 Debtors' Financial Advisors: Alvarez & Marsal North America, LLC Debtors' Claims Agent: BMC Group http://www.bmcgroup.com/ Ad Hoc Noteholder Group's Counsel: Houlihan Lokey Howard & Zukin and Paul, Weiss, Rifkind, Wharton & Garrison LLP. Ziff Davis Media, Inc.'s Financial Condition as of June 30, 2007: Total Assets: US$273,537,000 Total Debts: US$1,551,432,000 Debtors' Consolidated List of 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Deutsche Bank Trust Company Compounding Notes US$152,500,000 Americas, due 2009 Indenture Trustee Attention: Stanley Burg (stan.burg@db.com) Trust & Securities Services 60 Wall Street, 27th Floor MS NYC60-2720 New York, NY 10005-2858 Fax: (212) 787-0022 Deutsche Bank Trust Company 12% Senior US$12,280,000 Americas Subordinated Attention: Notes due 2010 Irinia Golovashchuk (irina.golovashchuk-ctas@db.com) Corporate Trust & Agency Services 25 DeForest Avenue Second Floor, MS SUM01-0105 Summit, NJ 07901 Fax: (732) 578-4635 R.R. Donnelley & Sons Trade Debt US$3,896,922 Attention: Mr. Al duPont (al.r.dupont@rrd.com) 99 Park Avenue, 13th Floor New York, NY 10016 Tel: (212) 503-1461 Fax: (212) 503-1313 Goldman Sachs Services Provided US$900,000 Attention: Bruce Mendelsohn (Bruce.Mendelsohn@gs.com) 85 Broad Street New York, NY 10004 Tel: (212) 902-0300 Fax: (212) 902-3000 800 Jorie Blvd. L.L.C. Rent US$705,000 1383 Paysphere Circle Chicago, IL 60674 Attention: James F. Ellis Ellis Partners, Inc. 433 California Street, Suite 610 San Francisco, CA 94104, and Attention: Daniel Hefter, Esq. (dhefter@fhslc.com) Fox, Hefter, Swibel, Levin & Carroll, LLP 321 North Clark Street, Suite 3300 Chicago, IL 60610 Tel: (312) 224-1200 Fax: (312) 224-1201 American Express- Weston FL Trade Debt US$657,560 Attention: Lucey B. Healey (Lucey.B.Healey@aexp.com) 2965 West Corporate Lakes Boulevard Weston, FL 33331 Tel: (623) 388-4360 Fax: (623) 388-4360 and American Express 5976 West Topika Drive Glendale, AZ 85308 Sony Computer Entertainment Trade Debt US$631,264 Attention: Jim Bass (jim_bass@playstation.sony.com) 919 East Hillsdale Boulevard Foster City, CA 94404 Tel: (650) 655-6099 Fax: (650) 655-8170 Perella Weinberg Partners, LP Services Provided US$401,091 Attention: Derron Slonecker, Esq. (dslonecker@pwpartners.com) 767 Fifth Avenue New York, NY 10153 Tel: (212) 287-3200 Fax: (212) 287-3201 Kable Fulfillment Trade Debt US$316,646 Attention: Amy Bardell (abardell@kable.com) 4515 Paysphere Circle Chicago, IL 60674 Tel: (303) 666-7000 Fax: (815) 734-5223 and Kable Fulfillment 335 Centennial Parkway Louisville, CO 80027 Limelight Networks Trade Debt US$162,764 Attention: Mark Smith (msmith@limelightnetworks.com) 2220 West 14th Street Tempe, AZ 85281 Tel: (602) 850-5079 Fax: (602) 850-5238 Cogent Communications Trade Debt US$129,850 Attention: Tad Weed (tweed@cogentco.com) 1015 31st Street, Northwest Washington, DC 20007 Tel: (202) 295-4200 Fax: (202) 338-8798 O'Melveny & Myers, LLP Services Provided US$103,759 Attention: Michael J. Sage (msage@omm.com) Times Square Tower 7 Times Square New York, NY 10036 Tel: (212) 326-2000 Fax: (212) 326-2061 Solar Communications Trade Debt US$85,014 Attention: Michael Hudetz (mhudetz@solarcc.com) 5917 Paysphere Circle Chicago, IL 60674 Tel: (630) 848-3844 Fax: (630) 983-5880 and Solar Communications 1150 Frontenac Road Naperville, IL 60563-1799 Three Z Printing Trade Debt US$82,963 Attention: Brian Jansen (bjansen@threez.com) 902 West Main Street Teutopolis, IL 62467 Tel: (217) 857-3153 Fax: (217) 857-3483 Xtivia Trade Debt US$81,520 Attention: Canan Coban (ccoban@xtivia.com) 2035 Lincoln Highway, Suite 1010 Edison, NJ 08817 Tel: (732) 248-9399, 6050 Fax: (732) 248-9399 Isilon Systems, Inc. Trade Debt US$73,456 Attention: Jennifer Pressley (jpressley@isilon.com) 3101 Western Avenue Seattle, WA 98121 Tel: (206) 777-7886 Fax: (206) 315-7640 ValueMags Trade Debt US$52,698 Attention: Andrew Degenholtz (andrew@valuemags.com) 212 West Superior Street, Suite 202 Chicago, IL 60610 Tel: (312) 482-9470 Fax: (312) 577-0471 National MicroRentals Trade Debt US$46,705 Attention: Mary Anne Ott (mott@nmrrents.com) 28 Abeel Road Monroe Township, NJ 08331-2036 Tel: (609) 395-0550 Fax: (609) 395-7142 DoubleClick TechSolutions Trade Debt US$44,145 Attention: Sharon Dhanraj (techsol_us_billing@doubleclick.net) 111 Eighth Avenue, 10th Floor New York, NY 10011 Tel: (973) 658-3029 Fax: (212) 287-9520 SunGard Trade Debt US$42,129 Attention: Tony Marevel 757 North Eldridge Street, Suite 200 Houston, TX 77079 Attention: Lawrence Lee (llee@allyance.net) Allyance Communications 17110 Armstrong Avenue, 2nd Floor Irvine, CA 92614 Tel: (949) 863-0051 Fax: (949) 480-0037 and Aspire Technology Partners, Trade Debt US$39,150 LLC Attention: Doug Stevens (dstevens@atp-us.com) 121 Monmouth Street Red Bank, NJ 07701 Tel: (732) 345-8523 Fax: (732) 879-0210 Advantage Security Trade Debt US$39,075 Attention: Caroline Gagliardi (cgagliardi@advantagesecurity.net) 232 Madison Avenue, Suite 16 New York, NY 10016 Tel: (212) 689-0200 Fax: (212) 481-9706 Comsys Services Trade Debt US$36,990 Attention: Amy Bobbitt 4400 Post Oak Parkway, Suite 1800 Houston, TX 77027 Tel: (713) 386-1400 Fax: (713) 961-0719 Princeton Information Trade Debt US$35,712 Attention: Jeffrey Zuckerman (jeffrey.zuckerman@princetoninformation.com) 2 Penn Plaza, Suite 1100 New York, NY 10121 Tel: (212) 565-5030 Fax: (212) 563-5919 VoltDelta Resources, LLC Trade Debt US$32,364 Attention: Gene D. Goodman (ggoodman@maintech.com) MainTech 39 Paterson Avenue Wallington, NJ 07057 Tel: (973) 330-3263 Fax: (973) 330-3187 ONE PR Studio Trade Debt US$30,870 Attention: Jeane Wong (jeane@oneprstudio.com) 3645 Grand Avenue, Suite 305 Oakland, CA 94610 Tel: (510) 893-3271 Fax: (510) 893-2581 Terracotta Inc. Trade Debt US$30,000 Attention: Sandy Wallace (info@terracottatech.com) 650 Townsend Street, Suite 325 San Francisco, CA 94103 Tel: (415) 738-4062 Fax: (415) 738-4099 Zinio Systems Trade Debt US$29,023 Attention: Jared Katzman (jkatzman@zinio.com) 139 Townsend Street, Suite 300 San Francisco, CA 94107 Tel: (415) 494-2732 Fax: (415) 494-2701 Clear Channel Communications, Trade Debt US$27,999 Inc. Attention: Nicole Merino (nicolemerino@clearchannel.com) 1120 Avenue of the Americas, 18th Floor New York, NY 10036 Tel: (212) 549-0628 Fax: (917) 206-9169 and Clear Channel Communications, Inc. Corporate Headquarters 200 East Basse Road San Antonio, TX 78209 omeda Trade Debt US$27,136 Attention: Jun Lim (jlim@omeda.com) 555 Huehl Road Northbrook, IL 60062 Tel: (847) 564-8900 x371 Fax: (847) 564-3359 PC Connection Trade Debt US$25,216 Attention: Stephanie Simpson (ssimpson@pcconnection.com) 730 Milford Road Merrimack, NH 03054 Tel: (800) 426-5772 Fax: (603) 683-5797 * Beard Group's Cross-Border Insolvencies Audio Primer ------------------------------------------------------ Beard Group and the Troubled Company Reporter are pleased to announce a new audio conference on cross-border insolvencies. The conference, entitled "The Chapter 15 International Insolvency Institute: An Audio Primer on Cross-Border Bankruptcy Rules" will be held on April 3, 2008 at 1:30 PM Eastern Time. It aims to make international bankruptcy proceedings understandable, in a convenient, interactive learning format. The live 90-minute telephone conference with interactive Q&A session with unlimited enrollment per call-in site will be presented by two Greenberg Traurig attorneys, Luis Salazar and Paul Keenan. Register now at: http://beardaudioconferences.com/bin/shopping_cart?code=BR- 042&type=AC&choice=1 or learn more at http://beardaudioconferences.com/bin/conference_details?code=BR- 042 In today's multi-national corporate world, cross-border restructurings trigger special challenges for creditors and debtors alike. To avoid mistakes, enroll in this live audio conference, where international experts will lead you step-by-step through the major stages of a Chapter 15 filing. Luis Salazar and Paul Keenan will explain the current Chapter 15 rules, clarify often-confusing terms such as COMI, outline your legal options, and update you on the latest developments. Salazar and Keenan will use real-world case studies such as Bear Sterns and SPhinX Funds to illustrate key concepts and spotlight crucial court decisions. You'll receive: * A logical, easy-to-follow guide to international insolvency proceedings * Plain-English explanations of the most important concepts and buzzwords you need to know * Snapshots of key decision pathways, including determining main vs. non-main centers of interest * Explanations of who's eligible to file for Chapter 15 * Descriptions of pre- and post-recognition relief available * What are the stay exceptions * How Chapter 15 relates to EU regulations and other global rules * Case studies of key court decisions, including - Tri-Continental Exchange - SPhinX Funds - Compania del Alimentos Fargo, S.A. - Katsumi Iida * Why the Bear Stearns case is important in determining jurisdictional oversight * Practical strategies for today's creditors and debtors facing international insolvency decisions Early-Bird Registration Discount Register by Thursday, March 27, and save US$50 off the regular tuition. Tuition is US$245 prior to March 27; US$295 afterwards. Remember, the tuition includes written materials and an unlimited number of attendees at each dial-in site. Continuing Legal Education Credit: Training is accredited for 1.50 MCLEs in California, and applications are pending in Texas and Tennessee. New York State has reciprocity with California. For non-attorneys and attorneys practicing in other states, Certificates of Attendance are available upon request. About the Instructors: Described as one of South Florida's "legal elite" by Miami's Daily Business Review, Luis Salazar is a shareholder in the international law firm of Greenberg Traurig. In his practice, he counsels a diverse group of clients through difficult situations - from bet-the-company litigation, to surviving severe financial distress, to dealing with the consequences of data breaches. Luis has led Chapter 11 reorganizations for many well-known companies - including Gerald Stevens, Fine Air and Arrow Air, Xpedior, Scient, and others - with combined assets exceeding US$5 billion. He also has led less well-known reorganizations, work-outs and financial negotiations on behalf of clients in the aviation, money-wiring, food service, import-export, and entertainment fields. He currently serves as the Co-Chair of the International Insolvency Committee of the American Bankruptcy Institute. Paul J. Keenan, Jr., is an attorney in the business reorganization and bankruptcy practice of Greenberg Traurig's Miami office, where he represents banks and other lending institutions, debtors, unsecured creditors and asset purchasers in corporate restructurings, loan workouts and bankruptcy cases. Paul speaks Spanish and has significant experience representing lending institutions and debtors in cross-border corporate restructurings and loan workouts, primarily in Latin America and the Caribbean. His experience includes representing a large Latin American telecommunications company in all aspects of its corporate and financial restructuring; representing a major cruise line in the negotiation, drafting and bankruptcy court approval of a DIP financing facility; and representing U.S. Investors in corporate restructuring of an Argentine charter airline. Paul is chair of the Latin America Committee for INSOL International and the co-author of "Chapter 15: The U.S. Cross-Border Insolvency Law", included in the latest edition of the PLC Cross-Border Restructuring and Insolvency Handbook. How to Register: 1. Call 240-629-3300 and charge the tuition investment of US$245 (US$295 after March 27, 2008) to a major credit card, or 2. Visit www.beardaudioconferences.com for fast and convenient online registration. 3. Mail a check payable to Beard Audio Conferences to: Beard Group, P.O. Box 4250, Frederick, MD 21705-4250 (checks must be received 48 hours prior to conference). Can't make the scheduled date and time? Order the Audio CD recording of this conference. Or get the CONFERENCE PLUS option that allows one to attend the audio conference AND get the Audio CD recording at a discounted price. For either option, visit www.beardaudioconferences.com or call (240) 629-3300. * BOOK REVIEW: Voluntary Assignments for the Benefit of Creditors, Volumes I and II ---------------------------------------------------------------- Publisher: Beard Books Softcover: 788 pages for both volumes Price: US$34.95 each volume; US$49.95 set Review by Henry Berry http://www.amazon.com/exec/obidos/ASIN/189312228X/internetbankru pt http://www.amazon.com/exec/obidos/ASIN/1893122298/internetbankru pt Voluntary Assignments for the Benefit of Creditors is a 1999 update of the classic nineteenth-century work on the important financial and business instrument known as "voluntary assignments." The author of the original edition was Alexander M. Burrill, a noted legal scholar who also wrote a law dictionary and several other texts. Voluntary Assignments for the Benefit of Creditors is now in its sixth edition, with Avery-Webb authoring the update. As defined by the authors, voluntary assignments for the benefit of creditors are "transfers, without compulsion of law, by debtors, of some or all of their property to an assignee or assignees, in trust to apply the same, or the proceeds thereof, to the payment of some or all of their debts, and to return the surplus, if any, to the owner." Voluntary assignments offer businesspersons from small business owners to corporate executives great flexibility in raising capital. Considering the many ways that businesses can enter into voluntary assignments, the different ways of valuing properties "assigned," and the changing value of these properties over time, the law governing voluntary assignment is complex. The authors tackle the subject of voluntary assignments in all its breadth and depth. During the 1800s, when Burrill's work first came out, there were innumerable cases dealing with voluntary assignments. The case law of the 1800s remains authoritative, informative, and instructive today. To render it comprehensible, the authors break down the subject matter into its many facets, thereby allowing lawyers and others to quickly reference areas of interest. These cases are listed alphabetically, and comprise more than fifty pages in a front section titled "Table of Cases." Cases are also referred to in the text proper and in copious footnotes. The format of the text, including the footnotes, is the standard followed by many legal texts and handbooks, notably the multi-volume American Jurisprudence. The sections are numbered consecutively in forty-five chapters. There are 458 sections in all. The sections are relatively short, even though the subject of voluntary assignments is complex and there is bountiful case law. Readers can peruse general topics such as execution of the assignment, construction of assignments, sale of the assigned property, and the rights, duties, and powers of the assignee. More specific, detailed topics can be accessed using the index. There are two appendices. The first contains synopses of the statutes of every state and territory on voluntary assignments. The second appendix contains nearly thirty standard forms that can be used for various aspects of assignments. Although voluminous and rigorous in its commentary and legal citations, the two-volume Voluntary Assignments for the Benefit of Creditors is neither dense nor ungainly. Like a good lawyer breaking down a case so it can be comprehended by a jury of average persons, so does Burrill and Avery-Webb deal with the topic of voluntary assignments. Born in 1868 in Tennessee, James Avery-Webb (d. 1953) had a career as a prominent attorney in New York City. ********* 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 * * *