T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, April 15, 2008, Vol. 9, No. 74 Headlines A U S T R I A FROHN-TASK LLC: Claims Registration Period Ends May 5 IMZ BAU: Claims Registration Period Ends May 14 ING. BERNHARD: Creditors' Meeting Slated for April 28 INTERTEL COMMUNICATION: Claims Registration Period Ends April 28 KLAUSER HOLZVERARBEITUNG: Claims Registration Period Ends May 20 KMW HANDELS: Claims Registration Period Ends April 22 B E L G I U M BERRY PLASTICS: Moody's Holds B3 Corporate Family Rating LEVI STRAUSS: Feb. 24 Balance Sheet Upside-Down by US$318.87 Mln F R A N C E SPANSION INC: Unit Inks Patent Cross-License Agreement with IBM G E R M A N Y ALBERS ESTRICH: Claims Registration Period Ends May 5 ALERIS INT'L: Posts US$128MM Net Loss in Year Ended December 31 ALLZEIT GESELLSCHAFT: Claims Registration Period Ends May 3 ARBEITS- UND KULTURCENTRUM: Claims Registration Ends May 5 BAUSYSTEME KRAHL: Claims Registration Period Ends April 30 BKS-LABEL GMBH: Claims Registration Period Ends May 3 BOMBARDIER INC: Unit Sells Four More CRJ900 NextGen Jets to Iraq BOMBARDIER INC: S&P Ups Ratings to BB+ on Improved Liquidity EMPORIUM SERVICE: Claims Registration Period Ends April 30 FAHRENHOLZ TEXTILHANDELS: Claims Period Ends April 29 FELIC TROCKENBAU: Creditors' Meeting Slated for April 18 GEO POULSON: Claims Registration Ends May 2 GOLD-LAND TREUHAND: Claims Registration Period Ends May 5 HS MOEBELTEAM: Creditors' Meeting Slated for April 24 INGENIEURBUERO USB: Claims Registration Ends May 2 INNOVA VERTRIEBS: Claims Registration Ends May 2 IT MECHATRONIK: Claims Registration Ends May 2 K & S AUTOMOBILE: Claims Registration Ends May 2 KDZ KOELN: Claims Registration Ends May 2 MOBAU-BAUCENTRUM GMBH: Claims Registration Period Ends May 5 NORDMEYER SPEDITIONSLOGISTIK: Claims Registration Ends May 2 PARK IMMOBILIEN: Creditors' Meeting Slated for April 21 PRIMAWEIN FRANCHISE: Claims Registration Period Ends May 2 QUARTZ FINANCE: Moody's Downgrades Ratings on Five Notes S.A.N.SET FILM: Claims Registration Period Ends May 2 SERBEST GMBH: Creditors Must File Claims by April 25 SLOTY BAUUNTERNEHMUNG: Creditors Must File Claims by April 25 SMARTMACHINE DEUTSCHLAND: Claims Registration Period Ends May 2 SPECTRUM BRANDS: To Release 2nd Quarter 2008 Results on May 6 SPECTRUM BRANDS: S&P Revises Outlook on Improved Liquidity SYNERGIE SERVICES: Claims Registration Period Ends May 2 TRUCKS + TRANSPORTER: Claims Registration Period Ends May 4 V & D GMBH: Creditors Must File Claims by April 25 V & D VERWALTUNGS: Creditors Must File Claims by April 25 VIRTEO NET: Creditors Must File Claims by April 25 VOITINO DUFTMARKETING: Creditors Must File Claims by April 25 ZIMMEREI U. SAGEWERK: Claims Registration Period Ends May 2 I R E L A N D SCOTTISH RE: Inks LOI to Recapture Business From Ballantyne Re SCOTTISH RE: Explores Sale of North America Life Reinsurance Biz SCOTTISH RE: A.M. Best Downgrades Ratings, to Undertake Review I T A L Y * Silvio Berlusconi Claims Third Term as Italy's Prime Minister K A Z A K H S T A N AKBARS-PAVLODAR LLP: Creditors Must File Claims by May 16 AKJAR-SERVICE LLP: Claims Deadline Slated for May 16 AKTAU SERVICE: Claims Filing Period Ends May 16 ALLIANCE-KOKSHE LLP: Creditors' Claims Due on May 16 BUSINESS CENTRE: Claims Registration Ends May 16 ERTIS NAN: Creditors Must File Claims by May 16 KOKSHE ARGAMAK: Claims Deadline Slated for May 16 PROM ANALIT: Claims Filing Period Ends May 16 SAFIYA LLP: Creditors' Claims Due on May 20 TIANSAN INTERNATIONAL: Claims Registration Ends May 20 K Y R G Y Z S T A N LATEST ENERGY: Creditors Must File Claims by May 20 L U X E M B O U R G EVRAZ GROUP: S&P Puts BB- Rating on Proposed US$ Bond Issue GATE GOURMET: Moody's Revises Outlook on All Ratings to Positive N E T H E R L A N D S FLOWSERVE CORP: Annual Shareholders' Meeting Set for May 30 FLOWSERVE CORP: Fitch Affirms Issuer Default Rating at BB X5 RETAIL: Posts US$1.78 Bln Net Retail Sales in 1st Qtr 2008 R U S S I A AVTO-SIB CJSC: Court Starts Bankruptcy Supervision Procedure CEMENT LLC: Creditors Must File Claims by May 15 CRYSTAL-BEL CJSC: Belgorod Bankruptcy Hearing Slated for June 18 ERMAKOVSKOE CJSC: Novosibirsk Bankruptcy Hearing Set June 25 FAN CJSC: Lipetsk Court Names Y. Gurov as Insolvency Manager RODINO CJSC: Altay Bankruptcy Hearing Slated for August 18 UKRAINSKOE OJSC: Court Starts Bankruptcy Supervision Procedure X5 RETAIL: Supervisory Board Approves Formata Acquisition S W I T Z E R L A N D BISTRO HABERHUUS: Creditors' Liquidation Claims Due by May 1 CEPRO JSC: Creditors' Liquidation Claims Due by May 1 CIMA GASTRO: Creditors' Liquidation Claims Due by May 1 CHILLA LLC: Creditors' Liquidation Claims Due by May 1 E. + A. ARNOLD: Creditors' Liquidation Claims Due by May 1 FIS HOLDING: Creditors' Liquidation Claims Due by May 5 KORUM LLC: Creditors' Liquidation Claims Due by May 1 WINE AND FURNITURE: Creditors' Liquidation Claims Due by May 15 U K R A I N E BANK EVROPEYSKIY: Moody's Puts Financial Strength Rating at E+ BATKIVSCHINA LLC: Creditors Must File Claims by April 30 DNIPRO-DELTASTROY LLC: Creditors Must File Claims by April 30 EVRAZ GROUP: Closes Acquisition of Certain Assets in Ukraine NADIYA LLC: Creditors Must File Claims by April 30 ROVAL LLC: Creditors Must File Claims by April 30 SLOVAGROIMPEKS LLC: Creditors Must File Claims by April 30 VUGILNYK LLC: Creditors Must File Claims by April 30 U N I T E D K I N G D O M ABITIBIBOWATER INC: Completes Sale of Snowflake Mill ABITIBIBOWATER INC: S&P Puts Recovery Ratings on Sr. Debt Issues AMERICAN AXLE: New UAW Contract is Still Not Market Competitive ANAGRAM CREATIVE: M. C. Bowker Leads Liquidation Procedure BRITISH ENERGY: Suez May Buy Stake After Gaz de France Merger BRITISH ENERGY: Iberdola Nears Decision Over GBP11 Bln Joint Bid BRITISH ENERGY: Sweden's Vattenfall Eyes Takeover Bid CHROME FUNDING: Moody's Puts Ratings Under Review CLEAR CHANNEL: Extends Tender Offers Expiration for Senior Notes ERINACEOUS GROUP: Enters Into Administration; KPMG Appointed IXIS CORPORATE: Moody's Reviews Rating on EUR10 Million MM Notes LANHAM PRINT: Brings In Liquidators from Tenon Recovery LINKER FINANCE: Moody's Junks Rating on US$18MM Class E Notes LOGAN CDO: Moody's Junks Ratings on Two Note Classes MIDLAND MACHINING: Calls In Liquidators from Moore Stephens NICHOLL'S BRASSERIES: Appoints Begbies Traynor as Administrators OPUS MORTGAGES: Goes Into Liquidation Due to Market Conditions SEA CONTAINER: Court Approves Entry to Charter Termination Pacts SEA CONTAINERS: Contrarian, et al. Wants Subpoenas Quashed VR 2007: Taps Liquidators from Grant Thornton * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= FROHN-TASK LLC: Claims Registration Period Ends May 5 ----------------------------------------------------- Creditors owed money by LLC Frohn-TASK (FN 278421v) have until May 5, 2008, to file written proofs of claim to court-appointed estate administrator Guenther Grassner at: Dr. Guenther Grassner c/o Dr. Norbert Mooseder Suedtirolerstrasse 4-6 4020 Linz Austria Tel: 070770815 Fax: 070770816 E-mail: lawfirm@gltp.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on May 19, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Room 522 Fifth Floor Linz Austria Headquartered in Neuhaus an der Donau, Austria, the Debtor declared bankruptcy on March 17, 2008 (Bankr. Case No. 12 S 22/08k). Norbert Mooseder represents Dr. Grassner in the bankruptcy proceedings. IMZ BAU: Claims Registration Period Ends May 14 ----------------------------------------------- Creditors owed money by LLC IMZ Bau (FN 215008p) have until May 14, 2008, to file written proofs of claim to court-appointed estate administrator Michael Neuhauser at: Mag. Michael Neuhauser c/o Dr. Christof Stapf Esslinggasse 7 1010 Vienna Austria Tel: 90 333 E-mail: wien@snwlaw.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on May 28, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 17, 2008 (Bankr. Case No. 2 S 33/08b). Christof Stapf represents Mag. Neuhauser in the bankruptcy proceedings. ING. BERNHARD: Creditors' Meeting Slated for April 28 ----------------------------------------------------- Creditors owed money by LLC Ing. Bernhard Bauer (FN 268413a) are encouraged to attend the creditors' meeting at 11:00 a.m. on April 28, 2008. The creditors' meeting will be held at: The Land Court of Eisenstadt Hall F Eisenstadt Austria Headquartered in Rust, Austria, the Debtor declared bankruptcy on March 17, 2008 (26 S 29/08d). Willibald Stampf serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Willibald Stampf Brunnenplatz 5b 7210 Mattersburg Austria Tel: 02626/62652 Fax: 02626/65326 E-mail: ma@rss.at INTERTEL COMMUNICATION: Claims Registration Period Ends April 28 ---------------------------------------------------------------- Creditors owed money by LLC Intertel Communication (FN 244955d) have until April 28, 2008, to file written proofs of claim to court-appointed estate administrator Peter Bernhart at: Dr. Peter Bernhart Bahnhofstrasse 5 9020 Klagenfurt Austria Tel: 0463/54146 Fax: 0463/54146-15 E-mail: office@fink-bernhart.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on May 6, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Meeting Room 225 Second Floor Klagenfurt Austria Headquartered in Klagenfurt, Austria, the Debtor declared bankruptcy on March 17, 2008 (Bankr. Case No. 40 S 15/08h). KLAUSER HOLZVERARBEITUNG: Claims Registration Period Ends May 20 ---------------------------------------------------------------- Creditors owed money by LLC Klauser Holzverarbeitung (FN 123104k) have until May 20, 2008, to file written proofs of claim to court-appointed estate administrator Gerhard Schultschik at: Dr. Gerhard Schultschik Poeckgasse 4 2700 Wiener Neustadt Austria Tel: 02622/21 235 Fax: 02622/21235-23 E-mail: kanzleu@schultschik.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on June 3, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Miesenbach, Austria, the Debtor declared bankruptcy on March 17, 2008 (Bankr. Case No. 11 S 30/08k). KMW HANDELS: Claims Registration Period Ends April 22 ----------------------------------------------------- Creditors owed money by LLC Kmw Handels und Dienstleistung (FN 269121t) have until April 22, 2008, to file written proofs of claim to court-appointed estate administrator Oliver Simoncic at: Mag. Oliver Simoncic Rathausplatz 3-4 3100 St. Poelten Austria Tel: 02742/47 082 Fax: 02742/47 082-19 E-mail: rechtsanwalt@simoncic.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:30 a.m. on May 13, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Lilienfeld, Austria, the Debtor declared bankruptcy on March 14, 2008 (Bankr. Case No. 14 S 37/08v). ============= B E L G I U M ============= BERRY PLASTICS: Moody's Holds B3 Corporate Family Rating -------------------------------------------------------- Moody's Investors Service affirmed the Corporate Family Rating of B3 of Berry Plastics Corporation and assigned a B1 rating to the new senior secured notes due 2015. The outlook is stable. This rating action is in response to the company's announcement on April 14, 2008 that it issuing US$530 million senior secured floating rate notes to replace the US$520 million senior secured bridge facility (not rated by Moody's) used to finance its US$500 million acquisition of Captive Holdings, Inc. The affirmation of Berry's Corporate Family Rating reflects the company's success to date integrating previous acquisitions, potential for significant synergies, and Captive's strategic fit with Berry's core rigid plastic business. Berry's pro-forma competitive profile includes annual revenue of $3.4 billion, and a low customer concentration, with no single customer accounting for more than 6%. The combined organization is also expected to maintain healthy liquidity. The ratings are constrained by Berry's aggressive financial and acquisition policies, weakened credit metrics, and heightened integration and financial risk. The large interest expense burden leaves the company dependent upon realization of synergies to drive improvements in EBITDA and generate free cash flow to de-leverage. Potentially lengthy lags in contractual raw material cost pass-throughs and integration and operating risk pose a threat to the de-leveraging plan. There remains little room in Berry's credit profile for any material acquisitions or negative variance in operating performance. Moody's took these rating actions for Berry Plastics Corp.: -- Affirmed Corporate Family Rating of B3 -- Affirmed Probability of Default Rating of B3 -- Assigned US$530 million senior secured FRN due 2015, B1 (LGD 2, 27%) -- Affirmed US$1,200 million senior secured term loan due 2015, B1 (LGD 2, 27%) -- Affirmed US$225 million senior secured second lien FRN due 2014, Caa1 (LGD 4, 63%) -- Affirmed US$525 million senior secured second lien notes due 2014, Caa1 (LGD 4, 63%) -- Affirmed US$265 million senior subordinated notes due 2016, Caa2 (LGD 5, 85%) -- Affirmed Speculative Grade Liquidity Rating of SGL-2 Moody's took these rating actions for Berry Plastics Group, Inc.: -- Affirmed US$500 million senior unsecured term loan due 2014, Caa2 (LGD 6, to 94% from 93%) The rating outlook for Berry is stable. The ratings and outlook are subject to receipt of final documentation. Based in Evansville, Indiana, Berry Plastics Corporation is a supplier of plastic packaging products, serving customers in the food and beverage, healthcare, household chemicals, personal care, home improvement, and other industries. Net sales for the twelve months ended December 29, 2007 amounted to approximately $3.1 billion. Berry Plastics has more than 70 locations in the United States. The company also has locations in Mexico, Canada, Italy, Belgium, and China. LEVI STRAUSS: Feb. 24 Balance Sheet Upside-Down by US$318.87 Mln ---------------------------------------------------------------- Levi Strauss & Co. disclosed financial results for the first quarter ended Feb. 24, 2008 and filed its first quarter 2008 results on Form 10-Q with the U.S. Securities and Exchange Commission. For the quarter ended Feb. 24, 2008, the company reported net income of US$97 million on US$1.083 billion in revenues. This compares to a net income of US$87 million on revenues of US$1.037 billion for the quarter ended Feb. 25, 2007. The increase in net revenues primarily reflected the impacts of foreign currency exchange. On a constant currency basis, net revenues were essentially unchanged from last year�s first quarter. The company continued to generate sales growth in Europe and its emerging markets in Asia Pacific. These gains were largely offset by revenue declines in the Americas region and in certain mature markets in Asia. The results for the quarter also reflected $18 million of advance shipments in the United States related to the implementation of SAP. The company shipped these orders early prior to its March 2008 SAP implementation to avoid possible replenishment delays. Net income increased 12% in the first quarter compared with the same quarter in 2007, reflecting lower interest expense and a lower tax rate. "Our performance in the first quarter represents a solid start for the year, despite an increasingly difficult retail environment,� said John Anderson, president and chief executive officer. �Our Levi�s(R) brand continues to perform well on a global basis, and benefited from continued growth in our emerging Asia Pacific markets and in Europe. �We are cautious given the economic uncertainty in the United States and key markets around the world. Nonetheless, we remain focused on product innovation, retail expansion and optimizing our global footprint,� added Mr. Anderson. The company reported that its Board of Directors declared a US$50 million cash dividend to common shareholders. In addition, the company reported that on March 25 it redeemed its remaining 12-1/4% percent bonds, further reducing long-term debt by US$19 million. The company also reported that it began implementing SAP in the second quarter in the United States. Due to issues encountered during the stabilization period, it chose to temporarily suspend shipments to U.S. customers, causing the company to miss delivery dates. It has begun to ship again and is currently working with customers to recover the missed orders. The company remains confident that SAP will optimize operations and reduce costs over the long term. First Quarter 2008 Highlights The company disclosed that revenues included approximately US$18 million in U.S. orders that would have been shipped in the second quarter but were instead shipped in February. Operating income benefited approximately US$9 million from these shipments. Gross profit in the first quarter increased to US$545 million compared with US$498 million for the same period in 2007. Gross margin increased to 50.3% of revenues for the first quarter compared with 48.0 percent of revenues in the first quarter of 2007. Gross margin benefited from higher-margin product mix, improved sourcing costs and lower sales allowances. Selling, general and administrative expenses increased to US$356 million for the first quarter from US$296 million in the same period of 2007. Increases in expenses in the 2008 period reflect a lower benefit plan curtailment gain and higher selling expenses related to the company�s retail expansion compared to the prior year. Operating income for the first quarter was US$187 million compared with US$189 million for the same period of 2007, reflecting higher gross profit offset by higher selling, general and administrative expenses. Interest expense for the first quarter decreased 30% to US$41 million compared to US$58 million in the first quarter of 2007. The decrease was primarily attributable to lower debt levels and lower average interest rates during the quarter due to the company�s debt refinancing actions taken over the past two years. �Our solid operating margins and strong cash flows have allowed us to continue to reduce debt, and to invest in our brands and retail expansion,� said Hans Ploos van Amstel, chief financial officer. �We have made significant progress in managing inventory levels. Our priority continues to be cash generation as we work to further support our brands and strengthen our financial position.� Regional Overview For the quarter ended Feb. 24, 2008, the Americas reported net revenues of US$580 million, a 2% decrease compared to net revenues of US$591 million for the quarter ended Feb. 25, 2007. Sales in the Levi�s(R) brand increased in the United States. This was largely offset by the expected decline in sales in the Signature by Levi Strauss & Co.(TM) business, as well as a small decline in sales in the Dockers(R) brand in the United States. These results were affected by early shipments. In Europe, the company had net revenues of US$329 million for the quarter ended Feb. 24, 2008, compared to net revenues for the quarter ended Feb. 25, 2007, a 15% increase. Excluding the positive currency impact, net revenues in Europe went up 3%. The increase in revenues in Europe reflected, in part, the sales growth in the company�s brand-dedicated retail network. In the Asia Pacific Region, net revenues grew 8% from US$161 million for the quarter ended Feb. 25, 2007, to US$174 million for the quarter ended Feb. 24, 2008. Net revenue was up 3% excluding the positive currency impact. Revenues in the company's emerging markets in Asia Pacific continued to expand rapidly with declines in certain of its mature markets in Asia. Balance Sheet and Cash Flow The company ended the first quarter with cash and cash equivalents of US$222 million, an increase of US$66 million from the year ended November 25, 2007. Cash provided by operating activities was US$107 million for the first quarter, compared with US$17 million used for operating activities for the same period in 2007, primarily reflecting lower interest payments and a reduction of cash used for inventory and accounts payable. The company reduced long-term debt by US$18 million in the quarter. Total debt was US$1.95 billion at the end of the first quarter. As of Feb. 24, 2008, the company's balance sheet showed total assets of US$2,956,586,000 and total liabilities of US$3,275,460,000, resulting to total stockholders' deficit of roughly US$318,874,000. About Levi Strauss & Co. Levi Strauss & Co. -- http://www.levistrauss.com/-- is a branded apparel company. The company designs and markets jeans and jeans-related pants, casual and dress pants, tops, jackets and related accessories for men, women and children under its Levi's, Dockers and Levi Strauss Signature brands in markets around the world. Levi Strauss & Co. distributes its Levi's and Dockers products primarily through chain retailers and department stores in the United States, and through department stores, specialty retailers and franchised stores abroad. The company employs a staff of approximately 10,000 worldwide, including approximately 1,010 at the company's San Francisco, California headquarters. Levi Strauss is organized into three geographic divisions: Levi Strauss Americas, based in the San Francisco headquarters, Levi Strauss Europe, Middle East and North Africa, based in Brussels, Belgium and Asia Pacific Division, based in Singapore. Levi's also has operations in Brazil, Mexico, Chile and Peru. Shares of Levi Strauss Japan K.K., its Japanese affiliate, are publicly traded in Japan. =========== F R A N C E =========== SPANSION INC: Unit Inks Patent Cross-License Agreement with IBM --------------------------------------------------------------- On April 7, 2008, Spansion LLC, a wholly owned subsidiary of Spansion Inc., entered into a patent cross-license agreement with International Business Machines Corp. Under the agreement, Spansion Inc. issued 1,607,717 shares of Spansion Class A common stock, par value US$0.001 per share to IBM on April 7, 2008, and will make two additional five million dollar payments to IBM, either in cash or Spansion common stock equivalent to the cash amount at the time of payment, before March 25, 2010. All of the shares of the Spansion LLC's common stock issued to IBM in the transaction were issued in reliance upon the exemption from registration provided under Section 4(2) of the Securities Act of 1933, as amended. About Spansion Inc. Headquartered in Sunnyvale, California, Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- designs, develops, manufactures, markets and sells flash memory solutions for wireless, automotive, networking and consumer electronics applications. Spansion(R), the Spansion Logo(R), MirrorBit(R), MirrorBit(R) Eclipse(TM), ORNAND(TM), ORNAND2(TM), HD-SIM(TM) and combinations thereof, are trademarks of Spansion LLC. Spansion, the Spansion Logo and MirrorBit are registered in the US and other countries. The company's European unit, Spansion EMEA, is based is France. Spansion Japan Limited, is the company's unit and is headquartered in Japan. * * * As reported in the Troubled Company Reporter-Europe on Feb. 28, 2008, Fitch Ratings affirmed Spansion's Issuer Default Rating at 'B-' while downgrading these issue-level ratings due to lower recovery prospects: US$175 million senior secured revolving credit facility due 2010 to 'B/RR3' from 'B+/RR2'; US$625 million senior secured floating rating notes due 2013 to 'B/RR3' from 'B+/RR2'; US$225 million of 11.25% senior unsecured notes due 2016 to 'CCC/RR6' from 'CCC+/RR5'; and US$207 million of 2.25% convertible senior subordinated debentures due 2016 to 'CCC-/RR6' from 'CCC/RR6'. The Rating Outlook remains Negative. Approximately US$1.2 billion of debt is affected. ============= G E R M A N Y ============= ALBERS ESTRICH: Claims Registration Period Ends May 5 ----------------------------------------------------- Creditors of Albers Estrich und Bodenbelag GmbH have until May 5, 2008, to register their claims with court-appointed insolvency manager Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 26, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 13 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Sontopski Gnoiener Platz 10 48493 Wettringen Germany Tel: 02557/9384-0 Fax: +492557938450 The District Court of Muenster opened bankruptcy proceedings against Albers Estrich und Bodenbelag GmbH on Feb. 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Albers Estrich und Bodenbelag GmbH Dreihuesweg 57a 48282 Emsdetten Germany Attn: Hubert Albers, Manager Alter Kirchweg 22 48282 Emsdetten Germany ALERIS INT'L: Posts US$128MM Net Loss in Year Ended December 31 ------------------------------------------------------------- Aleris International Inc. reported results for the fourth quarter and full year ended Dec. 31, 2007. For three months ended Dec. 31, 2007, the company incurred net loss of US$114.0 million compared to net income of US$10.9 million for the same period in the previous year. The loss from continuing operations includes US$51.2 million of special items, including US$21.6 million in restructuring and other charges, US$15.1 million from purchase accounting, and US$11.2 million in unrealized mark-to-market losses on derivative financial instruments. In addition, the fourth quarter results include amortization expense of US$9.2 million as a result of the company's acquisition by Texas Pacific Group, an increase of US$4.0 million from the comparable period of 2006. The continued softness in the North American building and construction and automotive industries well as destocking in the North American and European distribution industries impacted fourth quarter shipment levels and profitability. "Fourth quarter performance was significantly impacted by reduced volumes in our Global Rolled and Extruded Products business," Steven J. Demetriou, chairman and chief executive officer, said. "The U.S. construction and automotive industries continued to weaken and demand in certain European end uses was impacted by customer inventory destocking. We have taken aggressive actions to offset the reduced demand in North America, including the announced closure of our Bedford, Ohio and Toronto, Canada paint facilities, and the temporary reduction of manufacturing at our Richmond, Virginia rolling mill." "The cost performance of our European rolled products business in the fourth quarter was negatively impacted by the complexity and activity associated with the completion of our state-of-the- art 160" hot mill in Koblenz, Germany and the Duffel, Belgium plate project. However, both projects are successfully on-line and production has met our expectations. Over the long-term, the investment of capital into our European rolled products business will allow us to expand our production of aerospace and other heat treat plate and sheet, brazing sheet and other high-end product offerings." For full year 2007, the company has net loss of US$128.6 million compared to net income of US$70.3 million in 2006. The loss from continuing operations contains US$146.2 million of unfavorable special items including US$104.3 million from purchase accounting, US$32.8 million of restructuring and other charges, and US$9.1 million in sponsor management fees. In addition, the 2007 results include amortization expense of US$40.1 million, an increase of US$33.0 million over 2006 as a result of the TPG acquisition. In 2006, Aleris reported revenues of US$4.2 billion and income from continuing operations of US$30.8 million. The 2006 results included US$98.5 million of unfavorable special items. In addition, operating results were negatively impacted by tightening scrap spreads in its North American specification alloy business well as the higher costs of alloys and hardeners used in the manufacturing process, negative effect of metal price lag and approximately US$32 million of out of the ordinary cost including higher absorption, environmental reserves and other items. Free cash flow from continuing operations for 2007 was US$421.7 million, driven by aggressive working capital management that yielded increased turns from 5.2 to 6.6 per year and a decrease in days of working capital from 70 to 56 in 2007 versus 2006. During the fourth quarter, the company recorded US$21.6 million of restructuring and other charges. These charges resulted from the impairment of long-lived assets at the Monterrey, Mexico recycling facility, the Toronto, Ontario paint facility, and the Bedford, Ohio coating facility as a result of the announced closure of those facilities and severance costs related to the departure of certain executive officers. Restructuring and other charges for the full year of US$32.8 million included the fourth quarter charges as well as costs associated with several acquisitions that were not consummated and other facility consolidations. Approximately US$9.5 million of the total restructuring and other charges will result in cash payments, primarily in 2008. Capital expenditures were US$191.8 million in 2007, compared with US$119.4 million for the previous year. The increase is primarily attributable to a full year of the Corus Aluminum acquisition and the expansion projects which accounted for US$137.1 million of capital expenditures in 2007. The company ended the year with US$2.7 billion of net debt and US$369 million of liquidity, excluding the impact of the Zinc sale. Pro forma for the application of the net proceeds from the Zinc sale, net debt was US$2.4 billion as of Dec. 31, 2007. Aleris' management has completed its assessment of the effectiveness of the company's internal control over financial reporting as required by Section 404 of the Sarbanes-Oxley Act of 2002. Based upon its documentation, testing and evaluation, Management has concluded that the company did not have effective internal control over financial reporting as of Dec. 31, 2007; within the context of the framework developed by the Committee of Sponsoring Organizations of the Treadway Commission. At Dec. 31, 2007, the company's balance sheet showed total assets of US$5.117 billion, total liabilities of US$4.269 billion and total shareholders' equity of approximately US$0.848 billion. About Aleris International Headquartered in Beachwood, Ohio, Aleris International Inc. (NYSE:ARS) -- http://www.aleris.com/-- manufactures rolled aluminum products and offers aluminum recycling and the production of specification alloys. The company also manufactures value-added zinc products that include zinc oxide, zinc dust and zinc metal. The company's international segment provides aluminum metal to customers through both tolling arrangements and product sales, and the types of scrap that it recycles are similar to those processed by Aleris� U.S. recycling facilities. In 2004 its five plants have a rated annual capacity of 1.08 billion pounds. The operations include two aluminum recycling and foundry alloy plants in Germany as well as aluminum recycling facilities in Brazil, Mexico and Wales. The segment�s growth is largely a result of its development and use of efficient scrap preparation and recycling technologies that allow high recovery of metal and delivery of a top-quality product. * * * As of March 31, 2008, Aleris International Inc. carries a B2 long term corporate family rating from Moody's Investor Service with a stable outlook. ALLZEIT GESELLSCHAFT: Claims Registration Period Ends May 3 ----------------------------------------------------------- Creditors of Allzeit Gesellschaft fuer Zeitarbeit GmbH have until May 3, 2008, to register their claims with court-appointed insolvency manager Dr. Christian Gerloff. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 26, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Room 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christian Gerloff Nymphenburger Str. 139 80636 Muenchen Tel: 089/120260 Fax: 089/12026127 The District Court of Munich opened bankruptcy proceedings against Allzeit Gesellschaft fuer Zeitarbeit GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Allzeit Gesellschaft fuer Zeitarbeit GmbH Carl-Zeiss-Str. 6 85748 Garching Germany Attn: Christine Stauber, Manager August-Engelen-Str. 30 85716 Unterschleissheim Germany ARBEITS- UND KULTURCENTRUM: Claims Registration Ends May 5 ---------------------------------------------------------- Creditors of Arbeits- und Kulturcentrum GmbH Gesellschaft fuer Arbeit und Bildung have until May 5, 2008, to register their claims with court-appointed insolvency manager Christian Koehler-Ma. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on July 2, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Koehler-Ma Kurfuerstendamm 26 a 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Arbeits- und Kulturcentrum GmbH Gesellschaft fuer Arbeit und Bildung on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Arbeits- und Kulturcentrum GmbH Gesellschaft fuer Arbeit und Bildung Frankfurter Allee 31 A 10247 Berlin Germany BAUSYSTEME KRAHL: Claims Registration Period Ends April 30 ---------------------------------------------------------- Creditors of Bausysteme Krahl + Partner GmbH have until April 30, 2008, to register their claims with court-appointed insolvency manager Inge Rall. Creditors and other interested parties are encouraged to attend the meeting at 8:00 a.m. on May 28, 2008, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Inge Rall Neckarstr. 144-146 70190 Stuttgart Germany Tel: 0711/120 900 00 Fax: 0711/120 900 09 The District Court of Stuttgart opened bankruptcy proceedings against Bausysteme Krahl + Partner GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bausysteme Krahl + Partner GmbH Attn: Dieter Krahl, Manager Bopserwaldstr. 36 70184 Stuttgart Germany BKS-LABEL GMBH: Claims Registration Period Ends May 3 ----------------------------------------------------- Creditors of bks-label GmbH & Co. KG have until May 3, 2008, to register their claims with court-appointed insolvency manager Hans-Albrecht Brauer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 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 Wittlich Hall 3 Kurfuerstenstrasse 63 54516 Wittlich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans-Albrecht Brauer Jahnstr. 1 54550 Daun Germany Tel: 06592/985604 Fax: 06592/7344 The District Court of Wittlich opened bankruptcy proceedings against bks-label GmbH & Co. KG on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: bks-label GmbH & Co. KG Otto-Hahn-Str. 33 54516 Wittlich Germany BOMBARDIER INC: Unit Sells Four More CRJ900 NextGen Jets to Iraq ---------------------------------------------------------------- Bombardier Aerospace, a subsidiary of Bombardier Inc., disclosed that the Government of Iraq has placed a firm order for four additional CRJ900 NextGen regional jets, and has taken options on another ten. The firm-ordered aircraft are conversions of the four options Iraq took when it ordered six CRJ900 NextGen airliners, announced on March 13, 2008. Based on the list price for the CRJ900 NextGen aircraft, the contract announced today is valued at approximately US$159 million U.S. If all ten options are exercised, the value of the contract could rise to US$573 million U.S. The CRJ900 NextGen aircraft will be used to rebuild domestic and regional civil airline services in Iraq. Total CRJ700 / CRJ900 and CRJ700 / CRJ900 NextGen aircraft firm orders now stand at 570, with 417 delivered as of January 31, 2008. CRJ NextGen Aircraft Bombardier�s CRJ NextGen aircraft were launched in 2007 and are achieving improved economics compared to earlier CRJ Series aircraft. These improvements come from fuel burn savings of up to four per cent and direct maintenance cost reductions achieved through lower airframe maintenance requirements. Maintenance schedule intervals have been increased, and tasks have been harmonized to reduce aircraft down time and labour over the life of the aircraft. With their reduced fuel burn, the CRJ NextGen aircraft are responding to today�s environmental challenges by offering further reduction to green house gas emissions compared to their nearest competitors. CRJ NextGen aircraft interiors include improvements designed with the overall passenger experience in mind. The passenger windows have been enlarged and the overhead bins have been modified to accommodate a larger roller bag as well as optimized to store more bags. The addition of LED lighting has brightened the cabin environment while highlighting the improved aesthetics achieved with the new ceiling panel design and dished window sidewalls. Bombardier, CRJ, CRJ700, CRJ900 and NextGen are trademarks of Bombardier Inc. or its subsidiaries. About Bombardier Aerospace Bombardier Aerospace designs and manufactures aviation products and services for the business, regional and amphibious aircraft markets. The company has facilities in the U.S. and Canada and distribution centers in China, Germany, Brazil, Singapore, Australia and Japan. About Bombardier Inc. Headquartered in Canada, Bombardier Inc. -- http://www.bombardier.com/-- (TSE:BBD.B) manufactures innovative transportation solutions, from regional aircraft and business jets to rail transportation equipment, systems and services. The company manufactures rail equipment through its Bombardier Transportation unit. Bombardier Transport's Europe management office is located in Germany. The company also has production facilities in France, Spain, Switzerland, Belgium, Italy, Austria, Hungary, Czech Republic, Poland, Denmark, Sweden, Norway an the United Kingdom. Other production facilities are located at Brazil, China, India and Australia. BOMBARDIER INC: S&P Ups Ratings to BB+ on Improved Liquidity ------------------------------------------------------------ Standard & Poor's Ratings Services raised the long-term corporate credit and senior unsecured debt ratings on Montreal- based Bombardier Inc. to 'BB+' from 'BB'. At the same time, S&P removed the ratings from CreditWatch, where they were placed Dec. 3, 2007. S&P also assigned a '4' recovery rating to the senior unsecured notes, indicating the expectation for average (30%-50%) recovery in the event of a payment default. The outlook is stable. "Our rating action on Bombardier reflects the material improvement in its financial measures and liquidity, and management's focus on financial health and cost efficiency," said Standard & Poor's credit analyst Greg Pau. It also reflects the company's leading market positions in the business aircraft and transportation business, its increasing geographic diversity, and recent demand recovery, particularly in the commercial aircraft business. These positive factors are partially offset by the cyclicality of each individual business segment, substantial execution risk in new aircraft programs, and thin operating margins in the transportation business. The US$1 billion debt reduction and US$826 million contribution to pension plan assets, together with improved operating cash flow in fiscal 2008, resulted in a material improvement in cash flow and leverage measures. Bombardier's financial measures, supported by strong liquidity, are now more appropriate for the rating level. Bombardier's wide product range of business aircraft and established transportation track record and expertise in Europe (and increasingly in Asia) support its strong market positions in aerospace and transportation. The increasing geographic and customer diversity, with only 35% of its revenue generated in North America, should reduce the exposure to the financially weak U.S. airline industry and to the slowing U.S. economy. This, together with its improved financial flexibility, should place Bombardier in a better position to weather the next downturn in the cyclical aerospace and transportation industries and to support the capital spending required for its businesses. In fiscal 2008, continued firm demand and favorable business conditions in both its aerospace and transportation divisions led to strong order acquisition and a significant increase in total backlog. While current business conditions are benign, Bombardier's aerospace business remains exposed to significant cyclicality and event risks. Although demand in transportation is more stable, project implementation issues or credit risk could erode traditionally thin operating margins. The likelihood that Bombardier will proceed with the planned 110- to 130-seat C-Series aircraft program is now higher, given the commitment of a prominent engine supplier and expressed interest by some potential buyers. Market demand should be supported by the C-Series' projected fuel efficiency and replacement need of aged aircraft in operation. Standard & Poor's has considered the potential financial impact of the C- series program and expects the company to be able to support the program with a moderate degree of cost escalation or delays. The stable outlook reflects that Bombardier's improved financial flexibility and geographic diversification should place the company in a better position to weather a cyclical downturn. S&P could raise the ratings or revise the outlook to positive if the company improves its financial measures by further reducing debt and maintaining strong cash flow. Conversely, the ratings could be lowered or the outlook revised downward if management adopts a more aggressive set of financial targets, or if Bombardier's liquidity position and free cash flow substantially weaken due to market disruption or aggressive capital expenditure. EMPORIUM SERVICE: Claims Registration Period Ends April 30 ---------------------------------------------------------- Creditors of EMPORIUM Service GmbH have until April 30, 2008, to register their claims with court-appointed insolvency manager Henning Jung. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on May 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Braunschweig E 01 Martinikirche 8 38100 Braunschweig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Henning Jung Thiestrasse 5 38226 Salzgitter Germany Tel: 05341-86609-00 Fax: 05341-86609-08 E-mail: H.Jung@leonhardt-westhelle.eu The District Court of Braunschweig opened bankruptcy proceedings against EMPORIUM Service GmbH on March 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EMPORIUM Service GmbH Attn: Dr. Ulrich Liebendoerfer, Manager Waisenhausdamm 8-11 38100 Braunschweig Germany FAHRENHOLZ TEXTILHANDELS: Claims Period Ends April 29 ----------------------------------------------------- Creditors of Fahrenholz Textilhandels-GmbH have until April 29, 2008, to register their claims with court-appointed insolvency manager Dr. Dieter Schmid. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.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 Neu-Ulm Room 211 Heiner-Metzger-Platz 1 89231 Neu-Ulm Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Dieter Schmid Karlstr. 33 89073 Ulm Germany Tel: 0731/96880-0 Fax: 0731/96880-50 The District Court of Neu-Ulm opened bankruptcy proceedings against Fahrenholz Textilhandels-GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fahrenholz Textilhandels-GmbH Wilhelm-Walker-Str. 20 89257 Illertissen Germany FELIC TROCKENBAU: Creditors' Meeting Slated for April 18 -------------------------------------------------------- The court-appointed insolvency manager for Felic Trockenbau GmbH, Carsten Cervera, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:25 a.m. on April 18, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:25 a.m. on July 4, 2008, at the same venue. Creditors have until May 5, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Carsten Cervera Schuetzenstr. 6a 10117 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Felic Trockenbau GmbH on March 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Felic Trockenbau GmbH Benatzkyweg 25 12355 Berlin Germany GEO POULSON: Claims Registration Ends May 2 ------------------------------------------- Creditors of Geo Poulson (GmbH & Co.) KG have until May 2, 2008 to register their claims with court-appointed insolvency manager Ingmar Jarchow. Creditors and other interested parties are encouraged to attend the meeting at 10:35 a.m. on May 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 Hamburg Hall B 405 Fourth Floor Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ingmar Jarchow Heuberg 1 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Geo Poulson (GmbH & Co.) KG on March 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Geo Poulson (GmbH & Co.) KG Attn: Astrid Poulson and Marco Bark, Managers Heselstuecken 16 22453 Hamburg Germany GOLD-LAND TREUHAND: Claims Registration Period Ends May 5 --------------------------------------------------------- Creditors of Gold-Land Treuhand-und Handels GmbH have until May 5, 2008, to register their claims with court-appointed insolvency manager Volker Boehm. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on June 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Nuremberg Meeting Hall 152/I Flaschenhofstr. 35 Nuremberg 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: Volker Boehm Rothenburger Str. 241 90439 Nuremberg Germany Tel: 0911/600010 Fax: 0911/6000110 The District Court of Nuremberg opened bankruptcy proceedings against Gold-Land Treuhand-und Handels GmbH on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gold-Land Treuhand-und Handels GmbH Merianstrasse 26 90409 Nuernberg Germany HS MOEBELTEAM: Creditors' Meeting Slated for April 24 ----------------------------------------------------- The court-appointed insolvency manager for HS Moebelteam GmbH, Dr. Frank Kreuznacht, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on April 24, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Osnabrueck Hall N 301 Kollegienwall 10 49074 Osnabrueck Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on June 9, 2008, at the same venue. Creditors have until May 5, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Frank Kreuznacht Wolbecker Windmuehle 15a 48167 Muenster Germany Tel: 02506/821-0 Fax: 02506/821-100 E-mail: Rechtsanwaelte@dr-wiengarten.de The District Court of Osnabrueck opened bankruptcy proceedings against HS Moebelteam GmbH on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HS Moebelteam GmbH Industriestr. 26 49324 Melle Germany INGENIEURBUERO USB: Claims Registration Ends May 2 -------------------------------------------------- Creditors of Ingenieurbuero USB GmbH have until May 2, 2008 to register their claims with court-appointed insolvency manager Thorsten Springstub. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 3, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gera Hall 317 Rudolf-Diener-Str. 1 Gera Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thorsten Springstub Humboldtstrasse 24 07743 Jena Germany The District Court of Gera opened bankruptcy proceedings against Ingenieurbuero USB GmbH on March 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ingenieurbuero USB GmbH Attn: Gerhard Kindt, Manager Strasse der Republik 27 06729 St. Gangloff Germany INNOVA VERTRIEBS: Claims Registration Ends May 2 ------------------------------------------------ Creditors of innova Vertriebs GmbH have until May 2, 2008 to register their claims with court-appointed insolvency manager Severin Kiesl. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Traunstein Meeting Hall C 001 Herzog-Otto-Str. 1 83278 Traunstein 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: Severin Kiesl Stollstr. 5 83022 Rosenheim Germany Tel: 08031/380960 Fax: 08031 / 13892 The District Court of Traunstein opened bankruptcy proceedings against innova Vertriebs GmbH on March 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: innova Vertriebs GmbH Zellerberg 42 83324 Ruhpolding Germany IT MECHATRONIK: Claims Registration Ends May 2 ---------------------------------------------- Creditors of IT Mechatronik GmbH have until May 2, 2008 to register their claims with court-appointed insolvency manager Holger Leichtle. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 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 Esslingen Hall 1 First Floor Eingang Strohstrasse Ritterstr. 5 Esslingen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Holger Leichtle Danneckerstr. 52 70182 Stuttgart Tel: 0711/238 89-0 Fax: 0711/238 89-30 The District Court of Esslingen opened bankruptcy proceedings against IT Mechatronik GmbH on March 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IT Mechatronik GmbH Attn: Martin Fink, Manager Kraichgaustr. 4 73765 Neuhausen Germany K & S AUTOMOBILE: Claims Registration Ends May 2 ------------------------------------------------ Creditors of K & S Automobile GmbH have until May 2, 2008 to register their claims with court-appointed insolvency manager Frank M. Welsch. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on May 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 Detmold Meeting Hall 12 Ground Floor Gerichtsstr. 6 32756 Detmold Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Frank M. Welsch Villa Struck Barkeystr. 30 33330 Guetersloh Germany The District Court of Detmold opened bankruptcy proceedings against K & S Automobile GmbH on March 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: K & S Automobile GmbH Attn: Hans-Peter Stobbe, Manager Lagesche Str. 64 32756 Detmold Germany KDZ KOELN: Claims Registration Ends May 2 ------------------------------------------ Creditors of KDZ Koeln Dienstleistungsgesellschaft fuer Handwerk und Industrie mbH have until May 2, 2008 to register their claims with court-appointed insolvency manager Andreas Amelung. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 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 Cologne Meeting Hall 14 Ground Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Amelung Wankelstr. 9 50996 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against KDZ Koeln Dienstleistungsgesellschaft fuer Handwerk und Industrie mbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KDZ Koeln Dienstleistungsgesellschaft fuer Handwerk und Industrie mbH Max-Planck-Str. 37 a 50858 Cologne Germany Attn: Marc Benedikt Tewes, Manager Ronne 16 50226 Frechen Germany MOBAU-BAUCENTRUM GMBH: Claims Registration Period Ends May 5 ------------------------------------------------------------ Creditors of Mobau-Baucentrum GmbH Hohenstein-Ernstthal have until May 5, 2008, to register their claims with court-appointed insolvency manager Dr. Axel Fohrmann. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 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 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: Dr. Axel Fohrmann Muehlenstrasse 108 09111 Chemnitz Germany Tel: (03 71) 4908 290 Fax: (03 71) 4908 201 E-mail: Chemnitz@dr-fohrmann.de The District Court of Chemnitz opened bankruptcy proceedings against Mobau-Baucentrum GmbH Hohenstein-Ernstthal on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mobau-Baucentrum GmbH Hohenstein-Ernstthal Attn: Klaus Dieter Beck, Manager Goldbachstrasse 14 09337 Hohenstein-Ernstthal Germany NORDMEYER SPEDITIONSLOGISTIK: Claims Registration Ends May 2 ------------------------------------------------------------ Creditors of Nordmeyer Speditionslogistik GmbH have until May 2, 2008 to register their claims with court-appointed insolvency manager Johannes Franke. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 27, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Goettingen Hall B 11 Maschmuehlenweg 11 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: Johannes Franke Verdener Platz 1 30419 Hannover Germany Tel: 0511/794573 Fax: 0511/794576 The District Court of Goettingen opened bankruptcy proceedings against Nordmeyer Speditionslogistik GmbH, on May 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Nordmeyer Speditionslogistik GmbH Attn: Bernd Nordmeyer, Manager Willi-Eichler-Str. 15 37079 Goettingen Germany PARK IMMOBILIEN: Creditors' Meeting Slated for April 21 ------------------------------------------------------- The court-appointed insolvency manager for Park Immobilien GmbH & Co. KG, Oliver Brand, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:00 p.m. on April 21, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Bitburg Hall 128 Gerichtsstrasse 2/4 54634 Bitburg Germany The Court will also verify the claims set out in the insolvency manager's report at 2:30 p.m. on May 13, 2008, at the same venue. Creditors have until May 5, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Oliver Brand Dietrichstr. 20 54290 Trier Germany Tel: 0651/97024-60 Fax: 0651/97024-56 The District Court of Bitburg opened bankruptcy proceedings against Park Immobilien GmbH & Co. KG on March 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Park Immobilien GmbH & Co. KG Kurallee 13-15 54579 Stadtkyll Germany PRIMAWEIN FRANCHISE: Claims Registration Period Ends May 2 ---------------------------------------------------------- Creditors of PrimaWein Franchise Management GmbH have until May 2, 2008, to register their claims with court-appointed insolvency manager Peter Staufenbiel. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on May 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Goettingen Hall B 11 Berliner Strasse 8 37073 Goettingen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Peter Staufenbiel Dransfelder Strasse 19 A 37079 Goettingen Germany Tel: 0551/9000950 Fax: 0551/9000955 E-mail: info@hauter.com The District Court of Goettingen opened bankruptcy proceedings against PrimaWein Franchise Management GmbH on Feb. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PrimaWein Franchise Management GmbH Weender Strasse 90 37073 Goettingen Germany QUARTZ FINANCE: Moody's Downgrades Ratings on Five Notes -------------------------------------------------------- Moody's Investors Service downgraded five series of notes issued by Quartz Finance Plc. The structure and the reference portfolio are the same for all of the below Series. Quartz Finance Plc is a resecuritization of corporate CDOs and ABSs with no exposure to downgraded subprime RMBS. The downgrade is in response to deterioration in the average credit quality of the underlying collateral, driven primarily by negative rating migration in the corporate portfolios underlying the CDOs. The rating actions are: Issuer: Quartz Finance Plc. -- US$50,000,000 Series 2003-1 Eldon Street Class A Credit- Linked Notes due 2043 Current Rating: Aa3 Prior Rating: Aaa, on review for downgrade -- US$40,000,000 Series 2003-1 Eldon Street Class B Credit- Linked Notes due 2043 Current Rating: Baa1 Prior Rating: Aa2, on review for downgrade -- US$7,000,000 Series 2003-4 Kingsway I Credit-Linked Notes due 2043 Current Rating: Ba2 Prior Rating: Baa3, on review for downgrade -- US$10,000,000 Series 2003-5 Kingsway II Credit-Linked Notes due 2043 Current Rating: Ba2 Prior Rating: Baa3, on review for downgrade -- US$1,800,000 Series 2005-2 Kingsway I Credit-Linked Notes due 2043 Current Rating: Ba2 Prior Rating: Baa3, on review for downgrade S.A.N.SET FILM: Claims Registration Period Ends May 2 ----------------------------------------------------- Creditors of S.A.N.set Film & Fernsehproduktionen GmbH have until May 2, 2008, to register their claims with court-appointed insolvency manager Michael Jaffe. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on June 3, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Michael Jaffe Franz-Joseph-Str. 8 80801 Munich Germany Tel: 089/255487-00 Fax: 089/255487-10 The District Court of Munich opened bankruptcy proceedings against S.A.N.set Film & Fernsehproduktionen GmbH on March 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: S.A.N.set Film & Fernsehproduktionen GmbH Attn: Susanne Porsche, Manager Geibelstr. 3 80679 Munich Germany SERBEST GMBH: Creditors Must File Claims by April 25 ---------------------------------------------------- Creditors of Serbest GmbH have until April 25, 2008, to register their claims with court-appointed insolvency manager Detlef Stuermann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 19, 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 Bremerhaven Hall 209 Nordstr. 10 27580 Bremerhaven 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: Detlef Stuermann Domshof 18-20 28195 Bremen Germany Germany The District Court of Bremerhaven opened bankruptcy proceedings against Serbest GmbH on Feb. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Serbest GmbH Schulstr. 16 27570 Bremerhaven Germany SLOTY BAUUNTERNEHMUNG: Creditors Must File Claims by April 25 ------------------------------------------------------------- Creditors of Sloty Bauunternehmung GmbH have until April 25, 2008, to register their claims with court-appointed insolvency manager Steffi Radack-Mueller. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 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 Bremerhaven Hall 209 Nordstr. 10 27580 Bremerhaven 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: Steffi Radack-Mueller Franzoesische Strasse 9-12 10117 Berlin Germany The District Court of Potsdam opened bankruptcy proceedings against Sloty Bauunternehmung GmbH on March 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sloty Bauunternehmung GmbH Lindenbruecker Chaussee 17 15806 Zossen Ortsteil Lindenbrueck Germany SMARTMACHINE DEUTSCHLAND: Claims Registration Period Ends May 2 --------------------------------------------------------------- Creditors of Smartmachine Deutschland GmbH have until May 2, 2008, to register their claims with court-appointed insolvency manager Sylvia Fiebig. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 2, 2008, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B405 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: Sylvia Fiebig Jungfernstieg 51 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Smartmachine Deutschland GmbH on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Smartmachine Deutschland GmbH Attn: Horst Neuhauser, Manager Stresemannstrasse 161 22769 Hamburg Germany SPECTRUM BRANDS: To Release 2nd Quarter 2008 Results on May 6 ------------------------------------------------------------- Spectrum Brands, Inc. disclosed that it will report its 2008 fiscal second quarter earnings results on Tuesday, May 6, 2008, before the opening of the New York Stock Exchange. The press release will be followed by a conference call and webcast at 8:30 am EDT. To listen to the webcast, please visit the Investor Relations homepage on the company's website. A webcast replay will be available through May 20, 2008. Spectrum Brands is a global consumer products company and a leading supplier of batteries, lawn and garden care products, specialty pet supplies, shaving and grooming products, household insect control products, personal care products and portable lighting. Spectrum Brands' products are sold by the world's top 25 retailers and are available in more than one million stores in more than 120 countries around the world. Headquartered in Atlanta, Georgia, Spectrum Brands generated FY2007 revenue from continuing operations of $1.9 billion. The company's stock trades on the New York Stock Exchange under the symbol SPC. Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE: SPC) -- http://www.spectrumbrands.com/-- is a supplier of batteries, lawn and garden care products, specialty pet supplies, shaving and grooming products, household insect control products, personal care products and portable lighting. The company's European unit, Rayovac Europe GmbH, is headquartered in Sulzbach, Germany. Outside the United States, the company also has manufacturing facilities in Brazil, Columbia and China. SPECTRUM BRANDS: S&P Revises Outlook on Improved Liquidity ---------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Atlanta, Ga.-based Spectrum Brands Inc. to developing from negative. At the same time, Standard & Poor's affirmed all of its ratings on the company, including the 'CCC+' corporate credit rating. Approximately US$2.6 billion of funded debt is affected by this action. "The revised outlook reflects the company's improvement in liquidity expected over the near term as a result of more stabilized operating performance in recent quarters," said Standard & Poor's credit analyst Patrick Jeffrey. "This has contributed to enhanced cash balances and revolver availability, as well as improved cushion under its senior secured leverage covenant." Spectrum Brands remains in the process of selling assets which, if successful, could help further enhance liquidity. "However," said Mr. Jeffrey, "we remain concerned about the company's liquidity and its ability to meet its financial covenants on a longer-term basis as it remains highly levered, generates negative free cash flow, and could face further operating challenges given the weak economic environment." SYNERGIE SERVICES: Claims Registration Period Ends May 2 -------------------------------------------------------- Creditors of Synergie services Neuruppin GmbH have until May 2, 2008, to register their claims with court-appointed insolvency manager Winfried Steinfeld. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on June 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gera Room 317 Rudolf-Diener-Str. 1 Gera Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Winfried Steinfeld Magdeburger Allee 159 99086 Erfurt Germany The District Court of Gera opened bankruptcy proceedings against Synergie services Neuruppin GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Synergie services Neuruppin GmbH Wilhelm-Bartelt-Strasse 2 16181 Neuruppin Germany TRUCKS + TRANSPORTER: Claims Registration Period Ends May 4 ----------------------------------------------------------- Creditors of TTT Trucks + Transporter Team GmbH have until May 4, 2008, to register their claims with court-appointed insolvency manager Juergen Spliedt. Creditors and other interested parties are encouraged to attend the meeting at 9:25 a.m. on July 4, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Juergen Spliedt Uhlandstr. 165/166 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against TTT Trucks + Transporter Team GmbH on Feb. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TTT Trucks + Transporter Team GmbH Rhinstrasse 137 12681 Berlin Germany V & D GMBH: Creditors Must File Claims by April 25 -------------------------------------------------- Creditors of V & D GmbH & Co. KG have until April 25, 2008, to register their claims with court-appointed insolvency manager Goerge Scheid. Creditors and other interested parties are encouraged to attend the meeting at 10:25 a.m. on May 21, 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 Meiningen Meeting Hall A 0105 Lindenallee 15 Meiningen 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: Goerge Scheid Anger 10 99084 Erfurt Germany The District Court of Meiningen opened bankruptcy proceedings against V & D GmbH & Co. KG on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: V & D GmbH & Co. KG Langes Tal 26 98529 Suhl Germany V & D VERWALTUNGS: Creditors Must File Claims by April 25 --------------------------------------------------------- Creditors of V & D Verwaltungs GmbH have until April 25, 2008, to register their claims with court-appointed insolvency manager Goerge Scheid. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on May 21, 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 Meiningen Meeting Hall A 0105 Lindenallee 15 Meiningen 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: Goerge Scheid Anger 10 99084 Erfurt Germany The District Court of Meiningen opened bankruptcy proceedings against V & D Verwaltungs GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: V & D Verwaltungs GmbH Langes Tal 26 98529 Suhl Germany VIRTEO NET: Creditors Must File Claims by April 25 -------------------------------------------------- Creditors of Virteo Net GmbH have until April 25, 2008, to register their claims with court-appointed insolvency manager Thomas Wazlawik. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 3, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Passau Meeting Hall 214 Second Floor Schustergasse 4 Passau 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: Thomas Wazlawik Luragogasse 5 94032 Passau Germany The District Court of Passau opened bankruptcy proceedings against Virteo Net GmbH on March 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Virteo Net GmbH Nibelungenstr. 8 94032 Passau Germany VOITINO DUFTMARKETING: Creditors Must File Claims by April 25 ------------------------------------------------------------- Creditors of Voitino Duftmarketing GmbH have until April 25, 2008, to register their claims with court-appointed insolvency manager Martin Prager. Creditors and other interested parties are encouraged to attend the meeting at 8:15 a.m. on May 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 Weilheim Meeting Hall E 020 Weilheim Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Martin Prager Barthstr. 16 80339 Munich Germany The District Court of Weilheim opened bankruptcy proceedings against Voitino Duftmarketing GmbH on March 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Voitino Duftmarketing GmbH Konrad-Zuse-Bogen 13 82152 Krailling Germany ZIMMEREI U. SAGEWERK: Claims Registration Period Ends May 2 ----------------------------------------------------------- Creditors of Zimmerei u. Sagewerk Liebner GmbH have until May 2, 2008, to register their claims with court-appointed insolvency manager Henning Jung. Creditors and other interested parties are encouraged to attend the meeting at 11:05 a.m. on May 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 Kassel Hall 234 Friedrichsstrasse 32-34 34117 Kassel Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Henning Jung Wilhelmshoeher Allee 270 34131 Kassel Germany Tel: 0561/3166311 Fax: 0561/3166312 E-mail: kassel@leonhardt-westhelle.eu The District Court of Kassel opened bankruptcy proceedings against Zimmerei u. Sagewerk Liebner GmbH on March 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Zimmerei u. Sagewerk Liebner GmbH Attn: Oliver Kiefer, Manager Rosenstr. 43 34479 Breuna Germany ============= I R E L A N D ============= SCOTTISH RE: Inks LOI to Recapture Business From Ballantyne Re -------------------------------------------------------------- On March 31, 2008, Scottish Re Group Limited, Scottish Re (U.S.) Inc., Scottish Re Life (Bermuda) Limited, Scottish Re (Dublin) Limited and Scottish Annuity & Life Insurance Company (Cayman) Ltd. entered into a binding letter of intent with ING North America Insurance Corporation, ING America Insurance Holdings Inc., Security Life of Denver Insurance Company and Security Life of Denver International Ltd. Under the letter of intent, Security Life of Denver Insurance Company consented to the recapture, in one or more transactions, of a pro-rata portion of the business that had been ceded by Scottish Re (U.S.) Inc. to Ballantyne Re plc, an orphan special purpose vehicle incorporated under the laws of Ireland for the purpose of collateralizing the statutory reserve requirements of the Valuation of Life Insurance Policies Model Regulation XXX for a portion of the business acquired by the company from Security Life of Denver Insurance Company and Security Life of Denver International Ltd. at the end of 2004. The Recaptures would extend to up to US$375,000,000 of excess statutory reserves on the subject business and would involve, among other things, amendments to the coinsurance agreements between Scottish Re (U.S.) Inc. and Security Life of Denver Insurance Company. The consent to the Recaptures is subject to several conditions. The Recaptures are primarily designed to allow Scottish Re (U.S.) Inc. to continue to receive full credit for reinsurance for the business ceded to Ballantyne. Immediately following the consummation of each Recapture, Security Life of Denver Insurance Company will recapture the Recaptured Business from Scottish Re (U.S.) Inc. in exchange for consideration from Scottish Re (U.S.) Inc. to Security Life of Denver Insurance Company. Security Life of Denver Insurance Company will then cede the Recaptured Bus