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 Wednesday, April 16, 2008, Vol. 9, No. 75 Headlines A U S T R I A BATMAZ BAU: Claims Registration Period Ends May 14 CASA DI PIETRA: Claims Registration Period Ends May 14 DESSOUKI RAMADAN: Claims Registration Period Ends May 15 GILLHOFER BAU: Claims Registration Period Ends May 6 KRANCZ FERTIGHAUS: Creditors' Meeting Slated for April 28 STRANDHOTEL ALICE: Claims Registration Period Ends April 21 B E L G I U M POLYONE CORPORATION: Selling US$80-Mln Sr. Notes at 99.75% Par POLYONE CORP: S&P Holds B+ Rating on US$80 Million Notes SOLUTIA INC: Judge Beatty OKs Bank of New York Settlement Pact SOLUTIA INC: Court Approves Bayer & Lanxess Claims Settlement SOLUTIA INC: Court Approves Quinn Emanuel as Conflicts Counsel F I N L A N D M-REAL CORPORATION: Names Juha Laine as Investor Relations VP F R A N C E DELPHI CORP: Shareholder Settlement Hearing Set for April 29 G E R M A N Y ACRYLTECH GMBH: Creditors Must File Claims by May 15 ALERIS INTERNATIONAL: Moody's Revises Outlook to Negative BERRY PLASTICS: S&P Rates US$530.6 Million Senior Notes at BB- BETT & BAD: Claims Registration Period Ends May 6 BLUME BAU: Creditors Must File Claims by May 15 BRUNSWIG & HEINSOHN: Claims Registration Period Ends May 9 CADO GESCHENKARTIKEL: Claims Registration Period Ends May 6 CATEWALKER GMBH: Creditors Must File Claims by May 15 DETEKTEI SIX: Claims Registration Period Ends May 9 ECONOMY CONSULT: Creditors Must File Claims by May 15 EMBALADO GMBH: Creditors Must File Claims by May 15 ERWIN POPP: Creditors Must File Claims by May 15 FAHRSCHULE GOETTIG: Claims Registration Period Ends May 9 FISCHER & PARTNER: Claims Registration Period Ends May 6 GM-STONE GMBH: Claims Registration Period Ends May 6 H & H VERMOEGENSVERWALTUNGS: Claims Registration Ends May 6 HALLER PLASTIC: Claims Registration Period Ends May 9 HEIDE BETTENWAREN: Creditors Must File Claims by May 15 HTM SPORT: S&P Cuts Debt's Rating to 'CCC' from 'CCC+' IMU GEBAUDEREINIGUNG: Claims Registration Period Ends May 8 KRASSOWSKI GMBH: Claims Registration Ends May 6 MAISCH SPEDITION: Claims Registration Period Ends May 9 PRIVATBRAUEREI BORCHERT: Claims Registration Ends May 6 QUICK FOTO: Claims Registration Ends May 6 R & R BAU: Claims Registration Ends May 6 RIO BETRIEBSGESELLSCHAFT: Claims Registration Ends May 6 ROSNER'S BAUSERVICE: Claims Registration Ends May 6 TELEHAUS BREMEN: Creditors' Meeting Slated for May 15 VECTOR MANAGEMENT: Claims Registration Period Ends May 5 WILHELM MEINEKE: Claims Registration Period Ends May 5 I R E L A N D EIRLES TWO: Moody's May Further Cut Junk Notes After Review FREESTAR TECH: Posts US$4.5 Million Net Loss in Second Quarter IRALCO: 500 Jobs Likely to Be Lost as Firm Undergoes Liquidation IRALCO: Enterprise Minister Says Gov't Will Help to Keep Jobs SMURFIT KAPPA: Brings In Thomas Brodin to Join Board SMURFIT KAPPA: Fitch Puts Long-Term Issuer Default Rating at BB K A Z A K H S T A N ARAL GAS: Creditors Must File Claims by May 19 CASPIAN RESOURSES: Claims Deadline Slated for May 19 CENTRE STROY: Claims Filing Period Ends May 19 EVEREST KZ: Creditors' Claims Due on May 18 OIL MARKET: Claims Registration Ends May 20 OIL TECHNO: Claims Deadline Slated for May 20 VITAS-2001 LLP: Claims Filing Period Ends May 18 VOSTOK TRANS: Creditors' Claims Due on May 18 K Y R G Y Z S T A N NOVO-PHARM CJSC: Creditors Must File Claims by May 18 L U X E M B O U R G EVRAZ GROUP: Fitch Puts BB Rating on Prospective US$ Notes Issue EVRAZ GROUP: Moody's Puts (P)Ba3 Rating on Proposed Dollar Notes N E T H E R L A N D S HEAD N.V.: Reports Net Loss of EUR11.15 Mln for Year 2007 HEAD N.V.: S&P Junks Long-Term Corporate Credit Ratings HEAD N.V.: Sets Annual General Meeting on May 28 SUN SAGE: S&P Withdraws BB Long-Term Corporate Credit Rating P O R T U G A L SAGRES STC 2004: Fitch Revises Outlook on Three Notes R U S S I A CERAMICS-S LLC: Creditors Must File Claims by May 15 COMSTAR-UNITED: Shareholders Elect New Board of Directors DMITRIEVSKOE SORT-SEM-OVOSH: Court Starts Bankruptcy Supervision PEREKOPNOE CJSC: Creditors Must File Claims by May 15 PODGORNOE LLC: Saratov Bankruptcy Hearing Slated for June 16 SEVERSTAL OAO: Reorganizes Operations Into Three Divisions SEVERSTAL OAO: Completes US$652-Mln Asset Sale to Arcelor Mittal STROY-MONTAZH-SERVICE: Creditors Must File Claims by May 15 TMK OAO: Unit Gets EUR88.7 Mln Loan to Finance FQM Acquisition TMK OAO: Amendment Pursuit Prompts S&P to Hold BB- Rating TRANS-STROY-SERVICE-2: Court Starts Bankruptcy Supervision YAKUTSK-STROY-MATERIALS: Creditors Must File Claims by May 15 YUNION-NA-AMURE: Court Starts Bankruptcy Supervision Procedure S W E D E N * Sweden Plans Law to Rescue Banks in Case of Crisis U K R A I N E ANT-BUDRECONSTRUCTION: Creditors Must File Claims by April 30 BLIK LLC: Proofs of Claim Deadline Set April 30 CHEMICAL REPAIR: Creditors Must File Claims by April 30 KERAMIK OJSC: Creditors Must File Claims by April 30 OHTYRKA PETROLEUMREFINERY Creditors Must File Claims by April 30 SCIENCE-RESEARCH INNOVATIVE: Creditors' Claim Due by April 30 STARIY DRUZHE: Creditors Must File Claims by April 30 VP OZKV: Creditors Must File Claims by April 30 U N I T E D K I N G D O M ADEVA RENTALS: Taps Joint Administrators from Tenon Recovery ALEXANDER PARTNERSHIP: Taps KPMG as Administrators BRITISH ENERGY: EDF and RWE Emerge Frontrunners of Bidding Race DIOMED HOLDINGS: Hercules to Receive US$6 Million Payment DIOMED HOLDINGS: Inks Settlement Pact with Vascular Solutions ERINACEOUS GROUP: Some Divisions Continue to Trade as Normal FENMARC PREPARED: Brings In Joint Administrators from Deloitte INTERNATIONAL DIAMALT: Creditors' Meeting Slated for April 24 LUDGATE FUNDING: S&P Rates Class S at B with CreditWatch Neg. NATIONAL SCHOOLWEAR: Placed Under Administration NORTHERN ROCK: Fails to Carry Out Cuts On Variable Rates ROO GROUP: Moore Stephens Expresses Going Concern Doubt TITAN EUROPE: S&P Cuts Ratings to Low-B on Two Note Classes TURBO BETA: Moody's Puts Corporate Family Rating at B1 * Fitch Says Some Parts of UK BTL Market Face More Risk * S&P Downgrades Ratings on 14 Tranches from Different Issuers * S&P Takes CreditWatch Actions on 105 European Synthetic CDOs ********* ============= A U S T R I A ============= BATMAZ BAU: Claims Registration Period Ends May 14 -------------------------------------------------- Creditors owed money by LLC BATMAZ Bau (FN 287245w) have until May 14, 2008, to file written proofs of claim to court-appointed estate administrator Thomas Steiner at: Mag. Thomas Steiner c/o Dr. Renate Steiner Weihburggasse 18-20/50 1010 Vienna Austria Tel: 513 53 63 E-mail: steiner.steiner@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 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 18, 2008 (Bankr. Case No. 2 S 36/08v). Renate Steiner represents Mag. Steiner in the bankruptcy proceedings. CASA DI PIETRA: Claims Registration Period Ends May 14 ------------------------------------------------------ Creditors owed money by LLC CASA DI PIETRA Naturstein & Co KEG (FN 210967x) have until May 14, 2008, to file written proofs of claim to court-appointed estate administrator Stephan Riel at: Dr. Stephan Riel c/o Dr. Johannes Jaksch Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:50 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 18, 2008 (Bankr. Case No. 2 S 37/08s). Johannes Jaksch represents Dr. Riel in the bankruptcy proceedings. DESSOUKI RAMADAN: Claims Registration Period Ends May 15 -------------------------------------------------------- Creditors owed money by KEG Dessouki Ramadan (FN 168819p) have until May 15, 2008, to file written proofs of claim to court- appointed estate administrator Eberhard Wallentin at: Dr. Eberhard Wallentin Porzellangasse 4-6 1090 Wien Austria Tel: 313 74-0 Fax: 313 74-80 E-mail: office@ksw.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on May 29, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 18, 2008 (Bankr. Case No. 5 S 23/08d). GILLHOFER BAU: Claims Registration Period Ends May 6 ---------------------------------------------------- Creditors owed money by LLC Gillhofer Bau und Transport (FN 220505y) have until May 6, 2008, to file written proofs of claim to court-appointed estate administrator Kurt Bernegger at: Dr. Kurt Bernegger c/o Mag. Waltraud Kohlfuerst Jacquingasse 21 1030 Vienna Austria Tel: 799 15 80/0 Fax: 796 59 14 E-mail: kanzlei@bernegger-wt.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 a.m. on May 20, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 18, 2008 (Bankr. Case No. 4 S 35/08m). Waltraud Kohlfuerst represents Dr. Bernegger in the bankruptcy proceedings. KRANCZ FERTIGHAUS: Creditors' Meeting Slated for April 28 --------------------------------------------------------- Creditors owed money by LLC KRANCZ FERTIGHAUS (FN 185305h) are encouraged to attend the creditors' meeting at 11:15 a.m. on April 28, 2008. The creditors' meeting will be held at: The Land Court of Eisenstadt Hall F Eisenstadt Austria Headquartered in Ollersdorf im Burgenland, Austria, the Debtor declared bankruptcy on March 18, 2008 (26 S 30/08a). Thomas Deschka serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Thomas Deschka Hauptplatz 11 Atrium Top 16 A 7400 Oberwart Austria Tel: 03352/31543 Fax: 03352/31543-20 E-mail: deschka@lawcenter.at STRANDHOTEL ALICE: Claims Registration Period Ends April 21 ----------------------------------------------------------- Creditors owed money by LLC Strandhotel Alice, Schilcher & Co KG (FN 20177y) have until April 21, 2008, to file written proofs of claim to court-appointed estate administrator Martin Mutz at: Mag. Martin Mutz Gabelsbergerstrasse 5 9020 Klagenfurt Austria Tel: 0463/591 638 Fax: 0463/591638-20 E-mail: martin.mutz@wmwp.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on April 28, 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 St. Kanzian am Klopeinersee, Austria, the Debtor declared bankruptcy on March 18, 2008 (Bankr. Case No. 41 S 25/08m). ============= B E L G I U M ============= POLYONE CORPORATION: Selling US$80-Mln Sr. Notes at 99.75% Par -------------------------------------------------------------- PolyOne Corporation has agreed to sell US$80 million of its 8.875% senior notes due 2012 to certain institutional investors in an offering exempt from the registration requirements of the Securities Act of 1933 at a price equal to 99.75% of their principal amount. The transaction is expected to close on April 10, 2008, subject to customary closing conditions. The company intends to use the net proceeds from the offering to reduce a portion of the amount of receivables sold under its receivables sale facility. About PolyOne Corp. Headquartered in Ohio, PolyOne Corporation (NYSE: POL) -- http://www.polyone.com/-- provides of specialized polymer materials, services and solutions. PolyOne has regional headquarters in Assese, Belgium and Shanghai, China. POLYONE CORP: S&P Holds B+ Rating on US$80 Million Notes -------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B+' issue rating and '4' recovery rating on PolyOne Corp.'s US$80 million issuance of 8.875% unsecured notes due 2012, indicating the expectation for average (30% to 50%) recovery in the event of a payment default. PolyOne will use the proceeds of these notes to pay down a portion of its outstanding debt. The notes are an add-on to PolyOne's 8.875% senior unsecured notes, which the company issued on April 23, 2002. The issue and recovery ratings on PolyOne's 8.875% existing senior unsecured notes and 7.5% unsecured debentures remain unchanged at 'B+' (the same as the corporate credit rating on the company) and '4', respectively. PolyOne also has a guarantee and security agreement and several unsecured debt issuances, which we do not rate. The corporate credit rating on the company is 'B+' and the outlook is stable. "The ratings on PolyOne reflect a weak business profile, low margins, and a highly leveraged financial profile," said Standard & Poor's credit analyst Paul Kurias. "Partially offsetting factors include the company's leading market positions in several plastic product lines and its integration into chlor-alkali through an affiliate company." SOLUTIA INC: Judge Beatty OKs Bank of New York Settlement Pact -------------------------------------------------------------- The Hon. Prudence C. Beatty of the U.S. Bankruptcy Court for the Southern District of New York approved Solutia Inc.'s settlement agreement with holders of Solutia's 11.25% Senior Secured Notes due July 2009, and the Bank of New York, as successor indenture trustee for the 2009 Notes. The Settlement will resolve the disputes that have arisen between the parties regarding the allowed amount of Claim No. 6210 filed by the Bank of New York on behalf of the Noteholders. Solutia will pay BNY $220,500,000 in cash plus all accrued but unpaid interest on the 2009 Notes through the Effective Date, at the rate of 11.25% per annum on the face amount of 2009 Notes. If the effective date of Solutia's reorganization plan occurs before the Settlement is approved, Solutia will pay about US$210,000,000 plus accrued unpaid interest through the Effective Date. Committee Wants Settlement Delayed The Official Committee of Unsecured Creditors asked the Court to delay approval of the 2009 Settlement, in light of the then pending high-stakes litigation between the Debtors and their exit lenders. It argued that the Debtors must not be married to a financial arrangement that could preclude restructuring alternatives that may prove necessary, if the Debtors fail to resolved their disputes with their exit lenders Citigroup Global Markets Inc., Goldman Sachs Credit Partners L.P., and Deutsche Bank Securities Inc. The Debtors, however, have reached a settlement with the Exit Lenders. The Creditors Committee, however, had said the 2009 Settlement, should it be ripe for adjudication, requires key modifications. It noted that the 2009 Settlement, as drafted, materially impairs the Committee's rights with respect to the ultimate allowance of the 2009 Noteholders' claim in the event that the 2009 Settlement is declared void by the settling parties, or not approved by the Court. The Committee previously sought the Court's determination that the 2009 Noteholders will have received an US$12,200,000 of postpetition cash interest payments in excess of the amount they are actually entitled to under Section 506(b) of the Bankruptcy Code. The Court denied the determination request, and the Committee has appealed the Order. The Committee has also filed a motion seeking to increase the 2009 Noteholders' disputed claims reserve under the Plan from US$37,500,000 -- the amount in excess of US$210,000,000 which BNY believes they are entitled to -� by US$12,200,000 on account of the Overpayment. The Committee notes that in the event the 2009 Settlement is declared void, the parties would return to their pre-settlement litigation positions. However, should a distribution have already been made to the 2009 Noteholders that includes an amount equal to the Overpayment, the Committee's rights to the Overpayment would be rendered moot. The Committee also objected to the provision that provides, if the 2009 Settlement is declared void or stayed, the Debtors must establish a reserve funded only with $37,500,000. This provision, according to the Committee, would render the 2009 Settlement moot in the event the Court approves the Reserve Motion. Judge Beatty, however, held "The [Debtors' Settlement] Motion is granted in its entirety and approved in all respects." No objection to the Settlement has been filed by any holder of the 2009 Notes. Accordingly, the Court held that BNY is authorized to settle the claims on behalf of the holders of the 2009 Notes and will have no liability to any holder of the 2009 Notes as a result of its entry into the Settlement. Background to the BoNY Dispute As reported in the Troubled Company Reporter on May 25, 2006, the Court denied approval of the Disclosure Statement explaining the Plan of Reorganization filed by Solutia and its debtor- affiliates. BNY is the indenture trustee for the 11.25% Senior Secured Notes due 2009 issued by Solutia. BNY complains that as described in the Disclosure Statement, the Debtors' Plan of Reorganization purports to impair the Senior Secured Notes, which are designated in Class 3. On Nov. 1, 2007, the TCR said John K. Cunningham, Esq., at White & Case LLP, in New York, appeared before the Court on behalf of Bank of New York, regarding a US$223,000,000 claim by the bank on account of the 11.25% Senior Secured Notes due 2009 issued by Solutia Inc. or its predecessor. Bank of New York serves as indenture trustee for the Senior Notes. Judge Beatty told BoNY's counsel, John K. Cunningham, Esq., at White & Case LLP, "Pigs become hogs and then hogs get slaughtered. And then eaten. What you're going for is so piggy that you risk getting nothing." At the hearing, which was held on Oct. 31, 2007, Judge Beatty urged Solutia to settle its dispute with Bank of New York, noting that the claim was the biggest hurdle to approval of Solutia's reorganization plan. "There are no cases that I have found which remotely approximate the application of these principles to a case of this financial magnitude," Judge Beatty stated. Judge Beatty said if no settlement is reached she will rule on the matter in about two weeks. 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: Court Approves Bayer & Lanxess Claims Settlement ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York approved the stipulation signed by Solutia Inc. with LANXESS Corporation, Bayer AG, Bayer MaterialScience LLC and Bayer Corporation. As reported in the Troubled Company Reporter on Feb. 15, 2008, Bayer acquired Monsanto Company's styrenics business pursuant to an Asset Purchase Agreement dated Dec. 31, 1995. Monsanto later assigned the APA to Solutia Inc. in September 1997, as part of Solutia's spin off from Monsanto. Solutia and Bayer were parties to a Resimene Lease and Operating Agreement dated July 29, 1999. Solutia terminated the Resimene Agreement on June 28, 2000, with a termination fee of US$2,922,300, payable to Bayer in 18 monthly installments. As of the bankruptcy filing, Solutia owed US$432,761 to Bayer for the two remaining installment payments. Bayer and Monsanto were also parties to an Indian Orchard Lease and Services Agreement dated Oct. 31, 1995. The agreement was assigned to Solutia as part of the Spin Off. Bayer terminated the Indian Orchard Agreement, and Solutia agreed to a termination fee of US$1,191,101, payable by Bayer in 18 monthly installments. As of the bankruptcy filing, Bayer owed US$397,034 for the six remaining installment payments. As of the bankruptcy filing, Bayer also owed Solutia US$295,771 for certain purchases of adipic acid. Since the bankruptcy filing, LANXESS Corporation, Bayer AG, Bayer MaterialScience LLC, and Bayer, have undergone corporate reorganizations, and as a result, Lanxess currently holds certain claims of Bayer and MaterialScience. Solutia objected to several of Bayer/Lanxess Parties Claims for damages arising under the APA. Solutia also filed Schedule No. 10115234 for $339,771, for amounts owed by Solutia to Bayer Polymers LLC, now known as MaterialScience. Settlement Agreement Following arm's-length negotiations regarding the resolution and treatment of the Claims, the parties have agreed, among other things, that Bayer and Lanxess will be entitled to recoup or offset US$372,034 against the US$397,034 owed to Solutia for the Indian Orchard Termination Fee. Bayer/Lanxess parties will pay Solutia US$320,771, representing the US$25,000 balance of the Indian Orchard Termination Fee after giving ffect to the Set-Off, plus the US$295,771 owed for adipic acid purchases. Also Solutia's Objection will be deemed withdrawn with respect to the Claims; and upon approval of the Stipulation, Solutia will be required to reserve the amount of the Allowed Claim in the Disputed Claims Reserve on account of the Claims. 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: Court Approves Quinn Emanuel as Conflicts Counsel -------------------------------------------------------------- Solutia Inc. and its Debtor-affiliates obtained approval from the U.S. Bankruptcy Court for the Southern District of New York's to employ Quinn Emanuel Urquhart Oliver & Hedges LLP, as their special litigation and conflicts counsel for matters arising in or related to the Debtors' Chapter 11 cases, nunc pro tunc to Jan. 22, 2008. The Troubled Company Reporter said on Feb. 6, 2008, that according to Rosemary L. Klein, general counsel of Solutia and an authorized officer of each of the other Debtors, because of Quinn Emanuel's experience in matters concerning complex bankruptcy and commercial litigation, the firm is well-suited to deal effectively with many of the potential legal issues that may arise in the Debtors' Chapter 11 cases. As special counsel, Quinn Emanuel will: (a) advise the Debtors regarding their ability to initiate actions to protect their rights under certain Oct. 25, 2007 Commitment Letter -- with respect to Solutia's exit financing -- and related documents and enforce the Commitment Parties' legally binding commitments for the benefit of their estates; (b) advise the Debtors regarding their ability to initiate actions to protect their rights as against the Debtors' postpetition lenders; and (c) commence and conduct any and all litigation necessary or appropriate to assert rights held by the Debtors, protect assets of the Debtors' Chapter 11 estates or otherwise further the goal of completing the Debtors' successful reorganization. The Debtors will pay Quinn Emanuel in accordance with its standard hourly rates and reimburse the firm of actual and necessary expenses. The firm informs the Court that its rates are subject to period adjustment to reflect economic and other conditions. The firm's current hourly rates are: Partners US$660 - US$950 Other Attorneys US$380 - US$950 Legal Assistants US$250 - US$280 Quinn Emanuel has not, does not, and will not represent any entities or any of their respective affiliates or subsidiaries, in matters related to the Debtors, their Chapter 11 cases, or other matters directly adverse to the Debtors during the pendency of their cases, Susheel Kirpalani, Esq., a member of Quinn Emanuel, assures the Court. Mr. Kirpalani asserts that the firm is a disinterested person, as the term is defined by Section 101(14) of the Bankruptcy Code. 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. ============= F I N L A N D ============= M-REAL CORPORATION: Names Juha Laine as Investor Relations VP ------------------------------------------------------------- M-real Corporation appointed Juha Laine as Vice President, Investor Relations and Communications, effective April 14, 2008. Mr. Laine has held various posts in M-real since 2002, including those of Business Analyst and, most recently, Assistant Vice President, Investor Relations, M-real Corporation. In his new post, Mr. Laine will be responsible for M-real's investor relations and corporate communications. Anne-Mari Achren, previously Vice President, Communications, M- real, has been appointed Group Senior Vice President, Communications, of Metsaliitto Group as of April 1, 2008. About the M-real Oyj Headquartered in Espoo, Finland, M-real Corp. -- http://www.M-Real.com/-- produces and distributes coated and uncoated fine papers for printing and packaging industries. The company has operations in Brazil and Mexico. * * * As of Feb. 8, 2008, M-real Oyj carries a B2 long-term corporate family rating and a B2 senior unsecured debt rating from Moody's, which said the outlook is negative. Standard & Poor's rates the company's long-term foreign and local issuer credit at B+ and its short-term foreign and local issuer credit at B. The outlook is negative. =========== F R A N C E =========== DELPHI CORP: Shareholder Settlement Hearing Set for April 29 ------------------------------------------------------------ The Hon. Gerald E. Rosen of the U.S. District Court for the Eastern District of Michigan, Southern Division, will convene a hearing on April 29, 2008, to decide, among other things, final Court approval of a settlement providing for a recovery of US$38,250,000 to be paid by Deloitte & Touche LLP, Delphi Corp.'s outside auditor; and on the dismissal of claims against Deloitte & Touche. District Court Certifies Class The Court has preliminarily certified a class consisting of all persons and entities who purchased or acquired publicly traded securities issued by Delphi Trust I and Delphi Trust II between March 7, 2000, and March 3, 2005, inclusive, and who suffered damages thereby, including all entities who acquired shares of Delphi common and preferred stock in the secondary market and debt securities in Delphi. The case is in In re Delphi Securities, Derivative and ERISA Litigation, MDL No. 1725, Case No. 05-md-1725. The District Court also preliminarily approved the Deloitte & Touche Settlement providing for a recovery of US$38,250,000 to be paid by Deloitte & Touche LLP, Delphi Corp.'s outside auditor during the Class Period. The Class will receive an interest on the Deloitte & Touche Settlement Amount. Copies of the full printed Deloitte & Touche Notice and the Proof of Claim and Release form may be obtained at http://www.delphiclasssettlement.comor by contacting: In re Delphi Corporation Securities Litigation Settlement c/o The Garden City Group, Inc. Claims Administrator P.O. Box 9185 Dublin, OH 43017-4185 Inquiries may be made to the four co-lead counsel for the Lead Plaintiffs in the Securities Litigation: * Bradley E. Beckworth, Esq. Nix, Patterson & Roach, L.L.P. 205 Linda Drive Daingerfield, Texas 75638 * Sean Handler, Esq. Schiffrin Barroway Topaz & Kessler, LLP 280 King of Prussia Road Radnor, PA 19087 * Jeffrey N. Leibell, Esq. Bernsten Litowitz Berger & Grossmann, LLP 1285 Avenue of the Americas New York 10019 * Stuart Grant, Esq. Grant & Eisenhofer P.A. Chase Manhattan Centre Suite 2100 1201 N. Market St. Wilmington, DE 19801 Further information may also be obtained by writing to the Claims Administrator or calling 1-800-918-0998 toll-free. The Securities Litigation has been resolved with respect to the Debtors pursuant to the Court-approved Multidistrict Litigation Settlements between the Debtors and the Lead Plaintiffs. Under the terms of the MDL Settlements, the Debtors granted the Lead Plaintiffs claims that will be satisfied through Delphi's confirmed Plan of Reorganization. To participate in the Deloitte & Touche Settlement, parties-in- interest must have submitted a valid proof of claim in connection with the MDL Settlements or submit a valid proof of claim to the Claims Administrator postmarked not later than May 30, 2008. The deadline for filing objection and the receipt of requests for exclusions is April 15, 2008. 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, Issue No. 121; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter on March 19, 2008, Standard & Poor's Ratings Services said it still expects to assign a 'B' corporate credit rating to Delphi Corp. if the company emerges from bankruptcy in early April. This rating expectation is consistent with S&P's commentary on Jan. 9, 2008. ============= G E R M A N Y ============= ACRYLTECH GMBH: Creditors Must File Claims by May 15 ---------------------------------------------------- Creditors of AcrylTech GmbH have until May 15, 2008, to register their claims with court-appointed insolvency manager Carin Hoesel-Eichinger. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Ingolstadt Meeting Hall 28 I Schrannenstr. 3 85049 Ingolstadt 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: Carin Hoesel-Eichinger Marie-Curie-Strasse 6 85055 Ingolstadt Germany The District Court of Ingolstadt opened bankruptcy proceedings against AcrylTech GmbH on Mach 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AcrylTech GmbH Am Lohsaum 1 85139 Wettstetten Germany ALERIS INTERNATIONAL: Moody's Revises Outlook to Negative --------------------------------------------------------- Moody's Investors Service revised the rating outlooks for Aleris International Inc., and Aleris Deutschland to negative from stable. At the same time, Moody's affirmed Aleris's B2 corporate family rating, the B2 rating on the senior secured term loans at Aleris International and Aleris Deutschland Holding GMBH due 2013, the B3 rating on its 9% senior unsecured notes due 2014, and the Caa1 rating on its 10% senior subordinated notes due 2016. The change in outlook reflects the company's ongoing performance challenges in light of weak end market conditions, principally in the U.S. residential and transportation markets, the continued high degree of leverage under which the company is operating, and expectations for limited to negative free cash flow over the near term. The outlook also incorporates Aleris's earnings sensitivity to volume levels, which Moody's expects to decline again in 2008, although not by the magnitude seen in 2007. The downside risks associated with a continued deterioration in housing starts, residential investment, and transportation spending, as well as a more broad-based global contraction, are important factors in the rating. Given Aleris's limited history as a combined entity following the Corus acquisition in 2006, as well as its subsequent bolt-on acquisitions in 2007, a pro forma comparison of year-over-year shipment levels is challenging. However, Moody's estimates that North American building and construction volumes were down in the mid-teens during the fourth quarter of 2007, challenging Aleris's sales and operating margins. As a result of these difficult operating conditions, the company's interest expense exceeded its operating earnings in FY2007. Considering the "margin on metal" business model construct that Aleris operates under, Moody's views Aleris's ability to increase margins as limited resulting in the need to record substantive volume improvements for earnings improvement, which is viewed as unlikely over the near term. However, we recognize the company's efforts to improve its fixed cost position in 2008, including announcing multiple facility closures in Tennessee, Ohio, Virginia, and Ontario. Aleris's B2 corporate family rating reflects its high degree of financial leverage, the sensitivity of its earnings to volume levels, the ongoing execution risks for timely deleveraging, particularly for a company with relatively thin margins and high sensitivity to volume levels, and Aleris's propensity towards acquisitions, which Moody's believes will be a continuing impetus for growth over the intermediate term. The rating also considers the potential for increased supply of extruded products from offshore sources, as well as competition from other products. At the same time, the ratings recognize Aleris's strong market position as a major global supplier of aluminum rolled products, its ability to pass through most of the cost pressures resulting from changes in raw material prices, and its diverse geographic and end market exposure, which helps protect the company from regional or product specific weakness, demonstrated this year as stronger European markets partially offset weakness in the North American residential and transportation markets. Also embedded in the rating is Moody's expectation that Aleris will apply its free cash flow generation to deleverage over the next several years. The B2 corporate family rating also considers the level of liquidity available to Aleris under its asset backed bank facility, which were it to dissipate significantly, could negatively impact the rating. Moody's last rating action on Aleris was November 29, 2006, when its corporate family rating was downgraded to B2 from B1 following its merger with Texas Pacific Group in a leveraged transaction. Headquartered in Beachwood, Ohio, Aleris is a leading global producer of aluminum rolled products. In 2007, the company generated revenues of approximately US$6.0 billion. 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. BERRY PLASTICS: S&P Rates US$530.6 Million Senior Notes at BB- -------------------------------------------------------------- Standard & Poor's Ratings Services assigned a 'BB-' and '1' recovery rating to Berry Plastics Corp.'s US$530.6 million first-priority floating-rate senior secured notes due 2015. The 'BB-' and '1' recovery rating indicate the expectation of very high (90%-100%) recovery in the event of a payment default. Proceeds from the proposed notes will be used to refinance the company's existing US$520 million first-lien bridge loan, which was issued to fund the acquisition of Captive Plastics Inc. in February 2008. S&P affirmed all the ratings on Berry, including the 'B' corporate credit rating. The outlook is negative. At Dec. 29, 2007, Evansville, Indiana-based Berry had total debt (adjusted to include capitalized operating leases and unfunded postretirement liabilities) of about US$3.4 billion. "The rating on Berry Plastics Group Inc. and its subsidiary Berry Plastics Corp. reflects the company's highly leveraged financial profile and acquisition driven growth strategy, which offsets its fair business profile with large market shares in niche segments, a well-diversified customer base, and strong customer relationships," said Standard & Poor's credit analyst Liley Mehta. Berry Plastics Inc. -- http://www.berryplastics.com/-- manufactures and markets plastic packaging products. Berry Plastics products include open-top and closed top packaging, polyethylene-based plastic films, industrial tapes, medical specialties, packaging, heat-shrinkable coatings and specialty laminates. The company's 17,000-plus customers range from large multinational corporations to small local businesses. Based in Evansville, Indiana, the company has 71 manufacturing facilities worldwide and nearly 14,000 employees. Aside from the U.S., the company also has locations in Mexico, Canada, Italy, Belgium, and China. BETT & BAD: Claims Registration Period Ends May 6 ------------------------------------------------- Creditors of Bett & Bad Handelsgesellschaft mbH have until May 6, 2008, to register their claims with court-appointed insolvency manager Tanja Kreimer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 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: Tanja Kreimer Klosterstrasse 33 48703 Stadtlohn Germany Tel: 02563/2083-0 Fax: +492563208320 The District Court of Muenster opened bankruptcy proceedings against Bett & Bad Handelsgesellschaft mbH on March 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bett & Bad Handelsgesellschaft mbH Zwillbrock 20 48691 Vreden Germany BLUME BAU: Creditors Must File Claims by May 15 ----------------------------------------------- Creditors of Blume Bau GmbH have until May 15, 2008, to register their claims with court-appointed insolvency manager Knut Thomas Hofheinz. Creditors and other interested parties are encouraged to attend the meeting at 10:15 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 Hameln Hall 106 Zehnthof 1 31785 Hameln 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: Knut Thomas Hofheinz Am Markte 13 30159 Hannover Germany The District Court of Hameln opened bankruptcy proceedings against Blume Bau GmbH on March 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Blume Bau GmbH Lange Strasse 77 31832 Springe Germany BRUNSWIG & HEINSOHN: Claims Registration Period Ends May 9 ---------------------------------------------------------- Creditors of Brunswig & Heinsohn Stahlblechbau Nachfolger GmbH have until May 9, 2008, to register their claims with court- appointed insolvency manager Dr. Sven-Holger Undritz. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Dr. Sven-Holger Undritz Jungfernstieg 51 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Brunswig & Heinsohn Stahlblechbau Nachfolger GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Brunswig & Heinsohn Stahlblechbau Nachfolger GmbH Attn: Sven Dettmann, Manager Billstrasse 222 20539 Hamburg Germany CADO GESCHENKARTIKEL: Claims Registration Period Ends May 6 ----------------------------------------------------------- Creditors of CADO Geschenkartikel GmbH have until May 6, 2008, to register their claims with court-appointed insolvency manager Klaus-Werner Bonow. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Wilhelmshaven Hall 109 Old Building Marktstrasse 15 26382 Wilhelmshaven Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus-Werner Bonow Alter Markt 10D 26441 Jever Germany Tel: 04461/2046 Fax: 04461/72220 E-mail: KlausBonow@t-online.de The District Court of Wilhelmshaven opened bankruptcy proceedings against CADO Geschenkartikel GmbH on Feb. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CADO Geschenkartikel GmbH Bahnhofsplatz 1 26382 Wilhelmshaven Germany CATEWALKER GMBH: Creditors Must File Claims by May 15 ----------------------------------------------------- Creditors of CateWalker GmbH & Co.KG have until May 15, 2008, to register their claims with court-appointed insolvency manager Peter Jost. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on June 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 Frankfurt (Main) Hall 2 Building F Klingerstrasse 20 60313 Frankfurt (Main) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter Jost Pfingstweidstrasse 3 D 60316 Frankfurt am Main Germany The District Court of Frankfurt am Main opened bankruptcy proceedings against CateWalker GmbH & Co.KG on March 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CateWalker GmbH & Co.KG Roedelheimer Landstrasse 22 60487 Frankfurt am Main Germany DETEKTEI SIX: Claims Registration Period Ends May 9 --------------------------------------------------- Creditors of Detektei SIX GmbH have until May 9, 2008, to register their claims with court-appointed insolvency manager Simone Gisdal. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Saarbruecken Area Hall 13 First Floor Branch Office Sulzbach Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report 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: Simone Gisdal Kapellenstr. 18 66271 Kleinblittersdorf Germany Tel: 06805/9090 Fax: 06805/909100 The District Court of Saarbruecken opened bankruptcy proceedings against Detektei SIX GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Detektei SIX GmbH Attn: Helmut Schneider, Manager Am Rothenbuesch 5 66113 Saarbruecken Germany ECONOMY CONSULT: Creditors Must File Claims by May 15 ----------------------------------------------------- Creditors of Economy Consult Gesellschaft f�r betriebswirtschaftliche Unternehmensberatung, Buchhaltungsservice und Hausverwaltung mbH have until May 15, 2008, to register their claims with court-appointed insolvency manager Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Friedberg (Hessen) Hall 20a Homburger Strasse 18 61169 Friedberg (Hessen) 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: Jan Markus Plathner Lyoner Strasse 14 60528 Frankfurt am Main Germany The District Court of Friedberg (Hessen) opened bankruptcy proceedings against Economy Consult Gesellschaft f�r betriebswirtschaftliche Unternehmensberatung, Buchhaltungsservice und Hausverwaltung mbH on March 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Economy Consult Gesellschaft fuer betriebswirtschaftliche Unternehmensberatung, Buchhaltungsservice und Hausverwaltung mbH Auguste-Victoria-Strasse 3 61231 Bad Nauheim Germany EMBALADO GMBH: Creditors Must File Claims by May 15 --------------------------------------------------- Creditors of embalado GmbH & Co KG have until May 15, 2008, to register their claims with court-appointed insolvency manager Rolf Rombach. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Erfurt Hall 15 Judicial Center Rudolfstr. 46 99092 Erfurt 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: Rolf Rombach Magdeburger Allee 159 99086 Erfurt Germany The District Court of Erfurt opened bankruptcy proceedings against embalado GmbH & Co KG on March 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: embalado GmbH & Co KG Vor dem Lohe 10 99628 Buttst�dt Germany ERWIN POPP: Creditors Must File Claims by May 15 ------------------------------------------------ Creditors of Erwin Popp GmbH have until May 15, 2008, to register their claims with court-appointed insolvency manager Jochen Wagner. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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 Ingolstadt Meeting Hall 28 I Schrannenstr. 3 85049 Ingolstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jochen Wagner Goldknopfgasse 2 85049 Ingolstadt Germany The District Court of Ingolstadt opened bankruptcy proceedings against Erwin Popp GmbH on March 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Erwin Popp GmbH Am Wiesenrain 1 85283 Wolnzach Germany FAHRSCHULE GOETTIG: Claims Registration Period Ends May 9 --------------------------------------------------------- Creditors of Fahrschule Goettig GmbH have until May 9, 2008, to register their claims with court-appointed insolvency manager Jochen Horch. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jochen Horch Keplerstrasse 7 74072 Heilbronn Germany Tel: 07131/7801-33 Fax: 07131/7801-11 The District Court of Heilbronn opened bankruptcy proceedings against Fahrschule Goettig GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fahrschule Goettig GmbH Kaiserstrasse 6 74072 Heilbronn Germany Attn: Holger Goettig, Manager Alte Steige 12 74831 Gundelsheim Germany FISCHER & PARTNER: Claims Registration Period Ends May 6 -------------------------------------------------------- Creditors of Fischer & Partner Bau GmbH have until May 6, 2008, to register their claims with court-appointed insolvency manager Dr. Karsten Foerster. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Karsten Foerster Herbert-Jensch-Strasse 111 15234 Frankfurt (Oder) Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against Fischer & Partner Bau GmbH on March 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fischer & Partner Bau GmbH Kurze Str. 1 15562 Ruedersdorf Germany GM-STONE GMBH: Claims Registration Period Ends May 6 ---------------------------------------------------- Creditors of GM-Stone GmbH have until May 6, 2008, to register their claims with court-appointed insolvency manager Knut Thomas Hofheinz. Creditors and other interested parties are encouraged to attend the meeting at 9:40 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 Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Knut Thomas Hofheinz Am Markte 13 30159 Hannover Germany Tel: 0511 357721-0 Fax: 0511 357721-40 The District Court of Hannover opened bankruptcy proceedings against GM-Stone GmbH on March 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GM-Stone GmbH Zeppelinstrasse 2 30827 Garbsen Germany H & H VERMOEGENSVERWALTUNGS: Claims Registration Ends May 6 ----------------------------------------------------------- Creditors of H & H Vermoegensverwaltungsgesellschaft mbH have until May 6, 2008 to register their claims with court-appointed insolvency manager Jan H. Wil-helm. Creditors and other interested parties are encouraged to attend the meeting at 9:35 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 Neumuenster Meeting Hall B.031 Law Courts 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: Jan H. Wil-helm Albert-Einstein-Ring 11 22761 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against H & H Vermoegensverwaltungsgesellschaft mbH on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H & H Vermoegensverwaltungsgesellschaft mbH Dr. Karl Moeller Platz 21 24340 Eckernfoerde Germany HALLER PLASTIC: Claims Registration Period Ends May 9 ----------------------------------------------------- Creditors of Haller - Plastic - Kunststofferzeugnisse GmbH have until May 9, 2008, to register their claims with court-appointed insolvency manager Jochen Horch. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on June 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 Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jochen Horch Keplerstrasse 7 74072 Heilbronn Germany Tel: 07131/7801-33 Fax: 07131/7801-11 The District Court of Heilbronn opened bankruptcy proceedings against Haller - Plastic - Kunststofferzeugnisse GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Haller - Plastic - Kunststofferzeugnisse GmbH Attn: Matthias Schimminger, Manager Robert-Bosch-Strasse 43 74523 Schwabisch Hall Germany HEIDE BETTENWAREN: Creditors Must File Claims by May 15 ------------------------------------------------------- Creditors of Heide Bettenwaren GmbH have until May 15, 2008, to register their claims with court-appointed insolvency manager Peter Henz. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld 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 Henz Rietberger Str. 28 33378 Rheda-Wiedenbrueck Germany The District Court of Bielefeld opened bankruptcy proceedings against Heide Bettenwaren GmbH on March 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heide Bettenwaren GmbH Benteler Str. 9 33449 Langenberg Germany HTM SPORT: S&P Cuts Debt's Rating to 'CCC' from 'CCC+' ------------------------------------------------------ Standard & Poor's Ratings Services lowered to 'CCC+' from 'B-' its long-term corporate credit rating on Netherlands-based and Austria-managed sports equipment manufacturer Head N.V. The outlook is negative. At the same time, the senior unsecured rating on debt issued by related entity HTM Sport und Freizeitgeraete AG was lowered by one notch to 'CCC' from 'CCC+', reflecting the bonds' longstanding subordination to secured creditors. "The downgrade reflects the company's significantly weakened financial metrics for the year ended Dec. 31, 2007, and concerns regarding its ability to finance its future working capital needs," said Standard & Poor's credit analyst Philip Temme. Head's adjusted EBIT fell 80% to EUR4.5 million in 2007 and the company recorded a net loss of EUR11.2 million following weak results from its key winter sports equipment division and lower sales in some geographies for its racquet sports division. Free cash flow turned negative and pressure on liquidity was increased by the return of EUR7.5 million to shareholders. Head's unrestricted cash and marketable securities balance, which is critical to meeting its working capital needs, dropped to EUR38.3 million at end-2007 from EUR58.3 million at end-2006, and is likely to fall further. "Although snow conditions in the winter of 2007-2008 were reasonably good and Head is expected to benefit from a modest recovery to winter goods orders as a result, it nonetheless enters the new financial year with a significantly reduced cash buffer and limited alternative means of financing its heavy seasonal working capital needs, which peak in the autumn," said Mr. Temme. Standard & Poor's is concerned that, with available cash resources expected to fall below EUR10 million by autumn 2008 and only limited ability to adjust working capital outflows, Head has limited flexibility to cope with negative developments at a time when the outlook for discretionary consumer spending looks increasingly challenging. In the 12 months to Dec. 31, 2007, Head's total adjusted debt was EUR181 million (EUR155 million reported) and adjusted EBITDA was EUR16.4 million. Total debt to lease-adjusted EBITDA ballooned to 11x from 5.1x and adjusted funds from operations to total debt slid to 0.8% from 11.3%. Adjusted EBITDA interest coverage fell to 1.2x from 2.6x and adjusted EBIT interest coverage to 0.3x from 1.6x. Head, which is now only listed in Vienna following its delisting from New York, is effectively controlled by its chairman and CEO, Johann Eliasch, who, together with members of his family, controls 49.8% of the company. "The negative outlook reflects the likelihood that Head's cash resources will weaken further in 2008, to the point where its available cash headroom falls well below EUR10 million at the low point in its working capital cycle, leaving it highly exposed to negative developments," said Mr. Temme. This includes the risk of a warm winter in 2008/2009 or weakness in demand owing to recessionary pressures. The ratings could be lowered should operating performance and cash held slip further below our expectations. Given Head's operational challenges and high leverage, S&P currently views the possibility of a return to a stable outlook as remote. IMU GEBAUDEREINIGUNG: Claims Registration Period Ends May 8 ----------------------------------------------------------- Creditors of IMU Gebaudereinigung & Zeitarbeit GmbH have until May 8, 2008, to register their claims with court-appointed insolvency manager Rudolf Nirschl. Creditors and other interested parties are encouraged to attend the meeting at 8:00 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 Landshut Meeting Hall 8/I Maximilianstrasse 22-24 Landshut Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rudolf Nirschl Porschestr. 21 84030 Landshut Germany Tel: 0871/96607-0 Fax: 0871/67418 The District Court of Landshut opened bankruptcy proceedings against IMU Gebaudereinigung & Zeitarbeit GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IMU Gebaudereinigung & Zeitarbeit GmbH Aussere Regensburger Strasse 35 84034 Landshut Germany KRASSOWSKI GMBH: Claims Registration Ends May 6 ----------------------------------------------- Creditors of Krassowski GmbH have until May 6, 2008 to register their claims with court-appointed insolvency manager Dr. Dirk Wittkowski. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Neuruppin Hall 325 Karl-Marx-Strasse 18a 16816 Neuruppin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Dirk Wittkowski Kirchblick 11 14129 Berlin Germany The District Court of Neuruppin opened bankruptcy proceedings against Krassowski GmbH on March 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Krassowski GmbH Attn: Adelbert Krassowski, Manager Heinrich-Heine-Str. 45 16945 Meyenburg Germany MAISCH SPEDITION: Claims Registration Period Ends May 9 ------------------------------------------------------- Creditors of Maisch Spedition+Logistik GmbH & Co. KG. have until May 9, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Wille. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 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 Pforzheim Hall 142 Lindenstr. 8 75179 Pforzheim Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Andreas Wille Karlsruher Str. 34 75179 Pforzheim Germany The District Court of Pforzheim opened bankruptcy proceedings against Maisch Spedition+Logistik GmbH & Co. KG. on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Maisch Spedition+Logistik GmbH & Co. KG. Attn: Matthias Maisch, Manager Boschstr. 25 75446 Wiernsheim Germany PRIVATBRAUEREI BORCHERT: Claims Registration Ends May 6 ------------------------------------------------------- Creditors of Privatbrauerei Borchert GmbH have until May 6, 2008 to register their claims with court-appointed insolvency manager Holger Zbick. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.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 Lingen (Ems) Hall Z 17 New Building Burgstrasse 28 49808 Lingen (Ems) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Holger Zbick Marktplatz 2-4 48712 Gescher Germany Tel: 02542/9178-10 Fax: 02542/9178-28 E-mail: inso@zbick-deckert.de The District Court of Lingen (Ems) opened bankruptcy proceedings against Privatbrauerei Borchert GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Privatbrauerei Borchert GmbH Heinrich-Schulte-Strasse 2 48480 Luenne Germany QUICK FOTO: Claims Registration Ends May 6 ------------------------------------------ Creditors of Quick Foto Labor GmbH have until May 6, 2008 to register their claims with court-appointed insolvency manager Dr. Martin Prager. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Nuremberg Meeting Hall 152/I Flaschenhofstrasse 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: Dr. Martin Prager Stadtpark 2 90409 Nuremberg Germany Tel: 0911/9990990 Fax: 0911/99909950 The District Court of Nuremberg opened bankruptcy proceedings against Quick Foto Labor GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Quick Foto Labor GmbH Attn: Irmtraut Mathold, Manager Koenigstrasse 73 90402 Nuremberg Germany R & R BAU: Claims Registration Ends May 6 ----------------------------------------- Creditors of R & R Bau GmbH have until May 6, 2008 to register their claims with court-appointed insolvency manager Markus M. Merbecks. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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: Markus M. Merbecks Leipziger Strasse 58 09113 Chemnitz Germany Tel: (0371) 444610 Fax: (0371) 4446111 E-mail: merbecks@merbecks.de The District Court of Chemnitz opened bankruptcy proceedings against R & R Bau GmbH on March 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: R & R Bau GmbH Attn: Jens Herzog, Manager Talstrasse 10 09557 Floeha Germany RIO BETRIEBSGESELLSCHAFT: Claims Registration Ends May 6 -------------------------------------------------------- Creditors of RIO Betriebsgesellschaft mbH have until May 6, 2008 to register their claims with court-appointed insolvency manager Hans-Peter Burghardt. 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 Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld 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-Peter Burghardt Bunsenstr. 3 32052 Herford Germany The District Court of Bielefeld opened bankruptcy proceedings against RIO Betriebsgesellschaft mbH on March 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RIO Betriebsgesellschaft mbH Kurfuerstenstr. 4 32052 Herford Germany Attn: Gianni Pulli, Manager Schillerstr. 5 32052 Herford Germany ROSNER'S BAUSERVICE: Claims Registration Ends May 6 --------------------------------------------------- Creditors of Rosner's Bauservice GmbH have until May 6, 2008 to register their claims with court-appointed insolvency manager Ulrich Luppe. 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 Halle-Saalkreis Hall 1.043 Judicial Center Thueringer Str. 16 06112 Halle Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Luppe Hansering 9/10 06108 Halle Germany Tel: 0345/614070 Fax: 0345/6140710 The District Court of Halle-Saalkreis opened bankruptcy proceedings against Rosner's Bauservice GmbH on March 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rosner's Bauservice GmbH Attn: Thomas Rosner, Manager Seumestr. 21 06686 Poserna Germany TELEHAUS BREMEN: Creditors' Meeting Slated for May 15 ----------------------------------------------------- The court-appointed insolvency manager for Telehaus Bremen GmbH & Co. KG, Dr. Frank Kreuznacht, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:30 a.m. on May 15, 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 noon on June 19, 2008, at the same venue. Creditors have until May 6, 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 The District Court of Bremen opened bankruptcy proceedings against Telehaus Bremen GmbH & Co. KG on March 27, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Telehaus Bremen GmbH & Co KG Herrlichkeit 6 28199 Bremen Germany VECTOR MANAGEMENT: Claims Registration Period Ends May 5 -------------------------------------------------------- Creditors of Vector Management und Verwaltungs GmbH have until May 5, 2008, to register their claims with court-appointed insolvency manager Markus Walter. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 of Offenbach am Main Hall 162N First Floor Kaiserstrasse 63065 Offenbach am Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Markus Walter Cronstettenstrasse 30 60322 Frankfurt am Main Germany Tel: 069-959110-0 Fax: 069-959110-12 The District Court of Offenbach am Main opened bankruptcy proceedings against Vector Management und Verwaltungs GmbH on Vector Management und Verwaltungs GmbH. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Vector Management und Verwaltungs GmbH Martin-Behaim-Str. 19-21 63263 Neu-Isenburg Germany WILHELM MEINEKE: Claims Registration Period Ends May 5 ------------------------------------------------------ Creditors of Wilhelm Meineke GmbH have until May 5, 2008, to register their claims with court-appointed insolvency manager Jens Wilhelm V. Creditors and other interested parties are encouraged to attend the meeting at 11:20 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 Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jens Wilhelm V Hohenzollernstrasse 53 30161 Hannover Germany Tel: 0511 696846-0 Fax: 0511 696846-79 The District Court of Hannover opened bankruptcy proceedings against Wilhelm Meineke GmbH on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wilhelm Meineke GmbH Mecklenhorster Strasse 21 31535 Neustadt Germany ============= I R E L A N D ============= EIRLES TWO: Moody's May Further Cut Junk Notes After Review ----------------------------------------------------------- Moody's Investors Service downgraded and left on review for further downgrade one class of notes issued by Eirles Two Limited. This rating action is a response to severe credit deterioration in the underlying portfolio. This transaction is a static synthetic CDO of ABS referencing a portfolio which contains 96% US RMBS of the 2005, 2006, and 2007 vintages. In addition, 16% of the portfolio by volume (all US RMBSs) is currently rated Ca and below. Moody's disclosed on Feb. 4, 2008 that it is revising its expected loss assumptions which are used for surveillance of ratings of ABS CDOs holding subprime RMBS, specifically of the 2006 vintage. Moody's stated that for purposes of monitoring its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it will rely on certain projections of the lifetime average cumulative losses for 2006's quarterly vintages of RMBS set forth in a recent Moody's Special Report, "Moody's Updates Loss Projections for 2006 Subprime Loans." This report illustrates average loss results for the 2006 quarterly vintages under five distinct loss projection scenarios. Moody's explained that it will utilise the range of loss projections set forth in Scenarios 2 and 3 based on deal performance and quarterly vintage to modify its prior assumptions of the expected loss inputs when monitoring ABS CDO ratings. Moody's will continue to monitor all deals with exposure to US subprime RMBS, and will take further actions in respect of all CDOs placed under review for downgrade once the extent of actual downgrades to US RMBS vintages becomes known. This rating action is: * Eirles Two Limited US$150,000,000 Series 300 Secured Floating Rate Notes due September 2050 -- Current Rating: Caa2, on review for downgrade -- Prior Rating: Ba1, on review for downgrade FREESTAR TECH: Posts US$4.5 Million Net Loss in Second Quarter -------------------------------------------------------------- FreeStar Technology Corp. recorded a net loss of US$4,568,270 for the second quarter ended Dec. 31, 2007, compared to a net loss of US$3,124,456 for the three months ended Dec. 31, 2006, an increase of US$1,443,814 or approximately 46%. Ciaran Egan, FreeStar's chief financial officer, commented that "approximately US$2,300,000 of this amount consisted of non-cash compensation in the form of stock, stock options, and warrants issued to consultants and employees. We continue to launch new innovative products and expand our geographical market for increased growth opportunities in 2008. We believe that our investment program in our product and sales and marketing programs together with our growing pipelines will drive revenue growth in 2008." Revenue for the three months ended Dec. 31, 2007, was US$1,448,713 compared to US$811,902 for the three months ended Dec. 31, 2006, an increase of US$636,811 or approximately 78%. Revenue consisted of transaction processing and related revenue of US$512,782; consulting services revenue of US$683,862 and hardware and related revenue of US$252,069. FreeStar Technology president and chief executive officer Paul Egan said, "We expect to see continued increased hardware related sales to our expanding customer base, but also recognize increasing revenue strea