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 Monday, April 21, 2008, Vol. 9, No. 78 Headlines A U S T R I A AUTO POTZINGER: Claims Registration Period Ends May 13 ELEKTROTECHNIK TSCHUDEN: Claims Registration Period Ends May 13 P & P TROCKENAUSBAU: Claims Registration Period Ends May 13 F R A N C E CULLIGAN INT'L: S&P Cuts Rating to B- on High Leverage DELPHI CORP: Wants Exclusivity Moved Beyond Plan Effective Date DELPHI CORP: Mulls Suing Plan Investors for Reneging on New EPCA THOMSON SA: Moody's Cuts Corporate Family Rating to Ba2 * Societe Generale Replaces CEO Following Trading Scandal G E R M A N Y ANDREAS DELFS: Claims Registration Period Ends May 13 AUTOPARK GTH: Claims Registration Period Ends May 13 B + W DACHBESCHICHUNG: Claims Registration Period Ends May 13 BAUCONCEPT + GMBH: Claims Registration Period Ends May 13 COSMONEX GMBH: Claims Registration Period Ends May 13 DIROLL FILMS: Claims Registration Period Ends May 9 EWD GMBH: Claims Registration Period Ends May 9 FSK FUSSBODEN: Claims Registration Period Ends May 13 GESELLSCHAFT FUER: Creditors' Meeting Slated for May 29 HANSATOURS GMBH: Claims Registration Period Ends May 13 HAUS & GRUND: Claims Registration Period Ends May 9 HEINER WILCKEN: Claims Registration Period Ends May 13 HINRICH BUSCH: Creditors' Meeting Slated for April 24 KARA GEBAUDEREINIGUNG: Claims Registration Period Ends May 13 LAFRENTZ GMBH: Claims Registration Ends May 13 L & A SAALE-FENSTERTECHNIK: Claims Registration Ends May 13 MITSUBISHI MOTORS: S&P Lifts Rating to B+ on Good Performance MODEHAUS SCHLUETER: Creditors' Meeting Slated for May 9 MOHR GMBH: Claims Registration Ends May 13 MP-GROUP VERTRIEB: Creditors' Meeting Slated for May 5 OFFSIDE GMBH: Claims Registration Ends May 13 OSSIGER GRUNDSTUECKS-UND: Claims Registration Ends May 13 RAYER BETEILIGUNGS: Claims Registration Period Ends May 9 RBS MAISEL: Claims Registration Period Ends May 1 REGIO PRINT-VERTRIEB: Claims Registration Period Ends April 30 RESTAURANT SCHUETZENLIESEL: Claims Registration Ends May 13 ROESLER PRINT: Claims Registration Period Ends May 9 SANIDO BETEILIGUNGS: Claims Registration Period Ends May 15 SANITAR- UND HEIZUNGSBAU: Claims Period Ends May 5 THL H.-H. KOCK: Claims Registration Period Ends May 8 UNIQUE MARKETING: Claims Registration Period Ends May 15 I R E L A N D CLOVERIE PLC: Moody's Junks Ratings Classes B and C Notes EIRLES TWO: Moody's May Further Cut Low-B Ratings After Review NEW BOND: Moody's Junks Rating on US$17,500,000 Class B3 Notes PALMER SQUARE 3: Moody's Junks Ratings on Three Note Classes STANTON VINTAGE: Moody's May Further Notes' Ratings After Review I T A L Y ALCATEL-LUCENT SA: Names Stefano Lorenzi as Sr. Officer in Italy ALITALIA SPA: Chairman Wants Air France Talks to Resume FIAT SPA: In Talks with Chrysler Over Alfa Romeo Production * Moody's Says Italian RMBS Delinquencies Rise in 4th Qtr. 2007 K A Z A K H S T A N KAZAKHSTAN TEMIR: S&P Affirms BB+ Corporate Credit Rating K Y R G Y Z S T A N ACA CONSULTING: Claims Filing Period Ends May 13 NIS LLC: Creditors Must File Claims by May 20 L U X E M B O U R G EVRAZ GROUP: Declares US$4.20 Dividend per Share for 2007 GOODYEAR TIRE: US$4 Million Notes Convertible Until June 30 GOODYEAR TIRE: Board Approves 2008 Performance Plan, MIP VINTAGE CAPITAL: Moody's May Lift Ba1 Rating After Review N E T H E R L A N D S JAMES HARDIE: Dutch Parent to Liquidate; Transfers HQ to U.S. X5 RETAIL: Earns US$143.75 Million for Year Ended December 31 P O L A N D AFFILIATED COMPUTER: To Acquire Orbital Science's TMS Biz R U S S I A COMSTAR-UNITED: Earns US$43.8 Million for Year Ended December 31 CREDIT BANK OF MOSCOW: Fitch Upgrades IDR to B; Outlook Stable EVRAZ GROUP: Declares US$4.20 Dividend per Share for 2007 KAZANSKOE OJSC: Creditors Must File Claims by April 22 KRASNOGVARDEYSKIY DIARY: Belgorod Bankruptcy Hearing Set July 2 MAGNITOGORSK IRON: Earns RUR8.5 Billion for First Quarter 2008 NIVA CJSC: Creditors Must File Claims by July 15 PETROPAVLOVKA-AGRO-PROM-TEKHNIKA: Claims Filing Set April 22 RAZDOLYE LLC: Creditors Must File Claims by April 22 REINFORCED-CONCRETE PRODUCTS-1: Claims Filing Set April 22 SARBOYAN CJSC: Asset Sale Slated for April 30 VIMPEL-COMMUNICATIONS: To Issue Notes to Repay Acquisition Debt VIMPEL-COMMUNICATIONS: Moody's Holds Ba2 Corporate Family Rating X5 RETAIL: Earns US$143.75 Million for Year Ended December 31 S P A I N AYT GOYA: S&P Rates EUR3.4 Million Notes at BB U K R A I N E CHERNOVCY AGRICULTURAL: Proofs of Claim Deadline Set May 2 EPAS LLC Proofs of Claim Deadline Set May 2 KASKAD LLC: Creditors Must File Claims by May 2 PAVLORAD MANAGEMENT 417: Proofs of Claim Deadline Set May 2 PESCHANKA MOVABLE 79: Creditors Must File Claims by May 2 PROGRESS LLC: Creditors Must File Claims by May 2 STAKHANOV RUBBER: Creditors Must File Claims by May 2 TRADEIMPEKS LTD: Proofs of Claim Deadline Set May 2 YABLONEVKA-AGRO LLC: Creditors Must File Claims by May 4 U N I T E D K I N G D O M AMR CORP: Posts US$328 Million Net Loss in First Quarter of 2008 AMR CORP: Selling Asset-Management Subsidiary for US$480 Million BAA LIMITED: British Airways May File Lawsuit over Terminal Five BRITISH AIRWAYS: May File Lawsuit vs BAA over Terminal Five CONSORT HOMES: Appoints Joint Administrators from KPMG CREAM COMPUTERS: To Undergo Liquidation DRINKS GROUP: Taps Liquidators from Vantis Business Recovery FORD MOTOR: Court Okays Ford Explorer Class Action Settlement IDMOS PLC: Brings In Administrators from Ernst & Young JACKSTONE FROSTER: Brings In Liquidators from Tenon Recovery LUNEDI LTD: Calls In Liquidators from Tenon Recovery MARBLE ARCH: Moody's Cuts Rating on GBP25.2 Million Notes to B2 MARSHALL GROVES: Creditors' Meeting Slated for April 23 MASONITE INT'L: S&P Puts B Credit Ratings on CreditWatch Neg. MEDWAY FOODS: Creditors' Meeting Slated for April 30 MW RETAIL: Liquidation Proceedings Confirmed by Harrisons NIELD GROUP: Taps Joint Administrators from Deloitte & Touche OAKENMOOR LTD: Claims Filing Period Ends May 19 PENTA GLASS: Brings In Administrators from KPMG QUASER SPORTS: Appoints KPMG to Administer Assets RING BY DESIGN: Hires Liquidators from Tenon Recovery SERENDIPITY ENTERPRISES: Brings In Deloitte as Administrators SHAW GROUP: Moody's Lifts Ratings to Ba1 on Strong Performance SOLO CUP: Turnaround Cues S&P to Lift Ratings by One Notch TORQUE TOOLS: Brings In Administrators from Menzies * U.K. Gov't. & Bank of England Take Steps to Restore Liquidity * BOND PRICING: For the Week April 14 to April 18, 2008 ********* ============= A U S T R I A ============= AUTO POTZINGER: Claims Registration Period Ends May 13 ------------------------------------------------------ Creditors owed money by LLC Auto Potzinger (FN 176904d) have until May 13, 2008, to file written proofs of claim to court- appointed estate administrator Stefan Kohlfuerst at: Mag. Stefan Kohlfuerst OEG Hofstatter & Kohlfuerst Rechtsanwalte Marburgerkai 47 8010 Graz Austria Tel: 0316/815454-0 Fax: 0316/815454-22 E-mail: advokat@hofstaetter.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on May 27, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Hall K Room 205 Second Floor Graz Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on April 2, 2008 (Bankr. Case No. 40 S 19/08d). ELEKTROTECHNIK TSCHUDEN: Claims Registration Period Ends May 13 --------------------------------------------------------------- Creditors owed money by LLC Elektrotechnik Tschuden (FN 45789m) have until May 13, 2008 to file written proofs of claim to court-appointed estate administrator Kurt Hirn at: Dr. Kurt Hirn Dr. Arthur Lemisch Platz 2 9020 Klagenfurt Austria Tel: 0463/504770 Fax: 0463/504771 E-mail: dr.kurt.hirn@chello.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on May 19, 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 April 3, 2008 (Bankr. Case No. 41 S 36/08d). P & P TROCKENAUSBAU: Claims Registration Period Ends May 13 ----------------------------------------------------------- Creditors owed money by LLC P & P Trockenausbau (FN 225036k) have until May 13, 2008, to file written proofs of claim to court-appointed estate administrator Candidus Cortolezis at: Dr. Candidus Cortolezis Hauptplatz 14 8010 Graz Austria Tel: 0316/813973 Fax: 0316/847797 E-mail: office@cortolezis.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on May 27, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Hall K Room 230 Second Floor Graz Austria Headquartered in G, Austria, the Debtor declared bankruptcy on April 3, 2008 (Bankr. Case No. 40 S 21/08y). =========== F R A N C E =========== CULLIGAN INT'L: S&P Cuts Rating to B- on High Leverage ------------------------------------------------------ Standard & Poor's Ratings Services lowered its ratings on water services provider Culligan International Co., including the corporate credit rating (to 'B-' from 'B') and the issue-level and recovery ratings. S&P removed the ratings from CreditWatch, where they had been placed with negative implications on Nov. 30, 2007, because of fiscal 2007 operating results that were below our expectations. The outlook is stable. Total debt outstanding at the company was about US$831 million as of Dec. 31, 2007. "The downgrade primarily reflects a decline in financial performance resulting from weak organic growth during the year, and the company's high leverage," said Standard & Poor's credit analyst Kenneth Shea. For the full year 2007, adjusted EBITDA declined 15%, reflecting a 1% decline in organic sales (total sales increased a modest 3% due to favorable currency exchange translations), narrowed gross margins, inventory rationalization, and costs associated with the transition to a new third-party distribution center. These factors were partially offset by the favorable impact of lower product costs achieved from some manufacturing outsourcing initiatives. Rosemont, Ill.-based Culligan participates in a highly competitive and fragmented industry with modest growth prospects. The company distributes its products primarily through an extensive dealer network, which Standard & Poor's views as a competitive advantage. The company has operations in China, the United Kingdom, France, Italy and Argentina, among others. DELPHI CORP: Wants Exclusivity Moved Beyond Plan Effective Date ---------------------------------------------------------------- Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy Court for the Southern District of New York to extend their exclusive periods to: (a) file a plan of reorganization until 30 days after substantial consummation of the confirmed First Amended Joint Plan of Reorganization or any modified Plan; and (b) solicit acceptances of that Plan until 90 days after substantial consummation of the First Amended Plan or modified Plan. Out of an abundance of caution and to ensure clarity with their stakeholders, including their customers and supplies, the Debtors seek an extension of the Exclusive Periods to prevent any lapse in exclusivity, John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, clarifies. A further extension of the Exclusive Periods, Mr. Butler says, is justified by the significant progress the Debtors have made toward emerging from Chapter 11. After obtaining confirmation of the First Amended Plan, the Debtors secured exit financing and met all other conditions to the effectiveness of the Plan and Investment Agreement and were prepared to emerge from Chapter 11. The Debtors' efforts to emerge from Chapter 11, however, were affected by severe dislocations in the capital markets that began late in the second quarter of 2007 and that have continued through the present, according to Mr. Butler. Although the Debtors eventually obtained the exit financing required by the First Amended Plan, the turbulence in the capital markets was a principal cause of the delay in the Debtors' emergence from Chapter 11 before the end of 2007, he maintains. Moreover, the decision by Appaloosa Management L.P. and the other Plan Investors to not honor their commitments in the parties' New Equity Purchase and Commitment Agreement prevented the Debtors from emerging on April 4, 2008. Nevertheless, the Debtors have accomplished numerous other tasks related to many different aspects of the cases to emerge from Chapter 11 protection, including: -- obtaining Court approval to perform under modified pension funding waivers issued by the Internal Revenue Service; -- reducing the aggregate amount of Trade and Other Unsecured Claims below the US$1,450,000,000 amount set by the Plan; -- obtaining the Court's permission to sell their bearings business; -- completing the sale of their interiors and closures business to Inteva Products, LLC; and -- commencing the offering of rights to purchase shares of Reorganized Delphi Corp. common stock, which closed March 31, 2008. The unresolved contingencies relating to emergence notwithstanding the Plan Investors' failure to perform, and the size and complexity of the Debtors' cases, also justify a further extension of the Exclusive Periods, Mr. Butler relates. Under Section 1129(c) the Bankruptcy Code, the Court may confirm only one plan of reorganization. The Court confirmed the First Amended Plan on Jan. 25, 2008. Since the Plan Confirmation Order cannot be revoked unless "procured by fraud," in accordance with Section 1144, no other plan of reorganization may now be filed or solicited in the Debtors' bankruptcy cases, Mr. Butler asserts. As a result, the Exclusivity Periods will inevitably extend until the Debtors consummate the First Amended Plan or any modified plan, he notes. The Debtors are paying their bills as they come due, including the statutory fees paid quarterly to the U.S. Trustee, Mr. Butler assures Judge Drain. The Debtors have also extended the maturity date of their US$4,500,000,000 debtor-in-possession financing facility to July 1, 2008, and anticipate negotiating financing through Dec. 31, 2008, to provide additional comfort to creditors and other stakeholders that they will continue to meet their obligations as they come due. Although the Debtors are seeking a further extension of the Exclusivity Periods, they nonetheless anticipate emerging from Chapter 11 "as soon as reasonably practicable." The Court will convene a hearing to consider the Debtors' request on April 30. Objections are due April 23. 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. DELPHI CORP: Mulls Suing Plan Investors for Reneging on New EPCA ---------------------------------------------------------------- Delphi Corp. and its debtor-affiliates believes that Plan Investors A-D Acquisition Holdings, LLC, Harbinger Del-Auto Investment Company, Ltd., Merrill Lynch, Pierce, Fenner & Smith Inc., UBS Securities LLC, Goldman, Sachs & Co., and Pardus DPH Holding LLC wrongfully terminated the New Equity Purchase and Commitment Agreement and disputes the allegations that it breached the New EPCA or failed to satisfy any condition to the Plan Investors' obligations. At the time ADAH delivered its April 4 Termination Notice, the representatives of Delphi's exit financing lenders, General Motors Corp., the Official Committee of Unsecured Creditors, the Official Committee of Equity Security Holders, and all other parties needed for the Debtors' successful closing and emergence from Chapter 11, other than the Plan Investors, were present and were prepared to move forward. Moreover, all actions necessary to consummate the Plan, including obtaining US$6,100,000,000 of exit financing, were taken other than the concurrent closing and funding of the New EPCA. Delphi Corp. Vice President and Chief Restructuring Officer John D. Sheehan relates in a regulatory filing with the Securities and Exchange Commission that Delphi's Board of Directors has: (a) formed a special litigation committee; and (b) engaged independent legal counsel to consider and pursue any and all available equitable and legal remedies, including the commencement of legal action in the U.S. Bankruptcy Court for the Southern District of New York to seek all appropriate relief, including the Plan Investors' specific performance of their obligations under the New EPCA. Pursuant to the New EPCA, the Plan Investors committed to purchase US$800,000,000 of convertible preferred stock and approximately US$175,000,000 of common stock in the reorganized company. In addition, the Plan Investors committed to purchase any unsubscribed shares of common stock in connection with an approximately US$1,600,000,000 rights offering that was made available to unsecured creditors subject to satisfaction of other terms and conditions. As of April 4, 2008, the Plan Investors collectively own 125,739,448 shares of Delphi common stock, representing 22.31% of the 563,477,461 shares of Delphi Common Stock outstanding as of Jan. 31, 2008. Delphi shares traded at US$0.11 per share at the close of business on April 11. ADAH Delivers Supplemental Termination Letter As reported in the Troubled Company Reporter on April 7, 2008, Delphi Corp.'s Plan Investors terminated the parties' New Equity Purchase and Commitment Agreement on April 4, 2008, interrupting Delphi's efforts to close its Plan of Reorganization. The closing had been scheduled to occur on April 4 pursuant to the New EPCA between Delphi and Plan Investors A-D Acquisition Holdings, LLC, Harbinger Del-Auto Investment Company, Ltd., Merrill Lynch, Pierce, Fenner & Smith Inc., UBS Securities LLC, Goldman, Sachs & Co., and Pardus DPH Holding LLC. Several hours prior to the April 4 scheduled closing, ADAH, affiliate of lead Plan Investor Appaloosa Management L.P., delivered to Delphi a letter, stating that that letter "constitutes a notice of immediate termination" of the New EPCA. The April 4 Termination Notice alleges that: (1) Delphi has breached certain provisions of the New EPCA; (2) ADAH is entitled to terminate the New EPCA; and (3) the Plan Investors are entitled to a US$82,500,000 fee plus certain expenses and other amounts. ADAH subsequently delivered to Delphi a supplement to the April 4 Termination Notice on April 5, 2008, stating that that supplemental letter constitutes a "notice of an additional ground for termination" of the New EPCA. The April 5 letter cited Section 12(d)(iii) of the Investment Agreement based on the Plan not having become effective on or before April 4, 2008. The New EPCA provided that if the closing date under the agreement has not occurred by April 4, 2008, ADAH may terminate the agreement from and after April 5, 2008. ADAH added that it would continue to actively engage in discussions to resolve outstanding issues with Delphi in a mutually acceptable manner, including considering mutually acceptable alternative transactions wherein it would participate in a capacity different than that envisioned by the New EPCA. A full-text copy of the April 4 Termination Notice is available for free at http://ResearchArchives.com/t/s?2ab1 A full-text copy of the April 5 Termination Notice is available for free at http://ResearchArchives.com/t/s?2ab2 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. THOMSON SA: Moody's Cuts Corporate Family Rating to Ba2 ------------------------------------------------------- Moody's Investor's Service downgraded the Corporate Family rating for Thomson S.A. to Ba2 from Ba1 and downgraded the junior subordinated rating for Thomson's perpetual junior subordinated bonds to B2 from Ba3. The outlook remains negative. The rating action was triggered by Thomson's announcement on April 16, 2008, that additional restructuring would be required to further reduce costs and improve profitability as well as the sales evolution of the first half 2008 that is more negative than previously expected by Moody's. Thomson now expects to report a loss from continuing activities before interest and tax for the first six months of 2008. In addition it is planned to cut the dividend payment for 2007, which raises Moody's concerns that a non-payment of the coupon for the EUR500 million perpetual junior subordinated bond becomes a possible scenario. So far, Moody's recognized that the company has now built a portfolio of businesses with sound competitive positions and a stable revenue stream from the licensing portfolio, but we also noted that Thomson still had to prove that it can deliver on a sustainable basis a solid operating performance from each of the components of its business profile. The current headwind from an 18.3% sales decline in the first quarter across all divisions (11% on a constant currency basis) put cost reduction and profitability improvement on top of management's agenda. Moody's notes that even the licensing business, which is the stable backbone of the group, had to report for the first quarter a 7.3% sales decline at constant currency. Due to challenging market conditions and additional restructuring costs Moody's believes that Thomson is unlikely to be able to reach in the intermediate term the thresholds set for the Ba1 category i.e.: reverting the negative trend in current trading, stabilizing operating margins at 2007 level and improving EBITA interest coverage above 2.5x and cash leverage above 15%. The decision to skip the dividend payment for 2007 is seen as positive from a senior debtor's perspective, since it increases the company's headroom to finalize the transformation of the business profile and to improve profitability. However, the terms and conditions of the deeply subordinated Hybrid bond give Thomson the option not to pay interest for this instrument if no common dividend is paid. In such case, the deferred interest payments will not be cumulative. Management indicated that not proposing a dividend did not imply that a decision regarding non-payment on the coupon has already been made but that they will carefully consider this option when the decision is due in September 2008. The downgrade to B2 of the junior subordinated rating for the hybrid is one notch below the outcome of Moody's LGD rating model to reflect the increased risk of a non-payment of the coupon. Downgrades: * Issuer: Thomson S.A. -- Probability of Default Rating, Downgraded to Ba2 from Ba1; -- Corporate Family Rating, Downgraded to Ba2 from Ba1; -- Junior Subordinated Regular Bond/Debenture, Downgraded to a range of 100- LGD6 to B2 from a range of 97 - LGD6 to Ba3. The last rating action for Thomson has been on April 1, 2008, when Moody's affirmed the ratings and changed the outlook to negative from stable. Headquartered in Paris, France, Thomson is a leading provider of technology, systems and service solutions for integrated media and entertainment companies operating in three business segments: Thomson's Services division offers end-to-end management of services for the media and entertainment industry, from finishing movie content (post-production) to content replication of film and DVD and distribution. The Systems division provides professional broadcasting and network equipment for TV stations and other network operators as well as broadband access products. The Technology division combines Thomson's research and exploitation of its patent portfolio through licensing programs. In fiscal year 2007 the company generated revenues from continuing operations of EUR 5.6 billion. * Societe Generale Replaces CEO Following Trading Scandal --------------------------------------------------------- Societe Generale SA's Board of Directors has decided to proceed with the dissociation of the functions of Chairman and Chief Executive Officer. The Board will appoint Daniel Bouton, currently CEO, as Chairman and Frederic Oudea, currently Chief Financial Officer, as Chief Executive Officer. Mr. Oudea has informed the Board that on May 12, 2008, he will propose that Philippe Citerne and Didier Alix be confirmed in their functions as Co-Chief Executive Officers. Mr. Citerne has proposed to the Board not to renew his Board Director mandate as initially submitted for approval by the General Meeting of Shareholders on May 27, 2008. The Board has decided to accept this proposal and to increase the proportion of independent Board members by asking shareholders to appoint a new independent Board member. The Board of Directors will also approve on May 12, 2008, the first quarter 2008 earnings, which will reflect the sustained confidence of our clients, the Group�s resilience and once again the benefits derived from a balanced portfolio of activities in a difficult environment. ============= G E R M A N Y ============= ANDREAS DELFS: Claims Registration Period Ends May 13 ----------------------------------------------------- Creditors of Andreas Delfs Fuhrunternehmen GmbH have until May 13, 2008, to register their claims with court-appointed insolvency manager Hans-Juergen Beil. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 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 Neumuenster Meeting Hall B.126 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: Hans-Juergen Beil Hallerstrasse 76 20146 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against Andreas Delfs Fuhrunternehmen GmbH on March 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Andreas Delfs Fuhrunternehmen GmbH Kreisstrasse 7 24637 Schillsdorf Germany AUTOPARK GTH: Claims Registration Period Ends May 13 ---------------------------------------------------- Creditors of Autopark GTH GmbH have until May 13, 2008, to register their claims with court-appointed insolvency manager Thomas Alter. 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 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: Thomas Alter Schillerstr. 2 99096 Erfurt Germany The District Court of Erfurt opened bankruptcy proceedings against Autopark GTH GmbH on March 23, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autopark GTH GmbH Wolfgang Lukowski, Manager Parkstr. 1-3 99867 Gotha Germany B + W DACHBESCHICHUNG: Claims Registration Period Ends May 13 ------------------------------------------------------------- Creditors of B + W Dachbeschichung-Solartechnik GmbH have until May 13, 2008, to register their claims with court-appointed insolvency manager Ulrich Zerrath. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 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: Ulrich Zerrath Lange Wanne 57 45665 Recklinghausen Germany Tel: 02361/4884-0 Fax: +492361488499 The District Court of Muenster opened bankruptcy proceedings against B + W Dachbeschichung-Solartechnik GmbH on March 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: B + W Dachbeschichung-Solartechnik GmbH Auf dem Voelker 7 59269 Beckum Germany BAUCONCEPT + GMBH: Claims Registration Period Ends May 13 --------------------------------------------------------- Creditors of Bauconcept + GmbH have until May 13, 2008, to register their claims with court-appointed insolvency manager Marc Schmidt-Thieme. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Baden-Baden Hall 009a Ground Floor Gutenbergstr. 17 76532 Baden-Baden 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: Marc Schmidt-Thieme Stephanienstr. 8 76133 Karlsruhe Germany The District Court of Baden-Baden opened bankruptcy proceedings against Bauconcept + GmbH on April 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bauconcept + GmbH Attn: Clemens Schoenle, Manager Waldulmer Str. 2 77876 Kappelrodeck Germany COSMONEX GMBH: Claims Registration Period Ends May 13 ----------------------------------------------------- Creditors of Cosmonex GmbH have until May 13, 2008, to register their claims with court-appointed insolvency manager Joerg Zumbaum. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Aachen Meeting Hall K 5 Third Floor Alter Posthof 1 52062 Aachen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Joerg Zumbaum Zuelpicher Strasse 117 52349 Dueren Germany Tel: 02421/20854-0 Fax: 02421/20854-26 The District Court of Aachen opened bankruptcy proceedings against Cosmonex GmbH on March 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cosmonex GmbH Boos-Fremery-Strasse 62 52525 Heinsberg Germany DIROLL FILMS: Claims Registration Period Ends May 9 --------------------------------------------------- Creditors of Diroll Films GmbH have until May 9, 2008, to register their claims with court-appointed insolvency manager Thomas Linse. Creditors and other interested parties are encouraged to attend the meeting at 8:00 a.m. on June 6, 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 Coburg Meeting Room K I. Stick Auxiliary Building Coburg 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 Linse Rosenauer Str. 22 96450 Coburg Germany Tel: 09561/80340 Fax: 09561/803434 The District Court of Coburg opened bankruptcy proceedings against Diroll Films GmbH on April 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Diroll Films GmbH Reundorfer Str. 7 96215 Lichtenfels Germany EWD GMBH: Claims Registration Period Ends May 9 ----------------------------------------------- Creditors of EWD GmbH have until May 9, 2008, to register their claims with court-appointed insolvency manager Marc d'Avoine. Creditors and other interested parties are encouraged to attend the meeting at 10:50 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 Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Marc d'Avoine Doeppersberg 19 42103 Wuppertal Germany The District Court of Cologne opened bankruptcy proceedings against EWD GmbH on March 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EWD GmbH Attn: Marko Dick, Manager Niehler Str. 94 50733 Cologne Germany FSK FUSSBODEN: Claims Registration Period Ends May 13 ----------------------------------------------------- Creditors of FSK Fussboden Bau GmbH have until May 13, 2008, to register their claims with court-appointed insolvency manager Holger Bluemle. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Holger Bluemle Kriegsstrasse 113 76135 Karlsruhe Germany Tel: (0721) 9195 70 The District Court of Karlsruhe opened bankruptcy proceedings against FSK Fussboden Bau GmbH on March 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FSK Fussboden Bau GmbH Bahnhofstrasse 6 76275 Ettlingen Germany GESELLSCHAFT FUER: Creditors' Meeting Slated for May 29 ------------------------------------------------------- The court-appointed insolvency manager for Gesellschaft fuer innovative Energie und Lebensqualitat mbH, Frank-Michael Rhode will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:30 a.m. on May 29, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Bremen Hall 115 Ostertorstr. 25-31 28195 Bremen Germany The Court will also verify the claims set out in the insolvency manager's report at 9:30 a.m. on June 26, 2008, at the same venue. Creditors have until May 13, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Frank-Michael Rhode Graf-Moltke-Str. 62 28211 Bremen Germany Tel: 0421/3485212/213 Fax: 0421/341078 E-mail: info@rhode.de Web site: http://www.rhode.de/ The District Court of Bremen opened bankruptcy proceedings against Gesellschaft fuer innovative Energie und Lebensqualitat mbH on March 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gesellschaft fuer innovative Energie und Lebensqualitat mbH Kurt-Schumacher-Allee 2 28329 Bremen Germany HANSATOURS GMBH: Claims Registration Period Ends May 13 ------------------------------------------------------- Creditors of HansaTours GmbH have until May 13, 2008, to register their claims with court-appointed insolvency manager Frank-Michael Rhode. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bremen Hall 115 Ostertorstr. 25-31 28195 Bremen 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-Michael Rhode Graf-Moltke-Str. 62 28211 Bremen Germany Tel: 0421/3485212/213 Fax: 0421/341078 E-mail: info@rhode.de Web site: http://www.rhode.de/ The District Court of Bremen opened bankruptcy proceedings against HansaTours GmbH on March 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HansaTours GmbH Haferwende 3a 28357 Bremen Germany HAUS & GRUND: Claims Registration Period Ends May 9 --------------------------------------------------- Creditors of Haus & Grund Hildesheim Dienstleistungsgesellschaft mbH have until May 9, 2008, to register their claims with court- appointed insolvency manager Steffen Koch. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Hildesheim Hall 124 Main Building Kaiserstrasse 60 31134 Hildesheim 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. Steffen Koch Sophienstr. 1 30159 Hannover Germany Tel: 0511/3539910 Fax: 0511/35399110 E-mail: www.hww-kanzlei.de The District Court of Hildesheim opened bankruptcy proceedings against Haus & Grund Hildesheim Dienstleistungsgesellschaft mbH on March 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Haus & Grund Hildesheim Dienstleistungsgesellschaft mbH Osterstr. 33 31134 Hildesheim Germany HEINER WILCKEN: Claims Registration Period Ends May 13 ------------------------------------------------------ Creditors of Heiner Wilcken Verwaltungs GmbH have until May 13, 2008, to register their claims with court-appointed insolvency manager Reinhold Schmid-Sperber. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Eutin Hall B First Stick Jungfernstieg 3 23701 Eutin 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: Reinhold Schmid-Sperber Westring 455 24118 Kiel Germany The District Court of Eutin opened bankruptcy proceedings against Heiner Wilcken Verwaltungs GmbH on May 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heiner Wilcken Verwaltungs GmbH Attn: Christian Starke, Manager Luetjenburger Weg 1 23774 Heiligenhafen Germany HINRICH BUSCH: Creditors' Meeting Slated for April 24 ----------------------------------------------------- The court-appointed insolvency manager for Hinrich Busch GmbH & Co. KG, Uwe Kuhmann will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on April 24, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Bremen Hall 115 Ostertorstr. 25-31 28195 Bremen Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on June 26, 2008 at the same venue. Creditors have until May 13, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Uwe Kuhmann Schuesselkorb 3 28195 Bremen Germany Tel: 0421-33061-0 Fax: 0421-33061-10 E-Mail: info@kuhmann.eu Web site: http://www.kuhmann.eu/ The District Court of Bremen opened bankruptcy proceedings against Hinrich Busch GmbH & Co. KG on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hinrich Busch GmbH & Co. KG Pulverberg 8 28239 Bremen Germany KARA GEBAUDEREINIGUNG: Claims Registration Period Ends May 13 ------------------------------------------------------------- Creditors of Kara Gebaudereinigung & Services GmbH have until May 13, 2008, to register their claims with court-appointed insolvency manager Jens Dohse. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 18, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Rostock Hall 330 Zochstrasse 13 18057 Rostock 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 Dohse Hermannstrasse 5 18055 Rostock Germany The District Court of Rostock opened bankruptcy proceedings against Kara Gebaudereinigung & Services GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kara Gebaudereinigung & Services GmbH Attn: Katrin Laskowski, Manager Langenort 10 18147 Rostock Germany LAFRENTZ GMBH: Claims Registration Ends May 13 ---------------------------------------------- Creditors of Lafrentz GmbH have until May 13, 2008 to register their claims with court-appointed insolvency manager Ingo Wiese. 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 Kiel Deliusstr. 22 Kiel 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: Ingo Wiese Oberbaumbruecke 1 20457 Hamburg Germany Tel: 040/32507783 Fax: 040/30200777 The District Court of Kiel opened bankruptcy proceedings against Lafrentz GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lafrentz GmbH Attn: Karl-Heinz Lafrentz, Manager Eckernfoerder Str. 169 24116 Kiel Germany L & A SAALE-FENSTERTECHNIK: Claims Registration Ends May 13 ----------------------------------------------------------- Creditors of L & A Saale-Fenstertechnik GmbH have until May 13, 2008 to register their claims with court-appointed insolvency manager Annegret Schwarz. Creditors and other interested parties are encouraged to attend the meeting at 11:15 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: Annegret Schwarz Helenenstrasse 15 99867 Gotha Germany The District Court of Gera opened bankruptcy proceedings against L & A Saale-Fenstertechnik GmbH on April 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: L & A Saale-Fenstertechnik GmbH Pestalozzistr. 49 07318 Saalfeld Germany MITSUBISHI MOTORS: S&P Lifts Rating to B+ on Good Performance ------------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term corporate credit rating to 'B+' from 'B', and its senior unsecured debt rating to 'BB-' from 'B+' on Mitsubishi Motors Corp. At the same time the ratings were removed from CreditWatch where they had been placed with positive implications on Feb. 21, 2008. The upgrade follows the company's progress in further improving its financial performance and profile. The outlook on the long-term corporate credit rating is stable. Despite a slowdown in the North American market and a continuing slump in the Japanese market, Mitsubishi Motors is likely to have achieved its global sales volume for fiscal 2007 (ended March 31, 2008), surpassing that of the previous fiscal year. Sales volume has increased thanks to strong performances in the Asia and others, and Europe regional segments (excluding the Japan and North America segments). Even after factoring in a restructuring charge of JPY22 billion on the closure of its Australian plant in March 2008, the company is likely to have recorded an operating profit of JPY80 billion and a net profit of JPY20 billion in fiscal 2007. These expected results are largely in line with the targets (operating profit of JPY74 billion and a net profit of JPY41 billion) laid down in its revitalization plan, which ended in fiscal 2007. Standard & Poor's believes that the downside risk to the company's financial performance has been reduced. This is partially because the company significantly reduced its credit risk exposure and capital-funding burden following its switch to a new arrangement at its U.S. captive finance operation in July 2005. Mitsubishi Motors continues to face challenges strengthening its business and financial profile. For example, it faces difficulties boosting its competitive position with its limited financial resources, as well as redefining its financial policy. In addition, the optimization of its global production system has been a key issue for the company, as its assembly plants in North America and Europe are underutilized. Following the plant closure in Australia in March, the company also plans to transfer some of its production to its manufacturing subsidiary in the Netherlands, Netherlands Car B.V., from its Japan-based Okazaki and Mizushima plants, which are operating at full capacity. S&P views these measures as progress towards Mitsubishi Motors improving its global production efficiency. Mitsubishi Motors' financial profile also improved as a result of increasing profitability and cash flow. In particular, the debt coverage ratio shows significant improvement as the ratio of total debt (adjusted for leases, unfunded post-retirement liabilities, and captive finance debt) to EBITDA is expected to decline further to about 3x in fiscal 2007, from 4.9x in fiscal 2006. Given the expectation of increased pressure on profitability and planned increases in capital expenditures, free operating cash flow may temporarily become negative, but should become positive again in two to three years. S&P expects the improved financial profile to be sustainable as a result of the company's enhanced funds from operations. The outlook on the long-term corporate credit rating is stable. For a further upgrade, Mitsubishi Motors needs to demonstrate consistent improvement in its sales performance and cost structure. However, if difficult business conditions such as the market downturn in North America, adverse foreign exchange rates, or high raw material costs, significantly weaken profitability and the company's financial profile deteriorates, the rating could be lowered. The long-term senior unsecured debt rating continues to be one notch higher than the long-term corporate credit rating, reflecting the lower default risk of the company's debt than its bank loans. This is based on Standard & Poor's expectation of debt forgiveness by creditor banks in case of a default. At the same time, the rating reflects the relatively weak seniority of the rated unsecured bonds, as high priority liabilities make up a relatively large proportion of the company's total assets. Ratings List Upgraded; CreditWatch/Outlook Action To From Mitsubishi Motors Corp. Corporate Credit Rating B+/Stable/-- B/Watch Pos/-- Senior Unsecured Local Currency BB- B+/Watch Pos Mitsubishi Motors Corp. -- http://www.mitsubishi-motors.co.jp-- headquartered in Tokyo, is a Japan-based automobile manufacturer. The company is engaged in the development, design, manufacture, assembly, purchase, sale, import and export of general and small-sized passenger vehicles, mini-vehicles, sport utility vehicles (SUVs), vans, trucks and automobile parts, as well as industrial machines. It is also engaged in the purchase and sale of pre-owned vehicles and parts, the sale of gauges, in addition to the provision of non-life insurance and financing services. As of March 31, 2007, the Company had 94 subsidiaries and 22 associated companies located in Japan, the United States, Germany, the United Kingdom, Italia, Holland, Philippines, Indonesia, Malaysia, China and Australia. On March 1, 2008, the Company has established a wholly owned subsidiary in Niigata. MODEHAUS SCHLUETER: Creditors' Meeting Slated for May 9 ------------------------------------------------------- The court-appointed insolvency manager for Modehaus Schlueter GmbH, Gerhard Hauk will present his first report on the Company's insolvency proceedings at a creditors' meeting at 8:00 a.m. on May 9, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Wetzlar Meeting Hall 201 Building B Second Floor Wetherstr. 1 35578 Wetzlar Germany The Court will also verify the claims set out in the insolvency manager's report at 8:30 a.m. on June 18, 2008, at the same venue. Creditors have until May 7, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Gerhard Hauk Marktlaubenstrasse 9 35390 Giessen Germany Tel: 0641/9324360 Fax: 0641/9324350 E-mail: insolvenz@rae-voelpel.de The District Court of Wetzlar opened bankruptcy proceedings against Modehaus Schlueter GmbH on March 27, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Modehaus Schlueter GmbH Forum 1 35576 Wetzlar Germany MOHR GMBH: Claims Registration Ends May 13 ------------------------------------------ Creditors of Mohr GmbH have until May 13, 2008 to register their claims with court-appointed insolvency manager Stephan Haspel. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 12, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landau in der Pfalz Hall 225 Marienring 13 76829 Landau in der Pfalz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Haspel Xylanderstr. 3 76829 Landau in der Pfalz Germany Tel: 06341-51020 Fax: 06341-510229 The District Court of Landau in der Pfalz opened bankruptcy proceedings against Mohr GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mohr GmbH Attn: Klaus Mohr, Manager Gaxwald 26 76863 Herxheim Germany MP-GROUP VERTRIEB: Creditors' Meeting Slated for May 5 ------------------------------------------------------ The court-appointed insolvency manager for mp-group, Vertrieb f�r Metall- u. Kunststoffprodukte GmbH, Thomas Wazlawik will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:30 a.m. on May 5, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Passau Meeting Hall 6 Ground Floor Schustergasse 4 Passau Germany The Court will also verify the claims set out in the insolvency manager's report at 10:30 a.m. on June 16, 2008, at the same venue. Creditors have until May 9, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Thomas Wazlawik Luragogasse 5 94032 Passau Germany Tel: 0851/490548-0 Fax: 0851/490548-9 The District Court of Passau opened bankruptcy proceedings against mp-group, Vertrieb f�r Metall- u. Kunststoffprodukte GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: mp-group, Vertrieb f�r Metall- u. Kunststoffprodukte GmbH Alte Str. 68 94034 Passau Germany OFFSIDE GMBH: Claims Registration Ends May 13 --------------------------------------------- Creditors of Offside GmbH have until May 13, 2008 to register their claims with court-appointed insolvency manager Dr. Thorsten Fuest. 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 Bielefeld Meeting 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: Dr. Thorsten Fuest Gerichtstr. 3 33602 Bielefeld Germany The District Court of Bielefeld opened bankruptcy proceedings against Offside GmbH on March 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Offside GmbH Zimmerstr. 16 33602 Bielefeld Germany Attn: Cannur Basaran, Manager Guetersloher Str. 121a 33649 Bielefeld Germany OSSIGER GRUNDSTUECKS-UND: Claims Registration Ends May 13 --------------------------------------------------------- Creditors of Ossiger Grundstuecks-und Erschliessungs-GmbH have until May 13, 2008 to register their claims with court-appointed insolvency manager Stephan Poppe. Creditors and other interested parties are encouraged to attend the meeting at 10:15 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 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: Stephan Poppe Emil-Eichhorn-Str. 1 06114 Halle Germany Tel: 0345/530490 Fax: 0345/5304926 The District Court of Halle-Saalkreis opened bankruptcy proceedings against Ossiger Grundstuecks-und Erschliessungs-GmbH on March 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ossiger Grundstuecks-und Erschliessungs-GmbH Johann-Gottlob-Strasse 47 06712 Schellbach Germany RAYER BETEILIGUNGS: Claims Registration Period Ends May 9 --------------------------------------------------------- Creditors of Rayer Beteiligungs 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 2:30 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 Rayer Beteiligungs GmbH on March 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rayer Beteiligungs GmbH Hoher Rain 5 72631 Aichtal Germany RBS MAISEL: Claims Registration Period Ends May 1 ------------------------------------------------- Creditors of RBS Maisel Rohrhandel GmbH & Co. KG have until May 1, 2008, to register their claims with court-appointed insolvency manager Stefan WALDHERR. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Nuernberg Meeting Hall 124 Flaschenhofstr. 35 Nuernberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefan WALDHERR Peuntgasse 3 90402 Nuernberg Germany Tel: 0911/27980-0 Fax: 0911/27980-90 The District Court of Nuernberg opened bankruptcy proceedings against RBS Maisel Rohrhandel GmbH & Co. KG on April 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RBS Maisel Rohrhandel GmbH & Co. KG Braunleinsberg 1a 91242 Ottensoos Germany REGIO PRINT-VERTRIEB: Claims Registration Period Ends April 30 -------------------------------------------------------------- Creditors of REGIO Print-Vertrieb GmbH have until April 30, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 12:30 p.m. on May 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 1240 Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Andreas Ringstmeier Magnusstr. 13 50672 Koeln Germany Tel: 0221/650 660 Fax: +49221650661 The District Court of Cologne opened bankruptcy proceedings against REGIO Print-Vertrieb GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: REGIO Print-Vertrieb GmbH Attn: Frank Klein, Manager Untert�rkheimer Str. 15 66117 Saarbruecken Germany RESTAURANT SCHUETZENLIESEL: Claims Registration Ends May 13 ----------------------------------------------------------- Creditors of Restaurant Schuetzenliesel GmbH have until May 13, 2008 to register their claims with court-appointed insolvency manager Dr. Ferdinand Kiessner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Baden-Baden Hall 009a Ground Floor Gutenbergstr. 17 76532 Baden-Baden 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. Ferdinand Kiessner Eisenbahnstr. 19-23 77855 Achern Germany The District Court of Baden-Baden opened bankruptcy proceedings against Restaurant Schuetzenliesel GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Restaurant Schuetzenliesel GmbH Attn: Giovanni Cetera, Manager Oberreutweg 29 76437 Rastatt Germany ROESLER PRINT: Claims Registration Period Ends May 9 ---------------------------------------------------- Creditors of Roesler Print- u. Digitalmedien GmbH + Co.KG have until May 9, 2008, to register their claims with court-appointed insolvency manager Thomas Schaefer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Augsburg Meeting Hall 162 Alten Einlass 1 86150 Augsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Schaefer Fuggerstr. 16 86150 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against Roesler Print- u. Digitalmedien GmbH + Co.KG on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Roesler Print- u. Digitalmedien GmbH + Co.KG Hirblinger Str. 141 86156 Augsburg Germany SANIDO BETEILIGUNGS: Claims Registration Period Ends May 15 ----------------------------------------------------------- Creditors of SANIDO Beteiligungs-GmbH have until May 15, 2008, to register their claims with court-appointed insolvency manager Jana Dettmer. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on June 24, 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 Bonn Hall W 1.24 C William-Strasse 23 53111 Bonn 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: Jana Dettmer In der Suerst 3 53111 Bonn Tel: 0228/85080-21 Fax: 02288508020 The District Court of Bonn opened bankruptcy proceedings against SANIDO Beteiligungs-GmbH on April 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SANIDO Beteiligungs-GmbH Gertrudenweg 16 53842 Troisdorf Germany Attn: Reiner Pulvermacher, Manager Wernscheid 16 51709 Marienheide Germany SANITAR- UND HEIZUNGSBAU: Claims Period Ends May 5 -------------------------------------------------- Creditors of Sanitar- und Heizungsbau GmbH have until May 5, 2008, to register their claims with court-appointed insolvency manager Dr. Helmut Lorentz. 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 Mainz Hall 174 Building B Ernst-Ludwig Strasse 7 55116 Mainz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Helmut Lorentz GF 39 Kaiserstrasse 64 D 55116 Mainz Germany Tel: 06131/234551 Fax: 06131/231094 The District Court of Mainz opened bankruptcy proceedings against Sanitar- und Heizungsbau GmbH on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sanitar- und Heizungsbau GmbH Attn: Alberta Jertz, Manager Rheinhessenstr. 19 55129 Mainz Germany THL H.-H. KOCK: Claims Registration Period Ends May 8 ----------------------------------------------------- Creditors of THL H.-H. Kock GmbH have until May 8, 2008, to register their claims with court-appointed insolvency manager Martin Maletzky. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 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 Neumuenster Meeting Hall 0.13 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: Dr. Martin Maletzky Hamburger Strasse 89 a 24558 Henstedt-Ulzburg Germany The District Court of Neumuenster opened bankruptcy proceedings against THL H.-H. Kock GmbH on March 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: THL H.-H. Kock GmbH Attn: Hauke Kock, Manager Grosse Reihe 12 24787 Fockbek Germany UNIQUE MARKETING: Claims Registration Period Ends May 15 -------------------------------------------------------- Creditors of Unique Marketing GmbH have until May 15, 2008, to register their claims with court-appointed insolvency manager Karl-Joachim Meyer. 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 Lueneburg Hall 302 Am Ochsenmarkt 3 21335 Lueneburg 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: Karl-Joachim Meyer Schiessgrabenstr. 8/9 21335 Lueneburg Germany Tel: 20100 Fax: 20 10 14 The District Court of Lueneburg opened bankruptcy proceedings against Unique Marketing GmbH on April 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Unique Marketing GmbH Attn: Oliver Jendrian, Manager Stresemannstrasse 4 21335 Lueneburg Germany ============= I R E L A N D ============= CLOVERIE PLC: Moody's Junks Ratings Classes B and C Notes --------------------------------------------------------- Moody's Investors Service downgraded two classes of notes issued by Cloverie PLC. These rating actions are a response to severe credit deterioration in the underlying portfolio. The transaction is a fully-funded static CDO referencing ABS and CDOs of ABS (ABS CDOs), containing 78% subprime assets and 9% ABS CDOs of the 2005, 2006, and 2007 vintages. 5% of the portfolio by volume is currently rated Ca or C. Moody's announced 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. These rating actions are: * The US$80,000,000 Series 2007-32 Class B Credit Linked Notes issued by Cloverie PLC: -- Current Rating: Ca -- Prior Rating: B2, on review for downgrade * The US$20,000,000 Series 2007-33 Class C Credit Linked Notes issued by Cloverie PLC: -- Current Rating: Ca -- Prior Rating: Caa2, on review for downgrade EIRLES TWO: Moody's May Further Cut Low-B Ratings After Review -------------------------------------------------------------- Moody's Investors Service downgraded and left on review for further downgrade 3 classes of notes issued out of Eirles Two Limited Series 286, 287 and 288. This synthetic CDO of ABS has some exposure to US subprime RMBS bonds and in particular to the 2005 and 2006 vintages. Moody's announced 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. These rating actions are: Issuer: Eirles Two Limited - Series 286, 287 and 288: (1) Series 286 Class B USD 42,000,000 Variable Rate Secured Notes due 2048 -- Current rating: Baa3, on review for downgrade -- Prior rating: Aaa, on review for downgrade (2) Series 287 Class C USD 22,500,000 Variable Rate Secured Notes due 2048 -- Current rating: Ba3, on review for downgrade -- Prior rating: Aa2, on review for downgrade (3) Series 288 Class D USD 18,000,000 Variable Rate Secured Notes due 2048 -- Current rating: B3, on review for downgrade -- Prior rating: A3, on review for downgrade NEW BOND: Moody's Junks Rating on US$17,500,000 Class B3 Notes -------------------------------------------------------------- Moody's Investors Service put on review for possible downgrade one class of notes and downgraded and left on review for further downgrade three classes of notes issued by New Bond Street CDO 1 PLC, a limited purpose vehicle incorporated in Ireland. These rating actions are a response to the severe credit deterioration in the underlying portfolio. This managed cash CDO of ABS transation has 30% US ABS CDOs of the 2005, 2006, and 2007 vintages. One US ABS CDO, representing 2.5% of the portfolio by volume, is currently rated C. Moody's announced 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. These rating actions are: New Bond Street CDO 1 PLC: (1) the US$100,000,000 Class A2 Floating Rate Notes due 2066 -- Current Rating: Aaa, on review for downgrade -- Prior Rating: Aaa (2) the US$150,000,000 Class B1 Floating Rate Notes due 2066 -- Current Rating: Ba1, on review for downgrade -- Prior Rating: Aaa (3) the US$32,500,000 Class B2 Deferrable Floating Rate Notes due 2066 -- Current Rating: B2, on review for downgrade -- Prior Rating: Aa2 (4) the US$17,500,000 Class B3 Deferrable Floating Rate Notes due 2066 -- Current Rating: C -- Prior Rating: Baa3 PALMER SQUARE 3: Moody's Junks Ratings on Three Note Classes ------------------------------------------------------------ Moody's Investors Service downgraded and left on review for further downgrade four classes of notes and downgraded three class of notes issued by Palmer Square 3 Limited, a limited purpose vehicle incorporated in Ireland. These rating actions are a response to severe credit deterioration in the underlying portfolio. The transaction is a managed cash CDO of ABS, containing roughly 40% ABS CDOs and 27% sub-prime RMBS of the 2005, 2006, and 2007 vintages. Many of the assets in the portfolio have been downgraded, placed on review for downgrade, or both since October 2007. 11% of the portfolio by volume (mainly US ABS CDOs) is currently rated C or Ca. Moody's announced 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. These rating actions are: Palmer Square 3 Limited: (1) the US$1,000,000,000 Class A1-M Floating Rate Notes due 2052 -- Current Rating: A3, on review for downgrade -- Prior Rating: Aaa, on review for downgrade (2) the US$200,000,000 Class A1-Q Floating Rate Notes due 2052 -- Current Rating: A3, on review for downgrade -- Prior Rating: Aaa, on review for downgrade (3) US$300,000,000 Class A2 Floating Rate Notes due 2052 -- Current Rating: B3, on review for downgrade -- Prior Rating: Aa2, on review for downgrade (4) US$300,000,000 Class A3 Floating Rate Notes due 2052 -- Current Rating: Caa3, on review for downgrade -- Prior Rating: Baa2, on review for downgrade (5) US$116,000,000 Class A4 Floating Rate Notes due 2052 -- Current Rating: Ca -- Prior Rating: Ba3, on review for downgrade (6) US$39,000,000 Class B Floating Rate Notes due 2052 -- Current Rating: Ca -- Prior Rating: B3, on review for downgrade (7) US$18,000,000 Class C Deferrable Floating Rate Notes due 2052 -- Current Rating: C -- Prior Rating: Caa3, on review for downgrade STANTON VINTAGE: Moody's May Further Notes' Ratings After Review ---------------------------------------------------------------- Moody's Investors Service downgraded and left on review for further downgrade four classes of notes issued by Stanton Vintage CDO P.L.C. These rating actions are a response to severe credit deterioration in the underlying portfolio. This transaction is a managed cash CDO of ABS with a portfolio which contains 21.7% US ABS CDOs of the 2005, 2006, and 2007 vintages. In addition, 4.4% of the portfolio by volume (all US ABS CDOs) is currently rated Ca. Moody's announced 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. These rating actions are: Stanton Vintage CDO P.L.C.: (1) US$24,000,000 Class C Notes due 2048 -- Current Rating: Baa2, on review for downgrade -- Prior Rating: A2, on review for downgrade (2) US$20,000,000 Class D Notes due 2048 -- Current Rating: B2, on review for downgrade -- Prior Rating: Baa2, on review for downgrade (3) US$16,000,000 Class E Notes due 2048 -- Current Rating: Caa2, on review for downgrade -- Prior Rating: Ba2, on review for downgrade (4) US$12,000,000 Class P Combination Notes due 2048 -- Current Rating: Ba3, on review for downgrade -- Prior Rating: A3, on review for downgrade The US$20,000,000 Class A Notes due 2048, currently rated Aaa and the US$60,000,000 Class B Notes due 2048 currently rated Aa2 remain on review for possible downgrade. ========= I T A L Y ========= ALCATEL-LUCENT SA: Names Stefano Lorenzi as Sr. Officer in Italy ---------------------------------------------------------------- Alcatel-Lucent SA has appointed Stefano Lorenzi as its new Country Senior Officer for Italy. He will also lead the company�s activities in Israel and Malta. With a Master's degree in Telecommunications from the Engineering University of Ancona, Italy, Mr. Lorenzi has gained a thorough international experience in the telecommunication industry through a number of assignments of growing responsibility. Before this new assignment, he led Alcatel-Lucent�s Services activities in the Caribbean and Latin American (CALA) region, with responsibility for the overall services business, carrier- related delivery, and post-sales support activities in the region. He joined Alcatel in 2003, where within the Optics business, he was responsible for all customer project and services activities worldwide. After that, he was responsible of the company�s Optics business in Europe, Africa, Middle East and Latin America. Prior to joining Alcatel, Mr. Stefano was EMEA Country