/raid1/www/Hosts/bankrupt/TCREUR_Public/080422.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, April 22, 2008, Vol. 9, No. 79
Headlines
A U S T R I A
AGUSI KEG: Claims Registration Period Ends May 20
BIODIESEL ENNS: Files for Insolvency Proceedings in Austria
MONASYS LLC: Claims Registration Period Ends May 3
TOYS SPIELWAREN: Claims Registration Period Ends May 15
B U L G A R I A
KREMIKOVTZI AD: Arcelor Mittal Confirms Bid
F R A N C E
AMKOR TECHNOLOGY: Eric Larson Named EVP Product Management Group
AMKOR TECHNOLOGY: To Issue 1st Quarter 2008 Results on April 30
AMKOR TECHNOLOGY: Moody's Holds Junk Rating on US$190 Mln Notes
THOMSON SA: Reports Revenues of EUR1.016 Billion in 2008 1Q
THOMSON SA: To Build New HD Facilities for France 2
G E R M A N Y
ALFRED SCHOLTEN: Claims Registration Period Ends May 14
ARIANA GMBH: Claims Registration Period Ends May 9
AUTO-CENTRUM F.U.G.: Claims Registration Period Ends May 9
AUTO SCHNEIDER: Claims Registration Period Ends May 14
BAUUNTERNEHMEN KOETHER: Claims Registration Period Ends May 14
BHG HANDEL: Claims Registration Period Ends May 14
CARAT GRUNDBESITZ: Claims Registration Period Ends May 14
CITY-HAUS BAUGESELLSCHAFT: Claims Registration Ends May 14
D & B DACHDECKEREI: Claims Registration Ends May 15
DORENWENDT BETEILIGUNGS: Claims Registration Period Ends May 12
DREILANDER WELLENBAD: Claims Registration Ends May 6
ERWIN GLASNER: Claims Registration Period Ends May 14
ERWIN LAUBMEIER: Claims Registration Period Ends May 14
FRANZ KARL: Claims Registration Period Ends May 14
GEO-ADVENTURE GMBH: Claims Registration Period Ends May 14
GLASHUETTNER BACKSTUBE: Claims Registration Period Ends April 29
GUSTO ITALIANO: Claims Registration Period Ends May 9
HNA POSTLOGISTIK: Claims Registration Ends May 14
HORST BINDER: Claims Registration Period Ends May 11
INTEGRA ORTENAU: Claims Registration Period Ends May 10
JOSEPH SCHWEND: Claims Registration Ends May 14
PHG SPEDITIONS: Claims Registration Ends May 14
PRO FUTURE: Claims Registration Period Ends May 10
SAUNA - FREIZEITTREFF: Claims Registration Period Ends May 10
SCHMAUSS GMBH: Claims Registration Period Ends May 9
SEMERKANT GMBH: Claims Registration Period Ends May 10
SKOTTY GMBH: Claims Registration Ends May 14
TOURISTIK SERVICE: Claims Registration Period Ends May 9
UNION SG: Claims Registration Period Ends May 12
WESTLB AG: Mandates Joint Leads for Public Jumbo Pfandbrief
WESTIS CAR: Claims Registration Ends May 14
H U N G A R Y
CLEAR CHANNEL: Unit Wins Nine-Year Contract for Budapest Airport
I R E L A N D
ARDAGH GLASS: Improved Performance Cues S&P to Lift Rating to B+
I T A L Y
ALITALIA SPA: Air France-KLM Formally Withdraws Binding Offer
ALITALIA SPA: OAO Aeroflot to Resume Talks over Italy's Stake
FIAT SPA: Targets In Line With Expectations Amid Poor Car Market
PARMALAT SPA: Cannot Seek Damages vs Banks, Says Milan Court
K A Z A K H S T A N
ALKE-BURVODSTROY LLP: Creditors Must File Claims by June 10
BTA BANK: Earns US$538 Million for Financial Year 2007
HAVEN HOUSE: Claims Deadline Slated for June 6
HI ESPES: Claims Filing Period Ends June 10
JILSTROY-DSH LLP: Creditors' Claims Due on June 6
KAIRAT-ALMATY KTJ: Claims Registration Ends June 10
SMILE ASTANA: Claims Deadline Slated for June 6
TSENTR TRAKTORNYH: Claims Filing Period Ends June 6
K Y R G Y Z S T A N
ACTIVESTROY LLC: Creditors Must File Claims by June 6
N E T H E R L A N D S
SHAW GROUP: Earns US$8.9 Million in Quarter Ended February 29
R U S S I A
AGRODAR OJSC: Court Names Sh. Dzhabrailova as Insolvency Manager
BAYKAL-BALTIC TIMBER: Names I. Osipov as Insolvency Manager
CRYSTAL LLC: Creditors Must File Claims by May 22
KARBO LLC: Moscow Bankruptcy Hearing Slated for August 12
KHOLOD-MASH OJSC: Court Names V. Shemigon as Insolvency Manager
MIRAX GROUP: Fitch Maintains Watch on Liquidity Concerns
NOVO-ZHULANSKOE: Creditors Must File Claims by May 22
PROKHOROVKA-AGRO-PROM-KHIMIYA: Claims Filing Period Ends May 22
ROSNEFT OAO: To Close US$3.43 Billion Loan This Week
STROY-CENTRE LLC: Creditors Must File Claims by May 22
VIMPEL-COMMUNICATIONS: S&P Rates New U.S. Dollar Notes at BB+
S P A I N
BRITISH AIRWAYS: May Start Spain-U.S. Flights in June 2008
IM CAIXA GIRONA: Moody's Junks Rating on EUR58.4 Million Notes
S W I T Z E R L A N D
BFW JSC: Creditors' Liquidation Claims Due by May 2
MART JSC: Creditors' Liquidation Claims Due by May 3
P.SIGRIST JSC: Creditors' Liquidation Claims Due by May 3
Q SCIENCE: Creditors' Liquidation Claims Due by May 3
Q SCIENCE HOLDING: Creditors' Liquidation Claims Due by May 3
TUFEKCI JSC: Aargau Court Starts Bankruptcy Proceedings
WACKER-CHEMIE: Creditors' Liquidation Claims Due by May 3
WEID LLC: Lucerne Court Starts Bankruptcy Proceedings
WV-METALL JSC: Creditors' Liquidation Claims Due by May 2
U K R A I N E
AGROSERVICE OJSC: Creditors Must File Claims by May 7
AUTOTRANS OJSC: Creditors Must File Claims by May 7
MOGILEV-PODOLSKY MILK: Proofs of Claim Deadline Set May 7
NOVOREVA LLC: Creditors Must File Claims by May 7
PIVDENNY CJSC: Creditors Must File Claims by May 7
TANDEM-TC LLC: Creditors Must File Claims by May 7
ZOLOTIYE PESKI: Proofs of Claim Deadline Set May 8
U N I T E D K I N G D O M
A CONNECTION: Brings In Liquidators from PKF
AMPEX CORP: Files 2007 Annual Report on Form 10-K with SEC
AMPEX CORP: Discloses Terms of Chapter 11 Reorganization Plan
BRITISH AIRWAYS: May Start Spain-U.S. Flights in June 2008
BRITISH ENERGY: France's Suez Mulls Takeover Bid
CLEAR CHANNEL: Extends Offers' Expiration Date to April 25
CU29 HOLDINGS: Taps Liquidators from Deloitte & Touche
FEDDERS CORP: Wants Plan-Filing Period Stretched to May 31
GENESIS BRADFORD: Appoints Begbies to Administer Assets
I.T.C. INTERCIRCUIT: Appoints Matthew Colin Bowker as Liquidator
JENKINS REPORTS: Hires Liquidators from Vantis
NEWCASTLE PRAM: Claims Filing Period Ends May 12
NORTHUMBERLAND STREET: Calls In Liquidators from Tenon Recovery
PORTRAITS FOR YOU: Claims Filing Period Ends May 9
PRO-FIT HOLDINGS: Taps Joint Administrators from Begbies Traynor
RAMAGE DISTRIBUTION: Appoints KPMG as Joint Administrators
SUBSEA RESOURCES: Brings In Kroll to Administer Assets
TDM TRADING: Neil Francis Hickling Leads Liquidation Procedure
TRM CORP: McGladrey & Pullen Expresses Going Concern Doubt
TRM CORP: Closes LC Capital & Lampe Conway Financing Agreement
TRM CORP: Acquires "Access To Money" for US$15 Million
* Large Companies with Insolvent Balance Sheet
*********
=============
A U S T R I A
=============
AGUSI KEG: Claims Registration Period Ends May 20
-------------------------------------------------
Creditors owed money by KEG AGUSI (FN 279891f) have until
May 20, 2008, to file written proofs of claim to court-appointed
estate administrator Wolfgang Herzer at:
Mag. Wolfgang Herzer
Schuettelstrasse 55
Carre Rotunde
1020 Vienna
Austria
Tel: 72 577
Fax: 72 577 577
E-mail: wolfgang.herzer@blw-legal.com
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:55 a.m. on June 3, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1607
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 3, 2008 (Bankr. Case No. 28 S 50/08v).
BIODIESEL ENNS: Files for Insolvency Proceedings in Austria
-----------------------------------------------------------
Fortune Management Inc. disclosed that Biodiesel Enns GmbH & Co.
KG filed for insolvency on April 15, 2008.
The insolvency filing was due to the decision of lending bank
Raiffeisenlandesbank Oberoesterreich AG denying Biodiesel the
use of an already established credit line. As a result, the
current negotiations for the raw material supply, which would
have secured the survival of the company, failed.
Raiffeisenlandesbank is the parent company of Invest AG, a
stakeholder of the company.
About 30 employees are likely to be affected by the filing.
Gate Group, which invested more than EUR13 million in Biodiesel,
said that other Gate-companies outside of Austria are not
affected by the insolvency.
Headquartered in Enns, Austria, Biodiesel Enns GmbH & Co. KG is
a refinery with annual capacity of about 100,000 tons of
biodiesel. It is 51% owned by Neckermann Renewables GmbH, a
subsidiary of Gate Group, which is 65% owned by Switzerland-
based Fortune management. The remaining 49% of Biodiesel Enns
are owned by Invest AG.
MONASYS LLC: Claims Registration Period Ends May 3
--------------------------------------------------
Creditors owed money by LLC MoNaSys (FN 262769a) have until
May 3, 2008, to file written proofs of claim to court-appointed
estate administrator Rudolf Hartmann at:
Dr. Rudolf Hartmann
Raiffeisenstrasse 58
6713 Ludesch
Austria
Tel: 05550/20333
Fax: 05550/20333-9
E-mail: ra.hartmann@manget.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on May 8, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Feldkirch
Meeting Room 45
First Floor
Feldkirch
Austria
Headquartered in Bludenz, Austria, the Debtor declared
bankruptcy on April 3, 2008 (Bankr. Case No. 14 S 14/08h).
TOYS SPIELWAREN: Claims Registration Period Ends May 15
-------------------------------------------------------
Creditors owed money by LLC TOYS Spielwaren Diskont (FN 46971a)
have until May 15, 2008, to file written proofs of claim to
court-appointed estate administrator Guenther Viehboeck at:
Dr. Guenther Viehboeck
c/o Mag. Maria Christina Nau
Bahnhofsplatz 1a/Stg.1/Top 5
2340 Moedling
Austria
Tel: 02236/22 050
Fax: 02236/49239
E-mail: office@viehboeck.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 Land Court of Wiener Neustadt
Room 15
Wiener Neustadt
Austria
Headquartered in Voesendorf, Austria, the Debtor declared
bankruptcy on April 3, 2008 (Bankr. Case No. 10 S 35/08p).
Maria Christina Nau represents Dr. Viehboeck in the bankruptcy
proceedings.
===============
B U L G A R I A
===============
KREMIKOVTZI AD: Arcelor Mittal Confirms Bid
-------------------------------------------
Arcelor Mittal confirmed its interest in Kremikovtzi AD at a
meeting with Bulgarian Economy and Energy Minister Petar
Dimitrov, Seeurope.net reports citing Dnevnik.
Citing a source from Arcelor, the report said the company is
aware of the Kremikovtzi's situation and is ready to step in.
However, the source did not disclose the status of the
acquisition talks nor confirmed if Arcelor leads the bidding.
A government representative told Dnevnik that the talks are
"strained" and may not reach conclusion soon, the report said.
According to the report, the deal is being held back by the bond
issue.
As previously reported in the TCR-Europe, Mr. Dimitrov had said
that a bankruptcy or liquidation of the company is not an
option.
In a statement, Mr. Dimitrov mentioned an option to lease the
mill until they work out the change in ownership for the
company, Seeurope relates.
The Bulgarian government, a 25% shareholder, arranged the ramped
down of Kremikovtzi's gas supplies as part of its attempt to
force Mr. Mittal to sell Finmetals Holdings, a 17% shareholder
in Kremikovtzi.
Mr. Dimitrov explained that the government's moves pre-empt a
siphoning-off the company through the overpriced purchases and
delayed payments to state payments to state-owned utilities.
Based in Rotterdam, The Netherlands, ArcelorMittal was formed in
2004 when Ispat International purchased LNM Holdings for US$13
billion. The combined entity stood as the largest steel company
in the world, with annual steel production of 50 million tons.
The Company manufactures flat rolled and long steel products
using direct-reduced iron.
Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a single-site steel producer
in Bulgaria that reported BGN896 million in revenues in 2006.
It explores and produces iron and ore fields.
* * *
Kremikovtzi AD carries Moody's Investors Service corporate
family rating of Caa3 and the rating on its EUR325 million
senior secured guaranteed notes at Bulgaria Steel Finance BV to
Caa3/LGD 4(53). The outlook is developing.
===========
F R A N C E
===========
AMKOR TECHNOLOGY: Eric Larson Named EVP Product Management Group
----------------------------------------------------------------
Amkor Technology, Inc. said that Eric Larson has joined the
company as Executive Vice President Product Management Group,
effective April 14, 2008. Larson, 52, will report to Ken Joyce,
Amkor’s Chief Operating Officer, and will have overall
management responsibility for Amkor’s Product Business Units,
including Wirebond Products, Wafer-Level Processing and Flip-
Chip Products, Test Services, R&D, Emerging Technologies and
Corporate Development.
Larson brings more than 24 years of semiconductor and technology
sector leadership experience to his new role. Larson started
his career at Hewlett Packard where he worked for 17 years in a
number of senior management positions including General Manager
of the Integrated Circuits Business Division and General Manager
of the Mobile Business Operation. He also served 7 years in
senior management positions at Amkor from 1996 to 2003,
including as President of our Wafer Fabrication business and
Executive Vice President of Corporate Development. Larson is
re-joining Amkor after having served in executive management
positions with several start-up ventures.
“We are pleased to have Eric join Amkor’s executive management
team,” said James Kim, Amkor’s Chairman and Chief Executive
Officer. “Having worked closely with Eric in the past, I have
first hand knowledge of his strong work ethic and team building
skills. I have great confidence in Eric’s ability to lead our
product business units in delivering innovative and cost
effective packaging and test solutions to our customers.”
“I am delighted to welcome an executive of Eric’s caliber to
Amkor,” said Ken Joyce. “Eric brings extensive semiconductor
industry knowledge, business acumen and leadership skills to our
existing team of talented and experienced product business unit
managers.”
About Amkor
Headquartered in Chandler, Arizona, Amkor Technology, Inc.
(Nasdaq: AMKR) -- http://www.amkor.com/-- is a provider of
semiconductor assembly and test services. The company offers
semiconductor companies and electronics OEMs a complete set of
microelectronics design and manufacturing services.
Outside the United States, the company has wholly-owned
subsidiaries in Honk Kong, France, Japan, Singapore, the British
Cayman Islands and Netherlands.
AMKOR TECHNOLOGY: To Issue 1st Quarter 2008 Results on April 30
---------------------------------------------------------------
Amkor Technology, Inc. said that it will issue its financial
results for the first quarter of 2008 after the close of trading
on the NASDAQ Global Market on Wednesday, April 30, 2008. At
5:00pm Eastern Time, Amkor management will host a conference
call to discuss the company’s financial results.
This call is being webcast by Thomson Financial and can be
accessed at Amkor’s web site. Interested parties may also
access the call by dialing 303-205-0033.
About Amkor
Headquartered in Chandler, Arizona, Amkor Technology, Inc.
(Nasdaq: AMKR) -- http://www.amkor.com/-- is a provider of
semiconductor assembly and test services. The company offers
semiconductor companies and electronics OEMs a complete set of
microelectronics design and manufacturing services.
Outside the United States, the company has wholly-owned
subsidiaries in Honk Kong, France, Japan, Singapore, the British
Cayman Islands and Netherlands.
AMKOR TECHNOLOGY: Moody's Holds Junk Rating on US$190 Mln Notes
---------------------------------------------------------------
Moody's Investors Service affirmed Amkor Technology, Inc.'s
corporate family (B2), long-term debt (B1 senior unsecured; Caa1
senior subordinated) and speculative-grade liquidity (SGL-2)
ratings and revised the outlook to positive.
The positive ratings outlook reflects Amkor's improved operating
and financial performance with continued free cash flow
generation against the backdrop of favorable industry
fundamentals. It also reflects Moody's expectations that Amkor
will continue to demonstrate a stable to improving credit
profile as a result of better operating and financial
discipline. Despite likely near-term consumer electronics end
market demand weakness, the positive outlook anticipates the
company will continue to benefit from a favorable business
environment for OSAT services, relatively stable pricing in
leading edge packaging solutions and continued demand for its
advanced products.
Ratings could experience upward pressure over the next 6-12
months if Amkor:
(1) continues to sustain its track record of maintaining
profitability and achieving anticipated financial and
operating performance resulting in operating margins of
12-15% over a semiconductor cycle;
(ii) continues to sustain a fixed cost structure such that it
is able to generate sufficient free cash flow allowing it
to build/maintain cash reserves to comfortably service
intermediate debt maturities through 2011;
(iii) repays debt prior to scheduled maturities; or
(iv) is able to source or convert a sufficient amount of
equity capital, such that debt to book capital is
consistent with mid/high single-B rated technology peers.
Over the past two years, the company's improved operating
performance has led to EBITDA growth, margin expansion, and
solid free cash flow generation applied to debt reduction (to
US$1.76 billion at year end 2007 down from US$2.14 billion in
2005), resulting in improved credit protection measures.
Financial leverage, as measured by debt to EBITDA, was 2.8x as
of December 2007, which is comparable to B1-rated industry
peers, thus lending additional support to the positive outlook.
In February 2008, Amkor retired US$88 million of senior notes,
further reducing leverage.
Liquidity remains good, with cash balances of US$410 million at
Dec. 31, 2007 plus access to an unused US$100 million secured
revolving credit facility maturing November 2009, for which
covenant compliance is expected over the next year. Combined
with our expectations of stable to improving annual free cash
flow (US$368 million on a Moody's adjusted basis for the twelve
months ended Dec. 31, 2007) and improved financial flexibility,
Amkor is well positioned to maintain leverage near current
levels. Given that Amkor is strongly positioned within the B2
rating category, the rating can tolerate temporary financial
leverage weakness as a result of possible fluctuations in EBITDA
over the next twelve months due to end market demand softness.
These ratings were affirmed and assessments revised:
-- Corporate Family Rating -- B2;
-- Probability of Default Rating -- B2;
-- US$1,061 Million Senior Unsecured Notes with various
maturities -- B1 (LGD-3, 44%);
-- US$190 Million 2.5% Convertible Senior Subordinated Notes
due 2011—Caa1 (LGD-6, 90%);
-- Speculative Grade Liquidity Rating -- SGL-2.
The ratings outlook is positive.
Chandler, AZ-based Amkor Technology, Inc. is one of the largest
providers of contract semiconductor assembly and test services
for integrated semiconductor device manufacturers as well as
fabless semiconductor operators. Revenues and EBITDA (Moody's
adjusted) for the twelve months ended December 2007 were US$2.7
billion and US$669 million, respectively.
THOMSON SA: Reports Revenues of EUR1.016 Billion in 2008 1Q
-----------------------------------------------------------
The Board of Directors of Thomson, chaired by Francois de
Carbonnel, met on April 14, 2008 to review revenues for the
quarter ending March 31, 2008, an initial action plan from the
management team, the Group’s dividend policy, and the outlook
for the Group.
Thomson reported total revenues of EUR1,016 million for the
quarter compared to EUR1,243 million in the first quarter of
2007. Currency movements were significant and decreased
revenues during the quarter by EUR90 million. The company says
that revenues at constant currency were therefore EUR1,106
million, a decrease of 11% year-on-year.
Initial Actions
-- Management details near-term actions intended to simplify
the Group and improve its profitability.
-- The Group targets a reduction in operating costs during
the course of the year of approximately EUR50 million, on
an annualized basis. These will include a wide range of
process improvements, IT upgrades and restructuring
measures.
-- The Group has reviewed the loss-making silicon activities
within the Technology Division. The Group aims to take
out approximately EUR30 million of costs (on an
annualized basis) within the next six months through a
combination of partnerships and reorganization. The
costs of these actions are expected to be in the region
of EUR35 million.
Dividend Policy
-- The Board supports the management team's recommendation
that financial resources should be directed in the near-
term towards actions to simplify the Group and to improve
its profitability. Given this and the increasingly
uncertain global economic and financial environment, the
Board has reviewed the Group's dividend policy and will
no longer propose a dividend of EUR0.33 (announced on
Feb. 14, 2008). The Board also believes that shareholder
value is being compromised by external speculation
regarding the Group's credit position, which the Board
believes to be ill-considered. The Group's credit
position is enhanced by the action to cut the dividend.
The Group has cash generative businesses and the Board
therefore expects a dividend to play a key part in
remunerating shareholders in the future.
Outlook
-- Recent weeks have seen a modest improvement in business
conditions. However, in the current climate of economic
uncertainty the Group remains cautious on outlook. The
company currently expect revenues for 2Q08 to decline
year-on-year, by 6-8% in constant currency terms.
-- The Group expects to report a loss from continuing
activities before interest and taxation for the 1H08,
given the management decision to take further
restructuring actions in H1, but to be profitable at the
operating profit level (ie prior to restructuring costs).
-- The Group's performance is expected to be seasonally
weighted towards the second half as in previous years.
The Group will comment further on its expectations for
the first half and full year at the AGM on May 22, 2008.
"The first quarter reflects the difficult economic conditions,
notably in the US, under which our sector is operating. Some of
our customers are showing greater optimism for the second
quarter and this gives us opportunities that we are determined
to seize. Our profitability is unsatisfactory and we are
accordingly moving ahead with a set of actions to simplify the
Group and improve its profitability. This will enable us to
focus our resources on key value-added services, systems and
technologies, which support our customers' needs," Julian
Waldron, CEO and CFO of Thomson, said.
"The Board firmly believes in the quality of the assets and
people at Thomson and their value-added to our clients. We and
the management team are firmly focused on delivering long-term,
sustainable value to our shareholders. The initial steps we are
taking today, both with regard to the dividend and the
management's action plans, although difficult, are consistent
with this aim," Francois de Carbonnel, Chairman of Thomson,
added.
Debt and Financing
As previously announced, the Group raised EUR70 million of new
long-term debt during the quarter. The Board continues to
believe that the Group has sufficient liquidity to refinance its
short-term and long-term debt falling due in 2008 and 2009.
Given the Group's current policy of debt financing largely in
US$ and predominantly at floating rates, the Group expects a
significant reduction in its net interest expense in 2008,
notwithstanding recent changes to its credit ratings.
The Group notes that the decision taken by the Board not to
propose a dividend to be paid in 2008 does not imply non-payment
of the next coupon on the EUR500 million perpetual bond, such
decision being due in September 2008.
Board Composition
The Board has finalized the resolutions to be submitted to the
Annual General Meeting to be held on May 22, 2008.
The Directors whose mandates are proposed for renewal are:
-- Loic Desmouceaux,
-- Pierre Lescure,
-- Didier Lombard,
-- Dave Roux,
-- Remy Sautter and
-- Henry Vigil.
Following the AGM the Board would then comprise ten directors,
of whom nine would be independent directors and one would be a
representative of the employee shareholders.
The company adds that the The mandates of Francois de Carbonnel,
Marcel Roulet, Paul Murray and Eric Bourdais de Charbonničre
will fall due for renewal in 2009, 2009, 2010 and 2011
respectively.
About Thomson
Thomson SA -- http://www.thomson.net/-- (Euronext Paris: 18453;
NYSE: TMS) provides technology, services, and systems to help
its Media, Entertainment & Communications clients - content
creators, content distributors and users of its technology -
realize their business goals and optimize their performance in a
rapidly changing technology environment.
* * *
As reported in the Troubled Company Reporter on April, 21, 2008,
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.
THOMSON SA: To Build New HD Facilities for France 2
---------------------------------------------------
France 2, owned and operated by the France Television Group, has
chosen Thomson S.A. to build a new high-definition studio and
control room in Paris. The station's new HD channel, the result
of a US$3.1 million upgrade to its facilities and equipment,
will be on-air by August 27 of this year.
Thomson has been contracted to provide a full range of services
to the new France 2 HD project; including system design,
installation, staff training and 24/7 customer service.
"We know that Thomson has the expertise, the team organization,
and resources to get the job done right – and on time," Bruno
Tezenas du Montcel, CTO at France 2, said. "Thomson engineers
completed the transition of France 2 from an analog to digital
operation in 1998 and we are confident that with Thomson's help
we will meet our on-air deadline and have a system that we can
grow with and expand into the future."
"France 2 is another major broadcaster in Europe to entrust its
HD business to Thomson. This new facility for France 2 will not
only prepare them for the future, but uses equipment already
installed to maximize their capital expenditures," Patrick
Montliaud, Senior Vice President of Thomson's Integration and
Network Solutions, within the Systems division, said. "All over
Europe broadcasters are gearing up for the transition to HD and
Thomson is in a unique position to provide to our customers an
extensive Systems know how and our technology to improve their
businesses and give them the competitive edge to succeed in the
broadcast marketplace."
Among the many pieces of Thomson Grass Valley(TM) HD production
equipment being installed as part of the new upgrade are two HD
video production switchers (Kayak(TM)) and a HD router
(Trinix(TM)). France 2 will also use an existing Grass Valley
control panel (XtenDD) in tandem with the new switchers.
Thomson was chosen as the system integrator based on its
performance on a number of other projects which it had completed
for France 2 and the short timetable that was required to finish
the buildout. The project was started at the end of March.
About Thomson
Thomson SA -- http://www.thomson.net/-- (Euronext Paris: 18453;
NYSE: TMS) provides technology, services, and systems to help
its Media, Entertainment & Communications clients - content
creators, content distributors and users of its technology -
realize their business goals and optimize their performance in a
rapidly changing technology environment.
* * *
As reported in the Troubled Company Reporter on April, 21, 2008,
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.
=============
G E R M A N Y
=============
ALFRED SCHOLTEN: Claims Registration Period Ends May 14
-------------------------------------------------------
Creditors of Alfred Scholten Architektur-und Ingenieurbuero GmbH
have until May 14, 2008, to register their claims with court-
appointed insolvency manager Dr. Frank Nikolaus.
Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.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 Essen
Meeting Hall 293
Second Floor
Zweigertstr. 52
45130 Essen
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. Frank Nikolaus
Alfredstr. 108-112
45131 Essen
Germany
The District Court of Essen opened bankruptcy proceedings
against Alfred Scholten Architektur-und Ingenieurbuero GmbH on
March 31, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
Alfred Scholten Architektur-und Ingenieurbuero GmbH
Brosweg 16-18
45239 Essen
Germany
ARIANA GMBH: Claims Registration Period Ends May 9
--------------------------------------------------
Creditors of ARIANA GmbH have until May 9, 2008, to register
their claims with court-appointed insolvency manager Karina
Schwarz.
Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on June 11, 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 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:
Karina Schwarz
Ernst-August-Platz 10
30159 Hannover
Germany
Tel: 0511 475339-0
Fax: 0511 475339-9
The District Court of Hannover opened bankruptcy proceedings
against ARIANA GmbH on April 7, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
ARIANA GmbH
Juister Weg 7
30163 Hannover
Germany
Attn: Heinz Noltenhans, Manager
Nuernberger Str. 1
30880 Laatzen
Germany
AUTO-CENTRUM F.U.G.: Claims Registration Period Ends May 9
----------------------------------------------------------
Creditors of Auto-Centrum F.U.G. GmbH Osnabrueck have until
May 9, 2008, to register their claims with court-appointed
insolvency manager Klaus Niemeyer.
Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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 Osnabrueck
Branch N 301
Kollegienwall 10
49074 Osnabrueck
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 Niemeyer
Schillerstr. 20
49074 Osnabrueck
Germany
Tel: 0541 / 33 85 00
Fax: 0541 / 33 850-50
The District Court of Osnabrueck opened bankruptcy proceedings
against Auto-Centrum F.U.G. GmbH Osnabrueck on April 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Auto-Centrum F.U.G. GmbH Osnabrueck
Pagenstecher Strasse 74
49090 Osnabrueck
Germany
Attn: Wolfgang Lukowski, Manager
Vordermuehlebach 8
6375 Beckenried/NW
Schweiz
Germany
AUTO SCHNEIDER: Claims Registration Period Ends May 14
------------------------------------------------------
Creditors of Auto Schneider Radebeul GmbH have until May 14,
2008, to register their claims with court-appointed insolvency
manager Dr. Rolf-Dieter Moenning.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Dresden
Hall D131
Olbrichtplatz 1
01099 Dresden
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. Rolf-Dieter Moenning
Heideparkstrasse 4
01099 Dresden
Germany
The District Court of Dresden opened bankruptcy proceedings
against Auto Schneider Radebeul GmbH on April 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Auto Schneider Radebeul GmbH
Koetzschenbroder Strasse 193
01139 Dresden
Germany
BAUUNTERNEHMEN KOETHER: Claims Registration Period Ends May 14
--------------------------------------------------------------
Creditors of Bauunternehmen Koether GmbH have until May 14,
2008, to register their claims with court-appointed insolvency
manager Stefan Neugebauer.
Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Goslar
House II-
Kaiserbleek 8
38640 Goslar
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 Neugebauer
Albert-Schweitzer-Str. 6
38226 Salzgitter
Germany
Tel: 05341/17808-3
Fax: 05341/17808-7
The District Court of Goslar opened bankruptcy proceedings
against Bauunternehmen Koether GmbH on March 12, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Bauunternehmen Koether GmbH
Attn: Michal Geng u. Martin Schoenewald,
Neustadt 1C
38729 Hahausen
Germany
BHG HANDEL: Claims Registration Period Ends May 14
--------------------------------------------------
Creditors of BHG Handel mit Baustoffen GmbH have until May 14,
2008, to register their claims with court-appointed insolvency
manager Dr. Volkhard Frenzel.
Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Dessau-Rosslau
Hall 121
Willy Lohmann Str. 33
Dessau Rosslau
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. Volkhard Frenzel
Magdeburger Strasse 23
06112 Halle
Germany
Tel: 0345/2311111
Fax: 0345/2311199
The District Court of Dessau-Rosslau opened bankruptcy
proceedings against BHG Handel mit Baustoffen GmbH on
April 1, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
BHG Handel mit Baustoffen GmbH
Am Eichengarten 15
06842 Dessau-Rosslau
Germany
CARAT GRUNDBESITZ: Claims Registration Period Ends May 14
---------------------------------------------------------
Creditors of Carat Grundbesitz GmbH & Co. KG have until May 14,
2008, to register their claims with court-appointed insolvency
manager Harald Silz.
Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on June 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Wiesbaden
Hall E 36 A
Third Floor
Building E
Moritzstrasse 5
65185 Wiesbaden
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:
Harald Silz
Adolfsallee 24
65185 Wiesbaden
Germany
Tel: 0611-150 40
Fax: 0611-301 774
The District Court of Wiesbaden opened bankruptcy proceedings
against Carat Grundbesitz GmbH & Co. KG on March 14, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Carat Grundbesitz GmbH & Co. KG
Am Klingenweg 13
65396 Walluf
Germany
CITY-HAUS BAUGESELLSCHAFT: Claims Registration Ends May 14
----------------------------------------------------------
Creditors of City-Haus Baugesellschaft mbH have until May 14,
2008, to register their claims with court-appointed insolvency
manager Udo Feser.
Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 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:
Udo Feser
Uhlandstrassße 165/166
10719 Berlin
Germany
The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against City-Haus Baugesellschaft mbH on April 1,
2008. Consequently, all pending proceedings against the company
have been automatically stayed.
The Debtor can be reached at:
City-Haus Baugesellschaft mbH
Alte Dorfstrasse 11a
15345 Altlandsberg
Germany
D & B DACHDECKEREI: Claims Registration Ends May 15
---------------------------------------------------
Creditors of D & B Dachdeckerei GmbH have until May 15, 2008 to
register their claims with court-appointed insolvency manager
Sebastian Laboga.
Claims will be verified at 10:05 a.m. on July 10, 2008 at:
The District Court of Charlottenburg
Hall 218
Second Floor
Amtsgerichtsplatz 1
14057 Berlin
Germany
Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.
The insolvency manager can be reached at:
Sebastian Laboga
Einemstr. 24
10785 Berlin
Germany
The District Court of Charlottenburg opened bankruptcy
proceedings against D & B Dachdeckerei GmbH on Feb. 13, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
D & B Dachdeckerei GmbH
Falkenhagener Str. 21
13585 Berlin
Germany
DORENWENDT BETEILIGUNGS: Claims Registration Period Ends May 12
---------------------------------------------------------------
Creditors of Dorenwendt Balkonsysteme GmbH & Co. KG have until
May 12, 2008, to register their claims with court-appointed
insolvency manager Peter Staufenbiel.
Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.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 Jena
Room 91
Jena
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Peter Staufenbiel
Untermarkt 12
99974 Muehlhausen
Germany
The District Court of Jena opened bankruptcy proceedings against
Dorenwendt Balkonsysteme GmbH & Co. KG on March 11, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Dorenwendt Balkonsysteme GmbH & Co. KG
Attn: Wolfgang Dorenwendt, Manager
Dingelstadter Strasse 4
37359 Wachstedt
Germany
DREILANDER WELLENBAD: Claims Registration Ends May 6
----------------------------------------------------
The court-appointed insolvency manager for Dreilander Wellenbad
GmbH, Karl Kasser will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:00 a.m. on
May 6, 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 9:00 a.m. on July 8, 2008 at the same venue.
Creditors have until May 15, 2008 to register their claims with
the court-appointed insolvency manager.
The insolvency manager can be reached at:
Karl Kasser
Rathausgasse 5
94481 Grafenau
Germany
Tel: 08552/1066-7
The District Court of Passau opened bankruptcy proceedings
against Dreilander Wellenbad GmbH on March 25, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Dreilander Wellenbad GmbH
Dorfstr. 47-50
94089 Neureichenau
Germany
ERWIN GLASNER: Claims Registration Period Ends May 14
-----------------------------------------------------
Creditors of Erwin Glasner Stuckgeschaft GmbH have until May 14,
2008, to register their claims with court-appointed insolvency
manager Dr. Winfried Andres.
Creditors and other interested parties are encouraged to attend
the meeting at 1:25 p.m. on May 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Essen
Meeting Hall 293
Second Floor
Zweigertstr. 52
45130 Essen
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. Winfried Andres
Heinrich-Held-Str. 16
45133 Essen
Germany
The District Court of Essen opened bankruptcy proceedings
against Erwin Glasner Stuckgeschaft GmbH on March 30, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Erwin Glasner Stuckgeschaft GmbH
Graf-Zeppelin-Str. 116
45219 Essen
Germany
ERWIN LAUBMEIER: Claims Registration Period Ends May 14
-------------------------------------------------------
Creditors of Erwin Laubmeier Steinmetz GmbH have until May 14,
2008, to register their claims with court-appointed insolvency
manager Rainer U. Mueller.
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 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:
Rainer U. Mueller
Schiessstattenstr. 15
86159 Augsburg
Germany
The District Court of Augsburg opened bankruptcy proceedings
against Erwin Laubmeier Steinmetz GmbH on March 6, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Erwin Laubmeier Steinmetz GmbH
Am Wasserberg 12
86441 Zusmarshausen
Germany
FRANZ KARL: Claims Registration Period Ends May 14
--------------------------------------------------
Creditors of Franz Karl GmbH have until May 14, 2008, to
register their claims with court-appointed insolvency manager
Dr. Christoph Junker.
Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on June 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Chemnitz
Hall 24
Fuerstenstrasse 21-23
09130 Chemnitz
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Christoph Junker
Horst-Menzel-Strasse 12-22
09112 Chemnitz
Germany
Tel: (0371) 3550505
Fax: (0371) 3550515
E-mail: chemnitz@junker-kollegen.de
The District Court of Chemnitz opened bankruptcy proceedings
against Franz Karl GmbH on April 1, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Franz Karl GmbH
Attn: Andrea Blank und Anne Blank
Scharfensteiner Strasse 25
09430 Venusberg
Germany
GEO-ADVENTURE GMBH: Claims Registration Period Ends May 14
----------------------------------------------------------
Creditors of Geo-Adventure GmbH have until May 14, 2008, to
register their claims with court-appointed insolvency manager
Hendrik Gittermann.
Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on June 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of 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:
Hendrik Gittermann
Am Sandtorkai 62
20457 Hamburg
Germany
The District Court of Hamburg opened bankruptcy proceedings
against Geo-Adventure GmbH on March 7, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Geo-Adventure GmbH
Gasstrasse 12
22761 Hamburg
Germany
GLASHUETTNER BACKSTUBE: Claims Registration Period Ends April 29
----------------------------------------------------------------
Creditors of Glashuettner Backstube GmbH have until
April 29, 2008, to register their claims with court-appointed
insolvency manager Matthias Hofmann.
Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on May 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Bayreuth
Meeting Hall 520
Friedrichstr. 18
Bayreuth
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:
Matthias Hofmann
Richard-Wagner-Strasse 64
95444 Bayreuth
Germany
Tel: 0921/76400-0
Fax: 0921/76400-11
The District Court of Bayreuth opened bankruptcy proceedings
against Glashuettner Backstube GmbH on April 8, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Glashuettner Backstube GmbH
Bayreuther Str. 24
95496 Glashuetten
Germany
GUSTO ITALIANO: Claims Registration Period Ends May 9
-----------------------------------------------------
Creditors of Gusto Italiano GmbH & Co. KG have until May 9,
2008, to register their claims with court-appointed insolvency
manager Christian Plail.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Augsburg
Law Courts
Meeting Room 162
Alten Einlass 1
86150 Augsburg
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Christian Plail
Eserwallstr. 1 - 3
86150 Augsburg
Germany
The District Court of Augsburg opened bankruptcy proceedings
against Gusto Italiano GmbH & Co. KG on April 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Gusto Italiano GmbH & Co. KG
Attn: Andreas Mueller, Manager
Oberer Graben 51
86152 Augsburg
Germany
HNA POSTLOGISTIK: Claims Registration Ends May 14
-------------------------------------------------
Creditors of HNA Postlogistik GmbH have until May 14, 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 11:00 a.m. on June 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Cologne
Meeting Hall 14
Ground Floor
Luxemburger Strasse 101
50939 Cologne
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Andreas Ringstmeier
Magnusstr. 13
50672 Cologne
Germany
The District Court of Cologne opened bankruptcy proceedings
against HNA Postlogistik GmbH on April 1, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
HNA Postlogistik GmbH
Attn: Jakob Mies and Joerg Wullkopf, Managers
Frankfurter Str. 168
34121 Kassel
Germany
HORST BINDER: Claims Registration Period Ends May 11
----------------------------------------------------
Creditors of Horst Binder Oelbrenner und Wartungs-GmbH have
until May 11, 2008, to register their claims with court-
appointed insolvency manager Thomas Kuehn.
Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 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 Charlottenburg
Hall 218
Second Floor
Amtsgerichtsplatz 1
14057 Berlin
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Thomas Kuehn
Luetzowstr. 100
10785 Berlin
Germany
The District Court of Charlottenburg opened bankruptcy
proceedings against Horst Binder Oelbrenner und Wartungs-GmbH on
Feb. 1, 2008. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
Horst Binder Oelbrenner und Wartungs-GmbH
Antonienstr. 39
13403 Berlin
Germany
INTEGRA ORTENAU: Claims Registration Period Ends May 10
-------------------------------------------------------
Creditors of Integra Ortenau GmbH have until May 10, 2008, to
register their claims with court-appointed insolvency manager
Heike Simon.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 20, 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 Offenburg
Hall 0005
Hindenburgstr. 5
77654 Offenburg
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:
Heike Simon
Munzinger Str. 1
79111 Freiburg
Germany
Website: www.kuebler-gbr.de
The District Court of Offenburg opened bankruptcy proceedings
against Integra Ortenau GmbH on April 1, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Integra Ortenau GmbH
Attn: Christian Beck, Manager
Schutterwalderstr. 1
77652 Offenburg
Germany
JOSEPH SCHWEND: Claims Registration Ends May 14
-----------------------------------------------
Creditors of Joseph Schwend GmbH & Cie have until May 14, 2008
to register their claims with court-appointed insolvency manager
Andreas Fischer.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of 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:
Andreas Fischer
Erbprinzenstr. 27
76133 Karlsruhe
Germany
The District Court of Baden-Baden opened bankruptcy proceedings
against Joseph Schwend GmbH & Cie on March 20, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Joseph Schwend GmbH & Cie
Attn: Michael Schwend, Manager
Dr.-Rudolf-Eberle-Str. 11-13
76534 Baden-Baden
Germany
PHG SPEDITIONS: Claims Registration Ends May 14
-----------------------------------------------
Creditors of PHG Speditions GmbH & Co. KG have until May 14,
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 9:00 a.m. on June 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of 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:
Hans-Peter Burghardt
Bunsenstr. 3
32052 Herford
Germany
Tel: 05221/69 30 731
Fax: +4952216930691
The District Court of Bielefeld opened bankruptcy proceedings
against PHG Speditions GmbH & Co. KG on March 31, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
PHG Speditions GmbH & Co. KG
Attn: Friedrich Schneider, Manager
Herringhauser Str. 35
32051 Herford
Germany
PRO FUTURE: Claims Registration Period Ends May 10
--------------------------------------------------
Creditors of Pro Future Unternehmensberatung GmbH have until
May 10, 2008, to register their claims with court-appointed
insolvency manager Ruediger Wienberg.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Charlottenburg
Hall 218
Second Floor
Amtsgerichtsplatz 1
14057 Berlin
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Ruediger Wienberg
Giesebrechtstr. 1
10629 Berlin
Germany
The District Court of Charlottenburg opened bankruptcy
proceedings against Pro Future Unternehmensberatung GmbH on
March 18, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
Pro Future Unternehmensberatung GmbH
Kantstr. 115
10627 Berlin
Germany
SAUNA - FREIZEITTREFF: Claims Registration Period Ends May 10
-------------------------------------------------------------
Creditors of Sauna - Freizeittreff SUDBAD GmbH have until
May 10, 2008, to register their claims with court-appointed
insolvency manager Sabine Feuerborn.
Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 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. Sabine Feuerborn
Else-Lang-Str. 1
50858 Cologne
Germany
Tel: 285 547-0
Fax: +4922128554729
The District Court of Cologne opened bankruptcy proceedings
against Sauna - Freizeittreff SUDBAD GmbH on March 27, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Sauna - Freizeittreff SUDBAD GmbH
Attn: Heinz Guenter Wachendorf, Manager
Mathias-Brueggen-Str. 10-12
50827 Cologne
Germany
SCHMAUSS GMBH: Claims Registration Period Ends May 9
----------------------------------------------------
Creditors of Schmauss GmbH have until May 9, 2008, to register
their claims with court-appointed insolvency manager Dr. Helmut
Hemmerling.
Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Pforzheim
Hall 142 N
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. Helmut Hemmerling
Heilbronner Str. 86
70191 Stuttgart
Germany
The District Court of Pforzheim opened bankruptcy proceedings
against Schmauss GmbH on April 4, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Schmauss GmbH
Attn: Michael Schmauss, Manager
Wurmberger Str. 32
75446 Wiernsheim
Germany
SEMERKANT GMBH: Claims Registration Period Ends May 10
------------------------------------------------------
Creditors of Semerkant GmbH have until May 10, 2008, to register
their claims with court-appointed insolvency manager Hubert
Ampferl.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Munich
Meeting Hall 102
Infanteriestr. 5
80097 Munich
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Hubert Ampferl
Nymphenburger Str. 20
80335 Munich
Germany
Tel: 089/3090586-0
Fax: 089/3090586-10
The District Court of Munich opened bankruptcy proceedings
against Semerkant GmbH on March 18, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Semerkant GmbH
Attn: Ammar Sanaullah, Manager
St.-Michael Str. 3
81673 Munich
Germany
SKOTTY GMBH: Claims Registration Ends May 14
--------------------------------------------
Creditors of Skotty GmbH & Co. KG have until May 14, 2008 to
register their claims with court-appointed insolvency manager
Dr. Georg Bernsau.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Offenbach am Main
Hall 162N
First Floor
Kaiserstrasse 16-18
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:
Dr. Georg Bernsau
Zeilweg 42, D
60439 Frankfurt am Main
Germany
Tel: 069/963761-130
Fax: 069/963761-145
The District Court of Offenbach am Main opened bankruptcy
proceedings against Skotty GmbH & Co. KG on April 9, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Skotty GmbH & Co. KG
Hubertusweg 12
63303 Dreieich
Germany
TOURISTIK SERVICE: Claims Registration Period Ends May 9
--------------------------------------------------------
Creditors of Touristik Service Putbus GmbH have until May 9,
2008, to register their claims with court-appointed insolvency
manager Hannelore Krueger - Knief.
Creditors and other interested parties are encouraged to attend
the meeting at 11:10 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:
Hannelore Krueger - Knief
Bonner Str. 172-176
50968 Koeln
Germany
The District Court of Cologne opened bankruptcy proceedings
against Touristik Service Putbus GmbH on March 20, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Touristik Service Putbus GmbH
Attn: Ingolf Zera, Manager
Frankfurter Strasse 540
51145 Koeln
Germany
UNION SG: Claims Registration Period Ends May 12
------------------------------------------------
Creditors of Union SG Marketing & Werbung GmbH have until
May 12, 2008, to register their claims with court-appointed
insolvency manager Birger Wilhelm.
Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Luebeck
Hall 256
Am Burgfeld 7
23568 Luebeck
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. Birger Wilhelm
Roeckstr. 1
23568 Luebeck
Germany
The District Court of Luebeck opened bankruptcy proceedings
against Union SG Marketing & Werbung GmbH on April 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Union SG Marketing & Werbung GmbH
Attn: Gunnar Schwardt, Manager
Wahmstr. 35-37
23552 Luebeck
Germany
WESTLB AG: Mandates Joint Leads for Public Jumbo Pfandbrief
-----------------------------------------------------------
WestLB AG has mandated Deutsche Bank, Morgan Stanley, Societe
Generale and WestLB for the next jumbo public Pfandbrief issue.
The transaction will have benchmark size and a medium maturity.
The Bank is demonstrating its commitment to build a liquid
benchmark curve for WestLB's investors in the Covered Bond
markets.
The Pfandbrief will help to fund WestLB´s growing state and
municipal lending business and to diversify its investor base.
WestLB has long-standing expertise in public Pfandbrief
issuance. Prior to its transformation into a joint stock company
and the loss of its right to issue Pfandbriefe in 2002, the
former Westdeutsche Landesbank Girozentrale was one of Germany´s
largest Pfandbrief issuers.
Following the inaugural EUR1.25 billion 10-year issue in 2006
and three benchmark Pfandbrief issues in 2007 (thereof two in
jumbo format), WestLB continues to expand the jumbo Pfandbrief
curve with this transaction.
About WestLB
Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory,
lending, structured finance, project finance, capital markets
and private equity products, asset management, transaction
services and real estate finance to institutions.
In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.
WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).
* * *
In January 2008, Fitch Rating downgraded WestLB AG's Individual
rating to 'F' from 'D/E' and removed the Rating Watch Negative.
WESTIS CAR: Claims Registration Ends May 14
-------------------------------------------
Creditors of Westis Car Shop GmbH have until May 14, 2008 to
register their claims with court-appointed insolvency manager
Dr. Holger Lessing.
Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on June 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Offenbach am Main
Hall 162N
First Floor
Kaiserstrasse 16-18
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:
Dr. Holger Lessing
Hanauer Landstr. 287-289, D
60314 Frankfurt am Main
Germany
Tel: 069/15051-300
Fax: 069/15051-400
The District Court of Offenbach am Main opened bankruptcy
proceedings against Westis Car Shop GmbH on April 3, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Westis Car Shop GmbH
Offenbacher Street
63165 Muehlheim am Main
Germany
Attn: Ralf Hofmann, Manager
Ringstr. 42
63843 Niedernberg
Germany
=============
H U N G A R Y
=============
CLEAR CHANNEL: Unit Wins Nine-Year Contract for Budapest Airport
----------------------------------------------------------------
Clear Channel Outdoor, a unit of Clear Channel Communications
Inc., has been selected by Budapest Airport for a nine-year
contract for all advertising inside and outside the airport
terminals as well as on the airport's access road.
Budapest is the largest Hungarian airport with over 8.6 million
passengers in 2007 and is a key airport for travel through the
region. Substantial growth is forecast for the airport in the
coming years as it proceeds to develop into a hub for Eastern
Europe. To facilitate this growth Hochtief, the German company
that operates Budapest airport and also handles six other
airports including Athens, Hamburg and Sydney, has committed to
significant investment in infrastructure at Budapest airport.
"Following the recent renewal of our contracts at the Oslo and
Helsinki airports, the contract for Budapest not only
strengthens our European airport offerings, but also helps
solidify our global leadership in this increasingly important
advertising sector," Paul Meyer, Global President and COO of
Clear Channel Outdoor, said.
Clear Channel Outdoor was selected for exclusive advertising
rights following a thorough review process that included both
local and international competitors. As part of the agreement,
Clear Channel Outdoor will set up a local sales office and also
develop international business in conjunction with its global
network of airports.
"We are very pleased with the outcome of the tender exercise,
which saw the appointment of an experienced and professional
operator that is committed to work with us to bring new
standards of excellence across all elements of airport
advertising," Bob McFadyen, Retail Director of Budapest Airport,
said.
Clear Channel Outdoor is an airport advertising operator with a
total of some 300 airports in the US, Europe and Asia.
Globally, Clear Channel airports provide 1.5 billion targeted
advertising exposures annually.
About Clear Channel
Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers. The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand. As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.
* * *
In March 2008, Standard & Poor's Ratings Services said its
ratings on Clear Channel Communications Inc., including the 'B+'
corporate credit rating, remain on CreditWatch with negative
implications.
Fitch Ratings stated that in line with previous guidance, Clear
Channel Communications' 'BB-' Issuer Default Rating and Senior
Unsecured Ratings would remain in place if the going-private
transaction is not completed.
Moody's stated that assuming the transaction is completed as
currently contemplated, Clear Channel will likely be assigned a
Corporate Family Rating of B2 and the rating on the existing
senior notes is likely to be notched down to Caa1 based on their
expected subordination to the new senior secured debt facilities
and the new senior notes.
=============
I R E L A N D
=============
ARDAGH GLASS: Improved Performance Cues S&P to Lift Rating to B+
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Ireland-based glass-container
manufacturer Ardagh Glass Group PLC to 'B+' from 'B'. The
outlook is positive.
In addition, we raised the ratings on the group's EUR310 million
senior notes issued by Ardagh Glass Finance PLC, EUR175 million
callable sub bonds issued by Ardagh Glass B.V., and the EUR125
million payment-in-kind notes issued by Ardagh Glass Group PLC
to 'B-' from 'CCC+'.
"The rating action reflects continued strengthening of Ardagh's
profitability and cash flows, and the resulting improvement in
credit protection measures in 2007," said Standard & Poor's
credit analyst Izabela Listowska. "Furthermore, we expect that
the company will be able to maintain its positive operating
trend in the near term given the current favorable industry
outlook and internal fixed cost savings potential.
This is likely to aid a sustained improvement in credit
measures, which are currently well in line with the ratings. In
2007, Ardagh's adjusted debt to EBITDA was 4.8x and funds from
operations (FFO) to debt about 15% pro forma for the acquisition
of the glass unit of Rexam PLC (BBB/Negative/A-3), completed in
June 2007.
The ratings on Ardagh continue to reflect the group's highly
leveraged financial profile following the acquisition of Rexam
Glass in a primarily debt-financed transaction, exposure to
volatile energy prices, and high capital intensity. These
factors are tempered to some extent by the group's leading
position as one of the largest glass-packaging providers in
Europe, relatively recession-resistant end markets, advanced
production technology, and a well invested asset base. On Dec.
31, 2007, the group reported total debt of EUR935.2 million.
"The positive outlook reflects our expectation that the ratings
on Ardagh could be raised by one notch in the near to medium
term if the group maintains its positive operating trend and its
credit measures continue to demonstrate sustained improvements,"
said Ms. Listowska.
=========
I T A L Y
=========
ALITALIA SPA: Air France-KLM Formally Withdraws Binding Offer
-------------------------------------------------------------
Air France-KLM SA has formally withdrawn its binding offer to
acquire the Italian government's 49.9% stake in Alitalia S.p.A.,
Chris Staiti and Andrew Davis write for Bloomberg News.
According to Air France, the report adds, the agreement
disclosed last March 14 was "no longer valid" since the
conditions that needed to be met "were not fulfilled."
As previously reported in the TCR-Europe, Air France, Alitalia
and its unions had expressed willingness to resume sale
negotiations, which was stalled after the parties failed to
reach an agreement on the French carrier's offer.
Air France CEO Jean Cyril Spinetta said the airline will not
submit a new offer, stressing that the amended plans presented
to unions during the negotiations was the only one that would
enable Alitalia to return to profitability within a short time.
Alitalia chairman Aristide Police had recommended the resumption
of negotiations between the parties.
Prime Minister-elect Silvio Berlusconi had said he might accept
an acquisition of Alitalia by Air France through a tie-up
between the carriers. Mr. Berlusconi said Alitalia could be a
part of a "three-way merger of equals," referring to becoming a
possible third carrier to the merger of Air France and KLM Royal
Dutch Airlines.
Bridging Loan
Gianni Letta, an adviser to Mr. Berlusconi, and nephew Enrico,
undersecretary to current Prime Minister Enrico Prodi, have
agreed to press for a EUR150 million emergency bridging loan for
Alitalia, Bloomberg News relates. They also agreed to work on a
joint strategy to sell Alitalia before its cash runs out.
As of March 31, 2008, Alitalia had EUR170 million in cash and
credits available to finance its operations. The government had
pledged to grant Alitalia a EUR300 million bridging loan if the
sale of its 49.9% stake to Air France pushes through.
The Italian carrier said in January 2008 that it needs to raise
EUR750 million in fresh funds in the first half of the year to
remain at "adequate operating levels."
Italian Bidders
AirOne S.p.A., banks led by Intesa Sanpaolo S.p.A. and Italian
businessmen led by Mr. Berlusconi adviser Bruno Ermolli may form
a group to bid for Alitalia, Bloomberg News says, citing an
unsourced Il Messaggero report.
According to Il Messaggero, AirOne will own 40% of the bidding
vehicle, the banks will control 40% and Mr. Bruno's group will
hold 20%.
Mr. Berluconi has been insisting that an Italian consortium will
present a binding offer for Italy's 49.9% stake in Alitalia in
less than a month.
About Alitalia
Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes. The Italian government owns 49.9%
of Alitalia. The company has operations in Argentina.
Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively. Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.
Italian Finance Minister Tommaso Padoa-Schioppa had said that if
the sale to Air France fails, Alitalia may seek protection from
creditors and the government would appoint a special
commissioner to initiate bankruptcy proceedings.
ALITALIA SPA: OAO Aeroflot to Resume Talks over Italy's Stake
-------------------------------------------------------------
OAO Aeroflot will resume negotiations with Alitalia S.p.A. over
the sale of the government's 49.9% stake in the Italian carrier,
Reuters reports say, citing Russian President Vladimir Putin.
Mr. Putin, after speaking with Aeroflot chairman Alexander
Zurabov, said the Russian carrier is ready to resume contact
with Alitalia, Reuters saysreports.
Mr Putin noted that Alitalia's condition is complicated, citing
the airline's debt and profitability problems as well as the
need to convince the Italian government and the unions to accept
it possible offer, Reuters relates.
Aeroflot CEO Valery Okulov, however, told Russia Today that the
carrier is not planning to submit a second bid for Alitalia.
"I believe we gained useful experience by participating in an
Alitalia privatization tender, but the information we have does
not inspire sufficient optimism to participate in the project
for a second time."
Italy's Prime Minister-elect Silvio Berlusconi welcomed
Aeroflot's possible offer, adding that they are open to all
options to revive Alitalia as along as the it remains the
national carrier headquartered in the country.
As reported in the TCR-Europe on April 3, 2008, an Aeroflot
spokesman said it may submit a proposal to acquire Italy's stake
in Alitalia S.p.A. if talks between Air France-KLM SA and the
national carrier's unions fail. Aeroflot and financial backer
UniCredit S.p.A. had joined the preliminary rounds of bidding
for Alitalia, but withdrew.
Air France has withdrawn its bid for Alitalia, but said it may
resume talks with the carrier and its unions. Alitalia chairman
Aristide Police has recommended the resumption of negotiations
between the parties.
About Alitalia
Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes. The Italian government owns 49.9%
of Alitalia. The company has operations in Argentina.
Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively. Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.
Italian Finance Minister Tommaso Padoa-Schioppa had said that if
the sale to Air France fails, Alitalia may seek protection from
creditors and the government would appoint a special
commissioner to initiate bankruptcy proceedings.
FIAT SPA: Targets In Line With Expectations Amid Poor Car Market
----------------------------------------------------------------
Sergio Marchionne, chief executive of Fiat SpA, said results for
the first quarter are completely in line with expectations
despite the poor state of the auto market, Reuters reports.
Mr. Marchionne, Reuters relates, confirmed the group's financial
targets for the year amid weaker sales. The Italian car marker
aims a higher trading profit of up to EUR3.6 billion (US$5.7
billion).
"Obviously, the market is taking it that conditions are worse
than they were before," an analyst was quoted by the paper as
saying.
The company will hold a conference call on April 24, 2008 at
4:00 p.m. (CET) to discuss the results for the first quarter.
About Fiat
Turin, Italy-based Fiat SpA -- http://www.fiatgroup.com/--
(BIT:F) is principally engaged in the design, manufacture and
sale of automobiles, trucks, wheel loaders, excavators,
telehandlers, tractors and combine harvesters. Through its
subsidiaries, Fiat operates mainly in five business areas:
Automobiles, including sectors led by Maserati SpA, Ferrari SpA
and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and
Construction Equipment, which is led by Case New Holland Global
NV; Trucks and Commercial Vehicles, which is led by Iveco SpA;
Components and Production Systems, which includes the sectors
led by Magneti Marelli Holding SpA, Teksid SpA, Comau SpA and
Fiat Powertrain Technologies SpA, and Other Businesses, which
includes the sectors led by Fiat Services SpA, a publishing
house Editrice La Stampa SpA and an advertising agency
Publikompass SpA.
Outside Europe, the company has subsidiaries in the United
States, Japan, India, China, Mexico, Brazil and Argentina, among
others.
* * *
As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries
Ba3 Corporate Family and Senior Unsecured ratings from Moody's
Investors Service, which said the outlook is positive.
The company carries Standard & Poor's Ratings Services' BB long-
term corporate credit rating. The company also carries B short-
term rating. S&P said the outlook is stable.
PARMALAT SPA: Cannot Seek Damages vs Banks, Says Milan Court
------------------------------------------------------------
A judge in Milan, Italy, issued a ruling April 18, 2008,
excluding Parmalat S.p.A. as civil party in the market rigging
lawsuit against Citigroup Inc., UBS AG, Deutsche Bank AG, Morgan
Stanley and nine individuals, Bankruptcy Law360 reports.
As reported in the TCR-Europe, Milan prosecutors accused the
banks of disguising the terms of Parmalat bond sales and other
financing from investors, thus helping the dairy company conceal
its financial situation. The trial commenced in January and
will resume in July.
Lawyers for the banks had rejected claims that the concerned
firms, as well as their current and former managers, withheld
information on Parmalat's true financial situation prior to its
collapse.
Parmalat, meanwhile, said the Milan ruling has no effect on its
ability to claim damages, since these will be its object in the
bankruptcy proceedings pending before a court in Parma, Italy.
About Parmalat
Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months. It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.
The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors. When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts. The U.S. Debtors emerged from
bankruptcy on April 13, 2005.
Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases. The Parma Court has declared the units
insolvent.
On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.
Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A. The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases. On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York. In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators. Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.
The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases. On June 21, 2007, the U.S. Court Granted
Parmalat Permanent Injunction.
===================
K A Z A K H S T A N
===================
ALKE-BURVODSTROY LLP: Creditors Must File Claims by June 10
-----------------------------------------------------------
LLP Joint Enterprise Alke-Burvodstroy has declared insolvency.
Creditors have until June 10, 2008, to submit written proofs of
claims to:
LLP Joint Enterprise Alke-Burvodstroy
Temirlanovskoye Highway
Shymkent
South Kazakhstan
Kazakhstan
BTA BANK: Earns US$538 Million for Financial Year 2007
------------------------------------------------------
The BTA Group almost doubled its net profit for full year 2007
to US$538 million, with its loan portfolio increased by 87% to
US$19.8 billion.
The net interest margin rose to 6.0% from 4.2% during the period
under review.
Consolidated assets of BTA group rose by 56% in 2007 to
US$25.5 billion as of Jan. 1, 2008. The asset growth has
benefited from a 30% growth of customer deposits, a 62% increase
in securities issue, a 41% surge in funds of lending agencies
and widening of the equity capital. The equity capital made
US$3.8 billion at the end of the reporting year.
Customer deposits as of the key date stood at US$5.4 billion,
including:
* US$3.1 billion of corporate deposits, a 28% annual growth;
and
* US$2.3 billion retail deposits, 34% up.
BTA Group accounted for 25.5% of all banking assets in
Kazakhstan as of the reporting date (22.8% as of Jan. 1, 2007),
and accounted for 23.7% of all deposits (24.9% falling on
deposits from entities and 19.5% of retail deposits).
Forecast of 2008 Financial Highlights
In 2008 and 2009, the Bank will focus its efforts to support
small and medium-sized enterprises and provide a broad range of
services to individuals.
With a view to improve its risk management policy this year BTA
gradually curtails lending to borrowers in the CIS countries and
builds up local lending. The Bank is also to continue use of
local deposits to edge out the foreign borrowings.
Consequently, the share of foreign borrowings in its liabilities
will drop and that of local deposits will increase. In 2008, the
Bank projects a 20% growth of assets.
It plans to increase the equity capital by 17% and loan
portfolio by 21%. BTA expects quality of the loan portfolio
remains at the level of 2006 and 2007, which is not more than a
5.5% share of provisions in the loan portfolio.
About BTA Bank
Headquartered in Almaty, Kazakhstan, JSC BTA Bank --
http://bta.kz/en/-- is among biggest banks and leader in
creation of banking network in CIS.
BTA operating in the CIS and far-abroad countries is expanding
into the CIS countries. Activities of its strategic bank
partners cover Ukraine, 4 regions in Russia, Belarus, Georgia,
Armenia, Kyrgyzstan and Turkey. BTA runs its representative
offices in Russia, Ukraine, China and the United Arab Emirates.
In Kazakhstan, BTA's network consists of 22 branches and 256
cash settlement units.
* * *
As reported in the TCR-Europe on Dec. 19, 2007, Standard &
Poor's Ratings Services revised its outlook on Bank TuranAlem
(BB/B) to negative from stable.
Bank TuranAlem carries Long-term foreign currency IDR at BB+
from Fitch Ratings, which said the Outlook was Stable.
The company also carries Ba1 Foreign Currency Subordinate Debt
Ratings, Ba2 Foreign Currency Junior Subordinate Debt Rating and
D- Bank Financial Strength Rating from Moody's Investor Service.
HAVEN HOUSE: Claims Deadline Slated for June 6
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Haven House insolvent on Feb. 26, 2008.
Creditors have until June 6, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Kostanai
Gogol Str. 177a
Kostanai
Kazakhstan
HI ESPES: Claims Filing Period Ends June 10
-------------------------------------------
LLP Hi Espes International has declared insolvency. Creditors
have until June 10, 2008, to submit written proofs of claims to:
LLP Hi Espes International
Auezov Str. 2
050000, Almaty
Kazakhstan
Tel: 8 (7272) 77-84-77
JILSTROY-DSH LLP: Creditors' Claims Due on June 6
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Jilstroy-DSH insolvent on March 11, 2008.
Creditors have until June 6, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Astana
Room 216
Manas Str. 2
010000, Astana
Kazakhstan
Tel: 8 (7172) 37-40-09
KAIRAT-ALMATY KTJ: Claims Registration Ends June 10
---------------------------------------------------
JSC Kairat-Almaty KTJ has declared insolvency. Creditors have
until June 10, 2008, to submit written proofs of claims to:
JSC Kairat-Almaty KTJ
Kablukov Str. 30
Almaty
Kazakhstan
SMILE ASTANA: Claims Deadline Slated for June 6
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Smile Astana insolvent on March 11, 2008.
Creditors have until June 6, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Astana
Room 216
Manas Str. 2
010000, Astana
Kazakhstan
Tel: 8 (7172) 37-40-09
TSENTR TRAKTORNYH: Claims Filing Period Ends June 6
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Tsentr Traktornyh Zapchastei insolvent on Feb. 26,
2008.
Creditors have until June 6, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Kostanai
Gogol Str. 177a
Kostanai
Kazakhstan
===================
K Y R G Y Z S T A N
===================
ACTIVESTROY LLC: Creditors Must File Claims by June 6
-----------------------------------------------------
LLC Construction Company Activestroy has declared insolvency.
Creditors have until June 6, 2008 to submit written proofs of
claim to:
LLC Construction Company Activestroy
Krasnovodsky Side Street 1b-1
Bishkek
Kyrgyzstan
Tel: (0-772) 37-78-94
=====================
N E T H E R L A N D S
=====================
SHAW GROUP: Earns US$8.9 Million in Quarter Ended February 29
-------------------------------------------------------------
The Shaw Group Inc. reported net income of US$8.9 million, or
US$0.11 per diluted share for the three months ended February
29, 2008. Net income excluding the Westinghouse segment was
US$37.3 million, or US$0.44 per diluted share. The Westinghouse
segment included a non-cash, pre-tax, foreign exchange
translation loss of US$40.6 million. In comparison, for the
three months ended February 28, 2007, Shaw reported a net loss
of US$61.5 million, or US$0.77 per diluted share. Excluding the
Westinghouse segment, the prior year net loss for the period was
US$74.6 million, or US$0.93 per diluted share.
Earnings before interest expense, income taxes, depreciation and
amortization for the second quarter of fiscal 2008, excluding
the Westinghouse segment, were US$78.6 million, compared to a
loss of US$76.0 million before interest expense, income taxes,
depreciation and amortization in the prior year period.
"All of our business segments experienced revenue and earnings
growth for the first half of fiscal 2008 compared to the prior
year period, and we continue to generate strong operating cash
flow," J.M. Bernhard Jr., Shaw's chairman, president and chief
executive officer, said. "Each segment performed well during
the second quarter with the exception of the Environmental and
Infrastructure segment, which performed below expectations. Our
Fabrication & Manufacturing segment achieved record revenues and
gross profit in the period as the business continues to execute
its capacity expansion program. The Fossil & Nuclear segment
also posted record revenues as work progresses on major air
quality control projects, supercritical clean coal-fired power
projects and the four AP1000 nuclear reactors in China.
"Recent agreements with SCANA and Progress Energy, along with
our EPC contract with Southern Company, indicate that the
nuclear renaissance in the U.S. is well underway," Mr. Bernhard
continued. "With our solid financial position, strong project
portfolio and the phasing of our projects under execution, we
continue to forecast increased earnings in the second half of
2008 and beyond."
Net cash provided by operating activities totaled a record
US$196.2 million for the second quarter of fiscal 2008, compared
to US$22.5 million in the second quarter of fiscal 2007. At
February 29, 2008, Shaw's total cash balance was approximately
US$665 million, up approximately US$304 million from the start
of fiscal year 2008.
Revenues for the second quarter of fiscal 2008 were US$1.7
billion, up 37 percent from US$1.2 billion in the corresponding
2007 period.
The reported results for the second quarter of 2008, excluding
the Westinghouse segment, include a 42 percent tax provision,
reflecting a higher tax provision than in previous periods due
to a shift in earnings to less favorably taxed jurisdictions.
Shaw's backlog of unfilled orders at February 29, 2008, was a
strong US$14.2 billion, up 26 percent from the prior year
period, with approximately US$5.6 billion, or 39 percent, of the
backlog expected to be converted to revenues during the next 12
months.
The Shaw Group Inc. (NYSE:SGR) -- http://www.shawgrp.com/--
provides technology, engineering, procurement, construction,
maintenance, fabrication, manufacturing, consulting, remediation
and facilities management services for government and private
sector clients in the energy, chemicals, environmental,
infrastructure and emergency response markets. A Fortune 500
company with nearly $6 billion in annual revenues, Shaw is
headquartered in Baton Rouge, La., and employs approximately
27,000 people at its offices and operations in North America,
South America, Europe, the Middle East and the Asia-Pacific
region. In South America, the company has locations in Chile,
Venezuela, and Puerto Rico. The company's facilities in Europe
are located in the United Kingdom and Netherlands. Show Group's
Asia operations are located in Korea, China, Malaysia and
Indonesia.
* * *
As reported in the Troubled Company Reporter on April 21, 2008,
Moody's Investors Service has upgraded the corporate family
rating of The Shaw Group, Inc. to Ba1 from Ba2. In addition,
Moody's raised the rating on the company's senior secured bank
credit facility to Ba1 from Ba2. The rating outlook is stable.
===========
R U S S I A
===========
AGRODAR OJSC: Court Names Sh. Dzhabrailova as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Dagestan appointed Sh. Dzhabrailova as
Insolvency Manager for OJSC Agrodar. She can be reached at:
Sh. Dzhabrailova
Umakhanova Per. 12
Makhachkala
367008 Dagestan
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A15-951/2007.
The Debtor can be reached at:
Sh. Dzhabrailova
Umakhanova Per. 12
Makhachkala
367008 Dagestan
Russia
BAYKAL-BALTIC TIMBER: Names I. Osipov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Irkutsk appointed I. Osipov as
Insolvency Manager for LLC Baykal-Baltic Timber Company. He can
be reached at:
I. Osipov
4th Zheleznovodskaya 52-2
664039 Irkutsk
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A19-104/08-60.
The Court is located at:
The Arbitration Court of Irkutsk
Room 303
Gagarina Avenue 70
664025 Irkutsk
Russia
The Debtor can be reached at:
I. Osipov
4th Zheleznovodskaya 52-2
664039 Irkutsk
Russia
CRYSTAL LLC: Creditors Must File Claims by May 22
-------------------------------------------------
Creditors of LLC Crystal have until May 22, 2008, to submit
proofs of claim to:
A. Terlyakov
Insolvency Manager
Marshala Timoshenko Str. 17/2, 385
121359 Moscow
Russia
The Arbitration Court of Moscow commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A54-3962/2007 C.
The Court is located at:
The Arbitration Court of Moscow
Novaya Basmannaya Str. 10
Moscow
Russia
The Debtor can be reached at:
LLC Crystal
Gorkogo Str. 48
Shatsk
391550 Ryazan
Russia
KARBO LLC: Moscow Bankruptcy Hearing Slated for August 12
---------------------------------------------------------
The Arbitration Court of Moscow will convene at 10:00 a.m. on
Aug. 12, 2008, to hear the bankruptcy supervision procedure on
LLC Karbo. The case is docketed under Case No. A40-6603/
08-38-19B.
The Temporary Insolvency Manager is:
A. Suchkov
Post User Box 24
127434 Moscow
Russia
The Court is located at:
The Arbitration Court of Moscow
Novaya Basmannaya Str. 10
Moscow
Russia
The Debtor can be reached at:
LLC Karbo
2nd Brestskaya Str. 8
125047 Moscow
Russia
KHOLOD-MASH OJSC: Court Names V. Shemigon as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Yaroslavl appointed V. Shemigon as
Insolvency Manager for OJSC Kholod-Mash. He can be reached at:
V. Shemigon
Post User Box 99
105005 Moscow
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A82-17100/05-3-?/71.
The Debtor can be reached at:
OJSC Kholod-Mash
Gromova Str. 9
150061 Yaroslavl
Russia
MIRAX GROUP: Fitch Maintains Watch on Liquidity Concerns
--------------------------------------------------------
Fitch Ratings is keeping Russian construction company LLC Mirax
Group's ratings of Long-term foreign and local currency Issuer
Default 'B', Short-term IDR 'B' and National Long-term 'BBB-
(rus)' on Rating Watch Negative.
This action relates to heightened concerns over Mirax's short-
term liquidity position, which has shown signs of weakening over
recent months and has therefore created a degree of short-term
refinancing risk. This is in addition to concerns previously
flagged by Fitch regarding Mirax's recent group re-structuring,
which caused the ratings to be put on RWN on March 14, 2008.
Following a detailed assessment of Mirax's liquidity position,
it is apparent that Mirax's liquidity has weakened over recent
months, with short-term debt (debt maturing within the next 12
months) increasing by approximately US$417 million to US$454
million over the past 12 months to April 2008. Short-term debt
currently represents 54% of total debt, compared to 9% in April
2007. The largest portion of this short-term debt relates to a
US$200m bridge facility with a Russian bank, which is set to
mature in May 2008. According to Mirax's management, this debt
will be converted into long-term debt upon completion of a
specific real estate transaction, which itself is close to
completion. However, the fact that the extension of this debt
is reliant upon the closure of the real estate deal does create
a degree of short-term refinancing risk in Fitch's opinion.
Even looking beyond this specific short-term refinancing risk,
Fitch has more general concerns about Mirax's liquidity
management, which has seen short-term debt increase without a
proportional increase in sources of back-up liquidity. Fitch
continues to view cash on balance sheet as Mirax's main source
of liquidity, given that the company has no legally committed
undrawn credit facilities and is currently free cash flow
negative due to its cost-intensive project development program.
As of April 7, 2008, Mirax had approximately US$156 million of
available cash, therefore giving Mirax a liquidity score
(measured as cash reserves plus undrawn committed credit
facilities plus free cash flow/short term debt plus committed
investments) of 0.2x. A score below 1x represents a significant
liquidity risk. Fitch also notes that Mirax holds a sizeable
'property reserve' (i.e. a portfolio of partially and fully
built property held for treasury purposes rather than instant
sale), estimated by the company to be worth US$960 million (as
of April 2008). While owning assets of this value certainly
enhances Mirax's balance sheet, Fitch does not consider property
assets to be a highly reliable source of liquidity, and
therefore excludes it from its liquidity score calculations.
Following discussions with Mirax's management, Fitch is aware of
current efforts by Mirax to tighten its general liquidity
policies, including new policies introduced in April, which
require:
(i) an increase in the minimum level of cash kept on
balance sheet, up to US$300 million from
US$100 million;
(ii) all new projects to be funded with long-term debt (in
the past, certain projects were funded on a short-term
basis); and
(iii) faster recycling of cash from the company's property
developments.
Mirax is also in advanced negotiations with various parties to
bring in a sizable amount of new capital into the group over the
near-term, which, if successful, will materially improve the
company's liquidity position. Should Mirax be successful in
securing this new financing and implementing its new liquidity
policies, Fitch believes Mirax's liquidity score should increase
to over 1x in the near future (the next three-to-six months) and
remain at this level for a sustainable period of time, which is
commensurate with Mirax's Long-term IDR of 'B'.
However, these actions have yet to be completed, and until they
are finalized the risk will remain on the downside. As such,
Fitch is extending its existing RWN to now also incorporate
liquidity concerns as well as group structure changes.
Specifically, a downgrade in the ratings is now likely to occur
if one of the following events occurs:
(i) Mirax is unsuccessful in refinancing its immediate
short-term debt maturities within the next two-to-four
weeks (i.e. the bridge facility);
(ii) Mirax is unsuccessful in raising new longer-term
finance over the next three-to-six months;
(iii) Mirax is unsuccessful in implementing its new liquidity
policies (such as establishing a minimum cash on
balance sheet of US$300 million) over the next three-
to-six months; or
(iv) Fitch's ongoing analysis of recent group structure
changes concludes that the creditworthiness of LLC
Mirax Group has materially deteriorated due to these
structural changes. Any rating downgrade could be by
more than one notch.
NOVO-ZHULANSKOE: Creditors Must File Claims by May 22
-----------------------------------------------------
Creditors of OJSC Novo-Zhulanskoe have until May 22, 2008, to
submit proofs of claim to:
V. Ross
Insolvency Manager
Post User Box 29
630126 Novosibirsk
Russia
The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A45-7178/07-54/47.
The Court is located at:
The Arbitration Court of Novosibirsk
Kirova Str. 3
630007 Novosibirsk
Russia
The Debtor can be reached at:
OJSC Novo-Zhulanskoe
Lakhina Str. 48
Zhulanka
Kochkovskiy
632497 Novosibirsk
Russia
PROKHOROVKA-AGRO-PROM-KHIMIYA: Claims Filing Period Ends May 22
---------------------------------------------------------------
Creditors of OJSC Prokhorovka-Agro-Prom-Khimiya have until
May 22, 2008, to submit proofs of claim to:
S. Klimov
Insolvency Manager
Post User Box 671
308033 Belgorod
Russia
Tel: (4722) 33-33-24
The Arbitration Court of Belgorod commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A08-5184/07-24B.
The Court is located at:
The Arbitration Court of Belgorod
Narodnyj Avenue 135
308600 Belgorod
Russia
The Debtor can be reached at:
OJSC Prokhorovka-Agro-Prom-Khimiya
Lesnaya Str. 1
Prokhorovka
Prokhorovskiy
309000 Belgorod
Russia
ROSNEFT OAO: To Close US$3.43 Billion Loan This Week
----------------------------------------------------
OAO Rosneft Oil Co. is expected to conclude a US$3.43 billion
refinancing loan this week, Reuters reports citing a banking
source.
As reported in the TCR-Europe on Feb. 26, 2008, Rosneft signed a
US$3 billion Structured Crude Oil Pre-Export Credit Facility
from a group of 16 international banks.
The Facility is arranged and fully underwritten by a group of
international banks as Main arrangers:
* ABN Amro Bank N.V.,
* Banco Bilbao Vizcaya Argentaria S. A.,
* Barclays Bank PLC, Bayerische Landesbank,
* BNP Paribas,
* Deutsche Bank AG,
* ING Bank N.V.,
* JPMorgan,
* Mizuho Corporate Bank Ltd.,
* JSB Orgresbank,
* Societe Generale S.A.,
* Sumitomo Mitsui Finance Dublin Ltd.,
* The Bank of Tokyo-Mitsubishi UFJ Ltd, and
* WestLB AG
The five-year loan carries an interest rate of LIBOR+0.95% and
is secured by export contracts for sale of crude oil.
The banks disbursed the original amount to Rosneft in March, and
syndication followed. The loan amount increased after two more
banks -- DZ Bank and Calyon -- committed ahead of the
syndication, Reuters reports.
About Rosneft
Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- produces and markets petroleum
products. The Company explores for, extracts, refines, and
markets oil and natural gas. Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.
* * *
As of Feb. 7, 2008, OAO Rosneft Oil Co. carries a BB+ long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is positive.
STROY-CENTRE LLC: Creditors Must File Claims by May 22
------------------------------------------------------
Creditors of LLC Stroy-Centre have until May 22, 2008, to submit
proofs of claim to:
B. Gusev
Insolvency Manager
Partozanskaya Str. 1
Kovrov
601914 Vladimir
Russia
Tel: (49232) 3-73-11
The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A11-11694/2007-K1-237B/34B.
The Court is located at:
The Arbitration Court of Vladimir
Oktyabrskiy Pr. 14
600025 Vladimir
Russia
The Debtor can be reached at:
LLC Stroy-Centre
Apt. 1
Vostochnaya Str. 46
Kovrov
Vladimir
Russia
VIMPEL-COMMUNICATIONS: S&P Rates New U.S. Dollar Notes at BB+
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' senior
unsecured debt rating to the proposed U.S. dollar fixed-rate
loan participation notes to be issued by an Irish orphan
special-purpose vehicle created for the sole purpose of
issuing notes and lending the proceeds on to Russian telecoms
operator Vimpel-Communications (JSC)(BB+/Stable/--).
The amount, maturity, and coupon will depend on market
conditions during placement. The rating is subject to final
documentation.
The proceeds of the bond will be used primarily to refinance the
bridge loan of $1.5 billion, which the company raised to finance
the acquisition of alternative telecoms operator Golden Telecom
Inc. (BB+/Stable/--).
"The bond is rated at the same level as the 'BB+' corporate
credit rating on VimpelCom, as well as the group's existing
syndicated loan of $2 billion due 2011 and four existing LPNs
issued by UBS (Luxembourg) S.A. in the total amount of $1.65
billion, of which the amount now due is $1.42 billion," said
Standard & Poor's credit analyst Alexander Griaznov.
At the same time, the bond will be ranked behind the secured
debt of $65 million at the parent level and nonpublic debt at
the subsidiary level, which amounts to not more than $700
million.
The rating on VimpelCom is constrained by the company's
ambitious growth strategy and intense competition in its key
markets. The increasing financial risk and uncertainty of the
evolving economic and administrative environments in Russia and
the Commonwealth of Independent States (CIS) also constrain the
rating.
VimpelCom's continuing strong business performance and market
position in Russia and the CIS moderate these risks, as do the
company's sound profitability trend, robust cash flow
generation, and a track record of prudent financial policy
management.
=========
S P A I N
=========
BRITISH AIRWAYS: May Start Spain-U.S. Flights in June 2008
----------------------------------------------------------
British Airways Plc may start direct flights to the U.S. from
Madrid and other European cities in June 2008, Bloomberg News
reports citing El Economista.
As reported in the Troubled Company Reporter-Europe on Jan. 11,
2008, the airline has planned to launch its new US-EU
subsidiary airline "OpenSkies" with daily flights from New York
to Brussels and Paris in June 2008 with one Boeing 757
aircraft that will operate from New York to either Brussels or
Paris Charles de Gaulle airports.
The report adds that the airline is also planning to consider
services from Barcelona and Amsterdam.
Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services. The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular
British Airways Holidays Ltd. and British Airways Travel
Shops Ltd. BA has offices in India and Guatemala.
* * *
As of Jan. 2, 2008, British Airways Plc carries a senior
unsecured debt rating of Ba1 from Moody's Investors' Service
with a stable outlook.
IM CAIXA GIRONA: Moody's Junks Rating on EUR58.4 Million Notes
--------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to the debt to be issued by Spanish securitization fund IM Caixa
Girona Empresas 1, Fondo de Titulizacion de Activos:
-- (P)Aaa to the EUR226.7 million Series A notes;
-- (P)Ba1 to the EUR64.9 million Series B notes;
-- (P)C to the EUR58.4 million Series C notes.
The provisional ratings address the expected loss posed to
investors (excluding, for Series C, the payment of interest
corresponding to the "Interes Variable" as defined in the legal
documentation) by the legal final maturity (September 2045). In
Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal on Series A and
Series B at par on or before the rated final legal maturity
date, and for ultimate payment of interest (excluding, for
Series C, the payment of interest corresponding to the "Interes
Variable" as defined in the legal documentation) and principal
at par on or before the rated final legal maturity date on
Series C.
The fund is a securitization fund created with the aim of
purchasing a pool of loans granted by Caixa d'Estalvis de Girona
to Spanish corporates and self-employed individuals based in
Catalonia.
In Moody's view, strong features within this deal include:
(i) a swap agreement guaranteeing an excess spread of 0.30%;
(ii) a 8.80% reserve fund to cover potential shortfalls in
interest or principal;
(iii) overcollateralisation of 20%; and
(iv) a 12-month artificial write-off mechanism.
However, Moody's notes that the transaction poses several
challenging features, namely:
(i) geographic concentration in the region of Catalonia;
(ii) high borrower and industry concentrations;
(iii) a high percentage of mortgage loans secured over land;
(iv) a high percentage of bullet loans;
(v) the fact that Caixa Girona is not rated by Moody's; and
(vi) at closing, the possibility that the final pool might
include loans in arrears up to 90 days, subject to
certain limits. These increased risks were reflected in
the credit enhancement calculation.
The provisional pool of underlying assets comprised, as of
February 2007, a portfolio of 3,270 loans granted to 2,590
borrowers, which are mainly Spanish enterprises or self-employed
individuals based in Catalonia. The loans have been originated
between 1994 and 2007, with a weighted-average seasoning of 1.91
years and a weighted-average remaining life of 5.95 years. The
interest rate is floating for the highest portion of the pool
(88.86%) and the weighted-average interest rate of the pool is
5.17%. Around 58% of the outstanding of the portfolio is
secured by a mortgage guarantee over different types of
properties (35.70% over land), being almost 100% first-lien with
a weighted-average loan-to-value ratio of 47.27%. The remaining
42% is secured by a personal guarantee. Geographically, the
pool is fully concentrated in Catalonia and around 60% of the
portfolio is concentrated in the buildings and real estate
sector, according to Moody's industry classification. In terms
of debtor concentration, the pool includes exposures up to 3.24%
of the issuance amount.
Moody's based the provisional ratings primarily on:
(i) an evaluation of the underlying portfolio of loans;
(ii) historical performance information;
(iii) the swap agreements hedging the interest rate risk;
(iv) the credit enhancement provided through the GIC account,
the excess spread, the overcollateralization, the reserve
fund and the subordination of the notes; and
(v) the legal and structural integrity of the transaction.
=====================
S W I T Z E R L A N D
=====================
BFW JSC: Creditors' Liquidation Claims Due by May 2
---------------------------------------------------
Creditors of JSC BfW have until May 2, 2008, to submit their
claims to:
Swiss Union of Quality and Management Systems (SQS)
Bernstrasse 103
3052 Zollikofen BE
Switzerland
The Debtor can be reached at:
JSC BfW
Zollikofen BE
Switzerland
MART JSC: Creditors' Liquidation Claims Due by May 3
----------------------------------------------------
Creditors of JSC Mart have until May 3, 2008, to submit their
claims to:
JSC Palmer Consultants
Frau J. Nussbaum
Oberneuhofstrasse 4
Mail box: 458
6341 Baar ZG
Switzerland
The Debtor can be reached at:
JSC Mart
Baar ZG
Switzerland
P.SIGRIST JSC: Creditors' Liquidation Claims Due by May 3
---------------------------------------------------------
Creditors of JSC P. Sigrist have until May 3, 2008, to submit
their claims to:
Marcel Sigrist
Liquidator
Schlierenholzlistrasse
6056 Kagiswil
Sarnen OW
Switzerland
The Debtor can be reached at:
JSC P. Sigrist
Sarnen OW
Switzerland
Q SCIENCE: Creditors' Liquidation Claims Due by May 3
-----------------------------------------------------
Creditors of JSC Q Science Invest have until May 3, 2008, to
submit their claims to:
LLC Finspecta
Liquidator
Baarerstrasse 10
Mail box: 4545
6304 Baar ZG
Switzerland
The Debtor can be reached at:
JSC Q Science Invest
Risch ZG
Switzerland
Q SCIENCE HOLDING: Creditors' Liquidation Claims Due by May 3
-------------------------------------------------------------
Creditors of JSC Q Science Holding have until May 3, 2008, to
submit their claims to:
LLC Finspecta
Liquidator
Baarerstrasse 10
Mail box: 4545
6304 Baar ZG
Switzerland
The Debtor can be reached at:
JSC Q Science Holding
Baar ZG
Switzerland
TUFEKCI JSC: Aargau Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against JSC Tufekci on Feb. 25, 2008.
The Bankruptcy Service of Aargau can be reached at:
Bankruptcy Service of Aargau
Amtsstelle Oberentfelden
5036 Oberentfelden
Aarau AG
Switzerland
The Debtor can be reached at:
JSC Tufekci
Ochsengassli 9
5000 Aarau AG
Switzerland
WACKER-CHEMIE: Creditors' Liquidation Claims Due by May 3
---------------------------------------------------------
Creditors of JSC Wacker-Chemie (Schweiz) have until May 3, 2008,
to submit their claims to:
JSC INTERGEST Schweiz
6343 Rotkreuz ZG
Switzerland
The Debtor can be reached at:
JSC Wacker-Chemie (Schweiz)
Basel
Switzerland
WEID LLC: Lucerne Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Service of Hochdorf in Lucerne commenced
bankruptcy proceedings against LLC Weid on Feb. 29, 2008.
The Bankruptcy Service of Hochdorf can be reached at:
Bankruptcy Service of Hochdorf
6020 Emmenbrucke
Hochdorf LU
Switzerland
The Debtor can be reached at:
LLC Weid
Emmenweidstrasse 122
6021 Emmenbrucke
Hochdorf LU
Switzerland
WV-METALL JSC: Creditors' Liquidation Claims Due by May 2
---------------------------------------------------------
Creditors of JSC WV-Metall have until May 2, 2008, to submit
their claims to:
Corinna Domiter-Mende
Oberdorf 58
8222 Beringen SH
Switzerland
The Debtor can be reached at:
JSC WV-Metall
Beringen SH
Switzerland
=============
U K R A I N E
=============
AGROSERVICE OJSC: Creditors Must File Claims by May 7
-----------------------------------------------------
Creditors of OJSC Agroservice (code EDRPOU 05489903) have until
May 7, 2008, to submit proofs of claim to:
The Economic Court of Lvov
Lichakivska Str. 81
79010 Lvov
Ukraine
The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed as 6/243-8/215.
The Debtor can be reached at:
OJSC Agroservice
B. Lepky Str. 1
Shirets
Pustomitov District
Lvov
Ukraine
AUTOTRANS OJSC: Creditors Must File Claims by May 7
---------------------------------------------------
Creditors of OJSC Autotrans (code EDRPOU 03115117) have until
May 7, 2008, to submit proofs of claims to:
The Economic Court of Kharkov
Derzhprom 8th Entrance
Svoboda Square 5
61022 Kharkov
Ukraine
The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed as B-31/59-04.
The Debtor can be reached at:
OJSC Autotrans
Zagorodniaya Str. 1
Balakleya
Kharkov
Ukraine
MOGILEV-PODOLSKY MILK: Proofs of Claim Deadline Set May 7
---------------------------------------------------------
Creditors of OJSC Mogilev-Podolsky Milk Plant (code EDRPOU
00444493) have until May 7, 2008, to submit proofs of claim to:
The Economic Court of Vinnica
Hmelnickiy Str. 7
21036 Vinnica
Ukraine
The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company. The case is docketed as 10/32-08.
The Debtor can be reached at:
OJSC Mogilev-Podolsky Milk Plant
Pushkinskaya Str. 146
Mogilev-Podolsky
24000 Vinnica
Ukraine
NOVOREVA LLC: Creditors Must File Claims by May 7
-------------------------------------------------
Creditors of LLC Novoreva (code EDRPOU 34936319) have until
May 7, 2008, to submit proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed as 23/106-b.
The Debtor can be reached at:
LLC Novoreva
Dragomirov Str. 10/10
Kiev
Ukraine
PIVDENNY CJSC: Creditors Must File Claims by May 7
--------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed as 15/703-23/118-b.
Creditors of CJSC Agricultural Processing Combine Pivdenny (code
EDRPOU 32492278) have until May 7, 2008, to submit proofs of
claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Debtor can be reached at:
CJSC Agricultural Processing Combine Pivdenny
M. Grushevsky Str. 28/2
Kiev
Ukraine
TANDEM-TC LLC: Creditors Must File Claims by May 7
--------------------------------------------------
Creditors of LLC Tandem-TC (code EDRPOU 34977046) have until
May 7, 2008, to submit proofs of claim to:
The Economic Court of Kiev
Komintern Str. 16
01032 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed as B 11/064-08.
The Debtor can be reached at:
LLC Tandem-TC
Kiev Road Str. 79
Borispol
Kiev
Ukraine
ZOLOTIYE PESKI: Proofs of Claim Deadline Set May 8
--------------------------------------------------
Creditors of CJSC Sanatorium-Preventorium Zolotiye Peski (code
EDRPOU 21301473) have until May 8, 2008, to submit proofs of
claim to:
The Economic Court of Herson
Gorkiy Str. 18
73000 Herson
Ukraine
The Economic Court of Herson has commenced bankruptcy
supervision procedure on the company. The case is docketed as
12/77-B-08.
The Debtor can be reached at:
CJSC Sanatorium-Preventorium Zolotiye Peski
Naberezhnaya Str. 8
Schaslivtsevo
Genichesk District
75580 Herson
Ukraine
===========================
U N I T E D K I N G D O M
===========================
A CONNECTION: Brings In Liquidators from PKF
--------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (UK) LLP were appointed
joint liquidators of A Connection Ltd. on April 11 for the
creditors' voluntary winding-up proceeding.
The joint liquidators can be reached at:
PKF (UK) LLP
Pannell House
159 Charles Street
Leicester
LE1 1LD
England
AMPEX CORP: Files 2007 Annual Report on Form 10-K with SEC
----------------------------------------------------------
Ampex Corp., on April 15, 2008, filed with the U.S. Securities
and Exchange Commission its Annual Report for the year ended
Dec. 31, 2007.
For the year ended Dec. 31, 2007, the company reported net
income of US$904,000 on revenues of US$41,476,000. For the year
ended Dec. 31, 2006, the company reported a net loss of
US$3,948,000 on total revenues of US$35,921,000.
At Dec. 31, 2007, the company's balance sheet showed total
assets of US$26,467,000 and total liabilities of US$133,602,000
resulting in a stockholders' deficit of US$107,135,000. This
was an increase from a stockholders' deficit of US$104,403,000.
The balance sheet further showed a working capital deficit with
total current assets of US$25,578,000 and total current debts of
US$65,099,000.
Bankruptcy Filing
On March 30, the company and its U.S. subsidiaries filed
voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code.
Prior to filing, the company says it negotiated with and
obtained the support of the majority of its secured creditors
and its largest unsecured creditor for the terms of a pre-
negotiated plan of reorganization, as evidenced by the plan
support agreement filed contemporaneously with the company's
voluntary petitions for relief under Chapter 11.
Concurrently with the filing of the petition, the company
filed a motion for approval of the disclosure statement with
respect to the Plan and related solicitation procedures. The
company believes that it will emerge from Chapter 11 no later
than fall 2008. During the Chapter 11 proceedings, the company
will continue to operate its business without interruption as a
debtor-in-possession. All of the company's employees will be
retained, offices and manufacturing facilities will remain open
and all customer support and warranty programs will continue as
planned.
Upon emergence from Chapter 11, Hillside Capital Incorporated ,
the company's largest secured and unsecured creditor, will
provide new financing to the Company that will be used for
working capital purposes, to repay certain long term
obligations, including certain senior secured notes, and to fund
future pension obligations. Ampex began to report in July 2007
that it might be forced to take this action in order to
facilitate an orderly financial restructuring.
Delisting Notice
The company said that on April 11, 2008 it received notice from
The Nasdaq Stock Market that, following the company's filing of
a voluntary petition for relief under Chapter 11 of the U.S.
Bankruptcy Code on March 30, 2008, the staff of Nasdaq's Listing
Qualifications Department has determined, using its
discretionary authority under Marketplace Rule 4300 and IM-4300,
that the Company's Class A Common Stock will be delisted from
Nasdaq unless the company requests an appeal of the
determination.
Nasdaq's determination was based upon the Company's Chapter 11
filing, associated public interest concerns raised by it,
concerns regarding the residual equity interests of the
Company's existing Common Stockholders and its ability to
sustain compliance with all of Nasdaq's continued listing
requirements.
Unless Ampex appeals Nasdaq's determination, trading in its
Common Stock will be suspended at the opening of business on
April 21, 2008, and a Form 25-NSE will be filed with the
Commission, which will remove the Company's Common Stock from
listing and registration on Nasdaq. Ampex intends to appeal
Nasdaq's determination by requesting an oral hearing before a
Nasdaq Listing Qualifications Panel. The Company's hearing
request will stay the suspension of its Common Stock and the
filing of the Form 25-NSE pending the Panel's decision, although
there can be no assurance that the Panel will ultimately grant
the Company's appeal.
A full-text copy of the company's annual report for the year
ended Dec. 31, 2007 may be viewed for free at:
http://ResearchArchives.com/t/s?2adf
About Ampex
Headquartered in Redwood City, California, Ampex Corp. --
http://www.ampex.com/-- (Nasdaq:AMPX) is a licensor of visual
information technology. The company has two business segments:
Recorders segment and Licensing segment. The Recorders segment
primarily includes the sale and service of data acquisition and
instrumentation recorders (which record data and images rather
than computer information), and to a lesser extent mass data
storage products. The Licensing segment involves the licensing
of intellectual property to manufacturers of consumer digital
video products through their corporate licensing division.
On March 30, 2008, Ampex Corp. and six affiliates filed for
protection under Chapter 11 of the Bankruptcy Code with the U.S.
Bankruptcy Court for the Southern District of New York (Case
Nos. 08-11094 through 08-11100). Matthew Allen Feldman, Esq.,
and Rachel C. Strickland, Esq., at Willkie Farr & Gallagher LLP,
represents the Debtors in their restructuring efforts. The
Debtors have also retained Conway Mackenzie & Dunleavy as their
financial advisors. In its schedules of assets and liabilities
filed with the Court, Ampex Corp. disclosed total assets of
US$9,770,089 and total debts of US$$82,488,054.
The Debtors have nine foreign affiliates that are incorporated
in seven countries -- one each in the United Kingdom, Japan,
Belgium, Colombia and Brazil and two each in Germany and Mexico.
With the exception of the affiliates located in the U.K. and
Japan, none of the other foreign affiliates conduct meaningful
business activity. As of March 30, 2008, none of the foreign
affiliates have commenced insolvency proceedings.
AMPEX CORP: Discloses Terms of Chapter 11 Reorganization Plan
-------------------------------------------------------------
Ampex Corporation and its debtor-affiliates delivered a
Disclosure Statement dated March 31, 2008, explaining their
Joint Chapter 11 Plan of Reorganization with the United States
Bankruptcy Court for the Southern District of New York.
Plan Overview
The Plan intends to provide for the restructuring of the
Debtors' liabilities designed to maximize recovery to all
stakeholders and to enhance the financial viability of the
reorganized debtors.
Generally, the Plan provides for a balance sheet restructuring
which swaps the Debtors' current debt including, but not limited
to, debt evidenced by the senior secured notes and the Hillside
Notes for cash, new notes and equity, as applicable.
Other secured and unsecured creditors will receive cash or
equity as applicable. All of the Debtors' existing common stock
will have no value and will be canceled.
Upon emergence, at least 80% of the reorganized Debtors' new
common stock will be owned by Hillside Capital Incorporated and
its affiliates. The new common stock will not be registered and
will not trade on any public exchange.
Holders of existing common stock that do not object to
confirmation of the Plan will be eligible to receive
distribution rights entitling such holder to receive certain
future payments, if the net proceeds of future monetization of
the Debtors' patents that are not currently revenue bearing
produce proceeds sufficient to meet certain obligations and
funding needs of reorganized Ampex.
The resulting debt structure of the Reorganized Debtors will
substantially deleverage the company and provide additional
needed liquidity.
Indebtedness
As of March 30, 2008, the Debtors had approximately US$59.6
million of outstanding notes issued by the Debtors.
Approximately US$6.9 million of such amount represents amounts
due under an indenture dated as of Feb. 28, 2002. Pursuant to
the indenture, the Debtors issued those certain 12% senior
secured notes due 2008, which are secured by liens on the
Debtors' future royalty receipts.
Approximately US$52.7 million of the Debtors' outstanding
indebtedness is represented by the Hillside notes that have been
issued in connection with Hillside's satisfaction of required
contribution obligations under the pension plans.
As of Dec. 31, 2007, the media pension plan and the Ampex
pension plan were underfunded by US$13.5 million and US$44.2
million, respectively.
Treatment of Claims
Under the Plan, these creditors are expected to get 100%
recovery include:
-- administrative expense claims;
-- fee claims;
-- priority tax claims;
-- priority non-tax claims;
-- other secured claims; and
-- trade unsecured claims.
Senior Secured Note Claims and Other Unsecured Claims will be
entitled to receive their pro rata share of their respective
claims.
Each holder of Hillside Secured Claims, totaling US$11 million,
will expect to receive in full of its secured claim.
All equity interests will be canceled. Interests in these
classes are impaired and deemed to have rejected the plan
include:
-- existing common stock;
-- existing securities laws claims; and
-- other existing interest.
A full-text copy of Disclosure Statement is available for free
at http://ResearchArchives.com/t/s?2a69
A full-text copy of Joint Chapter 11 Plan of Reorganization is
available for free at http://ResearchArchives.com/t/s?2a6a
About Ampex
Headquartered in Redwood City, California, Ampex Corp. --
http://www.ampex.com/-- (Nasdaq:AMPX) is a licensor of visual
information technology. The company has two business segments:
Recorders segment and Licensing segment. The Recorders segment
primarily includes the sale and service of data acquisition and
instrumentation recorders (which record data and images rather
than computer information), and to a lesser extent mass data
storage products. The Licensing segment involves the licensing
of intellectual property to manufacturers of consumer digital
video products through their corporate licensing division.
On March 30, 2008, Ampex Corp. and six affiliates filed for
protection under Chapter 11 of the Bankruptcy Code with the U.S.
Bankruptcy Court for the Southern District of New York (Case
Nos. 08-11094 through 08-11100). Matthew Allen Feldman, Esq.,
and Rachel C. Strickland, Esq., at Willkie Farr & Gallagher LLP,
represents the Debtors in their restructuring efforts. The
Debtors have also retained Conway Mackenzie & Dunleavy as their
financial advisors. In its schedules of assets and liabilities
filed with the Court, Ampex Corp. disclosed total assets of
US$9,770,089 and total debts of US$$82,488,054.
The Debtors have nine foreign affiliates that are incorporated
in seven countries -- one each in the United Kingdom, Japan,
Belgium, Colombia and Brazil and two each in Germany and Mexico.
With the exception of the affiliates located in the U.K. and
Japan, none of the other foreign affiliates conduct meaningful
business activity. As of March 30, 2008, none of the foreign
affiliates have commenced insolvency proceedings.
BRITISH AIRWAYS: May Start Spain-U.S. Flights in June 2008
----------------------------------------------------------
British Airways Plc may start direct flights to the U.S. from
Madrid and other European cities in June 2008, Bloomberg News
reports citing El Economista.
As reported in the Troubled Company Reporter-Europe on Jan. 11,
2008, the airline has planned to launch its new US-EU
subsidiary airline "OpenSkies" with daily flights from New York
to Brussels and Paris in June 2008 with one Boeing 757
aircraft that will operate from New York to either Brussels or
Paris Charles de Gaulle airports.
The report adds that the airline is also planning to consider
services from Barcelona and Amsterdam.
Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services. The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular
British Airways Holidays Ltd. and British Airways Travel
Shops Ltd. BA has offices in India and Guatemala.
* * *
As of Jan. 2, 2008, British Airways Plc carries a senior
unsecured debt rating of Ba1 from Moody's Investors' Service
with a stable outlook.
BRITISH ENERGY: France's Suez Mulls Takeover Bid
------------------------------------------------
France's Suez is conducting due diligence on British Energy
Group plc, although it is likely to table a bid for the company
as part of a consortium, the Sunday Times reports.
According to the report, Suez, which is close to finalizing a
merger with Gaze de France, lacks financial power compared to
some of its European peers.
Other European companies eyeing to bid for BE include France's
Electricite de France SA, Germany's RWE AG and E.ON AG, Sweden's
Vattenfall AB, Spain's Iberdrola SA and Centrica plc, the paper
adds.
A TCR-Europe report on April 2, 2008 disclosed that while Suez
is not interested in acquiring a stake in BE, it is open to a
potential deal with the British nuclear power firm under which
it will take part in the development and production of reactors.
"If we can play an industrial role, let's talk about it but if
this is strictly a financial role, then we are not interested.
If they say a stake in British Energy and that's it, then we are
absolutely not interested. But if they want to involve us in
development and production of one or several reactors then we
are willing to have discussions," Gerard Mesrallet, chief
executive of Suez, was quoted by the Scotsman as saying.
About British Energy
Headquartered in Livingston, Scotland, British Energy Group plc
-- http://www.british-energy.com/-- is the U.K.'s largest
producer of electricity. With a workforce of about 6,000, it
produces around one-sixth of the nation's electricity.
* * *
As of March 17, 2008, British Energy Group plc carries a Ba2
long-term corporate family rating from Moody's with a stable
outlook.
Standard & Poor's affirmed its BB long-term corporate credit
ratings on U.K.-based nuclear generator British Energy Group PLC
and its subsidiary British Energy Holdings PLC, with negative
outlook.
The company holds a BB+ long-term issuer default rating from
Fitch with a stable outlook.
CLEAR CHANNEL: Extends Offers' Expiration Date to April 25
----------------------------------------------------------
In connection with Clear Channel Communications, Inc.'s
previously announced tender offer for its outstanding 7.65%
Senior Notes due 2010 (CUSIP No. 184502AK8) and Clear Channel's
subsidiary AMFM Operating Inc.'s previously announced tender
offer for its outstanding 8% Senior Notes due 2008 (CUSIP No.
158916AL0), Clear Channel last week extended the date on which
the tender offers are scheduled to expire from 8:00 a.m. New
York City time on April 18, 2008 to 8:00 a.m. New York City time
on April 25, 2008 and the consent payment deadline for the Notes
from 8:00 a.m. New York City time on April 18, 2008 to 8:00 a.m.
New York City time on April 25, 2008. The Offer Expiration Date
and the Consent Payment Deadline are subject to extension by
Clear Channel, with respect to the CCU Notes, and AMFM, with
respect to the AMFM Notes, in their sole discretion.
The completion of the tender offers and consent solicitations
for the Notes is conditioned upon the satisfaction or waiver of
all of the conditions precedent to the Agreement and Plan of
Merger by and among Clear Channel, CC Media Holdings, Inc., B
Triple Crown Finco, LLC, T Triple Crown Finco, LLC and BT Triple
Crown Merger Co., Inc., dated November 16, 2006, as amended by
Amendment No. 1, dated April 18, 2007, and Amendment No. 2,
dated May 17, 2007 and the closing of the merger contemplated by
the Merger Agreement. The closing of the Merger has not
occurred. On March 26, 2008, Clear Channel, joined by CC Media
Holdings, Inc., filed a lawsuit in the Texas State Court in
Bexar County, Texas, against Citigroup, Deutsche Bank, Morgan
Stanley, Credit Suisse, The Royal Bank of Scotland, and
Wachovia, the banks who had committed to provide the debt
financing for the Merger. Clear Channel intends to complete the
tender offers and consent solicitations for the CCU Notes, and
AMFM intends to complete the tender offers and consent
solicitations for the AMFM Notes, upon consummation of the
Merger.
Clear Channel on Jan. 2, 2008 said that it had received,
pursuant to its previously announced tender offer and consent
solicitation for the CCU Notes, the requisite consents to adopt
the proposed amendments to the CCU Notes and the indenture
governing the CCU Notes applicable to the CCU Notes, and that
AMFM had received, pursuant to its previously announced tender
offer and consent solicitation for the AMFM Notes, the requisite
consents to adopt the proposed amendments to the AMFM Notes and
the indenture governing the AMFM Notes. As of April 16, 2008,
approximately 87 percent of the AMFM Notes have been validly
tendered and not withdrawn and approximately 98 percent of the
CCU Notes have been validly tendered and not withdrawn. The
Clear Channel tender offer and consent solicitation is being
made pursuant to the terms and conditions set forth in the Clear
Channel Offer to Purchase and Consent Solicitation Statement for
the CCU Notes dated December 17, 2007 , and the related Letter
of Transmittal and Consent. The AMFM tender offer and consent
solicitation is being made pursuant to the terms and conditions
set forth in the AMFM Offer to Purchase and Consent Solicitation
Statement for the AMFM Notes dated December 17, 2007, and the
related Letter of Transmittal and Consent. Further details
about the terms and conditions of the tender offers and consent
solicitations are set forth in the Offers to Purchase and the
related documents.
Clear Channel has retained Citi to act as the lead dealer
manager for the tender offers and lead solicitation agent for
the consent solicitations and Deutsche Bank Securities Inc. and
Morgan Stanley & Co. Incorporated to act as co-dealer managers
for the tender offers and co-solicitation agents for the consent
solicitations. Global Bondholder Services Corporation is the
Information Agent for the tender offers and the consent
solicitations. Questions regarding the tender offers should be
directed to Citi at (800) 558-3745 (toll-free) or (212) 723-6106
(collect). Requests for documentation should be directed to
Global Bondholder Services Corporation at (212) 430-3774 (for
banks and brokers only) or (866) 924-2200 (for all others toll-
free).
About Clear Channel
Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers. The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand. As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.
* * *
In March 2008, Standard & Poor's Ratings Services said its
ratings on Clear Channel Communications Inc., including the 'B+'
corporate credit rating, remain on CreditWatch with negative
implications.
Fitch Ratings stated that in line with previous guidance, Clear
Channel Communications' 'BB-' Issuer Default Rating and Senior
Unsecured Ratings would remain in place if the going-private
transaction is not completed.
Moody's stated that assuming the transaction is completed as
currently contemplated, Clear Channel will likely be assigned a
Corporate Family Rating of B2 and the rating on the existing
senior notes is likely to be notched down to Caa1 based on their
expected subordination to the new senior secured debt facilities
and the new senior notes.
CU29 HOLDINGS: Taps Liquidators from Deloitte & Touche
------------------------------------------------------
N. B. Kahn and N. J. Dargan of Deloitte & Touche LLP were
appointed joint liquidators of CU29 Holdings Ltd. (formerly IBP
Ltd.) on April 7 for the creditors' voluntary winding-up
proceeding.
The joint liquidators can be reached at:
Deloitte & Touche LLP
Athene Place
66 Shoe Lane
London
EC4A 3BQ
England
FEDDERS CORP: Wants Plan-Filing Period Stretched to May 31
----------------------------------------------------------
Fedders Corporation and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to extend, until
May 31, 2008, the exclusive period wherein they can file a
Chapter 11 plan of reorganization.
The Debtors also ask the Court to set July 30, 2008, as the
deadline for them to solicit acceptances of that plan.
The Court had previously extended the Debtors' exclusive period
to file a Chapter 11 plan until April 14, 2008, and solicit
acceptances of that plan until June 13, 2008.
The Debtors explained to the Court that another extension of the
exclusive plan-filing period will provide the Debtors with the
opportunity to complete the asset sale process and consummate
all of the closings contemplated by that process, and then,
develop, negotiate, and ultimately confirm a consensual plan.
The Debtors also proposed May 8, 2008, as the deadline to file
objections to the exclusive period extension, and May 15,
2008 as the extension hearing date.
About Fedders Corporation
Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers. The company has production
facilities in the United States in Illinois, North Carolina, New
Mexico, and Texas and international production facilities in the
Philippines, China and India and the United Kingdom.
The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No. 07-11182). Its debtor-affiliates
filed for separate Chapter 11 cases. Norman L. Pernick, Esq.,
Irving E. Walker, Esq., and Adam H. Isenberg, Esq., of Saul,
Ewing, Remick & Saul LLP, represent the Debtors in their
restructuring efforts. The Debtors have selected Logan &
Company Inc. as claims and noticing agent. The Official
Committee of Unsecured Creditors is represented by Brown Rudnick
Berlack Israels LLP. When the Debtors filed for protection from
its creditors, it listed total assets of US$186,300,000 and
total debts of US$322,000,000.
GENESIS BRADFORD: Appoints Begbies to Administer Assets
-------------------------------------------------------
J.N.R. Pitts and M.E.G. Saville of Begbies Traynor were
appointed joint administrators of Genesis Bradford Ltd. (Company
Number 02772601) on April 7, 2008.
Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.
The company can be reached at:
Genesis Bradford Ltd.
Unit 40
Albion Mills
Bradford
West Yorkshire
BD10 9TF
England
Fax: 01274 610 541
I.T.C. INTERCIRCUIT: Appoints Matthew Colin Bowker as Liquidator
----------------------------------------------------------------
Matthew Colin Bowker of Tenon Recovery was appointed liquidator
of I.T.C. Intercircuit Ltd. on April 15 for the creditors'
voluntary winding-up procedure.
The liquidator can be reached at:
Tenon Recovery
Clive House
Clive Street
Bolton
BL1 1ET
England
JENKINS REPORTS: Hires Liquidators from Vantis
----------------------------------------------
Martin Weller and Glyn Mummery of Vantis Business Recovery
Services were appointed joint liquidators of Jenkins Reports
Ltd. on April 11 for the creditors' voluntary winding-up
proceeding.
The joint liquidators can be reached at:
Vantis Business Recovery Services
43-45 Butts Green Road
Hornchurch
Essex
RM11 2JX
England
NEWCASTLE PRAM: Claims Filing Period Ends May 12
------------------------------------------------
Creditors of Newcastle Pram & Nursery Co. Ltd. have until
May 12, 2008 to send in their full names, their addresses and
descriptions, full particulars of their debts and claims, and
names and addresses of their solicitors (if any) to:
Ian W. Kings and Steven P. Ross
Joint Liquidators
Tenon Recovery
Tenon House
Ferryboat Lane
Sunderland
Tyne and Wear
SR5 3JN
England
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of the company on April 7, 2008 by
resolutions of members and creditors.
NORTHUMBERLAND STREET: Calls In Liquidators from Tenon Recovery
---------------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Northumberland Street Deli Ltd.
on April 8 for the creditors' voluntary winding-up proceeding.
The joint liquidators can be reached at:
Tenon Recovery
Tenon House
Ferryboat Lane
Sunderland
Tyne and Wear
SR5 3JN
England
PORTRAITS FOR YOU: Claims Filing Period Ends May 9
--------------------------------------------------
Creditors of Portraits For You Ltd. have until May 9, 2008 to
send their names and addresses and particulars of their claims
to:
M. C. Bowker and D. A. Willis
Joint Liquidators
Tenon Recovery
Europarc Innovation Centre
Innovation Way
Grimsby
DN37 9TT
England
M. C. Bowker and D. A. Willis of Tenon Recovery were appointed
joint liquidators of the company on April 10, 2008 for the
creditors' voluntary winding-up proceeding.
PRO-FIT HOLDINGS: Taps Joint Administrators from Begbies Traynor
----------------------------------------------------------------
J.N.R. Pitts and M.E.G Saville of Begbies Traynor were appointed
joint administrators of Pro-Fit Holdings Ltd. (Company Number
03889914) on April 7, 2008.
Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.
The company can be reached at:
Pro-Fit Holdings Ltd.
22 Sanderson House
Station Road
Leeds
West Yorkshire
LS18 5NT
England
Tel: 01274 610 590
Fax: 01274 610 541
RAMAGE DISTRIBUTION: Appoints KPMG as Joint Administrators
----------------------------------------------------------
Gary Steven Fraser and Blair Carnegie Nimmo of KPMG LLP were
appointed joint administrators of Ramage Distribution Ltd.
(Company Number 05902563) on April 9, 2008.
KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.
Headquartered in Wigan, England, Ramage Distribution Ltd. --
http://www.ramagedistribution.com/-- is one of the U.K.'s
leading logistics companies, providing a broad range of
transport, warehousing & ancillary services to a blue-chip
customer base.
SUBSEA RESOURCES: Brings In Kroll to Administer Assets
------------------------------------------------------
Charles Peter Holder and Alastair Paul Beveridge of Kroll Ltd.
were appointed joint administrators of SubSea Resources Plc.
(Company Number 05228335) on April 11, 2008.
Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide. The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm. Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.
Headquartered in London, England, SubSea Resources PLC --
http://www.subsearesources.com/-- specializes in the research,
survey and salvage of high value non-ferrous metals and other
valuable cargoes from deep-water ship-wrecks. It is an AIM-
traded company.
TDM TRADING: Neil Francis Hickling Leads Liquidation Procedure
--------------------------------------------------------------
Neil Francis Hickling of Smith & Williamson Ltd. was appointed
liquidator of TDM Trading Ltd. (t/a Home Style) on April 8 for
the creditors' voluntary winding-up procedure.
The liquidator can be reached at:
Smith & Williamson Ltd.
No. 1 St. Swithin Street
Worcester
WR1 2PY
England
TRM CORP: McGladrey & Pullen Expresses Going Concern Doubt
----------------------------------------------------------
McGladrey & Pullen, LLP in Pennsylvania expressed substantial
doubt of the ability of TRM Corp. to continue as a going concern
after auditing the company's financial statements for the years
ended 2007 and 2006. The auditing firm disclosed that it was
uncertain if 2008 operations will generate sufficient cash to
enable the company to comply with the covenants of its loan
agreements as well as pay its obligations on an ongoing basis.
The firm added that a default under the company's financing
agreement with GSO Origination Funding Partners LP may render
the debt callable and trigger the cross-default provision in TRM
Inventory Funding Trust's Loan and Servicing Agreement.
2007 Financial Results
For the year ended Dec. 31, 2007, the company incurred a net
loss of US$8,427,000 on sales of US$90,386,000. The company had
previously reported losses of US$120,091,000 in 2006 and
US$8,871,000 on 2005.
At Dec. 31, 2007, the company's balance showed total assets of
US$94,289,000 and total debts of US$79,629,000 resulting in a
shareholders' equity of US$13,160,000. Shareholders' equity as
of Dec. 31, 2006 was US$25,693,000. The company's Dec. 31, 2007
balance sheet however showed a working capital deficit with
total current assets US$71,939,000 and total current liabilities
of US$76,620,000.
2007 was a transitional year for TRM as a company," Richard
Stern, president and CEO of TRM Corporation, stated. "We began
the year addressing our balance sheet issues and finished the
year focused on our income statement and operational results.
Towards that end, I am pleased with all that we accomplished.
Most importantly, we experienced improved operating results,
largely as a result of our ongoing restructuring effort. In
addition, we completed the Triple DES compliance project that
was undertaken throughout 2007 and we continue to optimize our
ATM operations and contracts."
"We continued to experience improved operating results stemming
from the continued vigilance regarding our cost structure,"
Mr. Stern continued. "In the fourth quarter, we reported net
income and positive Adjusted EBITDA from continuing operations,
and we expect that trend to continue in 2008. We are also
further encouraged by the fact that our average withdrawals per
unit per month have been maintained at a level consistent with
2006, which points to our focus on maintaining the quality of
our existing
estate."
Updates
The company disclosed that as a result of its financial
performance for the three months ended Sept. 30, 2006, it failed
to meet certain financial covenants of its financing agreements
with GSO Origination Funding Partners LP and other lenders.
On Nov. 20, 2006 we entered into amendments that restructured
its loans and waived the failure to meet the loan covenants.
Under the restructured loan agreements principal payments of
US$69.9 million were due in the first quarter of 2007.
During January 2007 the company sold its Canadian, United
Kingdom and German ATM businesses and its United States
photocopy business and used US$98.4 million from the proceeds of
those sales to make principal and interest payments under these
loans, leaving a remaining balance of principal plus accrued
interest of US$2.0 million.
efunds Agreement
In December 2007, the company entered into an agreement in
principle with eFunds to terminate a Master Services Agreement
originally scheduled to terminate in 2009. In connection with
the termination of that agreement the company agreed to pay
eFunds US$2.5 million to settle disputed charges under the
agreement. The payment will become due upon execution of a
mutually acceptable settlement and release agreement.
Notemachine Settlement
In November 2007, the company entered into a settlement
agreement with Notemachine, Limited, relating to the sale to
Notemachine of its United Kingdom and German ATM businesses in
January 2007. Pursuant to the settlement agreement, the company
agreed to repay GBP3,250,000 (US$6.4 million using exchange
rates as of Dec. 31, 2007) in full and final settlement of
claims by Notemachine relating to the sale.
Payment terms under the settlement agreement were:
-- GBP571,000 upon signing,
-- GBP33,000 (interest only) in December 2007,
-- GBP625,000 in January 2008, and
-- 36 monthly payments of GBP71,212, including interest at
15% per annum, commencing February 1, 2008.
The settlement agreement requires the company to pay the
remaining outstanding balance to Notemachine from the proceeds
of any debt or equity financing, to the extent that proceeds are
available following payment of any debt with prior or superior
liens, including Term Loan B. The company paid the November and
December 2007 payments as scheduled, but paid only GBP250,000
in January. The remainder of the payment scheduled in January
2008 was paid in February 2008 with proceeds from a Term Loan
Facility.
Term Loan Facility
In February 2008, the company entered into a Securities Purchase
Agreement with LC Capital Master Fund, Ltd. and Lampe Conway &
Co., LLC, serving as the administrative agent, pursuant to which
the company borrowed US$1 million.
GBP380,000 from the proceeds of the loan was used to pay the
remainder of the January 2008 payment due to Notemachine,
together with interest on the unpaid balance. The Lampe
Facility loan bears interest equal to adjusted LIBOR (as defined
in the Securities Purchase Agreement) plus (i) 5% for each
interest period for which we pay interest in cash or (ii) 15%
for each interest period for which we do not pay interest in
cash. The Securities Purchase Agreement does not allow us to
pay interest in cash until our Term Loan B has been paid in
full.
The Lampe Facility loan matures on the earliest of Dec. 6, 2012
or immediately following our repayment of Term Loan B. The
company also granted a warrant to LC Capital Master Fund, Ltd.,
to purchase in the aggregate 2,500,000 shares of our common
stock at an exercise price initially equally to US$0.40 per
share, subject to adjustment for any recapitalizations, stock
combinations, stock dividends and stock splits. The warrant may
be exercised at any time and expire on February 8, 2015.
Upon a default, LC Capital Master Fund, Ltd. can accelerate the
maturity under the Lampe Facility, subject to a 180-day
standstill with respect to any default or acceleration under the
facility with GSO Origination Funding Partners LP and the other
lenders.
Dividends
The company said that it has not paid any dividends on our
common stock, and does not plan to pay dividends on its common
stock for the foreseeable future. The company intends intend to
retain earnings, if any, to fund operations.
The company further said that its ability to pay cash dividends
on its common stock is subject to restrictions imposed by its
credit agreements with GSO Origination Funding Partners LP and
the other lenders and the Lampe Facility, which prohibit us from
paying cash dividends on our common stock without our lenders’
consent.
A full-text copy of the company's financial report for the
period ended Dec. 31, 2007 may be viewed for free at:
http://ResearchArchives.com/t/s?2adc
About TRM Corporation
TRM Corporation (Nasdaq: TRMM) -- http://www.trm.com/-- is a
consumer services company that provides convenience ATM services
in high-traffic consumer environments. TRM's ATM customer base
is widespread, with retailers throughout the United States. TRM
operates the second largest non-bank ATM network in the United
States. The company has a presence in the United Kingdom
through its TRM Services Limited unit.
TRM CORP: Closes LC Capital & Lampe Conway Financing Agreement
--------------------------------------------------------------
TRM Corporation said Friday that it entered into and closed
financing pursuant to a Securities Purchase Agreement,
with LC Capital Master Fund, Ltd. and Lampe Conway & Co.,
LLC, as Administrative Agent.
The financing extends credit to TRM in the form of a loan
totaling US$11,000,000.
"We are pleased to secure this facility, especially in this
difficult funding environment. This allowed us to complete our
acquisition of Access To Money which we also closed [Fri]ay and
announced separately as well as help resolve longstanding
financial issues at TRM. Ultimately, these two initiatives are
the cornerstone for our future growth and success, and we
appreciate the support we received from our lenders today,"
Richard Stern, TRM's President and Chief Executive Officer,
said.
The loan was used:
(a) to pay the cash portion of the purchase price for TRM's
acquisition of LJR Consulting Corp., d.b.a. Access To
Money,
(b) to pay eFunds US$2.5 million in satisfaction of the
settlement reached last December,
(c) to satisfy all of the company's remaining loan to GSO
Capital Partners,
(d) to pay US$1.0 million to Notemachine Limited in further
reduction of the company's obligations under the
Settlement Agreement dated as of Nov. 20, 2007,
(e) to satisfy in full the company's loan from the
Lender and the Administrative Agent dated Feb. 4, 2008
and
(f) to pay fees and expenses incurred in connection with
the Purchase Agreement and the Access To Money
acquisition.
In connection with the Purchase Agreement, the company issued
warrants to the Lender to purchase 12,500,000 shares in
aggregate of the Company's common stock.
About TRM Corporation
TRM Corporation (Nasdaq: TRMM) -- http://www.trm.com/-- is a
consumer services company that provides convenience ATM services
in high-traffic consumer environments. TRM's ATM customer base
is widespread, with retailers throughout the United States. TRM
operates the second largest non-bank ATM network in the United
States. The company has a presence in the United Kingdom
through its TRM Services Limited unit.
TRM CORP: Acquires "Access To Money" for US$15 Million
------------------------------------------------------
TRM Corporation said Friday that it has acquired Whippany, New
Jersey-based LJR Consulting Corp., d.b.a. Access To Money, one
of the nation's largest independently-owned ATM deployers. The
transaction creates one of the largest ATM networks in the
United States, with a portfolio of approximately 12,200
transacting ATMs. The purchase price of US$15 million
will be paid through a combination of cash, TRM stock and a
note. Douglas Falcone, Access To Money's President and Chief
Executive Officer, will assume the role of TRM Corporation's
Chief Operating Officer. Boston, MA-based Tremont Capital
Group, Inc., which specializes in mergers and acquisitions in
the ATM and related industries, assisted in the
transaction.
With the new credit facility announced separately, TRM has
resolved its outstanding material financial obligations, and
with its acquisition of Access To Money anticipates continued
operating efficiencies and improved results.
"Access To Money is a respected industry leader with strong
vendor relationships and a first-class provider. I am extremely
excited about forging this new partnership with Doug Falcone and
his very talented team," Richard Stern, President and Chief
Executive Officer of TRM Corporation, said. "This acquisition
is further evidence of our commitment to providing our customers
with exemplary service and will further our efforts towards
achieving operational excellence and increased profitability."
"This was an ideal opportunity for all of us at Access To Money
to apply our proven sales and service infrastructure to a
substantially larger portfolio of ATMs," Douglas Falcone added.
"Throughout this acquisition process, the TRM and Access To
Money executive teams have developed a very close working
relationship and are a phenomenal cultural fit. We are
excited to officially combine the teams and look forward to
offering customers the best service in the industry."
"This acquisition represents an ideal strategic combination, as
these two dynamic companies truly complement one another and
together will create a more competitive force in the ATM
industry," Sam M. Ditzion, President and Chief Executive Officer
of Tremont Capital Group, said.
About Access To Money
Access To Money(TM) (A.T.M.), a one source provider of ATM and
banking solutions, was founded in 1995 and has grown to become
one of the largest independently-owned ATM operators in the
United States.
About TRM Corporation
TRM Corporation (Nasdaq: TRMM) -- http://www.trm.com/-- is a
consumer services company that provides convenience ATM services
in high-traffic consumer environments. TRM's ATM customer base
is widespread, with retailers throughout the United States. TRM
operates the second largest non-bank ATM network in the United
States. The company has a presence in the United Kingdom
through its TRM Services Limited unit.
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Shareholders Total Working
Equity Assets Capital
Ticker (US$MM) (US$MM) (US$MM)
------ ----------- ------- --------
AUSTRIA
-------
Libro AG (111) 174 (182)
Rhi AG (85) 1,573 210
BELGIUM
-------
Sabena S.A. (86) 2,215 (297)
CYPRUS
------
Cyprus Airways CAIR (30) 262 (97)
CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
Danek Praha Holding (89) 192 (2,186)
DENMARK
-------
Elite Shipping (28) 101 19
FRANCE
------
Arbel ARB (150) 138 (96)
Banque Nationale
de Paris Guyane BNPG (41) 352 N.A.
BSN Glasspack (101) 1,151 179
Charbo De France (3,872) 4,738 (2,868)
Euro Computer System (110) 682 377
Grande Paroisse S.A. (927) 629 330
Immob Hoteliere (67) 301 (13)
Matussiere et Forest S.A. MTF (78) 294 (28)
Outremer Telecom OMT (33) 229 (88)
Pagesjaunes GRP PAJ (3,023) 1,377 (311)
Pneumatiques Kleber S.A. (34) 480 139
SDR Picardie (135) 413 N.A.
Soderag (3) 404 N.A.
Sofal S.A. (305) 6,619 N.A.
Spie-Batignolles (16) 5,281 75
Selcodis S.A. SPVX (9) 134 (26)
Trouvay Cauvin (0) 134 10
Usines Chausson (23) 249 35
GERMANY
-------
Babcock Borsig BBX (1608) 137 (1,309)
CBB Holding AG COB (43) 905 N.A.
Cinemaxx AG MXC (27) 177 (30)
Dortmunder
Actien-Brauerei DABG (13) 118 (29)
EM.TV AG EV4G.BE (22) 849 15
F.A. Guenther & Son AG GUSG (10) 111 N.A.
Kabel Deutschland (1,199) 2,280 (306)
Kaufring AG KAUG (19) 151 (51)
Maternus Kliniken AG MAK.F (4) 201 (20)
Nordsee AG (8) 195 (31)
Schaltbau Hold SLTG (13) 185 3
SinnLeffers AG WHGG (4) 454 (145)
Spar Handels- AG SPAG (442) 1,433 (234)
GREECE
------
Radio A.Korassidis KORA (101) 181 (139)
Commercial
HUNGARY
-------
Exbus PLC EXBUS (30) 118 (5,162)
ICELAND
-------
Decode Genetics Inc. DCGN (146) 156 48
IRELAND
-------
Elan Corp PLC ELN (388) 1,599 484
Waterford Wed Ut WTFU (145) 897 208
ITALY
-----
A.S. Roma S.p.A. ASR (12) 188 (49)
Binda S.p.A. BND (11) 129 (20)
Cirio Finanziaria S.p.A. (422) 1,583 (396)
Gruppo Coin S.p.A. GC (154) 801 (50)
Compagnia Italia ICT (138) 527 (235)
Credito Fondiario
e Industriale S.p.A. (200) 4,218 N.A.
Finpart S.p.A. (152) 732 (322)
I Viaggi del
Ventaglio S.p.A. VVE (64) 529 (88)
Lazio S.p.A. SSL (32) 254 (33)
Olcese S.p.A. OLCI.MI (13) 180 (64)
Parmalat Finanziaria
S.p.A. (18,419) 4,121 (12,481)
Snia S.p.A. SN (39) 275 36
Technodiffusione
Italia S.p.A. TDIFF.PK (90) 152 (24)
NETHERLANDS
-----------
Baan Company N.V. BAAN (8) 610 46
United Pan-Euro Air UPC (5,266) 5,180 (8,730)
NORWAY
------
Interoil Exploration IOX (9) 205 (11)
Petroleum-Geo Services PGO (32) 2,963 (5,250)
ROMANIA
-------
Rafo Onesti RAF (354) 475 (1,421)
RUSSIA
------
East Siberia Brd VSNK (79) 107 (278)
Omskij Kauchu OMKA (4) 125 (1,794)
OAO Samaraneftegas (332) 892 (16,942)
Vimpel Ship SOVP (93) 281 (420)
Zil Auto ZILLP (178) 425 (10,597)
SPAIN
-----
Altos Hornos de
Vizcaya S.A. (116) 1,283 (278)
Santana Motor S.A. (46) 223 41
TURKEY
------
Nergis Holding (24) 125 26
Turk Tuborg TBORG (1) 153 (109)
Yasarbank (948) 623 N.A.
UKRAINE
-------
Dniprooblenergo DNON (40) 477 (807)
Donetskoblenergo DOON (286) 597 (1,991)
UNITED KINGDOM
--------------
Abbott Mead Vickers (2) 168 (16)
Alldays Plc (120) 252 (202)
Amey Plc AMY (49) 932 (47)
Atkins (WS) Plc ATK (150) 1,390 62
Bagleys Investment (247) 1,094 (126)
BCH Group Plc BCH (6) 188 (44)
Blenheim Group BEH (153) 198 (34)
Booker Plc BKRUY (60) 1,298 (8)
Bradstock Group BDK (2) 269 5
Brent Walker Group BWL (1,774) 867 (1,157)
British Energy Ltd (5,823) 4,921 290
British Energy Plc BGY (5,823) 4,921 434
British Nuclear
Fuels Plc (4,248) 40,326 977
Carlisle Group (12) 204 15
Compass Group CPG (668) 2,972 (298)
Dowson Holding DWN (18) 226 31
Dignity Plc DTY (9) 648 35
Easybroker PLC (1) 287 (1)
Easynet Group ESY.L (45) 323 38
Electrical and Music
Industries Group EMI (2,266) 2,950 (296)
Evans Healthcare (86) 239 (144)
Global Green Tech Group (156) 408 (18)
Heath Lambert
Fenchurch Group Plc (10) 4,109 (10)
HMV Group Plc HMV (26) 1,273 (277)
Imperial Chemical
Industries Plc ICI (370) 8,393 2
Invensys PLC (276) 3,914 357
Jarvis Plc JRVS.L (28) 370 (22)
Ladbrokes Plc LAD (894) 2,139 (356)
Lambert Fenchurch Group (1) 1,827 3
Legal & Gen. Fin. (7) 3,576 (522)
London Stock Exchange LSE (689) 526 (195)
M 2003 Plc (2,204) 7,205 (756)
Misys Plc MSY (7) 1,123 (131)
Mytravel Group MT.L (380) 1,818 (488)
New Star Asset (418) 368 17
Next Plc (156) 3,224 (63)
Orange Plc ORNGF (594) 2,902 7
Pii Group Ltd (84) 236 (47)
Rank Group Plc (26) 1,209 (87)
Regus Plc (46) 367 (60)
Saatchi & Saatchi SSI (119) 705 (41)
SFI Group SUF (108) 178 (162)
Skyepharma PLC SKP (95) 211 2
Spirit Group (75) 365 (56)
Telereal Security (35) 3,418 1,948
Telewest
Communications Plc TLWT (3,702) 7,581 (5,631)
Trio Finance TRIO (14) 592 N.A.
Unilever U.K. Cent. (1,170) 4,509 82
Upperpoint Manufac. (10) 280 (10)
Webley Stadium (55) 1,561 (45)
Wincanton Plc WIN (27) 1,451 (78)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable. Those sources may
not, however, be complete or accurate. The Monday Bond Pricing
table is compiled on the Friday prior to publication. Prices
reported are not intended to reflect actual trades. Prices for
actual trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets. At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short. Don't be fooled. Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets. A company may establish
reserves on its balance sheet for liabilities that may never
materialize. The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
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Maryland USA. Jason Nieva, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes
Tovilla and Marites Claro, Editors.
Copyright 2008. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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