/raid1/www/Hosts/bankrupt/TCREUR_Public/080425.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Friday, April 25, 2008, Vol. 9, No. 82
Headlines
A U S T R I A
PLUMBER INSTALLATEUR: Claims Registration Period Ends May 20
PRESING HANDEL: Claims Registration Period Ends May 20
F R A N C E
PRIDE INTERNATIONAL: Board Drops Ownership Threshold to 10%
G E R M A N Y
ATTIKA GMBH: Creditors Must File Claims by May 16
AUTO-TECHNIK: Creditors Must File Claims by May 16
BESTATTUNGSHAUS STEPHAN: Creditors Must File Claims by May 16
BETRIEBSWIRTSCHAFTLICHE DIENSTLEISTUNGEN: Claims Due May 16
BUWI KUNSTSTOFFTECHNIK: Creditors Must File Claims by May 16
CARL GREINER: Creditors Must File Claims by May 16
DMM-GMBH TELEFONMARKETING: Creditors Must File Claims by May 16
DUESSELDORFER HYPOTHEKENBANK: Sold to Banking Association BdB
ECOMARES INC: Evidentiary Hearing Scheduled on May 9
EICHIN & DE LAPORTE: Claims Registration Period Ends May 20
ENDOSCAN GMBH: Creditors Must File Claims by May 16
EXCITING COMMUNICATION: Claims Registration Ends May 21
FINAL TRADING: Claims Registration Period Ends May 13
FIRSTLINE IMMOBILIEN: Claims Registration Ends May 21
FLEXAN SCHAUMSTOFFVERARBEITUNG: Claims Period Ends May 13
GRUEN-SERVICE: Creditors Must File Claims by May 16
HAUS LOCCUM: Claims Registration Ends May 22
HDT-SYSTEMS-GMBH: Claims Registration Period Ends May 9
HEIZUNG SANITAR: Claims Registration Period Ends May 20
IKB DEUTSCHE: German Markets Regulator Unveils Insider Trading
INTER ELTRA: Claims Registration Period Ends May 20
KLEINSORG + WOESTE: Claims Registration Period Ends May 9
KOPF BESITZ: Claims Registration Period Ends May 20
KOPF ROHRLEITUNGS: Claims Registration Period Ends May 20
P + P GASTSTATTENBETRIEBS: Claims Registration Ends May 8
PROSIEBENSAT.1 MEDIA: Names Axel Salzmann as Finance Chief
RESIDENZ BAUTRAGER: Claims Registration Ends May 21
SCHLACHTEREI ALBAYRAK: Claims Registration Ends May 21
SPITZE BAU: Claims Registration Period Ends May 20
STOEBE HAUSBAU: Claims Registration Period Ends May 20
THIELERT AIRCRAFT: Files for Insolvency in Chemnitz Court
WESSER GMBH: Claims Registration Ends May 21
WESTLB AG: Supervisory Board Okays Managing Board Reorganization
ZULASSUNGDIENSTE UND SCHILDERSTELLE: Claims Filing Ends May 21
I R E L A N D
HARRIER FINANCE: Moody's May Further Cut Junk Rtg. After Review
STOCKERYALE INC: Posts US$2.2 Million Net Loss in 1Q 2008
STOCKERYALE INC: Special Meeting Scheduled for May 20
I T A L Y
ALITALIA SPA: Ryanair to File Suit vs. Bridge Loan at EC
THERMADYNE HOLDINGS: Moody's Upgrades Rating to B3 from Caa1
PARMALAT SPA: Chapter 11 Cases of Former U.S. Units Closed
K Y R G Y Z S T A N
EUROASIA TRADE: Creditors Must File Claims by June 6
N E T H E R L A N D S
LYONDELLBASELL: S&P Holds Rating but Revises Outlook to Negative
R U S S I A
COMSTAR-UNITED: MGTS JSC Unit Elects Board of Directors
IRKUTSKIY ENGINEERING: Creditors Must File Claims by May 22
NUTRINVESTHOLDING: S&P Rates US$50 Mln Senior Unsec. Notes at B
ROSTOV-OIL-SERVICE: Court Starts Bankruptcy Supervision Process
RYBNOE CJSC: Creditors Must File Claims by May 22
SEVERSTAL OAO: Completes Management Buyout at SeverCorr
SEVERSTAL OAO: Unit to Build Metal Polymeric Coating Line August
SIBUR HOLDING: Managers' Group Wants to Buy Gazprombank's Stake
SIBUR HOLDINGS: Fitch Keeps Ratings Under Negative Watch
SMP BANK: Moody's Assigns B3/NP/E+/Baa3.ru Global Scale Ratings
URAL LLC: Court Starts Bankruptcy Supervision Procedure
U N I T E D K I N G D O M
CLARIS LIMITED: Moody's May Further Junk Ratings After Review
CLEAR CHANNEL: Buyers Want to Pursue Financing Dispute in Court
CONTRACT PLUMBING: Brings In Liquidators from Tenon Recovery
COTSWOLDGATE LTD: Deloitte Appointed as Administrator
CRACKER LTD: Claims Filing Period Ends May 23
DANA CORP: Inks Separation Pact with CEO & COO Michael Burns
DANA CORP: Ogre Wants Court to Overrule US$1.3MM Claim Objection
FKI PLC: S&P Keeps BB Ratings on Watch Neg. After Melrose Bid
FORD MOTOR: Earns US$100 Million in First Quarter of 2008
FUNDING CORPORATION: Taps Liquidators from Tenon Recovery
GEL ENGINEERING: Brings In Administrators from Baker Tilly
GENERAL MOTORS: S&P Keeps B/B-3 Credit Ratings on Watch Negative
GOLF 2: Calls In Liquidators from Tenon Recovery
LUNAR FUNDING: Moody's May Further Cut Junk Rating After Review
MARBLE ARCH: S&P Puts BB Credit Rating on CreditWatch Negative
METRONET RAIL: Mayor Livingstone Gives Nod on Transfer Schemes
METRONET RAIL: Workers Call Off Planned Strike
MORTGAGELINK FINANCE: Appoints Liquidators from Tenon Recovery
NIELSEN COMPANY: Fitch Rates Long Term IDR at B; Outlook Stable
NIELSEN FINANCE: Fitch Junks Senior Debt Ratings
SANDWELL COMMERCIALL: Fitch Rates Class E Notes at BB
UNIQUE DISTRIBUTION: Supplier Cuts Ties; Staff May File Suit
* Beard Group's Healthcare Transactions Conference Set on May 30
* BOOK REVIEW: Financial Planning for High Net Worth Individual
*********
=============
A U S T R I A
=============
PLUMBER INSTALLATEUR: Claims Registration Period Ends May 20
------------------------------------------------------------
Creditors owed money by LLC PLUMBER Installateur (FN 285283i)
have until May 20, 2008, to file written proofs of claim to
court-appointed estate administrator Daniel Lampersberger at:
Mag. Daniel Lampersberger
Esteplatz 4
1030 Vienna
Austria
Tel: 712 33 30-0
Fax: 712 33 30-30
E-mail: kanzlei@engelhart.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on June 30, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1609
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 10, 2008 (Bankr. Case No. 6 S 51/08d).
PRESING HANDEL: Claims Registration Period Ends May 20
------------------------------------------------------
Creditors owed money by LLC Presing Handel (FN 294565i) have
until May 20, 2008, to file written proofs of claim to court-
appointed estate administrator Herbert Hochegger at:
Dr. Herbert Hochegger
Brucknerstrasse 4
1040 Vienna
Austria
Tel: 505 78 61
Fax: 505 78 61 9
E-mail: office@hoch.co.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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 1609
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 10, 2008 (Bankr. Case No. 6 S 50/08g).
===========
F R A N C E
===========
PRIDE INTERNATIONAL: Board Drops Ownership Threshold to 10%
-----------------------------------------------------------
Pride International Inc.'s Board of Directors has taken action
under the company's Stockholder Rights Plan to lower, solely
with respect to Seadrill Limited and its affiliates and
associates, the threshold level of beneficial ownership of the
company's common stock that would trigger the rights from 15% to
10%.
Pride also announced that it has been notified by Seadrill of
Seadrill's and its affiliates' acquisition, through undisclosed
forward purchase contracts and other acquisitions from
undisclosed parties, of approximately 9.9% of the company's
outstanding common stock. Seadrill has advised the Company that
it has made a filing under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 to permit Seadrill to acquire Pride
securities, but has neither provided the company with a copy of
the filing nor informed the Company at what notification
threshold the filing was made under the Act. Despite requests
by the company, Seadrill has not provided information about its
intentions, plans or proposals with respect to Pride or its
acquisition of the common stock; any agreements, arrangements or
understandings it has with third parties regarding Pride
securities; the terms of the forward purchase contracts; the
reasons for its Hart-Scott-Rodino filing; or the maximum
ownership level specified in the filing. Seadrill also
requested that Pride not publicly disclose its acquisition of
Pride securities or its Hart-Scott-Rodino filing.
Pride's Stockholder Rights Plan is intended to protect the
company's stockholders from open-market accumulations and other
abusive takeover activities. The Board of Directors of the
company has taken the action with respect to the rights plan
because Seadrill has not provided the Company with any
information about its intentions, and the Board wants to make
sure that all stockholders are protected appropriately. The
plan was adopted in 2001 in connection with the Company's merger
with Marine Drilling Companies to replace a similar plan in
effect at Pride since 1998.
About Pride International
Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs. The company has subsidiaries in France,
Netherlands, Venezuela, Bahamas, Mexico, Malaysia and Singapore,
among others.
* * *
To date, Pride International carries Standard & Poor's Ratings
Service's BB+ corporate credit rating. The company's unsecured
debt is also rated BB+ by S&P. The outlook on the ratings is
stable.
=============
G E R M A N Y
=============
ATTIKA GMBH: Creditors Must File Claims by May 16
-------------------------------------------------
Creditors of Attika GmbH have until May 16, 2008, to register
their claims with court-appointed insolvency manager Ingrid
Trompertz.
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 her first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Bonn
Hall S 2.22
Second Stock
William-Strasse 21
53111 Bonn
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Ingrid Trompertz
Willy-Brandt-Allee 18
53113 Bonn
Germany
The District Court of Bonn opened bankruptcy proceedings against
Attika GmbH on March 28, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Attika GmbH
Immenburgstr. 20
53121 Bonn
Germany
AUTO-TECHNIK: Creditors Must File Claims by May 16
--------------------------------------------------
Creditors of Auto-Technik Automobil GmbH have until May 16,
2008, to register their claims with court-appointed insolvency
manager Christoph Schulte-Kaubruegger.
Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Potsdam
Hall 301
Third Floor
Nebenstelle Lindenstrasse 6
14467 Potsdam
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Christoph Schulte-Kaubruegger
Genthiner Strasse 48
10785 Berlin
Germany
The District Court of Potsdam opened bankruptcy proceedings
against Auto-Technik Automobil GmbH on April 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Auto-Technik Automobil GmbH
Potsdamer Strasse 10
14776 Brandenburg
Germany
BESTATTUNGSHAUS STEPHAN: Creditors Must File Claims by May 16
-------------------------------------------------------------
Creditors of Bestattungshaus Stephan Klaus GmbH have until
May 16, 2008, to register their claims with court-appointed
insolvency manager Ruediger Wienberg.
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 Leipzig
Hall 056
Ground Floor
Enforcement Court
Bernhard Goering Strasse 64
04275 Leipzig
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
Mozartstr. 3
04107 Leipzig
Germany
The District Court of Leipzig opened bankruptcy proceedings
against Bestattungshaus Stephan Klaus GmbH on April 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Bestattungshaus Stephan Klaus GmbH
Rathausstrasse 53
04416 Markkleeberg
Germany
BETRIEBSWIRTSCHAFTLICHE DIENSTLEISTUNGEN: Claims Due May 16
-----------------------------------------------------------
Creditors of Betriebswirtschaftliche Dienstleistungen fuer
Baubetriebe GmbHhave until May 16, 2008, to register their
claims with court-appointed insolvency manager Volker Dick.
Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Bonn
Hall S 2.22
Second Stock
William-Strasse 21
53111 Bonn
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Volker Dick
Koelnstrasse 135
53757 Sankt Augustin
Germany
The District Court of Bonn opened bankruptcy proceedings against
Betriebswirtschaftliche Dienstleistungen fuer Baubetriebe GmbH
on April 3, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
Betriebswirtschaftliche Dienstleistungen fuer
Baubetriebe GmbH
Am Turm 88
53721 Siegburg
Germany
BUWI KUNSTSTOFFTECHNIK: Creditors Must File Claims by May 16
------------------------------------------------------------
Creditors of BuWi Kunststofftechnik Verwaltungs-GmbH have until
May 16, 2008, to register their claims with court-appointed
insolvency manager A. Koehler.
Creditors and other interested parties are encouraged to attend
the meeting at 8:42 a.m. on June 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Montabaur
Hall 106
First Stock
Bahnhofstrasse 47
56410 Montabaur
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:
A. Koehler
Wilhelmstrasse 42
65582 Diez
Germany
The District Court of Montabaur opened bankruptcy proceedings
against BuWi Kunststofftechnik Verwaltungs-GmbH on March 26,
2008. Consequently, all pending proceedings against the company
have been automatically stayed.
The Debtor can be reached at:
BuWi Kunststofftechnik Verwaltungs-GmbH
Hauptstrasse 1
57520 Neunkhausen
Germany
CARL GREINER: Creditors Must File Claims by May 16
--------------------------------------------------
Creditors of Carl Greiner GmbH Formbau und
Kunststoffverarbeitung have until May 16, 2008, to register
their claims with court-appointed insolvency manager Peter
Scholl.
Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Meiningen
Meeting Hall A 0105
Lindenallee 15
Meiningen
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Peter Scholl
Andreasstr. 39
99084 Erfurt
Germany
The District Court of Meiningen opened bankruptcy proceedings
against Carl Greiner GmbH Formbau und Kunststoffverarbeitung on
March 27, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
Carl Greiner GmbH Formbau und Kunststoffverarbeitung
Insel 9 A
98544 Zella-Mehlis
Germany
DMM-GMBH TELEFONMARKETING: Creditors Must File Claims by May 16
---------------------------------------------------------------
Creditors of DMM-GmbH Telefonmarketing have until May 16, 2008,
to register their claims with court-appointed insolvency manager
Klaus Knetter.
Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on June 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Detmold
Meeting Room 12
Ground Floor
Gerichtsstr. 6
32756 Detmold
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Klaus Knetter
Otto-Brenner-Str. 186
33604 Bielefeld
Germany
The District Court of Detmold opened bankruptcy proceedings
against DMM-GmbH Telefonmarketing on April 8, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
DMM-GmbH Telefonmarketing
Hoerster Bruch 102
32791 Lage
Germany
Attn: Walter Dietmar Midwer, Manager
Heeperholz 15 b
33719 Bielefeld
Germany
DUESSELDORFER HYPOTHEKENBANK: Sold to Banking Association BdB
-------------------------------------------------------------
The Schuppli Group has sold Duesseldorfer Hypothekenbank Bank AG
to German banking association Bundesverband deutscher Banken
e.V. (Bdb) for an undisclosed sum, Bloomberg News reports.
The sale, which allows Duesseldorfer Hypo to continue to redeem
Pfandbrief bonds, is aimed at helping the bank overcome
difficulties brought about by the current "tense" market
conditions, Bloomberg says, citing BdB.
BdB, Bloomberg discloses, plans to sell the bank to a new owner.
Duesseldorfer Hypo's owner Schuppli injected EUR150 million in
equity to the bank after GBP8.5 million in write-downs and lower
demand for public sector financing nearly wiped out profits last
year, Bloomberg relates.
Friedrich Munsberg, management board member at Duesseldorfer
Hypo, told Bloomberg it's "business as usual" at Duesseldorfer
Hypo, adding the bank is not suffering from a liquidity problem.
Duesseldorfer Hypothekenbank Bank AG is a privately owned
Pfandbriefbank and subject to the restrictions of the Pfandbrief
legislation. It has focused on secondary markets public sector
lending. The Schuppli family founded DHB in 1997. The bank has
a balance sheet of EUR26.7 billion (US$42.4 billion)
As of April 23, 2008, Duesseldorfer Hypothekenbank Bank AG
carries Fitch's F individual rating.
ECOMARES INC: Evidentiary Hearing Scheduled on May 9
----------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada has set the
evidentiary hearing on Ecomares, Inc.'s Petition For Recognition
Of Foreign Main Proceeding to commence on May 9, 2008, at 9:30
a.m.
Ecomares, Inc. - http://www.ecomares.de/-- is a holding company
that was founded by a group of German scientists and developers
and incorporated in Nevada in 2003. Its principal place of
business is, however, Kiel, Germany. Its subsidiaries are
engaged in the design, building and operation of fish hatcheries
worldwide.
On December 1, 2007, an insolvency proceeding was commenced
against the Debtor under the German insolvency act. In Nevada,
the Debtor is a named party in two civil actions that are
pending in separate courts, namely against Colville Services,
Ltd. and against Angelina Ovcharik.
Dieter Kloth filed a Chapter 15 petition on Jan. 18, 2008
(Bankr. D. Nev. Case No. 08-50074). Jeffrey L. Hartman, Esq.,
in Reno, Nevada represent Mr. Kloth.
EICHIN & DE LAPORTE: Claims Registration Period Ends May 20
-----------------------------------------------------------
Creditors of Eichin & de Laporte Assekuranzmakler GmbH have
until May 20, 2008, to register their claims with court-
appointed insolvency manager Dr. Lucas F. Floether.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Leipzig
Hall 056
Ground Floor
Enforcement Court
Bernhard Goering Strasse 64
04275 Leipzig
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. Lucas F. Floether
Specks Hof Eingang C
Nikolaistrasse 3-5
04109 Leipzig
Germany
Tel: 0341/652200
Fax: O341/65220111
The District Court of Leipzig opened bankruptcy proceedings
against Eichin & de Laporte Assekuranzmakler GmbH on March 28,
2008. Consequently, all pending proceedings against the company
have been automatically stayed.
The Debtor can be reached at:
Eichin & de Laporte Assekuranzmakler GmbH
Schwindstr. 16
04328 Leipzig
Germany
ENDOSCAN GMBH: Creditors Must File Claims by May 16
---------------------------------------------------
Creditors of Endoscan GmbH have until May 16, 2008, to register
their claims with court-appointed insolvency manager Peter
Suffel.
Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on June 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Erfurt
Hall 15
Judicial Center
Rudolfstr. 46
99092 Erfurt
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Peter Suffel
Hauptstrasse 6
99425 Weimar-Tiefurt
Germany
The District Court of Erfurt opened bankruptcy proceedings
against Endoscan GmbH on April 1, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Endoscan GmbH
Kantstrasse 5
99425 Weimar
Germany
EXCITING COMMUNICATION: Claims Registration Ends May 21
-------------------------------------------------------
Creditors of exciting communication GmbH have until May 21, 2008
to register their claims with court-appointed insolvency manager
Fabio Algari.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Offenbach am Main
Hall 162N
First Floor
Kaiserstrasse
63065 Offenbach am Main
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Fabio Algari
Oppenheimer Landstrasse 3
60594 Frankfurt am Main
Germany
Tel: 069-6109160
Fax: 069-61091616
The District Court of Offenbach am Main opened bankruptcy
proceedings against exciting communication GmbH on March 28,
2008. Consequently, all pending proceedings against the company
have been automatically stayed.
The Debtor can be reached at:
exciting communication GmbH
Attn: Joerg Weidmann, Manager
Daimlerstr. 1h
63303 Dreieich
Germany
FINAL TRADING: Claims Registration Period Ends May 13
-----------------------------------------------------
Creditors of Final Trading International Handel - Logistik &
Consulting GmbH have until May 13, 2008, to register their
claims with court-appointed insolvency manager Ulrich
Rosenkranz.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Rostock
Hall 330
Zochstrasse 18057
Rostock
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Ulrich Rosenkranz
Lange Strasse 50
18311 Ribnitz-Damgarten
Germany
The District Court of Rostock opened bankruptcy proceedings
against Final Trading International Handel - Logistik &
Consulting GmbH on March 31, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Final Trading International Handel -
Logistik & Consulting GmbH
Attn: Alexander Trinks, Manager
Stralsunder Strasse 4
18057 Rostock
Germany
FIRSTLINE IMMOBILIEN: Claims Registration Ends May 21
-----------------------------------------------------
Creditors of Firstline Immobilien GmbH have until May 21, 2008
to register their claims with court-appointed insolvency manager
Michael Moenig.
Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court Muenster
Meeting Hall 101 B
Gerichtsstr. 2-6
48149 Muenster
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Michael Moenig
Von-Steuben-Strasse 18
48143 Muenster
Germany
Tel: 0251/38484-333
Fax: +4925138484300
The District Court of Muenster opened bankruptcy proceedings
against Firstline Immobilien GmbH on April 9, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Firstline Immobilien GmbH
Rothenburg 14-16
48143 Muenster
Germany
Attn: Mila Penning, Manager
Kuemmelpad 1
26160 Bad Zwischenahn
Germany
FLEXAN SCHAUMSTOFFVERARBEITUNG: Claims Period Ends May 13
---------------------------------------------------------
Creditors of Flexan Schaumstoffverarbeitung GmbH have until
May 13, 2008, to register their claims with court-appointed
insolvency manager Markus Ernestus.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Karlsruhe
Hall IV
First Floor
Schlossplatz 23
76131 Karlsruhe
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Markus Ernestus
O 3, 11+12
68161 Mannheim
Germany
Tel: (06 21) 53 39 22 0
The District Court of Karlsruhe opened bankruptcy proceedings
against Flexan Schaumstoffverarbeitung GmbH on April 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Flexan Schaumstoffverarbeitung GmbH
Attn: Leonhard Schweikert, Manager
Rheintalbahnstr. 45
68753 Waghausel
Germany
GRUEN-SERVICE: Creditors Must File Claims by May 16
---------------------------------------------------
Creditors of Gruen-Service Fuchs GmbH have until May 16, 2008,
to register their claims with court-appointed insolvency manager
Petra Hilgers.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 18, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Potsdam
Hall 301
Third Floor
Nebenstelle Lindenstrasse 6
14467 Potsdam
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Petra Hilgers
Goethestrasse 85
10623 Berlin
Germany
The District Court of Potsdam opened bankruptcy proceedings
against Gruen-Service Fuchs GmbH on March 18, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Gruen-Service Fuchs GmbH
Dorfstrasse 3
14641 Nauen
Germany
HAUS LOCCUM: Claims Registration Ends May 22
--------------------------------------------
Creditors of Haus Loccum Service Wohnen GmbH have until May 22,
2008 to register their claims with court-appointed insolvency
manager Dirk Oelbermann.
Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 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 Syke
Hall 112
Hauptstr. 5A
28857 Syke
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:
Dirk Oelbermann
Ostertorsteinweg 74/75
28203 Bremen
Germany
Tel: (0421)792 57-0
Fax: (0421)792 57-57
The District Court of Syke opened bankruptcy proceedings against
Haus Loccum Service Wohnen GmbH on March 31, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Haus Loccum Service Wohnen GmbH
Berliner Ring 3
31547 Rehburg-Loccum
Germany
Attn: Juergen Lieberum, Manager
Alte Dorfstrasse 34
31547 Rehburg-Loccum
Germany
HDT-SYSTEMS-GMBH: Claims Registration Period Ends May 9
-------------------------------------------------------
Creditors of HDT-Systems-GmbH have until May 9, 2008, to
register their claims with court-appointed insolvency manager
Dr. Jur. A. Koehler.
Creditors and other interested parties are encouraged to attend
the meeting at 2:30 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 Siegen
Hall 009
Ground Floor
Main Building
Berliner Str. 21-22
57072 Siegen
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. Jur. A. Koehler
Wilhelmstr. 42
65582 Diez
Germany
Tel: 06432/645811
Fax: 06432/645820
The District Court of Siegen opened bankruptcy proceedings
against HDT-Systems-GmbH on April 1, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
HDT-Systems-GmbH
Sassmicker Hammer 26
57462 Olpe
Germany
Attn: Juergen Paul, Manager
Biggestrasse 104 A
57462 Olpe
Germany
HEIZUNG SANITAR: Claims Registration Period Ends May 20
-------------------------------------------------------
Creditors of Heizung Sanitar Tatewossjan GmbH have until May 20,
2008, to register their claims with court-appointed insolvency
manager Dr. Henning Dohrmann.
Creditors and other interested parties are encouraged to attend
the meeting at 10:25 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 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. Henning Dohrmann
Moltkestr. 12
51643 Gummersbach
Germany
The District Court of Cologne opened bankruptcy proceedings
against Heizung Sanitar Tatewossjan GmbH on March 31, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Heizung Sanitar Tatewossjan GmbH
Buchenweg 6
51643 Gummersbach
Germany
IKB DEUTSCHE: German Markets Regulator Unveils Insider Trading
--------------------------------------------------------------
Bundesanstalt für Finanzdienstleistungsaufsicht, Germany's
financial sector regulator, said it found sufficient evidence to
prosecute a Deutsche Bank AG employee for insider trading in the
shares of IKB Deutsche Industriebank AG, various reports say.
BaFin said the insider trading occurred days before IKB revealed
in July billions of Euros in losses due to the subprime crisis,
the Financial Times relates.
The market regulator said it has referred the case to public
prosecutors in Frankfurt, Germany, who will determine whether to
proceed with a criminal inquiry, the Wall Street Journal
reports.
Deutsche Banks told FT that it had not profited from the trades
that were valued in the low single millions.
About IKB Deutsche
Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- provides medium-sized companies with
long-term financing. The bank operates in several German
locations, as well as branches in the United Kingdom,
Luxembourg, Spain and
France.
IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.
* * *
As reported in the TCR-Europe April 2, 2008, Moody's Investors
Service downgraded these ratings of IKB: bank financial strength
rating to E from E+. The outlook on the BFSR is now stable
(previously developing); IKB's subordinated debt ratings were
downgraded to Ba2. The outlook on is negative; IKB's short-term
ratings were downgraded to Prime-3; IKB's junior subordinated
securities were downgraded to Ca from Caa1. Its hybrid capital
instruments eligible for Tier 1 capital (silent participations)
and the preferred securities of IKB Funding Trust I & II were
downgraded to Caa3 from Caa1. All hybrid ratings now have a
stable outlook.
As reported in the TCR-Europe on March 7, 2008, Fitch Ratings
downgraded IKB Deutsche Industriebank AG's hybrid securities to
'CCC-' (CCC minus) from the 'B' range and removed them from
Rating Watch Negative (RWN) where they were placed on Feb. 14,
2008, and Dec. 21, 2007. The company carries Fitch's 'E'
Individual rating.
INTER ELTRA: Claims Registration Period Ends May 20
---------------------------------------------------
Creditors of Inter Eltra International GmbH i.L. have until
May 20, 2008, to register their claims with court-appointed
insolvency manager Dr. Sven-Holger Undritz.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Hamburg
Hall B 405
Fourth Floor Annex
Civil Justice Bldg.
Sievkingplatz 1
20355 Hamburg
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Sven-Holger Undritz
Jungfernstieg 51
20354 Hamburg
Germany
The District Court of Hamburg opened bankruptcy proceedings
against Inter Eltra International GmbH i.L. on March 26, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Inter Eltra International GmbH i.L.
Holstenwall 13
20355 Hamburg
Germany
KLEINSORG + WOESTE: Claims Registration Period Ends May 9
---------------------------------------------------------
Creditors of kleinsorg + woeste Nflg. Werkzeug und
Industriebedarf GmbH have until May 9, 2008, to register their
claims with court-appointed insolvency manager Dr. Joerg
Nerlich.
Creditors and other interested parties are encouraged to attend
the meeting at 11:20 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 Cologne
Meeting Hall 142
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. Joerg Nerlich
Sachsenring 81
50667 Koeln
Germany
The District Court of Cologne opened bankruptcy proceedings
against kleinsorg + woeste Nflg. Werkzeug und Industriebedarf
GmbH on March 27, 2008. Consequently, all pending proceedings
against the company have been automatically stayed.
The Debtor can be reached at:
kleinsorg + woeste Nflg. Werkzeug und
Industriebedarf GmbH
An der Malzmuehle 3 - 5
50676 Koeln
Germany
Attn: Olaf Schmitz, Manager
Waldstrasse 46
53332 Bornheim
Germany
KOPF BESITZ: Claims Registration Period Ends May 20
---------------------------------------------------
Creditors of Kopf Besitz GmbH & Co. KG have until May 20, 2008,
to register their claims with court-appointed insolvency manager
Dr. Wolfgang Bilgery.
Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on June 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Rottweil
Room 0.05
Branch Office
Koernerstr. 29
Rottweil
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Wolfgang Bilgery
Humboldtstr. 16
70178 Stuttgart
Germany
Tel: 0711-966890
Fax: 0711-9668919
The District Court of Rottweil opened bankruptcy proceedings
against Kopf Besitz GmbH & Co. KG on April 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Kopf Besitz GmbH & Co. KG
Stuetzenstr. 6
72172 Sulz-Bergfelden
Germany
KOPF ROHRLEITUNGS: Claims Registration Period Ends May 20
---------------------------------------------------------
Creditors of Kopf Rohrleitungs- u. Spezialtiefbau GmbH have
until May 20, 2008, to register their claims with court-
appointed insolvency manager Dr. Wolfgang Bilgery.
Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on June 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Rottweil
Room 0.05
Branch Office
Koernerstr. 29
Rottweil
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Wolfgang Bilgery
Humboldtstr. 16
70178 Stuttgart
Germany
Tel: 0711-966890
Fax: 0711-9668919
The District Court of Rottweil opened bankruptcy proceedings
against Kopf Rohrleitungs- u. Spezialtiefbau GmbH on April 1,
2008. Consequently, all pending proceedings against the company
have been automatically stayed.
The Debtor can be reached at:
Kopf Rohrleitungs- u. Spezialtiefbau GmbH
Stuetzenstr. 6
72172 Sulz-Bergfelden
Germany
P + P GASTSTATTENBETRIEBS: Claims Registration Ends May 8
---------------------------------------------------------
Creditors of P + P Gaststattenbetriebs GmbH & Co. KG have until
May 8, 2008, to register their claims with court-appointed
insolvency manager Otto Heer.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Nuernberg
Meeting Hall 152/I
Flaschenhofstr. 35
Nuernberg
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Otto Heer
Ziegelsteinstr. 199
90411 Nuernberg
Germany
Tel: 0911/95571-18
Fax: 0911/95571-40
The District Court of Nuernberg opened bankruptcy proceedings
against P + P Gaststattenbetriebs GmbH & Co. KG on
April 3, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
P + P Gaststattenbetriebs GmbH & Co. KG
Marthweg 38
90455 Nuernberg
Germany
PROSIEBENSAT.1 MEDIA: Names Axel Salzmann as Finance Chief
----------------------------------------------------------
ProSiebenSat.1 Media AG has appointed Axel Salzmann, 49, as
Chief Financial Officer, effective on June 11, 2008.
He will be responsible for group financial control, finance and
investor relations, legal affairs, regulatory affairs and
administration. Mr. Salzmann will succeed Lothar Lanz, 59, who
decided not to renew his contract this year and will be
leaving the company effective directly after the shareholders
meeting on June 10, 2008.
"I am delighted that Axel Salzmann will be joining us. He brings
a wealth of financial and operational experience in
international companies and in the communications sector," said
Guillaume de Posch, Chief Executive Officer of ProSiebenSat.1
Media AG.
"I would like to thank Lothar Lanz for his highly
estimable contribution rendered in the last twelve years at
ProSiebenSat.1," Mr. de Posch continued. "Lothar Lanz shaped
the path of ProSiebenSat.1 fundamentally through his
competence and experience. I thank him as a fellow board member
for the outstanding and personable collaboration and wish him
all the best for his future plans and much success."
About ProsiebenSat.1
Headquartered in Munich, Germany, ProsiebenSat.1 Media AG --
http://en.prosiebensat1.com/-- broadcasts and produces
TV programs through 24 commercial TV stations, 24 premium Pay TV
channels and 22 radio network. In June 2007, the ProSiebenSat.1
Group acquired SBS Broadcasting Group. The company employs
around 6,000 Europe-wide.
* * *
As of April 23, 2008, ProsiebenSat.1 Media AG carries Moody's
Investors Service's Ba1 senior unsecured and corporate family
ratings.
RESIDENZ BAUTRAGER: Claims Registration Ends May 21
---------------------------------------------------
Creditors of RESIDENZ Bautrager GmbH have until May 21, 2008 to
register their claims with court-appointed insolvency manager
Dr. Florian Stapper.
Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Leipzig
Hall 145
Ground Floor
Enforcement Court
Bernhard Goering Strasse 64
04275 Leipzig
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. Florian Stapper
Karl-Heine-Strasse 16
04229 Leipzig
Germany
Tel: 0341/984110
Fax: 0341/9841111
E-mail: leipzig@stapper-korn.de
The District Court of Leipzig opened bankruptcy proceedings
against RESIDENZ Bautrager GmbH on April 1, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
RESIDENZ Bautrager GmbH
Lindenstrasse 7
04683 Naunhof
Germany
Attn: Dr. Steffen Weber, Manager
Lindenring 2d
04824 Beucha
Germany
SCHLACHTEREI ALBAYRAK: Claims Registration Ends May 21
------------------------------------------------------
Creditors of Schlachterei Albayrak GmbH have until May 21, 2008
to register their claims with court-appointed insolvency manager
Joerg Trittermann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Braunschweig
Hall E 01
Martinikirche 8
38100 Braunschweig
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Joerg Trittermann
Lessingplatz 9, D
38100 Braunschweig
Germany
Tel: (05 31) 1206875
Fax: (05 31) 1206880
E-mail: insolvenz@trittermann.de
The District Court of Braunschweig opened bankruptcy proceedings
against Schlachterei Albayrak GmbH on March 28, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Schlachterei Albayrak GmbH
Attn: Abdullah Albayrak, Manager
Trapweg 8
38229 Salzgitter
Germany
SPITZE BAU: Claims Registration Period Ends May 20
--------------------------------------------------
Creditors of Spitze Bau GmbH have until May 20, 2008, to
register their claims with court-appointed insolvency manager
Berthold Brinkmann.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 1, 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 Reinbek
Parkallee 6
21465 Reinbek
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:
Berthold Brinkmann
Sechslingspforte 2
22087 Hamburg
Germany
The District Court of Reinbek opened bankruptcy proceedings
against Spitze Bau GmbH on March 31, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Spitze Bau GmbH
Attn: Jan-Peter Menck, Manager
Willinghusener Landstr. 57
22885 Barsbuettel
Germany
STOEBE HAUSBAU: Claims Registration Period Ends May 20
------------------------------------------------------
Creditors of Stoebe Hausbau-Planungs-GmbH have until May 20,
2008, to register their claims with court-appointed insolvency
manager Ulrich Josephs.
Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Kassel
Hall 234
Friedrichsstrasse 32-34
34117 Kassel
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Ulrich Josephs
Wilhelmshoeher Allee 270
34131 Kassel
Germany
Tel: 0561/3166-311
Fax: 0561/3166-312
E-mail: kassel@leonhardt-westhelle.eu
The District Court of Kassel opened bankruptcy proceedings
against Stoebe Hausbau-Planungs-GmbH on April 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Stoebe Hausbau-Planungs-GmbH
Karl-Kaltwasser Strasse 28
34121 Kassel
Germany
THIELERT AIRCRAFT: Files for Insolvency in Chemnitz Court
---------------------------------------------------------
The executive board of Thielert Aircraft Engines GmbH has filed
for the opening of insolvency at the county court Chemnitz in
Germany concerning the assets of the company due to immediate
illiquidity.
The going concern of Thielert Aircraft can only be ensured
permanently by restructuring activities with the support of
investors, due to the fact that the holding company Thielert AG
is not capable to do so anymore. As a consequence Thielert
Aircraft aims for an insolvency plan proceeding. The insolvency
plan shall be presented to the court and all creditors by the
new appointed executive board and the interim insolvency
administrator until the opening of the insolvency proceeding. A
successful continuation of business in the insolvency plan
proceeding is required.
Headquartered in Lichtenstein, Saxony/Germany, Thielert Aircraft
Engines GmbH -- http://www.thielert.com/-- is a full
subsidiary of Thielert AG, which develops and manufactures
components for high-performance engines and special parts with
complex geometries and hardware and software for digital engine
control systems.
WESSER GMBH: Claims Registration Ends May 21
--------------------------------------------
Creditors of Wesser GmbH & Co.KG have until May 21, 2008 to
register their claims with court-appointed insolvency manager
Denise Oberroeder.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 17, 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 Gera
Hall 317
Rudolf-Diener-Str. 1
Gera
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Denise Oberroeder
Friedrich-Engels-Str. 1a
07545 Gera
Germany
The District Court of Gera opened bankruptcy proceedings against
Wesser GmbH & Co.KG on April 2, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Wesser GmbH & Co.KG
Hauptstr. 106-112
07554 Poelzig
Germany
WESTLB AG: Supervisory Board Okays Managing Board Reorganization
----------------------------------------------------------------
The Supervisory Board of WestLB AG has approved changes to the
WestLB Managing Board at its meeting on April 23, 2008.
WestLB AG has appointed Dietrich Voigtlander and Hubert Beckmann
as Vice Chairmen of the Managing Board.
Mr. Voigtlander is currently a member of the Managing Board and
Chief Operating Officer (COO) of DZ-Bank, with responsibility
for IT, Process Management and Transaction Banking. He will
also assume these functions as COO at WestLB AG, contributing
actively to optimising processes and increasing efficiency. Dr.
Hans-Juergen Niehaus is currently acting COO at WestLB AG. Dr.
Niehaus will now focus on his role as Chief Financial Officer.
Mr. Beckmann is currently Chairman of the Managing Board of
Westdeutsche ImmobilienBank (WIB), WestLB´s highly successful
real estate subsidiary. He previously sat on the Managing Board
of Sparkasse Dresden. He will succeed Dr. Norbert Emmerich on
the Managing Board. With responsibility for the savings banks,
mid caps and real estate businesses, he will have the task of
driving forward the realignment of the Bank´s business policy.
"With Dietrich Voigtlander and Hubert Beckmann, we are fortunate
to have acquired the services of two further highly qualified
and experienced bankers for the Managing Board of WestLB,
following the recent appointment of Heinz Hilgert," Michael
Breuer, Chairman of the WestLB Supervisory Board, said. "The
Supervisory Board is convinced that, with Heinz Hilgert and the
other members of the Managing Board, they will successfully
engineer the necessary realignment and restructuring of the Bank
with vigour and determination."
The Managing Board and Supervisory Board of WestLB AG expressed
their sincere gratitude to Dr. Norbert Emmerich, Vice Chairman
of the WestLB AG Managing Board, who will step down from office
effective April 30, 2008 by amicable and mutual consent. The
departure of Dr. Emmerich reflects the new focus of WestLB AG
under its new chairman Heinz Hilgert.
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.
ZULASSUNGDIENSTE UND SCHILDERSTELLE: Claims Filing Ends May 21
--------------------------------------------------------------
Creditors of Zulassungdienste und Schilderstelle A.J.V. GmbH
have until May 21, 2008 to register their claims with court-
appointed insolvency manager Manfred Vellmer.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court Muenster
Meeting Hall 119 B
Gerichtsstr. 2-6
48149 Muenster
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Manfred Vellmer
Adalbertstr. 8
48565 Steinfurt
Germany
Tel: 02552/638710
Fax: +4925526387111
The District Court of Muenster opened bankruptcy proceedings
against Zulassungdienste und Schilderstelle A.J.V. GmbH on
March 13, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
Zulassungdienste und Schilderstelle A.J.V. GmbH
Attn: Antonie Johannis Verloop, Manager
Laubstiege 1 A
48599 Gronau
Germany
=============
I R E L A N D
=============
HARRIER FINANCE: Moody's May Further Cut Junk Rtg. After Review
---------------------------------------------------------------
Moody's Investors Service placed the ratings of six SIV capital
note program on review for downgrade.
SIV capital notes have been the most negatively impacted by the
funding and pricing difficulties that have caused the sector to
all but disappear in the wake of the ongoing liquidity crisis.
Today's rating actions reflect further deterioration in the
market values of SIV portfolios, and the limited benefits to
capital notes of the various restructuring proposals implemented
by bank sponsors.
Moody's review will focus on the decline in capital net asset
value, which incorporates both crystallized losses following
asset sales and unrealized losses. Moody's will also review the
actual or potential impact on capital notes of any restructuring
plans implemented by a vehicle's sponsor.
The list of affected vehicles and programs is:
Asscher Finance Limited and Asscher Finance Corporation
* Mezzanine Capital Note Program (US$41 million of debt
securities affected)
-- Current Rating: Caa2, on review for downgrade
-- Prior Rating: Caa2
Harrier Finance Limited and Harrier Finance (U.S.) Limited
* Income Note Program (US$988 million of debt securities
affected)
-- Current Rating: Caa2, on review for downgrade
-- Prior Rating: Caa2
Kestrel Funding Plc and Kestrel Funding LLC
* Income Note Program (US$315 million of debt securities
affected)
-- Current Rating: Caa3, on review for downgrade
-- Prior Rating: Caa3
Links Finance Corporation and Links Finance LLC
* Mezzanine Capital Note Program (US$1.01 billion of debt
securities affected)
-- Current Rating: Ba2, on review for downgrade
-- Prior Rating: Ba2
Nightingale Finance Limited and Nightingale Finance LLC
* Capital Note Program (US$301 million of debt securities
affected)
-- Current Rating: B3, on review for downgrade
-- Prior Rating: B3
* Premier Asset Collateralized Entity Ltd and Premier Asset
Collateralized Entity LLC
* Capital Note Program (US$315 million of debt securities
affected)
-- Current Rating: Caa3, on review for downgrade
-- Prior Rating: Caa3
STOCKERYALE INC: Posts US$2.2 Million Net Loss in 1Q 2008
---------------------------------------------------------
StockerYale, Inc. reported financial results for the first
quarter ended March 31, 2008.
Net sales were US$8.1 million for the first quarter of 2008, an
8% increase over US$7.5 million for the first quarter of 2007,
and a 7% increase compared with US$7.5 million for the fourth
quarter of 2007. Photonic Products sales increased 19% year-
over-year and 13% quarter-over-quarter while lasers in total
grew 6% over the first quarter of 2007 and 4% over the fourth
quarter of 2007.
Bookings for the first quarter of 2008 reached US$8.9 million
and backlog was US$10.8 million at March 31, 2008.
Gross profit was US$2.5 million for the first quarter of 2008, a
4% decrease compared to the US$2.6 million in the first quarter
of 2007, but up 62% from US$1.5 million in the fourth quarter of
2007. First quarter 2008 gross margin was 31% compared with 34%
in the comparable year-ago quarter, but up 1,004 basis points
over 20.1% in the fourth quarter of 2007.
Operating expenses totaled US$4.0 million for the first quarter
of 2008, increasing 12% over the US$3.6 million in the first
quarter of 2007, but declining 15% quarter-over-quarter. The
increase over 2007 was primarily due to non-cash share-based
compensation expensed under FAS 123(R), and foreign currency
exchange differences, especially the Canadian dollar. Non-cash
amortization of intangible assets increased US$23,000 to
US$330,000 over US$307,000 for the first quarter of 2007.
Research and development expenses were flat at US$0.8 million.
Sales and marketing and general and administrative expense
increased 16%, or US$0.4 million, primarily due to the non-cash
share-based compensation expense.
Operating loss for the first quarter was US$1.5 million compared
with operating losses of US$1.0 million for the first quarter of
2007 and US$3.2 million for the fourth quarter of 2007.
Other expenses, which include primarily non-cash debt discount
and financing costs, decreased by US$9,000, or 2%, for the first
quarter of 2008. Net loss including discontinued operations was
US$2.2 million or a lost of US$0.06 per share compared with a
net loss of US$1.6 million or US$0.05 per share for the first
quarter of 2007 and a US$3.4 million or US$0.09 per share net
loss for the fourth quarter of 2007.
EBITDA loss was US$400,000 for the first quarter of 2008
compared to loss of US$126,000 for the first quarter of 2007 and
a US$2.1 million loss for the fourth quarter of 2007.
Mark W. Blodgett, Chairman and Chief Executive Officer of
StockerYale, stated, “We are very pleased with our record first
quarter revenue and strong operational performance, which was
driven by the strength in our laser module business and growth
in LED sales. Record bookings were led by our high-end laser
module business, which includes optics and laser modules for the
bioinstrumentation market, and by end user demand for higher
performance and higher margin products. We are also pleased to
report that we continue to execute on our plan to further reduce
costs, which resulted in a 15% sequential decline in operating
expenses.”
“The business momentum we are seeing year to date is quite
strong and we believe sustainable,” continued Mr. Blodgett. “The
Photonics Products unit is performing up to our expectations and
achieving the operational improvements we expected as a result
of the initiatives put in place last year. Additionally, we
continue to execute on our medical device strategy announced in
the first quarter. We are confident that we have the right
strategy and resources in place to continue to deliver improved
financial results this year.”
Based on strong order bookings and backlog, StockerYale expects
second quarter 2008 revenue to be in the range of US$8.1 to
US$8.5 million.
Headquartered in Salem, New Hampshire, StockerYale, Inc.
(NASDAQ: STKR) -- http://www.stockeryale.com/-- is an
independent designer and manufacturer of structured light
lasers, LED modules, and specialty optical fibers for industry
leading OEMs. In addition, the company manufactures fluorescent
lighting products and phase masks. The company serves a wide
range of markets including the machine vision, industrial
inspection, defense, telecommunication, sensors, and medical
markets. StockerYale has offices and subsidiaries in the U.S.,
Canada, and Europe. The company's Europe subsidiaries are
located in England and Ireland.
Going Concern Doubt
Vitale, Caturano & Company, Ltd. raised substantial doubt about
the ability of StockerYale, Inc. to continue as a going concern
after auditing the company's consolidated financial statements
for the years ended Dec. 31, 2007, and 2006. The auditing firm
pointed to the company's recurring losses from operations and
significant financial obligations.
STOCKERYALE INC: Special Meeting Scheduled for May 20
-----------------------------------------------------
Mark W. Blodgett, President and Chief Executive Officer of
StockerYale, Inc., said in a regulatory filing that in lieu of
the 2008 Annual Meeting of Shareholders, the company will hold a
Special Meeting on May 20, 2008 at 10:00 a.m.
The meeting will be held at the offices of Vitale, Caturano &
Company, Ltd. at 80 City Square in Boston, Massachusetts.
At the meeting, shareholders will be asked:
1. to fix the number of directors comprising the Board of
Directors of the company at seven;
2. to elect seven directors to serve until the next Annual
Meeting of Shareholders and until their successors are
duly elected and qualified;
3. to approve the reincorporation of the company from
Massachusetts to Delaware;
4. to amend the company’s 2000 Employee Stock Purchase
Plan to increase the number of shares of common stock
of the company reserved thereunder from 200,000 to
300,000;
5. to authorize the Board of Directors, in its discretion,
should it deem it to be appropriate and in the best
interests of the company and its shareholders, to amend
the company’s Articles of Organization or the Company’s
Certificate of Incorporation, as the case may be, to
effect a reverse stock split of the company’s issued
and outstanding shares of Common Stock by a ratio of
between 1-for-2 and 1-for-8, inclusive, without further
approval or authorization of the company’s
shareholders;
6. to ratify the appointment of Vitale, Caturano &
Company, Ltd. as the company’s independent registered
public accounting firm for the current fiscal year; and
7. to transact such other business that may properly come
before the Meeting and any adjournments or
postponements of the Meeting.
Only shareholders of record at the close of business on
Wednesday, March 26, 2008 are entitled to notice of, and to vote
at, the Meeting. All shareholders are cordially invited to
attend the Meeting.
Headquartered in Salem, New Hampshire, StockerYale, Inc.
(NASDAQ: STKR) -- http://www.stockeryale.com/-- is an
independent designer and manufacturer of structured light
lasers, LED modules, and specialty optical fibers for industry
leading OEMs. In addition, the company manufactures fluorescent
lighting products and phase masks. The company serves a wide
range of markets including the machine vision, industrial
inspection, defense, telecommunication, sensors, and medical
markets. StockerYale has offices and subsidiaries in the U.S.,
Canada, and Europe. The company's Europe subsidiaries are
located in England and Ireland.
Going Concern Doubt
Vitale, Caturano & Company, Ltd. raised substantial doubt about
the ability of StockerYale, Inc. to continue as a going concern
after auditing the company's consolidated financial statements
for the years ended Dec. 31, 2007, and 2006. The auditing firm
pointed to the company's recurring losses from operations and
significant financial obligations.
=========
I T A L Y
=========
ALITALIA SPA: Ryanair to File Suit vs. Bridge Loan at EC
--------------------------------------------------------
Ryanair Plc will file a suit at the European Commission against
the EUR300-million bridging loan granted by the Italian
government to Alitalia S.p.A., Agenzia Giornalistica Italia
reports citing Ryanair legal director Jim Callaghan.
Mr. Callaghan told AGI that the loan gibes the European Union
rules on state aid, which could only be granted to troubled
firms once every 10 years.
"Supporting an inefficient national airline, which should have
gone bankrupt a long time ago, is simply illegal," Mr. Callaghan
was quoted by AGI as saying.
Meanwhile, representatives from the Italian government has
presented to the European Commission a letter and a number of
documents pertinent to the EUR300-million loan, Michele Cercone,
spokesman for EU Transport commissioner Jacques Barrot, told
AGI.
Mr. Cercone said the Commission is reviewing the documents.
State Aid Violation?
As reported in the TCR-Europe on April 24, 2008, the European
Commission said it would review the financing to Alitalia,
whether it violates the European Union rule on state aid.
Under EU's "one time, last time" principle, a company
beneficiary of a state aid cannot receive additional rescue or
restructuring funding within 10 years since its accepted
financial assistance. Alitalia cannot receive further aid until
2011, since it took fiscal assistance in 2001.
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, including United States, Canada,
Japan and Argentina. The Italian government owns 49.9% of
Alitalia.
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.
THERMADYNE HOLDINGS: Moody's Upgrades Rating to B3 from Caa1
------------------------------------------------------------
Moody's Investors Service upgraded Thermadyne Holdings
Corporation's corporate family rating to B3 from Caa1 and the
rating on the US$175 million 9.25% senior unsecured subordinated
notes due 2014 to Caa1 from Caa2. The outlook is stable. The
rating action is predicated on the significant improvement of
Thermadyne's operating performance and financial metrics in 2007
and Moody's expectation of an adequate financial profile for the
rating category in the near term.
Moody's recognized Thermadyne's successful turnaround in 2007,
illustrated by material margins improvement and working capital
efficiencies. The company also generated positive free cash
flow for the first time since 2003 and significantly improved
its financial metrics. Total debt/EBITDA, as adjusted by
Moody's, declined to 4.4 times as of Dec. 31, 2007 from 6.2
times as of Dec. 31, 2006, driven by both debt reduction and
EBITDA enhancement.
While the cash flow improvement is recent -- a large portion of
free cash flow was generated in the fourth quarter of 2007 - and
the end market demand could weaken in the short to intermediate
term, affecting the company's cyclical operations, Moody's
believes that Thermadyne's financial profile and liquidity will
remain commensurate with the rating category, hence the stable
outlook.
Ratings upgraded:
-- Corporate Family Rating to B3
-- Probability of Default Rating to B3
-- Rating of Senior Subordinated Notes due 2014 to Caa1
(LGD assessment revised to LGD5/70% from LGD5/72%)
PARMALAT SPA: Chapter 11 Cases of Former U.S. Units Closed
----------------------------------------------------------
Judge Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York entered a final decree closing the
Chapter 11 cases of Parmalat USA Corp., Farmland Dairies LLC,
and Farmland Stremicks Sub, L.L.C.
Pursuant to Section 1930(a)(6) of the Judiciary and Judicial
Procedures Code, the Reorganized and Liquidating Debtors will
not be obligated to pay quarterly fees to the U.S. Trustee for
any period beyond March 31, 2008 with respect to their Chapter
11 cases.
The Final Decree is without prejudice to the rights of the
Debtors or any party-in-interest to seek to reopen their Chapter
11 cases.
On behalf of Parmalat USA, Farmland Dairies and Farmland
Stremicks, formerly known as Milk Prodcts of Alabama L.L.C.,
Gary T. Holtzer, Esq., at Weil, Gotshal & Manges, LLP, in New
York, said the U.S. Debtors have resolved approximately all of
the 970 claims that were filed in their cases, as well as other
matters which remained open after the confirmation of their
Modified Chapter 11 Plan of Reorganization dated March 9, 2005.
Mr. Holtzer said there are two pending claims objections
remaining:
(a) Parmalat USA and Farmland's objection to a priority tax
claim filed by the New York State Department of Taxation
and Finance; and
(b) Parmalat USA's objection to a general unsecured personal
injury claim.
According to Mr. Holtzer, the U.S. Debtors are hopeful that
those claims can be resolved without further intervention of the
Court. In the interim, the U.S. Debtors have created reserves
for those disputed claims and hence are able to satisfy those
claims upon allowance.
Mr. Holtzer said the U.S. Debtors' cases have been "fully
administered" within the meaning of Section 350.
According to Mr. Holtzer, other than the two pending claims
objections, the U.S. Debtors' only remaining obligations will be
to:
(i) make additional distributions pursuant to the Plan;
(ii) file tax returns; and
(iii) in the cases of Parmalat USA and MPA, dissolve.
Allowing the U.S. Debtors to close their Chapter 11 cases will
save significant expenses and benefit all parties, Mr. Holtzer
said. Until the Court enters a final decree closing the cases,
the U.S. Debtors may be required to continue payment of
quarterly fees to the U.S. Trustee. The U.S. Debtors have filed
with the Clerk of the Court their Bankruptcy Closing Report.
Accordingly, the U.S. Debtors submit that there is ample
justification for the entry of a final decree closing their
Chapter 11 cases.
A full-text copy of the U.S. Debtors Closing report is available
at no charge at:
http://bankrupt.com/misc/ParmalatUSClosingReport.pdf
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 Y R G Y Z S T A N
===================
EUROASIA TRADE: Creditors Must File Claims by June 6
----------------------------------------------------
LLC Euroasia Trade Company has declared insolvency. Creditors
have until June 6, 2008 to submit written proofs of claim.
Inquiries can be addressed to (+996 312) 62-06-13.
=====================
N E T H E R L A N D S
=====================
LYONDELLBASELL: S&P Holds Rating but Revises Outlook to Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on The
Netherlands-based LyondellBasell Industries AF S.C.A. and
related entities to negative from stable. The 'B+' long-term
corporate credit rating was affirmed.
The outlook revision reflects the increased risks LyondellBasell
faces in 2008, including weaker economic growth in the U.S. and
Europe and a significant increase in oil prices.
"We expect LyondellBasell to achieve significantly lower
profitability in 2008, leading to only modest debt
reduction," said Standard & Poor's credit analyst Tobias Mock.
"This would prevent the company from creating a financial
cushion ahead of the expected downturn in the petrochemicals
industry in 2009."
The outlook is negative because of the risk that the rating will
be lowered should LyondellBasell be unable to restore its
currently weak liquid-cracker margins during 2008 and achieve a
material reduction in financial debt. European and North
American liquid-cracker margins remained poor in the first
quarter of 2008, showing no substantial improvement from low
levels in the fourth quarter of 2007, despite stable demand.
Propylene prices even declined in Europe and were unable to
offset the significant increase in naphtha prices, which are
closely linked to the development of the oil price.
The significant increase in oil prices and related materials
will substantially increase LyondellBasell's working-capital
needs in 2008. In addition, the company spent about US$800
million on acquisitions in the first few months of 2008, further
increasing its liquidity needs.
The ratings on LyondellBasell remain constrained by its high
leverage after the 100% debt-financed acquisition of Basell in
2007. The company is also highly sensitive to the petrochemical
and refining cycles.
"We expect debt to EBITDA to be less than 5x by the end of
2008," said Mr. Mock. "We also expect the petrochemical cycle to
weaken from 2009, due to new capacities in the Middle East and
Asia, putting pressure on selling prices of key petrochemicals
and polyolefins." Weaker economic growth is also likely to
reduce demand for petrochemicals worldwide, consequently
reducing the pricing power of petrochemical producers.
===========
R U S S I A
===========
COMSTAR-UNITED: MGTS JSC Unit Elects Board of Directors
-------------------------------------------------------
Comstar – United TeleSystems JSC disclosed that the shareholders
of Moscow City Telephone Network JSC have elected a new set of
Board of Directors at an extraordinary plenary meeting held on
April 22, 2008.
The Board of Directors now includes:
* Kirill Andreychenko, Corporate Management and Legal Issues
Director with COMSTAR-UTS, nominated by COMSTAR-UTS;
* Mikhail Bedin, Director of Subscriber Access Network
Operations Department, nominated by COMSTAR-UTS;
* Leonid Varakin, President of International Public
Organization "International Public Academy of
Communications," nominated by COMSTAR-UTS;
* Aleksey Goncharuk, First Vice President of COMSTAR-UTS,
nominated by COMSTAR-UTS;
* Shamil Kurmashov, Vice President of Complex – Head of
Telecom Assets Development Project (Sistema Telecom) of
Sistema JSFC, nominated by COMSTAR-UTS;
* Victor Lisenkov, Head of Branch Legal Support Department
for Telecom Assets Development Project (Sistema Telecom)
of Sistema JSFC, nominated by COMSTAR-UTS;
* Irina Matveeva, Vice President, Economics and Finances,
COMSTAR-UTS, nominated by COMSTAR-UTS;
* Sergey Pridantsev, President of COMSTAR-UTS, nominated by
COMSTAR-UTS;
* Ivan Rodionov, Professor of State University "Higher
Economics School," nominated by COMSTAR-UTS;
* Aleksandr Kiselev, General Director of Svyazinvest JSC,
nominated by Svyazinvest JSC;
* Elena Selvich, Executive Director – Director of Economics
and Finances with Svyazinvest JSC, nominated by
Svyazinvest JSC; and
* Victor Savchenko, Executive Director – Director of
Corporate Management and Legal Department of Svyazinvest
JSC, nominated by Svyazinvest JSC.
The meeting of the Board of Directors held after extraordinary
plenary meeting elected Sergey Pridantsev, President of COMSTAR-
UTS, as Chairman.
About Comstar-UTS
Headquartered in Moscow, Russia, Comstar-UTS JSC --
http://www.Comstar-uts.com/en/-- provides fixed line
telecommunication services in the Moscow metropolitan area with
a population of over 10 million, and to five regions of Russia,
Ukraine and Armenia. As at Dec. 31, 2006, Comstar had US$1.12
billion in revenues and US$428.6 million in EBITDA (excluding
US$62 million stock bonus awards).
* * *
As of March 27, 2008, Comstar-United TeleSystems carries Moody's
long-term corporate family rating of Ba3 with positive outlook.
Standard & Poor's gave the company BB- on long-term foreign
issuer credit rating and BB- on long-term local issuer credit
rating. The outlook is positive.
IRKUTSKIY ENGINEERING: Creditors Must File Claims by May 22
-----------------------------------------------------------
Creditors of CJSC Scientific-Production Association Irkutskiy
Engineering Plant (TIN 3812072117) have until May 22, 2008, to
submit proofs of claim to:
O. Lukina
Insolvency Manager
Starokuzmikhinskaya Str. 28
664033 Irkutsk
Russia
The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A19-13965/07-34.
The Court is located at:
The Arbitration Court of Irkutsk
Room 303
Gagarina Avenue 70
664025 Irkutsk
Russia
The Debtor can be reached at:
CJSC Scientific-Production Association Irkutskiy
Engineering Plant
Starokuzmikhinskaya Str. 28
664033 Irkutsk
Russia
NUTRINVESTHOLDING: S&P Rates US$50 Mln Senior Unsec. Notes at B
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' senior
unsecured debt rating to the US$50 million loan participation
notes issued by Winterhaven B.V. for the sole purpose of funding
an intended loan of a similar amount to Nutritek International
Corp., part of Russian baby food producer Nutrinvestholding OJSC
(Nutritek; B/Positive/--; Russia national scale 'ruA-').
"The rating on the bonds mirrors the long-term corporate credit
rating on Nutritek," said Standard & Poor's credit analyst Anton
Geyze. "The proceeds from the bond issue will be used for
refinancing needs and working-capital outlays."
The rating on Nutritek is constrained by intense competition,
the group's limited presence in the important Moscow and St.
Petersburg markets, and its aggressive expansion policy. A
narrow production base compared with those of international
producers and negative free operating cash flow generation also
limit the rating.
These factors are mitigated by the rapidly growing baby food
market in Russia, the company's position as Russia's largest
domestic baby food manufacturer, and its balanced financial
policy.
ROSTOV-OIL-SERVICE: Court Starts Bankruptcy Supervision Process
---------------------------------------------------------------
The Arbitration Court of Yaroslavl commenced bankruptcy
supervision procedure on LLC Rostov-Oil-Service. The case is
docketed under Case No. A82-8235/2007-56-B/53.
The Temporary Insolvency Manager is:
A. Grigoryev
Post User Box 14
150014 Yaroslavl
Russia
The Debtor can be reached at:
A. Grigoryev
Post User Box 14
150014 Yaroslavl
Russia
RYBNOE CJSC: Creditors Must File Claims by May 22
-------------------------------------------------
Creditors of CJSC Rybnoe (OGRN 1021200662856) have until
May 22, 2008, to submit proofs of claim to:
S. Kleshev
Insolvency Manager
Apt. 87
Chekhova Str. 12
Yoshkar-Ola
424004 Mariy El
Russia
The Arbitration Court of Mariy El commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A38-4583/2007-19-109.
The Debtor can be reached at:
CJSC Rybnoe
Chernaya Gryaz
Novotoryalskiy
Mariy El
Russia
SEVERSTAL OAO: Completes Management Buyout at SeverCorr
-------------------------------------------------------
OAO Severstal completed the purchase of the outstanding
ownership shares belonging to the founding management team of
SeverCorr, the next generation steel mill located in Columbus,
Miss. Following the transaction, Severstal will hold
approximately 85% of SeverCorr.
As part of the purchase, John Correnti, Michael Wagner, Richard
Painter, Edward Lehner and Wynn Calland will leave Severcorr.
On Jan. 2, 2008, Severstal appointed James Hrusovsky, CEO, who
has been working closely with the founding management team on a
seamless transition.
Severstal will also be making additional internal appointments
to finalise the SeverCorr executive management team and further
ensure business continuity. As part of this process, the
company today announced the appointment of Mark Miller, Vice
President and Director of Projects and Tom Marchak, Vice
President Sales and Marketing.
SeverCorr's operational management team remains in place and
departure of the founding management team will not impact
operations. Severcorr continues its successful production ramp-
up, having produced approximately 350,000 tons of hot band in
first quarter 2008. The Phase II expansion is on-track to be
completed by late 2010 and is expected to more than double the
mill’s output to 3 million metric tons.
"Severstal has been a major supporter of SeverCorr within the
past two years, giving strength to our development and further
growth," Mr. Hrusovsky said. "Since taking over as CEO, I have
met with many of the employees. I am impressed with the breadth
and depth of talent here and the superior technology of the
facility. I’m also encouraged by the continued support that
we’ve received from our customers and local and state
officials."
"John Correnti and the founding management team have been
tremendously helpful with the transition and we remain committed
to their vision of creating one of the most technologically
advanced mills in the steel industry to serve both the customers
and community of the fast growing Southern region of the U.S.,"
Mr. Hrusovsky continued.
About Severstal
Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons. Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.
* * *
As of March 26, 2008, OAO Severstal carries Ba2 Corporate
Family, Senior Unsecured Debt and Probability-of-Default ratings
from Moody's Investor Service, which said the the outlook on all
ratings is stable.
The company also carries BB long-term Foreign and Local Issuer
Credit ratings from Standard & Poor's, which said the outlook is
stable.
Severstal carries BB- Issuer Default and Senior Unsecured
ratings from Fitch, which said the outlook is positive.
SEVERSTAL OAO: Unit to Build Metal Polymeric Coating Line August
----------------------------------------------------------------
OAO Severstal's Cherepovets Steel Mill will commence
construction of its second metal polymeric coating line in
August 2008.
Severstal will invest about US$10 million in the project.
Construction of the line will result in an increased output
capacity of polymer-coated metal products of up to 400,000 tons
a year. It will produce its first painted coil by late 2009.
The investment is in line with Severstal’s plans to increase its
output of deeply-processed products and will enable it to
benefit from the construction industry’s growing demand for
high-quality sheets with polymeric coating.
Severstal Cherepovets Steel Mill launched the second metal
polymeric coating line project in the fourth quarter of 2007.
About Severstal
Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons. Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.
* * *
As of March 26, 2008, OAO Severstal carries Ba2 Corporate
Family, Senior Unsecured Debt and Probability-of-Default ratings
from Moody's Investor Service, which said the the outlook on all
ratings is stable.
The company also carries BB long-term Foreign and Local Issuer
Credit ratings from Standard & Poor's, which said the outlook is
stable.
Severstal carries BB- Issuer Default and Senior Unsecured
ratings from Fitch, which said the outlook is positive.
SIBUR HOLDING: Managers' Group Wants to Buy Gazprombank's Stake
---------------------------------------------------------------
A group of SIBUR Holding JSC managers led by Dmitry Konov,
President of SIBUR, disclosed at a board meeting held on
April 22, 2008 that they interested in buying the SIBUR shares
which belong to Gazprombank JSC.
The Board of Directors agreed that this group of managers will
temporarily stop acting in their current roles while the
proposal for the shareholders is prepared and any potential
negotiations are undertaken.
Anatoly Ezhkov, Vice President for Security and Government
Relations, was appointed as temporary President for this period.
http://www.sibur.ru/eng/640/1566/675/index.shtml?id=3385
The SIBUR Holding JSC -- http://www.sibur.ru/eng/-- is a
petrochemicals company, with a total of 34 plants and
subsidiaries producing over 100 petrochemical products. A
controlling stake in SIBUR Holding Joint-Stock Company is held
by the Gazprom group, and the company is run by a management
organization called SIBUR Limited Liability Company.
SIBUR HOLDINGS: Fitch Keeps Ratings Under Negative Watch
--------------------------------------------------------
Fitch Ratings is keeping Russia-based petrochemical producer
OJSC Sibur Holding's Long-term Issuer Default rating of 'BB' on
Rating Watch Negative , following April 22, 2008 announcement of
a management initiative to buy out a controlling stake. The
Short-term IDR is affirmed at 'B'.
On April 22, Sibur announced that a group of senior managers led
by the company's president, Dmitry Konov, has flagged their
interest to the Board of Directors in buying Gazprombank's stake
(around 70%) in the petrochemical producer. The Board of
Directors agreed that this group of managers will temporarily
stop acting in their current roles while the proposal for the
shareholders is being prepared and negotiations are undertaken.
In this early stage of the process no additional guidance is
available, regarding the possible impact on Sibur's financial
profile resulting from a potential management buyout. However,
in line with normal MBO practice Fitch anticipates that, should
the takeover be successful, this might result in pressure on
Sibur's cash flow to upstream dividends, resulting in a
deterioration of the financial profile. This could result in a
multi-notch downgrade of the Long-term IDR.
The Long-term IDR was placed on RWN on March 4, 2008, following
the company's announcement of potential private offerings of
several bond issues for a sizeable amount. Sibur had announced
that it would consider the necessity of the bond issues
depending on financial requirements for the implementation of
its investment program, and possible acquisition and merger
transactions.
The RWN reflected Fitch's concerns that the potential sizable
bond issues signaled a deviation from Sibur's strategy of growth
while maintaining a conservative financial profile, thus putting
pressure on the rating. In particular, the financial leverage
of Sibur could increase substantially as opposed to the
previously announced conservative financial policy to keep
leverage on a more moderate level.
Fitch plans to resolve the Rating Watch following further
clarity on the intended MBO and its impact on the company's
financial profile, and the issuer's possible acquisition
strategy.
Sibur has achieved a significant operational and financial
turnaround since 2002, with the support of its ultimate
shareholder, Gazprom group ('BBB'/Stable). Fitch acknowledges
Gazprom's historical support for, and its current business ties
with, Sibur, which range from supplying some of Sibur's
feedstock to managing the company's export business. At
present, Fitch views Sibur as a largely independent credit,
given Gazprom's uncertain strategy regarding the subsidiary and
Sibur's lack of integration into, and its limited strategic
importance to, the Gazprom group.
Based on the company's audited fiscal year 2007 accounts,
revenue increased 17% to RUB142 billion with an EBITDA margin of
around 23.2%. Sibur's fiscal year 2007 leverage increased to
0.7x from net debt/EBITDAR of 0.2x in fiscal year 2006. Sibur's
credit ratios at fiscal year ending 2007 were comfortable for
the rating level.
SMP BANK: Moody's Assigns B3/NP/E+/Baa3.ru Global Scale Ratings
---------------------------------------------------------------
Moody's Investors Service has assigned these global scale
ratings to SMP Bank: B3 long-term and Not-Prime (NP) short-term
foreign and local currency deposit ratings and an E+ bank
financial strength rating. The outlook for all ratings is
stable.
At the same time, Moody's Interfax Rating Agency has assigned a
Baa3.ru long-term national scale credit rating to SMP Bank.
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.
The B3/NP/E+ global scale ratings assigned to SMP Bank reflect
global default and loss expectation, while the Baa3.ru national
scale rating reflects the standing of the bank's credit quality
relative to its domestic peers.
According to Moody's, the ratings reflect SMP Bank's currently
limited franchise (which is in Moody's view to a substantial
extent reliant on the bank's shareholders), high credit risk
concentrations, low diversification of the bank's funding base
and potentially volatile profitability although the trend of
improving recurring earnings has been noted. Moody's also notes
that SMP Bank's shareholders' commitment to support the bank's
growth and ongoing regional expansion are likely to strengthen
the bank's existing franchise and further increase the bank's
distribution capacities.
The B3/NP foreign currency deposit ratings do not incorporate
possible support from the bank's owners. In Moody's view,
although such support cannot be ruled out, its scope and
timeliness are rather uncertain. Given SMP Bank's size and
market position, any support from the Russian financial
authorities is unlikely.
Moody's notes that visible improvement in SMP Bank's franchise
and financial fundamentals, along with further diversification
of its funding base and sustainable reduction of single-party
concentrations in its loan portfolio, could become positive
drivers for SMP Bank 's ratings, although an upgrade is not
expected in the near term. On the other hand, any mismanagement
of the bank's growth strategy -- if it were to result in a
significant deterioration of asset quality and financial
fundamentals, or loss of market franchise -- could potentially
affect negatively SMP Bank 's ratings.
Headquartered in Moscow, Russian Federation, SMP Bank reported
total consolidated assets of RUB17.025 billion (US$656.2
million) and total equity of RUB2.729 billion (US$111.7 million)
under Russian accounting rules, and ranked 117th by assets among
Russian banks as of 1 January 2008, according to Interfax.
URAL LLC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure on LLC Agricultural Company
Ural (TIN 0239003770). The case is docketed under Case No.
A07-6941/2007-G-GRA.
The Temporary Insolvency Manager is:
R. Shaymukhametov
Post User Box 3
Ufa
450001 Bashkortostan
Russia
The Court is located at:
The Arbitration Court of Bashkortostan
Oktyabrskoy Revolyutsii Str. 63a
Ufa
Bashkortostan
Russia
The Debtor can be reached at:
LLC Agricultural Company Ural
Starokul
Nurimanovskiy
Bashkortostan
Russia
===========================
U N I T E D K I N G D O M
===========================
CLARIS LIMITED: Moody's May Further Junk Ratings After Review
-------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade the notes of four synthetic CDO issued by
Claris Limited and one unfunded CDS swap with Societe Generale.
The underlyings of this CDO transaction includes some US
subprime RMBS bonds and in particular of the 2005 and 2006
vintages. All notes reference the same portfolio, Napa Valley
VIII.
Moody's announced on Feb. 4, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage. Moody's stated that for purposes of monitoring
its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it
will rely on certain projections of the lifetime average
cumulative losses for 2006's quarterly vintages of RMBS set
forth in a recent Moody's Special Report, "Moody's Updates Loss
Projections for 2006 Subprime Loans." This report illustrates
average loss results for the 2006 quarterly vintages under five
distinct loss projection scenarios. Moody's explained that it
will utilise the range of loss projections set forth in
Scenarios 2 and 3 based on deal performance and quarterly
vintage to modify its prior assumptions of the expected loss
inputs when monitoring ABS CDO ratings.
Moody's will continue to monitor all deals with exposure to US
subprime RMBS, and will take further actions in respect of all
CDOs placed under review for downgrade once the extent of actual
downgrades to US RMBS vintages becomes known.
These rating actions are:
Issuer: Claris Limited
* Series 76/2006 Tranche 1 US$10,000,000 Napa Valley VIII
Synthetic CDO of ABS Floating Rate Notes due 2026
-- Current Rating: Caa2, on review for downgrade
-- Prior Rating: Baa1, on review for downgrade
* Series 77/2006 Tranche 1 EUR10,000,000 Napa Valley VIII
Synthetic CDO of ABS Floating Rate Notes due 2026
-- Current Rating: Caa2, on review for downgrade
-- Prior Rating: Ba3, on review for downgrade
* Series 78/2006 Tranche 1 EUR5,000,000 Napa Valley VIII
Synthetic CDO of ABS Floating Rate Notes due 2026
-- Current Rating: Caa1, on review for downgrade
-- Prior Rating: Aa1
* Series 79/2007 Tranche 1 EUR10,000,000 Napa Valley VIII
Synthetic CDO of ABS Floating Rate Notes due 2026
-- Current Rating: Ba3, on review for downgrade
-- Prior Rating: Aaa
Unfunded CDS
* US$27,500,000 Societe Generale - Napa Valley 8 CDS-1
-- Current Rating: Ba2, on review for downgrade
-- Prior Rating: Aaa
CLEAR CHANNEL: Buyers Want to Pursue Financing Dispute in Court
---------------------------------------------------------------
CC Media Holdings Inc., a corporation formed by private-equity
funds co-sponsored by Thomas H. Lee Partners LP and Bain Capital
LLC to buy Clear Channel Communications Inc., rejected the
request of a consortium of its financial bankers to settle a
financing dispute through arbitration, various sources report.
CC Media said in a statement released that the banks want to
settle in private so that their misconduct would be revealed,
Thom Weidlich and Zachary R. Mider of Bloomberg News write.
Reuters relates that Citigroup Inc., Morgan Stanley, Credit
Suisse Group, Royal Bank of Scotland Group Plc, Deutsche Bank AG
and Wachovia Corp. had promised to accept the final terms of a
funding deal that a neutral party would come up with, which
would solve the dispute in six weeks .
As previously reported, the privatization of Clear Channel
appeared in danger of collapsing after CC Media and the banks
reportedly failed to agree on the final financing of the
transaction. Clear Channel had anticipated closing the merger
by March 31, 2008. The company's shareholders approved the
adoption of the merger agreement, as
amended. The deal includes US$19.4 billion of equity and US$7.7
billion of debt.
The main dispute centers on the lending syndicate's demand that
the buyers replace a long-term financing package of at least six
years in the original agreement with a short-term, three-year
bridge-financing agreement; and a condition that the buyers not
use a revolving credit facility or Clear Channel's cash flow to
pay down about US$3.8 billion in short-term debt securities.
Subsequently, CC Media sued the bank group to compel them to
honor the agreement. CC Media filed complaints in New York
state court in Manhattan and in Bexar County, Texas. The firms
alleged the backers breached the contract entered in May to fund
the deal. Clear Channel joined the suit in Texas. In Texas,
Clear Channel asked for an order banning the banks from
interfering with the merger agreement and sought more than US$26
billion in damages.
An April 24 summary judgment hearing has been set by Justice
Helen Freedman of the New York Supreme Court, and a trial on May
5 in New York State court and another on June 2 in Texas.
The main New York case on the Clear Channel buyout is BT Triple
Crown Merger Co. v. Citigroup, 08-600899, New York State Supreme
Court, County of New York (Manhattan). The Texas case is Clear
Channel Communications Inc. and CC Media Holdings Inc. v.
Citigroup, 2008-CI-04864, Texas District Court, Bexar County,
Texas.
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.
CONTRACT PLUMBING: Brings In Liquidators from Tenon Recovery
------------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Contract Plumbing
Ltd. on April 11 for the creditors' voluntary winding-up
proceeding.
The joint liquidators can be reached at:
Tenon Recovery
Highfield Court
Tollgate
Chandlers Ford
Eastleigh
Hampshire
SO53 3TZ
England
COTSWOLDGATE LTD: Deloitte Appointed as Administrator
-----------------------------------------------------
Deloitte and Touche LLP has been appointed administrators for
Cotswoldgate Ltd., Gloucestershire.co reports.
According to the report, the company filed for administration on
April 21, 2008.
Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations. The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.
Headquartered in Gloucester, England, Cotswoldgate Ltd. --
http://www.cotswoldgate.co.uk/-- sells and develops properties
in Gloucester, Dursley and Swindon, England.
CRACKER LTD: Claims Filing Period Ends May 23
---------------------------------------------
Creditors of Cracker Ltd. have until May 23, 2008 to send in
their names and addresses, with particulars of their debts or
claims, to:
John David Ariel
Joint Liquidator
Baker Tilly Restructuring and Recovery LLP
12 Gleneagles Court
Brighton Road
Crawley
West Sussex
RH10 6AD
England
John David Ariel and Andrew White of Baker Tilly Restructuring
and Recovery LLP were appointed joint liquidators of the company
on April 11, 2008 for the creditors' voluntary winding-up
proceeding.
DANA CORP: Inks Separation Pact with CEO & COO Michael Burns
------------------------------------------------------------
Michael Burns, on Jan. 31, 2008, tendered his resignation as
Dana Holding Corporation's president, chief executive officer,
chief operating officer, and member of the company's board of
directors. In line with Mr. Burns' resignation, Dana disclosed
in a filing with the U.S. Securities and Exchange Commission
that it has entered into a separation agreement with Mr. Burns
on March 27, 2008, pursuant to which Mr. Burns' employment
terminated on March 31, 2008.
In accordance with the terms of the Separation Agreement,
Mr. Burns continued to receive his base salary through March 31.
The Agreement also provides that Mr. Burns is entitled to:
(a) participate in all medical, dental, prescription drug,
hospitalization, life insurance and other welfare
coverages and benefits in which he was participating
immediately prior to the Resignation Date through the
Termination Date;
(b) a previously paid and disclosed incentive award earned in
2007 under Dana's 2007 Annual Incentive Plan;
(c) a previously disclosed incentive award earned in 2007
under Dana's 2007 Executive Incentive Compensation Plan;
(d) an accrued benefit plus interest in full satisfaction of
the Supplemental Retirement Benefit of which he will
receive 60% in cash and 40% in the form of an allowed
general unsecured claim;
(e) a payment in the amount of US$3,000,000 in consideration
for executing a Confidentiality, Non-Compete, Non-
Solicitation, Non-Disclosure and Non-Disparagement
Agreement with Dana Corporation;
(f) a payment in the amount of US$150,000 as additional
consideration for his obligations and commitments under
the Agreement, the Non-Compete Agreement and a release of
claims against Dana; and
(g) benefits under the Consolidated Omnibus Budget
Reconciliation Act commencing as of the Termination Date;
(h) payment of attorneys' fees reasonably incurred since
Nov. 1, 2007, in connection with his employment
arrangements or the termination, provided that the fees
will not exceed US$125,000; and
(i) all other or additional benefits to which Mr. Burns is
entitled in accordance with the applicable terms of any
applicable plan, program, agreement or arrangement of
Dana or any of its affiliates.
Under a Non-Compete Agreement, Mr. Burns has certain
confidentiality obligations and will be bound by certain
restrictive covenants, including one year non-competition and
non-solicitation restrictions that will prohibit him from
engaging in any business in competition with the businesses
conducted by Dana and from soliciting the customers and
employees of Dana. In addition, under the Release, Mr. Burns
will release any claims he might have against Dana.
A full-text copy of the Separation Agreement is available for
free at http://ResearchArchives.com/t/s?2ac9
Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies. Dana
employs 46,000 people in 28 countries. Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.
Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.
The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of
Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total
assets and US$7,551,000,000 in total debts resulting in a total
shareholders' deficit of US$673,000,000.
Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors. Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker. Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.
Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders. Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.
The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007. On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan. Judge Burton
Lifland of the U.S. Bankruptcy Court for the Southern District
of New York entered an order confirming the Third Amended Joint
Plan of Reorganization of the Debtors on Dec. 26, 2007. (Dana
Corporation Bankruptcy News, Issue No. 70; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
* * *
As reported in the Troubled Company Reporter-Europe on Feb. 13,
2008, Standard & Poor's Ratings Services assigned its 'BB-'
corporate credit rating to Toledo, Ohio-based Dana Holding Corp.
following the company's emergence from Chapter 11 on Feb. 1,
2008. The outlook is negative.
At the same time, Standard & Poor's assigned Dana's US$650
million asset-based loan revolving credit facility due 2013 a
'BB+' rating (two notches higher than the corporate credit
rating) with a recovery rating of '1', indicating an expectation
of very high recovery in the event of a payment default.
In addition, S&P assigned a 'BB' bank loan rating to Dana's
US$1.43 billion senior secured term loan with a recovery rating
of '2', indicating an expectation of average recovery.
DANA CORP: Ogre Wants Court to Overrule US$1.3MM Claim Objection
----------------------------------------------------------------
Ogre Holdings, Inc., asks the U.S. Bankruptcy Court for the
Southern District of New York to overrule reorganized Dana
Corp.'s objection to Claim No. 14990 seeking damages as a result
of the rejection of a settlement agreement involving
environmental remediation at the Acraline Site in Tipton,
Indiana.
The Reorganized Debtors had objected to Claim No. 14990 and
asked the Court to estimate the Claim at US$1,300,000.
"Dana's arguments against Claim No. 14990 are off the mark,"
Frank J. Deveau, Esq., at Sommer Barnard PC, in Indianapolis,
Indiana, says.
Mr. Deveau asserts refutes the Reorganized Debtors' assertions
that they are only liable for 77.5% of any remediation costs at
the Tipton Site. He says now that the Reorganized Debtors have
rejected the settlement agreement, they are completely
responsible for the contamination at the Property. Mr. Deveau
tells the Court that the only reason why Ogre Holdings consented
to the settlement agreement was because Dana Corporation, now
Dana Holding Corporation, agreed to manage the remediation, pay
the bulk of the costs on an ongoing basis, and seek
reimbursement of all expenses from their insurers.
However, Mr. Deveau contends, due to the rejection of the
settlement agreement, Dana will not manage the remediation, will
not pay any costs on an ongoing basis, and will not seek any
reimbursement from insurers.
Ogre Holdings asserts that the amount sought in Claim No. 14990
is well supported by the reports and evaluations prepared by
Cornerstone Environmental, Health and Safety, Inc., an
environmental consulting firm who has spent nine years dealing
with the environmental issues and challenges posed by the
Property. Mr. Deveau says the approach espoused by Cornerstone
will remediate the Property to residential level closure
standards and will enable Ogre Holdings to obtain a covenant not
to sue.
Ogre Holdings says it intends to engage in discovery with the
Reorganized Debtors to determine what insurance coverage was
available as of the Petition Date to reimburse remediation
expenses at the Property. Ogre Holdings adds that it will
depose the Reorganized Debtors' environmental consultant,
Environmental Resources Management, with regard to its
remediation plan for the Property. Ogre Holdings says it will
present evidence from Cornerstone, Dr. Vicky Keramida, an
environmental engineer, and a municipal well-field expert, at
trial to support Claim No. 14990.
Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies. Dana
employs 46,000 people in 28 countries. Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.
Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.
The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of
Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total
assets and US$7,551,000,000 in total debts resulting in a total
shareholders' deficit of US$673,000,000.
Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors. Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker. Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.
Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders. Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.
The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007. On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan. Judge Burton
Lifland of the U.S. Bankruptcy Court for the Southern District
of New York entered an order confirming the Third Amended Joint
Plan of Reorganization of the Debtors on Dec. 26, 2007. (Dana
Corporation Bankruptcy News, Issue No. 70; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
* * *
As reported in the Troubled Company Reporter-Europe on Feb. 13,
2008, Standard & Poor's Ratings Services assigned its 'BB-'
corporate credit rating to Toledo, Ohio-based Dana Holding Corp.
following the company's emergence from Chapter 11 on Feb. 1,
2008. The outlook is negative.
At the same time, Standard & Poor's assigned Dana's US$650
million asset-based loan revolving credit facility due 2013 a
'BB+' rating (two notches higher than the corporate credit
rating) with a recovery rating of '1', indicating an expectation
of very high recovery in the event of a payment default.
In addition, S&P assigned a 'BB' bank loan rating to Dana's
US$1.43 billion senior secured term loan with a recovery rating
of '2', indicating an expectation of average recovery.
FKI PLC: S&P Keeps BB Ratings on Watch Neg. After Melrose Bid
---------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB' long-term
corporate credit and senior unsecured debt ratings on U.K.-based
engineering group FKI PLC on CreditWatch with negative
implications, where they were placed on Feb. 5, 2008.
"This follows an announcement by the boards of FKI and U.K.-
based Melrose PLC that they have agreed a formal offer for
Melrose to acquire the entire share capital of FKI in exchange
for shares in Melrose and a cash consideration funded by
proceeds from a Melrose share issue," said Standard &
Poor's credit analyst Louise Newey.
It is not certain that this week's agreement will be approved by
shareholders.
"The risk of a multinotch downgrade has reduced substantially in
the event the bid is approved, given that Melrose does not
intend to use additional debt funding to finance the
acquisition," Ms. Newey added. "However, a downgrade could
still be possible, depending on our assessment of the enlarged
group."
On a stand-alone basis, FKI is likely to be downgraded by one
notch, reflecting underperformance against current rating
requirements and a shortening debt maturity profile.
Resolution of the CreditWatch status depends on approval of the
offer, which could be within the next 60 days under a scheme of
arrangement. If the proposal is rejected by shareholders, the
ratings will continue to reflect FKI's credit quality on a
stand-alone basis. Alternatively, if the offer is accepted, the
ratings will incorporate the credit risk profile of the enlarged
Melrose group.
The stand-alone part of the CreditWatch status will be resolved
based on fiscal 2008 performance relative to peer companies, our
forecast expectations, and the finalization of the sale of FKI's
Logistex division, of which the timing and outcome depends on
the Melrose bid.
Melrose's offer values FKI at GBP478 million, of which we
estimate the cash payment to be about GBP235 million. Melrose
plans a fully underwritten share issuance of up to GBP291
million to fund the cash payment. According to Melrose,
no additional debt funding is intended. This has relieved some
of the negative rating pressure associated with the bid-related
part of our CreditWatch placement, but the outcome still depends
on our assessment of the enlarged group.
FORD MOTOR: Earns US$100 Million in First Quarter of 2008
---------------------------------------------------------
Ford Motor Company reported net income of US$100 million, or 5
cents per share, for the first quarter of 2008. This compares
with a net loss of US$282 million, or 15 cents per share, in the
first quarter of 2007.
The company adds that the 2008 operating data exclude Jaguar
Land Rover because it is held for sale.
Ford's first quarter pre-tax operating profit from continuing
operations, excluding special items, was US$736 million, up
US$669 million from a year ago. On an after-tax basis, Ford’s
first quarter operating profit from continuing operations,
excluding special items, was US$525 million, or 20 cents per
share, compared with a loss of US$172 million, or 9 cents per
share, in the same period a year ago.
Ford's first quarter revenue, excluding special items, was
US$39.4 billion, down from US$43 billion a year ago. Adjusted
to exclude Jaguar Land Rover and Aston Martin from 2007 results,
revenue would have been up slightly, with favorable exchange
about offset by lower volume and net pricing.
Special items reduced pre-tax results by US$416 million, or 15
cents per share, in the first quarter. These primarily
reflected charges associated with personnel actions, dealer
reduction actions and the restructuring of our investment in
Ballard.
Automotive gross cash, which includes cash and cash equivalents,
net marketable securities and loaned securities, was US$28.7
billion at March 31, 2008, a decrease of US$5.9 billion from
2007 year-end levels. The decrease was consistent with our plan
and primarily reflects implementation of the initial part of our
VEBA agreement with the UAW.
"The results of this quarter are encouraging, particularly our
outstanding performance in Europe and South America," said Ford
President and CEO Alan Mulally. "In the past several years, we
have substantially restructured these businesses. We believe
this is an indication that our efforts to leverage Ford's global
assets across the world will bear fruit. Going forward, we
remain committed to our key business objectives, including our
goal of reaching North America and overall Automotive
profitability in 2009 despite the challenging economic
conditions."
About Ford Motor
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F)
-- http://www.ford.com/-- manufactures or distributes
automobiles in 200 markets across six continents. With about
260,000 employees and about 100 plants worldwide, the company's
core and affiliated automotive brands include Ford, Jaguar, Land
Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The
company provides financial services through Ford Motor Credit
Company.
The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom. The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.
* * *
As reported in the Troubled Company Reporter-Europe on Feb. 18,
2008, Fitch Ratings affirmed the Issuer Default Ratings of Ford
Motor Company and Ford Motor Credit Company at 'B', and
maintained the Rating Outlook at Negative.
As reported in the Troubled Company Reporter-Europe on Nov. 20,
2007, Moody's Investors Service affirmed the long-term ratings
of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior
secured, Caa1 senior unsecured, and B3 probability of default),
but changed the rating outlook to Stable from Negative and
raised the company's Speculative Grade Liquidity rating to SGL-1
from SGL-3. Moody's also affirmed Ford Motor Credit Company's
B1 senior unsecured rating, and changed the outlook to Stable
from Negative. These rating actions follow Ford's announcement
of the details of the newly ratified four-year labor agreement
with the UAW.
FUNDING CORPORATION: Taps Liquidators from Tenon Recovery
---------------------------------------------------------
Stanley Donald Burkett-Coltman and Nigel Ian Fox of Tenon
Recovery were appointed joint liquidators of The Funding
Corporation (5) Ltd. on April 14 for the creditors' voluntary
winding-up proceeding.
The joint liquidators can be reached at:
Tenon Recovery
Highfield Court
Tollgate
Chandlers Ford
Eastleigh
Hampshire
SO53 3TZ
England
GEL ENGINEERING: Brings In Administrators from Baker Tilly
----------------------------------------------------------
Ross Group Plc said that GEL Engineering Ltd., its wholly-owned
trading subsidiary, was placed in administration on April 23,
2008.
Matthew Wild and Geoff Carton-Kelly of Baker Tilly were
appointed joint administrators of GEL.
GEL operates Ross Group's engineering division. As at Dec. 31,
2006, GEL had gross assets of GBP464,357. It reported gross
losses of GBP888,683 for the year ended Dec. 31, 2008.
Ross Group intends to continue the operation of its consumer
electronics division through its wholly-owned subsidiary Sansui
Electronics (UK) Ltd. and the directors are currently reviewing
further business opportunities for the group.
The company's ultimate controlling party, The Grande Holdings
Ltd., has agreed in principle to support the company's ongoing
business and to provide the company with financial assistance as
required. Negotiations are in progress to formalize this
arrangement.
Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets. Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.
Headquartered in Totton, England, Ross Group Plc --
http://www.ross-group.co.uk/-- is a holding company that
engages in engineering and distribution of branded electronic
consumer products. It trades through its subsidiaries in the
areas of engineering, branded distribution and financial
services. Its main shareholder is The Grande Group, in
Hongkong.
Headquartered in Southampton, England, GEL Engineering Ltd. --
http://www.geleng.com/-- provide design and manufacturing
solutions to Aerospace, Autosport, Defence and other high
technology markets. Customers include BAE, CAE USA, Boeing and
The MoD.
GENERAL MOTORS: S&P Keeps B/B-3 Credit Ratings on Watch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B' long-term
and 'B-3' short-term corporate credit ratings on General Motors
Corp. remain on CreditWatch with negative implications, where
they were placed March 17, 2008.
The CreditWatch update follows today's downgrades of 49%-owned
subsidiaries GMAC LLC (B/Negative/C) and Residential Capital LLC
(CCC+/Watch Neg/C).
The rating actions on Residential Capital LLC and GMAC were
triggered by the resignation of the only independent directors
at Residential Capital LLC.
"We don't expect GM to provide any significant capital to GMAC
or indirectly to Residential Capital," said Standard & Poor's
credit analyst Robert Schulz, "nor are they required to do so in
the future." Our ratings do not incorporate any transfer of
substantial capital to GMAC.
GM's ratings were originally placed on CreditWatch because of
the strike at major supplier American Axle & Manufacturing
Holdings Inc. The American Axle strike has now lasted two
months and forced production shutdowns at several GM plants that
produce full-size pickups and SUVs. In addition, GM workers
began a strike last week over local work issues at an assembly
plant in Delta Township, Mich., which produces a popular line of
crossover utility vehicles.
Although we expect these labor issues to be resolved, the
timing, and therefore the full extent, of their effect on GM's
liquidity is unknown. We expect the American Axle strike to
contribute to a very large use of cash in GM's first-quarter
2008 results, which GM will announce in the next few weeks,
and the effect will be magnified by the timing of GM's payables
and receivables. The first quarter will be hurt by the negative
cash effect of reduced truck shipments and little to no
offsetting benefit from reduced payments to suppliers, including
American Axle. The second quarter will be affected as well, and
in light of weak sales, GM's production levels could remain
under pressure even once the American Axle strike is over.
Still, GM should be able to maintain ample available liquidity;
at year-end 2007, the company had US$27.3 billion, including
cash, marketable securities, and US$600 million in short-term
VEBA funds.
Another uncertainty for GM, although less of a pressing issue in
the near term, is former supplier Delphi Corp.'s difficulties in
emerging from bankruptcy. We still believe the comprehensive
costs to GM of Delphi's reorganization will remain within the
scope of GM's liquidity. Still, the current capital market
turmoil may keep Delphi in Chapter 11 for several more
months, if not the rest of this year. Our ratings do not leave
any room for GM to make substantial cash payments to support a
Delphi emergence.
Our resolution of the GM CreditWatch will likely not occur until
the American Axle strike has been resolved.
GOLF 2: Calls In Liquidators from Tenon Recovery
------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Golf 2 A Tee Ltd.
on April 14 for the creditors' voluntary winding-up proceeding.
The joint liquidators can be reached at:
Tenon Recovery
Technopole
Kingston Crescent
Portsmouth
PO2 8FA
England
LUNAR FUNDING: Moody's May Further Cut Junk Rating After Review
---------------------------------------------------------------
Moody's Investors Service has downgraded and placed on review
for possible downgrade the rating of these notes issued by Lunar
Funding V PLC.
This rating action follows the downgrade and placement on review
for possible downgrade of the rating of the US$75,000,000 Class
B Secured Floating Rate Notes due 5 July 2057 issued by Menton
CDO IV Limited. The rating of this collateral bond is passed-
through to the overlying repack notes. The collateral is now
rated Caa2, on review for downgrade. The underlyings of the CDO
transaction are predominantly US CDOs of leveraged loans,
however, the portfolio also contains ABS CDOs with exposure to
the 2007 and 2006 RMBS vintages.
Moody's will continue to monitor all deals with exposure to US
subprime RMBS, and will take further actions in respect of all
CDOs placed under review for downgrade once the extent of actual
downgrades to US RMBS vintages becomes known.
Lunar Funding V PLC is a special purpose company incorporated
under the laws of Ireland.
This rating action is:
Lunar Funding V PLC:
(1) Series 2007-55 US$75,000,000 Asset Backed Notes due 2057
-- Current Rating: Caa2, on review for downgrade
-- Prior Rating: A1, on review for downgrade
MARBLE ARCH: S&P Puts BB Credit Rating on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications its 'BB' credit rating on the E1c
notes issued by Marble Arch Residential Securitization No. 4
Plc.
This CreditWatch placement follows Standard & Poor's initial
review of the most recent information received for MARS 4.
The transaction drew GBP169,112, representing 1.34% of its
quarter opening reserve fund balance of GBP12.6 million. The
current reserve fund (GBP12,430,888) represents 2.60% of the
outstanding note balance and 98.66% of the reserve required
amount. The initial reserve fund amount was 1.5% of the initial
balance.
The step-up on the A3c detachable-rate coupon (DAC) notes was
the primary driver of the reserve fund draw. In the period from
December 2007 to March 2008 (Q5 since closing), the margin on
the A3c DAC notes increased to 1.95% from 1.00%, and the
interest paid increased to GBP1.81 million from GBP1.12 million.
The margin on the DACs will remain at 1.95% for Q6, and then
increase to 2.05% for Q7, 2.20% for Q8, and 2.25% for Q9–Q12.
As of March 2008, total delinquencies for MARS 4 were 28.76% (12
months from the first investor report). As of December 2007,
Standard & Poor's total delinquency index was 19% Losses in Q1
2008 were GBP1.71 million compared with GBP0.81 million in
December 2007. Cumulative losses are now 0.34%.
Excess spread was GBP3.5 million in December 2007, due in part
to the spread on the collateral and also the final discounted
margin reserve payment of GBP1.9 million. As of March 2008,
17.2% of the pool comprised discount loans; 14.9% will have
reverted to a floating rate from September 2008, and the
remaining 2.3% will revert to a floating rate from August 2009.
The transaction benefits from a Bank of England base rate
(BBR)/LIBOR swap agreement. This mitigates the risk of a
potential interest rate mismatch between the BBR paid on some of
the mortgage loans and the three-month LIBOR paid on the notes.
The issuer entered into a fixed/floating swap agreement to
mitigate the risk of an increase in three-month LIBOR compared
with the fixed rate of interest paid on some of the mortgage
loans.
Standard & Poor's will conduct new credit and cash flow runs and
the results, together with any effect on the ratings on any of
the notes, will be released in due course.
Standard & Poor's will continue to monitor the performance of
this transaction closely. It will pay particular attention to
future repossessions and any losses that are realized as a
result of current repossessions. The results of Standard &
Poor's ongoing analysis and any rating changes are expected
within three months of this media release.
Ratings List
Marble Arch Residential Securitisation No. 4 PLC
EUR100.55 Million, GBP518.2 Million, and US$479 Million
Mortgage-Backed Floating-Rate Notes, An Overissuance Of
GBP14.28 Million Mortgage-Backed Floating-Rate Notes,
and GBP0.42 Million Mortgage-Backed Deferrable-Interest
Notes
Class Rating
To From
Ratings Placed On CreditWatch With Negative Implications
E1c BB/Watch Neg BB
METRONET RAIL: Mayor Livingstone Gives Nod on Transfer Schemes
--------------------------------------------------------------
London Mayor Ken Livingstone has approved the scheme that will
enable Metronet to transfer its business to Transport for
London, The Press Association reports.
With the approval, Ernst & Young, as administrators for
Metronet, can now ask the court for approval to the transfer,
David Jetuah writes for Accountacy Age. Mr. Jetuah adds that
E&Y is expected to give creditors further details of the schems
in May.
About Metronet
The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure -- its trains, stations,
signaling, track, tunnels and bridges -- under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.
The Metronet Rail Group owns and operates Metronet Rail BCV Ltd.
and Metronet Rail SSL Lte. -- which maintain the Bakerloo,
Central, Victoria, and Waterloo & City lines (BCV) and Circle,
District, Metropolitan, Hammersmith & City and East London lines
(SSL).
On July 18, 2007, Metronet Rail BCV Ltd. and Metronet Rail SSL
Ltd., entered Administration; Alan Bloom, Maggie Mills, Roy
Bailey and Stephen Harris, partners and directors of Ernst &
Young LLP, were appointed PPP Administrators. This followed the
PPP Arbiter's Interim Determination award of just GBP121 million
for Metronet Rail BCV, when the company had been seeking a
GBP551 million Interim Determination and GBP992 million in
total.
METRONET RAIL: Workers Call Off Planned Strike
----------------------------------------------
Brian Lysaght writes for Bloomberg that Metronet's maintenance
workers called off a planned strike as a result of progress in
talks on the issue of jobs and pensions.
Around 2,500 workers had intended to start a 48-hour strike on
April 28. Mr. Lysaght reports, citing a spokesman for the
National Union of Rail, Maritime and Transport Workers, that the
strike was canceled after workers obtained a guarantee from
Metronet that the jobs will not be outsourced. Metronet further
assured employees that they will be allowed to join the
Transport for LOnd pension fund, the spokesman added.
About Metronet
The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure -- its trains, stations,
signaling, track, tunnels and bridges -- under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.
The Metronet Rail Group owns and operates Metronet Rail BCV Ltd.
and Metronet Rail SSL Lte. -- which maintain the Bakerloo,
Central, Victoria, and Waterloo & City lines (BCV) and Circle,
District, Metropolitan, Hammersmith & City and East London lines
(SSL).
On July 18, 2007, Metronet Rail BCV Ltd. and Metronet Rail SSL
Ltd., entered Administration; Alan Bloom, Maggie Mills, Roy
Bailey and Stephen Harris, partners and directors of Ernst &
Young LLP, were appointed PPP Administrators. This followed the
PPP Arbiter's Interim Determination award of just GBP121 million
for Metronet Rail BCV, when the company had been seeking a
GBP551 million Interim Determination and GBP992 million in
total.
MORTGAGELINK FINANCE: Appoints Liquidators from Tenon Recovery
--------------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Mortgagelink Finance Ltd. on
April 16 for the creditors' voluntary winding-up proceeding.
The joint liquidators can be reached at:
Tenon Recovery
Tenon House
Ferryboat Lane
Sunderland
Tyne & Wear
SR5 3JN
England
NIELSEN COMPANY: Fitch Rates Long Term IDR at B; Outlook Stable
---------------------------------------------------------------
Fitch Ratings has assigned The Nielsen Company, B.V. a Long-term
Issuer Default rating of 'B' with a Stable Outlook, and a Short-
term IDR of 'B.' Fitch has also assigned the group's senior
secured bank debt a 'BB-' rating.
The ratings reflect the very strong underlying business profile
of Nielsen, an impressive record of cost-cutting since its LBO,
and a good liquidity profile, offset by high leverage and end-
loaded refinancing risk. Fitch's Recovery Ratings reflect the
relatively strong recoveries predicted for secured lenders, but
potentially poor recoveries for other creditors.
Fitch considers Nielsen's business to be stable, well-
diversified, and to have positive growth prospects. This should
allow it to continue to generate reliable cash flows, which will
be augmented by the group's cost-cutting plan, which by fiscal
year 2007 was already delivering significant improvements in
EBITDA.
In the medium term, Fitch considers Nielsen's policy of
centralizing group development and trying to provide a more
integrated product to clients to be a sensible approach to
converging media markets and delivery of data. However,
Nielsen's markets are subject to competition, and there remains
the risk that, despite its best efforts, the group will fail to
keep pace with technological developments, and thereby lose
market share. Evidence of this could result in a negative
rating action.
On Fitch's basis of calculation, Nielsen's unadjusted net
debt/EBITDA stood at 8.3x at fiscal year ending 2007 (this
measure is conservative, and includes discounted notes at their
full face value). The size of the group's debt burden is such
that when bullet repayments fall due in 2013, Fitch still
expects it to have significant financial leverage, and therefore
assesses refinancing risk as high.
Since the May 2006 LBO of the former VNU, N.V., the group has
shown solid progress in de-leveraging, albeit that this has
principally resulted from EBITDA improvements rather than debt
pay-down. Based on Fitch's calculations, leverage fell to 8.3x
at fiscal year ending 2007 (including discount notes at face
value) from 9.6x at fiscal year ending 2006 (based on EBITDA
adjusted for a US$90 million deferred revenue acquisition
accounting adjustment, which reduced reported revenues and
EBITDA in that year). From this point, Fitch expects the group
to continue to de-leverage to manage refinancing risk in 2013.
A key factor in this de-leveraging is the group's attitude to
acquisitions. Since its LBO, Nielsen has made several
acquisitions and disposals, with a net cash acquisition spend in
fiscal year ending 2007 of US$392 million, which it partly
funded by the sale of marketable securities of US$135 million.
The group announced a further US$225 million acquisition, of IAG
research, in first quarter of 2008, and successfully issued
US$220 million senior unsecured debt to fund the acquisition.
While not questioning the strategic fit of any of these
transactions, Fitch notes that, were acquisition spend to
continue at this pace, it would endanger or materially slow de-
leveraging - which could lead to a negative rating action.
Stronger-than-expected organic growth, with significant portions
of generated cash being used to pay down debt, would be the
factors most likely to lead to a positive rating action.
Also factored into the rating is the group's financial
flexibility which, despite its high leverage, remains good. At
Dec. 31, 2007, the group had cash-on-balance sheet of
US$399 million and unused bank facilities of US$678 million.
Debt issued by The Nielsen Company, B.V. (formerly VNU N.V.):
-- EUR 11.25% senior discount debenture loan due 2016
'CCC'/RR '6'
-- GBP 5.625% debenture loan due 2010 or 2017 'CCC'/RR '6'
-- EUR50 million private placement debenture loan due 2010
'CCC'/RR '6'
-- EUR50 million private placement debenture loan due 2012
'CCC'/RR '6'
-- EUR30 million private placement debenture loan due 2012
'CCC'/RR '6'
-- JPY4,000 million 2.5% private placement debenture loan due
2011 'CCC'/RR '6'
NIELSEN FINANCE: Fitch Junks Senior Debt Ratings
------------------------------------------------
Fitch Ratings has assigned Nielsen Finance LLC's and Nielsen
Finance Co's senior unsecured and subordinated debt 'CCC+'
ratings, and The Nielsen Company B.V's senior unsecured debt a
'CCC' rating.
The ratings reflect the very strong underlying business profile
of Nielsen, an impressive record of cost-cutting since its LBO,
and a good liquidity profile, offset by high leverage and end-
loaded refinancing risk. Fitch's Recovery Ratings reflect the
relatively strong recoveries predicted for secured lenders, but
potentially poor recoveries for other creditors.
Fitch considers Nielsen's business to be stable, well-
diversified, and to have positive growth prospects. This should
allow it to continue to generate reliable cash flows, which will
be augmented by the group's cost-cutting plan, which by fiscal
year 2007 was already delivering significant improvements in
EBITDA.
In the medium term, Fitch considers Nielsen's policy of
centralizing group development and trying to provide a more
integrated product to clients to be a sensible approach to
converging media markets and delivery of data. However,
Nielsen's markets are subject to competition, and there remains
the risk that, despite its best efforts, the group will fail to
keep pace with technological developments, and thereby lose
market share. Evidence of this could result in a negative
rating action.
On Fitch's basis of calculation, Nielsen's unadjusted net
debt/EBITDA stood at 8.3x at fiscal year ending 2007 (this
measure is conservative, and includes discounted notes at their
full face value). The size of the group's debt burden is such
that when bullet repayments fall due in 2013, Fitch still
expects it to have significant financial leverage, and therefore
assesses refinancing risk as high.
Since the May 2006 LBO of the former VNU, N.V., the group has
shown solid progress in de-leveraging, albeit that this has
principally resulted from EBITDA improvements rather than debt
pay-down. Based on Fitch's calculations, leverage fell to 8.3x
at fiscal year ending 2007 (including discount notes at face
value) from 9.6x at fiscal year ending 2006 (based on EBITDA
adjusted for a US$90 million deferred revenue acquisition
accounting adjustment, which reduced reported revenues and
EBITDA in that year). From this point, Fitch expects the group
to continue to de-leverage to manage refinancing risk in 2013.
A key factor in this de-leveraging is the group's attitude to
acquisitions. Since its LBO, Nielsen has made several
acquisitions and disposals, with a net cash acquisition spend in
fiscal year ending 2007 of US$392 million, which it partly
funded by the sale of marketable securities of US$135 million.
The group announced a further US$225 million acquisition, of IAG
research, in first quarter of 2008, and successfully issued
US$220 million senior unsecured debt to fund the acquisition.
While not questioning the strategic fit of any of these
transactions, Fitch notes that, were acquisition spend to
continue at this pace, it would endanger or materially slow de-
leveraging - which could lead to a negative rating action.
Stronger-than-expected organic growth, with significant portions
of generated cash being used to pay down debt, would be the
factors most likely to lead to a positive rating action.
Also factored into the rating is the group's financial
flexibility which, despite its high leverage, remains good. At
Dec. 31, 2007, the group had cash-on-balance sheet of
US$399 million and unused bank facilities of US$678 million.
Issue ratings have been assigned as:
Debt issued by Nielsen Finance LLC and Nielsen Finance Co:
-- US$/EUR senior secured term loan due August 2013 'BB-'/RR
'2'
-- Senior secured revolving credit facility due August 2012
'BB-'/RR '2'
-- US$ 10% senior debenture loan due 2014 'CCC+' /RR '6'
(includes additional US$220 million issued in April 2008)
-- EUR 9% senior debenture loan due 2014 'CCC+' /RR '6'
-- US$ 12.5% senior subordinated discount debenture loan due
2016 'CCC+' /RR '6'
SANDWELL COMMERCIALL: Fitch Rates Class E Notes at BB
-----------------------------------------------------
Fitch Ratings has assigned final ratings to Sandwell Commercial
Finance No. 3 Limited's commercial mortgage-backed floating-rate
notes, due 2032:
-- GBP147.5 million Class A1: 'AAA'; Outlook Stable
-- GBP14.7 million Class A2: 'AAA'; Outlook Stable
-- GBP3.6 million Class A3: 'AAA'; Outlook Stable
-- GBP19.15 million Class B: 'AA'; Outlook Stable
-- GBP10.15 million Class C: 'A'; Outlook Stable
-- GBP12.57 million Class D: 'BBB'; Outlook Stable
-- GBP10.8 million Class E: 'BB'; Outlook Stable
The final ratings reflect the credit enhancement provided to
each Class by the subordination of classes junior to it, the
GBP11.28 million first loss note in place, and the positive and
negative features of the underlying collateral and the integrity
of the legal and financial structures. They also address the
timely payment of interest on the notes and the ultimate
repayment of principal by the final legal maturity in December
2032.
This transaction is a securitization of 56 commercial mortgage
loans with a current aggregate balance of GBP229.7 million and
an aggregate collateral market value of GBP311.3m. The loans are
secured by 57 commercial properties, including office, retail
and other assets, located across England, Wales and Guernsey.
The largest loan in the pool, the Victoria Street loan,
represents 18.7% of the pool's current aggregate balance, and is
secured on a single office property let to the Secretary of
State for the Environment. The pool's weighted average loan-to-
value ratio at closing is 74.9%, reducing to a weighted average
balloon loan-to-value ratio of 72.6% at loan maturity.
Interest and principal on the notes are paid quarterly in
arrears, commencing in June 2008. Repayments, prepayments and
balloon payments on the loans are allocated to the notes on a
sequential basis. Structural features include a principal
deficiency ledger for each class of notes, which records losses
against the classes of notes via a debit balance in the
appropriate sub-ledger. The transaction also allows the issuer
to make further advances on existing loans, subject to meeting
certain criteria. The structure benefits from a liquidity
facility, which is presently sized at 3% of the aggregate
outstanding principal balance of the collateral at approximately
GBP6.9 million. The amount available for drawdown decreases as
the principal amount outstanding on the loans reduces, subject
to an absolute floor of EUR2 million.
This transaction closed on April 18, 2008.
UNIQUE DISTRIBUTION: Supplier Cuts Ties; Staff May File Suit
------------------------------------------------------------
Unique Distribution suffered yet another setback when 3 resolved
to drop the company as one its airtime suppliers, Mobile Today
reports. The company went into management receivership two
months ago.
It will be decided at a court hearing today, April 25, 2008,
whether Unique Distribution, whose parent company IGB is under
VAT fraud investigation by the HM Revenue and Customs, will
either be sold or closed down, Mobile Today relates.
According to Mobile News, the HMRC is looking into IGB's
activities dating back to 2005.
Meanwhile, Unique Distribution's remaining staff, who were
barred to enter the Hayes warehouse over insurance payment
problems, are contemplating legal action against the company
after it failed to pay their salaries for a second month, Mobile
News discloses.
Neil Brookes, Unique's technical director, however, said
"the restrained funds have not been released to make these
payments and the decision to do that sits with the managing
receiver. We are hoping to challenge this decision," Mobile
News reveals.
The parent company's assets, which are being overseen by
managing receiver Chantrey Vellacot, have been frozen since
January, Mobile New says.
Unique Distribution distributes mobile devices in the UK.
* Beard Group's Healthcare Transactions Conference Set on May 30
----------------------------------------------------------------
The Beard Group, Renaissance American Management, and the Health
Industry Council of the Dallas-Fort Worth Region presents the
First Annual Southwest Healthcare Transactions Conference to be
held on May 30, 2008 at the Four Seasons Resort and Club, Dallas
at Las Colinas.
Healthcare professionals and their advisors face a daunting task
of strategic planning in a financial market undergoing
turbulence unseen in decades. The first-ever conference,
focusing on successful strategies for mergers, acquisitions,
divestitures, and restructurings, is designed to illuminate the
issues and bring some greater clarity of understanding.
The organizers have put together a blue-ribbon faculty who are
doing the deals that are getting done.
Conference participants will be looking both at trends in the
industry, financing strategies, and case studies of innovative
deals. This is not a fine-points-of-the-law conference, but one
that will leave one better prepared to plan and execute one's
next transaction. To download the agenda or register for the
conference, visit: http://www.renaissanceamerican.com.
The conference will include:
* Valuation Impact of Regulatory Issues
* Pre-Closing Due Diligence and Post-Closing Integration for
Profit Enhancement
* Healthcare M&A Market: Where to Next?
* Exit Strategies using Special Purpose Acquisition
Corporations
* Dealmaker Trends between Not-For-Profits and For-Profits
* Investors’ Roundtable: Perspectives of the Private Equity
Firms
* Corporate Finance Perspectives: Current Equity and Debt
Trends
* Plus Case Study: Legacy Medical Village, a Physician-Driven
Model
General sponsors include the Alvarez & Marsal, Bank of Texas'
Healthcare Banking Group, GE Healthcare Financial Services, Hill
Schwarts Spilker Keller LLC, K&L Gates, Patton Boggs LLP, and
PricewaterhouseCoopers' Transaction Services.
Cadwalader, Cain Brothers, Deloitte, Drinker Biddle,
KaufmanHall, Latham & Watkins LLP, Principle Valuation LLC,
Proskauer Rose LLP and Wellspring Partners serve as sustaining
sponsors.
* BOOK REVIEW: Financial Planning for High Net Worth Individual
---------------------------------------------------------------
Authors: Richard H. Mayer and Donald R. Levy
Publisher: Beard Books
Paperback: 428 pages
List Price: US$59.95
Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587982323/internetbankrupt
Financial Planning for High Net Worth Individuals by Richard H.
Mayer and Donald R. Levy is a comprehensive and authoritative
guide to the art and science of wealth management.
It is a source book that wealth management advisers can turn to
when looking for in-depth answers.
Collected here are the insights of expert advisers, presented in
a thoughtful and thorough manner on the vital aspects of
financial management.
This book is for high net worth individuals as well as for every
serious wealth management professional.
Richard H. Mayer, Chartered Life Underwriter, Registered
Investment Advisor. Mr. Mayer has more than 40 years of
experience in the insurance industry where he specializes in
advising high net worth individuals and in developing executive
compensation plans.
Donald R. Levy, JD, MBA, is an attorney and benefits consultant.
Mr. Levy has authored or edited a number of books including the
Research Institute of America Answer Book, Executive
Compensation Treatise, 403(b) Answer Book, Guide to Cash Balance
Plans, Quick Reference Guide to IRAs, and the State-by-State
Guide to Managed Care Law.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable. Those sources may
not, however, be complete or accurate. The Monday Bond Pricing
table is compiled on the Friday prior to publication. Prices
reported are not intended to reflect actual trades. Prices for
actual trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets. At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short. Don't be fooled. Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets. A company may establish
reserves on its balance sheet for liabilities that may never
materialize. The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Jason Nieva, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes
Tovilla and Marites Claro, Editors.
Copyright 2008. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *