T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, April 29, 2008, Vol. 9, No. 84 Headlines A U S T R I A DJAKOVIC BAUTRAGER: Claims Registration Period Ends June 5 ENERXI HANDEL: Claims Registration Period Ends May 28 GSCHWANDTNER KG: Claims Registration Period Ends June 3 MULAOSMANOVIC KEG: Claims Registration Period Ends May 23 STARLIGHT GASTRO: Claims Registration Period Ends May 19 G E R M A N Y AUTOHAUS FRIEDRICHSORT: Claims Registration Period Ends May 22 GETRANKE BAYER: Claims Registration Ends May 16 GRUENBAU REMSCHEID: Claims Registration Ends May 16 GUENTER SAAGE: Claims Registration Ends May 16 HANSE-MASSIVBAU: Claims Registration Period Ends May 22 KAMA KAULSDORFER: Claims Registration Period Ends May 22 KARL WERNER: Claims Registration Period Ends May 16 KARL-HANS BAUER: Creditors Meeting Slated for May 16 KOSLOWSKI & SOHN: Claims Registration Period Ends May 16 KUECHENDESIGN IM SPREEBELLEVUE: Claims Registration Ends May 22 KUNSTSTOFF UND METALLTEILE: Claims Registration Ends May 16 KWAAK GMBH: Claims Registration Period Ends May 22 MITOSINKA GARTEN: Claims Registration Period Ends May 22 MTU AERO: Earns EUR44.2 Million in First Quarter of 2008 NEVERINER TIEF: Claims Registration Period Ends May 22 NORD STERN: Claims Registration Period Ends May 22 NORDMEYER GMBH: Claims Registration Period Ends May 22 P. H. HOTEL: Claims Registration Period Ends May 16 PIN MAIL 59: Claims Registration Period Ends May 22 PIN MAIL INGOLSTADT: Claims Registration Period Ends May 22 PIN MAIL STUTTGART: Claims Registration Period Ends May 22 PIN MAIL SUEDOST: Claims Registration Period Ends May 22 PIN MAIL THUERINGEN: Claims Registration Period Ends May 22 PIN SHARED: Claims Registration Period Ends May 22 PIN SORTIERSERVICE: Claims Registration Period Ends May 22 POST SERVICE WESTFALEN: Claims Registration Period Ends May 22 SERVICE GMBH: Claims Registration Ends May 16 ODS MASTERING: Claims Registration Ends May 16 I R E L A N D AURELIUS CAPITAL: S&P Rates Class E Notes at BB with Watch Neg. SMURFIT KAPPA: S&P Lifts Rating on Improved Operations to BB STANTON VINTAGE: S&P Rates US$159.6 Mln Class E Notes at BB I T A L Y MICRON TECHNOLOGY: S&P Holds 'BB-' Rating on Ample Liquidity K A Z A K H S T A N AK-KABAK LLP: Creditors Must File Claims by June 6 BAAD LLP: Claims Deadline Slated for June 6 EDELVEIS LLP: Claims Filing Period Ends June 10 KAMAZ-DIZEL LLP: Creditors' Claims Due on June 6 KAZ-TUMEN JSC: Claims Registration Ends June 11 LORGATE MANAGEMENT: Creditors Must File Claims by June 11 WIMPEX CONSTRUCTION: Claims Deadline Slated for June 11 K Y R G Y Z S T A N SILK BEACH: Creditors Must File Claims by June 6 N E T H E R L A N D S KINETIC CONCEPTS: Earns US$68 Million in First Quarter 2008 KINETIC CONCEPTS: Moody's Rates Proposed US$1.3BB Loan at Ba1 KINETIC CONCEPTS: 2008 Shareholders' Meeting Scheduled on May 20 YRC WORLDWIDE: Posts US$45.8 Million Net Loss in First Quarter YRC WORLDWIDE: Refinancing Risks Cue S&P to Confirm 'BB' Rating L U X E M B O U R G AMERICAN AXLE: Posts US$27 Million Net Loss in 1Q 2008 GOODYEAR TIRE: Earns US147 Million in 2008 First Quarter P O L A N D BUCYRUS INT'L: Earns US$41.1 Million in Quarter Ended March 31 BUCYRUS INT'L: Inks Preliminary JV Agreement with Huainan R U S S I A AMK CJSC: Tyumen Bankruptcy Hearing Slated for June 17 CENTRAL TELECOMMUNICATIONS: Plans 16,000 Job Cuts by 2012 KAMAZ LLC: Astrakhan Bankruptcy Hearing Slated for June 19 NORTH EXPEDITION: Bankruptcy Hearing Slated for June 20 PERVOMAYSKOE CJSC: Creditors Must File Claims by May 22 SPRING CJSC: Udmurtiya Bankruptcy Hearing Slated for July 22 TITAN PETROCHEMICAL: S&P Cuts Rating to B on Weak Performance S L O V A K R E P U B L I C U.S. STEEL: R. Beltz Named as North-Am Flat-Rolled Marketing GM S P A I N GRUPO AISA: Asks Court to Dismiss Creditors' Insolvency Petition S W I T Z E R L A N D CASTELL WINE: St. Gallen Court Starts Bankruptcy Proceedings DRIVER POOL: Creditors' Liquidation Claims Due by July 18 HOT CYCLE: Creditors' Liquidation Claims Due by May 26 INPART INVESTMENT: Creditors' Liquidation Claims Due by June 30 JSUALKIN LLC: Creditors' Liquidation Claims Due by June 12 LONDON LANGUAGE: Creditors' Liquidation Claims Due by May 31 MALEGA LLC: Creditors' Liquidation Claims Due by May 21 VINTSY JSC: Lucerne Court Starts Bankruptcy Proceedings U K R A I N E AGRO LI: Proofs of Claim Deadline Set May 10 CHUTOV AGRICULTURAL: Creditors Must File Claims by May 9 CONSTRUCTION CHEMICAL: Creditors Must File Claims by May 9 EUROPEAN EXPRESS: Creditors Must File Claims by May 10 GORMACH CJSC: Proofs of Claim Deadline Set May 9 MIR LLC: Creditors Must File Claims by May 9 MOTORCARINDUSTRIALWELDING PLANT: Creditors' Claims Due May 10 SCIENCE-TECHNICAL: Creditors Must File Claims by May 10 UKRTECHNOPLAST LLC: Creditors Must File Claims by May 10 U N I T E D K I N G D O M AMPEX CORPORATION: U.S. Trustee Forms Five-Member Committee ASCOT INTERIORS: Brings In Liquidators from KPMG BAA LTD: Airports Ownership May Not Be Good, UKCC Says BAA LTD: JPMorgan Report Affirms Risk of Default Within a Year BUTLER AND TANNER: Goes Into Receivership; 287 Jobs Affected CIBENZE SERVICES: Taps Joint Administrators from BDO Stoy CLEAR CHANNEL: Set to Release 1st Quarter 2008 Results on May 9 CLEAR CHANNEL: Further Extends Offers' Expiration Date to May 2 CREAM COMPUTER: Hires Liquidators from Tenon Recovery CREATIVE BUSINESS: Brings In Menzies as Administrators EVESHAM TECHNOLOGY: Ceases Acceptance of PC Orders GRETNA FOOTBALL: Faces Liquidation as Offers Remain Unseen HALIFAX TOWN: Administrators Reveal Proposal for Creditors HEXCEL CORP: Moody's Keeps Ba3 Corporate Family Rating INTERNET TELECOMMUNICATIONS: Taps Administrators from Tenon MELDRUM YOUNG: Taps Begbies & Chantrey to Administer Assets NPS PHARMA: December 31 Balance Sheet Upside-Down by US$188MM NPS PHARMA: Annual Shareholders’ Meeting Scheduled on May 22 PAINTER SALTER: Appoints Joint Administrators from KPMG POWERFORCE RECRUITMENT: Calls In Liquidators from PwC PRO-LIGHT LABEL: Claims Filing Period Ends May 23 TARANATA LTD: Duncan R. Beat Leads Liquidation Procedure TIMEWARP DISTRIBUTION: Taps Liquidators from Tenon Recovery TZARINA JEWELS: Appoints Colin Prescott as Liquidator * UK Corporate Insolvencies Up 17% to 3,359 in First Qtr. 2008 * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= DJAKOVIC BAUTRAGER: Claims Registration Period Ends June 5 ---------------------------------------------------------- Creditors owed money by LLC Djakovic Bautrager (FN 252339m) have until June 5, 2008, to file written proofs of claim to court- appointed estate administrator Peter Schulyok at: Dr. Peter Schulyok c/o Dr. Arno Maschke Mariahilfer Strasse 50 1070 Vienna Austria Tel: 523 62 00 Fax: 526 72 74 E-mail: schulyok-unger@csg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 a.m. on June 19, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 8, 2008 (Bankr. Case No. 5 S 27/08t). Arno Maschke represents Dr. Schulyok in the bankruptcy proceedings. ENERXI HANDEL: Claims Registration Period Ends May 28 ----------------------------------------------------- Creditors owed money by LLC EnerXI Handel (FN 270410m) have until May 28, 2008, to file written proofs of claim to court- appointed estate administrator Arno Maschke at: Dr. Arno Maschke c/o Dr. Philipp Dobner Mariahilfer Strasse 50 1070 Vienna Austria Tel: 523 62 00 Fax: 526 72 74 E-mail: maschke@sup.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:10 a.m. on June 11, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 8, 2008 (Bankr. Case No. 2 S 44/08w). Philipp Dobner represents Dr. Maschke in the bankruptcy proceedings. GSCHWANDTNER KG: Claims Registration Period Ends June 3 ------------------------------------------------------- Creditors owed money by KG GSCHWANDTNER have until June 3, 2008, to file written proofs of claim to court-appointed estate administrator Erhard Hackl at: Dr. Erhard Hackl c/o Mag. Markus Weixlbaumer Hofgasse 7 4020 Linz Austria Tel: 0732/776234, 776235 E-mail: hackl.hatak@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:15 p.m. on June 17, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Steyr Hall 7 Second Floor Steyr Austria Headquartered in Enns, Austria, the Debtor declared bankruptcy on April 8, 2008 (Bankr. Case No. 14 S 22/08w). Markus Weixlbaumer represents Dr. Hackl in the bankruptcy proceedings. MULAOSMANOVIC KEG: Claims Registration Period Ends May 23 --------------------------------------------------------- Creditors owed money by KEG MULAOSMANOVIC (FN 183131k) have until May 23, 2008, to file written proofs of claim to court- appointed estate administrator Clemens Richter at: Mag. Clemens Richter Esteplatz 4 1030 Vienna Austria Tel: 712 33 30 Fax: 712 33 30 30 E-mail: kanzlei@engelhart.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on June 6, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 8, 2008 (Bankr. Case No. 28 S 51/08s). STARLIGHT GASTRO: Claims Registration Period Ends May 19 -------------------------------------------------------- Creditors owed money by LLC Starlight GASTRO (FN 284468k) have until May 19, 2008, to file written proofs of claim to court- appointed estate administrator Dominik Maringer at: Mag. Dominik Maringer Salzburgerstrasse 4 4840 Voecklabruck Austria Tel: 07672/22625-0 Fax: 07672/22625-22 E-mail: ra.md@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 3:40 p.m. on May 29, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Str. 12 Wels Austria Headquartered in Regau, Austria, the Debtor declared bankruptcy on April 4, 2008 (Bankr. Case No. 20 S 44/08h). ============= G E R M A N Y ============= AUTOHAUS FRIEDRICHSORT: Claims Registration Period Ends May 22 -------------------------------------------------------------- Creditors of Autohaus Friedrichsort Beteiligungsgesellschaft mbH have until May 22, 2008, to register their claims with court- appointed insolvency manager Ute Jacob. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 19, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kiel 17 Deliusstr. 22 Kiel Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ute Jacob Lorentzendamm 19 24103 Kiel Germany Tel: 0431/319110 Fax: 0431/3191111 The District Court of Kiel opened bankruptcy proceedings against Autohaus Friedrichsort Beteiligungsgesellschaft mbH on March 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Friedrichsort Beteiligungsgesellschaft mbH Attn: Jens Rathje, Manager Friedrichsorter Str. 74 24159 Kiel Germany GETRANKE BAYER: Claims Registration Ends May 16 ----------------------------------------------- Creditors of Getranke Bayer GmbH have until May 16, 2008 to register their claims with court-appointed insolvency manager Joachim Exner. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 Ansbach Meeting Hall 1 Promenade 8 91522 Ansbach 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: Joachim Exner Stahlstr. 17 90411 Nuremberg Germany Tel: 0911-951285-0 Fax: 0911-95128510 The District Court of Ansbach opened bankruptcy proceedings against Getranke Bayer GmbH on April 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Getranke Bayer GmbH Louis-Schmetzer-Str. 8 91522 Ansbach Germany GRUENBAU REMSCHEID: Claims Registration Ends May 16 --------------------------------------------------- Creditors of Gruenbau Remscheid GmbH have until May 16, 2008 to register their claims with court-appointed insolvency manager Sven Bader. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Hall A234 Second Floor Eiland 2 42103 Wuppertal 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: Sven Bader Carl-Grueber-Weg 14 42853 Remscheid Germany Tel: 02191/421010 Fax: 02191/421070 The District Court of Wuppertal opened bankruptcy proceedings against Gruenbau Remscheid GmbH on April 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gruenbau Remscheid GmbH Attn: Hikmet Sivrikaya, Manager Bahnhofstrasse 1 42897 Remscheid Germany GUENTER SAAGE: Claims Registration Ends May 16 ---------------------------------------------- Creditors of Guenter Saage Entsorgungswirtschaft GmbH have until May 16, 2008 to register their claims with court-appointed insolvency manager Andreas Stratenwerth. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 6, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Paderborn Meeting Hall 230a Second Floor Bogen 2-4 33098 Paderborn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Stratenwerth Lemgoer Strasse 4 33604 Bielefeld Germany Tel: 0521/9651636 Fax: 0521/9651617 The District Court of Paderborn opened bankruptcy proceedings against Guenter Saage Entsorgungswirtschaft GmbH on March 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Guenter Saage Entsorgungswirtschaft GmbH Ralph Gerdes Talle 95 33102 Paderborn Germany HANSE-MASSIVBAU: Claims Registration Period Ends May 22 ------------------------------------------------------- Creditors of Hanse-Massivbau GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Wolfgang Weidemann. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on June 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg 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: Wolfgang Weidemann Wendenstrasse 4 20097 Hamburg Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Hanse-Massivbau GmbH on March 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hanse-Massivbau GmbH Schillerstr. 15 17109 Demmin Germany KAMA KAULSDORFER: Claims Registration Period Ends May 22 -------------------------------------------------------- Creditors of KaMa Kaulsdorfer Maler GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Philipp Hacklander. Creditors and other interested parties are encouraged to attend the meeting at 9:05 a.m. on July 21, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Philipp Hacklander Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against KaMa Kaulsdorfer Maler GmbH on Feb. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KaMa Kaulsdorfer Maler GmbH Brodauer Str. 38 12621 Berlin Germany KARL WERNER: Claims Registration Period Ends May 16 --------------------------------------------------- Creditors of Karl Werner Objekteinrichtungen GmbH have until May 16, 2008, to register their claims with court-appointed insolvency manager Dr. Frank Kebekus. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 6, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Paderborn Meeting Hall 230a Second Floor Bogen 2-4 33098 Paderborn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Frank Kebekus Busdorfwall 22 33098 Paderborn Germany The District Court of Paderborn opened bankruptcy proceedings against Karl Werner Objekteinrichtungen GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Karl Werner Objekteinrichtungen GmbH Schulze-Delitzsch-Str. 17 33100 Paderborn Germany Attn: Guenter Rohr, Manager Kornmesserstr. 8 12205 Berlin Germany KARL-HANS BAUER: Creditors Meeting Slated for May 16 ---------------------------------------------------- The court-appointed insolvency manager for Karl-Hans Bauer Kunststoffverarbeitung GmbH, Gerhard Tonhzuser, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:00 p.m. on May 5, 2008. The meeting of creditors and other interested parties will be held at: The District Court Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn Germany The Court will also verify the claims set out in the insolvency manager's report at 10:30 a.m. on June 16, 2008, at the same venue. Creditors have until May 16, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Gerhard Tonhzuser Moltkestrasse 40 74072 Heilbronn Germany Tel: 07131/60990 Fax: 07131/609961 The District Court of Heilbronn opened bankruptcy proceedings against Karl-Hans Bauer Kunststoffverarbeitung GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Karl-Hans Bauer Kunststoffverarbeitung GmbH Attn: Reinhard Bauer, Manager Eichelbergstrasse 29 74429 Sulzbach-Laufen Germany KOSLOWSKI & SOHN: Claims Registration Period Ends May 16 -------------------------------------------------------- Creditors of Koslowski & Sohn Gesellschaft fuer Sanitzr- und Heizungsbau mbH have until May 16, 2008, to register their claims with court-appointed insolvency manager Dr. Olaf Buechler. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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. Olaf Buechler Herrengraben 3 20459 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Koslowski & Sohn Gesellschaft fuer Sanitzr- und Heizungsbau mbH on April 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Koslowski & Sohn Gesellschaft fuer Sanitzr- und Heizungsbau mbH Attn: Markus Lutz, Manager Sandfoort 128 22415 Hamburg Germany KUECHENDESIGN IM SPREEBELLEVUE: Claims Registration Ends May 22 --------------------------------------------------------------- Creditors of Kuechendesign im SpreeBellevue GmbH have until May 22, 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 9:00 a.m. on July 19, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Kuechendesign im SpreeBellevue GmbH on Feb. 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kuechendesign im SpreeBellevue GmbH Joachim-Karnatz-Allee 47 10557 Berlin Germany KUNSTSTOFF UND METALLTEILE: Claims Registration Ends May 16 ----------------------------------------------------------- Creditors of Kunststoff und Metallteile GmbH have until May 16, 2008, to register their claims with court-appointed insolvency manager Hans Peter Runkel. Creditors and other interested parties are encouraged to attend the meeting at 10:5 a.m. on June 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Room A234 Second Floor Isle 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans Peter Runkel Friedrich-Ebert-Strasse 146 42117 Wuppertal Germany Tel: 0202/30 20 71 Fax: 0202/31 47 08 The District Court of Wuppertal opened bankruptcy proceedings against Kunststoff und Metallteile GmbH on April 23, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kunststoff und Metallteile GmbH Attn: Ralph Burchardt, Manager Liegnitzer Strasse 7 42277 Wuppertal Germany KWAAK GMBH: Claims Registration Period Ends May 22 -------------------------------------------------- Creditors of Kwaak GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Wolf-Dieter H. Weber. 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 Wilhelmshaven Hall 109 Old Building Marktstrasse 15-17 26382 Wilhelmshaven Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolf-Dieter H. Weber Hauptstrasse 91 D 26182 Edewecht Germany Tel: 04405/7071 Fax: 04405/8046 E-mail: Kanzlei@Weber-Kanzlei.de The District Court of Wilhelmshaven opened bankruptcy proceedings against Kwaak GmbH on March 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kwaak GmbH Attn: Marinus van Loef, Manager Muehlenweg 10 26384 Wilhelmshaven Germany MITOSINKA GARTEN: Claims Registration Period Ends May 22 -------------------------------------------------------- Creditors of Mitosinka Garten- und Landschaftsbau GmbH have until May 22, 2008, to register their claims with court- appointed insolvency manager Hans-Peter Burghardt. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Hameln Hall 106 Zehnthof 1 31785 Hameln Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans-Peter Burghardt Bunsenstr. 3 D 32052 Herford Germany Tel: 05221/693 0731 Fax: 05221/693 0691 o. 9 The District Court of Hameln opened bankruptcy proceedings against Mitosinka Garten- und Landschaftsbau GmbH on April 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mitosinka Garten- und Landschaftsbau GmbH Landwehrgarten 1 31840 Hess. Oldendorf Germany MTU AERO: Earns EUR44.2 Million in First Quarter of 2008 -------------------------------------------------------- MTU Aero Engines Holding AG improved its EBITDA by 9% in the first three months of 2008, from EUR90.6 million in the equivalent period of 2007 to EUR98.3 million. The EBITDA margin increased by 1.5 percentage points to 15.6%. Revenues of EUR630 million were generated in the first three months of 2008, remaining close to the previous year's level (1-3/07: EUR640.6 million). After adjustments for the U.S. dollar exchange rate, revenues increased by 10%. MTU's first-quarter net income more than doubled to EUR44.2 million (1-3/07: EUR18 million). The 2007 figure includes a nonrecurring charge for the early redemption premium in connection with the high yield bond. Excluding this exceptional charge, net income increased by 40%. "These results show that MTU is still a highly profitable company, despite the continuing unfavorable U.S. dollar exchange rate situation," MTU CEO Egon Behle commented. "The first quarter’s results substantiate our expectations for the financial year 2008 as a whole. We are confident that we will reach the targets we have set, and we intend to optimize costs still further in order to do so." Developments during the first three months of 2008: Like revenues at group level, revenues in the OEM and MRO segments roughly matched those of the previous year. The effects of the U.S. dollar exchange rate were evident in both the commercial engine business and commercial MRO. Whereas commercial engine revenues increased by 11% after adjustments for the U.S. dollar exchange rate, the actual amount in euros was EUR265.3 million, which represents a year-on-year decrease of 2.9% (March 31, 2007: EUR273.1 million). Similarly, commercial MRO revenues increased by 13% excluding adjustments for the U.S. dollar exchange rate. Expressed in euros, revenues in the commercial MRO business amounted to EUR258.3 million, or 1.5% lower than at the end of the equivalent period in 2007. The main contributors to revenues in the commercial MRO segment were the V2500 engine for the Airbus A320 family and the CF6 engine used to power wide-body passenger airliners such as the A330 and the Boeing 747. The programs that generated the greatest revenues for the commercial engine business were the V2500 and the PW2000 for the C17 transporter. Revenues in the military engine business increased by 3% to EUR114.1 million. The highest contributions to these revenues came from the EJ200 Eurofighter engine and the RB199 employed in the Tornado. At March 31, 2008, MTU's order backlog amounted to EUR3.1 billion or 1.2 times annual revenues in 2007. This figure is lower than that at the end of the last financial year (Dec. 31, 2007: EUR3.3 billion), primarily as a result of the U.S. dollar exchange rate. Excluding this factor, the order backlog is stable. The improvement in the EBITDA margin is above all attributable to the positive evolution of the OEM business, where the successful implementation of various programs to improve efficiency, a high demand for spare parts, and the start of volume production in certain programs compensated for the unfavorable U.S. dollar exchange rate. EBITDA in the OEM business grew by 45% to EUR85.6 million, bringing the EBITDA margin to 22.6%. The EBITDA margin for the commercial MRO business amounted to 5.5%, while this segment's EBITDA dropped by 53% to EUR14.2 million. This result, which reflects the additional costs occasioned by the introduction of new software and logistics systems at MTU Maintenance Hannover, was not unexpected. "We have taken steps to bring the commercial MRO business back on course, and these measures are already having the desired effect at an operational level," MTU CFO Reiner Winkler explained. Free cash flow at the end of March 2008 amounted to EUR43.4 million, or roughly the same as at the end of the equivalent period one year earlier (1-3/07: EUR44.3 million). MTU's investing activities in the first three months of 2008 amounted to EUR18.9 million, exceeding those of the equivalent period in the previous year by 6% (1-3/07: EUR17.9 million). A large part of these investments relate to the construction of a new engine test rig at MTU Maintenance Hannover. Research and development expenses in the first three months of 2008 amounted to EUR37.7 million (1-3/07: EUR39.5 million). "Research and development is the keystone in our efforts to strengthen our innovative lead, and we intend to make considerable investments in this area in the future," Mr. Behle points out. "In the coming years, we expect to invest an average of 7 to 8% of our revenues in R&D." The number of MTU employees at March 31, 2008 was 7,156, which is about the same as at the end of the previous year (Dec. 31, 2007: 7,130 employees). Outlook There has been no change in MTU's end-of-year forecast for 2008. The company expects to generate revenues of EUR2.6 billion, roughly equivalent to those generated in 2007 (EUR2,575.9 million). Adjusted EBITDA at year-end 2008 is expected to amount to around EUR390 million, thereby remaining close to the previous year’s level of EUR392.9 million despite a significant increase in investing activity and despite the effects of the U.S. dollar exchange rate. MTU expects its reported EBITDA (i.e. the EBITDA figure including the capitalized research and development expenses) to reach EUR420 million at the end of 2008. Net income for 2008 is expected to increase year-on-year by an estimated 20% to around EUR180 million (2007: EUR154.1 million). In view of the planned strategic investments to assure MTU's future –- notably the acquisition of additional shares in engine programs and the construction of the new plant in Poland –- free cash flow is expected to decrease to around EUR100 million (2007: EUR131.7 million). Headquartered in Munich, Germany, MTU Aero Engines Holding AG -- http://www.mtu.de/-- develops, manufactures, markets, and repairs commercial and military engine modules and components for aircraft engines and industrial gas turbines. * * * As of April 28, 2008, MTU Aero Engines Holding AG carries a long-term corporate family rating of Ba1 and probability of default rating of Ba1 from Moody's with a stable outlook. The company also carries a long-term foreign issuer credit rating of BB+ and long-term local issuer credit rating of BB+ from Standard & Poor's with a stable outlook. NEVERINER TIEF: Claims Registration Period Ends May 22 ------------------------------------------------------ Creditors of Neveriner Tief- und GaLa-Bau GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Detlef Siwonia. Creditors and other interested parties are encouraged to attend the meeting at 1:10 p.m. on June 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Detlef Siwonia Am Muehlenberg 8 17192 Waren Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Neveriner Tief- und GaLa-Bau GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Neveriner Tief- und GaLa-Bau GmbH Gartenstrasse 38 17039 Neverin Germany NORD STERN: Claims Registration Period Ends May 22 -------------------------------------------------- Creditors of Nord Stern GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Helmut Gattermann. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on June 19, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neumuenster Meeting Hall B.126 Law Courts Boostedter Strasse 26 Neumuenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Helmut Gattermann Strassenbahnring 3 20251 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against Nord Stern GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Nord Stern GmbH Attn: Yesilyurt Olcay, Manager Wehraustrasse 5 24768 Rendsburg Germany NORDMEYER GMBH: Claims Registration Period Ends May 22 ------------------------------------------------------ Creditors of Nordmeyer GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Johannes Franke. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Goettingen Hall B8 Berliner Strasse 8 37073 Goettingen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Johannes Franke Verdener Platz 1 30419 Hannover Germany Tel: 0511/794573 Fax: 0511/794576 The District Court of Goettingen opened bankruptcy proceedings against Nordmeyer GmbH on March 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Nordmeyer GmbH Willi-Eichler-Str. 15 37079 Goettingen Germany P. H. HOTEL: Claims Registration Period Ends May 16 --------------------------------------------------- Creditors of P. H. Hotel und Restaurant Betriebsgesellschaft mbH have until May 16, 2008, to register their claims with court- appointed insolvency manager Boris Frhr. v. d. Bussche. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Celle Nebenstelle Hall 014 Ground Floor Branch Mill Road 4 29221 Celle 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: Boris Frhr. v. d. Bussche Lueneburger Str. 43 a 29456 Hitzacker Germany Tel: 05862/5088 Fax: 05862/5089 E-mail: info@kanzlei-v-d-bussche.de The District Court of Celle Nebenstelle opened bankruptcy proceedings against P. H. Hotel und Restaurant Betriebsgesellschaft mbH on March 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: P. H. Hotel und Restaurant Betriebsgesellschaft mbH An der Bundesstr. 4 29614 Soltau Germany Attn: Rudolf Gronstedt, Manager Brink 2 31099 Woltershausen Germany PIN MAIL 59: Claims Registration Period Ends May 22 --------------------------------------------------- Creditors of PIN Mail 59 GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 11:45 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 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. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Pin Mail 59 GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PIN Mail 59 GmbH Attn: Oezgun Alabaz, Manager Overweg 27 59494 Soes Germany PIN MAIL INGOLSTADT: Claims Registration Period Ends May 22 ----------------------------------------------------------- Creditors of PIN Mail Ingolstadt GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 12:15 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 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. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against PIN Mail Ingolstadt GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PIN Mail Ingolstadt GmbH Attn: Hermann Fetsch, Manager Stauffenberger Str. 2a 85051 Ingolstadt Germany PIN MAIL STUTTGART: Claims Registration Period Ends May 22 ---------------------------------------------------------- Creditors of PIN Mail Stuttgart GmbH & Co. KG have until May 22, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 12:35 p.m. on June 12, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against PIN Mail Stuttgart GmbH & Co. KG on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PIN Mail Stuttgart GmbH & Co. KG Mundelsheimer Str. 3 74321 Bietigheim-Bissingen Germany PIN MAIL SUEDOST: Claims Registration Period Ends May 22 -------------------------------------------------------- Creditors of PIN Mail Suedost GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 11:30 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 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. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against PIN Mail Suedost GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PIN Mail Suedost GmbH Medienstr. 5 94036 Passau Germany PIN MAIL THUERINGEN: Claims Registration Period Ends May 22 ----------------------------------------------------------- Creditors of PIN Mail Thueringen GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 12:55 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 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. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against PIN Mail Thueringen GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PIN Mail Thueringen GmbH An den Pappeln 2 99100 Alach Germany Attn: Peter Engelbardt, Manager Bremervoerder Str. 3 21682 Stade Germany PIN SHARED: Claims Registration Period Ends May 22 -------------------------------------------------- Creditors of PIN Shared Service Center GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 1:05 p.m. on June 12, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against PIN Shared Service Center GmbH on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PIN Shared Service Center GmbH Lothringer Str. 56 50677 Cologne Germany PIN SORTIERSERVICE: Claims Registration Period Ends May 22 ---------------------------------------------------------- Creditors of PIN Sortierservice Muenchen GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on June 12, 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. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against PIN Sortierservice Muenchen GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PIN Sortierservice Munich GmbH Muthmannstr. 1 80939 Munich Germany POST SERVICE WESTFALEN: Claims Registration Period Ends May 22 -------------------------------------------------------------- Creditors of Post Service Westfalen GmbH have until May 22, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier . Creditors and other interested parties are encouraged to attend the meeting at 12:45 p.m. on June 12, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Post Service Westfalen GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Post Service Westfalen GmbH Gutenbergstr. 1 59065 Hamm Germany SERVICE GMBH: Claims Registration Ends May 16 --------------------------------------------- Creditors of its Service GmbH Industrieersatzteile have until May 16, 2008 to register their claims with court-appointed insolvency manager Joachim M. E. Voigt-Salus. Creditors and other interested parties are encouraged to attend the meeting at 2:20 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 Dessau-Rosslau Hall 123 Willy-Lohmann-Str. 33 Dessau 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: Joachim M. E. Voigt-Salus Rankestrasse 33 10789 Berlin Germany Tel: 030/2128020 Fax: 030/21280222 The District Court of Dessau-Rosslau opened bankruptcy proceedings against its Service GmbH Industrieersatzteile on April 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: its Service GmbH Industrieersatzteile Ziegelei 1-3 06369 Wulfen Germany Attn: Norbert Wolf, Manager Damm 11 a 39240 Calbe Germany ODS MASTERING: Claims Registration Ends May 16 ---------------------------------------------- Creditors of ODS Mastering & Development GmbH have until May 16, 2008 to register their claims with court-appointed insolvency manager Marc Odebrecht. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Schwerin Hall 7 Demmlerplatz 14 19053 Schwerin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Marc Odebrecht August-Bebel- St5rasse 4 19055 Schwerin Germany The District Court of Schwerin opened bankruptcy proceedings against ODS Mastering & Development GmbH on April 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ODS Mastering & Development GmbH Attn: Wilhelm F. Mittrich, Manager Werkstrasse 2 23942 Dassow Germany ============= I R E L A N D ============= AURELIUS CAPITAL: S&P Rates Class E Notes at BB with Watch Neg. --------------------------------------------------------------- Standard & Poor's Ratings Services placed its rating on the class E notes issued by Aurelius Capital CDO 2007-1 Ltd., a hybrid cash flow/synthetic collateralized debt obligation transaction, on CreditWatch with negative implications. Aurelius Capital CDO 2007-1 Ltd. is collateralized predominantly by collateralized loan obligations. The CreditWatch placement is primarily due to losses on the sale of two assets in March 2008, which negatively affects the credit enhancement available to support the notes. Standard & Poor's will review the results of current cash flow runs generated for Aurelius Capital CDO 2007-1 Ltd. to determine the level of future defaults the rated classes can withstand under various stressed default timing and interest rate scenarios while still paying all of the interest and principal due on the notes. S&P will compare the results of these cash flow runs with the projected default performance of the performing assets in the collateral pool to determine whether the ratings currently assigned to the notes remain consistent with the credit enhancement available. Rating placed on creditwatch negative: Aurelius Capital CDO 2007-1 Ltd. Rating Class To From Balance (mil. US$) E BB/Watch Neg BB 13.500 Other Outstanding Ratings: Aurelius Capital CDO 2007-1 Ltd. Class Rating Balance (mil. US$) A AA+ 240.300 C A 15.200 D BBB 18.000 SMURFIT KAPPA: S&P Lifts Rating on Improved Operations to BB ------------------------------------------------------------ Standard & Poor's Rating Services raised its long-term corporate credit ratings on Ireland-based paper and packaging company Smurfit Kappa Group PLC to 'BB' from 'BB-'. The outlook is stable. "The upgrade reflects Smurfit Kappa's improved operating performance and financial position, both of which are likely to prove sustainable over the longer term," said Standard & Poor's credit analyst Jacob Zachrison. "The improvements reflect better market conditions, lower debt levels and successful implementation of cost savings. These factors have contributed to improved credit measures, which we expect to come into line with the requirements for the new ratings," Mr. Zachrison added. The ratings continue to reflect the group's aggressive financial risk profile and exposure to volatile raw material prices as well as cyclical industry conditions. These risk factors are offset by the group's satisfactory business risk profile, which is supported by its leading position in the European containerboard and corrugated board markets, good geographical diversification, and high level of forward integrated operations. Demand for Smurfit Kappa's main products is relatively stable and linked to general economic conditions. Over the past two years, pricing in the European recycled containerboard markets has recovered from weak levels as the supply/demand balance has improved. The stable outlook reflects our expectations that Smurfit Kappa will be able to continue to offset higher input costs through increased sales prices. This is based on probable continued modest growth in demand for the group's core products, as well as modest capacity additions in containerboard. STANTON VINTAGE: S&P Rates US$159.6 Mln Class E Notes at BB ----------------------------------------------------------- Standard & Poor's Ratings Services has placed on CreditWatch with negative implications its credit ratings on the class A, B, C, D, and E notes issued by Stanton Vintage CDO Plc. Stanton Vintage CDO Plc is a collateralized debt obligation of collateralized loan obligation and CDO of asset-backed securities transaction managed by UNIQA Alternative Investments GmbH. The transaction closed in June 2006. The CDO is structured as a hybrid, comprising a portfolio of cash CLOs and CDOs of ABS, and total return swaps referencing CLOs and CDOs of ABS. US$159.6 million of notes were issued at closing, as well as an unfunded super senior piece. This CreditWatch placement reflects deterioration in the credit quality of the underlying portfolio of assets and TRSs. The portfolio has experienced negative rating migration following the CreditWatch negative placements and lowering of the ratings on U.S. CDOs of ABS in the underlying portfolio. This has led to an increase in the scenario default rates that may not be supported by current credit enhancement. Ratings List Rating Class To From Stanton Vintage CDO PLC US$159.6 Million Floating-Rate Notes Rating(s) Placed On CreditWatch Negative A AAA/Watch Neg AAA B AA/Watch Neg AA C A/Watch Neg A D BBB/Watch Neg BBB E BB/Watch Neg BB ========= I T A L Y ========= MICRON TECHNOLOGY: S&P Holds 'BB-' Rating on Ample Liquidity ------------------------------------------------------------ Standard & Poor's Ratings Services affirmed its ratings on Micron Technology Inc., including its 'BB-' corporate credit and senior unsecured debt ratings. S&P removed all the ratings from CreditWatch, where they had been placed with negative implications on March 10, 2008. The outlook is negative. At the same time, Standard & Poor's assigned a '3' recovery rating to Micron's US$1.3 billion senior unsecured notes, indicating the expectation for meaningful (50% to 70%) recovery in the event of a payment default. "The rating action reflects our expectation that the company will continue to maintain a moderate capital structure with ample liquidity in the intermediate term," said Standard & Poor's credit analyst Bruce Hyman. "However, Micron's near- to intermediate-term operating results will be pressured by weak economic conditions that will constrain an increase in demand in the company's NAND and traditional DRAM businesses." The ratings on Boise, Idaho-based Micron reflect the company's current profitability challenges and likely negative free cash flows during the latest investment cycle in the semiconductor memory industry. These factors are offset partially by the company's substantial liquidity and moderate capitalization. Micron is the fifth-largest DRAM supplier, with about a 10% market share, having substantially reduced its exposure to the commodity market in the past few years. About Micron Headquartered in Boise, Idaho, Micron Technology, Inc. -- http://www.micron.com/-- (NYSE:MU) is a provider of advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets DRAMs, NAND flash memory, CMOS image sensors, other semiconductor components, and memory modules for use in leading-edge computing, consumer, networking, and mobile products. Outside the United States, the company has subsidiaries in the United Kingdom, Japan, Singapore, Germany, China, Italy, and Puerto Rico. =================== K A Z A K H S T A N =================== AK-KABAK LLP: Creditors Must File Claims by June 6 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Ak-Kabak insolvent. Creditors have until June 6, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakhstan BAAD LLP: Claims Deadline Slated for June 6 ------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Construction Firm Baad insolvent on April 4, 2008. Creditors have until June 6, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Djambulskaya Str. 6 Pavlodar Kazakhstan Tel: 8 (3182) 57-16-66 EDELVEIS LLP: Claims Filing Period Ends June 10 ----------------------------------------------- The Tax Committee of Almaty has ordered compulsory liquidation of LLP Edelveis. Creditors have until June 10, 2008, to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 KAMAZ-DIZEL LLP: Creditors' Claims Due on June 6 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Kostanai Trade House Kamaz-Dizel insolvent. Creditors have until June 6, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakhstan KAZ-TUMEN JSC: Claims Registration Ends June 11 ----------------------------------------------- Branch of JSC Kaz-Tumen has declared insolvency. Creditors have until June 11, 2008, to submit written proofs of claims to: JSC Kaz-Tumen Polarnaya Str. 2/1 Ridder 071300, East Kazakhstan Kazakhstan LORGATE MANAGEMENT: Creditors Must File Claims by June 11 --------------------------------------------------------- Representation of Company Lorgate Management Inc. has declared insolvency. Creditors have until June 11, 2008, to submit written proofs of claims to: Lorgate Management Inc. Office 44 Gogol Str. 86 Almaty Kazakhstan Tel: 8 (7272) 91-71-59 WIMPEX CONSTRUCTION: Claims Deadline Slated for June 11 ------------------------------------------------------- LLP Wimpex Construction has declared insolvency. Creditors have until June 11, 2008, to submit written proofs of claims to: LLP Wimpex Construction Micro District Samal-2, 104 Almaty Kazakhstan =================== K Y R G Y Z S T A N =================== SILK BEACH: Creditors Must File Claims by June 6 ------------------------------------------------ LLC Silk Beach has declared insolvency. Creditors have until June 6, 2008 to submit written proofs of claim to: LLC Silk Beach Tolstoi Str. 57 Bishkek Kyrgyzstan Tel: (+996 312) 21-93-36 ===================== N E T H E R L A N D S ===================== KINETIC CONCEPTS: Earns US$68 Million in First Quarter 2008 ----------------------------------------------------------- Kinetic Concepts, Inc. reported first quarter 2008 total revenue of US$420.0 million, an increase of 14% from the first quarter of 2007. Foreign currency exchange movements favorably impacted total revenue for the first quarter of 2008 by 4% compared to the corresponding period of the prior year. Net earnings for the first quarter of 2008 were US$68.0 million, up 27%, compared to US$53.6 million for the same period one year ago. Net earnings per diluted share for the first quarter of 2008 increased 25% to US$0.94 compared to US$0.75 for the same period in the prior year. “During the first quarter, we made progress on a number of initiatives we have planned for 2008,” said Catherine Burzik, President and Chief Executive Officer of KCI. “We realigned our domestic sales force, improving both focus and customer service levels, submitted our application for regulatory approval of V.A.C.(R) in Japan and completed due diligence related to a major acquisition. On top of these development activities, we delivered higher revenue, earnings and margins compared to the prior year.” Revenue Recap – First Quarter 2008 During 2007, we took steps to structure KCI as a global company, which included the alignment of key leadership positions for specific geographic regions. Beginning with the first quarter 2008, we have reported financial results consistent with this new structure. The geographic reporting structure is made up of (i) North America, which consists of the United States, Canada and Puerto Rico and (ii) Europe, the Middle East and Africa and the Asia Pacific region. Total revenue for North America was US$309.5 million for the first quarter of 2008, an increase of US$25.8 million, or 9%, from the prior-year period due primarily to increased rental and sales volumes for V.A.C. wound healing devices and related disposables. North American V.A.C. revenue of US$250.2 million for the first quarter was 10% higher than the same period one year ago due to continued market penetration. Rental unit growth was reported across all care settings. North American revenue from Therapeutic Support Systems was US$59.2 million for the first three months of 2008, a 4% increase from the prior- year period, due to higher rental unit volume in the acute care setting, partially offset by lower TSS sales in the period. Total revenue outside of North America, which consists of EMEA and APAC, was US$110.6 million for the first quarter of 2008, an increase of 30%, compared to the prior-year period due primarily to an increase in V.A.C. revenue. EMEA/APAC V.A.C. revenue for the first three months of 2008 was US$82.7 million, an increase of US$21.1 million, or 34%, from the prior-year period. EMEA/APAC TSS revenue increased 18% from the prior-year period to US$27.8 million for the first quarter resulting primarily from an increase in rental volume and favorable foreign currency exchange movements. Foreign currency exchange movements favorably impacted total EMEA/APAC revenue by 14% compared to the prior-year period. Foreign currency exchange movements favorably impacted EMEA/APAC V.A.C. and TSS revenue by 14% and 13%, respectively, in the 2008 first quarter. Worldwide V.A.C. revenue was US$333.0 million for the first quarter of 2008, an increase of 15% from the prior-year period. Foreign currency exchange movements favorably impacted worldwide V.A.C. revenue by less than 4% compared to the first quarter of the prior year. The growth in V.A.C. revenue stemmed from increased market penetration, resulting in higher rental and sales unit volumes. Worldwide TSS revenue was US$87.1 million for the first quarter of 2008, an increase of US$6.8 million, or 8%, due primarily to higher rental unit volume worldwide and foreign currency exchange movements. Foreign currency exchange movements favorably impacted worldwide TSS revenue by 5% compared to the same period one year ago. Profit Margins Gross profit for the first quarter of 2008 was US$209.0 million, an increase of 22% from the prior-year period. Gross profit margin was 49.8% for the first quarter of 2008, an increase of approximately 335 basis points from the same period one year ago. As a percent of total revenue, lower field service expenses, product depreciation, cost of sales and marketing costs made up the majority of the increase in gross margin. Selling, general and administrative expenses increased US$17.1 million, or 22%, year-to-year. The SG&A increase was due primarily to certain costs associated with the U.S. sales force realignment, additional costs associated with the transition of V.A.C. unit production to our Ireland manufacturing facility and higher share-based compensation expenses. Research and development spending increased 50% from the prior-year period to US$14.7 million for the quarter. Total research and development expenses represented 3.5% of revenue for the first quarter of 2008. Balance Sheet Total long-term debt outstanding at March 31, 2008 was US$68.0 million. Total cash at quarter-end was US$305.2 million, an increase of US$39.2 million from year-end 2007. Notes Offering On April 21, 2008, the company closed its offering of US$600 million aggregate principal amount of 3.25% convertible senior notes due 2015. The company has also granted an option to the initial purchasers of the notes to purchase up to an additional US$90 million aggregate principal amount of notes to cover over- allotments. The over-allotment option is exercisable during the 13 day period beginning on the closing date. The coupon on the notes will be 3.25% per year on the principal amount. Interest will accrue from April 21, 2008, and will be payable semi- annually in arrears on April 15 and October 15 of each year, beginning Oct. 15, 2008. The notes will mature on April 15, 2015, unless previously converted or repurchased in accordance with their terms. The notes are not redeemable by us prior to the maturity date. Upon conversion, holders will receive cash up to the aggregate principal amount of the notes being converted and shares of KCI common stock in respect of the remainder, if any, of KCI’s conversion obligation in excess of the aggregate principal amount of the notes being converted. The initial conversion rate for the notes is based on an initial conversion price of approximately US$51.34 per share of common stock and represents a 27.5% conversion premium over the last reported sale price of KCI’s common stock on April 15, 2008 (the day of pricing of the notes), which was US$40.27 per share. In connection with the offering, we entered into convertible note hedge and warrant transactions with financial institutions that are affiliates of two of the offering’s initial purchasers to increase the effective conversion price of the notes to approximately US$60.41, which is approximately 50% higher than the closing price of the Company’s common stock on April 15, 2008. The company intends to settle the principal amount of these notes in cash. The net proceeds of this offering will be used, in combination with other financing arrangements and existing cash on hand, primarily to fund our acquisition of LifeCell Corporation. Income Tax Rate The effective income tax rate for the first quarter of 2008 was 33.5%, which was comparable to 33.2% for the same period in 2007. Outlook This guidance is based on current information and expectations as of April 22, 2008: KCI is reaffirming its projections for 2008 total revenue of US$1.77 – US$1.82 billion based on continued demand for its V.A.C. negative pressure wound therapy devices and related supplies. The company is also reaffirming its projections for net earnings per diluted share for 2008 of US$3.85 – US$3.95 per diluted share, based upon a weighted average diluted share estimate of 72.0 – 73.0 million shares. This outlook excludes the impact associated with our anticipated acquisition of LifeCell. About KCI Kinetic Concepts, Inc. (NYSE:KCI) -- http://www.kci1.com/-- is a global medical technology company with leadership positions in advanced wound care and therapeutic support systems. The company designs, manufactures, markets and services a wide range of proprietary products that can improve clinical outcomes and can help reduce the overall cost of patient care. The company has subsidiaries in Austria, Belgium, Cayman Islands, Japan, Netherlands, Puerto Rico and Singapore, among others. KINETIC CONCEPTS: Moody's Rates Proposed US$1.3BB Loan at Ba1 ------------------------------------------------------------- Moody's Investors Service assigned a Ba1 rating to Kinetic Concepts, Inc's proposed US$1.3 billion senior secured first lien credit facility, consisting of a US$1 billion term loan and a US$300 million revolver. The Corporate Family Rating remains unchanged at Ba2 and the ratings outlook is stable. In addition, in accordance with Moody's Loss Given Default methodology the probability of default rating was revised to Ba2 from Ba3 due to the introduction of unsecured debt into the capital structure, which led to changes in assumptions for asset recovery and a lower implied likelihood of default. Moody's will withdraw the ratings on KCI's existing senior secured revolving credit facility (rated Ba2) at the close of the transaction. The proceeds of the proposed credit facility will be used to finance the acquisition of LifeCell Corporation and repay the amounts outstanding under KCI's existing senior secured credit facility, which will be terminated at the close of the transaction. The new credit facility is rated one notch higher than the Corporate Family Rating, benefiting from the first loss absorption that will be provided by the recently issued US$600 million unsecured 3.25% convertible notes. Assigned: -- Proposed US$300 million Senior Secured Revolving Credit Facility due 2013, Ba1, LGD3, 32% -- Proposed US$1,000 million Senior Secured Term Loan A due 2013, Ba1, LGD3, 32% Revised: -- Probability of Default Rating, to Ba2 from Ba3 To be withdrawn: -- Existing US$500 million Senior Secured Revolving Credit Facility due 2012, Ba2, LGD3, 34% The ratings outlook is stable. Kinetic Concepts, Inc., headquartered in San Antonio, Texas, is a global medical technology company with leadership positions in advanced wound care and therapeutic support systems. The company's advanced would care systems incorporate proprietary Vacuum Assisted Closure Therapy technology. LifeCell is a leading provider of innovative biological products for soft tissue repair. Moody's estimates that the combined company would have reported pro forma revenues of approximately US$1.8 billion for the twelve months ended Dec. 31, 2007. KINETIC CONCEPTS: 2008 Shareholders' Meeting Scheduled on May 20 ---------------------------------------------------------------- Ronald W. Dollens, Chairman of Kinetic Concepts, Inc.'s Board of Directors, said in a regulatory filing that the 2008 annual meeting of the company's shareholders will be held on May 20, 2008 at 8:30 a.m. CDT. The meeting will be the Westin Riverwalk Hotel – Hidalgo Room, 420 West Market Street in San Antonio, Texas. At the meeting, shareholders will be asked to: -- elect three Class A directors for a three-year term; -- approve a new 2008 Omnibus Stock Incentive Plan; -- ratify the selection of Ernst & Young LLP as the company's independent auditors for our fiscal year ending Dec. 31, 2008. -- transact such other business as may properly come before the meeting or any adjournment or postponement thereof. Only the company's shareholders of record at the close of business on April 9, 2008 are entitled to notice of and to vote at the annual meeting and at any adjournment or postponement thereof. About KCI Kinetic Concepts, Inc. (NYSE:KCI) -- http://www.kci1.com/-- is a global medical technology company with leadership positions in advanced wound care and therapeutic support systems. The company designs, manufactures, markets and services a wide range of proprietary products that can improve clinical outcomes and can help reduce the overall cost of patient care. The company has subsidiaries in Austria, Belgium, Cayman Islands, Japan, Netherlands, Puerto Rico and Singapore, among others. YRC WORLDWIDE: Posts US$45.8 Million Net Loss in First Quarter -------------------------------------------------------------- YRC Worldwide Inc. reported a first quarter 2008 loss of US$45,875,000 on operating revenue of US$2,232,592,000. This compares to a net income of US$1,279,000 on operating revenue of US$2,328,342,000 for the three months ended March 31, 2007. The company also said that the results included the previously announced reorganization charges related to USF Holland and USF Reddaway and losses on property disposals. The results also included unfavorable actuarial adjustments primarily related to prior-year development of self- insurance claims. At March 31, 2008, the company had total assets of US$5,011,025,000 and total debts of US$1,174,510,000. "The soft economy, severe winter weather and record fuel prices created a very difficult operating environment in the first quarter," stated Bill Zollars, Chairman, President and CEO of YRC Worldwide. "With that said, we have taken a number of actions that address the areas within our control and we are seeing benefits from those efforts. Despite the macroeconomic challenges that we are facing, we believe that we have turned the corner and expect meaningful earnings improvement starting with the current quarter," Zollars continued. Although the practice of providing earnings guidance was suspended in 2007, due in great part to uncertainty in the economy, which remains difficult to predict, the company determined that investors should be provided with additional near-term clarity regarding the anticipated performance of YRCW. Based upon the internal actions the company has already implemented, including securing a more competitive labor contract, renewing its credit agreement, and making footprint changes at YRC Regional Transportation, YRCW expects to earn between US$.30 and US$.40 per share in the second quarter, which ends June 30, 2008. "Given our solid action plans and the momentum that is underway, we are excited about the future of YRC and what we can do for our customers, employees and investors," stated Zollars. Segment Information Key segment information for the first quarter 2008 included: * YRC National Transportation LTL revenue per hundredweight up 6.3% from first quarter 2007 and LTL tonnage per day down 8.9% * YRC Regional Transportation LTL revenue per hundredweight up 5.4% compared to last year and LTL tonnage per day down 10.1% * YRC Logistics revenue and operating income consistent with last year despite the weak economy About YRC Worldwide YRC Worldwide Inc. (Nasdaq: YRCW) -- http://www.yrcw.com/-- is the holding company for a portfolio of successful brands including Yellow Transportation, Roadway, Reimer Express, YRC Logistics, New Penn, USF Holland, USF Reddaway, and USF Glen Moore. The enterprise provides global transportation services, transportation management solutions and logistics management. The portfolio of brands represents a comprehensive array of services for the shipment of industrial, commercial and retail goods domestically and internationally. Headquartered in Overland Park, Kansas, YRC Worldwide employs approximately 60,000 people. The company has subsidiaries in Bermuda, the United Kingdom, Netherlands, Singapore, Hong Kong and Mexico. YRC WORLDWIDE: Refinancing Risks Cue S&P to Confirm 'BB' Rating --------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its ratings on YRC Worldwide Inc., including the 'BB' corporate credit rating, and removed the ratings from CreditWatch, where they had been placed with negative implications on Feb. 21, 2008. The outlook is negative. The ratings had been placed on CreditWatch because of heightened concerns over the company's refinancing risk, earnings performance, and liquidity position over the next year, given the slowing U.S. economy and continuing pressures in the trucking sector. "The company has since obtained an amendment to its credit facility that allows additional covenant relief, and has renewed its 364-day asset-backed security facility, which was due to expire on May 16, 2008," said Standard & Poor's credit analyst Anita Ogbara. YRC has meaningful debt maturities over the next year and expects to use some combination of free cash flow, refinancing, and capacity under its amended bank facility to meet these maturities. "We believe the additional covenant relief provides sufficient room and expect the company to remain in compliance with its covenants," the analyst added. At the same time, Standard & Poor's lowered its issue-level rating on Yellow Corp.'s unsecured debt to 'B+' from 'BB' (two notches lower than the corporate credit rating on YRC Worldwide Inc.). S&P assigned a recovery rating of '6' to this debt, indicating the expectation for negligible (0-10%) recovery in the event of a payment default. The issue-level rating on the now partly secured notes at Roadway LLC is unchanged at 'BB'. S&P assigned a recovery rating of '4' to this debt, indicating the expectation for average (30%-50%) recovery. YRC is the largest less-than-truckload trucking company in North America, generating US$9.6 billion in annual revenues. YRC competes with large LTL companies Arkansas Best Corp. (US$1.8 billion in revenue) and Con-Way Inc. (US$4.2 billion in revenue) and with numerous smaller long-haul and regional LTL companies. Conditions in the trucking sector have deteriorated over the past several quarters and will likely not improve materially over the near term, given the weaker U.S. economy. YRC has pursued selective acquisitions in the past that have helped the company gain market share and increase its product offering. However, these acquisitions have stretched the company's financial profile, and YRC has not yet rationalized these acquired LTL operations. To improve profitability, YRC plans to streamline operations, reduce overhead, and manage costs more effectively. YRC has formalized plans to improve financial performance and is targeting US$100 million in cost savings over the next few quarters through the combination of terminal rationalization, elimination of redundant activities, and other cost reductions. S&P expects YRC's financial results to improve by early 2009 in response to various operating initiatives and as the freight environment improves. S&P could lower the ratings if financial results do not improve and the expected improvement in credit protection measures fails to materialize or if access to liquidity becomes constrained. S&P could revise the outlook to stable if YRC's credit metrics return to expected levels, and the improvement appears sustainable. =================== L U X E M B O U R G =================== AMERICAN AXLE: Posts US$27 Million Net Loss in 1Q 2008 ------------------------------------------------------ American Axle & Manufacturing Holdings, Inc. reported financial results for the first quarter of 2008. AAM's results in the first quarter of 2008 were a net loss of US$27.0 million or US$0.52 per share. This compares to net earnings of US$15.7 million, or US$0.30 per share, in the first quarter of 2007. UAW Strike Upon expiration of the four-year master labor agreement between AAM and the UAW at 11:59 p.m. on February 25, 2008, the International UAW called a strike against AAM. The expiring master labor agreement covered approximately 3,650 associates at AAM's original U.S. locations in Michigan and New York. AAM estimates the reduction in sales and operating income resulting from the International UAW strike to be US$132.6 million and US$45.8 million (US$0.56 per share), respectively. Special Charges In the first quarter of 2008, AAM incurred US$3.5 million, or US$0.04 per share, of special charges and non-recurring operating costs, primarily related to the redeployment of machinery and equipment. In the first quarter of 2007, AAM recorded special charges of US$2.9 million, or US$0.04 per share, primarily r