/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080515.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 Thursday, May 15, 2008, Vol. 9, No. 96 Headlines A U S T R I A FEKRY MOUSTAFA: Claims Registration Period Ends June 10 M&M ERDBAU-TRANSPORTE: Claims Registration Period Ends May 28 PETER JOEBSTL: Claims Registration Period Ends May 26 PLEVAN & PARTNER: Claims Registration Period Ends June 5 SMHT TRANSPORTE: Claims Registration Period Ends May 27 SOLAR HANDEL: Claims Registration Period Ends May 27 D E N M A R K EASTMAN KODAK: Posts US4115 Million Net loss in First Quarter E S T O N I A BALTIC PANEL: Declared Bankrupt by Estonian Court F R A N C E PATHEON INC: Eric Evans Named Chief Financial Officer PRIDE INTERNATIONAL: Earns US$240.7 Million in 1st Quarter 2008 G E R M A N Y AUTOHAUS WULFMEIER: Claims Registration Period Ends June 3 B & W DIGITALE: Claims Registration Period Ends June 1 BODO BARTH: Claims Registration Period Ends June 1 BRAUHAUS DUERSCHEIDT: Claims Registration Period Ends June 1 CAFE CONCEPT: Claims Registration Ends June 3 DORENWENDT BETEILIGUNGS: Claims Registration Ends June 30 DRUCKEREI J. P.: Claims Registration Ends June 3 FUNQUADRAT GMBH: Claims Registration Period Ends June 3 HTV IMMOBILIENMANAGEMENT: Claims Registration Period Ends June 3 HUDSON BIKE: Claims Registration Period Ends June 1 JOHLER DRUCK: Claims Registration Period Ends June 1 KRANKENPFLEGEDIENST WERNER: Claims Registration Ends June 1 LUCEFER LICHT: Claims Registration Ends June 3 MAS HAUS: Claims Registration Period Ends June 3 MOEBEL-FUCHS HANDELS: Claims Registration Period Ends June 3 NEXXT IT: Claims Registration Period Ends June 3 PRODAX GMBH: Claims Registration Period Ends June 2 RENERGIE SAARLOUIS: Claims Registration Period Ends June 2 RKF FLIESSESTRICH: Claims Registration Period Ends June 30 SPECTRUM BRANDS: March 30 Balance Sheet Upside-Down by US$232.9M SPITZER BAU: Claims Registration Period Ends June 2 THEODOR LENSEN: Claims Registration Period Ends June 2 WIKESA - KLEINTRANSPORTE GMBH: Claims Registration Ends June 12 I R E L A N D EDELWEISS CAPITAL: Moody's Cuts Rating on Class D Notes to Ba3 I T A L Y ALITALIA SPA: EC Gives Italy Until May 30 to Explain Loan ALITALIA SPA: Rome Prosecutor Probing Baldassare's Offer THERMADYNE HOLDINGS: Earns US$4.5 Mln in Quarter Ended March 31 K A Z A K H S T A N AK-NUR XXI: Creditors Must File Claims by June 17 ENERGO PROM: Claims Deadline Slated for June 18 ERTRANS LLP: Claims Filing Period Ends June 13 GOLDMAN ALLIANCE: Creditors' Claims Due on June 13 GROT-SEMEY LLP: Claims Registration Ends June 13 JERDEM LLP: Claims Deadline Slated for June 17 MERKURI KV: Claims Filing Period Ends June 17 TAIMUR SAUDA: Creditors' Claims Due on June 17 K Y R G Y Z S T A N OIL TRANS: Creditors Must File Claims by June 11 N E T H E R L A N D S AES CORP: Commences Tender Offer for US$377 Million Senior Notes AES CORP: Reveals Plan to Offer Notes in Private Placement AES CORP: Moody's Rates Proposed US$600 Mln Sr. Notes at B1 NIELSEN COMPANY: Posts US$82 Million Net Loss in 1st Qtr. 2008 NIELSEN COMPANY: Integrates Nielsen NRG with BASES Organization NIELSEN COMPANY: Product Placements Up 6% in First Quarter 2008 ROYAL AHOLD: Reports EUR7.5 Billion in Sales for 1st Qtr. 2008 N O R W A Y OCEAN RIG: Employee Share Saving Program Acquires 11,800 Shares OCEAN RIG: Oslo Bors Accepts DryShips' Mandatory Offer for Stake OCEAN RIG: First Quarter 2008 Revenue Ups to US$67.8 Million R O M A N I A CENTRAL EUROPEAN: Earns US$15.1 Mln in Quarter Ended March 31 R U S S I A AZOV-SEM-OVOSH OJSC: Creditors Must File Claims by June 26 BUILDER-3 LLC: Creditors Must File Claims by June 26 DON XXI: Creditors Must File Claims by June 26 FIRST UNITED: Moody's Puts B3/Baa2.ru Ratings on Domestic Bonds MOSCOW PLANETARIUM: Declared Bankrupt by Moscow Court NEVA LLC: Creditors Must File Claims by June 26 PAVLOVSK-AGROSNAB-HOLDING: Creditors Must File Claims by June 26 SIB-AUTO CJSC: Creditors Must File Claims by June 26 SISTEMA JSFC: Signs MoU with UAE's DAS Holding SITRONICS JSC: Unit Inks EUR40 Million Contract with Syria SLAVYANSKAYA SEED-GROWING: Creditors Must File Claims by June 26 S W E D E N XERIUM TECH: Posts US$4.7 Million Net Loss in First Quarter U K R A I N E BANK FORUM: Fitch Affirms Foreign Currency IDR at BB- EXPORT-IMPORT BANK: Fitch Affirms Foreign Currency IDR at BB- PRIVATBANK CJSC: Fitch Affirms Foreign Currency IDR at BB- PROCREDIT BANK: Fitch Affirms Foreign Currency IDR at BB- STATE SAVINGS: Fitch Affirms Foreign Currency IDR at BB- SWEDBANK OJSC: Fitch Affirms Foreign Currency IDR at BB- UKRSIBBANK JSCIB: Fitch Affirms Foreign Currency IDR at BB- UKRSOTSBANK: Fitch Affirms Foreign Currency IDR at BB- VTB BANK: Fitch Affirms Foreign Currency IDR at BB- * Fitch Affirms Ukraine's Long-term Foreign IDR at BB- U N I T E D K I N G D O M ABPM LTD: Appoints Joint Administrators from P&A BAA LIMITED: Mark Bullock Quits as Heathrow Airport Chief BURTON AEROPARTS: Brings In Liquidators from Moore Stephens CLEAR CHANNEL: Settles Suit and Amends Merger Agreement DENTS PLUS: Brings In Tenon Recovery to Administer Assets EMI GROUP: Plans to Slash Recorded Music Employees to 2,000 EOS AIRLINES: U.S. Trustee Selects Five-Member Creditors' Panel FEN SPORTS: Claims Filing Period Ends June 16 FLEXIBLE STORAGE: Taps Liquidators from Grant Thornton FORD MOTOR: Board Urges Shareholders to Take No Action on Offer FORD MOTOR: CAW Union Members Ratify New Labor Agreement FORD MOTOR: Discloses Results of Annual Shareholders’ Meeting MUSFLASHTV LTD: Calls In Liquidators from Tenon Recovery PARAGON EMPLOYMENT: Appoints Liquidators from Tenon Recovery SFM WEALTH: Hires Liquidators from Tenon Recovery STROMBERG CARBURETOR: Creditors' Meeting Slated for May 27 * S&P Takes CreditWatch Actions on 188 European Synthetic CDOs * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= FEKRY MOUSTAFA: Claims Registration Period Ends June 10 ------------------------------------------------------- Creditors owed money by KG Fekry Moustafa (FN 280523i) have until June 10, 2008, to file written proofs of claim to court- appointed estate administrator Walter Kainz at: Dr. Walter Kainz c/o Dr. Eva Wexberg Gusshausstrasse 23 1040 Vienna Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on June 24, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 16, 2008 (Bankr. Case No. 4 S 50/08t). Eva Wexberg represents Dr. Kainz in the bankruptcy proceedings. M&M ERDBAU-TRANSPORTE: Claims Registration Period Ends May 28 ------------------------------------------------------------- Creditors owed money by LLC M&M Erdbau-Transporte (FN 281032h) have until May 28, 2008, to file written proofs of claim to court-appointed estate administrator Martin Koroschetz at: Dr. Martin Koroschetz Hauptstrasse 8 2540 Bad Voeslau Austria Tel: 02252/251 251 Fax: 02252/251251-5 E-mail: dr.koroschetz@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on June 11, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Berndorf, Austria, the Debtor declared bankruptcy on April 17, 2008 (Bankr. Case No. 10 S 44/08m). PETER JOEBSTL: Claims Registration Period Ends May 26 ----------------------------------------------------- Creditors owed money by KEG Peter Joebstl Sport Management (FN 172271s) have until May 26, 2008, to file written proofs of claim to court-appointed estate administrator Stephan Riel at: Dr. Stephan Riel Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on June 9, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 2101 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 16, 2008 (Bankr. Case No. 38 S 21/08b). PLEVAN & PARTNER: Claims Registration Period Ends June 5 -------------------------------------------------------- Creditors owed money by LLC Plevan & Partner (FN 269863h) have until June 5, 2008, to file written proofs of claim to court- appointed estate administrator Peter Wilhelm at: Dr. Peter Wilhelm Ringstrasse 9 3500 Krems Austria Tel: 02732/82265 Fax: 02732/822656 E-mail: rechtsanwalt@ra-wilhelm.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on June 25, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Krems an der Donau Hall A Second Floor Krems an der Donau Austria Headquartered in Rohrendorf, Austria, the Debtor declared bankruptcy on April 17, 2008 (Bankr. Case No. 9 S 21/08y). SMHT TRANSPORTE: Claims Registration Period Ends May 27 ------------------------------------------------------- Creditors owed money by LLC SMHT Transporte und Handel (FN 292653y) have until May 27, 2008, to file written proofs of claim to court-appointed estate administrator Beate Holper at: Mag. Beate Holper Gonzagagasse 15 1010 Vienna Austria Tel: 533 28 55 Fax: 533 28 55 28 E-mail: office@anwaltwien.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on June 10, 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 17, 2008 (Bankr. Case No. 6 S 55/08t). SOLAR HANDEL: Claims Registration Period Ends May 27 ---------------------------------------------------- Creditors owed money by LLC SOLAR Handel (FN 284340y) have until May 27, 2008, to file written proofs of claim to court-appointed estate administrator Erwin Senoner at: Dr. Erwin Senoner Alser Strasse 21 1080 Vienna Austria Tel: 406 05 51 Fax: 406 96 01 E-mail: kanzlei@jus.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on June 10, 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 (Bankr. Case No. 6 S 57/08m). ============= D E N M A R K ============= EASTMAN KODAK: Posts US4115 Million Net loss in First Quarter ------------------------------------------------------------- Eastman Kodak Company reported a 35%, or US$61 million, year- over-year improvement in its first-quarter loss from continuing operations on sales of US$2.093 billion. Kodak’s revenue from digital businesses rose 10% to US$1.366 billion, driven by strong year-over-year increases in most of its digital businesses. “Our first-quarter results are very much in line with our expectations, which included forecasted seasonality, and provide an early indication that Kodak is on a growth track,” said Antonio M. Perez, Chairman and Chief Executive Officer, Eastman Kodak Company. “We delivered strong performance across our major digital businesses, reinforcing our confidence in achieving our revenue, earnings and cash goals for the year.” Net loss for the first quarter of 2008 was US$115 million compared to a US$151 million net loss for the first quarter of 2007. Sales totaled US$2.093 billion, an increase of 1% from US$2.080 billion in the first quarter of 2007. Revenue from digital businesses totaled US$1.366 billion, a 10% increase from US$1.245 billion in the prior-year quarter. Traditional revenue totaled US$724 million, a 13% decline from US$830 million in the first quarter of 2007. The company’s first-quarter loss from continuing operations, before interest, other income (charges), net, and income taxes was US$81 million, compared with a loss of US$186 million in the year-ago quarter. On the basis of generally accepted accounting principles, the company reported a first-quarter loss from continuing operations of US$114 million, or US$0.40 per share, compared with a loss of US$175 million, or US$0.61 per share, in the year-ago period. Items of net expense that impacted comparability in the first quarter of 2008 totaled US$2 million after tax, or US$0.01 per share. The most significant items included curtailment gains resulting from previous restructuring actions of US$0.03 per share and gains on asset sales of US$0.03 per share, offset by discrete tax provision items and a legal settlement charge, together totaling US$0.07 per share. Items of net expense that impacted comparability in the prior-year quarter totaled US$95 million after tax, or US$0.33 per share, primarily due to restructuring charges, partially offset by a foreign tax reserve reversal. Gross Profit margin was 20.3% for the quarter, down slightly from 20.6% in the year-ago period, primarily attributable to significant year-over-year increases in silver, aluminum and other raw material costs, and continued investment in the consumer inkjet business. Selling, General and Administrative expenses decreased US$9 million from first-quarter 2007, primarily reflecting the company’s continued focus on controlling costs. As a percentage of revenue, SG&A was 18.4%, compared with 18.9% in the year-ago quarter. First-quarter net cash generation was a use of US$764 million, a US$311 million increase in cash used from the year-ago period. This corresponds to net cash used in operating activities from continuing operations on a GAAP basis of US$767 million in the first quarter, compared with US$397 million in the first quarter 2007. This increase in cash usage is due primarily to higher working capital, including inventory build associated with projected revenue growth, and higher payments to suppliers related to revenue growth in the prior year's fourth quarter. The company also made increased payments for performance-based compensation and for various tax items, contractual obligations and legal settlements. The company’s debt level stood at US$1.606 billion as of March 31, 2008, comparable to the year-end 2007 debt level of US$1.597 billion. Kodak held US$2.203 billion in cash and cash equivalents as of March 31, 2008, compared to the year-end 2007 level of US$2.947 billion. 2008 Outlook For 2008, on a continuing operations basis, Kodak re-affirms guidance provided in the company’s February investor meeting, including: -- Total company revenue growth in the range of 0% to 2%; digital revenue growth in the range of 7% to 10%; -- 2008 GAAP earnings from continuing operations in the range of US$250 million to US$275 million, including pre-tax charges in the range of US$60 million to US$80 million for rationalization and carryover restructuring costs; -- On a GAAP basis, cash provided by operating activities from continuing operations in the range of US$575 million to US$625 million; -- Cash generation in the range of US$400 million to US$500 million before dividend payments and after taking into account payments for carryover restructuring and other rationalization costs of approximately US$150 million. About Eastman Kodak Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE: EK)-- http://www.kodak.com/-- develops, manufactures, and markets digital and traditional imaging products, services, and solutions to consumers, businesses, the graphic communications market, the entertainment industry, professionals, healthcare providers, and other customers. The company has operations in Argentina, Chile, Denmark, Greece, Jordan, Yemen, Australia, China among others. * * * As reported in the Troubled Company Reporter-Europe on April 24, 2008, Standard & Poor's Ratings Services revised its outlook on Eastman Kodak Co. to stable from negative. At the same time, S&P affirmed the ratings, including the 'B+' corporate credit rating. S&P credit analyst Tulip Lim explained that "[t]he outlook change reflects [S&P's] opinion that a near-term downgrade is unlikely." ============= E S T O N I A ============= BALTIC PANEL: Declared Bankrupt by Estonian Court ------------------------------------------------- An Estonian Court has declared Baltic Panel Group OU bankrupt as a result of rising labor and raw materials costs, Bloomberg News reports. Bloomberg cites Judge Anne Randjaerv as saying that the company's debts exceeded its assets by around 84 million krooni or US$8.3 million. The company had invested 400 million in equipment but was still unable to cope up with the increasing cost for Russian timber, Bloomberg relates citing Aeripaeev. Based in Tallinn, Estonia, Baltic Panel Group OU -- http://www.bpg.ee/-- produces veneer, plywood and various panels to furniture manufacturing. =========== F R A N C E =========== PATHEON INC: Eric Evans Named Chief Financial Officer ----------------------------------------------------- Patheon Inc. yesterday disclosed these executive management appointments: -- Eric W. Evans as Chief Financial Officer of Patheon Inc., -- Paul M. Garofolo as Senior Vice President and Chief Information Officer, -- Warren A. Horton as Vice President Global Quality Operations, and -- Doaa A. Fathallah as Senior Vice President, General Counsel Europe and Global Pharmaceutical Development Services. Wes Wheeler, Patheon’s Chief Executive Officer and President, provided a brief explanation of the changes: “Eric Evans will be responsible for managing the company’s financial function, and will work with me and our executive team as we create strategic and operational improvements in the business.” Eric brings over 24 years experience in various financial leadership roles in the pharmaceutical industry following a significant career in the steel industry. He joins Patheon most recently from Novartis AG. a provider of healthcare solutions including medicines, generic pharmaceuticals, preventative vaccines and diagnostic tools, and consumer health products. He has experience in all aspects of finance as well as extensive operating, analytical, leadership, and business development experience. John H. Bell, Chief Financial Officer, will leave Patheon at the end of the month to pursue new opportunities. “The company owes John Bell a great deal for his stewardship of our finance organization through a difficult period at Patheon. We wish him the best” said Wheeler. “Paul Garofolo is a proven leader with a track record of developing and stewarding long-term global Information Technology strategies and implementing new applications and processes. I am confident he will lead Patheon to cost effective global IT platforms. Paul will have responsibility for Information Technology globally including the development and implementation of a five year global IT Master Plan for Patheon. In addition he will assume responsibility for ‘The Patheon Advantage’, Patheon’s lean six sigma excellence program” said Wheeler. Paul has an extensive 14 year background in information technology and management consulting most recently with Valeant Pharmaceuticals where he was the Chief Information Officer. He has led all aspects of global IT organizations including development and implementation of long-term IT strategies as well as implementation of new applications and processes. “Doaa Fathallah will be responsible for all legal matters for Europe and Global Pharmaceutical Development Services” Wheeler continued. Doaa joins Patheon from Valeant Pharmaceuticals International where she was General Counsel Europe, Middle East & Africa (EMEA) and was responsible for all legal matters in the EMEA region. In addition to her corporate experience Doaa has extensive experience in all aspects of corporate and business law from her time in private practise where she represented privately held and publically traded companies. “Warren Horton will be responsible for establishing a new Quality System to be consistently applied at all Patheon sites. He will also ensure that the company meets all regulatory requirements for quality and compliance.” Warren brings over 10 years experience in the pharmaceutical industry to Patheon most recently from DSM Pharmaceuticals Inc. where he was responsible for quality assurance and regulatory affairs. In addition he has experience dealing with a large variety of dosage forms, efficient production and quality control and assurance in a variety of liquid and semi solid topical products. “I am delighted to welcome these executives to the Patheon leadership team. One of my near-term priorities has been to strengthen and rebuild the executive team for Patheon. These individuals bring proven track records, expertise and strong leadership” Wheeler concluded. About Patheon Inc. Headquartered in Mississauga, Ontario, Patheon Inc. (TSX: PTI) -- http://www.patheon.com/-- provides drug development and manufacturing services to the international pharmaceutical industry. Patheon operates a network of 10 manufacturing and six development facilities in the United States, Canada and Europe, employing more than 4,700 people and serving a customer base of 270 pharmaceutical and biotechnology companies. The company has operations is France, Italy, the United Kingdom and Puerto Rico. * * * As reported in the Troubled Company Reporter-Europe on April 28, 2008, Moody's Investors Service affirmed the B2 Corporate Family Rating of Patheon Inc. and changed the ratings outlook to negative from stable. Moody's also revised the rating on the US$75 million secured asset based revolver to Ba3 from B1 in accordance with Moody's Asset-Based Loan Rating Methodology and reflecting Moody's belief that the instrument would have very good recovery in a distressed scenario. The B1 rating on the US$150 million senior secured term loan B remains unchanged. PRIDE INTERNATIONAL: Earns US$240.7 Million in 1st Quarter 2008 --------------------------------------------------------------- Pride International, Inc. reported financial results for the three months ended March 31, 2008, achieving record revenues and income from continuing operations, which increased 85% when compared to the same three months in 2007. Income from continuing operations totaled US$136.1 million, or US$0.77 per diluted share, on revenues of US$557.4 million during the first quarter of 2008. The results compared to income from continuing operations of US$73.7 million, or US$0.42 per diluted share, on revenues of US$471.0 million, during the three months ended March 31, 2007. Results for the first quarter of 2008 included an after-tax gain of US$11.2 million, or US$0.06 per diluted share, relating to the sale of the Company's 30% interest in an Eastern Hemisphere-based land drilling joint venture. The company's net income for the three months ended March 31, 2008 was US$240.7 million, or US$1.35 per diluted share, compared to net income of US$101.7 million, or US$0.58 per diluted share, for the corresponding three months in 2007. Results for the first quarter of 2008 included income from discontinued operations of US$104.6 million, or US$0.58 per diluted share, principally relating to the gain from the sale of our three tender-assist rigs in the first quarter of 2008. The transaction resulted in an after-tax gain of US$116.2 million, of which US$102.0 million was recognized during the current quarter with the balance deferred. By agreement with the new owner, the company will continue to operate one of the three tender-assist rigs through December 2008, over which time the deferred gain will be recognized. Cash flows from operating activities totaled US$94.2 million during the three months ended March 31, 2008 while proceeds from the sale of non-strategic assets were US$225.8 million. Capital expenditures in the quarter were US$318.8 million, primarily due to the construction of three ultra-deepwater drillships and the completion of the upgrade project for the semisubmersible rig Pride Mexico. Total debt at March 31, 2008 was US$1,045.7 million, down US$145.8 million from total debt of US$1,191.5 million at Dec. 31, 2007. The decrease was due primarily to the repayment of the outstanding principal due under the drillship loan facility collateralized by the drillships Pride Africa and Pride Angola. Net debt (total debt less cash and cash equivalents of US$752.7 million) was US$293.0 million at March 31, 2008. Louis A. Raspino, President and Chief Executive Officer of Pride International, Inc., stated, "Our performance during early 2008 is noteworthy in several respects. Our operations execution remained excellent, supporting the continuation of strong financial results in the first quarter of 2008 following a record year in 2007. Our engineering and technical team, one of the most experienced in the industry, successfully completed four projects in the first quarter, including the upgrade of the semisubmersible rig Pride Mexico, which is currently transiting to Brazil to commence a five-year contract with Petrobras. During 2008, our marketing efforts have captured contracts valued at approximately US$5.2 billion, inclusive of bonus opportunities and contract awards for all three of our ultra- deepwater drillships under construction. Finally, the divestiture of non-strategic assets continued to progress with the first quarter 2008 closing of the sale of three tender- assist rigs. "These accomplishments have been critical in supporting our strategic transformation to a contract driller focused entirely offshore, with an emphasis on the deepwater sector. With the transition of Pride largely complete, we remain committed to expanding our ownership of deepwater assets and to delivering sustainable long-term shareholder value." 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 64 rigs, including two ultra-deepwater drillships, 12 semisubmersible rigs, 28 jackups, 10 platform rigs, five managed deepwater rigs and seven Eastern Hemisphere-based 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 ============= AUTOHAUS WULFMEIER: Claims Registration Period Ends June 3 ---------------------------------------------------------- Creditors of Autohaus Wulfmeier GmbH & Co. KG have until June 3, 2008, to register their claims with court-appointed insolvency manager Dr. Winfried Andres. Creditors and other interested parties are encouraged to attend the meeting at 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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Winfried Andres Heinrich-Held-Str. 16 45133 Essen Germany The District Court of Essen opened bankruptcy proceedings against Autohaus Wulfmeier GmbH & Co. KG on April 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Wulfmeier GmbH & Co. KG Overwegstr. 79 45881 Gelsenkirchen Germany B & W DIGITALE: Claims Registration Period Ends June 1 ------------------------------------------------------ Creditors of B & W digitale Buerotechnik GmbH have until June 1, 2008, to register their claims with court-appointed insolvency manager Bjoern Gehde. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on July 29, 2008, where the court will verify the claims set out in the insolvency manager's report. The meeting of creditors will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Bjoern Gehde Goethestr. 85 10623 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against B & W digitale Buerotechnik GmbH on Feb. 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: B & W digitale Buerotechnik GmbH Geraer Sr. 83 12249 Berlin Germany BODO BARTH: Claims Registration Period Ends June 1 -------------------------------------------------- Creditors of Bodo Barth GmbH & Co. KG have until June 1, 2008, to register their claims with court-appointed insolvency manager Hans-Gerd Jauch. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on June 27, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Hans-Gerd Jauch Sachsenring 81 50677 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Bodo Barth GmbH & Co. KG on Feb. 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bodo Barth GmbH & Co. KG Barbarastr. 3-9 50735 Cologne Germany BRAUHAUS DUERSCHEIDT: Claims Registration Period Ends June 1 ------------------------------------------------------------ Creditors of BRAUHAUS DUERSCHEIDT GMBH have until June 1, 2008, to register their claims with court-appointed insolvency manager Hans Joachim Sistig. Creditors and other interested parties are encouraged to attend the meeting at 8:20 a.m. on June 27, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Hans Joachim Sistig Hochwinkel 3 a 51069 Cologne Germany Tel: 688589 Fax: +49221681226 The District Court of Cologne opened bankruptcy proceedings against BRAUHAUS DUERSCHEIDT GMBH on April 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BRAUHAUS DUERSCHEIDT GMBH Attn: Georgis Papadopoulos, Manager Kaiserstr. 52 51145 Cologne Germany CAFE CONCEPT: Claims Registration Ends June 3 --------------------------------------------- Creditors of Cafe Concept Gastronomiebetriebs GmbH have until June 3, 2008 to register their claims with court-appointed insolvency manager Rainer M. Bahr. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on July 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dresden Hall D131 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rainer M. Bahr Obergraben 10 01097 Dresden Germany Web site: http://www.hermann-law.de/ The District Court of Dresden opened bankruptcy proceedings against Cafe Concept Gastronomiebetriebs GmbH on April 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cafe Concept Gastronomiebetriebs GmbH Krenkelstr. 7 01309 Dresden Germany DORENWENDT BETEILIGUNGS: Claims Registration Ends June 30 --------------------------------------------------------- Creditors of Dorenwendt Beteiligungs GmbH have until June 30, 2008 to register their claims with court-appointed insolvency manager Dr. Peter Staufenbiel. Creditors and other interested parties are encouraged to attend the meeting at 11:30 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 Jena Hall 91 Jena Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Peter Staufenbiel Untermarkt 12 99974 Muehlhausen Germany The District Court of Jena opened bankruptcy proceedings against Dorenwendt Beteiligungs GmbH on April 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dorenwendt Beteiligungs GmbH Attn: Wolfgang Dorenwendt, Manager Hauptstrasse 33 37359 Wachstedt Germany DRUCKEREI J. P.: Claims Registration Ends June 3 ------------------------------------------------ Creditors of Druckerei J. P. Bachem GmbH & Co. Kommanditgesellschaft have until June 3, 2008 to register their claims with court-appointed insolvency manager Dr. Christoph Niering. 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 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. Christoph Niering Brabanter Str. 2 50674 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Druckerei J. P. Bachem GmbH & Co. Kommanditgesellschaft on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Druckerei J. P. Bachem GmbH & Co. Kommanditgesellschaft Attn: Stefan Preussler, Manager Cottbuser Str. 1 51063 Cologne Germany FUNQUADRAT GMBH: Claims Registration Period Ends June 3 ------------------------------------------------------- Creditors of Funquadrat GmbH have until June 3, 20008, to register their claims with court-appointed insolvency manager Hendrik Rogge. Creditors and other interested parties are encouraged to attend the meeting at 10:20 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 Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hendrik Rogge Haferweg 22 22769 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Funquadrat GmbH on April 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Funquadrat GmbH Attn: Thomas Kruse, Manager Saseler Chaussee 136c 22393 Hamburg Germany HTV IMMOBILIENMANAGEMENT: Claims Registration Period Ends June 3 ---------------------------------------------------------------- Creditors of HTV Immobilienmanagement GmbH have until June 3, 2008, to register their claims with court-appointed insolvency manager Sylvia Rhein. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 15, 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 Darmstadt Hall 4.3102 Building D Mathildenplatz 15 64283 Darmstadt 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: Sylvia Rhein Walther-Rathenau-Str. 24 64646 Heppenheim Germany Tel: 06252/6877-0 Fax: 06252/6877-11 The District Court of Darmstadt opened bankruptcy proceedings against HTV Immobilienmanagement GmbH on April 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HTV Immobilienmanagement GmbH Darmstadter Strasse 184 64625 Bensheim Germany Attn: Dr. Michael Gossmann, Manager Hesslocher Str. 53 65207 Wiesbaden Germany HUDSON BIKE: Claims Registration Period Ends June 1 --------------------------------------------------- Creditors of Hudson Bike GmbH have until June 1, 2008, to register their claims with court-appointed insolvency manager Hubert Ampferl. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on July 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Nuremberg Meeting Hall 152/I Flaschenhofstr. 35 Nuremberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Hubert Ampferl Stahlstr. 17 90411 Nuremberg Germany The District Court of Nuremberg opened bankruptcy proceedings against Hudson Bike GmbH on April 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hudson Bike GmbH Attn: Frank Tom Schoeck, Manager Ernst-Sachs-Str. 17 90441 Nuremberg Germany JOHLER DRUCK: Claims Registration Period Ends June 1 ---------------------------------------------------- Creditors of Johler Druck GmbH have until June 1, 2008, to register their claims with court-appointed insolvency manager Jens-Soeren Schroeder. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on July 4, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Jens-Soeren Schroeder Raboisen 38 20095 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against Johler Druck GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Johler Druck GmbH Gadelander Strasse 77 24539 Neumuenster Germany KRANKENPFLEGEDIENST WERNER: Claims Registration Ends June 1 ----------------------------------------------------------- Creditors of Krankenpflegedienst Werner und Haas GmbH have until June 1, 2008, to register their claims with court-appointed insolvency manager Karl-Dieter Sommerfeld. Creditors and other interested parties are encouraged to attend the meeting at 11:20 a.m. on June 27, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 1240 12th 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: Karl-Dieter Sommerfeld Hammerweg 3 51766 Engelskirchen Germany The District Court of Cologne opened bankruptcy proceedings against Krankenpflegedienst Werner und Haas GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Krankenpflegedienst Werner und Haas GmbH Attn: Klaus Werner, Manager Koelner Str. 15 51429 Bergisch Gladbach Germany LUCEFER LICHT: Claims Registration Ends June 3 ---------------------------------------------- Creditors of LUCEFER LICHT GmbH have until June 3, 2008 to register their claims with court-appointed insolvency manager Joachim Voigt-Salus. Claims will be verified at 11:30 a.m. on Aug. 4, 2008 at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Joachim Voigt-Salus Rankestrasse 33 10789 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against LUCEFER LICHT GmbH on March 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LUCEFER LICHT GmbH Reichenberger Strasse 124 Haus A Treppe 1 10999 Berlin Germany MAS HAUS: Claims Registration Period Ends June 3 ------------------------------------------------ Creditors of MAS Haus GmbH have until June 3, 2008, to register their claims with court-appointed insolvency manager Henning schorisch. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on July 22, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dresden Hall D131 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Henning schorisch Wasastrasse 15 01219 Dresden Germany Website: www.hww-kanzlei.de The District Court of Dresden opened bankruptcy proceedings against MAS Haus GmbH on April 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MAS Haus GmbH Bansiner Str. 4 01109 Dresden Germany Attn: Joerg May, Manager Am Alten Bahndamm 31 01328 Dresden Germany MOEBEL-FUCHS HANDELS: Claims Registration Period Ends June 3 ------------------------------------------------------------ Creditors of MOEBEL-FUCHS Handels GmbH have until June 3, 2008, to register their claims with court-appointed insolvency manager Dr. Dirk Rueffert. Creditors and other interested parties are encouraged to attend the meeting at 2:00 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 Nebenstelle Meeting Hall 2 Elisabethstrasse 6 26135 Oldenburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Dirk Rueffert Donnerschweer Str. 398 26123 Oldenburg Germany Tel: 0441 340770 Fax: 0441 34077340 E-mail: info@rueffert-rechtsanwaelte.de The District Court of Nebenstelle opened bankruptcy proceedings against CO on March 27, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MOEBEL-FUCHS Handels GmbH Am Fuchsberg 7a 27798 Hude Germany Attn: Karl-Heinz Hinrichs, Manager Paul-Krey-Str. 167 26135 Oldenburg Germany NEXXT IT: Claims Registration Period Ends June 3 ------------------------------------------------ Creditors of nexxt IT Systeme GmbH have until June 3, 2008, to register their claims with court-appointed insolvency manager Arnd Sebelefsky. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on July 15, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Room 101 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Arnd Sebelefsky Arcostr. 3 80333 Muenchen Germany Tel: 089/5490250 Fax: 089/558674 The District Court of Munich opened bankruptcy proceedings against nexxt IT Systeme GmbH on April 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: nexxt IT Systeme GmbH Attn: Dominik Henz, Manager Stockdorfer Str. 45 81475 Muenchen Germany PRODAX GMBH: Claims Registration Period Ends June 2 --------------------------------------------------- Creditors of Prodax GmbH have until June 2, 2008, to register their claims with court-appointed insolvency manager Peter C. Darr. Creditors and other interested parties are encouraged to attend the meeting at 8:30 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 Augsburg Meeting Hall 162 Alten Einlass 1 86150 Augsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter C. Darr Candidplatz 13 81543 Munich Germany The District Court of Augsburg opened bankruptcy proceedings against Prodax GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Prodax GmbH Berliner Allee 28b 86153 Augsburg Germany RENERGIE SAARLOUIS: Claims Registration Period Ends June 2 ---------------------------------------------------------- Creditors of Renergie Saarlouis GmbH have until June 2, 2008, to register their claims with court-appointed insolvency manager Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting at 8:10 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 Nordhorn Hall 42 Seilerbahn 15 48529 Nordhorn 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 Sontopski Gnoiener Platz 10 48493 Wettringen Germany Tel: 02557/93840 Fax: 02557/938450 The District Court of Nordhorn opened bankruptcy proceedings against Renergie Saarlouis GmbH on April 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Renergie Saarlouis GmbH Stockholmer Strasse 31 48455 Bad Bentheim Germany RKF FLIESSESTRICH: Claims Registration Period Ends June 30 ---------------------------------------------------------- Creditors of RKF Fliessestrich GmbH have until June 30, 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 July 14, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Hall S4 Kardinal-Galen-Strasse 124-132 47058 Duisburg 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 Carl-Theodor-Str. 1 40213 Duesseldorf Germany The District Court of Duisburg opened bankruptcy proceedings against RKF Fliessestrich GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RKF Fliessestrich GmbH Kurt-Schumacher-Strasse 226 46539 Dinslaken Germany Attn: Roland Keusgen, Manager Wilhelmshoehe 1 47058 Duisburg Germany SPECTRUM BRANDS: March 30 Balance Sheet Upside-Down by US$232.9M ---------------------------------------------------------------- Spectrum Brands Inc. last week reported its financial results for its second fiscal quarter ended March 30, 2008. At March 30, 2008, the company's consolidated balance sheet showed US$3.3 billion in total assets and US$3.5 million in total liabilities, resulting in a US$232.9 million total stockholders' deficit. The company reported a net loss of US$111.7 million on net sales of US$647.1 million for the quarter ended March 30, 2008. This compares with a net loss of US$237.5 million on net sales of US$634.5 million during the second quarter of fiscal 2007. Spectrum Brands' net sales in the current quarter represented a 2.0% increase from the prior year, after excluding the Canadian division of the Home and Garden business, which the company sold in November 2007. The company said that the increase primarily reflects strong double digit growth in the company's personal care and companion pet supply product lines. Favorable foreign currency contributed US$27.0 million, or 4.0% to net sales. Partially offsetting the positive trends were lower sales in consumer batteries and men's electric shaving and grooming in North America. Additionally, the company said that its Home & Garden division saw a later than normal start to its peak selling season this year, delaying some expected revenues into the third quarter. Adjusted EBITDA Adjusted EBITDA, a non-GAAP measurement, was US$66.2 million as compared with US$54.0 million in the second quarter of the prior year, a 23.0% improvement. For the latest twelve months, adjusted EBITDA is US$296.3 million and has increased 26.0% compared to one year ago. "This marks the fourth consecutive quarter of double digit growth in adjusted EBITDA. This level of performance reflects the very strong focus and commitment our team has to drive profitable growth in this business," said Kent Hussey, chief executive officer. "I'm pleased with the progress we're making. Despite a sluggish U.S. economy, continuing tight inventory controls at retailers and rising input costs, our teams have worked hard to make the necessary changes to improve the efficiency and profitability of this business." Gross Profit and Gross Margin Gross profit and gross margin for the quarter were US$234.6 million and 36.3%, respectively, versus US$223.8 million and 35.3% for the same period last year. Within cost of sales, the company incurred restructuring and related charges of approximately US$200,000 this quarter related to headcount reductions taken as part of its 2007 global realignment and US$6.7 million in the second quarter of 2007. Also, within cost of sales this quarter was US$4.7 million in depreciation related to the Home & Garden segment that was not present last year. Operating Expenses The current quarter's operating expenses were US$222.9 million as compared with US$420.3 million in operating expenses in the same quarter last year. Included in this year's operating expenses were US$15.8 million of additional depreciation and amortization, US$13.2 million for a non-cash intangibles impairment related to trade names in the Home & Garden segment and US$5.2 million in restructuring and related charges. In the second quarter of fiscal 2007, operating expenses included a non-cash charge of US$214.0 million for a goodwill impairment and US$11.2 million in restructuring and related charges. Operating Income Spectrum generated second quarter operating income and operating margin of US$11.7 million and 1.8%, respectively, versus an operating loss of US$196.5 million in the same period last year. Interest Expense Interest expense was US$58.3 million compared to US$85.2 million in the same period last year. 2007 interest expense included a prepayment premium of US$11.6 million associated with the refinancing of the company's senior credit facility and the write-off of debt issuance costs of US$24.6 million, accounting for the variance from this quarter's interest expense. Income Tax Expense/Benefit Tax expense recorded during the quarter was US$66.3 million versus a tax benefit of US$45.9 million in the same period last year. The tax expense in the current quarter included a US$51.9 million expense related to increasing the company's valuation allowance against the net deferred tax asset of its Home & Garden segment necessitated as a result of the reclassification of the segment from discontinued operations to continuing operations. In addition, similar to the first quarter of 2008, the company recorded an expense in the quarter to increase its valuation allowance against its U.S. federal net deferred tax asset of its remaining business segments to reserve for the possibility that the deferred tax assets will not be realized. Senior Credit Facilities During the second quarter of fiscal 2007, the company refinanced its outstanding senior credit facilities with new senior secured credit facilities pursuant to a new senior credit agreement consisting of a US$1.0 billion Term B Loan facility, a US$200.0 million Term B II Loan facility, a EUR262.0 million Term Loan facility, and a US$50.0 million synthetic letter of credit facility. On Sept. 28, 2007, as provided for in the senior credit agreement, the company entered into a US$225.0 million Asset Based Revolving Loan Facility pursuant to a new credit agreement. The ABL facility replaced the U.S. Dollar Term B II Loan, which was simultaneously prepaid using cash on hand generated from the company's operations and available cash from prior borrowings under its senior credit agreement in connection with the above-referenced refinancing. As a result of the prepayment of the U.S. Dollar Term B II Loan, under the terms of the ABL credit agreement and borrowings under the ABL facility during the first half of fiscal 2008, as of March 30, 2008, the company had aggregate borrowing availability of approximately US$37.0 million, net of lender reserves of US$32.0 million and outstanding letters of credit of US$3.0 million, under the ABL facility. During the six month period ended March 30, 2008, the company prepaid US$19.0 million of term loan indebtedness under its senior credit agreement with borrowings under the ABL facility and net proceeds from the sale of the Canadian division of the Home and Garden Business. At March 30, 2008, the aggregate amount outstanding under the senior credit facilities totaled a U.S. Dollar equivalent of US$1.6 billion, including principal amounts of US$984.0 million under the U.S. Dollar Term B Loan, EUR258.0 million under the Euro Facility and US$153.0 million under the ABL Facility, including US$3.0 million in letters of credit. Senior Subordinated Notes At March 30, 2008, the company had outstanding principal of US$700.0 million under the 7 3/8% Senior Subordinated Notes due 2015, outstanding principal of US$3.0 million under the 8 1/2% Senior Subordinated Notes due 2013, and outstanding principal of US$347.0 million under the Variable Rate Toggle Senior Subordinated Notes due 2013. As of March 30, 2008, the company was in compliance with all covenants under the Senior Subordinated Notes and the respective indentures. The company, however, is subject to certain restrictions under the terms of the respective indentures because, due to significant restructuring charges and reduced business performance, it does not currently satisfy the Fixed Charge Coverage Ratio test of 2:1 under each of the indentures. Until the test is satisfied, the company and certain of its subsidiaries are limited in its ability to make significant acquisitions or incur significant additional senior credit facility debt beyond the Senior Credit Facilities. Full-text copies of the company's consolidated financial statements for the quarter ended March 30, 2008, are available for free at http://researcharchives.com/t/s?2bac About Spectrum Brands Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE: SPC) -- http://www.spectrumbrands.com/-- is a supplier of batteries, lawn and garden care products, specialty pet supplies, shaving and grooming products, household insect control products, personal care products and portable lighting. The company's European unit, Rayovac Europe GmbH, is headquartered in Sulzbach, Germany. Outside the United States, the company also has manufacturing facilities in Brazil, Columbia and China. * * * As reported in the Troubled Company Reporter-Europe on April 15, 2008, Standard & Poor's Ratings Services revised its outlook on Spectrum Brands to developing from negative. At the same time, Standard & Poor's affirmed all of its ratings on the company, including the 'CCC+' corporate credit rating. Approximately US$2.6 billion of funded debt was affected by the action. * * * As reported in the Troubled Company Reporter-Latin America on April 16, 2008, Standard & Poor's Ratings Services revised its outlook on Atlanta, Georgia-based Spectrum Brands Inc. to developing from negative. At the same time, Standard & Poor's affirmed all of its ratings on Spectrum Brands, including the company's 'CCC+' corporate credit rating. SPITZER BAU: Claims Registration Period Ends June 2 --------------------------------------------------- Creditors of Spitzer Bau GmbH have until June 2, 2008, to register their claims with court-appointed insolvency manager Dr. Thomas Karg. Creditors and other interested parties are encouraged to attend the meeting at 11:30 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 Memmingen Meeting Hall 103 Ground Floor Buxacher Strasse 6 Memmingen 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. Thomas Karg Zellerbachstr. 2 87700 Memmingen Germany Tel: 08331/925049-0 Fax: 08331/925049-10 The District Court of Memmingen opened bankruptcy proceedings against Spitzer Bau GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Spitzer Bau GmbH Attn: Spitzer Ludwig, Manager Sonnengasschen 6 87719 Mindelheim Germany THEODOR LENSEN: Claims Registration Period Ends June 2 ------------------------------------------------------ Creditors of Theodor Lensen GmbH have until June 2, 2008, to register their claims with court-appointed insolvency manager Rolf Otto Neukirchen. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rolf Otto Neukirchen Zweigertstr. 28-30 45130 Essen Germany The District Court of Essen opened bankruptcy proceedings against Theodor Lensen GmbH on April 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Theodor Lensen GmbH Zur Reithalle 86 46286 Dorsten Germany WIKESA - KLEINTRANSPORTE GMBH: Claims Registration Ends June 12 --------------------------------------------------------------- The court-appointed insolvency manager for Wikesa - Kleintransporte GmbH, Haro Helms will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:30 a.m. on June 12, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Bremen Hall 115 Ostertorstr. 25-31 28195 Bremen Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on July 17, 2008 at the same venue. Creditors have until June 3, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Haro Helms Schillerstr. 10 28195 Bremen Germany Tel: 0421/337790 Fax: 0421/3377933 E-mail: helms@dr-stankewitz.de Web site: http://www.dr-stankewitz.de/ The District Court of Bremen opened bankruptcy proceedings against Wikesa - Kleintransporte GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wikesa - Kleintransporte GmbH Attn: Wilfried Dieter Kueck, Manager Eppenhainer Strasse 15 28307 Bremen Germany ============= I R E L A N D ============= EDELWEISS CAPITAL: Moody's Cuts Rating on Class D Notes to Ba3 -------------------------------------------------------------- Moody's Investors Service downgraded two classes of notes issued by Edelweiss Capital PLC under Series 2007-2. The downgrades are the result of ratings migration and equity share price movements of the underlying portfolio of Equity Default Swaps. While the transaction is composed of an equal number of equity default swaps in the risk portfolio (long EDS exposures) and in the insurance portfolio (short exposures), the downgrades results from the presence of a higher proportion of US financial and real-estate entities in the risk portfolio, whose share price decreased significantly. As of May 12, 2007, the risk portfolio (respectively the insurance portfolio) had two reference entities -- Countrywide Financial Corporation and MGIC Investment Corporation - (resp. none) which have a share price below their EDS trigger levels (those entities have a barrier above 100%). Two (resp. one) reference entities, whose barrier is above 85%, belonged to the risk portfolio (resp. insurance portfolio). The average barrier of the risk portfolio is 48% (resp. 38% for the insurance portfolio). The barrier of a reference entity is the performance indicator for EDS exposures. For a given reference entity, it represents the ratio between the EDS trigger and the current share price both expressed in the relevant currency. At closing, all barriers were at 35%. The barrier will increase as the underlying stock price decreases. Conversely, the barrier will decrease as the underlying stock price increases. A barrier greater than 100% corresponds to a share price below the EDS trigger. For illustration purposes, the share price of a reference entity whose barrier is 150% depreciated by 76% since closing. The share price will have to appreciate by at least 50% of its current value to move back above its EDS trigger. On the other hand, the price of a reference entity whose barrier is 85% depreciated by 59% since closing. That share price could depreciate by up to 15% of its current value without hitting the EDS trigger level. The distressed equity events observation period will start on the May 15, 2010 and lasts for three years until the May 14, 2013, the maturity of the transaction, such that no equity event related losses have occurred at this stage and all tranches still benefit from their initial subordination levels. The modelling is based on the public EDS methodology using the standard CDOROM™ model version 2.4: (a) Moody's defines three stock market regimes: Normal, Stressed or Crash, with related probabilities of occurrence to account for the global equity market cycles. (b) Each equity default swap entity is modelled individually with a standard multi-factor monte carlo model incorporating intra- and inter-industry correlations. In each scenario, defaults are simulated. Losses on the portfolio are then derived, which in turn induces a potential loss on the related tranches. By repeating this process and averaging over a number of simulations, an estimate of the expected loss borne by the tranches is derived. For entities whose barrier is above 40%, a combination of historical analysis and a volatility-based approach was considered in calculating the default probability. These rating actions are: Edelweiss Capital PLC - Series 2007-2: (1) Class D US$ Series 2007-2 Asset-Backed Floating Rate Notes due 2013 -- Current Rating: Ba3 -- Prior Rating: Ba2, on review for downgrade (2) Class A EUR Series 2007-2 Asset-Backed Floating Rate Notes due 2013 -- Current Rating: A2 -- Prior Rating: Aa1, on review for downgrade ========= I T A L Y ========= ALITALIA SPA: EC Gives Italy Until May 30 to Explain Loan --------------------------------------------------------- The European Commission has extended to May 30, 2008, the deadline for the Italian government to provide details on its EUR300-million loan to Alitalia S.p.A., Reuters reports citing a commission spokesman. The Commission is reviewing the loan for possible violation of the European Union rule on state aid. Italy needs to prove that the loan was offered on commercial terms to gain approval from the Commission. European Union Transport Commissioner Jacques Barrot, however, said Alitalia's weak coffers have raised doubts on the legality of the loan. Alitalia may face months-long probe over the legality of the loan, which may further cramp Italy's efforts to sell its 49.9% stake in the national carrier. 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. ALITALIA SPA: Rome Prosecutor Probing Baldassare's Offer -------------------------------------------------------- The Prosecutor of Rome has commenced investigation into the financial transactions of the consortium led by Antonio Baldassare relating to its offer for the Italian government's 49.9% stake in Alitalia S.p.A., Agenzia Giornalistica Italia reports. The prosecutors -- Stefano Pesci, Maria Francesca Loy, Gustavo De Marinis, and Nello Rossi -- are probing whether the dealings resulted to manipulation of Alitalia's stock price, AGI relates. According to AGI, the prosecutors will send a formal request to foreign courts for judicial assistance to find out the type of financial packages offered to the Baldassare consortium. In November 2007, Alitalia's board of directors concluded that Mr. Baldassarre's consortium lack necessary requisites to take part in the auction for the government's stake. 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. THERMADYNE HOLDINGS: Earns US$4.5 Mln in Quarter Ended March 31 --------------------------------------------------------------- Thermadyne Holdings Corporation reported results for the three months ended March 31, 2008. Net sales in the first quarter of 2008 increased 12.7% to US$130.8 million, compared to the 2007 first quarter. Excluding the impact of foreign currency translations, net sales increased 7.9%. International sales increased 23.6% (11.2% in local currency) led by the Asia Pacific region with a 13.7% increase on a local currency basis. Sales of all product lines increased with demand continuing to be particularly strong for the company’s new Cutmaster manual plasma cutting units and specialty hard facing products. Sales of both the Company’s plasma cutting and filler metal product lines increased approximately 20%. Gross margin in the first quarter of 2008 was 32.3% of net sales, compared to 32.6% of net sales in the prior-year first- quarter period. The decline from the prior-year’s first quarter was due to the ongoing effects of commodity cost increases over the twelve-month time period. This result was better than the gross margin of 31.2% the company recorded for the year 2007, and reflects a continuation of the longer-term progress the Company is making to control costs. Paul D. Melnuk, Thermadyne’s Chairman and Chief Executive Officer commented: “The better-than-expected sales growth is attributable to our improved customer service, more effective new product introductions and strong market demand. Gross margins also continued to build on the improving trend that began in 2007. Our continuous improvement (TCP) process cost savings, the benefits of more effective procurement practices and the value from operating leverage in the 2008 first-quarter period largely offset the double-digit material inflation that occurred across most commodities we purchase. Further, the April 1, 2008 price increase will help offset the trend of rising commodity prices in the second quarter and beyond.” Selling, general and administrative costs were US$27.5 million, or 21.0% of sales, in the first quarter of 2008, compared to US$26.0 million, or 22.4% of sales, in last year’s first quarter. New product launches and expanded new product development activities, as well as expansion of the international sales and global operations capabilities, contributed to the 2008 first quarter increase in expenses, compared to the 2007 first quarter. Other Income and Expense Items in the First Quarter of 2008 Interest costs of US$5.3 million were US$1.7 million less than the prior-year’s first quarter. The average indebtedness was 11% less than in the prior-year’s first quarter and the effective interest rate declined 170 basis points. This decline in the effective interest rate reflects the combined benefit of the lower Libor rates which impact approximately 40% of the Company’s total debt and the reduced interest rate grids for the Working Capital and the Second Lien Facilities, as a result of the amendments to the Agreements in June 2007. The effective interest rate in the first quarter of 2008 includes the 1.25% Special Interest payment adjustment applicable to the Company’s US$175 million Senior Subordinated Notes. This interest payment adjustment declined to 0.75% effective April 1, 2008, as a result of the company’s reduced leverage ratio. For the 2008 first quarter, the effective income tax rate was 44% due to the inclusion of certain foreign earnings without the recognition of the related benefit of foreign tax credits that are carried forward. In the prior-year first quarter, the effective income tax rate was 64% also as a result of the inclusion of certain foreign earnings without the recognition of the related benefit of foreign tax credits that are carried forward. Due to the use of net operating loss carryovers available to offset U.S. taxable income, the Company estimates it will pay income taxes in 2008 at the rate of approximately 22%. For the first quarter of 2008, net income from continuing operations was US$4.7 million, or US$0.35 per diluted share. In comparison, for the first quarter of 2007 net income from continuing operations was US$1.3 million, or US$0.10 per diluted share. Included in net income in the 2008 first quarter were losses from discontinued operations of US$0.2 million, or US$0.01 net loss per diluted share. This compares to income of US$0.1 million, or US$0.01 net income per diluted share, in the 2007 first quarter. For the first quarter of 2008, net income was US$4.5 million, or US$0.34 per diluted share, compared to a net income of US$1.4 million, or US$0.11 net income per diluted share, in the 2007 first quarter. Operating activities of the company provided US$2.9 million of cash in the first quarter of 2008, while in the first quarter of 2007, the company used US$20.3 million for operating activities. The first quarter is traditionally a period of high cash requirements for accounts receivable and inventory builds. The significantly improved cash flows during the first quarter of 2008 are due to improvement in all components of working capital management. In particular, inventories declined US$11 million from the prior-year quarter despite the growth in the business. Inventory turns improved to 3.9 times per year versus 3.1 times in the prior-year first quarter. During the quarter, the company repaid US$7 million of the Second Lien Facility to satisfy the “Excess Cash Flow” requirement of the Senior Subordinated Notes Indenture. As of March 31, 2008, the company had combined cash and availability under its revolver of US$67 million. In the first quarter of 2008, Operating EBITDA from continuing operations improved 18% to US$17.7 million, or 13.5% of net sales, compared to US$15.0 million, or 12.9% of net sales, in the first quarter of 2007. Including our discontinued operations for the first quarter of 2008, Operating EBITDA, as adjusted, was US$17.5 million. Mr. Melnuk stated: “In the first quarter of 2008, sales, profitability and cash flow comparisons all improved, building on the momentum realized throughout 2007. Our efforts to achieve better performance levels in production, customer service and new product introductions are generating positive customer feedback and contributing to the improved results. The broad-based global demand for our products is continuing to drive sales in the second quarter and we anticipate total Company sales growth of 8-10% in the quarter over last year’s second-quarter levels. From what we can determine, the growth in demand is a result of major infrastructure spending, particularly in mining, energy, agriculture, transportation and defense. “We are pleased with the many positive comments we have received from our customers relating to our level of service. In an effort to further enhance this high level of service, we are striving to instill a customer-focused mindset throughout the Company. In addition to our ongoing emphasis on improved customer service, we are beginning to work on a number of longer-term initiatives to build our core brand and product strength further. Specifically, we are expanding our international sales capabilities to help pursue the growth opportunities in several markets, and are working on a number of product innovations and redesigns that offer very promising market potential. These strategies, combined with our efforts in cost reduction, working capital efficiency and debt reduction, should contribute to both near-term and-longer term profitability and cash flow growth, enhancing value for our shareholders,” commented Mr. Melnuk. About Thermadyne Headquartered in St. Louis, Missouri, Thermadyne Holdings Corp. (NASDAQ: THMD) -- http://www.Thermadyne.com/-- manufactures and markets metal cutting and welding products and accessories under a variety of leading premium brand names including Victor(R), Tweco(R) / Arcair(R), Thermal Dynamics(R), Thermal Arc(R), Stoody(R), TurboTorch(R), Firepower(R) and Cigweld(R). Thermadyne has subsidiaries outside the United States which inlucdes, among others, Australia, Philippines, Malaysia, Indonesia, England, Italy, Japan, Mexico and Brazil. * * * As reported in the Troubled Company Reporter-Europe on May 2, 2008, Standard & Poor's Ratings Services raised its corporate credit rating on Thermadyne Holdings Corp. to 'B-' from 'CCC+'. At the same time, S&P raised the ratings on the subordinated notes to 'CCC' from 'CCC-'. =================== K A Z A K H S T A N =================== AK-NUR XXI: Creditors Must File Claims by June 17 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Ak-Nur XXI insolvent. Creditors have until June 17, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 ENERGO PROM: Claims Deadline Slated for June 18 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Energo Prom Resourse insolvent. Creditors have until Karaganda June 18, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan ERTRANS LLP: Claims Filing Period Ends June 13 ---------------------------------------------- LLP Autotransport Company Ertrans has declared insolvency. Creditors have until June 13, 2008, to submit written proofs of claims to: LLP Autotransport Company Ertrans Ryskulov Str. 65 Almaty Kazakhstan GOLDMAN ALLIANCE: Creditors' Claims Due on June 13 -------------------------------------------------- Representation of Company Goldman Alliance Corp. has declared its closure. Creditors have until June 13, 2008, to submit written proofs of claims to: Representation of Company Goldman Alliance Corp. office 101 Klochkov Str. 123 Almaty Kazakhstan GROT-SEMEY LLP: Claims Registration Ends June 13 ------------------------------------------------ The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Company Grot-Semey insolvent on March 21, 2008. Creditors have until June 13, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (7232) 24-06-50 JERDEM LLP: Claims Deadline Slated for June 17 ---------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Jerdem insolvent on March 28, 2008. Creditors have until June 17, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Ualihanov Str. 19-149 Petropavlovsk North Kazakhstan Kazakhstan MERKURI KV: Claims Filing Period Ends June 17 --------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Merkuri KV insolvent on March 25, 2008. Creditors have until June 17, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Ualihanov Str. 19-149 Petropavlovsk North Kazakhstan Kazakhstan TAIMUR SAUDA: Creditors' Claims Due on June 17 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Taimur Sauda Aktobe insolvent on April 4, 2008. Creditors have until June 17, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 =================== K Y R G Y Z S T A N =================== OIL TRANS: Creditors Must File Claims by June 11 ------------------------------------------------ LLC Oil Trans Plus has declared insolvency. Creditors have until June 11, 2008 to submit written proofs of claim to: LLC Oil Trans Plus Kurmanjan Datka Str. 211/73 Osh Kyrgyzstan ===================== N E T H E R L A N D S ===================== AES CORP: Commences Tender Offer for US$377 Million Senior Notes ---------------------------------------------------------------- The AES Corporation, on May 14, 2008, commenced a cash tender offer for up to US$377,030,000 aggregate principal amount of its outstanding senior notes. The tender offer will expire at 12:00 midnight, New York City time, on June 11, 2008, unless extended or earlier terminated. Concurrently with the tender offer, AES is also soliciting consents from holders of its outstanding 8.75% Second Priority Senior Secured Notes due 2013 to certain proposed amendments to the indenture governing the Secured Notes, which will eliminate many of the restrictive covenants in the indenture. Adoption of the proposed amendments requires the consent of at least a majority of the outstanding principal amount of Secured Notes. The consent solicitation for the Secured Notes will expire at 5:00 p.m., New York City time, on May 28, 2008, unless extended or earlier terminated. Holders of Secured Notes may deliver their consents without tendering the related Secured Notes and holders that tender their Secured Notes pursuant to the tender offer will be deemed to have consented to the proposed amendments. List of Notes 8.75% Second Priority Senior Secured Notes due 2013 CUSIP/ISIN Numbers: 00130HBA2/U0080RAF7 Aggregate Principal Amount Outstanding: US$752,553,000 Series Tender Cap: US$377,030,000 less Untendered Note Consents Acceptance Priority Level: 1 Tender Offer Consideration: US$1,020.00 Early Tender Premium: US$20.00 Consent Fee: US$3.75 Total Consideration: US$1,043.75 9.50% Senior Notes due 2009 CUSIP/ISIN Numbers: 00130HAQ8 Aggregate Principal Amount Outstanding: US$467,308,000 Series Tender Cap: $240,000,000 Acceptance Priority Level: 2 Tender Offer Consideration: US$1,035.00 Early Tender Premium: US$20.00 Consent Fee: N/A Total Consideration: US$1,055.00 9.375% Senior Notes due 2010 CUSIP/ISIN Numbers: 00104CAA6 Aggregate Principal Amount Outstanding: US$422,665,000 Series Tender Cap: US$180,000,000 Acceptance Priority Level: 3 Tender Offer Consideration: US$1,057.50 Early Tender Premium: US$20.00 Consent Fee: N/A Total Consideration: US$1,077.50 8.875% Senior Notes due 2011 CUSIP/ISIN Numbers: 00130HAU9 Aggregate Principal Amount Outstanding: US$306,805,000 Series Tender Cap: US$120,000,000 Acceptance Priority Level: 4 Tender Offer Consideration: US$1,045.00 Early Tender Premium: US$20.00 Consent Fee: N/A Total Consideration: US$1,065.00 For each series of Notes, AES is offering to purchase (subject to the Maximum Tender Cap for all Notes combined) an aggregate principal amount up to the Series Tender Cap for such series of Notes. The amount of each series of Notes that will be purchased in the tender offer will be based on the Maximum Tender Cap, the Series Tender Cap and the order of priority for such series of Notes. All Notes validly tendered in the tender offer having a higher Acceptance Priority Level (with "1" being the highest) will be accepted for purchase up to the Series Tender Cap for such series of Notes before any tendered Notes having a lower Acceptance Priority Level are accepted for purchase, up to the Maximum Tender Cap for all Notes in the aggregate. In the event that the aggregate principal amount of Notes of any series that are validly tendered and not withdrawn prior to the Expiration Time exceeds the Series Tender Cap for such series of Notes, AES (subject to the terms and conditions of the tender offer) will purchase an amount of Notes up to the Series Tender Cap for such series on a pro rata basis. The "Total Consideration" for each US$1,000 principal amount of Notes tendered and accepted for payment pursuant to the tender offer will be the applicable total consideration set forth in the table above. The Total Consideration includes an Early Tender Premium of US$20.00 per US$1,000 principal amount of Notes (and in the case of the Secured Notes, if the Requisite Consents are received and the proposed amendments become operative, also includes the Consent Fee). Holders must validly tender and not validly withdraw their Notes prior to 5:00 p.m., New York City time, on May 28, 2008, unless extended or earlier terminated in order to be eligible to receive the Total Consideration. Holders validly tendering their Notes after the Early Tender/Consent Time and prior to the Expiration Time will only be eligible to receive the Tender Offer Consideration, which is the Total Consideration minus the Early Tender Premium (and in the case of the Secured Notes also minus the Consent Fee). Subject to receipt of the Requisite Consents and the other terms and conditions of the Consent Solicitation, AES will pay to each holder of Secured Notes who consents to the proposed amendments prior to the Consent Time a Consent Fee in cash equal to US$3.75 per US$1,000 principal amount of Secured Notes to which the consent relates, which payment in the case of Secured Notes that are tendered prior to the Early Tender/Consent Time and are accepted for purchase by AES pursuant to the tender offer will be included as part of the Total Consideration. Tenders of Notes may be withdrawn and delivery of consents may be revoked at any time prior to 5:00 p.m., New York City time, on May 28, 2008, unless extended, but not thereafter unless required by law. Consummation of the tender offer for all series of Notes and the consent solicitation is subject to the satisfaction or waiver of certain conditions, including but not limited to a financing condition and the receipt of the Requisite Consents to the proposed amendments. AES reserves the right, in its sole discretion, to waive or modify any one or more of the conditions to the tender offer and the consent solicitation, in whole or in part at any time, or to terminate or amend the tender offer and consent solicitation for any reason. Citi and Lehman Brothers are the Dealer Managers for the tender offer and the consent solicitation. Global Bondholder Services Corporation is acting as the Information Agent and the Depositary. Persons with questions regarding the tender offer or the consent solicitation should contact Citi at 800-558-3745 (toll free) or 212-723-6106 (collect) and Lehman Brothers at 800-438-3242 (toll free) or at 212-528-7581 (collect). Requests for copies of Offer to Purchase and the Letter of Transmittal may be directed to Global Bondholder Services Corporation at (866) 873-7700 (toll free) or (212) 430-3774. About AES Corp. AES Corp. (NYSE:AES) -- http://www.aes.com/-- is a global power company, with 2007 revenues of USUS$13.6 billion. The company has operations in 29 countries on five continents and has a workforce of 28,000 people. The company's 13 regulated utilities amass annual sales of over 78,000 GWh and its 123 generation facilities have the capacity to generate more than 43,000 megawatts. In Europe, the company has operations in Ukraine, Ireland, Spain, Kazakhstan and Bulgaria, among others. The company also has subsidiaries in Europe that includes the Netherlands and United Kingdom. Aside from China, AES also has operations in India and the Philippines. Latin America operations include Brazil, Argentina and Chile. AES CORP: Reveals Plan to Offer Notes in Private Placement ---------------------------------------------------------- The AES Corporation disclosed Wednesday that it plans to offer approximately US$600 million aggregate principal amount of senior unsecured notes due 2020 in a private placement. The senior notes will not be registered under the Securities Act of 1933, or any state securities laws. Therefore, the senior notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and any applicable securities laws. About AES Corp. AES Corp. (NYSE:AES) -- http://www.aes.com/-- is a global power company, with 2007 revenues of USUS$13.6 billion. The company has operations in 29 countries on five continents and has a workforce of 28,000 people. The company's 13 regulated utilities amass annual sales of over 78,000 GWh and its 123 generation facilities have the capacity to generate more than 43,000 megawatts. In Europe, the company has operations in Ukraine, Ireland, Spain, Kazakhstan and Bulgaria, among others. The company also has subsidiaries in Europe that includes the Netherlands and United Kingdom. Aside from China, AES also has operations in India and the Philippines. Latin America operations include Brazil, Argentina and Chile. AES CORP: Moody's Rates Proposed US$600 Mln Sr. Notes at B1 ----------------------------------------------------------- Moody's Investors Service has assigned a B1 rating to The AES Corporation's proposed issuance of US$600 million senior unsecured notes due 2020. In addition, Moody's has affirmed the ratings of AES, including the company's Corporate Family Rating at B1, its Probability of Default Rating at B1, its senior secured credit facilities at Ba1, its second priority senior secured notes at Ba3, its senior unsecured notes at B1 and its trust preferred securities at B3. The rating outlook for AES is stable. The rating affirmation reflects an expectation that AES will use the proceeds from the proposed offering to refinance a similar amount of recourse debt. The rating affirmation also takes into account the company's concurrent effort to eliminate the financial covenants contained in its second priority senior secured notes. AES's ratings consider the company's high leverage and the structural subordination of its recourse debt to the significant level of non-recourse debt in its consolidated capital structure. Structural constraints are somewhat mitigated by the diversification provided by AES's large number of subsidiaries, their wide geographic distribution and balanced fuel mix, and the significant proportion of the company's cash flows that are subject to stable regulation or long-term contracts. Subsidiary distributions to AES are expected to be approximately US$1.1 billion in 2008, similar to 2007 results. Recourse debt however increased approximately 16% or US$760 million to US$5.6 billion during 2007 as AES borrowed to finance growth. This increase in leverage constrains upward movement in AES's current rating levels over the near-term. The commercial operation of various generating stations currently under construction that are expected to achieve operation in the 2009/2010 timeframe is expected to improve the scale of subsidiary distributions and financial metrics and may be a trigger for upward ratings pressure. Ratings affirmed/LGD assessments revised: The AES Corporation -- Corporate Family Rating -- B1 -- Probability of Default Rating -- B1 -- Senior secured credit facilities -- Ba1 (LGD1, 5%) from (LGD1, 2%) -- Second priority senior secured note -- Ba3 (LGD3, 41%) from (LGD3, 38%) -- Senior unsecured notes -- B1 (LGD4, 56%) from (LGD4, 53%) AES Trust III -- Convertible trust preferred securities -- B3 (LGD6, 95%) from (LGD6, 94%) Rating assigned: The AES Corporation -- US$600 million of new senior unsecured notes, B1 (LGD4, 56%) The AES Corporation is a global power company with generation and distribution assets in Europe, Asia, Latin America, Africa and the United States. Its consolidated revenues totaled US$13.6 billion during fiscal year 2007. NIELSEN COMPANY: Posts US$82 Million Net Loss in 1st Qtr. 2008 -------------------------------------------------------------- The Nielsen Company B.V. reported financial results for the quarter ended March 31, 2008. Reported revenues for the three months ended March 31, 2008 were US$1,214 million, an increase of 13% over the revenues of US$1,072 million for the three months ended March 31, 2007. Excluding the impact of currency fluctuations, revenues for the quarter increased 8%. For the quarter ended March 31, 2008, the company reported a net loss US$82 million compared to net loss of US$74 million for the quarter ended March 31, 2007. Reported operating income for the three months ended March 31, 2008 was US$115 million compared to US$56 million for the three months ended March 31, 2007. The quarterly results were negatively impacted by US$7 million, and US$27 million, respectively, for certain items such as restructuring costs and compensation agreements. Adjusting for these items, operating income, on a constant currency basis, increased 41%. As of March 31, 2008, total debt was US$8,527 million, and cash balances were US$354 million. Capital expenditures were US$69 million for the three months ended March 31, 2008, compared with US$49 million for the three months period ended March 31, 2007. About The Nielsen Company The Nielsen Company B.V. -- http://www.nielsen.com/-- is a global information and media company with recognized brands in marketing information (ACNielsen), media information (Nielsen Media Research), online intelligence (NetRatings and BuzzMetrics), trade shows and business publications (Billboard, The Hollywood Reporter, Adweek). The privately held company is active in more than 100 countries, with headquarters in Haarlem, the Netherlands, and New York, USA. * * * As reported in the Troubled Company Reporter-Europe on May 5, 2008, Standard & Poor's Ratings Services revised its outlook on the 'B' corporate credit rating of The Nielsen Co. B.V. to stable from negative. According to Standard & Poor's credit analyst Tulip Lim, "[t]he outlook change reflects the company's good operating performance and progress in its cost-cutting initiatives." As reported in the Troubled Company Reporter-Europe on April 25, 2008, Fitch Ratings assigned The Nielsen Company 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. NIELSEN COMPANY: Integrates Nielsen NRG with BASES Organization --------------------------------------------------------------- As part of its ongoing “one Nielsen” initiative to provide clients with integrated solutions, The Nielsen Company disclosed Tuesday announced that Nielsen NRG, the leading market research and strategic consulting firm serving the film and home entertainment industries, has become part of Nielsen’s BASES organization. “This initiative once again underscores Nielsen’s distinct ability to reach across the entire organization to effectively serve clients’ changing needs,” said Bruce Dennler, President of Nielsen Entertainment. “By combining NRG’s unique vertical industry knowledge with BASES’ innovative techniques and approaches, we will help Film and Home Entertainment clients better identify, understand and capitalize on future opportunities.” BASES is the world’s leading provider of services designed to help clients grow through innovation. These services include new product optimization, marketing plan simulation capabilities and sales forecasting. These services are designed to help clients make intelligent decisions about launching new products in a number of industries, including consumer packaged goods, pharmaceuticals, durable goods and consumer services. “As a part of BASES, Nielsen NRG will now be able to tap into BASES’ expertise in global product development, operations and analytics to help drive future innovation,” said Tim Willke, President of BASES. “Many of BASES analytical tools have direct application to NRG’s business, and BASES’ general expertise in analytically based consulting will help NRG create new services to address unmet and emerging client needs within the entertainment industry.” NRG also will take advantage of Nielsen’s anticipated acquisition of IAG Research, which offers insight into how engaged viewers are with commercials and promos. As part of the transition, Marc Lagrois will assume the new leadership role at NRG. Howard Ballon, President of Nielsen Film and Home Entertainment, will work with Lagrois on the transition before leaving the company to pursue other opportunities. Lagrois is currently Senior Vice President, Product and Business Development for NRG. Prior to joining NRG in 2007, Marc led the BASES Asia-Pacific region, where he successfully expanded the business over a five year period beginning in 2002. Lagrois will report to Tim Willke, Global President of BASES, effective immediately. Although part of the BASES organization, NRG will also continue to collaborate closely with the rest of the Nielsen Entertainment group, including EDI, TV/CPG, VideoScan and other measurement services. About The Nielsen Company The Nielsen Company B.V. -- http://www.nielsen.com/-- is a global information and media company with recognized brands in marketing information (ACNielsen), media information (Nielsen Media Research), online intelligence (NetRatings and BuzzMetrics), trade shows and business publications (Billboard, The Hollywood Reporter, Adweek). The privately held company is active in more than 100 countries, with headquarters in Haarlem, the Netherlands, and New York, USA. * * * As reported in the Troubled Company Reporter-Europe on May 5, 2008, Standard & Poor's Ratings Services revised its outlook on the 'B' corporate credit rating of The Nielsen Co. B.V. to stable from negative. According to Standard & Poor's credit analyst Tulip Lim, "[t]he outlook change reflects the company's good operating performance and progress in its cost-cutting initiatives." As reported in the Troubled Company Reporter-Europe on April 25, 2008, Fitch Ratings assigned The Nielsen Company 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. NIELSEN COMPANY: Product Placements Up 6% in First Quarter 2008 --------------------------------------------------------------- The Nielsen Company reported that product placements for the first quarter of 2008 rose 6% on primetime programming for the 11 measured networks on broadcast (ABC, CBS, CW, FOX, MNT, NBC) and cable television (A&E, Bravo, HGTV, MTV, TLC). Broadcast television placements rose 39%, while cable television was essentially flat at -1%. There were 117,976 brand occurrences on cable and broadcast networks in the first three months of the year, according to Nielsen Product Placement Service. The most prevalent placement type on broadcast television was “foreground,” which represented 35% of all product placements. On cable television, “wardrobe” placements were most common, accounting for 32% of all placements. Broadcast Television Product Placements Top Broadcast Television Programs Prime-time product placement occurrences on broadcast networks increased overall by 39% during the first quarter of 2008. The top 10 programs featured 15,404 occurrences in the first three months of this year—compared to 8,893 occurrences in the same time period in 2007. “The Biggest Loser,” with 3,977 occurrences, was the top program, in terms of the number of placements. Four of the top 10 programs aired on CW, and six programs had over 1,000 placements. Because of the recent writers’ strike, many programs were shifted from their standard airing times. “Big Brother,” which usually airs during the summer months, was moved up to the first quarter to fill in empty slots. “The Apprentice” also altered its normal schedule of episodes, airing the same number of episodes between January and March of 2008 as were run from January through April of 2007. In addition, “Deal Or No Deal” featured a special NFL-themed episode, originally aired in September 2007 and re-run in the first quarter 2008, which featured an NFL logo on the stage, NFL helmets throughout the set, and models and contestants clad in NFL apparel. That episode alone had 1,372 product placements. All other “Deal or No Deal” episodes during the first quarter of 2008 had less than 100 occurrences. Top Broadcast Television Brands The top 10 featured brands on prime-time broadcast network television increased by 52% in the first quarter this year, from 4,253 occurrences in 2007 to 6,453 during the first three months of 2008. Coca-Cola, primarily through its association with “American Idol,” was again the top brand, with 2,380 occurrences for this time period. The February 21st episode of “American Idol” with Coca-Cola was especially well received by the viewing audience—nearly 60% recognized the brand and responded positively to it. 24 Hour Fitness Centers (1,545 occurrences) and Pussycat Dolls Lounge Nightclubs (479 occurrences) rounded out the top three brands on Broadcast television. Notably, six of the top 10 brands are associated with sports/exercise. Top Broadcast Television Product Categories The top five product categories on broadcast network television had more than 1,000 placements each. Among these, Soft Drinks ranked first, with 2,502 placements. Of these, Coca-Cola accounted for 2,380. The Apparel, Fitness Centers/Clubs, Football Team, and Exercise Equipment also made the top five. Cable Television Product Placements Top Cable Television Programs The top 10 cable programs that featured product placements accounted for 59,308 occurrences in the first quarter of 2008—an increase of 16% from 50,940 during the first quarter of 2007. “American Chopper” on TLC was again the top program, with 16,164 placements. Half of the programs in the Top 10 air on MTV, and another three air on BRAVO. Top Cable Television Brands The top 10 featured brands on prime-time cable network television in this year’s first quarter accounted for 17,356 occurrences—a 28% increase from 13,501 occurrences in 2007. Under Armour Apparel was the top brand, with 2,960 occurrences for this time period—mainly through its association with the program “Real World Road Rules Challenge.” Each brand in the top 10 placed more than 1,000 placements. Notably, the top performing placements were not heavy weights in terms of activity; these included Home Depot on the February 10th episode of HGTV’s “Color Splash,” Flow Power Tools on TLC’s “American Chopper,” and Hershey’s integration on BRAVO’s “Project Runway.” Each impacted more than half the viewing audience in terms of brand recognition and positive feeling. Top Cable Television Product Categories With 18,307 placements Apparel was easily the number one product placement category on cable television during the first quarter of 2008. The top three apparel brands each had more than 1,000 placements during the first quarter: Under Armour Apparel (2,960 occurrences), Orange County Choppers Apparel (2,264 occurrences), and Big Black Apparel (1,149 occurrences). Nike Apparel and Sean John Apparel also ranked among the top five apparel brands. About The Nielsen Company The Nielsen Company B.V. -- http://www.nielsen.com/-- is a global information and media company with recognized brands in marketing information (ACNielsen), media information (Nielsen Media Research), online intelligence (NetRatings and BuzzMetrics), trade shows and business publications (Billboard, The Hollywood Reporter, Adweek). The privately held company is active in more than 100 countries, with headquarters in Haarlem, the Netherlands, and New York, USA. * * * As reported in the Troubled Company Reporter-Europe on May 5, 2008, Standard & Poor's Ratings Services revised its outlook on the 'B' corporate credit rating of The Nielsen Co. B.V. to stable from negative. According to Standard & Poor's credit analyst Tulip Lim, "[t]he outlook change reflects the company's good operating performance and progress in its cost-cutting initiatives." As reported in the Troubled Company Reporter-Europe on April 25, 2008, Fitch Ratings assigned The Nielsen Company 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. ROYAL AHOLD: Reports EUR7.5 Billion in Sales for 1st Qtr. 2008 -------------------------------------------------------------- Ahold reported consolidated net sales of EUR7.538 billion for the first quarter ending April 20, 2008. Compared to EUR7.634 billion in first quarter of 2007, net sales decreased by 1.3%. Ahold Europe contributed EUR3.195 billion net sales for the first quarter of 2008, or a 14.2% net sales increase in comparison to EUR2.797 billion net sales in first quarter 2007. Ahold USA contributed EUR4.343 billion net sales for the first quarter of 2008. A 10.2% decrease compared to EUR4.837 billion in the same period of 2007. About Ahold Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal Ahold) -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe. It has operations in Argentina. The company's chain stores include Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. * * * Koninklijke Ahold carries Fitch Ratings' BB+ Issuer Default and senior unsecured ratings. Fitch said the Outlook is Positive. Its Short-term rating is B. =========== N O R W A Y =========== OCEAN RIG: Employee Share Saving Program Acquires 11,800 Shares --------------------------------------------------------------- On April 30, 2008, Ocean Rig ASA’s employee share saving program, on a quarterly routine basis, purchased a total of 11,800 shares in Ocean Rig ASA. The average purchase price was NOK 44.9815 per share. 2,714 shares were purchased on behalf of primary insiders in the company. Ocean Rig Norway AS -- http://www.ocean-rig.com/-- owns and operates two drilling rigs, built for ultra deep waters and extreme weather conditions. The units are currently operating in the US Gulf of Mexico and in the North Sea. * * * As reported in the Troubled Company Reporter-Europe on April 24, 2008, Standard & Poor's Ratings Services had placed its 'B' long-term corporate credit ratings on Ocean Rig Norway A.S. on CreditWatch with positive implications. The CreditWatch placement follows a recent change in ownership, in which Greece-based Dry Ships Inc. increased it stake from 30% to 49.9%. The chairman and CEO of Dry Ships privately holds 4.4% of Ocean Rig. OCEAN RIG: Oslo Bors Accepts DryShips' Mandatory Offer for Stake ---------------------------------------------------------------- Ocean Rig Norway AS disclosed in its website that Oslo Bors has approved the mandatory offer to acquire the shares of Ocean Rig ASA made by Primelead Limited a 100% subsidiary of DryShips Inc. The offer price was NOK45 per share in cash The offer is valid from and including May 14, 2008 to June 11, 2008 at 4:30 p.m. (CET). Ocean Rig Norway AS -- http://www.ocean-rig.com/-- owns and operates two drilling rigs, built for ultra deep waters and extreme weather conditions. The units are currently operating in the US Gulf of Mexico and in the North Sea. * * * As reported in the Troubled Company Reporter-Europe on April 24, 2008, Standard & Poor's Ratings Services had placed its 'B' long-term corporate credit ratings on Ocean Rig Norway A.S. on CreditWatch with positive implications. The CreditWatch placement follows a recent change in ownership, in which Greece-based Dry Ships Inc. increased it stake from 30% to 49.9%. The chairman and CEO of Dry Ships privately holds 4.4% of Ocean Rig. OCEAN RIG: First Quarter 2008 Revenue Ups to US$67.8 Million ------------------------------------------------------------ Ocean Rig Norway AS reported that revenue for the 1st quarter 2008 was US$67.8 million, increasing from US$40.8 million in the 4th quarter 2007, mainly due to higher day rates and higher earnings efficiencies. Operating expenses of US$35.6 million, decreased by US$1.0 million from 4th quarter 2007. EBITDA was US$32.2 million for the quarter, up from US$4.2 million in the 4th quarter 2007. Ocean Rig Norway AS -- http://www.ocean-rig.com/-- owns and operates two drilling rigs, built for ultra deep waters and extreme weather conditions. The units are currently operating in the US Gulf of Mexico and in the North Sea. * * * As reported in the Troubled Company Reporter-Europe on April 24, 2008, Standard & Poor's Ratings Services had placed its 'B' long-term corporate credit ratings on Ocean Rig Norway A.S. on CreditWatch with positive implications. The CreditWatch placement follows a recent change in ownership, in which Greece-based Dry Ships Inc. increased it stake from 30% to 49.9%. The chairman and CEO of Dry Ships privately holds 4.4% of Ocean Rig. ============= R O M A N I A ============= CENTRAL EUROPEAN: Earns US$15.1 Mln in Quarter Ended March 31 ------------------------------------------------------------- Central European Media Enterprises Ltd. reported financial results for the three months ended March 31, 2008. Net revenues for the first quarter of 2008 increased 51% to US$223.5 million, compared to the first quarter of 2007. Operating income for the quarter increased US$31.4 million to US$44.7 million. Net income increased US$15.1 million, and fully diluted income per share increased by US$0.36 to US$0.35. Segment EBITDA for the first quarter of 2008 increased 86% to US$74.7 million, compared to the first quarter of 2007. Michael Garin, Chief Executive Officer of CME, said: "Following a spectacular 2007 performance, 2008 is off to a strong start and we are on route to achieve another record-setting year, with expected revenues of US$1.1 billion and broadcast Segment EBITDA of US$440 million. At a time when most media companies are struggling to deliver growth, CME is distinguishing itself from its peers by forecasting broadcast revenue growth of 30% and Segment EBITDA growth of 36%. We are aggressively developing our New Media businesses. They currently attract more than 1.2 million unique daily visitors. In a period of chaotic financial markets, the successful issuance of US$475 million in senior convertible notes has provided us with the financial resources to execute on our strategic growth initiatives and continue to drive value for shareholders." Adrian Sarbu, Chief Operating Officer of CME, added: "We are delivering terrific results in all our markets. Every one of CME's television stations exceeded our expectations in the first quarter. Our revenue growth initiatives combined with a focus on operating efficiencies continue to drive margin expansion. Once we complete the buyout of our partners in Studio 1+1, we will be in a strong position to capitalize on the rapid growth in our largest market, as everywhere else." Consolidated Results for the Three Months Ended March 31, 2008 Consolidated net revenues for the three months ended March 31, 2008 increased by 51% to US$223.5 million from US$147.9 million for the three months ended March 31, 2007. Operating income for the quarter was US$44.7 million compared to US$13.3 million for the three months ended March 31, 2007. Net income for the quarter was US$14.9 million compared to a loss of US$0.3 million for the three months ended March 31, 2007. Fully diluted income loss per share for the three months ended March 31, 2008 increased US$0.36 to US$0.35. Segment Results for the Three Months Ended March 31, 2008 For the three months ended March 31, 2008, total Segment Net Revenues increased 51% to US$223.5 million from US$147.9 million for the three months ended March 31, 2007. Total Segment EBITDA for the three months ended March 31, 2008 increased 86% to US$74.7 million from US$40.1 million in the three months ended March 31, 2007. Segment EBITDA margin for the three months ended March 31, 2008 was 33% compared to 27% in the three months ended March 31, 2007. In addition, the company expects to incur corporate operating costs (excluding non-cash stock-based compensation) of approximately US$38 million and capital expenditures of approximately US$140 million. Segment Net Revenues are equal to US GAAP net revenues. About Central European Media Central European Media Enterprises Ltd. (NASDAQ/Prague Stock Exchange - CETV) a Bermuda-based company, is a TV broadcasting company with leading networks in six Central and Eastern European countries with an aggregate population of approximately 90 million people. The company's television stations are located in Croatia (Nova TV), Czech Republic (TV Nova, Nova Cinema, Galaxie Sport), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (TV Markíza, Galaxie Sport), Slovenia (POP TV, Kanal A) and Ukraine (Studio 1+1, Studio 1+1 International, Kino, Citi). * * * As reported in the Troubled Company Reporter-Europe on April 28, 2008, Standard & Poor's Ratings Services assigned its 'BB' debt rating to the US$475 million senior secured convertible notes due 2013 issued by Bermuda-based emerging markets TV broadcaster, Central European Media Enterprises Ltd. in March 2008. The long-term corporate credit rating was affirmed at 'BB'. The outlook is stable. =========== R U S S I A =========== AZOV-SEM-OVOSH OJSC: Creditors Must File Claims by June 26 ---------------------------------------------------------- Creditors of OJSC Azov-Sem-Ovosh have until June 26, 2008, to submit proofs of claim to: M. Kovaleva Insolvency Manager Office 317 Serafimovicha Str. 58 344002 Rostov-na-Donu Russia The Arbitration Court of Rostov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A53-318/08-S1-30. The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: OJSC Azov-Sem-Ovosh Yuzhnaya Str. 9 Azov Rostov Russia BUILDER-3 LLC: Creditors Must File Claims by June 26 ---------------------------------------------------- Creditors of LLC Builder-3 have until June 26, 2008, to submit proofs of claim to: P. Moskalenko Insolvency Manager Post User Box 107 690005 Vladivostok Russia The Arbitration Court of Primorye commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A51-14081/2007 15-2B. The Court is located at: Arbitration Court of Primorye Room 313 Svetlanovskaya Str. 54 Vladivostok Russia The Debtor can be reached at: LLC Builder-3 Dalnyaya Str. 6 Nakhodka 692909 Primorye Russia DON XXI: Creditors Must File Claims by June 26 ---------------------------------------------- Creditors of CJSC Don XXI have until June 26, 2008, to submit proofs of claim to: G. Shirkin Insolvency Manager Office 317 Serafimovicha Str. 58 344002 Rostov-nd-Donu Russia The Arbitration Court of Rostov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A53-143/08-S1-30. The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: CJSC Don XXI Druzhby Str. 63 Starorotovka Matveevo-Kurganskiy Rostov Russia FIRST UNITED: Moody's Puts B3/Baa2.ru Ratings on Domestic Bonds --------------------------------------------------------------- Moody's Investors Services has assigned a B3 long-term local currency debt rating to the Series 01 local currency-denominated bonds to be issued by First United Bank (rated E+/B3/Not Prime, stable), which will represent a senior unsecured claim on the bank. Concurrently, Moody's Interfax Rating Agency assigned a long- term national scale rating of Baa2.ru to this bond issue. Moscow-based Moody's Interfax is majority-owned by Moody's, a leading global rating agency. The outlook on the global scale debt rating is stable, while the national scale rating carries no specific outlook. "The assigned debt rating is in line with the bank's current long-term global currency deposit rating of B3," says Olga Ulyanova, Moody's lead analyst for FUB. The debt issuance will be made in the amount of RUB1.5 billion (US$64 million) for a three-year term, with a one-year put option. Moody's notes, that, in accordance with the issuing circular, the bank is obliged to support the quotation of its Series 01 domestic bonds on List B of the Moscow Interbank Currency Exchange. In the case of de-listing the bonds from List B, any holder of the bonds has the right to require early redemption of the bonds by FUB, including the principal amount and interest accrued. The obligations of FUB to make payments under the bond issue will rank at all times at least pari passu with the claims of all other unsecured creditors of the bank, except those whose claims are preferred by any bankruptcy, insolvency, liquidation or similar laws of general application. Moody's notes that Russia is, in general, a country with individual depositor preferences, which may reduce the recovery rates for the bondholders, especially if individual deposits were to represent a sizeable proportion of the bank's liabilities at the moment of liquidation. Domiciled in Samara, Russia, FUB reported total assets of US$893 million and total equity of US$117 million under Russian Accounting Standards as of year-end 2007. As of year-end 2006 FUB's IFRS assets totaled US$470 million and IFRS equity was US$40 million. MOSCOW PLANETARIUM: Declared Bankrupt by Moscow Court ----------------------------------------------------- The Moscow Arbitration Court, on Tuesday, May 13, 2008, declared the Moscow Planetarium bankrupt, RIA Novosti reports. According to receiver Alexie Tarasov, who filed a bankruptcy petition against the planetarium at the request of creditors, debts totaled RUR1.7 billion (US$72 million), RIA Novosti relates. The platenarium's main creditors, RIA Novosti discloses, include the Federal Tax Service, the Moscow City Property Department, and construction company Energomashkonsalting, which it owed RUR9 million (US$380,000) . Ria Novosti reveals the city, which holds a 61% stake in the planetarium, repaid the Energomashkonsalting debt. However, Igor Mikitasov, the director of the planetarium, claimed the city engineered the bankruptcy, stating unidentified people offered a US$250,000 bribe to get a favorable court decision, Moscow Times says, citing the Associated Press. Mr. Miktasov further alleged the city intends to sell the planetarium to a developer which will utilize the prime real estate for more lucrative purposes, the Moscow Times notes. Meanwhile, Natalya Bykova, a spokeswoman for the Moscow property department, said the planetarium is set to reopen next year, adding renovations, which halted in 2006, would be completed using city funds, the Moscow Times states. NEVA LLC: Creditors Must File Claims by June 26 ----------------------------------------------- Creditors of LLC Neva have until June 26, 2008, to submit proofs of claim to: S. Vorobey Insolvency Manager Derzhavinskaya Str. 16a, 605 392000 Tambov Russia The Arbitration Court of Tambov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A 64-6415/07-25. The Court is located at: The Arbitration Court of Tambov Penzenskaya Str. 67/12 392020 Tambov Russia The Debtor can be reached at: LLC Neva B. Dvoynya Tambov Russia PAVLOVSK-AGROSNAB-HOLDING: Creditors Must File Claims by June 26 ---------------------------------------------------------------- Creditors of CJSC Pavlovsk-Agrosnab-Holding have until June 26, 2008, to submit proofs of claim to: E. Gorskikh Insolvency Manager Post User Box 3503 656049 Barnaul Russia Tel: (3852) 380104 The Arbitration Court of Altay will convene at 2:30 p.m. on Sept. 17, 2008, to hear the bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A03-9552/07-B. The Debtor can be reached at: CJSC Pavlovsk-Agrosnab-Holding Zavodskaya Str. 15 Pavlovsk Altay Russia SIB-AUTO CJSC: Creditors Must File Claims by June 26 ---------------------------------------------------- Creditors of CJSC Sib-Auto (TIN 7206031767) have until June 26, 2008, to submit proofs of claim to: N. Zakharova Insolvency Manager 8th Floor Respubliki Str. 249 Tyumen Russia The Arbitration Court of Tyumen commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A70-5140/3-2007. The Court is located at: The Arbitration Court of Tyumen Khokhryakova Str. 77 627000 Tyumen Russia The Debtor can be reached at: N. Zakharova Insolvency Manager 8th Floor Respubliki Str. 249 Tyumen Russia SISTEMA JSFC: Signs MoU with UAE's DAS Holding ---------------------------------------------- Sistema JSFC announced on May 13, 2008, that it has signed a Memorandum of Understanding with DAS Holding LLC. The main goal of the memorandum is to develop the cooperation in various sectors of the economy, such as investments into real estate and construction projects, banking, medicine, tourism and the hotel business in Russia, the CIS and United Arab Emirates. The MoU was signed by Vladimir Evtushenkov, Sistema's chairman of the board of directors and Khalid Deemas Al Suwaidi DAS Holding's CEO. In addition, Sistema and DAS Holding intend to develop cooperation in a number of areas, such as: -- joint participation and investment into telecommunications projects, as well as project management; -- prospective mutually beneficial investments in oil and gas projects; -- involvement of investment funds in financing joint venture projects aimed at developing new technologies; -- creation of crisis management centers; and -- creation of the information centre for geological resources aimed at providing the data to the potential investors. Headquartered in Abu Dhabi, UAE, DAS Holding LLC -- http://www.dasholding.ae/-- is an international investment holding company. DAS Holding LLC comprises a number of subsidiaries operating in various business sectors and providing a broad range of products and services, such as oil and gas, financial services, construction, property management, business consulting, hotel business, health care, pharmaceutical industry, transport, advertising, mass media, publishing and information technologies. About Sistema Headquartered in Moscow, Russia, Sistema JSFC -- http://www.sistema.com/-- develops and manages market- leading businesses in selected service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. * * * As of March 4, 2008, Sistema JSFC carries a Ba3 long-term corporate family rating and a B2 senior unsecured debt rating from Moody's, which said the outlook is positive. The company also carries Standard & Poor's BB- long-term foreign and local issuer credit ratings. S&P said the outlook is negative. Sistema JSFC carries BB- Issuer Default rating from Fitch, which said the outlook is stable. SITRONICS JSC: Unit Inks EUR40 Million Contract with Syria ---------------------------------------------------------- Intracom Telecom, a part of Sitronics Telecom Solutions business division, confirmed on May 12, 2008, a EUR40 million agreement with the Syrian Wireless Organization for the deployment of a wireless telecommunications network in Syria. Under the framework of this contract, Intracom Telecom will build a National Wireless Network providing public institutions with emergency and disaster communications and a substitute communication network. This turn-key project will employ Tetra technology from the Italian Selex Communications S.p.A, and is estimated to be completed within 22 months. Mr. Alexandros Manos, Managing Director of Intracom Telecom, commented: "After a very challenging selection process, Intracom Telecom was awarded by the Syrian Wireless Organization the deployment of this large-scale project. This state-of-the-art network will provide fast, reliable, high-quality and cost- effective telecommunication services across Damascus and numerous provinces of Syria. This project award establishes a key strategic partnership with SWO, further leveraging our potential in the MEA markets and broadening our international business portfolio." The agreement between the Syrian government's SWO and Intracom Telecom was signed in Damascus before Syria's Communications Minister, Imad Abdul-Ghani Sabbouni, and the Hellenic Foreign Ministry representative. About Syrian Wireless Organization The Syrian Wireless Organization is a governmental entity part of ministry of telecommunication and technology, Established in 2004 for provisioning of wireless services to government and private sector. SWO is responsible for operating the national wide wireless network which is considered one of the most important wireless systems in Syria and containing an integrated emergency subsystem. In addition to that SWO is about to launch the Radio taxi Project which is a trucked system serving the radio taxi companies all over Syria. About SELEX Communications S.p.A SELEX Communications, a Finmeccanica Company, is a global supplier of advanced communication, navigation and identification solutions to protect communities, and critical national infrastructure for government, military and civil customers. With over 100 years of experience and driven by a relentless quest for innovation, the company develops state-of- the-art communications solutions that meet customer requirements and exceed their expectations. Headquartered in Italy and with worldwide offices and facilities, SELEX Communications employs about 4.700 people. About Intracom Telecom Intracom Telecom develops and produces telecommunication systems as well as provide integrated solutions and professional services to fixed and mobile operators in the EEMEA region. Intracom Telecom has 2,700 employees and operates subsidiaries in 14 countries. Since June 2006, Intracom Telecom has been controlled by JSC SITRONICS (Russia) with 51%. JSC SITRONICS is the technology subsidiary of JSFC SISTEMA, the largest consumer services company in Central and Eastern Europe. Intracom Holdings Group (Greece) retains a 49% stake. About JSC Sitronics Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) -- http://www.sitronics.com/-- provides telecommunications solutions, IT solutions and microelectronic solutions in the CIS region with a rapidly growing presence in other EEMEA markets. Sistema controls the company. * * * JSC Sitronics still holds Fitch Ratings' Long-term Issuer Default Rating of 'B-' with a Stable Outlook. SLAVYANSKAYA SEED-GROWING: Creditors Must File Claims by June 26 ---------------------------------------------------------------- Creditors of OJSC Slavyanskaya Seed-Growing Station (TIN 2349023934) have until June 26, 2008, to submit proofs of claim to: I. Kaydashov Insolvency Manager Post User Box 34 Tsybanobalka Anapa Russia The Arbitration Court of Krasnodar commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-32-13580/2007-37/393-B. The Court is located at: The Arbitration Court of Krasnodar Krasnaya Str. 6 Krasnodar Russia The Debtor can be reached at: OJSC Slavyanskaya Seed-Growing Station Proletarskaya Str. 9 Slavyansk-na-Kubani Russia =========== S W E D E N =========== XERIUM TECH: Posts US$4.7 Million Net Loss in First Quarter ----------------------------------------------------------- Xerium Technologies Reports First Quarter 2008 Results YOUNGSVILLE, N.C., May 07, 2008 (BUSINESS WIRE) -- Xerium Technologies, Inc. reported results for the first quarter ended March 31, 2008. Highlights for the quarter include: -- Net sales for the first quarter of 2008 were US$159.0 million, a 10.4% increase from net sales of US$144.0 million for the first quarter of 2007. Excluding currency effects, first quarter 2008 net sales increased 2.4% from the first quarter of 2007, with growth of 2.7% and 1.6% in the clothing and roll covers segments, respectively. -- Income from operations increased by 21.2% to US$20.6 million in the first quarter of 2008 from US$17.0 million in the first quarter of 2007. Restructuring and impairment expenses in the first quarter of 2008 were US$0.5 million, as compared to US$4.1 million in the first quarter of 2007. -- Xerium recorded a net loss of US$4.7 million, or US$0.10 per diluted share, for the first quarter of 2008. Significant items contributing to the net loss were a US$12.2 million pre-tax, non-cash charge to interest expense reflecting the mark-to-market decrease in the fair value of the company's interest rate swaps in the first quarter of 2008, compared to a US$1.6 million charge in the first quarter of 2007 and a provision for income taxes of US$3.6 million in the first quarter of 2008, compared to US$1.4 million in the first quarter of 2007. Net income for the first quarter 2007 was US$3.0 million, or US$0.07 per diluted share. -- Net cash generated by operating activities was US$29.8 million for the first quarter of 2008, compared to US$15.3 million in the same quarter last year, resulting primarily from improvements in working capital. -- Adjusted EBITDA (as defined in the Company's credit facility) was US$34.8 million for the first quarter of 2008, compared to US$32.8 million for the first quarter of 2007. -- Cash on hand at March 31, 2008 was US$31.0 million compared to cash on hand of US$17.7 million at March 31, 2007. Cash on hand at December 31, 2007 was US$24.2 million. Total debt principal and interest payments amounted to US$24.8 million during the first quarter of 2008 as compared with US$13.7 million during the first quarter of 2007. -- As a result of the Company's credit facility issues, company's balance sheet as of March 31, 2008 includes a reclassification to current debt of US$658.8 million, the portion of the long-term debt under the senior credit facility that would have been in default of the credit agreement had the Company not obtained the temporary waiver. Additionally, because this debt is potentially payable prior to the expiration of the underlying interest rate swaps, hedge accounting under SFAS No. 133 was no longer applicable for the Company's interest rate swaps and the mark-to-market decrease in their fair value of US$12.2 million was recorded as a non-cash charge to interest expense during the first quarter of 2008. Credit Facility Update Xerium's credit facility requires the company to meet certain operating requirements and financial ratios in order to avoid a default or event of default under the facility. Although the Company expects it would generate cash flow from operations sufficient to service the debt under the credit facility prior to the stated maturity of the debt if there is not otherwise an event of default and acceleration of the maturity of the debt, the Company did not satisfy the leverage ratio covenant for the period ended March 31, 2008. Failure to satisfy the covenant would constitute a default under its credit facility absent a waiver from its lenders. Going Concern Statement As previously reported, Xerium's independent registered public accounting firm included an explanatory paragraph in its report on the 2007 consolidated financial statements related to the uncertainty in the Company's ability to continue as a going concern. The going concern notation also constitutes a default under the Company's credit facility absent a waiver. Waiver On April 8, 2008, the company obtained a temporary waiver from the lenders for these defaults. The waiver is in effect until May 31, 2008. Because the existing financial ratio covenants become more restrictive over time, the company does not expect to be in compliance with certain financial ratio covenants for future periods as well. The company is currently seeking to secure a permanent waiver and to amend the financial covenants and other parameters in its credit facility. As disclosed on March 18, 2008, the Company determined not to declare a cash dividend on its common stock for the first quarter of 2008. The credit facility waiver described above amends the credit facility to prohibit the payment of dividends on the Company's common stock. Stephen Light, President and Chief Executive Officer of Xerium Technologies, said, "Our operating results for the first quarter were solid, despite ongoing challenges in portions of the paper industry. Importantly, net cash generated by operating activities improved significantly as our initial efforts to enhance working capital began to take hold." He added, "We remain in active discussions with our lending group to secure amendments to the Company's credit facility to avoid default and allow Xerium greater financial and operating flexibility going forward. In concert with these discussions, we are finalizing a revised, long-range business plan designed to increase cash generation over the next few years through improved operating efficiencies and working capital reductions, and to apply that cash to the repayment of debt. We believe the achievement of these measures will significantly enhance the Company's operations and results in the future." Additional Quarterly Financial Highlights -- Capital expenditures for the first quarter of 2008 were US$12.1 million, compared to US$7.1 million for the first quarter of 2007. Approximately US$9.8 million of capital expenditures in this year's quarter were directed toward projects designed to support the company's growth objectives, with the remaining US$2.3 million used to sustain the company's existing operations and facilities. Less than US$1 million of new capital expenditures was committed during the quarter. -- The company recorded a foreign exchange gain in the first quarter of 2008 of US$3.5 million, compared to a foreign exchange loss of US$0.4 million in the first quarter of 2007. Foreign exchange gains and losses are primarily the result of intercompany activity and hedging thereon. -- The company recorded a provision for income taxes of US$3.6 million in the first quarter of 2008 resulting primarily from tax liability in countries outside of the United States, compared to US$1.4 million in the first quarter of 2007. -- During the first quarter of 2008, Xerium made total debt principal repayments of US$12.0 million, compared to US$6.0 million in the first quarter 2007. About Xerium Headquartered in Youngsville, North Carolina, Xerium Technologies Inc. (NYSE: XRM) -- http://xerium.com/-- manufactures and supplies two types of consumable products used primarily in the production of paper: clothing and roll covers. The company, which operates around the world under a variety of brand names, utilizes a broad portfolio of patented and proprietary technologies to provide customers with tailored solutions and products integral to production, all designed to optimize performance and reduce operational costs. With 35 manufacturing facilities in 15 countries around the world, Xerium has approximately 3,700 employees. In Europe the company has subsidiaries in Austria, Italy, Germany, Sweden, Spain, the United Kingdom, Finland, France, Switzerland and Ireland. Xerium also has subsidiaries in Asia, particularly in China, Hong Kong, Australia, Japan and Vietnam. Three subsidiaries are meanwhile located in Central and South America, specifically Brazil, Mexico and Argentina. ============= U K R A I N E ============= BANK FORUM: Fitch Affirms Foreign Currency IDR at BB- ----------------------------------------------------- Fitch Ratings has changed the Outlooks to Stable from Positive for the Long-term foreign currency and local currency Issuer Default ratings of Bank Forum. This action follows the revision of the Outlook for Ukraine's Long-term foreign and local currency IDRs of 'BB-' to Stable from Positive. Bank Forum: -- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook changed to Stable from Positive -- Long-term local currency IDR: affirmed at 'BB'; Outlook changed to Stable from Positive -- Short-term foreign currency IDR: affirmed at 'B' -- Support rating: affirmed at '3' -- Individual rating: affirmed at 'D/E' The change in Outlooks for the IDRs of Forum reflect the reduced potential for a change in the Ukraine's Country Ceiling, as reflected in the change in Outlook on Ukraine's IDRs. At present, the Country Ceiling of Ukraine limits the extent to which support from the shareholders of this bank can be factored into its Long-term foreign currency IDRs, and Long-term local currency IDRs also take into account Ukrainian country risks. Forum is majority (60%+one share)-owned by German Commerzbank AG ('A'/Stable). The Long- and Short-term IDR and Support ratings of this bank reflects the moderate probability of support being forthcoming from their majority shareholders, in case of need. EXPORT-IMPORT BANK: Fitch Affirms Foreign Currency IDR at BB- ------------------------------------------------------------- Fitch Ratings has changed the Outlooks to Stable from Positive for the Long-term foreign currency and local currency Issuer Default ratings of JSC The State Export-Import Bank of Ukraine. This action follows the revision of the Outlook for Ukraine's Long-term foreign and local currency IDRs of 'BB-' to Stable from Positive. JSC The State Export-Import Bank of Ukraine: -- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook changed to Stable from Positive -- Short-term foreign currency IDR: affirmed at 'B' -- Support rating: affirmed at '3' -- Individual rating: affirmed at 'D', -- Support Rating Floor: affirmed at 'BB-', -- National Long-term rating: affirmed at 'AA(ukr)'; Outlook Stable At present, the Country Ceiling of Ukraine limits the extent to which support from the shareholders of this bank can be factored into its Long-term foreign currency IDRs, and Long-term local currency IDRs also take into account Ukrainian country risks. Ukreximbank's Long- and Short-term IDRs and Support ratings reflect Fitch's view of the very strong propensity of the Ukrainian authorities to provide support for this bank in case of need, although the ability to provide that support is less certain, as reflected in Ukraine's 'BB-' Long-term IDRs. Ukreximbank is 100%-owned by the state (represented by the Cabinet of Ministers of Ukraine). Non-binding letters of support from the government have been provided in the offering circulars of Ukreximbank's international debt issues (the most recent dated March 2007). PRIVATBANK CJSC: Fitch Affirms Foreign Currency IDR at BB- ---------------------------------------------------------- Fitch Ratings has changed the Outlooks to Stable from Positive for the Long-term foreign currency and local currency Issuer Default ratings of CJSC Privatbank. This action follows the revision of the Outlook for Ukraine's Long-term foreign and local currency IDRs of 'BB-' to Stable from Positive. CJSC Privatbank's: -- Long-term foreign currency IDR: affirmed at 'B'; Outlook changed to Stable from Positive -- Short-term foreign currency IDR: affirmed at 'B' -- Support rating: affirmed at '4' -- Individual rating: affirmed at 'D' -- Support Rating Floor: affirmed at 'B' Privat's Long- and Short-term IDRs and Support rating reflect Fitch's view that the Ukrainian authorities are likely to have a high propensity to support the bank in case of need, based on Privat's size and importance to the Ukrainian banking sector: it is the country's largest privately owned bank with share of approximately 9% in sector assets and 14% in retail deposits. However, Fitch again notes limited ability of the authorities to provide support if required, as reflected in the 'BB-'sovereign Long-term IDRs. PROCREDIT BANK: Fitch Affirms Foreign Currency IDR at BB- --------------------------------------------------------- Fitch Ratings has changed the Outlooks to Stable from Positive for the Long-term foreign currency and local currency Issuer Default ratings of ProCredit Bank (Ukraine). This action follows the revision of the Outlook for Ukraine's Long-term foreign and local currency IDRs of 'BB-' to Stable from Positive. ProCredit Bank (Ukraine): -- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook changed to Stable from Positive -- Long-term local currency IDR: affirmed at 'BB'; Outlook changed to Stable from Positive -- Short-term foreign currency IDR: affirmed at 'B' -- Short-term local currency IDR: affirmed at 'B' -- Support rating: affirmed at '3' -- Individual rating: affirmed at 'D' -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook Stable The change in Outlooks for the IDRs ProCredit Ukraine reflect the reduced potential for a change in the Ukraine's Country Ceiling, as reflected in the change in Outlook on Ukraine's IDRs. At present, the Country Ceiling of Ukraine limits the extent to which support from the shareholders of this bank can be factored into its Long-term foreign currency IDRs, and Long- term local currency IDRs also take into account Ukrainian country risks. ProCredit Ukraine is 60%-owned by Germany's ProCredit Holding AG ('BBB-'/Stable). The Long- and Short-term IDR and Support ratings of this bank reflects the moderate probability of support being forthcoming from their majority shareholders, in case of need. The change in Outlooks for the Long-term IDRs of Oschadny, Ukreximbank and Privat reflect the reduced likelihood of an improvement in the government's ability to provide support in case of need, as reflected in the change in the Outlooks for the sovereign Long-term IDRs. STATE SAVINGS: Fitch Affirms Foreign Currency IDR at BB- -------------------------------------------------------- Fitch Ratings has changed the Outlooks to Stable from Positive for the Long-term foreign currency and local currency Issuer Default ratings of JSC State Savings Bank of Ukraine. This action follows the revision of the Outlook for Ukraine's Long- term foreign and local currency IDRs of 'BB-' to Stable from Positive. JSC State Savings Bank of Ukraine: -- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook changed to Stable from Positive -- Long-term local currency IDR: affirmed at 'BB-'; Outlook changed to Stable from Positive -- Short-term foreign currency IDR: affirmed at 'B' -- Support rating: affirmed at '3' -- Individual rating: affirmed at 'D' -- Support Rating Floor: affirmed at 'BB-' (BB minus) -- National Long-term rating: affirmed at 'AA(ukr)'; Outlook Stable At present, the Country Ceiling of Ukraine limits the extent to which support from the shareholders of this bank can be factored into its Long-term foreign currency IDRs, and Long-term local currency IDRs also take into account Ukrainian country risks. Oschadny's Long- and Short-term IDRs and Support ratings reflect Fitch's view of the very strong propensity of the Ukrainian authorities to provide support for these banks in case of need, although the ability to provide that support is less certain, as reflected in Ukraine's 'BB-' Long-term IDRs. Oschadny is owned by the state (represented by the Cabinet of Ministers of Ukraine). SWEDBANK OJSC: Fitch Affirms Foreign Currency IDR at BB- -------------------------------------------------------- Fitch Ratings has changed the Outlooks to Stable from Positive for the Long-term foreign currency and local currency Issuer Default ratings of OJSC Swedbank. This action follows the revision of the Outlook for Ukraine's Long-term foreign and local currency IDRs of 'BB-' to Stable from Positive. OJSC Swedbank: -- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook changed to Stable from Positive -- Long-term local currency IDR: affirmed at 'BB'; Outlook changed to Stable from Positive -- Short-term foreign currency IDR: affirmed at 'B' Support rating: affirmed at '3' -- Individual rating: affirmed at 'D/E' -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook Stable The change in Outlooks for the IDRs of Swedbank reflect the reduced potential for a change in the Ukraine's Country Ceiling, as reflected in the change in Outlook on Ukraine's IDRs. At present, the Country Ceiling of Ukraine limits the extent to which support from the shareholders of this bank can be factored into its Long-term foreign currency IDRs, and Long-term local currency IDRs also take into account Ukrainian country risks. Swedbank is 100%-owned by Swedbank AB ('A+'/Stable). The Long- and Short-term IDR and Support ratings of this bank reflect the moderate probability of support being forthcoming from their majority shareholders, in case of need. UKRSIBBANK JSCIB: Fitch Affirms Foreign Currency IDR at BB- ----------------------------------------------------------- Fitch Ratings has changed the Outlooks to Stable from Positive for the Long-term foreign currency and local currency Issuer Default ratings of JSCIB UkrSibbank. This action follows the revision of the Outlook for Ukraine's Long-term foreign and local currency IDRs of 'BB-' to Stable from Positive. JSCIB UkrSibbank: -- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook changed to Stable from Positive -- Long-term local currency IDR: affirmed at 'BB'; Outlook changed to Stable from Positive -- Short-term foreign currency IDR: affirmed at 'B' -- Support rating: affirmed at '3' -- Individual rating: affirmed at 'D' -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook Stable The change in Outlooks for the IDRs of UkrSib reflect the reduced potential for a change in the Ukraine's Country Ceiling, as reflected in the change in Outlook on Ukraine's IDRs. At present, the Country Ceiling of Ukraine limits the extent to which support from the shareholders of this bank can be factored into its Long-term foreign currency IDRs, and Long-term local currency IDRs also take into account Ukrainian country risks. UkrSib is 51%-owned by France's BNP Paribas ('AA'/Stable). The Long- and Short-term IDRs and Support ratings of this bank reflects the moderate probability of support being forthcoming from their majority shareholders, in case of need. UKRSOTSBANK: Fitch Affirms Foreign Currency IDR at BB- ------------------------------------------------------ Fitch Ratings has changed the Outlooks to Stable from Positive for the Long-term foreign currency and local currency Issuer Default ratings of Ukrsotsbank. This action follows the revision of the Outlook for Ukraine's Long-term foreign and local currency IDRs of 'BB-' to Stable from Positive. Ukrsotsbank: -- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook changed to Stable from Positive -- Long-term local currency IDR: affirmed at 'BB'; Outlook changed to Stable from Positive -- Short-term foreign currency IDR: affirmed at 'B' -- Support rating: affirmed at '3' -- Individual rating: affirmed at 'D' The change in Outlooks for the IDRs of Ukrsots reflect the reduced potential for a change in the Ukraine's Country Ceiling, as reflected in the change in Outlook on Ukraine's IDRs. At present, the Country Ceiling of Ukraine limits the extent to which support from the shareholders of these banks can be factored into their Long-term foreign currency IDRs, and their Long-term local currency IDRs also take into account Ukrainian country risks. Ukrsots is 94.2%-owned by Italy-based UniCredit ('A+'/Positive). The Long- and Short-term IDRs and Support ratings of this bank reflects the moderate probability of support being forthcoming from their majority shareholders, in case of need. VTB BANK: Fitch Affirms Foreign Currency IDR at BB- --------------------------------------------------- Fitch Ratings has changed the Outlooks to Stable from Positive for the Long-term foreign currency and local currency Issuer Default ratings of JSC VTB Bank (Ukraine). This action follows the revision of the Outlook for Ukraine's Long-term foreign and local currency IDRs of 'BB-' to Stable from Positive. JSC VTB Bank (Ukraine): -- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook changed to Stable from Positive -- Long-term local currency IDR: affirmed at 'BB'; Outlook changed to Stable from Positive -- Short-term foreign currency IDR: affirmed at 'B' -- Support rating: affirmed at '3' -- Individual rating: affirmed at 'D/E' -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook Stable The change in Outlooks for the IDRs of VTBU reflect the reduced potential for a change in the Ukraine's Country Ceiling, as reflected in the change in Outlook on Ukraine's IDRs. At present, the Country Ceiling of Ukraine limits the extent to which support from the shareholders of this bank can be factored into its Long-term foreign currency IDRs, and Long-term local currency IDRs also take into account Ukrainian country risks. VTBU is almost 100%-owned by Russia's JSC Bank VTB ('BBB+'/Stable). The Long- and Short-term IDRs and Support ratings of this bank reflects the moderate probability of support being forthcoming from their majority shareholders, in case of need. * Fitch Affirms Ukraine's Long-term Foreign IDR at BB- ------------------------------------------------------ Fitch Ratings has revised Ukraine's Outlooks to Stable from Positive. Its Long-term foreign and local Issuer Default Ratings are affirmed at 'BB-'. The Country Ceiling is affirmed at 'BB-' and the Short-term foreign currency IDR at 'B'. "Ukraine's recent strong macroeconomic performance faces growing risks from accelerating inflation and a rising current account deficit," says Andrew Colquhoun, Director in Fitch's Sovereigns Group. "While improving fundamentals continue to support Ukraine's ratings, an uncertain policy response is not convincingly mitigating the near-term risks facing the economy, justifying a reversion to a Stable Outlook." GDP growth has averaged 7%pa since 2000, boosting average incomes to 91% of the 'BB' range median, from 43% in 2000, a fundamental improvement supporting the rating. However, Ukraine's annual headline inflation reached 30% in April 2008 from 17% at end-2007, one of the highest among Fitch-rated sovereigns. While a 47% rise in food prices has boosted inflation, overly loose monetary conditions have also played a role. Strong unsterilized capital inflows in the context of an exchange-rate peg drove broad-money growth of 52% over 2007, while credit to the private sector expanded 78% in the year to March 2008. The fiscal and monetary policy response to soaring inflation has been half-hearted. The authorities have so far rejected the IMF's advice for a near-balance budget this year, and expect a deficit of 1% of GDP, only 0.5pp below the original 2008 budget projection. The UAH has been allowed to climb 3% above its official band to around 4.79 by 14 May 2008 - but without a firm statement from the authorities on revising the band or moving to a free float. The central bank seems to be scaling back its earlier tightening of money-market liquidity conditions despite still-high inflation, casting further doubt on its policy strategy. In effect, Ukraine's monetary policy has no nominal objective to anchor private-sector inflation expectations, increasing the risk that high inflation will get locked in. Although the UAH is appreciating, Ukraine is increasingly dependent on foreign capital to finance a current account deficit that Fitch expects will rise to 7.5% in 2008, as a higher gas import bill adds about 1.5% of GDP to imports. Fitch projects Ukraine's gross external financing need, including short-term debt, at 136% of reserves in 2008, against a 'BB' range median of 59%. An interruption to financing could lead to UAH depreciation and still higher inflation. However, strong net FDI receipts (supported by Ukraine's WTO accession in 2008) offer support to the external finances. Ukrainian banks, which borrowed 8% of GDP from abroad in 2007, have faced more expensive foreign funding costs in more volatile global market conditions prevailing since August 2007, but have not been locked entirely out of markets, adding to confidence that a balance of payments crisis will be averted. A clearer anti-inflationary strategy from the authorities would help head off the risk of high inflation becoming entrenched in Ukraine's economy and would be positive for the ratings. Conversely, sustained high inflation would harm the efficiency of the economy, eroding the credit fundamentals, and would risk higher macroeconomic volatility in future, putting negative pressure on the ratings. A materialisation of risks in the external finances leading to UAH depreciation would add impetus to inflation and be negative for the ratings. =========================== U N I T E D K I N G D O M =========================== ABPM LTD: Appoints Joint Administrators from P&A ------------------------------------------------ Christopher Michael White and John Russell of The P&A Partnership were appointed joint administrators of ABPM Ltd. (Company Number 2833150) on May 2, 2008. The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- acts for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors The company can be reached at: ABPM Ltd. 16 New Oxford House Waterloo Street Birmingham B2 5UG England Tel: 0121 631 2777 Fax: 0121 665 4350 Web site: http://www.abpm.co.uk/ BAA LIMITED: Mark Bullock Quits as Heathrow Airport Chief --------------------------------------------------------- BAA Limited disclosed that Mark Bullock, managing director of Heathrow Airport, has chosen to leave the company in light of the change to the MD role at Heathrow as part of a structural change. Mr. Bullock, who has been with BAA since 2004, will be replaced by Mike Brown, who is currently the chief operating officer at London Underground, who will join BAA in September. "Mark Bullock has made a significant contribution to BAA and to Heathrow Airport in particular and has led the airport through a particularly challenging period," Colin Matthews, chief executive of BAA, said. "I am grateful for his efforts." "I now look forward to working with Mike Brown and his team as we continue driving passenger service standards across the airport and focus on the important work to transform the facilities we provide for passengers and airlines," Mr. Matthews added. "Mike joins BAA with a strong background in senior operational and customer service roles in a regulated and challenging environment and I know that he is looking forward to the important role he will play at Heathrow." "Leading the team at Heathrow Airport is an intense and demanding role, but one I have enjoyed very much," Mr. Bullock said. "The managing director role at the airport will change substantially under the new structure being introduced by Colin Matthews and, while I understand and support those important changes and the renewed focus on day-to-day operations, the time is clearly right for me to move on and take on new challenges. I wish my successor and everyone associated with Heathrow Airport every success in the future." About BAA Ltd. Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc) -- http://www.baa.com/-- owns and operates seven airports in the United Kingdom, including Heathrow, the world's busiest international airport, and Budapest Airport, serving 700 destinations by around 300 airlines. * * * As of April 17, 2008, BAA Limited carries BB- long-term corporate credit rating from Standard & Poor's Ratings Services, which said the Outlook is negative. BURTON AEROPARTS: Brings In Liquidators from Moore Stephens ----------------------------------------------------------- Nigel Price and Colin Prescott of Moore Stephens LLP were appointed joint liquidators of Burton Aeroparts Ltd. on April 16 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Moore Stephens LLP Beaufort House 94-96 Newhall Street Birmingham B3 1PB England CLEAR CHANNEL: Settles Suit and Amends Merger Agreement ------------------------------------------------------- Clear Channel Communications, Inc. reported that the company, entities sponsored by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P., and a bank syndicate consisting of Citigroup, Deutsche Bank, Morgan Stanley, Credit Suisse, Royal Bank of Scotland and Wachovia, have entered into a settlement agreement in connection with the lawsuits previously filed in the Supreme Court of the State of New York and the State Court in Bexar County, Texas. Pursuant to the terms of the settlement agreement, the parties have agreed to enter into a third amendment to the previously- announced merger agreement. Under the terms of the merger agreement, as amended, Clear Channel shareholders will receive US$36.00 in cash for each share they own. As an alternative to receiving the US$36.00 per share cash consideration, Clear Channel’s shareholders will again be offered the opportunity on a purely voluntary basis to exchange some or all of their shares of Clear Channel common stock on a one-for-one basis for shares of Class A common stock in CC Media Holdings, Inc., the new corporation sponsored by the private equity group to acquire Clear Channel. In limited circumstances, shareholders electing to receive some or all cash consideration, on a pro rata basis, will be issued shares of CC Media Holdings Class A common stock in exchange for some of their shares of Clear Channel stock, up to a cap of US$1.00 per share. Shareholders who elected to receive the stock consideration prior to the special meeting of shareholders held September 25, 2007 will have their shares of Clear Channel stock returned to them and will be required to make a new election prior to the new special shareholders’ meeting. While the merger is expected to close by the end of the third quarter 2008 pending shareholder approval, the parties to the settlement agreement have agreed to extend the outside date for completion of the merger to December 31, 2008. As part of the settlement agreement, the banks in the syndicate supporting the transaction have entered into fully-negotiated and documented definitive agreements to provide long-term financing to Clear Channel. The banks, the private equity investors, Clear Channel, certain shareholders, and Bank of New York (serving as escrow agent) have entered into an Escrow Agreement pursuant to which the private equity investors and the banks have agreed to fund into escrow the total amount of their respective equity and debt obligations, in a combination of cash and/or letters of credit, within ten and seven business days, respectively. Certain shareholders also have agreed to deposit into escrow securities of Clear Channel that these parties have agreed to exchange for Class A common stock of CC Media Holdings. Following deposit of funds and other property into escrow, each party to the merger related litigation pending in New York and Texas will file all papers necessary to terminate the litigation, with prejudice. The board of directors of Clear Channel has unanimously approved the amended merger agreement and recommends that the shareholders approve the amended merger agreement and the merger. The board of directors of Clear Channel makes no recommendation with respect to the voluntary stock election or the Class A common stock of the new corporation. The total number of Clear Channel shares that may elect to receive shares in the new corporation will make up 30% of the new corporation’s equity and is expected to be approximately 30 million. These shares would have a total value of approximately US$1.1 billion (at the US$36.00 per share cash consideration) and represent approximately 30% of the outstanding capital stock of the new corporation immediately following the closing of the merger. The terms of the merger agreement, as amended, provide that no shareholder will be allocated more than 11,111,112 shares representing an estimated 11% of the outstanding capital stock of the new corporation immediately following the closing of the merger. If Clear Channel shareholders elect to receive more than the allocated number of shares of the Class A common stock of the new corporation, then the shares will be allocated to shareholders who elect to receive them on a pro-rata basis. Those Clear Channel shareholders electing to receive shares of the new corporation will receive US$36.00 per share for any such Clear Channel shares that are not exchanged in this manner. The election process will occur in connection with the shareholder vote on the merger, and will be described fully in an updated proxy statement and prospectus that will be mailed to Clear Channel shareholders. The merger agreement, as amended, which will require shareholder approval, includes provisions limiting the fees payable to the private equity group in the transaction, and requiring that the board of directors of the new corporation at all times include at least two independent directors. The shares of CC Media Holdings to be issued to Clear Channel shareholders who elect to receive them in exchange for their existing shares will be registered with the Securities and Exchange Commission, but will not be listed on any national exchange. Goldman Sachs & Co. served as financial advisor to Clear Channel on the transaction, and Akin Gump Strauss Hauer & Feld LLP served as legal advisor to the company. Mark P. Mays, the Chief Executive Officer of Clear Channel, said: “We are very pleased to have reached this accord with our sponsors and the banks funding the transaction. This revised agreement is a win for our shareholders because it provides them with substantial value and certainty while avoiding the delay and inherent risks associated with complex litigation. Our shareholders will receive a significant premium over recent stock price levels and can elect to continue to participate in our future upside. Importantly, this agreement greatly increases the certainty that the merger will close because all debt and equity funds will be deposited in escrow until the transaction closes. Clear Channel’s business prospects will be enhanced further through an improved capital structure that includes a lower debt load. We appreciate greatly the support of our shareholders as well as the loyalty and hard work of our dedicated employees over these many months. We are eager to begin working with THL and Bain Capital, the stellar team that will help us to fulfill our considerable promise.” John P. Connaughton, a Managing Director at Bain Capital, stated: “We have been extremely pleased by our partnership with the Clear Channel management team. We believe this agreement, and the definitive long-term financing package the banks have agreed to provide, offers clarity and confidence to Clear Channel’s customers, employees and partners. We look forward to supporting the continued global market leadership, growth and success of the most innovative company in the radio broadcasting and out-of-home media space.” Scott M. Sperling, Co-President of THL Partners, said: “We are pleased to arrive at this resolution which enables us to complete the acquisition of Clear Channel. We appreciate that the banks have provided the company with the robust, long-term financing that will allow Clear Channel to achieve its outstanding operational and growth potential. We would like to thank all of the stakeholders who worked to achieve this positive outcome, and we are looking forward to working closely with our investment partners and with the entire Clear Channel leadership team to execute on our plans to grow the company to its full potential.” A representative of the bank group, Chad Leat, Chairman of the Alternative Asset Group at Citi, said: “The Banks are very pleased to have reached a constructive resolution of the matter. We look forward to an expeditious closing of the revised transaction and want to express our appreciation to all those who contributed to the solution. We look forward to participating with our partners in Clear Channel’s continued success.” In connection with its support of a settlement, Highfields Capital Management LP, which manages funds that beneficially own 7.7% of Clear Channel's common stock, extended its Voting Agreement with entities sponsored by the private equity group. Under the Agreement, Highfields has agreed to vote in favor of the transaction and to retain up to US$400 million in equity of CC Media Holdings. Additionally, the Agreement includes provisions assuring public shareholders who elect to receive stock in the surviving entity that they will receive equal treatment to the private equity investors in dividends and other distributions, representation on the Board of Directors of the surviving entity and have certain other rights following completion of the merger. Jonathon S. Jacobson, Senior Managing Director of Highfields, said: "As the largest shareholder in Clear Channel, we saw an opportunity to bring all parties together to remove the risk and uncertainty of litigation and we are glad that a constructive and mutually beneficial business solution could be reached. We fully support this revised transaction.” Richard L. Grubman, Senior Managing Director of Highfields, added: "Clear Channel can now accelerate the initiatives it has underway to capitalize on the strength of its assets and drive profitability. We look forward to continuing to play a meaningful role in ensuring the company is positioned to create substantial long-term value." Clear Channel will set a record date, time and place for a new special meeting of shareholders after filing an updated joint proxy statement/prospectus with the Securities and Exchange Commission. Shareholders with questions about the merger or how to vote their shares should call Clear Channel's proxy solicitor, Innisfree M&A Incorporated, toll-free at 877-456-3427. About Thomas H. Lee Thomas H. Lee Partners, L.P. -- http://www.THL.com/-- is one of the oldest and most successful private equity investment firms in the United States. Since its establishment in 1974, THL has been the preeminent growth buyout firm, raising approximately US$22 billion of equity capital, investing in more than 100 businesses with an aggregate purchase price of more than US$125 billion, completing over 200 add-on transactions and generating superior returns for its investors. THL Partners focuses its high value-added strategy on growth businesses, partnering with the best managers in an industry to build great companies through strong organic growth and targeted add-on acquisitions. Notable transactions sponsored by THL include Aramark, Ceridian, Dunkin’ Brands, Experian, Fidelity National Information Services, Grupo ONO, HomeSide Lending, Houghton Mifflin, Michael Foods, The Nielsen Company, Nortek, ProSiebenSat.1, Simmons Bedding Company, Snapple, Univision, Warner Chilcott, Warner Music Group and West Corporation. About Bain Capital Bain Capital Partners, LLC -- http://www.baincapital.com/-- is a global private investment firm that manages several pools of capital including private equity, high-yield assets, mezzanine capital and public equity with more than US$65 billion in assets under management. Since its inception in 1984, Bain Capital has made private equity investments and add-on acquisitions in over 300 companies around the world, including investments in a broad range of companies such as Burger King, HCA, Warner Chilcott, Toys “R” Us, Michaels Stores, Dunkin’ Brands and ProSiebenSat1 Media. Headquartered in Boston, Bain Capital has offices in New York, London, Munich, Tokyo, Hong Kong and Shanghai. About Highfields Capital Based in Boston, Massachusetts, Highfields Capital Management -- http://www.highfieldscapital.com/-- is a value-oriented investment firm which principally makes long-term investments in public and private companies around the globe. It currently manages over US$11 billion of capital on behalf of college and university endowments, charitable foundations and other philanthropic organizations, high net worth families and individual investors. Highfields invests in a wide variety of industries, securities and financial markets. 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. DENTS PLUS: Brings In Tenon Recovery to Administer Assets --------------------------------------------------------- A.J. Pear and I. Cadlock of Tenon Recovery were appointed joint administrators of Dents Plus Ltd. (Company Number 02987313) on May 1, 2008. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. The company can be reached at: Dents Plus Ltd. 130 Frant Road Thornton Heath Surrey CR7 7JU England Tel: 020 8665 1106 Fax: 020 8665 9917 Web site: http://www.dentsplus.co.uk/ EMI GROUP: Plans to Slash Recorded Music Employees to 2,000 ----------------------------------------------------------- EMI Group Ltd. chairman Guy Hands told EMI senior directors that they need to decrease the number of recorded music division employees to around 2,000 from 4,500, Ben Harrington writes for the Telegraph. As reported in the TCR-Europe on January 16, 2008, EMI disclosed that its restructuring is expected to lead a worldwide headcount reduction within the group of between 1,500 and 2,000. According to people familiar with the situation, Mr. Hands is planning to cut more jobs at EMI because the company still has more workers but generate less revenues than Warner Music and Universal Records, the Telegraph relates. About EMI Group plc Headquartered in London, United Kingdom, EMI Group PLC -- http://www.emigroup.com/-- is the world's largest independent music company, operating directly in 50 countries, with licensees in a further 20 and employs around 5,500 people. The group has operations in Brazil and China among others. In August 2007 EMI was acquired by private equity firm Terra Firma. At March 31, 2007, EMI Group's consolidated balance sheet revealed GBP1.5 billion in total assets, GBP2.65 billion in total liabilities resulting to GBP1.15 billion in shareholders' deficit. EOS AIRLINES: U.S. Trustee Selects Five-Member Creditors' Panel --------------------------------------------------------------- Diana G. Adams, the U.S. Trustee for Region 2, appointed five creditors to serve on an Official Committee of Unsecured Creditors of EOS Airlines Inc.'s Chapter 11 bankruptcy proceeding. The members of the creditor's committee are: 1) Servisair LLC ATTN: Dino G. Noto, Vice President & General Counsel 151 Northpoint Drive Houston, Texas 77060 Tel: (281) 260-3911 Fax: (281) 260-3965 2) Systems and Software Enterprises, Inc. d/b/a IMS Consultants ATTN: Timothy Graven, Chief Financial Officer 2929 E. Imperial Highway Brea, California 92821 Tel: (714) 854-8663 Fax: (714) 854-8723 3) Pan Am International Flight Academy ATTN: Eric Freeman, Executive Vice President 5000 N.W. 36 Street Miami, Florida 33122 Tel: (305) 874-6639 Fax: (305) 874-6644 4) Peter Mochnal, Representative of Warn Act Claimants 3 Walnut Terrace East Hanover, New Jersey 07936 Tel: (973) 885-5661 5) Sourcespeed LLC ATTN: Geoffrey Wolfe, Partner & CEO 420 Wolfe Street Alexandria, VA 22314 Tel: (703) 201-3593 Fax: (928) 447-0807 Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at the Debtors' expense. They may investigate the Debtors' business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. Those committees will also attempt to negotiate the terms of a consensual Chapter 11 plan -- almost always subject to the terms of strict confidentiality agreements with the Debtors and other core parties-in-interest. If negotiations break down, the Committee may ask the Bankruptcy Court to replace management with an independent trustee. If the Committee concludes reorganization of the Debtor is impossible, the Committee will urge the Bankruptcy Court to convert the Chapter 11 cases to a liquidation proceeding. About EOS Airlines Based in Staten Island, New York, Eos Airlines Inc. -- http://www.eosairlines.com/-- is a transatlantic airline that offers flights between New York's John F. Kennedy International Airport and London's Stansted Airport. As of April 26, 2008, Eos operated 31 weekly flights between JFK and Stansted. The company filed for Chapter 11 protection April 26, 2008 (Bankr. S.D.N.Y. Case No.08-22581). Stephen D. Lerner, Esq., at Squire Sanders & Dempsey, LLP, represents the Debtor in its restructuring efforts. When the Debtor filed for protection against it creditors, it listed total assets of US$70,233,455 and total debts of US$34,858,485. In connection with the Chapter 11 bankruptcy filing, Menzies Corporate Restructuring was appointed as joint administrators in the U.K. FEN SPORTS: Claims Filing Period Ends June 16 --------------------------------------------- Creditors of Fen Sports Ltd. have until June 16, 2008 to send in their full names, their addresses and descriptions, full particulars of their debts or claims and the names and addresses of their solicitors (if any), to: Vincent John Green Vantis Business Recovery Services Judd House 16 East Street Tonbridge TN9 1HG England Vincent John Green and Mark Newman of Vantis Business Recovery Services were appointed joint liquidators of the company on May 6, 2008 by members and creditors. FLEXIBLE STORAGE: Taps Liquidators from Grant Thornton ------------------------------------------------------ David Michael Riley and Kevin John Hellard of Grant Thornton UK LLP were appointed joint liquidators of Flexible Storage Ltd. on April 25 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Grant Thornton UK LLP 30 Finsbury Square London EC2P 2YU England FORD MOTOR: Board Urges Shareholders to Take No Action on Offer --------------------------------------------------------------- The Board of Directors of Ford Motor Company recommended that its stockholders take no action at this time in response to the announcement by Tracinda Corporation that it has commenced a tender offer to acquire up to 20 million shares of Ford’s common stock at a price of US$8.50 per share. The company’s Board said it will review and consider Tracinda’s offer and will advise stockholders of the Board’s position regarding the offer by May 22, 2008, as required under applicable securities law. As reported in the Troubled Company Reporter-Europe on April 30, 2008, Tracinda said it intends to make a cash tender offer for up to 20 million shares of common stock of Ford Motor Company at a price of US$8.50 per share. The offer price represents a 13.3% premium over Ford's closing stock price of US$7.50 on April 25, 2008 and a 38.7% premium over Ford's closing stock price on April 2, 2008, the day upon which Tracinda began accumulating shares in the company. The shares to be purchased pursuant to the offer represent approximately 1% of the outstanding shares of Ford common stock. Tracinda Corporation, of which Kirk Kerkorian is the sole shareholder, currently owns 100 million shares of Ford common stock, which represents approximately 4.7% of the outstanding shares. Tracinda's average cost for such shares is approximately US$6.91 per share. Upon completion of the offer, Tracinda would beneficially own 120 million shares of Ford common stock, or approximately 5.6% of the outstanding shares. 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 May 8, 2008, Fitch said that Ford currently has an Issuer Default Rating of 'B' with a Negative Outlook. Fitch added that the rating is expected to remain on negative outlook until a clearer path toward positive cash flow is established. Given progress on its restructuring program and its product profile, Ford may achieve this during 2008, Fitch related. FORD MOTOR: CAW Union Members Ratify New Labor Agreement -------------------------------------------------------- Ford Motor Company of Canada, Limited has reached a collective bargaining agreement with the Canadian Auto Workers more than four months before the current contract expires. Ford employees represented by the CAW ratified the new deal in a vote held May 4, 2008. The early settlement brings stability to Ford's operations as it prepares to launch the new Ford Flex crossover vehicle at the Oakville Assembly Complex, which also builds the Ford Edge and Lincoln MKX. Ford disclosed plans to add 500 positions to increase production at the Oakville plant due to high demand for the Ford Edge and Lincoln MKX, and to prepare for the start of production of the Ford Flex. "This agreement is the right solution for the Canadian marketplace," Stacey Allerton Firth, vice president, human resources, Ford of Canada, said. "The terms recognize the importance of our employees' contributions and improves the competitiveness of the Canadian operations." "It's a credit to the relationship we have with the CAW that we were able to reach a responsible agreement in record time. Both the union and the company realized that we had to work collaboratively, with complete transparency, in order to find innovative solutions to the challenges facing the industry." Highlights of the agreement include: * Each CAW-represented employee receives a US$2,200 productivity and quality bonus upon ratification to recognize their efforts in helping Ford become one of the best in the industry in product quality. * Cost-of-living allowance payments are frozen for the next 16 months. Quarterly COLA adjustments resume in December 2009. * Effective immediately, a unique wage rate has been established -- during the first three years of employment, new employees earn 70% of base wages, COLA payments are suspended, and Supplemental Unemployment Benefits and time- off provisions are phased in. After three years, employees receive 100% of base wages and benefits. * Health care savings generated through a new 10% co-pay program for prescription drugs and a cap on long-term care provisions. * A 40-hour-per-year reduction in vacation pay, offset by a US$3,500 cash payment in January 2009. * Production at the St. Thomas Assembly Plant, near London, Ontario is extended by one year to 2011. 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 May 8, 2008, Fitch said that Ford currently has an Issuer Default Rating of 'B' with a Negative Outlook. Fitch added that the rating is expected to remain on negative outlook until a clearer path toward positive cash flow is established. Given progress on its restructuring program and its product profile, Ford may achieve this during 2008, Fitch related. FORD MOTOR: Discloses Results of Annual Shareholders’ Meeting ------------------------------------------------------------- Ford Motor Co. disclosed in a filing with the U.S. Securities and Exchange Commission the results of its 53rd Annual Meeting of Shareholders held last May 8, 2008. Ford says that a total of 56 people attended the meeting and preliminary voting results indicate that a total of 1,802,937,729 shares of common stock and 70,852,076 shares of Class B stock were represented at the annual meeting in person or by proxy. These shares represent 90.81% of the votes that could be cast. During the meeting, an election of directors was held and each director received at least 2,778,128,087 votes, or 86.22% of the votes cast at the meeting. Ford added that shareholders voted in favor of these proposals during the meeting: -- ratification of the selection of PricewaterhouseCoopers LLP as Ford's independent registered public accounting firm for 2008. -- the company's Annual Incentive Compensation Plan. -- the company's 2008 Long-Term Incentive Plan. 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 May 8, 2008, Fitch said that Ford currently has an Issuer Default Rating of 'B' with a Negative Outlook. Fitch added that the rating is expected to remain on negative outlook until a clearer path toward positive cash flow is established. Given progress on its restructuring program and its product profile, Ford may achieve this during 2008, Fitch related. MUSFLASHTV LTD: Calls In Liquidators from Tenon Recovery -------------------------------------------------------- T. J. Binyon and S. J. Parker of Tenon Recovery were appointed joint liquidators of MusflashTV Ltd. on April 29 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Sherlock House 73 Baker Street London W1U 6RD England PARAGON EMPLOYMENT: Appoints Liquidators from Tenon Recovery ------------------------------------------------------------ Matthew Colin Bowker and David Antony Willis of Tenon Recovery were appointed joint liquidators of Paragon Employment Solutions Ltd. on May 1 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Lowgate House Lowgate Hull HU1 1EL England SFM WEALTH: Hires Liquidators from Tenon Recovery ------------------------------------------------- Ian William Kings and Steven Philip Ross of Tenon Recovery were appointed joint liquidators of SFM Wealth Management Ltd. (formerly Solicitors Financial Centre (Newcastle) Ltd., Solicitors Financial Management (Newcastle) Ltd.) on April 30 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 STROMBERG CARBURETOR: Creditors' Meeting Slated for May 27 ---------------------------------------------------------- Creditors of Stromberg Carburetor Ltd. (Company Number 04927476) will meet at 2:00 p.m. on May 27, 2008, at: Tenon Recovery Sherlock House 73 Baker Street London W1U 6RD England Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at noon on May 26, 2008, at: T.J. Binyon Joint Administrator Tenon Recovery Sherlock House 73 Baker Street London W1U 6RD England Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. * S&P Takes CreditWatch Actions on 188 European Synthetic CDOs ------------------------------------------------------------- After running its month-end SROC (synthetic rated overcollateralization) figures, Standard & Poor's Ratings Services has taken CreditWatch actions on 188 European synthetic collateralized debt obligation tranches. Specifically, ratings on: -- 135 tranches were placed on CreditWatch with negative implications. -- 53 tranches were removed from CreditWatch with negative implications and affirmed. Of the 135 tranches placed on CreditWatch negative: -- 50 reference U.S. residential mortgage-backed securities and U.S. CDOs that are exposed to U.S. RMBS, which have experienced recent negative rating actions. -- 85 have experienced corporate downgrades in their portfolios. The 135 tranches represent 7.9% of the total number of European synthetic CDOs S&P rates. The table provides a summary of the CreditWatch actions S&P has taken on European synthetic CDO tranches since the last quarter of 2007. CreditWatch Summary Watch Neg Watch Pos Key corporate (no. of (no. of downgrades* tranches) tranches) Oct-07 16 14 TXU Corp. (BB/Watch Neg to B-/Stable) Oct. 9, 2007 Alliance Boots Ltd. (B-/Negative to NR) Oct. 4, 2007 Nov-07 64 15 Dec-07 74 5 Quebecor World Inc. (B-/Watch Neg to CCC/Watch Neg) Dec. 18, 2007 ACA Financial Guaranty Corp. (A/Watch Neg to CCC/Watch Dev) Dec. 19, 2007 Jan-08 47 8 United Parcel Service Inc. (AAA/Watch Neg to AA-/Stable) Jan. 9, 2008 Quebecor World Inc. (CCC/Watch Neg to D) Jan. 16, 2008 Feb-08 39 11 GMAC LLC (BB+/Negative to B+/Negative) Feb. 22, 2008 Residential Capital, LLC (BB+/Negative to B/Negative) Feb. 22, 2008 Mar-08 89 3 FGIC Corp. (BBB/Watch Neg to B/Negative) March 28, 2008 FGIC UK Ltd. (A/Watch Neg to BB/Negative) March 28, 2008 Apr-08 89 2 Royal Caribbean Cruises Ltd. (BBB-/Negative to BB+/Stable) April 3, 2008 Residential Capital, LLC (B/Negative to CCC+/Watch Neg) April 24, 2008 May—08 135 0 * Those corporate names that have experienced a significant notch downgrade as well as being widely referenced within European Synthetic CDOs.NR—Not rated. The SROC levels for the ratings placed on CreditWatch negative fell below 100% during the April month-end run. These SROC figures will be published in the SROC report covering April 2008, which is imminent. The Global SROC Report provides SROC and other performance metrics on over 3,500 individual CDO tranches. Following publication of the latest SROC report, a full review of the affected tranches will take place, and the appropriate actions will be published in our May rating action media release. All other tranches in the transactions listed are unaffected by these rating actions. Ratings List Class To From SROC (%) Aldersgate Finance Ltd. EUR249.5 million floating-rate credit-linked notes C BBB+/Watch Neg BBB+ 99.4812 D BBB-/Watch Neg BBB- 99.9762 F BB+/Watch Neg BB+ 99.9394 Alexandria Capital PLC EUR212 million secured floating-rate credit-linked notes series 2004-12 (Karnak) B-2a AA+ AA+/Watch Neg 100.0450 B-2b AA+ AA+/Watch Neg 100.0450 Angel Court CDO PLC EUR60 million tranche B secured floating-rate notes series 2006-1 B A+ A+/Watch Neg 102.5164 Angel Court CDO PLC US$2 million tranche B secured fixed-rate notes series 2006-2 B A+ A+/Watch Neg 102.5164 Angel Court CDO PLC EUR15 million tranche B secured floating-rate notes series 2006-3 AA AA/Watch Neg 102.6923 Angel Court CDO PLC US$10 million tranche B secured floating-rate notes series 2006-4 AA AA/Watch Neg 102.6923 Angel Court CDO PLC US$30 million secured tranche B floating-rate notes series 2006-5 A+ A+/Watch Neg 102.0345 Angel Court CDO PLC US$10 million tranche B secured floating-rate notes series 2006-7 A+ A+/Watch Neg 102.5164 Aphex Capital PLC EUR55 million SENWAI secured callable portfolio credit-linked floating-rate notes series 2006-32 A-/Watch Neg A- 98.4421 Aphex Capital PLC EUR80 million Fatou secured callable portfolio credit-linked floating-rate notes series 37 BBB+/Watch Neg BBB+ 99.7885 Arch One Finance Ltd. EUR5 million secured floating-rate notes series 2006-3 B/Watch Neg B 99.7617 Argon Capital PLC US$36 million limited-recourse secured credit-linked floating- rate notes series 61 BB+/Watch Neg BB+ 99.9790 Argon Capital PLC US$12.6 million limited-recourse secured credit-linked floating- rate notes series 62 BB-/Watch Neg BB- 99.7934 ARLO Ltd. EUR50 million secured limited-recourse extendible credit-linked notes series 2006 (Madrid CSO) BBB+/Watch Neg BBB+ 99.9043 ARLO Ltd. EUR50 million secured limited-recourse extendible credit-linked notes series 2006 (Valencia CSO) BBB+/Watch Neg BBB+ 99.8957 ARLO Ltd. EUR50 million secured limited-recourse extendible credit-linked notes series 2006 (Seville CSO) BBB+/Watch Neg BBB+ 99.9192 Asset Repackaging Trust Six B.V. EUR25 million floating-rate portfolio credit-linked secured notes series 3 AA/Watch Neg AA 99.6769 Asset Repackaging Trust Six B.V. EUR5 million floating-rate portfolio credit-linked secured notes series 5 AA+/Watch Neg AA+ 99.9729 Athenee CDO PLC EUR11 million tranche A1 secured step-up floating-rate series 2006-4 A1 AAA/Watch Neg AAA 99.9690 Athenee CDO PLC EUR20 million tranche A2 secured step-up floating-rate notes series 2006-5 A2 AAA/Watch Neg AAA 99.9690 Athenee CDO PLC EUR10 million tranche A2 secured floating-rate notes series 2006-6 A2 AAA/Watch Neg AAA 99.9690 Brooklands Euro Referenced Linked Notes 2004-1 Ltd. EUR182.5 million and ¥677.5 million fixed- and floating-rate notes A2 AAA/Watch Neg AAA 99.3263 B AA/Watch Neg AA 99.1422 C-E A/Watch Neg A 99.1598 C-Y A/Watch Neg A 98.4507 D BBB/Watch Neg BBB 98.0907 E BB/Watch Neg BB 98.5162 Brooklands Euro Referenced Linked Notes 2005-1 Ltd. EUR200 million fixed- and floating-rate notes B AA/Watch Neg AA 99.2935 C A/Watch Neg A 98.5805 D1 BBB/Watch Neg BBB 98.9270 D2 BBB-/Watch Neg BBB- 99.2490 E BB-/Watch Neg BB- 99.4240 Cerigo Capital Ltd. EUR49 million and US$1 million denominated secured floating-rate credit-linked notes series 2007-1 (Dolomite) B-e1 A+/Watch Neg A+ 99.7669 Chrome Funding Ltd. US$28 million floating-rate variable spread credit-linked floating-rate notes (Green Bay CDO I) series 25 CCC- CCC-/Watch Neg 99.5777 Chrome Funding Ltd. US$21 million floating-rate variable spread credit-linked floating-rate notes (Green Bay CDO I) series 26 CCC- CCC-/Watch Neg 94.0893 Chrome Funding Ltd. US$13 million floating-rate variable spread credit-linked floating-rate notes (Green Bay CDO I) series 27 CCC- CCC-/Watch Neg 90.9847 Chrome Funding Ltd. US$9.5 million floating-rate variable spread credit-linked floating-rate notes (Green Bay CDO I) series 28 CCC- CCC-/Watch Neg 88.8428 Chrome Funding Ltd. US$7 million floating-rate variable spread credit-linked floating-rate notes (Green Bay CDO I) series 29 CCC- CCC-/Watch Neg 87.3279 Claris III Ltd. GBP25 million zero coupon credit-linked notes series 10/2007 A/Watch Neg A 99.7994 Cloverie PLC JPY500 million class A fixed-rate portfolio credit-linked notes series 2005-09 (Palladio III) AAA AAA/Watch Neg 102.4742 Cloverie PLC ¥1 billion class B fixed-rate portfolio credit-linked notes series 2005-11 (Palladio III) AAA AAA/Watch Neg 100.9137 Cloverie PLC EUR50 million class C floating-rate portfolio credit-linked notes series 2005-12 (Palladio III) AA AA/Watch Neg 100.1678 Cloverie PLC 2007-12 EUR30 million floating-rate portfolio credit-linked notes series 2007-12 CCC- CCC-/Watch Neg 99.0208 Cloverie PLC US$80 million class B secured portfolio-linked floating-rate notes series 2007-32 B AAA/Watch Neg AAA 92.1705 Cloverie PLC US$20 million class C secured portfolio-linked floating-rate notes series 2007-33 C AA/Watch Neg AA 93.4066 Coriolanus Ltd. US$5 million class B secured floating-rate notes series 69 B BBB+/Watch Neg BBB+ 97.2932 Corsair (Jersey) No. 2 Ltd. EUR43 million floating-rate secured portfolio credit-linked notes series 82 AA/Watch Neg AA 99.6848 Corsair (Jersey) No. 2 Ltd. SEK172 million fixed-rate secured portfolio credit-linked notes series 83 AAA/Watch Neg AAA 97.8029 Corsair (Jersey) No. 2 Ltd. EUR25 million floating-rate secured portfolio credit-linked notes series 95 BBB/Watch Neg BBB 99.9977 Corsair Finance (Ireland) No. 4 Ltd. EUR25 million floating-rate secured portfolio credit-linked notes series 6 AA/Watch Neg AA 97.5993 Corsair Finance (Ireland) No. 6 Ltd. EUR30 million rotating SPI basket variable-rate secured portfolio credit-linked notes series 11 BBBp/Watch NegNRi BBBp/NRi 99.8917 C.L.E.A.R. PLC JPY1 billion limited-recourse secured credit-linked variable- rate notes series 35 (Aramis) B-/Watch Neg B- 99.6959 C.L.E.A.R. PLC US$25 million limited-recourse secured credit-linked variable- rate notes series 38 (Aramis) BBB/Watch Neg BBB 98.9987 C.L.E.A.R. PLC AUS$5 million limited-recourse secured credit-linked variable- rate notes series 40 (Aramis) B+/Watch Neg B+ 99.4508 Delta CDO PLC US$142.5 million floating-rate credit-linked secured notes series 2005-2 C-1 AA+/Watch Neg AA+ 98.7732 E-1 BBB-/Watch Neg BBB- 99.7487 K-1 AA/Watch Neg AA 98.7418 Deutsche Bank AG and Deutsche Securities Inc. US$150 million floating-rate unfunded credit default swap (Tsar 16 portfolio) A-2 BBB+/Watch Neg BBB+ 98.2928 Eiffel CDO Ltd. US$10 million tranche A1 secured step-up floating-rate notes series 2006-4 A1 AAA/Watch Neg AAA 99.9690 Eirles Two Ltd. US$50 million variable-rate secured notes (Builder CDO 2004-1) series 218 AAA/Watch Neg AAA 94.8062 Eirles Two Ltd. US$37.2 million variable rate secured notes series 143 BBB-/Watch Neg BBB- 99.9014 Eirles Two Ltd. EUR50 million floating-rate portfolio credit-linked secured notes series 152 BBB-/Watch Neg BBB- 97.2885 Eirles Two Ltd. US$10 million floating-rate credit-linked secured notes series 168 A-/Watch Neg A- 95.4585 Eirles Two Ltd. EUR50 million floating-rate credit-linked secured notes series 222 A/Watch Neg A 95.6835 Eirles Two Ltd. US$20 million secured floating-rate portfolio credit-linked notes series 236 A/Watch Neg A 95.0450 Eirles Two Ltd. US$16.5 million class B variable-rate secured notes series 269 B BB-/Watch Neg BB- 99.7116 Eirles Two Ltd. US$7.5 million class D variable-rate secured notes series 271 D CCC/Watch Neg CCC 99.8023 Eirles Two Ltd. 272 E US$9 million class E variable-rate secured notes series 272 CCC- CCC-/Watch Neg 99.6916 Eirles Two Ltd. US$55 million floating-rate portfolio credit-linked secured notes series 273 BBB-/Watch Neg BBB- 99.8403 Eirles Two Ltd. US$25 million floating-rate portfolio credit-linked secured notes series 274 BB/Watch Neg BB 98.5461 Eirles Two Ltd. US$24 million class B variable-rate secured notes series 292 CCC+/Watch Neg CCC+ 99.6174 Eirles Two Ltd. 294 US$9 million class D variable-rate secured notes series 294 CCC- CCC-/Watch Neg 98.1616 Eirles Two Ltd. 295 US$11 million class E variable-rate secured notes series 295 CCC- CCC-/Watch Neg 98.9850 Eirles Two Ltd. EUR14.1 million class B variable-rate secured notes series 297 AAA/Watch Neg AAA 87.6136 Eirles Two Ltd. US$150 million floating-rate portfolio credit-linked notes series 300 CCC+/Watch Neg CCC+ 98.3583 Eirles Two Ltd. US$16 million variable-rate secured notes series 305 A-2 AAA/Watch Neg AAA 98.3143 Eirles Two Ltd. US$17 million variable-rate secured notes series 306 A-3 AA+/Watch Neg AA+ 95.3392 Eirles Two Ltd. US$17 million variable-rate secured notes series 307 A-4 BBB-/Watch Neg BBB- 99.4168 Eirles Two Ltd. JPY3.7 billion variable-rate secured notes series 317 A-4 BBB-/Watch Neg BBB- 99.4168 Eirles Two Ltd. US$66 million floating-rate leveraged super senior secured credit-linked notes series 331 AA+/Watch Neg AA+ 99.0833 Eirles Two Ltd. EUR25 million floating-rate leveraged super senior secured credit-linked notes series 332 AA+/Watch Neg AA+ 96.8000 Eirles Two Ltd. EUR50 million floating-rate leveraged super senior secured credit-linked notes series 333 AA+/Watch Neg AA+ 96.8000 Eirles Two Ltd. EUR75 million floating-rate leveraged super senior secured credit-linked notes series 334 AA+/Watch Neg AA+ 96.8000 Elva Funding PLC US$62.5 million secured credit-linked floating and variable-rate notes series 2007-10 C1 A+ A+/Watch Neg 100.0274 C2 A+ A+/Watch Neg 100.0274 Far East Funding I SPC Ltd. US$10 million deferrable notes series 2007-03 AA/Watch Neg AA 99.7449 Far East Funding I SPC Ltd. US$10 million deferrable notes series 2007-07 AA-/Watch Neg AA- 99.9017 Far East Funding I SPC Ltd. US$0.01 million deferrable notes series 2007-08 AAA/Watch Neg AAA 99.7892 Far East Funding I SPC Ltd. ¥500 million deferrable note series 2007-11 AA-/Watch Neg AA- 99.8419 Far East Funding I SPC Ltd. ¥1.5 billion deferrable notes series 2007-13 AA-/Watch Neg AA- 99.8419 Far East Funding I SPC Ltd. US$30 million deferrable notes series 2007-15 BBB/Watch Neg BBB 99.8661 Far East Funding I SPC Ltd. AUS$9 million deferrable notes series 2007-16 A/Watch Neg A 99.7901 Far East Funding I SPC Ltd. AUS$5 million deferrable notes series 2007-17 BBB/Watch Neg BBB 99.7808 Far East Funding I SPC Ltd. AUS$32 million deferrable notes series 2007-18 AA-/Watch Neg AA- 99.7844 Far East Funding I SPC Ltd. JPY600 million deferrable notes series 2007-19 AAA/Watch Neg AAA 99.7748 Far East Funding I SPC Ltd. US$0.01 million deferrable notes series 2007-22 A/Watch Neg A 99.7633 Far East Funding I SPC Ltd. US$4.5 million deferrable notes series 2007-24 AA-/Watch Neg AA- 99.6842 Far East Funding I SPC Ltd. US$30 million deferrable floating-rate notes series 2007-26 AAA/Watch Neg AAA 99.7258 Far East Funding I SPC Ltd. JPY1 billion deferrable notes series 2007-27 A/Watch Neg A 99.8449 Far East Funding I SPC Ltd. EUR10 million deferrable notes series 2007-28 A+/Watch Neg A+ 99.7504 Far East Funding I SPC Ltd. EUR10 million deferrable notes series 2007-29 BBB/Watch Neg BBB 99.7952 Far East Funding I SPC Ltd. US$30 million deferrable notes series 2007-30 AA-/Watch Neg AA- 99.7432 Fermat Ltd. US$10 million floating-rate secured portfolio credit-linked notes series 6 D-1u7 BBB/Watch Neg BBB 99.8143 Heartland Funding PLC US$130 million tranche B secured floating-rate notes series 2007-5 (PICCADDILLY II) B A-/Watch Neg A- 99.8613 Heartland Funding PLC EUR5 million tranche D secured floating-rate notes series 2007-6 (PICCADILLY II) D BB+/Watch Neg BB+ 99.897 Heartland Funding PLC JPY1 billion tranche A secured floating-rate notes series 2007-7 (PICCADILLY II) A AA/Watch Neg AA 99.8435 Heartland Funding PLC EUR40 million tranche B secured floating-rate notes series 2007- 10 (PICCADILLY II) B A-/Watch Neg A- 99.8647 Heartland Funding PLC SEK128 million tranche B secured floating-rate notes series 2007-11 (PICCADILLY II) B A-/Watch Neg A- 99.8647 Herald Ltd. US$121.4 million floating-rate credit-linked secured notes (Logan CDO) series 25 A-1 BB/Watch Neg BB 99.8962 Herald Ltd. US$19.2 million floating-rate credit-linked secured notes (Logan CDO) series 26 A-2 B+/Watch Neg B+ 99.9241 Ionia Capital PLC EUR15 million secured fixed- and floating-rate credit-linked notes series 2006-1 Be2 AA/Watch Neg AA 99.9191 Ionia Capital PLC EUR47.5 million fixed- and floating-rate credit-linked notes series 2006-2 B e2 BBB+/Watch Neg BBB+ 99.9913 Ionia Capital PLC US$11 million floating-rate credit-linked notes series 2006-4 A u1 A/Watch Neg A 99.9176 Khamsin Credit Products (Netherlands) II B.V. EUR3 million class D long-short floating-rate managed credit- linked notes series 3 (Silver Lake 2006-1) D BBB/Watch Neg BBB 99.5839 Khamsin Credit Products (Netherlands) II B.V. EUR21 million class C1 long-short floating-rate managed credit- linked notes series 4 (Silver Lake 2006-2) C1 A/Watch Neg A 99.6194 Khamsin Credit Products (Netherlands) II B.V. EUR11 million class C2 long-short fixed-rate managed credit- linked notes series 5 (Silver Lake 2006-3) C2 A/Watch Neg A 99.6194 Khamsin Credit Products (Netherlands) II B.V. EUR3.5 million class B long-short fixed-rate managed credit- linked notes series 6 (Silver Lake 2006-4) B AA/Watch Neg AA 99.7210 Khamsin Credit Products (Netherlands) II B.V. EUR7.5 million floating-rate credit-linked notes series 2005-2 (Milan) CCC- CCC-/Watch Neg 98.1868 Khamsin Credit Products (Netherlands) II B.V. AUS$10 million Silver Bell Long-Short floating-rate credit- linked notes series 7 AA-/Watch Neg AA- 99.7694 Khamsin Credit Products (Netherlands) II B.V. EUR5 million class A ABS credit-linked notes series 8 (Milan 2006-1) CCC- CCC-/Watch Neg 94.2923 Khamsin Credit Products (Netherlands) II B.V. EUR15.5 million class B ABS credit-linked notes series 9 (Milan 2006-1) CCC- CCC-/Watch Neg 93.6188 Khamsin Credit Products (Netherlands) II B.V. EUR5.5 million class C ABS credit-linked notes series 10 (Milan 2006-1) CCC- CCC-/Watch Neg 93.1199 Lehman Brothers Treasury Co. B.V. EUR30 million Artemis Capital CDO of CDO variable-rate credit- linked synthetic portfolio series 4103 BBB-/Watch Neg BBB- 97.9555 Linker Finance PLC US$86.5 million class B floating-rate secured notes series 2 (Tsar 16) B BB-/Watch Neg BB- 99.7607 Logan CDO III Ltd. US$216.78 million and ¥1 billion floating-rate credit-linked secured notes A-1 CCC- CCC-/Watch Neg 89.4170 A-2A CCC- CCC-/Watch Neg 92.2981 A-2B CCC- CCC-/Watch Neg 92.2981 B CCC- CCC-/Watch Neg 92.2981 C-1A CCC- CCC-/Watch Neg 92.2981 C-1B CCC- CCC-/Watch Neg 92.2981 D CCC- CCC-/Watch Neg 92.2981 Lunar Funding V PLC US$30 million limited recourse secured floating-rate credit- linked notes series 2006-27 B/Watch Neg B 97.2592 Lunar Funding V PLC US$80 million limited recourse secured floating-rate credit- linked notes series 2006-28 CCC+/Watch Neg CCC+ 97.1031 Lunar Funding V PLC US$25 million limited recourse secured floating-rate credit- linked notes series 2006-29 CCC/Watch Neg CCC 96.4933 Lunar Funding V PLC US$50 million limited recourse secured floating-rate credit- linked notes series 2007-36 AAA AAA/Watch Neg 103.1440 Lunar Funding V PLC US$200 million limited recourse secured floating-rate credit- linked notes series 2007-39 BB-/Watch Neg BB- 98.3156 Mainsail CDO I Ltd. US$298.25 million secured floating credit-linked notes D CCC- CCC-/Watch Neg 92.8236 E CCC- CCC-/Watch Neg 92.4529 Marc CDO I PLC US$114.5 million secured floating-rate credit-linked notes B CCC- CCC-/Watch Neg 97.5626 C CCC- CCC-/Watch Neg 96.7046 D CCC- CCC-/Watch Neg 96.7046 E CCC- CCC-/Watch Neg 96.7046 Menton CDO II PLC US$104.5 million secured floating-rate credit-linked notes A-1 AA AA/Watch Neg 101.7062 A-2 AA- AA-/Watch Neg 100.9865 B BB+ BB+/Watch Neg 101.2643 D CCC- CCC-/Watch Neg 99.5363 E CCC- CCC-/Watch Neg 99.5363 Menton CDO III PLC US$183.5 million secured floating-rate credit-linked notes A-1 CCC- CCC-/Watch Neg 92.4157 A-2 CCC- CCC-/Watch Neg 91.3815 B CCC- CCC-/Watch Neg 91.2965 C CCC- CCC-/Watch Neg 91.2965 D CCC- CCC-/Watch Neg 91.2965 E CCC- CCC-/Watch Neg 91.2965 Menton CDO IV Ltd. US$250 million secured floating-rate notes A-2 BB-/Watch Neg BB- 99.2852 Merrill Lynch International and Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC US$15 million credit default swap AAA/Watch Negsrp AAAsrp 99.9709 Motif Capital B.V. US$30 million floating-rate CDO notes series 2005-1 AA+/Watch Neg AA+ 99.8336 Motif Capital B.V. US$30 million floating-rate CDO notes series 2005-4 AAA/Watch Neg AAA 99.9586 Natixis S.A. EUR6 million floating-rate credit-linked notes linked to a reference portfolio initially comprising 114 reference entities series 2262 BBB-/Watch Neg BBB- 99.9846 Natixis S.A. SEK189 million floating-rate credit-linked notes series 2326 BBB+/Watch Neg BBB+ 99.8774 Omega Capital Europe PLC US$20 million secured notes series 41 (Sycamore Series I) AA/Watch Neg AA 99.5281 Omega Capital Investments PLC NOK200 million and EUR16 million secured floating-rate notes series 28 Broadway C1-7E A-/Watch Neg A- 99.9787 Omega Capital Investments PLC EUR150 million secured floating-rate notes series 39 A AA/Watch Neg AA 99.9644 Ortelius Finance PLC US$260 million floating-rate notes series 2007-1 1A AAA/Watch Neg AAA 99.9928 1C A/Watch Neg A 99.8428 2C A/Watch Neg A 99.9399 Rabobank International and Rabo Groen Bank B.V. EUR29.788 million credit default swap A-/Watch Neg A- 99.7248 Saphir Finance PLC EUR50 million credit-linked synthetic portfolio notes series 2007-1 AA/Watch Neg AA 99.8911 Saphir Finance PLC EUR100 million credit-linked synthetic portfolio notes series 2007-5 AA-/Watch Neg AA- 99.8966 Starling Finance PLC JPY1 billion floating-rate Deveron portfolio credit-linked notes series 2005-08 A-3 A/Watch Neg A 99.8277 Starling Finance PLC YEN 5 billion class A-3 floating-rate Deveron IV portfolio credit-linked notes series 2006-15 A/Watch Neg A 99.7426 Starling Finance PLC JPY1.1 billion class B floating-rate Jinkoki portfolio credit- linked notes series 2007-005 A+/Watch Neg A+ 99.6700 Thunderbird Investments PLC EUR10 million and CHF85 million ABS/Crossway secured floating- rate notes series 15 E AAA AAA/Watch Neg 100.1839 WhiteBlue No. 1 GmbH EUR200 million floating-rate notes A AAA/Watch Neg AAA 99.8803 B AA/Watch Neg AA 99.8910 Xelo PLC SEK57.5 million secured limited-recourse credit-linked variable- rate notes series 2007 (Dunlin 2) BBB+/Watch Neg BBB+ 99.7095 Xelo PLC SEK32 million secured limited-recourse credit-linked variable notes series 2007 (Dunlin 3) BBB+/Watch Neg BBB+ 99.7095 Xelo PLC SEK57.3 million secured limited-recourse credit-linked variable notes series 2007 (Dunlin 4) BBB+/Watch Neg BBB+ 99.7095 Xelo PLC SEK28.7 million secured limited recourse credit-linked fixed- rate step-down notes series 2007 (Dunlin 5) AA-/Watch Neg AA- 99.7399 Xelo PLC SEK21.5 million secured limited-recourse credit-linked fixed- rate step-down notes series 2007 (Dunlin 7) AA-/Watch Neg AA- 99.7399 Xelo PLC SEK119.2 million secured limited recourse credit-linked fixed- rate step down notes series 2007 (Dunlin 8) AA-/Watch Neg AA- 99.7399 Xelo PLC SEK28.1 million secured limited recourse credit-linked variable- rate notes series 2007 (Dunlin 9) AA-/Watch Neg AA- 99.7399 Xelo PLC EUR40 million secured limited recourse credit-linked notes series 2006 (Spinnaker III Europe series 1) AA+/Watch Neg AA+ 99.8544 Xelo PLC EUR10 million secured limited resource credit-linked notes series 2006 (Spinnaker III Europe TRED 1 Series 1) AA+/Watch Neg AA+ 99.8544 Xelo PLC EUR10 million secured limited recourse credit-linked notes (Piccadilly 7) series 2006 A- A-/Watch Neg 100.0091 Xelo PLC EUR3.48 million secured limited recourse credit-linked notes (Piccadilly 3) series 2006 BBB- BBB-/Watch Neg 99.8489 * Upcoming Meetings, Conferences and Seminars --------------------------------------------- May 18-20, 2008 INTERNATIONAL BAR ASSOCIATION 14th Annual Global Insolvency & Restructuring Conference Stockholm, Sweden Contact: http://www.ibanet.org/ May 21, 2008 TURNAROUND MANAGEMENT ASSOCIATION What Happened to My Money - The Restructuring of a Loan Servicer Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org/ June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference J.W. Marriott Spa and Resort, Las Vegas, Nevada Contact: http://www.airacira.org/ June 12-14, 2008 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: http://www.abiworld.org/ June 19 & 20, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Corporate Reorganizations Contact: 800-726-2524; 903-595-3800; http://www.renaissanceamerican.com/ June 24, 2008 TURNAROUND MANAGEMENT ASSOCIATION Fraud Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ June 26-29, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Western Mountains Bankruptcy Law Seminar Jackson Hole, Wyoming Contact: http://www.nortoninstitutes.org/ July 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Cynthia Jackson of Smith Hulsey & Busey University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ July 10-13, 2008 AMERICAN BANKRUPTCY INSTITUTE 16th Annual Northeast Bankruptcy Conference Ocean Edge Resort Brewster, Massachussets Contact: http://www.abiworld.org/events July 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Employment Issues Following Hurricanes & Disasters Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ July 31 - Aug. 2, 2008 AMERICAN BANKRUPTCY INSTITUTE 4th Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, Florida Contact: http://www.abiworld.org/ Aug. 20-24, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Captain Cook, Anchorage, Alaska Contact: http://www.nabt.com/ Aug. 26, 2008 TURNAROUND MANAGEMENT ASSOCIATION Do's and Don'ts of Investing in a Turnaround Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Sept. 4-5, 2008 AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 4-6, 2008 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 17, 2008 TURNAROUND MANAGEMENT ASSOCIATION Real Estate / Condo Restructuring Panel Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org/ Sept. 24-26, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC 15th Annual Fall Conference Scottsdale, Arizona Contact: http://www.ncbj.org/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Desert Ridge Marriott, Scottsdale, Arizona Contact: http://www.iwirc.org/ Sept. 30, 2008 TURNAROUND MANAGEMENT ASSOCIATION Private Equity Panel Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ Oct. 9, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Luncheon - Chapter 11 University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ Oct. 28, 2008 TURNAROUND MANAGEMENT ASSOCIATION State of the Capital Markets Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Oct. 30 & 31, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Physicians Agreements and Ventures Contact: 800-726-2524; 903-595-3800; http://www.renaissanceamerican.com/ Nov. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION Interaction Between Professionals in a Restructuring/Bankruptcy Bankers Club, Miami, Florida Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ June 11-13, 2009 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.org/ July 16-19, 2009 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Mt. Washington Inn Bretton Woods, New Hampshire Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ BEARD AUDIO CONFERENCES 2006 BACPA Library Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Carve-Out Agreements for Unsecured Creditors Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Chinas New Enterprise Bankruptcy Law Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer for Navigating the Restructuring Process Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Deepening Insolvency Widening Controversy: Current Risks, Latest Decisions Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Diagnosing Problems in Troubled Companies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Claims Trading Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Market Opportunities Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Equitable Subordination and Recharacterization Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Examining the Examiners: Pros and Cons of Using Examiners in Chapter 11 Proceedings Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Handling Complex Chapter 11 Restructuring Issues Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES New 'Red Flag' Identity Theft Rules Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Non-Traditional Lenders and the Impact of Loan-to-Own Strategies on the Restructuring Process Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergersthe New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Todays Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Battle of Green & Red: Effect of Bankruptcy on Obligations to Clean Up Contaminated Property Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Subprime Sector Meltdown: Legal Developments and Latest Opportunities Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite Corporate Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite M&A and Insolvency Proceedings Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ * * * Featured Conferences Beard Conferences presents: May 15-16, 2008 Fifth Annual Conference on Distressed Investing Europe Maximizing Profits in the European Distressed Debt Market Le Meridien Piccadilly Hotel - London Brochure available soon! * * * The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. ********* 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 and Pius Xerxes Tovilla, 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 * * *