T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, May 16, 2008, Vol. 9, No. 97 Headlines A U S T R I A CANIDO QUALITATSTIERNAHRUNG: Claims Registration Ends May 19 CI-MANAGEMENT: Claims Registration Period Ends June 10 DIANA PUTZEREI: Claims Registration Period Ends June 12 F. YURTERI: Claims Registration Period Ends June 12 ING. ALEXANDER PUNZL: Claims Registration Period Ends May 27 SERVICE 4 YOU: Claims Registration Period Ends June 5 B E L G I U M FEDERAL-MOGUL CORP: Martin Hicks Names as EMEA Vice-President D E N M A R K BLOCKBUSTER INC: Earns US$45 Million in Quarter Ended April 6 BLOCKBUSTER INC: Comments on Due Diligence Pact w/ Circuit City F R A N C E AMKOR TECHNOLOGY: Earns US$72 Million in Quarter Ended March 31 TERADYNE INC: J750 Platform Selected by Renesas Microcontroller TERADYNE INC: Annual Shareholders Meeting set for May 22 THOMSON SA: PRN Unit Forms Strategic Alliance with Cabco Group G E R M A N Y BAUER & KUHN: Claims Registration Ends June 4 BHLD HILFSMITTELCENTER: Claims Registration Ends June 4 CAR DREAM: Claims Registration Ends June 4 COLORS AND FORMS: Claims Registration Ends June 4 EMEAA COMPUTER: Claims Registration Ends June 4 ESCADA AG: Weak Performance Cues Moody's to Cut Rating to B2 FEEDTEC INTERNATIONAL: Claims Registration Period Ends June 4 FOLIENTECHNIK KRAL: Claims Registration Period Ends June 4 GOETTINGER GRUPPE: CORESTATE Capital Acquires Property Portfolio HAMBURGER KIES: Claims Registration Period Ends June 4 HILLIG INDUSTRIEMONTAGEN: Claims Registration Period Ends June 4 HUBERT SCHICK: Claims Registration Period Ends June 2 IMPULSE CLUB: Claims Registration Period Ends June 2 INSTITUT FUER: Claims Registration Period Ends June 4 KLAUS WEILBACH: Claims Registration Period Ends June 4 KLEIN TEX: Claims Registration Period Ends June 2 KRAFT SERVICE: Claims Registration Period Ends June 4 LEO TANZCAFE: Claims Registration Period Ends June 6 MEDICPLAN GMBH: Claims Registration Period Ends June 4 MO SOLUTIONS: Claims Registration Period Ends June 2 NORDIC SOLUTIONS: Claims Registration Period Ends June 4 OEXLE GMBH: Claims Registration Period Ends June 2 P + H WERKZEUGE: Claims Registration Period Ends June 4 PAI-PLAN GMBH: Claims Registration Period Ends June 4 POLYCOATING GMBH: Claims Registration Ends June 4 PROSIEBENSAT.1 GROUP: Sets Up New Production Subsidiary STEFAN GUENTHER: Claims Registration Period Ends June 4 I R E L A N D CAMBER 4: S&P Junks Rating on Class C Notes with Watch Negative EIRLES TWO: Moody's May Further Cut Ratings After Review I T A L Y ALITALIA SPA: Berlusconi Vows to Save Firm Sans Nationalization ALITALIA SPA: Giovanni Sabatini Quits from Board ALITALIA SPA: Posts EUR21483 Mln in Pretax Loss for Q1 2008 TISCALI SPA: Wind Telecomunicazioni Confirms Selection as Bidder WIND TELECOMUNICAZIONI: Confirms Selection as Tiscali SpA Bidder K A Z A K H S T A N BEK-AL-JAN LLP: Creditors Must File Claims by June 20 MURAGER FIRMASY: Claims Deadline Slated for June 24 OPTORG PRODUCT-2006: Claims Filing Period Ends June 20 PARUS-1 LLP: Creditors' Claims Due on June 24 SANJAR LLP: Claims Registration Ends June 25 SERVICE COMPANY: Claims Deadline Slated for June 25 SIMBA ATYRAU: Claims Filing Period Ends June 20 TUMAR-AGROSERVICE LLP: Creditors' Claims Due on June 24 K Y R G Y Z S T A N CHUI-KASKAD LLC: Creditors Must File Claims by June 11 N E T H E R L A N D S NORTHWEST AIRLINES: Neal Cohen to Leave June 16 PQ CORP: S&P Assigns B Corporate Credit Rating P O L A N D NORTHSTAR: Deadline of Sealed Bids for Assets is May 28 R U S S I A AGRO-PROM-PRODUCT: Saratov Bankruptcy Hearing Slated for Aug. 5 ANYUYSKOE OJSC: Creditors Must File Claims by May 26 CONSULTING CJSC: Creditors Must File Claims by May 26 GAS-OIL-PRODUCT: Creditors Must File Claims by May 26 OPTUSHANKA CJSC: Orel Bankruptcy Hearing Slated for July 9 PARASPAN LLC: Khakasiya Bankruptcy Hearing Slated for July 3 POVOLZHYE CJSC: Creditors Must File Claims by May 26 ROSNEFT OIL: Regulator Accuses Firm of Jacking up Gasoline Price URALSIB OJSC: Strong Performance Cues S&P to Lift Rating to BB- * Fitch Affirms Penza Region's Ratings at BB with Stable Outlook S P A I N FERRO CORP: To Increase Price of Advanced Polymer Alloys FERRO CORP: John Bingle Promoted to Treasurer FERRO CORP: Sales Up 15% to US$607.2 Million in First Quarter S W I T Z E R L A N D AGRO FUTTERMITTEL: Creditors Must File Proofs of Claim by May 23 ATC ENGINEERING: Creditors' Liquidation Claims Due by May 21 BAU & SAN: Creditors Have Until May 23 to Submit Proofs of Claim GROSVENOR LLC: Creditors Must Submit Proofs of Claim by May 18 MADAUS LLC: Creditors' Proofs of Claim Must be In by May 21 MEDIA ENTERPRISES: Creditors Must File Proofs of Claim by May 23 METALL-TECH LLC: St. Gallen Commences Bankruptcy Proceedings OB-ENGINEERING LLC: Creditors' Liquidation Claims Due by May 22 PHILIPPE BUCHER: Sursee Court Initiates Bankruptcy Proceedings U N I T E D K I N G D O M BUTLER AND TANNER: UHY Hacker Young Appointed as Administrators CB MORGAN: Enters Into Administration; Blames Unfair Regulations DEUTSCHE BANK: Moody's May Further Cut Ratings After Review EVOLUTION SHOPFITTING: Brings In Liquidators from Tenon Recovery FORD MOTOR: Ford of Europe Reports Strong Sales in April 2008 GAP INC: April Sales Up 1% to US$1.10 Billion GENERAL MOTORS: Istanbul Orders 50 Trams w/ GM-Allison System GENERAL MOTORS: Inks Joint Venture with Isuzu in Colombia GENERAL MOTORS: Second Quarter Dividend Payable on June 10 GOLDEN KEY: Reaches Restructuring Agreement with Goldman Sachs GRAFTECH INT'L: Good Performance Cues S&P to Lift Rating to BB- JORDAN & COOK: Claims Filing Period Ends July 8 NEVILLE PORTER: Calls In Antony Batty to Propose CVA Procedure * S&P Takes CreditWatch Actions on 184 European Synthetic CDOs BOOK REVIEW: The First Junk Bond ********* ============= A U S T R I A ============= CANIDO QUALITATSTIERNAHRUNG: Claims Registration Ends May 19 ------------------------------------------------------------ Creditors owed money by LLC CANIDO QualitatsTiernahrung (FN 270373h) have until May 19, 2008, to file written proofs of claim to court-appointed estate administrator Elisabeth Hrastnik at: Dr. Elisabeth Hrastnik Hauptplatz 11 Atrium Top 16 A 7400 Oberwart Austria Tel: 03352/31375 Fax: 03352/31375-16 E-mail: dr.hrastnik@utanet.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:45 a.m. on June 2, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Eisenstadt Hall F Eisenstadt Austria Headquartered in Heiligenkreuz im Lafnitztal, Austria, the Debtor declared bankruptcy on April 18, 2008 (Bankr. Case No. 41 S 17/08z). CI-MANAGEMENT: Claims Registration Period Ends June 10 ------------------------------------------------------ Creditors owed money by LLC ci-management Vermoegensberatung have until June 10, 2008, to file written proofs of claim to court-appointed estate administrator Johanna Abel-Winkler at: Mag. Johanna Abel-Winkler c/o Mag. Norbert Abel Franz-Josefs-Kai 49/19 1010 Vienna Austria Tel: 533 52 72 E-mail: office@abel-abel.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 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 18, 2008 (Bankr. Case No. 2 S 47/08m). Norbert Abel represents Mag. Abel-Winkler in the bankruptcy proceedings. DIANA PUTZEREI: Claims Registration Period Ends June 12 ------------------------------------------------------- Creditors owed money by LLC Diana Putzerei und Wascherei (FN 255728x) have until June 12, 2008, to file written proofs of claim to court-appointed estate administrator Peter Pullez at: Dr. Peter Pullez c/o Dr. Robert Gschwandtner Tuchlauben 8 1010 Vienna Austria Tel: 513 29 79 Fax: 513 29 79 25 E-mail: pullezgschwandtner@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on June 26, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 18, 2008 (Bankr. Case No. 5 S 35/08v). Robert Gschwandtner represents Dr. Pullez in the bankruptcy proceedings. F. YURTERI: Claims Registration Period Ends June 12 --------------------------------------------------- Creditors owed money by KEG F. YURTERI (FN 282148z) have until June 12, 2008, to file written proofs of claim to court- appointed estate administrator Michael Neuhauser at: Mag. Michael Neuhauser c/o Dr. Christof Stapf Bahnhofplatz 1A/Top 3 2340 Moedling Austria Tel: 90 333 Fax: 90 333 44 E-mail: wien@snwlaw.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on June 26, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 18, 2008 (Bankr. Case No. 5 S 36/08s). Christof Stapf represents Mag. Neuhauser in the bankruptcy proceedings. ING. ALEXANDER PUNZL: Claims Registration Period Ends May 27 ------------------------------------------------------------ Creditors owed money by LLC Ing. Alexander Punzl Versicherungs treuhand (FN 256423v) have until May 27, 2008, to file written proofs of claim to court-appointed estate administrator Helmut Platzgummer at: Dr. Helmut Platzgummer Kohlmarkt 14 1010 Vienna Austria Tel: 533 19 39 Fax: 533 19 39 39 E-mail: helmut.platzgummer@lp-law.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 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 18, 2008 (Bankr. Case No. 6 S 38/08t). SERVICE 4 YOU: Claims Registration Period Ends June 5 ----------------------------------------------------- Creditors owed money by LLC Service 4 you (FN 276779d) have until June 5, 2008, to file written proofs of claim to court- appointed estate administrator Christoph Sauer at: Dr. Christoph Sauer c/o Dr. Frank Riel Gartenaugasse 1 3500 Krems Austria Tel: 02732/86565 Fax: 02732/86566-11 E-mail: anwalt@riel-grohmann.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:15 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 Gfoehl, Austria, the Debtor declared bankruptcy on April 18, 2008 (Bankr. Case No. 9 S 22/08w). Frank Riel represents Dr. Sauer in the bankruptcy proceedings. ============= B E L G I U M ============= FEDERAL-MOGUL CORP: Martin Hicks Names as EMEA Vice-President ------------------------------------------------------------- Federal-Mogul Corporation has appointed Martin Hendricks to the position of vice president, Europe, Middle East, Africa (EMEA), Global Aftermarket. Hendricks will assume responsibility for aftermarket sales, marketing, distribution and administration in EMEA and will be based in Federal-Mogul�s Aartselaar, Belgium, aftermarket office. �Martin has a broad range of experience in the automotive aftermarket arena, and I am extremely pleased to have him join the Federal-Mogul aftermarket team and continue to expand our sustainable global profitable growth strategy,� said Jay Burkhart, senior vice president, Global Aftermarket. �His extensive global leadership roles have provided him with more than 15 years of experience in the industry, in North America, South America and Europe.� Hendricks brings to Federal-Mogul an extensive industrial background in the automotive industry with broad experience in the aftermarket. Previously, he held positions of increasing responsibility in marketing, sales and general management with Robert Bosch and TRW. Most recently, he was chief commercial officer with EurotaxGlass�s International AG in Switzerland. Hendricks earned a bachelor�s degree in business administration (Diplom-Kaufmann) from Cologne University, Germany, and advanced education in PIM/CEMS at Universita Commerciale, Milan, Italy. About Federal-Mogul Federal-Mogul Corporation -- http://www.federal-mogul.com/-- (Nasdaq: FDML) is a global supplier, serving the world's foremost original equipment manufacturers of automotive, light commercial, heavy-duty, agricultural, marine, rail, off-road and industrial vehicles, as well as the worldwide aftermarket. Founded in Detroit in 1899, the company is headquartered in Southfield, Michigan, and employs 45,000 people in 35 countries. Aside from the U.S., Federal-Mogul also has subsidiaries in these countries: Argentina, Australia, Belgium, Bermuda, Brazil Canada, China, Czech Republic, France, Germany, Hong Kong, Hungary, India, Italy, Japan, Mexico, Netherlands, Poland, Russia, Singapore, Spain, Switzerland, Taiwan, Thailand, and the United Kingdom. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F.Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl & Jones, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed US$10.15 billion in assets and US$8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan. They submitted a Disclosure Statement explaining that plan on April 21, 2003. They submitted several amendments and on June 6, 2004, the Bankruptcy Court approved the Third Amended Disclosure Statement for their Third Amended Plan. On July 28, 2004, the District Court approved the Disclosure Statement. The estimation hearing began on June 14, 2005. The Debtors submitted a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure Statement on Feb. 6, 2007. The Fourth Amended Plan was confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed by the District Court on Nov. 14. Federal-Mogul emerged from Chapter 11 on Dec. 27, 2007. * * * Federal-Mogul's Corporate Family Rating is rated by Moody's Investors Service at Ba3 with a stable outlook. Standard & Poor's Ratings Services meanwhile puts the company's corporate credit rating at BB-. S&P also put a stable outlook on the rating. ============= D E N M A R K ============= BLOCKBUSTER INC: Earns US$45 Million in Quarter Ended April 6 ------------------------------------------------------------- Blockbuster Inc. reported financial results for the first quarter ended April 6, 2008. Net income for the first quarter of 2008 was US$45.4 million, or US$0.20 per diluted share, an improvement of US$94.4 million as compared with a net loss of US$49.0 million, or US$0.27 per share, for the first quarter of 2007. Total revenues decreased 5.4% to US$1.39 billion for the first quarter of 2008 from US$1.47 billion for the first quarter of 2007, as a result of fewer company-operated stores. Domestic same-store revenues increased 2.9% as compared to the first quarter of 2007, reflecting a 920 basis point improvement over the first quarter of 2007. This increase was driven by a 0.4% growth in same-store rental revenues and a 19.7% increase in same-store merchandise sales. International same-store revenues decreased 1.5% from the same period last year, reflecting a 0.9% increase in same-store rental revenues and a 4.9% decline in same-store merchandise sales. Worldwide same-store revenues grew 1.4% from the same period last year. "The significant improvement in our first quarter results demonstrates the underlying strength of our core rental and emerging retail business," said Jim Keyes, Blockbuster Chairman and CEO. "BLOCKBUSTER Total Access(TM), our subscription rental offering, is now profitable and positioned for growth. Additionally, our stores achieved positive growth in both sales and margin. We are particularly pleased that domestic same- store revenues showed an improvement for the first time in five years primarily as a result of several initiatives we have put in place, including an increased availability of top new movies, improved store merchandising and more effective pricing. Going forward, we are confident we can continue to grow our core business, which will enable us to focus on aggressive development of our digital offerings. Our ability to provide convenient access to both physical and electronic media entertainment will provide Blockbuster a meaningful competitive advantage and allow us to create enhanced shareholder value over the long-term." Consolidated First Quarter Financial Results Total revenues for the first quarter of 2008 decreased US$79.8 million to US$1.39 billion as compared to the first quarter of last year primarily due to the closure or sale of 412 company- operated stores worldwide, including the divestiture of the GAMESTATION(R) chain in the U.K. This decrease was partially offset by a US$19.5 million increase in domestic revenues. Additionally, total revenues for the first quarter of 2007 included approximately US$20 million in termination fees received in connection with the termination of Blockbuster's Brazilian franchise agreement and subsequent licensing of the BLOCKBUSTER(R) brand in Brazil to Lojas Americanas. Gross profit for the first quarter of 2008 decreased US$20.8 million to US$741.7 million as compared to the first quarter of 2007 largely as a result of the decline in international gross profit reflecting the impact of the divestiture of 217 GAMESTATION stores and the termination of the Brazilian franchise agreement discussed above. Domestic gross profit remained essentially flat at US$519.6 million. Gross margin increased 150 basis points to 53.2% for the first quarter of 2008. Total selling, general and administrative expenses for the first quarter of 2008 declined US$100.5 million driven by (i) significantly reduced advertising expenses, (ii) a lower worldwide company-operated store-base and (iii) a reduction in corporate overhead. Operating income for the first quarter of 2008 totaled US$70.2 million, representing an US$89.6 million increase, as compared to an operating loss of US$19.4 million for the same period last year. This improvement in profitability drove a US$124.5 million increase in cash flow provided by operating activities for the first quarter of 2008 to a deficit of US$19.5 million from a US$144.0 million deficit for the first quarter of 2007. Free cash flow (net cash flow used for operating activities less capital expenditures) for the first quarter of 2008 improved by US$115.6 million as compared to the same period last year to a negative US$39.4 million. About Blockbuster Blockbuster Inc. -- http://www.blockbuster.com/-- (NYSE: BBI, BBI.B) is a global provider of in-home movie and game entertainment, with over 7,800 stores throughout the Americas, Europe, Asia and Australia. The company maintains operations in Brazil, Mexico, Denmark, Italy, Taiwan, Thailand, Australia, among others. * * * Blockbuster Inc. carries Fitch Ratings' 'CCC' long-term Issuer Default Rating. The company's senior subordinated notes is rated 'CC/RR6' by Fitch. The rating outlook is stable. BLOCKBUSTER INC: Comments on Due Diligence Pact w/ Circuit City --------------------------------------------------------------- Blockbuster Inc. issued a statement in response to the announcement by Circuit City Stores, Inc. that it has agreed to allow Blockbuster to conduct due diligence in preparation for a possible bid for the company. Blockbuster had previously offered to acquire Circuit City for at least US$6.00 per share in cash, subject to due diligence. "We are pleased to have reached an agreement with Circuit City to conduct due diligence and further explore a possible merger between our two companies. We continue to believe this combination would create significant cost and operating synergies therefore unlocking substantial value for our shareholders. While it is our hope that the due diligence process will reinforce both the strategic and financial rationale behind the deal, we are committed to only doing a transaction that provides substantial benefits for our shareholders." About Blockbuster Blockbuster Inc. -- http://www.blockbuster.com/-- (NYSE: BBI, BBI.B) is a global provider of in-home movie and game entertainment, with over 7,800 stores throughout the Americas, Europe, Asia and Australia. The company maintains operations in Brazil, Mexico, Denmark, Italy, Taiwan, Thailand, Australia, among others. * * * Blockbuster Inc. carries Fitch Ratings' 'CCC' long-term Issuer Default Rating. The company's senior subordinated notes is rated 'CC/RR6' by Fitch. The rating outlook is stable. =========== F R A N C E =========== AMKOR TECHNOLOGY: Earns US$72 Million in Quarter Ended March 31 --------------------------------------------------------------- Amkor Technology, Inc. reported its financial results for the first quarter ended March 31, 2008. First quarter net sales of US$699 million were down sequentially 6.3% from the fourth quarter of 2007 and up 7.4% from the first quarter of 2007. First quarter net income was US$72 million, down 23% from the fourth quarter of 2007 and up 108% from the first quarter of 2007. First quarter earnings per diluted share was US$0.36, down 22% from the fourth quarter of 2007 and up 100% from the first quarter of 2007. "We delivered solid first-quarter results, which reflected a seasonal slowdown in demand following an exceptionally strong fourth quarter," said James Kim, Amkor's chairman and chief executive officer. "We exceeded our sales and profitability targets for the first quarter due to select customer demand in certain wireless communications and networking applications, which partially offset the overall seasonal slowing that we had expected. Our first quarter net income included an approximately US$9.5 million foreign currency gain principally due to the depreciation of the Korean won and the resulting remeasurement of our Korean employee benefit plan liability." "We believe that our stability within a challenging economy comes as a result of our continued focus on advanced product development paired with long-standing relationships and collaboration with leading semiconductor companies as well as our world-class manufacturing capabilities," added Kim. "As we look to the second quarter, we expect revenues to grow sequentially by 1% to 3%, slightly lower than historical seasonality but near historical peak revenues on a dollar basis." "Net sales decreased US$47 million or 6.3% sequentially, while unit shipments decreased 7.2% compared to the fourth quarter of 2007," said Joanne Solomon, Amkor's chief financial officer. "First quarter 2008 sales reflect the benefit of our capital investments in advanced technologies and strong demand from our fabless customers supporting mobile phones and networking applications." Gross margin for the first quarter was 25.2%, down from 27.2% in the fourth quarter of 2007, reflecting the impact of lower sales volume. Gross margin for the first quarter of 2008 improved from 22.6% for the first quarter of 2007, primarily as a result of higher capacity utilization, enriched product mix and improved factory performance. Amkor generated US$92 million of free cash flow in the first quarter, compared to US$113 million in the fourth quarter of 2007 and US$72 million in the first quarter of 2007. "During the first quarter, we repaid US$101 million of debt, which included the remaining US$88 million of 9.25% senior notes we retired in February, bringing our total debt to under US$1.7 billion at quarter end. Net interest expense for the quarter was US$29 million, a 21% decrease from net interest expense of US$37 million for the first quarter of 2007. We are scheduled to repay an additional US$53 million of maturing and amortizing debt throughout the remainder of 2008. Our cash balance at the end of the first quarter was US$412 million, roughly flat compared to year-end 2007," said Solomon. "First quarter capital additions totaled US$95 million, which was less than we anticipated due to a delay in timing of planned expenditures into the second quarter. Capital additions are expected to be approximately US$140 million in the second quarter of 2008," said Solomon. "Although our capital investment is expected to be higher in the first half of 2008 due to the longer lead times associated with the expansion of our wafer bumping capacity, we remain focused on disciplined capital spending for the full year. For 2008, we expect our capital intensity to be 12% to 14% of full year revenues. Our capital additions are aligned with our advanced product development roadmaps and are focused on expanding our product portfolio capabilities in support of the demand from our largest customers." Amkor's effective income tax rate for the first quarter was 7.6%, and the anticipated effective tax rate for the full year 2008 is approximately 8%. Selected operating data for the first quarter of 2008 is included in a section before the financial tables. Business Outlook On the basis of customers' forecasts, the company has these expectations for the second quarter of 2008: -- Sales � Up 1% to 3% from the first quarter of 2008 -- Gross Margin � approximately 25% -- Net income � in the range of US$0.32 to US$0.36 per diluted share The company's net income guidance includes an estimated US$9.7 million gain, with no net tax effect, from a real estate transaction that closed in April 2008. About Amkor Headquartered in Chandler, Arizona, Amkor Technology, Inc. (Nasdaq: AMKR) -- http://www.amkor.com/-- is a provider of semiconductor assembly and test services. The company offers semiconductor companies and electronics OEMs a complete set of microelectronics design and manufacturing services. Outside the United States, the company has wholly-owned subsidiaries in Hong Kong, France, Japan, Singapore, the British Cayman Islands and Netherlands. * * * As reported in the Troubled Company Reporter-Europe on April 22, 2008, Moody's Investors Service affirmed Amkor Technology, Inc.'s corporate family (B2), long-term debt (B1 senior unsecured; Caa1 senior subordinated) and speculative-grade liquidity (SGL-2) ratings and revised the outlook to positive. TERADYNE INC: J750 Platform Selected by Renesas Microcontroller --------------------------------------------------------------- Teradyne, Inc. reported that Renesas Technology Corp. has standardized their microcontroller final test using the J750 Platform of test systems in Renesas Semiconductor (Beijing) Co., Ltd. Renesas, a joint venture of Hitachi, Ltd. and Mitsubishi Electric Corporation formed in 2003, currently uses the J750 Platform for volume production in China and Japan. The standardization of the J750 Platform will add to a multitude of Teradyne systems the companies have purchased for various test applications since 1973. Renesas will use the J750 Platform to test microcontrollers used in automotive, consumer, communication and industrial applications. �As microcontroller businesses are a core part of Renesas Technology Corp.�s operations, we would like to expand our share within the Chinese microcontroller market. Test systems must then be included among the types of equipment necessary to expand volume production and guarantee reliability. In that regard, we are now looking to the J750 family of test systems to help us improve mass production efficiency and reduce testing costs,� said Teruaki Ogata, director, president of Renesas Semiconductor (Beijing) Co., Ltd. �Here at Renesas Semiconductor (Beijing) Co., Ltd., I would like our on-site company technicians to be firmly in charge when the deteriorated testers are being replaced. Another benefit, then, is that we are anticipating Teradyne Shanghai will fully support the development of our own technical staff in that area.� Teradyne extended J750 Platform capabilities last year with a set of �Ex� instrumentation providing expanded test performance that can reduce cost of test up to 30% for next generation microcontrollers. The �Ex� instruments include 200 MHz/550 Mbps digital, a 24 channel high density VI, digital signal source and capture at each pin, and 196 Gbit SCAN. The J750 family provides compatible configurations across the largest fleet of test systems in ATE history. �Customers like Renesas recognize the lower-cost-of-test advantages of the J750 Platform,� said John Casey, senior vice president, Teradyne, Inc. �With a worldwide installed base of more than 2600 systems, the J750 Platform tests almost half of the world�s microcontrollers used each year. The family of test systems has full compatibility to extend the asset life of the platform while covering critical new devices from 64 to 1024 pins for high efficiency parallel test performance. We�re proud that the world�s leading supplier of microcontrollers is standardizing their test process with the J750 family, the dominant market leader in microcontroller and image sensor test.� About Teradyne Japan With the goal to provide the best customer service, Teradyne Japan (Teradyne K.K.) -- http://www.teradyne.co.jp/-- was established 35 years ago. It provides the IP750 image sensor test system family, and sales and service for Teradyne semiconductor test systems including the J750 and the FLEXTM family test systems. Sales and support offices are located in Yokohama and Osaka. Design engineering, manufacturing, and product marketing is located at the facility in Kumamoto, Kyushu Island. Products designed in Kumamoto are distributed both in Japan and to customers worldwide. About Teradyne Inc. Teradyne Inc. (NYSE:TER) -- http://www.teradyne.com/-- is a supplier of Automatic Test Equipment used to test complex electronics used in the consumer electronics, automotive, computing, telecommunications, and aerospace and defense industries. In 2007, Teradyne had sales of US$1.1 billion and currently employs about 3,700 people worldwide. The company has direct subsidiaries in these countries, Costa Rica, the United Kingdom, Mexico, Korea, France and China. * * * Teradyne Inc. still carries S&P's "B+" long term foreign issuer credit and long term local issuer credit ratings which was placed on Dec. 13, 2002. TERADYNE INC: Annual Shareholders Meeting set for May 22 -------------------------------------------------------- Teradyne Inc. disclosed in a filing with the U.S. Securities and Exchange Commission that its Annual Meeting of Shareholders will be held on Thursday, May 22, 2008, at 10:00 A.M. Eastern Time. The meeting will be held at the Conference Center at Waltham Woods, 860 Winter Street in Waltham, Massachusetts. At the meeting, shareholders will be asked to: 1. elect all members of the Board of Directors to serve as directors for a one-year term. 2. approve an amendment to the 2006 Equity and Cash Compensation Incentive Plan to establish a US$3 million per fiscal year maximum amount of variable cash compensation awards that can be received by a participant. 3. ratify the selection of the firm of PricewaterhouseCoopers LLP as independent auditors for the fiscal year ending Dec. 31, 2008. 4. transact such other business as may properly come before the meeting and any postponements or adjournments thereof. Only shareholders who are on record as of the close of business on April 2, 2008 will be allowed to vote. Teradyne Inc. (NYSE:TER) -- http://www.teradyne.com/-- is a supplier of Automatic Test Equipment used to test complex electronics used in the consumer electronics, automotive, computing, telecommunications, and aerospace and defense industries. In 2007, Teradyne had sales of US$1.1 billion and currently employs about 3,700 people worldwide. The company has direct subsidiaries in these countries, Costa Rica, the United Kingdom, Mexico, Korea, France and China. * * * Teradyne Inc. still carries S&P's "B+" long term foreign issuer credit and long term local issuer credit ratings which was placed on Dec. 13, 2002. THOMSON SA: PRN Unit Forms Strategic Alliance with Cabco Group -------------------------------------------------------------- Thomson SA�s Premier Retail Networks, Inc., and Cabco Group, the world�s leading international operator of electronic shopping carts, disclosed that they have formed a strategic alliance to enhance the in-store media experience for retailers and shoppers. Cabco�s TV Kart(TM) incorporates interactive display screens into digital shopping carts designed to entertain children who are sitting on the interior of the cart, while providing targeted information for adults on monitors facing them as they shop. PRN provides engaging in-store media experiences on over 250,000 screens in more than 6,500 retail locations worldwide. PRN plans to develop a seamless connection between Cabco�s display screen technology and PRN�s platform in order to facilitate better coordination of content, advertising and measurement. In addition, PRN will provide advertising sales for Cabco�s TV Kart(TM) and the two companies will work together to develop a range of interactive services that will appeal to advertisers and retailers while enhancing the consumer shopping experience. �Advertisers are looking for exciting in-store media that delivers results, but they are also looking to consolidate their media spend and work with experts in the area of content optimization,� said Cabco chief operating officer Brad Johnson. �PRN brings our advertisers an industry-experienced contact for purchasing our network, as well as the ability to produce or re- purpose content specifically for the in-store environment.� �We are excited to be able to provide an integrated in-store media experience for shoppers and advertisers in this alliance with Cabco,� said PRN president Richard Fisher. �This alliance demonstrates the flexibility of our services, the ease in which our technology integrates with other products such as Cabco�s TV Kart(TM), and shows how our range of services, such as Ad Sales, can provide value to our partners.� About Premier Retail Networks Founded in 1992, Thomson�s Premier Retail Networks, Inc. enables retailers and manufacturers to reach consumers in over 6,500 leading retail stores worldwide. PRN works with retailers, content partners and advertisers to create in-store programming that engages, informs and motivates consumers where they shop. PRN�s retailer customers include ACME, Albertsons, Best Buy, Carrefour, Circuit City, Costco, Jewel-Osco, Pathmark, SAM'S CLUB, Shaw�s, ShopRite, Star Market, and Wal-Mart Stores. About Thomson Thomson SA -- http://www.thomson.net/-- (Euronext Paris: 18453; NYSE: TMS) provides technology, services, and systems to help its Media, Entertainment & Communications clients - content creators, content distributors and users of its technology - realize their business goals and optimize their performance in a rapidly changing technology environment. * * * As reported in the Troubled Company Reporter on April, 21, 2008, Moody's Investor's Service downgraded the Corporate Family rating for Thomson S.A. to Ba2 from Ba1 and downgraded the junior subordinated rating for Thomson's perpetual junior subordinated bonds to B2 from Ba3. The outlook remains negative. ============= G E R M A N Y ============= BAUER & KUHN: Claims Registration Ends June 4 --------------------------------------------- Creditors of Bauer & Kuhn GmbH have until June 4, 2008 to register their claims with court-appointed insolvency manager Dr. Jan Roth. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on July 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt (Main) Hall 2 Building F Klingerstrasse 20 60313 Frankfurt (Main) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Jan Roth Pfingstweidstrasse 3 60316 Frankfurt am Main Germany Tel: 069/209739-0 Fax: 069/20973929 The District Court of Frankfurt am Main opened bankruptcy proceedings against Bauer & Kuhn GmbH on April 23, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bauer & Kuhn GmbH Sandweg 113 60316 Frankfurt am Main Germany BHLD HILFSMITTELCENTER: Claims Registration Ends June 4 ------------------------------------------------------- Creditors of BHLD Hilfsmittelcenter GmbH & Co. KG have until June 4, 2008 to register their claims with court-appointed insolvency manager Anika Leffler. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on July 9, 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Anika Leffler Gross-Berliner Damm 73 c 12487 Berlin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against BHLD Hilfsmittelcenter GmbH & Co. KG on April 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BHLD Hilfsmittelcenter GmbH & Co. KG Rudolf-Diesel-Strasse 3 16356 Ahrensfelde Germany CAR DREAM: Claims Registration Ends June 4 ------------------------------------------ Creditors of Car Dream Gebrauchtwagenhandels und Vertriebs GmbH have until June 4, 2008 to register their claims with court- appointed insolvency manager Torsten Martini. Claims will be verified at 11:00 a.m. on Aug. 5, 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: Torsten Martini Kurfuerstendamm 26a 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Car Dream Gebrauchtwagenhandels und Vertriebs GmbH on March 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Car Dream Gebrauchtwagenhandels und Vertriebs GmbH Weissenseer Weg 69/74 10369 Berlin Germany COLORS AND FORMS: Claims Registration Ends June 4 ------------------------------------------------- Creditors of colors and forms GmbH Malerfachbetrieb have until June 4, 2008 to register their claims with court-appointed insolvency manager Rolf Nacke. Creditors and other interested parties are encouraged to attend the meeting at 10:40 a.m. on July 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rolf Nacke Gross-Berliner Damm 73 c 12487 Berlin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against colors and forms GmbH Malerfachbetrieb on April 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: colors and forms GmbH Malerfachbetrieb Lindenstrasse 20 15230 Frankfurt(Oder) Germany EMEAA COMPUTER: Claims Registration Ends June 4 ----------------------------------------------- Creditors of EMEAA Computer GmbH have until June 4, 2008 to register their claims with court-appointed insolvency manager Holger Bluemle. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Holger Bluemle Kriegsstr. 113 76135 Karlsruhe Germany Tel: (07 21) 9195711 The District Court of Karlsruhe opened bankruptcy proceedings against EMEAA Computer GmbH on April 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EMEAA Computer GmbH Attn: Murat Tueten and Jochen Gerdau, Managers Hertzstr. 12 76187 Karlsruhe Germany ESCADA AG: Weak Performance Cues Moody's to Cut Rating to B2 ------------------------------------------------------------ Moody's Investors Service downgraded Escada AG Corporate Family Rating to B2 from B1 and downgraded the senior unsecured rating on the notes due 2012 to B2 from B1 (LGD3, 49%). The rating action concludes the review process initiated on April 10, 2008 following the profit warning announced by the company. The outlook on the ratings is negative. The rating downgrade reflects the expectations that the company operating performance during the current financial year is likely to remain under pressure given the current market conditions. "Moody's recognizes the effort and the progress the company is making in restructuring its operations, however current market conditions and soft consumer spending in key reference markets remain challenging and are likely to heighten the execution risk associated with the ESCADA Excellence program", Paolo Leschiutta, lead analyst at Moody's Investors Service for Escada said. "As a result, profitability and key credit metrics, such as financial leverage and fixed charge coverage, are likely to remain weak even for a B2 rating over the intermediate term, at time when free cash flow generation will be also under pressure given the lower expected cash flow from operation in conjunction with the planned investments by the company", the analyst added. The rating assumes that Escada will continue to receive support from core banks and will successfully renegotiate a new bank facility to replace the one expiring in December 2008. The negative outlook reflects Moody's view that 2008 will remain a year of transition for Escada as the pressure on top line and the relative high operating leverage of Group's activities reduce the company's flexibility and that, as a consequence, profitability is likely to remain under pressure beyond October 2008 as the company implements its restructuring programme. The outlook also reflects the current economic conditions and the fact that consumer spending is likely to remain low over the intermediate term. The outlook could be changed back to stable following the successful renegotiation of a new bank facility and clear evidence of stabilization of the operating margins. The ratings could be downgraded further if the liquidity profile fails to be restored over the next few weeks. Additional erosion in operating performance declining below new company estimates led to financial leverage, measured as Debt to EBITDA, to exceed 6x and fixed charge coverage, measured as (EBITDA -- Capex) to Interest Expenses, below 1x could result in further negative pressure on the rating. Although positive action on the ratings is currently unlikely, the ratings could be upgraded if there was significant debt reduction in conjunction with restored profitability and a new credit line. These ratings have been downgraded: -- Corporate Family Rating, downgraded to B2 from B1; -- Senior Unsecured Rating on the EUR200 million notes due 2012 downgraded to B2 (LGD3, 49%) from B1. ESCADA, headquartered in Munich, Germany, is one of the leading European manufacturers and distributors of ready-to-wear luxury apparel for women. In the financial year ended Oct. 31, 2007, the company reported consolidated sales of EUR686 million and EBITDA of EUR68.2 million. FEEDTEC INTERNATIONAL: Claims Registration Period Ends June 4 ------------------------------------------------------------- Creditors of FeedTec International GmbH have until June 4, 2008, to register their claims with court-appointed insolvency manager Dr. Christian Willmer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Verden (Aller) Hall 214 Main Building Johanniswall 8 27283 Verden (Aller) 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. Christian Willmer Georgstr. 5 27283 Verden (Aller) Germany Tel: 04231/884-45 Fax: 04231/884-55 The District Court of Verden (Aller) opened bankruptcy proceedings against FeedTec International GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FeedTec International GmbH Max-Planck-Strasse 95 27283 Verden Germany FOLIENTECHNIK KRAL: Claims Registration Period Ends June 4 ---------------------------------------------------------- Creditors of Folientechnik Kral GmbH GF. Kral, Herbert have until June 4, 2008, to register their claims with court- appointed insolvency manager Oliver Schartl. Creditors and other interested parties are encouraged to attend the meeting at 8:00 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 Meiningen Meeting Hall A 0105 Lindenallee 15 Meiningen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Oliver Schartl Schwanthaler Str. 32 80336 Munich Germany The District Court of Meiningen opened bankruptcy proceedings against Folientechnik Kral GmbH GF. Kral, Herbert on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Folientechnik Kral GmbH GF. Kral, Herbert Untere Marktstr. 24 98646 Streufdorf Germany GOETTINGER GRUPPE: CORESTATE Capital Acquires Property Portfolio ---------------------------------------------------------------- CORESTATE Capital AG has acquired the property portfolio of Goettinger Gruppe Beteiligungs GmbH for an undisclosed sum, the Financial Times Deutschland reports. The portfolio, the FT discloses, include four residential estates with 155 individual homes and 15 commercial properties, along with the company's head offices in Goettingen and Berlin. About CORESTATE Headquartered in Zurich, Switzerland, CORESTATE Capital AG -- http://www.corestate-capital.ch/-- is a private equity investor and asset manager. The company commits capital in various real estate asset classes and in corporate shares. Basically, the company pursues a small and mid-cap strategy in all of its investment activities. About Goettinger Gruppe Headquartered in Berlin, Germany, Goettinger Gruppe Beteiligungs GmbH -- http://www.goettinger-gruppe.de/-- is an investment company, offering savings plans of old age provisions. The company has been trading since 1980. Goettinger filed for insolvency at the District Court of Charlottenburg on June 8, 2007, after a shareholder called for the petition. The District Court of Goettingen opened insolvency proceedings against Securenta AG, an investment company arm of Goettinger Gruppe Beteiligungs GmbH, on June 11, 2007. HAMBURGER KIES: Claims Registration Period Ends June 4 ------------------------------------------------------ Creditors of Hamburger Kies + Beton GmbH & Co. KG have until June 4, 2008, to register their claims with court-appointed insolvency manager Heiko Fialski. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 2, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Heiko Fialski Johannes-Brahms-Platz 1 20355 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Hamburger Kies + Beton GmbH & Co. KG on April 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hamburger Kies + Beton GmbH & Co. KG Poppenbuetteler Bogen 7 22399 Hamburg Germany HILLIG INDUSTRIEMONTAGEN: Claims Registration Period Ends June 4 ---------------------------------------------------------------- Creditors of Hillig Industriemontagen GmbH have until June 4, 2008, to register their claims with court-appointed insolvency manager Dr. Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 8:20 a.m. on June 25, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 13 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Sebastian Henneke Adenauerallee 36 46399 Bocholt Germany Tel: 02871/23548 77 Fax: +4928712354879 The District Court of Muenster opened bankruptcy proceedings against Hillig Industriemontagen GmbH on April 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hillig Industriemontagen GmbH Drosselstrasse 32 46325 Borken Germany HUBERT SCHICK: Claims Registration Period Ends June 2 ----------------------------------------------------- Creditors of Hubert Schick Getrankefachgrosshandels GmbH & Co. KG have until June 2, 2008, to register their claims with court- appointed insolvency manager Joachim Exner. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on July 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Ingolstadt Meeting Hall 28 I Schrannenstr. 3 85049 Ingolstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Joachim Exner Stahlstrasse 17 90411 Nuremberg Germany Tel: 0911/95 12 850 Fax: 0911/95 12 8510 The District Court of Ingolstadt opened bankruptcy proceedings against Hubert Schick Getrankefachgrosshandels GmbH & Co. KG on April 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hubert Schick Getrankefachgrosshandels GmbH & Co. KG Ilmweg 9 85276 Hettenshausen Germany IMPULSE CLUB: Claims Registration Period Ends June 2 ---------------------------------------------------- Creditors of Impulse Club & Catering Systems GmbH have until June 2, 2008, to register their claims with court-appointed insolvency manager Manuel Sack. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on July 2, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hannover Hall 226 Second Floor Service Bldg. Hamburger Allee 26 30161 Hannover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Manuel Sack Schiffgraben 30 30175 Hannover Germany Tel: 0511 36602-0 Fax: 0511 36602-55 The District Court of Hannover opened bankruptcy proceedings against Impulse Club & Catering Systems GmbH on April 23, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Impulse Club & Catering Systems GmbH Kopenhagener Str. 26 28719 Bremen Germany INSTITUT FUER: Claims Registration Period Ends June 4 ----------------------------------------------------- Creditors of Institut fuer Body Esthetic GmbH have until June 4, 2008, to register their claims with court-appointed insolvency manager Kerstin Gruettner. Creditors and other interested parties are encouraged to attend the meeting at 10:20 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 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: Kerstin Gruettner Neuer Wall 86 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Institut fuer Body Esthetic GmbH on April 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Institut fuer Body Esthetic GmbH Moenckebergstrasse 5 20095 Hamburg Germany KLAUS WEILBACH: Claims Registration Period Ends June 4 ------------------------------------------------------ Creditors of Klaus Weilbach Innenausbau und Oberflachentechnik GmbH & Co.KG have until June 4, 2008, to register their claims with court-appointed insolvency manager Stephan Haspel. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Landau in der Pfalz Hall 223 Marienring 13 76829 Landau in der Pfalz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Haspel Xylanderstr. 3 76829 Landau in der Pfalz Germany Tel: 06341-51020 Fax: 06341-510229 The District Court of Landau in der Pfalz opened bankruptcy proceedings against Klaus Weilbach Innenausbau und Oberflachentechnik GmbH & Co.KG on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Klaus Weilbach Innenausbau und Oberflachentechnik GmbH & Co.KG In den Birkenwiesen 15 76877 Offenbach Germany KLEIN TEX: Claims Registration Period Ends June 2 ------------------------------------------------- Creditors of Klein Tex GmbH have until June 2, 2008, to register their claims with court-appointed insolvency manager Johannes Franke. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on July 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 Hannover Hall 226 Second Floor Service Bldg. Hamburger Allee 26 30161 Hannover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Johannes Franke Verdener Platz 1 30419 Hannover Germany Tel: 0511 794573 Fax: 0511 794576 The District Court of Hannover opened bankruptcy proceedings against Klein Tex GmbH on April 8, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Klein Tex GmbH Kessellande 10 30900 Wedemark Germany KRAFT SERVICE: Claims Registration Period Ends June 4 ----------------------------------------------------- Creditors of Kraft Service- und Sicherheitsdienst GmbH have until June 4, 2008, to register their claims with court- appointed insolvency manager Mr. Grentzebach. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Erfurt Hall 12 Judicial Center Rudolfstr. 46 99092 Erfurt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Mr. Grentzebach Neuwerkstr. 38 99084 Erfurt Germany The District Court of Erfurt opened bankruptcy proceedings against Kraft Service- und Sicherheitsdienst GmbH on April 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kraft Service- und Sicherheitsdienst GmbH Meissner Weg 6 99085 Erfurt Germany LEO TANZCAFE: Claims Registration Period Ends June 6 ---------------------------------------------------- Creditors of LEO Tanzcafe-Verwaltungs GmbH have until June 6, 2008, to register their claims with court-appointed insolvency manager Ulrich Kraft. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 D132 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: Ulrich Kraft Wasastrasse 15 01219 Dresden Germany Web site: www.hww-kanzlei.de The District Court of Dresden opened bankruptcy proceedings against LEO Tanzcafe-Verwaltungs GmbH on May 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LEO Tanzcafe-Verwaltungs GmbH Bremer Strasse 57 01067 Dresden Germany MEDICPLAN GMBH: Claims Registration Period Ends June 4 ------------------------------------------------------ Creditors of MedicPlan GmbH have until June 4, 2008, to register their claims with court-appointed insolvency manager Markus Schneckener. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bueckeburg Hall 4117 Herminenstrasse 30 31675 Bueckeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Markus Schneckener Kleiner Domhof 2-4 32423 Minden Germany Tel: 0571-404330 Fax: +49571-4043322 The District Court of Bueckeburg opened bankruptcy proceedings against MedicPlan GmbH on April 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MedicPlan GmbH Attn: Frank Uwe Muesse, Manager Pfahlwinkel 2 31675 Bueckeburg Germany MO SOLUTIONS: Claims Registration Period Ends June 2 ---------------------------------------------------- Creditors of MO Solutions GmbH have until June 2, 2008, to register their claims with court-appointed insolvency manager Stephan Ries. Creditors and other interested parties are encouraged to attend the meeting at 9:40 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 Bonn Meeting Hall W 1.26 First Floor William-Strasse 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Ries Wall 28 42103 Wuppertal Germany The District Court of Bonn opened bankruptcy proceedings against MO Solutions GmbH on April 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MO Solutions GmbH Attn: Markus Heller, Manager Grubenweg 2 51580 Reichshof Germany NORDIC SOLUTIONS: Claims Registration Period Ends June 4 -------------------------------------------------------- Creditors of Nordic Solutions Germany GmbH have until June 4, 2008, to register their claims with court-appointed insolvency manager Andreas Fischer. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 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 Baden-Baden Hall 009a Ground Floor Gutenbergstr. 17 76532 Baden-Baden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Fischer Erbprinzenstr. 27 76133 Karlsruhe Germany The District Court of Baden-Baden opened bankruptcy proceedings against Nordic Solutions Germany GmbH on April 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Nordic Solutions Germany GmbH Attn: Ernst Gschnitzer, Manager Airport Boulevard 77836 Rheinmuenster Germany OEXLE GMBH: Claims Registration Period Ends June 2 -------------------------------------------------- Creditors of Oexle GmbH have until June 2, 2008, to register their claims with court-appointed insolvency manager Werner Poehlmann. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on June 4, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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. Werner Poehlmann Aussere Sulzbacher Strasse 118 90491 Nuremberg Germany The District Court of Nuremberg opened bankruptcy proceedings against Oexle GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Oexle GmbH Attn: Dieter Ruell and Peter Kaminski, Managers Sigmundstr. 110 90431 Nuremberg Germany P + H WERKZEUGE: Claims Registration Period Ends June 4 ------------------------------------------------------- Creditors of P + H Werkzeuge GmbH have until June 4, 2008, to register their claims with court-appointed insolvency manager Friedrich-Wilhelm Klein. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 2, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Room A234 Second Floor Isle 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Friedrich-Wilhelm Klein Turmhof 15 42103 Wuppertal Germany Tel: 0202/49 37 00 Fax: 0202/4937099 The District Court of Wuppertal opened bankruptcy proceedings against P + H Werkzeuge GmbH on April 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: P + H Werkzeuge GmbH Rottscheidter Strasse 27 b 42329 Wuppertal Germany Attn: Helmut Wanke, Manager Buchenstrasse 25 42699 Solingen Germany PAI-PLAN GMBH: Claims Registration Period Ends June 4 ----------------------------------------------------- Creditors of PAI-PLAN GmbH Potsdamer Atelier und Ingenieurbuero have until June 4, 2008, to register their claims with court- appointed insolvency manager Christian Graf Brockdorff. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on July 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Graf Brockdorff Friedrich-Ebert-Strasse 36 14469 Potsdam Germany The District Court of Potsdam opened bankruptcy proceedings against PAI-PLAN GmbH Potsdamer Atelier und Ingenieurbuero on April 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PAI-PLAN GmbH Potsdamer Atelier und Ingenieurbuero Attn: Manfred Voigt, Manager Zum Jagenstein 1 14478 Potsdam Germany POLYCOATING GMBH: Claims Registration Ends June 4 ------------------------------------------------- Creditors of POLYCOATING GmbH Beschichtungstechnik fuer die Textilindustrie have until June 4, 2008 to register their claims with court-appointed insolvency manager Dr. Uwe Rottler. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Freiburg Hall I Holzmarkt 2 79098 Freiburg i.Br Germany The Court will also verify the claims set out in the insolvency manager's report at 11:00 a.m. on June 18, 2008 at: The District Court of Freiburg Hall 405 Bismarckalle 2 79098 Freiburg Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Uwe Rottler Wilhelmstr. 1b 79098 Freiburg Germany Tel: 0761/703940 The District Court of Freiburg opened bankruptcy proceedings against POLYCOATING GmbH Beschichtungstechnik fuer die Textilindustrie on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: POLYCOATING GmbH Beschichtungstechnik fuer die Textilindustrie Attn: Dr. Bertram Mayer, Manager Industriestr. 6 79232 March Germany PROSIEBENSAT.1 GROUP: Sets Up New Production Subsidiary ------------------------------------------------------- The ProSiebenSat.1 Group has set up a new production company, Red Seven Entertainment. Red Seven Entertainment will be producing light entertainment programming for the pan-European TV group. Additionally, the new company is to develop talents and build names for artists in cooperation with the Groups stations. By establishing a separate production company for nonfiction entertainment, the Group also intends to facilitate its access to programming rights and to improve the use of its portfolio of original and acquired rights. Light entertainment concepts are especially well suited for interactive exploitation on multiple platforms. The production of web content will be another major focus of the new company. Red Seven is part of the Group Content Acquisitions & Production unit, led by Mr. Jan Frouman, Executive Vice President. In an expansion of his role, Mr. Frouman will be responsible for managing and developing the Groups acquisition, production, distribution, and format development businesses. In addition to Red Seven, these include Producers at Work, SevenOne International, Group Programming Acquisitions, and the Groups multi-country production and format development initiatives. Mr. Guillaume de Posch, CEO of the ProSiebenSat.1 Group, said, "Producing content is a core component of our strategy. Our aim in establishing Red Seven Entertainment is to be able to realize concepts for light entertainment programming ourselves while continuing sourcing programming from external producers. I'm delighted that Jobst Benthues, who has the necessary credentials and experience, will now be making a substantial contribution to programming for the Group with Red Seven Entertainment." Headquartered in Unterfoehring, Munich, Germany , Red Seven Entertainment is a wholly-owned subsidiary of ProSiebenSat.1 Media AG. About ProsiebenSat.1 Headquartered in Munich, Germany, ProsiebenSat.1 Media AG -- http://en.prosiebensat1.com/-- broadcasts and produces TV programs through 24 commercial TV stations, 24 premium Pay TV channels and 22 radio network. In June 2007, the ProSiebenSat.1 Group acquired SBS Broadcasting Group. The company employs around 6,000 Europe-wide. * * * ProsiebenSat.1 Media AG continues to carry Moody's Investors Service's Ba1 senior unsecured and corporate family ratings. STEFAN GUENTHER: Claims Registration Period Ends June 4 ------------------------------------------------------- Creditors of Stefan Guenther Tankstellen GmbH have until June 4, 2008, to register their claims with court-appointed insolvency manager Uwe Kuhmann. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on June 18, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 162 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: Uwe Kuhmann Friedrich-List-Str. 20 45128 Essen Germany The District Court of Essen opened bankruptcy proceedings against Stefan Guenther Tankstellen GmbH on April 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Stefan Guenther Tankstellen GmbH Polsumer Str. 236 45896 Gelsenkirchen Germany Attn: Stefan Guenther, Manager Dr. Wesselsstr. 21 48734 Reken Germany ============= I R E L A N D ============= CAMBER 4: S&P Junks Rating on Class C Notes with Watch Negative --------------------------------------------------------------- Standard & Poor's Ratings Services has removed from CreditWatch with negative implications and lowered its credit ratings on the class A3, B, and C notes issued by Camber 4 Plc following further deterioration in the credit quality of the underlying portfolio. At the same time, it removed from CreditWatch negative and affirmed the class A2 notes. Camber 4 PLC closed in December 2004 and is a cash flow collateralized debt obligation of asset-backed securities (ABS) transaction, managed by Cambridge Place Investment Management LLP. The underlying assets of this CDO are predominantly U.S. subprime residential mortgage-backed securities and U.S. CDOs of ABS. On April 2, 2008, Standard & Poor's had lowered the ratings on all of the notes in this transaction to reflect the existing negative portfolio rating migration. Since then, the portfolio has experienced further negative migration following the lowering of the ratings on U.S. CDOs of ABS in the underlying portfolio. This negative migration has led to a further increase in the assessed scenario default rates that are now not supported by current credit enhancement available to the class A3, B, and C notes. A small number of assets in the portfolio remain on CreditWatch negative. Standard & Poor's will continue to monitor all European CDOs of ABS with exposure to U.S. subprime RMBS and U.S. CDOs of ABS, and may take further actions following any downgrades of these assets. Ratings List Camber 4 PLC US$1.004 Billion Asset-Backed Floating-Rate Notes Ratings Class To From ----- Ratings Removed From CreditWatch Negative And Lowered A3 BBB- AA/Watch Neg B BB A-/Watch Neg C CCC- B+/Watch Neg Ratings Removed From CreditWatch Negative And Affirmed A2 AA AA/Watch Neg EIRLES TWO: Moody's May Further Cut Ratings After Review -------------------------------------------------------- Moody's Investors Service downgraded four swaps and five classes of notes issued by Deutsche Bank AG (London Branch) - Tsar 10, Coriolanus Limited and Eirles Two Limited. Seven of these ratings remain on review for downgrade. The five classes of notes are repacks of the four classes of swaps. These rating actions are a response to credit deterioration in the underlying portfolio. The transactions are synthetic managed CDOs referencing RMBS and ABS CDOs, containing 39% US RMBS and 20% ABS CDOs of the 2004, 2005, and 2006 vintages. Moody's announced on Feb. 4, 2008 that it is revising its expected loss assumptions which are used for surveillance of ratings of ABS CDOs holding subprime RMBS, specifically of the 2006 vintage. Moody's stated that for purposes of monitoring its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it will rely on certain projections of the lifetime average cumulative losses for 2006's quarterly vintages of RMBS set forth in a recent Moody's Special Report, "Moody's Updates Loss Projections for 2006 Subprime Loans." This report illustrates average loss results for the 2006 quarterly vintages under five distinct loss projection scenarios. Moody's explained that it will utilise the range of loss projections set forth in Scenarios 2 and 3 based on deal performance and quarterly vintage to modify its prior assumptions of the expected loss inputs when monitoring ABS CDO ratings. Moody's will continue to monitor all deals with exposure to US subprime RMBS and ABS CDOs, and will take further actions in respect of all CDOs placed under review for downgrade once the extent of actual downgrades to US RMBS and ABS CDO vintages becomes known. These rating actions are: Issuer: Deutsche Bank AG (London Branch) - Tsar 10 (1) The US$52,500,000 Class B Swap -- Current Rating: Baa3, on review for possible downgrade -- Prior Rating: Aaa (2) The US$19,500,000 Class C Swap -- Current Rating: B3, on review for possible downgrade -- Prior Rating: Aa1 (3) The US$37,500,000 Class D Swap -- Current Rating: Caa3, on review for possible downgrade -- Prior Rating: A1 (4) The US$7,500,000 Class E Swap -- Current Rating: Ca -- Prior Rating: Baa2 Issuer: Coriolanus Limited (1) The Series 32 US$60,000,000 Floating and Variable Rate Secured Notes -- Current Rating: Aa2, on review for possible downgrade -- Prior Rating: Aaa Issuer: Eirles Two Limited (1) The US$35,500,000 Series 128 Floating and Variable Rate Secured Notes due 2039, -- Current Rating: Baa3, on review for possible downgrade -- Prior Rating: Aaa (2) The US$19,500,000 Series 127 Floating and Variable Rate Secured Notes due 2039, -- Current Rating: B3, on review for possible downgrade -- Prior Rating: Aa1 (3) The US$37,500,000 Series 126 Floating and Variable Rate Secured Notes due 2039, -- Current Rating: Caa3, on review for possible downgrade -- Prior Rating: A1 (4) The US$7,500,000 Series 125 Floating and Variable Rate Secured Notes due 2039. -- Current Rating: Ca -- Prior Rating: Baa2 ========= I T A L Y ========= ALITALIA SPA: Berlusconi Vows to Save Firm Sans Nationalization --------------------------------------------------------------- Italian Prime Minister Silvio Berlusconi vowed to prevent the financial collapse of Alitalia S.p.A. without nationalizing it, Steve Scherer writes for Bloomberg News. Mr. Berlusconi said Italy will resolve Alitalia's situation positively while balancing national interest with market rules, Bloomberg News relates. He added that Alitalia's future relies on contribution from local business and banks. As reported in the TCR-Europe on April 30, 2008, Mr. Berlusconi threatened to nationalize Alitalia if the European Commission starts "harassing him" over the EUR300-million loan to the national carrier. The Commission reacted that though it is not concerned whether Italy nationalize Alitalia, since in the process itself there is a transfer of state resources to the company. The Commission gave the Italian government until May 30, 2008, to explain the details of the loan. Italy needs to prove that the loan was offered on commercial terms to gain approval from the Commission. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes, including United States, Canada, Japan and Argentina. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Finance Minister Tommaso Padoa-Schioppa had said that if the sale to Air France fails, Alitalia may seek protection from creditors and the government would appoint a special commissioner to initiate bankruptcy proceedings. ALITALIA SPA: Giovanni Sabatini Quits from Board ------------------------------------------------ Giovanni Sabatini has resigned from his post on the Board of Directors of Alitalia S.p.A. with immediate effect, following the request to return to service, presented to the National Commission for Companies and the Stock Exchange. According to the provisions set out in the Stock Exchange Regulations, "Istruzioni al Regolamento dei Mercati Organizzati e Gestiti da Borsa Italiana S.p.A.," it should be pointed out that Mr. Sabatini, also a member of the Internal Control Committee, was a non-executive and non-independent director. On the basis of all available information, there is no indication that he held shares in the Company capital. 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: Posts EUR21483 Mln in Pretax Loss for Q1 2008 ----------------------------------------------------------- Alitalia S.p.A. posted EUR214.83 million in pretax losses on EUR1.057 billion in net revenues for the first quarter ended March 31, 2008, compared with EUR152.34 million in pretax losses on EUR1.06 billion in net revenues for the same period in 2007. Alitalia notes that period in review is low season, leading to typically negative results. The results for first quarter 2008 was mainly influenced by several factors: * the sharp increase in fuel costs; * a reduction in activities coupled with the effects of the new marketing strategy, which focuses on improving route performance in terms of unit revenues (yield) rather than encouraging increases in traffic volumes; * the continuing erosion of the Company�s commercial credibility with marked effect on sales growth; * the reduction in traffic caused by the announcement of changes in the network, carried out on March 30, 2008. As of March 31, 2008, the level of the Group�s net equity amounted to about EUR96 million -- EUR169 million for the parent company Alitalia -- before taxes which should bear on the period. Regarding the financial year 2007, it should be noted that the main changes, with respect to the economic situation shown in the fourth quarter report 2007, regard the expected devaluation, referring to the balance sheet on Dec. 31, 2007, of fleet aircraft for about EUR97 million, as well as tax commitments. As of March 31, 2008, the net debt amounted to EUR1.351 billion showing a worsening of EUR191 million compared to Dec. 31, 2007. The Group�s workforce on March 31, 2008, was 10,952 people showing a decrease of 226 compared to March 31, 2007. The Group�s operating fleet on March 31, 2008, consisted of 173 aircraft, of which: * 145 for short/medium-haul; and * 28 for long-haul. Regarding the evolution of traffic and the network in the passenger sector, during the first quarter 2008 there was an overall reduction in capacity offered of 5.2% -- 1.184 billion ton kilometers compared to 1.248 billion in 2007 -- with the aim of improving route performance. The overall reduction in the capacity offered was matched by a more than proportional traffic reduction, amounting to -10% -- 786 million ton kilometers carried compared to 873 million in 2007. In overall terms, the load factor reached 66.4%, down by 3.5 percentage points compared to the previous period. This t