/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070418.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 Wednesday, April 18, 2007, Vol. 8, No. 76 Headlines A U S T R I A HAUS INFO: Claims Registration Period Ends May 2 MENUE ITALIANO: Claims Registration Period Ends April 30 MIKULICS LLC: Claims Registration Period Ends May 2 MTH-ENGINES: Claims Registration Period Ends May 21 PASCAL LLC: Claims Registration Period Ends May 17 R & R LLC: Claims Registration Period Ends May 16 SCHABAUER LLC: Claims Registration Period Ends May 2 THERMENHOTEL LUTZMANNSBURG: Claims Registration Ends April 30 B E L G I U M GRAHAM PACKAGING: Dec. 31 Bal. Sheet Upside-Down by US$597.8 Mln GOODYEAR TIRE: CEO Says Firm is Well Positioned for the Future GOODYEAR TIRE: W. Alan McCollough Elected to Board of Directors GOODYEAR TIRE: Directors Re-Elected at 2007 Annual Meeting C Y P R U S RITZIO ENTERTAINMENT: Moody's Assigns Loss-Given-Default Rating D E N M A R K CLEAR CHANNEL: Two Investors Moving On with Privatization Plan CLEAR CHANNEL: Bain Capital's US$26.7-Bln Bid Faces Collapse G E R M A N Y BRUECKMANN GERUESTBAU: Claims Registration Period Ends July 13 DAIMLERCHRYSLER AG: Chrysler's Revenues Plummet Amid Sale Talks ERNST PAUL: Hans Rudolf Wohrl May Acquire Business FCR GEBRAUCHTFAHRZEUGE: Claims Registration Period Ends June 18 FRICOM KUEHLANLAGEN: Creditors' Meeting Slated for May 15 GRUNDSTUECKS SERVICE: Creditors' Meeting Slated for May 8 H. ELSEBERG: Claims Registration Period Ends May 23 HERRNBERGER - JANSEN: Claims Registration Period Ends May 31 HOTEL BADEPARK: Claims Registration Period Ends May 30 INGENIEUR-BUERO: Claims Registration Period Ends May 25 INTERSPA IMMOBILIEN: Claims Registration Ends May 14 JOHANNES BRONNER: Claims Registration Ends May 25 JUERGEN KLOTH: Claims Registration Ends May 29 KOROBAU GMBH: Claims Registration Ends May 7 MVWG VERWALTUNGSGESELLSCHAFT: Claims Registration Ends May 10 NICI AG: Founder Faces Accounts Manipulation Charges P.M.C. GMBH: Creditors' Meeting Slated for May 21 PHOTO STOBER: Claims Registration Ends May 16 PMT POLYMER: Claims Registration Ends May 15 POPPE BAU: Creditors Meeting Slated for May 24 PST GMBH: Creditors Must Register Claims by May 21 ROPLASTO: Besaplast Kunststoffe Buys Firm Out of Administration RUDOLF STELTZER: Creditors Must Register Claims by May 4 S & G FLEISCH: Creditors Must Register Claims by April 30 SALON FIGARO: Creditors' Meeting Slated for April 25 SATORI STOCKTEC: Claims Registration Period Ends May 15 SITZCOMFORT GMBH: Claims Registration Period Ends May 2 TRANSCOM GMBH: Creditors' Meeting Slated for May 11 TRANSPEXX TRANSPORTE: Claims Registration Period Ends May 4 TREOFAN GERMANY: Moody's Assigns Loss-Given-Default Rating TSC CONSULTING: Claims Registration Period Ends May 2 VOLUMAX SYSTEMLOGISTIK: Claims Registration Period Ends May 8 VORRICHTUNGSBAU HOETENSLEBEN: Claims Registration Ends April 30 H U N G A R Y INVITEL HOLDINGS: HTCC Unit Offers EUR200-Million Senior Notes INVITEL HOLDINGS: Moody's Withdraws B1 Rating After PIK Issuance INVITEL HOLDINGS: S&P Lifts EUR142-Million Bond Rating to B MAGYAR TELECOM: Moody's Puts B1 Rating After PIK Notes Issuance MAGYAR TELECOM: S&P Rates EUR200-Million Notes at B I T A L Y DRESSER INC: S&P Junks Proposed US$750-Million Facilities FIAT SPA: Calls for Special Stockholders' Meetings on May 7 K A Z A K H S T A N ABAI LLP: Creditors Must File Claims by May 16 ANTRASID LLP: Creditors' Claims Due May 18 MTD TURAN: Proof of Claim Deadline Slated for May 16 RAUAN LTD: Claims Registration Ends May 18 SHANO LLP: Claims Filing Period Ends May 18 SPATAI LLP: Creditors Must File Claims by May 16 STROYREMSERVICE-AINA LLP: Creditors' Claims Due May 18 TRIADY LLP: Proof of Claim Deadline Slated for May 16 TROL LLP: Claims Registration Ends May 16 VERONIKA &K: Claims Filing Period Ends May 18 K Y R G Y Z S T A N RIVERA LLC: Creditors' Meeting Slated for April 25 P O L A N D ZLOMREX SA: Moody's Assigns Loss-Given-Default Rating R U S S I A COMMERCIAL CENTRE: Bankruptcy Hearing Slated for April 26 I. I. YUSHKINA: Creditors Must File Claims by April 24 KANDELLA-SERVICE CJSC: Creditors Must File Claims by April 24 KARABELLA CJSC: Creditors Must File Claims by April 24 LEADER LLC: Creditors Must File Claims by April 24 LUKOYANOVSKIY MEAT: Creditors Must File Claims by May 24 MAMADYSH-AGRO-KHIM-SERVICE: Court Hearing Slated for Aug. 23 MEGAFON OJSC: Moody's Assigns Loss-Given-Default Rating NORTH-WEST FISHING: Court Names V. Khodonovich to Manage Assets NIZHEGORODSKIY FLOUR MILL: Asset Sale Slated for April 24 NOVOLIPETSK STEEL: Shareholders' Meeting Slated for June 5 PETRAKOVSKOYE CJSC: Creditors Must File Claims by May 24 RED & BLACK: Moody's Rates US$18.6-Mln Class C Notes at Ba2 RED & BLACK: Fitch Puts BB+ Rating to Class C Notes RUSSIA CJSC: Creditors Must File Claims by May 24 SKB-BANK: Moody's Assigns B2/NP/E+ Global Scale Ratings SORVIZHSKOYE PROCESSING: Creditors Must File Claims by May 24 SUPERMARKET OJSC: Creditors Must File Claims by April 24 TMK OAO: Moody's Assigns Loss-Given-Default Rating TSIMLYANSKAYA CARPET: Bankruptcy Hearing Slated for July 24 VOZROZHDENIYE-21 OJSC: Creditors Must File Claims by April 24 YAMAL-NENETS: S&P Affirms BB+ Rating with Positive Outlook * S&P Affirms City of Ufa's B+ Rating with Positive Outlook S P A I N UCI 17: S&P Puts Junk Rating to EUR15.4 Million Class D Notes UCI 17: Fitch Junks EUR15.4-Million Class D Notes S W E D E N CONCORDIA BUS: Moody's Assigns Loss-Given-Default Rating S W I T Z E R L A N D A & O COMPUTER: Zurich Court Closes Bankruptcy Proceedings BIGRAPH JSC: Creditors' Liquidation Claims Due May 4 CARAMA JSC: Aargau Court Starts Bankruptcy Proceedings COWI-FOODART JSC: St. Gallen Court Starts Bankruptcy Proceedings FEROPRO JSC: Creditors' Liquidation Claims Due May 2 IBR-PARTNER: Zurich Court Closes Bankruptcy Proceedings LAMM SPORT: Creditors' Liquidation Claims Due May 2 PAVIZA JSC: Creditors' Liquidation Claims Due May 2 RED BEAR: Creditors' Liquidation Claims Due May 3 SCHAR IMMOBILIEN: Creditors' Liquidation Claims Due May 2 T U R K E Y DOGUS HOLDING: Moody's Assigns Loss-Given-Default Rating ULKER GIDA: Moody's Assigns Loss-Given-Default Rating U K R A I N E ABSOLUT FINANCE: Claims Registration Bar Date Set April 28 AZARIA DNIEPRO: Creditors Must File Claims by April 27 LIM GROUP: Claims Registration Deadline Set April 28 LOKHVITSA SUGAR: Creditors Must File Claims by April 28 OSTBUILDING-INVEST LLC: Claims Filing Bar Date Set April 28 SPHERE LLC: Claims Registration Deadline Set April 27 TRANSTRADE-2 LLC: Claims Registration Deadline Set April 27 UKRAINIAN ALLOY A: Claims Registration Deadline Set April 28 VORONEZH SUGAR: Creditors Must File Claims by April 28 WEST BUILDING: Claims Registration Bar Date Set April 27 WIND ROSE: Claims Registration Deadline Set April 28 ZAPORIZHSTAL OJSC: Moody's Assigns Loss-Given-Default Rating U N I T E D K I N G D O M 6721 LTD: Shuts Down Business Following Financial Difficulties ACADEMY DECORATING: Creditors' Meeting Slated for May 10 ACTUANT CORP: Earns US$18.9 Million in Second Quarter 2007 BRITISH AIRWAYS: May Purchase Up to 15 Airbus Planes, Paper Says BRAMHALL WOODWARE: Creditors' Meeting Slated for April 26 BRENTWOOD SPORTS: Creditors' Meeting Slated for April 27 CAIRNGORM LTD: Fitch Lifts GBP9-Million Class D Notes to BB+ CLS SCAFFOLDING: Creditors' Meeting Slated for April 26 CONNAIR PLANT: Creditors' Meeting Slated for April 26 EASTGATE INDUSTRIES: Creditors' Meeting Slated for May 8 HANOVER COMPRESSOR: To Redeem US$30-Million Notes on May 8 HARPERS SPORTS: Creditors' Meeting Slated for April 27 MALCRO LIGHTING: Creditors' Meeting Slated for April 26 NO. 1 PERSONNEL: Creditors' Meeting Slated for May 4 PETROPLUS FINANCE: Moody's Puts (P)Ba3 Corporate Family Rating R. E. ROWLANDS: Creditors' Meeting Slated for May 2 ********* ============= A U S T R I A ============= HAUS INFO: Claims Registration Period Ends May 2 ------------------------------------------------ Creditors owed money by LLC Haus Info (FN 82727h) have until May 2 to file written proofs of claim to court-appointed estate administrator Bernhard Huber at: Dr. Bernhard Huber Schillerstrasse 12 4020 Linz Austria Tel: 0732/656969 Fax: 0732/65696960 E-mail: b.huber@hep.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on May 15 for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Hall 522 Fifth Floor Linz Austria Headquartered in Haid bei Ansfelden, Austria, the Debtor declared bankruptcy on March 22 (Bankr. Case No. 38 S 20/07f). MENUE ITALIANO: Claims Registration Period Ends April 30 -------------------------------------------------------- Creditors owed money by LLC Menue Italiano (FN 214547k) have until April 30 to file written proofs of claim to court- appointed estate administrator Franz Doppelhofer at: Mag. Franz Doppelhofer Reitschulgasse 1 8010 Graz Austria Tel: 0316/810030 Fax: 0316/810080 E-mail: office@fritschpartner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:10 a.m. on May 10 for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 222 Second Floor Graz Austria Headquartered in Graz - Puntigam, Austria, the Debtor declared bankruptcy on March 22 (Bankr. Case No. 26 S 20/07x). MIKULICS LLC: Claims Registration Period Ends May 2 --------------------------------------------------- Creditors owed money by LLC Mikulics (FN 222805f) have until May 2 to file written proofs of claim to court-appointed estate administrator Nikolaus Vogt at: Mag. Nikolaus Vogt Dr. Eva Riess Zeltgasse 3/13 1080 Vienna Austria Tel: 01/402 57 01 Fax: 01/402 57 01 57 E-mail: nikolaus.vogt@riess.co.at law@riess.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on May 16 for the examination of claims. The meeting of creditors will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Untersiebenbrunn, Austria, the Debtor declared bankruptcy on March 15 (Bankr. Case No. 36 S 37/07v). Eva Riess represents Mag. Vogt in the bankruptcy proceedings. MTH-ENGINES: Claims Registration Period Ends May 21 --------------------------------------------------- Creditors owed money by LLC MTH-Engines (FN 273683a) have until May 21 to file written proofs of claim to court-appointed estate administrator Guenther Auer at: Dr. Guenther Auer Kirchgasse 3 5110 Oberndorf bei Salzburg Austria Tel: 06272-70870 Fax: 06272-7088-14 E-mail: office@greger-auer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 a.m. on May 31 for the examination of claims. The meeting of creditors will be held at: The Land Court of Salzburg Room 221 Second Floor Salzburg Austria Headquartered in Obertrum am See, Austria, the Debtor declared bankruptcy on March 20 (Bankr. Case No. 23 S 17/07f). PASCAL LLC: Claims Registration Period Ends May 17 -------------------------------------------------- Creditors owed money by LLC Pascal (FN 251529x) have until May 17 to file written proofs of claim to court-appointed estate administrator Beate Holper at: Mag. Beate Holper c/o Dr. Susi Pariasek 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 10:30 a.m. on May 31 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 20 (Bankr. Case No. 6 S 35/07z). Susi Pariasek represents Mag. Holper in the bankruptcy proceedings. R & R LLC: Claims Registration Period Ends May 16 ------------------------------------------------- Creditors owed money by LLC R & R (FN 258423i) have until May 16 to file written proofs of claim to court-appointed estate administrator Hans Rant at: Dr. Hans Rant c/o Dr. Kurt Freyler Seilerstatte 5 1010 Vienna Austria Tel: 513 31 65 Fax: 512 20 01 E-mail: ra-kanzlei@rant-freyler.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on May 30 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 20 (Bankr. Case No. 2 S 42/07z). Kurt Freyler represents Dr. Rant in the bankruptcy proceedings. SCHABAUER LLC: Claims Registration Period Ends May 2 ---------------------------------------------------- Creditors owed money by LLC Schabauer (FN 238160k) have until May 2 to file written proofs of claim to court-appointed estate administrator Guenther Viehboeck at: Dr. Guenther Viehboeck c/o Mag. Maria-Christina Nau Bahnhofsplatz 1a/Stg.1/Top 5 2340 Moedling Austria Tel: 02236/22 050 Fax: 02236/49239 E-mail: office@viehboeck.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on May 16 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 Krumbach, Austria, the Debtor declared bankruptcy on March 20 (Bankr. Case No. 10 S 25/07s). Maria- Christina Nau represents Dr. Viehboeck in the bankruptcy proceedings. THERMENHOTEL LUTZMANNSBURG: Claims Registration Ends April 30 ------------------------------------------------------------- Creditors owed money by LLC Thermenhotel Lutzmannsburg (FN 196795f) have until April 30 to file written proofs of claim to court-appointed estate administrator Gerwald Holper at: Mag. Gerwald Holper Technologiezentrum Marktstrasse 3 7000 Eisenstadt Austria Tel: 02682/704266-0 Fax: 02682/704266-15 E-mail: eisenstadt@kosch-partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on May 14 for the examination of claims. The meeting of creditors will be held at: The Land Court of Eisenstadt Hall F Eisenstadt Austria Headquartered in Lutzmannsburg, Austria, the Debtor declared bankruptcy on March 26 (Bankr. Case No. 26 S 38/07a). ============= B E L G I U M ============= GRAHAM PACKAGING: Dec. 31 Bal. Sheet Upside-Down by US$597.8 Mln ---------------------------------------------------------------- At Dec. 31, 2006, Graham Packaging Company LP's balance sheet showed US$2.4 billion in total assets, US$3 billion in total liabilities and US$597.8 million in stockholders' deficit. General partners' deficit in 2006 was US$31 million, up from US$25 million a year ago. Limited partners' deficit in 2006 was US$595.1 million, up from US$478.5 million a year ago. For the year ended Dec. 31, 2006, the company recorded a net loss of US$120.4 million on net sales of US$2.5 billion, as compared with a net loss of US$52.6 million on net sales of US$2.5 billion for the year ended Dec. 31, 2006. Net sales in 2006 increased by US$47.5 million from net sales in 2005. Gross profit for the year ended Dec. 31, 2006, decreased to US$287.5 million from US$295.5 million for the year ended Dec. 31, 2005. Selling, general and administrative expenses for the year 2006 increased to US$131.4 million from US$127.5 million for the year 2005. Impairment charges were US$25.9 million for the year ended Dec. 31, 2006, as compared with US$7.3 million for the year ended Dec. 31, 2005. Interest expense, net increased to US$207 million for the year ended Dec. 31, 2006, from US$184.4 million for the year ended Dec. 31, 2005. Other expense, net increased to US$2.2 million for the year 2006 from US$200,000 for the year 2005, primarily due to higher foreign exchange losses. Income tax provision increased to US$27.6 million for the year ended Dec. 31, 2006, from US$14.4 million for the year ended Dec. 31, 2005. Liquidity and Capital Resources In 2006, 2005 and 2004, the company generated US$490.4 million of cash from operations and US$1.4 billion from increased debt. This US$1.9 billion was primarily used to fund US$565.5 million of net cash paid for property, plant and equipment, US$1.3 billion of investments and US$81.5 million of debt issuance fee payments. Working capital, defined as current assets less current liabilities, decreased US$108.6 million in 2006, primarily due to a decrease in inventories of US$48.9 million. The company's Credit Agreement currently consists of a senior secured B Loan to the Graham Packaging Holdings I LP, the operating company, totaling US$1.9 billion and a Revolving Credit Facility to the Operating Company totaling US$250 million. The Acquisition and refinancing of substantially all of the company's prior debt included the issuance of US$250 million of Senior Notes due 2012 and the issuance of US$375 million of Senior Subordinated Notes due 2014. At Dec. 31, 2006, the company's total debt was US$2.5 billion. Its unused lines of credit at Dec. 31, 2006, and 2005 were US$196.2 million and US$61.8 million, respectively. A full-text copy of the company's annual report is available for free at http://ResearchArchives.com/t/s?1d0c About Graham Packaging Based in York, Pennsylvania, Graham Packaging Company, LP, formerly known as Graham Packaging Holdings I LP, -- http://www.grahampackaging.com/-- designs and manufactures customized blow-molded plastic containers for branded food and beverages, household and personal care products, and automotive lubricants. The company has manufacturing facilities in Argentina, Belgium, Brazil, Canada, Ecuador, England, Finland, France, Hungary, Mexico, the Netherlands, Poland, Spain, Turkey, the U.S. and Venezuela. The company has no assets, liabilities or operations other than its direct and indirect investments in the Operating Company and its ownership of GPC Capital Corp. II, its wholly owned subsidiary. GOODYEAR TIRE: CEO Says Firm is Well Positioned for the Future -------------------------------------------------------------- In his address at The Goodyear Tire & Rubber Company's 2007 Annual Shareholder Meeting on April 10, Chairman and Chief Executive Officer Robert J. Keegan said the tiremaker is well positioned for the future thanks to strong business platforms created last year. "When you combine our core business focus with strong top line growth, a better cost structure and a stronger balance sheet, you have an organization that is capable of moving forward at a much quicker pace than anything you have seen from Goodyear to date," Mr. Keegan said. "The market is presenting Goodyear with significant opportunities in 2007 and beyond. We plan to aggressively capitalize on those opportunities." The year 2006 will be remembered as a pivotal year in Goodyear's strategic, operational and cultural transformation, Mr. Keegan said. "I am proud of our accomplishments in 2006. The way we embraced a myriad of challenges and quickly converted those to opportunities was a credit to the entire Goodyear team. In a word, we have been innovative." Mr. Keegan said he hopes investors and others also see Goodyear associates "as innovators not only of products and technology, but innovators throughout all aspects of our business." Despite the challenges presented in 2006, he said the company delivered on several significant accomplishments, including: -- continued strong product leadership, -- a renewed focus on innovative marketing, -- improved revenue per tire, -- reduced cost structure, -- exited businesses with low profitability, -- record results in Goodyear's emerging market businesses, and -- a new, lower-cost union contract in North America. Mr. Keegan cited the company's important financial milestones in 2006, including record sales of US$20.3 billion and market capitalization nearly US$5 billion higher than the company's low point in February 2003. "This market cap increase is strong evidence that our intense focus on our Seven Strategic Drivers has created tremendous value for our shareholders," he said. The successes of 2006, combined with actions taken in the first quarter of 2007, puts Goodyear on pace to achieve the next stage financial metrics Mr. Keegan first discussed with investors in September 2005. "With the strong business platforms we have created to drive our performance and the pace at which we are now executing, I am confident we have the ability to achieve these goals," said Mr. Keegan. "While there are still plenty of challenges ahead, we now have a proven track record and much stronger business platforms than when our journey began four years ago." Headquartered in Akron, Ohio, Goodyear Tire and Rubber Company (NYSE:GT) -- http://www.goodyear.com/-- manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries around the world. Goodyear employs more than 75,000 people worldwide. Goodyear Tire has marketing operations in almost every country around the world including Chile, Colombia, Guatemala and Peru in Latin America. Goodyear employs more than 80,000 people worldwide. The company's European operationis headquartered in Belgium. * * * As reported in the Troubled Company Reporter on April 10, 2007, Fitch Ratings has affirmed ratings for The Goodyear Tire & Rubber Company, including: -- 'B' Issuer Default Rating; 'BB/RR1' rating of its US$1.5 billion first-lien credit facility; -- 'BB/RR1' rating of its US$1.2 billion second-lien term loan; -- 'B/RR4' rating of its US$300 million third-lien term loan; -- 'B/RR4' rating of its US$650 million third-lien senior secured notes; and -- 'CCC+/RR6' Senior unsecured debt rating. GOODYEAR TIRE: W. Alan McCollough Elected to Board of Directors --------------------------------------------------------------- W. Alan McCollough, former chairman and chief executive officer of Circuit City Stores Inc., has been elected to the Board of Directors of The Goodyear Tire & Rubber Company. "Alan McCollough is a respected business leader who led a turnaround at Circuit City," Goodyear Chairman and Chief Executive Officer Robert J. Keegan said. "His retail experience and marketing knowledge will be of significant value to our board of directors." Mr. McCollough was elected chairman, president and chief executive officer of Circuit City in 2002 and served in that capacity until 2005. He remained chairman and chief executive officer until his retirement in 2006. He led the consumer electronic retailer as president and chief executive officer from 2000 to 2002 and served as president and chief operating officer from 1997 to 2000. Mr. McCollough joined Circuit City in 1987 as general manager of corporate operations. He was named assistant vice president in 1989, president of central operations in 1991 and senior vice president of merchandising in 1994. Before joining Circuit City, McCollough worked 12 years at Milliken & Company, where he held various positions including director of marketing. Mr. McCollough, 57, holds a Bachelor of Science degree from Missouri Valley College and a Master of Business Administration degree from Southern Illinois University. He is a director of La-Z-Boy Inc. and VF Corporation. The election of Mr. McCollough brings the size of Goodyear's board to 12 members. Headquartered in Akron, Ohio, Goodyear Tire and Rubber Company (NYSE:GT) -- http://www.goodyear.com/-- manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries around the world. Goodyear employs more than 75,000 people worldwide. Goodyear Tire has marketing operations in almost every country around the world including Chile, Colombia, Guatemala and Peru in Latin America. Goodyear employs more than 80,000 people worldwide. The company's European operationis headquartered in Belgium. * * * As reported in the Troubled Company Reporter on April 10, 2007, Fitch Ratings has affirmed ratings for The Goodyear Tire & Rubber Company, including: -- 'B' Issuer Default Rating; 'BB/RR1' rating of its US$1.5 billion first-lien credit facility; -- 'BB/RR1' rating of its US$1.2 billion second-lien term loan; -- 'B/RR4' rating of its US$300 million third-lien term loan; -- 'B/RR4' rating of its US$650 million third-lien senior secured notes; and -- 'CCC+/RR6' Senior unsecured debt rating. GOODYEAR TIRE: Directors Re-Elected at 2007 Annual Meeting ---------------------------------------------------------- Shareholders of The Goodyear Tire & Rubber Company re-elected 11 members of the company's Board of Directors at their 2007 Annual Meeting. Re-elected were: * James C. Boland, vice chairman, Cavaliers Operating Company, LLC; * John G. Breen, former chairman of the board, The Sherwin- Williams Company; * William J. Hudson Jr., former president and chief operating officer, AMP Inc.; * Robert J, Keegan, chairman, chief executive officer and president, Goodyear; * Steven A. Minter, former president and executive director, The Cleveland Foundation; * Denise M. Morrison, senior vice president, Campbell USA Soup, Sauce and Beverage; * Rodney O'Neal, chief executive officer and president, Delphi Corporation; * Shirley D. Peterson, former partner, Steptoe & Johnson LLP; * G. Craig Sullivan, former chairman and chief executive officer, The Clorox Company; * Thomas H. Weidemeyer, former senior vice president and chief operating officer, United Parcel Service Inc.; and * Michael R. Wessel, president, The Wessel Group Inc. The shareholders also approved the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for 2007. A shareholder proposal requesting the adoption of a simple majority vote standard for all issues subject to shareholder vote failed to receive a majority of votes outstanding. In other business, shareholder proposals related to executive compensation and retirement benefits failed to receive a majority of votes outstanding. Headquartered in Akron, Ohio, Goodyear Tire and Rubber Company (NYSE:GT) -- http://www.goodyear.com/-- manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries around the world. Goodyear employs more than 75,000 people worldwide. Goodyear Tire has marketing operations in almost every country around the world including Chile, Colombia, Guatemala and Peru in Latin America. Goodyear employs more than 80,000 people worldwide. The company's European operationis headquartered in Belgium. * * * As reported in the Troubled Company Reporter on April 10, 2007, Fitch Ratings has affirmed ratings for The Goodyear Tire & Rubber Company, including: -- 'B' Issuer Default Rating; 'BB/RR1' rating of its US$1.5 billion first-lien credit facility; -- 'BB/RR1' rating of its US$1.2 billion second-lien term loan; -- 'B/RR4' rating of its US$300 million third-lien term loan; -- 'B/RR4' rating of its US$650 million third-lien senior secured notes; and -- 'CCC+/RR6' Senior unsecured debt rating. =========== C Y P R U S =========== RITZIO ENTERTAINMENT: Moody's Assigns Loss-Given-Default Rating --------------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors last week, the rating agency confirmed its B2 Corporate Family Rating for Ritzio Entertainment Group. Moody's also assigned a B2 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Nicosia, Cyprus, Ritzio Entertainment Group (REG) -- http://www.ritzio.net/en/-- is an international business operator in the field of entertainment and recreation. Ritzio is also developing its restaurant and real estate management businesses. REG holds strong positions in a number of markets, including Russia, Ukraine, Kazakhstan, the Baltic States and Romania. In 2006, it entered the Latin American market and is currently represented in Bolivia, Peru and Mexico. ============= D E N M A R K ============= CLEAR CHANNEL: Two Investors Moving On with Privatization Plan -------------------------------------------------------------- Private-equity groups Thomas H. Lee Partners and Bain Capital Partners have been courting more shareholders in line with an upcoming shareholder meeting regarding a plan to privatize Clear Channel Communications Inc., Sarah McBride and Dennis K. Berman of The Wall Street Journal report. According to WSJ, two big investment funds, which declined to be identified, said representatives of parties involved in the deal had reached out to them to suggest adjustments to the deal that might satisfy them. In addition, the source says bankers at Goldman Sachs were huddling with Clear Channel's board Sunday, discussing options that could be taken at the last moment. One possibility, the Journal says, is a specialized, private security that would give the shareholders an ongoing, albeit illiquid, stake in the newly private company. Last month, Clear Channel disclosed in a regulatory filing with the U.S. Securities and Exchange Commission that Highfields Capital Management LP beneficially owns a 5% stake in the company, equivalent to 24,854,400 shares at US$0.10 par value per share. Ms. McBride of WSJ noted in a related report that Highfields Capital previously held about 3% of Clear Channel's outstanding shares. Boston, Mass.-based Highfields Capital is an investment management firm focused on identifying long-term value investments on behalf of public and private charitable foundations, school endowments and other institutional and private investors. Highfields Capital currently manages approximately US$10 billion in investment funds. The increase indicates that the investment company wants more influence in a coming vote on a possible privatization of Clear Channel, which Highfields opposes, Ms. McBride said in that related report, citing people familiar with the matter. Ms. McBride added that Clear Channel, along with investors Bain & Co. and Thomas H. Lee, are offering US$37.60 a share, but many investors, including Highfields, believe the company is worth more. Clear Channel shareholders of record as of March 23, are due to vote on the issue at the special meeting, which will be held tomorrow, April 19. Highfields is Clear Channel's second-biggest holder, Ms. McBride said. About Clear Channel Communications Based in San Antonio, Texas, Clear Channel Communications Inc. -- http://www.clearchannel.com/-- (NYSE:CCU) is a global leader in the out-of-home advertising industry with radio and television stations and outdoor displays in various countries around the world. Aside from the 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. * * * Clear Channel's long-term local and foreign issuer credits carry Standard & Poor's BB+ rating. In addition, the company's senior unsecured debt and long-term issuer default ratings were placed by Fitch at BB- on Nov. 16, 2006. CLEAR CHANNEL: Bain Capital's US$26.7-Bln Bid Faces Collapse ------------------------------------------------------------ Bain Capital Partners LLC and Thomas H. Lee Partners L.P.'s US$26.7-billion proposal to acquire Clear Channel Communications Inc. could fall to pieces unless the company's shareholders approve the deal, the Financial Times reports. The deal must merit a two-thirds vote by Clear Channel shareholders, who will vote on the deal during an April 19 meeting. The company's major investors, including Fidelity and Highfields Capital Management LP, plan to reject the proposal, the FT states. The TCR-Europe reported on Nov. 21, 2006, that Clear Channel had executed a definitive merger agreement with the two private equity groups in a transaction that includes the assumption or repayment of approximately US$8 billion of net debt. Under the terms of the agreement, Clear Channel shareholders will receive US$37.60 in cash for each share of Clear Channel common stock they hold, representing a premium of approximately 25% over the company's average closing share price of US$29.99 during the 30 trading days ended Oct. 24, 2006, the day before the Company first acknowledged that it was evaluating strategic alternatives. The deal's rejection would prove unfavorable to Morgan Stanley, Citigroup, Credit Suisse, Deutsche Bank, and Royal Bank of Scotland as they stand to earn substantial fees from advising on the deal and providing financing, the FT observes. About Clear Channel Communications Based in San Antonio, Texas, Clear Channel Communications Inc. - - http://www.clearchannel.com/-- (NYSE:CCU) is a global leader in the out-of-home advertising industry with radio and television stations and outdoor displays in various countries around the world. Aside from the 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. * * * Clear Channel's long-term local and foreign issuer credits carry Standard & Poor's BB+ rating. In addition, the company's senior unsecured debt and long-term issuer default ratings were placed by Fitch at BB- on Nov. 16, 2006. ============= G E R M A N Y ============= BRUECKMANN GERUESTBAU: Claims Registration Period Ends July 13 -------------------------------------------------------------- Creditors of Brueckmann Geruestbau- und Bedachungs GmbH have until July 13 to register their claims with court-appointed insolvency manager Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Aug. 7, 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 contacted at: Dr. Jan Markus Plathner Lyoner Strasse 14 60528 Frankfurt (Main) Germany The District Court of Frankfurt (Main) opened bankruptcy proceedings against Brueckmann Geruestbau- und Bedachungs GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Brueckmann Geruestbau- und Bedachungs GmbH Fuellerstrasse 51 60431 Frankfurt (Main) Germany DAIMLERCHRYSLER AG: Chrysler's Revenues Plummet Amid Sale Talks --------------------------------------------------------------- DaimlerChrysler AG's Feb. 14 announcement that it is putting Chrysler Group on the block has triggered a decline in the ailing unit's sales, Steven Landry, Chrysler's vice president for sales and field operations, told The Associated Press in an interview. According to the report, Chrysler's revenues dropped 8.3 percent in February 2007, compared with its February 2006 numbers. The unit reported a 1 percent rise in its January 2007 sales from the same month last year. March sales showed a 4.6 percent dip although Mr. Landry claims that the division exceeded internal goals by 1 percent. Overall, Chrysler's revenues for the first quarter of 2007 were down 4 percent from the same period in 2006. Concurrently, two Magna International Inc. directors said reports that the auto parts maker has submitted a joint tender with a partner for Chrysler are premature as Magna's board has yet to receive a proposal from its management, The Star relates. Magna had issued a statement that it is mulling over options regarding a possible Chrysler purchase. Meanwhile, Tracinda Corp.'s US$4.5-billion bid to acquire Chrysler, which is significantly lower than its rivals, could unravel unless it finds a way to negotiate with DaimlerChrysler soon, The Financial Times states. DaimlerChrysler has so far ignored Tracinda's offer not only because of its considerably smaller offer, but also due to the investment firm's demand for exclusive negotiations with the automaker. Plus, billionaire Kirk Kerkorian, who controls Tracinda, has had a long and adverse relationship with the German company, made worse by his lawsuit alleging that Daimler paid too little when it acquired Chrysler in 1998, FT observes. The TCR-Europe reported on April 13 that DaimlerChrysler executive Ruediger Grube, a management-board member and head of strategy, is presently negotiating with all Chrysler bidders, with the exception of billionaire Kirk Kerkorian's Tracinda Corp. The company had scheduled meetings with Cerberus Capital Management LP; joint bidders Blackstone Group and Centerbridge Capital Partners LP; and the tandem of Magna International Inc. and Onex Corp., but left Tracinda Corp. in the lurch. About DaimlerChrysler Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA: DCX) -- http://www.daimlerchrysler.com/-- develops, manufactures, distributes, and sells various automotive products, primarily passenger cars, light trucks, and commercial vehicles worldwide. It primarily operates in four segments: Mercedes Car Group, Chrysler Group, Commercial Vehicles, and Financial Services. The company's worldwide operations are located in: Canada, Mexico, United States, Argentina, Brazil, Venezuela, China, India, Indonesia, Japan, Thailand, Vietnam, and Australia. The Chrysler Group segment offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The Chrysler Group is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. In order to improve the earnings situation of the Chrysler Group as quickly and comprehensively, measures to increase sales and cut costs in the short term are being examined at all stages of the value chain, in addition to structural changes being reviewed as well. ERNST PAUL: Hans Rudolf Wohrl May Acquire Business -------------------------------------------------- German entrepreneur Hans Rudolf Wohrl is eyeing to acquire Ernst Paul Lehmann Patentwerk OHG jointly with LGB of America, The Financial Times reports citing Die Welt as its source. According to Hermann Schontag, owner of Ernst Paul Lehmann Patentwerk, it took a while to find investors for the model railway company, which is valued at EUR3.7 million. About the Company Headquartered in Nuremberg, Germany, Ernst Paul Lehmann Patentwerk OHG -- http://www.lgb.de/english/-- created the world's first "G-scale" train, Lehmann Gross Bahn, in 1968, and continues to make the most popular garden railway model in Europe. Ernst Paul Lehmann Patentwerk filed for bankruptcy protection in the Nuremberg district court on Sept. 18, 2006. The court then ordered temporary bankruptcy administration, and Dr. Steffen Goede of the law firm Goede, Bergfeld, Waldherr & Hussmann was appointed as the temporary bankruptcy trustee. FCR GEBRAUCHTFAHRZEUGE: Claims Registration Period Ends June 18 --------------------------------------------------------------- Creditors of FCR Gebrauchtfahrzeuge GmbH have until June 18 to register their claims with court-appointed insolvency manager Jutta Ruedlin. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 29, 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 Kassel Hall 234 Friedrichsstrasse 32-34 34117 Kassel Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on Aug. 16, at the same venue. The insolvency manager can be contacted at: Jutta Ruedlin Markt 4 34212 Melsungen Germany Tel: 05661 926280 Fax: 05661 9262820 E-mail: melsungen@Henningsmeier.de The District Court of Kassel opened bankruptcy proceedings against FCR Gebrauchtfahrzeuge GmbH on April 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: FCR Gebrauchtfahrzeuge GmbH Attn: Thomas Herwig and Andreas Schuett, Managers Buerstoss 1 34212 Melsungen Germany FRICOM KUEHLANLAGEN: Creditors' Meeting Slated for May 15 --------------------------------------------------------- The court-appointed insolvency manager for Fricom Kuehlanlagen GmbH, Christian Koehler-Ma, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:10 a.m. on May 15. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Second Stock Hall 218 Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:10 a.m. on Aug. 28, at the same venue. Creditors have until June 29 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christian Koehler-Ma Kurfuerstendamm 212 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Fricom Kuehlanlagen GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fricom Kuehlanlagen GmbH Nunsdorfer Ring 24 12277 Berlin Germany GRUNDSTUECKS SERVICE: Creditors' Meeting Slated for May 8 --------------------------------------------------------- The court-appointed insolvency manager for Grundstuecks-Service Rolf Meissel GmbH, Wolfgang Schroeder, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 8:40 a.m. on May 8. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Second Stock Hall 218 Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 8:40 a.m. on Sept. 13, at the same venue. Creditors have until July 1 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Wolfgang Schroeder Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Grundstuecks-Service Rolf Meissel GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Grundstuecks-Service Rolf Meissel GmbH Bismarckallee 10 14193 Berlin Germany H. ELSEBERG: Claims Registration Period Ends May 23 --------------------------------------------------- Creditors of H. Elseberg GmbH have until May 23 to register their claims with court-appointed insolvency manager Thorsten Snyders. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on June 13, 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 Lingen (Ems) Hall Z 16 New Building Burgstrasse 28 49808 Lingen (Ems) 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 contacted at: Thorsten Snyders Heideweg 72 48529 Nordhorn Germany Tel: 05921/7139145 Fax: 05921/7139146 E-mail: Snyders@raehp.de The District Court of Lingen (Ems) opened bankruptcy proceedings against H. Elseberg GmbH on April 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: H. Elseberg GmbH Nordhorner Strasse 1 49808 Lingen (Ems) Germany Attn: Helmut Elseberg, Manager Saarlander Strasse 18 a 49835 Wietmarschen Germany HERRNBERGER - JANSEN: Claims Registration Period Ends May 31 ------------------------------------------------------------ Creditors of Herrnberger - Jansen GmbH have until May 31 to register their claims with court-appointed insolvency manager Wolfgang Weidemann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 15, 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 Eutin Hall E Courthouse 23701 Eutin 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 contacted at: Wolfgang Weidemann Wendenstrasse 4 20097 Hamburg Germany The District Court of Eutin opened bankruptcy proceedings against Herrnberger - Jansen GmbH on April 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Herrnberger - Jansen GmbH Attn: Dr. Juergen Herrnberger, Manager Luebecker Landstrasse 36 23701 Eutin Germany HOTEL BADEPARK: Claims Registration Period Ends May 30 ------------------------------------------------------ Creditors of Hotel Badepark Vulkamar GmbH have until May 30 to register their claims with court-appointed insolvency manager Oliver Brand. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on July 9, 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 Bitburg Hall 128 Gerichtsstrasse 2/4 54634 Bitburg 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 contacted at: Oliver Brand Dietrichstr. 20 54290 Trier Germany Tel: 0651/97024-60 Fax: 0651/97024-66 The District Court of Bitburg opened bankruptcy proceedings against Hotel Badepark Vulkamar GmbH on March 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Hotel Badepark Vulkamar GmbH Attn: Rainer Schulte Strathaus, Manager Kurallee 13-15 54579 Stadtkyll Germany INGENIEUR-BUERO: Claims Registration Period Ends May 25 ------------------------------------------------------- Creditors of Ingenieur-Buero fuer Gebaudetechnik Klaus Reitz & Partner GmbH have until May 25 to register their claims with court-appointed insolvency manager Bernd Reuss. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 14, 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 Hanau Hall 205 Aussenstelle Insolvenzgericht Engelhardstrasse 21 63450 Hanau 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 contacted at: Bernd Reuss Mainzer-Tor-Anlage 33 61169 Friedberg/H. Germany Tel: 06031/797-0 Fax: 06031/7971-00 The District Court of Hanau opened bankruptcy proceedings against Ingenieur-Buero fuer Gebaudetechnik Klaus Reitz & Partner GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Ingenieur-Buero fuer Gebaudetechnik Klaus Reitz & Partner GmbH Attn: Klaus Reitz, Manager Kathe-Kollwitz-Ring 62 63486 Bruchkoebel Germany INTERSPA IMMOBILIEN: Claims Registration Ends May 14 ---------------------------------------------------- Creditors of interSPA Immobilien GmbH have until May 14 to register their claims with court-appointed insolvency manager Wolfgang Illig. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 14, 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 Stuttgart Hall 4 Hauffstr. 5 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolfgang Illig Kriegerstr. 3 70191 Stuttgart Germany Tel: 0711/22 55 830 Fax: 0711/22 55 83 20 The District Court of Stuttgart opened bankruptcy proceedings against interSPA Immobilien GmbH on March 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: interSPA Immobilien GmbH Loeffelstr. 44 70597 Stuttgart Germany JOHANNES BRONNER: Claims Registration Ends May 25 ------------------------------------------------- Creditors of Johannes Bronner GmbH Sagewerk und Holzverarbeitung have until May 25 to register their claims with court-appointed insolvency manager Stefano Buck. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Rottweil Room 0.05 Branch Office Koernerstr. 29 Rottweil Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefano Buck Eisenbahnstr. 19-23 77855 Achern Germany Tel.Nr. 07841/708311 Fax Nr. 07841/708301 The District Court of Rottweil opened bankruptcy proceedings against Johannes Bronner GmbH Sagewerk und Holzverarbeitung on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Johannes Bronner GmbH Sagewerk und Holzverarbeitung Attn: Johannes Bronner, Manager Schlosswiesenstr. 25 72175 Dornhan Germany JUERGEN KLOTH: Claims Registration Ends May 29 ---------------------------------------------- Creditors of Juergen Kloth Bauunternehmung GmbH have until May 29 to register their claims with court-appointed insolvency manager Dr. Sebastian Braun. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 19, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenbach am Main Hall 162N First Floor Kaiserstrasse 63065 Offenbach am Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Sebastian Braun Josef-Schmitt-Str. 10 97922 Lauda-Koenigshofen Germany Tel: 09343/2065 Fax: 09343/3833 The District Court of Offenbach am Main opened bankruptcy proceedings against Juergen Kloth Bauunternehmung GmbH on April 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Juergen Kloth Bauunternehmung GmbH Am Stiergraben 16 63128 Dietzenbach Germany Attn: Juergen Kloth, Manager Am Stiergraben 16 63128 Dietzenbach Germany KOROBAU GMBH: Claims Registration Ends May 7 -------------------------------------------- Creditors of Korobau GmbH have until May 7 to register their claims with court-appointed insolvency manager Dr. Biner Bahr. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on May 22, 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. Biner Bahr Graf-Adolf-Platz 15 40213 Duesseldorf Germany The District Court of Essen opened bankruptcy proceedings against KOROBAU GmbH on April 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Korobau GmbH Ernestinenstr. 61 45141 Essen Germany MVWG VERWALTUNGSGESELLSCHAFT: Claims Registration Ends May 10 ------------------------------------------------------------- Creditors of MVWG Verwaltungsgesellschaft mbH have until May 10 to register their claims with court-appointed insolvency manager Paul Wieschemann. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on May 10, 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 Kaiserslautern Hall 8 Bahnhofstrasse 24 67655 Kaiserslautern 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: Paul Wieschemann Flickerstal 2 67657 Kaiserslautern Germany Tel: 0631/341950 Fax: 0631/470269 The District Court of Kaiserslautern opened bankruptcy proceedings against MVWG Verwaltungsgesellschaft mbH on April 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MVWG Verwaltungsgesellschaft mbH Glanstr. 16 66887 St. Julian Germany NICI AG: Founder Faces Accounts Manipulation Charges ---------------------------------------------------- Ottmar Pfaff, former chairman and founder of Nici AG, faced charges of accounts manipulation from the public prosecutor's office of Hof, the Financial Times reports citing Suddeutsche Zeitung as its source. According to the report, the public prosecutor accused Mr. Pfaff of producing false invoices for fictitious deliveries and of selling them to factoring companies. He allegedly used the proceeds from these transactions to pay off other debts. Mr. Pfaff was also accused of manipulating the company's accounts by EUR59 million in order to cover up his system, which resulted to the factoring companies' loss of EUR86 million, Suddeutsche Zeitung said. A date is yet to be set for the main hearing in the case against Mr. Pfaff. Headquarteredin Altenkunstadt, Germany, Nici AG -- http://www.nici.de/-- manufactures high quality plush characters and matching fashion oriented accessories. Nici declared itself insolvent on May 16, 2006. P.M.C. GMBH: Creditors' Meeting Slated for May 21 ------------------------------------------------- The court-appointed insolvency manager for P.M.C. GmbH, Dr. Hans-Gert Dhonau, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:45 a.m. on May 21. The meeting of creditors and other interested parties will be held at: The District Court of Bad Kreuznach Hall 309 Ringstrasse 79 55543 Bad Kreuznach Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on June 18 at the same venue. Creditors have until May 14 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Hans-Gert Dhonau Bahnhofstr. 7, D 55566 Bad Sobernheim Germany Tel: 06751/938013 Fax: 06751/9380-36 The District Court of Bad Kreuznach opened bankruptcy proceedings against P.M.C. GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: P.M.C. GmbH Hugo-Wagner-Str. 55481 Kirchberg Germany Attn: Dieter Niewolik, Manager 95692 Konnersreuth Germany PHOTO STOBER: Claims Registration Ends May 16 --------------------------------------------- Creditors of Photo Stober GmbH have until May 16 to register their claims with court-appointed insolvency manager Dr. Thomas Kaiser. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 11, 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 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 Kaiser LG-Fach 37 Wilhelmstr. 1b 79098 Freiburg Germany Tel: 0761/703940 Fax: 0761/7039410 The District Court of Freiburg opened bankruptcy proceedings against Photo Stober GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Photo Stober GmbH Attn: Marianne Moser and Markus Ruths, Managers Universitatsstr. 10 79098 Freiburg Germany PMT POLYMER: Claims Registration Ends May 15 -------------------------------------------- Creditors of PMT Polymer Trading GmbH have until May 15 to register their claims with court-appointed insolvency manager Dr. Rainer Maus. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on June 15, 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 Wilhelmstr. 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: Dr. Rainer Maus Sporergasse 7 50667 Cologne Germany Tel: 0221 - 2726120 Fax: 0221-27261299 The District Court of Bonn opened bankruptcy proceedings against PMT Polymer Trading GmbH on March 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PMT Polymer Trading GmbH Attn: Dieter Zander, Manager Sternenstr. 26 53842 Tro�sdorf Germany POPPE BAU: Creditors Meeting Slated for May 24 ---------------------------------------------- The court-appointed insolvency manager for Poppe Bau GmbH, Joachim Voigt-Salus, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:15 a.m. on May 24. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Second Stock Hall 218 Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on Aug. 30 at the same venue. Creditors have until July 5 to register their claims with the court-appointed 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 Poppe Bau GmbH on April 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Poppe Bau GmbH Suedstr. 14 04539 Groitzsch Germany PST GMBH: Creditors Must Register Claims by May 21 -------------------------------------------------- Creditors of PST GmbH have until May 21 to register their claims with court-appointed insolvency manager Christina Siegert. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on June 20, 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 Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christina Siegert Oskar-von-Miller-Ring 34-36 80333 Munich Tel: 089-24440930 Fax: 089-244409365 Germany The District Court of Munich opened bankruptcy proceedings against PST GmbH on April 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PST GmbH Kapellenweg 6 81371 Munich Germany ROPLASTO: Besaplast Kunststoffe Buys Firm Out of Administration --------------------------------------------------------------- Besaplast Kunststoffe GmbH has bought Roplasto Fensterprofile GmbH out of administration for an undisclosed sum, just days after the District Court of Cologne opened bankruptcy proceedings against the company on March 30, Plastics Information Europe relates. According to the report, Besaplast has acquired Roplasto's assets, which include the insolvent company's main plant at Bergisch-Gladbach; two production sites in Poland and Russia; and all branches, patents, and licenses. About Besaplast Kunststoffe GmbH Headquartered in Borken, Germany, Besaplast Kunststoffe GmbH -- http://www.besaplast.com/-- manufactures extruded thermoplastic articles, comprising waterstops and special purpose profiles. About Roplasto Fensterprofile Headquartered in Gladbach, Germany, Roplasto Fensterprofile GmbH -- http://www.roplasto.com/en/-- specializes in the extrusion of PVC window and door systems. The company filed for the opening of insolvency proceedings on Jan. 12 in the wake of an imminent collapse in liquidity. The District Court of Cologne opened bankruptcy proceedings against Roplasto Fensterprofile GmbH on March 30. RUDOLF STELTZER: Creditors Must Register Claims by May 4 -------------------------------------------------------- Creditors of Rudolf Steltzer Briefmarken Auktionshaus GmbH have until May 4 to register their claims with court-appointed insolvency manager Frank Schmitt. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on June 4, 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 Bad Homburg v.d. Hoehe Room 302 Third Floor Auf der Steinkaut 10-12 61352 Bad Homburg v.d. Hoehe 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: Frank Schmitt Olof-Palme-Strasse 13 60439 Frankfurt Germany Tel: 069-509860 Fax: 069-50986110 The District Court of Bad Homburg v.d.Hoehe opened bankruptcy proceedings against Rudolf Steltzer Briefmarken Auktionshaus GmbH on April 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rudolf Steltzer Briefmarken Auktionshaus GmbH Adenauerallee 2 61440 Oberursel/Ts Germany S & G FLEISCH: Creditors Must Register Claims by April 30 --------------------------------------------------------- Creditors of S & G Fleisch GmbH have until April 30 to register their claims with court-appointed insolvency manager Horst Piepenburg. Creditors and other interested parties are encouraged to attend the meeting at 10:35 a.m. on May 22, 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 Kleve Meeting Hall C 58 Ground Floor Schlossberg 1 47533 Kleve 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: Horst Piepenburg Heinrich-Heine-Allee 20 40213 Duesseldorf Germany The District Court of Kleve opened bankruptcy proceedings against S & G Fleisch GmbH on April 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: S & G Fleisch GmbH Schulstrasse 34 48455 Bad Bentheim Germany SALON FIGARO: Creditors' Meeting Slated for April 25 ---------------------------------------------------- The court-appointed insolvency manager for Salon Figaro Taucha GmbH, Axel Roth, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on April 25. The meeting of creditors and other interested parties will be held at: The District Court of Leipzig Hall 056 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report at 9:30 a.m. on June 12 at the same venue. Creditors have until May 11 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Axel Roth Dittrichring 18-20 04109 Leipzig Germany Tel: 0341/1493105 Telefax: 0341/1493111 The District Court of Leipzig opened bankruptcy proceedings against Salon Figaro Taucha GmbH on April 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Salon Figaro Taucha GmbH Portitzer Strasse 2 04425 Taucha Germany Attn: Karin Fregin, Manager Geschwister-Scholl-Strasse 19 04425 Taucha Germany SATORI STOCKTEC: Claims Registration Period Ends May 15 ------------------------------------------------------- Creditors of Satori Stocktec GmbH have until May 15 to register their claims with court-appointed insolvency manager Jan H. Wilhelm. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 6, 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: Jan H. Wilhelm Albert-Einstein-Ring 11 22761 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against Satori Stocktec GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Satori Stocktec GmbH Rendsburger Strasse 93 24537 Neumuenster Germany SITZCOMFORT GMBH: Claims Registration Period Ends May 2 ------------------------------------------------------- Creditors of Sitzcomfort GmbH have until May 2 to register their claims with court-appointed insolvency manager Dirk Hammes. Creditors and other interested parties are encouraged to attend the meeting at 10:50 a.m. on June 13, 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 C315 Third Floor 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: Dirk Hammes Wilhelmshofallee 75 47800 Krefeld Germany The District Court of Duisburg opened bankruptcy proceedings against Sitzcomfort GmbH on April 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sitzcomfort GmbH Attn: Georg Luschgy, Manager Oststrasse 159 - 171 47057 Duisburg Germany TRANSCOM GMBH: Creditors' Meeting Slated for May 11 --------------------------------------------------- The court-appointed insolvency manager for TransCom GmbH & Co. KG, Bernhard Dorissen, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:15 a.m. on May 11. The meeting of creditors and other interested parties will be held at: The District Court of Cloppenburg Hall 6 Main Building Burgstrasse 9 49661 Cloppenburg Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on June 1 at the same venue. Creditors have until May 17 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Bernhard Dorissen Osterstr. 22 49661 Cloppenburg Germany Tel: 04471/9102-0 Fax: 04471/9102-22 The District Court of Cloppenburg opened bankruptcy proceedings against TransCom GmbH & Co. KG on April 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TransCom GmbH & Co. KG Hansestrasse 14 49685 Emstek-Schneiderkrug Germany TRANSPEXX TRANSPORTE: Claims Registration Period Ends May 4 ----------------------------------------------------------- Creditors of Transpexx Transporte & Kurierdienste GmbH have until May 4 to register their claims with court-appointed insolvency manager Dr. Margit Watzinger. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 24, 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 Rosenheim Room 108 Rosenheim 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. Margit Watzinger Stollstr. 5 83022 Rosenheim Germany Tel: 08031/233890 Fax: 08031/13892 The District Court of Rosenheim opened bankruptcy proceedings against Transpexx Transporte & Kurierdienste GmbH on March 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Transpexx Transporte & Kurierdienste GmbH Graf-Arco-Str. 4 83104 Tuntenhausen Germany TREOFAN GERMANY: Moody's Assigns Loss-Given-Default Rating ---------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors last week, the rating agency confirmed its B3 Corporate Family Rating for Treofan Germany GmbH & Co. KG. Moody's also assigned a B3 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 11% Senior Subordinated Regular Bond/Debenture Due 2013 Caa1 LGD4 65% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Raunheim, Germany, Treofan Group -- http://www.treofan.de/-- develops, manufactures and markets under the brand name Treofan biaxially oriented polypropylene film (BOPP) and cast polypropylene film, as well as under the brand name Biophan sustainable and compostable polylacticacid film. With more than 40 years of experience in global markets, Treofan markets its products in more than 20 countries, manufacturing some 220,000 tonS of film a year at 7 sites in Europe, North America and South Africa. The group reported sales of EUR460 million in 2005. TSC CONSULTING: Claims Registration Period Ends May 2 ----------------------------------------------------- Creditors of TSC Consulting GmH have until May 2 to register their claims with court-appointed insolvency manager Thomas Kind. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on June 13, 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: Thomas Kind Eisenbahnstr. 19-23 77855 Achern Germany Tel: (07 8 41) 70 80 The District Court of Karlsruhe opened bankruptcy proceedings against TSC Consulting GmH on Aplril 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TSC Consulting GmH Attn: Karlheinz Thierbach, Manager Wachhausstr. 5B 76227 Karlsruhe Germany VOLUMAX SYSTEMLOGISTIK: Claims Registration Period Ends May 8 ------------------------------------------------------------- Creditors of Volumax Systemlogistik GmbH have until May 8 to register their claims with court-appointed insolvency manager Tobias Hoefer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 2, 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 Mannheim Area 232 Second Floor West Wing Schloss 68149 Mannheim 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: Tobias Hoefer Soldnerstr. 2 68219 Mannheim Germany Tel: 0621/877080 The District Court of Mannheim opened bankruptcy proceedings against Volumax Systemlogistik GmbH on April 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Volumax Systemlogistik GmbH Attn: Joachim Reichert, Manager Reichenbachstr. 1 - 3 69309 Mannheim Germany VORRICHTUNGSBAU HOETENSLEBEN: Claims Registration Ends April 30 --------------------------------------------------------------- Creditors of Metall- und Vorrichtungsbau Hoetensleben MbH have until April 30 to register their claims with court-appointed insolvency manager Ruediger Bauch. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 23, 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 Magdeburg Hall E Insolvency Department Liebknechtstrasse 65-91 39110 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ruediger Bauch Schleinufer 11 39104 Magdeburg Germany Tel: 0391/5354-0 Fax: 0391/5354-100 E-mail: RBauch@schubra.de The District Court of Magdeburg opened bankruptcy proceedings against Metall- und Vorrichtungsbau Hoetensleben, Gesellschaft f�r Metall- und Vorrichtungsbau mbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Metall- und Vorrichtungsbau Hoetensleben MbH Auf dem Rathwege 3 39393 Hoetensleben Germany Attn: Hans-Willi Dather, Manager Steinweg 22 A 39393 Hoetensleben Germany ============= H U N G A R Y ============= INVITEL HOLDINGS: HTCC Unit Offers EUR200-Million Senior Notes -------------------------------------------------------------- Hungarian Telephone and Cable Corp. disclosed an offering through its wholly owned subsidiary, HTCC Holdco II B.V., of Floating Rate Senior Notes for approximately EUR200 million. Upon consummation of the acquisition of Invitel ZRt. by Hungarian Telephone and Cable Corp., Magyar Telecom B.V., the current parent company of Invitel ZRt., will assume the obligations under the Notes, and also become the parent company of Hungarotel ZRt., PanTel Kft. and PanTel Technocom Kft. The proceeds from the Offering will be used partly to finance the acquisition of Invitel by Hungarian Telephone and Cable Corp. and refinance the indebtedness of Hungarotel and PanTel. About Hungarian Telephone and Cable Headquartered in Seattle, Washington, -- Hungarian Telephone and Cable Corp. (AMEX:HTC) -- http://www.htcc.hu/-- is a holding company, which owns and operates local wire line telephone networks in Hungary. It provides basic local wire line telephone services within three defined regions of Hungary. HTCC also provides long-distance services. The company operates through its subsidiary, Hungarotel Tavkozlesi Zrt. About Invitel Headquartered in Budaors, Hungary, Invitel (fka Vivendi Telecom Hungary) -- http://www.invitel.hu/-- is the second largest fixed-line telecommunications provider in Hungary. For the six months ending June 30, 2006, the company reported revenues and EBITDA of approximately EUR87.7 million and EUR35.9 million, respectively. * * * As reported in the TCR-Europe on Oct. 18, 2006, Moody's Investors Service assigned a B1 corporate family rating to Invitel Holdings N.V., an indirect holding company of Magyar Telecom B.V. and Invitel Tavkozlesi Szolgaltato Rt. Concurrently, Moody's has put the B1 rating on review for possible downgrade following the company's announcement to issue EUR125 million Floating Rate Senior PIK Notes due 2013. Moody's is also reviewing the following ratings: -- EUR127.9 million senior secured facility at Ba3 -- EUR142.0 million senior notes at B3 Moody's has also withdrawn a B1 corporate family rating previously assigned at the level of Magyar Telecom B.V. Standard & Poor's Ratings Services revised its outlook on Hungarian fixed-line telecommunications operator Magyar Telecom B.V. (Invitel Zrt.) to negative from stable, owing to its plans to issue debt to pay further dividends. At the same time, the 'B+' long-term corporate credit rating on the company was affirmed. INVITEL HOLDINGS: Moody's Withdraws B1 Rating After PIK Issuance ---------------------------------------------------------------- Moody's Investors Service assigned a B1 corporate family rating to Magyar Telecom B.V. Concurrently, the rating agency withdrew the B1 corporate family rating at Invitel Holdings N.V. assigned following the company's issuance of EUR125-million Paid-In-Kind notes in 2006. The rating was put on review for downgrade in conjunction with the PIK note issuance and prior to the announcement of its acquisition by Hungarian Telephone and Cable Corp. Following the completion of the acquisition by HTCC and finalization of the review, Moody's has also applied its Loss Given Default methodology to the instrument ratings. As a result, Moody's upgraded: (i) the rating on the Invitel Tavkozlesi Szolgaltato senior secured facility to Ba1 from Ba3; and (ii) the rating on the existing Magyar Telecom B.V. EUR142- million senior notes to B2 from B3. The rating agency has furthermore assigned a (P)B2 rating to the proposed issuance by Magyar Telecom B.V. of EUR200-million floating rate notes. The outlook on the ratings is positive. The B1 corporate family rating reflects the increased scale and potential operating efficiencies of the combined entity. Moody's believes that integration risk associated with this transaction is reasonably low and potential operating synergies are easily identifiable as the two companies operate similar businesses in adjacent geographical areas. Furthermore, Moody's takes into account Invitel's management team's proven track record to improve operational efficiency of the combined group and to realize any potential synergies. The B1 rating is further supported by a relatively moderate leverage of 3.7x total cash pay debt to reported EBITDA on a pro-forma 2006 basis (excluding synergies). The corporate family rating credit metrics do not currently incorporate the EUR125-million PIK note as it is issued outside the restricted group, albeit the terms and conditions of the new notes allow its potential refinancing within the restricted group. At the same time, the corporate family rating reflects: (i) declining revenues from the fixed line business endemic to fixed line operators; (ii) competition with the incumbent Magyar Telekom plc (rated Baa1) for the provision of telecommunications services, particularly broadband in "out of the company's concession areas"; (iii) a possible entry into provision of mobile services if such were to occur; and (iv) uncertainty over the company's shareholding structure over the medium to long term. The Ba1 rating (LGD-2, 12%) on the senior secured facility reflects its most senior position in the capital structure and its strong security and collateral position. The B2 rating on the existing notes and (P)B2 rating (LGD-4, 68%) on the proposed notes reflect their structural and contractual subordination to the senior secured facilities. The company is strongly positioned in its rating category. The positive outlook on the ratings reflects Moody's expectations that the company will be able to offset declining revenue and EBITDA from traditional voice services with growth in broadband Internet services and will achieve its operating synergies. What Could Change the Rating -- UP Further positive pressure on the rating could develop should the company successfully grow its revenue and EBITDA despite a decline in traditional voice services; realize its operating synergies with HTCC and de-leverage on an organic basis below 4.0x debt to EBITDA after assuming the potential refinancing of the PIK notes within the restricted group. Moody's will also seek greater visibility on the impact, if any, of possible future changes in the company's shareholding structure. What Could Change the Rating -- Down An increase in leverage towards 5.0x debt to EBITDA including the potential refinancing of the PIK notes within the restricted group due either to a change in its debt capital structure or weaker operating performance Headquartered in Budaors, Hungary, Invitel is the second largest fixed-line telecommunications provider in Hungary. In 2006, the company reported revenues and EBITDA of approximately US$425.7 million and US$162 million respectively on a pro-forma basis. INVITEL HOLDINGS: S&P Lifts EUR142-Million Bond Rating to B ----------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Hungarian fixed-line telecommunications operator Magyar Telecom B.V. to positive from developing, reflecting the implementation of a new capital structure and the credit-enhancing features of the proposed acquisition of its ultimate parent company, Invitel Holdings N.V., by Hungarian Telephone and Cable Corp. In addition, the 'B+' long-term corporate credit and senior secured bank loan ratings on Invitel were affirmed. At the same time, Standard & Poor's assigned a 'B' debt rating to the newly offered EUR200 million floating rate senior unsecured notes, which will be used to finance the transaction. The subordinated debt rating on Invitel's existing EUR142 million bonds was raised to 'B' from 'B-'. A 'B+' long-term corporate credit rating was assigned to the newly created parent company Holdco I B.V., which will assume the obligations of the existing payment-in-kind notes. The outlook on the parent is also positive. The 'B-' rating on the PIK notes has been affirmed. The corporate credit rating on Invitel Holdings has been withdrawn. "The transaction combines the two leading alternative telecoms providers in Hungary, with leading positions in 14 out of 54 Hungarian historical concession areas," said Standard & Poor's credit analyst Matthias Raab. "The combined entity's revenues are more diversified and, together, both companies should be in a better position to compete with the market leader, Magyar Telekom, and cope with continuing regulatory and competitive pressures." In addition, pro forma leverage ratios will be less aggressive after the transaction thanks to a less-leveraged capital structure at HTCC. The new capital structure also offers fully hedged interest-rate and foreign-exchange risks for the cash- paying debt facilities. Furthermore, the combined entity should be able to improve its operating efficiency by optimizing network operations and joining support functions or marketing activities, and therefore generate solid free cash flows to service its high indebtedness. On the other hand, meaningful risks remain for the combined entity, such as integration and growth execution risks; continuing pressure from regulation and competition, especially on fixed-line voice and broadband revenues; and a still highly leveraged capital structure. Importantly, there is a substantial risk that HTCC's parent company, TDC A/S, will seek to dispose of the combined entity once the merger is executed. This implies substantial uncertainties about the capital structure and the financial policy in the medium term. An upgrade is possible over the medium term if the company succeeds in extracting the benefits of the combination and gradually moderates its still aggressive leverage. Specifically, S&P expects the group to successfully offset declining fixed-line voice revenues through growing business, wholesale, and broadband-internet revenues. A higher rating would require the maintenance of a Standard & Poor's lease-adjusted total-debt-to-EBITDA ratio that does not materially exceed 4x, as well as continuing strong free cash flow generation. S&P would also seek to anticipate the group's evolution of ownership and capital structure, including discussion with HTCC's owner, TDC. Conversely, although less likely in S&P's view, an unexpected material deterioration in the company's EBITDA or cash flow base and market position, any weakening of liquidity, or a negative change in the capital structure could result in a downgrade or a revision of the outlook back to stable. MAGYAR TELECOM: Moody's Puts B1 Rating After PIK Notes Issuance --------------------------------------------------------------- Moody's Investors Service assigned a B1 corporate family rating to Magyar Telecom B.V. Concurrently, the rating agency withdrew the B1 corporate family rating at Invitel Holdings N.V. assigned following the company's issuance of EUR125-million Paid-In-Kind notes in 2006. The rating was put on review for downgrade in conjunction with the PIK note issuance and prior to the announcement of its acquisition by Hungarian Telephone and Cable Corp. Following the completion of the acquisition by HTCC and finalization of the review, Moody's has also applied its Loss Given Default methodology to the instrument ratings. As a result, Moody's upgraded: (i) the rating on the Invitel Tavkozlesi Szolgaltato senior secured facility to Ba1 from Ba3; and (ii) the rating on the existing Magyar Telecom B.V. EUR142- million senior notes to B2 from B3. The rating agency has furthermore assigned a (P)B2 rating to the proposed issuance by Magyar Telecom B.V. of EUR200-million floating rate notes. The outlook on the ratings is positive. The B1 corporate family rating reflects the increased scale and potential operating efficiencies of the combined entity. Moody's believes that integration risk associated with this transaction is reasonably low and potential operating synergies are easily identifiable as the two companies operate similar businesses in adjacent geographical areas. Furthermore, Moody's takes into account Invitel's management team's proven track record to improve operational efficiency of the combined group and to realize any potential synergies. The B1 rating is further supported by a relatively moderate leverage of 3.7x total cash pay debt to reported EBITDA on a pro-forma 2006 basis (excluding synergies). The corporate family rating credit metrics do not currently incorporate the EUR125-million PIK note as it is issued outside the restricted group, albeit the terms and conditions of the new notes allow its potential refinancing within the restricted group. At the same time, the corporate family rating reflects: (i) declining revenues from the fixed line business endemic to fixed line operators; (ii) competition with the incumbent Magyar Telekom plc (rated Baa1) for the provision of telecommunications services, particularly broadband in "out of the company's concession areas"; (iii) a possible entry into provision of mobile services if such were to occur; and (iv) uncertainty over the company's shareholding structure over the medium to long term. The Ba1 rating (LGD-2, 12%) on the senior secured facility reflects its most senior position in the capital structure and its strong security and collateral position. The B2 rating on the existing notes and (P)B2 rating (LGD-4, 68%) on the proposed notes reflect their structural and contractual subordination to the senior secured facilities. The company is strongly positioned in its rating category. The positive outlook on the ratings reflects Moody's expectations that the company will be able to offset declining revenue and EBITDA from traditional voice services with growth in broadband Internet services and will achieve its operating synergies. What Could Change the Rating -- UP Further positive pressure on the rating could develop should the company successfully grow its revenue and EBITDA despite a decline in traditional voice services; realize its operating synergies with HTCC and de-leverage on an organic basis below 4.0x debt to EBITDA after assuming the potential refinancing of the PIK notes within the restricted group. Moody's will also seek greater visibility on the impact, if any, of possible future changes in the company's shareholding structure. What Could Change the Rating -- Down An increase in leverage towards 5.0x debt to EBITDA including the potential refinancing of the PIK notes within the restricted group due either to a change in its debt capital structure or weaker operating performance Headquartered in Budaors, Hungary, Invitel is the second largest fixed-line telecommunications provider in Hungary. In 2006, the company reported revenues and EBITDA of approximately US$425.7 million and US$162 million respectively on a pro-forma basis. MAGYAR TELECOM: S&P Rates EUR200-Million Notes at B --------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Hungarian fixed-line telecommunications operator Magyar Telecom B.V. to positive from developing, reflecting the implementation of a new capital structure and the credit-enhancing features of the proposed acquisition of its ultimate parent company, Invitel Holdings N.V., by Hungarian Telephone and Cable Corp. In addition, the 'B+' long-term corporate credit and senior secured bank loan ratings on Invitel were affirmed. At the same time, Standard & Poor's assigned a 'B' debt rating to the newly offered EUR200 million floating rate senior unsecured notes, which will be used to finance the transaction. The subordinated debt rating on Invitel's existing EUR142 million bonds was raised to 'B' from 'B-'. A 'B+' long-term corporate credit rating was assigned to the newly created parent company Holdco I B.V., which will assume the obligations of the existing payment-in-kind notes. The outlook on the parent is also positive. The 'B-' rating on the PIK notes has been affirmed. The corporate credit rating on Invitel Holdings has been withdrawn. "The transaction combines the two leading alternative telecoms providers in Hungary, with leading positions in 14 out of 54 Hungarian historical concession areas," said Standard & Poor's credit analyst Matthias Raab. "The combined entity's revenues are more diversified and, together, both companies should be in a better position to compete with the market leader, Magyar Telekom, and cope with continuing regulatory and competitive pressures." In addition, pro forma leverage ratios will be less aggressive after the transaction thanks to a less-leveraged capital structure at HTCC. The new capital structure also offers fully hedged interest-rate and foreign-exchange risks for the cash- paying debt facilities. Furthermore, the combined entity should be able to improve its operating efficiency by optimizing network operations and joining support functions or marketing activities, and therefore generate solid free cash flows to service its high indebtedness. On the other hand, meaningful risks remain for the combined entity, such as integration and growth execution risks; continuing pressure from regulation and competition, especially on fixed-line voice and broadband revenues; and a still highly leveraged capital structure. Importantly, there is a substantial risk that HTCC's parent company, TDC A/S, will seek to dispose of the combined entity once the merger is executed. This implies substantial uncertainties about the capital structure and the financial policy in the medium term. An upgrade is possible over the medium term if the company succeeds in extracting the benefits of the combination and gradually moderates its still aggressive leverage. Specifically, S&P expects the group to successfully offset declining fixed-line voice revenues through growing business, wholesale, and broadband-internet revenues. A higher rating would require the maintenance of a Standard & Poor's lease-adjusted total-debt-to-EBITDA ratio that does not materially exceed 4x, as well as continuing strong free cash flow generation. S&P would also seek to anticipate the group's evolution of ownership and capital structure, including discussion with HTCC's owner, TDC. Conversely, although less likely in S&P's view, an unexpected material deterioration in the company's EBITDA or cash flow base and market position, any weakening of liquidity, or a negative change in the capital structure could result in a downgrade or a revision of the outlook back to stable. ========= I T A L Y ========= DRESSER INC: S&P Junks Proposed US$750-Million Facilities --------------------------------------------------------- Standard and Poor's Ratings Services affirmed its 'B' corporate credit rating on oilfield products manufacturer Dresser Inc., based on the expectation that the company's debt leverage will improve, following its acquisition, to levels consistent with the ratings over the medium term. The outlook is negative. At the same time, the ratings on Dresser were removed from CreditWatch with developing implications, where they were placed on March 12. Standard & Poor's also assigned: -- its 'B' rating and '2' recovery rating (indicating the expectation of substantial (80%-100%) recovery of principal in the event of a payment default) to Dresser's proposed US$1.3 billion first-lien bank facilities; and -- its 'CCC+' rating and '5' recovery rating (indicating the expectation of negligible (0%-25%) recovery of principal in the event of a payment default) to Dresser's proposed US$750 million second-lien bank facilities. On March 12, private equity firms Riverstone Holdings LLC, First Reserve Corp., and Lehman Brothers Co-Investment Partners announced that they had signed an agreement to purchase Dresser. The purchase is being financed with US$1.15 billion of first- lien debt, US$750 million of second-lien debt, and US$500 million in equity from the financial sponsors. The US$150 million revolver will remain undrawn as of closing, although it will be used to support approximately US$56 million of outstanding LOCs. At the close of the transaction, debt to 2006 EBITDA is expected to be in excess of 7.5x, which is weak for the rating. Pro forma for the transaction, Dresser will have US$2.13 billion in debt, adjusted for operating leases and postretirement benefit obligations. "The ratings on Dresser reflect concerns associated with its highly leveraged financial profile, marginal fixed-charge coverage, and ongoing accounting issues," said Standard & Poor's credit analyst Aniki Saha-Yannopoulos. "These weaknesses are only partially offset by its well-established and diverse product offerings and by the large aftermarket services component of its revenues," Ms. Saha-Yannopoulos continued. The outlook is negative. The marginal credit measures make Dresser susceptible to a downgrade in case of any operational setbacks or if financial performance deteriorates. In addition, Standard & Poor's has lingering concerns about unresolved financial controls and reporting issues that weigh on the ratings. An outlook revision to stable is contingent on improved credit measures, decreased leverage, and audited financial statements. FIAT SPA: Calls for Special Stockholders' Meetings on May 7 ----------------------------------------------------------- Holders of Fiat S.p.A.'s savings shares will hold a special stockholders' meeting on May 7, on the first call and, if necessary, for May 8 and 9 on the second and third call, respectively. The meeting aims to discuss the advisability of carrying out a mandatory conversion at par of non-convertible savings shares into ordinary shares of the company. Stockholders will also discuss the conversion of the outstanding non-convertible savings shares of Fiat S.p.A. into the same number of ordinary shares having the same characteristics as the currently outstanding ordinary stock. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As reported in the TCR-Europe on April 10, Moody's confirmed its Ba2 Corporate Family Rating for Fiat S.p.A. Standard & Poor's Ratings Services raised its long-term corporate credit rating on Italian industrial group Fiat S.p.A. to 'BB' from 'BB-'. At the same time, Standard & Poor's affirmed its 'B' short-term rating on Fiat. S&P said the outlook is stable. Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from Stable. Its Issuer Default rating and senior unsecured rating are affirmed at BB-. The Short-term rating is affirmed at B. Around EUR6 billion of debt is affected by this rating action. =================== K A Z A K H S T A N =================== ABAI LLP: Creditors Must File Claims by May 16 ---------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region has declared LLP Abai insolvent. Creditors have until May 16 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of South Kazakhstan Region Tokaev Str.17 Shymkent South Kazakhstan Region Kazakhstan Tel: 8 (3252) 54-53-29 ANTRASID LLP: Creditors' Claims Due May 18 ------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty has declared LLP Antrasid insolvent. Creditors have until May 18 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Dostyk ave. 44-99 Almaty Kazakhstan Tel: 8 (3272) 91-43-47 8 705 203 30-32 MTD TURAN: Proof of Claim Deadline Slated for May 16 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Mtd Turan insolvent. Creditors have until May 16 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kyzylorda Aiteke bi Str. 29 Kyzylorda Kazakshtan RAUAN LTD: Claims Registration Ends May 18 ------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty has declared LLP Rauan Ltd insolvent. Creditors have until May 18 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Office 4 Kassin Str. 2/1 Mamyr 050052 Almaty Kazkshtan Tel: 8 (3272) 93-19-22 8 333 559 68-31 8 333 258 50-41 SHANO LLP: Claims Filing Period Ends May 18 ------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region has declared LLP Shano insolvent. Creditors have until May 18 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of North Kazakhstan Region Beloye Mamlutsky District North Region Kazakhstan SPATAI LLP: Creditors Must File Claims by May 16 ------------------------------------------------ The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Spatai insolvent. Creditors have until May 16 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of South Kazakhstan Region Tokaev Str.17 Shymkent South Kazakhstan Kazakhstan Tel: 8 (3252) 54-53-29 STROYREMSERVICE-AINA LLP: Creditors' Claims Due May 18 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty has declared LLP Stroyremservice-Aina insolvent. Creditors have until May 18 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Dostyk ave. 44-99 Almaty Kazakhstan Tel: 8 (3272) 91-43-47 8 705 203 30-32 TRIADY LLP: Proof of Claim Deadline Slated for May 16 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region has declared LLP Triady insolvent on Feb. 22. Creditors have until May 16 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Region Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Region, Kazakhstan Tel: 8 (3232) 24-22-84 TROL LLP: Claims Registration Ends May 16 ----------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region has declared LLP Trol insolvent on Feb. 23. Creditors have until May 16 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Region Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3232) 24-22-84 VERONIKA &K: Claims Filing Period Ends May 18 --------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Veronika &K insolvent. Creditors have until May 18 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Office 4 Kassin Str. 2/1 Mamyr 050052 Almaty Kazkshtan Tel: 8 (3272) 93-19-22 8 333 559 68-31 8 333 258 50-41 =================== K Y R G Y Z S T A N =================== RIVERA LLC: Creditors' Meeting Slated for April 25 -------------------------------------------------- Creditors of LLC Rivera will convene at 2:00 p.m. on April 25 at: Rest Home Utes Branch of LLC Rivera Kadgy-Sai Tonsky District Issyk-Kul Kyrgyzstan The Bankruptcy Department under the State Property Committee of the Kyrgyz Republic dismissed Mr. Kubatbek Samaibekov as temporary insolvency manager of LLC Rivera on March 22. Subsequently, Mr. Bilim Rayimkulov was appointed temporary insolvency manager of the company on March 23. Creditors must submit their proofs of claim and be registered within seven days before the meeting with the temporary insolvency manager. The representatives of the creditors must have authorization to vote. The temporary insolvency manager can be reached at: Mr. Bilim Rayimkulov Tel: (0-555) 92-88-40 =========== P O L A N D =========== ZLOMREX SA: Moody's Assigns Loss-Given-Default Rating ----------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Aerospace and Defence, Automotive, Forest Products, Healthcare and Pharmaceuticals, Metals and Mining, Natural Products Processor and Consumer Products sectors last week, the rating agency confirmed its B2 Corporate Family Rating for Zlomrex S.A. Moody's also assigned a B2 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. * Issuer: Zlomrex International Finance S.A. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ -------- 8.5% Sr. Sec. Regular Bond/Debenture Due 2014 Caa1 Caa1 LGD5 79% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Poraj, Poland, Zlomrex S.A. is the largest trader of steel scrap and one of the leading producers and distributors of high-grade long steel products in its domestic market. Founded in 1990 as a pure scrap trader, the company has transformed itself into a fully integrated producer of steel products through a range of acquisitions in the long steel production and distribution business. =========== R U S S I A =========== COMMERCIAL CENTRE: Bankruptcy Hearing Slated for April 26 --------------------------------------------------------- The Arbitration Court of Saratov will convene at 10:10 a.m. on April 26 to hear the bankruptcy supervision procedure on OJSC Company Commercial Centre. The case is docketed under Case No. A-57-168B/06-32. The Temporary Insolvency Manager is: L. Nikonov Barnaulskaya Str. 34 410049 Saratov Russia The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: L. Nikonov Barnaulskaya Str. 34 410049 Saratov Russia I. I. YUSHKINA: Creditors Must File Claims by April 24 ------------------------------------------------------ Creditors of CJSC Combine Of Man-Made Fiber I.I.Yushkina have until April 24 to submit proofs of claim to: A. Pupkov Temporary Insolvency Manager Post User Box 130 Vorovskogo Str. 140 Barnaul 656002 Altay Russia The Arbitration Court of Altay commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A03-15019/06-B. The Court is located at: The Arbitration Court of Altay Lenina Pr. 76 Barnaul 656015 Altay Russia The Debtor can be reached at: CJSC Combine of Man-Made Fiber I.I.Yushkina Kalinina Pr. 116 Barnaul Altay Russia KANDELLA-SERVICE CJSC: Creditors Must File Claims by April 24 ------------------------------------------------------------- Creditors of CJSC Kandella-Service have until April 24 to submit proofs of claim to: Y. Nasunov Insolvency Manager Dorozhnaya Str. 37 Yashkul Yashkulskiy 359150 Kalmykiya Russia Tel: 9-17-24 The Arbitration Court of Kalmykiya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A22-557/06/15-76. The Debtor can be reached at: Y. Nasunov Insolvency Manager Dorozhnaya Str. 37 Yashkul Yashkulskiy 359150 Kalmykiya Russia Tel: 9-17-24 KARABELLA CJSC: Creditors Must File Claims by April 24 ------------------------------------------------------ Creditors of CJSC Karabella have until April 24 to submit proofs of claim to: A. Trifonov Insolvency Manager Post User Box 383 OPS-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-26711/2006. The Court is located at: The Arbitration Court of St. Petersburg and Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Karabella Bolsheokhtinskiy Pr. 21 St. Petersburg Russia LEADER LLC: Creditors Must File Claims by April 24 -------------------------------------------------- Creditors of LLC Transport Company Leader have until April 24 to submit proofs of claim to: A. Trifonov Insolvency Manager Post User Box 383 OPS-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-26707/2006. The Court is located at: The Arbitration Court of St. Petersburg and Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: LLC Transport Company Leader Letter B Magnitogorskaya Str. 11 St. Petersburg Russia LUKOYANOVSKIY MEAT: Creditors Must File Claims by May 24 -------------------------------------------------------- Creditors of LLC Lukoyanovskiy Meat Factory (TIN 5221003859) have until May 24 to submit proofs of claim to: N. Vasilenko Insolvency Manager Karla Marksa Str. 8/32 603159 Nizhniy Novgorod Russia Tel: (8312) 478-579 The Arbitration Court of Nizhniy Novgorod commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A43-30704/2006 33-322. The Court is located at: The Arbitration Court of Nizhniy Novgorod Kremlin 9 603082 Nizhniy Novgorod Russia The Debtor can be reached at: LLC Lukoyanovskiy Meat Factory Pushkina Str. 17a Lukoyanov Nizhniy Novgorod Russia MAMADYSH-AGRO-KHIM-SERVICE: Court Hearing Slated for Aug. 23 ------------------------------------------------------------ The Arbitration Court of Tatarstan will convene at 1:20 p.m. on Aug. 23 to hear the bankruptcy supervision procedure on OJSC Mamadysh-Agro-Khim-Service. The case is docketed under Case No. A65-1696/2007-SG4-40. The Temporary Insolvency Manager is: I. Gilyazov Post User Box 5 GOS-3 Chistopol 422983 Tatarstan Russia The Court is located at: The Arbitration Court of Tatarstan Room 12, Floor 2 Entrance 2, Building 1 Kremlin Kazan Tatarstan Russia The Debtor can be reached at: OJSC Mamadysh-Agro-Khim-Service Dorozhnikov Mamadyshskiy 422192 Tatarstan Russia MEGAFON OJSC: Moody's Assigns Loss-Given-Default Rating ------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and Technology sectors last week, the rating agency confirmed its Ba3 Corporate Family Rating for MegaFon OJSC. Moody's also assigned a Ba3 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. * Issuer: MegaFon S.A. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ -------- 8% Senior Unsecured Regular Bond/Debenture Due 2009 Ba3 Ba3 LGD4 50% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Moscow, OJSC MegaFon is the third nationwide GSM operator in Russia. For the nine months ending Sept. 30, 2006, MegaFon generated revenues of US$2.6 billion and a reported EBITDA of US$1.3 billion. NORTH-WEST FISHING: Court Names V. Khodonovich to Manage Assets --------------------------------------------------------------- The Arbitration Court of St. Petersburg and Leningrad appointed Mr. V. Khodonovich as Insolvency Manager for LLC North-West Fishing Company (TIN 4718009198). He can be reached at: V. Khodonovich Post User Box 211 196084 St. Petersburg Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-19196/06. The Court is located at: The Arbitration Court of St. Petersburg and Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: LLC North-West Fishing Company Selivanovo 9 Volkhovskiy 187423 Leningrad Russia NIZHEGORODSKIY FLOUR MILL: Asset Sale Slated for April 24 --------------------------------------------------------- The insolvency manager for OJSC Nizhegorodskiy Flour Mill will open a public auction for the company's properties at 11:00 a.m. on April 24 at: OJSC Nizhegorodskiy Flour Mill Internatsionalnaya Str. 96 Nizhniy Novgorod Russia Bidding documents must be submitted to: OJSC Nizhegorodskiy Flour Mill Internatsionalnaya Str. 96 Nizhniy Novgorod Russia Tel: (8312) 775-773 NOVOLIPETSK STEEL: Shareholders' Meeting Slated for June 5 ---------------------------------------------------------- OJSC Novolipetsk Steel will hold its Annual General Shareholders' Meeting on June 5. The annual general meeting of the company's shareholders will discuss: 1. approval of the company's 2006 annual report; annual financial statements, including statement of income; allocation of profit (including dividend payment) and losses for the financial year 2006; 2. election of members to the company's Board of Directors; 3. election of company president (Chairman of the Management Board); 4. election of members to the company's Internal Audit Commission; 5. approval of company auditor; 6. approval of revised corporate documents: 6.1. company charter 6.2. regulations of the Board of Directors 6.3. NLMK dividend policy 7. approval of related party transaction; and 8. payment of remuneration to the members of the Board of Directors. The company's Board of Directors has recommended that the general shareholders' meeting approve a decision to declare cash dividends for 2006 on ordinary issued shares in the amount of RUR3 per ordinary share. Taking into account previous interim dividend payments for the first half of 2006 of RUR1.5 per ordinary share, the Board of Directors recommends paying an additional RUR1.5 per ordinary share. The list of persons entitled to participate in the annual general meeting of the company's shareholders will be prepared on the basis of the NLMK Shareholders' Register as of 12:00 a.m. on April 17. About Novolipetsk Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC -- http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot- rolled steel, and a variety of value-added steel products, such as cold-rolled sheet, electrical steel and other specialty flat products. The group also operates in Denmark. The group entered the Danish steel market in the first quarter of 2006 by acquiring a 100% stake at DanSteel A/S. * * * In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Aerospace and Defense, Automotive, Forest Products, Healthcare and Pharmaceuticals, Metals and Mining, Natural Products Processor and Consumer Products sectors last week, the rating agency confirmed its Ba1 Corporate Family Rating for Novolipetsk Steel OJSC. Moody's also assigned a Ba1 Probability-of-Default rating to the company. In a TCR-Europe report on Jan. 17, Fitch Ratings assigned OJSC Novolipetsk Steel an Issuer Default BB+ rating, a Short-term B rating and a National Long-term AA rating. Fitch said The Outlooks on the Issuer Default and National Long-term ratings are Stable. At the same time, Standard & Poor's Ratings Services said that its ratings and outlook on Russian steelmaker OJSC Novolipetsk Steel (NLMK;BB+/Stable/--; Russia national scale 'ruAA+') are unchanged by the announcement of NLMK's acquisition of a 50% share in a joint venture with Duferco Group for US$850 million. PETRAKOVSKOYE CJSC: Creditors Must File Claims by May 24 -------------------------------------------------------- Creditors of CJSC Petrakovskoye have until May 24 to submit proofs of claim to: Ya. Gomerov Insolvency Manager Post User Box 325 Krasnoobsk 630501 Novosibirsk Russia Tel: 348-60-77 The Arbitration Court of Novosibirsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-17412/06-48/335. The Court is located at: The Arbitration Court of Novosibirsk Kirova Str. 3 630007 Novosibirsk Russia The Debtor can be reached at: CJSC Petrakovskoye Petraki Zdvinskiy Novosibirsk Russia RED & BLACK: Moody's Rates US$18.6-Mln Class C Notes at Ba2 ----------------------------------------------------------- Moody's Investors Service assigned definitive long-term credit ratings to the Notes issued by Red & Black Prime Russia MBS No. 1 Ltd.: -- US$173.2-million Class A Senior Mortgage Backed Floating Rate Notes due 2035: A2; -- US$14.5-million Class B Mezzanine Mortgage Backed Floating Rate Notes due 2035: Baa2; and -- US$18.6-million Class C Junior Mortgage Backed Floating Rate Notes due 2035: Ba2. Moody's previously assigned provisional ratings to these notes on March 16. This transaction is the fifth public RMBS transaction in Russia. Red & Black Prime Russia MBS No. 1 Ltd., a special purpose vehicle incorporated under the laws of Ireland, has issued three classes of U.S. dollar-denominated notes to fund the purchase of receivables arising from Russian mortgage loans originated by DeltaCredit Bank and some of its Partner Banks. The transfer of the receivables and the related collateral is governed by Russian law, while the remaining transaction documents are governed by English law. The ratings of the notes are inter alia based on: (i) favorable pool characteristics (as of Feb. 3, 2007) such as the moderate weighted average LTV of 65.0%, average seasoning of 10 months and moderate average loan size of US$67,856; (ii) the sound legal structure including the notification to borrowers within eight weeks after closing; (iii) the high credit quality of the transaction parties, in particular DeltaCredit Bank (global long-term local currency deposit rating A2) and its parent company Societe Generale (Aa2/Prime-1) which also acts as Swap Counterparty and Liquidity Facility Provider and (iv) the credit enhancement provided by Excess Spread, Reserve Fund and Notes subordination. The pool consists mainly of fixed rate loans 96.4%, denominated in U.S. dollars and secured by mortgages on properties in the Moscow and the St. Petersburg areas. DeltaCredit Bank will do the servicing, while Bank Societe Generale Vostok is the designated stand-by servicer at closing for the transaction. The SPV will enter into two interest rate swaps agreement with Societe Generale in order to hedge its exposure due to the mismatch of the fixed and floating rate interest received under the mortgage pool and the floating rate interest payments due under the Notes. Besides a Reserve Fund of 2.7% of the initial note balance at closing (building up to 4.2%), the notes are supported by an amortising Liquidity Facility of initially 6% of the initial note balance, provided by Societe Generale. Unlike previous Russian RMBS transactions, this transaction features a Principal Deficiency Ledger mechanism which is debited once the loans are in arrears for more than 180 days, which allows for stronger and earlier excess spread trapping mechanism than once it is debited on the occurrence of losses. The Notes will start to amortize sequentially and might switch to pro-rata amortization if certain criteria are met. The definitive ratings address the expected loss posed to investors by the legal final maturity of the Notes. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par on or before the final legal maturity date. RED & BLACK: Fitch Puts BB+ Rating to Class C Notes --------------------------------------------------- Fitch Ratings assigned Red & Black Prime Russia MBS No.1 Ltd.'s Class A, Class B, Class C notes final ratings of 'A', 'BBB+' and 'BB+' respectively. The transaction is a securitization of mortgage loans originated by DeltaCredit Bank, or purchased from partner banks of DCB. The latter is a financial institution specialized in residential mortgage lending that is wholly owned by Societe Generale. DCB is the third-largest mortgage loan originator in the Russian Federation. The issuance totals US$206.3 million and represents the debut RMBS transaction for DCB. The final ratings address the timely payment of interest and ultimate payment of principal in accordance with the terms of the notes. They are based on the quality of the collateral, available credit enhancement, the underwriting and servicing capabilities of the originator and the legal structure of the transaction. Credit enhancement of 18.7% for the Class A note is provided by subordination of the Class B note, and the Class C note. A reserve fund of 2.7% at closing is in place to cover defaults, building up to 4.2% of the original principal balance of the loans. In addition, a separate offshore liquidity facility equivalent to 6% of issuance volume is available to cover temporary liquidity shortfalls as well as up to six months of Class A interest and senior costs. The mortgage loans are denominated in U.S. dollars, so the transaction does not benefit from an exchange rate swap. Furthermore, the majority of obligor income is either indexed or denominated in U.S. dollars, which offers a natural hedge against currency risks. Nonetheless, a portion of borrower income is denominated in Russian rubles, so the rating analysis takes into account the effect of currency devaluation on loan performance. The Class A notes achieve a rating above the 'A-' Country Ceiling for the Russian Federation as a result of an offshore liquidity facility covering the relevant transfer and convertibility risks. The transaction may also be vulnerable to event risks such as government intervention, including the expropriation of property and a possible re-denomination of the currency in which the assets are denominated. These factors become more risky when rating above the Sovereign and Country Ceiling, as the government concerned is deemed to be in a very difficult situation at such a time. However, in Fitch's view, these risks are not associated with the final rating of the Class A notes in this transaction. Nonetheless, modest credit linkage exists between the transaction's final rating and the rating of the Russian sovereign. RUSSIA CJSC: Creditors Must File Claims by May 24 ------------------------------------------------- Creditors of CJSC Russia have until May 24 to submit proofs of claim to: I. Rak Insolvency Manager Apartment 62 15th Block 20 Kuybyshev 632382 Novosibirsk Russia The Arbitration Court of Novosibirsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-8564/06-48/93. The Court is located at: The Arbitration Court of Novosibirsk Kirova Str. 3 630007 Novosibirsk Russia The Debtor can be reached at: CJSC Russia Ostyatsk Severnyj 632080 Novosibirsk Russia SKB-BANK: Moody's Assigns B2/NP/E+ Global Scale Ratings ------------------------------------------------------- Moody's Investors Service assigned these global scale ratings with a stable outlook to SKB-Bank: -- B2 long-term and Not-Prime short-term foreign currency deposit ratings; and -- E+ financial strength rating. At the same time, Moody's Interfax Rating Agency has assigned a Baa1.ru long-term national scale credit rating to the bank. Moscow-based Moody's Interfax is majority-owned by Moody's, a leading global rating agency. According to Moody's and Moody's Interfax, the B2/NP/E+ global scale ratings reflect global default and loss expectation, while the Baa1.ru NSR reflects the standing of the bank's credit quality relative to its domestic peers. SKB-Bank was ranked 79th in terms of total assets in Russia at the end of third quarter 2006 and is the third-largest bank in Russia's industrially developed Sverdlovsk region, which has enjoyed strong economic growth in recent years and has attracted many nationwide banks and branches of subsidiaries of foreign banks. The bank combines its focus on individuals, companies and organisations in the Urals region with the aspiration to expand its geographical presence in line with the business interests of its clients and partners. The bank is 96% owned by Dmitry Pumpyansky, who also owns Tube Metallurgic Company (TMK; B1 corporate family rating with a positive outlook), Russia's largest and one of the world's leading manufacturers of value-added steel pipe products for the oil & gas industry, and is also a controlling party in the Sinara group of companies, which are active in machine building, metallurgy, financial services, real estate development and agribusiness, primarily in the Urals region. According to Moody's, the ratings assigned to SKB reflect its rapidly growing retail and SME franchise based on its well- established territorial coverage in the highly competitive Urals region of the Russian Federation, as well as its established niche in providing mortgage loans under the Federal Program for Mortgage Lending. SKB's ratings are also supported by the pending entry of the European Bank for Reconstruction and Development as a strategic shareholder with a minority stake due to be acquired via the new share issue scheduled for 2007, which in Moody's opinion will support the bank's capital resources and funding during the current period of rapid growth. At the same time, SKB's ratings are constrained by a number of risks associated with the bank's rapid growth in business areas where it is a relative newcomer. Also constraining SKB's ratings is: (i) the insufficient provisioning coverage of the loan book as at year-end 2005 that may prove inadequate going forward given the rising risk profile of the lending operations and unseasoned and untested nature of the bank's retail and SME loan portfolios (however, Moody's has been informed by the bank that provisioning coverage was significantly increased as at year-end 2006); (ii) weak economic capitalization, with a significant part of SKB's capital being tied up in hefty investments in fixed assets; (iii) the relatively large single-name concentrations in the loan portfolio; and (iv) a tight liquidity position. SKB's B2/Not-Prime long- and short-term foreign currency deposit ratings are commensurate with the bank's intrinsic financial strength and factor in only a limited degree of support from the 96% stakeholder. It is Moody's view that although such support cannot be completely ruled out, its scope and timeliness is not easy to predict. Moody's also notes that in spite of SKB's historically close relationships with the local administration, it may count on only a limited degree of support from the Sverdlovsk regional government given the bank's minor importance to the local economy and relatively modest regional market share (about 5% of retail deposits in Sverdlovsk region as of Oct. 1, 2006). Headquartered in Yekaterinburg, Russia, SKB reported under total IFRS-consolidated assets of US$405.8 million and net consolidated income of US$4.5 million as at year-end 2005. SORVIZHSKOYE PROCESSING: Creditors Must File Claims by May 24 ------------------------------------------------------------- Creditors of OJSC Sorvizhskoye Processing Enterprise have until May 24 to submit proofs of claim to: G. Savinov Insolvency Manager Sverdlova Str. 36 Osa 618210 Perm Russia The Arbitration Court of Kirov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A28-514/06-299/24. The Court is located at: The Arbitration Court of Kirov K-Libknekhta Str. 102 610017 Kirov Russia The Debtor can be reached at: OJSC Sorvizhskoye Processing Enterprise Sovetskaya Str. 1 Sorvizhi Arbazhskiy 612192 Kirov Russia SUPERMARKET OJSC: Creditors Must File Claims by April 24 -------------------------------------------------------- Creditors of OJSC Central Trading House Supermarket have until April 24 to submit proofs of claim to: D. Krutov Insolvency Manager Office 804 v Svobody Str. 173 Izhevsk 426011 Udmurtiya Russia The Arbitration Court of Udmurtiya will convene on Aug. 16 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A71-1025/2007 G15. The Court is located at: The Arbitration Court of Udmurtiya Lomonosova Str. 5 Izhevsk 426004 Udmurtiya Republic Russia The Debtor can be reached at: OJSC Central Trading House Supermarket K. Marksa Str. 191 Izhevsk 426057 Udmurtiya Russia TMK OAO: Moody's Assigns Loss-Given-Default Rating -------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Aerospace and Defence, Automotive, Forest Products, Healthcare and Pharmaceuticals, Metals and Mining, Natural Products Processor and Consumer Products sectors last week, the rating agency confirmed its B1 Corporate Family Rating for TMK. Moody's also assigned a B1 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. * Issuer: TMK Capital S.A. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ -------- 8.5% Sr. Unsec. Regular Bond/Debenture Due 2009 B2 B2 LGD5 71% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Moscow, Russia, OAO TMK -- http://www.tmkgroup.ru/eng/-- manufactures the entire product range of existing pipe products, which are used in the oil-and- gas industry, the chemical and petrochemical industries, the energy and machine-building industries, construction and the municipal housing economy, shipbuilding, aviation, space and rocket equipment, and agriculture. TMK has production facilities located in Russia and Romania, which unite the four leading enterprises in the Russian pipe industry. TSIMLYANSKAYA CARPET: Bankruptcy Hearing Slated for July 24 ----------------------------------------------------------- The Arbitration Court of Rostov will convene at 3:30 p.m. on July 24 to hear the bankruptcy supervision procedure on OJSC Tsimlyanskaya Carpet Factory. The case is docketed under Case No. A53-1589/07-S1-8. The Temporary Insolvency Manager is: N. Ushanov Office 15 Krasnoarmeyskaya Str. 208 344000 Rostov-na-Donu Russia 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 Tsimlyanskaya Carpet Factory Moskovskaya Str. 61 Tsimlyansk, Rostov Russia VOZROZHDENIYE-21 OJSC: Creditors Must File Claims by April 24 ------------------------------------------------------------- Creditors of CJSC Ojsc Building Company Vozrozhdeniye-21 have until April 24 to submit proofs of claim to: M. Magomedov Insolvency Manager Askerkhanova Str. 5v Makhachkala 367000 Dagestan Russia The Arbitration Court of Dagestan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A15-2075/2006. The Debtor can be reached at: OJSC Building Company Vozrozhdeniye-21 Dagestanskiye Ogni Dagestan Russia YAMAL-NENETS: S&P Affirms BB+ Rating with Positive Outlook ---------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on the Russian Yamal-Nenets Autonomous Okrug to positive from stable on sustained strong performance, low debt, and the expectation that the okrug will set and adhere to prudent medium-term financial targets. At the same time, the 'BB+' long-term issuer credit rating and the 'ruAA+' Russia national scale rating on the okrug were affirmed. "The ratings continue to be constrained by high concentration in the oil and gas sector, exacerbated by the dependence on a single taxpayer, OAO Gazprom, limited revenue predictability due to the evolving intergovernmental and tax systems, and potential pressure on the expenditures side, " said Standard & Poor's credit analyst Irina Pilman. "These factors are mitigated by the okrug's strong financial performance, comfortable liquidity, and low debt burden, which are all expected to be maintained in the medium term. The ratings are further supported by positive prospects in the strategically important gas sector." Yamal-Nenets has been showing strong financial performance, with operating surpluses at 23.4% of operating revenues and small deficits after capital expenditures at 1.5% of total revenues in 2006. In the next few years, the Okrug is expected to maintain a similar level of budgetary performance. The Okrug's total debt was a low 4.3% of total revenues at year- end 2006. High cash reserves will enable the okrug to finance capital programs for at least the next two years without any significant recourse to debt. "We expect that Yamal-Nenets will institutionalize its realistic medium-term financial planning, including investment, liquidity, and debt policies," said Ms. Pilman. "In addition, the extension of the planning horizon could also be supported by stabilization of both revenue distribution between Russian regions and the fuel sector taxation system. The introduction of medium-term planning will, at the same time, fix a financial framework for the municipal sector." * S&P Affirms City of Ufa's B+ Rating with Positive Outlook ----------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on the Russian City of Ufa to positive from stable, reflecting dynamic investments in the city's economy and ongoing improvement in fiscal predictability. At the same time, Standard & Poor's affirmed its 'B+' long-term issuer credit rating and the 'ruA+' Russia national scale rating on the city. The rating on Ufa, the administrative center of the Republic of Bashkortostan, reflects the concentrated structure of the city's economy, dependence on federal and regional decisions, and contingencies related to increasing issuance of debt guarantees. The ratings are supported, however, by the city's continued strong financial performance, moderate debt levels, and improving economy. "The positive outlook incorporates our expectation that observed economic growth will continue to diversify the city's economy and revenues as well as improve per capita budget revenues," said Standard & Poor's credit analyst Pavel Kochanov. Should the city achieve its expected increase in capital expenditures without significant deterioration of its debt profile in 2007- 2008, the rating could be raised. Conversely, a deterioration of Ufa's operating surplus to less than 5% of operating revenues, together with a riskier debt policy, debt rising above 40% of revenues, and increased involvement in commercial projects, could result in a revision of the outlook back to stable. ========= S P A I N ========= UCI 17: S&P Puts Junk Rating to EUR15.4 Million Class D Notes ------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the floating-rate notes to be issued by Fondo de Titulizacion de Activos UCI 17, a special purpose entity. UCI 17 will acquire credit rights backed by mortgage loan participations, and possibly by an associated personal or second-lien mortgage loan. These are ultimately backed by a pool of first-ranking mortgages secured over owner-occupied residential properties in Spain, and a pool of unsecured personal and second-lien mortgage loans associated with the first-ranking mortgages from the seller, UCI. To fund this purchase, UCI 17 will issue four classes of floating-rate notes. This transaction is similar to the previous mortgage securitization undertaken by UCI in October 2006, Fondo de Titulizacion de Activos UCI 16, in terms of the type of assets being securitized. In terms of the structure, a basis swap has been added to the structure for UCI 17. Ratings List Fondo de Titulizacion de Activos UCI 17 EUR1.415 Billion Floating-Rate Notes Prelim. Prelim. Amount Class rating (Mln. EUR) ----- ------ -------- A1 AAA 325.0 A2 AAA 974.2 B A 72.8 C BBB 28.0 D CCC- 15.4 UCI 17: Fitch Junks EUR15.4-Million Class D Notes ------------------------------------------------- Fitch Ratings assigned expected ratings to Fondo de Titulizacion de Activos, UCI 17 EUR1.415 billion mortgage-backed floating- rate notes due in December 2049: -- EUR325 million Class A1: 'AAA' -- EUR974.2 million Class A2: 'AAA' -- EUR72.8 million Class B: 'A' -- EUR28 million Class C: 'BBB' -- EUR15.4 million Class D: 'CCC' The final ratings are contingent upon the receipt of final documents conforming to information already received. This transaction is a cash flow securitization of a EUR1.5 billion static pool of first- and second-ranking residential mortgages loans and personal loans granted to individuals in Spain to finance the purchase of a residential property by Union de Creditos Inmobiliarios EFC, S.A., which will continue to service the collateral. The expected ratings are based on the quality of the collateral, available credit enhancement, the legal and financial structure of the deal, the underwriting and servicing of the collateral and Santander de Titulizacion S.A. S.G.F.T.'s administrative capabilities. The ratings on the Class A1 to C notes address the payment of interest on the notes according to the terms and conditions of the documentation, subject to a deferral trigger on the Class B and C notes, as well as the repayment of principal by the legal final maturity for each note. The Class D notes will be issued to finance the cash reserve fund. The Class D notes are ultimately likely to default, and their ratings are supported by the expected recovery. The Spanish Securitisation Law 19/1992 and Royal Decree 926/1998 regulates UCI 17. Its sole purpose will be to acquire a portfolio of mortgage participations, mortgage certificates and personal loans and to finance this acquisition by the issuance of fixed-income securities. The fund will be legally represented and managed by Santander de Titulizacion S.A. S.G.F.T., a limited liability company incorporated under Spanish law, whose activities are limited to the management of securitization funds. Of the global pool by value, 21.2% benefits from a mortgage insurance guarantee provided by Genworth Financial Mortgage Insurance Ltd. This is UCI's 16th securitization and the fourth rated by Fitch. UCI is an established mortgage lending company, equally owned by Banco Santander Central Hispano and BNP Paribas. As in previous transactions, the collateral incorporates variable-rate loans with features such as initial fixed interest rates, lower initial installments and payment options. =========== S W E D E N =========== CONCORDIA BUS: Moody's Assigns Loss-Given-Default Rating -------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Transportation Services, Services, Homebuilding and Building Products, Chemical, Retail and Apparel and Restaurants, Wholesale Distribution, and Other sectors last week, the rating agency confirmed its B3 Corporate Family Rating for Concordia Bus Nordic AB. Moody's also assigned a B2 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- ------ 9.125% Senior Secured Regular Bond/Debenture Due 2009 B3 LGD4 65% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Stockholm, Sweden, Concordia Bus Nordic AB -- http://www.concordiabus.com/-- is the largest private bus transportation company in the Nordic region with revenues for the six months period ended Aug. 31, 2005, of SEK2.3 billion. ===================== S W I T Z E R L A N D ===================== A & O COMPUTER: Zurich Court Closes Bankruptcy Proceedings ---------------------------------------------------------- The Bankruptcy Service of Wallisellen in Zurich entered March 7 an order closing the bankruptcy proceedings of JSC A & O Computer. The Bankruptcy Service of Wallisellen can be reached at: Bankruptcy Service of Wallisellen 8304 Wallisellen Bulach ZH Switzerland The Debtor can be reached at: JSC A & O Computer Opfikon Europastr. 19 8152 Glattbrugg Bulach ZH Switzerland BIGRAPH JSC: Creditors' Liquidation Claims Due May 4 ---------------------------------------------------- Creditors of JSC Bigraph have until May 4 to submit their claims to: JSC MPP Immobilien und Verwaltungs Liquidator Poststrasse 9 6300 Zug Switzerland The Debtor can be reached at: JSC Bigraph Urdorf Dietikon ZH Switzerland CARAMA JSC: Aargau Court Starts Bankruptcy Proceedings ------------------------------------------------------ The Bankruptcy Court of Aargau commenced bankruptcy proceedings against JSC Carama on March 12. The Bankruptcy Service of St. Aargau can be reached at: Bankruptcy Service of Aargau Office Oberentfelden 5036 Oberentfelden Aarau AG Switzerland The Debtor can be reached at: JSC Carama Tellistrasse 118 5000 Aarau AG Switzerland COWI-FOODART JSC: St. Gallen Court Starts Bankruptcy Proceedings ---------------------------------------------------------------- The Bankruptcy Court of St. Gallen commenced bankruptcy proceedings against JSC COWI-foodart on March 26. The Bankruptcy Service of St. Gallen can be reached at: Bankruptcy Service of St. Gallen Addolorata Tazza 9001 St. Gallen Switzerland The Debtor can be reached at: JSC COWI-foodart Industriestrasse 135 9200 Gossau SG Switzerland FEROPRO JSC: Creditors' Liquidation Claims Due May 2 ---------------------------------------------------- Creditors of JSC Feropro have until May 2 to submit their claims to: Ruedi Stockly Liquidator Splugenstrasse 6 8027 Zurich Switzerland The Debtor can be reached at: JSC Feropro Zurich Switzerland IBR-PARTNER: Zurich Court Closes Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Service of Winterthur-Altstadt in Zurich entered March 16 an order closing the bankruptcy proceedings of JSC IBR- Partner. The Bankruptcy Service of Winterthur-Altstadt can be reached at: Bankruptcy Service of Winterthur-Altstadt 8401 Winterthur ZH Switzerland The Debtor can be reached at: JSC IBR-Partner Reto Anderes Schutzenstr. 8 8400 Winterthur ZH Switzerland LAMM SPORT: Creditors' Liquidation Claims Due May 2 --------------------------------------------------- Creditors of JSC Lamm Sport have until May 2 to submit their claims to: Marco Lamm Liquidator Ches'Agne 7504 Pontresina Maloja GR Switzerland The Debtor can be reached at: JSC Lamm Sport Pontresina Maloja GR Switzerland PAVIZA JSC: Creditors' Liquidation Claims Due May 2 --------------------------------------------------- Creditors of JSC Paviza have until May 2 to submit their claims to: Ruedi Stockly Liquidator Splugenstrasse 6 8027 Zurich Switzerland The Debtor can be reached at: JSC Paviza Zurich Switzerland RED BEAR: Creditors' Liquidation Claims Due May 3 ------------------------------------------------- Creditors of LLC Red Bear have until May 3 to submit their claims to: Hanspeter Ruoss Liquidator Schutzenstrasse 37 8570 Weinfelden TG Switzerland The Debtor can be reached at: LLC Red Bear Zurich Switzerland SCHAR IMMOBILIEN: Creditors' Liquidation Claims Due May 2 --------------------------------------------------------- Creditors of JSC Schar Immobilien have until May 2 to submit their claims to: Werner Schar and Johanna Schar-Kursener Liquidators Brittnauerstrasse 29 4802 Strengelbach Zofingen AG Switzerland The Debtor can be reached at: JSC Schar Immobilien Strengelbach Zofingen AG Switzerland =========== T U R K E Y =========== DOGUS HOLDING: Moody's Assigns Loss-Given-Default Rating -------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Transportation Services, Services, Homebuilding and Building Products, Chemical, Retail and Apparel and Restaurants, Wholesale Distribution, and Other sectors last week, the rating agency confirmed its Ba3 Corporate Family Rating for Dogus Holding A.S. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Maslak, Turkey, Dogus Holding A.S. -- http://www.dogusgrubu.com.tr/-- is the holding company of The Dogus Group, which is active in over five sectors, including finance, automotive, construction, tourism and media. It employs over 18,000 employees. ULKER GIDA: Moody's Assigns Loss-Given-Default Rating ----------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Aerospace and Defence, Automotive, Forest Products, Healthcare and Pharmaceuticals, Metals and Mining, Natural Products Processor and Consumer Products sectors last week, the rating agency confirmed its B1 Corporate Family Rating for Ulker Gida Sanayi ve Ticaret A.S. Moody's also assigned a B1 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Istanbul, Turkey, Ulker Gida Sanayi ve Ticaret A.S. is the market leader in the manufacturing of biscuits, chocolate and crackers. It is a sub-division of the broader Ulker Group, whose activities span food production, packaging, and domestic and foreign marketing. ============= U K R A I N E ============= ABSOLUT FINANCE: Claims Registration Bar Date Set April 28 ---------------------------------------------------------- Creditors of LLC Absolut Finance (code EDRPOU 34276212) have until April 28 to submit written proofs of claim to: Alexander Chechelnitsky Liquidator Koroliov Avenue 2-V 03134 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. B 11/077-07. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Absolut Finance L. Ukrainka Str. 64 Vishnevoe Kiev-Sviatoshyn District 08132 Kiev Ukraine AZARIA DNIEPRO: Creditors Must File Claims by April 27 ------------------------------------------------------ Creditors of LLC Azaria Dniepro (code EDRPOU 33807112) have until April 27 to submit written proofs of claim to: Vadim Koloshyn Temporary Insolvency Manager Rabochaya Str. 152/47 49006 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy supervision procedure on the company. The case is docketed as Case No. B 40/43-07. The Court is located at: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Debtor can be reached at: LLC Azaria Dniepro Kalinov Str. 3 49000 Dnipropetrovsk Ukraine LIM GROUP: Claims Registration Deadline Set April 28 ---------------------------------------------------- Creditors of LLC Lim Group (code EDRPOU 33589854) have until April 28 to submit written proofs of claim to: Larisa Timofeeva Liquidator P.O. Box 179 54017 Nikolaev Ukraine The Economic Court of Nikolaev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. 5/112/07. The Court is located at: The Economic Court of Nikolaev Admiralskaya Str. 22 54009 Nikolaev Ukraine The Debtor can be reached at: LLC Lim Group Inzhenernaya Str. 13 Nikolaev Ukraine LOKHVITSA SUGAR: Creditors Must File Claims by April 28 ------------------------------------------------------- Creditors of OJSC Lokhvitsa Sugar Plant (code EDRPOU 00372285) have until April 28 to submit written proofs of claim to: Sergey Boltik Temporary Insolvency Manager St. Kondratenko Str. 6 36009 Poltava Ukraine The Economic Court of Poltava commenced bankruptcy supervision procedure on the company on March 15. The case is docketed as Case No. 7/120. The Court is located at: The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Debtor can be reached at: OJSC Lokhvitsa Sugar Plant Matrosov Str. 10 Krasnozavodskoe Lokhvitsa District 37240 Poltava Ukraine OSTBUILDING-INVEST LLC: Claims Filing Bar Date Set April 28 ----------------------------------------------------------- Creditors of LLC Ostbuilding-Invest (code EDRPOU 33634163) have until April 28 to submit written proofs of claim to: O. Scherban Liquidator P.O. Box 157 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. 43/755. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Ostbuilding-Invest Rusanovskaya quay Str. 10b 02147 Kiev Ukraine SPHERE LLC: Claims Registration Deadline Set April 27 ----------------------------------------------------- Creditors of LLC Sphere (code EDRPOU 23919734) have until April 27 to submit their proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. B-19/52-07. The Debtor can be reached at: LLC Sphere Gatsev Str. 1, ap. 82 Kharkov Ukraine TRANSTRADE-2 LLC: Claims Registration Deadline Set April 27 ----------------------------------------------------------- Creditors of LLC Transtrade-2 (code EDRPOU 34204719) have until April 27 to submit written proofs of claim to: Eugenie Shtepenko Liquidator Independency Square 1-B Poltava Ukraine The Economic Court of Poltava commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. 18/11. The Court is located at: The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Debtor can be reached at: LLC Transtrade-2 Zheleznodorozhnaya Str. 22 Poltava Ukraine UKRAINIAN ALLOY A: Claims Registration Deadline Set April 28 ------------------------------------------------------------ Creditors of LLC Ukrainian Alloy A (code EDRPOU 31621744) have until April 28 to submit written proofs of claim to: Andrew Potapenko Liquidator Vesely Lane 74-a 83077 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. 42/42B. The Court is located at: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: LLC Ukrainian Alloy A Vesely Lane 74-a 83077 Donetsk Ukraine VORONEZH SUGAR: Creditors Must File Claims by April 28 ------------------------------------------------------ Creditors of OJSC Voronezh Sugar Plant (code EDRPOU 00372954) have until April 28 to submit written proofs of claim to: Andrew Savochka Temporary Insolvency Manager Sumy and Kiev Divisions Str. 20 40024 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy supervision procedure on the company on March 12. The case is docketed as Case No. 7/6-07. The Court is located at: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Debtor can be reached at: OJSC Voronezh Sugar Plant Kiev Str. 4 Voronezh Shostka District 41140 Sumy Ukraine WEST BUILDING: Claims Registration Bar Date Set April 27 -------------------------------------------------------- Creditors of have until April 27 to submit written proofs of claim to: O. Scherban Liquidator P.O. Box 157 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. LLC West Building Trade (code EDRPOU 33444652). The case is docketed as Case No. 43/754. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC West Building Trade Kibalchich Str. 3-b 02183 Kiev Ukraine WIND ROSE: Claims Registration Deadline Set April 28 ---------------------------------------------------- Creditors of LLC Wind Rose (code EDRPOU 22156263) have until April 28 to submit written proofs of claim to: Jury Zinchenko Liquidator Spartakovskaya Str. 8 Guliaypole 70200 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. 19/38/07. The Court is located at: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Debtor can be reached at: LLC Wind Rose Voroshylov Str. 120 Guliaypole 70200 Zaporozhje Ukraine ZAPORIZHSTAL OJSC: Moody's Assigns Loss-Given-Default Rating ------------------------------------------------------------ In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Aerospace and Defence, Automotive, Forest Products, Healthcare and Pharmaceuticals, Metals and Mining, Natural Products Processor and Consumer Products sectors last week, the rating agency confirmed its B3 Corporate Family Rating for Zaporizhstal OJSC. Moody's also assigned a B3 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Ukraine-based, Zaporizhstal OJSC produces steel by volume and world 52nd with a steel production capacity of 4.45 million tones of steel in 2004. =========================== U N I T E D K I N G D O M =========================== 6721 LTD: Shuts Down Business Following Financial Difficulties -------------------------------------------------------------- 6721 Ltd. has ceased trading due to financial difficulties, The Western Mail reports. On April 12, a creditors' meeting was convened at the offices of: Harris Lipman Coptic House 4-5 Mount Stuart Square Cardiff Bay CF10 5EE Wales Headquartered in Cardiff, Wales, 6721 handled a number of high- profile branding projects under its managing director Matthew Talfan Davies including the new logo of the Welsh Development Agency and the Wales Tourist Board, which costs GBP119,000, The Western Mail relates. The creative marketing and design agency provided services to both the public and private sectors. ACADEMY DECORATING: Creditors' Meeting Slated for May 10 -------------------------------------------------------- Creditors of Academy Decorating Ltd. will meet at 11:00 a.m. on May 10 at: 4 St. Giles Court Southampton Street Reading RG1 2QL England Creditors who want to vote at the meeting have until noon on May 9 to submit their proxy forms together with particulars of their claims or of any security at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on May 8. ACTUANT CORP: Earns US$18.9 Million in Second Quarter 2007 ---------------------------------------------------------- Actuant Corporation reported net earnings of US$18.9 million for the second quarter ended Feb. 28. This compares with net earnings of US$19.3 million for the same period ended Feb. 28, 2006. Fiscal 2007 second quarter results include a US$3.8 million restructuring charge covering a portion of the company's restructuring of its European Electrical business. Second quarter sales increased 24% to US$341 million from US$276 million in the prior year, reflecting strong core growth, the weaker U.S. dollar, and approximately US$35 million of sales from acquired businesses. Excluding foreign currency exchange rate changes and business acquisitions, second quarter fiscal 2007 sales increased approximately 7%. This increase reflected core growth in all four segments, including 12% in the Industrial Segment. Robert C. Arzbaecher, president and chief executive officer of Actuant, commented, "We are pleased with our second quarter results, including the 24% sales growth and 13% growth in EPS excluding restructuring, which were led by the strong performance of the Industrial Segment. Consistent with our business model, acquisitions made a significant contribution to the sales growth, however, each of our four segments contributed to the 7% core growth." Arzbaecher added, "We continued to see significant operating profit margin improvement in our Industrial Segment. While consolidated operating profit margins were down slightly on a year-over-year basis due to lower profitability in the Electrical and Actuation Systems segments, Industrial Segment margins improved by 160 basis points. Progress was made in improving Automotive and Recreational Vehicle margins during the quarter, which positions Actuant well for strong second half earnings growth. We expect operating margin improvement in both Electrical and Actuation Systems Segments in the third and fourth quarter, and expect margin expansion for Actuant in total for the fiscal year." Net debt, which is total debt of US$595 million less approximately US$25 million of cash, was US$570 million, an increase of US$115 million from the beginning of the quarter. Excluding the approximate US$110 million of cash used for acquisitions and the US$9 million decline in accounts receivable securitization, Actuant generated approximately US$5 million of cash flow in the second quarter, which is a seasonally weak cash-flow period. The company had availability under its revolving credit facility in excess of US$200 million as of Feb. 28. At Feb. 28, the company's balance sheet showed US$1,389.2 million in total assets, US$971.1 million in total liabilities, and US$418.1 million in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the quarter ended Feb. 28, 2007, are available for free at http://researcharchives.com/t/s?1d36 About Actuant Corp. Headquartered in Butler, Wis., Acuant Corp. (NYSE: ATU) -- http://www.actuant.com/-- is a diversified industrial company with operations in more than 30 countries including Australia, China, Italy, United Kingdom, among others. The Actuant businesses are market leaders in highly engineered position and motion control systems and branded hydraulic and electrical tools and supplies. The company employs a workforce of more than 6,700 worldwide. * * * As reported in the TCR-Europe on Oct. 24, Moody's Investors Service's affirmed its Ba2 Corporate Family Rating for Actuant Corp. in connection with the rating agency's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the U.S. manufacturing sector. Additionally, Moody's held its Ba2 ratings on the company's US$250 million Senior Unsecured Revolver Due 2009, and US$250 million Senior Term Loan Due 2009. Moody's assigned those debentures an LGD3 rating suggesting lenders will experience a 43% loss in the event of a default BRITISH AIRWAYS: May Purchase Up to 15 Airbus Planes, Paper Says ---------------------------------------------------------------- British Airways Plc Chief Executive Willie Walsh told a German paper that he could imagine buying 10 to 15 Airbus jets. P-I Reporter relates that British Airways showed no enthusiasm to be an early client for Airbus A380 -- a 555-passenger, double-deck plane. British Airways had said in 2001 that the aircraft wasn't appropriate for the airline's routes because it was too big. Meanwhile, The Boeing Co. -- a competitor of Airbus -- is hoping to sell British Airways its 747-8, P-I Reporter notes. Boeing is also offering the airline the 787 and more 777s, against Airbus' A350 and A330. P-I Reporter underscores that British Airways runs one of the world's largest fleets of 747-400 passenger planes, planning to gradually replace the older planes with the 777 rather than adding more 747s. British Airways has been evaluating the 747-8. According to the report, Airbus' A380 sales slow down due, in part, to a two-year delay in getting the plane into the hands of clients. Meanwhile, Boeing needs another big order from an important airline customer like British Airways, as only Lufthansa ordered the aircraft. It could take several months before British Airways decides which aircraft to order, P-I Reporter states. Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * British Airways' 7-1/4% senior unsubordinated notes due 2016 and 10-7/8% notes due 2008 carry Moody's Investors Service's Ba2 ratings and Standard & Poor's BB- ratings. BRAMHALL WOODWARE: Creditors' Meeting Slated for April 26 --------------------------------------------------------- Creditors of Bramhall Woodware Ltd. will meet at 10:30 a.m. on April 26 at: The P&A Partnership 93 Queen Street Sheffield S1 1WF England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on April 24. 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. BRENTWOOD SPORTS: Creditors' Meeting Slated for April 27 -------------------------------------------------------- Creditors of Brentwood Sports Ltd. will meet at 11:00 a.m. on April 27 at: Smith & Williamson No. 1 Bishops Wharf Walnut Tree Close Guildford GU1 4RA Creditors who want to vote at the meeting have until noon on April 26 to submit their proxy forms together with particulars of their claims or of any security at the said address. Tony Murphy of Smith & Williamson will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. Smith & Williamson -- http://www.smith.williamson.co.uk/-- provides investment management, financial advisory and accountancy services to private clients, professional practices, mid to large corporates and non-profit organizations. CAIRNGORM LTD: Fitch Lifts GBP9-Million Class D Notes to BB+ ------------------------------------------------------------ Fitch Cairngorm Ltd.'s Classes B, C and D notes due in November 2016 and affirmed Class A: -- GBP28.1 million Class A affirmed at 'AAA' -- GBP9.8 million Class B upgraded to 'AA-' from 'A' -- GBP9.5 million Class C upgraded to 'A-' from 'BBB' -- GBP9 million Class D upgraded to 'BB+' from 'BB' The transaction is a synthetic securitization of senior and mezzanine leveraged loans originated in the UK, France and Germany. The rating actions reflect the substantial increase in credit enhancement levels resulting from the amortization of the portfolio. Approximately 50% of the initial portfolio remains outstanding. Since the transaction's close in December 2001, there have been one credit event in the portfolio in December 2006 affecting both senior and mezzanine loans and representing approximately 2.5% of the initial portfolio. Both loans are in the work-out stage. One defaulted name is a senior leveraged loan where Fitch assumed a 70% recovery rate; the second entity is a mezzanine leveraged loan where Fitch assumed no recovery. Overall, the increase in available credit enhancement significantly outweighs negative impact of defaults on the transaction resulting in the upgrades. Cairngorm has reached the end of its revolving period where no further substitutions, replacements or additions of reference entities are allowed. As of February 2007 data, the average credit quality of the portfolio has remained in the 'B'/'B-' bracket since December 2001. There are no names in the current pool rated below 'CCC', compared to 1.87% in the review in March 2006. All Classes of credit-linked notes are backed by a cash deposit or 'AAA'-rated sterling denominated government bonds and a credit default swap between the Cairngorm and The Royal Bank of Scotland PLC, in which the issuer receives a premium from the swap counterparty in exchange for writing loss protection on the reference portfolio. Cairngorm, a special purpose vehicle incorporated with limited liability in Jersey, issued GBP87 million of various Class notes. The notes assumed the economic risk of the total reference portfolio of a maximum of GBP300 million as of full ramp-up, 12 months after the closing date in December 2001. Substitution, replacement or addition of reference entities was allowed, in accordance with certain criteria, during the revolving period for five years after closing. CLS SCAFFOLDING: Creditors' Meeting Slated for April 26 ------------------------------------------------------- Creditors of CLS Scaffolding Ltd. will meet at 10:30 a.m. on April 26 at: Darlington Football Club Neasham Road County Durham DL2 1DL England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on April 24 at the offices of: David Horner & Co. 11 Clifton Moor Business Village James Nicolson Link Clifton Moor York YO30 4XG England David Horner & Co. -- http://www.davidhornerandco.co.uk/-- offers practical advice and solutions to all types of businesses, individuals and creditors, often enabling formal insolvency to be avoided. CONNAIR PLANT: Creditors' Meeting Slated for April 26 ----------------------------------------------------- Creditors of Connair Plant Hire Ltd. will meet at 11:00 a.m. on April 26 at: Hotel Elizabeth Grimsby Little Coates Road Grimsby DN34 4LX England Creditors who want to vote at the meeting have until noon on April 25 to submit their proxy forms together with particulars of their claims or of any security at the at the offices of: Bond Partners LLP Suite 2 First Floor Birmingham Road Alcester B49 5JG England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on April 24 at the offices of Bond Partners LLP. Bond Partners LLP -- http://www.bondpartners.co.uk/-- specializes in: audit and assurance, taxation, corporate recovery, business rescue and insolvency, bookkeeping services, as well as financial services through Bond Financial Network. EASTGATE INDUSTRIES: Creditors' Meeting Slated for May 8 -------------------------------------------------------- Creditors of Eastgate Industries Ltd. will meet at 11:30 a.m. on May 8 at the offices of: Lewis Alexander & Connaughton Boulton House Second Floor 17-21 Chorlton Street Manchester M1 3HY England A list of names and addresses of the company's creditors will be available for inspection free of charge on May 4. HANOVER COMPRESSOR: To Redeem US$30-Million Notes on May 8 ---------------------------------------------------------- Hanover Compressor Company disclosed the call for redemption on May 8, of US$29,897,000 aggregate principal amount of the Convertible Junior Subordinated Debentures Due 2029. All of the Debentures are owned by Hanover Compressor Capital Trust and the Trust is required to use the proceeds received from such redemption to redeem US$29 million aggregate liquidation amount of its 7-1/4% Convertible Preferred Securities and US$897,000 aggregate liquidation amount of its 7- 1/4% Convertible Common Securities. Hanover owns all of the Common Securities of the Trust. The Preferred Securities to be redeemed will be selected in accordance with the applicable procedures of The Depository Trust Company for partial redemptions. Prior to 5:00 p.m., Eastern Time, on May 7, holders may convert their Preferred Securities called for redemption on the basis of one Preferred Security per US$50 principal amount of Debentures which will then be immediately converted into shares of Hanover Compressor Company common stock at a price of US$17.88 per share, or 2.80 shares of Hanover common stock per US$50 principal amount. Cash will be paid in lieu of fractional shares. Alternatively, holders may have their Preferred Securities that have been called for redemption, redeemed on May 8, 2007. Upon redemption, holders will receive US$50 for each of their Preferred Securities, plus accrued and unpaid distributions thereon from March 15, 2006 up to but not including May 8, 2007. Any of the Preferred Securities called for redemption and not converted on or before 5:00 p.m., Eastern Time, on May 7, will be automatically redeemed on May 8, and no further distributions will accrue. Holders of the Preferred Securities should complete the appropriate instruction form for redemption or conversion, as applicable, pursuant to The Depository Trust Company's book- entry system and follow such other directions as instructed by The Depository Trust Company. About Hanover Compressor Headquartered in Houston, Texas, Hanover Compressor Company, (NYSE: HC) -- http://www.hanover-co.com/-- rents and repairs compressors and performs natural gas compression services for oil and gas companies. The company's subsidiaries also provide service, fabrication, and equipment for oil and natural gas processing and transportation applications. It has locations in India, China, Indonesia, Japan, Korea, Taiwan, the United Kingdom, and Vietnam, among others. * * * As reported in the Troubled Company Reporter on Feb. 8, 2007, Standard & Poor's Ratings Services placed the 'BB-' corporate credit ratings on oilfield service company Hanover Compressor Co. and its related entity Hanover Compression L.P. on CreditWatch with positive implications. HARPERS SPORTS: Creditors' Meeting Slated for April 27 ------------------------------------------------------ Creditors of Harpers Sports Ltd. will meet at 11:30 a.m. on April 27 at: Smith & Williamson 1 Bishops Wharf Walnut Tree Close Guildford Surrey GU1 4RA England Creditors who want to vote at the meeting have until noon on April 26 to submit their proxy forms together with particulars of their claims or of any security at the said address. Tony Murphy of Smith & Williamson will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. Smith & Williamson -- http://www.smith.williamson.co.uk/-- provides investment management, financial advisory and accountancy services to private clients, professional practices, mid to large corporates, and non-profit organizations. MALCRO LIGHTING: Creditors' Meeting Slated for April 26 ------------------------------------------------------- Creditors of Malcro Lighting Ltd. will meet at 11:30 a.m. on April 26 at: Benedict Mackenzie LLP 62 Wilson Street London EC2A 2BU England Creditors who want to vote at the meeting have until noon on April 25 to submit their proxy forms together with particulars of their claims or of any security at the said address. Laurence Pagden of Benedict Mackenzie LLP will furnish creditors with information concerning the company's affairs free of charge. NO. 1 PERSONNEL: Creditors' Meeting Slated for May 4 ---------------------------------------------------- Creditors of No. 1 Personnel Ltd. will meet at 2:30 p.m. on May 4 at: 1 Kings Avenue Winchmore Hill London N21 3NA England A list of names and addresses of the company's creditors will be available for inspection free of charge on May 2. PETROPLUS FINANCE: Moody's Puts (P)Ba3 Corporate Family Rating -------------------------------------------------------------- Moody's Investors Service assigned (P)Ba3 corporate family and Probability-of-Default ratings to Petroplus Holdings AG as well as (P)B1 and LDG5 (81%) ratings to the proposed US$1.2-billion senior unsecured notes at Petroplus Finance Ltd., a subsidiary of Petroplus Holdings AG. Outlook is stable. The assignment of the provisional ratings is subject to the successful completion of US$1.7 billion acquisition of the Coryton refinery expected to take place in second quarter 2007 and to be financed through the placement of US$1.2 billion senior notes and US$0.5 billion rights issue announced by the Company. Moody's issues provisional ratings in advance of the final sale of securities, and these ratings only represent Moody's preliminary opinion. Upon a conclusive review of the transaction and associated documentation and completion of the Coryton acquisition and the associated debt and equity funding, Moody's will endeavor to assign definitive ratings to the securities. A definitive rating may differ from a provisional rating. Petroplus Holding AG is building European pure-refining business through a series of acquisitions, including purchases of the BRC refinery in 2006 and Ingolstadt refinery on March 31, 2007. On Feb. 1, 2007, Petroplus Holdings AG announced the agreement reached with BP for the acquisition of the Coryton refinery in the U.K., the adjacent bulk terminal and BP's U.K. bitumen business for US$1.4 billion (plus working capital). Petroplus expects to complete the acquisition in second quarter 2007 and to finance the transaction with the proceeds of the proposed US$1.2 billion senior notes and US$0.5 b equity placement. The (P)Ba3 corporate family ratings assigned to Petroplus Holdings AG reflect: (a) the scale and diversification of the business that following the acquisition of Coryton will comprise 5 refineries with total crude distillation capacity of 577 bpd (total throughput capacity of 625 bpd); (b) strong profitability of the refineries at this part of the cycle and the expectation that the prevailing supply/demand fundamentals for middle distillates in Europe and global demand level will remain supportive to the refining margins in the medium term; (c) moderate CAPEX requirements anticipated at this stage by the management at the newly acquired refineries; (d) management's strong expertise in operating refineries and continuous focus on maintaining reliability of the facilities, as well as an established track-record in building resilient refining businesses in the U.S. The corporate family rating also takes into account: (a) risks associated with the integration of the newly acquired refining facilities at Ingolstadt and expected acquisition of Coryton; (b) a growing environmental and HES regulatory pressure on the refining industry and potential need for associated additional investment and costs; (c) expected volatility in margins of Petroplus reflecting limited use of hedging going forward, management's policy to limit exposure to retail operations, as well as current margin benefits derived from the widening of the sour/sweet spread; as well as (d) expectation that implementation of the growth strategy may affect financial flexibility of the group, while noting a balanced approach to funding growth exercised by the management team in the past. The stable outlook for the ratings reflect Moody's expectation that the economic environment and supply/demand fundamentals for light refining products will remain supportive to the profitability of the group in the next 12 month. The provisional (P)B1 rating and LGD assessment of LGD5 (81%) assigned to the proposed US$1.2-billion senior unsecured notes of Petroplus Finance Ltd. reflect the existence of substantial senior secured bank facilities supporting liquidity position of the company. Moody's notes that the structure of liabilities is likely to evolve as the group profile is developing, which may affect LGD assessment going forward. Petroplus maintains sufficient liquidity facilities that are expected to cover its working capital requirements and provide additional funding to support execution of the announced acquisitions. On Dec. 31, 2006, Petroplus Holdings AG reported US$91.6 million in cash on its balance sheet. Furthermore, the Group also has access to committed credit lines of US$1.6 billion with a further option to increase the revolving credit facility by US$0.8 billion and the ability to obtain additional availability on an uncommitted basis under this facility. Petroplus Holdings AG operates 4 refineries in North-West of Europe and is expected to complete the acquisition of the Coryton refinery in the United Kingdom in second quarter 2007. In 2006, Petroplus reported sales of US$6.9 billion and crude distillation capacity of 295 bpd. Following the completion of the Coryton acquisition, the group is estimated to reach crude distillation capacity of 577 bpd (and total throughput capacity of 625 bpd) and expects to reach US$10 billion in revenues in 2007. Moody's has previously rated Petroplus group, the ratings were withdrawn in 2005 following the repayment of all rated debt by the group. R. E. ROWLANDS: Creditors' Meeting Slated for May 2 --------------------------------------------------- Creditors of R. E. Rowlands Ltd. will meet at 11:00 a.m. on May 2 at: The Marriott Hotel Pipers Way Wiltshire SN3 1SH England Creditors who want to vote at the meeting have until noon on May 1 to submit their proxy forms together with particulars of their claims or of any security at: R. E. Rowlands Ltd. 6c Church Street Reading Berkshire RG1 2SB England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on April 30 at the registered office of the company. ********* 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/books/to 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. Jazel P. Laureno, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A. Godinez, and Pius Xerxes Tovilla, Editors. Copyright 2007. 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 * * *