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 Monday, October 15, 2007, Vol. 8, No. 204 Headlines A U S T R I A AUFZUG- UND BAUSCHLOSSEREI: Claims Registration Ends Oct. 30 EROTIC ENTERPRISES: Wels Court Orders Business Shutdown GLASEREI STEINLECHNER: Claims Registration Period Ends Oct. 30 MAT VERTEILERBAU: Steyr Court Orders Business Shutdown NIGHT-ST LLC: Claims Registration Period Ends Oct. 30 PESACO LLC: Vienna Court Orders Business Shutdown SENIORENBETREUUNG ZUR SONNE: Claims Registration Ends Oct. 25 SOLDO LLC: Claims Registration Period Ends Oct. 30 B E L A R U S BELAGROPROMBANK: Support Capacity Cues Fitch to Affirm B- IDR BELARUSBANK: Support Capacity Cues Fitch to Affirm B- IDR BELGAZPROMBANK: Fitch Upgrades IDR to B on Lower Risks BELINVESTBANK: Support Capacity Cues Fitch to Affirm B- IDR BELPROMSTROIBANK: Support Capacity Cues Fitch to Affirm B- IDR INVESTBANK (BULGARIA): Moody's Lifts Deposit Ratings to B2/NP SLAVNEFTEBANK: Fitch Rates IDR at B on Shareholder Support B E L G I U M COMPAGNIE EUROPEENNE: Claims Registration Ends February 25, 2008 LEVI STRAUSS: Aug. 26 Balance Sheet Upside-Down by US$779 Mln C Z E C H R E P U B L I C OREA HOTELS: Moody's Withdraws Ba1.cz National Scale Rating F I N L A N D HILTON HOTELS: Amends 8% Quarterly Interest Bonds Tender Offer G E R M A N Y AUTO-CENTRUM BAUER: Claims Registration Period Ends Nov. 5 AUTOHAUS GIESSEN: Claims Registration Period Ends Nov. 5 BERNARD GEWERBEKUECHEN: Claims Registration Period Ends Nov. 5 CB MEZZCAP: Company No. 11 Files for Insolvency CINEX LEIPZIG: Claims Registration Ends November 6 DEQUA · REPRO: Claims Registration Ends November 9 ELS LASER: Claims Registration Period Ends Nov. 5 EM-BE VOLKSHAUS: Claims Registration Period Ends Nov. 20 ESTATE GERMANY 2007-I: Fitch Rates EUR39.9 Mln E Notes at BB+ GEIGER INDUSTRIELACKIERUNGEN: Claims Registration Ends Nov. 16 GEORG BECHTOLD: Claims Registration Ends November 8 H & B GEBAUDETECHNIK: Creditors Must File Claims by November 5 HAUS FRANKENWEG: Creditors Must File Claims by November 5 HELM TRANSPORT: Creditors Must File Claims by November 5 IRSV MARKETING: Claims Registration Period Ends Nov. 15 ISOFIRE GMBH: Claims Registration Period Ends Nov. 13 SMART EVENTS: Claims Registration Period Ends Nov. 15 I R E L A N D ELAN CORP: S&P Affirms Credit Ratings at B; Changes Outlook PREPS 2005-2: Portfolio Company No. 21 Submits Insolvency Case I T A L Y FIAT SPA: Magneti Marelli Signs Venture with Suzuki & Maruti WIND TELECOMUNICAZIONI: Fitch Removes BB- IDR from Watch K A Z A K H S T A N JAKSYLYK-1 LLP: Proof of Claim Deadline Slated for Nov. 21 KUAN-S LLP: Creditors Must File Claims Nov. 21 KURYLYS AGRO: Claims Filing Period Ends Nov. 21 LEXUS PLUS: Creditors' Claims Due on Nov. 20 MIYAT HOLDING: Claims Registration Ends Nov. 16 SALTANAT LLP: Proof of Claim Deadline Slated for Nov. 20 SHC BEAUTY: Creditors Must File Claims Nov. 16 SOUS EXPRESS: Claims Filing Period Ends Nov. 21 VITA JSC: Creditors' Claims Due on Nov. 21 ZAVOD PO: Claims Registration Ends Nov. 16 K Y R G Y Z S T A N CARGO EXPEDITION-TRANS: Creditors Must File Claims by Nov. 21 GASBIOTECHNO LLC: Proof of Claim Deadline Slated for November 16 N E T H E R L A N D S ARRAN LOANS 1: Fitch Puts Low-B Ratings to Six Note Classes R U S S I A BOGORODITSKIJ CJSC: Asset Sale Slated for October 31 DZERZHINSK NIICHEMMASH: Court Starts External Bankruptcy Process HOLODMASH OJSC: Creditors Must File Claims by Nov. 29 KIREEVSKIJ OJSC: Asset Sale Slated for October 31 KOPEYKA OJSC: S&P Puts Junks Ratings on Mounting Default Risk LIPKOVSKIJ CJSC: Asset Sale Slated for October 31 LUKOYANOVLESSNAB LLC: Asset Sale Slated for October 29 MAGNITOGORSKIJ CJSC: Creditors Must File Claims by Oct. 29 MARIJSKOYE OJSC: Bankruptcy Hearing Slated for Dec. 12 NEVADORSTROY CJSC: Creditors Must File Claims by Nov. 29 SHUMERLINSKIJ OJSC: Creditors Must File Claims by Nov. 29 SOVETSKO-GAVANSKAYA LLC: Creditors Must File Claims by Nov. 29 UDMURTPROMSTROYBANK LLC: Asset Sale Slated for November 12 S W I T Z E R L A N D COMPORSYS INFORMATIK: Claims Registration Period Ends October 22 DELFIT JSC: Zug Court Starts Bankruptcy Proceedings DUR-BU LLC: Creditors' Liquidation Claims Due October 19 E-IT LLC: Creditors' Liquidation Claims Due October 19 FLOW-RITE JSC: Creditors' Liquidation Claims Due October 22 GASSNER MELMS: Creditors' Liquidation Claims Due October 25 GUNES LEBENSMITTEL: Claims Registration Period Ends October 22 HAMMER GASTRO: Creditors' Liquidation Claims Due October 31 HIWI INFORMATIK: Creditors' Liquidation Claims Due October 19 ISOTIS INC: Wants Merger Okayed; May Seek Bankruptcy Protection J.A. LORENZO: Claims Registration Period Ends October 21 M.T.C. MEDICAL: Creditors' Liquidation Claims Due October 19 MONTELAGO JSC: Nidwalden Court Starts Bankruptcy Proceedings NEW WINNERS: Claims Registration Period Ends October 22 SWISSGATE 04: Lucerne Court Starts Bankruptcy Proceedings T. UND H. HITZ: Basel Court Closes Bankruptcy Proceedings U K R A I N E ALMAZ LLC: Proofs of Claim Deadline Set October 16 AT LLC: Proofs of Claim Deadline Set October 16 DTEK HOLDINGS: Moody's Assigns B2 Corporate Family Rating INDUSTRIAL RESERVE: Creditors Must File Claims by October 16 INDUSTRIAL TECHNICAL: Creditors Must File Claims by October 16 INVEST TIME: Creditors Must File Claims by October 16 PRIVOVCHNSKAYA: Creditors Must File Claims by October 16 PROMAGRO-SYSTEM T: Creditors Must File Claims by October 16 SP LLC: Creditors Must File Claims by October 16 TIBIYA LLC: Creditors Must File Claims by October 16 ZAREVO LLC: Creditors Must File Claims by October 16 U N I T E D K I N G D O M ARROWPLUS LTD: Brings In Liquidators from KPMG BAUSCH & LOMB: Expects US$630MM Net Sales in Qtr. Ended Sept. 29 COMPAGNIE EUROPEENNE: Claims Registration Ends February 25, 2008 GENERAL MOTORS: New Labor Contract Protects UAW Jobs JOY STEEL: Calls In Liquidators from Smith & Williamson LAMBERT HOWARTH: In Administration After Losing Biggest Client LANDCOM SOLUTIONS: Appoints Kirankumar Mistry as Liquidator NEVISPORT: Receivers Sell Remaining Stores to Jacobs & Turner R S COURIER: Taps Liquidators from Tenon Recovery SHAW GROUP: Earns US$54.6 Million in Three Months Ended May 31 * BOND PRICING: For the Week Oct. 1 to Oct. 5, 2007 ********* ============= A U S T R I A ============= AUFZUG- UND BAUSCHLOSSEREI: Claims Registration Ends Oct. 30 ------------------------------------------------------------ Creditors owed money by Aufzug- Und Bauschlosserei Ltd. (FN 262379b) have until Oct. 30 to file written proofs of claim to court-appointed estate administrator Matthias Klissenbauer at: Dr. Matthias Klissenbauer Gonzagagasse 15 1010 Vienna Austria Tel: 533 28 55 Fax: 533 28 55 28 E-mail: office@klissenbauer.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Nov. 13 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 10 (Bankr. Case No. 28 S 102/07i). EROTIC ENTERPRISES: Wels Court Orders Business Shutdown ------------------------------------------------------- The Land Court of Wels entered Sept. 10 an order shutting down the business of LLC Erotic Enterprises (20 S 108/07v). Court-appointed estate administrator Thomas Herzog recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Thomas Herzog Stadtplatz 19 4840 Voecklabruck Austria Tel: 07672/72607-0 Fax: 07672/75567 E-mail: rae.nuss.hoff-herz@aon.at Headquartered in Attnang - Puchheim, Austria, the Debtor declared bankruptcy on Sept. 3 (Bankr. Case No 20 S 108/07v). GLASEREI STEINLECHNER: Claims Registration Period Ends Oct. 30 -------------------------------------------------------------- Creditors owed money by LLC Glaserei Steinlechner (FN 277309h) have until Oct. 30 to file written proofs of claim to court- appointed estate administrator Gerhard Goetschhofer at: Dr. Gerhard Goetschhofer Schlossplatz 15 4655 Vorchdorf Austria Tel: 07614/7575 Fax: 07614/7575-14 E-mail: rechtsanwalt@goetschhofer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:40 p.m. on Nov. 8 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Strasse 12 Wels Austria Headquartered in Gmunden, Austria, the Debtor declared bankruptcy on Sept. 10 (Bankr. Case No. 20 S 114/07a). MAT VERTEILERBAU: Steyr Court Orders Business Shutdown ------------------------------------------------------ The Land Court of Steyr entered Sept. 10 an order shutting down the business of LLC MAT Verteilerbau (FN 211593t). Court-appointed estate administrator Ernst Lehenbauer recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Ernst Lehenbauer Hauptplatz 21 4470 Enns Austria Tel: 07223/810 10 E-mail: ra.lehenbauer@attglobal.net Headquartered in Bad Hall, Austria, the Debtor declared bankruptcy on Aug. 29 (Bankr. Case No 14 S 32/07i). NIGHT-ST LLC: Claims Registration Period Ends Oct. 30 ----------------------------------------------------- Creditors owed money by LLC Night-ST (FN 236419a) have until Oct. 30 to file written proofs of claim to court-appointed estate administrator Gerwald Schmidberger at: Dr. Gerwald Schmidberger c/o Dr. Heinz Kassmannhuber Stelzhamerstrasse 11 4400 Steyr Austria Tel: 07252/50300 E-mail: office@sks-law.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:00 p.m. on Nov. 13 for the examination of claims. The meeting of creditors will be held at: The Land Court of Steyr Hall 7 Second Floor Steyr Austria Headquartered in Steyr, Austria, the Debtor declared bankruptcy on Sept. 11 (Bankr. Case No. 14 S 34/07h). Heinz Kassmannhuber represents Dr. Schmidberger in the bankruptcy proceedings. PESACO LLC: Vienna Court Orders Business Shutdown ------------------------------------------------- The Trade Court of Vienna entered Sept. 13 an order shutting down the business of LLC PESACO (FN 171563z). Court-appointed estate administrator Eva Wexberg recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Eva Wexberg c/o Dr. Walter Kainz Gusshausstrasse 23 1040 Vienna Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 6 (Bankr. Case No 6 S 112/07y). Walter Kainz represents Dr. Wexberg in the bankruptcy proceedings. SENIORENBETREUUNG ZUR SONNE: Claims Registration Ends Oct. 25 ------------------------------------------------------------- Creditors owed money by KEG Seniorenbetreuung Zur Sonne Reiterer (FN 264370f)have until Oct. 25 to file written proofs of claim to court-appointed estate administrator Norbert Kollerics at: Dr. Norbert Kollerics Raubergasse 16 8010 Graz Austria Tel: 0316/835862 Fax: 0316/835862-6 E-mail: office@bk-rechtsanwalt.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:00 p.m. on Nov. 8 for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 230 Hall L Graz Austria Headquartered in St. Peter im Sulmta, Austria, the Debtor declared bankruptcy on Sept. 13 (Bankr. Case No. 25 S 106/07m). SOLDO LLC: Claims Registration Period Ends Oct. 30 -------------------------------------------------- Creditors owed money by LLC Soldo (FN 114069z) have until Oct. 30 to file written proofs of claim to court-appointed estate administrator Stefan Jahns at: Mag. Stefan Jahns c/o Dr. Matthias Klissenbauer Gonzagagasse 15 1010 Vienna Austria Tel: 532 17 11 Fax: 532 17 11-11 E-mail: kanzlei@jahns.co.at office@klissenbauer.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:45 p.m. on Nov. 13 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 Sept. 7 (Bankr. Case No. 6 S 114/07t). Matthias Klissenbauer represents Mag. Jahns in the bankruptcy proceedings. ============= B E L A R U S ============= BELAGROPROMBANK: Support Capacity Cues Fitch to Affirm B- IDR ------------------------------------------------------------- Fitch Ratings has affirmed the ratings of Belagroprombank, which reflect Fitch's view on the capacity of Belorussian authorities to support these banks, if required. The Belorussian economy remains highly dollarized, which significantly limits the state's ability to provide support to the financial institutions. Belagroprombank: -- Long-term IDR: affirmed at 'B-'; Outlook Stable -- Short-term IDR: affirmed at 'B' -- Individual rating: affirmed at 'D/E' -- Support rating: affirmed at '5' -- Support Rating Floor: affirmed at 'B-' Belagroprombank in one of the largest state-owned banks in Belarus, which actively participate in state-lending programs to support the state's social and economic policies. Given their strategic importance, the Belarusian government has stated its intention to keep control over banks until at least 2010. Belagroprombank is the second-largest bank in Belarus with a market share of total banking system assets of about 19% at end of first half of 2007. The bank's business is concentrated on the agricultural sector. BELARUSBANK: Support Capacity Cues Fitch to Affirm B- IDR --------------------------------------------------------- Fitch Ratings has affirmed the ratings of Belarusbank, which reflect Fitch's view on the capacity of Belorussian authorities to support these banks, if required. The Belorussian economy remains highly dollarized, which significantly limits the state's ability to provide support to the financial institutions. Belarusbank: -- Long-term Issuer Default rating: affirmed at 'B-'; Outlook Stable -- Short-term IDR: affirmed at 'B' -- Individual rating: affirmed at 'D/E' -- Support rating: affirmed at '5' -- Support Rating Floor: affirmed at 'B-' Belarusbank is one of the largest state-owned banks in Belarus, which actively participate in state-lending programs to support the state's social and economic policies. Given their strategic importance, the Belarusian government has stated its intention to keep control over banks until at least 2010. It is the leading bank by assets and capital in Belarus and has the largest branch network. BELGAZPROMBANK: Fitch Upgrades IDR to B on Lower Risks ------------------------------------------------------ Fitch Ratings has upgraded Belgazprombank's Long-term Issuer Default rating to 'B' from 'B-' and Support rating to '4' from '5'. Fitch also affirmed BGB's Short-term IDR at 'B' and Individual rating at 'E'. The Outlook for the Long-term IDR remains Stable. The bank's Long-term IDR is at Belarus's Country Ceiling. The ratings upgrades reflect the lowered transfer and convertibility risks, associated with sovereign events. Sovereign risk, however, remains significant, and thus limits the extent to which the shareholder's support can be factored into the ratings. BGB's Long- and Short-term IDRs are based on Fitch's view of the likelihood of support for the bank forthcoming from its main shareholder, Russian integrated gas utility Gazprom (rated 'BBB-'/Positive Outlook). BGB's Individual rating reflects its small size by international standards, modest capital position, loan concentration risk, exposure to foreign exchange risk and structural weaknesses in the operating environment. It also takes into account BGB's sound asset quality, which is attributable to the developed expertise in SME lending and improved earnings performance. BGB is one of the leading SME lenders in Belarus and has a long- standing cooperation with international financial institutions IFC and EBRD. BGB is ultimately controlled by Gazprom. BELINVESTBANK: Support Capacity Cues Fitch to Affirm B- IDR ----------------------------------------------------------- Fitch Ratings has affirmed the ratings of Belinvestbank, which reflect Fitch's view on the capacity of Belorussian authorities to support these banks, if required. The Belorussian economy remains highly dollarized, which significantly limits the state's ability to provide support to the financial institutions. Belinvestbank: -- Long-term IDR: affirmed at 'B-'; Outlook Stable -- Short-term IDR: affirmed at 'B' -- Support rating: affirmed at '5'. -- Support Rating Floor: affirmed at 'B-' -- Individual rating: upgraded to 'D/E' from 'E' to reflect better diversification of the loan portfolio and funding base and improvements in risk management processes Belinvestbank is one of the largest state-owned banks in Belarus, which actively participate in state-lending programs to support the state's social and economic policies. Given their strategic importance, the Belarusian government has stated its intention to keep control over banks until at least 2010. Belinvestbank is the fifth-largest bank in Belarus, with about 7% of sector assets at end of first half of 2007. BIB specializes on providing investment loans to medium-sized enterprises. BELPROMSTROIBANK: Support Capacity Cues Fitch to Affirm B- IDR -------------------------------------------------------------- Fitch Ratings has affirmed the ratings of Belpromstroibank, which reflect Fitch's view on the capacity of Belorussian authorities to support these banks, if required. The Belorussian economy remains highly dollarized, which significantly limits the state's ability to provide support to the financial institutions. Belpromstroibank: -- Long-term IDR: affirmed at 'B-'; Outlook Stable -- Short-term IDR: affirmed at 'B' -- Individual rating: affirmed at 'D/E' -- Support rating: affirmed at '5' -- Support Rating Floor: affirmed at 'B-' Belpromstroibank is one of the largest state-owned banks in Belarus, which actively participate in state-lending programs to support the state's social and economic policies. Given their strategic importance, the Belarusian government has stated its intention to keep control over banks until at least 2010. Belpromstroibank is the fourth-largest bank in Belarus. It primarily services large corporate customers, including both state-owned and private enterprises. INVESTBANK (BULGARIA): Moody's Lifts Deposit Ratings to B2/NP ------------------------------------------------------------- Moody's Investors Service raised to B2/NP, from B3/NP Commercial Bank Investbank's Global Local Currency and Foreign Currency deposit ratings. At the same time, Moody's affirmed iBank's E+ Bank Financial Strength Rating. All ratings carry a stable outlook. iBank's E+ BFSR reflects: (i) its small presence in its local market (with a share of around 1.14% of loans and 2% of customer deposits); (ii) low profitability and weak efficiency indicators; (iii) high borrower concentration; (iv) vulnerability to development risks; (v) challenges from Bulgaria's increasingly competitive environment; and (vi) concerns regarding future asset quality given Bulgaria's fast systemic credit expansion. On the positive side, the rating also reflects the bank's adequate capitalization, comfortable liquidity and currently good asset quality levels. The capital increase completed in September 2007 doubled the bank's Tier 1 capital, in keeping with its balance sheet growth; thus in the near future capitalization is likely to be maintained close to the 12% mark (all Tier 1). The fresh capital injection, which reinstated the bank's free equity to more acceptable levels, together with some evidence that iBank's key weaknesses have started to be addressed, led us to asses that its standing within the E+ BFSR range has improved. In particular, 1H2007 un-audited results indicate that rapid business expansion and a shift in the composition of the balance sheet have resulted in recovering profitability, with RoAA reaching 1.38% compared to 0.41% at YE2006. Any further upward pressure on the bank's ratings is capped by concerns with regard to the speed of its balance sheet and loan book growth (topping 66% and 77% during 1H2007). Such rapid growth could result in asset quality problems in the future, particularly as the bank is expanding into new market segments beyond its traditional core focus. Going forward, iBank's BFSR would rise above the E+ range if: (i) progress recorded in 1H2007 proves sustainable; (ii) the bank can maintain the positive trend in the improvement of its financial ratios; and if these targets can be achieved while maintaining asset quality and risks assumed under control. Similarly, evidence that recent improvements are unsustainable or concerns over the riskiness of the bank could lead to a downward revision of its ratings. iBank is headquartered in Sofia, Bulgaria, and at year-end 2006 had total assets of BGN885 million (EUR453 million). SLAVNEFTEBANK: Fitch Rates IDR at B on Shareholder Support ---------------------------------------------------------- Fitch Ratings has assigned Slavneftebank ratings of Long-term Issuer Default rating 'B', Short-term IDR 'B', Individual 'E' and Support '4'. The Outlook for the Long-term IDR is Stable. The bank's Long-term IDR is at Belarus's Country Ceiling. The Long- and Short-term IDRs and Support rating reflect the moderate probability of support forthcoming, if required, from SNB's majority shareholder, Russia's Bank VTB (VTB, rated 'BBB+'). In Fitch's view, VTB would have a strong propensity to support SNB, if required, although the ability of SNB to receive this support may be constrained by Belorussian country risks, in particular transfer and convertibility risks, as reflected in the Country Ceiling. The Individual rating reflects SNB's high credit concentration risk, weak funding profile and susceptibility to liquidity risk. It also takes into account its still reasonable asset quality (despite the recently increased impairment levels) and good earnings performance. With the new shareholder, VTB, Fitch expects to see a strengthened competitive position of the bank and better diversification of its revenue stream. SNB is a Belorussian bank, with US$440 million assets at July 1, 2007, focusing on corporate and retail lending. It has six branches covering the key regions of Belarus. VTB holds a controlling 50%-plus-one share stake in the bank and plans to further increase its stake. ============= B E L G I U M ============= COMPAGNIE EUROPEENNE: Claims Registration Ends February 25, 2008 ---------------------------------------------------------------- The High Court of Justice of England has ordered the creditors of Compagnie Europeenne d'Assurances Industrilles S.A. to register their claims with Paul Corver by 11:59 p.m. London Time on Feb. 25, 2008. The High Court has also sanctioned the solvent scheme of arrangement between the company and its creditors and delivered an office copy of the order to the Registrar of Companies for registration on Sept. 27, at which date the order became effective. Contact: Paul Corver KMS Insurance Services Limited 2nd Floor America House 2 America Square London EC3N 2LU Fax: +44-0870-600-7581 E-mail: ceaihelpdesk@kmsim.com Web site: http://www.ceai.co.uk/ Headquartered in Brussels, Belgium and Surrey, England, Compagnie Europeenne d'Assurances Industrielles S.A. was an insurance company underwriting a wide array of insurance and reinsurance business, including marine, transport and aviation, industrial risks, fire and allied perils, liability, casualty, private lines and commercial insurance between 1974 and 1994. LEVI STRAUSS: Aug. 26 Balance Sheet Upside-Down by US$779 Mln ------------------------------------------------------------- Levi Strauss & Co. disclosed financial results for the third quarter ended Aug. 26, 2007, and filed its third-quarter 2007 Form 10-Q with the U.S. Securities and Exchange Commission. The company's balance sheet, as of Aug. 26, 2007, showed total assets of US$2.84 billion and total liabilities of US$3.60 billion, resulting in a US$779 million stockholders' deficit. Net revenues for the third quarter were US$1.05 billion compared to US$1.02 billion for the same period last year, a 2% increase. Net revenues would have been stable before the benefit of favorable currency exchange rates. The net revenue performance reflects stronger sales in Europe and Asia, partially offset by a decline in North America driven by lower U.S. Levi Strauss Signature(R) and Dockers(R) sales. The Levi's(R) brand grew in each region as the brand's improved product offerings performed well around the world. Net revenues also benefited from additional brand-dedicated retail stores worldwide. Net income for the third quarter increased 24% to US$61 million compared to US$49 million in the prior year. Net income benefited primarily from lower tax and interest expense. "The Levi's(R) brand is growing around the world and our European business is performing very well," John Anderson, chief executive officer, said. "Asia Pacific continued to grow with strong performance again in the emerging markets. North America's lower revenue this quarter was disappointing, but I am optimistic about the region's results for the year. Our year- to-date results put us on track to deliver modest revenue growth, solid net income improvement and reduced debt for the year." Gross profit increased 3% to US$486 million for the quarter compared to US$473 million in the prior year period. Gross margin increased slightly to 46.3% of net revenues compared to 46.0% of net revenues in the same period last year. Selling, general and administrative expenses for the quarter increased 10% to US$343 million from US$312 million in the 2006 period. Higher SG&A expenses in the 2007 period were primarily attributable to increased selling expense related to new company-operated stores, a lower benefit-plan curtailment gain compared to the 2006 period and changes in currency exchange rates. These were partially offset by lower administrative costs in the 2007 period. Operating income decreased 9% to US$143 million compared to US$158 million for the third quarter of 2006. The lower operating income reflects the lower net revenue in North America and a lower benefit-plan curtailment gain in the 2007 period, partially offset by lower corporate staff costs and expenses. Interest expense decreased 12% to US$53 million compared to US$60 million for the prior year period. The decrease is the result of its debt refinancing and debt reduction actions taken during 2006 and 2007, which resulted in lower debt levels and lower average borrowing rates. "Our margins remain healthy and our strong cash flow enables us to reduce debt while continuing to invest in the future of the business," Hans Ploos van Amstel, chief financial officer, said. "Overall, I'm pleased with our results. While we have some challenges ahead, we expect to deliver another solid fiscal year." About Levi Strauss & Co. Headquartered in San Francisco, California, Levi Strauss & Co. -- http://www.levistrauss.com/-- is a branded apparel company. The company designs and markets jeans and jeans-related pants, casual and dress pants, tops, jackets and related accessories for men, women and children under its Levi's, Dockers and Levi Strauss Signature brands in markets around the world. Levi Strauss & Co. is privately held by descendants of the family of Levi Strauss. Shares of company stock are not publicly traded. Shares of Levi Strauss Japan K.K., the company's Japanese affiliate, are publicly traded in Japan. The company employs a staff of approximately 10,000 worldwide. Levi Strauss Europe is headquartered in Brussels, Belgium, while Levi's Asia Pacific division is based in Singapore. Levi's has operations in Brazil, Mexico, Chile and Peru. * * * As reported in the Troubled Company Reporter on Aug. 30, 2007, Standard & Poor's Ratings Services raised its ratings on Levi Strauss & Co. including its long-term corporate credit rating to 'B+' from 'B'. The outlook is stable. =========================== C Z E C H R E P U B L I C =========================== OREA HOTELS: Moody's Withdraws Ba1.cz National Scale Rating ----------------------------------------------------------- Moody's Investors Service withdrew the Ba1.cz long term national scale rating of OREA Hotels at the request of the issuer. Moody's has withdrawn this rating for business reasons. Headquartered in Prague, Czech Republic, OREA Hotels operates the largest Czech hotel chain with 7,000 beds in more than 30 hotels. According to Czech GAAP the company reported unconsolidated sales of EUR27.7 million for the 12-month fiscal period ending Dec. 31, 2006. ============= F I N L A N D ============= HILTON HOTELS: Amends 8% Quarterly Interest Bonds Tender Offer -------------------------------------------------------------- Hilton Hotels Corporation has further amended its tender offer and consent solicitation for its 8% Quarterly Interest Bonds due 2031. Hilton has determined to amend the terms of its tender offer and consent solicitation for the Bonds to increase the Bonds Total Consideration offered to holders who tender their Bonds at or prior to the Amended Consent Payment Deadline. The total consideration for each US$25 principal amount of the Bonds validly tendered and not validly withdrawn pursuant to the tender offer and consent solicitation for the Bonds at or prior to the Amended Consent Payment Deadline has been increased to US$25.25. Hilton has also extended the consent payment deadline applicable to the tender offer and consent solicitation for the Bonds. The revised consent payment deadline applicable to the Bonds is 5:00 p.m., New York City time, on Oct. 16, 2007, unless extended or terminated by Hilton in its sole discretion. Holders of Bonds must validly tender and not validly withdraw their Bonds at or prior to the Amended Consent Payment Deadline in order to be eligible to receive the Bonds Total Consideration pursuant to the tender offer and consent solicitation for the Bonds. Holders of Bonds validly tendering and not validly withdrawing their Bonds after the Amended Consent Payment Deadline and at or prior to the Offer Expiration Date will be eligible to receive only the Bonds tender offer consideration, which is equal to the Bonds Total Consideration, US$25.25 per US$25 principal amount of Bonds, less the consent payment which is US$1.00 per US$25 principal amount of Bonds. The other terms of the tender offers and consent solicitations for Hilton's 7.625% Notes due 2008, 7.2% Notes due 2009, 8.250% Notes due 2011, 7.625% Notes due 2012, 7.5% Notes due 2017, 7.430% Chilean Inflation-Indexed Notes due 2009 and the Bonds, remain unchanged. The tender offer for each issue of Securities will expire at 8:00 a.m., New York City time, on Oct. 24, 2007, unless extended or earlier terminated by Hilton in its sole discretion. It is expected that the Offer Expiration Date will be extended to coincide with the date that the Merger becomes effective. Each tender offer and consent solicitation is being made independently of the other tender offers and consent solicitations and Hilton reserves the right to terminate, withdraw or amend each tender offer and consent solicitation independently of the other tender offers and consent solicitations at any time and from time to time. The tender offers and consent solicitations were conducted in connection with the merger agreement that provides for the acquisition of Hilton by BH Hotels LLC, an entity controlled by investment funds affiliated with The Blackstone Group L.P. The tender offers and consent solicitations are subject to the satisfaction of certain conditions, including the Merger having occurred, or such Merger occurring substantially concurrent with the Offer Expiration Date. However, the completion of the tender offers and consent solicitations is not a condition to completion of the Merger. Hilton has retained Bear, Stearns & Co. Inc. and UBS Investment Bank to act as the lead Dealer Managers for the tender offers and lead Solicitation Agents for the consent solicitations, and they can be contacted at (877) 696-BEAR (toll-free) ((212) 272- 5112 (collect)) and (888) 719-4210 (toll-free) ((203) 719-4210 (collect)), respectively. Banc of America Securities LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. Incorporated are also acting as Dealer Managers and Solicitation Agents in connection with the tender offers and the consent solicitations. Requests for documentation may be directed to Global Bondholder Services Corporation, the Information Agent, which can be contacted at (212) 430-3774 (for banks and brokers only) or (866) 924-2200 (for all others toll-free). About Hilton Hotels Corporation Headquartered in Beverly Hills, California, Hilton Hotels Corp. -- http://www.hilton.com/-- together with its subsidiaries, engages in the ownership, management, and development of hotels, resorts, and timeshare properties, as well as in the franchising of lodging properties in the United States and internationally, including Australia, Austria, Barbados, Finland, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam. * * * In July 2007, Moody's Investor Service placed the company's long term corporate family and bank loan debt ratings at 'Ba1'. The ratings still hold to date. ============= G E R M A N Y ============= AUTO-CENTRUM BAUER: Claims Registration Period Ends Nov. 5 ---------------------------------------------------------- Creditors of Auto-Centrum Bauer GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Dirk Halbauer. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Nov. 20, 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 Gera Hall 317 Rudolf-Diener-Str. 1 Gera Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dirk Halbauer Blankenburger Str. 3] 07318 Saalfeld Germany The District Court of Gera opened bankruptcy proceedings against Auto-Centrum Bauer GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Auto-Centrum Bauer GmbH Weidenackerstr. 1 07381 Poessneck Germany AUTOHAUS GIESSEN: Claims Registration Period Ends Nov. 5 -------------------------------------------------------- Creditors of Autohaus Giessen GmbH & Co.KG have until Nov. 5 to register their claims with court-appointed insolvency manager Dirk Pfeil. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Dec. 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 Giessen Hall 415 Fourth Floor Building B Gutfleischstrasse 1 35390 Giessen 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 Pfeil Eschersheimer Landstr. 60-62 D 60322 Frankfurt Germany Tel: 069/153096-0 Fax: 069/15309666 The District Court of Giessen opened bankruptcy proceedings against Autohaus Giessen GmbH & Co.KG on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Giessen GmbH & Co.KG Automeile 20 35394 Giessen Germany BERNARD GEWERBEKUECHEN: Claims Registration Period Ends Nov. 5 -------------------------------------------------------------- Creditors of Bernard Gewerbekuechen Planungs- und Einrichtungs- GmbH have until Nov. 5 to register their claims with court- appointed insolvency manager Gerhard Walter. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Nov. 27, 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 Tuebingen Gerichtssaal/Erdgeschoss Schulberg 14 72074 Tuebingen 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: Gerhard Walter Beim Kupferhammer 5/4 72070 Tuebingen Germany The District Court of Tuebingen opened bankruptcy proceedings against Bernard Gewerbekuechen Planungs- und Einrichtungs-GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bernard Gewerbekuechen Planungs- und Einrichtungs-GmbH Attn: Petranka Iwanova-Danova Bernard, Manager Mittnachtstrasse 9 72760 Reutlingen Germany CB MEZZCAP: Company No. 11 Files for Insolvency ----------------------------------------------- CB MezzCAP Limited Partnership (acting through its general partner CB MezzCAP Limited) has been informed by its Financial Advisor that the company mentioned as Company No. 11 in the offering circular has filed for the opening of insolvency proceedings on Oct. 5, 2007. Due to the reported financial difficulties of the company it might be the case that it defaults on its obligations to make payments of interests and/or principal under the participation right, which then might lead to reduced payments of the Issuer under the Class F Notes. The Issuer is currently trying to get further information regarding the reasons for the filing by the company. In compliance with applicable law, the Issuer will make further announcements after having better knowledge of the financial situation of the Company and the impact on the Notes is evaluated. Notes -- EUR137,800,000 Class A Floating Rate Notes due 2036 (ISINXS0249999714); -- EUR20,000,000 Class B Floating Rate Notes due 2036 (ISIN XS0249999987); -- EUR10,500,000 Class C Floating Rate Notes due 2036 (ISIN XS0250000139); -- EUR14,500,000 Class D Floating Rate Notes due 2036 (ISIN XS0250000998); -- EUR7,700,000 Class E Floating Rate Notes due 2036 (ISIN XS0250001293); and -- EUR9,000,000 Class F 17% Notes due 2036 (ISIN XS0250001707). CB MezzCAP Limited Partnership is a German SME CLO transaction. * * * As reported in the TCR-Europe on June 19, 2007, Standard & Poor's Ratings Services removed from CreditWatch with negative implications and lowered its rating on the class E notes issued by CB MezzCAP Limited Partnership to BB-. CINEX LEIPZIG: Claims Registration Ends November 6 -------------------------------------------------- Creditors of Cinex Leipzig Film- und Fernsehproduktion GmbH have until Nov. 6 to register their claims with court-appointed insolvency manager Vera Mai. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Dec. 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 of Leipzig Hall 056 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Vera Mai Rueckertstr. 16 04157 Leipzig Germany Tel: 0341/23159780 Telefax: 0341/5643631 E-mail: leipzig@kwm-insolvenzverwaltung.de The District Court of Leipzig opened bankruptcy proceedings against Cinex Leipzig Film- und Fernsehproduktion GmbH on Sept. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cinex Leipzig Film- und Fernsehproduktion GmbH Glafeystrasse 19 04229 Leipzig Germany Attn: Masud Ahmad Rajai, Manager Wilhelmstrasse 3 10963 Berlin Germany DEQUA · REPRO: Claims Registration Ends November 9 -------------------------------------------------- Creditors of DEQUA · REPRO Demnitz & Quaas GmbH have until Nov. 9 to register their claims with court-appointed insolvency manager Reinhard Titz. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Dec. 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Reinhard Titz Speersort 4/6 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against DEQUA · REPRO Demnitz & Quaas GmbH on Sept. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DEQUA · REPRO Demnitz & Quaas GmbH Attn: Ronald Fromme, Manager Deichstrasse 48 - 50 20459 Hamburg Germany ELS LASER: Claims Registration Period Ends Nov. 5 ------------------------------------------------- Creditors of ELS Laser System GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Tobias Hoefer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Dec. 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 of Darmstadt Hall 14 First Floor Building D Mathildenplatz 15 64283 Darmstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Tobias Hoefer Soldnerstr. 2 68219 Mannheim Germany Tel: 0621-87708-0 Fax: 0621-8770820 The District Court of Darmstadt opened bankruptcy proceedings against ELS Laser System GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ELS Laser System GmbH Attn: Guenter Hummelt, Manager Schaubacher Berg 25 64401 Gross-Bieberau Germany EM-BE VOLKSHAUS: Claims Registration Period Ends Nov. 20 -------------------------------------------------------- Creditors of EM-BE Volkshaus GmbH have until Nov. 20 to register their claims with court-appointed insolvency manager Marco Kuhlmann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Dec. 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 Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld 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: Marco Kuhlmann Osnabruecker Strasse 7 32312 Luebbecke Germany The District Court of Bielefeld opened bankruptcy proceedings against EM-BE Volkshaus GmbH on Sept. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EM-BE Volkshaus GmbH Attn: Fred Meier-Boeke, Manager Uffler Str. 21 32479 Hille Germany ESTATE GERMANY 2007-I: Fitch Rates EUR39.9 Mln E Notes at BB+ ------------------------------------------------------------- Fitch Ratings has assigned final ratings to Estate Germany 2007- I Limited's mortgage-backed credit-linked note issuance due 2064: -- EUR500,000 Class A+ (ISIN XS0322844696) due 2064: 'AAA'; Outlook Stable -- EUR68.5 million Class A (ISIN XS0322846048) due 2064: 'AAA'; Outlook Stable -- EUR95.7 million Class B (ISIN XS0322847368) due 2064: 'AA'; Outlook Stable -- EUR60.7 million Class C (ISIN XS0322848333) due 2064: 'A'; Outlook Stable -- EUR45.6 million Class D (ISIN XS0322848846) due 2064: 'BBB'; Outlook Stable -- EUR39.9 million Class E (ISIN XS0322851477) due 2064: 'BB+'; Outlook Stable -- EUR21.7 million Class F (ISIN XS0322857672) due 2064: not rated This transaction is a partially-funded synthetic securitization of commercial and residential mortgage loans originated by Hypo Real Estate Bank AG (rated 'A'/'F1'/Rating Watch Positive) and its predecessors, as well as Wurttembergische Hypothekenbank AG. Given the significant time span between the cut-off date and the closing date, Fitch analyzed the portfolio based on the cut-off pool (Jan. 31, 2007) and the pool as of Aug. 31, 2007. The Class A+ to F notes are backed by public sector Pfandbriefe rated 'AAA' and issued by HRE. Therefore, a downgrade of the Pfandbriefe collateral below the rating of the outstanding classes of notes may result in a corresponding downgrade of the Class A+ to E notes. At the issue date, the Pfandbriefe collateral is purchased by the issuer from HRE for the benefit of the note holders. The final ratings address payments for Classes A+ to E, according to the terms and conditions of the notes, and are based on the quality of the reference portfolio; underwriting and servicing capabilities of HRE, its predecessors and WurttHyp; the collateral; and the sound financial and legal structure. Credit enhancement for the Class A+ notes, which is provided by subordination and synthetic excess spread, will total 14.56%, consisting of the Class A notes (3%), B notes (4.2%), C notes (2.66%), D notes (2%), E notes (1.75%), F notes (0.95%) and synthetic excess spread. The credit enhancement for the Class A notes will be 11.56%. The transaction structure benefits from synthetic excess spread (provided by HRE) that will be available after the fourth payment period, amounting to 40bp per annum of the performing pool balance. Excess spread can be used: to cover realized losses within a period; thereafter to cure losses allocated to notes in previous periods, thus resulting in a write-up of the respective notes; and to pay accrued interest on notes that are written up. The latter two effects are only considered for Classes D and E, which are rating-linked to HRE's Long-term Issuer Default rating. Any downgrade of HRE's rating below the Class D or E ratings would result in a corresponding downgrade of the notes. The reference portfolio can be characterized as mixed in terms of borrower and property type. The majority of borrowers are companies (54% by loan amount) or "unknown" (4%); 42% are individuals. Approximately 90% of the properties (by number) are multi-family houses or commercial properties (including partially commercial use); the remaining 10% are classified as residential properties. Additionally, a small portion (7.4% by property value) of the properties is owner-occupied. The rest (92.6%) are investment properties. Compared to other transactions, the portfolio shows a substantial seasoning of about 11 years. In line with its criteria, Fitch has given credit (default probability) to those loans secured on properties that have not suffered from house price depreciation since the last valuation date. Given its granularity and despite the atypical characteristics of the portfolio when compared to other RMBS transactions, Fitch analyzed the mortgage portfolio using its loan-by-loan German residential mortgage default model. However, to account for these characteristics, the agency has increased its probability of default and loss severity assumptions for the respective loans. GEIGER INDUSTRIELACKIERUNGEN: Claims Registration Ends Nov. 16 -------------------------------------------------------------- Creditors of Geiger Industrielackierungen GmbH have until Nov. 16 to register their claims with court-appointed insolvency manager Michael Pluta. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 21, 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 Aalen Hall 0.08 Ground Floor Stuttgarter Strasse 7 73430 Aalen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Pluta Karlstr. 33 89073 Ulm Germany Tel: 0731/96880-0 Fax: 0731/96880-50 E-mail: ulm@pluta.net The District Court of Aalen opened bankruptcy proceedings against Geiger Industrielackierungen GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Geiger Industrielackierungen GmbH Attn: Jochen Schwemmle, Manager Franz-Traub-Str. 1 73574 Iggingen-Brainkofen Germany GEORG BECHTOLD: Claims Registration Ends November 8 --------------------------------------------------- Creditors of Georg Bechtold GmbH & Co. KG have until Nov. 8 to register their claims with court-appointed insolvency manager Tobias Hoefer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Dec. 20, 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 Darmstadt Hall 4.307 Fourth Floor Building D Mathildenplatz 15 64283 Darmstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Tobias Hoefer Soldnerstr. 2 68219 Mannheim Germany Tel: 0621-87708-0 Fax: 0621-8770820 E-mail: ulm@pluta.net The District Court of Darmstadt opened bankruptcy proceedings against Georg Bechtold GmbH & Co. KG on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Georg Bechtold GmbH & Co. KG Attn: Dieter Gross, Manager Im Tiefen See 77 64293 Darmstadt Germany H & B GEBAUDETECHNIK: Creditors Must File Claims by November 5 -------------------------------------------------------------- Creditors of H & B Gebaudetechnik GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Markus Ernestus. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 17, 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 Hall 232 Second Floor 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: Markus Ernestus O 3, 9-12 68161 Mannheim Germany The District Court of Mannheim opened bankruptcy proceedings against - H & B Gebaudetechnik GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H & B Gebaudetechnik GmbH Werner - von - Siemens - Str.4 69514 Laudenbach Germany HAUS FRANKENWEG: Creditors Must File Claims by November 5 --------------------------------------------------------- Creditors of Haus Frankenweg Altenpflegeheim GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Klaus Niemeyer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Dec. 17, 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 Osnabrueck Hall N 301 Kollegienwall 10 49074 Osnabrueck Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus Niemeyer Schillerstr. 20 49074 Osnabrueck Germany The District Court of Osnabrueck opened bankruptcy proceedings against Haus Frankenweg Altenpflegeheim GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Haus Frankenweg Altenpflegeheim GmbH Frankenweg 30 49219 Glandorf Germany HELM TRANSPORT: Creditors Must File Claims by November 5 -------------------------------------------------------- Creditors of Helm Transport GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Gerhard Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Dec. 5, 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 Stralsund Hall A 421 Fourth Floor House A Frankendamm 17 Stralsund 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: Gerhard Brinkmann Freiligrathstrasse 1 18055 Rostock Germany The District Court of Stralsund opened bankruptcy proceedings against Helm Transport GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Helm Transport GmbH Attn: Jana Helm, Manager Uhlenflucht 9 18356 Barth Germany IRSV MARKETING: Claims Registration Period Ends Nov. 15 ------------------------------------------------------- Creditors of IRSV Marketing GmbH have until Nov. 15 to register their claims with court-appointed insolvency manager Rolf G. Pohlmann. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Dec. 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 Munich Meeting Room 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: Rolf G. Pohlmann Rosental 6 80331 Muenchen Germany Tel: (089)548033-0 Fax: (089)548033-111 The District Court of Munich opened bankruptcy proceedings against IRSV Marketing GmbH on Sept. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IRSV Marketing GmbH Johann-Karg-Str. 30 85540 Haar-Salmdorf Germany ISOFIRE GMBH: Claims Registration Period Ends Nov. 13 ----------------------------------------------------- Creditors of Isofire GmbH have until Nov. 13 to register their claims with court-appointed insolvency manager Dr. Sabine Feuerborn. Creditors and other interested parties are encouraged to attend the meeting at 9:55 a.m. on Dec. 11, 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 Cologne Meeting Hall 14 Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Sabine Feuerborn Else-Lang-Str. 1 50858 Koeln Germany The District Court of Cologne opened bankruptcy proceedings against Isofire GmbH on Sept. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Isofire GmbH Koerner Str. 73 50823 Koeln Germany Attn: Kadira Kasic Subbelrather Str. 439 50825 Koeln Germany SMART EVENTS: Claims Registration Period Ends Nov. 15 ----------------------------------------------------- Creditors of SMART events GmbH have until Nov. 15 to register their claims with court-appointed insolvency manager Jana Dettmer. Creditors and other interested parties are encouraged to attend the meeting at 9:32 a.m. on Dec. 11, 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 Cologne Meeting Hall 1240 Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jana Dettmer Weyerstrasse. 54 50676 Koeln Germany The District Court of Cologne opened bankruptcy proceedings against SMART events GmbH on Sept. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SMART events GmbH Attn: Josef Khalifeh, Manager Theodor-Heuss-Ring 23 50668 Koeln Germany ============= I R E L A N D ============= ELAN CORP: S&P Affirms Credit Ratings at B; Changes Outlook ----------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Elan Corp. PLC to positive from stable and affirmed the ratings on the company and its subsidiaries, including the 'B' corporate credit rating. The outlook revision reflects the increasing sales of Dublin, Ireland-based Elan's key product, the multiple sclerosis treatment, Tysabri. Although continued losses and negative cash flow remain concerns, Standard and Poor's believes that the current sales momentum of Tysabri will enable Elan to turn profitable and cash flow positive in the near-to-intermediate term. Elan has sufficient cash on hand to fund its operations until that point, and while the company remains highly everaged, it does not face any major debt maturities until 2011. "The ratings on Elan reflect the company's high debt leverage, continued losses and negative cash flow, and heavy reliance on the sales of Tysabri," said Standard & Poor's credit analyst Arthur Wong. "These are offset somewhat by the growth potential of Tysabri in an MS market, adequate liquidity in the form of significant on-hand cash, and the lack of significant debt maturities until 2011." Elan specializes in the development and marketing of treatments for pain, central nervous system ailments, infectious diseases, and autoimmune problems. About TYSABRI TYSABRI is a treatment approved for relapsing forms of MS in the United States and relapsing-remitting MS in the European Union. According to data that have been published in the New England Journal of Medicine, after two years, TYSABRI treatment led to a 68% relative reduction (p<0.001) in the annualized relapse rate compared to placebo and reduced the relative risk of disability progression by 42-54% (p<0.001). TYSABRI increases the risk of progressive multifocal leukoencephalopathy, an opportunistic viral infection of the brain that usually leads to death or severe disability. Other serious adverse events that have occurred in TYSABRI-treated patients included hypersensitivity reactions (e.g., anaphylaxis), infections, depression and gallstones. Serious opportunistic and other atypical infections have been observed in TYSABRI-treated patients, some of whom were receiving concurrent immunosuppressants. Herpes infections were slightly more common in patients treated with TYSABRI. In MS trials, the incidence and rate of other serious and common adverse events, including the overall incidence and rate of infections, were balanced between treatment groups. Common adverse events reported in TYSABRI-treated patients include headache, fatigue, infusion reactions, urinary tract infections, joint and limb pain, lower respiratory infections, rash, gastroenteritis, abdominal discomfort, vaginitis, and diarrhea. In addition to the United States and European Union, TYSABRI is also approved in Switzerland, Canada, Australia and Israel. TYSABRI was discovered by Elan and is co-developed with Biogen Idec. About the Company Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. PREPS 2005-2: Portfolio Company No. 21 Submits Insolvency Case -------------------------------------------------------------- PREPS 2005-2 plc has been informed by its Investment Services Provider, Capital Efficiency Group AG, that a portfolio company with which it has entered into a profit participation agreement has submitted an application to initiate insolvency proceedings. Preliminary insolvency proceedings over the assets of such portfolio company were opened. The company concerned has been identified as portfolio company no. 21 in the offering circular published by the Issuer on Dec. 8, 2005 in relation to the PREPS Securities and subsequent portfolio reports. PREPS Securities -- EUR217,000,000 PREPS Class A1 Floating Rate Notes due 2014 (ISIN XS0236849005); -- EUR53,000,000 PREPS Class A2 Fixed Rate Notes due 2014 (ISIN XS0236849427); -- EUR41,500,000 PREPS Class B1 Floating Rate Notes due 2014 (ISIN XS0236849930); -- EUR12,500,000 PREPS Class B2 Fixed Rate Notes due 2014 (ISIN XS0236850862); and -- EUR36,000,000 PREPS Junior Income Notes due 2014 (ISIN XS0236851753). The Issuer is the holder of a profit participation agreement with a principal amount of EUR12 million issued by the relevant company and backing the PREPS Securities. Given the initiation of insolvency proceedings, portfolio company no. 21 is expected to continue to default on its obligations to make payments of interest and/or principal under the profit participation agreement held by the Issuer. Such default will result in reduced payments made by the Issuer under the PREPS Securities in accordance with their terms. Effect on the PREPS Securities of a failure of portfolio company no. 21 to make future interest and principal payments. Portfolio company no. 21 participated in the PREPS 2005-2 transaction in the amount of EUR12 million, which corresponds to 3.33% of the initial total volume of EUR360 million. Assuming (i) a total loss of the amount advanced to and all interest payments payable by portfolio company no. 21 and (ii) no further losses to the portfolio recorded prior to Dec. 8, 2014, these analysis results: Junior Notes Assuming the events described constitute a Principal Deficiency Event, the nominal amount of the relevant Profit Participation Agreement of EUR12 million will be booked immediately in the Principal Deficiency Ledger. This has as the consequence that no interest payments will be made on the payment dates until (including) June 8, 2012. The maximum realizable return for the Junior Notes for the entire term of the transaction will, as a result of these events, fall to 8.1%. Class A Notes and Class B Notes The interest payments to the holders of the Class A Notes and Class B Notes should not be affected by these events. If the EUR12 million nominal amount of the relevant Profit Participation Agreement is booked in the Principal Deficiency Ledger, the amount of the Principal Deficiency Ledger (including any existing Principal Deficiency Ledger balance) will increase to EUR24.8 million and this amount will be repaid to the holders of the Class A Notes over the next eight interest payment dates (Dec. 10, 2007; June 9, 2008; Dec. 8, 2008; June 8, 2009, Dec. 8, 2009; June 8, 2010; Dec. 8, 2010 and June 8, 2011). These payments correspond to a cumulative redemption of approximately 9.4% of the currently outstanding nominal amount of the Class A Notes (per payment date between 1.2% and 1.4% of the currently outstanding nominal amount of the Class A Notes). There will be no repayments to the holders of the Class B Notes. PREPS 2005-2 plc is a profit participation or subordinated loan agreement listed in the Irish stock exchange. It the fourth transaction of the innovative PREPS financing platform. The participating companies are Germany, Australia, Switzerland, Italy and Belgium. ========= I T A L Y ========= FIAT SPA: Magneti Marelli Signs Venture with Suzuki & Maruti ------------------------------------------------------------ Fiat S.p.A.'s Magneti Marelli have signed, Oct. 11, 2007, an agreement with Suzuki Motor Corporation and Maruti Suzuki India Limited for the creation of a joint venture in India, aimed at the production of electronic control units for diesel engines. Maruti Suzuki India Limited, former known as Maruti Udyog Limited, is the joint venture set up in 1982 between the Indian government and the Suzuki Motor Corporation that has originated the main industrial entity in India in the automotive field. According to the agreements, Magneti Marelli will participate for 51% in the share capital of the new company, Suzuki for 30% and Maruti for 19%. The initial investment is expected to total approximately EUR15 million. The industrial activities will be located in Manesar – in the industrial district of Gurgaon, approximately 40 km southwest of New Delhi. The start of production is scheduled for the end of 2008 and, as part of the objectives, the production capacity of this plant should reach a total of about 500,000 control units per year when working at full stretch. The electronic control units produced in Mannesar will be initially used for the Suzuki-Maruti diesel cars and, later on, will also cater to other car manufacturers. "The joint venture with Suzuki and Maruti brings cutting-edge technology to our automotive partners and allows Magneti Marelli to significantly increase its presence in a fast-growing market," Eugenio Razelli, Magneti Marelli CEO disclosed. Magneti Marelli, a company belonging to the Fiat Group, designs, produces and markets advanced systems and components for motor vehicles. With its 45 production facilities (55 production units), 9 R&D centres and 27 application centres in 16 countries, 25,000 employees and a turnover of 4.5 billion Euros in 2006, the group supplies all the leading car makers in Europe, North and South America and the Far East. About Fiat SpA Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. 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 Aug. 24, 2007, Moody's Investors Service upgraded to Ba1 from Ba2 Fiat SpA's Corporate Family Rating, and the group's other long-term senior unsecured ratings. At the same time, the positive outlook on all long-term ratings was maintained. The short term Not Prime rating remains unchanged. WIND TELECOMUNICAZIONI: Fitch Removes BB- IDR from Watch -------------------------------------------------------- Fitch Ratings has removed Wind Telecomunicazioni SpA's Long-term Issuer Default rating of 'BB-' from Rating Watch Negative. A Negative Outlook is assigned to the Long-term IDR. Fitch has also removed Wind's senior notes from RWN. All instrument ratings are affirmed at their current levels. The RWN removal, from both the IDR and the senior notes, follows the expiry of the consent obtained for the proposed refinancing of the company, which would have seen an increase in both leverage and the amount of debt ranking ahead of the senior notes. While the proposed refinancing has presently been aborted, the Negative Outlook expresses Fitch's concern that there are near-term liquidity events, notably the need to fund EUR1 billion at Weather Investments II Sarl, the entity that owns the majority of Weather Investments SpA, the parent company of Wind, to make the final payment to Enel SpA in June 2008. Furthermore, future funding will be required to fund the repayment of the EUR1.7 billion Holdco PIK notes due 2011 at Wind Acquisition Holdings Finance SpA. Fitch notes that Wind continues to perform strongly in an increasingly competitive market. However, the agency is concerned that these cash calls will result in shareholders and management revisiting Wind's capital structure to extract the necessary funds from the operating group. "While market conditions have not permitted the recent refinancing plan to come to fruition, the willingness of the shareholders to reduce financial flexibility at Wind remains a concern," says Michelle De Angelis, Senior Director in Fitch's Leveraged Finance team. "If a releveraging of the operating company does not occur and Wind's underlying operations continue to perform well, Fitch will look to stabilize the Outlook." =================== K A Z A K H S T A N =================== JAKSYLYK-1 LLP: Proof of Claim Deadline Slated for Nov. 21 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Jaksylyk-1 insolvent. Creditors have until Nov. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan KUAN-S LLP: Creditors Must File Claims Nov. 21 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Kuan-S insolvent. Creditors have until Nov. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan KURYLYS AGRO: Claims Filing Period Ends Nov. 21 ----------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Kurylys Agro insolvent. Creditors have until Nov. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan LEXUS PLUS: Creditors' Claims Due on Nov. 20 -------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Lexus Plus insolvent on Aug. 29. Creditors have until Nov. 20 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Chasnikov Str. 55 Micro District 23 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3232) 25- 47-06 MIYAT HOLDING: Claims Registration Ends Nov. 16 ----------------------------------------------- LLP Miyat Holding Company has declared insolvency. Creditors have until Nov. 16 to submit written proofs of claims to: LLP Miyat Holding Company Timiryazev Str. 113-69 Almaty Kazakhstan SALTANAT LLP: Proof of Claim Deadline Slated for Nov. 20 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl has declared LLP Saltanat insolvent on Aug. 28. Creditors have until Nov. 20 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Jambyl Suleymenov Str. 17 (11a) Taraz Jambyl Kazakhstan Tel: 8 (7262) 45-32-17 SHC BEAUTY: Creditors Must File Claims Nov. 16 ---------------------------------------------- Branch of LLP SHC Beauty Cosmetics Gmbh has declared insolvency. Creditors have until Nov. 16 to submit written proofs of claims to: Branch of LLP SHC Beauty Cosmetics Gmbh Bokeyhanov Str. 37 Almaty Kazakhstan Tel: 8 (3272) 98-01-37 8 (3272) 98-01-38 8 701 711 74-86 SOUS EXPRESS: Claims Filing Period Ends Nov. 21 ----------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Sous Express insolvent on Sept. 12. Creditors have until Nov. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan VITA JSC: Creditors' Claims Due on Nov. 21 ------------------------------------------ Branch of JSC Vita has declared insolvency. Creditors have until Nov. 21 to submit written proofs of claims to: Branch of JSC Vita Cherepanov Str. 10 Pavlodar Kazakhstan ZAVOD PO: Claims Registration Ends Nov. 16 ------------------------------------------ LLP Non-Alcoholic Beverages Plant - Zavod Po Proizvodstvu Bezalkogolnyh Napitkov has declared insolvency. Creditors have until Nov. 16 to submit written proofs of claims to: LLP Non-Alcoholic Beverages Plant Zavod Po Proizvodstvu Bezalkogolnyh Napitkov Buhar Jyrau Str. 2-1 Almaty Kazakhstan =================== K Y R G Y Z S T A N =================== CARGO EXPEDITION-TRANS: Creditors Must File Claims by Nov. 21 ------------------------------------------------------------- LLC Cargo Expedition-Trans Services has declared insolvency. Creditors have until Nov. 21 to submit written proofs of claim to: LLC Cargo Expedition-Trans Services Chokmorov Str. 137-1 Bishkek Kyrgyzstan Tel: (+996 312) 28-44-33 GASBIOTECHNO LLC: Proof of Claim Deadline Slated for November 16 ---------------------------------------------------------------- LLC Gasbiotechno has declared insolvency. Creditors have until Nov. 16 to submit written proofs of claim to: LLC Gasbiotechno Saliyev Str. 163 Bishkek Kyrgyzstan Tel: (+996 312) 29-21-52 ===================== N E T H E R L A N D S ===================== ARRAN LOANS 1: Fitch Puts Low-B Ratings to Six Note Classes ----------------------------------------------------------- Fitch has affirmed Arran Corporate Loans No. 1 B.V.'s GBP3.5 billion notes due 2025: -- GBP605.55 million Class A1 ISIN XS0257999507: affirmed at 'AAA' -- EUR1 billion Class A2 ISIN XS0257999689: affirmed at 'AAA' -- US$2.86 billion Class A3 ISIN USN06375AA26: affirmed at 'AAA' -- GBP90.5 million Class B1 ISIN XS0257999846: affirmed at 'AA+' -- EUR110 million Class B2 ISIN XS0257999929: affirmed at 'AA+' -- US$73 million Class B3 ISIN USN06375AB09: affirmed at 'AA+' -- GBP26.25 million Class C1 ISIN XS0258000107: affirmed at 'A+' -- EUR38 million Class C2 ISIN XS0258000289: affirmed at 'A+' -- GBP42.5 million Class D1 ISIN XS0258000446: affirmed at 'BBB+' -- EUR50 million Class D2 ISIN XS0258000529: affirmed at 'BBB+' -- GBP39.25 million Class E1 ISIN XS0258000875: affirmed at 'BB+' -- EUR38 million Class E2 ISIN XS0258000958: affirmed at 'BB+' -- US$28 million Class E3 ISIN XS0258001097: affirmed at 'BB+' -- GBP70.5 million Class F1 ISIN XS0258001170: affirmed at 'B+' -- EUR10 million Class F2 ISIN XS0258001253: affirmed at 'B+' -- US$5 million Class F3 ISIN XS0258001337: affirmed at 'B+' This transaction is a securitization of GBP-denominated bank loans and undrawn facilities to large corporate entities originated by The Royal Bank of Scotland Group plc (rated 'AA+'/'F1+') in the UK. Despite one credit event occurring in September 2006, the transaction continues to perform within Fitch's expectations. The weighted average rating factor has improved slightly, and the weighted average rating has remained within the same category of 'BB+'/'BB' since close. The transaction completed its replenishment period in June 2007, and the portfolio has started to amortize. As of the latest monthly report, Aug. 31, 2007, the portfolio balance stood at GBP3.14 billion. Any amortizations from the portfolio are passed-through to repay the notes in sequential order and pro-rata between the Series 1, 2 and 3 at the quarterly payments dates. The defaulted asset makes up 0.3% of the reference portfolio. The work-out process is expected to take a minimum of three years. Any resulting loss will be recorded in the principal deficiency ledger and will reduce the notional balance of the notes in reverse order of seniority. Synthetic excess spread (0.30% per annum) will be used to pay interest accrued on the PDL and the adjusted notes; thereafter, to debit the PDL and increase the adjusted notional up to its initial amount. Fitch has modeled the effect of the credit event and has found no material deterioration compared to closing. Arran Corporate Loans No. 1 B.V. is a special-purpose vehicle incorporated in the Netherlands with limited liability. All the Classes of credit-linked notes are backed by a credit default swap between the issuer and RBS (as the CDS counterparty) through which the issuer receives a premium from the swap counterparty in exchange for loss protection on a reference portfolio of bank loans and undrawn facilities granted by RBS to large corporate entities in the UK. The ratings for Class A and B address timely payment of interest and ultimate payment of principal in accordance to the terms and conditions of the notes. The ratings for Class C, D, E and F notes address ultimate payment of interest and ultimate payment of principal in accordance to the terms and conditions of the notes. =========== R U S S I A =========== BOGORODITSKIJ CJSC: Asset Sale Slated for October 31 ---------------------------------------------------- The Competitive proceedings manager of Bread-Baking Complex Bogoroditskij CJSC will open a public auction for the company's properties at noon on Oct. 31 at: Office 406 Mendeleevskaya 1 Tula Russia Tel: (4872) 36-38-44 The company has set a RUR56,290,033 starting price for the auctioned assets. Interested participants have until Oct. 29 to deposit an amount equivalent to 5% of the starting price to: Taxpayer ID 7112002859 Settlement Account 40702810566050100072 Correspondent Account 30101810300000000608 SberBank 8604 (Tula Branch) Tula Russia The Debtor can be reached at: Bread-Baking Complex Bogoroditskij CJSC Uritskogo per. 17 Bogoroditsk Tula Russia DZERZHINSK NIICHEMMASH: Court Starts External Bankruptcy Process ---------------------------------------------------------------- The Arbitration court of Nizhnij Novgorod commenced external management bankruptcy procedure for a period of 18 months on Dzerzhinsk NIIChemmash OJSC. The case is docketed under Case No. А43-191/2007, 33-1. The External Insolvency Manager is: Vilkov V.P. Office 42 Kuznechihinskaya Str. 100 603122 Nizhnij Novgorod Russia The Debtor can be reached at: Dzerzhinsk NIIChemmash OJSC Nauki Str. Dzerzhinsk 606008 N. Novgorod Russia HOLODMASH OJSC: Creditors Must File Claims by Nov. 29 ----------------------------------------------------- Creditors of Holodmash OJSC have until Nov. 29 to submit proofs of claim to: Shemigon V.I. Competitive proceedings manager POB 99 105005 Moscow Russia The Arbitration court of Yaroslav commenced competitive bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A82-17100/ 05-3-Б/71. The Debtor can be reached at: Holodmash OJSC Gromova Str. 9 150061 Yaroslavl' Russia KIREEVSKIJ OJSC: Asset Sale Slated for October 31 ------------------------------------------------- The Competitive proceedings manager of Bakery Plant Kireevskij OJSC will open a public auction for the company's properties at 10:00 a.m. on Oct. 31 at: Office 406 Mendeleevskaya 1 Tula Russia Tel: (4872) 36-38-44 The company has set a RUR135,149,490 starting price for the auctioned assets. Interested participants have until Oct. 29 to deposit an amount equivalent to 5% of the starting price to: Taxpayer ID 7128000705 Settlement Account 40702810666170102070 Correspondent Account 30101810300000000608 SberBank 8604 (Tula Branch) Tula Russia The Debtor can be reached at: Bakery Plant Kireevskij OJSC Geologov Str. 17 Kireevsk Kireevslij Raion Tula Russia KOPEYKA OJSC: S&P Puts Junks Ratings on Mounting Default Risk ------------------------------------------------------------- Standard & Poor's Ratings Services has lowered its long-term corporate credit rating on Russian discount food retailer Open Joint Stock Co. Trade House Kopeyka to 'CC' from 'B-'. At the same time, the Russia national scale rating was lowered to 'ruCC' from 'ruBBB'. Both ratings were removed from CreditWatch, where they were placed with negative implications on July 27, 2007. The outlook, which was stable prior to the CreditWatch placement, is now negative. The ratings had been placed on CreditWatch following Kopeyka's decision to refrain from publicly disclosing its IFRS financial statements for 2006 in a context of increased financial risk and deteriorated operating performance. "The downgrade reflects Kopeyka's mounting risk of default amid very high financial leverage, negative free operating cash flow generation, and material debt maturing in the short term," said Standard & Poor's credit analyst Anton Geyze. Kopeyka continues to pursue a very aggressive expansion strategy, which is delivering strong revenue growth but at the expense of significant deterioration in profitability. First- half 2007 financial results showed a further decline in profitability, which will constrain cash flow generation at a time when financial flexibility is becoming extremely stretched. S&P expects credit protection measures to deteriorate dramatically by year-end 2007 compared with 2006 levels. Financial leverage, either in the form of on-balance-sheet obligations or operating leases, is the primary source of financing for Kopeyka's expansion, as cash flow generation is only sufficient to cover interest and tax payments. This funding policy has resulted in the accumulation of a very heavy debt burden, incommensurate with a 'B' category rating. "We believe the company is in serious risk of default, given the magnitude of debt maturing in the near term and negative free operating cash flow," said Mr. Geyze. "The ratings could be lowered if Kopeyka fails to obtain sufficient back-up facilities to cover short-term maturities, including potential bond settlement under its put option." The outlook could be revised back to stable, however, if the company solves its liquidity problem and reduces its financial leverage by successfully negotiating new bank facilities and restoring its profitability. A positive rating action is currently remote, barring an equity injection from Kopeyka's current shareholder as a form of support to restore the company's financial flexibility. LIPKOVSKIJ CJSC: Asset Sale Slated for October 31 ------------------------------------------------- The Competitive proceedings manager of Bread-Baking Complex Lipkovskij CJSC will open a public auction for the company's properties at 11:00 a.m. on Oct. 31 at: Office 406 Mendeleevskaya 1 Tula Russia Tel: (4872) 36-38-44 The company has set a RUR63,715,230 starting price for the auctioned assets. Interested participants have until Oct. 29 to deposit an amount equivalent to 5% of the starting price to: Taxpayer ID 7128002565 Settlement Account 4070281026617012069 Correspondent Account 30101810300000000608 SberBank 8604 (Tula Branch) Tula Russia The Debtor can be reached at: Bread-Baking Complex Lipkovskij CJSC Zheleznodorozhnaya Str. 1a Lipki Kireevskij raion Tula Russia LUKOYANOVLESSNAB LLC: Asset Sale Slated for October 29 ------------------------------------------------------ The Competitive proceedings manager of Forest Company LukoyanovLesSnab LLC will open a public auction for the company's properties at 10:00 a.m. on Oct. 29 at: Karl Marks str. 32 N. Novgorod Russia The company has set a RUR2,320,000 starting price for the auctioned assets. Interested participants have to deposit an amount equivalent to 5% of the starting price to: Settlement Account 40702810700000001258 Correspondent Account 30101810700000000764 FAB Gasprombank CJSC N. Novgorod Russia Bidding documents have until Oct. 24 to be submitted at: Karl Marks Str. 32 N. Novgorod Russia MAGNITOGORSKIJ CJSC: Creditors Must File Claims by Oct. 29 ---------------------------------------------------------- Creditors of Trade House Meat-Processing Factory Magnitogorskij CJSC have until Oct. 29 to submit proofs of claim at: Zavodskaya Str. 29 Plast Chelyabinsk Russia The Arbitration court of Chelyabinsk declared the company as insolvent on Aug. 29. The case is docketed under Case No. A76-12106/07-32-178. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: Trade House Meat-Processing Factory Magnitogorskij CJSC Suvorova str. 136 Magnitogorsk Russia The Debtor can be reached at: Trade House Meat-Processing Factory Magnitogorskij CJSC Suvorova str. 136 Magnitogorsk Russia MARIJSKOYE OJSC: Bankruptcy Hearing Slated for Dec. 12 ------------------------------------------------------ The Arbitration court of Marij-El will convene at 10:30 a.m. on Dec. 12 to hear the bankruptcy supervision procedure on Land Management Planning-and-Surveying Company Marijskoye OJSC. The case is docketed under Case No. А-38-2116/2007-9-50. The Interim manager is: Minkin Sh.G. Lenina Prospekt 45 Ioshkar-Ola 424003 Marij-El Russia The Court is located at: The Arbitration court of Marij-El Room 501 Lenina prospekt 40 Ioshkar-Ola &nb