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, October 24, 2007, Vol. 8, No. 211 Headlines A U S T R I A B & S BAU: Claims Registration Period Ends Oct. 25 VEST TELEKOM: Claims Registration Period Ends Oct. 25 VZ-KASBACHSTUBEN: Claims Registration Period Ends Oct. 25 B E L G I U M SENSIENT TECH: Paying US$0.18 Per Share Quarterly Dividend TENNECO INC: Elects Dennis J. Letham to Board of Directors F R A N C E BOSTON SCIENTIFIC: Mulls Restructuring & Sale of Some Businesses BOSTON SCIENTIFIC: S&P Holds Ratings & Removes Negative Watch BOSTON SCIENTIFIC: Posts US$272M Net Loss in Qtr. Ended Sept. 30 XEROX CORP: Denies Speculations on Lexmark International Bid G E R M A N Y AM PULS: Claims Registration Ends November 8 ATG IMMOBILIEN: Creditors' Meeting Slated for November 28 AUFHAU- UND AUSBEIN: Creditors' Meeting Slated for October 31 BADEN-BADENER VERSICHERUNG: Fitch Rates Q-IFS at Bq BERNHARD KIRCHER: Creditors Must File Claims by November 5 BLUE-CAR GMBH: Claims Registration Period Ends Nov. 7 CC ORGANISATIONSBERATUNG: Claims Registration Ends November 7 DNS POLSTERMOEBEL: Claims Registration Ends October 30 ELEKTRO STROH: Claims Registration Ends November 7 FUERST & APEL: Claims Registration Ends December 12 GAIL GMBH: Creditors Must File Claims by November 5 GEBAUDESERVICE HEINZ: Creditors' Meeting Slated for Dec. 12 H.T.S. GMBH: Creditors Must File Claims by November 2 HEINZ RULAND: Creditors' Meeting Slated for October 26 IVL-COURIERSYSTEM EUROPE: Claims Registration Ends October 31 KFZ-TECHNIK SCHLEHUBER: Claims Registration Period Ends Nov. 2 LA SALA VERWALTUNGS: Claims Registration Period Ends November 5 MANFRED RIEMER: Creditors Must File Claims by November 1 PICTORA GMBH: Creditors' Meeting Slated for December 7 PKS BAUMARKT: Claims Registration Ends November 14 PRO KONZEPTA: Claims Registration Ends October 31 RHEIN-MAIN: Claims Registration Ends Jan. 2, 2008 TRANSPORTE SERVICE: Claims Registration Ends December 7 I T A L Y ALITALIA SPA: September Traffic Declines Year-on-Year K A Z A K H S T A N BES-ATA LLP: Proof of Claim Deadline Slated for November 23 DUNIYE LLP: Creditors Must File Claims November 23 EKIBASTUZ PROM: Claims Filing Period Ends November 23 G.A. TRADE: Creditors' Claims Due on November 23 IBRAY-K LLP: Claims Registration Ends November 20 JIHAZ-CONTRACT LTD: Proof of Claim Deadline Slated for Nov. 23 KYZYLORDINSKAYA SLUJBA: Creditors Must File Claims November 23 NEFTESTROY INVEST: Claims Filing Period Ends November 27 OMEGA LLP: Creditors' Claims Due on November 20 RANO LLP: Claims Registration Ends November 27 K Y R G Y Z S T A N TECHNOTRADE LLC: Creditors Must File Claims by November 23 N E T H E R L A N D S CONCERTO I: Fitch Keeps Junk Ratings on EUR64.5 Million Notes CONCERTO II: Fitch Rates EUR38.8 Million Notes at BB- R U S S I A ELEKTRO-TEPLOVAYA: Creditors Must File Claims by Dec. 13 KERAMZIT OJSC: Bankruptcy Hearing Slated for Jan. 26, 2008 KOLKHOZ VPERED: Creditors Must File Claims by Dec. 13 ROSNEFT OIL: Expects RUR27 Billion from Yukos Oil in December ROSNEFT OIL: May Issue US$3 Billion Bonds to Cut Debt SVIYAGA OJSC: Asset Sale Slated for November 19 YUKOS OIL: To Pay RUR27 Billion Debt to Rosneft by December S P A I N FONCAIXA FTGENCAT 3: Fitch Junks EUR6.5 Million Class E Notes IM GOYA: Moody's Rates EUR26.6 Million Class D Notes at Ba2 SANTANDER EMPRESAS 2: Fitch Holds Junk Ratings on Class F Notes S W I T Z E R L A N D F & F RADIO-TV: Zurich Court Closes Bankruptcy Proceedings IMC IDEA: Creditors' Liquidation Claims Due November 2 IMH INSTITUT: Claims Registration Period Ends October 28 K. ROTH JSC: Creditors' Liquidation Claims Due October 31 LEMFORDER JSC: Creditors' Liquidation Claims Due October 30 OPEN SOFTWARE: Creditors' Liquidation Claims Due October 31 SANOTEX LLC: Claims Registration Period Ends October 28 SIRIOS MANAGEMENT: Claims Registration Period Ends October 28 TURIPLAN JSC: Zurich Court Closes Bankruptcy Proceedings UNIQUE LIFESTYLE: Claims Registration Period Ends October 29 T U R K E Y ANADOLU EFES: Fitch Affirms IDR at BB+ on Beer Unit Support U K R A I N E NAFTOGAZ UKRAINY: Pending Law Amendment Spurs Reporting Delay U N I T E D K I N G D O M ACTUANT CORP: Two-for-One Stock Split Takes Effect on Nov. 8 BRITISH AIRWAYS: Seeks Closer Relationship with U.S. Partner CERIDIAN CORP: Plans to Offer US$1.3 Billion Notes CERIDIAN CORP: S&P Assigns 'B' Credit Rating with Neg. Outlook CHRYSLER LLC: UAW Leaders Urge Key Locals to Accept Labor Pact DCT SECURITY: David Elliott Leads Liquidation Procedure DIASYS CORP: Fiondella Milone Raises Going Concern Doubt FEDERAL-MOGUL: Sept. 30 Balance Sheet Upside-Down by US$1.4 Bln GENERAL MOTORS: New Labor Agreement Cues S&P to Hold 'B' Rating LES COOPER: Brings In Liquidators from Mazars OLDCO2005 LTD: Appoints P. J. Long as Liquidator RHINEBRIDGE PLC: Moody's Junks Senior & Mezannine Capital Notes TOWNPLACE UK: Taps J. A. Kirkpatrick to Liquidate Assets ********* ============= A U S T R I A ============= B & S BAU: Claims Registration Period Ends Oct. 25 -------------------------------------------------- Creditors owed money by LLC B & S Bau- Sanierungs (FN 212254p) have until Oct. 25 to file written proofs of claim to court- appointed estate administrator Harald Korp at: Dr. Harald Korp WKG Wagner-Korp-Gruenbart Rechtsanwalte GmbH Hauptstrasse 36 4770 Andorf Austria Tel: 07766/41 0 66 Fax: 07766/41066-20 E-mail: andorf@wkg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Nov. 14 for the examination of claims. The meeting of creditors will be held at: The Land Court of Ried im Innkreis Hall 101 First Floor Ried im Innkreis Austria Headquartered in Scharding, Austria, the Debtor declared bankruptcy on Sept. 21 (Bankr. Case No. 17 S 34/07t). VEST TELEKOM: Claims Registration Period Ends Oct. 25 ----------------------------------------------------- Creditors owed money by LLC Vest Telekom (FN 212284h) have until Oct. 25 to file written proofs of claim to court-appointed estate administrator Markus Kostner at: Dr. Markus Kostner c/o Dr. Otmar Schimana Schoepfstrasse 6a/II 6020 Innsbruck Austria Tel: 0512/561570 Fax: 0512/56157015 E-mail: markus.kostner@aon.at office@schimana.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:20 p.m. on Nov. 12 for the examination of claims. The meeting of creditors will be held at: The Land Court of Innsbruck Conference Hall 212 Second Floor New Building Maximilianstrasse 4 6020 Innsbruck Austria Headquartered in Innsbruck, Austria, the Debtor declared bankruptcy on Sept. 24 (Bankr. Case No. 19 S 95/07d). Otmar Schimana represents Dr. Kostner in the bankruptcy proceedings. VZ-KASBACHSTUBEN: Claims Registration Period Ends Oct. 25 --------------------------------------------------------- Creditors owed money by LLC VZ-Kasbachstuben Gastro (FN 261495b) have until Oct. 25 to file written proofs of claim to court- appointed estate administrator Markus Kostner at: Dr. Markus Kostner c/o Dr. Otmar Schimana Schoepfstrasse 6a/II 6020 Innsbruck Austria Tel: 0512/561570 Fax: 0512/56157015 E-mail: markus.kostner@aon.at office@schimana.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Nov. 12 for the examination of claims. The meeting of creditors will be held at: The Land Court of Innsbruck Conference Hall 212 Second Floor New Building Maximilianstrasse 4 6020 Innsbruck Austria Headquartered in Innsbruck, Austria, the Debtor declared bankruptcy on Sept. 24 (Bankr. Case No. 19 S 94/07g). Otmar Schimana represents Dr. Kostner in the bankruptcy proceedings. ============= B E L G I U M ============= SENSIENT TECH: Paying US$0.18 Per Share Quarterly Dividend ---------------------------------------------------------- Sensient Technologies Corporation's Board of Directors has declared a regular quarterly cash dividend on its common stock of US$0.18 per share. The cash dividend will be paid on Dec. 3, 2007, to shareholders of record on Nov. 8, 2007. Headquartered in Milwaukee, Wisconsin, Sensient Technologies Corp. -- http://www.sensient-tech.com/-- manufactures and markets colors, flavors and fragrances. Sensient also employs technologies to develop specialty chemicals for inkjet inks, display imaging systems and other applications. The company's principal products include flavors, flavor enhancers and bionutrients; fragrances and aroma chemicals; dehydrated vegetables and other food ingredients; natural and synthetic food colors; cosmetic and pharmaceutical additives; inkjet inks, technical colors, and specialty dyes and pigments, and chemicals for laser printing and flat screen displays. In Europe, Sensient maintains operations facilities and/or sales offices in Belgium, Bosnia, Croatia, Cyprus, Czech Republic, Germany, United Kingdom, France, Estonia, United Kingdom, Macedonia, Poland, Romania, Serbia and Montenegro, Turkey, Ukraine, and Wales. In Latin America, it has operations in Argentina, Bolivia, Brazil, Colombia, Costa Rica, Chile, Mexico, Peru, Uruguay and Venezuela. In Asia, it has operations in Japan. * * * As reported in the Troubled Company Reporter-Latin America on July 23, 2007, Standard & Poor's Ratings Services has revised its outlook on Milwaukee, Wis.-based Sensient Technologies Corp. to stable from negative. At the same time, Standard & Poor's affirmed its 'BB+' corporate credit and senior unsecured debt ratings on the company. Approximately US$508 million of debt was outstanding as of June 30, 2007. TENNECO INC: Elects Dennis J. Letham to Board of Directors ---------------------------------------------------------- Dennis J. Letham was elected to Tenneco Inc.'s board of directors, effective immediately. Mr. Letham is executive vice president, finance and chief financial officer of Anixter International Inc., a distributor of communications products, wire & cable products, fasteners and other small components for original equipment manufacturers. "We are pleased to add Dennis Letham to our board with his extensive financial background and global business experience," Gregg Sherrill, chairman and CEO, Tenneco, said. "We look forward to his contributions as we accelerate our growth globally and capitalize on opportunities to enhance shareholder value." Mr. Letham has more than 17 years experience as a chief financial officer and for the past 12 years, has overseen all of Anixter International's finance, accounting, tax and internal audit activities in the 49 countries in which the company operates. Prior to assuming his role as chief financial officer in 1995, Mr. Letham served as executive vice president and chief financial officer of Anixter Inc., the principal operating subsidiary of Anixter International Inc. He joined Anixter International in 1993. Previously, he had a ten-year career with National Intergroup Inc., where he held a number of senior financial management positions including senior vice president and chief financial officer. About Tenneco Inc. Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) -- http://www.tenneco.com/-- manufactures automotive ride and emissions control products and systems for both the original equipment market and aftermarket. Brands include Monroe(R), Rancho(R), and Fric Rot ride control products and Walker(R) and Gillet emission control products. The company has operations in Argentina, Japan, and Germany, with its European operations headquartered in Brussels, Belgium. The company has approximately 19,000 employees worldwide. * * * As reported in the Troubled Company Reporter on Sept. 26, 2007, Fitch Ratings has placed Tenneco Inc.'s Issuer Default Ratings and securities ratings on Rating Watch Negative. Fitch confirmed these ratings: (i) IDR 'BB-'; (ii) Senior secured bank facility 'BB+'; (iii) Senior secured notes 'BB'; and (iv) Subordinated 'B'. =========== F R A N C E =========== BOSTON SCIENTIFIC: Mulls Restructuring & Sale of Some Businesses ---------------------------------------------------------------- Boston Scientific Corporation has announced several new initiatives designed to enhance short- and long-term shareholder value, including the restructuring or sale of several business units, as well as substantial expense and head count reductions intended to bring expenses in line with revenues. The company also said it is making good progress toward the execution of its previously announced plans to sell non-strategic assets and monetize the majority of its public and private investment portfolio. The company said these initiatives will help provide better focus on core businesses and priorities, which will strengthen Boston Scientific for the future and lead to increased, sustainable and profitable sales growth. The company plans to reduce its operating expenses against a 2007 baseline of approximately US$4.1 billion by an estimated US$475 million to US$525 million in 2008, representing a reduction of 12 to 13 percent, with a further reduction of an estimated US$25 million to US$50 million in 2009. The company plans to eliminate approximately 2,300 positions worldwide, or approximately 13 percent of an 18,000-person, non- direct labor workforce baseline as of June 30, 2007. Eligible employees affected by the head count reductions will be offered severance packages, outplacement services and other appropriate assistance and support. The reduction activities will be initiated this month and are expected to be substantially completed worldwide by the end of 2008. Reductions outside the United States will be initiated following completion of information sharing and consultations with required bodies. In addition, another approximately 2,000 employees are expected to leave the company in connection with the previously announced business divestitures. The reductions will result in total pre-tax charges of approximately US$450 million to US$475 million, or US$0.20 to US$0.22 per diluted share. These mostly cash charges will be recorded primarily as restructuring expenses, with a portion recorded through other lines of the income statement. Approximately US$275 million to US$300 million will be recorded in the fourth quarter of 2007 with the remainder expected to be recorded throughout 2008 and 2009. The company plans to restructure several businesses and product franchises in order to leverage resources, strengthen competitive positions, and create a more simplified and efficient business model. Key components of the business restructuring plan include: -- The Peripheral Interventions and Interventional Cardiology businesses will be combined under a single management structure to help create a more integrated business focused on interventional specialists, while enhancing technology and management efficiencies. -- The Electrophysiology business will be integrated with the Cardiac Rhythm Management business to better serve the needs of electrophysiologists by creating a more efficient organization. -- The Oncology business and its four franchises will be restructured. Three will be integrated into other businesses within Boston Scientific, and the Oncology Venous Access franchise will be combined with the Fluid Management business. -- The Company is actively seeking buyers for the combined Fluid Management/Oncology Venous Access business, as well as its Cardiac Surgery and Vascular Surgery businesses. The Company has announced it has entered into a definitive agreement to sell its Auditory business. Collectively, these businesses represent approximately US$550 million in 2007 sales for Boston Scientific. -- The International group will be consolidated from three regions to two. The existing three regions are: Europe, Asia Pacific/Japan, and Inter-Continental; the two new regions will be: Europe/Middle East/Africa, and Canada/Latin America/Asia Pacific/Japan. "The expense and head count reductions we are announcing today are intended to bring our expenses back in line with our revenues, while preserving our ability to make investments in quality, R&D, capital and our people that are essential to our long-term success," said Jim Tobin, Boston Scientific President and Chief Executive Officer. "While difficult, these reductions are in the best interest of the Company and will create greater value for our customers and their patients, as well as for our employees and shareholders. These actions will enable us to institute meaningful change that will create lasting benefits." "We understand the impact these reductions will have on our employees, and we are committed to helping ease the transition," said Mr. Tobin. "We will treat everyone with respect and dignity, and we will provide support to affected employees." Headquartered in Natick, Massachusetts, Boston Scientific Corporation (NYSE: BSX) -- http://www.bostonscientific.com/-- develops, manufactures and markets medical devices used in a broad range of interventional medical specialties. The company has offices in Argentina, Chile, France, Germany, and Japan, among others. BOSTON SCIENTIFIC: S&P Holds Ratings & Removes Negative Watch ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its ratings on Natick, Massachussetts-based Boston Scientific Corp. (including the 'BB+' corporate credit rating) and removed them from CreditWatch, where they were placed with negative implications Aug. 3, 2007. The rating outlook is negative. "The rating action reflects expectations that more aggressive cost-cutting efforts and moderate debt paydown (via asset sales) will modestly improve debt protection measures, notwithstanding continuing pressures in two of the company's key markets," said Standard & Poor's credit analyst Cheryl Richer. The 'BB+' rating reflects Boston Scientific's broad portfolio of market-leading medical devices and its strong cash flows. These strengths are offset by high debt leverage, operational difficulties, and a contraction in both the cardiac rhythm management and drug-eluting stent markets. The company's acquisition of Guidant Corp. increased debt to US$9 billion from US$2 billion; debt was US$8.9 billion at June 31, 2007, and debt leverage increased to more than 4x for the 12 months ended June 31, 2007 as a result of continued EBITDA erosion. In August 2007, Boston Scientific paid down US$750 million of debt. Pro forma (but adjusted for US$125 million and US$25 million of operating leases and unfunded post retirement benefit obligations, respectively), debt to EBITDA was 3.8x at June 30, 2007. S&P expect leverage to approach 3.5x by year end 2008, unless the company experiences a further, substantial erosion in sales. BOSTON SCIENTIFIC: Posts US$272M Net Loss in Qtr. Ended Sept. 30 ---------------------------------------------------------------- Boston Scientific Corporation disclosed financial results for the third quarter ended Sept. 30, 2007, as well as guidance for net sales for the fourth quarter of 2007. Reported net loss for the third quarter of 2007 was US$272 million. Reported results for the third quarter of 2007 included after-tax acquisition- and divestiture-related charges of US$435 million, which included an expected loss of approximately US$352 million, primarily associated with the impairment of goodwill in connection with the anticipated sale of the company's auditory and drug pump businesses and US$75 million of in-process research and development related to the acquisition of Remon Medical Technologies Inc. Adjusted net income for the quarter, excluding acquisition- and divestiture-related charges and amortization expense, was US$299 million. Reported net income for the third quarter of 2006 was US$76 million. Reported results for the third quarter of 2006 included after-tax acquisition-related charges of US$77 million. Adjusted net income for the third quarter of 2006, excluding acquisition-related charges and amortization expense, was US$271 million. Net sales for the third quarter of 2007 were US$2.048 billion as compared to US$2.026 billion for the third quarter of 2006. Worldwide sales of the company's drug-eluting coronary stent systems for the third quarter of 2007 were US$448 million as compared to US$572 million for the third quarter of 2006. Worldwide sales of coronary stent systems for the third quarter of 2007 were US$507 million as compared to US$607 million for the third quarter of 2006. Worldwide sales of the company's CRM group for the third quarter of 2007 were US$517 million, as compared to worldwide CRM sales of US$446 million for the third quarter of 2006. "The quarter represented something of a turn for us, with a number of positive developments, including our attaining the number one position in worldwide drug-eluting stent sales, significant market share growth in drug-eluting stents, strong year-over-year cardiac rhythm management growth and continued solid growth in Endosurgery," said Jim Tobin, president and chief executive officer of Boston Scientific. "Going forward, the restructuring initiatives we announced earlier this week will help us better focus on our core businesses and priorities, to strengthen the company for the future and should lead to improved, long-term, profitable sales growth." Guidance for Fourth Quarter 2007 The company estimates net sales for the fourth quarter of 2007 between US$2.05 billion and US$2.15 billion. At Sept. 30, 2007, the company's consolidated balance sheet showed US$31.334 billion in total assets, US$15.817 billion in total liabilities, and US$15.517 billion in total shareholders' equity. About Boston Scientific Headquartered in Natick, Massachusetts, Boston Scientific Corporation (NYSE: BSX) -- http://www.bostonscientific.com/-- develops, manufactures and markets medical devices used in a broad range of interventional medical specialties. The company has offices in Argentina, Chile, France, Germany, and Japan, among others. * * * Standard & Poor's Ratings Services affirmed its ratings on Natick, Massachussetts-based Boston Scientific Corp. (including the 'BB+' corporate credit rating) and removed them from CreditWatch, where they were placed with negative implications Aug. 3, 2007. S&P said the rating outlook is negative. XEROX CORP: Denies Speculations on Lexmark International Bid ------------------------------------------------------------ Xerox Corp., along with Dell Inc., is said to be eyeing Lexmark International Inc. However, Xerox CEO Anne Mulcahy denies the speculation, stating that Lexmark will not enhance shareholder value. Rather, Xerox aims to acquire software, distribution and services. Analysts say that Lexmark is likely to consider a leverage buyout after the company disclosed missed second quarter revenues and income goals, and deferred third quarter results. In addition, shares dropped 32% over the past year. Eastman Kodak Company, which is believed to be a Lexmark suitor, doens't have plans to acquire a company. Headquartered in Stamford, Connecticut, Xerox Corp. -- http://www.xerox.com/-- develops, manufactures, markets, services and finances a range of document equipment, software, solutions and services. Xerox operates in over 160 countries worldwide and distributes products in the Western Hemisphere through divisions, wholly owned subsidiaries and third-party distributors. The company maintains operations in France, Japan, Italy, Nicaragua, among others. * * * Standard & Poor's Ratings Services revised its rating outlook on Xerox Corp. to positive from stable on May 2007. Ratings on the company, including the 'BB+' long-term and 'B-1' short-term corporate credit ratings, were affirmed. The ratings still hold to date. ============= G E R M A N Y ============= AM PULS: Claims Registration Ends November 8 -------------------------------------------- Creditors of AM PULS DIENSTLEISTUNGEN Dortmund GmbH have until Nov. 8 to register their claims with court-appointed insolvency manager Sabine Aldermann. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund 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 Aldermann Landgrafenstr. 2 a 44139 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against AM PULS DIENSTLEISTUNGEN Dortmund GmbH on Oct. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AM PULS DIENSTLEISTUNGEN Dortmund GmbH Europaplatz 4 � 5 44269 Dortmund Germany Attn: Annegret Frenzel, Manager Karl-Pruemer-Str. 12 44141 Dortmund Germany ATG IMMOBILIEN: Creditors' Meeting Slated for November 28 --------------------------------------------------------- The court-appointed insolvency manager for ATG Immobilien Ivest GmbH, Ruediger Wienberg will present his first report on the Company's insolvency proceedings at a creditors' meeting at 12:05 p.m. on Nov. 28. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 11:50 a.m. on Feb. 27, 2008 at the same venue. Creditors have until Jan. 3, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Ruediger Wienberg Giesebrechtstr. 1 10629 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against ATG Immobilien Ivest GmbH on Oct. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ATG Immobilien Ivest GmbH Kurfuerstendamm 37 10719 Berlin Germany AUFHAU- UND AUSBEIN: Creditors' Meeting Slated for October 31 ------------------------------------------------------------- The court-appointed insolvency manager for Aufhau- und Ausbein- Arbeiten GmbH, Hartwig Albers, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 12:10 p.m. on Oct. 31. 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 11:30 a.m. on Feb. 6, 2008, at the same venue. Creditors have until Dec. 14 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Hartwig Albers Luetzowstr. 100 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Aufhau- und Ausbein-Arbeiten GmbH on Sept. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Aufhau- und Ausbein-Arbeiten GmbH Waidmannsluster Damm 22 13509 Berlin Germany BADEN-BADENER VERSICHERUNG: Fitch Rates Q-IFS at Bq --------------------------------------------------- Fitch Ratings has rated Baden-Badener Versicherung Aktiengesellschaft at 'Bq' Quantitative Insurer Financial Strength. The net improvement in the level of Q-IFS ratings also reflects the improved earnings and higher level of capitalization of some market participants. It should be recalled that the Q-IFS ratings are point-in-time ratings using year-end 2006 and prior years' annual financial results and are based on publicly available financial information, unless otherwise indicated. Consequently, Q-IFS ratings are not qualified by the addition of rating Outlook opinions. Q-IFS ratings differ from traditional IFS ratings based on the methodology employed. Traditional IFS ratings are established by a Fitch rating committee using a methodology that incorporates a comprehensive review of both quantitative and qualitative factors. In-depth discussions with senior management typically play an important part in Fitch's evaluation. In contrast, Q-IFS ratings are generated solely using a statistical model that utilizes financial statement information. This information is the historical publicly available information generally available to brokers, Independent Financial Advisers and other counterparties to insurers. The model incorporates a "rating logic" that mirrors the quantitative analysis used to assign traditional IFS ratings, and the model itself is subject to rating committee review. However, individual ratings are not established or reviewed by the rating committee BERNHARD KIRCHER: Creditors Must File Claims by November 5 ---------------------------------------------------------- Creditors of Bernhard Kircher GmbH Industriebedarf have until Nov. 5 to register their claims with court-appointed insolvency manager Michael Wellstein. Creditors and other interested parties are encouraged to attend the meeting at 9:25 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 Ludwigshafen am Rhein Meeting Hall 13 Wittelsbachstr. 10 67061 Ludwigshafen am Rhein 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 Wellstein L 11, 20-22 68161 Mannheim Germany The District Court of Ludwigshafen am Rhein opened bankruptcy proceedings against Bernhard Kircher GmbH Industriebedarf on Oct. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bernhard Kircher GmbH Industriebedarf Obersuelzer Strasse 24 67269 Gruenstadt Germany BLUE-CAR GMBH: Claims Registration Period Ends Nov. 7 ----------------------------------------------------- Creditors of blue-car GmbH have until Nov. 7 to register their claims with court-appointed insolvency manager Raimund Schafmeister. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Nov. 29, 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 Detmold Meeting Room 12 Ground Floor Gerichtsstr. 6 32756 Detmold 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: Raimund Schafmeister Moltkestr. 12 32756 Detmold Germany The District Court of Detmold opened bankruptcy proceedings against blue-car GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: blue-car GmbH Attn: Guido Meyer, Manager Klingenbergstr. 23-27 32758 Detmold Germany CC ORGANISATIONSBERATUNG: Claims Registration Ends November 7 ------------------------------------------------------------- Creditors of CC Organisationsberatung GmbH & Co. KG have until Nov. 7 to register their claims with court-appointed insolvency manager Thomas Farian. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Nov. 28, 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 Ludwigsburg Hall 2008 Palace Schuetz Schorndorfer Str. 28 Ludwigsburg 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 Farian Stuttgarter Strasse 78 71638 Ludwigsburg Germany Tel: 07141/95470 The District Court of Ludwigsburg opened bankruptcy proceedings against CC Organisationsberatung GmbH & Co. KG on Oct. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CC Organisationsberatung GmbH & Co. KG Attn: Arthur Woehner, Manager Koenigsallee 37 71638 Ludwigsburg Germany DNS POLSTERMOEBEL: Claims Registration Ends October 30 ------------------------------------------------------ Creditors of DNS Polstermoebel GmbH have until Oct. 30 to register their claims with court-appointed insolvency manager Heiko Rautmann. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on Nov. 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 Magdeburg Hall 13 Breiter Weg 203-206 39104 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: Heiko Rautmann Editharing 31 39108 Magdeburg Germany Tel: 0391/5066030 Fax: 0391/5066033 E-mail: Heiko.Rautmann@gmx.de The District Court of Magdeburg opened bankruptcy proceedings against DNS Polstermoebel GmbH on Oct. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DNS Polstermoebel GmbH Gewerbestr. 1 39326 Rogatz Germany Attn: Norman Schulz, Manager Steintorstr. 67 39326 Rogatz Germany ELEKTRO STROH: Claims Registration Ends November 7 -------------------------------------------------- Creditors of Elektro Stroh GmbH have until Nov. 7 to register their claims with court-appointed insolvency manager Thomas Christmann. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Dec. 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 Saarbruecken Area Hall 24 Second Floor Branch Office Sulzbach Vopeliusstrasse 2 66280 Sulzbach 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 Christmann Graf-Johann-Strasse 8 66121 Saarbruecken Germany Tel: 0681/301 404 69 Fax: 0681/635 321 The District Court of Saarbruecken opened bankruptcy proceedings against Elektro Stroh GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Elektro Stroh GmbH Attn: Raimund Stroh, Manager Hirschbrunnenstr. 5 66663 Merzig-Hilbringen Germany FUERST & APEL: Claims Registration Ends December 12 --------------------------------------------------- Creditors of FUERST & APEL Handelsgesellschaft mbH have until Dec. 12 to register their claims with court-appointed insolvency manager Peter Scholl. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on Jan. 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Meiningen Meeting Hall A 0105 Lindenallee 15 Meiningen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter Scholl Andreasstrasse 39 99084 Erfurt Germany Tel: 0681/301 404 69 Fax: 0681/635 321 The District Court of Meiningen opened bankruptcy proceedings against FUERST & APEL Handelsgesellschaft mbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FUERST & APEL Handelsgesellschaft mbH Attn: Dr. Klaus Fuerst and Rainer Apel, Managers Walkmuehlenweg 17 98617 Meiningen Germany GAIL GMBH: Creditors Must File Claims by November 5 --------------------------------------------------- Creditors of Gail GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Ralf Bornemann. Creditors and other interested parties are encouraged to attend the meeting at 10:20 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 Mayen Hall 17 St. Veit-Strasse 38 56727 Mayen 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: Ralf Bornemann Godesberger Allee 125-127 53175 Bonn Germany Tel: 0228 / 81 000-858 Fax: 0228 / 81 000-820 E-mail: rae-bonn@dhpg.de The District Court of Mayen opened bankruptcy proceedings against Gail GmbH on Oct. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gail GmbH Jahnstr. 13 56751 Polch Germany Attn: Felix Schopp, Manager Kanalweg 28 56299 Ochtendung Germany GEBAUDESERVICE HEINZ: Creditors' Meeting Slated for Dec. 12 ----------------------------------------------------------- The court-appointed insolvency manager for Gebaudeservice Heinz Kuehl GmbH, Dr. Joachim Heitsch will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:25 a.m. on Dec. 12. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on March 6, 2008 at the same venue. Creditors have until Jan. 6, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Joachim Heitsch Berliner Str. 117 10713 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Gebaudeservice Heinz Kuehl GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gebaudeservice Heinz Kuehl GmbH Meinekestrasse 12 10719 Berlin Germany H.T.S. GMBH: Creditors Must File Claims by November 2 ----------------------------------------------------- Creditors of H.T.S. GmbH have until Nov. 2 to register their claims with court-appointed insolvency manager Andreas Schulte- Beckhausen. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 3, 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 Hall S 2.22 Second Stock William-Strasse 21 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: Andreas Schulte-Beckhausen Oxfordstr. 2 53111 Bonn Germany The District Court of Bonn opened bankruptcy proceedings against H.T.S. GmbH on Oct. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H.T.S. GmbH Am Hambuch 9 53340 Meckenheim Germany HEINZ RULAND: Creditors' Meeting Slated for October 26 ------------------------------------------------------ The court-appointed insolvency manager for Heinz Ruland GmbH & Co. Kommanditgesellschaft, Dr. Joerg Bornheimer will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:40 a.m. on Oct. 26. The meeting of creditors and other interested parties will be held at: The District Court of Bonn Hall W 1.25 First Floor Wilhelmstr. 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report at 9:20 a.m. on Dec. 14 at the same venue. Creditors have until Oct. 30 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Joerg Bornheimer Sporergasse 7 50667 Cologne Germany Tel: 0221-2726120 Fax: 0221-27261299 The District Court of Bonn opened bankruptcy proceedings against Heinz Ruland GmbH & Co. Kommanditgesellschaft on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heinz Ruland GmbH & Co. Kommanditgesellschaft Attn: Heinz Ruland, Manager Kommerner Strasse 4 53879 Euskirchen Germany IVL-COURIERSYSTEM EUROPE: Claims Registration Ends October 31 ------------------------------------------------------------- Creditors of IVL-Couriersystem Europe GmbH & Co.KG have until Oct. 31 to register their claims with court-appointed insolvency manager Robert Multrus. Creditors and other interested parties are encouraged to attend the meeting at 8:15 a.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 Rosenheim Hall 210 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: Robert Multrus Rathausstr. 10 83022 Rosenheim Germany Tel: 08031/8074790 Fax: 08031/80747966 The District Court of Rosenheim opened bankruptcy proceedings against IVL-Couriersystem Europe GmbH & Co.KG on Oct. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IVL-Couriersystem Europe GmbH & Co.KG Bahnhofstr. 9 83088 Kiefersfelden Germany KFZ-TECHNIK SCHLEHUBER: Claims Registration Period Ends Nov. 2 -------------------------------------------------------------- Creditors of Kfz-Technik Schlehuber GmbH have until Nov. 2 to register their claims with court-appointed insolvency manager Jan-Michael Lippe. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Nov. 30, 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 Saarbruecken Area Hall 13 First Floor Branch Office Sulzbach Vopeliusstrasse 2 66280 Sulzbach 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-Michael Lippe Bahnhofstrasse 101 66111 Saarbruecken Germany Tel: 0681/31026 Fax: 0681/390008 The District Court of Saarbruecken opened bankruptcy proceedings against Kfz-Technik Schlehuber GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kfz-Technik Schlehuber GmbH Saarwiesenweg 4 66333 Voelklingen Germany Attn: Uwe Schlehuber, Manager Hammerstr. 80 66333 Voelklingen Germany LA SALA VERWALTUNGS: Claims Registration Period Ends November 5 --------------------------------------------------------------- Creditors of La Sala Verwaltungs-GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Oliver Schulte. Creditors and other interested parties are encouraged to attend the meeting at 11:45 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 Detmold Meeting Room 12 Ground Floor Gerichtsstr. 6 32756 Detmold Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Oliver Schulte Moltkestr. 12 32756 Detmold Germany The District Court of Detmold opened bankruptcy proceedings against La Sala Verwaltungs-GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: La Sala Verwaltungs-GmbH Bahnhofstr. 32816 Schieder-Schwalenberg Germany Attn: Gert-Peter Maekelburger, Manager Laerchenweg 4 32760 Detmold Germany MANFRED RIEMER: Creditors Must File Claims by November 1 -------------------------------------------------------- Creditors of Manfred Riemer Installationstechnik GmbH have until Nov. 1 to register their claims with court-appointed insolvency manager Walter Broehan. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on Nov. 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 Ludwigsburg Hall 2008 Palace Schuetz Schorndorfer Str. 28 Ludwigsburg 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: Walter Broehan Muehlenstrasse 56 23552 Luebeck Germany The District Court of Luebeck opened bankruptcy proceedings against Manfred Riemer Installationstechnik GmbH on Oct. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Manfred Riemer Installationstechnik GmbH Reiferstr. 22 A D- 23554 Luebeck Germany PICTORA GMBH: Creditors' Meeting Slated for December 7 ------------------------------------------------------ The court-appointed insolvency manager for Pictora GmbH- Malereiwerkstatte, Dr. Joachim Heitsch will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:50 a.m. on Dec. 7. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:35 a.m. on March 7, 2008 at the same venue. Creditors have until Jan. 11, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Joachim Heitsch Berliner Str. 117 10713 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Pictora GmbH-Malereiwerkstatte on Oct. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pictora GmbH-Malereiwerkstatte Charlottenburger Str. 128 13086 Berlin Germany PKS BAUMARKT: Claims Registration Ends November 14 -------------------------------------------------- Creditors of PKS Baumarkt GmbH have until Nov. 14 to register their claims with court-appointed insolvency manager Stephan Thiemann. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 Chemnitz Hall 24 Fuerstenstrasse 21-23 Chemnitz 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. Stephan Thiemann Leipziger Str. 62 09113 Chemnitz Germany Tel: (0371) 262010 Telefax: (0371) 2620111 E-mail: chemnitz@pluta.net The District Court of Chemnitz opened bankruptcy proceedings against PKS Baumarkt GmbH on Sept. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PKS Baumarkt GmbH Attn: Cornelia Gerlach, Manager Neustadter Str. 19 08289 Schneeberg Germany PRO KONZEPTA: Claims Registration Ends October 31 ------------------------------------------------- Creditors of Pro Konzepta Werbegesellschaft mbH have until Oct. 31 to register their claims with court-appointed insolvency manager Sylvia Hofmann. 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 Darmstadt Hall 4.309 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: Sylvia Hofmann Birkenweg 24 64295 Darmstadt Germany Tel: 06151-66729-0 Telefax: 06151-66729-20 E-mail: darmstadt@ltb-anwaelte.de The District Court of Darmstadt opened bankruptcy proceedings against Pro Konzepta Werbegesellschaft mbH on Oct. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pro Konzepta Werbegesellschaft mbH Am Leuschnerpark 4 64347 Griesheim Germany Attn: Willi Hauser, Manager Kurt-Schumacher-Str. 37 55593 Ruedesheim Germany RHEIN-MAIN: Claims Registration Ends Jan. 2, 2008 ------------------------------------------------- Creditors of Rhein-Main Bau GmbH have until Jan. 2, 2008 to register their claims with court-appointed insolvency manager Harald Silz. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 22, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wiesbaden Hall E 36 A Third Floor Building E Moritzstrasse 5 65185 Wiesbaden 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: Harald Silz Adolfsallee 24 65185 Wiesbaden Germany Tel: 0611-150 40 Fax: 0611-301 774 The District Court of Wiesbaden opened bankruptcy proceedings against Rhein-Main Bau GmbH on Oct. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rhein-Main Bau GmbH Carl-von-Linde-Str. 2 65197 Wiesbaden Germany TRANSPORTE SERVICE: Claims Registration Ends December 7 ------------------------------------------------------- Creditors of Transporte, Service und Paketdienst GmbH have until Dec. 7 to register their claims with court-appointed insolvency manager Eberhard Stoc. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 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 Krefeld Meeting Room H 131 First Floor Nordwall 131 47798 Krefeld 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: Eberhard Stoc Wilhelmshofallee 75 47800 Krefeld Germany Tel: (02151) 5813-0 Fax: +4921515813134 The District Court of Krefeld opened bankruptcy proceedings against Transporte, Service und Paketdienst GmbH on Sept. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Transporte, Service und Paketdienst GmbH Attn: Eleonore Beier, Manager Holtschneiderweg 27a 41379 Brueggen Germany ========= I T A L Y ========= ALITALIA SPA: September Traffic Declines Year-on-Year ----------------------------------------------------- Alitalia S.p.A.'s September 2007 traffic data compared to the same period in 2006 showed a slight decrease in both passenger and cargo businesses. Passenger business showed a decrease in terms of traffic (-0.7%) with an increase of capacity offered by 0.4% compared with the same period of 2006. September 2007 Cargo statistics, compared to September 2006, showed a decrease in terms of goods flown (-0.7%) with capacity offered down 7.5%. Passengers Operations Traffic, measured in Revenue Passenger Kilometers, decreased 0.7% and the capacity, measured in Available Seat Kilometers, increased 0.4%. Therefore load factor decreased 0.8 percentage points reaching 77.5%. Alitalia carried 2.25 million passengers, up 2% compared to the previous year. -- Domestic Passenger Network: traffic increased by 4.4% with offered capacity up 3.2%. Load factor was 68.3%; -- International Passenger Network: traffic increased by 0.1% and offered capacity decreased by 0.2%. Load factor was 75.3%; and -- Intercontinental Passenger Network: traffic decreased by 2.7% and capacity was down 0.2%. Load factor was 82.6%. Cargo Operations September 2007 Cargo performance showed, compared to September 2006, a traffic decrease by 0.7% (traffic, measured in terms of Revenue Ton Kilometers) while capacity was down 7.5%. Overall Load factor was 64.3% with an increase by 4.4 percentage points. Regarding the All-Cargo sector, Load factor was 79% with an increase by 16.3 percentage points compared with the same period of 2006. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/ -- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. =================== K A Z A K H S T A N =================== BES-ATA LLP: Proof of Claim Deadline Slated for November 23 ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Bes-Ata insolvent on Aug. 22. Creditors have until Nov. 23 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Jeleznodorojnaya Str. 23 Sastobe Tulkubassky District South Kazakhstan Kazakhstan DUNIYE LLP: Creditors Must File Claims November 23 -------------------------------------------------- LLP Trade House Duniye has declared insolvency. Creditors have until Nov. 23 to submit written proofs of claims to: LLP Trade House Duniye Office 253 Vavilov Str. 13 Almaty District 010010, Astana Kazakhstan EKIBASTUZ PROM: Claims Filing Period Ends November 23 ----------------------------------------------------- LLP Ekibastuz Prom Tech has declared insolvency. Creditors have until Nov. 23 to submit written proofs of claims to: LLP Ekibastuz Prom Tech Lenin Str. 27-63 Ekibastuz Pavlodar Kazakhstan G.A. TRADE: Creditors' Claims Due on November 23 ------------------------------------------------ LLP G.A. Trade has declared insolvency. Creditors have until Nov. 23 to submit written proofs of claims to: LLP G.A. Trade Micro District Molodejny-4, 20-32 Taldykorgan Almaty Kazakhstan IBRAY-K LLP: Claims Registration Ends November 20 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Ibray-K insolvent. Creditors have until Nov. 20 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (3162) 25-79-32 JIHAZ-CONTRACT LTD: Proof of Claim Deadline Slated for Nov. 23 -------------------------------------------------------------- LLP Jihaz-Contract Ltd has declared insolvency. Creditors have until Nov. 23 to submit written proofs of claims to: LLP Jihaz-Contract Ltd Satpayev Str. 145/1 Pavlodar Kazakhstan KYZYLORDINSKAYA SLUJBA: Creditors Must File Claims November 23 -------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared State Utility Enterprise Kyzylordinskaya Slujba Po Sboru Communalnyh Platejey insolvent on Sept. 3. Creditors have until Nov. 23 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Jahayev Str. 71 Kyzylorda Kazakhstan NEFTESTROY INVEST: Claims Filing Period Ends November 27 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Neftestroy Invest insolvent. Creditors have until Nov. 27 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 OMEGA LLP: Creditors' Claims Due on November 20 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Omega insolvent. Creditors have until Nov. 20 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (3162) 25-79-32 RANO LLP: Claims Registration Ends November 27 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Rano insolvent. Creditors have until Nov. 27 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 =================== K Y R G Y Z S T A N =================== TECHNOTRADE LLC: Creditors Must File Claims by November 23 ---------------------------------------------------------- LLC Technotrade has declared insolvency. Creditors have until Nov. 23 to submit written proofs of claim to: Inquiries can be addressed to (0-502) 15-41-90. ===================== N E T H E R L A N D S ===================== CONCERTO I: Fitch Keeps Junk Ratings on EUR64.5 Million Notes ------------------------------------------------------------- Fitch Ratings has upgraded Concerto I B.V.'s Class B and C notes with all other classes of note ratings remaining, all due September 2012: -- EUR3.6 million Class B-1 (ISIN XS0115802547): upgraded to 'A' from 'B', 'DR2' recovery rating withdrawn -- EUR8.4 million Class B-2 (ISIN XS0115835398): upgraded to 'A' from 'B', 'DR1' recovery rating withdrawn -- EUR30 million Class C (ISIN XS0115802976): upgraded to 'CCC' / 'DR2' from 'CC' / 'DR5' -- EUR4 million Class D-1 (ISIN XS0115803354): remain at 'C' / 'DR6' -- EUR15.5 million Class D-2 (ISIN XS0115836107): remain at 'C' / 'DR6' -- EUR15 million Combination Note 2 (ISIN XS0116778191): remain at 'C' / 'DR6' In August 2000, Concerto I B.V., a limited liability company incorporated under Dutch Law, issued EUR455.5 million of various classes of fixed- and floating-rate notes and invested the net proceeds in a portfolio of speculative-grade debt securities and loans. The upgrade of the Class B notes reflects the increase in the credit enhancement available to the senior notes as a result of the transaction's ongoing de-leveraging. Following the end of the reinvestment period (Sept. 22, 2006), the Class A notes have paid down substantially on each payment date. As of 24 September 2007, the nominal of both Classes A1 and A2 had been completely repaid. Since the last review in April 2006, the over- collateralization levels have improved as a result of the de- leveraging and the interest coverage levels have also improved, but the OC and IC levels of both the Class C and D Notes continue to fall below the covenanted levels. Under Fitch's distressed note analysis scenarios, the Class C note is no longer distressed to the same extent as at the previous review but the other notes are relatively unchanged, and that is reflected in the ratings actions for those notes. CONCERTO II: Fitch Rates EUR38.8 Million Notes at BB- ----------------------------------------------------- Fitch Ratings has upgraded Concerto II B.V.'s Class B notes and affirmed its other classes of notes, all due September 2013: -- EUR10.1 million Class A-1 (ISIN XS0132896381): affirmed at 'AAA' -- EUR4.2 million Class A-2 (ISIN XS0132896464): affirmed at 'AAA' -- EUR47.5 million Class B (ISIN XS0132896977): upgraded to 'AAA' from 'A' -- EUR32.8 million Class C-1 (ISIN XS0132898080): affirmed at 'BBB-' -- EUR13.5 million Class C-2 (ISIN XS0132898163): affirmed at 'BBB-' -- EUR18.8 million Class D (ISIN XS0132898247): affirmed at 'BB-' -- EUR20 million combination notes (ISIN XS0132899302): affirmed at 'BB-' In August 2001, Concerto II B.V., a limited liability company incorporated under Dutch Law, issued EUR500 million of various Classes of fixed- and floating-rate notes and invested the net proceeds in a portfolio of speculative-grade debt securities and loans. The upgrade of the Class B notes reflects the increase in the credit enhancement available to the senior notes as a result of the transaction's ongoing deleveraging. Following the end of the reinvestment period (Sept. 11, 2006), the Class A notes have paid down substantially on each payment date. As of Sept. 11, 2007, the outstanding nominal of both Classes A1 and A2 represented approximately 4.4% of the original outstanding nominal of each note. The over-collateralization levels have improved as a result of the de-leveraging and recently the interest coverage levels have also improved. Although the weighted average spread test remains in breach of the covenanted level, the portfolio quality has remained stable and there have been no further defaults. During cash-flow simulations, Fitch noted that as the transaction becomes more seasoned, the Class D notes exhibits significant sensitivity to interest rate changes. This is due to a mismatch in interest types: the Class D is a fixed rate note paying 11.27%, whilst the assets generate interest from a mixture of fixed and floating rate notes. Fitch will continue to monitor this sensitivity on an on going basis. =========== R U S S I A =========== ELEKTRO-TEPLOVAYA: Creditors Must File Claims by Dec. 13 -------------------------------------------------------- Creditors of Elektro-Teplovaya Energy Company Municipal Unitary Enterprise have until Dec. 13 to submit proofs of claim at: Office 61 Potapovskij Per. 9/11 101000 Moscow Russia The Arbitration court of Ryazansk commenced competitive proceedings against the company after finding it insolvent. The Court appointed Tymko A.I. as Competitive proceedings manager. The case is docketed under Case No. ?54-919/2007 ?20. The Debtor can be reached at: Elektro-Teplovaya Energy Company Municipal Unitary Enterprise K. Marks Str. 11 Mihailov 391710 Ryazan Russia KERAMZIT OJSC: Bankruptcy Hearing Slated for Jan. 26, 2008 ---------------------------------------------------------- The Arbitration Court of Voronezh will convene at 10:00 a.m. on Jan. 26, 2008, to hear the bankruptcy supervision procedure on Keramzit OJSC. The case is docketed under Case No. ?14-8897/ 2007 46/16?. The Interim manager is: Tsygankov D.A. Office 71 Revolution Prospekt 1? 394036 Voronezh Russia Tel: 84-253-23-2-56 The Arbitration Court of Voronezh Office 609 Srednemoskovskaya Str. 77 Voronezh Russia The Debtor can be reached at: Keramzit OJSC Sovhoznaya Str. 19 Buturlinovka Voronezh Russia KOLKHOZ VPERED: Creditors Must File Claims by Dec. 13 ----------------------------------------------------- Creditors of Kolkhoz (state-owned farm) Vpered have until Dec. 13 to submit proofs of claim at: Apartment 904 Kulibina Str. 17 394029 Voronezh Russia The Arbitration court of Tver commenced competitive proceedings against the company after finding it insolvent. The Court appointed Polonyankin A.I. as Competitive proceedings manager. The case is docketed under Case No. ?66-11048/2006. The Court is located at: The Arbitration Court of Tver Room 7 Sovetskaya Str. 23b Tver Russia The Debtor can be reached at: Kolkhoz (state-owned farm) Vpered Petrovskoye village Sonkovskij raion Tver Russia ROSNEFT OIL: Expects RUR27 Billion from Yukos Oil in December ------------------------------------------------------------- OAO Rosneft Oil Co. expects to receive RUR37 billion as payment from OAO Yukos Oil by December, Interfax News reports citing vice president Peter O'Brien. According to Rosneft's financial report for the first half of 2007, the company received US$9.8 billion from Yukos' bankruptcy. Of the amount, the company spent US$483 million to repay loans and US$1.396 billion to repay receivables, and retained US$7.92 billion as revenues. As reported in the TCR-Europe on Oct. 18, 2007, Rosneft posted US$7.66 billion in net income on US$10.76 billion in net revenues for the second quarter of 2007, compared with US$1.08 billion in net income on US$8.6 billion in net revenues for the same period in 2006. Rosneft posted US$8.01 billion in net income on US$19 billion in net revenues for the first half of 2007, compared with US$1.88 billion in net income on US$15.93 billion in net revenues for the same period in 2006. About Yukos Oil Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Russian Government sold its main production unit Yugansk to a little-known firm Baikalfinansgroup for $9.35 billion, as payment for $27.5 billion in tax arrears for 2000-2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, 2006, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a $1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, 2006, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06-0775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, 2006, Yukos signed a $1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and declared what was once Russia's biggest oil firm bankrupt. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * As of July 17, 2007, OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is positive. ROSNEFT OIL: May Issue US$3 Billion Bonds to Cut Debt ----------------------------------------------------- OAO Rosneft Oil Co. mulls issuing up to US$3 billion in convertible bonds to repay part of its debt, Thomson Financial cites a sourced Vedomosti report. Rosneft, a banking industry source told Vedomosti, may issue between US$2 billion-US$3 billion. Another source told Vedomosti that the issue would exceed US$2 billion. As of June 30, 2007, Rosneft had debts totaling US$27.3 billion, and that US$17.1 billion of this amount must be paid off by mid- 2008. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * As of July 17, 2007, OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is positive. SVIYAGA OJSC: Asset Sale Slated for November 19 ----------------------------------------------- Tyurin I.V., the Competitive proceedings manager of Sviyaga OJSC will open a public auction for the company's properties at noon on Nov. 19 at: Federatsii Str. 148 Ulyanovsk Russia The starting prices for the auctioned assets are: -- Lot1: RUR15,200; -- Lot2: RUR2,068,400; and -- Lot3: RUR2,367,600. Interested participants have until noon on Nov. 16 to submit their bidding documents and transfer their deposits. YUKOS OIL: To Pay RUR27 Billion Debt to Rosneft by December ----------------------------------------------------------- OAO Rosneft Oil Co. expects to receive RUR37 billion as payment from OAO Yukos Oil by December, Interfax News reports citing vice president Peter O'Brien. According to Rosneft's financial report for the first half of 2007, the company received US$9.8 billion from Yukos' bankruptcy. Of the amount, the company spent US$483 million to repay loans and US$1.396 billion to repay receivables, and retained US$7.92 billion as revenues. As reported in the TCR-Europe on Oct. 18, 2007, Rosneft posted US$7.66 billion in net income on US$10.76 billion in net revenues for the second quarter of 2007, compared with US$1.08 billion in net income on US$8.6 billion in net revenues for the same period in 2006. Rosneft posted US$8.01 billion in net income on US$19 billion in net revenues for the first half of 2007, compared with US$1.88 billion in net income on US$15.93 billion in net revenues for the same period in 2006. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. About Yukos Oil Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Russian Government sold its main production unit Yugansk to a little-known firm Baikalfinansgroup for $9.35 billion, as payment for $27.5 billion in tax arrears for 2000-2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, 2006, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a $1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, 2006, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06-0775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, 2006, Yukos signed a $1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and declared what was once Russia's biggest oil firm bankrupt. ========= S P A I N ========= FONCAIXA FTGENCAT 3: Fitch Junks EUR6.5 Million Class E Notes ------------------------------------------------------------- Fitch Ratings has affirmed Foncaixa FTGENCAT 3, FONDO DE TITULIZACION DE ACTIVOS's notes following a satisfactory performance review: -- EUR405.7 million Class A(G) notes (ISIN: ES0337937017): affirmed at 'AAA' -- EUR10.7 million Class B notes (ISIN: ES0337937025): affirmed at 'AA' -- EUR7.8 million Class C notes (ISIN: ES0337937033): affirmed at 'BBB+' -- EUR6.5 million Class D notes (ISIN: ES0337937041): affirmed at 'BB+' -- EUR6.5 million Class E notes (ISIN: ES0337937058): affirmed at 'CCC-' The rating actions follow the transaction's stable performance, low delinquency levels and increased levels of credit enhancement. As of the September 2007 report, the total amount of outstanding delinquencies remains low at 1.34% of the outstanding portfolio, of which 0.11% are payments in arrears of more than 90 days and only 0.04% in arrears over 180 days. There have been no defaults to date. The credit enhancement of the classes has increased due to the amortization of the senior notes in line with the underlying collateral. The class A(S) notes have been paid in full and 90.30% of A(G) note balance remains outstanding. The transaction represents a cash flow securitization of a static portfolio of loans to small- and medium-sized Spanish enterprises granted by Caja de Ahorros y Pensiones de Barcelona (rated 'AA-/F1+'). The class A(G) notes benefit from a guarantee of interest and principal by Generalitat de Catalunya (Autonomous Community of Catalonia, rated 'A+/F1'). The portfolio is currently composed of 7,739 loans, 85.80% of which are secured by commercial or residential mortgage. All loans are concentrated in Catalonia. This is a requirement under the Generalitat de Catalunya guarantee. Loans linked to the real estate and construction sectors represents 40.62% of outstanding portfolio. The current credit enhancement for the senior notes is provided by the class B, C, D and E notes. In addition, a guaranteed excess spread serves as a first layer of loss protection. Foncaixa FTGENCAT 3 is a special-purpose vehicle incorporated under the laws of Spain with limited liability. Its sole purpose is to acquire the portfolio of loans as collateral for the issuance of fixed-income securities. The assets of Foncaixa FTGENCAT 3 were acquired on its behalf by GestiCaixa S.G.F.T., S.A., a special-purpose management company with limited liability and incorporated under the laws of Spain. IM GOYA: Moody's Rates EUR26.6 Million Class D Notes at Ba2 ----------------------------------------------------------- Moody's Investors Service assigned definitive credit ratings to these classes of Notes issued by IM Goya Hipotecario I Fondo de Titulizacion de Activos: -- Aaa to the EUR399 million Class A1 due 2040; -- Aaa to the EUR1,421.2 million Class A2 due 2040; -- Aa3 to the EUR28.5 million Class B due 2040; -- A3 to the EUR24.7 million Class C due 2040; and -- Ba2 to the EUR26.6 million Class D due 2040. The transaction represents the securitization of Spanish residential mortgage loans originated by Barclays Bank S.A (a subsidiary of Barclays Bank plc (Aa1/P-1)). The assets supporting the Notes are prime mortgage loans secured on residential and non-residential properties located in Spain. The portfolio will be serviced by Barclays Bank S.A. The ratings of the Notes are based upon the analysis of the characteristics of the mortgage pool backing the Notes, the protection the Notes receive from credit enhancement against defaults and arrears in the mortgage pool, the legal and structural integrity of the issue and the credit quality of the parties involved in the transaction. The securitized pool comprises some loans secured by non- residential properties (15%), second homes (15%), non owner occupied properties (14%) and loans granted to self-employed borrowers (18%). Moody's took all these elements into account when assessing the credit enhancement. The definitive ratings address the expected loss posed to investors by the legal final maturity. The structure allows for timely payment of interest and ultimate payment of principal at par on or before the legal final maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed but may have a significant effect on the yield to investors. SANTANDER EMPRESAS 2: Fitch Holds Junk Ratings on Class F Notes --------------------------------------------------------------- Fitch has affirmed Fondo de Titulizacion de Activos Santander Empresas 2's notes following a satisfactory performance review: -- Class A(1) notes due June 2050 (ISIN ES0338058003): affirmed at 'AAA' -- Class A(2) notes due June 2050 (ISIN ES0338058011): affirmed at 'AAA' -- Class B notes due June 2050 (ISIN ES0338058029): affirmed at 'AA' -- Class C notes due June 2050 (ISIN ES0338058037): affirmed at 'A' -- Class D notes due June 2050 (ISIN ES0338058045): affirmed at 'BBB+' -- Class E notes due June 2050 (ISIN ES0338058052): affirmed at 'BB+' -- Class F (Reserve) notes due June 2050: affirmed at 'CCC' The transaction continues to exhibit stable performance. While the portfolio's high concentration in the Spanish real estate sector is an area of potential concern, the portfolio has performed in line with expectations. In addition, the transaction has benefited from increased levels of credit enhancement resulting from amortization of the senior notes in line with the portfolio. The most senior Class A(1) note has amortized to 51% of the original balance. As of the August trustee report, there are no defaults (defined as delinquencies more than 365 days overdue) due to the recent date of inception. There are currently no delinquencies of more than 180 days, while delinquencies of more than 90 days constitute 0.06%. The delinquency levels were calculated using Derivative Fitch methodology for SME CDO transactions. This transaction represents a cash flow securitization of a static EUR2.9 billion portfolio of loans granted by Banco Santander Central Hispano (Banco Santander, rated 'AA'/'F1+') to small- and medium-sized Spanish enterprises, self-employed borrowers and larger companies. This transaction is different from other Spanish SME CDOs, as it will not benefit from a guarantee from the Kingdom of Spain ('AAA'/'F1+'). Fondo de Titulizacion de Activos Santander Empresas 2 is a special purpose vehicle incorporated under the laws of Spain with limited liability. Its sole purpose is to acquire a portfolio of loans from Banco Santander as collateral for the issuance of fixed-income securities. The issuer will be legally represented and managed by Santander de Titulizacion S.G.F.T., S.A., a special purpose management company with limited liability incorporated under the laws of Spain. ===================== S W I T Z E R L A N D ===================== F & F RADIO-TV: Zurich Court Closes Bankruptcy Proceedings ---------------------------------------------------------- The Bankruptcy Service of Niederglatt in Zurich entered Sept. 19 an order closing the bankruptcy proceedings of LLC F & F Radio- TV. The Bankruptcy Service of Niederglatt can be reached at: Bankruptcy Service of Niederglatt 8172 Niederglatt Dielsdorf ZH Switzerland The Debtor can be reached at: LLC F & F Radio-TV Glattalstrasse 196 8153 Rumlang Switzerland IMC IDEA: Creditors' Liquidation Claims Due November 2 ------------------------------------------------------ Creditors of JSC IMC Idea Marketing Concepts have until Nov. 2 to submit their claims to: Axel Wend Liquidator Carrefour de Rive 1 1207 Geneve Switzerland The Debtor can be reached at: JSC IMC Idea Marketing Concepts Zug Switzerland IMH INSTITUT: Claims Registration Period Ends October 28 -------------------------------------------------------- The Bankruptcy Court of in Aargau commenced bankruptcy proceedings against LLC IMH Institut fur moderne Heilkunde on Aug. 30. Creditors have until Oct. 28 to file their written proofs of claim. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Office Baden 5402 Baden AG Switzerland The Debtor can be reached at: LLC IMH Institut fur moderne Heilkunde Rutistrasse 6 5400 Baden AG Switzerland K. ROTH JSC: Creditors' Liquidation Claims Due October 31 --------------------------------------------------------- Creditors of JSC K. Roth have until Oct. 31 to submit their claims to: Kurt Roth Liquidator Neumattweg 5 3671 Brenzikofen Konolfingen BE Switzerland The Debtor can be reached at: JSC K. Roth Wiedlisbach BE Switzerland LEMFORDER JSC: Creditors' Liquida