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 Tuesday, November 27, 2007, Vol. 8, No. 235 Headlines A U S T R I A A.A.Z. AUTOAUFBEREITUNGSZENTRUM: Claims Registration Ends Dec. 4 B.N. HANDEL: Claims Registration Period Ends Dec. 27 LEOPOLD ZEHETNER: Administrator Declares Insufficient Assets TANKSTELLEN-U.KFZ: Vienna Court Orders Business Shutdown G E R M A N Y AUTOPARTNER HAGEDORN: Claims Registration Ends December 21 BAUPROJEKT FRIEDENSSTRASSE: Claims Registration Ends Dec. 14 BUSCHDORF BAUTRAEGER: Claims Registration Period Ends Dec. 14 DIKO-BAU GMBH: Claims Registration Period Ends Dec. 14 EPPLER PRODUKTIONS: Claims Registration Period Ends Dec. 20 FUCHS HEIZUNG: Creditors' Meeting Slated for December 19 GEMITEAM GMBH: Claims Registration Ends December 17 GERHARDS HANDELSGESELLSCHAFT: Claims Registration Ends Dec. 18 HALTENBERGER KAROSSERIE: Claims Registration Ends December 21 HE ELEKTROTECHNIK: Claims Registration Ends December 20 HEIDT KUECHEN: Claims Registration Ends December 21 HUEKO - Haus: Claims Registration Ends December 24 INGENIUM TECHNOLOGIES: Claims Registration Ends December 17 JOHANNSENS KURHOTEL: Claims Registration Ends December 14 MODERNER HOCHBAU: Claims Registration Ends December 21 MTR GMBH: Claims Registration Ends December 21 NAIL VERKAUFS: Claims Registration Ends December 20 NEUMANN & BILLIG: Claims Registration Period Ends Dec. 15 PB WOHNBAU: Claims Registration Period Ends Dec. 12 R & S PLANBAU: Claims Registration Period Ends Dec. 17 R.E.M. GESELLSCHAFT: Claims Registration Period Ends Dec. 18 RENNER GMBH: Claims Registration Period Ends Dec. 13 ROUGE EVENT: Claims Registration Period Ends Dec. 12 SALCO SOUND: Claims Registration Period Ends Dec. 10 S+W VERWALTUNGS: Claims Registration Period Ends Dec. 18 WALO GMBH: Claims Registration Period Ends Dec. 20 WCM AG: Sirius Eyes Compensation Claim Against Creditor Banks G R E E C E OLYMPIC AIRLINES: Ryanair Hits EC Inaction on Greek State Aid I R E L A N D MAGNOLIA FINANCE V: WARF Breach Cues Fitch to Junk US$28MM Notes I T A L Y ALITALIA SPA: Stretches Bidding Deadline to Dec. 5 ALITALIA SPA: Deustche Lufthansa Weighs Possible Bid FIAT SPA: Plans to Invest BRL6.4 Billion in Brazil & Argentina FIAT SPA: Repurchases 1.35 Million Ordinary Shares K A Z A K H S T A N AGROFIRM BV: Proof of Claim Deadline Slated for Dec. 21 ATYRAU TRANS: Creditors Must File Claims Dec. 25 AZAMAT TRADE: Claims Filing Period Ends Dec. 21 EURASIA INSURANCE: S&P Affirms & Withdraws B Ratings FAST PLAST: Creditors' Claims Due on Dec. 25 HODORY LLP: Claims Registration Ends Dec. 21 JETYSAISKY PIVZAVOD: Proof of Claim Deadline Slated for Dec. 25 KAZKOMMERTSBANK: Upcoming Support Cues Fitch to Affirm BB+ IDR LAZER ZONE: Creditors Must File Claims Dec. 21 MD-INVEST LLP: Claims Filing Period Ends Dec. 21 TEMIRALY LLP: Creditors' Claims Due on Dec. 21 UNIVERSAL-SODEKSO EUROASIA: Claims Registration Ends Dec. 21 K Y R G Y Z S T A N GROOM ENTERPRISES: Creditors Must File Claims by December 26 MERT FOOD: Proof of Claim Deadline Slated for December 26 L U X E M B O U R G EVRAZ GROUP: Refinancing Loan with US$3.2 Billion Facility P O L A N D SCO GROUP: Sept. 30 Balance Sheet Upside-Down by US$417,357 R U S S I A AGROSNABSERVICE: Creditors Must File Claims by Jan. 10, 2008 EL'NYALEN OJSC: Creditors Must File Claims by Dec. 10 EVRAZ GROUP: Refinancing Loan with US$3.2 Billion Facility KRAMZ OJSC: Asset Sale Slated for Dec. 11 KRASNOYARSKOYE LLC: Creditors Must File Claims by Dec. 10 MTS EVLASHEVSKAYA: Asset Sale Slated for Dec. 12 MY BANK: Moody's Assigns B3/NP Ratings on RUR1 Billion Bond NOVOSIBIRSK METALWORKING: Creditors Must File Claims by Dec. 10 SERDOBSKIYE CLOCKS: Creditors Must File Claims by Jan. 10, 2008 SMOLENSKAYA FEDERAL: Creditors Must File Claims by Dec. 10 ULYANOVSKIJ OJSC: Bankruptcy Hearing Slated for Feb. 21, 2008 YUKOS OIL: State Register Entry Formally Ends Firm's Existence S P A I N GAT FTGENCAT: Moody's Junks EUR18.8 Million Series E Notes S W I T Z E R L A N D AKTIV LERN: Creditors' Liquidation Claims Due by November 30 AWR KUNSTSTOFFTECHNIK: Creditors Must File Claims by November 29 DHW - DIE HANDWERKER: Claims Registration Period Ends Nov. 27 GRUN INDUSTRIEOFENBAU: Creditors Must File Claims by November 28 IMC BETEILIGUNGSMANAGEMENT: Creditors' Claims due by Nov. 29 INSTITUT FUR AKTIVES: Creditors' Claims Due by November 30 MINIGOLF BUELISACKER: Creditors Must File Claims by November 29 SOSIRTAS DELINQUERE: Creditors Must Claims by November 29 VERMAG JSC: Creditors' Liquidation Claims Due by November 30 WOLI BAU: Creditors' Liquidation Claims due by November 29 * Swiss Corporate Bankruptcies Up 5.2% to 366 in October 2007 T U R K E Y DOGUS HOLDING: Fitch Affirms IDR at BB- with Positive Outlook U K R A I N E AMETIST LLC: Creditors Must File Claims by November 29 BERDICHEV COMBINE: Proofs of Claim Filing Ends November 29 BLACK SEAS: Proofs of Claim Filing Ends November 28 GAZOVIK OJSC: Proofs of Claim Filing Ends November 29 KRYM ENERGY: Proofs of Claim Filing Ends November 28 KOROSTEN-SHEVCHENKOVO QUARRY: Creditors' Claims Due Nov. 28 MECHANIZED MOVABLE 195: Proofs of Claim Filing Ends Nov. 29 TCHYSTE DZHERELO: Proofs of Claim Filing Ends November 29 VINNER FORD: Creditors Must File Claims by November 28 VOYNILOV AGRICULTURAL: Proofs of Claim Filing Ends November 29 U N I T E D K I N G D O M ALS ADVANCED: Names Administrators from Tenon Recovery APPCON LTD: Claims Filing Period Ends December 28 AUDUS NOBLE: Calls In Liquidators from Grant Thornton BAA LTD: Union to Vote on Strike Action Over Pension Cuts BAA LTD: S&P Cuts Ratings to BB- on Delayed Refinancing CHAMBERPOINT LTD: Brings In PwC as Joint Administrators CREATIVE OUTSOURCING: Appoints KPMG as Joint Administrators FEDERAL-MOGUL: To Issue US$305,236,000 in Senior Notes FEDERAL-MOGUL: Thornwood to Own 25% of Voting Securities FEDERAL-MOGUL: Posts US$7.6 Mln Net Loss in Month Ended Oct. 31 FORD MOTOR: Retirees Face Higher Health-Fund Risk than Rival GOODWOOD GOLD: Moody's Puts Low-B Ratings on Three Note Classes GREAT NORTH: New Owner to Take Over Nationalized Firm Next Month HEISSNER UK: Taps Joint Administrators from PwC KASSWELD LTD: Brings In Administrators from BDO Stoy INTEGRITY FSP: Claims Filing Period Ends December 28 JULY PACKAGING: Duncan R. Beat Leads Liquidation Procedure MALTHOUSE PUBS: Brings In Liquidators from Mazars METRONET RAIL: Partnership Contract Cues S&P's Junk Debt Ratings NORTHERN ROCK: In Accelerated Talks with Virgin Consortium NORTHERN ROCK: Welcomes Laurie Adams as Non-Executive Director NORVEX CLEANING: Appoints J. M. Titley as Liquidator PRESTIGE REFURBISHMENTS: Taps Begbies Traynor As Administrators QUEBECOR WORLD: Moody's Puts B3 Corp. Family Rating Under Review SEA CONTAINERS: New Owner to Take Over Nationalized Unit by Dec. * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= A.A.Z. AUTOAUFBEREITUNGSZENTRUM: Claims Registration Ends Dec. 4 ---------------------------------------------------------------- Creditors owed money by LLC A.A.Z. Autoaufbereitungszentrum (FN 270274m) have until Dec. 4 to file written proofs of claim to court-appointed estate administrator Erhard Hackl at: Dr. Erhard Hackl Hofgasse 7 4020 Linz Austria Tel: 0732/776234 Fax: 0732/77623422 E-mail: hackl.hatak@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on Dec. 18 for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Hall 522 Fifth Floor Linz Austria Headquartered in Leonding, Austria, the Debtor declared bankruptcy on Oct. 23 (Bankr. Case No. 38 S 56/07z). B.N. HANDEL: Claims Registration Period Ends Dec. 27 ---------------------------------------------------- Creditors owed money by LLC B.N. Handel (FN 279725k) have until Dec. 27 to file written proofs of claim to court-appointed estate administrator Klemens Dallinger at: Dr. Klemens Dallinger c/o Dr. Guenther Hoedl Schulerstrasse 18 1010 Vienna Austria Tel: 513 28 33 E-mail: dallinger@anwaltsteam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Jan. 9, 2008, for the examination of claims. The meeting of creditors will be held at: Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 23 (Bankr. Case No. 2 S 144/07z). Guenther Hoedl represents Dr. Dallinger in the bankruptcy proceedings. LEOPOLD ZEHETNER: Administrator Declares Insufficient Assets ------------------------------------------------------------ Dr. Annemarie Kosesnik-Wehrle, the court-appointed estate administrator for LLC Leopold Zehetner (FN 98594t), declared Oct. 22 that the Debtor's property is insufficient to cover creditors' claim. The Trade Court of Vienna is yet to rule on the estate administrator's claim. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 18 (Bankr. Case No. 5 S 125/07b). Stefan Langer represents Dr. Kosesnik-Wehrle in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Annemarie Kosesnik-Wehrle c/o Dr. Stefan Langer Oelzeltgasse 4/6 1030 Vienna Tel: 713 61 92 Fax: 713 61 92 22 E-mail: kanzlei@kosesnik-langer.at TANKSTELLEN-U.KFZ: Vienna Court Orders Business Shutdown -------------------------------------------------------- The Trade Court of Vienna entered Oct. 19 an order shutting down the business of LLC Tankstellen-u.KFZ-Servicebetrieb J.Schneider (FN 96157h). Court-appointed estate administrator Ilse Korenjak 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. Ilse Korenjak Gusshausstrasse 6 1040 Vienna Austria Tel: 512 21 02 Fax: 512 21 02-20 E-mail: office@buresch-korenjak.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 16 (Bankr. Case No 38 S 56/07y). ============= G E R M A N Y ============= AUTOPARTNER HAGEDORN: Claims Registration Ends December 21 ---------------------------------------------------------- Creditors of Autopartner Hagedorn GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Joachim Exner. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Jan. 31, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Ingolstadt Meeting Hall 28 I Schrannenstr. 3 85049 Ingolstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Joachim Exner Stahlstrasse 17 90411 Nuernberg Germany Tel: 0911/95 12 850 Fax: 0911/95 12 8510 The District Court of Ingolstadt opened bankruptcy proceedings against Autopartner Hagedorn GmbH on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autopartner Hagedorn GmbH Noerdliche Gruenauer Strasse 53 86633 Neuburg Germany Attn: Guenter Sager, Manager Am Schaeferacker 13 86666 Burgheim Germany BAUPROJEKT FRIEDENSSTRASSE: Claims Registration Ends Dec. 14 ------------------------------------------------------------ Creditors of Bauprojekt Friedensstrasse Verwaltungs-GmbH have until Dec. 14 to register their claims with court-appointed insolvency manager Ottmar Hermann. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hanau Area E03 Engelhardstrasse 21 63450 Hanau Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ottmar Hermann Bleichstrasse 2-4 60313 Frankfurt/Main Germany Tel: 069/913092-0 Fax: 069/913092 30 The District Court of Hanau opened bankruptcy proceedings against Bauprojekt Friedensstrasse Verwaltungs-GmbH on Nov. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bauprojekt Friedensstrasse Verwaltungs-GmbH Roemerstr. 31 63486 Bruchkoebel Germany BUSCHDORF BAUTRAEGER: Claims Registration Period Ends Dec. 14 ------------------------------------------------------------- Creditors of Buschdorf Bautraeger Verwaltungs GmbH have until Dec. 14 to register their claims with court-appointed insolvency manager Michael Hawelka. Creditors and other interested parties are encouraged to attend the meeting at 2:45 p.m. on Jan. 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 Leipzig Hall 145 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: Michael Hawelka Nonnenstrasse 37 04229 Leipzig Germany Tel: 0341/4866414 Fax: 0341/4866428 E-mail: HHH.Leipzig@t-online.de The District Court of Leipzig opened bankruptcy proceedings against Buschdorf Bautraeger Verwaltungs GmbH on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Buschdorf Bautraeger Verwaltungs GmbH Attn: Rainer Krause, Manager Torgauer Strasse 29 04779 Wermsdorf Germany DIKO-BAU GMBH: Claims Registration Period Ends Dec. 14 ------------------------------------------------------ Creditors of Diko-Bau GmbH have until Dec. 14 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 Jan. 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Rostock Hall 330 Zochstrasse 18057 Rostock 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 Rostock opened bankruptcy proceedings against Diko-Bau GmbH on Nov. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Diko-Bau GmbH Attn: Wilfried Konrad Ernst-Thalmannstrasse 23 18069 Rostock Germany EPPLER PRODUKTIONS: Claims Registration Period Ends Dec. 20 ----------------------------------------------------------- Creditors of Eppler Produktions-und Vertriebs GmbH have until Dec. 20 to register their claims with court-appointed insolvency manager Rechtsanwalt Maier. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Esslingen Hall 1 First Floor Ritterstr. 5 Eingang Strohstrasse Esslingen 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: Rechtsanwalt Maier Gasnheidestr. 1 70184 Stuttgart Germany Tel: 0711164330 Fax: 1643350 The District Court of Esslingen opened bankruptcy proceedings against Eppler Produktions-und Vertriebs GmbH on Oct. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Eppler Produktions-und Vertriebs GmbH Attn: Heinz Deutschle, Manager Goldammerweg 7 70794 Filderstadt Germany FUCHS HEIZUNG: Creditors' Meeting Slated for December 19 -------------------------------------------------------- The court-appointed insolvency manager for Fuchs - Heizung u. Haustechnik GmbH, Michael Ploessner will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:00 p.m. on Dec. 19. The meeting of creditors and other interested parties will be held at: The District Court of Bonn Meeting Hall S 2.22 Second Floor Wilhelmstr. 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report at 9:10 a.m. on Jan. 25, 2008, at the same venue. Creditors have until Dec. 18 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Michael Ploessner Hausdorffstrasse 11 53129 Bonn Germany Tel: 0228/9115111 Fax: 0228/9115199 The District Court of Bonn opened bankruptcy proceedings against Fuchs - Heizung u. Haustechnik GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fuchs - Heizung u. Haustechnik GmbH Attn: Bruno Fuchs and Hans-Georg Fuchs, Managers Siebengebirgsallee 91 53840 Troisdorf Germany GEMITEAM GMBH: Claims Registration Ends December 17 --------------------------------------------------- Creditors of GemiTeam GmbH-Software Systeme have until Dec. 17 to register their claims with court-appointed insolvency manager Ulrich Bastian. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Jan. 15, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Weilheim i.OB Meeting Hall E 007 Waisenhausstr. 5 Weilheim i.OB Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Bastian Sendlinger Str. 46 80331 Munich Germany Tel: 089/2603966 Fax: 2609204 The District Court of Weilheim i.OB opened bankruptcy proceedings against GemiTeam GmbH-Software Systeme on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GemiTeam GmbH-Software Systeme Eichenweg 7 82234 Wessling Germany GERHARDS HANDELSGESELLSCHAFT: Claims Registration Ends Dec. 18 -------------------------------------------------------------- Creditors of Gerhards Handelsgesellschaft mbH have until Dec. 18 to register their claims with court-appointed insolvency manager Dr. Ruth Rigol. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 25, 2008, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Meeting Hall S 2.22 Second Floor Wilhelmstr. 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Ruth Rigol Magnusstrasse 13 50672 Cologne Germany Tel: 0221/650660 Fax: 0221/650661 The District Court of Bonn opened bankruptcy proceedings against Gerhards Handelsgesellschaft mbH on Nov. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gerhards Handelsgesellschaft mbH Attn: Jens Gerhards, Manager Hammer Str. 26 51570 Windeck Germany HALTENBERGER KAROSSERIE: Claims Registration Ends December 21 ------------------------------------------------------------- Creditors of Haltenberger Karosserie und Fahrzeugtechnik GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Heiko Fialski. Creditors and other interested parties are encouraged to attend the meeting at 12:20 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 Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Heiko Fialski Raboisen 38 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Haltenberger Karosserie und Fahrzeugtechnik GmbH on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Haltenberger Karosserie und Fahrzeugtechnik GmbH Attn: Horst Guetlich and Tanja Riebe, Liquidators Steilshooper Strasse 98 - 100 22305 Hamburg Germany HE ELEKTROTECHNIK: Claims Registration Ends December 20 ------------------------------------------------------- Creditors of HE elektrotechnik GmbH have until Dec. 20 to register their claims with court-appointed insolvency manager Stefano Buck. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Jan. 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Villingen-Schwenningen Hall 2/2.OG Niedere Str. 94 78050 Villingen-Schwenningen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefano Buck Eisenbahnstr. 40 78628 Rottweil Germany Tel: 0741/ 17464-30 The District Court of Villingen-Schwenningen opened bankruptcy proceedings against HE elektrotechnik GmbH on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HE elektrotechnik GmbH Attn: Peggy Fischer, Manager Steinbeisstr. 41 78056 Villingen-Schwenningen Germany HEIDT KUECHEN: Claims Registration Ends December 21 --------------------------------------------------- Creditors of Heidt Kuechen-Markt GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Thomas Bueckmann. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Jan. 14, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Hall C205 Second Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Bueckmann Kohlenkamp 39 45468 Muelheim an der Ruhr Germany The District Court of Duisburg opened bankruptcy proceedings against Heidt Kuechen-Markt GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heidt Kuechen-Markt GmbH Attn: Daniela von der Heidt, Manager Bismarckstr. 52 45470 Muelheim an der Ruhr Germany HUEKO - Haus: Claims Registration Ends December 24 -------------------------------------------------- Creditors of HUEKO - Haus GmbH have until Dec. 24 to register their claims with court-appointed insolvency manager Sebastian Laboga. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Jan. 14, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cottbus Hall 210 First Floor Gerichtsplatz 2 03046 Cottbus 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: Sebastian Laboga Einemstrasse 24 10785 Berlin Germany The District Court of Cottbus opened bankruptcy proceedings against HUEKO - Haus GmbH on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HUEKO - Haus GmbH Kirchhainer Strasse 07 03249 Sonnewalde Germany INGENIUM TECHNOLOGIES: Claims Registration Ends December 17 ----------------------------------------------------------- Creditors of Ingenium Technologies GmbH have until Dec. 17 to register their claims with court-appointed insolvency manager Dr. Andreas Roepke. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Duisburg Meeting Hall C315 Third Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Andreas Roepke Muelheimer Strasse 100 47057 Duisburg Germany The District Court of Duisburg opened bankruptcy proceedings against Ingenium Technologies GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ingenium Technologies GmbH Cecilienstr. 7 47051 Duisburg Germany Attn: Bop Sandrino Arndt, Manager Cecilienstr. 7 47051 Duisburg Germany JOHANNSENS KURHOTEL: Claims Registration Ends December 14 --------------------------------------------------------- Creditors of Johannsens Kurhotel GmbH & Co. KG have until Dec. 14 to register their claims with court-appointed insolvency manager Martin Schoebe. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 29, 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 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: Martin Schoebe Ainmillerstr. 11 80801 Munich Germany Tel: 089/189377-0 Fax: 089/189377-50 The District Court of Rosenheim opened bankruptcy proceedings against Johannsens Kurhotel GmbH & Co. KG on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Johannsens Kurhotel GmbH & Co. KG Ludwigsplatz 5 83022 Rosenheim Germany MODERNER HOCHBAU: Claims Registration Ends December 21 ------------------------------------------------------ Creditors of MHB Moderner Hochbau GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Dr. Mark Zeuner. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Jan. 21, 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 Schwerin Hall 7 Demmlerplatz 14 19053 Schwerin 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. Mark Zeuner Beethovenstr. 13 19053 Schwerin Germany The District Court of Schwerin opened bankruptcy proceedings against MHB Moderner Hochbau GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MHB Moderner Hochbau GmbH Attn: Siegmar Koepcke, Manager Gewerbegebiet 1 19372 Spornitz Germany MTR GMBH: Claims Registration Ends December 21 ---------------------------------------------- Creditors of MTR GmbH & Co. KG have until Dec. 21 to register their claims with court-appointed insolvency manager Yvo Dengs. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on Jan. 31, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neumuenster Meeting Hall B.126 Law Courts Boostedter Strasse 26 Neumuenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Yvo Dengs Am Sandtorkai 62 20457 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against MTR GmbH & Co. KG on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MTR GmbH & Co. KG Fehmarnstrasse 14 24782 Buedelsdorf Germany NAIL VERKAUFS: Claims Registration Ends December 20 --------------------------------------------------- Creditors of Nail Verkaufs GmbH have until Dec. 20 to register their claims with court-appointed insolvency manager Peter Jost. Creditors and other interested parties are encouraged to attend the meeting at 1:45 p.m. on Feb. 21, 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 Koenigstein/Ts. Hall 106 A Burgweg 9 61462 Koenigstein/Ts. 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 Jost Pfingstweidstrasse 3 D 60316 Frankfurt a. M. Germany Tel: 069-2097390 Fax: 069-20973929 The District Court of Koenigstein/Ts. opened bankruptcy proceedings against Nail Verkaufs GmbH on Nov. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Nail Verkaufs GmbH Attn: Heidi Astrid Schlitt, Liquidator Benzstrasse 14 65779 Kelkheim Germany NEUMANN & BILLIG: Claims Registration Period Ends Dec. 15 --------------------------------------------------------- Creditors of Neumann & Billig Lufttechnische Anlagen GmbH have until Dec. 15 to register their claims with court-appointed insolvency manager Martin Schoebe. Creditors and other interested parties are encouraged to attend the meeting at 8:50 a.m. on Jan. 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 Kempten Hall 157/I Residenzplatz 4-6 87435 Kempten 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: Martin Schoebe Ainmillerstr. 11 80801 Muenchen Germany Tel: 089/1893770 Fax: 089/18937750 The District Court of Kempten opened bankruptcy proceedings against Neumann & Billig Lufttechnische Anlagen GmbH on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Neumann & Billig Lufttechnische Anlagen GmbH Perlengasse 15 87600 Kaufbeuren Germany PB WOHNBAU: Claims Registration Period Ends Dec. 12 --------------------------------------------------- Creditors of PB Wohnbau GmbH have until Dec. 12 to register their claims with court-appointed insolvency manager Dietrich Hauser. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Jan. 15, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn 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: Dietrich Hauser Edisonstrasse 19 74076 Heilbronn Germany Tel: 07131/64281-0 Fax: 07131/64281-28 The District Court of Heilbronn opened bankruptcy proceedings against PB Wohnbau GmbH on Nov. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PB Wohnbau GmbH Heinrich-Bachler-Strasse 25 74081 Heilbronn Germany R & S PLANBAU: Claims Registration Period Ends Dec. 17 ------------------------------------------------------ Creditors of R & S Planbau GmbH have until Dec. 17 to register their claims with court-appointed insolvency manager Dr. Helmut Hemmerling. Creditors and other interested parties are encouraged to attend the meeting at 10:30 on Jan. 8, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stuttgart Room 178 Hauffstr. 5 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Helmut Hemmerling Heilbronner Str. 86 70191 Stuttgart Germany Tel: 0711/2597290 Fax: 0711/259729999 The District Court of Stuttgart opened bankruptcy proceedings against R & S Planbau GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: R & S Planbau GmbH Attn: Heike Rzepka, Manager Beethovenstr. 55 71336 Waiblingen Germany R.E.M. GESELLSCHAFT: Claims Registration Period Ends Dec. 18 ------------------------------------------------------------ Creditors of R.E.M. Gesellschaft fuer Rolltorbau, Elektrotechnik und Maschinenbau GmbH have until Dec. 18 to register their claims with court-appointed insolvency manager Friedrich-Wilhelm Klein. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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 Wuppertal Meeting Hall A234 Second Floor Eiland 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Friedrich-Wilhelm Klein Turmhof 15 42103 Wuppertal Germany Tel: 0202/49 37 00 Fax: 0202/49 37 099 The District Court of Wuppertal opened bankruptcy proceedings against R.E.M. Gesellschaft fuer Rolltorbau, Elektrotechnik und Maschinenbau GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: R.E.M. Gesellschaft fuer Rolltorbau, Elektrotechnik und Maschinenbau GmbH Attn: Petra Heiss, Manager Waage 5 42781 Haan Germany RENNER GMBH: Claims Registration Period Ends Dec. 13 ---------------------------------------------------- Creditors of Renner GmbH have until Dec. 13 to register their claims with court-appointed insolvency manager Susanne Oelbermann. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 24, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Syke Hall 112 Hauptstr. 5A 28857 Syke 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: Susanne Oelbermann Ostertorsteinweg 74/75 D 28203 Bremen Germany Tel: 0421/792570 Fax: 0421/7925757 The District Court of Syke opened bankruptcy proceedings against Renner GmbH on Nov. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Renner GmbH Osterfeuerbergstrasse 79 28219 Bremen Germany Attn: Torsten Beuermann, Manager Gutenbergstrasse 9 28844 Weyhe-Dreye Germany ROUGE EVENT: Claims Registration Period Ends Dec. 12 ---------------------------------------------------- Creditors of Rouge Event GmbH have until Dec. 12 to register their claims with court-appointed insolvency manager Angela Gerigk. Creditors and other interested parties are encouraged to attend the meeting on Jan. 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Angela Gerigk Katharinenstr. 7 46282 Dorsten Germany The District Court of Essen opened bankruptcy proceedings against Rouge Event GmbH on Nov. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rouge Event GmbH Westerholter Str. 136 45892 Gelsenkirchen Germany SALCO SOUND: Claims Registration Period Ends Dec. 10 ---------------------------------------------------- Creditors of Salco Sound and Light Company GmbH have until Dec. 10 to register their claims with court-appointed insolvency manager Dr. Gideon Boehm. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on Jan. 7, 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 Pinneberg Hall 3 First Floor Bahnhofstrasse 17 25421 Pinneberg 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. Gideon Boehm Bachstrasse 85a 22083 Hamburg Germany The District Court of Pinnebergopened bankruptcy proceedings against Salco Sound and Light Company GmbH on Nov. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Salco Sound and Light Company GmbH Schusterring 41 25355 Barmstedt Germany S+W VERWALTUNGS: Claims Registration Period Ends Dec. 18 -------------------------------------------------------- Creditors of S+W Verwaltungs-GmbH have until Dec. 18 to register their claims with court-appointed insolvency manager Hermann Keitel. Creditors and other interested parties are encouraged to attend the meeting on Jan. 14, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Heilbronn Room 110 First Floor Rollwagstr. 10a 74072 Heilbronn 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: Hermann Keitel Suelmerstrasse 7 74072 Heilbronn Germany Tel: 07131/99173-50 Fax: 07131/99173-53 The District Court of Heilbronn opened bankruptcy proceedings against S+W Verwaltungs-GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: S+W Verwaltungs-GmbH Attn: Nicole Springmann, Manager Brucknerstrasse 10 74629 Pfedelbach Germany WALO GMBH: Claims Registration Period Ends Dec. 20 -------------------------------------------------- Creditors of Walo GmbH & Co. KG have until Dec. 20 to register their claims with court-appointed insolvency manager Steffen Koch. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Jan. 21, 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 Walsrode Hall 130 Lange Strasse 29-33 29664 Walsrode 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. Steffen Koch Albert-Einstein-Ring 11 22761 Hamburg Germany Tel: (040) 8 99 56 - 0 Fax: (040) 8 99 56 - 41 The District Court of Walsrode opened bankruptcy proceedings against Walo GmbH & Co. KG on Nov. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Walo GmbH & Co. KG Eickeloher Strasse 1 29693 Hodenhagen Germany WCM AG: Sirius Eyes Compensation Claim Against Creditor Banks ------------------------------------------------------------- Sirius Beteiligungsgesellschaft mbH, a subsidiary of WCM Beteiligungs- und Grundbesitz-AG, is contemplating a compensation claim against its former creditor banks, DZ Bank AG and HSH Nordbank AG, over the sale of the property company IVG Immobilien AG, according to published reports. In 2003, Sirius, which holds a 50.1% majority stake in IVG, filed for insolvency. Subsequently, DZ Bank and HSH Nordbank acquired the company's IVG stake for EUR550 million in 2004. The creditor banks told Financial Times Deutschland that there is no reason for Sirius to demand compensation, insisting the banks in the Sirius consortium acted correctly before, during and after the takeover of the stake in IVG. However, Sirius argued that the creditor banks had already taken over operative management before the sale of the stake, making the banks investors rather than creditors, Frank Seidlitz writes for Die Welt. Die Welt says the sale would have been illegal as debt would have become equity. Sirius is set to decide on whether to pursue the compensation claim at a creditors' meeting at the end of this month, FT relates. About WCM AG Headquartered in Frankfurt, Germany, WCM Beteiligungs- und Grundbesitz-AG -- http://www.wcm.de/-- holds equity interests in other real estate investment, management, and development companies, as well as in the nursing homes and a packaging maker. The group owns 80% of Klockner-Werke AG, which also operates in Austria, Czech Republic, Denmark, France, United Kingdom, Italy, Netherlands, Spain, Switzerland, Australia, Brazil, India, Japan, Mexico, Russian Federation, Singapore, and the U.S.A. WCM has been posting consecutive annual net losses of EUR849 million in 2002; EUR315 million in 2003; EUR163 million in 2004; and EUR44 million in 2005. WCM applied for insolvency on Nov. 8, 2006, as a result of the extraordinary termination of the loan agreement by HSH Nordbank. The District Court of Frankfurt (Main) opened bankruptcy proceedings against the company on Nov. 21, 2006. =========== G R E E C E =========== OLYMPIC AIRLINES: Ryanair Hits EC Inaction on Greek State Aid ------------------------------------------------------------- Ryanair Plc has filed a case against the European Commission in the European Court of Justice for the latter's inaction on complaints against approximately EUR500 million in illegal state aid continually given to Olympic Airlines S.A., Breaking News reports. "The Greek government's most recent tranche of state aid to Olympic involves approximately EUR500 million, mostly for 'unpaid services' allegedly provided by Olympic to the government," Ryanair's CEO Michael O'Leary told Breaking News. "However, the Commission has refused to do anything about this since 2006, which left us with no alternative but to challenge the Commission's inaction in the European courts," Mr. O'Leary added. As previously reported in the TCR-Europe, a local court ordered the Greek government to pay debt-laden Olympic Airlines around EUR563.9 million for unpaid services, which includes: -- legally subsidized routes to remote Greek islands; -- travel for senior government officials and conscripts; and -- relocation to a new airport outside Athens in 2001. Olympic Airlines said it would use the received payments to repay part of the EUR161 million state aid declared illegal by the Commission in December 2005. The European Court, however, cut the amount to EUR130 million in Sept. 12, 2007, after finding that the EC failed to prove that some of the funds violated European Union's state aid rules, The Associated Press reported. Ryanair claims the Commission had failed to investigate Olympic Airlines' violation of EU competition rules in 2006, Breaking News adds. "It appears that the Commission applies two approaches to enforcing the State aid rules: one of ignoring or signing off on continuing unlawful state aid for the inefficient high fare flag carrier airlines, and the other of pursuing baseless complaints by flag carriers against low fares airlines operating out of regional and secondary airports," Mr. O'Leary told Breaking News. "This twin track approach must end and we are therefore calling on the Commission to start promoting competition, end unlawful State aid, and stop protecting flag carrier airlines," Mr. O'Leary added. About Olympic Airlines Headquartered in Athens, Greece, Olympic Airlines S.A. -- http://www.olympicairlines.com/-- the holding company of the Olympic Airways group of companies, flies passengers and cargo to five continents, while offering ground handling, technical maintenance and information technology services to third parties. Between 1994 and 2000, the European Commission allowed Greek state aids for the restructuring of Olympic Airways. In December 2002, the Commission found that further aid had been granted to the airline, and demanded that EUR160 million be repaid. Greece created Olympic Airlines in December 2003 from the remaining assets of bankrupt and defunct national carrier Olympic Airways S.A. Olympic Airlines started operations in 2004 and posted EUR87 million in net losses. The carrier posted EUR123.7 million in net losses in 2005. ============= I R E L A N D ============= MAGNOLIA FINANCE V: WARF Breach Cues Fitch to Junk US$28MM Notes ---------------------------------------------------------------- Fitch Ratings has downgraded Magnolia Finance US$28 million Series 2006-3 leveraged super senior credit-linked notes due 2045 to 'C' from 'AA+' and removed the notes from rating watch negative. The downgrade is a result of a breach of the current Weighted Average Rating Factor (WARF) trigger. As of the Nov. 22, 2007, investor report, the WARF trigger is 12.39 and the current WARF is 12.94 (both equivalent to 'BB+'/'BB'). The WARF at last review in August 2007 was 2.85 ('A-'/'BBB+'). Since the notes were placed on RWN on Oct. 31, 2007, Fitch has downgraded 29.86% of the portfolio between two and eleven notches. As a result, the number of speculative grade names in the reference portfolio is currently 14, representing 28.92% of the portfolio, compared with none at last review. Magnolia Finance V Plc is a special purpose vehicle incorporated under the laws of Ireland. It has entered into a leveraged super senior transaction with Credit Suisse International and invested the note issuance proceeds in highly rated securities. Should the weighted average credit rating of the reference obligations breach pre-specified trigger levels within a specified period, investors have the option to unwind the trade or de-lever their position by posting further note principal. The ratings address the payment of interest and principal according to the documentation terms, by the scheduled maturity date, including the risk of mark-to-market losses due to an early termination following an unwind trigger event. Under the documentation, the interest payment (including the LIBOR component) may be reduced under certain circumstances, such as a downgrade to 'AA' or below of the charged asset. ========= I T A L Y ========= ALITALIA SPA: Stretches Bidding Deadline to Dec. 5 -------------------------------------------------- Alitalia S.p.A. has extended to Dec. 5, 2007, the deadline for submission of non-binding offers for the Italian government's 49.9% stake, Thomson Financial says citing an Il Sole 24 Ore report. Italian transport minister Alessandro Bianchi was quoted by La Repubblica that three offers are coming for Alitalia. As previously reported in the TCR-Europe, Alitalia decided to open talks, through the financial advisor Citi and industrial advisor Roland Berger, with: -- Air France-KLM, -- AP Holding S.p.A., -- Deutsche Lufthansa AG, -- Cordata Baldassarre, -- OAO Aeroflot, -- TPG Capital. OAO Aeroflot, however, has decided not to take part in the privatization of the Italian carrier. TPG Capital, meanwhile, has informed it was unable to finalize an Italian-led consortium, but will continue to follow the developments of the sale. Alitalia has concluded that Cordata Baldassarre's bid is "no longer compatible" to its planned stake sale. Remaining bidders are Air France-KLM, AP Holding and Deutsche Lufthansa. As reported in the TCR-Europe on Nov. 23, 2007, Alitalia's Board of Directors said exclusive negotiations with the chosen bidder could be held within the first half of December 2007. 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. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. ALITALIA SPA: Deustche Lufthansa Weighs Possible Bid ---------------------------------------------------- Deutsche Lufthansa AG will decide by year-end whether to bid for the Italian government's 49.9% stake in Alitalia S.p.A., published reports say, citing Lufthansa CEO Wolfgang Mayrhuber's interview with Frankfurter Allgemeine Sonntagszeitung. "We are examining whether we can find a remedy and [whether] we will submit an offer," The Associated Press quotes Mr. Mayrhuber in the interview. "We would therefore welcome it if negotiations could take place as early as December," Reuters relates Mr. Mayrhuber in the interview. Lufthansa is one of the three remaining possible bidders for Alitalia, along with Air France-KLM and AP Holding S.p.A. OAO Aeroflot will not participate in the process while Cordata Baldassarre's bid was deemed "no longer compatible" to the sale. TPG Capital, meanwhile, was unable to finalize an Italian-led consortium, but will continue to follow the developments of the sale. As reported in the TCR-Europe on Nov. 23, 2007, Alitalia's Board of Directors said exclusive negotiations with the chosen bidder could be held within the first half of December 2007. 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. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. FIAT SPA: Plans to Invest BRL6.4 Billion in Brazil & Argentina -------------------------------------------------------------- Fiat S.p.A. CEO Sergio Marchionne outlined plans to invest BRL6.4 billion (EUR2.4 billion) in Brazil and Argentina between 2008 and 2010, The Associate Press reports. Of the total amount, AP relates, BRL5 billion (EUR1.88 billion) will be made in Minas Gerais, where most of the company's Brazilian operations are based, while another BRL1 billion (EUR375 million) has been earmarked for Fiat's farm equipment plant in the state of Sao Paulo. Mr. Marchionne told reporters that these investments are aimed to increase the carmaker's current Brazilian production from 720,000 vehicles a year to about 1 million in 2010, Andre Soliani and Telma Marotto write for Bloomberg News. A total of BRL400 million (EUR150 million) will be invested in Fiat's auto plant in Cordoba, Argentina, where Fiat wants to produce 50,000 vehicles as of 2008, AP relates. "I travel the world and I haven't seen an economic environment which is stable and as favorable," Mr. Marchionne was quoted by Bloomberg as saying. "You are going through an incredible period of growth." About Fiat S.p.A Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR33.4 billion in the first nine months of 2005. 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 on Aug. 8, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Italian industrial group Fiat S.p.A. to 'BB' from 'BB-'. At the same time, Standard & Poor's affirmed its 'B' short-term rating on Fiat. S&P said the outlook is stable. "The upgrade reflects Fiat's strong debt reduction achievements, positive trends in the auto sector, and improvements in the group's profitability and cash generation," said Standard & Poor's credit analyst Nicolas Baudouin. As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from Stable. Its Issuer Default rating and senior unsecured rating are affirmed at BB-. The Short-term rating is affirmed at B. Around EUR6 billion of debt is affected by this rating action. The Outlook change is underpinned by the consistent improvement of the group's financial profile, the pick-up in Fiat Auto's market shares and earnings since late 2005 and positive expectations for the CNH and Iveco divisions. Fiat carries Moody's Ba3 long-term corporate family rating since July 14, 2003. FIAT SPA: Repurchases 1.35 Million Ordinary Shares -------------------------------------------------- Fiat S.p.A. purchased 45,000 Fiat ordinary shares at the average price of EUR17.4935 including fees on Nov. 21, 2007, within the frame of the buy back program announced on April 5, 2007. On Nov. 19, 2007, the company bought 1.31 million Fiat ordinary shares at the average price of EUR18.4559 including fees. From the start of the buy back program on April 24, 2007, the total number of shares purchased by Fiat amounts to 20.482 million for a total invested amount of EUR426 million. Share Repurchase Program On April 5, Fiat stockholders authorized the purchase and disposition of own shares. The program, aimed at servicing stock options plans and at the investment of liquidity, refers to a maximum number of own shares of the three classes of stock which shall not exceed 10% of the capital stock and a maximum aggregate amount of EUR1.4 billion and will be carried out on the regulated market as: -- it will become effective on April 10, 2007, and end on Dec. 31, 2007, or once the maximum amount of EUR1.4 billion or a number of shares equal to 10% of the capital stock is reached; -- the maximum purchase price will not exceed 10% of the reference price reported on the Stock Exchange on the day before the purchase is made; -- the maximum number of shares purchased daily will not exceed 20% of the total daily trading volume for each class of shares. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As reported on Aug. 8, 2007, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Italian industrial group Fiat S.p.A. to 'BB' from 'BB-'. At the same time, Standard & Poor's affirmed its 'B' short-term rating on Fiat. S&P said the outlook is stable. As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from Stable. Its Issuer Default rating and senior unsecured rating are affirmed at BB-. The Short-term rating is affirmed at B. Around EUR6 billion of debt is affected by this rating action. Fiat carries Moody's Ba3 long-term corporate family rating since July 14, 2003. =================== K A Z A K H S T A N =================== AGROFIRM BV: Proof of Claim Deadline Slated for Dec. 21 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Agrofirm B.V. insolvent. Creditors have until Dec. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Department of Agriculture Konstitutsiya Kazakhstana Str. 38 Petropavlovsk North Kazakhstan Kazakhstan ATYRAU TRANS: Creditors Must File Claims Dec. 25 ------------------------------------------------ LLP Atyrau Trans Service has declared insolvency. Creditors have until Dec. 25 to submit written proofs of claims to: LLP Atyrau Trans Service Dosmuhamedov Str. 84 Atyrau Kazakhstan AZAMAT TRADE: Claims Filing Period Ends Dec. 21 ----------------------------------------------- LLP Azamat Trade Ltd has declared insolvency. Creditors have until Dec. 21 to submit written proofs of claims to: LLP Azamat Trade Ltd Bogenbai batyr Str. 135-1 Almaty Kazakhstan EURASIA INSURANCE: S&P Affirms & Withdraws B Ratings ---------------------------------------------------- Standard & Poor's Ratings Services affirmed the financial strength and counterparty credit ratings of Kazakhstan-based Eurasia Insurance Co. at 'B' with a stable outlook, and then, at the company's request, withdrew the ratings. At the same time, S&P affirmed and then withdrew Eurasia's Kazakhstan local scale rating of 'kzBBB-'. Standard & Poor's undertook a review of the company before it undertook these rating actions. The affirmation took into account the general economic and industry risks of insurance and reinsurance operations in the Republic of Kazakhstan (foreign currency BBB-/Stable/A-3, local currency BBB/Stable/A-3), as well as the perceived weak financial flexibility of the company. "In particular, we considered Eurasia's ability to raise new cash or capital commensurate with its expected growth in needs. It is steadily expanding its operations both domestically and within its region," said Standard & Poor's credit analyst David Anthony. Mr. Anthony continued: "We recognized that Eurasia's good operating performance partially offset these concerns as a particular strength relative to the ratings, and also derived comfort relative to the rating from Eurasia's leading position in Kazakhstan's domestic insurance and reinsurance markets, as well as from its capitalization, investments, and liquidity." FAST PLAST: Creditors' Claims Due on Dec. 25 -------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Fast Plast insolvent. Creditors have until Dec. 25 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan HODORY LLP: Claims Registration Ends Dec. 21 -------------------------------------------- LLP Hodory has declared insolvency. Creditors have until Dec. 21 to submit written proofs of claims to: LLP Hodory Markov Str. 53 Bostandyksky District 480090, Almaty Kazakhstan Tel: 8 (7272) 60-83-81 JETYSAISKY PIVZAVOD: Proof of Claim Deadline Slated for Dec. 25 --------------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared Brewery LLP Jetysaisky Pivzavod insolvent. Creditors have until Dec. 25 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Kojanov Str. 3 Jetysai Mahtaaralsky District South Kazakhstan Kazakhstan KAZKOMMERTSBANK: Upcoming Support Cues Fitch to Affirm BB+ IDR -------------------------------------------------------------- Fitch Ratings has affirmed the ratings of Kazakhstan-based bank Kazkommertsbank. KKB has been rated Long-term foreign currency Issuer Default 'BB+', Short-term foreign currency IDR 'B', Long- term local currency IDR 'BBB-', Short-term local currency IDR 'F3', Individual 'C/D', Support '3' and Support Rating Floor 'BB+'. The Outlook for the Long-term IDR remain Stable. KKB's IDR and Support ratings reflect the moderate probability of support being forthcoming, in case of need, from the Kazakhstan authorities. This view takes into account the Kazakhstan sovereign's ability to provide support, as reflected in its Long-term foreign currency IDR of 'BBB' and Long-term local currency IDR of 'BBB+'. The ratings also reflect Fitch's view of the authorities' likely strong propensity to support KKB, if required, in light of their importance to the domestic banking market. Any future movement in the bank's IDR and Support ratings would likely be linked to changes in the sovereign ratings. The Individual ratings of KKB take into account the heightened credit risks, high dependence on foreign funding and the currently very challenging funding environment. However, the Individual ratings also reflect the two bank's low reported loan impairment levels to date, adequate liquidity, moderate refinancing risk and sound performance. Capitalization is currently adequate at KKB. The major source of downside risk for Individual ratings is the potential increase in loan impairment levels as portfolios season in a difficult credit environment. KKB currently face heightened credit risks due to a potential slowdown in economic growth and contraction of liquidity in the corporate sector resulting from a sharp slowdown in bank loan growth; significant exposure to the housing and commercial construction/real estate sectors (equal to 2x core capital at KKB, at end of first half of 2007) at a time of downward pressure on real estate prices; and a high proportion of foreign currency lending (65% at end of third quarter of 2007), partly to unhedged borrowers. Borrower concentrations are also considerable, with the top twenty obligors accounting for around 2.9x core capital at end of third quarter of 2007. Fitch notes that some of the larger construction/real estate at KKB, relate to Russian projects, which should be isolated from risks currently impacting the credit profile of the Kazakhstan construction/real estate sector. KKB's stand-alone statutory overdue loans ratios (which include the full amount of all one- day overdues) were a low 3% at end of third quarter of 2007, although it should be noted that it will take time for loan books to season and potential problems to feed through into non- performing loans. KKB have been highly reliant on foreign debt/bank funding, which accounted for 62% of liabilities at end of third quarter of 2007. Funding has therefore come under pressure as a result of far more limited access to foreign capital markets from third quarter of 2007. However, KKB raised US$600 million through a syndicated loan in August. Retail and corporate deposits (consolidated) at KKB fell by 4% and 17%, respectively in third quarter 2007, the fall in corporate balances mainly driven by customers withdrawing funds to support business growth. In October, retail deposits were marginally up. Liquidity is satisfactory, with KKB having built up a US$1.6 billion cash cushion to meet potential outflows and repayment needs. In addition, cash flows from loan repayments and amortization provide significant liquidity support. Performance has remained sound at 2% in first half 2007 and 2.1% in third quarter 2007. Higher provision charges (as management decided to create additional reserves to absorb possible future losses) put some downward pressure on performance in third quarter 2007. However, margins increased on the back of higher loan rates, an effect that should come through fully in fourth quarter 2007 and beyond. Fitch, therefore, expects performance, absent significant credit losses, to be robust in the near-term. KKB's ratios are moderate with a reported tier 1 ratio of 9.4% at end of third quarter of 2007, although this would have been a higher 10.8% if current year earnings had been included in tier 1 capital. Absent significant credit losses, Fitch expects internal capital generation at both banks to be at least in line with (moderate) risk-weight asset growth in the near-term. KKB is one of the largest commercial banks in Kazakhstan. KKB acquired a 52% stake in Russia's Moskommertsbank in third quarter of 2007, which had previously been consolidated on a control basis. A combined 45% stake in KKB is controlled by the Chairman of the Board, Nurzhan Subkhanberdin; the CEO, Nina Zhusupova; and their close associates. A further 8% is owned by the EBRD and the remainder is broadly held. LAZER ZONE: Creditors Must File Claims Dec. 21 ---------------------------------------------- LLP Lazer Zone has declared insolvency. Creditors have until Dec. 21 to submit written proofs of claims to: LLP Lazer Zone Office 411 Kurmangazy Str. 48a Almaty Kazakhstan MD-INVEST LLP: Claims Filing Period Ends Dec. 21 ------------------------------------------------ LLP MD-Invest has declared insolvency. Creditors have until Dec. 21 to submit written proofs of claims to: LLP MD-Invest Abai Str. 103 Tuzdybastau Talgarsky District 041600 Almaty Kazakhstan TEMIRALY LLP: Creditors' Claims Due on Dec. 21 ---------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan has declared LLP Temiraly insolvent on Oct. 12. Creditors have until Dec. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of West Kazakhstan Burlinsky District West Kazakhstan Kazakhstan UNIVERSAL-SODEKSO EUROASIA: Claims Registration Ends Dec. 21 ------------------------------------------------------------ Almaty Branch of the Company Universal-Sodekso Euroasia has declared insolvency. Creditors have until Dec. 25 to submit written proofs of claims to: Universal-Sodekso Euroasia Almaty Branch Tulebayev Str. 32-61 Almaty Kazakhstan Tel: 8 (7272) 71-42-59 =================== K Y R G Y Z S T A N =================== GROOM ENTERPRISES: Creditors Must File Claims by December 26 ------------------------------------------------------------ LLC Groom Enterprises Pvt Ltd. has declared insolvency. Creditors have until Dec. 26 to submit written proofs of claim. Inquiries can be addressed to (0-555) 51-90-07. MERT FOOD: Proof of Claim Deadline Slated for December 26 --------------------------------------------------------- LLC Mert Food has declared insolvency. Creditors have until Dec. 26 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 24-37-82. =================== L U X E M B O U R G =================== EVRAZ GROUP: Refinancing Loan with US$3.2 Billion Facility ---------------------------------------------------------- Evraz Group S.A. has signed a US$3.214 billion structured multi- tranche credit facility. The loan facility has the interest rate of LIBOR+1.8% and consists of a US$2.714 billion five-year tranche secured on assignment of trade receivables and a US$500 million three-year unsecured tranche. The facility is guaranteed by Mastercroft Ltd. The Company applied US$1.8 billion of the deal proceeds to repay the bridge loan it raised earlier this year to finance the Oregon Steel Mills, Inc. acquisition with the remainder to be used for general corporate purposes. The deal was arranged and fully underwritten by a group of 10 banks co-ordinated by ABN Amro Bank N.V., London Branch and included: -- Bank of Tokyo-Mitsubishi UFJ Ltd., -- Barclays Capital, -- BNP Paribas (Suisse) S.A., -- Calyon, -- Commerzbank Aktiengesellschaft, -- Deutsche Bank AG Amsterdam Branch, -- ING Bank N.V., -- Sumitomo Mitsui Banking Corporation, and -- UBS Limited as the joint mandated lead arrangers. Deutsche Bank AG Amsterdam Branch was appointed facility agent and security trustee for the syndicate. Clifford Chance acted as legal counsel for the banks, and the Company retained Cleary Gottlieb Steen and Hamilton as its legal advisors. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family and Probability-of-Default ratings and B2 Senior Unsecured Debt rating from Moody's Investor Service. Moody's said the Outlook is Positive. Evraz also carries BB- Local and Foreign Issuer Credit ratings from Standard & Poor's. S&P said the Outlook is Positive. The company carries BB Issuer Default and Senior Unsecured ratings and B Short-Term IDR. Fitch said the Outlook is Stable. =========== P O L A N D =========== SCO GROUP: Sept. 30 Balance Sheet Upside-Down by US$417,357 ----------------------------------------------------------- The SCO Group Inc. reported zero revenues and zero expenses for the period beginning Sept. 15 through 30, 2007. However, the company generated other income from China Investment of US$1,608 for the period ending Sept. 30, 2007. The company's net profit for the month of September 2007 was US$1,608. As of Sept. 30, 2007, the company's balance sheet showed total US$1,327,901, total liabilities of US$1,745,258, and total stockholders' deficit of US$417,357. A full-text copy of the company's Sept. 15-30, 2007, report: http://ResearchArchives.com/t/s?256e Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Paul Steven Singerman, Esq. and Arthur J. Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq. At Pachulski Stang Ziehl & Jones LLP are co-counsels to the Debtors. Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. =========== R U S S I A =========== AGROSNABSERVICE: Creditors Must File Claims by Jan. 10, 2008 ------------------------------------------------------------ Creditors of OJSC AgroSnabService have until Jan. 10, 2008, to submit proofs of claim to: V. P. Doluda Competitive proceedings manager Office 32 Gorkogo Str. 45 302040 Orel Russia The Arbitration Court of Orel commenced competitive proceedings against the company. The case is docketed under Case No. A48-1225/07-17B. The Court is located at: The Arbitration Court of Orel Gorkogo Str. 42 302000 Orel Russia The Debtor can be reached at: OJSC AgroSnabService Mashinostroitel'naya Str. 19 Druzhny Township Saburovskaya Orlovskij Raion 302008 Orel Russia EL'NYALEN OJSC: Creditors Must File Claims by Dec. 10 ----------------------------------------------------- Creditors of OJSC El'nyalen have until Dec. 10 to submit their proofs of claim to: E. K. Kondratsikovskij Interim manager Soviet Str. 33, 19 430000 Saransk Russia The Arbitration Court of Smolensk commenced bankruptcy supervision procedure against the company on Oct. 2. The case is docketed under Case No. A62-3547/2007(1384-H). The Court is located at: The Arbitration Court of Smolensk Pr. Gagarina 46 214001 Smolensk Russia The Debtor can be reached at: OJSC El'nyalen Rabochiy Per. 15 El'nya 216330 Smolensk Russia EVRAZ GROUP: Refinancing Loan with US$3.2 Billion Facility ---------------------------------------------------------- Evraz Group S.A. has signed a US$3.214 billion structured multi- tranche credit facility. The loan facility has the interest rate of LIBOR+1.8% and consists of a US$2.714 billion five-year tranche secured on assignment of trade receivables and a US$500 million three-year unsecured tranche. The facility is guaranteed by Mastercroft Ltd. The Company applied US$1.8 billion of the deal proceeds to repay the bridge loan it raised earlier this year to finance the Oregon Steel Mills, Inc. acquisition with the remainder to be used for general corporate purposes. The deal was arranged and fully underwritten by a group of 10 banks co-ordinated by ABN Amro Bank N.V., London Branch and included: -- Bank of Tokyo-Mitsubishi UFJ Ltd., -- Barclays Capital, -- BNP Paribas (Suisse) S.A., -- Calyon, -- Commerzbank Aktiengesellschaft, -- Deutsche Bank AG Amsterdam Branch, -- ING Bank N.V., -- Sumitomo Mitsui Banking Corporation, and -- UBS Limited as the joint mandated lead arrangers. Deutsche Bank AG Amsterdam Branch was appointed facility agent and security trustee for the syndicate. Clifford Chance acted as legal counsel for the banks, and the Company retained Cleary Gottlieb Steen and Hamilton as its legal advisors. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family and Probability-of-Default ratings and B2 Senior Unsecured Debt rating from Moody's Investor Service. Moody's said the Outlook is Positive. Evraz also carries BB- Local and Foreign Issuer Credit ratings from Standard & Poor's. S&P said the Outlook is Positive. The company carries BB Issuer Default and Senior Unsecured ratings and B Short-Term IDR. Fitch said the Outlook is Stable. KRAMZ OJSC: Asset Sale Slated for Dec. 11 ----------------------------------------- The competitive proceedings manager of OJSC KraMZ will open a third public auction for the company's properties at 10:00 a.m. on Dec. 11 at: The competitive proceedings manager Room 32 Block 3 1st Institute Proezd 3 Moscow Russia The company has set a RUR424,160,476 starting price for the auctioned assets. Interested participants have until Dec. 6 to deposit an amount equivalent to 20% of the starting price to the settlement account of OJSC KraMZ. Bidding documents must be submitted to: Room 10 Office 2 Sirenevy Boulevard 15 Moscow Russia The Debtor can be reached at: OJSC KraMZ Pogranichnikov Str. 42 660111 Krasnoyarsk Russia Information related to the auction can be obtained by calling, Tel: (495) 164-99-33. KRASNOYARSKOYE LLC: Creditors Must File Claims by Dec. 10 --------------------------------------------------------- Creditors of Drilling Enterprise Krasnoyarskoye LLC have until Dec. 10 to submit their proofs of claim to: R. Ja. Safaryanov Interim manager P.O. Box 5082 432980 Ulyanovsk Russia The Arbitration Court of Krasnoyarsk krai will convene at 9:00 a.m. on Jan. 24, 2008, to hear the bankruptcy supervision procedure against Drilling Enterprise Krasnoyarskoye LLC. The case is docketed under Case No. A33-12859/2007. The Court is located at: The Arbitration Court of Krasnoyarsk krai Office 307B Mira Pr. 36 660049 Krasnoyarsk Russia The Debtor can be reached at: Drilling Enterprise Krasnoyarskoye LLC Urochische White Stones Emelyanovskij Raion Krasnoyarsk krai Russia MTS EVLASHEVSKAYA: Asset Sale Slated for Dec. 12 ------------------------------------------------ The external manager of CJSC MTS Evlashevskaya, will open a public auction for the company's properties at noon on Dec. 12 at: CJSC MTS Evlashevskaya Kuznetskaya Str. Evlashevo Township Kuznetskij Raion Penza Russia The starting prices for the auctioned assets are: -- Lot1: RUR2.1 million; -- Lot2: RUR4.5 million; -- Lot3: RUR1.9 million; and -- Lot4: RUR1 million. Interested participants have until noon on Dec. 7 to deposit an amount equivalent to 10% of the starting price and to submit their bidding documents to: CJSC MTS Evlashevskaya Kuznetskaya Str. Evlashevo Township Kuznetskij Raion Penza Russia Information related to the auction can be obtained by calling, Tel: 8 841 2 56 27 56; 8 902 353 8311. MY BANK: Moody's Assigns B3/NP Ratings on RUR1 Billion Bond ----------------------------------------------------------- Moody's Investors Service assigned these global scale ratings to the local currency-denominated bond amounting to RUR1 billion (approximately US$40 million) to be issued by My Bank: B3 long- term and Not Prime short-term senior unsecured debt ratings. At the same time, Moody's Interfax Rating Agency assigned a Baa3.ru long-term National Scale Rating to the bond. Moscow- based Moody's Interfax is majority-owned by Moody's, a leading global rating agency. The bond will have a final maturity of three years and will represent a senior unsecured claim on the bank. The outlook for the global scale rating is stable, while the NSR carries no specific outlook. According to Moody's and Moody's Interfax, the B3/Not Prime global scale local currency ratings reflect the bank's global default and loss expectation and are not constrained by any foreign currency transfer risk, while the Baa3.ru NUSR reflects the standing of the bank's credit quality relative to its domestic peers. Moody's B3/Not Prime ratings for the bond are based on My Bank's fundamental credit quality and factors in the bank's ability to fulfil its long-term and short-term obligations. The latter includes obligations associated with the put option that the bondholders will, according to the terms of the issue, be able to exercise in order to sell the bond back to the bank after a year from the time of the issue. Moody's notes that, if the bank's credit quality were to deteriorate at these times, exercise of the put options might exert additional pressure on its financial condition. My Bank's obligations to make payments under the bond will rank at all times at least pari-passu with the claims of all other unsecured and unsubordinated creditors of the bank, save for those claims that are preferred by any relevant law. At the same time, we note that Russia is in general a country with individual depositor preference, which may reduce the recovery rates for the bondholders, especially if such deposits were to represent a sizeable proportion of the bank's liabilities in the event of liquidation. My Bank Group is headquartered in Moscow, Russian Federation, and comprises three banks. The group reported total consolidated assets of US$265 million (2005: US$146 million) and total equity of US$31 million (2005: US$13 million) under IFRS as at Dec. 31, 2006. NOVOSIBIRSK METALWORKING: Creditors Must File Claims by Dec. 10 --------------------------------------------------------------- Creditors of Novosibirsk Metalworking Plant LLC have until Dec. 10 to submit proofs of claim to: S. P. Zhidov Interim manager Soviet Str. 4 440026 Penza Russia The Arbitration Court of Novosibirsk commenced bankruptcy supervision procedure against the company on Oct. 5 for the period until March 17, 2008. The case is docketed under Case No. 45-11725/07-54/54. The Court is located at: &nbs