T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, November 30, 2007, Vol. 8, No. 238 Headlines B E L G I U M QUEBECOR WORLD: Dividend Suspension Cues S&P to Cut Rating G E R M A N Y ALBERTS KORROSIONSSCHUTZ: Claims Registration Ends December 28 ALRATHERM GMBH: Claims Registration Ends December 28 BOUTIQUE MK: Claims Registration Ends January 7, 2008 FONDSVERWALTUNGSGESELLSCHAFT 40: Claims Filing Ends Dec. 31 DEUTSCHE BANK: Fitch Rates Two CAST 2000-2 Note Classes at BB- E. & A. EXPRESS: Claims Registration Ends December 28 GENESYS LABORATORIES: Claims Registration Ends January 15, 2008 GIG FACTORY: Claims Registration Period Ends Dec. 27 GLUNZ IMPORT: Claims Registration Ends December 28 IN BREVI: Claims Registration Period Ends Dec. 27 IN PROMOTION: Claims Registration Period Ends Dec. 20 KP-ENERGIE GMBH: Claims Registration Period Ends Dec. 20 KUNDENORIENTIERTE: Claims Registration Ends January 7, 2008 MATZKE AUTOHAUS: Claims Registration Ends December 28 MOCH TRADING: Claims Registration Ends January 4, 2008 MOTIV MEDIEN: Claims Registration Period Ends Dec. 17 NADRENSEER ALTERNATIV: Claims Registration Ends December 28 PARADISE STAR: Claims Registration Period Ends Dec. 28 REINERMANN IMMOBILIEN: Claims Registration Ends December 27 RIEDINGER DACHBAU: Claims Registration Period Ends Dec. 28 SMEDIEN RESTAURATIONS: Claims Registration Ends January 2, 2008 TOP-PAINTING: Claims Registration Period Ends Dec. 28 TOP-PAINTING VERWALTUNGS: Claims Registration Ends Dec. 28 H U N G A R Y AES CORP: Court To Hear Firm's Plea To Lift NatGas Project Ban I T A L Y TISCALI SPA: Renato Soru to Take Part in EUR150 Mln Capital Hike K A Z A K H S T A N JAIREMSKY GOK: Proof of Claim Deadline Slated for Jan. 1, 2008 KAZAZOTDEVELOPMENT LLP: Creditors Must File Claims Jan. 1, 2008 KAZAZOTTRANS LLP: Claims Filing Period Ends Jan. 1, 2008 KAZTRANSAUTO-2005: Creditors' Claims Due on Dec. 28 KLAIPED STIVIDOR: Claims Registration Ends Jan. 2, 2008 POLI-SERVICE LLP: Creditors Must File Claims Dec. 28 REMSTROY-XXXL LLP: Claims Filing Period Ends Dec. 28 ROMA-NUR LLP: Creditors' Claims Due on Dec. 28 TULPAR LLP: Claims Registration Ends Dec. 28 K Y R G Y Z S T A N SKAD INVEST: Proof of Claim Deadline Slated for December 31 L U X E M B O U R G BASELL AF: Lyondell Shareholders Approve Merger Deal BASELL AF: Lyondell Acquisition Cues Moody's to Cut Rating to B1 BASELL AF: S&P Cuts Ratings to B+ on Acquisition Approval EVRAZ GROUP: Moody's Lifts Corporate Family Rating to Ba2 N E T H E R L A N D S EUROSTAR I: Fitch Junks EUR14 Million Class C Notes EUROSTAR II: Fitch Junks EUR51 Million Subordinated Notes HEXION SPECIALTY: Posts US$2-Mln Net Loss in 2007 Third Quarter N O R W A Y TERRA SECURITIES: License Revocation Triggers Bankruptcy Filing R U S S I A AGROSNAB OJSC:: Creditors Must File Claims by Jan. 17, 2007 ATIS CJSC: Creditors Must File Claims by Jan. 17, 2008 EVRAZ GROUP: Moody's Lifts Corporate Family Rating to Ba2 HYNIX SEMICON: Back in Non-Memory Business w/ SiliconFile Deal KIRENSKAYA OJSC: Creditors Must File Claims by Jan. 17, 2008 KRASNYANSKOYE CJSC: Asset Sale Slated for Dec. 18 LIPETSKCOMBANK: S&P Affirms & Withdraws B- Ratings Upon Request LOTOSHINSKIJ OJSC: Bankruptcy Hearing Slated for Feb. 6, 2008 NERTIS OJSC: Creditors Must File Claims by Dec. 17 NIKOL'SKOYE OJSC: Court Starts Competitive Proceedings SEVEROENERGOMONTAZH CJSC: Creditors Must File Claims by Dec. 17 URALSKY FINANCIAL: Moody's Assigns B3/NP/E+ Global Scale Ratings WALL MATERIALS: Asset Sale Slated for Dec. 20 S W E D E N AVNET INC: Operating Unit Inks Franchise Deal with Tyco S W I T Z E R L A N D APEX MEDIENHAUS: St. Gallen Court Starts Bankruptcy Proceedings APPLIED SOLUTIONS: Creditors' Liquidation Claims Due by Dec. 5 B. COM INTERNATIONAL: Zurich Court Closes Bankruptcy Proceedings BAHK SERVICE: Creditors' Liquidation Claims Due by December5 BEE-BAU JSC: Creditors' Liquidation Claims Due by December 6 DELTA UNTERNEHMEN: Claims Registration Period Ends December 3 FIVEST ASSET: Creditors' Liquidation Claims Due by December 6 KONRAD BOSCH: Zurich Court Closes Bankruptcy Proceedings ONTRUST JSC: Grisons Court Closes Bankruptcy Proceedings PK SERVICE: Claims Registration Period Ends December 5 PRINTMEDIEN SCHWEIZ: Zug Court Starts Bankruptcy Proceedings SIWA HOLDING: Creditors' Liquidation Claims Due by December 7 T U R K E Y KALKINMA BANKASI: Fitch Affirms Low-B Ratings on Support U K R A I N E ALEXANDRIYA COAL: Creditors Must File Claims by December 1 ARADON LLC: Proofs of Claim Filing Deadline Set December 1 EIHVALD-COM LLC: Creditors Must File Claims by December 1 ENERGY DELIVERY: Creditors Must File Claims by December 1 ETALON-2006-V LLC: Creditors Must File Claims by December 1 KASANDRA LLC: Creditors Must File Claims by December 1 KORDELOVKA SUGAR: Creditors Must File Claims by December 1 OCEAN OF UKRAINE: Creditors Must File Claims by December 1 POLIVECTOR LLC: Creditors Must File Claims by December 1 SPHERE-SM LLC: Creditors Must File Claims by December 1 TECHNICAL SERVICE: Creditors Must File Claims by December 1 TD AND CO: Creditors Must File Claims by December 1 TRANS CAPITAL: Creditors Must File Claims by December 1 UKRAINE-KAZAKHSTAN CJSC: Creditors Must File Claims by Dec. 1 VOYAGER-EDITION LLC: Creditors Must File Claims by December 1 U N I T E D K I N G D O M ARTSITES BIRMINGHAM: Calls In Liquidators from Mazars BRITISH ENERGY: Prepares Potential Replacement for Nuclear Sites CONSTELLATION BRANDS: Moody's Rates US$500 Mln Sr. Notes at Ba3 DURA AUTOMOTIVE: U.S. Court Postpones Confirmation Hearing EMI GROUP: S&P Withdraws B+ Ratings at Company's Request GOODWOOD GOLD: Moody's Rates Three Credit Facilities at Low-B JETFORGE LTD: Taps Liquidators form Grant Thornton METHANEX CORP: Declares US$0.14 Per Share Quarterly Dividend METHANEX CORP: Finances US$40 Mln of GeoPark's Gas Exploration MTI TECHNOLOGY: US Trustee Appoints Nine-Member Creditors Panel MTI TECHNOLOGY: Committee Taps Winthrop as Insolvency Counsel PLAY CENTRES: Joint Liquidators Take Over Operations PROTON HOLDINGS: GM Still Interested in Future Partnership REFCO INC: RJM Wants Settlement Pact with FXCM Parties Approved REFCO INC: U.S. Court Approves Settlement Agreement with SPhinX REFCO INC: RCM Distributes US$279.5 Million from SPhinX Proceeds RETAIL GROUP: Brings In Liquidators from Vantis RUNSTREAM LTD: Taps Liquidators from Vantis SAFE & SURE: Appoints Liquidators from Tenon Recovery SEA CONTAINERS: U.S. Court Approves Payment of Diligence Fees SKYEPHARMA PLC: David Ebsworth Steps Down as Non-Exec. Director TITAN EUROPE 2004-1: Prepayment Cues S&P to Lift Rating to BB VALEANT PHARMA: Teams Up with ASCEND to Promote Migranal(R) WHYTELEIGH CONSTRUCTION: Claims Filing Period Ends Jan. 15, 2008 * BOOK REVIEW: Ancient Law (Law Classic) ********* ============= B E L G I U M ============= QUEBECOR WORLD: Dividend Suspension Cues S&P to Cut Rating ---------------------------------------------------------- Standard & Poor's Ratings Services lowered its preferred stock rating on Montreal-based printing company Quebecor World Inc. two notches to 'C' from 'CCC-'. The company's other ratings, including the 'B-' long-term corporate credit rating, remain unchanged. All ratings are on CreditWatch with negative implications, where they were initially placed Aug. 9, 2007. "The downgrade follows Quebecor World's announcement that it will be suspending dividend payments on its series 3 and series 5 preferred shares," said Standard & Poor's credit analyst Lori Harris. The company may be prevented from making the dividend payments because it might not satisfy the capital adequacy test within the Canada Business Corporations Act. Quebecor World will request shareholder approval at its next shareholder meeting in May 2008 to reduce the stated capital as permitted under the CBCA, which would involve reclassifying equity to allow dividend payments to resume, including accrued unpaid dividends. The next dividend payment is due Dec. 1, 2007. Should the company not make the declared dividend payment on that date as Quebecor World has stated, S&P will lower the preferred stock rating to 'D'. ============= G E R M A N Y ============= ALBERTS KORROSIONSSCHUTZ: Claims Registration Ends December 28 -------------------------------------------------------------- Creditors of Alberts Korrosionsschutz GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Michael Bremen. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Aachen Meeting Hall K 5 Third Floor Alter Posthof 1 52062 Aachen 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 Bremen Sternstr. 58 40479 Duesseldorf Tel: 02114914412 Fax: 02114914434 The District Court of Aachen opened bankruptcy proceedings against Alberts Korrosionsschutz GmbH on Nov. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Alberts Korrosionsschutz GmbH Attn: Jo Alberts, Manager Millener Weg 24 52538 Gangelt Germany ALRATHERM GMBH: Claims Registration Ends December 28 ---------------------------------------------------- Creditors of Alratherm GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Matthias Dieckmann. Creditors and other interested parties are encouraged to attend the meeting at 8:00 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 Landshut Meeting Hall 9/I Maximilianstrasse 22-24 Landshut 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: Matthias Dieckmann Gute Aenger 11 85356 Freising Germany Tel: 08161/988110 Fax: 08161/82472 The District Court of Landshut opened bankruptcy proceedings against Alratherm GmbH on Nov. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Alratherm GmbH Attn: Axel Thomas Rasthofer, Manager Dietersheimer Strasse 9 85375 Neufahrn Germany BOUTIQUE MK: Claims Registration Ends January 7, 2008 ----------------------------------------------------- Creditors of Boutique MK 7 GmbH have until Jan. 7, 2008, to register their claims with court-appointed insolvency manager Katrin Bringezu. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 5, 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 Leipzig Hall 145 First 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: Katrin Bringezu Prager Strasse 34 04317 Leipzig Germany Tel: 0341/486930 Fax: 0341/4869393 E-mail: leipzig@hbml.de The District Court of Leipzig opened bankruptcy proceedings against Boutique MK 7 GmbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Boutique MK 7 GmbH Attn: Michaela Sajenev, Manager Grimmaische Str. 2-4 04109 Leipzig Germany FONDSVERWALTUNGSGESELLSCHAFT 40: Claims Filing Ends Dec. 31 ----------------------------------------------------------- Creditors of Fondsverwaltungsgesellschaft 40 mbH have until Dec. 31 to register their claims with court-appointed insolvency manager Josef Nachmann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 30, 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 Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Josef Nachmann Theatinerstr. 32 80333 Munich Germany Tel: 089/24217737 Fax: 089/24217738 The District Court of Munich opened bankruptcy proceedings against Fondsverwaltungsgesellschaft 40 mbH on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fondsverwaltungsgesellschaft 40 mbH Tuerkenstr. 16 80333 Munich Germany DEUTSCHE BANK: Fitch Rates Two CAST 2000-2 Note Classes at BB- ------------------------------------------------------------- Fitch has affirmed Deutsche Bank AG CAST 2000-2 credit-linked notes: -- EUR20 million Class A-1 floating-rate notes (ISIN DE0005936728): affirmed at 'A' -- EUR9 million Class A-1A fixed-rate notes (ISIN DE0005936496): affirmed at 'A' -- EUR10 million Class A-2 fixed-rate notes (ISIN N/A): affirmed at 'A' -- EUR11 million Class A-3 fixed-rate notes (ISIN N/A): affirmed at 'A' -- EUR10 million Class B-1 floating-rate notes (ISIN DE0005943252): affirmed at 'BBB' -- EUR20 million Class B-2 fixed-rate notes (ISIN N/A): affirmed at 'BBB' -- EUR21.2 million Class B-3 fixed-rate notes (ISIN N/A): affirmed at 'BBB' -- EUR28.8 million Class C-1 fixed-rate notes (ISIN DE0005943260): affirmed at 'BB-' -- EUR10 million Class C-2 fixed-rate notes (ISIN N/A): affirmed at 'BB-' The transaction continues to exhibit stable performance and is scheduled to mature in January 2008 with a legal final maturity in January 2010. Since the last review in November 2006, outstanding defaults have reduced to 1.74% of the maximum portfolio balance from 2.07%. Losses have slightly increased to 0.4% from 0.19%, and the average recovery rate has decreased to 76% from 82.6%. Historically, the average recovery rates have been greater than 70%. The weighted average credit quality has remained stable in the 'BBB-' category compared to the last review. The notes assume the economic risk of a maximum reference portfolio of EUR2.5 billion, above a first loss threshold of EUR73.7 million, provided by the unrated Class D notes. The portfolio contains loans to small- and medium-sized companies based in Germany. The Class A, B and C notes are issued directly by Deutsche Bank AG (rated 'AA-'/'F1+'/Outlook Positive) without collateral; hence, the ratings are linked to DBAG's ratings. E. & A. EXPRESS: Claims Registration Ends December 28 ----------------------------------------------------- Creditors of E. & A. Express-Paket GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Klaus W. Gerling. Creditors and other interested parties are encouraged to attend the meeting at 11:20 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 Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus W. Gerling Im Mediapark 6 B 50670 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against E. & A. Express-Paket GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: E. & A. Express-Paket GmbH Zum Scheider Feld 13 51467 Bergisch Gladbach Germany Attn: Uwe Engels, Manager Weidenbuscher Weg 1 51467 Bergisch Gladbach Germany GENESYS LABORATORIES: Claims Registration Ends January 15, 2008 --------------------------------------------------------------- Creditors of GeneSys Laboratories GmbH have until Jan. 15, 2008, to register their claims with court-appointed insolvency manager Stephan Michels. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 5, 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 Muenster Meeting Hall 119 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Michels Ludgeristr. 54 48143 Muenster Germany Tel: 0251/162830 Fax: +492511628311 The District Court of Muenster opened bankruptcy proceedings against GeneSys Laboratories GmbH on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GeneSys Laboratories GmbH Mendelstrasse 11 48149 Muenster Germany Attn: Dr. Michaele Hetzel, Manager Eschstr. 4 48167 Muenster Germany GIG FACTORY: Claims Registration Period Ends Dec. 27 ---------------------------------------------------- Creditors of GiG Factory GmbH have until Dec. 27 to register their claims with court-appointed insolvency manager Hans-W. Goetsch. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Wiesbaden E 36 A Third Floor Building E Moritzstrasse 5 Hinterhaus 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: Hans-W. Goetsch c/o Blersch/Goetsch/ Partner Insolvenzverwaltungen Taunusstrasse 7a 65183 Wiesbaden Germany Tel: 0611/18089-100 Fax: 0611/180 89-189 E-mail: mail@bgp-insol.de The District Court of Wiesbaden opened bankruptcy proceedings against GiG Factory GmbH on Nov. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GiG Factory GmbH Attn: Christiane Bettner, Manager Bleichstr. 5 65343 Eltville Germany GLUNZ IMPORT: Claims Registration Ends December 28 -------------------------------------------------- Creditors of Glunz Import GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Ulrich Rosenkranz. Creditors and other interested parties are encouraged to attend the meeting at 10:45 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 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: Ulrich Rosenkranz Osdorfer Landstrasse 230 22549 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Glunz Import GmbH on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Glunz Import GmbH Attn: Ralf Hartenstein and Kai Lohfeldt, Managers Brookdeich 20 21029 Hamburg Germany IN BREVI: Claims Registration Period Ends Dec. 27 ------------------------------------------------- Creditors of in brevi digitaltechnik gmbh have until Dec. 27 to register their claims with court-appointed insolvency manager Dr. Juergen Wallner. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on Jan. 23, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 145 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: Dr. Juergen Wallner Karl-Heine-Strasse 25b 04229 Leipzig Germany Tel: 0341-2534760 Fax: 0341-2534761 The District Court of Leipzig opened bankruptcy proceedings against in brevi digitaltechnik gmbh on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: in brevi digitaltechnik gmbh Friedrich-List-Platz 1 04103 Leipzig Germany IN PROMOTION: Claims Registration Period Ends Dec. 20 ----------------------------------------------------- Creditors of in PROmotion GmbH have until Dec. 20 to register their claims with court-appointed insolvency manager Dr. Frank Kebekus. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 10, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 388 Muehlenstrasse 34 40213 Duesseldorf 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. Frank Kebekus Carl-Theodor-Str. 1 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against in PROmotion GmbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: in PROmotion GmbH Stromstrasse 41 40221 Duesseldorf Germany Attn: Wolfgang Demmler, Manager Bismarckstrasse 38 45470 Muelheim an der Ruhr Germany KP-ENERGIE GMBH: Claims Registration Period Ends Dec. 20 -------------------------------------------------------- Creditors of KP-Energie GmbH have until Dec. 20 to register their claims with court-appointed insolvency manager Mechthild Bruche. 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 her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Nuernberg Meeting Hall 152/I Flaschenhofstr. 35 Nuremberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Mechthild Bruche Stahlstr. 17 90411 Nuernberg Tel: 0911/951285-0 Fax: 0911/951285-10 The District Court of Nuernberg opened bankruptcy proceedings against KP-Energie GmbH on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KP-Energie GmbH Attn: Hans-Juergen Kloth and Martin Porsch, Managers 91189 Rohr-Gustenfelden Dorfstr. 14 Germany KUNDENORIENTIERTE: Claims Registration Ends January 7, 2008 ----------------------------------------------------------- Creditors of Kundenorientierte Beratungskonzepte GmbH have until Jan. 7, 2008, to register their claims with court-appointed insolvency manager Dr. Dirk Rueffert. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Jan. 28, 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 Oldenburg Meeting Hall Second Floor Elisabethstrasse 6 26135 Oldenburg 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. Dirk Rueffert Donnerschweer Str. 398 26123 Oldenburg Germany Tel: 0441 340770 Fax: 0441 34077340 E-mail: info@rueffert-rechtsanwaelte.de The District Court of Oldenburg opened bankruptcy proceedings against Kundenorientierte Beratungskonzepte GmbH on Nov. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kundenorientierte Beratungskonzepte GmbH Bahnhofstr. 2 26180 Rastede Germany Attn: Uwe Westermann-Million, Manager Martin-Luther-Str. 11 26180 Rastede Germany MATZKE AUTOHAUS: Claims Registration Ends December 28 ----------------------------------------------------- Creditors of Matzke Autohaus Butzbach GmbH & Co. KG have until Dec. 28 to register their claims with court-appointed insolvency manager Dirk Pfeil. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Jan. 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Friedberg (Hessen) Hall 20a Homburger Strasse 18 61169 Friedberg (Hessen) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dirk Pfeil Eschersheimer Landstrasse 60-62 60322 Frankfurt am Main Germany Tel: 069/1530960 Fax: 069/15309666 The District Court of Friedberg (Hessen) opened bankruptcy proceedings against Matzke Autohaus Butzbach GmbH & Co. KG on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Matzke Autohaus Butzbach GmbH & Co. KG Attn: Peter Schmidt, Manager 35510 Butzbach Germany MOCH TRADING: Claims Registration Ends January 4, 2008 ------------------------------------------------------ Creditors of MOCH Trading GmbH have until Jan. 4, 2008, to register their claims with court-appointed insolvency manager Wolfgang Kalker. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on Jan. 18, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Meeting Hall W 1.26 First Floor Wilhelmstr. 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolfgang Kalker Koelnstr. 135 53757 Sankt Augustin Germany Tel: 02241/90600 Fax: 02241906090 The District Court of Bonn opened bankruptcy proceedings against MOCH Trading GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MOCH Trading GmbH Attn: Hueseyin Oender, Manager Agnesstr. 75 53842 Troisdorf Germany MOTIV MEDIEN: Claims Registration Period Ends Dec. 17 ----------------------------------------------------- Creditors of Motiv Medien GmbH have until Dec. 17 to register their claims with court-appointed insolvency manager Dr. Christian Willmer. Creditors and other interested parties are encouraged to attend the meeting at 2:25 p.m. on Jan. 23, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christian Willmer Walle 5 31535 Neustadt Germany Tel: 05032 9831030 Fax: 05032 9831032 The District Court of Hannover opened bankruptcy proceedings against Motiv Medien GmbH on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Motiv Medien GmbH Blenze 27 31515 Wunstorf Germany Attn: Frank Sievers, Manager Vogelbeerweg 49 31515 Wunstorf Germany NADRENSEER ALTERNATIV: Claims Registration Ends December 28 ----------------------------------------------------------- Creditors of Nadrenseer Alternativ Energie Verwaltungs GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Andreas Rohe. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on Jan. 28, 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 Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg 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 Rohe Kamigstr. 2 17373 Ueckermuende Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Nadrenseer Alternativ Energie Verwaltungs GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Nadrenseer Alternativ Energie Verwaltungs GmbH Dorfstrasse 9 17329 Nadrensee Germany PARADISE STAR: Claims Registration Period Ends Dec. 28 ------------------------------------------------------ Creditors of Paradise Star Touristik GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Dr. Thilo Streck. Creditors and other interested parties are encouraged to attend the meeting at 10:35 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 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: Dr. Thilo Streck Neuer Wall 86 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Paradise Star Touristik GmbH on Nov. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Paradise Star Touristik GmbH Mundsburger Damm 38 22087 Hamburg Germany REINERMANN IMMOBILIEN: Claims Registration Ends December 27 ----------------------------------------------------------- Creditors of Reinermann Immobilien GmbH & Co. KG have until Dec. 27 to register their claims with court-appointed insolvency manager Dr. Norbert Westhoff. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Norbert Westhoff Adenauerplatz 4 33602 Bielefeld Germany The District Court of Bielefeld opened bankruptcy proceedings against Reinermann Immobilien GmbH & Co. KG on Nov. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Reinermann Immobilien GmbH & Co. KG Huegelstr. 8 33613 Bielefeld Germany Attn: Klaus Reinermann, Manager Stadtblick 10 B 33739 Bielefeld Germany RIEDINGER DACHBAU: Claims Registration Period Ends Dec. 28 ---------------------------------------------------------- Creditors of Riedinger Dachbau Gmb have until Dec. 28 to register their claims with court-appointed insolvency manager Andreas Rohe. Creditors and other interested parties are encouraged to attend the meeting at 1:10 p.m. on Jan. 28, 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 Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg 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 Rohe Kamigstr. 2 17373 Ueckermuende Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Riedinger Dachbau Gmb on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Riedinger Dachbau GmbH Brauereistr. 4 17159 Dargun Germany SMEDIEN RESTAURATIONS: Claims Registration Ends January 2, 2008 --------------------------------------------------------------- Creditors of SMEDIEN Restaurations- und Gaststattenbetriebe GmbH have until Jan. 2, 2008, to register their claims with court- appointed insolvency manager Kaufmann Joachim Schmitz. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Jan. 30, 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 Braunschweig Hall E 01 Martinikirche 8 38100 Braunschweig 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: Dipl. Kaufmann Joachim Schmitz Immengarten 2, D 38104 Braunschweig Germany Tel: (0531) 236460 Fax: (0531)2364699 The District Court of Braunschweig opened bankruptcy proceedings against SMEDIEN Restaurations- und Gaststattenbetriebe GmbH on Nov. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SMEDIEN Restaurations- und Gaststattenbetriebe GmbH Attn: Gisela Latta, Manager Neuer Weg 66 38302 Wolfenbuettel Germany TOP-PAINTING: Claims Registration Period Ends Dec. 28 ----------------------------------------------------- Creditors of Top-Painting GmbH & Co. KG have until Dec. 28 to register their claims with court-appointed insolvency manager Dr. Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 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. Sebastian Henneke Hansastrasse 61 44137 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against Top-Painting GmbH & Co. KG on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Top-Painting GmbH & Co. KG Gutenbergstr. 10 59174 Kamen Germany TOP-PAINTING VERWALTUNGS: Claims Registration Ends Dec. 28 ---------------------------------------------------------- Creditors of Top-Painting Verwaltungs GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Dr. Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 10:40 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 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. Sebastian Henneke Hansastrasse 61 44137 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against Top-Painting Verwaltungs GmbH on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Top-Painting Verwaltungs GmbH Gutenberg Str. 10 59174 Kamen Germany ============= H U N G A R Y ============= AES CORP: Court To Hear Firm's Plea To Lift NatGas Project Ban -------------------------------------------------------------- Laura Barnhardt at The Baltimore Sun reports that the Honorable Paul F. Harris Jr. of the Anne Arundel County Circuit Court in the Baltimore County in Maryland will be hearing a plea from The AES Corp. to overturn a law that bans energy projects. According to The Baltimore Sun, AES is seeking to construct a liquefied natural gas facility on Sparrows Point. The Baltimore County repeatedly tried to interfere with the federal approval process for energy projects, The Baltimore Sun says, citing AES. Baltimore County officials told The Baltimore Sun that they can prohibit projects like liquefied natural gas terminals "along the waterfront as part of the state and federally sanctioned Coastal Zone Management Act." The Baltimore Sun relates that AES has also appealed a federal judge's decision to uphold the prohibition on liquefied natural gas facilities in coastal areas. AES is asking the Department of Commerce "to overrule a finding by Maryland that the proposed Sparrows Point facility isn't consistent with the coastal zone management program." The report says that the liquefied natural gas project was opposed by: * Eastern Baltimore County neighborhood activists, and * elected officials that include: -- Maryland's Congress members, -- Governor Martin O'Malley, and -- Baltimore County Executive James T. Smith Jr. Those against the project told The Baltimore Sun that they were worried about accidents and terrorist attacks at the facility, "which is too close to homes." The dredging of the Patapsco River to accommodate the liquefied natural gas tankers would also stir up toxic muck that could harm marine life. The Baltimore Sun notes that in October 2007 the State Highway Administration said AES wouldn't likely be able to build a pipeline from its proposed liquefied natural gas plant to Pennsylvania along sections of the Baltimore Beltway. The project has been delayed as the firm was forced to redraw a route for the pipeline and conduct more tests. The Federal Energy Regulatory Commission decides where the liquefied natural gas plants can be built, according to The Baltimore Sun. The commission consults with the Coast Guard and other state and federal agencies. The Baltimore Sun says that firms who want to construct facilities must secure these permits: -- Clean Water Act, -- Clean Air Act, and -- Coastal Zone Management Act. AES Corporation, -- http://www.aes.com/-- a global power company, operates in South America, Europe, Africa, Asia and the Caribbean countries. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. AES has been in Eastern Europe for over ten years, since it acquired three power plants in Hungary in 1996. Currently, AES has two distribution companies in Ukraine, which serve 1.2 million customers and generation plants in the Czech Republic and Hungary. AES is also the leading company in biomass conversion in Hungary, generating 37% of the nation's total renewable generation in 2004. * * * As reported in the Troubled Company Reporter on Oct. 12, 2007, Moody's Investors Service affirmed The AES Corporation's Corporate Family Rating at B1 and the senior unsecured rating assigned to its new senior unsecured notes offering at B1 following its upsizing to US$2 billion from US$500 million. Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's US$2 billion issuance of senior unsecured notes maturing 2015 and 2017. AES' long-term Issuer Default Rating is rated 'B+' by Fitch. Fitch said the rating outlook is stable. ========= I T A L Y ========= TISCALI SPA: Renato Soru to Take Part in EUR150 Mln Capital Hike ---------------------------------------------------------------- Tiscali S.p.A. disclosed that shareholder Renato Soru expressed intention to subscribe proportionally to his stake the rights issue of up to EUR150 million which it is expected to be executed by the first months of 2008. About Tiscali Headquartered in Cagliari, Italy, Tiscali S.p.A. -- http://www.tiscali.com/-- offers Internet access in the country. The group also operates in other European countries, serving more than seven million subscribers, of which over 1.5 million are broadband users. Tiscali posted consecutive net losses for the past years: EUR5.5 million in 1999, EUR101 million in 2000, EUR1.66 billion in 2001, EUR593.1 million in 2002, EUR242.4 million in 2003, EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6 million in 2006. It posted EUR3.88 million in net losses on EUR614.33 million in net revenues for the nine months ended Sept. 30, 2007. =================== K A Z A K H S T A N =================== JAIREMSKY GOK: Proof of Claim Deadline Slated for Jan. 1, 2008 -------------------------------------------------------------- Branch of JSC Jairemsky Gok has declared insolvency. Creditors have until Jan. 1, 2008, to submit written proofs of claims to: Branch of JSC Jairemsky Gok Muratbayev Str. 20 Jairem Karaganda Kazakhstan KAZAZOTDEVELOPMENT LLP: Creditors Must File Claims Jan. 1, 2008 --------------------------------------------------------------- LLP Kazazotdevelopment has declared insolvency. Creditors have until Jan. 1, 2008, to submit written proofs of claims to: LLP Kazazotdevelopment Promzona Aktau Mangistau Kazakhstan Tel: 8 (3292) 57-90-83 KAZAZOTTRANS LLP: Claims Filing Period Ends Jan. 1, 2008 -------------------------------------------------------- LLP Kazazottrans has declared insolvency. Creditors have until Jan. 1, 2008, to submit written proofs of claims to: LLP Kazazottrans Promzona Aktau Mangistau Kazakhstan Tel: 8 (3292) 57-90-83 KAZTRANSAUTO-2005: Creditors' Claims Due on Dec. 28 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Kaztransauto-2005 (RNN 302000249312) insolvent. Creditors have until Dec. 28 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan KLAIPED STIVIDOR: Claims Registration Ends Jan. 2, 2008 ------------------------------------------------------- Representation of Klaiped Stividor Company (Klasko) has declared insolvency. Creditors have until Jan. 2, 2008, to submit written proofs of claims to: Representation of Klaiped Stividor Company (Klasko) Office 606 Abylai han ave. 58a Jetysuski District Almaty Kazakhstan Tel: 8 (3272) 66-21-66 POLI-SERVICE LLP: Creditors Must File Claims Dec. 28 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Poli-Service insolvent on Oct. 11. Creditors have until Dec. 28 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktube Kazakhstan Tel: 8 (3132) 21-30-32 REMSTROY-XXXL LLP: Claims Filing Period Ends Dec. 28 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Construction Company Remstroy-XXXL (RNN 301900219486) insolvent. Creditors have until Dec. 28 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan ROMA-NUR LLP: Creditors' Claims Due on Dec. 28 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Roma-Nur insolvent. Creditors have until Dec. 28 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Kolbai Alakolsky District Almaty Kazakhstan Tel: 8 (72823) 74-11-28 TULPAR LLP: Claims Registration Ends Dec. 28 -------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Tulpar insolvent on Oct. 12. Creditors have until Dec. 28 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Kolbai Alakolsky District Almaty Kazakhstan Tel: 8 (72823) 74-11-28 =================== K Y R G Y Z S T A N =================== SKAD INVEST: Proof of Claim Deadline Slated for December 31 ----------------------------------------------------------- LLC Skad Invest has declared insolvency. Creditors have until Dec. 31 to submit written proofs of claim to: LLC Skad Invest Orozbekov Str. 112-24 Bishkek Kyrgyzstan =================== L U X E M B O U R G =================== BASELL AF: Lyondell Shareholders Approve Merger Deal ---------------------------------------------------- Lyondell Chemical Company disclosed that, at a Special Meeting of Shareholders held on Nov. 20, 2007, shareholders approved the Agreement and Plan of Merger, dated as of July 16, 2007, among Basell AF, BIL Acquisition Holdings Limited and Lyondell pursuant to which Basell will acquire all of Lyondell's outstanding common shares for cash consideration of US$48 per share. In the final vote count by the independent inspectors of election, 168,008,513 Lyondell common shares (approximately 66.2 percent of the outstanding common shares) were represented at the Meeting, in person or by proxy, and the Agreement and Plan of Merger was approved by 65.8 percent of the shares outstanding. The closing of the transaction is anticipated to occur on or about Dec. 20, 2007. About Lyondell Headquartered in Houston, Texas, Lyondell Chemical Company (NYSE:LYO) -- http://www.lyondell.com/-- is North America's third-largest independent, publicly traded chemical company. Lyondell manufactures chemicals and plastics, a refiner of heavy, high-sulfur crude oil and a significant producer of fuel products. Key products include ethylene, polyethylene, styrene, propylene, propylene oxide, gasoline, ultra low-sulfur diesel, MTBE and ETBE. The company also has locations in Austria, France, Italy, The Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil, China, Japan, Taiwan, India and Singapore. About Basell Basell -- http://www.basell.com/-- produces polypropylene and advanced polyolefin products, supplies polyethylene and catalysts, and provides technical services for its proprietary technologies. Basell, together with its joint ventures, has manufacturing facilities in 19 countries and sells products in more than 120 countries. Basell is privately owned by Access Industries. * * * As reported in the TCR-Europe on Nov. 14, 2007, Standard & Poor's Ratings Services placed its 'BB-' long-term corporate credit rating on Basell AF S.C.A. remains on CreditWatch with negative implications, where it was placed on June 26, 2007, following the company's announcement that it will acquire Lyondell Chemical Co. (BB-/Watch Neg/B-1) and its related entities Equistar Chemicals L.P. (BB-/Watch Neg/B-1) and Millennium Chemicals Inc. (B+/Watch Neg/--). In July 2007, Moody's Investors Service maintains all ratings of Basell group under review for downgrade following the announcement by the company on July 17, 2007 that it has signed a definitive agreement to acquire Lyondell (Ba3/stable outlook) in a transaction valued at approximately US$19 billion, including the assumption of debt. At the same time, Fitch Ratings affirmed Netherlands-based Basell AF SC's Long-term Issuer Default Rating at 'BB-', senior secured rating at 'BB+' and senior notes at 'B+' and removed them from Rating Watch Negative. The Short-term IDR is affirmed at 'B'. This follows Huntsman Corporation's July 12, 2007 termination of its merger agreement with Basell dated June 26, 2007. A Stable Outlook is assigned to the Long-term IDR. BASELL AF: Lyondell Acquisition Cues Moody's to Cut Rating to B1 ---------------------------------------------------------------- Moody's Investors Service downgraded the corporate family rating of Basell AF SCA to B1 to reflect its on-going acquisition of the Lyondell Chemical Company. Moody's downgraded legacy US$300 million 2027 notes issued at Basell Finance Company from B2/LGD5 (84) to B3/LGD6 (90) and legacy US$615 million and EUR500 million 2015 notes issued at Basell AF SCA from B2/LGD5 (84) to B3/LGD6 (90). Moody's downgraded legacy 2026 7.55% notes issued at Lyondell Chemical Company from B1/LGD4 (64) to B3 /LGD5 (84), legacy 2026 7.625% notes issued at Millennium America Inc. from B1/LGD4 (66) to B3/LGD6 (96). The legacy 2010 10.25% notes issued at Lyondell Chemical Worldwide, Inc. were downgraded from B1/LGD5 (73) to B3/LGD6 (96) and legacy 2020 9.8% notes issued at Lyondell Chemical Worldwide, Inc. were downgraded from B1/LGD5 (73) to B3/LGD6 (96). Moody's also assigned (P)Ba2/LGD2 (27) rating to the new US$12.450 billion in senior secured first lien facilities (including US$1 billion revolver) , (P)B2/LGD5 (74) to US$5.5 billion senior secured second lien facilities and (P)B3/LGD 6(90) to the proposed US$2.5 billion senior unsecured notes supporting the proposed US$20 billion acquisition of Lyondell Chemical Company. The outlook is stable. Moody's issues provisional ratings on the new facilities in advance of the final sale of securities, and these ratings only represent Moody's preliminary opinion. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive ratings to the securities. A definitive rating may differ from a provisional rating. Moody's notes that following the approval of the proposed acquisition by the shareholders of Lyondell on 20 November 2007, Lyondell has launched a cash tender offer for its remaining publicly traded obligations. Following the refinancing, Moody's will withdraw the ratings on the repaid instruments. This rating action concludes the review of Basell ratings initiated on June 26, 2007, following the announcement by the company that it has signed a definitive agreement to acquire Huntsman Corporation, and following further its announcement on July 17, 2007, that it has signed a definitive agreement to acquire Lyondell Chemical Company, as Huntsman has accepted a competing offer by Hexion Specialty Chemicals Inc. and has terminated the agreement with Basell. Basell will pay US$48 per share of Lyondell and assume all debt of the US company which will become its subsidiary. The acquisition is expected to be financed with debt. At the end of 2007, the combined group is expected to have US$23.7 billion of debt. This will include approximately US$11.5 billion outstanding under the committed senior secured 1st lien facilities, approximately US$2 billion raised under its existing and new securitization and accounts receivables asset backed facilities, and US$5.5 billion in senior secured second lien notes and US$2.5 billion senior unsecured notes, as well as some of the legacy liabilities of Basell and Lyondell. The Company expects to close the transaction by the end of 2007. Following the acquisition of Lyondell, Basell will become one of the largest independent chemical groups with estimated pro-forma 2007 Revenues in excess of US$40 billion and EBITDA of US$4.8 billion reflecting strong performance of Lyondell and Basell businesses at this phase of the mature cycle. The group will focus on commodities and refining and is expected to derive 29% of its 2007 pro-forma EBITDA from refining, 46% from its olefins and polyolefins and 15% from propylene oxide. Basell's technology and advance polyolefins businesses are estimated to contribute 10% of its 2007 PF EBITDA. Moody's notes that following its LBO in 2005, Basell capitalized on the extended cyclical upturn in the polyolefins market and utilised its strong cash flow generation to reduce its LBO debt and strengthen the balance sheet. The downgrade of Basell's corporate family rating reflects Moody's concern with regard to the substantial absolute amount of debt assumed by the combined group at this stage of the extended petrochemical cycle. Moody's estimates that following the closing, Basell's leverage will approach 5 times PF EBITDA on a non-adjusted basis, supported by strong performance of Basell and a sustained strength in the Lyondell business in 2007. Furthermore, Moody's expects Basell to make a follow up US$700 million acquisition in first half 2008, as well as some small bolt on acquisitions. The rating, however, is underpinned by the expectation of a resolute deleveraging in the first 18 months and US$420 million in synergies that the group plans to realize in 2008-2010 that should allow Basell to maintain credit metrics consistent with the assigned rating. Although dividend restrictions and a cash flow sweep envisaged by the structure provide for a strict usage of the cash flow, Moody's cautions that a sharp early deterioration in market conditions would be likely to place pressure on the highly leveraged capital structure. The stable outlook on the ratings reflects the expectation that market and economic conditions will remain broadly supportive in the medium term and will allow Basell to substantially reduce the absolute amount of debt in the first 18 months. The combined group will have US$1 billion revolver facility and US$3 billion of securitization and assets back facilities to support its working capital and liquidity needs. Moody's notes the substantial size of the interest payments in relation to the Company's current FFO and a substantial interest rate exposure (while the facilities require Basell to hedge interest rate exposure on at least 50% of the outstanding debt). The ratings may be reviewed downwards should FFO-Interest / Interest decline below x2.0 times and FCF/Total Debt weaken sustainably to low single digits. Sustained strong profitability and debt reduction below x4.0 EBITDA through the cycle would put a positive pressure on the ratings. Structural Considerations The assigned (P)Ba2/LGD2 (27) ratings on the US$12.45 billion Senior Secured 1st Lien 2013 Facilities reflect the priority ranking of the instruments supported by the senior upstream guarantees provided by the majority of the operating companies of the combined entity. Furthermore, the expected recoveries under the facilities are supported by the 1st lien pledge over a material portion of European and American assets and cash flow generation capacity for the US$12.45 billion facilities. The assigned (P)B2/LGD5 (74) ratings to the US$5.5 billion Senior Secured 2nd Lien Facility to be issued at BIL Holdings is supported by the claim on the same collateral pool and the upstream guarantees provided by the same majority group of operating companies on a subordinated basis to the claims under the 1st lien facilities. The provisional (P)B3/LGD6 (90) ratings on the US$2.5 billion senior unsecured notes to be issued at BIL Holdings reflects the substantial share of the priority secured debt ranking ahead of the notes. The instrument will also be guaranteed by the operating subsidiaries on a subordinated basis. The downgrade to B3 of the US$300 million 2027 legacy senior unsecured guaranteed notes at Basell Finance Company and the 2015 senior secured guaranteed notes at Basell AF SCA reflects the subordinated position of the legacy liabilities of Basell in the new capital structure, dominated by the new senior secured 1st and 2d lien facilities. The expected recovery under the 2015 notes is supported by the existing subordinated upstream guarantees provided by the majority of the operating companies. The 2027 notes, by comparison, benefit only from the downstream parent guarantee of Basell Holding BV, an intermediate holding company whose assets are stakes in the European operating companies. Moody's notes that the position of the unsecured claim under the guarantee may be indirectly supported by some unencumbered subsidiaries that are restricted to provide guarantees and security under the legacy 2027 notes, while the lenders under the 2027 notes do not have a direct claim on these subsidiaries in an insolvency situation. The downgrade of the legacy senior notes issued via Lyondell Chemical Company, Lyondell Chemical Worldwide Inc and Millennium America Inc to B3 reflects the weakened position of the instruments in the new capital structure. Moody's notes that the US$250 million 2013 Senior Unsecured Notes at Millennium America Inc. are guaranteed by Millennium Chemicals Inc which has limited operating asset base following a number of disposals made by Lyondell in 2007; while the 2010 and 2020 senior notes at Lyondell Chemical Worldwide Inc will benefit from the 1st lien pledge of assets directly owned by Lyondell Chemical Company that secures the Senior Secured Credit Facilities. The 2026 notes will benefit from the first-lien pledge of Equistar assets that also form part of the security package for the secured facilities. The relative asset coverage of the legacy liabilities is reflected in the LGD rates assigned at LGD6 (96) for the Millennium America Inc notes and notes issued at Lyondell Chemical Worldwide compared to LGD5 (84) assigned to the legacy Lyondell notes, benefiting from the provision of the additional security at Equistar. These ratings are affected: -- B1 Corporate family rating at Basell AF SCA; -- (P)Ba2/LGD2 (27%) rating on the Senior Secured 1st lien facilities; -- (P)B2/LGD5 (74%) rating on Senior Secured 2d lien notes at BIL Holdings; -- (P)B3/LGD6 (90%) rating on Senior Unsecured notes at BIL Holdings; -- B3/LGD6 (90%) rating on 2015 8.375% notes at Basell AF SCA; -- B3/LGD6 (90%) rating on 2027 8.1% notes at Basell Finance Company; -- B3/LGD5 (84%) rating on 2026 7.55% notes at Lyondell Chemical Company (Assumed by Equistar LP); -- B3/LGD6 (96%) rating on 2026 7.625% notes at Millennium America Inc.; -- B3/LGD6 (96%) rating on 2010 10.25% notes at Lyondell Chemical Worldwide, Inc.; -- B3/LGD6 (96%) rating on 2020 9.8% notes at Lyondell Chemical Worldwide, Inc. Basell is the world's largest producer of polypropylene and advanced polyolefins products, a leading supplier of polyethylene, and a global leader in the development and licensing of polypropylene and polyethylene processes and related catalyst sales. In 2006, the Company reported revenues of EUR10.5 billion and EBITDA of EUR1.1 billion. BASELL AF: S&P Cuts Ratings to B+ on Acquisition Approval --------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Basell AF S.C.A. to 'B+' from 'BB-' and removed it from CreditWatch, where it was placed with negative implications on June 26, 2007. This follows approval for Basell's acquisition of Lyondell Chemical Co. from Lyondell shareholders and regulatory approvals. Furthermore, financing for the acquisition is underwritten by five major investment banks. The acquisition is expected to be completed on Dec. 20, 2007. At the same time, Standard & Poor's lowered the long-term corporate credit ratings on Lyondell and its related entity Equistar Chemicals L.P. to 'B+' from 'BB-', and removed them from CreditWatch, where it was placed with negative implications on July 17, 2007. The 'B-1' short-term rating on Lyondell was withdrawn. The long-term corporate credit rating on Lyondell's subsidiary Millennium Chemicals Inc. was affirmed at 'B+' and removed from CreditWatch negative. The outlook on all entities is stable. "The downgrade reflects the substantial increase in Basell's financial debt following the acquisition, which will be 100% debt financed and will result in a highly leveraged structure at a mature stage in the petrochemical cycle," said Standard & Poor's credit analyst Tobias Mock. S&P considers that the company's business risk following the acquisition will benefit from a better product and geographic mix. It will have a strong backward integration and cost structure for a Europe- and North America-based petrochemical producer, strengthened market positions in polyolefins, and is likely to benefit from sizable synergies. Nonetheless, the company remains highly sensitive to cyclical businesses, and the petrochemical cycle will remain a dominant factor in guiding the company's cash flow generation. "The stable outlook reflects our expectation that the group's petrochemical assets will continue to perform strongly in 2008 and our assumption that the merger between Basell and Lyondell will be closed successfully in 2007," said Mr. Mock. S&P expects the petrochemical cycle to weaken from 2009 and that refining margins will weaken in the coming years. Therefore, although S&P expects Basell's credit protection ratios to improve in 2008, they are likely to deteriorate again to current levels or below as the petrochemical cycle weakens. EVRAZ GROUP: Moody's Lifts Corporate Family Rating to Ba2 --------------------------------------------------------- Moody's Investor's Service upgraded the corporate family rating for Evraz Group from Ba3 to Ba2. Moody's also has upgraded the ratings for the Senior Unsecured global bonds at Evraz Group S.A. totaling US$750 million due in 2015 from B2 to Ba3 and the Senior guaranteed Eurobonds at Evraz Securities S.A. totaling US$300 million due in 2009 from Ba3 to Ba2. The outlook on all ratings is stable. The rating upgrade for Evraz Group to Ba2 reflects: (i) the continuing improvement of Evraz's operating performance and financial results of the Group in 2006 and first half 2007 supported by growing demand for steel products in Russia and international markets; and (ii) the strengthened liquidity profile as a result of successful re-financing of short term indebtedness. In this context Moody's noted that the recently signed US$3.2 billion syndicated credit facility has enabled Evraz to repay in full the US$1.8 billion bridge facility that was put in place for the acquisition of Oregon Steel and which was maturing in May 2008, with the remaining US$1.4 billion to be used for general corporate purposes and to support the company's liquidity position. In its assessment of the company's capital structure for the purpose of assessing the loss given default, Moody's considers secured debt to rank ahead of the unsecured global bonds and guaranteed Eurobonds. Two issues of the bonds totaling US$1050 million and due in 2009 and 2015 -- are structurally and contractually subordinated to the existing secured indebtedness of Evraz Group. The Senior Unsecured global bonds at Evraz Group S.A. (secured by Mastercroft guarantee) due in 2015 (upgraded to Ba3) are structurally subordinated to the Senior guaranteed Eurobonds at Evraz Securities S.A. due in 2009 (upgraded to Ba2). The upgrades are due to the recent changes in the funding structure and application of Moody's LGD methodology. The secured indebtedness is secured by property, equipment, fixed assets and revenue proceeds and represents 22% of the total loan portfolio at June 30, 2007. The ratings on the unsecured notes reflects both the overall probability of default of the group, to which Moody's assigned a probability-of-default rating of Ba2, and a loss-given default assessment. Upgrades: * Issuer: Evraz Group -- Probability of Default Rating, Upgraded to Ba2 from Ba3 -- Corporate Family Rating, Upgraded to Ba2 from Ba3 -- Senior Unsecured global bonds at Evraz Group S.A. due in 2015, Upgraded to a range of 85% -- LGD5 to Ba3 -- Senior guaranteed Eurobonds at Evraz Securities S.A. due 2009, Upgraded to a range of 55% - LGD4 to Ba2 Evraz Group is one of the Russian's largest vertical integrated steel companies in Russia with assets also in Europe, North America and South Africa that produced 16 million tons of steel products, reported revenue of US$8,292 million and EBITDA of US$2.65 million in 2006. In first half 2007 the company posted revenue of US$6.02 billion and EBITDA of US$2.05 million. Evraz's principal assets are five steel plants (three steel plants in Russia, two in Europe, three plants in North America and one in South Africa) and three iron ore and processing facilities, as well as two coal mines and logistics and trading assets. ===================== N E T H E R L A N D S ===================== EUROSTAR I: Fitch Junks EUR14 Million Class C Notes --------------------------------------------------- Fitch Ratings upgraded EuroStar I CDO's Class A-3 notes and affirmed its Class B and C notes: -- EUR39 million Class A-3 notes (XS0111598859): upgraded to 'B'/'DR1' from 'B-'/'DR1' -- EUR32 million Class B notes (XS0111599154): affirmed at 'CC'/'DR5' -- EUR14 million Class C notes (XS0111599238): affirmed at 'C'/'DR6' The upgrade of the Class A-3 notes is due to the increase in credit enhancement stemming from the de-leveraging of the notes following the amortization of the underlying portfolio. As a result, the Class A over-collateralization test has improved to 135% as of the November trustee report from 117% at the July 2006 rating action, against a test level of 124.5%. The Class B and C over-collateralization tests have continued to deteriorate due to the increasing balance of deferred interest. There have been no additional defaults in the portfolio since the previous rating action. There are no assets rated 'CCC+' and below, compared with 7.2% at last review. As a result, the Fitch rating factor has improved to 29 (equivalent to 'BB+'/ 'BBB-' (BBB minus)), from 39 (equivalent to 'BB'/'BB+') in July 2006. In June 2000, EuroStar I CDO, a limited liability company organized under Dutch law, issued EUR319.5 million of various classes of fixed- and floating-rate notes and invested the proceeds in a portfolio of corporate investment grade and sub- investment grade debt securities. EUROSTAR II: Fitch Junks EUR51 Million Subordinated Notes --------------------------------------------------------- Fitch Ratings has upgraded EuroStar II CDO's Class A-3 notes and affirmed its other notes: -- EUR59 million Class A-1 notes (DE0006104706): affirmed at 'AAA' -- EUR16 million Class A-2 notes (DE0006104714): affirmed at 'AAA' -- EUR51 million Class A-3 notes (DE0006104722): upgraded to 'AA-' from 'A-' -- EUR48 million Class B notes (DE0006104730): affirmed at 'CCC+', 'DR2' -- EUR9 million Class C notes (DE0006104748): affirmed at 'C'/'DR6' -- EUR51 million subordinated notes (DE0006104755): affirmed at 'C'/'DR6' The upgrade of the Class A-3 notes reflects the increase in the over-collateralization since the last rating action in July 2006, due to deleveraging and the expected repayment of the senior notes. As of the November trustee report, the OC ratio is 148.5% compared with 124% in July 2006 and a test value of 119%. Although Class B is passing the OC test of 105% with a current value of 107.5%, the interest coverage ratio is far below the required 100% and currently stands at 34%. Class C is failing both the OC and IC test; the OC ratio is currently 102.2% compared with a test value of 103.5% and the IC ratio is 26.8% compared with a test value of 100%. Deferred interest to the Class B and C notes is currently EUR9 million and EUR4 million respectively, compared with EUR2 million for the Class B notes and EUR1 million for the Class C notes at last review. Since the last review in July 2006, the 'CCC+' and below bucket has increased to 10.6% of the portfolio, compared with 4.7% at last review. The Fitch rating factor has shown some improvement, now at 29.38, while the July 2006 Fitch rating factor was 31.13 (both equivalent to 'BB+'/'BBB-'). HEXION SPECIALTY: Posts US$2-Mln Net Loss in 2007 Third Quarter --------------------------------------------------------------- Hexion Specialty Chemicals Inc. reported its results for the third quarter ended Sept. 30, 2007. Highlights for the third quarter of 2007 include: -- Revenues of US$1.43 billion in 2007 compared to US$1.34 billion during the prior year period, an increase of 7%. -- Operating income of US$88 million for the third quarter of 2007 compared to US$57 million during the prior year period, an increase of 54%. Operating income for the third quarter of 2007 benefited from improved operating performance, as well as decreased integration costs, compared to the similar year-ago period. -- Net loss of US$2 million for the 2007 quarter versus a net loss of US$14 million in the third quarter of 2006. -- Segment EBITDA (earnings before interest, taxes, depreciation and amortization) increased 20 percent to US$162 million in third quarter 2007 compared to US$135 million during the prior year period. "We were pleased to achieve double-digit gains in Segment EBITDA for the fifth consecutive quarter, while our operating income increased by 54 percent in the third quarter of 2007 compared to the prior year period, on the strength of several specialty products within our Epoxy and Phenolic Resins segment, our oilfield technology products, and our European and Latin American forest products businesses," said Craig O. Morrison, Chairman, President and Chief Executive Officer. "We continue to offset the challenging North American market conditions in 2007 through our strategy of international diversification, synergy achievement, productivity initiatives and leveraging bolt-on acquisitions to better serve our global customers." "In the near-term, we continue to take the necessary actions to offset price spikes in certain key raw materials. We have recently announced several price increases for select products focused on offsetting the volatility of input costs." Hexion achieved US$10 million in synergies in the third quarter of 2007 as the company continued to realize its targeted cost saving as planned. As of Sept. 30, 2007, Hexion has achieved US$105 million in synergies from its full program targeting US$175 million in savings. As previously announced on July 12, 2007, Hexion entered into a definitive merger agreement with Huntsman Corporation in an all- cash transaction valued at approximately US$10.6 billion, including assumed debt. As previously disclosed, Huntsman's stockholders approved the merger agreement with Hexion on Oct. 16, 2007. The transaction is subject to various conditions, including expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Act, review by several foreign jurisdictions and other customary closing conditions. "We are pleased that Huntsman's stockholders approved the merger, and we continue to work diligently to satisfy all closing conditions and complete the transaction as quickly as possible," Mr. Morrison said. Hexion also announced on Nov. 1, 2007, that it had completed the purchase of ARKEMA GmbH, which had 2006 revenues of approximately EUR101 million. Terms of the agreement were not disclosed. Based in the Leuna industrial park in east central Germany, the ARKEMA German resins and formaldehyde business manufactures formaldehyde and formaldehyde-based resins including urea-formaldehyde, phenol-formaldehyde and melamine- based resins systems. These resins are used to manufacture engineered wood panels including oriented strand board, particleboard and medium density fiberboard. The business also produces impregnation resins used to laminate decorative paper surfaces to wood products. "We remain focused on serving an expanding list of leading global customers in the high-growth regions of Eastern Europe, Latin America and Asia Pacific through our broad portfolio of thermoset resins," Mr. Morrison said. About Hexion Specialty Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. -- http://www.hexion.com/-- serves the global wood and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries. Hexion Specialty Chemicals is owned by an affiliate of Apollo Management, L.P. The company has locations in China, Australia, Netherlands, and Brazil. It is an Apollo Management L.P. portfolio company. Hexion had 2006 sales of USUS$5.2 billion and employs more than 7,000 associates. * * * As reported in the Troubled Company Reporter on July 9, 2007, Standard & Poor's Ratings Services placed its 'B' corporate credit rating and other ratings on Columbus, Ohio-based Hexion Specialty Chemicals Inc. on CreditWatch with negative implications. The ratings on related entities were also placed on CreditWatch. =========== N O R W A Y =========== TERRA SECURITIES: License Revocation Triggers Bankruptcy Filing --------------------------------------------------------------- Terra Securities ASA filed for bankruptcy protection on Nov. 28, 2007, after the Financial Supervisory Authority of Norway revoked its brokerage license, published reports say. The financial regulator revoked all of Terra's licenses to manage investments in Norway over allegations that the firm misled its municipal clients into investing in high-risk U.S. bonds, Aftenposten says. The towns of Rana, Hemnes, Hattfjelldal and Narvik claimed that Terra failed to inform them of the high risk of their NOK451 million (US$82 million) investment placed through Citibank, the Associated Press relates. Terra told reporters Wednesday that the four municipalities probably lost around NOK350 million (US$64 million) on investments in collateralized debt obligations, which are backed with money from hydropower, Robin Wigglesworth and Niklas Magnusson write for Bloomberg News. Norway Finance Minister Kristin Halvorsen said the government is unlikely to bail out the four townships. The firm said it is shutting down immediately since it cannot continue to operate without the licenses, the Associated Press relates. The filing has seen the suspension of Terra's shares from trading on the Oslo stock exchange. The financial scandal has led to the resignation of Ola Sundt Ravnestad as chief executive officer of Terra Group. He will be replaced by Stein Ole Larsen. Headquartered in Oslo, Norway, Terra Securities ASA -- http://www.terra.no/english-- operated as a full-service investment bank, which include securities trading, investment banking and asset management. =========== R U S S I A =========== AGROSNAB OJSC:: Creditors Must File Claims by Jan. 17, 2007 ----------------------------------------------------------- Creditors of OJSC AgroSnab have until Jan. 17, 2008, to submit proofs of claim to: S. N. Papenko Competitive Proceedings Manager P.O. Box 7 390029 Ryazan' Russia The Arbitration Court of Tula declared the company insolvent on Oct. 3. The case is docketed under Case No. A68-8268/06-634/ B-06. The Court is located at: The Arbitration Court of Tula Hall 35 Sovetskaya Str. 112 Tula Russia The Debtor can be reached at: OJSC AgroSnab Komsomol'skoye Shosse Mine 22 Novomoskovsk Tula Russia ATIS CJSC: Creditors Must File Claims by Jan. 17, 2008 ------------------------------------------------------ Creditors of CJSC Non-Bank Credit Organization Atis have until Jan. 17, 2008, to submit proofs of claim to: L. N. Salandaeva Liquidator P.O. Box 4 107045 Moscow Russia The Arbitration Court of Moscow declared the company to be subject to liquidation on Nov. 1. The case is docketed under Case No. A40-49322/07-38-134. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Non-Bank Credit Organization Atis Block 1 Kozhevnicheskaya Str. 3 113114 Moscow Russia EVRAZ GROUP: Moody's Lifts Corporate Family Rating to Ba2 --------------------------------------------------------- Moody's Investor's Service upgraded the corporate family rating for Evraz Group from Ba3 to Ba2. Moody's also has upgraded the ratings for the Senior Unsecured global bonds at Evraz Group S.A. totaling US$750 million due in 2015 from B2 to Ba3 and the Senior guaranteed Eurobonds at Evraz Securities S.A. totaling US$300 million due in 2009 from Ba3 to Ba2. The outlook on all ratings is stable. The rating upgrade for Evraz Group to Ba2 reflects: (i) the continuing improvement of Evraz's operating performance and financial results of the Group in 2006 and first half 2007 supported by growing demand for steel products in Russia and international markets; and (ii) the strengthened liquidity profile as a result of successful re-financing of short term indebtedness. In this context Moody's noted that the recently signed US$3.2 billion syndicated credit facility has enabled Evraz to repay in full the US$1.8 billion bridge facility that was put in place for the acquisition of Oregon Steel and which was maturing in May 2008, with the remaining US$1.4 billion to be used for general corporate purposes and to support the company's liquidity position. In its assessment of the company's capital structure for the purpose of assessing the loss given default, Moody's considers secured debt to rank ahead of the unsecured global bonds and guaranteed Eurobonds. Two issues of the bonds totaling US$1050 million and due in 2009 and 2015 -- are structurally and contractually subordinated to the existing secured indebtedness of Evraz Group. The Senior Unsecured global bonds at Evraz Group S.A. (secured by Mastercroft guarantee) due in 2015 (upgraded to Ba3) are structurally subordinated to the Senior guaranteed Eurobonds at Evraz Securities S.A. due in 2009 (upgraded to Ba2). The upgrades are due to the recent changes in the funding structure and application of Moody's LGD methodology. The secured indebtedness is secured by property, equipment, fixed assets and revenue proceeds and represents 22% of the total loan portfolio at June 30, 2007. The ratings on the unsecured notes reflects both the overall probability of default of the group, to which Moody's assigned a probability-of-default rating of Ba2, and a loss-given default assessment. Upgrades: * Issuer: Evraz Group -- Probability of Default Rating, Upgraded to Ba2 from Ba3 -- Corporate Family Rating, Upgraded to Ba2 from Ba3 -- Senior Unsecured global bonds at Evraz Group S.A. due in 2015, Upgraded to a range of 85% -- LGD5 to Ba3 -- Senior guaranteed Eurobonds at Evraz Securities S.A. due 2009, Upgraded to a range of 55% - LGD4 to Ba2 Evraz Group is one of the Russian's largest vertical integrated steel companies in Russia with assets also in Europe, North America and South Africa that produced 16 million tons of steel products, reported revenue of US$8,292 million and EBITDA of US$2.65 million in 2006. In first half 2007 the company posted revenue of US$6.02 billion and EBITDA of US$2.05 million. Evraz's principal assets are five steel plants (three steel plants in Russia, two in Europe, three plants in North America and one in South Africa) and three iron ore and processing facilities, as well as two coal mines and logistics and trading assets. HYNIX SEMICON: Back in Non-Memory Business w/ SiliconFile Deal -------------------------------------------------------------- Hynix Semiconductor Inc. returned to the non-memory business, after four years, through a partnership with CMOS image sensor designer SiliconFile Technologies, various reports say. Reportedly, under the business agreement, Hynix will manufacture and sell CMOS image sensor products using SiliconFile's design, and provide foundry services for SiliconFile. Solid State Online Article relates, citing a Hynix spokesman, that the company is also is taking an undisclosed ownership stake in SiliconFile. The mass production for the sensor products is planned for the fourth quarter next year, Solid States Online notes. EE Times recounts that last July, Hynix said it plans to diversify its business portfolio. It is also an effort to offset the wild swings in the company's existing and core DRAM and NAND businesses, the report adds. Earlier this year Hynix indicated it would reinvest in its Line M7, a 200mm DRAM line in Icheon, for a foray into nonmemory semiconductors, once restrictions tied to the Magnachip spinoff expire, Solid State Online adds. About Hynix Semiconductor Inc. Headquartered in Echon, South Korea, Hynix Semiconductor Inc -- http://www.hynix.com/-- is a semiconductor manufacturer. Through a merger with LG Semiconductor in 1999, Hynix Semiconductor now has the world's largest dynamic random access memory chip production capacity as well as the industry's best technical development capacity by fully exploiting synergies resulting from the historical integration of both companies. The company has operations in Russia, and the United States. * * * The Troubled Company Reporter-Asia Pacific reported on June 19, 2007, that Moody's Investors Service upgraded to Ba2 from Ba3 Hynix Semiconductor Inc's senior unsecured bond rating and corporate family rating. At the same time, Moody's assigned a Ba2 senior unsecured bond rating for Hynix's proposed US$500 million issuance. The outlook for the ratings is stable. On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on Hynix Semiconductor Inc.'s proposed US$500 million global bonds maturing in 2017, which will replace the currently rated seven- year notes issued in 2005. The TCR-AP reported on June 14, 2007, that Fitch Ratings assigned an expected rating of 'BB' to the proposed issue of US$500 million senior unsecured notes due 2017 by Hynix Semiconductor Inc. KIRENSKAYA OJSC: Creditors Must File Claims by Jan. 17, 2008 ------------------------------------------------------------ Creditors of OJSC Navy Repair&Maintenance Station Kirenskaya have until Jan. 17, 2008, to submit proofs of claim to: V. M. Pulyaevskij Competitive Proceedings Manager P.O. Box 5604 664081 Irkutsk-81 Russia Tel/fax: (3952)541-189 The Arbitration Court of Irkutsk commenced one-year competitive proceedings against the company after finding it insolvent on Oct. 29. The case is docketed under Case No. A19-14692/ 06-38-29. The Court is located at: The Arbitration Court of Irkutsk Room 303 Gagarina Avenue 70 664025 Irkutsk Russia The Debtor can be reached at: OJSC Navy Repair&Maintenance Station Kirenskaya Partizanskaya Str. 30 Kirensk 666702 Irkutsk Russia KRASNYANSKOYE CJSC: Asset Sale Slated for Dec. 18 ------------------------------------------------- T. V. Vodolazskaya, the competitive proceedings manager of CJSC Krasnyanskoye, will open a public auction for the company's properties at 1:00 p.m. on Dec. 18 at: CJSC Krasnyanskoye Administration building Zavodskaya Str. 5 Krasnoye Selo Novohoperskij Raion 397411 Voronezh Russia The company has set a RUR100,906,380 starting price for the auctioned assets. Deposit required is RUR300,000. Interested participants have until Dec. 12 to submit their bidding documents. The Debtor can be reached at: CJSC Krasnyanskoye Zavodskaya Str. 5 Krasnoye Selo Novohoperskij Raion 397411 Voronezh Russia Information related to the auction can be obtained by calling, Tel: (74353) 39-132. LIPETSKCOMBANK: S&P Affirms & Withdraws B- Ratings Upon Request --------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its long- and short- term counterparty credit ratings on Russian LipetskComBank at B-/Stable/C. At the same time, the 'ruBBB' Russia national scale rating was also affirmed. All the ratings were subsequently withdrawn at the bank's request. "As a result of the withdrawal, LipetskComBank will no longer be subject to Standard & Poor's review. At the time of the withdrawal, the bank had no senior unsecured debt outstanding," said Standard & Poor's credit analyst Elena Romanova. LOTOSHINSKIJ OJSC: Bankruptcy Hearing Slated for Feb. 6, 2008 ------------------------------------------------------------- The Arbitration Court of Moscow will convene on Feb. 6, 2008, to hear the bankruptcy supervision procedure on OJSC Milk Plant Lotoshinskij. The case is docketed under Case No. A41-K2-14510/ 07. The interim manager is: S. S. Kleymenov Office 34 Rozhdestvenskij Boulevard 5-7 Moscow Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: OJSC Milk Plant Lotoshinskij Rogova Str. 8 Lotoshino Settlement Moscow Russia NERTIS OJSC: Creditors Must File Claims by Dec. 17 -------------------------------------------------- Creditors of OJSC Trade&Industrial Company Nertis have until Dec. 17 to submit proofs of claim to: O. N. Lavrentyev Competitive Proceedings Manager Apartment 8 Moskovskij Pr. 119 150030 Yaroslavl' Russia The Arbitration Court of Yaroslav declared the company insolvent on Oct. 8. The case is docketed under Case No. A82-B/307-2002. The Debtor can be reached at: OJSC Trade&Industrial Company Nertis Apartment 29