T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, December 17, 2007, Vol. 8, No. 249 Headlines A U S T R I A ACTION AGENCY: Claims Registration Period Ends Dec. 27 ASPECK LLC: Claims Registration Period Ends Dec. 21 E. MIEDLER: Claims Registration Period Ends Dec. 21 MONDTECH LLC: Graz Court Orders Business Shutdown G E R M A N Y ARKADE-BAU GMBH: Claims Registration Period Ends Jan. 10, 2008 BETRIEBSWIRT KRUEGER: Claims Registration Ends Jan. 5, 2008 CK BRANDSCHUTZSERVICE: Claims Registration Ends January 21, 2008 DEILMANN-HANIEL SCHACHTBAU: Claims Period Ends Jan. 8, 2008 DRIVE IN'S HOLZ: Claims Registration Period Ends Jan. 17, 2008 ELASO VERSAND: Claims Registration Period Ends Jan. 17, 2008 ESTHER'S BACKSTUBEN: Claims Period Ends Jan. 9, 2008 FAME GASTRONOMIE: Creditors' Meeting Slated for Jan. 15, 2008 FAN PLAN: Creditors' Meeting Slated for December 18 GERMAN MEDICAL: Claims Registration Period Ends Jan. 4, 2008 H + K BAU: Claims Registration Period Ends Jan. 7, 2008 H.A.F. SANITARTECHNIK: Claims Registration Ends January 23, 2008 INGENIEUR KUNST: Creditors' Meeting Slated for Jan. 8, 2008 INSIDE 2000: Claims Registration Period Ends Jan. 14, 2008 KAYSER-BAU GMBH: Claims Registration Ends January 25, 2008 LEG-TUBBERGEN: Claims Registration Period Ends Jan. 9, 2008 PROSIEBENSAT.1 MEDIA: Restructures Sat.1's Berlin Management SALUTA ZWEITE: Creditors' Meeting Slated for Jan. 2, 2008 WENDPATH COMMUNICATIONS: Creditors' Meeting Slated for Jan. 2 WENZEL + PARTNER: Claims Registration Ends January 25, 2008 WOLFGANG JANTSCH: Claims Registration Ends January 16, 2008 I T A L Y ALITALIA SPA: Defers Stake Buyer Selection to Dec. 18, 2007 ALITALIA SPA: Singapore Airlines Denies Approach TISCALI SPA: Launches Tiscali TV in Italy K A Z A K H S T A N BIDAI NAN: Proof of Claim Deadline Slated for Jan. 9, 2008 CORONA ASIA: Creditors Must File Claims by Jan. 11, 2008 GOLDEN TEMPL: Claims Filing Period Ends Jan. 11, 2008 KARTEPLOENERGO OJSC: Creditors' Claims Due on Jan. 9, 2008 KORDAI GAS: Claims Registration Ends Jan. 11, 2008 NUR-AVITSENUM LLP: Claims Deadline Slated for Jan. 9, 2008 PROM PROGRESS: Creditors Must File Claims by Jan. 11, 2008 SBS PROJECT: Claims Filing Period Ends Jan. 11, 2008 TEMIRALI LLP: Creditors' Claims Due on Jan. 15, 2008 K Y R G Y Z S T A N DAMIR & COMPANY: Creditors Must File Claims by January 11, 2008 L U X E M B O U R G EVRAZ GROUP: To Pay Up to US$2.2 Billion for Ukrainian Assets GELDILUX-TS-2005: Fitch Rates Class E Notes at B on Performance ISLAND REFINANCING: Moody's Junks EUR46 Mln Class X-2007 Notes P O L A N D ACXIOM CORP: Moody's Confirms Ba2 Corporate Family Rating P O R T U G A L LUSITANO SME 1: Fitch Rates EUR34.1 Million Notes at BB R U S S I A EVRAZ GROUP: To Pay Up to US$2.2 Billion for Ukrainian Assets INPROMSTEEL LLC: Creditors Must File Claims by Feb. 1, 2008 MEZENSKAYA LUMBER: Creditors Must File Claims by Feb. 1, 2008 NARYAN-MARSKIJ: Creditors Must File Claims by Jan. 1, 2008 PERVOMAISKAGROPROMCHEMIE OJSC: Asset Sale Slated for Dec. 28 PSKOVSKIYE ELECTRIC: Bankruptcy Hearing Slated for April 3, 2008 RZHEVSKAYA CARPET: Creditors Must File Claims by Feb. 1, 2008 SDSU NOVOKUZNETSK: Court Starts Bankruptcy Supervision Process SISTEMA-HALS: Links with Hebei Construction for Russian Projects SOLNECHNOGORSKIJ METAL: Court Hearing Slated for March 27, 2008 TEGUL'DETSKIJ: Creditors Must File Claims by Feb. 1, 2008 TNK-BP HOLDING: To Pump Oil to China Via Transneft Pipeline S P A I N GRUPO LLANERA: Wants Valencia Court to Okay Land Sale to NewCo S W I T Z E R L A N D ADASTRA II: Creditors' Liquidation Claims Due by December 20 DROMEX JSC: Bern Court Closes Bankruptcy Proceedings FOOD - CORNER MITCH: Lucerne Court Starts Bankruptcy Proceedings GRIFFON TRADING: Creditors Must File Claims by December 20 IDEA PLAN: Zug Court Closes Bankruptcy Proceedings INDUTRANS JSC: Creditors' Liquidation Claims Due by December 20 MANVILLE INVESTMENT: Creditors Must File Claims by December 20 R. GANTENBEIN: Creditors' Liquidation Claims Due by December 20 SEYMOUR TRADING: Creditors Must File Claims by December 20 STIGEHALA JSC: Zug Court Starts Bankruptcy Proceedings T U R K E Y TEKSTIL BANKASI: Fitch Affirms IDR at B with Stable Outlook U K R A I N E INVEST-BUILDING LLC: Creditors Must File Claims by December 19 LEMMA-SERVICE-2007: Creditors Must File Claims by December 19 PRIDE-PRODUCTS LLC: Creditors Must File Claims by December 19 SONAT LLC: Creditors Must File Claims by December 19 SPARES+ LLC: Creditors Must File Claims by December 19 U N I T E D K I N G D O M A.E. INTERIOR: Brings In Administrators from Smith & Williamson ASH BUILD: Names Administrator from Tenon Recovery BLUE STUFF: Appoints Peter Hollis as Liquidator BRAYMONT LTD: Taps Joint Administrators from DTE Leonard DIRECT2DEALER LTD: Taps Michael Young to Liquidate Assets GLASS RANGE: Claims Filing Period Ends April 30, 2008 HAM CONSTRUCTION: Taps Grant Thornton as Joint Administrators L S Q 2 BIRMINGHAM: Brings In Liquidators from Wilkins Kennedy LUDGATE FUNDING 2006-FF1: S&P Puts Class S and E Notes on Watch M K LEISURE: Claims Filing Period Ends March 7, 2008 MANGO CATERING: Names Keith Aleric Stevens Liquidator MANSARD MORTGAGES 2007-2: S&P Rates Class B2 Notes at BB NORTHERN ROCK: Goldman Sachs Tapped to Assess Bid Financing POLYTEK UK: Calls In Liquidators from Tenon Recovery REGENT PRINT: Joint Liquidators Take Over Operations RENTOKIL INITIAL: B to C Volumes Fall Short of Q3 2007 Target RUTLAND WINDOWS: Brings In Administrators from Begbies Traynor ********* ============= A U S T R I A ============= ACTION AGENCY: Claims Registration Period Ends Dec. 27 ------------------------------------------------------ Creditors owed money by LLC Action Agency (FN 230253h) have until Dec. 27 to file written proofs of claim to court-appointed estate administrator Wolfgang Gerhard Zorn at: Dr. Wolfgang Gerhard Zorn c/o Mag. Dominik Baurecht Weihburggasse 4/22 1010 Vienna Austria Tel: 533 66 61 Fax: 533 66 61-92 E-mail: office@gnbz.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Jan. 8, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 5 (Bankr. Case No. 4 S 128/07m). Dominik Baurecht represents Dr. Zorn in the bankruptcy proceedings. ASPECK LLC: Claims Registration Period Ends Dec. 21 --------------------------------------------------- Creditors owed money by LLC Aspeck (FN 279403m) have until Dec. 21 to file written proofs of claim to court-appointed estate administrator Andreas Berchtold at: Mag. Andreas Berchtold Raubergasse 16/I 8010 Graz Austria Tel: 0316/83 58 62-0 Fax: 0316/83 58 62-6 E-mail: andreas.berchtold@bk-rechtsanwalt.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Jan. 8, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 205 Hall K Second Floor Graz Austria Headquartered in Vasoldsberg, Austria, the Debtor declared bankruptcy on Nov. 5 (Bankr. Case No. 40 S 33/07m). E. MIEDLER: Claims Registration Period Ends Dec. 21 --------------------------------------------------- Creditors owed money by LLC E. Miedler Fleischspezialitaten (FN 97194h) have until Dec. 21 to file written proofs of claim to court-appointed estate administrator Walter Kainz at: Dr. Walter Kainz c/o Dr. Eva Wexberg Gusshausstrasse 23 1040 Vienna Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on Jan. 9, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 2 (Bankr. Case No. 3 S 144/07g). Eva Wexberg represents Dr. Kainz in the bankruptcy proceedings. MONDTECH LLC: Graz Court Orders Business Shutdown ------------------------------------------------- The Land Court of Graz entered an order shutting down the business of LLC Mondtech (FN 263030i,). Court-appointed estate administrator Wolfgang Klobassa 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. Wolfgang Klobassa Conrad-von-Hoetzendorf-Strasse 15 8570 Voitsberg Austria Tel: 03142/21850 Fax: 03142/21850-6 E-mail: insolvenz@ra-semlitsch-klobassa.at Headquartered in Voitsberg, Austria, the Debtor declared bankruptcy on Oct. 25 (Bankr. Case No 26 S 90/07s). ============= G E R M A N Y ============= ARKADE-BAU GMBH: Claims Registration Period Ends Jan. 10, 2008 -------------------------------------------------------------- Creditors of Arkade-Bau GmbH have until Jan. 10, 2008 to register their claims with court-appointed insolvency manager Dietmar Penzlin. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Feb. 19, 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 Itzehoe Hall 2 Theodor-Heuss-Platz 3 25524 Itzehoe 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: Dietmar Penzlin Rathausstrasse 2 20095 Hamburg Germany The District Court of Itzehoe opened bankruptcy proceedings against Arkade-Bau GmbH on Nov. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Arkade-Bau GmbH Bahnhofstr. 30 25524 Itzehoe Germany BETRIEBSWIRT KRUEGER: Claims Registration Ends Jan. 5, 2008 ----------------------------------------------------------- Creditors of Betriebswirt Krueger GmbH have until Jan. 5, 2008, to register their claims with court-appointed insolvency manager Dr. Thorsten Fuest. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Feb. 5, 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 Detmold Meeting Room 12 Ground Floor Gerichtsstr. 6 32756 Detmold Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Thorsten Fuest Gerichtsstr. 3 33602 Bielefeld Germany The District Court of Detmold opened bankruptcy proceedings against Betriebswirt Krueger GmbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Betriebswirt Krueger GmbH Buergerplatz 2 32657 Lemgo Germany CK BRANDSCHUTZSERVICE: Claims Registration Ends January 21, 2008 ---------------------------------------------------------------- Creditors of CK Brandschutzservice und -vertriebs GmbH have until Jan. 21, 2008 to register their claims with court- appointed insolvency manager, Dr. Gerrit Hoelzle. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Feb. 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 Duisburg Meeting Hall C407 Fourth 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. Gerrit Hoelzle Rheinstrasse 75 47623 Kevelaer Germany The District Court of Duisburg opened bankruptcy proceedings against CK Brandschutzservice und -vertriebs GmbH on Nov. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CK Brandschutzservice und -vertriebs GmbH Poststr. 151 46562 Voerde Germany Attn: Carol Nicole Kuehn, Manager Poststrasse 151 46562 Voerde Germany DEILMANN-HANIEL SCHACHTBAU: Claims Period Ends Jan. 8, 2008 ----------------------------------------------------------- Creditors of Deilmann-Haniel Schachtbau GmbH have until Jan. 8, 2008 to register their claims with court-appointed insolvency manager Thomas Thiele. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Feb. 8, 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 1.101 Gerichtsplatz 22 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: Thomas Thiele Bronnerstrasse 7 44141 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against Deilmann-Haniel Schachtbau GmbH on Nov. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Deilmann-Haniel Schachtbau GmbH Haustenbecke 1 44319 Dortmund Germany Attn: Wolfgang Peters, Manager Muensterstr. 156 33775 Versmold Germany DRIVE IN'S HOLZ: Claims Registration Period Ends Jan. 17, 2008 -------------------------------------------------------------- Creditors of Drive in's Holz GmbH have until Jan. 17, 2008 to register their claims with court-appointed insolvency manager Mechthild Bruche. Creditors and other interested parties are encouraged to attend the meeting at 2:15 p.m. on March 3, 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 Fuerth Room 216 Office Building 2 Baumenstrasse 28 Fuerth 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 Stahlstrasse 17 90411 Nuernberg Germany Tel: 0911-9512850 Fax: 0911-9512850 The District Court of Fuerth opened bankruptcy proceedings against Drive in's Holz GmbH on Dec. 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Drive in's Holz GmbH Industriestr. 14 90765 Fuerth Germany ELASO VERSAND: Claims Registration Period Ends Jan. 17, 2008 ------------------------------------------------------------ Creditors of elaso Versand GmbH have until Jan. 17, 2008 to register their claims with court-appointed insolvency manager Bettina Schmudde. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 28, 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 Dresden Hall C301 Olbrichtplatz 1 01099 Dresden 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: Bettina Schmudde Koenigstrasse 1 01097 Dresden Germany Website: http://www.whitecaseinso.de/ The District Court of Dresden opened bankruptcy proceedings against elaso Versand GmbH on Dec. 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: elaso Versand GmbH Attn: Inge Koehler, Manager Flinzstr. 15 c 02625 Bautzen Germany ESTHER'S BACKSTUBEN: Claims Period Ends Jan. 9, 2008 ---------------------------------------------------- Creditors of Esther's Backstuben GmbH have until Jan. 9, 2008 to register their claims with court-appointed insolvency manager Andreas Schafft. Creditors and other interested parties are encouraged to attend the meeting at 1:10 p.m. on Feb. 6, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Meiningen Meeting Hall 208 Lindenallee 15 Meiningen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Schafft Willy Brand Platz 1 99084 Erfur Germany The District Court of Meiningen opened bankruptcy proceedings against Esther's Backstuben GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Esther's Backstuben GmbH Attn: Esther Haring, Manager Bodenweg 6 98617 Meiningen Germany FAME GASTRONOMIE: Creditors' Meeting Slated for Jan. 15, 2008 ------------------------------------------------------------- The court-appointed insolvency manager for FAME Gastronomie GmbH, Carsten Cervera will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:25 a.m. on Jan. 15, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:35 a.m. on April 8, 2008, at the same venue. Creditors have until Feb. 9, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Carsten Cervera Schuetzenstr. 6 a 10117 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against FAME Gastronomie GmbH on Nov. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FAME Gastronomie GmbH Oranienburger Strasse 48/49 10117 Berlin Germany FAN PLAN: Creditors' Meeting Slated for December 18 --------------------------------------------------- The court-appointed insolvency manager for FAN PLAN GmbH Planung, Projektentwicklung, Projektsteuerung, Christian Koehler-Ma will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:05 a.m. on Dec. 18. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:40 a.m. on April 8, 2008, at the same venue. Creditors have until Feb. 8, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christian Koehler-Ma Kurfuerstendamm 26 a 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against FAN PLAN GmbH Planung, Projektentwicklung, Projektsteuerung on Nov. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FAN PLAN GmbH Planung, Projektentwicklung, Projektsteuerung Wernerstrasse 5 14193 Berlin Germany GERMAN MEDICAL: Claims Registration Period Ends Jan. 4, 2008 ------------------------------------------------------------ Creditors of German Medical Center GmbH Management Consulting Services have until Jan. 4, 2008, to register their claims with court-appointed insolvency manager Rainer Michael Bahr. Creditors and other interested parties are encouraged to attend the meeting at 8:25 a.m. on Feb. 5, 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 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: Rainer Michael Bahr Prinzenstr. 14 30159 Hannover Germany Tel: 0511 8503058-0 Fax: 0511 8503058-8 The District Court of Hannover opened bankruptcy proceedings against German Medical Center GmbH Management Consulting Services on Nov. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: German Medical Center GmbH Management Consulting Services Dehmer Str. 87 32549 Bad Oeynhausen Germany H + K BAU: Claims Registration Period Ends Jan. 7, 2008 ------------------------------------------------------- Creditors of H + K Bau GmbH have until Jan. 7, 2008 to register their claims with court-appointed insolvency manager Dr. jur. Marcus Egner. 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 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: Dr. jur. Marcus Egner Moltkestrasse 40 74072 Heilbronn Germany Tel: 07131/60990 Fax: 07131/609962 The District Court of Heilbronn opened bankruptcy proceedings against H + K Bau GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H + K Bau GmbH Attn: Ramiz Kuc, Manager Im Schwarzbrunnen 11 74177 Bad Friedrichshall Germany H.A.F. SANITARTECHNIK: Claims Registration Ends January 23, 2008 ---------------------------------------------------------------- Creditors of H.A.F. Sanitartechnik GmbH have until Jan. 23, 2008 to register their claims with court-appointed insolvency manager Peter C. Darr. Creditors and other interested parties are encouraged to attend the meeting at 11:20 a.m. on Feb. 13, 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 Kempten Meeting 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: Peter C. Darr Candidplatz 13 81543 Munich Germany Tel: (089) 6146960 Fax: (089) 61469-666 The District Court of Kempten opened bankruptcy proceedings against H.A.F. Sanitartechnik GmbH on Nov. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H.A.F. Sanitartechnik GmbH Hertinger Weg 15 87484 Nesselwang Germany INGENIEUR KUNST: Creditors' Meeting Slated for Jan. 8, 2008 ----------------------------------------------------------- The court-appointed insolvency manager for IK INGENIEUR KUNST GmbH, Rolf-Dieter Moenning will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:30 a.m. on Jan. 8, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:35 a.m. on April 1, 2008, at the same venue. Creditors have until Feb. 8, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Rolf-Dieter Moenning Cicerostr. 22 10709 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against IK INGENIEUR KUNST GmbH on Nov. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IK INGENIEUR KUNST GmbH Burgstrasse 27 10178 Berlin Germany INSIDE 2000: Claims Registration Period Ends Jan. 14, 2008 ---------------------------------------------------------- Creditors of INSIDE 2000 Software & EDV-Dienstleistungen GmbH have until Jan. 14, 2008, to register their claims with court- appointed insolvency manager Klaus Albert Maier. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 25, 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 Aalen Hall 0.11 Ground Floor Stuttgarter Strasse 7 73430 Aalen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus Albert Maier Wilhelmstr. 12 70182 Stuttgart Tel: 0711/16424-0 Fax: 0711/16424-24 E-mail: info@maier-anwaltskanzlei.de The District Court of Aalen opened bankruptcy proceedings against INSIDE 2000 Software & EDV-Dienstleistungen GmbH on Nov. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: INSIDE 2000 Software & EDV-Dienstleistungen GmbH Attn: Johann Buettner ManagerKoenigsturmstr. 2 73525 Schwabisch Gmuend Germany KAYSER-BAU GMBH: Claims Registration Ends January 25, 2008 ---------------------------------------------------------- Creditors of Kayser-Bau GmbH & Co. KG have until Jan. 25, 2008 to register their claims with court-appointed insolvency manager Dr. Petra Mork. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 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 Dortmund Meeting 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. Petra Mork Arndtstr. 28 44135 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against Kayser-Bau GmbH & Co. KG on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kayser-Bau GmbH & Co. KG Westenhellweg 68 44137 Dortmund Germany LEG-TUBBERGEN: Claims Registration Period Ends Jan. 9, 2008 ----------------------------------------------------------- Creditors of LEG-Tubbergen GmbH have until Jan. 9, 2008, to register their claims with court-appointed insolvency manager Manfred Vellmer. Creditors and other interested parties are encouraged to attend the meeting at 8:45 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 Nordhorn Hall 42 Seilerbahn 15 48529 Nordhorn 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: Manfred Vellmer Adalbertstrasse 8 48565 Steinfurt Germany Tel: 02552/638710 Fax: 02552/6387111 The District Court of Nordhorn opened bankruptcy proceedings against LEG-Tubbergen GmbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LEG-Tubbergen GmbH Attn: Johann Legtenborg, Manager Wilsumer Strasse 20 49847 Itterbeck Germany PROSIEBENSAT.1 MEDIA: Restructures Sat.1's Berlin Management ------------------------------------------------------------ The ProSiebenSat.1 Group's Executive Board will restructure Sat.1's Berlin station management effective Jan. 1, 2008. The board has appointed Torsten Rossmann, 44, as an additional Managing Director of Sat.1. Mr. Rossmann will be in charge of Information & Magazines, Marketing, and Controlling. Matthias Alberti, 44, has been appointed Chairman of the Management Board. Volker Szezinski, 47, as Deputy Managing Director, will also have responsibility for German Fiction, in addition to Scheduling, Licensed Programming, and Co-productions. Alongside his management position at Sat.1, Dr. Rossmann will remain Chairman of the Management Board of news station N24. "By adding Torsten Rossmann as a Managing Director, we hope to strengthen Sat.1 especially in Information and News," Guillaume de Posch, CEO of ProSiebenSat.1 Media AG, said. "I am certain that Dr. Rossmann will quickly make his mark here, and strengthen the station's profile. The entire management team around Matthias Alberti has the full support of the Executive Board. I am confident that in the coming year Sat.1 will strengthen its performance and expand its position as a full- service channel for the whole family." About ProsiebenSat.1 Headquartered in Munich, Germany, ProsiebenSat.1 Media AG -- http://en.prosiebensat1.com/-- broadcasts and produces TV programs through 24 commercial TV stations, 24 premium Pay TV channels and 22 radio network. In June 2007, the ProSiebenSat.1 Group acquired SBS Broadcasting Group. The company employs around 6,000 Europe-wide. * * * As of Dec. 4, 2007, ProsiebenSat.1 Media AG carries Moody's Investors Service Ba1 senior unsecured and corporate family ratings. SALUTA ZWEITE: Creditors' Meeting Slated for Jan. 2, 2008 --------------------------------------------------------- The court-appointed insolvency manager for SALUTA Zweite Grundstuecksverwaltungs GmbH & Co. Kochstrasse KG, Udo Feser will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:25 a.m. on Jan. 2, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 10:20 a.m. on April 9, 2008, at the same venue. Creditors have until Feb. 9, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Udo Feser Uhlandstr. 165/166 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against SALUTA Zweite Grundstuecksverwaltungs GmbH & Co. Kochstrasse KG on Nov. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SALUTA Zweite Grundstuecksverwaltungs GmbH & Co. Kochstrasse KG Uhlandstr. 7-8 10623 Berlin Germany WENDPATH COMMUNICATIONS: Creditors' Meeting Slated for Jan. 2 ------------------------------------------------------------- The court-appointed insolvency manager for WendPath Communications GmbH, Sebastian Laboga will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:35 a.m. on Jan. 2, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 10:25 a.m. on April 9, 2008, at the same venue. Creditors have until Feb. 9, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Sebastian Laboga Einemstr. 24 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against WendPath Communications GmbH on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WendPath Communications GmbH Fasanenstr. 61 10719 Berlin Germany WENZEL + PARTNER: Claims Registration Ends January 25, 2008 ----------------------------------------------------------- Creditors of WENZEL + PARTNER, WOHNBAU GmbH have until Jan. 25, 2008 to register their claims with court-appointed insolvency manager Michael Pluta. Creditors and other interested parties are encouraged to attend the meeting at 8:00 a.m. on Feb. 27, 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 Ulm Hall E 40 Olgastr. 106 89073 Ulm Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Pluta c/o PLUTA Rechtsanwalts GmbH Karlstr. 33 89073 Ulm Germany Tel: 0731-96880-0 Fax: 0731-96880-50 E-mail: ulm@pluta.net The District Court of Ulm opened bankruptcy proceedings against WENZEL + PARTNER, WOHNBAU GmbH on Nov. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WENZEL + PARTNER, WOHNBAU GmbH Attn: Juergen Wenzel, Manager Wagnerstr. 65 89077 Ulm Germany WOLFGANG JANTSCH: Claims Registration Ends January 16, 2008 ----------------------------------------------------------- Creditors of Wolfgang Jantsch Wollfabrikations-Gesellschaft mbH have until Jan. 16, 2008 to register their claims with court- appointed insolvency manager Dr. Bernd Peters. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 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 Verden (Aller) Hall 214 Main Building Johanniswall 8 27283 Verden (Aller) 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. Bernd Peters Wall 146 28195 Bremen Germany Tel: 0421/24 4009-0 Fax: 0421/24 40 09-29 The District Court of Verden (Aller) opened bankruptcy proceedings against Wolfgang Jantsch Wollfabrikations- Gesellschaft mbH on Nov. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wolfgang Jantsch Wollfabrikations-Gesellschaft mbH Attn: Wolfgang Jantsch, Manager Huettengrund 8 28832 Achim Germany ========= I T A L Y ========= ALITALIA SPA: Defers Stake Buyer Selection to Dec. 18, 2007 ----------------------------------------------------------- Alitalia S.p.A.'s Board of Directors has decided to further examine the information regarding the selection of the subject with whom to start up exclusive negotiations, and has convened a new Board meeting at 4:00 p.m. on Dec. 18, 2007, in order to take the definitive decisions on the subject. According to Bloomberg News, a meeting between Italian Prime Minister Romano and his cabinet failed to choose a buyer for its 49.9% stake in Alitalia due to a split in choices between the ministers. "Everyone, from their position, is trying to find the best solution for the company and the country," Industry Minister Pier Luigi Bersani was quoted by Bloomberg News as saying. "We will be having more discussions in the coming days," Transport Minister Alessandro Bianchi told Bloomberg News. As reported in the TCR-Europe on Dec. 7, 2007, Alitalia received non-binding proposals for the Italian government's 49.9% stake from: -- Air France-KLM, -- AP Holding S.p.A., and -- Cordata Baldassarre. 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: Singapore Airlines Denies Approach ------------------------------------------------ Singapore Airlines has denied expressing an interest in acquiring the Italian government's 49.9% stake in Alitalia S.p.A., Reuters reports. Alitalia said it received a communication from a lawyer who forwarded a letter signed by representatives of: -- SA Holdings Ltd., -- Evergreen LLC, and -- THL Transportation on the subject of "Acquisition of 49.90% of Alitalia S.p.A." In the communication, Evergreen LLC, as coordinator of a consortium that will include Singapore Airlines (SA), together with Evergreen Special Situation Fund LP III and THL Transportation Equities Fund (THL), shows strong interest in putting forward an offer to acquire the said percentage of Alitalia's capital, from the Ministry of Economy and Finance. In this regard, specifying that, on Sept. 11, 2007, advisor Citi's representatives met with the CEO of Singapore Airlines, Mr. Chew Choon Seng who, on that occasion, stated that there were no strategic interest for investing in Alitalia, notice is given that the Company feels duty bound to transmit the communication to the Ministry of Economy and Finance for deliberations within its sphere of competence. As reported in the TCR-Europe on Dec. 7, 2007, Alitalia received non-binding proposals for the Italian government's 49.9% stake from: -- Air France-KLM, -- AP Holding S.p.A., and -- Cordata Baldassarre. 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. TISCALI SPA: Launches Tiscali TV in Italy ----------------------------------------- Tiscali S.p.A. has launched Tiscali TV in Italy. The television channel, transmitted over IP network and received directly on home TVs, will initially be available in the Cagliari, Milan and Rome areas and will be free until March 31, 2008. The service combines IP (Internet Protocol) and DTT (Digital Terrestrial Television) television programming and will be gradually expanded across Italy over the coming year. 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 =================== BIDAI NAN: Proof of Claim Deadline Slated for Jan. 9, 2008 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared OJSC Bidai Nan insolvent. Creditors have until Jan. 9, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan CORONA ASIA: Creditors Must File Claims by Jan. 11, 2008 -------------------------------------------------------- LLP Corona Asia has declared insolvency. Creditors have until Jan. 11, 2008, to submit written proofs of claims to: LLP Corona Asia Fazlayev Str. 84 Taraz Jambyl Kazakhstan GOLDEN TEMPL: Claims Filing Period Ends Jan. 11, 2008 ----------------------------------------------------- LLP Golden Templ has declared insolvency. Creditors have until Jan. 11, 2008, to submit written proofs of claims to: LLP Golden Templ Kirov Str. 72-45 Ust-Kamenogorsk East Kazakhstan Kazakhstan KARTEPLOENERGO OJSC: Creditors' Claims Due on Jan. 9, 2008 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared OJSC Karteploenergo insolvent. Creditors have until Jan. 9, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan KORDAI GAS: Claims Registration Ends Jan. 11, 2008 -------------------------------------------------- LLP Company Kordai Gas has declared insolvency. Creditors have until Jan. 11, 2008, to submit written proofs of claims to: LLP Company Kordai Gas Kenesary Str. 151 Kordai Kordaiski District 485610, Jambyl Region Kazakhstan NUR-AVITSENUM LLP: Claims Deadline Slated for Jan. 9, 2008 ---------------------------------------------------------- LLP Oil Medical Corporation Nur-Avitsenum has declared insolvency. Creditors have until Jan. 11, 2008, to submit written proofs of claims to: LLP Oil Medical Corporation - Nur-Avitsenum Shorsa Str. 18 Almaty Kazakhstan PROM PROGRESS: Creditors Must File Claims by Jan. 11, 2008 ---------------------------------------------------------- LLP Prom Progress has declared insolvency. Creditors have until Jan. 11, 2008, to submit written proofs of claims to: LLP Prom Progress Djandosov Str. 58 Almaty Kazakhstan SBS PROJECT: Claims Filing Period Ends Jan. 11, 2008 ----------------------------------------------------- LLP SBS Project has declared insolvency. Creditors have until Jan. 11, 2008, to submit written proofs of claims to: LLP SBS Project Kabanbai batyr Str. 164 Almaty Kazakhstan TEMIRALI LLP: Creditors' Claims Due on Jan. 15, 2008 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan has declared LLP Temirali insolvent. Creditors have until Jan. 15, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of West Kazakhstan Saraishyk Str. 19-92 Uralsk West Kazakhstan Kazakhstan Tel: 8 (7112) 50-03-73 =================== K Y R G Y Z S T A N =================== DAMIR & COMPANY: Creditors Must File Claims by January 11, 2008 --------------------------------------------------------------- LLC Damir & Company has declared insolvency. Creditors have until Jan. 11, 2008 to submit written proofs of claim. Inquiries can be addressed to (0-772) 22-51-62. =================== L U X E M B O U R G =================== EVRAZ GROUP: To Pay Up to US$2.2 Billion for Ukrainian Assets ------------------------------------------------------------- Evraz Group S.A. disclosed that the production assets in Ukraine are temporarily owned by Lanebrook Limited, Evraz's majority shareholder, which is acting as an intermediary to facilitate the transaction with the ultimate sellers of the assets. This Evraz's acquisition, having certain related party features, has the oversight of Evraz's independent directors. Independent directors will be presented with a fairness opinion delivered by a reputable international appraisers' organization. On receiving such opinion independent directors will decide on issuance of new shares in favor of Lanebrook. The total consideration to be paid by Evraz is expected to be in the range of US$2 billion to US$2.2 billion including approximately US$1 billion in cash. Evraz's Board of Directors will approve the final price and the structure of the transaction in full compliance with corporate governance rules on transactions with related parties. Evraz Group confirms it is aware of its disclosure obligations as a listed company. Further announcements will be made in due course. As reported in the TCR-Europe on Dec. 13, 2007, Evraz signed an agreement to acquire majority share holdings in selected production assets in Ukraine: -- a 99.25% share holding in the Sukhaya Balka iron ore mining and processing complex with a total annual production capacity of 3.75 million tons of iron ore; -- a 95.57% share holding in the Dnepropetrovsk Iron and Steel Works with a total annual capacity of 1.8 million tons of pig iron and 1.23 million tons of crude steel; and -- three coking plants (Bagleykoks: 93.74%, Dneprkoks: 98.65%, and Dneprodzerzhinsk Coke Chemical Plant: 93.83% of shares outstanding) with a total annual capacity of 3.52 million tons of metallurgical coke. Evraz will make a payment for the acquired assets with a combination of cash and new equity. The final terms and structure of the deal will be voted by Evraz's Board of Directors based on a fairness opinion provided by a reputable international appraisers' organization that will conduct an independent valuation of the assets. Once approved by the Board, the deal will not be subject to any other, including regulatory, approvals and is expected to be closed in the first quarter of 2008. "We view this transaction as yet another important step in realization of our strategies," Alexander Frolov, Evraz's Chairman and Chief Executive Officer, said. "The acquisition will allow us to increase iron ore self-sufficiency and ensure further upstream integration. It will also create captive intra-group coke-making demand for the excess production of the Company's coal mines in Siberia. This deal also represents another step in the Evraz's geographical diversification into one of the lowest cost steel producing regions." 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 reported in the TCR-Europe on Nov. 30, 2007, 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. Moody's said the outlook on all ratings is stable. As of Nov. 20, 2007, Evraz Group 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. GELDILUX-TS-2005: Fitch Rates Class E Notes at B on Performance --------------------------------------------------------------- Fitch Ratings has affirmed GELDILUX-TS-2005 S.A.'s floating-rate notes due December 2012: Series 1: -- EUR2.101 billion Class A (ISIN XS0221114696): affirmed at 'AAA' -- EUR36.3 million Class B (ISIN XS0221115743): affirmed at 'A' -- EUR25.3 million Class C (ISIN XS0221116634): affirmed at 'BBB' -- EUR11 million Class D (ISIN XS0221116980): affirmed at 'BB' -- EUR4.4 million Class E (ISIN XS0221117442): affirmed at 'B' Series 2: -- EUR1.242 billion Class A (ISIN XS0221120156): affirmed at 'AAA' -- EUR21.45 million Class B (ISIN XS0221120826): affirmed at 'A' -- EUR14.95 million Class C (ISIN XS0221121477): affirmed at 'BBB' -- EUR6.5 million Class D (ISIN XS0221121980): affirmed at 'BB' -- EUR2.6 million Class E (ISIN XS0221122442): affirmed at 'B' Series 3: -- EUR1.91 billion Class A (ISIN XS0221125114): affirmed at 'AAA' -- EUR33 million Class B (ISIN XS0221126195): affirmed at 'A' -- EUR23 million Class C (ISIN XS0221127326): affirmed at 'BBB' -- EUR10 million Class D (ISIN XS0221127912): affirmed at 'BB' -- EUR4 million Class E (ISIN XS0221128647): affirmed at 'B' This transaction was last reviewed in December 2006. The affirmations reflect the transaction's stable performance to date. Two loans are currently in default (defined as delinquent for 30 days or more), representing 0.0225% of the total portfolio balance. One further loan had previously defaulted (0.0164% of the portfolio), but had since been worked-out without any loss. As of the December 2007 investor report, there is currently one delinquency (due payments outstanding between one and 29 days). The portfolio is currently made up of 0.55% of loans rated 8, 9, 10/Z (the lowest rating categories on Bayerische Hypo-und Vereinsbank AG's internal rating scale). Currently, 45.1% of the portfolio is secured. The weighted average collateralization ratio of the portfolio was 30.8% at the last review and 27.8% at closing. The minimum percentage is 25%. Loans have an average remaining term of 48 days compared to a maximum average remaining term of 90 days. The largest regional concentration is in Bavaria: 42.4% compared to 46.1% at the last review and 45.5% at closing. The largest industry concentration is the real-estate sector, totaling 31.8% compared to 28.3% at the last review and 38.7% at closing. The loans pay interest on a fixed basis and the issuer has entered into an interest-rate swap agreement with HVB Banque Luxembourg to enable the payment of 3-month-Euribor on the issued notes. In addition, the issuer has entered into a currency swap agreement, as a bucket equivalent up to EUR1.8 billion is denominated in CHF. Currently, 17.5% of loans are denominated in CHF. The transaction is a true-sale securitization of short-term German loans. Geldilux-TS-2005 S.A. is a special purpose vehicle incorporated under the laws of the Grand Duchy of Luxembourg. The proceeds from the note issuance were used to purchase a EUR5.5 billion portfolio of Euroloans originated and serviced by HVB on behalf of the seller, HVB Lux. ISLAND REFINANCING: Moody's Junks EUR46 Mln Class X-2007 Notes -------------------------------------------------------------- Moody's Investors Service assigned these definitive ratings to the CMBS/NPL issuance by Island Refinancing S.r.l.: -- Aaa to the EUR257,000,000 Class A-2007 Asset-Backed Floating Rate Notes due 2025; -- A2 to the EUR62,000,000 Class B-2007 Asset-Backed Floating Rate Notes due 2025; -- Baa3 to the EUR60,000,000 Class C-2007 Asset-Backed Floating Rate Notes due 2025; -- Ba2 to the EUR32,000,000 Class D-2007 Asset-Backed Floating Rate Notes due 2025; -- Caa1 to the EUR46,000,000 Class X-2007 Asset-Backed Floating Rate Notes due 2025. Moody's has not assigned ratings to the Class E and the Class F Notes of the Issuer. The Class B, the Class C, the Class D and the Class X Notes are subject to interest deferral mechanisms based on the performance of the special servicer, Pirelli RE Credit Servicing S.p.A. The Class X Notes will defer interest for the first two semi-annual Note payment dates while interest payments on later payment dates are capped at a fixed amount. Hence, as the interest deferral does not accrue interest, Class X Noteholders will not be compensated for not receiving interest on time. The total present value loss of such deferred interest payments depends significantly on the performance of the special servicer. For this transaction, Island Finance (ICR 4) S.p.A. and Island Finance 2 (ICR7) S.r.l. sold the still outstanding loan portfolios from ICR4 and ICR7 to the Issuer, which in turn financed this purchase and the related transactions costs by issuing the Notes. The aim of the transaction is the refinancing of: (i) the two warehousing loans granted in January 2007 to ICR4 to fund the redemption of, respectively, the outstanding ICR4 Senior Notes and the ICR4 Class E Notes, (ii) one warehouse loan granted to ICR7 to fund the redemption of the outstanding ICR7 Senior Notes in April 2007 and (iii) the outstanding ICR7 Class E Notes at the closing date. The portfolio includes 4,952 non-performing business plan credit lines secured by mortgages and 2,872 secured and unsecured non- performing business plan credit lines granted to borrowers which are also borrowers of the Mortgage Portfolio. The Portfolio has a gross book value of EUR1,902,063,336 and is specially serviced by PRECS. The total estimated disposition proceeds from the Portfolio are EUR672,844,442, whereas the special servicer is benchmarked against the total initial business plan of cumulatively EUR614,607,526, which represents the estimated disposition proceeds of the Mortgage Portfolio. Overall, the Portfolio is secured by commercial and residential properties with an aggregated property value, as appraised by the special servicer, of EUR1,402,307,052. The Portfolio is geographically concentrated in the Southern Italian island of Sicily (approximately 91.6% in terms of GBV) due to the strong historical regional presence of the initial seller, Banco di Sicilia. In terms of borrower concentration, the largest borrower represents 2.2 per cent of GBV while the top 10 borrowers represent 14.6 per cent of GBV. The ratings of the Notes are based upon: (i) Moody's assessment of the special servicer's business plan in relation to the Portfolio and the risks associated with it in terms of amounts and timing of collections; (ii) Moody's assessment of the underlying loans and their related real estate collateral quality and diversity; (iii) Moody's assessment of the performance of the precedent transactions, ICR4 and ICR7; (iv) the availability of a committed liquidity facility provided by Mediobanca -- Banca di Credito Finanziario S.p.A (NR), guaranteed by UBS AG, London Branch (Aaa, P-1), which can be used to cover shortfalls of interest on the Class A, B, and C Notes and senior expenses; (v) the sequential paydown structure; (vi) the level of subordination provided by the subordinated Notes; (vii) the impact of interest deferrals and potential cash flows allocation to the Class E Notes, depending on the business plan performance over time; (viii) the interest rate swap provided by UBS Limited, guaranteed by UBS AG (Aaa, P-1); and (ix) the legal and structural features of the issue. The key strengths of the transaction include: (i) the experience of PRECS in servicing and working out such loan portfolios; (ii) the loan diversity; and (iii) property diversity in terms of number and types. The main weaknesses of the transaction are: (i) the regional concentration in Sicily; (ii) the borrower concentration and (iii) the dependence on PRECS in servicing and working out the Portfolio. As such, the ratings of the Notes are sensitive to the performance of the special servicer. Moody's ratings of the Notes address the expected loss posed to investors by the legal final maturity. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated final legal maturity date only for the Class A, the Class B and the Class C Notes. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. =========== P O L A N D =========== ACXIOM CORP: Moody's Confirms Ba2 Corporate Family Rating --------------------------------------------------------- Moody's Investors Service confirmed Acxiom's Ba2 corporate family rating and assigned a negative rating outlook, concluding a review for possible downgrade initiated on May 17, 2007 following the company's announcement that it had entered into a definitive agreement to be acquired by Silver Lake and ValueAct Capital for US$3 billion. On Oct. 1, 2007, Acxiom reached a settlement agreement with Silver Lake and ValueAct Capital to terminate the previously announced acquisition pursuant to which Acxiom received US$65 million in cash. The negative outlook reflects the challenges the company will have to regain organic revenue growth and profitability and the potential impact from the downturn in the financial services market, which accounts for approximately 25% of their business. The Ba2 corporate family rating confirmation reflects the company's leadership position in the database marketing services space, solid free cash flow and liquidity position and moderate financial leverage. The rating is constrained by its relatively high client (top 30 clients represented about 50% of fiscal 2007 revenues) and business line concentration, modest size, and market challenges including consumer privacy and potential regulatory concerns. The ratings could be downgraded if the company were to increase its share repurchase or acquisition activity such that there is a leveraging event that results in free cash flow to debt of less than 5%, or if operating margins decline significantly from historical results. Given the negative outlook, a rating upgrade is unlikely at the present time. The rating outlook could be stabilized were the company to demonstrate free cash flow to debt (adjusted for capitalized leases) exceeding 15% on a sustained basis. Ratings confirmed: -- Corporate Family Rating - Ba2 -- Probability of Default Rating - Ba3 -- US$544 million Senior Secured Term Loan due September 2012 - Ba2, LGD 3, 30% -- US$200 million Senior Secured Revolving Credit Facility expiring September 2011 - Ba2, LGD 3, 30% Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq: ACXM) -- http://www.acxiom.com/-- integrates data, services and technology to create and deliver customer and information management solutions for many of the largest, most respected companies in the world. The core components of Acxiom's solutions are Customer Data Integration technology, data, database services, IT outsourcing, consulting and analytics, and privacy leadership. Founded in 1969, Acxiom has locations throughout the United States, Argentina, Australia, China, Mexico, Portugal, Poland, among others. The company has about US$1.4 billion in revenues and US$343 million of EBITDA for the twelve months ended September 2007 =============== P O R T U G A L =============== LUSITANO SME 1: Fitch Rates EUR34.1 Million Notes at BB ------------------------------------------------------- Fitch Ratings has affirmed Lusitano SME No.1 plc EUR834.57 million notes due in August 2028, following a satisfactory performance review: -- EUR759.53 million Class A: affirmed at 'AAA' -- EUR40.97 million Class B: affirmed at 'AAA' -- EUR34.1 million Class C: affirmed at 'BB' The affirmations reflect the stable performance of the transaction. Since closing of the transaction, none of the portfolio triggers have been breached. The level of defaults has increased to 1.01% (EUR 8,662,355.56). Defaults are defined as loans in arrears over 180 days as a percentage of the original collateral. In addition, the defaults are completely offset by the excess spread that has been trapped from the collateral. Excess spread from the collateral is being captured to provision for 100% of defaults and delinquencies. The ratings are based on the quality of the collateral, available credit enhancement (CE), the financial structure of the transaction, the underwriting and servicing of the collateral, the guarantee from the European Investment Fund and the transaction's legal structure. It should be noted that for the Class B notes, the 'AAA' rating would not have been achieved without the guarantee provided by the EIF. The reserve fund will be available during the three-year revolving period, which ends once the amortization period starts. The ratings address the timely payment of interest and ultimate repayment of principal on maturity. This transaction is a cash flow securitization of loans to Portuguese small- to medium-sized enterprises granted by Banco Espirito Santo (BES, rated 'A+'/'F1'/Outlook Stable). When deriving the credit quality of the portfolio, Fitch used its proprietary cumulative default rate model for the Portuguese SME sector. =========== R U S S I A =========== EVRAZ GROUP: To Pay Up to US$2.2 Billion for Ukrainian Assets ------------------------------------------------------------- Evraz Group S.A. disclosed that the production assets in Ukraine are temporarily owned by Lanebrook Limited, Evraz's majority shareholder, which is acting as an intermediary to facilitate the transaction with the ultimate sellers of the assets. This Evraz's acquisition, having certain related party features, has the oversight of Evraz's independent directors. Independent directors will be presented with a fairness opinion delivered by a reputable international appraisers' organization. On receiving such opinion independent directors will decide on issuance of new shares in favor of Lanebrook. The total consideration to be paid by Evraz is expected to be in the range of US$2 billion to US$2.2 billion including approximately US$1 billion in cash. Evraz's Board of Directors will approve the final price and the structure of the transaction in full compliance with corporate governance rules on transactions with related parties. Evraz Group confirms it is aware of its disclosure obligations as a listed company. Further announcements will be made in due course. As reported in the TCR-Europe on Dec. 13, 2007, Evraz signed an agreement to acquire majority share holdings in selected production assets in Ukraine: -- a 99.25% share holding in the Sukhaya Balka iron ore mining and processing complex with a total annual production capacity of 3.75 million tons of iron ore; -- a 95.57% share holding in the Dnepropetrovsk Iron and Steel Works with a total annual capacity of 1.8 million tons of pig iron and 1.23 million tons of crude steel; and -- three coking plants (Bagleykoks: 93.74%, Dneprkoks: 98.65%, and Dneprodzerzhinsk Coke Chemical Plant: 93.83% of shares outstanding) with a total annual capacity of 3.52 million tons of metallurgical coke. Evraz will make a payment for the acquired assets with a combination of cash and new equity. The final terms and structure of the deal will be voted by Evraz's Board of Directors based on a fairness opinion provided by a reputable international appraisers' organization that will conduct an independent valuation of the assets. Once approved by the Board, the deal will not be subject to any other, including regulatory, approvals and is expected to be closed in the first quarter of 2008. "We view this transaction as yet another important step in realization of our strategies," Alexander Frolov, Evraz's Chairman and Chief Executive Officer, said. "The acquisition will allow us to increase iron ore self-sufficiency and ensure further upstream integration. It will also create captive intra-group coke-making demand for the excess production of the Company's coal mines in Siberia. This deal also represents another step in the Evraz's geographical diversification into one of the lowest cost steel producing regions." 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 reported in the TCR-Europe on Nov. 30, 2007, 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. Moody's said the outlook on all ratings is stable. As of Nov. 20, 2007, Evraz Group 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. INPROMSTEEL LLC: Creditors Must File Claims by Feb. 1, 2008 ----------------------------------------------------------- Creditors of InPromSteel LLC have until Feb. 1, 2008, to submit proofs of claim to: A. N. Lantsov P.O. Box 58 121614 Moscow Russia The Arbitration Court of Moscow commenced competitive proceedings against the company after finding it insolvent on Nov. 6. The case is docketed under Case No. A40-21186/ 07-95-79B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: InPromSteel LLC Block 2 Otkrytoye Shosse 48a 107370 Moscow Russia MEZENSKAYA LUMBER: Creditors Must File Claims by Feb. 1, 2008 ------------------------------------------------------------- Creditors of Mezenskaya Lumber Company LLC have until Feb. 1, 2008, to submit proofs of claim to: S. E. Tifanov Competitive Proceedings Manager Volodarskogo Str. 36a 163000 Arkhangel'sk Russia The Arbitration Court of Arkhangel'sk commenced competitive proceedings against the company after finding it insolvent on Nov. 6. The case is docketed under Case No. A40-21186/ 07-95-79B. The Court is located at: The Arbitration Court of Arkhangelsk Loginova Str. 17 163069 Arkhangelsk Russia The Debtor can be reached at: Mezenskaya Lumber Company LLC Melospol'ye Village Leshukonskij Raion Arkhangel'sk Russia NARYAN-MARSKIJ: Creditors Must File Claims by Jan. 1, 2008 ---------------------------------------------------------- Creditors of NAO Naryan-marskij Timbermill State Unitary Enterprise have until Jan. 1, 2008, to submit proofs of claim to: P. V. Epifanov P.O. Box 59 163000 Arkhangel'sk, Russia The Arbitration Court of Arkhangel'sk region commenced competitive proceedings against the company after finding it insolvent on Nov. 9. The case is docketed under Case No. A05-9400/2007. The Court is located at: The Arbitration Court of Arkhangelsk Loginova Str. 17 163069 Arkhangelsk Russia The Debtor can be reached at: NAO Naryan-marskij Timbermill State Unitary Enterprise Smidovicha Str. 20 166000 Naryan-Mar Russia PERVOMAISKAGROPROMCHEMIE OJSC: Asset Sale Slated for Dec. 28 ------------------------------------------------------------ The Appraisal House Fin-Expert LLC, acting on behalf of the Competitive proceedings manager of OJSC PervomaiskAgroPromChemie, will open a public auction for the company's properties at 3:00 p.m. on Dec. 28 at: Appraisal House Fin-Expert LLC Technicheskaya 3 Orenburg Russia Tel: (3532) 24-28-29, 36-13-37 The company has set a RUR1,231,000 starting price for the assets on auction. Deposit required is 10% of the starting price. Interested participants have until Dec. 26 to submit their bidding documents to: Appraisal House Fin-Expert LLC Technicheskaya 3 Orenburg Russia Tel: (3532) 24-28-29, 36-13-37 The Debtor can be reached at: OJSC PervomaiskAgroPromChemie Transportnaya Str. 3 Pervomaiskij Settlement Pevomaiskij Raion Orenburg Russia PSKOVSKIYE ELECTRIC: Bankruptcy Hearing Slated for April 3, 2008 ---------------------------------------------------------------- The Arbitration Court of Pskov will convene at 10:00 a.m. on April 3, 2008, to hear the bankruptcy supervision procedure against OJSC Pskovskiye Electric Motors after finding it insolvent on Oct. 31. The case is docketed under Case No. A52-4537/2007. The Interim Manager is: V. A. Danilov Truda Str. 37 180019 Pskov Russia The Court is located at: The Arbitration Court of Pskov Room 123 Nekrasova 23 180001 Pskov Russia The Debtor can be reached at: OJSC Pskovskiye Electric Motors Krasnogorskaya Nab. 26 180021 Pskov Russia RZHEVSKAYA CARPET: Creditors Must File Claims by Feb. 1, 2008 ------------------------------------------------------------- Creditors of Rzhevskaya Carpet Weaving Factory LLC have until Feb. 1, 2008, to submit proofs of claim to: A. B. Mamazaitov Competitive Proceedings Manager 1st Pereulok Krasnoy Slobody 7/1, 417 Tver' Russia The Arbitration Court of Tver' commenced competitive proceedings against the company after finding it insolvent on Nov. 9. The case is docketed under Case No. A66-5072/2007. The Court is located at: The Arbitration Court of Tver Room 7 Sovetskaya Str. 23b Tver Russia The Debtor can be reached at: Rzhevskaya Carpet Weaving Factory LLC Kosarova Str. 33/39 Rzhev 172381 Tver' Russia Website: http://www.dsf.ru/clients/rktf/ SDSU NOVOKUZNETSK: Court Starts Bankruptcy Supervision Process -------------------------------------------------------------- The Arbitration Court of Kemerovo commenced six-months bankruptcy supervision procedure against OJSC SDSU Novokuznetsk after finding it insolvent on Nov. 7. The case is docketed under Case No. A27-10496/2007-4. The Interim Manager is: A. N. Ovchinnikov Tukhachevskogo Str. 45-25 650070 Kemerovo Russia The Debtor can be reached at: OJSC SDSU Novokuznetsk Schorsa Str. 5a Novokuznetsk Russia SISTEMA-HALS: Links with Hebei Construction for Russian Projects ---------------------------------------------------------------- Sistema-Hals JSC announced Dec. 13, 2007, the signing of a strategic partnership agreement with Hebei Construction Group, a Chinese state-owned company, to carry out development projects in Russia. Under the agreement, Sistema-Hals plans to engage Hebei Construction Group as a general contractor to carry out construction work on certain of its development projects for a pre-agreed set fee for each project. In addition, Sistema-Hals and Hebei Construction Group intend to set up a joint venture to carry out other construction work in Russia. The first project where Sistema-Hals envisages the involvement of Hebei Construction Group as a general contractor will be the business-class "Emerald Valley" residential complex at 28A Yelninskaya Street, Moscow. The property is being built as part of the complex reconstruction of the Kuntsevo district and when completed will cover an area of more than 60,000m�. "With its world-class expertise in construction technology, and its highly professional management and workforce, Hebei Construction Group is able to offer the full range of construction services using first-rate materials. By combining the strength and know-how of Sistema-Hals and Hebei Construction Group we believe that this strategic partnership will result in synergies which will improve the efficiency of operations in our development projects, as well as cutting costs," Felix Evtushenkov, Sistema-Hals president disclosed. "The agreement with Sistema-Hals will open up a range of opportunities for exploiting the potential of Hebei Construction Group in Russia and the CIS. The partnership between our two companies will be of a strategic nature and will not be restricted to the execution of contractual construction work", Zhang Xiuming, chairman of the board of directors at Hebei Construction Group added. Headquartered in Moscow, Russia, Sistema-Hals JSC -- http://www.sistema.com/-- is a 71.1% subsidiary of Sistema JSFC. It is one of the leading property developers in Moscow and the Moscow region, with operations in the six regions in Russia, as well as Yalta and Kyiv in the Ukraine. In addition to its real estate development business activities, the company is involved in a number of large-scale governmental infrastructural projects in the capacity of project manager. During fiscal year of 2006, Sistema-Hals reported revenue of US$282.9 million and EBITDA of US$94.9 million. * * * As reported in the TCR-Europe on July 5, 2007, Moody's Investors Service assigned a B1 foreign currency corporate family rating to Sistema-Hals, a real estate development company based in Moscow. Moody's said the outlook on the rating is stable. Fitch Ratings has assigned JSC Sistema-Hals Long-term Issuer Default Rating 'B+', Short- term IDR 'B' and National Long-term rating 'A-(rus)'. The Outlooks for the Long-term IDR and National Long-term rating are Stable. SOLNECHNOGORSKIJ METAL: Court Hearing Slated for March 27, 2008 --------------------------------------------------------------- The Arbitration Court of Moscow will convene on March 27, 2008, to hear the six-months bankruptcy supervision procedure against CJSC Solnechnogorskij Metal Product Plant. The case is docketed under Case No. A41-K2-13202/07. The Interim Manager is: P. V. Pimenov P.O. Box 39 115211 Moscow Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Solnechnogorskij Metal Product Plant Rekintso 29 Solnechnogorsk 141500 Moscow Russia TEGUL'DETSKIJ: Creditors Must File Claims by Feb. 1, 2008 --------------------------------------------------------- Creditors of Federal State Unitary Mezhkhozyastvenny Logging Enterprise Tegul'Detskij have until Feb. 1, 2008, to submit proofs of claim to: I. V. Gorn Competitive Proceedings Manager P.O. Box 1530 634006 Tomsk Russia The Arbitration Court of Tomsk commenced competitive proceedings against the company after finding it insolvent on Oct. 15. The case is docketed under Case No. A67-3931/06. The Debtor can be reached at: Federal State Unitary Mezhkhozyastvenny Logging Enterprise Tegul'Detskij Mayakovskogo Str. 45 Tegul'det 636900 Tomsk Russia TNK-BP HOLDING: To Pump Oil to China Via Transneft Pipeline ----------------------------------------------------------- TNK-BP Holding Ltd. has applied with OAO Transneft to pump 500,000 metric tons of oil to China via the Atasu-Alashankou pipeline in the first quarter 2008, RIA Novsoti reports citing Jonathan Kollek, TNK-BP vice-president for sales and logistics. Mr. Kollek told RIA NOvsoti that TNK-BP is building an oil terminal in Novosibirsk, Russia, that, after completion in first quarter 2008, will allow the company to export 100,000 metric tons a month of high-quality oil to China, Kazakhstan and the Black Sea coast, via the Caspian oil pipeline or through the Russian Black Sea port of Novorossiisk. TNK-BP plans to cut oil exports by 9.3% year-on-year by the end of 2007 to 36.7 million metric tons while increasing refined products exports by 4.8% to 15.28 million metric tons, RIA Novosti relates. Anthony Considine, TNK-BP vice-president for refining, told RIA Novsoti that the move was to take advantage of the government incentives to oil firms to increase sales of petroleum products. Mr. Considine added that TNK-BP will invest US$1 billion to US$1.5 billion to modernize its refineries in 2008-2013. About TNK-BP Headquartered in Moscow, Russia, TNK-BP Holding Ltd. operates six refineries in Russia and Ukraine, and markets products through 2,100 retail service stations operating under TNK and BP brand. BP Plc and Alfa Access/Renova jointly own the group. TNK-BP holds a strategic position as the second largest liquids producer in the Russian intergraded operating environment, accounting for approximately 18% of Russia's total crude oil production. * * * TNK-BP International Ltd. carries BB long-term foreign and local currency ratings and B short-term foreign and local currency ratings from Standard & Poor's. ========= S P A I N ========= GRUPO LLANERA: Wants Valencia Court to Okay Land Sale to NewCo -------------------------------------------------------------- Grupo Llanera asked a Valencia commercial court for permission to sell a 9 million square meter land located in Riba-roja, Valencia, to NewCo, the Financial Times reports, citing El Pais as its source. According to the report, the land, on which Llanera has a mortgage from Lehman Brothers Bankhaus for over EUR156 million, was formerly owned by Regadios y Energia Valenciana. FT says the proceeds of the sale will be used by Llanera to repay certificates of indebtedness with Bancaja and Banco de Valencia totaling about EUR46,416,808. However, sources at both of the financial institutions declined to confirm the existence of such financial instruments, FT relates. Headquartered in Valencia, Spain, Grupo Llanera -- http://www.grupollanera.com/-- is multi-service group dedicated to the building, town planning and real estate management. The company, founded by Fernando Gallego in 1988, initially developed real estate properties in the Valencia region mainly in the building and industrial sectors. The company filed for bankruptcy protection at the Commercial Court of Valencia on Oct. 2, 2007, citing substantial liquidity constraints. ===================== S W I T Z E R L A N D ===================== ADASTRA II: Creditors' Liquidation Claims Due by December 20 ------------------------------------------------------------ Creditors of JSC Adastra II Holding have until Dec. 20 to submit their claims to: JSC Intactus Treuhand Baarerstrasse 71 6302 Zug Switzerland The Debtor can be reached at: JSC Adastra II Holding Zug Switzerland DROMEX JSC: Bern Court Closes Bankruptcy Proceedings ---------------------------------------------------- The Banking Commission of the Swiss Confederation in Bern entered Nov. 13 an order closing the bankruptcy proceedings of JSC Dromex. The Banking Commission of the Swiss Confederation can be reached at: Banking Commission of the Swiss Confederation 3001 Bern Switzerland The Debtor can be reached at: JSC Dromex 6300 Zug Switzerland FOOD - CORNER MITCH: Lucerne Court Starts Bankruptcy Proceedings ---------------------------------------------------------------- The Bankruptcy Service of Sursee in Lucerne commenced bankruptcy proceedings against LLC Food-Corner Mitch & Malz on Nov. 7. The Bankruptcy Service of Sursee can be reached at: Bankruptcy Service of Sursee 6018 Buttisholz Sursee LU Switzerland The Debtor can be reached at: LLC Food-Corner Mitch & Malz Allmendstrasse 10 6210 Sursee LU Switzerland GRIFFON TRADING: Creditors Must File Claims by December 20 ----------------------------------------------------------- Creditors of JSC Griffon Trading have until Dec. 20 to submit their claims to: Dr. Leo Granziol Liquidator Bahnhofstrasse 32 6300 Zug Switzerland The Debtor can be reached at: JSC Griffon Trading Zug Switzerland IDEA PLAN: Zug Court Closes Bankruptcy Proceedings -------------------------------------------------- The Bankruptcy Service of Zug entered Nov. 6 an order closing the bankruptcy proceedings of LLC Idea Plan. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6301 Zug Switzerland The Debtor can be reached at: LLC Idea Plan Neugasse 4 6300 Zug Switzerland INDUTRANS JSC: Creditors' Liquidation Claims Due by December 20 --------------------------------------------------------------- Creditors of JSC Indutrans have until Dec. 20 to submit their claims to: Hans Durrer Liquidator Gotthardstrasse 20 6304 Zug Switzerland The Debtor can be reached at: JSC Indutrans Zug Switzerland MANVILLE INVESTMENT: Creditors Must File Claims by December 20 -------------------------------------------------------------- Creditors of JSC Manville Investment have until Dec. 20 to submit their claims to: Dr. Leo Granziol Liquidator Bahnhofstrasse 32 6300 Zug Switzerland The Debtor can be reached at: JSC Manville Investment Zug Switzerland R. GANTENBEIN: Creditors' Liquidation Claims Due by December 20 --------------------------------------------------------------- Creditors of JSC R. Gantenbein have until Dec. 20 to submit their claims to: JSC Girsberger & Rutsche Treuhand Liquidator Im Lerchenfeld 2 9535 Wilen b. Wil SG Switzerland The Debtor can be reached at: JSC R. Gantenbein Bronschhofen Wil SG Switzerland SEYMOUR TRADING: Creditors Must File Claims by December 20 ---------------------------------------------------------- Creditors of JSC Seymour Trading & Finance have until Dec. 20 to submit their claims to: Dr. Leo Granziol Liquidator Bahnhofstrasse 32 6300 Zug &nbs