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, December 21, 2007, Vol. 8, No. 253 Headlines A U S T R I A DAT DORFMAYR: Claims Registration Period Ends Dec. 27 DOX.AT SOFTWAREMARKETING: Claims Registration Ends Dec. 27 ELTNER MUSIKINSTRUMENTE: Claims Registration Period Ends Dec. 25 J.M.S. LLC: Creditors' Meeting Slated for Jan. 8, 2008 JUWELIER SCHATZL: Claims Registration Period Ends Dec. 28 TEFIX LLC: Creditors' Meeting Slated for Jan. 9, 2008 B E L G I U M CHIQUITA BRANDS: Discloses Rule 10b5-1 Stock Trading Plan FLOWSERVE CORP: Gayla Delly Joins Board of Directors D E N M A R K NORTEL NETWORKS: Sues Vonage Holdings for Patent Infringement F I N L A N D QUEBECOR WORLD: Moody's Cuts Corporate Family Rating to Caa2 QUEBECOR WORLD: S&P Junks Sr. Unsec. Debt with Negative Outlook F R A N C E CHEMTURA CORP: Forms Special Committee to Review Options CHEMTURA CORP: Moody's May Cut Ba2 Rating After Review G E R M A N Y ALMA-KUECHEN: Creditors' Meeting Slated for Feb. 12, 2008 BAUM WEINMARKETING: Creditors' Meeting Slated for Jan. 8, 2008 BERATUNGS- UND VERMITTLUNGS: Claims Registration Ends Dec. 28 BIOTEAM BERLIN: Creditors' Meeting Slated for Jan. 8, 2008 BROECKER LEITUNGSBAU: Creditors' Meeting Set for Jan. 11, 2008 DJV BERLIN: Creditors' Meeting Slated for Jan. 17, 2008 DOMICIL GEBAUDEDIENSTE: Claims Period Ends Jan. 16, 2008 GIMEX GMBH: Claims Registration Period Ends Jan. 7, 2008 HAMMES-BROT EMIL: Claims Registration Period Ends Jan. 4, 2008 HANS-DIETER KOCH: Claims Registration Period Ends Feb. 1, 2008 HEGU SHOES: Creditors' Meeting Slated for January 14, 2008 HEINRICH & RIECHEL : Claims Registration Period Ends Dec. 28 HERING HAUSTECHNIK: Claims Registration Period Ends Dec. 31 HYPO REAL: S&P Rates EUR10 Million Class F Notes at BB LEHMANN GMBH: Claims Registration Period Ends Feb. 7, 2008 LINGCOM GMBH: Claims Registration Period Ends Dec. 31 MARION GARTENBAU: Creditors' Meeting Slated for Jan. 9, 2008 MEIDINGER WERKZEUG: Creditors' Meeting Slated for Jan. 15, 2008 RAILTRADER LOGISTIC: Claims Registration Ends Feb. 1, 2008 S-HAUS BETEILIGUNGS: Claims Registration Ends February 21, 2008 SCHAEFER GARNE: Claims Registration Period Ends Jan. 7, 2008 SCHMIDT & SELLE: Creditors' Meeting Slated for Jan. 17, 2008 STEELER MASCHINENFABRIK: Claims Period Ends Jan. 7, 2008 TOP COURIER: Claims Registration Period Ends Dec. 31 I R E L A N D RITCHIE IRELAND: Wants Insurance Files Ownership Known SAPHIR FINANCE: Moody's Cuts Rating to B3 on Series 2006-7 Notes I T A L Y FIAT SPA: Names Gianni Coda to Head Fiat Group Purchasing K A Z A K H S T A N B.A.D. LLP: Creditors Must File Claims by Jan. 18, 2008 ENCHILADA HOLDINGS: Claims Filing Period Ends Jan. 18, 2008 HT TROPLAST AG: Creditors' Claims Due on Jan. 18, 2008 KAZAKHSKAYA ACADEMIYA: Claims Registration Ends Jan. 22, 2008 PRODOVOLSTVENNAYA CONTRACTNAYA: Claims Accepted Until Jan. 18 TEPLOENERGOCOMPLECT LLP: Claims Period Ends Jan. 18, 2008 TIRLIK-ARKALYK LLP: Creditors' Claims Due on Jan. 18, 2008 UNIVERSAL OIL: Claims Registration Ends Jan. 18, 2008 K Y R G Y Z S T A N BEIZAR LLC: Creditors Must File Claims by January 23, 2008 L U X E M B O U R G EVRAZ GROUP: Board Gains Power to Name CEO Sans Shareholder Nod N E T H E R L A N D S X5 RETAIL: Eyes US$1.1 Billion Three-Year Syndicated Loan R O M A N I A URS CORP: Washington Unit Inks Construction Deal with TVA R U S S I A ALABUGINSKOYE CJSC: Creditors Must File Claims by Jan. 24, 2008 ANDREEVSKIJ LOGGING: Creditors Must File Claims by Jan. 24, 2008 DALCOMBANK: Potential Shareholder Support Cues Fitch's B- IDR DOZ ECODREVSTROY: Bankruptcy Hearing Slated for Feb. 28, 2008 EVRAZ GROUP: Board Gains Power to Name CEO Sans Shareholder Nod KABANSKIJ OJSC: Creditors Must File Claims by Dec. 24 MODERN CONSTRUCTION: Creditors Must File Claims by Dec. 24 SHIRINSKOYE MILK CJSC: Court Starts Competitive Proceedings X5 RETAIL: Eyes US$1.1 Billion Three-Year Syndicated Loan ZAVODOUKOVSKIJ DISTILLERY: Asset Sale Slated for Dec. 27 * S&P Rates Krasnodar Krai's RUR1.5 Bln Proposed Bonds at BB- S P A I N CAJA ESPANA I: Moody's Rates EUR6.5 Mln Series D Notes at Ba2 VALENCIA HIPOTECARIO 4: Moody's Junks EUR28.5 Mln Series D Notes S W I T Z E R L A N D BACKEREI ANDRES: Creditors' Liquidation Claims Due by Dec. 24 BECKER ANTRIEBE: Creditors' Liquidation Claims Due by Dec. 27 BURRI BAUUNTERNEHMUNG: Creditors Must File Claims by December 27 DEWRAN GASTRO: Creditors' Liquidation Claims Due by December 24 FUNCAR RENT: Creditors' Liquidation Claims Due by December 27 GASTRO PRO: Creditors' Liquidation Claims Due by December 27 GSI TRANSPORT: Creditors' Liquidation Claims Due by December 24 KINGFISHER JSC: Creditors' Liquidation Claims Due by December 27 MB NETKEY: Creditors' Liquidation Claims Due by December 27 SAPRO BETEILIGUNG: Creditors Must File Claims by December 27 SILCA MINERALS: Creditors' Liquidation Claims Due by December 27 SMOKERSFRIENDS.COM: Creditors' Liquidation Claims Due by Dec. 24 TELE24 JSC: Creditors' Liquidation Claims Due by December 27 UKREXIMBANK JSC: Fitch Affirms IDR at BB- with Positive Outlook VITIMUCK JSC: Creditors' Liquidation Claims Due by December 27 WA SERVICES: Creditors' Liquidation Claims Due by December 24 U K R A I N E ACTIVE-BANK: Moody's Puts B3/NP Global Scale Sr. Debt Ratings AGRICULTURAL TECHNICS: Claims Filing Deadline Set December 27 ALPHA-VINNICA LLC: Proofs of Claim Filing Deadline Set Dec. 27 BENITA-UNION LLC: Proofs of Claim Filing Deadline Set Dec. 27 BOLSHEVIK LLC: Proofs of Claim Filing Deadline Set December 27 DETAIL OJSC: Creditors Must File Claims by December 27 MEGAPOL LLC: Proofs of Claim Filing Deadline Set December 27 NIKAGRO-SPEKTR: Proofs of Claim Filing Deadline Set December 27 PIVDENNYI BANK: Moody's Rates UAH100 Mln Upcoming Bond at (P)B1 STANDARD LLC: Proofs of Claim Filing Deadline Set December 27 UKRA-POL LLC: Proofs of Claim Filing Deadline Set December 27 VOLODIMIRETSKYAL AGRICULTURAL: Proofs of Claims Due Dec. 27 U N I T E D K I N G D O M ARRAN CORPORATE: Moody's Rates US$77 Mln Class E Notes at Ba2 CLEAR CHANNEL: Fitch to Cut IDR to B Upon Transaction Closing CLEAR CHANNEL: S&P Cuts Rating on US$6.32 Billion Notes to B- CUMMINS INC: Rick Mills to Quit as Components Group President DECO 17: S&P Rates EUR13.53 Million Class G Notes at BB DURA AUTO: Resolves Magna Objections to Reorganization Plan DURA AUTO: Wants to Pay Lenders US$358K to Ignore Violations G.H. MARSHALL: Taps Joint Administrators from PwC GAINSBOROUGH UK: Brings In Liquidators from Grant Thornton HERITAGE FURNISHINGS: Brings In KPMG as Administrators IRON HILL: Moody's Rates US$14.84 Mln Class C Notes at (P)Ba3 J P WOOD: Joint Liquidators Take Over Operations KITCHENHAUS TRADING: Names Martin Dominic Pickard Liquidator LEVEL 3: Selling Advertising Distribution Unit for US$129 Mln LUCITE INT'L: Moody's Affirms B1 Rating on Improved Performance MMP LEISURE: J. M. Titley Leads Liquidation Procedure MONITOR OFFSHORE: Taps Ernst & Young to Administer Assets MONITOR OIL: Reacts Against Bondholder's Case Dismissal Plea MORELLE SUPPLIES: Brings In Administrators from Mazars P.D.C. INTERNATIONAL: Appoints Menzies as Joint Administrators R.A.E. WOOD: Calls In Liquidators from Vantis Business Recovery SCO GROUP: Names Jeff Hunsaker as Pres. & COO of SCO Operations SOUTH WEST: Taps Liquidator from Bishop Fleming VENSON GROUP: Appoints Liquidators from Grant Thornton VENSON PUBLIC: Hires Liquidators from Grant Thornton VIRGIN MEDIA: Names Charles Gallagher as Senior VP-Finance VISIOCORP PLC: Moody's May lifts Ca Rating After Review WATERROSE LTD: Appoints Joint Administrators from BDO Stoy WATERSIDE MANOR: Appoints M. C. Bowker as Liquidator WSG REALISATIONS: Brings In Liquidators from Menzies * BOOK REVIEW: How to Measure Managerial Performance ********* ============= A U S T R I A ============= DAT DORFMAYR: Claims Registration Period Ends Dec. 27 ----------------------------------------------------- Creditors owed money by LLC DAT Dorfmayr Anlagen Technik (FN 224686x) have until Dec. 27 to file written proofs of claim to court-appointed estate administrator Michael Pfleger at: Mag. Michael Pfleger Hauptplatz 1/2 3300 Amstetten Austria Tel: 07472/61 303 Fax: 07472/61303-50 E-mail: amstetten@lhup.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:10 a.m. on Jan. 8, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Viehdorf, Austria, the Debtor declared bankruptcy on Nov. 7 (Bankr. Case No. 14 S 183/07p). DOX.AT SOFTWAREMARKETING: Claims Registration Ends Dec. 27 ---------------------------------------------------------- Creditors owed money by LLC DOX.AT Softwaremarketing und Vertrieb (FN 200028i)have until Dec. 27 to file written proofs of claim to court-appointed estate administrator Peter Zens at: Dr. Peter Zens c/o Dr. Norbert Schopf Esteplatz 5/5 1030 Vienna Austria Tel: 534 90 Fax: 534 90-50 E-mail: office@schopf-zens.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Jan. 10, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 6 (Bankr. Case No. 5 S 129/07s). Norbert Schopf represents Dr. Zens in the bankruptcy proceedings. ELTNER MUSIKINSTRUMENTE: Claims Registration Period Ends Dec. 25 ---------------------------------------------------------------- Creditors owed money by LLC ELTNER Musikinstrumente Grosshandel (FN 79615g) have until Dec. 25 to file written proofs of claim to court-appointed estate administrator Karl Maier at: Dr. Karl Maier Hauptplatz 13/I 8720 Knittelfeld Tel: 03512/83428 Fax: 03512-83428-50 E-mail: office@ra-maier.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Jan. 9, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Leoben Hall IV First Floor Leoben Austria Headquartered in Judenburg, Austria, the Debtor declared bankruptcy on Nov. 5 (Bankr. Case No. 17 S 93/07f). J.M.S. LLC: Creditors' Meeting Slated for Jan. 8, 2008 ------------------------------------------------------ Creditors owed money by LLC J.M.S. (FN 287642d) are encouraged to attend the creditors' meeting at 9:00 a.m. on Jan. 8, 2008. The creditors' meeting will be held at: The Trade Court of Vienna Room 1609 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 6 (38 S 60/07m). Werner Stanek serves as the court- appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Werner Stanek Wollzeile 33/20 1010 Vienna Austria Tel: 512 29 02 Fax: 512 29 02 30 E-mail: werner-stanek@chello.at JUWELIER SCHATZL: Claims Registration Period Ends Dec. 28 --------------------------------------------------------- Creditors owed money by LLC Juwelier Schatzl (FN 261545a) have until Dec. 28 to file written proofs of claim to court-appointed estate administrator Friedrich Kuehleitner at: Mag. Friedrich Kuehleitner Markt 7 5620 Schwarzach/Pongau Austria Tel: 06415/58 58 Fax: 06415/5858-5 E-mail: kuehleitner@rechtsanwaelte-schwarzach.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Jan. 11, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Hall 256 Second Floor St. Poelten Austria Headquartered in St. Johann im Pongau, Austria, the Debtor declared bankruptcy on Nov. 7 (Bankr. Case No. 44 S 35/07g). TEFIX LLC: Creditors' Meeting Slated for Jan. 9, 2008 ----------------------------------------------------- Creditors owed money by LLC TEFIX (FN 279311b) are encouraged to attend the creditors' meeting at 9:30 a.m. on Jan. 9, 2008. The creditors' meeting will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Bruck an der Leitha, Austria, the Debtor declared bankruptcy on Nov. 7 (36 S 131/07t). Nikolaus Vogt serves as teh court-appointed estate administrator of the bankrupt's estate. Eva Riess represents Mag. Vogt in the bankruptcy proceedings. The estate administrator can be reached at: Mag. Nikolaus Vogt c/o Dr. Eva Riess Zeltgasse 3/13 1080 Vienna Austria Tel: 01/402 57 01 33 Fax: 01/402 57 01 57 E-mail: nikolaus.vogt@riess.co.at ============= B E L G I U M ============= CHIQUITA BRANDS: Discloses Rule 10b5-1 Stock Trading Plan --------------------------------------------------------- Chiquita Brands International Inc. reported that one of its executive officers has adopted a prearranged stock-trading plan in accordance with guidelines specified by Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. Rule 10b5-1 allows plans to be established that permit corporate executives to prearrange sales of company securities at a time when they are not aware of any material non-public information. Such plans typically involve a plan to sell shares over a set period of time. These pre-arranged planned trades will be executed at a specified later date, as set forth in the plan, without further action or oversight by the executive officer. A plan can provide for sales of stock on a particular date or at a particular price or a combination of both of these factors, along with others. The rules allow corporate executives to diversify their investment portfolios and avoid concerns about initializing stock transactions while possibly in possession of material non-public information. Manuel Rodriguez, senior vice president, government and international affairs, and corporate responsibility officer, has adopted a plan under Rule 10b5-1 which is in accordance with company's stock ownership guidelines and provides for the sale of portions of his holdings over time, as part of his financial planning for the benefit of his family. Shares sold pursuant to the plan will be disclosed publicly through Form 144 filings and Form 4 filings as required by the SEC. Cincinnati, Ohio-based Chiquita Brands International, Inc. (NYSE: CQB) -- http://www.chiquita.com/-- markets and distributes fresh food products including bananas and nutritious blends of green salads. The company markets its products under the Chiquita(R) and Fresh Express(R) premium brands and other related trademarks. Chiquita employs approximately 25,000 people operating in more than 70 countries worldwide, including Belgium, Columbia, Germany, Panama, Philippines, among others. * * * As reported in the Troubled Company Reporter on May 16, 2007, Moody's Investors Service Ratings affirmed these ratings on Chiquita Bands International Inc.: (i) corporate family rating at B3; (ii) probability of default rating at B3; (iii) US$250 million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%); and (iv) US$225 million 8.875% senior unsecured notes due 2015 at Caa2 (LGD5, 89%). Moody's changed the rating outlook for Chiquita Brands to negative from stable. Troubled Company Reporter reported on May 4, 2007, that Standard & Poor's Ratings Services placed its 'B' corporate credit and other ratings on Cincinnati, Ohio-based Chiquita Brands International Inc. on CreditWatch with negative implications, meaning that the ratings could be lowered or affirmed following the completion of their review. Total debt outstanding at the company was about US$1.3 billion as of March 31, 2007. FLOWSERVE CORP: Gayla Delly Joins Board of Directors ---------------------------------------------------- Flowserve Corp. has elected Gayla J. Delly as member of its board of directors effective Jan. 1, 2008. Ms. Delly is currently the President of Benchmark Electronics Inc., a contract manufacturing, design, engineering, test and distribution company serving customers in the computer, medical device, telecommunications and industrial control and instrumentation industries. Prior to her current role, Ms. Delly had served as Executive Vice President and Chief Financial Officer for Benchmark Electronics, since 2001. Ms. Delly joined Benchmark in 1995 as Corporate Controller and Treasurer. Before her positions at Benchmark Electronics, she served as a Senior Manager in the audit group of KPMG. Ms. Delly is a Certified Public Accountant. "We are very pleased that Gayla will be joining the board of directors of Flowserve," said Kevin E. Sheehan, Chairman of the board. "The experience that Gayla brings from a global manufacturing perspective, as well as her strong background in accounting, will serve us well as a board and will have an immediate impact," said Lewis Kling, President and CEO of Flowserve. Ms. Delly earned a Bachelor of Science degree in accounting from Samford University, Birmingham, Alabama. With the addition of Ms. Delly, the number of Flowserve's board of directors increases to 13 members. About Flowserve Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) -- http://www.flowserve.com/-- provides fluid motion and control products and services. Operating in 56 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. Flowserve has operations in Dominican Republic, Guatemala, Guyana, Belize, Belgium, Netherlands, Indonesia, Singapore, Japan, among others. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 20, 2007, Moody's Investors Service affirmed Flowserve Corporation's corporate family rating at Ba3 and probability of default at B1. Moody's also affirmed the Ba2 rating to the company's senior secured term loan and assigned a Ba2 rating to Flowserve's senior secured revolving credit facility. ============= D E N M A R K ============= NORTEL NETWORKS: Sues Vonage Holdings for Patent Infringement ------------------------------------------------------------- Nortel Networks Corp. sued Vonage Holdings Corp. alleging that Vonage is infringing 12 patents covering technology used in managing telephone data, Jeff St.Onge and Amy Thomson of Bloomberg News report. According to Bloomberg, Nortel's lawsuit came after Vonage sued Nortel's U.S. unit in August 2007 seeking to invalidate three of the patents, arguing that the patents shouldn't have been issued by the U.S. Patent and Trademark Office. Nortel denied the allegations and claimed that Vonage is violating the three patents and nine others, Bloomberg says. The Delaware case is Vonage Holdings Corp. v. Nortel Networks Inc., 07CV507, U.S. District Court, Delaware (Wilmington). About Vonage Headquartered in Holmdel, New Jersey, Vonage Holdings Corp. (NYSE:VG) -- http://www.vonage.com/-- provides broadband telephone services with over 1.4 million subscriber lines as of February 8, 2006. Utilizing its voice over Internet protocol technology platform, the company offers feature-rich, low-cost communications services with a call quality comparable to traditional telephone services. While customers in the United States represent over 95% of its subscriber lines, Vonage continues to expand internationally, having launched its service in Canada in November 2004, and in the United Kingdom in May 2005. About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation (NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next- generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel's technologies are designed to help eliminate today's barriers to efficiency, speed and performance by simplifying networks and connecting people to the information they need, when they need it. Nortel does business in more than 150 countries around the world including Indonesia, the United Kingdom, Denmark, Russia, Norway, Australia, Brazil, China, Singapore, among others. Nortel Networks Limited is the principal direct operating subsidiary of Nortel Networks Corporation. * * * Nortel Networks Corp. still carries Moody's Investors Service 'B3' Senior Unsecured Debt rating which was placed on March 22, 2007. ============= F I N L A N D ============= QUEBECOR WORLD: Moody's Cuts Corporate Family Rating to Caa2 ------------------------------------------------------------ Moody's Investors Service downgraded Quebecor World Inc.'s corporate family rating by two notches to Caa2. The company's debt instruments and those of related companies, Quebecor World Capital Corporation and Quebecor World Capital ULC, were also downgraded and the related ratings outlooks were changed to negative. QWI's speculative grade liquidity rating remains at SGL-4, indicating poor liquidity. The rating action concludes a review initiated on November 23, and reflects increased default risk as the company looks to renegotiate bank credit facility arrangements in advance of potential financial covenant defaults that could occur when year-end compliance is tested. The company's ability to manage the situation has been adversely impacted by cancellation of a previously announced sale of the company's European operations. This complicates an already difficult situation, and in light of the tight time frame, increases execution risks. In addition, without the benefit of sales proceeds from the cancelled European transaction, it is not clear whether the company may require more than mere financial covenant adjustments. However, even including the relatively weak European operations, Moody's expects the company to be modestly cash flow positive during 2008. Accordingly, the revised ratings' levels reflect the impact of liquidity related risks. Over the recent past, QWI has depended heavily on third party financing to augment cash flow from operations. This has created significant reliance on the company's bank credit facility and has strained both the CFR and SGL ratings. Consequently, until such time as QWI can validate its restructuring activities by way of significant cash flow self-sufficiency, the close linkage between the SGL and CFR ratings will continue to prevail, and over the near-term, liquidity related milestones will trigger ratings activity and will determine ratings outcomes. Since resolution of the current situation depends on events that the company cannot control, the ratings outlook is negative. Downgrades: * Issuer: Quebecor World, Inc. -- Corporate Family Rating, Downgraded to Caa2 from B3; -- Probability of Default Rating, Downgraded to Caa2 from B3; -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3 (LGD4, 67) from Caa1 (LGD4, 66). * Issuer: Quebecor World Capital Corporation -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3 (LGD4, 67) from Caa1 (LGD4, 66). * Issuer: Quebecor World Capital ULC -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3 (LGD4, 67) from Caa1 (LGD4, 66). Outlook Actions: * Issuer: Quebecor World, Inc. -- Outlook, Changed To Negative From Rating Under Review. * Issuer: Quebecor World Capital Corporation -- Outlook, Changed To Negative From Rating Under Review. * Issuer: Quebecor World Capital ULC -- Outlook, Changed To Negative From Rating Under Review. For additional commentary, please refer to Moodys.com to review Moody's related Credit Opinion (to be posted within a day of this press release). Headquartered in Montreal, Quebec, Canada, Quebecor World Inc. is one of the world's largest commercial printers. With an approximate 36% economic and 85% voting interest, QWI's major shareholder is Quebecor Inc. ((QI) a publicly traded company that also owns approximately 54.7% of Quebecor Media Inc. (QMI), a privately held leading Canadian media holding company). QUEBECOR WORLD: S&P Junks Sr. Unsec. Debt with Negative Outlook --------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Montreal-based printing company Quebecor World Inc. by two notches to 'CCC' from 'B-'. In addition, Standard & Poor's lowered the senior unsecured debt rating on the company by three notches to 'CCC-' from 'B-', reflecting the junior position of the notes in relation to Quebecor World's US$750 million revolving credit facility (unrated), which is fully guaranteed and partially secured, and the high likelihood that the company's debt level will increase in the near term. The ratings remain on CreditWatch with negative implications, where they were placed Aug. 9, 2007, due to concerns over the company's weak operating performance and financial flexibility in a challenging operating environment and difficult credit market. "The downgrade reflects the significant deterioration in Quebecor World's financial flexibility and liquidity following the company's withdrawal of its announced recapitalization plan in November, and last week's cancellation of the company's announced sale of a significant portion of its European operation because the deal didn't receive the required shareholder approval," said Standard & Poor's credit analyst Lori Harris. "The company continues to face insufficient near- term liquidity, potential covenant violations, and an uncertain financial restructuring," Ms. Harris added. To address the necessary refinancing of the private notes in September 2007, the company used its revolving credit facility; however, Quebecor World agreed at that time to reduce the authorized facility amount of the revolver to US$750 million from US$1 billion, which put a premium on completing the previously mentioned transactions. In addition to this, Quebecor World's European accounts receivable securitization program was wound down in October 2007, requiring the company to rely even more heavily on the reduced revolving credit facility. As a result, we expect Quebecor World's bank debt balances at year-end 2007 to be materially higher than previously planned. Quebecor World will likely not meet all of the recently loosened bank loan covenants for fourth-quarter 2007. The company also failed to make its declared dividend payments on the series 3 and series 5 preferred shares, which were due Dec. 1, 2007, because it might not satisfy the capital adequacy test under the Canada Business Corporations Act. At present, Quebecor World doesn't have sufficient confirmed sources of cash or liquidity to meet its expected near-term operational requirements. The firm recently hired independent financial advisors to help it deal with its liquidity crunch by evaluating alternatives for raising cash, while also devising a longer term restructuring solution. However, as yet a formal action plan hasn't been announced or approved for either issue. Standard & Poor's is very concerned that the near-term outlook for the business' sustainability is unclear at this time. The ratings will remain on CreditWatch with negative implications until Standard & Poor's is comfortable that Quebecor World has addressed its near-term liquidity issues. =========== F R A N C E =========== CHARLES JOURDAN: Romas-sur-Isere Court Orders Liquidation --------------------------------------------------------- The commercial court in Romans-sur-Isere placed Charles Jourdan into liquidation on Dec. 17, 2007, after U.S. firm Omniscent withdrew its offer for the company's assets, Bloomberg News reports citing Challenges as its source. According to the report, the company's 197 employees will be terminated following the court's decision. In a report by Les Echos on Dec. 4, 2007, the court granted a 15-day adjournment request from Omniscent that aimed to convince Yannis Bilquez, Charles Jourdan's former owner, to resign as director of the company and to show proof of the existence of titles of ownership to the shares and the brand. Headquartered in Romans Sur Isere, France, Charles Jourdan -- http://www.charles-jourdan.fr/-- manufactures luxury footwear. As previously reported in the TCR-Europe on Oct. 2, 2007, the court placed Charles Jourdan in compulsory administration on Sept. 12, 2007, after it filed for redressment judiciaire, the French equivalent of Chapter 11 bankruptcy protection, for the second time. The company first filed for bankruptcy on Aug. 22, 2005. Avendis and Finaluxe bought the company on Nov. 2, 2005. CHEMTURA CORP: Forms Special Committee to Review Options -------------------------------------------------------- Chemtura Corporation's Board of Directors has authorized management to consider a wide range of strategic alternatives available to the company to enhance shareholder value. In support of this ongoing initiative, a Special Committee of independent directors of the Board of Directors has been formed to oversee the process. To assist in this process, Chemtura has retained the services of Merrill Lynch & Co., which is acting as its exclusive financial advisor. Strategic alternatives to be considered may include, among others, select business divestitures, value-creating acquisitions, changes to the company's capital structure, or a possible sale, merger or other business combination involving the entire company. There can be no assurance that this review will result in any specific transaction. The company does not expect to disclose any further developments with respect to the exploration of strategic alternatives unless and until its Board of Directors has approved a transaction or other strategic alternative. About Chemtura Corp. Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:CEM) -- http://www.chemtura.com/-- is a global manufacturer and marketer of specialty chemicals, crop protection, and pool, spa and home care products. The company has approximately 6,400 employees around the world and sells its products in more than 100 countries. The company has facilities in Singapore, Australia, China, Hong Kong, India, Japan, South Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany, Mexico, and The United Kingdom. * * * As reported in the Troubled Company Reporter-Latin America on May 18, 2007, Moody's Investors Service lowered Chemtura Corporation's ratings: -- Corporate Family Rating: Ba2 from Ba1 -- Senior notes, US$500 million due 2016: Ba2 from Ba1; LGD4 (53%) -- Senior Unsecured Notes, US$150 million due 2026: Ba2 from Ba1; LGD4 (53%) -- Senior Unsecured Notes, US$400 million due 2009: Ba2 from Ba1; LGD4 (53%) CHEMTURA CORP: Moody's May Cut Ba2 Rating After Review ------------------------------------------------------ Moody's Investors Service placed the ratings of Chemtura Corporation (CFR of Ba2) under review for possible downgrade following the announcement that its "Board of Directors has authorized management to consider a wide range of strategic alternatives available to the company to enhance shareholder value." While this process may not be resolved within the next three months, Moody's review will examine the company's ratings given the lack of improvement in financial metrics over the past year, the potential impact of a slowdown in the US economy in 2008, potential further weakness in the company's Non-Flame Retardant Polymer Additives businesses, and the likelihood of additional restructuring charges. Moody's review will focus on the company's expected financial metrics in 2008 as well as any indications from management on the size or scope of the actions they may consider as part of the strategic review. Headquartered in Middlebury, Connecticut, Chemtura manufactures specialty chemicals, crop protection and pool, spa and home care products. The combined company had LTM Sept. 30, 2007 revenues, EBITDA and total debt (as estimated by Moody's and EBITDA adjusted for one time charges) of US$3.9 billion, US$432 million, and US$1.6 billion, respectively. ============= G E R M A N Y ============= ALMA-KUECHEN: Creditors' Meeting Slated for Feb. 12, 2008 --------------------------------------------------------- The court-appointed insolvency manager for alma-Kuechen Aloys Meyer GmbH & Co. KG, Heinrich Stellmach, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:30 a.m. on Feb. 12, 2008. The meeting of creditors and other interested parties will be held at: The District Court Muenster Meeting Hall 13 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on Feb. 26, 2008, at the same venue. Creditors have until Feb. 5, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Heinrich Stellmach Salierstrasse 4 46395 Bocholt Germany Tel: 02871/2183-0 Fax: +4928712183410 The District Court of Muenster opened bankruptcy proceedings against alma-Kuechen Aloys Meyer GmbH & Co. KG on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: alma-Kuechen Aloys Meyer GmbH & Co. KG von-Roentgen-Strasse 9-11 48683 Ahaus Germany BAUM WEINMARKETING: Creditors' Meeting Slated for Jan. 8, 2008 -------------------------------------------------------------- The court-appointed insolvency manager for Baum Weinmarketing GmbH, Dr. Rolf-Dieter Monning, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:25 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 9:50 a.m. on March 22, 2008, at the same venue. Creditors have until Feb. 28, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Rolf-Dieter Monning Cicerostr. 22 10709 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Baum Weinmarketing GmbH on Nov. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baum Weinmarketing GmbH Emser Strasse 12-13 10719 Berlin Germany BERATUNGS- UND VERMITTLUNGS: Claims Registration Ends Dec. 28 ------------------------------------------------------------- Creditors of BHV Beratungs- und Vermittlungs GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Matthias Hofmann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 12, 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: Dr. Matthias Hofmann Rosental 6 80331 Munich Germany Tel: 089/548033-0 Fax: 089/548033-111 The District Court of Munich opened bankruptcy proceedings against BHV Beratungs- und Vermittlungs GmbH on Nov. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BHV Beratungs- und Vermittlungs GmbH Dachauer Str. 15 a 85764 Oberschleissheim Germany BIOTEAM BERLIN: Creditors' Meeting Slated for Jan. 8, 2008 ---------------------------------------------------------- The court-appointed insolvency manager for BioTeam Berlin GmbH, Christoph Rosenmueller, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:15 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 9:45 a.m. on March 22, 2008, at the same venue. Creditors have until Feb. 28, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christoph Rosenmueller Berliner Str. 117 10713 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against BioTeam Berlin GmbH on Nov. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BioTeam Berlin GmbH Am Tegeler Hafen 8 b 13507 Berlin Germany BROECKER LEITUNGSBAU: Creditors' Meeting Set for Jan. 11, 2008 -------------------------------------------------------------- The court-appointed insolvency manager for Broecker Leitungsbau GmbH, Dr. Juergen Sander, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 8:30 a.m. on Jan. 11, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Syke Hall 112 Hauptstr. 5A 28857 Syke Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on March 4, 2008, at the same venue. Creditors have until Feb. 28, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Juergen Sander An der Beeke 22 28844 Weyhe Germany Tel: 0421/806666 Fax: 0421/8066611 The District Court of Syke opened bankruptcy proceedings against Broecker Leitungsbau GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Broecker Leitungsbau GmbH Lange Wand 5 27211 Bassum Germany DJV BERLIN: Creditors' Meeting Slated for Jan. 17, 2008 ------------------------------------------------------- The court-appointed insolvency manager for DJV Berlin Sozialfonds GmbH, Michael C. Frege, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:15 a.m. on Jan. 17, 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 10:15 a.m. on April 24, 2008, at the same venue. Creditors have until Feb. 28, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Michael C. Frege Lennestr. 7 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against DJV Berlin Sozialfonds GmbH on Nov. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DJV Berlin Sozialfonds GmbH Lietzenburger Strasse 77 10719 Berlin Germany DOMICIL GEBAUDEDIENSTE: Claims Period Ends Jan. 16, 2008 -------------------------------------------------------- Creditors of Domicil Gebaudedienste GmbH have until Jan. 16, 2008, to register their claims with court-appointed insolvency manager Dr. Christoph Schulte-Kaubruegger. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Dortmund Hall 3.201 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: Dr. Christoph Schulte-Kaubruegger Koenigswall 21 44137 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against Domicil Gebaudedienste GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Domicil Gebaudedienste GmbH Heinrichstr. 51 44536 Luenen Germany Attn: Andrea Schneider, Manager Ferdinandstr. 8 a 44536 Luenen Germany GIMEX GMBH: Claims Registration Period Ends Jan. 7, 2008 -------------------------------------------------------- Creditors of GIMEX GmbH Getranke Import Export have until Jan. 7, 2008, to register their claims with court-appointed insolvency manager Andreas Schoss. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Hagen Meeting Hall 259 Second Floor Heinitzstrasse 42/44 58097 Hagen 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 Schoss Alter Markt 9 - 13 42275 Wuppertal Germany The District Court of Hagen opened bankruptcy proceedings against GIMEX GmbH Getranke Import Export on Dec. 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GIMEX GmbH Getranke Import Export Gahlenfeldstr. 50 c 58313 Herdecke Germany Attn: Oezden Goekce, Manager Wittbraucker Str. 20 58313 Herdecke Germany HAMMES-BROT EMIL: Claims Registration Period Ends Jan. 4, 2008 -------------------------------------------------------------- Creditors of Hammes-Brot Emil Hammes GmbH & Co. KG have until Jan. 4, 2008, to register their claims with court-appointed insolvency manager Hans Peter Runkel. Creditors and other interested parties are encouraged to attend the meeting at 8:30 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 Wuppertal Meeting Room A234 Second Floor Isle 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans Peter Runkel Friedrich-Ebert-Strasse 146 42117 Wuppertal Germany Tel: 0202/302071 Fax: 0202/314708 The District Court of Wuppertal opened bankruptcy proceedings against Hammes-Brot Emil Hammes GmbH & Co. KG on Dec. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hammes-Brot Emil Hammes GmbH & Co. KG Industriehof Trecknase 6 42897 Remscheid Germany HANS-DIETER KOCH: Claims Registration Period Ends Feb. 1, 2008 -------------------------------------------------------------- Creditors of Hans-Dieter Koch Industriemontagen GmbH have until Feb. 1, 2008, to register their claims with court-appointed insolvency manager Matthias Riemer. Creditors and other interested parties are encouraged to attend the meeting at 8:20 a.m. on Feb. 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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 Riemer Bayerwaldstr. 57 84030 Landshut Germany Tel: 0871/43 0759 3 Fax: 0871/43 0759 5 The District Court of Landshut opened bankruptcy proceedings against Hans-Dieter Koch Industriemontagen GmbH on Jan. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hans-Dieter Koch Industriemontagen GmbH Etzstr. 43 84030 Ergolding Germany HEGU SHOES: Creditors' Meeting Slated for January 14, 2008 ---------------------------------------------------------- The court-appointed insolvency manager for Hegu Shoes GmbH, Georg Utzinger will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:30 p.m. on Jan. 14, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Pirmasens Hall 235 Second Floor Pirmasens Germany The Court will also verify the claims set out in the insolvency manager's report at 2:00 p.m. on Feb. 25, 2008, at the same venue. Creditors have until Feb. 11, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Georg Utzinger Bahnhofstrasse 2 66953 Pirmasens Germany Tel: 06331-55220 Fax: 06331-552255 The District Court of Pirmasens opened bankruptcy proceedings against Hegu Shoes GmbH on Nov. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hegu Shoes GmbH Wolfgang Schmohl Muehlstr. 23 66981 Muenchweiler Germany HEINRICH & RIECHEL : Claims Registration Period Ends Dec. 28 ------------------------------------------------------------ Creditors of Heinrich & Riechel Baugeschaft GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Christian Hellmich. 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 Ludwigsburg Hall 2008 Palace Schuetz Schorndorfer Str. 28 Ludwigsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Hellmich Koenigstr. 20 70173 Stuttgart Germany Tel: 0711/223320 The District Court of Ludwigsburg opened bankruptcy proceedings against Heinrich & Riechel Baugeschaft GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heinrich & Riechel Baugeschaft GmbH Attn: Dieter Heinrich, Manager Kaffeeberg 3 71549 Auenwald Germany HERING HAUSTECHNIK: Claims Registration Period Ends Dec. 31 ----------------------------------------------------------- Creditors of Hering Haustechnik GmbH have until Dec. 31 to register their claims with court-appointed insolvency manager Undine Haller. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on Jan. 30, 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 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: Undine Haller Bismarckstrasse 39 74074 Heilbronn Germany Tel: 07131/173032 Fax: 07131/171112 The District Court of Heilbronn opened bankruptcy proceedings against Hering Haustechnik GmbH on Nov. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hering Haustechnik GmbH Attn: Mathias Hering, Manager Daimlerstrasse 63 74211 Leingarten Germany HYPO REAL: S&P Rates EUR10 Million Class F Notes at BB ------------------------------------------------------ Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EUR286.25 million floating-rate amortizing credit-linked notes to be issued by Hypo Real Estate Bank AG, Munich, Germany in its ESTATE Pan-Europe 5 transaction. ESTATE Pan-Europe 5 is structured as a fully funded synthetic CMBS transaction, in which loss allocation to the noteholders is synthetically linked to the performance of a reference pool of 25 commercial mortgage loans. These loans have been originated by Hypo AG and Hypo Real Estate Bank International AG, Stuttgart (HI) under their standard origination procedures. All loans are secured on properties located in France, Germany and The Netherlands by a comprehensive security package. Realized losses in the pool will be allocated to each class of notes in reverse sequential order, starting with the class F notes, until the class balance is reduced to zero. The notes will be secured against public credit-covered securities issued by DEPFA ACS (note collateral) and there will be a direct credit link to the rating on the note collateral ('AAA'). Thus, the rating on the notes will be capped at the rating on the note collateral, and if the rating on the note collateral is lowered, the ratings on the notes will also be lowered. As a result of principal prepayments, the reference pool may be replenished until 2012, subject to the satisfaction of certain conditions. Ratings List Hypo Real Estate Bank AG EUR286.25 Million Floating-Rate Amortizing Credit-Linked Notes (ESTATE Pan-Europe 5) Prelim. Prelim. Amount Class Rating (Mln. EUR) ----- ------ -------- A1+ AAA 0.50 A2 AAA 70.15 B AA 74.50 C A 74.00 D BBB 42.60 E BBB 14.50 F BB 10.00 LEHMANN GMBH: Claims Registration Period Ends Feb. 7, 2008 ---------------------------------------------------------- Creditors of Lehmann GmbH u. Co. Massivholzmoebel KG have until Feb. 7, 2008, to register their claims with court-appointed insolvency manager Klaus Haischer. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.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 Rottweil Room 0.05 Branch Office Koernerstr. 29 Rottweil 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 Haischer Hauptstr. 4 78727 Oberndorf Germany Tel: 07423-81060 Fax: 07423-810610 The District Court of Rottweil opened bankruptcy proceedings against Lehmann GmbH u. Co. Massivholzmoebel KG on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lehmann GmbH u. Co. Massivholzmoebel KG Attn: Horst Lehmann, Manager Otto-Hahn-Str. 1 72280 Dornstetten Germany LINGCOM GMBH: Claims Registration Period Ends Dec. 31 ----------------------------------------------------- Creditors of LingCom GmbH have until Dec. 31 to register their claims with court-appointed insolvency manager Helmut Hetzelt. 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 Bamberg Meeting Hall 031 Synagogenplatz 1 96047 Bamberg 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: Helmut Hetzelt Geisfelder Str. 14 96050 Bamberg Germany The District Court of Bamberg opened bankruptcy proceedings against LingCom GmbH on Nov. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LingCom GmbH Attn: Ingolf Franke, Manager Daimlerstr. 28 91301 Forchheim Germany MARION GARTENBAU: Creditors' Meeting Slated for Jan. 9, 2008 ------------------------------------------------------------ The court-appointed insolvency manager for Marion Gartenbau- Handelsgesellschaft mbH, Jochen Eisenbeis, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:00 a.m. on Jan. 9, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Saarbruecken Area Hall 13 First Floor Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report at 8:40 a.m. on Feb. 27, 2008, at the same venue. Creditors have until Feb. 6, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Jochen Eisenbeis Kathe-Kollwitz-Str. 11 66115 Saarbruecken Germany Tel: 0681/ 7097 790 Fax: 0681/ 7097 7910 The District Court of Saarbruecken opened bankruptcy proceedings against Marion Gartenbau-Handelsgesellschaft mbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Marion Gartenbau-Handelsgesellschaft mbH Von-Lettow-Vorbeck-Str. 8 66740 Saarlouis Germany MEIDINGER WERKZEUG: Creditors' Meeting Slated for Jan. 15, 2008 --------------------------------------------------------------- The court-appointed insolvency manager for Meidinger Werkzeug- und Formenbau GmbH, Dr. Hans-Peter Lehner will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:00 p.m. on Jan. 15, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Amberg Room 115 Meeting Hall V First Floor Baustadelgasse 1 Amberg Germany The Court will also verify the claims set out in the insolvency manager's report at 2:00 p.m. on Feb. 25, 2008, at the same venue. Creditors have until Feb. 11, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Hans-Peter Lehner Ditthornstr. 5 93055 Regensburg Germany Tel: 0941/640 820-0 Fax: 0941/640 820-10 The District Court of Amberg opened bankruptcy proceedings against Meidinger Werkzeug- und Formenbau GmbH on Nov. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Meidinger Werkzeug- und Formenbau GmbH Vilstalstr. 163 92245 Kuemmersbruck Germany RAILTRADER LOGISTIC: Claims Registration Ends Feb. 1, 2008 ---------------------------------------------------------- Creditors of Railtrader Logistic GmbH have until Feb. 1, 2008, to register their claims with court-appointed insolvency manager Michael C. Frege. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 4, 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 Frankfurt (Main) Hall 2 Building F Klingerstrasse 20 60313 Frankfurt (Main) 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 C. Frege Barckhausstrasse 12-16 60325 Frankfurt/Main Germany Tel: 069/71701-300, Fax: 069/71701-40-410 The District Court of Frankfurt am Main opened bankruptcy proceedings against Railtrader Logistic GmbH on Nov. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Railtrader Logistic GmbH Westhafenplatz 1-2 60237 Frankfurt am Main Germany S-HAUS BETEILIGUNGS: Claims Registration Ends February 21, 2008 --------------------------------------------------------------- Creditors of S-Haus Beteiligungs GmbH have until Feb. 21, 2008, to register their claims with court-appointed insolvency manager Dr. J. Blersch. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 4, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wiesbaden Hall E 36 A Third Floor Building E Moritzstrasse 5 65185 Wiesbaden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. J. Blersch c/o Blersch/Goetsch/Partner Insolvenzverwaltungen Taunusstrasse 7a 65183 Wiesbaden Germany Tel: 0611/180 89-100 Fax: 0611/180 89-189 E-mail: mail@bgp-insol.de The District Court of Wiesbaden opened bankruptcy proceedings against S-Haus Beteiligungs GmbH on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: S-Haus Beteiligungs GmbH Attn: Felicitas Conway, Manager Ruedesheimer Str. 27 65197 Wiesbaden Germany SCHAEFER GARNE: Claims Registration Period Ends Jan. 7, 2008 ------------------------------------------------------------ Creditors of Schaefer Garne GmbH have until Jan. 7, 2008, to register their claims with court-appointed insolvency manager Wolfgang Hohenadl. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Augsburg Law Courts Meeting Room 162 Alten Einlass 1 86150 Augsburg 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 Hohenadl Froelichstr. 14 86150 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against Schaefer Garne GmbH on Dec. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schaefer Garne GmbH Alter Postweg 101 86159 Augsburg Germany Attn: Andreas Schaefer, Manager Wolframstr. 8 86150Augsburg Germany SCHMIDT & SELLE: Creditors' Meeting Slated for Jan. 17, 2008 ------------------------------------------------------------ The court-appointed insolvency manager for Schmidt & Selle Verwaltungsgesellschaft mbH, Dr. Christoph Schulte-Kaubruegger, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:05 a.m. on Jan. 17, 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 10:05 a.m. on April 24, 2008, at the same venue. Creditors have until Feb. 28, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Schmidt & Selle Verwaltungsgesellschaft mbH on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schmidt & Selle Verwaltungsgesellschaft mbH Adolfstr. 20 14165 Berlin Germany STEELER MASCHINENFABRIK: Claims Period Ends Jan. 7, 2008 -------------------------------------------------------- Creditors of Steeler Maschinenfabrik Franz Anderle GmbH have until Jan. 7. 2008, to register their claims with court- appointed insolvency manager Dr. Guenter Trutnau, III. Creditors and other interested parties are encouraged to attend the meeting at 1:25 p.m. on Jan. 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Guenter Trutnau, III Hagen 30 45127 Essen Germany The District Court of Essen opened bankruptcy proceedings against Steeler Maschinenfabrik Franz Anderle GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Steeler Maschinenfabrik Franz Anderle GmbH Steeler Strasse 595 - 597 45276 Essen Germany TOP COURIER: Claims Registration Period Ends Dec. 31 ---------------------------------------------------- Creditors of TOP COURIER GmbH have until Dec. 31 to register their claims with court-appointed insolvency manager Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting at 9:25 a.m. on Jan. 21, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 388 Third Floor 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. Winfrid Andres Neuer Zollhof 3 40221 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against TOP COURIER GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TOP COURIER GmbH Attn: Karl-Heinz Borkowski, Manager Liefeld 48 40227 Duesseldorf Germany ============= I R E L A N D ============= RITCHIE IRELAND: Wants Insurance Files Ownership Known ------------------------------------------------------ Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading (Ireland) II, Ltd. are contesting Coventry First LLC's ownership of the files containing information about more than 1,000 life insurance policies the Debtors plan to sell, Bill Rochelle of Bloomberg News reports. According to the report, the Debtors asked the U.S. Bankruptcy Court for the Southern District of New York to determine who rightfully owns the files arguing that they cannot sell the policies for an acceptable price without those files. Coventry, the seller of the policies, contended that it never sold the files to the Debtors, Bloomberg relates. As reported in the Troubled Company Reporter on Oct. 8, 2007, the Court approved the procedures proposed by the Debtors for the sale of those policies, which constitutes all or substantially all of the Debtors' assets. As reported in the Troubled Company Reporter on Dec. 7, 2007, the Debtors asked the Court to postpone the auction sale to Jan. 9, 2008, from Dec. 10, 2007. The Debtor contended that they want to give buyers more time to have all the information they need to evaluate how much to bid. Based in Dublin, Ireland, Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading (Ireland) II Ltd. -- http://www.ritchiecapital.com/-- are Dublin-based funds of hedge fund group Ritchie Capital Management LLC. The Debtors were formed as special purpose vehicles to invest in life insurance policies in the life settlement market. The Debtors filed for Chapter 11 protection on June 20, 2007 (Bankr. S.D.N.Y. Case Nos. 07-11906 and 07-11907). Allison H. Weiss, Esq., David D. Cleary, Esq., and Lewis S. Rosenbloom, Esq., at LeBoeuf, Lamb, Greene & MacRae, LLP represent the Debtors in their restructuring efforts. No Official Committee of Unsecured Creditors has been appointed to date. When the Debtors filed for bankruptcy, they listed estimated assets and debts of more than US$100 million. The Debtors' exclusive period to file a Chapter 11 plan expires on Jan. 16, 2008. SAPHIR FINANCE: Moody's Cuts Rating to B3 on Series 2006-7 Notes ---------------------------------------------------------------- Moody's Investors Service downgraded the Series 2006-7 GBP400,000,000 Perpetual Non-Cumulative Notes issued by Saphir Finance plc to B3. The Notes are secured by the GBP400,000,000 Series A Fixed/Floating Rate Non-Cumulative Callable Preference Shares of Northern Rock plc. The rating on the Series 2006-7 Notes reflects that of the underlying credit which was yesterday downgraded to B3 from Baa3, under review for downgrade. Saphir Finance plc is a bankruptcy remote vehicle incorporated in Ireland under the Irish Companies Acts 1963-2001 (as amended). ========= I T A L Y ========= FIAT SPA: Names Gianni Coda to Head Fiat Group Purchasing --------------------------------------------------------- Fiat S.p.A. stated that Gianni Coda assumed responsibility for Fiat Group Purchasing, the newly-created department to which purchasing activities of Fiat Group Automobiles, Iveco, CNH, Fiat Powertrain Technologies and Fast Buyer will report. Consistent with the objectives of the various Fiat group sectors, Fiat group purchasing will be in charge of defining, managing and homogenizing specific purchasing activities. The new department will organize purchasing strategies and ensure the highest level of integration among the various Fiat Group companies as well as the strengthening of partnerships with suppliers in its specific field. It will also follow the development of vendor companies through the definition of common working methods and processes so as to guarantee an adequate support to the alliance strategies of the group. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term corporate family rating of Ba1 and probability of default rating of Ba1 with positive outlook. The company also carries Standard & Poor's BB+ on long-term foreign issuer credit rating, BB+ on long-term local issuer credit rating, B on short-term foreign issuer and local issuer credit ratings. =================== K A Z A K H S T A N =================== B.A.D. LLP: Creditors Must File Claims by Jan. 18, 2008 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP B.A.D. insolvent on Oct. 30. Creditors have until Jan. 18, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Karbyshev Str. 47-39 Kostanai Kazakhstan ENCHILADA HOLDINGS: Claims Filing Period Ends Jan. 18, 2008 ----------------------------------------------------------- Representation of Company Enchilada Holdings Ltd Endo-Service has declared closure. Creditors have until Jan. 18, 2008, to submit written proofs of claims to: Enchilada Holdings Ltd - Endo-Service Micro District Taugul-1, 75-14b Almaty Kazakhstan HT TROPLAST AG: Creditors' Claims Due on Jan. 18, 2008 ------------------------------------------------------ Representation of Company HT Troplast AG has declared closure. Creditors have until Jan. 18, 2008, to submit written proofs of claims to: Representation of Company HT Troplast AG Mynbayev Str. 46 Almaty Kazakhstan KAZAKHSKAYA ACADEMIYA: Claims Registration Ends Jan. 22, 2008 ------------------------------------------------------------- Branch of JSC Kazakhskaya Academiya Transporta I Comminikatsiy Imeny Tynyshbayeva in Akmola has declared insolvency. Creditors have until Jan. 22, 2008, to submit written proofs of claims to: JSC Kazakhskaya Academiya Transporta I Comminikatsiy Imeny Tynyshbayeva Gete Str. 10a Astana Kazakhstan Tel: 8 (3172) 93-34-87 PRODOVOLSTVENNAYA CONTRACTNAYA: Claims Accepted Until Jan. 18 ------------------------------------------------------------- Branch of OJSC Department on External Economical Activity Prodovolstvennaya Contractnaya Corporatsiya has declared insolvency. Creditors have until Jan. 18, 2008, to submit written proofs of claims to: Prodovolstvennaya Contractnaya Corporatsiya Tole bi Str. 73a Almaty Kazakhstan TEPLOENERGOCOMPLECT LLP: Claims Period Ends Jan. 18, 2008 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Teploenergocomplect insolvent on Oct. 30. Creditors have until Jan. 18, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Office One Furmanov Str. 103 Almaty Kazakhstan Tel: 8 702 108 00-34 TIRLIK-ARKALYK LLP: Creditors' Claims Due on Jan. 18, 2008 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Tirlik-Arkalyk insolvent on Oct. 30. Creditors have until Jan. 18, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Karbyshev Str. 47-39 Kostanai Kazakhstan UNIVERSAL OIL: Claims Registration Ends Jan. 18, 2008 ----------------------------------------------------- LLP Universal Oil Drill Company has declared closure. Creditors have until Jan. 18, 2008, to submit written proofs of claims to: LLP Universal Oil Drill Company Polejaev Str. 92a 050050, Almaty Kazakhstan Tel: 8 (7272) 33-30-01 =================== K Y R G Y Z S T A N =================== BEIZAR LLC: Creditors Must File Claims by January 23, 2008 ---------------------------------------------------------- LLC Beizar (OKPO 23901734) has declared insolvency. Creditors have until Jan. 23, 2008, to submit written proofs of claim. Inquiries can be addressed to (0-555) 74-00-51. =================== L U X E M B O U R G =================== EVRAZ GROUP: Board Gains Power to Name CEO Sans Shareholder Nod --------------------------------------------------------------- Evraz Group S.A. disclosed that all the resolutions proposed at Extraordinary General Meeting held on Dec. 19, 2007, were duly passed. The shareholders have approved the: -- decision to authorize the Board of Directors of the Company to appoint the chief executive officer of the Company without prior authorization of the shareholders and to amend and restate the first paragraph of article 11 of the Articles of Association; -- decision to modify the date of the annual meeting which shall take place on May 15, 2008, and amend and restate article 15 of the Articles of Association. 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. ===================== N E T H E R L A N D S ===================== X5 RETAIL: Eyes US$1.1 Billion Three-Year Syndicated Loan --------------------------------------------------------- X5 Retail Group N.V. has mandated BNP Paribas, CALYON, HSBC Bank plc, ING Bank N.V. and Raiffeisen Zentralbank Oesterreich AG, each an Initial Mandated Lead Arranger and Bookrunner, to arrange a US$1.1 billion three-year Term Loan Facility. Societe Generale joined the transaction prior to the launch of general syndication as a Mandated Lead Arranger. About X5 Retail Headquartered in the Netherlands, X5 Retail Group N.V. -- http://www.x5.ru/en/-- operates a large store network largely covering the Moscow region and St. Petersburg but also has a good presence in other Russian regions through its franchise operations. The company has recently acquired two of its successful regional franchise operations -- in Yekaterinburg and Chelyabinsk. * * * As of Nov. 12, 2007, X5 Retail Group N.V. carries a B1 Corporate Family Rating from Moody's Investors Service. Moody's said the outlook is positive. X5 Retail and its subsidiaries also carries a 'BB-' long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. ============= R O M A N I A ============= URS CORP: Washington Unit Inks Construction Deal with TVA --------------------------------------------------------- URS Corporation's Washington Division (formerly Washington Group International) has entered into an alliance agreement with the Tennessee Valley Authority to provide engineering, procurement, construction, startup, and commissioning services for combined- cycle and simple-cycle gas turbine projects throughout TVA's system under the long-term agreement. The first project will begin this month at TVA's Lagoon Creek Combustion Turbine Plant and when completed will add 600 megawatts of combined-cycle capacity to the 1,020 megawatts of existing capacity at the facility, which is located near Brownsville, Tennessee. The value of this project to URS is approximately US$180 million over 30 months. TVA currently is evaluating other projects for future capacity addition. "We are pleased to be expanding our relationship with TVA through this important alliance. This is a significant initiative that will provide superior value throughout TVA's system," said Stephen G. Hanks, President of URS' Washington Division. "The Washington Division has provided engineering, construction, and maintenance and operations services on various fossil fuel, hydroelectric and nuclear power projects for TVA for more than 15 years." Headquartered in San Francisco, California, URS Corporation (NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive range of professional planning and design, systems engineering and technical assistance, program and construction management, and operations and maintenance services for transportation, facilities, environmental, water/wastewater, industrial infrastructure and process, homeland security, installations and logistics, and defense systems. The company operates in more than 20 countries with approximately 29,500 employees providing engineering and technical services to federal, state and local governmental agencies as well as private clients in the chemical, pharmaceutical, oil and gas, power, manufacturing, mining and forest products industries. The company also has offices in Argentina, Australia, Belgium, China, France, Germany, Mexico, Romania, among others. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 7, 2007, Moody's Investors Service has downgraded the Corporate Family Rating of URS Corporation to Ba2 from Ba1 following the company's acquisition of Washington Group International, Inc. Moody's said the ratings outlook is stable. =========== R U S S I A =========== ALABUGINSKOYE CJSC: Creditors Must File Claims by Jan. 24, 2008 --------------------------------------------------------------- Creditors of CJSC Alabuginskoye have until Jan. 24, 2008, to submit proofs of claim to: G. I. Taran Competitive Proceedings Manager Nikitina Str. 114/Bl 630039 Novosibirsk Russia Tel/fax: 267-06-41 The Arbitration Court of Novosibirsk commenced competitive proceedings against the company after finding it insolvent on Oct. 17. The case is docketed under Case No. A49-6969-29/27. The Court is located at: The Arbitration Court of Novosibirsk Kirova Str. 3 630007 Novosibirsk Russia The Debtor can be reached at: CJSC Alabuginskoye Kargatskij Raion Novosibirsk Russia ANDREEVSKIJ LOGGING: Creditors Must File Claims by Jan. 24, 2008 ---------------------------------------------------------------- Creditors of OJSC Andreevskij Logging Enterprise have until Jan. 24, 2008, to submit proofs of claim to: A. Yu. Povolotskij Competitive Proceedings Manager Block 15 Nizhegorodskaya Str. 32 109029 Moscow Russia The Arbitration Court of Vladimir commenced competitive proceedings against the company after finding it insolvent on Nov. 9. The case is docketed under Case No. A11-14120/ 2006-K1-478B/23B. The Court is located at: The Arbitration Court of Vladimir Oktyabrskiy Pr. 14 600025 Vladimir Russia The Debtor can be reached at: OJSC Andreevskij Logging Enterprise Communisticheskaya Str. 12 Andreevo Settlement 601250 Vladimir Russia DALCOMBANK: Potential Shareholder Support Cues Fitch's B- IDR ------------------------------------------------------------- Fitch Ratings has assigned Russia's Dalcombank ratings of Long- term Issuer Default 'B-', National Long-term 'BB-(rus)' Short- term IDR 'B', Individual 'E' and Support '5'. The Long-term IDR, National Long-term and Support ratings are on Rating Watch Positive. DCB's Long- and Short-term IDRs and National Long-term rating reflect the potential support from the largest shareholder of the bank, Sistema JSFC (rated 'BB-'/Stable outlook), which has acquired a 48% stake in DCB. The RWP reflects the planned increase of Sistema's stake in DCB to close to 100% in early 2008. If and when the transaction is completed, DCB's Long-term IDR, Support and National Long-term ratings will be revised to reflect the increased probability of support forthcoming for the bank, in case of need, with the Long-term IDR probably to be upgraded to 'B+'. DCB's Individual rating reflects its undercapitalization, high concentration risk, the poor quality of the loan book, weak profitability and vulnerable liquidity. Improvement in most of these areas would be needed to generate upside potential for the rating, but an improvement in the capital position, asset quality and liquidity are of particular importance. Fitch notes that Sistema plans to provide RUR1 billion of capital in the form of subordinated loans in December 2007 to January 2008, which could significantly strengthen DCB's core capital if, as planned, they are converted into equity in second half of 2008. Fitch notes that the completion of the acquisition should also notably improve DCB's funding flexibility. DCB is a small-sized Russian bank based in Khabarovsk and with a broad presence in other regions of the far east of Russia. The bank is engaged in both corporate and retail lending, with the latter growing very rapidly. DOZ ECODREVSTROY: Bankruptcy Hearing Slated for Feb. 28, 2008 ------------------------------------------------------------- The Arbitration Court of Komi will convene at 9:15 a.m. on Feb. 28, 2008, to hear the bankruptcy supervision procedure on CJSC DOZ Ecodrevstroy after finding it insolvent on Oct. 29. The case is docketed under Case No. A29-6197/2007. The Interim Manager is: E. I. Sergeeca Apartment 20 Mikusheva Str. 1 167011 Syktyvkar Russia The Court can be reached at: The Arbitration Court of Komi Room 407 Ordzhonikidze Str. 49a Syktyvkar Russia The Debtor can be reached at: CJSC DOZ Ecodrevstroy Kuratova Str. 83 Syktyvkar Komi Russia EVRAZ GROUP: Board Gains Power to Name CEO Sans Shareholder Nod --------------------------------------------------------------- Evraz Group S.A. disclosed that announce that, all the resolutions proposed at Extraordinary General Meeting held on Dec. 19, 2007, were duly passed. The shareholders have approved the: -- decision to authorize the Board of Directors of the Company to appoint the chief executive officer of the Company without prior authorization of the shareholders and to amend and restate the first paragraph of article 11 of the Articles of Association; -- decision to modify the date of the annual meeting which shall take place on May 15, 2008, and amend and restate article 15 of the Articles of Association. 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. KABANSKIJ OJSC: Creditors Must File Claims by Dec. 24 ----------------------------------------------------- Creditors of OJSC Butter Plant Kabanskij have until Dec. 24 to submit proofs of claim to: A. P. Buldynov Borovaya Str. 11 Ulan-Ude 670045 Buryatia Russia The Arbitration Court of Buryatia commenced bankruptcy supervision procedure on the company after finding it insolvent on Aug. 6. The case is docketed under Case No. A10-2868/07. The Debtor can be reached at: OJSC Butter Plant Kabanskij Kuratova Str. 83 Syktyvkar Komi Russia MODERN CONSTRUCTION: Creditors Must File Claims by Dec. 24 ---------------------------------------------------------- Creditors of Modern Construction Mate