T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, December 26, 2007, Vol. 8, No. 254 Headlines A U S T R I A CONCORDIA TRUST: Claims Registration Period Ends Jan. 2, 2008 DAT DORFMAYR: St. Poelten Court Orders Business Shutdown F.T.K. OBJEKTBETREUUNG: Claims Registration Ends Jan. 27, 2008 FSF SPENGLEREI: Claims Registration Period Ends Dec. 27 ING. MALEKZADEH: Vienna Court Orders Business Shutdown TOTAL BAU: Claims Registration Period Ends Dec. 31 WANTED HANDEL: Claims Registration Period Ends Jan. 3, 2008 B E L G I U M CHEMTURA CORP: S&P Puts BB+ Rating Under Developing CreditWatch CHIQUITA BRANDS: Discloses Rule 10b5-1 Stock Trading Plan D E N M A R K NORTEL NETWORKS: Sues Vonage Holdings for Patent Infringement F I N L A N D HILTON HOTELS: Unit Names Joseph Palmieri as General Manager F R A N C E MTI TECHNOLOGY: Court OKs Winthrop as Panel's Insolvency Counsel MTI TECHNOLOGY: Sells European Assets to Copper for US$7.2 Mln G E R M A N Y AGNI WARME-UND: Claims Registration Period Ends Feb. 18, 2008 ATA BAU GMBH: Claims Registration Period Ends Jan. 17, 2008 CHRISTOPH MASSIVHAUS: Claims Registration Ends Jan. 8, 2008 DELOG DEZENTRAL: Claims Registration Ends January 18, 2008 GOC PARK-KLINIK: Claims Registration Period Ends Jan. 8, 2008 HARTLAGE FRISEURBETRIEBE: Claims Registration Ends Jan. 16, 2008 HSB NORD: Creditors' Meeting Slated for Jan. 25, 2008 INLOC GMBH: Claims Registration Ends December 31 M+S SCHULZ: Claims Registration Period Ends Jan. 8, 2008 MALER WIEKHORST: Claims Registration Ends January 18, 2008 PHOENIX KAPITALDIENST: EdW to Pay EUR30 Million Initial Damages PHOTOSTUDIO BACHMANN: Claims Period Ends Jan. 1, 2008 PUETZ-CONTEC VERWALTUNGS: Claims Registration Ends December 28 RENTHAUS GRUNDSTUECKS: Claims Registration Ends Jan. 16, 2008 RIMPLER GMBH: Creditors' Meeting Slated for Jan. 14, 2008 TAURUS IMMOBILIEN: Claims Registration Period Ends Feb. 13, 2008 TEXTILKUNST HERBERT: Claims Period Ends Jan. 7, 2008 WIESE GMBH: Claims Registration Ends January 18, 2008 WILLI SCHULTZE: Creditors' Meeting Slated for Jan. 9, 2008 * Corporate Bankruptcy Filing Down 15.8% for September 2007 I R E L A N D INTERNATIONAL SECURITIES: Court Names John McStay as Examiner LIGHTPOINT PAN-EUROPEAN: Moody's Rates EUR13 Mln Notes at Ba3 SANMINA-SCI: Weak Performance Cues Moody's to Cut Rating to B1 I T A L Y BERICA 6: Moody's Lowers Class D Notes Rating to B1 GOODYEAR TIRE: Jean-Claude Kihn Replaces Joseph Gingo as Sr. VP PARMALAT SPA: Allocated Shares Hikes Capital by EUR301,768 K A Z A K H S T A N ART PARTNER: Proof of Claim Deadline Slated for Jan. 18, 2008 CYR KAZAKHSTAN: Creditors Must File Claims by Jan. 18, 2008 ENERGOPROMCOMPLECT-PV LLP: Claims Period Ends Jan. 18, 2008 HAEDONG KAZAKHSTAN: Creditors' Claims Due on Jan. 18, 2008 HALVAI-L LLP: Claims Registration Ends Jan. 18, 2008 POKROVSKOYE LLP: Claims Deadline Slated for Jan. 18, 2008 SEVAGROLEASING LLP: Creditors Must File Claims by Jan. 18, 2008 SUNTOUR LLP: Claims Filing Period Ends Jan. 18, 2008 UNIVERSAL-SODEKSO EUROASIA: Claims Due on Jan. 18, 2008 K Y R G Y Z S T A N MAFKO LTD: Creditors Must File Claims by January 23, 2008 N E T H E R L A N D S SYNIVERSE TECHNOLOGIES: Completes BSG Wireless Acquisition R U S S I A BRYUKHOVETSKOYE AMELIORATORY: Court Hearing Slated for March 24 FRUIT WATER: Court Starts Competitive Proceedings PETERSBURG SOCIAL: Fitch Revise Ratings to Junk on Scale Change POLYMERCONSTRUCTIONMATERIALS: Claims Filing Ends Jan. 24, 2008 ROSNEFT OIL: Vankor Site Operations to Start as Planned SISTEMA-HALS: Sells 50% Stake in 13 Kostyansky to MIRAX STROYMASHPROKAT OJSC: Court Starts Competitive Proceedings TNK-BP HOLDING: Wants to Close Kovykta Sale by 1st Quarter 2008 * Moody's Assigns Ba2 Rating to Krai of Krasnoyarsk S P A I N RURALPYME 3: Moody's Junks EUR30 Million Series E Notes S W I T Z E R L A N D CAREER CENTER: Zurich Court Closes Bankruptcy Proceedings CHIQUET-ENERGIETECHNIK: Creditors Must File Claims by Dec. 31 BMS MEXICO: Creditors' Liquidation Claims Due by December 31 DOMUSMEA C: Creditors' Liquidation Claims Due by December 31 EDWARD KING: Aargau Court Starts Bankruptcy Proceedings FOOD-CORNER MITCH: Lucerne Court Starts Bankruptcy Proceedings I.L. GASTRO: Zurich Court Closes Bankruptcy Proceedings IKI JSC: Creditors' Liquidation Claims Due by December 31 KULTURIJA LLC: Lucerne Court Starts Bankruptcy Proceedings WABE LLC: Creditors' Liquidation Claims Due by December 31 U K R A I N E AGROINVEST LLC: Proofs of Claim Filing Deadline Set December 28 BOLSHEVIK OJSC: Creditors Must File Claims by December 28 BREADPRODUCTS PLANT: Proofs of Claim Filing Deadline Set Dec. 28 KROK: Creditors Must File Claims by December 28 SOSNOVSKOYE LLC: Creditors Must File Claims by December 28 VISHNEVOYE LLC: Creditors Must File Claims by December 28 VOSTOCHNOYE LLC: Proofs of Claim Filing Deadline Set December 28 U N I T E D K I N G D O M ACTUANT CORP: Earns US$27.4 Mil. in First Quarter Ended Nov. 30 ALPINE SHEET: Brings In Liquidators from KPMG BREEZE FINANCE: Tax Law Changes Cues S&P's Watch on BB- Ratings BRITISH ENERGY: Fitch Affirms BB+ on Plant Life Extension CASTLE TYRES: Calls In Liquidators from Tenon Recovery ELLIS KERR: Taps Liquidators from BDO Stoy Hayward EUROPOWER LTD: Names Joint Administrators from Deloitte GENERAL MOTORS: Inks Pact with Navistar on Medium Duty Truck Biz GOYA MUSIC: Claims Filing Period Ends February 8, 2008 LEGEND ENGINEERING: Appoints Liquidator from Deloitte & Touche LEVEL 3: Selling Advertising Distribution Unit for US$129 Mln NASDAQ STOCK: Holders Okay Issuance of 60,561,515 Common Stock NEWGATE FUNDING: Moody's Rates GBP11.5 Mln Class E Notes at Ba3 NUANCE COMM: Prices Public Offering of Seven Mil. Common Shares PEARL FITTINGS: Brings In Administrators from Deloitte PIPE HOLDINGS 2: Moody's Confirms B2 Corporate Family Rating SEA FORT: Fitch Rates EUR15 Million Class E Notes at BB TRENDY PLUMBING: Names Samuel Jonathan Talby Liquidator UNI-DOK LTD: Appoints Joint Administrators from Menzies ********* ============= A U S T R I A ============= CONCORDIA TRUST: Claims Registration Period Ends Jan. 2, 2008 ------------------------------------------------------------- Creditors owed money by LLC Concordia Trust Management (FN 212463x) have until Jan. 2, 2008, to file written proofs of claim to court-appointed estate administrator Kurt Freyler at: Dr. Kurt Freyler c/o Dr. Hans Rant Seilerstatte 5 1010 Vienna Austria Tel: 513 31 65 Fax: 512 20 01 E-mail: ra-kanzlei@rant-freyler.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Jan. 16, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 8 (Bankr. Case No. 2 S 153/07y). Hans Rant represents Dr. Freyler in the bankruptcy proceedings. DAT DORFMAYR: St. Poelten Court Orders Business Shutdown -------------------------------------------------------- The Land Court of St. Poelten entered Nov. 8 an order shutting down the business of LLC DAT Dorfmayr Anlagen Technik (FN 224686x). Court-appointed estate administrator Michael Pfleger recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Michael Pfleger Hauptplatz 1/2 3300 Amstetten Austria Tel: 07472/61 303 Fax: 07472/61303-50 E-mail: amstetten@lhup.at Headquartered in Viehdorf, Austria, the Debtor declared bankruptcy on Nov. 7 (Bankr. Case No 14 S 183/07p). F.T.K. OBJEKTBETREUUNG: Claims Registration Ends Jan. 27, 2008 -------------------------------------------------------------- Creditors owed money by LLC F.T.K. Objektbetreuung (FN 257352i) have until Jan. 27, 2008, to file written proofs of claim to court-appointed estate administrator Erwin Senoner at: Dr. Erwin Senoner c/o Dr. Georg Freimueller Alser Strasse 21 1080 Vienna Austria Tel: 406 05 51 Fax: 406 96 01 E-mail: kanzlei@jus.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 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. 8 (Bankr. Case No. 4 S 131/07b). Georg Freimueller represents Dr. Senoner in the bankruptcy proceedings. FSF SPENGLEREI: Claims Registration Period Ends Dec. 27 ------------------------------------------------------- Creditors owed money by LLC FSF Spenglerei Dachdeckerei (FN 255193i) have until Dec. 27 to file written proofs of claim to court-appointed estate administrator Raoul Wagner at: Dr. Raoul Wagner Rathausstrasse 15/4 1010 Vienna Tel: 405 33 82 Fax: 408 84 67 E-mail: office@hopmeier.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 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. 8 (Bankr. Case No. 4 S 130/07f). ING. MALEKZADEH: Vienna Court Orders Business Shutdown ------------------------------------------------------ The Trade Court of Vienna entered Nov. 6 an order shutting down the business of LLC Ing. Malekzadeh Bau und Planung (FN 233282m). Court-appointed estate administrator Michael Neuhauser recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Michael Neuhauser Dr. Christof Stapf Esslinggasse 7 1010 Vienna Austria Tel: 90 333 Fax: 90 333-55 E-mail: wien@snwlaw.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 29 (Bankr. Case No 3 S 140/07v). Christof Stapf represents Mag. Neuhauser in the bankruptcy proceedings. TOTAL BAU: Claims Registration Period Ends Dec. 31 -------------------------------------------------- Creditors owed money by LLC TOTAL Bau (FN 207844d) have until Dec. 31 to file written proofs of claim to court-appointed estate administrator Wolfgang Gerhard Zorn at: Dr. Wolfgang Gerhard Zorn Weihburggasse 4/22 1010 Vienna Austria Tel: 533 66 61-0 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. 15, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 8 (Bankr. Case No. 28 S 130/07g). WANTED HANDEL: Claims Registration Period Ends Jan. 3, 2008 ----------------------------------------------------------- Creditors owed money by LLC Wanted Handel (FN 247974v) have until Jan. 3, 2008, to file written proofs of claim to court- appointed estate administrator Beate Holper at: Mag. Beate Holper c/o Dr. Susi Pariasek Gonzagagasse 15 1010 Vienna Austria Tel: 533 28 55 Fax: 533 28 55 28 E-mail: office@anwaltwien.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 a.m. on Jan. 17, 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. 7 (Bankr. Case No. 5 S 130/07p). Susi Pariasek represents Mag. Holper in the bankruptcy proceedings. ============= B E L G I U M ============= CHEMTURA CORP: S&P Puts BB+ Rating Under Developing CreditWatch --------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB+' corporate credit and senior unsecured debt ratings of Chemtura Corp. on CreditWatch with developing implications, following the recent announcement that management is considering strategic alternatives, including sale or merger of the company. Alternatives under consideration also include select business divestitures, acquisitions, or changes to its capital structure. The CreditWatch with developing implications means S&P could raise, lower, or affirm the ratings, depending on management's actions. Chemtura's diversified portfolio of specialty and industrial chemical businesses (generating annual revenues of roughly US$3.7 billion) presents management with a range of options. "We would lower the ratings if a leveraged buyout of the firm were to occur or if management was unable to find an interested buyer for the entire business and Chemtura's credit fundamentals deteriorated during this review process," said Standard & Poor's credit analyst Mr. Wesley E. Chinn. "Conversely, we would raise the ratings if a substantially stronger entity acquired Chemtura, but this does not appear to have a high probability." Management could continue to sell assets and use proceeds for debt reduction as well as share repurchases, but the business profile would suffer. Currently, S&P views the direction of credit quality as having a significantly greater bias on the downside versus upside prospects. This announcement, which throws into question management's intermediate-term financial policies, occurs at a time when the company's credit quality metrics, including the key funds from operations to adjusted debt ratio, are substandard for the current ratings. Recent overall earnings were disappointing and debt reduction for 2007 will be less-than-expected. S&P expects the ratio of funds from operations to adjusted debt to finish 2007 at less than 20%, versus the 25% target. Cost- cutting initiatives and the divestiture of noncore operations are near-term positives for earnings and operating margins. On the other hand, challenging conditions in the polymer additives business, elevated raw material costs, and other factors viewed against the backdrop of Chemtura's aggressive debt load could constrain to a meaningful extent the anticipated strengthening of financial measures during 2008. S&P will resolve the CreditWatch when information becomes available regarding the company's plans, including any potential change in ownership that would result from management's review of possible transactions. 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. ============= D E N M A R K ============= NORTEL NETWORKS: Sues Vonage Holdings for Patent Infringement ------------------------------------------------------------- Nortel Networks Corp. sued Vonage Holdings Corp. alleging infringement on 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 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 ============= HILTON HOTELS: Unit Names Joseph Palmieri as General Manager ------------------------------------------------------------ Hilton Americas-Houston, a flagship property of Hilton Hotels Corporation, has appointed Joseph Palmieri as its General Manager of the 1200 Room. In this capacity he will oversee all aspects of the hotel's operation. Mr. Palmieri joins the Hilton Americas-Houston from the Hilton Lincoln Centre in Dallas, Texas where he has served as General Manager since 1989. In his new role he will report to Andrew Slater, Area Vice President of Hilton Hotels Corporation. Mr. Palmieri brings 33 years of managerial experience to his new role. While serving as General Manager of the Hilton Lincoln Centre Palmieri concurrently held the position of Area Vice President of Operations for Hilton Hotels Corporation from 1994 to 2000 and again from 2002-2003. In this capacity he was responsible for the operation of 15 hotels in the Southwestern United States. Between 2000 and 2002 Palmieri concurrently served as Regional Vice President of Operations for Hilton Hotels Corporation, which increased the number of hotels under his operational direction to 32 properties. Previously, Mr. Palmieri also served as General Manager of the Doubletree Park West hotel in Dallas as well as the Stouffer Concourse Hotel in Denver, Colorado. Long active in Dallas industry and community affairs Palmieri has held several prominent positions including President and Chairman of the Dallas Hotel/Motel Association as well as a member of the Board of Directors of the Dallas Convention and Visitors Bureau and a member of the Board of Directors of the Texas Hotel/Motel Association. In 2006, he was named General Manager of the Year for Dallas by Where Magazine and in 2007 he was named General Manager of the Year by the Greater Dallas Hotel/Motel Association. Mr. Palmieri is a native of Pittsburgh, Pennsylvania. He holds a degree in Hotel Management from the University of Nevada at Las Vegas and has also participated in the postgraduate General Managers program at Cornell University. Connected to the George R. Brown Convention Center on two floors by a double-deck skywalk, the Hilton Americas-Houston's prime location is steps away from downtown Houston's Toyota Center, The Park Shopping Mall and Minute Maid Park. Just minutes away from the hotel are Houston's renowned Theater District, the Bayou Place entertainment complex, Reliant Stadium and the cultural museum corridor. The Hilton Americas-Houston is easily accessible-just 15 minutes from Hobby Airport and 30 minutes from Bush Intercontinental Airport. About Hilton Hotels Headquartered in Beverly Hills, California, Hilton Hotels Corp. -- http://www.hilton.com/-- together with its subsidiaries, engages in the ownership, management, and development of hotels, resorts, and timeshare properties, as well as in the franchising of lodging properties in the United States and internationally, including Australia, Austria, Barbados, Costa Rica, Finland, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 29, 2007, Moody's Investors Service downgraded Hilton Corporation's Corporate Family Rating and senior unsecured ratings to B3 and Caa1, respectively. =========== F R A N C E =========== MTI TECHNOLOGY: Court OKs Winthrop as Panel's Insolvency Counsel ---------------------------------------------------------------- The United States Bankruptcy Court for the Central District of California authorized the Official Committee of Unsecured Creditors appointed for MTI Technology Corporation's bankruptcy case to retain Winthrop Couchot Professional Corporation as its general insolvency counsel. As reported in the Troubled Company Reporter on Nov. 29, 2007, Winthrop Couchot, as the Committee's general insolvency counsel, is expected to: a) provide the Committee legal advice with respect to its duties, responsibilities and powers in the Debtor's bankruptcy case; b) assist the Committee in investigating the acts, conduct, assets, liabilities and financial condition of the Debtor and its insiders and affiliates; c) provide the Committee legal advice and representation with respect to the negotiation, confirmation and implementation of a Chapter 11 plan; d) provide the Committee legal advice with respect to the administration of the Debtor's case, the distribution of the Debtor's assets, the prosecution of claims against third parties, and any other matters relevant to the Debtor's case; e) provide the Committee legal advice and representation, if appropriate, with respect to the appointment of a trustee or examiner; and f) provide the Committee legal advice and representation in any legal proceeding, whether adversary or otherwise, involving the interest represented by the Committee, and the performance of other legal services as may be required by the Committee in furtherance of the interests of general unsecured creditors in the Debtor's case. The firm's professionals and their compensation rates are: Attorney Hourly Rate -------- ----------- Marc J. Winthrop, Esq. US$565 Robert E. Opera, Esq. US$550 Sean A. Okeefe, Esq. US$550 Paul J. Couchot, Esq. US$525 Richard H. Golubow, Esq. US$395 Peter W. Lianides, Esq. US$395 Garrick A. Hollander, Esq. US$375 Legal Assistants Hourly Rate ---------------- ----------- P.J. Marksbury US$190 Legal Assistant Associates US$80 - US$150 Robert E. Opera, Esq., a shareholder of the firm, assured the Court that the firm does not hold any interest adverse to the Debtor's estate and is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. Mr. Opera can be reached at: Robert E. Opera, Esq. Winthrop Couchot Professional Corporation 660 Newport Center Drive, 4th Floor Newprot Beach, CA 92660 Tel: (949) 720-4100 Fax: (949) 720-4111 http://www.winthropcouchot.com/ Headquartered in Tustin, California, M.T.I. Technology Corp. -- http://www.mti.com/-- provides professional services and data storage for mid- to large-sized organizations. In addition, the company owns all of the issued and outstanding share capital of three European subsidiaries: MTI Technology GmbH in Germany, MTI Technology Limited in Scotland and MTI France S.A.S. in France. The company filed for Chapter 11 protection on Oct. 15, 2007 (Bankr. C.D. Calif. Case No. 07-13347). Scott C. Clarkson, Esq., at Clarkson, Gore & Marsella, A.P.L., represents the Debtor. Omni Management Group LLC serve as the Debtor's claim, noticing and balloting agent. The U.S. Trustee for Region 16 have appointed nine creditors to serve on an Official Committee of Unsecured Creditors in the Debtor's case. As of July 7, 2007, the Debtor had total assets of US$64,002,000 and total debts of US$58,840,000. The Debtor's US$5 million postpetition facility from Zinc Holdings LLC will mature on Friday Dec. 21, 2007, as reported in the Troubled Company Reporter on Nov. 20, 2007. MTI TECHNOLOGY: Sells European Assets to Copper for US$7.2 Mln -------------------------------------------------------------- The Honorable Erithe A. Smith of the United States Bankruptcy Court for the Central District of California authorized MTI Technology Corporation to sell its European operating subsidiaries to Copper Holdings LLC for US$7,275,000, free and clear of all liens, claims and interests. As previously reported, the Debtor has reached a definitive agreement dated Oct. 15, 2007, with Zinc Holdings LLC, as the stalking horse bidder, to acquire the Debtor's European operating subsidiaries for approximately US$5.5 million cash at closing. The Debtor says that the proceeds from the sale will be paid to its unsecured creditors. Its inability to continue its ongoing operations mandate a sale of its assets, according to the Debtor. The Debtor have agreed to pay Zinc Holdings US$175,000 break-up fee, and expense reimbursement of up to US$150,000. Headquartered in Tustin, California, M.T.I. Technology Corp. -- http://www.mti.com/-- provides professional services and data storage for mid- to large-sized organizations. In addition, the company owns all of the issued and outstanding share capital of three European subsidiaries: MTI Technology GmbH in Germany, MTI Technology Limited in Scotland and MTI France S.A.S. in France. The company filed for Chapter 11 protection on Oct. 15, 2007 (Bankr. C.D. Calif. Case No. 07-13347). Scott C. Clarkson, Esq., at Clarkson, Gore & Marsella, A.P.L., represents the Debtor. Omni Management Group LLC serve as the Debtor's claim, noticing and balloting agent. The U.S. Trustee for Region 16 have appointed nine creditors to serve on an Official Committee of Unsecured Creditors in the Debtor's case. As of July 7, 2007, the Debtor had total assets of US$64,002,000 and total debts of US$58,840,000. The Debtor's US$5 million postpetition facility from Zinc Holdings LLC will mature on Dec. 21, 2007, as reported in the Troubled Company Reporter on Nov. 20, 2007. ============= G E R M A N Y ============= AGNI WARME-UND: Claims Registration Period Ends Feb. 18, 2008 ------------------------------------------------------------- Creditors of AGNI Warme-und Werkstofftechnik GmbH have until AGNI Warme-und Werkstofftechnik GmbH to register their claims with court-appointed insolvency manager Frank Wiedemann. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Feb. 18, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aachen Meeting Hall K 5 Third Floor Alter Posthof 1 52062 Aachen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Frank Wiedemann Eupener Str. 181 52066 Aachen Germany Tel: 0241/6052800 Fax: 0241/6052799 The District Court of Aachen opened bankruptcy proceedings against AGNI Warme-und Werkstofftechnik GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AGNI Warme-und Werkstofftechnik GmbH Neuhausstr. 4-10 52078 Aachen Germany ATA BAU GMBH: Claims Registration Period Ends Jan. 17, 2008 ----------------------------------------------------------- Creditors of ATA Bau GmbH have until Jan. 17, 2008, to register their claims with court-appointed insolvency manager Rainer U. Mueller. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 7, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Augsburg Meeting Hall 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: Rainer U. Mueller Schiesststtenstr. 15 86159 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against ATA Bau GmbH on Nov. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ATA Bau GmbH Liebenauer Str. 3a 86343 Koenigsbrunn Germany CHRISTOPH MASSIVHAUS: Claims Registration Ends Jan. 8, 2008 ----------------------------------------------------------- Creditors of Christoph Massivhaus Beteiligungsgesellschaft mbH have until Jan. 8, 2008, to register their claims with court- appointed insolvency manager Berend Boehme. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on Jan. 18, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Vechta Hall 129 Main Building Kapitelplatz 8 49377 Vechta 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: Berend Boehme Muehlenstrasse 49 49377 Vechta Germany Tel: 04441 92645-0 Fax: 04441 92645-1 E-Mail: vechta@oelb.de The District Court of Vechta opened bankruptcy proceedings against Christoph Massivhaus Beteiligungsgesellschaft mbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Christoph Massivhaus Beteiligungsgesellschaft mbH Trichterbecherweg 3 49429 Visbek Germany Attn: Christian Otto, Manager Brahmstr. 5 A 26219 Boesel Germany DELOG DEZENTRAL: Claims Registration Ends January 18, 2008 ---------------------------------------------------------- Creditors of DeLoG Dezentrale Logistik Dienstleistungs GmbH have until Jan. 18, 2008, to register their claims with court- appointed insolvency manager Dr. Peter Naarmann. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 21, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 28 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Peter Naarmann Dresdner Strasse 86 09130 Chemnitz Germany Tel: (0371) 444390 Fax: (0371) 4443911 E-mail: info-ch@mne-insolvenzbuero.de The District Court of Chemnitz opened bankruptcy proceedings against DeLoG Dezentrale Logistik Dienstleistungs GmbH on Dec. 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DeLoG Dezentrale Logistik Dienstleistungs GmbH Attn: Ilo Dewes, Manager Weststr. 43 09112 Chemnitz Germany GOC PARK-KLINIK: Claims Registration Period Ends Jan. 8, 2008 ------------------------------------------------------------- Creditors of GOC Park-Klinik GmbH & Co. KG have until Jan. 8, 2008, to register their claims with court-appointed insolvency manager Dr. Joerg Nerlich. Creditors and other interested parties are encouraged to attend the meeting at 9:20 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 Bonn Hall S 2.20 William-Strasse 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Joerg Nerlich Sternstr. 79 53111 Bonn Germany Tel: 0228/9459820 Fax: 0228/9459829 The District Court of Bonn opened bankruptcy proceedings against GOC Park-Klinik GmbH & Co. KG on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GOC Park-Klinik GmbH & Co. KG Theaterplatz 28 53177 Bonn Germany Attn: Dr. Basim Fleega, Manager Bonner Str. 50 53424 Remagen Germany HARTLAGE FRISEURBETRIEBE: Claims Registration Ends Jan. 16, 2008 ---------------------------------------------------------------- Creditors of Hartlage Friseurbetriebe GmbH have until Jan. 16, 2008, to register their claims with court-appointed insolvency manager Dr. Gideon Boehm. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.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 Pinneberg Hall 3 First Floor Bahnhofstrasse 17 25421 Pinneberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Gideon Boehm Bachstrasse 85a 22083 Hamburg Germany The District Court of Pinneberg opened bankruptcy proceedings against Hartlage Friseurbetriebe GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hartlage Friseurbetriebe GmbH J. P. Lange Strasse 18 25436 Uetersen Germany HSB NORD: Creditors' Meeting Slated for Jan. 25, 2008 ----------------------------------------------------- The court-appointed insolvency manager for HSB Nord GmbH Generaluebernehmer fuer Hoch- und Strassenbau, Steffi Radack- Mueller will present her first report on the Company's insolvency proceedings at a creditors' meeting at 11:00 a.m. on Jan. 25, 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 10:35 a.m. on March 14, 2008, at the same venue. Creditors have until Feb. 25, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Steffi Radack-Mueller Franzoesische Str. 9-12 10117 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against HSB Nord GmbH Generaluebernehmer fuer Hoch- und Strassenbau on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HSB Nord GmbH Generaluebernehmer fuer Hoch- und Strassenbau Ruschestr. 103 Haus 17 10365 Berlin Germany INLOC GMBH: Claims Registration Ends December 31 ------------------------------------------------ Creditors of INLOC GmbH have until Dec. 31 to register their claims with court-appointed insolvency manager Juergen Pflug. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on Jan. 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kassel Hall 234 Friedrichsstrasse 32-34 34117 Kassel 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: Juergen Pflug Wilhelmshoeher Allee 169, D 34121 Kassel Germany Tel: 0561/2075680 Fax: 0561/20756820 E-mail: info@pflug-achenbach.de The District Court of Kassel opened bankruptcy proceedings against INLOC GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: INLOC GmbH Attn: Michael Wischner, Manager Wilhelmshoeher Allee 293 34131 Kassel Germany M+S SCHULZ: Claims Registration Period Ends Jan. 8, 2008 -------------------------------------------------------- Creditors of M+S Schulz Industrieanlagen GmbH have until Jan. 8, 2008, to register their claims with court-appointed insolvency manager Dirk Hammes. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Duisburg Hall C407 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: Dirk Hammes Wilhelmshofallee 75 47800 Krefeld Germany The District Court of Duisburg opened bankruptcy proceedings against M+S Schulz Industrieanlagen GmbH on Nov. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: M+S Schulz Industrieanlagen GmbH Sympherstr. 97 47138 Duisburg Germany Attn: Lucjan Monsior, Manager Lippestr. 1 47051 Duisburg Germany MALER WIEKHORST: Claims Registration Ends January 18, 2008 ---------------------------------------------------------- Creditors of Maler Wiekhorst GmbH have until Jan. 18, 2008, to register their claims with court-appointed insolvency manager Ulrich Rosenkranz. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Feb. 26, 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: Ulrich Rosenkranz Osdorfer Landstrasse 230 22549 Hamburg Germany The District Court of Itzehoe opened bankruptcy proceedings against Maler Wiekhorst GmbH on Dec. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Maler Wiekhorst GmbH Attn: Bernd and Margret Wiekhorst, Manager Burger Strasse 4 25554 Wilster Germany PHOENIX KAPITALDIENST: EdW to Pay EUR30 Million Initial Damages --------------------------------------------------------------- Entschadigungseinrichtung Der Wertpapierhandelsunternehmen, the compensatory fund of securities trading companies, will initially pay EUR30 million in damages to around 30,000 investors of Phoenix Kapitaldienst GmbH, The Financial Times says citing a Die Welt report. EdW will raise the amount from special contributions from its members by the end of the year. As previously reported in the TCR-Europe on Nov. 8, 2007, the District Court of Frankfurt (Main) has rejected Phoenix Kapitaldienst's insolvency plan, acting on a complaint filed by Irish creditor Citco Global Custody. Citco contended that EUR162 million of the insolvency assets are not part of the EUR230 million Phoenix asset pool, and therefore may not be distributed to investors under the insolvency plan. The insolvency plan foresees a EUR200 million payment to around 30,000 Phoenix Kapitaldienst investors. Phoenix Kapitaldienst GmbH is a German security-trading bank, which owes up to EUR230 million in debts. The District Court of Frankfurt (Main) opened insolvency proceedings for the company on July 1, 2005. PHOTOSTUDIO BACHMANN: Claims Period Ends Jan. 1, 2008 ----------------------------------------------------- Creditors of Photostudio Bachmann GmbH have until Jan. 1, 2008, to register their claims with court-appointed insolvency manager Mechthild Bruche. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Jan. 29, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Nuernberg Meeting Hall 152/I Flaschenhofstr. 35 Nuernberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Mechthild Bruche Stahlstr. 17 90411 Nuernberg Germany Tel: 0911/951285-0 Fax: 0911/951285-10 The District Court of Nuernberg opened bankruptcy proceedings against Photostudio Bachmann GmbH on Dec. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Photostudio Bachmann GmbH Attn: Aldo Robert Bachmann, Manager Daimlerstrasse 69 a 90441 Nuernberg Germany PUETZ-CONTEC VERWALTUNGS: Claims Registration Ends December 28 -------------------------------------------------------------- Creditors of Puetz-Contec Verwaltungs- und Beteiligungs-GmbH, have until Dec. 28 to register their claims with court-appointed insolvency manager Dr. Wilhelm Denzer. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Jan. 15, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Trier Hall 63 Justizstrasse 2,4,6 54290 Trier 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. Wilhelm Denzer Boehmerstrasse 16 54290 Trier Germany Tel: 0651/975900 Fax: 0651/9759095 E-mail: info@seibel-partner.de The District Court of Trier opened bankruptcy proceedings against Puetz-Contec Verwaltungs- und Beteiligungs-GmbH on Nov. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Puetz-Contec Verwaltungs- und Beteiligungs-GmbH Attn: Siegfried Puetz, Manager Europa Allee 15 54343 Foehren Germany RENTHAUS GRUNDSTUECKS: Claims Registration Ends Jan. 16, 2008 ------------------------------------------------------------- Creditors of Renthaus Grundstuecks-und Wohnungsverwaltungs-GmbH have until Jan. 16, 2008,to register their claims with court- appointed insolvency manager Ralf Hage. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Dresden Hall D131 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: Ralf Hage Heideparkstrasse 4 01099 Dresden Germany Web site: http://www.insolnet.de/ The District Court of Dresden opened bankruptcy proceedings against Renthaus Grundstuecks-und Wohnungsverwaltungs-GmbH on Dec. 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Renthaus Grundstuecks-und Wohnungsverwaltungs-GmbH Schillerstrasse 1 02763 Zittau Germany RIMPLER GMBH: Creditors' Meeting Slated for Jan. 14, 2008 --------------------------------------------------------- The court-appointed insolvency manager for Rimpler GmbH, Helmut Holzapfel will present his first report on the Company's insolvency proceedings at a creditors' meeting at 8:45 a.m. on Jan. 14, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Deggendorf Meeting Hall 3 E 29 Amanstrasse 17 94469 Deggendorf Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on April 21, 2008, at the same venue. Creditors have until Feb. 21, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Helmut Holzapfel Ringstr. 2 + 4 94234 Viechtach Germany Tel: 09942/428 Fax: 09942/6053 The District Court of Deggendorf opened bankruptcy proceedings against Rimpler GmbH on Nov. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rimpler GmbH Fachschulstr. 4-6 94227 Zwiesel Germany TAURUS IMMOBILIEN: Claims Registration Period Ends Feb. 13, 2008 ---------------------------------------------------------------- Creditors of Taurus Immobilien GmbH have until Feb. 13, 2008, to register their claims with court-appointed insolvency manager Peter Haas. Creditors and other interested parties are encouraged to attend the meeting at 11:20 a.m. on March 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 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 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. Peter Haas Kaiserstrasse 77 66386 St. Ingbert Germany Tel: (06894) 3876-311 Fax: (06894) 3821-85 The District Court of Saarbruecken opened bankruptcy proceedings against Taurus Immobilien GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Taurus Immobilien GmbH Attn: Gerd Friedrich Kuhlmann, Manager Christ-Koenig-Kirche 10 66119 Saarbruecken Germany TEXTILKUNST HERBERT: Claims Period Ends Jan. 7, 2008 ---------------------------------------------------- Creditors of Textilkunst Herbert Staps GmbH & Co. KG have until DEADLINE to register their claims with court-appointed insolvency manager Dr. Oliver Liersch. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Feb. 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 Celle Nebenstelle Hall 014 Ground Floor Branch Mill Road 4 29221 Celle 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. Oliver Liersch Karl-Wiechert-Allee 1 c 30625 Hannover Germany Tel: 0511-554706-0 Fax: 0511-554706-99 E-mail: OLiersch@schubra.de The District Court of Celle Nebenstelle opened bankruptcy proceedings against Textilkunst Herbert Staps GmbH & Co. KG on Nov. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Textilkunst Herbert Staps GmbH & Co. KG Teichstr. 1-5 29313 Hambuehren Germany WIESE GMBH: Claims Registration Ends January 18, 2008 ----------------------------------------------------- Creditors of Wiese GmbH have until Jan. 18, 2008, to register their claims with court-appointed insolvency manager Dr. Wolfgang Koehler. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Arnsberg Meeting Hall 328 Ground Floor Eichholzstr. 4 59821 Arnsberg 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. Wolfgang Koehler Schubertstr. 31 59581 Warstein Germany The District Court of Arnsberg opened bankruptcy proceedings against Wiese GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wiese GmbH Wameler Berg 17 59519 Moehnesee Germany Attn: Reinhard Wiese, Manager Hermann-Kathelhoen-Strasse 59 59519 Moehnesee Germany WILLI SCHULTZE: Creditors' Meeting Slated for Jan. 9, 2008 ---------------------------------------------------------- The court-appointed insolvency manager for Willi Schultze Strassen- und Tiefbau GmbH, Knut Rebholz will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:20 a.m. on Jan. 9, 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 23, 2008, at the same venue. Creditors have until Feb. 22, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Knut Rebholz Cicerostr. 22 10709 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Willi Schultze Strassen- und Tiefbau GmbH on Nov. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Willi Schultze Strassen- und Tiefbau GmbH Halker Zeile 89 12305 Berlin Germany * Corporate Bankruptcy Filing Down 15.8% for September 2007 ----------------------------------------------------------- The number of German businesses filing for bankruptcy in September 2007 fell 15.8% year-on-year to 2,285 firms, Reuters relates citing a report from the German Federal Statistics Office. The number of consumer bankruptcies meanwhile rose 1.7% year-on- year to 7,825, Reuters relates. The Office said that for the nine months of 2007, corporate bankruptcies fell 13.6 percent, while consumer insolvencies rose 16 percent, compared with the first nine months of 2006. ============= I R E L A N D ============= INTERNATIONAL SECURITIES: Court Names John McStay as Examiner ------------------------------------------------------------- The Hon. Peter Kelly of The High Court of Ireland has appointed John McStay as examiner to International Securities Trading Corporation plc, The Irish Times reports. Justice Kelly noted that Mr. McStay shared the view of an independent accountant that: -- ISTC has a reasonable chance of survival; and -- extended court protection would be beneficial to the company and its creditors. Justice Kelly also noted that Mr. McStay has received expression of interests from potential investors. Mr. McStay will present his report on ISTC to the High Court on Jan. 11, 2008. Headquartered in Dublin, Ireland, International Securities Trading Corporation Plc -- http://www.istcorporation.com/-- provides investment grade Tier 1 and Tier II hybrid bank capital via private placement issues and primary market participation. Acting as principal in private placement transactions, ISTC is uniquely positioned to offer bespoke solutions and certainty of execution to issuers. The company disclosed on Nov. 12, 2007, that given the uncertainty to ISTC's funding position, the company will enter into discussions with its providers of finance with the objective of making appropriate amendments to their respective financing terms. Pending the outcome of these negotiations, ISTC has decided to defer certain payments under financing obligations. LIGHTPOINT PAN-EUROPEAN: Moody's Rates EUR13 Mln Notes at Ba3 ------------------------------------------------------------- Moody's Investors Service assigned definitive long term ratings to five classes of notes issued on Nov. 28, 2007, by LightPoint Pan-European CLO 2007-1 P.L.C., a special purpose company incorporated in Ireland. The ratings are: -- Aaa to the EUR259,000,000 Class A Senior Secured Floating Rate Notes due 2026 -- Aa2 to the EUR10,000,000 Class B Senior Secured Deferrable Floating Rate Notes due 2026 -- A2 to the EUR19,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2026 -- Baa3 to the EUR12,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2026 -- Ba3 to the EUR13,000,000 Class E Senior Secured Deferrable Floating Rate Notes due 2026 The ratings address the expected loss posed to investors by the legal final maturity in 2026. These definitive ratings are based upon: 1. An assessment of the eligibility criteria and portfolio guidelines applicable to the future additions to the portfolio; 2. The protection against losses through the subordination of the more junior classes of notes to the more senior classes of notes; 3. The overcollateralization of the notes; 4. The expertise of Lehman Brothers Asset Management LLC as the investment manager; and 5. The legal and structural integrity of the issue. This transaction is a high yield collateralized loan obligation related to a collateral portfolio of approximately EUR341,250,000, comprised primarily of European senior secured loans. Second lien loans, mezzanine loans and senior unsecured loans might also be included in the portfolio up to a limit of 10% of the collateral balance. This portfolio will be partially acquired on the closing date and partially during the 12 month ramp-up period. At the end of the ramp-up period, the portfolio will have to be in compliance with several portfolio guidelines. Thereafter, the portfolio of loans will be actively managed and the investment manager acting on behalf of the Issuer will have the option to buy or sell assets in the portfolio. Any addition or removal of assets will be subject to a number of reinvestment criteria. SANMINA-SCI: Weak Performance Cues Moody's to Cut Rating to B1 -------------------------------------------------------------- Moody's Investors Service downgraded Sanmina SCI Corporation's corporate family rating and senior notes ratings to B1 from Ba3 and the senior subordinated notes to B3 from B2. This rating action concludes Moody's review for possible downgrade initiated on Aug. 20, 2007, which was triggered by the company's continued poor operating results, reflecting weak demand from original equipment manufacturers for its products and operational inefficiencies in the components business. The ratings outlook is stable. The downgrade to B1 reflects: (i) company's continued weak fundamentals, including declining revenues and low operating margins hampered by the components business and the personal computing segment, which the company had expected to sell by the end of 2007; (ii) sub-par asset utilization and ongoing business restructurings, which have totaled roughly US$264 million since the beginning of fiscal year 2005 with another US$75 to 85 million expected over the next couple of quarters; (iii) heightened competition arising from industry consolidation and the growth of Asian outsourcers; and (iv) high leverage of 6.1x as a result of low EBIT levels over the past year. Supporting Sanmina's B1 rating are solid working capital management and free cash flow generation (US$407 million on a Moody's adjusted basis during fiscal year 2007), the company's tier one status in the EMS industry with a focus on non- consumer, high mix products and services, growing diversity in Sanmina's end markets served, and the company's strength in some of the newer industries such as medical and defense. The stable outlook reflects our expectation of continuing free cash flow generation and debt reduction in 2008 and improvements in the business and financial profile arising from the planned exit of the low margin PC segment and restructuring of the components business. With significant restructuring actions completed during the latter half of 2007 including management changes and facility closures, we expect gross margins in the components business to improve with the enclosures group reaching profitability in 2008. Sanmina has about US$930 million in cash and equivalents as of Sept. 30, 2007, with full access to a revolving credit facility of US$500 million. The company's total debt is currently US$1.48 billion, including redemption of US$120.0 million in aggregate principal amount of its Senior Floating Rate Notes due 2010 which was announced on Dec. 18, 2007. These ratings were downgraded: -- Corporate family rating to B1 from Ba3; -- Probability of default rating to B1 from Ba3; -- US$180 million senior floating rate notes due 2010 to B1 from Ba3 (LGD3, 47%); -- US$300 million senior floating rate notes due 2014 to B1 from Ba3 (LGD3, 47%); -- US$400 million senior subordinated notes due 2013 to B3 from B2 (LGD5, 85%); and -- US$600 million senior subordinated notes due 2016 to B3 from B2 (LGD5, 85%). This rating was confirmed: -- Speculative grade liquidity rating of SGL-2 Headquartered in San Jose, California, Sanmina-SCI Corporation (NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an Electronics Manufacturing Services (EMS) provider focused on delivering complete end-to-end manufacturing solutions to technology companies around the world. Service offerings include product design and engineering, test solutions, manufacturing, logistics and post-manufacturing repair/warranty services. The company has locations in Brazil, China, Ireland, Finland, Malaysia, Mexico and Singapore, among others. ========= I T A L Y ========= BERICA 6: Moody's Lowers Class D Notes Rating to B1 --------------------------------------------------- Moody's Investors Service placed on review for downgrade the Class C Notes and has downgraded the Class D notes issued by Berica 6 Residential MBS S.r.l. -- Class C Notes, Current Rating Baa1, on review for possible downgrade; -- Class D Notes, Current Rating Ba2, downgraded to B1 and on review for further possible downgrade. Moody's has further affirmed the ratings of the Class A2 Notes (Current Rating: Aaa) and Class B Notes (Current Rating: A1) issued by Berica 6 Residential MBS S.r.l. The rating action reflects: (i) the divergence between Moody's original assumptions and the actual performance of the transaction; (ii) the draw on the reserve fund for the last three periods; and (iii) changes in current market conditions, in particular the potential impact of higher interest rates on debtors performance. More specifically, Moody's has increased its credit support expectations for the ratings levels assigned and revised its original expected loss assumption by approximately 0.80%, leading to a new expected loss on the portfolio of 1.9-2.0%. Berica 6 Residential MBS S.r.l. closed in February 2006. In this transaction, the Originators (Banca Popolare di Vecenza, Banca Nuova, Cariprato) have securitised a combined portfolio of 14,022 Italian residential mortgage loans, extended to 13,986 obligors, for an overall amount of EUR1,427,671,162. All loans were "in bonis" (performing) at issuance and 100% of the loans benefited from an economic first lien mortgage. This is the 6th RMBS securitization sponsored by the Banca Popolare di Vicenza Group. Moody's ratings address the expected loss posed to investors by the legal final maturity of the 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. GOODYEAR TIRE: Jean-Claude Kihn Replaces Joseph Gingo as Sr. VP --------------------------------------------------------------- The Goodyear Tire & Rubber Company has appointed Jean-Claude Kihn as its senior vice president and chief technical officer, effective Jan. 1, 2008. Mr. Kihn, who currently is general director of Goodyear's Technical Center in Akron, will replace Joseph M. Gingo, who is retiring from Goodyear after 41 years to become chief executive officer of A. Schulman Inc. The announcement of Mr. Kihn is evidence of the broad and deep capabilities that have been built on Goodyear's technical leadership team according to Robert J. Keegan, Goodyear's chairman and chief executive officer. "Jean-Claude has demonstrated excellent leadership throughout the time I have known him and worked with him," said Mr. Keegan. "He has gained the trust of our business leaders in Europe, Latin America and North America through his recent assignments in those businesses. "I have a tremendous amount of confidence in Jean-Claude, and the entire organization, to continue the positive trajectory that we have driven over the course of the past several years," Mr. Keegan added. "Our new product engine is now the best in the industry." Mr. Kihn joined Goodyear in 1988 at the Goodyear Technical Center in Luxembourg as a compounder working in passenger tires. In subsequent years, he held several positions with Goodyear's Asian and Latin American business units before being promoted to general director of GTC*A in 2005. Mr. Kihn is a chemical engineer and has a Ph.D. from the University of Louvain in Belgium. He is fluent in English, French, German, Spanish and Luxembourgish. "I am extremely honored to be thought of as someone who can fill Joe's shoes. However, I am also very confident of our future capabilities - thanks in large part to the tremendous leadership team that has been developed throughout the organization," said Mr. Kihn. Along with the appointment of Mr. Kihn, Goodyear announced other leadership changes in the technical and research areas of the company: * William M. Hopkins, currently the vice president of technology and strategic initiatives, has been named vice president of advanced concepts. In his new role, he will establish and lead a team responsible for "break-through" concepts that will drive the development of innovative product and process technologies. * Joseph Zekoski, currently the general director of the Goodyear Technical Center in Luxembourg, has been named to the newly created position of vice president of global product development and technical center operations. He will be responsible for product development designed to assure the timely and cost-effective delivery of innovative new products. * Surendra Chawla, currently the director of corporate tire research, has been named to the position of senior director of external science and technology programs. Mr. Chawla will be responsible for discovering and assessing innovative new technologies applicable to its product and business needs. * Marc Junio, currently director of technology, consumer tires in Goodyear's European Union and Eastern Europe, Middle East and Africa tire business segments, has been named general director of GTC*A, replacing Mr. Kihn. Goodyear is one of the world's largest tire companies. The company employs about 70,000 people and manufactures its products in more than 60 facilities in 26 countries around the world. About Goodyear Tire Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE: GT) -- http://www.goodyear.com/-- is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. Goodyear's operations are located in Argentina, Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica, Peru, Russia, among others. Goodyear employs more than 80,000 people worldwide. * * * In June 2007, Standard & Poor's Ratings Services raised its ratings on Goodyear Tire & Rubber Co., including its corporate credit rating to 'BB-' from 'B+'. These ratings still apply as of Dec. 4, 2007. PARMALAT SPA: Allocated Shares Hikes Capital by EUR301,768 ---------------------------------------------------------- Parmalat S.p.A. communicates that, following the allocation of shares to creditors of the Parmalat Group, the subscribed and fully paid up share capital has now been increased by EUR301,768 to EUR1,652,419,845 from EUR1,652,118,077. The share capital increase is due to the exercise of 61,626 warrants and to the assignation of 240,142 shares. The latest status of the share allotment is that 33,811,508 shares representing approximately 2.0% of the share capital are still in a deposit account c/o Parmalat S.p.A., of which: * 13,476,689 or 0.8% of the share capital, registered in the name of individually identified commercial creditors, are still deposited in the intermediary account of Parmalat S.p.A. centrally managed by Monte Titoli (compared with 13,481,713 shares as at Nov. 27, 2007); * 20,454,819 or 1.2% of the share capital registered in the name of the Foundation, called Fondazione Creditori Parmalat, of which: -- 120,000 shares representing the initial share capital of Parmalat S.p.A. (unchanged); and -- 20,334,819 or 1.2% of the share capital that pertain to currently undisclosed creditors (compared with 20,585,048 shares as at Nov. 27, 2007). Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than $200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. On June 21, 2007, the U.S. Court Granted Parmalat Permanent Injunction. =================== K A Z A K H S T A N =================== ART PARTNER: Proof of Claim Deadline Slated for Jan. 18, 2008 ------------------------------------------------------------- LLP Art Partner has declared insolvency. Creditors have until Jan. 18, 2008, to submit written proofs of claims to: LLP Art Partner Kuldjinsky tract Str. 34 Panfilov Talgarsky District 04 1600, Almaty Kazakhstan CYR KAZAKHSTAN: Creditors Must File Claims by Jan. 18, 2008 ----------------------------------------------------------- LLP Cyr Kazakhstan has declared insolvency. Creditors have until Jan. 18, 2008, to submit written proofs of claims to: LLP Cyr Kazakhstan Auezov Str. 163a Almaty Kazakhstan ENERGOPROMCOMPLECT-PV LLP: Claims Period Ends Jan. 18, 2008 ----------------------------------------------------------- LLP Energopromcomplect-PV has declared insolvency. Creditors have until Jan. 18, 2008, to submit written proofs of claims to: LLP Energopromcomplect-PV Ploshad Pobedy Str. 23-2 Pavlodar Kazakhstan HAEDONG KAZAKHSTAN: Creditors' Claims Due on Jan. 18, 2008 ---------------------------------------------------------- LLP Haedong Kazakhstan has declared insolvency. Creditors have until Jan. 18, 2008, to submit written proofs of claims to: LLP Haedong Kazakhstan Satpayev Str. 62-18 Almaty Kazakhstan HALVAI-L LLP: Claims Registration Ends Jan. 18, 2008 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Halvai-L insolvent on Sept. 3. 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 POKROVSKOYE LLP: Claims Deadline Slated for Jan. 18, 2008 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Pokrovskoye insolvent on Oct. 31. 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 SEVAGROLEASING LLP: Creditors Must File Claims by Jan. 18, 2008 --------------------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Sevagroleasing insolvent on Oct. 28. Creditors have until Jan. 18, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Sutushev Str. 58 Petropavlovsk North Kazakhstan Kazakhstan Tel: 8 (3152) 46-35-83 SUNTOUR LLP: Claims Filing Period Ends Jan. 18, 2008 ---------------------------------------------------- LLP International Tour Agency - Suntour (RNN 600700167977) has declared insolvency. Creditors have until Jan. 18, 2008, to submit written proofs of claims to: LLP International Tour Agency - Suntour Makataev Str. 117 Almaty Kazakhstan Tel: 8 (7272) 40-50-10 8 701 111 77-02 UNIVERSAL-SODEKSO EUROASIA: Claims Due on Jan. 18, 2008 ------------------------------------------------------- Branch of Company Universal-Sodekso Euroasia has declared insolvency. Creditors have until Jan. 18, 2008, to submit written proofs of claims to: Branch of Company Universal- Sodekso Euroasia Tulebaev Str. 32-61 Almaty Kazakhstan Tel: 8 (7272) 71-42-59 =================== K Y R G Y Z S T A N =================== MAFKO LTD: Creditors Must File Claims by January 23, 2008 --------------------------------------------------------- LLC Mafko Ltd. (INN 01909200010125) has declared insolvency. Creditors have until Jan. 23, 2008, to submit written proofs of claim to: LLC Mafko Ltd. Abdrahmanov Str. 201 Bishkek Kyrgyzstan Tel: (+996 312) 62-39-21 ===================== N E T H E R L A N D S ===================== SYNIVERSE TECHNOLOGIES: Completes BSG Wireless Acquisition ---------------------------------------------------------- Syniverse Technologies has closed its acquisition of the wireless services business of Billing Services Group Limited has been completed. The combined company serves more than 500 customers in over 100 countries with the industry's broadest suite of voice and data roaming, financial clearinghouse, messaging, and signaling services. "This acquisition significantly expands Syniverse's global footprint and adds a world-class financial settlement platform to our industry-leading suite of services," said Tony Holcombe, President and Chief Executive Officer, Syniverse. "The combination of Syniverse and BSG Wireless also will lead to increased operating efficiencies, and we expect to realize $12 million of annual cost synergies within two years." The former BSG Wireless operations will become part of Syniverse's EMEA organization and will be led by Eugene Bergen Henegouwen, Executive Vice President, EMEA, Syniverse. Bergen Henegouwen said the acquisition will enable Syniverse to provide increasingly superior products and services over the long term. "The blend of Syniverse and BSG Wireless know-how will allow us to deliver mobile operators even higher levels of expertise and innovative solutions while addressing their needs for a trusted one-stop shop for both data clearing and financial clearing services," he said. The transaction was funded through the draw down of the company's amended and restated credit facility completed in August 2007. Included in the facility were a delayed draw term loan of US$160 million in aggregate principal and a Euro- denominated delayed draw term loan facility of the equivalent of US$130 million intended to finance this acquisition. About Syniverse Syniverse Technologies Inc. in Tampa, Florida (NYSE: SVR) -- http://www.syniverse.com/-- provides technology services for wireless telecommunications companies. Its integrated suite of services include technology interoperability services, which enable the invoicing and settlement of domestic and international wireless roaming telephone calls and wireless data events; SMS and MMS routing and translation services between carriers; and interactive video and mobile broadband solutions, prepaid applications, and roaming services. Celebrating its 20th anniversary in 2007, Syniverse has offices in major cities around the globe. Syniverse is ISO 9001:2000 certified and TL 9000 approved, adhering to the principles of customer focus and quality improvement practices. The company has offices in the Netherlands, Brazil and China. * * * As reported in the Troubled Company Reporter on June 29, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating, along with its stable outlook, and its 'B' senior subordinated debt rating on Tampa, Florida-based Syniverse Technologies Inc. At the same time, Standard & Poor's assigned its 'BB' bank loan rating and '2' recovery rating to Syniverse's proposed US$489 million senior secured bank facility. The bank loan rating, which is one notch above the corporate credit rating, along with the '2' recovery rating, reflect our expectation for substantial (70%-90%) recovery of principal by creditors in the event of a payment default. =========== R U S S I A =========== BRYUKHOVETSKOYE AMELIORATORY: Court Hearing Slated for March 24 --------------------------------------------------------------- The Arbitration Court of Krasnodar Krai will convene at 3:00 p.m. on March 24, 2008, to hear the bankruptcy supervision procedure on OJSC Bryukhovetskoye Amelioratory Enterprise after finding it insolvent on Oct. 29. The case is docketed under Case No. A-32-16868/2007-38/444B. The Interim Manager is: A. N. Semenyak Zaporozhskaya Str. N97 Stariderevyankovskaya St. 353720 Kanevskij Raion Russia The Court is located at: The Arbitration Court of Krasnoyarsk Lenina Str. 143 660021 Krasnoyarsk Russia The Debtor can be reached at: OJSC Bryukhovetskoye Amelioratory Enterprise Privokzal'naya, 2 Bryukhovetskaya St. Bryukhovetskij Raion 352750 Krasnodar Krai Russia FRUIT WATER: Court Starts Competitive Proceedings ------------------------------------------------- The Arbitration Court of Bashkortostan commenced competitive proceedings against Fruit Water Plant LLC on Sept. 25 as the absent debtor. The case is docketed under Case No. A07-12411/ 07-G-CBI. Creditors have to submit their proofs of claim to: A. Kh. Baigil'din Competitive Proceedings Managerial P.O. Box 44 Ufa 450106 Bashkortostan Russia The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia PETERSBURG SOCIAL: Fitch Revise Ratings to Junk on Scale Change --------------------------------------------------------------- Fitch Ratings has revised Russia-based Petersburg Social Commercial Bank's Long-term Issuer Default rating to 'CCC' from 'CCC+', following the changes to its rating scale in 2006, and in particular the elimination of '+' and '-' suffixes from Long- term IDRs in the 'CCC' range. Fitch has affirmed PSCB's other ratings at Short-term IDR 'C', Individual 'D/E', Support '5' National Long-term 'B(rus)' and Support Rating Floor 'No Floor'. The Outlooks for the Long-term IDR and National Long-term rating remain Stable. PSCB's ratings reflect its small asset size, limited franchise, undiversified and volatile funding base, weakened profitability and potentially vulnerable liquidity position, and the regulatory risks on some of its business operations. These factors outweigh moderate market risk and low reported loan impairment to date. PSCB's revenue has historically been dependent on transaction volumes and cash balances deposited and flowing through its accounts, operations which may carry regulatory risks. Since 2006, the bank has started to shift its attention to SME and retail lending operations in an effort to diversify away from its settlement and cash management business. To this end, the bank has started to invest heavily in new personnel and expansion of its physical infrastructure. In September 2007, the management board was complemented by a number of new members including its new chairman, who joined from a large Russian bank, with a view to enhancing PSCB's retail and SME franchise. The bank also informed Fitch that it is now introducing new compliance procedures that should help it be more selective in choosing new clients and vigilant regarding improper or suspicious client activities. In August 2007, a 20% stake in the bank was sold to the private equity fund RenFin. The majority shareholders of PSCB - four individuals holding an 80% stake - plan to inject the proceeds from the sale into the bank's equity through participation in the upcoming share issue at the beginning of 2008. Notwithstanding the risks outlined above, Fitch now sees more upside potential for PSCB's ratings than a year ago, although an upgrade would be contingent on the bank's ability to operate successfully following its change in business focus. In particular, Fitch would look for greater diversification of the bank's funding base, an improvement in the liquidity position, better performance and continued low loan impairment and satisfactory capitalization. An upgrade would also be contingent on the bank avoiding operations carrying regulatory risks. At the same time, significant loan losses as PSCB expands its portfolio rapidly, a deposit run or regulatory actions resulting from the settlement/cash management operations could threaten the viability of the bank and put downward pressure on the ratings. POLYMERCONSTRUCTIONMATERIALS: Claims Filing Ends Jan. 24, 2008 -------------------------------------------------------------- Creditors of CJSC Kanashskij Plant PolymerConstructionMaterials have until Jan. 24, 2008, to submit proofs of claim to: S. I. Miroshnichenko Competitive Proceedings Manager Ilyicha Str. 1 Kanash Chuvash Russia The Arbitration Court of Chuvash commenced competitive proceedings against the company after finding it insolvent on Oct. 25. The case is docketed under Case No. A79-4542/2006. The Debtor can be reached at: CJSC Kanashskij Plant PolymerConstructionMaterials Ilyicha Str. 1 Kanash Chuvash Russia ROSNEFT OIL: Vankor Site Operations to Start as Planned ------------------------------------------------------- OAO Rosneft Oil Co. plans to commence production at its Vankor oil field in 2008 despite delays in the completion of the Eastern Siberian-Pacific Ocean pipeline project, Moscow Times says. Rosneft vice president Sergei Kudryashov said the company could use the western route to transport the field's oil to Asian markets, Moscow Times relates. Transneft, ESPO's operator, said in November 2007 that the project would miss the deadline by around half a year, Moscow Times reports. Transneft had planned to commence ESPO's operation by end of 2008. Mr. Kudryashov said once the Vakor field is launched, it would be linked to Transneft's pipeline network, adding that the field's crude could also go to Rosneft's Angarsk and Achinsk refineries. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines, and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is positive. SISTEMA-HALS: Sells 50% Stake in 13 Kostyansky to MIRAX ------------------------------------------------------- Sistema-Hals JSC announced Dec. 20, 2007, the sale of a 50% stake in 13 Kostyansky CJSC to partner company MIRAX Group. "In seeking to establish the most effective possible asset structure, Sistema-Hals continuously carries out complex monitoring and score analysis of its profile. Its current business model shows that it would be more cost effective to invest the funds received from the sale of the 13 Kostyansky project into other projects that the company is currently implementing," Igor Kashcheev, Sistema-Hals vice president disclosed. "MIRAX Group does not engage in typical projects and is only interested in original and innovative concepts such as 13 Kostyansky. We decided to acquire a stake in this project from our partners, Sistema-Hals, so that the concept could be realized in line with our vision," Alexander Yedinak, senior vice president of MIRAX Group stated. "The unique structure of this luxury residential project is strictly in keeping with the architectural style of Moscow's historic centre. This is an interesting and complex development and we believe that MIRAX Group has both the experience and strong brand reputation to successfully complete this project," Mr. Yedinak added. 13 Kostyansky CJSC is a company working on the project located at 13 Kostyansky Lane, Moscow. Sistema-Hals and MIRAX Group previously held equal ownership interests in the company. 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, 20