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 Thursday, December 27, 2007, Vol. 8, No. 255 Headlines A U S T R I A 123 VERTRIEB: Krems an der Donau Court Orders Business Shutdown DOWA OBERFLACHENBEARBEITUNG: Administrator Rules Lack of Assets ERB PLAN: Creditors' Meeting Slated for Jan. 8, 2008 HBZ BAU: Creditors' Meeting Slated for Jan. 4, 2008 J.M.S. LLC: Vienna Court Orders Business Shutdown MOHIL KEG: Claims Registration Period Ends Dec. 31 MUSTAFIC OEG: Creditors' Meeting Slated for Jan. 8, 2008 NAVIDAT SOFTWARE: Creditors' Meeting Slated for Jan. 8, 2008 ROMAN WIRTH: Claims Registration Period Ends Jan. 3, 2008 SPS FASSADENTECHNIK: Klagenfurt Court Orders Business Shutdown STIEBELLEHNER BAUSERVICE: Meeting Slated for Jan. 8, 2008 B E L G I U M AVNET INC: Completes US$200 Mln Acal IT Solution Takeover MILACRON INC: Weak Credit Metric Cues Moody's to Cut Ratings F R A N C E RHODIA SA: Restructures Acetow Business in Germany RHODIA SA: Names Gerard Collette as President of Acetow Arm G E R M A N Y BAUBUB GLAS-UND: Claims Registration Period Ends Jan. 11, 2008 BECHER-ESKA: Creditors' Meeting Slated for Jan. 8, 2008 BECHER UND WINTER: Creditors' Meeting Slated for Jan. 8, 2008 COOL CARGO: Claims Registration Period Ends Jan. 7, 2008 CONCETTO CORRETTO: Claims Registration Ends January 15, 2008 DVD DASSOW: Claims Registration Period Ends Jan. 11, 2008 ERICH SIEVERS: Claims Registration Period Ends Jan. 4, 2008 GOOD SPIRITS: Claims Registration Period Ends Jan. 10, 2008 HEIMBAU-BAUTRAGER: Claims Registration Period Ends Jan. 10, 2008 INDUSTRIEWARTUNG STANGL: Claims Registration Ends Jan. 10, 2008 JENOPTIK AG: Moody's Withdraws B1 Ratings at Company's Request MAX BECHER: Creditors' Meeting Slated for Jan. 8, 2008 MEDA INSTITUT: Claims Registration Period Ends Jan. 8, 2008 NIMM-MIT WOHNMARKT: Claims Period Ends Jan. 14, 2008 PARSCH NATURSTEIN: Claims Registration Period Ends Jan. 11, 2008 REALCONTENT TECHNOLOGIES: Claims Registration Ends Jan. 15, 2008 S & B GMBH: Claims Registration Period Ends Jan. 14, 2008 SAFA-GASTRO GMBH: Claims Registration Period Ends Jan. 14, 2008 SIGMA SPANNSTAHL: Claims Registration Ends January 14, 2008 H U N G A R Y INVITEL HOLDINGS: Memorex Deal Cues Moody's to Review B1 Rating I R E L A N D MCENANEY CONSTRUCTION: Goes Into Examinership with EUR65Mln Debt SANMINA-SCI: Calls for Redemption of US$120 Million Senior Notes PREPS 2005-2: Moody's Cuts Ratings to Ba1 on Two Note Classes I T A L Y ALITALIA SPA: Board Selects Air France-KLM as Preferred Buyer PARMALAT SPA: Receives EUR396 Mln in Settlement with Banks SIENA MORTGAGE: Moody's Rates EUR239 Mln Class C Notes at Ba3 K A Z A K H S T A N ARAI STROY: Proof of Claim Deadline Slated for Jan. 22, 2008 DIAMOND-SERVICE M: Creditors Must File Claims by Jan. 18, 2008 KAZAKHMYS PROJECT: Claims Filing Period Ends Jan. 22, 2008 KAZMONTAGETECHNOSERVICE LLP: Claims Due on Jan. 22, 2008 MAR-MAR TAS: Claims Registration Ends Jan. 18, 2008 OLIVER STONE: Proof of Claim Deadline Slated for Jan. 18, 2008 TECHNOBUSINESS & K: Creditors Must File Claims by Jan. 22, 2008 TRANSPORT SERVICE: Claims Filing Period Ends Jan. 22, 2008 XANADU CASINO: Creditors' Claims Due on January 18, 2008 K Y R G Y Z S T A N GULDER LLC: Creditors Must File Claims by January 23, 2008 L U X E M B O U R G ROSBANK FINANCE: Moody's May Lift Ba2 Debt Ratings After Review N E T H E R L A N D S GLOBAL POWER: To Emerge from Chapter 11 by End of January 2008 INTERMEC TECH: Names David Jones as Global Services VP NUMONYX BV: S&P Assigns B Dredit Ratings with Stable Outlook PDM CLO I: Moody's Rates EUR13.5 Mln Class E Notes at Ba3 SABIC INNOVATIVE: Moody's May Cut Low-B Ratings After Review P O L A N D NETIA SA: Unit Acquires Shares in Four Telecom Firms P O R T U G A L INTERTAPE POLYMER: Debt Cut Cut S&P to Upgrade Ratings to B R U S S I A BIJSKAYA CHEMICAL: Creditors Must File Claims by Jan. 8, 2008 DIMITROVGRADSKIJ MEAT: Claims Filing Period Ends Jan. 8, 2008 IRANDYKSKIJ: Asset Sale Slated for January 10, 2008 JUPITER-TRUST CJSC: Creditors Must File Claims by Jan. 8, 2008 NATURAL FOOD: Court Starts Competitive Proceedings PUSHKINSKIJ OJSC: Creditors Must File Claims by Jan. 8, 2008 RITZIO ENTERTAINMENT: Moody's Withdraws B2 Corp. Family Rating ROSBANK JSC: Moody's May Lift Ba2 Deposit Ratings After Review ROSPROMBANK: Moody's Assigns B3/Not-Prime/E+ Ratings SOCIAL SPHERE: Creditors Must File Claims by Feb. 8, 2008 SURGUTSKAYA NEFTEPROMYSHLENNAYA: Claims Filing Ends Jan. 8, 2008 UFIMSKY CRANE-BUILDING: Asset Sale Slated for Jan. 9, 2008 S P A I N FTPYME TDA 7: Moody's Junks EUR10.4 Million Series D Notes S W E D E N NOVELL INC: Posts US$17.9 Mln Net Loss in Quarter Ended Oct. 31 S W I T Z E R L A N D ALFRED KITTLER: Creditors' Liquidation Claims Due by December 31 ARTES EVENT: Creditors' Liquidation Claims Due by December 31 BBB LLC: Creditors' Liquidation Claims Due by December 31 ETHYL SERVICES: Creditors' Liquidation Claims Due by December 31 HAFI HANDEL: Zurich Court Closes Bankruptcy Proceedings HOLDING LIEBEGG: Creditors' Liquidation Claims Due by Dec. 31 M & J GASTRO: Creditors' Liquidation Claims Due by December 31 SCHLUSSEL PUB: Claims Registration Period Ends December 31 SEDUZIONE BETRIEB: Claims Registration Period Ends December 30 WK BAU: Zurich Court Closes Bankruptcy Proceedings T U R K E Y SEKERBANK TAS: Fitch Upgrades Default Ratings to B TURKLAND BANK: Better Capitalization Cues Fitch's D Ratings VESTEL ELEKTRONIK: S&P Cuts Ratings to B on Tight Liquidity U N I T E D K I N G D O M ACCOLADE BUSINESS: J. M. Titley Leads Liquidation Procedure ACXIOM CORP: Elects Three Board Members at 2007 Annual Meeting ACXIOM CORP: Buyout Termination Prompts S&P to Affirm BB Rating BRADSHAWS DIRECT: Brings In Administrators from KPMG CB MEZZCAP: Moody's Junks EUR7.7 Mln Class E Fixed Rate Notes CHRYSLER LLC: "Operationally" Bankrupt, CEO Nardelli Says COMPUTERPROOF LTD: Claims Filing Period Ends March 14, 2008 COVENTRY TUBES: Appoints J. M. Titley as Liquidator DANOR ELECTRONICS: Brings In Liquidators from Mazars DRAINLINE UK: Taps Tenon Recovery to Administer Assets ERINACEOUS GROUP: James Caan In Talks with Advisers Over Bid FELIX CORPORATION: Brings In KPMG as Joint Administrators HARDLINES LTD: Taps Liquidators from Tenon Recovery HARTLAND SUB-CONTRACT: Calls In Liquidators from PwC INVERNESS MEDICAL: Launches Takeover Offer for BBI Holdings Plc KEMP COMMERCIAL: Appoints Tenon Recovery as Joint Administrators KOMPASS PLASTICS: Hires Liquidators from Tenon Recovery NOVA FINANCE 4: Moody's Rates EUR17.5 Mln Class E Notes at Ba2 OVERALL INTERNATIONAL: Joint Liquidators Take Over Operations OVERALL TRANSPORT: Appoints Liquidators from Grant Thornton R T STEWARD: Hires Liquidators from Grant Thornton R.S. FOODS: M. H. Abdulali Leads Liquidation Procedure RMAC SECURITIES: Moody's Cuts Ratings to Low-B on Three Notes RMS 16 PLC: Moody's May Cut Low-B Ratings After Review RTM HOLDINGS: Names Administrators from Ernst & Young RTM SERVICES: Appoints Administrators from Ernst & Young SECURITY & TRAINING: Names Stephen John Tancock as Liquidator SENATE QA: Taps M. C. Bowker to Liquidate Assets SSANG YONG: Brings In Ernst & Young to Administer Assets STERLING LTD: Brings In Liquidators from Moore Stephens * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= 123 VERTRIEB: Krems an der Donau Court Orders Business Shutdown --------------------------------------------------------------- The Land Court of Krems an der Donau entered Nov. 9 an order shutting down the business of LLC 123 Vertrieb (FN 125487s). Court-appointed estate administrator Heinrich Nagl recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Heinrich Nagl Pfarrgasse 5 3580 Horn Austria Tel: 02982/2278 Fax: 02982/4479 E-mail: dr.nagl.horn@aon.at Headquartered in Maria Dreieichen, Austria, the Debtor declared bankruptcy on Nov. 2 (Bankr. Case No 9 S 63/07y). DOWA OBERFLACHENBEARBEITUNG: Administrator Rules Lack of Assets --------------------------------------------------------------- Mag. Ernst Lehenbauer, the court-appointed estate administrator for LLC DOWA Oberflachenbearbeitung und Transporte (FN 221027s), declared Nov. 6 that the Debtor's property is insufficient to cover creditors' claim. The Land Court of Steyr ordered the closure of the Debtor's business on the same day. Headquartered in Enns, Austria, the Debtor declared bankruptcy on Oct. 31 (Bankr. Case No. 14 S 40/07s). The estate administrator can be reached at: Mag. Ernst Lehenbauer Hauptplatz 21 4470 Enns Austria Tel: 07223/810 10 E-mail: ra.lehenbauer@attglobal.net ERB PLAN: Creditors' Meeting Slated for Jan. 8, 2008 ---------------------------------------------------- Creditors owed money by LLC ERB Plan- u. Bau (FN 283977p) are encouraged to attend the creditors' meeting at 10:10 a.m. on Jan. 8, 2008. The creditors' meeting will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Oberndorf an der Melk, Austria, the Debtor declared bankruptcy on Nov. 13 (14 S 187/07a). Gerhard Taufner serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Gerhard Taufner Bahnhofstrasse 5 3390 Melk Austria Tel: 02752/5 24 66 Fax: 02752/5 25 74 E-mail: rechtsanwalt.taufner@taufner.at HBZ BAU: Creditors' Meeting Slated for Jan. 4, 2008 --------------------------------------------------- Creditors owed money by LLC HBZ Bau (FN 200839b) are encouraged to attend the creditors' meeting at 11:00 a.m. on Jan. 4, 2008. The creditors' meeting will be held at: The Land Court of Innsbruck Room 214 Second Floor Maximilianstrasse 4 6020 Innsbruck Austria Headquartered in Matrei in Osttiro, Austria, the Debtor declared bankruptcy on Nov. 15 (7 S 65/07d). Reinhold Unterweger serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Reinhold Unterweger Rosengasse 8 9900 Lienz Austria Tel: 04852/65644, 65645 Fax: 04852/656444 E-mail: ra-untbeim@tirol.com J.M.S. LLC: Vienna Court Orders Business Shutdown ------------------------------------------------- The Trade Court of Vienna entered Nov. 12 an order shutting down the business of LLC J.M.S. (FN 287642d). Court-appointed estate administrator Werner Stanek recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Werner Stanek Wollzeile 33/20 1010 Vienna Austria Tel: 512 29 02 Fax: 512 29 02 30 E-mail: werner-stanek@chello.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 6 (Bankr. Case No 38 S 60/07m). MOHIL KEG: Claims Registration Period Ends Dec. 31 -------------------------------------------------- Creditors owed money by KEG MOHIL (FN 156791a) have until Dec. 31 to file written proofs of claim to court-appointed estate administrator Wolfgang Herzer at: Mag. Wolfgang Herzer Maria Theresienstrasse 9 1090 Vienna Austria Tel: 319 32 60 Fax: 319 32 609 E-mail: herzer@brandlang.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 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. 18 (Bankr. Case No. 28 S 128/07p). MUSTAFIC OEG: Creditors' Meeting Slated for Jan. 8, 2008 -------------------------------------------------------- Creditors owed money by OEG Mustafic (FN 262498b) are encouraged to attend the creditors' meeting at 10:30 a.m. on Jan. 8, 2008. The creditors' meeting will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in St. Poelten - Radlberg, Austria, the Debtor declared bankruptcy on Nov. 12 (14 S 186/07d). Christian Lind serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Christian Lind Kremser Gasse 4 3100 St. Poelten Austria Tel: 02742/35 15 50 Fax: 02742/35 15 50-5 E-mail: office.st.poelten@ulsr.at NAVIDAT SOFTWARE: Creditors' Meeting Slated for Jan. 8, 2008 ------------------------------------------------------------ Creditors owed money by LLC NaviDat Software Produktion und Handel (FN 99060b) are encouraged to attend the creditors' meeting at 10:20 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. 14 (38 S 61/07h). Klemens Dallinger serves as the court-appointed estate administrator of the bankrupt's estate. Guenther Hoedl represents Dr. Dallinger in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Klemens Dallinger c/o Dr. Guenther Hoedl Schulerstrasse 18 1010 Vienna Austria Tel: 513 28 33 Fax: 513 28 33 22 E-mail: dalinger@anwaltsteam.at ROMAN WIRTH: Claims Registration Period Ends Jan. 3, 2008 --------------------------------------------------------- Creditors owed money by LLC Roman Wirth (FN 101560d) have until Jan. 3, 2008, to file written proofs of claim to court-appointed estate administrator Walter Engler at: Dr. Walter Engler Wollzeile 18/14 1010 Vienna Austria Tel: 512 56 96 Fax: 513 99 15 E-mail: dr.engler@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 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. 8 (Bankr. Case No. 5 S 132/07g). SPS FASSADENTECHNIK: Klagenfurt Court Orders Business Shutdown -------------------------------------------------------------- The Land Court of Klagenfurt entered Nov. 14 an order shutting down the business of LLC S.P.S. Fassadentechnik (FN 207066i). Court-appointed estate administrator Kurt Hirn recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Kurt Hirn Dr. Arthur Lemisch Platz 2 9020 Klagenfurt Austria Tel: 0463/504770 Fax: 0463/50477 E-mail: dr.kurt.hirn@chello.at Headquartered in St. Veit an der Glan, Austria, the Debtor declared bankruptcy on Nov. 8 (Bankr. Case No 41 S 108/07s). STIEBELLEHNER BAUSERVICE: Meeting Slated for Jan. 8, 2008 --------------------------------------------------------- Creditors owed money by LLC Stiebellehner Bauservice (FN 141992m) are encouraged to attend the creditors' meeting at 10:50 a.m. on Jan. 8, 2008. The creditors' meeting will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in St. Peter , Austria, the Debtor declared bankruptcy on Nov. 12 (14 S 185/07g). Dr. Wolfgang Strasser serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Wolfgang Strasser Hauptplatz 11 4300 St. Valentin Austria Tel: 07435/52 4 37 Fax: 07435/52 4 37-21 E-mail: st-valentin@advocat24.at ============= B E L G I U M ============= AVNET INC: Completes US$200 Mln Acal IT Solution Takeover --------------------------------------------------------- Avnet Inc. has completed its acquisition of the IT Solutions Division of Acal plc. The acquired business, which has annual revenues of approximately US$200 million, is a leading European value-added distributor for Storage Networking, Networking, Security, Electronic Document Management, as well as managed and professional services. The division, which has operations in the U.K., the Netherlands, Belgium, Germany, France and Sweden, will be integrated into Avnet Technology Solutions' EMEA business. Dick Borsboom, President of Avnet Technology Solutions EMEA, commented, "This acquisition extends our depth of expertise in the IT solutions and services arena by adding new competencies in high growth areas and expanding our ability to deliver multi- vendor solutions. The addition of 200 skilled employees and 2000 Acal resellers broadens our solutions-selling portfolio and creates additional opportunities for cross selling." Following on the recently completed acquisition of the Magirus Enterprise Division, Avnet Technology Solutions is substantially building its market presence in the areas of managed and professional services, SAN, Networking and Security solutions. The acquisition also opens new markets to Avnet Technology Solutions, such as Electronic Document Management today operating under the name Headway Technologies. "We are executing well on our goal to be the premier, value-add distributor in Europe," added Mr. Borsboom. "The acquisition of Acal is another clear affirmation of our vision to be the leader in delivering solutions that can accelerate the growth of our trading partners." About Avnet Electronics Avnet Electronics Marketing -- http://www.em.avnet.com/-- is an operating group of Phoenix-based Avnet, Inc. (NYSE:AVT), a Fortune 500 company. Avnet Electronics Marketing serves electronic original equipment manufacturers and electronic manufacturing services providers in more than 70 countries, distributing electronic components from leading manufacturers and providing associated design-chain and supply-chain services. About Avnet Inc. Headquartered in Phoenix, Arizona, Avnet, Inc. -- http://www.avnet.com/-- distributes electronic components and computer products, primarily for industrial customers. It has operations in the following countries: Australia, Belgium, China, Germany, Hong Kong, India, Indonesia, Italy, Japan, Malaysia, New Zealand, Philippines, Singapore, and Sweden, Brazil, Mexico and Puerto Rico. * * * Moody's Investors Service affirmed Avnet's Ba1 corporate family long-term debt ratings in March 2007. Moody's said the outlook is positive. MILACRON INC: Weak Credit Metric Cues Moody's to Cut Ratings ------------------------------------------------------------ Moody's Investors Service lowered the ratings of Milacron Inc. Corporate Family, to Caa2 from Caa1; Probability of Default, to Caa2 from Caa1; and senior secured notes, to Caa2 from Caa1. The lowered ratings reflect the company's weak credit metrics and ongoing cash flow pressures. Milacron continues to face cyclical pressures in its plastics machinery markets and ongoing required pension payments. Without additional actions by the company's management, Moody's views the company's liquidity over the next twelve months to be at risk of deterioration resulting from stagnant free cash flow prospects over the intermediate term, and required pension payments and interest costs. Milacron will continue to have required pension payments after 2008. The company's ongoing cash requirements combined with a continued liquidity pressures could limit the company's operating flexibility over the intermediate term. The negative outlook reflects the company's weak operating metrics and the expectation that absent new cash sources the company's liquidity profile will narrow following the scheduled pension payments due in 2008. Milacron's current liquidity is sufficient to make the required pension payments in 2008. In addition, the company has frozen its current U.S. defined pension plan. However, operating flexibility could be impaired if the company's liquidity profile deteriorates. As of Sept. 30, 2007, Debt/EBITDA was 10.6x, and EBIT/Interest Coverage of 0.7x. As of Sept. 30, 2007, Milacron maintained US$37.5 million of cash on its balance sheet and approximately US$42 million available under its asset based revolving credit facility. The asset based facility requires the company to maintain US$10 million of excess availability, limits capital expenditures, and contains a springing minimum fixed charge coverage ratio in the event that excess availability is less than US$5 million. There is moderate availability under the company's senior secured notes' debt incurrence test for Milacron to obtain additional financing. * The ratings lowered are: -- Corporate Family rating, to Caa2 from Caa1 -- Probability of Default, to Caa2 from Caa1 -- US$225 million of 11.5% guaranteed senior secured notes due 2011, to Caa2 (LGD3 45%) from Caa1 (LD3 44%) -- Milacron maintains a US$105 million asset based revolving credit facility which is not rated by Moody's. The prior press release was on Jan. 10, 2006, confirming Milacron's ratings and changing the outlook to negative. Factors that could contribute to a stabilization of the rating outlook include: substantial growth in new business priced at profitable margins; stabilized raw material costs resulting in improved margins; additional equity contributions; or actions taken to improve liquidity. Consideration for a stabilized rating outlook or upward rating migration would arise if any combination of these factors were to result in leverage approaching 6.0x, or result in EBIT/interest coverage approaching 1x. Factors that could result in ratings downgrades include: liquidity not being adequately maintained over the next twelve months; increases in raw material prices which are not passed on to customers; deterioration in the company's plastic machinery end markets; or the inability to security additional liquidity and or financing to mitigate the minimum pension funding requirements in 2008. Consideration for downward rating migration would arise if any combination of these factors were to result in deteriorating liquidity. Milacron, headquartered in Cincinnati, Ohio, is a leading global manufacturer and supplier of plastics-processing equipment and related supplies. Milacron is also one of the largest global manufacturers of synthetic water-based industrial fluids used in metalworking applications. The company has major manufacturing facilities in North America, Europe and Asia. Milacron's annual revenues approximated US$789 million over the last twelve months. The company has an office in South Korea, and joint ventures in China and India. In Europe, the company maintains operations in Belgium, Germany, Italy, the Netherlands, Spain, and England. =========== F R A N C E =========== RHODIA SA: Restructures Acetow Business in Germany -------------------------------------------------- Rhodia S.A. launched an extensive program to improve the competitiveness of its Acetow cellulose acetate business. This activity, with production site mostly situated in Europe, is particularly impacted by the weakness in the U.S. dollar. As a first step, an action plan was announced at the Freiburg site in Germany. Following an in-depth study, this plan targets cost savings in all processes through productivity gains in production, more efficient administration, support services, and a new orientation to Research & Development activities. As part of the restructuring program, 129 jobs will be cut, mostly through early retirement. "The action plan we are launching aims to improve our margins to compensate for the unfavorable foreign exchange environment. It will help ensure the long-term competitiveness of Acetow as part of Rhodia's core businesses and the sustainability of the Freiburg site," Gerard Collette, the new president of the Acetow Enterprise, commented. Headquartered in Freiburg, Germany, Rhodia Acetow is a subsidiary of Rhodia S.A. and ranks among the three leaders in the market of cellulose acetate fibers for cigarette filters. About Rhodia Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) -- http://www.rhodia.com/-- is a global specialty chemicals company partnering with major players in the automotive, electronics, pharmaceuticals, agrochemicals, consumer care, tires, and paints and coatings markets. Rhodia offers tailor- made solutions combining original molecules and technologies to respond to customers' needs. The group generated sales of EUR4.8 billion in 2006 and employs around 16,000 people worldwide. Rhodia is listed on Euronext Paris and the New York Stock Exchange. The company has operations in Brazil. * * * As reported in the TCR-Europe on Nov. 28, 2007, Moody's Investors Service affirmed Rhodia S.A. Corporate Family Rating at Ba3. Moody's said the outlook has been changed to Positive from Stable. As reported on April 26, 2007, Fitch Ratings affirmed Rhodia S.A.'s Issuer Default Rating at BB- and revised the Outlook to Positive from Stable. Fitch has assigned Rhodia SA's proposed issue of up to EUR595.125 million bonds convertible and/or exchangeable for new and/or existing shares an expected 'BB-' rating. These ratings are affected: -- Corporate Family Ratings upgraded to Ba3; -- Probability-of-Default assigned at Ba3; -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4 (69%); and -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4 (69%). At the same time, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Rhodia to BB- from B+, and its long- term debt rating on the group to B from B-. Standard & Poor's also assigned its B senior unsecured debt rating to Rhodia's proposed new bond, which will be used for refinancing purposes. RHODIA SA: Names Gerard Collette as President of Acetow Arm ----------------------------------------------------------- Rhodia S.A. has appointed Gerard Collette as president of Rhodia's Acetow Enterprise and member of the group's executive committee. Mr. Collette holds a degree in engineering from the Ecole Natinale d'Ing�nieurs de Metz and a PhD from the Institut Polytechnique de Lorraine. He began his career with Pechiney in 1980. In 2005, he joined the Novelis Group as global rolling process technology leader and director technology Europe. Headquartered in Freiburg, Germany, Rhodia Acetow is a subsidiary of Rhodia S.A. and ranks among the three leaders in the market of cellulose acetate fibers for cigarette filters. About Rhodia Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) -- http://www.rhodia.com/-- is a global specialty chemicals company partnering with major players in the automotive, electronics, pharmaceuticals, agrochemicals, consumer care, tires, and paints and coatings markets. Rhodia offers tailor- made solutions combining original molecules and technologies to respond to customers' needs. The group generated sales of EUR4.8 billion in 2006 and employs around 16,000 people worldwide. Rhodia is listed on Euronext Paris and the New York Stock Exchange. The company has operations in Brazil. * * * As reported in the TCR-Europe on Nov. 28, 2007, Moody's Investors Service affirmed Rhodia S.A. Corporate Family Rating at Ba3. Moody's said the outlook has been changed to Positive from Stable. As reported on April 26, 2007, Fitch Ratings affirmed Rhodia S.A.'s Issuer Default Rating at BB- and revised the Outlook to Positive from Stable. Fitch has assigned Rhodia SA's proposed issue of up to EUR595.125 million bonds convertible and/or exchangeable for new and/or existing shares an expected 'BB-' rating. These ratings are affected: -- Corporate Family Ratings upgraded to Ba3; -- Probability-of-Default assigned at Ba3; -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4 (69%); and -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4 (69%). At the same time, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Rhodia to BB- from B+, and its long- term debt rating on the group to B from B-. Standard & Poor's also assigned its B senior unsecured debt rating to Rhodia's proposed new bond, which will be used for refinancing purposes. ============= G E R M A N Y ============= BAUBUB GLAS-UND: Claims Registration Period Ends Jan. 11, 2008 -------------------------------------------------------------- Creditors of Baubub Glas-und Gebaudereinigungs GmbH & Co KG have until Jan. 11, 2008, to register their claims with court- appointed insolvency manager Thomas Kehe. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Goettingen Hall B8 Berliner Strasse 8 37073 Goettingen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Kehe Braunschweiger Strasse 15a 38723 Seesen Germany Tel: 05381/93560 Fax: 05381/935644 The District Court of Goettingen opened bankruptcy proceedings against Baubub Glas-und Gebaudereinigungs GmbH & Co KG on Jan. 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baubub Glas-und Gebaudereinigungs GmbH & Co KG Bleichstrasse 43 37170 Uslar Germany BECHER-ESKA: Creditors' Meeting Slated for Jan. 8, 2008 ------------------------------------------------------- The court-appointed insolvency manager for Becher-ESKA GmbH & Co. KG, Martin Prager will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:20 a.m. on Jan. 8, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Weilheim Meeting Hall E 007 Waisenhausstr. 5 Weilheim Germany The Court will also verify the claims set out in the insolvency manager's report at 10:05 a.m. on Feb. 12, 2008, at the same venue. Creditors have until Jan. 11, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Martin Prager Barthstr. 16 80339 Munich Germany Tel: 089-8589633 Fax: 089-85896350 The District Court of Weilheim opened bankruptcy proceedings against Becher-ESKA GmbH & Co. KG on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Becher-ESKA GmbH & Co. KG Gablonzer Ring 58-60 87600 Kaufbeuren Germany BECHER UND WINTER: Creditors' Meeting Slated for Jan. 8, 2008 ------------------------------------------------------------- The court-appointed insolvency manager for Becher und Winter Verwaltung GmbH, Martin Prager will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:10 a.m. on Jan. 8, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Weilheim Meeting Hall E 007 Waisenhausstr. 5 Weilheim Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on Feb. 12, 2008, at the same venue. Creditors have until Jan. 11, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Martin Prager Barthstr. 16 80339 Munich Germany Tel: 089-8589633 Fax: 089-85896350 The District Court of Weilheim opened bankruptcy proceedings against Becher und Winter Verwaltung GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Becher und Winter Verwaltung GmbH Augsburgerstr. 2-4 86956 Schongau Germany COOL CARGO: Claims Registration Period Ends Jan. 7, 2008 -------------------------------------------------------- Creditors of Cool Cargo International GmbH have until Jan. 7, 2008, to register their claims with court-appointed insolvency manager Dr. Paul Fink. Creditors and other interested parties are encouraged to attend the meeting 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 Duesseldorf Meeting Hall A 409 Fourth 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. Paul Fink Koenigsallee 33 40212 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Cool Cargo International GmbH on Dec. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cool Cargo International GmbH Einbecker Strasse 19 40599 Duesseldorf Germany CONCETTO CORRETTO: Claims Registration Ends January 15, 2008 ------------------------------------------------------------ Creditors of Concetto Corretto Produkt- & Vertriebsgesellschaft mbH have until Jan. 15, 2008, to register their claims with court-appointed insolvency manager Udo Mueller. Creditors and other interested parties are encouraged to attend the meeting at 10:40 a.m. on Feb. 13, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Udo Mueller Georgstr. 50 30159 Hannover Germany Tel: 0511 36698-0 Fax: 0511 36698-33 The District Court of Concetto Corretto Produkt- & Vertriebsgesellschaft mbH opened bankruptcy proceedings against Concetto Corretto Produkt- & Vertriebsgesellschaft mbH on Dec. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Concetto Corretto Produkt- & Vertriebsgesellschaft mbH Attn: Boris Stoedter, Manager Tischlerstr. 5 30916 Isernhagen Germany DVD DASSOW: Claims Registration Period Ends Jan. 11, 2008 --------------------------------------------------------- Creditors of Vermoegensverwaltungsgesellschaft DVD Dassow GmbH have until Jan. 11, 2008, to register their claims with court- appointed insolvency manager Marc Odebrecht. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.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 Schwerin Hall 3 Demmlerplatz 14 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: Marc Odebrecht A.-Bebel-Strasse 4 19055 Schwerin Germany The District Court of Schwerin opened bankruptcy proceedings against Vermoegensverwaltungsgesellschaft DVD Dassow GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Vermoegensverwaltungsgesellschaft DVD Dassow GmbH Attn: Kai Nitsche, Manager Bad Schwartau Werkstrasse 2-22 23942 Dassow Germany ERICH SIEVERS: Claims Registration Period Ends Jan. 4, 2008 ----------------------------------------------------------- Creditors of Erich Sievers und Sohn GmbH & Co. KG have until Jan. 4, 2008, to register their claims with court-appointed insolvency manager Ruediger Berkhan. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Goslar II/F Third Floor Haus II Kaiserbleek 8 38640 Goslar Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on Feb. 22, 2008, at the same venue. The insolvency manager can be reached at: Ruediger Berkhan Braunschweiger Str. 15A D 38723 Seesen Germany Tel: 05381/93 56-0 Fax: 05381/93 56 44 The District Court of Goslar opened bankruptcy proceedings against Erich Sievers und Sohn GmbH & Co. KG on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Erich Sievers und Sohn GmbH & Co. KG Attn: Dr. A. Robrade u. B. Robrade, Manager Landstr. 51 38667 Bad Harzburg Germany GOOD SPIRITS: Claims Registration Period Ends Jan. 10, 2008 ----------------------------------------------------------- Creditors of Good Spirits GmbH have until Jan. 10, 2008, to register their claims with court-appointed insolvency manager Sven Krueger. Creditors and other interested parties are encouraged to attend the meeting at 9:50 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 Luebeck Hall E3 Am Burgfeld 7 23568 Luebeck 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: Sven Krueger Roeckstrasse 40 23568 Luebeck Germany The District Court of Luebeck opened bankruptcy proceedings against Good Spirits GmbH on Nov. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Good Spirits GmbH Attn: Magnus Grenthe, Manager Spenglerstr. 29 23556 Luebeck Germany HEIMBAU-BAUTRAGER: Claims Registration Period Ends Jan. 10, 2008 ---------------------------------------------------------------- Creditors of Heimbau-Bautrager GmbH have until Jan. 10, 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 9:00 a.m. on Feb. 1, 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 Paderborn Meeting Hall 230a Second Floor Bogen 2-4 33098 Paderborn 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 Marktstrasse 22 59555 Lippstadt Germany Tel: 02941/979850 Fax: 02941/979870 The District Court of Paderborn opened bankruptcy proceedings against Heimbau-Bautrager GmbH on Dec. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heimbau-Bautrager GmbH Muehlenstrasse 2 59590 Geseke Germany INDUSTRIEWARTUNG STANGL: Claims Registration Ends Jan. 10, 2008 --------------------------------------------------------------- Creditors of Industriewartung Stangl GmbH have until Jan. 10, 2008, to register their claims with court-appointed insolvency manager Thomas Kloeckner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Wolfratshausen Meeting Halll 3/I Bahnhofstrasse 18 Wolfratshausen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Kloeckner Hans-Urmiller-Ring 11 82515 Wolfratshausen Germany Tel: 08171/38730-100 Fax: 08171/38730-222 The District Court of Wolfratshausen opened bankruptcy proceedings against Industriewartung Stangl GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Industriewartung Stangl GmbH Marktplatz 15 83607 Holzkirchen Germany JENOPTIK AG: Moody's Withdraws B1 Ratings at Company's Request -------------------------------------------------------------- Moody's Investors Service withdrew the corporate family rating of Jenoptik AG for business reasons, at the request of the issuer. Outlook Actions: * Issuer: Jenoptik AG -- Outlook, Changed To Rating Withdrawn From Stable Withdrawals: * Issuer: Jenoptik AG -- Probability of Default Rating, Withdrawn, previously rated B1 -- Corporate Family Rating, Withdrawn, previously rated B1 The Jenoptik Group is one of Europe's leading providers of optical technologies. Jenoptik specializes in photonics and mechatronics technologies, and numbers among the technological and market leaders in selected sectors. The Group reported sales of EUR480 million in 2006. MAX BECHER: Creditors' Meeting Slated for Jan. 8, 2008 ------------------------------------------------------ The court-appointed insolvency manager for Max Becher GmbH & Co. KG, Martin Prager will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:00 a.m. on Jan. 8, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Weilheim Meeting Hall E 007 Waisenhausstr. 5 Weilheim Germany The Court will also verify the claims set out in the insolvency manager's report at 9:55 a.m. on Feb. 12, 2008, at the same venue. Creditors have until Jan. 11, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Martin Prager Barthstr. 16 80339 Munich Germany Tel: 089-8589633 Fax: 089-85896350 The District Court of Weilheim opened bankruptcy proceedings against Max Becher GmbH & Co. KG on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Max Becher GmbH & Co. KG Augsburgerstr. 2-4 86956 Schongau Germany MEDA INSTITUT: Claims Registration Period Ends Jan. 8, 2008 ----------------------------------------------------------- Creditors of MeDa Institut GmbH have until Jan. 8, 2008, to register their claims with court-appointed insolvency manager Dr. Hans-Peter Lehner. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on Feb.19, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Regensburg Hall 105 Augustenstr. 5 Regensburg 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. Hans-Peter Lehner Ditthornstr. 5 93055 Regensburg Germany Tel: 0941/640820-0 Fax: 0941/640820-10 The District Court of Regensburg opened bankruptcy proceedings against MeDa Institut GmbH on Dec. 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MeDa Institut GmbH Lappersdorferstr. 27 93059 Regensburg Germany NIMM-MIT WOHNMARKT: Claims Period Ends Jan. 14, 2008 ---------------------------------------------------- Creditors of NIMM-MIT WOHNMARKT Beteiligungs-GmbH have until Jan. 14, 2008, to register their claims with court-appointed insolvency manager Dr. Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 14, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Giessen Hall 405 Building B Gutfleischstrasse 1 35390 Giessen 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. Jan Markus Plathner C/o Rae Brinkmann und Kollegen Lyoner Strasse 14 60528 Frankfurt/Main Germany Tel: 069/9623340 Fax: 069/96233422 The District Court of Giessen opened bankruptcy proceedings against NIMM-MIT WOHNMARKT Beteiligungs-GmbH on Dec. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: NIMM-MIT WOHNMARKT Beteiligungs-GmbH Ludwig-Rinn-Strasse 49 35452 Heuchelheim Germany Attn: Rolf Bruno Thilo, Manager Berliner Ring 49 35576 Wetzlar Germany PARSCH NATURSTEIN: Claims Registration Period Ends Jan. 11, 2008 --------------------------------------------------------------- Creditors of Parsch Naturstein GmbH have until Jan. 11, 2008, to register their claims with court-appointed insolvency manager Wolfram Feuerhake. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 Bad Homburg v.d. Hoehe Room 302 Third Floor Auf der Steinkaut 10-12 61352 Bad Homburg v.d. Hoehe 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: Wolfram Feuerhake Rother Weingartenweg 26 65812 Bad Soden Germany Tel: 06196/902898 Fax: 06196/902897 The District Court of Bad Homburg v.d. Hoehe opened bankruptcy proceedings against Parsch Naturstein GmbH on Dec. 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Parsch Naturstein GmbH Forsthausstrasse 4 35619 Braunfels Germany REALCONTENT TECHNOLOGIES: Claims Registration Ends Jan. 15, 2008 ---------------------------------------------------------------- Creditors of realcontent technologies GmbH have until Jan. 15, 2008, to register their claims with court-appointed insolvency manager Dr. Horst Gill. Creditors and other interested parties are encouraged to attend the meeting 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 Freiburg Room No 202 Second Floor Aussenstelle Bismarckallee 2 79098 Freiburg Germany The Court will verify the claims set out in the insolvency manager's report on Feb. 7, 2008, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Horst Gill Kartauserstr. 120 79104 Freiburg Germany Tel: 0761/7077010 Fax: 0761/7077033 The District Court of Freiburg opened bankruptcy proceedings against realcontent technologies GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: realcontent technologies GmbH Gerberau 5 79098 Freiburg Germany Attn: Matthias Wankel, Manager Neuoed 18 92278 Illschwang Germany S & B GMBH: Claims Registration Period Ends Jan. 14, 2008 --------------------------------------------------------- Creditors of S & B GmbH have until Jan. 14, 2008, to register their claims with court-appointed insolvency manager Dr. Martin Dreschers. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Aachen Meeting Hall T 112/112 (D 4.109) Adalbertsteinweg 90 (ab 2008 Eingang Haus-Nr. 92) 52070 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: Dr. Martin Dreschers Juelicher Strasse 116 52070 Aachen Germany Tel: 0241/94618-0 Fax: 0241/533562 The District Court of Aachen opened bankruptcy proceedings against S & B GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: S & B GmbH Juelicher Strasse 37 52531 Uebach-Palenberg Germany Attn: Suleyman Boerek, Manager Krummer Weg 25 41849 Wassenberg Germany SAFA-GASTRO GMBH: Claims Registration Period Ends Jan. 14, 2008 --------------------------------------------------------------- Creditors of SaFa-Gastro GmbH & Co. KG have until Jan. 14, 2008, to register their claims with court-appointed insolvency manager Dr. Frank Kebekus. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Feb. 20, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Hall C205 Second Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Frank Kebekus Carl-Theodor-Str. 1 40213 Duesseldorf Germany The District Court of Duisburg opened bankruptcy proceedings against SaFa-Gastro GmbH & Co. KG on Nov. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SaFa-Gastro GmbH & Co. KG Hans-Boeckler-Platz 8 45468 Muelheim Germany SIGMA SPANNSTAHL: Claims Registration Ends January 14, 2008 ----------------------------------------------------------- Creditors of Sigma Spannstahl GmbH have until Jan. 14, 2008, to register their claims with court-appointed insolvency manager Dr. Helmut Schmitz. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 20, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Meeting Hall C315 Third Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Helmut Schmitz Flohbusch 1 47802 Krefeld Germany The District Court of Duisburg opened bankruptcy proceedings against Sigma Spannstahl GmbH on Nov. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sigma Spannstahl GmbH Lissaboner Str. 31 47229 Duisburg Germany Attn: Dr. Guenter Schuler, Manager Mozartweg 7 58313 Herdecke Germany ============= H U N G A R Y ============= INVITEL HOLDINGS: Memorex Deal Cues Moody's to Review B1 Rating --------------------------------------------------------------- Moody's Investors Service placed a B1 corporate family rating of Magyar Telecom B.V., a holding company of Invitel Tavkozlesi Szolgaltato Rt. on review following the company's announcement to acquire Memorex for the total consideration of US$130 million. Concurrently, Moody's placed all existing instrument ratings on review. Moody's says that during the review process it will focus: (i) on the strategic rationale of the transaction; (ii) the target company; and (iii) the proposed capital structure. Additionally, Moody's will assess potential refinancing risks associated with this transaction. At this stage, based on a preliminary review, Moody's thinks that the ratings could be affirmed whilst the outlook is subject to review. Headquartered in Budaors, Hungary, Invitel is the second largest fixed-line telecommunications provider in Hungary. ============= I R E L A N D ============= MCENANEY CONSTRUCTION: Goes Into Examinership with EUR65Mln Debt ---------------------------------------------------------------- The High Court of Ireland placed McEnaney Construction into examinership and appointed Michael McAteer as interim examiner, the Sunday Business Post reports. According to the report, McEnaney Construction, burdened with more than EUR65 million in debt, failed to meet its repayment schedule and sought High Court protection from creditors. The Post says the company, which creditors include Ulster Bank, Irish Nationwide, and IIB, suffered financial difficulties following the recent decline in the construction sector. Mr. McAteer, a partner with accountancy firm Foster McAteer, is currently drawing up a rescue package for the company. He is also in talks with potential investors, The Post relates. The High Court will appoint an examiner early 2008. Based in Dundalk, Ireland, McEnaney Construction is a property and development company. It has land banks in Dublin, Louth and Monaghan. It is owned by Co Louth businessman Sean McEnaney. SANMINA-SCI: Calls for Redemption of US$120 Million Senior Notes ---------------------------------------------------------------- Sanmina-SCI Corporation called for redemption US$120 million in aggregate principal amount of its Senior Floating Rate Notes due 2010. The aggregate principal amount of the Notes outstanding is US$300 million. The CUSIP numbers for the Notes being called for redemption are 800907 AL1and U80024 AC3. Upon redemption, holders of the Notes being redeemed will receive the principal amount of the Notes being redeemed, plus accrued and unpaid interest to but excluding the redemption date. Copies of the notice of redemption may be obtained from U.S. Bank National Association, the paying agent, by calling (800) 934-6802. About Sanmina-SCI 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. * * * As reported in the Troubled Company Reporter on Sept. 27, 2007 Standard & Poor's Ratings Services revised its outlook on San Jose, California-based Sanmina-SCI Corp. to negative from stable, as a result of continued operating weakness and increasing leverage. The corporate credit and senior unsecured ratings are affirmed at 'B+', and the subordinated debt rating is affirmed at 'B-'. PREPS 2005-2: Moody's Cuts Ratings to Ba1 on Two Note Classes ------------------------------------------------------------- Moody's Investors Service downgraded the ratings of two classes of notes issued by PREPS 2005-2 plc: (1) EUR41,500,000 Class B1 Floating Rate Notes due 2012 -- Previously rated: A2, on review for downgrade -- Currently rated: Ba1 (2) EUR12,500,000 Class B2 Fixed Rate Notes due 2012 -- Previously rated: A2, on review for downgrade -- Currently rated: Ba1 The transaction has suffered four defaults since inception, totaling EUR42 million of losses (or 11.7% of the original portfolio). Only a small fraction of these losses have been recovered by means of excess spread payments, which have been used to credit the principal deficiency ledger. Hence, the credit enhancement of the notes has been compromised. ========= I T A L Y ========= ALITALIA SPA: Board Selects Air France-KLM as Preferred Buyer ------------------------------------------------------------- The Board of Directors of Alitalia S.p.A. met to identify the party with whom to start exclusive negotiations. In this context, on the basis of the assessment of the non binding proposals received on the Dec. 6, 2007, and having considered the advisors' final recommendations -- Citi as financial advisor, Roland Berger as industrial advisor and Grimaldi & Associati as legal advisor -- duly integrated with the additional information and clarifications subsequently received by the bidders, the Board of Directors has unanimously resolved: * to select the Air France-KLM non binding proposal as the one that offers to the Company, given its current critical financial conditions, and having also considered the implementation of the Transition / Survival Plan, the appropriate solution to preserve the Company's assets and to promote its quick and permanent restructuring, thanks to the benefit of synergies arising from the integration in a major international group of the airline industry. Such proposal, in fact: -- provides adequate and reliable financial and industrial assurances to successfully carry out the restructuring, development and re-launching of Alitalia, while stating, within this context, the interest and willingness to acquire control of the Company; -- is more convenient from an economic point of view for the shareholders; and -- is perceived to be adequately aligned with the expectations stated by the shareholder Ministry of Economy and Finance through the press release issued on July 31, 2007, as it envisages to satisfactorily safeguard the general interests considered to be essential by the Government in terms of continuity and adequateness of aviation services in Italy. * to submit a communication to the Ministry of Economy and Finance, asking it to express its position in relation to the Air France-KLM proposal within a timetable not significantly different from the one proposed by the Government in its press release of Dec. 20, 2007, also in light of the critical financial conditions of the Company and of a macro scenario increasingly challenging; and * to mandate, within this framework, its Chairman to define the terms of the exclusive negotiation to be started with Air France-KLM. On Sept. 7, 2007, the Board of Directors approved a "Survival/Transition Plan," which highlights that: * it is economically and industrially unsustainable to attempt to develop a network based on two hubs; * the productivity objectives and increased efficiency of the cost structure are indispensable pre-requisites, which, however, do not improve the structural weakness of the Company's competitive positioning; and * being part of an international alliance is an essential element to serve the market and to compete for the high yield traffic segments, but it is not sufficient to generate the amount of synergies required to avoid a progressive imbalance of the financial structure. The Company also recognized and noted that: * the scenario and the competitive environment of the aviation sector favor the acceleration of consolidation trends towards a very limited number of hub carriers, which enable economies of scale and the creation of significant synergies; * it is extremely difficult to close the existing gap through a new attempt to position the Company as a standalone player at the same level of a European hub carrier; * there is the need to inject new financial resources by means of a substantial capital increase, to be carried out in the coming months, ideally in connection with the project to dispose of the controlling stake of the Company, unless critical issues arise in the implementation of the Survival/Transition Plan. The proposals received have been assessed in light of the mentioned issues and have been subject to further assessment with the parties involved to understand all the aspects, in order to finalize and evaluation based on these criteria: * the industrial and financial quality of the bidder; * the strategic sustainability and the industrial and financial solidity of the proposal submitted; * its adequateness to answer to the needs of the Company and to the issues identified in the Company's Plan, bearing in mind the aim to maintain Italy's access to an advanced aviation system; * the ability of the partnership proposal to generate appropriate synergies in favor of Alitalia, sustaining the possible re-launch in the medium-long term. The Board of Directors decision towards the non binding proposal submitted by Air France-KLM has matured as a result of several elements contained in the proposal and summarized as: * Air France-KLM has considerable experience and offers a high degree of industrial credibility -- Air France-KLM is the largest airline in the world and one of the most financially and industrially sound (with a turnover of EUR23 billion, a market capitalization of around EUR7.2 billion, a fleet of 601 aircraft, 240 destinations served, more than 73 million passengers carried, EUR4.1 billion of cash and cash equivalents as of Sept. 30, 2007, a net result of EUR891 million for the fiscal year 2006/2007, further improving in the current year); -- it has an excellent track record of integrations on medium and large scales, successfully completed, also through industrial restructuring; -- it operates a multi-hub network with the best market performance in the world; and -- it is the leader of the SkyTeam alliance, created in 2000 and gradually expanded to include 11 members. * The business plan put forward by AirFrance-KLM has been considered highly credible and adequate to address the strategic, industrial and financial issues of Alitalia, having also considered the competitive environment in which the Company operates. Briefly, the plan: -- creates an advantageous situation for all the parties involved: * for Alitalia, which will regain the ability to grow and achieve economic soundness; * for Italy, which will have access to an advanced and highly competitive aviation system for passengers and goods on a global scale; * for AirFrance-KLM, who will reinforce its multi-hub system by acquiring an additional platform, with a role generating value within the whole system, also through clear growth upsides. -- moderates the "vacuum cleane"� effect from Northern Italy, especially in Milan, to the large European hubs, being Air France-KLM currently one of the carriers that applies the model most effectively. In this respect, through competitive transport solution provided by Alitalia network and by its Fiumicino hub, together with the improvement of the ability to attract high yield traffic, the current issues will transform in opportunities through which create value; -- consistently with the repositioning indicated in Alitalia's Survival/Transition Plan, speeds up the removal of the causes which create the Company's current losses, creating the prospect of new and more solid growth by realigning the cost structure and levels of overall efficiency, including an initial reduction of the fleet and of certain destinations and flight frequencies; -- highlights the ability to generate sufficient cash flows to sustain the Company's debt levels which, through the envisaged capital increase, are aligned with those typical of the industry; -- foresees the renewal of the fleet (in particular, the complete replacement of the MD80s by 2017 and of B767) and the progressive, constant growth over time starting from 2011 (with overall investments of EUR6.5 billion); -- envisages improving the quality of customer services and of the operational performance in terms of on-time performance and reliability, through considerable investment in on-board services and cabin layouts, as well as services for passengers, in order to re-launch and strengthen Alitalia's competitive position, enhancing the value of its brand name o offers the chance to take part in the North Atlantic joint venture with certain SkyTeam members including Delta; -- positions Rome as a valuable hub, expanding its offer to the passengers, in particular those traveling from/to Italy, while providing access to the multi-hub network of AirFrance-KLM. It defines for Fiumicino a clear and unique role in the overall network design in the new group for Central-South, South-Eastern Europe, as well as for North Africa; the new group thanks to the presence in a hub located in the southern part of Europe, will gain a competitive edge compared to the other main European network which already operates hubs to the south of Paris and Amsterdam; -- envisages an important role for the airport system of Milan: Linate will see its role as a city airport confirmed and strengthened, focusing on business traffic, within the limits set by the existing regulations. Malpensa will maintain the three main intercontinental routes for North and South America and Asia and will update the scheduling of the international routes so as to improve the service for Italian business travelers, as envisaged by the Alitalia's Plan; -- complementing the strategy adopted to serve the Northern Italy market, the proposal confirms the willigness to support the development of Volareweb, taking advantage of the skills acquired in the successful experiences of Transavia and Transavia France; -- envisages the integration of Alitalia cargo activities with Air France-KLM cargo, maintaining the brand name and the operational base; this will reinforce the position as the leading global operator, which will also become the market leader in Italy, thereby benefiting from significant economies of scale (cost as well as the portfolio of products and services) -- regarding Alitalia Servizi, the guidelines of Alitalia's Survival/Transition Plan are confirmed. * the Air France-KLM proposal is expected to generate significant synergies in favor of Alitalia, allowing for a sustainable re-launch in the long term. In particular, it acknowledges that the most important business instrument for generating significant and sustainable synergies over a period of time is the "network overlap." In fact, the integration of two overlapping networks and the consequent creation of an extended network based on several hubs multiplies exponentially the ability to attract traffic and generate increased revenues: a system of integrated networks offers to its customers several travel solutions, both as possible itineraries and as fare combinations. * from the economic point of view, the Air France-KLM non-binding proposal offers the best terms for the Ministry of Economy and Finance and for minority shareholders, and is sustained by the high degree of certainty on the availability of the financial resources for Alitalia: On Sept. 30, 2007, Air France-KLM had cash and cash equivalents of EUR4.1 billion. Furthermore, Air France-KLM undertakes to guarantee the whole amount indicated for the capital increase (EUR750 million). * the Air France-KLM non binding proposal clearly states the willingness to undertake a number of commitments towards the Italian State on these topics: -- the safeguarding and valorization of the Alitalia brand, logo and livery, with an equal standing to the two other group companies; -- the preservation of an adequate coverage of the Italian market as well as an adequate level of services offered; with regards to the national network, it has been specifically stated that it will remain substantially unchanged from the one envisaged by the Alitalia's Survival/Transition Plan, that it will provide an offer capable to satisfy a high percentage of the demand from/to Rome and Milan; -- international and intercontinental destinations will be covered through the airports of Rome and Milan; with regards to this topic, Air France-KLM has indicated that it does not intend to use Alitalia as a feeder to the hubs of Paris and Amsterdam, but rather to strengthen Alitalia as a key European carrier. * the Air France-KLM proposal includes labor considerations on the levels of employment in line with Alitalia's Survival/Transition Plan. Air France-KLM indicates the intention to consider measures to involve employees with profit sharing schemes based on economic results. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. PARMALAT SPA: Receives EUR396 Mln in Settlement with Banks ---------------------------------------------------------- Parmalat S.p.A. and Intesa Sanpaolo S.p.A. communicate that agreement has been reached which settles all reciprocal claims that led to litigation arising from operations in the period preceding the insolvency declaration of the Parmalat Group in December 2003. The settlement brings all pending revocatory and damages actions and all reciprocal claims eventually to be filed to an end. Intesa Sanpaolo Group will pay EUR310 million.] Furthermore, Parmalat S.p.A. communicates that an agreement has been reached with Cassa di Risparmio di Parma e Piacenza S.p.A. which settles all reciprocal claims with the companies under extraordinary administration procedures and Parmalat on one hand, and Cariparma on the other hand, with withdrawal of all pending or possible revocatory and damages actions with payment by Cariparma of a total amount of EUR83 million. Within the same framework an agreement has been reached for the settlement of the revocatory actions against Biverbanca S.p.A., with withdrawal of all actions and payment of a total amount of EUR3 million. Similar settlements have been reached between the Intesa Sanpaolo Group and Cariparma on one side and the Commissioner of the Extraordinary Administration of the Parmatour Group and of Parma Associazione Calcio and of the other companies of the former Parmalat Group still in Extraordinary Administration on the other side. These agreements establish the withdrawal of all the pending and potential actions by the Extraordinary Commissioner and: -- the payment by the Intesa Sanpaolo Group of an amount of EUR12.5 million to the Parmatour Group under Extraordinary Administration and the payment of EUR2.5 million to Parma Associazione Calcio under Extraordinary Administration and the payment of a total amount of EUR2 million to the other companies under Extraordinary Administration; -- the payment by Cariparma of an amount of EUR2.5 million to the Parmatour Group under Extraordinary Administration and the payment of EUR2.5 million to Parma Associazione Calcio under Extraordinary Administration and the payment of EUR2 million to the other companies under Extraordinary Administration; Parmalat and Intesa Sanpaolo and the Extraordinary Commissioner express their satisfaction on the settlement. 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 US$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. SIENA MORTGAGE: Moody's Rates EUR239 Mln Class C Notes at Ba3 ------------------------------------------------------------- Moody's Investors Service assigned these definitive ratings to three classes of Notes issued by Siena Mortgages 07-5 S.p.A: -- Aaa to EUR4,765,900,000 Class A Residential Mortgage Backed Floating Rate Notes due 2074; -- A2 to EUR157,450,000 Class B Residential Mortgage Backed Floating Rate Notes due 2074; and -- Ba3 to EUR239,000,000 Class C Residential Mortgage Backed Floating Rate Notes due 2074. Siena Mortgages 07-5 S.p.A. is the seventh RMBS deal arranged on behalf of BMPS group. The EUR5,162 million portfolio is represented by 57,968 Italian prime residential mortgage loans originated by Banca Monte dei Paschi di Siena S.p.A. (Aa3/Prime- 1). All loans are in bonis, have been granted to individuals and are guaranteed by an economic first lien on the actual residential property. The collateral portfolio has a WA current LTV of 58.95% and a WA seasoning of approximately 2.83 years. The portfolio also benefits from a good granularity, with the highest ticket representing only 0.04% of the initial portfolio balance. 75.9% of the loans pay on a monthly basis, the balance paying either on a semi-annual (22.63%) or quarterly basis (1.47%). 100% of the debtors pay through direct debit. The portfolio discounts some geographical concentrations, namely Tuscany (23%) and Lazio (14.81%). The structure also benefits from a cash reserve, fully funded at closing, representing 2.4% of the initial portfolio amount. It may amortize, provided definitive conditions are met, down to a floor of 0.75% of such value. The definitive ratings address the expected loss posed to investors by the legal final maturity. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par on or before the legal final maturity date. 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 the yield to investors. =================== K A Z A K H S T A N =================== ARAI STROY: Proof of Claim Deadline Slated for Jan. 22, 2008 ------------------------------------------------------------ LLP Arai Stroy Project has declared insolvency. Creditors have until Jan. 22, 2008, to submit written proofs of claims to: LLP Arai Stroy Project Abai ave. 9-56 Astana Kazakhstan DIAMOND-SERVICE M: Creditors Must File Claims by Jan. 18, 2008 --------------------------------------------------------------- LLP Diamond-Service M Ltd has declared insolvency. Creditors have until Jan. 18, 2008, to submit written proofs of claims to: LLP Diamond-Service M Ltd Tohtarov Str. 47-7 Ust-Kamenogorsk East Kazakhstan Kazakhstan KAZAKHMYS PROJECT: Claims Filing Period Ends Jan. 22, 2008 ----------------------------------------------------------- LLP Kazakhmys Project has declared insolvency. Creditors have until Jan. 22, 2008, to submit written proofs of claims to: LLP Kazakhmys Project Metallurgov Square 1 Jezkazgan Karaganda Kazakhstan KAZMONTAGETECHNOSERVICE LLP: Claims Due on Jan. 22, 2008 --------------------------------------------------------- LLP Kazmontagetechnoservice has declared insolvency. Creditors have until Jan. 22, 2008, to submit written proofs of claims to: LLP Kazmontagetechnoservice Bekmahanov Str. 92 Almaty Kazakhstan MAR-MAR TAS: Claims Registration Ends Jan. 18, 2008 ---------------------------------------------------- The Tax Committee of Almaty region has ordered the compulsory liquidation of LLP Mar-Mar Tas (RNN 091600210133). Creditors have until Jan. 18, 2008, to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 OLIVER STONE: Proof of Claim Deadline Slated for Jan. 18, 2008 -------------------------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Oliver Stone (RNN 090400216924). Creditors have until Jan. 18, 2008, to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 TECHNOBUSINESS & K: Creditors Must File Claims by Jan. 22, 2008 ---------------------------------------------------------------- LLP Technobusiness & K has declared insolvency. Creditors have until Jan. 22, 2008, to submit written proofs of claims to: LLP Technobusiness & K Koshevoi Str. 105 Aktobe Aktube Kazakhstan TRANSPORT SERVICE: Claims Filing Period Ends Jan. 22, 2008 ---------------------------------------------------------- LLP Transport Service has declared insolvency. Creditors have until Jan. 22, 2008, to submit written proofs of claims to: LLP Transport Service Micro District 4, 2-45 Aksai West Kazakhstan Kazakhstan XANADU CASINO: Creditors' Claims Due on January 18, 2008 -------------------------------------------------------- LLP Xanadu Casino Atyrau has declared insolvency. Creditors have until Jan. 18, 2008, to submit written proofs of claims to: LLP Xanadu Casino Atyrau Azattyk Ave. 48 Atyrau Kazakhstan Tel: 8 (3122) 97-01-02 =================== K Y R G Y Z S T A N =================== GULDER LLC: Creditors Must File Claims by January 23, 2008 ---------------------------------------------------------- LLC Gulder (OKPO 20081590) has declared insolvency. Creditors have until Jan. 23, 2008, to submit written proofs of claim. Inquiries can be addressed to (+996 3133) 3-15-04. =================== L U X E M B O U R G =================== ROSBANK FINANCE: Moody's May Lift Ba2 Debt Ratings After Review -------------------------------------------------------------- Moody's Investors Service placed on review for possible upgrade the Ba2 and Not-Prime long- and short-term local and foreign currency deposit ratings, and Aa2.ru National Scale Rating of JSC Rosbank. The review also covers the Ba2 and Not-Prime foreign currency debt ratings assigned to the debt issuance program of Rosbank Finance S.A. Moody's also affirmed Rosbank's Bank Financial Strength Rating of D with a stable outlook. Moody's noted that the review for possible upgrade was prompted by the recent announcement that Societe Generale -- a leading Western-European banking group rated Aa1/Prime-1/B (stable outlook), which currently owns a stake of 20% minus 1 share in Rosbank -- will exercise a call option on 30% plus 2 shares of Rosbank, which will enable it to acquire a controlling stake in the Russian institution. The transaction is expected to be finalized and the ownership is expected to be transferred by mid-February 2008 as all necessary regulatory approvals have already been received by Societe Generale. Following the completion of the transaction, Societe Generale and Interros will launch a mandatory offer to minority shareholders, which will result in Societe Generale owning up to 57.8% of Rosbank by the end of first half 2008. Moody's said that the review for possible upgrade will focus on the implicit commitment and support from Societe Generale. Moody's added that it is possible that Rosbank's debt and deposit ratings may be upgraded by more than one notch if the agency's assessment of potential parental support is significant. In Moody's opinion, the entry of the new sophisticated strategic shareholder with a majority stake is expected to help Rosbank to improve its corporate governance standards and financial fundamentals. As positive results take place in these areas, upward pressure on the ratings may ensue. These ratings were placed on review for possible upgrade: -- Ba2 long-term debt rating and Not Prime short-term rating of the US$750 milli