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, January 24, 2008, Vol. 9, No. 17 Headlines A U S T R I A BIOMASSE-HEIZANLAGEN: Graz Court Orders Business Shutdown HOLZBAU KLAURA: Claims Registration Period Ends January 28 ING. GRILLNBERGER: Claims Registration Period Ends January 29 KAINZ INSTALLATEUR: Claims Registration Period Ends January 28 OMEGA-BAU: Korneuburg Court Orders Business Shutdown R.O.L.A. GABMANN: Claims Registration Period Ends January 29 SPORTBAU LLC: Claims Registration Period Ends January 29 WIBO LLC: Vienna Court Orders Business Shutdown F R A N C E MTI TECHNOLOGY: Court Approves CMA Business as Auctioneer G E R M A N Y ALPHA HOTELBETRIEBS: Claims Registration Ends February 13 AP PRODUKTIONS: Claims Registration Period Ends February 12 APIK MD: Claims Registration Ends February 13 AUTOHAUS HAAG: Claims Registration Period Ends February 3 AZEGO AG: Illiquidity Triggers Second Insolvency Filing FUTUR FENSTER: Claims Registration Period Ends February 12 G & M DESIGN: Claims Registration Ends February 13 GARTNER & THOR: Claims Registration Period Ends February 12 HEINECKE INTERNATIONALER: Claims Registration Ends February 13 HEKL-MASSIV-HAUS GMBH: Claims Period Ends February 14 INTELLIGENT CROP: Claims Registration Period Ends February 4 JOSEF MAHLERT: Claims Registration Ends February 13 LANDDIENST GMBH: Claims Registration Period Ends February 12 LTH OELBAU: Claims Registration Period Ends February 12 M. MICHAELIS BAU: Claims Registration Period Ends February 12 MACIKOWSKI INDUSTRIESERVICE: Claims Registration Ends Feb. 13 MCM PRUEFSYSTEME: Claims Registration Period Ends February 12 SGORZALI IT-CONSULTING: Claims Period Ends February 4 STEFFEN AUTOMOBILE: Claims Registration Period Ends February 11 TRUCK SERVICE: Claims Registration Period Ends February 1 W. MUELLER: Claims Registration Period Ends February 11 WESTLB AG: Fitch Cuts Individual Rating to F on Near Default I T A L Y ALITALIA SPA: Ministers Say Political Crisis Not Affecting Talks K A Z A K H S T A N AIMAK LLP: Proof of Claim Deadline Slated for February 20 AKTOBETRUBOPROVOD LLP: Creditors Must File Claims by February 20 BESASPAN LLP: Claims Filing Period Ends February 14 BUSINESS INFORM: Creditors' Claims Due on February 20 DJANUAR LLP: Claims Registration Ends February 14 ENBEK-2030 LLP: Creditors Must File Claims by February 20 GASBYTSERVICE LLP: Claims Filing Period Ends February 14 INTER GEO: Creditors' Claims Due on February 20 MAGELLAN LLP: Claims Registration Ends February 14 K Y R G Y Z S T A N BELLUS TRADE: Creditors Must File Claims by February 14 N E T H E R L A N D S GLOBAL POWER: Emerges from Chapter 11 Bankruptcy X5 RETAIL: Annual Net Sales Up 53% to US$5.28 Billion in 2007 N O R W A Y COAST AIR: Increased Losses Prompt Bankruptcy Filing P O L A N D DAEWOO MOTOR: Receiver Plans to Auction Honker Production Rights R O M A N I A TIMKEN CO: Signs Acquisition Agreement with Boring Specialties R U S S I A AGIDEL' CJSC: Creditors Must File Claims by February 29 INVESTSBERBANK OAO: Fitch Affirms Individual Ratings at D/E CHELYABINSK AIRPORT: Creditors Must File Claims by February 29 CONSTRUCTION TOOL: Creditors Must File Claims by February 29 CRYSTAL GLASS: Asset Sale Slated for February 8 KARAGAILACOAL CJSC: Creditors Must File Claims by February 29 KOLKHOZ ARMET: Creditors Must File Claims by February 29 NIZHNEOMSKTSELINSTROY: Creditors Must File Claims by February 29 TATNEFT OAO: Forms Joint Working Group with Turkmenneft GK URALSVYAZINFORM OJSC: S&P Affirms BB- Ratings on Risk Profile X5 RETAIL: Annual Net Sales Up 53% to US$5.28 Billion in 2007 S W I T Z E R L A N D BUECHEGGE JSC: Creditors' Liquidation Claims Due by January 28 E.P.S. SUPERMARKET: Creditors Must File Claims by January 28 FREIWA LLC: Creditors' Liquidation Claims Due by January 28 IMDAR LLC: Creditors' Liquidation Claims Due by January 28 MALER WALDBURGER: Creditors Must File Claims by January 28 RIZZUTO HANDEL: Creditors' Liquidation Claims Due by January 28 SALCO GRAIN: Zug Court Starts Bankruptcy Proceedings SWISSAIR: In Talks with Polish Government on Lot Stake TECHNORADA JSC: Zug Court Starts Bankruptcy Proceedings TUSTRA JSC: Creditors' Liquidation Claims Due by January 28 VHG IMMOBILIEN: Zug Court Starts Bankruptcy Proceedings U K R A I N E ANTORS TDM: Creditors Must File Claims by January 25 CAPITAL INVEST: Creditors Must File Claims by January 25 CORD-PLUS LLC: Creditors Must File Claims by January 25 MELITOPOL ADMINISTRATIVE-TRADING: Creditors' Claim Due Jan. 25 MIROS-KM LLC: Creditors Must File Claims by January 25 PR TECHNOLOGIES: Creditors Must File Claims by January 25 SERDEN KMT: Creditors Must File Claims by January 25 SHEVCHENKO AGRICULTURAL: Proofs of Claim Filing Ends January 25 UKRAINIAN RAILWAY: Proofs of Claim Filing Ends January 25 VALSAR KM: Creditors Must File Claims by January 25 VERKHOVKA LLC: Proofs of Claim Filing Ends January 25 U N I T E D K I N G D O M BATHROOM WAREHOUSE: Names Administrators from Tenon Recovery BOURNE END: Appoints Grant Thornton to Administer Assets BRITISH AIRWAYS: Pilots to Vote for Strike Action BRITISH AIRWAYS: Accident Insurance Premium May Go Up CASTLE FINANCE: Moody's May Lower B2 Rating After Review CHESS III: Moody's May Lower B2 Rating After Review CLASSIQUE BATHROOMS: Brings In Liquidators from Moore Stephens DRS PARTNERSHIP: Brings In Administrators from Grant Thornton ENRON CORP: Court OKs Investors Receiving US$7.2BB Final Payout ENRON CORP: FERC Okays US$18MM Settlement with Snohomish County ENRON CORP: Wants US$25 Mil. Deutsche Bank Settlement Approved ENVIRONMENTAL SEALS: Appoints Tenon as Joint Administers HAMPSHIRE TECHNICAL: RBS Invoice Taps Menzies as Receivers PHF LEISURE: Calls In Liquidators from Tenon Recovery PROPEX INC: Wants to Employ King & Spalding as Lead Counsel PROPEX INC: Wants Court Nod to Use BNP Paribas' Cash Collateral PROPEX INC: Wants Access to US$60 Million DIP Financing PROPEX INC: Bankruptcy Filing Cues Moody's to Cut Debt Ratings QUEBECOR WORLD: Gets CCAA Order for Creditor Protection QUEBECOR WORLD: Moody's Cuts Corp. Family & Bond Ratings to Ca QUEBECOR WORLD: S&P Slashes Ratings to D on Chapter 11 Filing SANYO ELECTRIC: Hires Execs from Financial Firms to Head Units SANYO ELECTRIC: Kyocera Buyout Won't Affect Ratings, S&P Says SHAW GROUP: Fossil Unit Inks Definitive Pact with Entergy SOLUTIA INC: DuPont Demands Payment of US$1,394,718 Admin. Claim SOLUTIA INC: Files 2nd Supplement to Stock Offering Prospectus SPOONER VICARS: Taps Tenon Recovery as Joint Administrators SR COMMUNICATIONS: Brings In Administrators from Menzies TATA MOTORS: Board Meeting Set on Jan. 31 to Consider Results TRANSENSE LTD: Names Christopher Farrington as Administrator WOODCON PRODUCTS: Brings In Vantis to Administer Assets * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= BIOMASSE-HEIZANLAGEN: Graz Court Orders Business Shutdown --------------------------------------------------------- The Land Court of Graz entered Dec. 13, 2007 an order shutting down the business of LLC Biomasse-Heizanlagen Flecht (FN 274650y). Court-appointed estate administrator Gisela Possnig 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. Gisela Possnig Wielandgasse 14-16 8010 Graz Austria Tel: 03172/2442 Fax: 03172/2442-14 E-mail: office@ra-wpm.at Headquartered in St. Margarethen an der Raab, Austria, the Debtor declared bankruptcy on Dec. 11, 2007 (Bankr. Case No 26 S 112/07a). HOLZBAU KLAURA: Claims Registration Period Ends January 28 ---------------------------------------------------------- Creditors owed money by LLC Holzbau Klaura (FN 121666x) have until Jan. 28, 2008 to file written proofs of claim to court- appointed estate administrator Manfred Opetnik at: Dr. Manfred Opetnik Hauptplatz 2 9100 Voelkermarkt Austria Tel: 04232/4170 Fax: 04232/4170-3 E-mail: kanzlei@ra-opetnik.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Feb. 5, 2008 for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Conference Hall 225 Second Floor Klagenfurt Austria Headquartered in Bad Eisenkappel, Austria, the Debtor declared bankruptcy on Dec. 19, 2007 (Bankr. Case No. 40 S 67/07d). ING. GRILLNBERGER: Claims Registration Period Ends January 29 ------------------------------------------------------------- Creditors owed money by LLC Ing. Grillnberger (FN 87465a) have until Jan. 29, 2008 to file written proofs of claim to court- appointed estate administrator Franz Hofbauer at: Dr. Franz Hofbauer Hauptplatz 6 3370 Ybbs/Donau Austria Tel: 07412/52731 Fax: 07412/52731-22 E-mail: dr.hofbauer@wibs.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on Feb. 19, 2008 for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Purgstall an der Erlauf, Austria, the Debtor declared bankruptcy on Dec. 20, 2007 (Bankr. Case No. 14 S 206/07w). KAINZ INSTALLATEUR: Claims Registration Period Ends January 28 -------------------------------------------------------------- Creditors owed money by LLC Ing. KAINZ Installateur (FN 245196h) have until Jan. 28, 2008 to file written proofs of claim to court-appointed estate administrator Maximilian Schludermann at: Dr. Maximilian Schludermann c/o Mag. Wolfgang Winkler Reisnerstrasse 32/12 1030 Vienna Austria Tel: 715 50 45 Fax: 715 50 47 4 E-mail: office@anwalt-vienna.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Feb. 11, 2008 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 12, 2007 (Bankr. Case No. 3 S 157/07v). Wolfgang Winkler represents Dr. Schludermann in the bankruptcy proceedings. OMEGA-BAU: Korneuburg Court Orders Business Shutdown ---------------------------------------------------- The Land Court of Korneuburg entered Dec. 19, 2007 an order shutting down the business of LLC OMEGA-Bau (FN 103640m). Court-appointed estate administrator Stephan Riel 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. Stephan Riel Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 01/713 44 33 Fax: 01/713 10 33 E-mail: kanzlei@jsr.at Headquartered in Hainburg an der Donau, Austria, the Debtor declared bankruptcy on Dec. 14, 2007 (Bankr. Case No 36 S 146/07y). R.O.L.A. GABMANN: Claims Registration Period Ends January 29 ------------------------------------------------------------ Creditors owed money by LLC R.O.L.A. Gabmann (FN 93760h) have until Jan. 29, 2008 to file written proofs of claim to court- appointed estate administrator Stefan Jahns at: Mag. Stefan Jahns c/o Mag. Beate Holper Gonzagagasse 15 1010 Vienna Austria Tel: 532 17 11 Fax: 532 17 11 11 E-mail: kanzlei@jahns.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Feb. 12, 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 Dec. 12, 2007 (Bankr. Case No. 4 S 142/07w). Beate Holper represents Mag. Jahns in the bankruptcy proceedings. SPORTBAU LLC: Claims Registration Period Ends January 29 -------------------------------------------------------- Creditors owed money by LLC Sportbau (FN 233569i) have until Jan. 29, 2008 to file written proofs of claim to court-appointed estate administrator Wolfgang Strasser at: Dr. Wolfgang Strasser Hauptplatz 11 4300 St. Valentin Austria Tel: 07435/52 4 37 E-mail: st-valentin@advocat24.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 3:00 p.m. on Feb. 12, 2008 for the examination of claims. The meeting of creditors will be held at: The Land Court of Steyr Hall 7 Second Floor Steyr Austria Headquartered in Enns, Austria, the Debtor declared bankruptcy on Dec. 13, 2007 (Bankr. Case No. 14 S 47/07w). WIBO LLC: Vienna Court Orders Business Shutdown ----------------------------------------------- The Trade Court of Vienna entered Dec. 12, 2007 an order shutting down the business of LLC WIBO (FN 210755i). Court-appointed estate administrator Felix Stortecky 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. Felix Stortecky Schulerstrasse 18 1010 Vienna Austria Tel: 513 88 37 Fax: 513 88 37-22 E-mail: office@stortecky.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 29, 2007 (Bankr. Case No 5 S 136/07w). =========== F R A N C E =========== MTI TECHNOLOGY: Court Approves CMA Business as Auctioneer --------------------------------------------------------- MTI Technology Corporation obtained authority from the Honorable Erithe A. Smith of the United States Bankruptcy Court for the Central District of California to employ CMA Business Credit Services as its auctioneer. As reported in the Troubled Company Reporter on Jan. 4, 2008, CMA Business is expected to auction accumulated items from the Debtor's various office location at its headquarters at 15641 Red Hill Avenue, Suite 200 in Tustin, California. In addition, the firm will provide a copy of its surety bond and increase certificate and auctioneer report defining the sales, amount and respective buyer and as required by the U.S. Trustee guidelines. The Debtor told the Court that the auction value of the assets is approximately US$50,000 to US$60,000. The Debtor said that it agreed to pay to the firm 12.5% buyer's premium on the gross sale of the auction and US$4,750 for advertising costs. Charles G. Klaus, an employee of the firm, assured the Court that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. 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 serves as the Debtor's claim, noticing and balloting agent. The U.S. Trustee for Region 16 appointed nine creditors to serve on an Official Committee of Unsecured Creditors in the Debtor's case. Winthrop Couchot Professional Corporation represents the Committee as general insolvency counsel. As of July 7, 2007, the Debtor had total assets of US$64,002,000 and total debts of US$58,840,000. ============= G E R M A N Y ============= ALPHA HOTELBETRIEBS: Claims Registration Ends February 13 --------------------------------------------------------- Creditors of Alpha Hotelbetriebsgesellschaft mbH have until Feb. 13, 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 1:10 p.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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Joerg Nerlich Goethestr. 100 45130 Essen Germany The District Court of Essen opened bankruptcy proceedings against Alpha Hotelbetriebsgesellschaft mbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Alpha Hotelbetriebsgesellschaft mbH Loemuehlenweg 221 45770 Marl Germany AP PRODUKTIONS: Claims Registration Period Ends February 12 ----------------------------------------------------------- Creditors of AP Produktions- und Service GmbH have until Feb. 12, 2008 to register their claims with court-appointed insolvency manager Christina Siegert. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on March 6, 2008, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Hall 101 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christina Siegert Oskar-von-Miller Ring 34-36 80333 Munich Germany Tel: 089-24440930 Fax: 089-244409365 The District Court of Munich opened bankruptcy proceedings against AP Produktions- und Service GmbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AP Produktions- und Service GmbH Attn: Martin Pfefferl, Manager Heimstattenstr. 13 a 82166 Grafelfing Germany APIK MD: Claims Registration Ends February 13 --------------------------------------------- Creditors of APIK MD GmbH have until Feb. 13, 2008 to register their claims with court-appointed insolvency manager Heiko Rautmann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 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 Magdeburg Hall 13 Judicial Center Breiter Weg 203-206 39104 Magdeburg 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: Heiko Rautmann Editharing 31 39108 Magdeburg Germany Tel: 0391/5066030 Fax: 0391/5066033 E-mail: Heiko.Rautmann@gmx.de The District Court of Magdeburg opened bankruptcy proceedings against APIK MD GmbH on Dec. 21, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: APIK MD GmbH Glindenberger Weg 5 39126 Magdeburg Germany Attn: Juergen Braatz, Manager Nussweg 5 06317 Aseleben Germany AUTOHAUS HAAG: Claims Registration Period Ends February 3 --------------------------------------------------------- Creditors of Autohaus Haag GmbH have until Feb. 3, 2008 to register their claims with court-appointed insolvency manager Dr. Gerhard Th. Walter. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 3, 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 120 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: Dr. Gerhard Th. Walter Cronstettenstrasse 30 D 60322 Frankfurt a.M. Germany Tel: 069/9591100 Fax: 069/95911012 The District Court of Bad Homburg v.d. Hoehe opened bankruptcy proceedings against Autohaus Haag GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Haag GmbH Robert-Bosch-Strasse 24 61267 Neu-Anspach Germany Attn: Patricia Arnold, Manager Schlossborner Weg 18 61467 Glashuetten Germany AZEGO AG: Illiquidity Triggers Second Insolvency Filing ------------------------------------------------------- Azego AG, on Jan. 22, 2008, filed a second insolvency petition with the Munich Municipal Court after attempts to negotiate with investors and competitors failed. The company said it was not able to eliminate its illiquidity even though there had been several promising possibilities. Azego's problems also prompted its subsidiary, First Components GmbH to file an insolvency petition for the second time. The company said that despite implementing several cost reduction measures to reduce losses and significantly increase its margins over the last two years, as well as a convertible loan 2007/2011, it couldn't achieve the planned revenue of liquidity which would have been precondition to continue its operations. Headquartered in Munich, Germany, Azego AG, fka ACG Advanced Component Group -- http://www.azego.com/-- is a supplier of semiconductor components and related logistic services. The company offers tailor-made and comprehensive solutions ranging from search and commercial processes to the delivery of the goods. Its portfolio of logistic services include excess inventory management services, shortage management services, bill of material services, franchise services, mass market services, computer services and last time buy services. Its portfolio of products includes capacitors, connectors, inductors, crystals, diodes, microcontrollers, resistors and other computer products and accessories. It has subsidiaries in Germany, Singapore, China, Korea, Luxemburg, France, Brazil, the United States, Austria and in the United Kingdom. FUTUR FENSTER: Claims Registration Period Ends February 12 ---------------------------------------------------------- Creditors of Futur Fenster GmbH have until Feb. 12, 2008 to register their claims with court-appointed insolvency manager Rudolf Rossmann. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on March 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 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: Rudolf Rossmann Weisskopfstr. 13 86343 Koenigsbrunn Germany The District Court of Augsburg opened bankruptcy proceedings against Futur Fenster GmbH on Jan. 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Futur Fenster GmbH Ob. Bahnhofstr. 6 86465 Welden Germany G & M DESIGN: Claims Registration Ends February 13 -------------------------------------------------- Creditors of G & M Design GmbH have until Feb. 13, 2008 to register their claims with court-appointed insolvency manager Juergen Sulz. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 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 Esslingen Hall 1 First Floor Ritterstr. 5 (Eingang Strohstr.) Esslingen 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 Sulz Rommelsbacher Str. 27 72760 Reutlingen Germany Tel: 07121/333540 Fax: 07121/333544 The District Court of Esslingen opened bankruptcy proceedings against G & M Design GmbH on Jan. 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: G & M Design GmbH Attn: Bernd Spath, Manager Dieselstr. 9 70771 Leinfelden-Echterdingen Germany GARTNER & THOR: Claims Registration Period Ends February 12 ----------------------------------------------------------- Creditors of Gartner & Thor & Co Bau GmbH have until Feb. 12, 2008 to register their claims with court-appointed insolvency manager Hubertus Bartelheimer. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on March 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 Cottbus Hall 210 First Floor Gerichtsplatz 2 03046 Cottbus 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. Hubertus Bartelheimer Bernburger Str. 32 10963 Berlin Germany The District Court of Cottbus opened bankruptcy proceedings against Gartner & Thor & Co Bau GmbH on Jan. 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gartner & Thor & Co Bau GmbH Finsterwalder Strasse 57 03238 Massen Germany HEINECKE INTERNATIONALER: Claims Registration Ends February 13 -------------------------------------------------------------- Creditors of Heinecke Internationaler Gueterverkehr GmbH have until Feb. 13, 2008 to register their claims with court- appointed insolvency manager Norbert Kruse. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 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 Muenster Meeting Hall 101 B First Floor Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Norbert Kruse Bonhoefferstr. 10 48282 Emsdetten Germany Tel: 02572/875-0 Fax: +49257287533 The District Court of Muenster opened bankruptcy proceedings against Heinecke Internationaler Gueterverkehr GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heinecke Internationaler Gueterverkehr GmbH Wellenesch 5 49504 Lotte Germany Attn: Kurt-Werner Heinecke, Manager Wellenesch 5 49504 Lotte Germany HEKL-MASSIV-HAUS GMBH: Claims Period Ends February 14 ----------------------------------------------------- Creditors of Hekl-Massiv-Haus GmbH have until Feb. 14, 2008 to register their claims with court-appointed insolvency manager Andreas Heintz. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on March 6, 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 Gifhorn Hall 118 Am Schlossgarten 4 38518 Gifhorn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Heintz Moocksgang 5 30169 Hannover Germany Tel: 0511/3539997-0 Fax: 0511/3539997-77 E-mail: heintz@pkl.com Web site: http://www.pkl.com/ The District Court of Gifhorn opened bankruptcy proceedings against Hekl-Massiv-Haus GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hekl-Massiv-Haus GmbH Attn: August W. Hekl, Manager Maschstr. 19 b 38518 Gifhorn Germany INTELLIGENT CROP: Claims Registration Period Ends February 4 ------------------------------------------------------------ Creditors of Intelligent Crop Forecasting GmbH have until Feb. 4, 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 9:30 a.m. on March 4, 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 Darmstadt Hall 4.312 Building D Mathildenplatz 15 64283 Darmstadt 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 Lyoner Strasse 14 60528 Frankfurt Germany Tel: 069/962334-0 Fax: 069/962334-22 E-mail: m.plathner@brinkmann-partner.de The District Court of Darmstadt opened bankruptcy proceedings against Intelligent Crop Forecasting GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Intelligent Crop Forecasting GmbH Attn: Dr. Katharina Elisabeth Born Marienburgstrasse 27 64297 Darmstadt Germany JOSEF MAHLERT: Claims Registration Ends February 13 --------------------------------------------------- Creditors of Josef Mahlert GmbH & Co. KG have until Feb. 13, 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 March 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 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 Josef Mahlert GmbH & Co. KG on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Josef Mahlert GmbH & Co. KG Koloniestrasse 209-213 47057 Duisburg Germany Attn: Horst Mahlert, Manager Alexander-Fleming-Weg 3 47447 Moers Germany LANDDIENST GMBH: Claims Registration Period Ends February 12 ------------------------------------------------------------ Creditors of Landdienst GmbH have until Feb. 12, 2008 to register their claims with court-appointed insolvency manager Horst Piepenburg. Creditors and other interested parties are encouraged to attend the meeting at 11:05 a.m. on March 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 Neuruppin Hall 325 Karl-Marx-Strasse 18a 16816 Neuruppin 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: Horst Piepenburg Heinrich-Heine-Allee 20 40213 Duesseldorf Germany The District Court of Neuruppin opened bankruptcy proceedings against Landdienst GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Landdienst GmbH Chaussee 21 16559 Liebenwalde Germany LTH OELBAU: Claims Registration Period Ends February 12 ------------------------------------------------------- Creditors of LTH Oelbau GmbH have until Feb. 12, 2008, to register their claims with court-appointed insolvency manager Joerg Riedemann. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on March 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 Halle (Saale) Hall 1.043 Justizzentrum Thueringer Strasse 16 06112 Halle (Saale) 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: Joerg Riedemann Muehlweg 47D 06114 Halle Germany Tel: 0345/293900 Fax: 0345/2939029 The District Court of Halle (Saale) opened bankruptcy proceedings against LTH Oelbau GmbH on Dec. 2, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LTH Oelbau GmbH Am Saalehafen 1 06118 Halle Germany M. MICHAELIS BAU: Claims Registration Period Ends February 12 ------------------------------------------------------------- Creditors of M. Michaelis Bau- und Sanierungs GmbH have until Feb. 12, 2008, to register their claims with court-appointed insolvency manager Ruediger Wienberg. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on March 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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 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: Ruediger Wienberg Giesebrechtstr. 1 10629 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against M. Michaelis Bau- und Sanierungs GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: M. Michaelis Bau- und Sanierungs GmbH Goerzallee 305 14167 Berlin Germany MACIKOWSKI INDUSTRIESERVICE: Claims Registration Ends Feb. 13 ------------------------------------------------------------- Creditors of Macikowski Industrieservice GmbH have until Feb. 13, 2008 to register their claims with court-appointed insolvency manager Ruediger Bauch. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on March 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 Braunschweig Hall E 01 Martinikirche 8 38100 Braunschweig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ruediger Bauch Damm 18 38100 Braunschweig Germany Tel: 0531 38848-10 Fax: 0531 38848-11 The District Court of Braunschweig opened bankruptcy proceedings against Macikowski Industrieservice GmbH on Dec. 19, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Macikowski Industrieservice GmbH Attn: Siegfried Macikowski, Manager Bachstrasse 1 38272 Burgdorf Germany MCM PRUEFSYSTEME: Claims Registration Period Ends February 12 ------------------------------------------------------------- Creditors of mcm Pruefsysteme GmbH have until Feb. 12, 2008, to register their claims with court-appointed insolvency manager Ruediger Wienberg. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on March 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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 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: Ruediger Wienberg Giesebrechtstr. 1 10629 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against mcm Pruefsysteme GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: mcm Pruefsysteme GmbH Schiffbauerdamm 17 10117 Berlin Germany SGORZALI IT-CONSULTING: Claims Period Ends February 4 ----------------------------------------------------- Creditors of Sgorzali IT-Consulting Verwaltungsgesellschaft mbH have until Feb. 4, 2008 to register their claims with court- appointed insolvency manager Dr. jur. Rainer Eckert. Creditors and other interested parties are encouraged to attend the meeting at 2:20 p.m. on March 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. jur. Rainer Eckert Arthur-Menge-Ufer 5 30169 Hannover Germany Tel: 0511 626287-0 Fax: 0511 626287-10 The District Court of Hannover opened bankruptcy proceedings against Sgorzali IT-Consulting Verwaltungsgesellschaft mbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sgorzali IT-Consulting Verwaltungsgesellschaft mbH Attn: Peter Sgorzali, Manager Langer Brink 28 30880 Laatzen Germany STEFFEN AUTOMOBILE: Claims Registration Period Ends February 11 --------------------------------------------------------------- Creditors of Steffen Automobile GmbH have until Feb. 11, 2008 to register their claims with court-appointed insolvency manager Karsten Foerster. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on March 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Karsten Foerster Otto von Guericke Strasse 5 17033 Neubrandenburg Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Steffen Automobile GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Steffen Automobile GmbH Loecknitzer Strasse 32 17309 Pasewalk Germany TRUCK SERVICE: Claims Registration Period Ends February 1 --------------------------------------------------------- Creditors of TRUCK Service Gummersbach GmbH have until Feb. 1, 2008 to register their claims with court-appointed insolvency manager Dr. Ruediger Werres. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.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 Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Ruediger Werres Friesenplatz 17 a 50672 Koeln Germany The District Court of Cologne opened bankruptcy proceedings against TRUCK Service Gummersbach GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TRUCK Service Gummersbach GmbH Attn: Joern Oschatz, Manager Betriebsweg 2 b 51645 Gummersbach Germany W. MUELLER: Claims Registration Period Ends February 11 ------------------------------------------------------- Creditors of W. Mueller Sportanlagenbau GmbH have until Feb. 11, 2008 to register their claims with court-appointed insolvency manager Christoph Goergen. 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 Saarbruecken Area Hall 24 Second Floor Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on March 12, 2008 at: The District Court of Saarbruecken Area Hall 13 First Floor Vopeliusstrasse 2 66280 Sulzbach Germany The insolvency manager can be reached at: Christoph Goergen Beethovenstrasse 13 66606 St. Wendel Germany Tel: (06851) 4066 Fax: (06851) 4068 The District Court of Saarbruecken opened bankruptcy proceedings against W. Mueller Sportanlagenbau GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: W. Mueller Sportanlagenbau GmbH Attn: Winfried Mueller, Manager Werkstr. 17 66606 St Wendel Germany WESTLB AG: Fitch Cuts Individual Rating to F on Near Default ------------------------------------------------------------ Fitch Ratings has downgraded Germany's WestLB AG's Individual rating to 'F' from 'D/E' and removed the Rating Watch Negative. At the same time, the agency has affirmed the bank's Long-term Issuer Default Rating at 'A-', Short-term IDR at 'F1', Support rating at '1' and Support Rating Floor at 'A-'. The Outlook for the Long-term IDR remains Stable. The bank's guaranteed obligations are also affirmed at Long-term 'AAA'. The ratings of the state of North-Rhine Westfalia, WestLB's 38% direct and indirect shareholder are unaffected at Long-term 'AAA' with Stable Outlook and Short-term 'F1+'. The downgrade of the Individual rating reflects Fitch's opinion that WestLB would have defaulted without its shareholders' rescue measures announced by the bank on Jan. 21, 2008. Anna Lozmann, Associate Director in Fitch's Financial Institutions team, said, "In Fitch's opinion, it is very likely that the impact upon the bank's equity of a EUR1 billion annual loss for 2007 as well as up to EUR1 billion portfolio writedowns would have left the bank with a precarious capital position and severely dented its ability to function normally. The writedowns reflect the impact on specific portfolios of recent market turmoil. Given ongoing market uncertainty the possibility of further writedowns cannot be excluded." The measures announced to repair the capital damage are viewed positively by Fitch. However, it is possible that the losses announced will further erode the bank's franchise and reputation, and underline the challenges facing management in addressing core performance metrics in persistently difficult market conditions. WestLB's IDRs and Support rating continue to reflect the extremely high potential of support from its owners in case of need, in particular from NRW. Although there are ongoing discussions about a possible change in ownership, Fitch expects implicit support to remain very strong, particularly given the targeted Verbund structure and the shareholders' statement from December 2007 regarding WestLB's future. The shareholders' announcement to compensate the annual loss and to absorb the non-P&L relevant valuations confirm their strong commitment to the bank. The Long-term rating for WestLB's guaranteed obligations reflects the grandfathering of the state guarantee, Gewaehrtraegerhaftung, and Fitch's 'AAA' rating for NRW. WestLB's shareholders are the two savings banks associations in NRW (25.15% each), two regional associations (0.52% each), the state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by NRW (64.7%) and two regional associations (35.3%). ========= I T A L Y ========= ALITALIA SPA: Ministers Say Political Crisis Not Affecting Talks ---------------------------------------------------------------- Italian ministers assured that the current political crisis in the country will not affect the exclusive talks to sell the government's 49.9% stake in Alitalia S.p.A. to Air France-KLM SA, published reports say. "[Alitalia Chairman Maurizio] Prato has full powers to conduct and conclude talks with Air France, with the duty to keep the minister informed, even during a government crisis," Transport Minister Alessandro Bianchi told Reuters. "Nothing changes, even if there is a government crisis," Economic Development Minister Pierluigi Bersani told Thomson Financial. "There is no disturbance," Mr. Bersani adds. Prime Minister Romano Prodi no longer has a majority in the Italian Senate after the Udeur party left the coalition government. Mr. Prodi yesterday survived a confidence vote in the lower parliamentary house, but may tender resignation on pressure from allies before the Senate vote, The Wall Street Journal says. As reported in the TCR-Europe on Jan. 17, 2007, Alitalia and Italy have commenced exclusive sale talks with Air France-KLM. The carriers have two months to reach an agreement, which would be approved by the government. Tommaso Padoa Schioppa, Italy's finance minister, has delivered a letter to Alitalia S.p.A. approving the commencement of exclusive talks with Air France-KLM. In its non-binding offer, Air France plans to: -- acquire 100% of the shares of Alitalia through an exchange offer; -- acquire 100% of Alitalia convertible bonds; and -- immediately inject at least EUR750 million into Alitalia through a capital increase, that will be open to all shareholders and be fully underwritten by Air France. Air France CEO Jean-Cyril Spinetta confirmed plans to cut 1,700 jobs and defended plans to downsize Alitalia's operations in Milan's Malpensa airport. Mr. Spinetta also revealed that should the French carrier acquire 100% of Alitalia shares, Air France would list itself in the Milan bourse. Mr. Schioppa will represent the Italian government during sale talks and will evaluate whether to sell to the state's majority stake in Alitalia, Agenzia Giornalistica Italia says. 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. =================== K A Z A K H S T A N =================== AIMAK LLP: Proof of Claim Deadline Slated for February 20 --------------------------------------------------------- LLP Monetary House - Aimak has declared insolvency. Creditors have until Feb. 20, 2008 to submit written proofs of claims to: LLP Monetary House - Aimak Omarov Str. 166 Almaty Kazakhstan AKTOBETRUBOPROVOD LLP: Creditors Must File Claims by February 20 ---------------------------------------------------------------- LLP Trade House Aktobetruboprovod has declared insolvency. Creditors have until Feb. 20, 2008 to submit written proofs of claims to: LLP Trade House Aktobetruboprovod Micro District 11, 25-85 Aktobe Aktube Kazakhstan BESASPAN LLP: Claims Filing Period Ends February 14 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Besaspan insolvent. Creditors have until Feb. 14, 2008 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Abai ave. 48 Kyzylorda Kazakhstan Tel: 8 (32422) 23-56-11 BUSINESS INFORM: Creditors' Claims Due on February 20 ----------------------------------------------------- Branch of LLP Corporation Business Inform has declared insolvency. Creditors have until Feb. 20, 2008 to submit written proofs of claims to: LLP Corporation Business Inform Djambul Str. 221-4 Almaty Kazakhstan DJANUAR LLP: Claims Registration Ends February 14 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau has declared LLP Djanuar insolvent. Creditors have until Feb. 14, 2008 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Mangistau Micro District 27, 39-35 Aktau Mangistau Kazakhstan Tel: 8 (7292) 41-32-87 7 701 380 72-53 ENBEK-2030 LLP: Creditors Must File Claims by February 20 --------------------------------------------------------- LLP Enbek-2030 has declared insolvency. Creditors have until Feb. 20, 2008 to submit written proofs of claims to: LLP Enbek-2030 Konstantinovka Arshalynsky District Akmola Kazakhstan GASBYTSERVICE LLP: Claims Filing Period Ends February 14 -------------------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Gasbytservice (RNN 090500029663). Creditors have until Feb. 14, 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 INTER GEO: Creditors' Claims Due on February 20 ----------------------------------------------- LLP Inter Geo Consulting has declared insolvency. Creditors have until Feb. 20, 2008 to submit written proofs of claims to: LLP Inter Geo Consulting Kabanbai batyr Str. 69a Medeusky District Almaty Kazakhstan MAGELLAN LLP: Claims Registration Ends February 14 -------------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Magellan (RNN 090500028610). Creditors have until Feb. 14, 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 =================== K Y R G Y Z S T A N =================== BELLUS TRADE: Creditors Must File Claims by February 14 ------------------------------------------------------- LLC Bellus Trade has declared insolvency. Creditors have until Feb. 14 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 93-38-25 ===================== N E T H E R L A N D S ===================== GLOBAL POWER: Emerges from Chapter 11 Bankruptcy ------------------------------------------------ Global Power Equipment Group Inc. has successfully reorganized its business operations and emerged from chapter 11 bankruptcy protection. The company has completed the steps necessary to cause its Plan of Reorganization to become effective, including securing US$150 million in exit financing and completing its rights offering and private placement that raised US$71 million in new capital for the company. "After almost a year and half in the bankruptcy process, our company achieved an extraordinary milestone and exited chapter 11 with a sound financial position in order to remain a global leader as an equipment and services provider to the power infrastructure, energy and process industries," John Matheson, President and Chief Executive Officer of Global Power, said. "Our dedicated employees and management team have a great sense of pride for our company's accomplishments and remain committed to serving our strong customer base. We thank our customers and stakeholders for their perseverance, and going forward we pledge to continue providing the highest quality products and services." Consistent with the terms of the order confirming the Plan, the company entered into a US$150 million exit financing package with a group of lenders led by Morgan Stanley Senior Funding, Inc., as lead arranger, bookrunner and administrative agent. The exit financing package consists of a US$60 million revolving credit facility and a US$90 million term loan. In accordance with the Plan, the funds from the exit financing and new equity investment will be used, in part, to pay all allowed creditor claims of Global Power and its Williams and Braden subsidiaries in full. A separate cash reserve of US$34 million has been established for the payment of allowed unsecured claims against the company's Deltak, L.L.C. subsidiary. In addition to the payment of allowed claims, Global Power will also be issuing approximately 134 million shares of new common stock to its shareholders and participants in the new equity investment, and it will issue warrants for approximately 16 million additional shares as consideration to the group of shareholders that fully backstopped the rights offering and private placement. Under the rights offering and private placement, the share price was dependant upon the final amount of equity capital raised by the company. The final amount of equity capital raised by the company was US$71 million, resulting in a per share price of US$0.85 for the new common stock issued pursuant to the Plan. The company has begun its initial distributions of cash and new common stock provided for under the Plan and it expects to complete initial distributions by the end of January 2008. With the company's successful emergence from chapter 11, Global Power has a new five-member board of directors. The directors, in addition to John Matheson, are Carl Bartoli, Terence Cryan, Eugene I. Davis, and Charles Macaluso. About Global Power Equipment Group Based in Oklahoma, Global Power Equipment Group Inc. (Pink Sheets: GEGQQ) -- http://www.globalpower.com/-- is a design, engineering and manufacturing firm providing an array of equipment and services to the energy, power infrastructure and process industries. The company designs, engineers and manufactures a comprehensive portfolio of equipment for gas turbine power plants and power-related equipment for industrial operations, and has over 40 years of power generation industry experience. The company's equipment is installed in power plants and in industrial operations in more than 40 countries on six continents. In addition, the company provides routine and specialty maintenance services to nuclear, coal-fired, fossil, and hydroelectric power plants and other industrial operations. The company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico; Shanghai, China; Nanjing, China; and Heerleen, The Netherlands. The company filed for chapter 11 protection on Sept. 28, 2006 (Bankr. D. Del. Case No. 06-11045). Thomas E. Lauria, Esq., Matthew C. Brown, Esq., Gerard Uzzi, Esq., John Cunningham, Esq., and Frank Eaton, Esq., at White & Case LLP; and Jeffrey M. Schlerf, Esq., Eric M. Sutty, Esq., and Mary E. Augustine, Esq., at The Bayard Firm, represent the Debtors. Kurtzman Carson Consultants LLC acts as the Debtors' noticing and claims agent. At Oct. 31, 2006, Global Power's balance sheet showed total assetsof US$177,758,000 and total debts of US$99,017,000 Jeffrey S. Sabin, Esq., and David M. Hillman, Esq., at Schulte Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri K. Mumford, Esq., at Landis Rath & Cobb LLP, represent the Official Committee of Unsecured Creditors. The Official Committee of Equity Security Holders is represented by Howard L. Siegel, Esq., and Steven D. Pohl, Esq., at Brown Rudnick Berlack Israels LLP. X5 RETAIL: Annual Net Sales Up 53% to US$5.28 Billion in 2007 ------------------------------------------------------------- X5 Retail Group N.V. has released its retail sales and expansion results for the fourth quarter and full year 2007. Fourth Quarter 2007 Highlights * net retail sales surged 57% year-on-year to US$1.692 billion; * in RUR terms, net retail sales grew by 48% year-on-year to RUR42.148 billion; * LFL sales growth totaled 26%; * the Group added net 119 stores; and * net addition of selling space in equaled 69,000 sq. m. Full Year 2007 Highlights * net retail sales surged 53% year-on-year to US$5.284 billion; * in RUR terms, net retail sales grew by 44% year-on-year to RUR135.156 billion; * LFL sales growth totaled 20%; * the Group added net 249 stores; and * net addition of selling space in equaled 143,100 sq. m. Lev Khasis, X5 Retail Group CEO, commented: "Our achievement of a vigorous increase in sales of 53% in dollar terms in 2007 gives us a firm foundation for further growth of X5's market share and underpins the competitive position of the Company, which is stronger than ever. Going forward we will continue to focus our efforts on enhancement of the Group's market leadership both through better performance of existing stores and through expansion into new regions of European Russia. This year we plan to accelerate gaining exposure to the hypermarket format by opening six compact and two large size hypermarkets. As a result, we expect to deliver a net sales increase in the range of 36-38% excluding FX effect for the full year 2008." Antonio Melo, Chief Operating Officer, added: "Our decision to postpone several openings and concentrate on existing stores' operations has borne fruit. As a result, Fourth Quarter was the strongest in the year in terms of sales growth. This outstanding performance was the result of several factors, including strong macro economic environment, increased pre-New Year spending as well as innovative and successful promo campaigns and a significant investment in customer loyalty. Traffic numbers show that this approach was welcomed by our clients, which more than compensates for some margin investment. For 2008 we will continue to focus on delivering balanced growth in traffic and basket, especially in the hypermarket format, which we expect to be the leader in LFL stores performance." Outlook for 2008 * X5 Retail Group expects net sales growth in the range of 36-38% in RUR terms for the full year 2008; * 2008 LFL stores' sales expected to grow at above 10% with hypermarkets being clear leaders in LFL growth; * in 2008, X5 plans to add 140,000-160,000 sq. m. of selling space; * eight hypermarkets to be opened during 2008, including six compact and two large-size stores; * add around 40,000 sq. m. of storage capacity on the net basis; * 2008 CapEx estimated at US$1.2 billion-US$1.4 billion, out of which about 40% will be spent on the stores to be opened after 2008, including expansion of the landbank for future hypermarket construction. About X5 Retail Headquartered in the Netherlands, X5 Retail Group N.V. -- http://www.x5.ru/en/-- operates a large store network largely covering the Moscow region and St. Petersburg but also has a good presence in other Russian regions through its franchise operations. The company has recently acquired two of its successful regional franchise operations -- in Yekaterinburg and Chelyabinsk. * * * As of Nov. 12, 2007, X5 Retail Group N.V. carries a B1 Corporate Family Rating from Moody's Investors Service. Moody's said the outlook is positive. X5 Retail and its subsidiaries also carries a 'BB-' long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. =========== N O R W A Y =========== COAST AIR: Increased Losses Prompt Bankruptcy Filing ---------------------------------------------------- Coast Air AS, Norway's fourth-largest airline filed for bankruptcy protection on Jan. 23, 2008, which prompted the company to cancel all its flights, the Associated Press reports. "The bankruptcy is the result of a dramatic and unexpected increase in negative results for the fourth quarter," Trygve Seglem, a major shareholder was quoted by AP as saying. Mr. Seglem did not reveal the extent of the losses. Mr. Seglem told AP that the expenses of operating the aircraft had increased and that the company had failed to reach a revised agreement with its pilots that may have slashed costs and boost crew flexibility. According to the report, around 400 passengers held tickets for the Jan. 23, 2008 flights but were rendered invalid by the bankruptcy. The company does not have money to offer passengers compensation or book them to other airlines. Around 90 airline staff were made redundant following the declaration. Headquartered in Haugesund, Norway, Coast Air AS -- http://www.coastair.no/-- was founded in 1975 and operated eight aircrafts that had routes in Norway and two international connections - Denmark and Poland. =========== P O L A N D =========== DAEWOO MOTOR: Receiver Plans to Auction Honker Production Rights ---------------------------------------------------------------- Leszek Liszcz, the receiver of Daewoo Motor Polska Sp. z o.o., plans to call an auction for the rights to produce the 4x4 Honker vehicle by end of January 2008, The Financial Times reports, citing Polish News Bulletin. As previously reported in the Troubled Company Reporter-Europe in November 2007, the company resumed limited production of the honker vehicle at its Lublin factory following the bankruptcy of its manufacturer Intrall Polska. According to the TCR-Europe report, Mr. Liszcz ruled out autonomous production of the Honker vehicle, which the Polish army uses in Iraq. Mr. Liszcz claimed that interest into the auction is large, FT relates. FT said potential buyers for the rights include Andoria-Mot, Honker manufacturer up to 2003, AMZ Kutno and Naftogazbud. A trustee of Intrall Polska is also considering to bid for Daewoo Motor's assets, including its machinery for Honker production. Headquartered in Lublin, Poland, Daewoo Motor Polska Sp. z o.o. operates a car factory. Its parent company is Daewoo Motors Corp. On Oct. 1, 2001, a Lublin court declared Daewoo bankrupt after the company could no longer pay its debts and failed to find a buyer. Daewoo Motor Sales Corporation -- http://www.dm.co.kris/-- a Korea-based automobile sales and service company. The Company distributes GM-Daewoo vehicles, as well as other brands, such as Ssangyong Motors, Daewoo Commercial Vehicles and General Motors through its direct management stores and agencies. ============= R O M A N I A ============= TIMKEN CO: Signs Acquisition Agreement with Boring Specialties -------------------------------------------------------------- The Timken Company has entered into an agreement to acquire the assets of Boring Specialties Inc., a leading provider of a wide range of precision deep-hole oil and gas drilling and extraction products and services. Based in Houston, Texas, BSI had 2006 sales of approximately US$48 million and employs 190 people. The acquisition will extend Timken's presence in the growing energy market by adding BSI's value-added products to its wide range of alloy steel products for oil and gas customers. Terms of the acquisition, which Timken expects to be accretive during the first year of ownership, were not disclosed. Founded in 1972 by Charlie Elder, BSI primarily serves the oil and gas industry, with value-added products used in the manufacture of down-hole drilling and completion components. Timken steel is used in a number of BSI's products. Mr. Elder will continue as president of the new entity following successful completion of the transaction. "Customers operating in an oilfield environment face some of the most demanding conditions on earth, and both Timken and BSI provide the products they need to succeed," said Salvatore J. Miraglia, president - Steel Group. "As the search for new energy reserves goes farther afield and deeper below the surface, we believe that together we can capitalize on growth opportunities that alone we could not have tapped." The transaction is subject to customary closing conditions, including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Timken expects the transaction to close in the first quarter of 2008. Timken solutions span a variety of energy and power-generation applications from windmill gearboxes to energy exploration. The demanding conditions encountered in oil and gas drilling lead companies to turn to Timken for high-quality steel products that can withstand the extremes encountered below the earth's surface. About Timken Co. Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) -- http://www.timken.com/-- is a manufacturer of highly engineered bearings and alloy steels. It also provides related components and services such as bearing refurbishment for the aerospace, medical, industrial and railroad industries. The company has operations in Argentina, Australia, Belgium, Brazil, Canada, China, Czech Republic, England, France, Germany, Hungary, India, Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania, Russia, Singapore, South America, Spain, Taiwan, Turkey, United States, and Venezuela and employs 27,000 employees. * * * In August 2007, Moody's Investors Service affirmed Timken's Ba1 corporate family rating and the Ba1 rating on Timken's US$300 million Medium Term Notes, Series A. =========== R U S S I A =========== AGIDEL' CJSC: Creditors Must File Claims by February 29 ------------------------------------------------------- Creditors of CJSC Confectionary Agidel' have until Feb. 29, 2008, to submit proofs of claim to: A. A. Fazlyev Competitive Proceedings Manager P.O. Box 220 Ufa 450080 Bashkortostan Russia The Arbitration Court of Bashkortostan commenced one-year competitive proceedings against the company after finding it insolvent as the absent debtor on Nov. 29, 2007. The case is docketed under Case No. A07-15185/07-G-MPC. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia INVESTSBERBANK OAO: Fitch Affirms Individual Ratings at D/E ----------------------------------------------------------- Fitch Ratings has affirmed the ratings of Russia's Investsberbank OAO at Long-term Issuer Default 'BBB-', Short- term foreign currency IDR 'F3', Individual 'D/E', Support '2' and National Long-term 'AA+(rus)'. The Outlooks for the Long- term IDR and National Long-term rating are Stable. The IDRs, Support and National Long-term ratings of ISB are driven by the high potential for support, in case of need, from Hungary's largest bank, OTP Bank (Support '2'), which since end- 2006 has been ISB's major shareholder. The Individual rating reflects ISB's small size by international standards, risks stemming from the rapid growth of its unsecured retail exposure and deteriorating asset quality, which to date has been mitigated by its high margins. It also reflects the bank's increased exposure to market and operational risk, modest capitalization and the still challenging operating environment. In addition, the Individual rating takes into account the bank's growing franchise, as a result of organic development and mergers, as well as improved corporate governance. Any future movement in the bank's Long-term IDR will likely depend on the financial position of OTP. Downward pressure on the Individual rating could result primarily from further deterioration of asset quality as the loan book seasons following rapid loan growth. Improvements in asset quality and earnings generation would be positive for ISB's stand-alone credit profile, as would a strengthening of capitalization and liquidity and reduction of credit risk in ISB's substantial holdings of Russian bank debt instruments. ISB's net interest margin is solid due to the large proportion of high-yield consumer lending. However, bottom-line profitability is modest due to expansion-related expenditure and high provisioning charges, which are likely to persist in the medium term. Reported asset quality deteriorated in September 2007, in part due to the fact that loan write-offs have been negligible; however, the latter are expected to increase in the future. ISB's corporate debt securities portfolio, equal to 1.3 times equity at end of third quarter of 2007, is highly concentrated on the banking industry and consists primarily of instruments not eligible for refinancing with the CBR. Liquidity is highly dependent on the stability of retail accounts, although could be supported by OTP in case of need. Capital adequacy has come under pressure from rapid asset growth and, in 2007, ISB was able to meet regulatory requirements only as a result of subordinated debt provided by OTP. To support continued growth, OTP plans to contribute RUR4.2 billion of new capital in second quarter of 2008, equal to 73% of end of third quarter of 2007 IFRS equity. OTP is currently considering further bank acquisitions in Russian regions, following the purchase of the small Donskoy Narodniy Bank in November, 2007; these may be positive for ISB's franchise, but would elevate operational risks and, if substantial, could significantly impact the composition of ISB's loan portfolio, funding profile and capitalisation levels. ISB is a medium-sized Russian bank and assumed its present form during 2005/6 as a result of the merger of four domestic banks, including two in the Russian regions, under the Investsberbank brand. With total consolidated assets of US$2.1 billion, ISB was the 41st-largest Russian bank at end of September 2007. OTP currently holds a 96.4% stake. CHELYABINSK AIRPORT: Creditors Must File Claims by February 29 -------------------------------------------------------------- Creditors of Chelyabinsk Airport, State Unitary Enterprise (Chelyabinsk) have until Feb. 29, 2008, to submit proofs of claim to: S. M. Ivanov Competitive Proceedings Manager Sovetskaya Str. 104-60 Sterlitamak 453124 PB Russia The Arbitration Court of Chelyabinsk commenced competitive proceedings against the company after finding it insolvent on Nov. 13, 2007. The case is docketed under Case No. A76-8253/ 2007-36-112. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia CONSTRUCTION TOOL: Creditors Must File Claims by February 29 ------------------------------------------------------------ Creditors of CJSC Construction Tool Integrated Plant have until Feb. 29, 2008, to submit proofs of claim to: A. O. Zhukov Competitive Proceedings Manager P.O. Box 12 109443 Moscow Russia The Arbitration Court of Moscow commenced competitive proceedings against the company after finding it insolvent on Nov. 30, 2007. The case is docketed under Case No. A41-K2-25970/06. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Construction Tool Integrated Plant Zhdanova Str. 9 Stupino Moscow Russia CRYSTAL GLASS: Asset Sale Slated for February 8 ----------------------------------------------- The competitive proceedings manager of OJSC Crystal Glass Plant will open a public auction for the company's properties at 10:00 a.m. on Feb. 8, 2008, at: The Competitive Proceedings Manager Office 302 Block 15 Nizhegorodskaya Str. 32 Moscow Russia The company has set a RUR24 million starting price for the assets on auction. Interested participants have until Feb. 1, 2008, to deposit an amount equivalent to 20% of the starting price. Bidding documents must be submitted to: The Competitive Proceedings Manager Office 302 Block 15 Nizhegorodskaya Str. 32 Moscow Russia KARAGAILACOAL CJSC: Creditors Must File Claims by February 29 ------------------------------------------------------------- Creditors of CJSC Karagailacoal have until Feb. 29, 2008, to submit proofs of claim to: A. A. Ashpin Competitive Proceedings Manager P.O. Box 4282 654000 Novokuznetsk Russia The Arbitration Court of Kemerovo commenced 6-months competitive proceedings against the company after finding it insolvent on Dec. 10, 2007. The case is docketed under Case No. A27-5529/ 2007-4. The Court is located at: The Arbitration Court of Kemerovo Krasnaya Str. 8 Kemerovo Russia The Debtor can be reached at: CJSC Karagailacoal Karagailinsky Settlement Kiselevsk Kemerovo Russia KOLKHOZ ARMET: Creditors Must File Claims by February 29 -------------------------------------------------------- Creditors of Kolkhoz Armet have until Feb. 29, 2008, to submit proofs of claim to: A. R. Validova Competitive Proceedings Manager Mashinostroiteley 4-82 Kumertau 453303 Bashkortostan Russia The Arbitration Court of Bashkortostan commenced competitive proceedings against the company after finding it insolvent on Dec. 3, 2007. The case is docketed under Case No. A07-5420/ 07-G-MPC. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: Kolkhoz* Armet Nizhny Armet Village Ishimbaisky Raion 453238 Bashkortostan Russia NIZHNEOMSKTSELINSTROY: Creditors Must File Claims by February 29 ---------------------------------------------------------------- Creditors of OJSC Nizhneomsktselinstroy have until Feb. 29, 2008, to submit proofs of claim to: S. A. Vinnik Competitive Proceedings Manager P.O. Box 2699 644099 Omsk Russia The Arbitration Court of Omsk commenced competitive proceedings against the company after finding it insolvent on Nov. 27, 2007. The case is docketed under Case No. A46-4932/ 2007. The Debtor can be reached at: OJSC Nizhneomsktselinstroy Transportnaya Str. 55 Nizhnyaya Omka Settlement Nizhneomsky Raion 646620 Omsk Russia TATNEFT OAO: Forms Joint Working Group with Turkmenneft GK ---------------------------------------------------------- The Protocol of Intent was signed between OAO Tatneft and the state-run concern Turkmenneft GK over current development and prospects for cooperation in implementation of oil and gas projects in Turkmenistan. Tatneft has highly skilled personnel, extensive expertise related to oil and gas field exploration and development, well construction and workover, which are areas of keen interest for the Turkmen side. A wide range of issues were agreed during meetings such as OAO Tatneft's participation in service tenders, implementation of advanced equipment and cutting-edge technologies to increase oil production and provide well work-over operations in the fields of GK Turkmenneft, learning of OAO Tatneft experience in side tracking and horizontal lateral drilling, horizontal well construction, radial under-balanced drilling and others. Turkmenneft GK will consider OAO Tatneft's proposals to provide professional development and retraining for the specialists of the Turkmenistan oil and gas industry in the Almetyevsk State Petroleum Institute and the Corporate Training Centre of OAO Tatneft. A Joint Working Group including the specialists of both OAO Tatneft and Turkmenneft GK was decided to set up in order to facilitate the targeted business cooperation. About Tatneft Headquartered in Tatartan, Russia, OAO Tatneft -- http://www.tatneft.ru/eng/-- explores for, produces, refines and markets crude oil. The company operates a chain of retain gasoline filling stations and exports some of its petrochemical products to former Soviet Union countries and Europe. * * * As of Nov. 5, 2007, Tatneft carries Fitch's B+ Issuer Default rating. Its Short-Term rating stands at B. Fitch said the outlook is positive. URALSVYAZINFORM OJSC: S&P Affirms BB- Ratings on Risk Profile -------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating on Russian regional telecoms operator Uralsvyazinform OJSC. The outlook is stable. "The rating is constrained by the company's financial risk profile, due to significant leverage and modest liquidity, with sizable short-term refinancing requirements," said Standard & Poor's credit analyst Alexander Griaznov. Moderate profitability, intense competition in the mobile segment, and the possible risks associated with ongoing industry and regulatory reform also limit the rating. The rating is supported by Uralsvyazinform's solid and improving market position in its service area, expanding business diversification, and superior network quality. Uralsvyazinform's strategic focus on improving efficiency and cost control, along with moderating investments, continues to translate into stronger profitability and cash flow generation. The rating also takes into account the positive dynamics in Russia's telecommunications industry -- helped by robust growth of GDP and disposable incomes--and an improving regulatory framework. At June 30, 2007, Uralsvyazinform's total adjusted debt amounted to RUR34 billion (US$1.4 billion). "We expect that Uralsvyazinform's improving business position, strengthening efficiency of operations, and increasing cash flow generation will enable the company to adequately manage its financial risk," said Mr. Griaznov. S&P expects the company to continue deleveraging on the back of moderating capital expenditures and a strong focus on cost control. An inability to control financial risk -- reflected, among others, by persistent high exposure to short term funding or deterioration of profitability or cash flow generation -- would pressure the rating. At present, the company maintains undrawn committed bank lines to cover its repayments for approximately the next six months, which limits financial risk in the short term. S&P will closely monitor the company's progress in refinancing its debt in 2008. The rating could come under pressure if the company is unable to arrange the refinancing reasonably in advance. Ratings upside potential would require Uralsvyazinform to decrease its leverage to at least 2.5x adjusted EBITDA, while meaningfully improving liquidity. X5 RETAIL: Annual Net Sales Up 53% to US$5.28 Billion in 2007 ------------------------------------------------------------- X5 Retail Group N.V. has released its retail sales and expansion results for the fourth quarter and full year 2007. Fourth Quarter 2007 Highlights * net retail sales surged 57% year-on-year to US$1.692 billion; * in RUR terms, net retail sales grew by 48% year-on-year to RUR42.148 billion; * LFL sales growth totaled 26%; * the Group added net 119 stores; and * net addition of selling space in equaled 69,000 sq. m. Full Year 2007 Highlights * net retail sales surged 53% year-on-year to US$5.284 billion; * in RUR terms, net retail sales grew by 44% year-on-year to RUR135.156 billion; * LFL sales growth totaled 20%; * the Group added net 249 stores; and * net addition of selling space in equaled 143,100 sq. m. Lev Khasis, X5 Retail Group CEO, commented: "Our achievement of a vigorous increase in sales of 53% in dollar terms in 2007 gives us a firm foundation for further growth of X5's market share and underpins the competitive position of the Company, which is stronger than ever. Going forward we will continue to focus our efforts on enhancement of the Group's market leadership both through better performance of existing stores and through expansion into new regions of European Russia. This year we plan to accelerate gaining exposure to the hypermarket format by opening six compact and two large size hypermarkets. As a result, we expect to deliver a net sales increase in the range of 36-38% excluding FX effect for the full year 2008." Antonio Melo, Chief Operating Officer, added: "Our decision to postpone several openings and concentrate on existing stores' operations has borne fruit. As a result, Fourth Quarter was the strongest in the year in terms of sales growth. This outstanding performance was the result of several factors, including strong macro economic environment, increased pre-New Year spending as well as innovative and successful promo campaigns and a significant investment in customer loyalty. Traffic numbers show that this approach was welcomed by our clients, which more than compensates for some margin investment. For 2008 we will continue to focus on delivering balanced growth in traffic and basket, especially in the hypermarket format, which we expect to be the leader in LFL stores performance." Outlook for 2008 * X5 Retail Group expects net sales growth in the range of 36-38% in RUR terms for the full year 2008; * 2008 LFL stores' sales expected to grow at above 10% with hypermarkets being clear leaders in LFL growth; * in 2008, X5 plans to add 140,000-160,000 sq. m. of selling space; * eight hypermarkets to be opened during 2008, including six compact and two large-size stores; * add around 40,000 sq. m. of storage capacity on the net basis; * 2008 CapEx estimated at US$1.2 billion-US$1.4 billion, out of which about 40% will be spent on the stores to be opened after 2008, including expansion of the landbank for future hypermarket construction. About X5 Retail Headquartered in the Netherlands, X5 Retail Group N.V. -- http://www.x5.ru/en/-- operates a large store network largely covering the Moscow region and St. Petersburg but also has a good presence in other Russian regions through its franchise operations. The company has recently acquired two of its successful regional franchise operations -- in Yekaterinburg and Chelyabinsk. * * * As of Nov. 12, 2007, X5 Retail Group N.V. carries a B1 Corporate Family Rating from Moody's Investors Service. Moody's said the outlook is positive. X5 Retail and its subsidiaries also carries a 'BB-' long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. ===================== S W I T Z E R L A N D ===================== BUECHEGGE JSC: Creditors' Liquidation Claims Due by January 28 -------------------------------------------------------------- Creditors of JSC Buechegge have until Jan. 28, 2008, to submit their claims to: JSC Buechegge 8810 Horgen 1 ZH Switzerland E.P.S. SUPERMARKET: Creditors Must File Claims by January 28 ------------------------------------------------------------ Creditors of LLC E.P.S. Supermarket have until Jan. 28, 2008, to submit their claims to: &n