T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, February 4, 2008, Vol. 9, No. 24 Headlines A U S T R I A ADMIRA SPORT: Wiener Neustadt Court Orders Business Shutdown ARC HANDEL: Claims Registration Period Ends February 13 GOURMET - POEHL: Claims Registration Period Ends March 13 MAYRHOFER & PARTNERL: Claims Registration Ends February 18 MUSICAL-FESTIVAL: Claims Registration Period Ends February 8 O. FRITZE-LACKE: Linz Court Orders Business Shutdown PAMI LLC: Claims Registration Period Ends March 4 QUICK-TRANS: Claims Registration Period Ends March 4 SERVUS AUSTRIA: Claims Registration Period Ends March 4 WUEHRER KEG: Claims Registration Period Ends March 5 D E N M A R K EASTMAN KODAK: Earns US$92 Million in 2007 Fourth Quarter F R A N C E TEREOS EUROPE: High Leverage Prompts Moody's Negative Outlook G E R M A N Y ARQUANA INTERNATIONAL: Asks Court to Open Insolvency Proceedings AUTO-RENT RHEINBACH: Claims Registration Ends February 26 COMLOGIC DARMSTADT: Claims Registration Period Ends February 20 DACHBAU THRIEN: Claims Registration Period Ends February 11 DGFH INNOVATIONS: Claims Registration Ends February 25 FRANK SCHRAUTH: Claims Registration Period Ends February 14 FVD VERMOEGENS: Claims Registration Ends February 25 HOELSCHER SPEDITION: Creditors' Meeting Slated for March 4 IBI-ANKER GMBH: Claims Registration Period Ends February 27 IMANEX GMBH: Claims Registration Period Ends February 13 KUNSTSTOFFVERARBEITUNG GRUENER: Claims Registration Ends Feb. 25 LANGHEINRICH GEBAUDEREINIGUNG: Claims Registration Ends Feb. 19 MZT VERWALTUNGSGESELLSCHAFT: Claims Period Ends February 15 ORBIS TECHNISCH: Claims Registration Period Ends February 20 ORS ORGANIC: Claims Registration Ends February 25 POINTNET MEDIA: Claims Registration Period Ends February 20 SCHMITZ-BAU GMBH: Claims Registration Period Ends February 22 SPEDITION SCHULZ: Claims Registration Period Ends February 22 TK HAUSTECHNIK: Claims Registration Period Ends February 11 TREOFAN HOLDINGS: S&P Holds CCC+ Ratings on New Commitment UNI-BAU GMBH: Claims Registration Period Ends February 20 YESIL GMBH: Claims Registration Period Ends February 18 G R E E C E FAGE DAIRY: Moody's Cuts Corporate Family Rating to B2 K A Z A K H S T A N CRISTAL NIKE: Proof of Claim Deadline Slated for February 26 DUR-DANA LLP: Creditors Must File Claims by February 22 EKO-PRESS LLP: Claims Filing Period Ends February 26 MDK-COMPANY LLP: Creditors' Claims Due on February 26 PARTNER 2005: Claims Registration Ends February 22 PRIDE LLC: Proof of Claim Deadline Slated for February 22 RASK LLP: Creditors Must File Claims by February 26 SUNRISE CLUB: Claims Filing Period Ends February 22 TERRA-AKTOBE LLP: Creditors' Claims Due on February 26 TRUST SERVICE: Claims Registration Ends February 22 K Y R G Y Z S T A N ADECO PLUS: Creditors Must File Claims by February 21 L I T H U A N I A UAB BITE: High Leverage Level Cues Fitch to Hold B- Rating P O L A N D NETIA SA: Tollerton and Novator to Acquire 23.4% P4 Stake NETIA SA: Transfers Magma and KOM-NET Share Ownership to Lanet R U S S I A PROMSVYAZBANK FINANCE: Fitch Puts B- Ratings on Upcoming Loan SITRONICS JSC: Signs US$12.4 Million Contracts with MTS-Ukraine TATA MOTORS: Nearing Deal with Ford on Jaguar & Land Rover Sale TATA MOTORS: May Pay More for Jaguar and Land Rover, Report Says TATNEFT OAO: Approves Nominee List for New Board of Directors U K R A I N E AGRO-ROS LLC: Creditors Must File Claims by February 9 ANID LLC: Creditors Must File Claims by February 9 COMFORT-TRAVEL PLUS: Creditors Must File Claims by February 9 DELUR-SERVICE LLC: Creditors Must File Claims by February 9 DEMETRA LLC: Proofs of Claim Deadline Set February 9 ECONOMPROMIK LLC: Creditors Must File Claims by February 9 EUROSALE-WHOLE SALE: Creditors Must File Claims by February 9 MARTTRONIK LLC: Creditors Must File Claims by February 9 MONOLIT-C LLC: Proofs of Claim Deadline Set February 9 SITRONICS JSC: Signs US$12.4 Million Contracts with MTS-Ukraine TRANS-KING CJSC: Creditors Must File Claims by February 9 U N I T E D K I N G D O M C.A.T. SMITH: Claims Filing Period Ends April 24 FARROW SYSTEM: Brings In Joint Administrators from PwC FIRST 4 BROKERS: Joint Liquidators Take Over Operations FORD MOTOR: Nears Deal w/ Tata on Jaguar & Land Rover Sale HURST PARNELL: Brings In Liquidators from KPMG Restructuring KRONOS INC: Discloses New Trails in Workforce Management LEICESTER SQUARE: Brings In Menzies As Joint Administrators LIVESEY BUILDING: Appoints Graham Clark as Liquidator LONDON SPORTS: Taps Baker Tilly to Administer Assets LUDGATE FUNDING 2006-1: S&P Lowers Class S Notes' Ratings to B+ NCO GROUP: US Dollar Depreciation Cues S&P to Remove Watch NORTHERN BUSINESS: M. C. Bowker Leads Liquidation Procedure NORTHERN ROCK: Restructuring Proposals Entail Job Losses QUEBECOR WORLD: Ernst & Young Appointed as Joint Administrators QUEBECOR WORLD: Unite Comments on Status SCO GROUP: Tanner LC Expresses Going Concern Doubt SCOTTISH RE: Seth Gardner Joins on Board of Directors STATIC LOAN: Moody's Rates EUR15 Mln Class E Senior Notes at Ba3 UNIVERSAL BEDDING: Appoints Administrators from Tenon Recovery VISAGE CDO: Collateral Liquidation Cues Moody's to Cut Ratings * UK Gov't to Consult Banking Reform Proposals Over Rock Crisis * Begbies Traynor Releases Red Flag Alert Stats for 4Q 2007 * William Yonge Joins Proskauer Rose as Partner in London * BOND PRICING: For the Week Jan. 28 to Feb. 1, 2008 ********* ============= A U S T R I A ============= ADMIRA SPORT: Wiener Neustadt Court Orders Business Shutdown ------------------------------------------------------------ The Land Court of Wiener Neustadt entered Dec. 21, 2007 an order shutting down the business of LLC Admira Sport-Management (FN 213834m). Court-appointed estate administrator Peter Bubits recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Peter Bubits c/o Mag. Andrea Prochaska Elisabethstrasse 2 2340 Moedling Austria Tel: 02236/42210 Fax: 02236/42210-25 E-mail: peter.bubits@bkb-partner.at Headquartered in Moedling, Austria, the Debtor declared bankruptcy on Dec. 17, 2007 (Bankr. Case No 11 S 125/07d).Andrea Prochaska represents Mag. Bubits in the bankruptcy proceedings. ARC HANDEL: Claims Registration Period Ends February 13 ------------------------------------------------------- Creditors owed money by LLC ARC Handel (FN 91340z) have until Feb. 13, 2008 to file written proofs of claim to court-appointed estate administrator Stefan Langer at: Dr. Stefan Langer c/o Dr. Annemarie Kosesnik-Wehrle Oelzeltgasse 4 1030 Vienna Austria Tel: 712 63 02, 713 61 92 E-mail: kanzlei@kosesnik-langer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on Feb. 27, 2008 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 21, 2007 (Bankr. Case No. 2 S 151/07d). Annemarie Kosesnik-Wehrle represents Dr. Langer in the bankruptcy proceedings. GOURMET - POEHL: Claims Registration Period Ends March 13 --------------------------------------------------------- Creditors owed money by LLC Gourmet - POEHL (FN 265482s) have until March 13, 2008 to file written proofs of claim to court- appointed estate administrator Hans Rant at: Dr. Hans Rant c/o Dr. Kurt Freyler Seilerstatte 5 1010 Vienna Austria Tel: 513 31 65 Fax: 512 20 01 E-mail: ra-kanzlei@rant-freyler.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on March 27, 2008 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 19, 2007 (Bankr. Case No. 6 S 167/07m). Kurt Freyler represents Dr. Rant in the bankruptcy proceedings. MAYRHOFER & PARTNERL: Claims Registration Ends February 18 ---------------------------------------------------------- Creditors owed money by LLC Mayrhofer & Partner Drucktechnik (FN 264623b) have until Feb. 18, 2008 to file written proofs of claim to court-appointed estate administrator Gerhard Rothner at: Dr. Gerhard Rothner Hopfengasse 23 4020 Linz Austria Tel: 66 73 26 0 Fax: 66 73 20 29 E-mail: g.rothner@wildmoser-koch.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on March 3, 2008 for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Room 522 Fifth Floor Linz Austria Headquartered in Linz, Austria, the Debtor declared bankruptcy on Dec. 21, 2007 (Bankr. Case No. 12 S 102/07y). MUSICAL-FESTIVAL: Claims Registration Period Ends February 8 ------------------------------------------------------------ Creditors owed money by LLC Musical-Festival-Kulturbetrieb (FN 285761m) have until Feb. 8, 2008 to file written proofs of claim to court-appointed estate administrator Gerald Niesner at: Mag. Gerald Niesner Marburger Kai 47 8010 Graz Austria Tel: 0316/833777 Fax: 0316/833777-33 E-mail: niesner@gmp.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:10 a.m. on Feb. 14, 2008 for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 222 Second Floor Graz Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on Dec. 21, 2007 (Bankr. Case No. 26 S 119/07f). O. FRITZE-LACKE: Linz Court Orders Business Shutdown ---------------------------------------------------- The Land Court of Linz entered Dec. 27, 2007 an order shutting down the business of LLC O. Fritze-Lacke (FN 62320y). Court-appointed estate administrator Christian Atzwanger recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Christian Atzwanger Luefteneggerstrasse 12 4020 Linz Austria Tel: 0732/7788670 Fax: 0732/7832644 E-mail: office@schuh-atzwanger.at Headquartered in Linz, Austria, the Debtor declared bankruptcy on Dec. 18, 2007 (Bankr. Case No 12 S 101/07a). PAMI LLC: Claims Registration Period Ends March 4 ------------------------------------------------- Creditors owed money by LLC PAMI (FN 283079v) have until March 4, 2008 to file written proofs of claim to court-appointed estate administrator Wolfgang Herzer at: Mag. Wolfgang Herzer c/o Mag. Michael Ludwig Lang Schuettelstrasse 55 1020 Vienna Austria Tel: 72 577 Fax: 72 577 577 E-mail: wolfgang.herzer@blw-legal.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:45 p.m. on March 18, 2008 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 17, 2007 (Bankr. Case No. 6 S 165/07t). Michael Ludwig Lang represents Mag. Herzer in the bankruptcy proceedings. QUICK-TRANS: Claims Registration Period Ends March 4 ---------------------------------------------------- Creditors owed money by LLC QUICK-TRANS Transport (FN 78632k) have until March 4, 2008 to file written proofs of claim to court-appointed estate administrator Walter Kainz at: Dr. Walter Kainz c/o Dr. Eva Wexberg Gusshausstrasse 23 1040 Vienna Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:45 p.m. on March 18, 2008 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 14, 2007 (Bankr. Case No. 6 S 162/07a). Eva Wexberg represents Dr. Kainz in the bankruptcy proceedings. SERVUS AUSTRIA: Claims Registration Period Ends March 4 ------------------------------------------------------- Creditors owed money by LLC Servus Austria Export Handel (FN 286404h) have until March 4, 2008 to file written proofs of claim to court-appointed estate administrator Horst Winkelmayr at: Mag. Horst Winkelmayr c/o Dr. Carl Knittl Porzellangasse 22A/7 1090 Vienna Austria Tel: 532 47 77 Fax: 532 47 77 50 E-mail: rae@kniwi.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:00 p.m. on March 18, 2008 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 14, 2007 (Bankr. Case No. 6 S 163/07y). Carl Knittl represents Mag. Winkelmayr in the bankruptcy proceedings. WUEHRER KEG: Claims Registration Period Ends March 5 ---------------------------------------------------- Creditors owed money by KEG Wuehrer (FN 184257t) have until March 5, 2008 to file written proofs of claim to court-appointed estate administrator Michael Oberbichler at: Dr. Michael Oberbichler Sparkassenstrasse 26 5500 Bischofshofen Austria Tel: 06462/3150-0 Fax: 06462/3150-14 E-mail: office@rae-oberbichler.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 8:30 a.m. on March 19, 2008 for the examination of claims. The meeting of creditors will be held at: The Land Court of Salzburg Hall 256 Second Floor Salzburg Austria Headquartered in Radstadt, Austria, the Debtor declared bankruptcy on Dec. 18, 2007 (Bankr. Case No. 44 S 47/07x). ============= D E N M A R K ============= EASTMAN KODAK: Earns US$92 Million in 2007 Fourth Quarter --------------------------------------------------------- Eastman Kodak Company reported fourth-quarter earnings from continuing operations of US$92 million on higher year-over-year revenues, reflecting the emergence of a new, more profitable company. Kodak also met or exceeded all of its key financial commitments and strategic goals for 2007, most notably: * Delivering an 8% increase in digital revenue * Achieving digital earnings of US$176 million * Net Cash Generation of US$333 million * On a GAAP basis, for the total year, revenue declined by 3% and cash provided by operating activities from continuing operations was US$352 million * Aggressive entrance into new markets and product categories, including the introduction of the KODAK All- in-One Inkjet Printing System, KODAK digital picture frames, KODAK InSite enterprise management software, and the KODAK NEXPRESS S3000 Digital Production Color Press * Completion of the company�s four-year corporate restructuring program * Achieving targeted cost model for the year and reducing full-year Selling, General and Administrative costs from 18.5% to 17.1% of revenue "I am thrilled with our 2007 performance, as it is powerful evidence that a new Kodak has emerged and is producing solid, value-creating growth," said Antonio M. Perez, Chairman and Chief Executive Officer, Eastman Kodak Company. "We delivered another strong quarter, and another strong year of earnings growth, and met or exceeded every important goal that we set for ourselves." "In addition, we successfully entered the US$50 billion consumer inkjet market and exceeded our first-year printer sales goal. What�s more, third-party data indicates that Kodak is enjoying a 30% price premium over the industry average. Clearly, our value proposition is resonating with consumers and they are willing to pay a bit more for a Kodak printer because they know they will save money every time they print. Consumer inkjet is just one of several new product introductions that are receiving positive customer response. The more I see of them, the more optimistic I am about their success." Kodak�s digital revenue grew 15% in the fourth quarter of 2007, driven by strong year-over-year increases in all key digital businesses, partially offset by a decline in snapshot printing. The company achieved US$146 million in digital earnings for the fourth quarter, driven by an expanded product portfolio, intellectual property arrangements, and operational improvements, resulting in strong full-year earnings performance across the company�s digital business units. For the full year, the company delivered US$176 million in digital earnings, a US$189 million improvement from the prior year, significantly outpacing a US$30 million year-over-year decline in traditional earnings. Earnings from continuing operations before interest, other income (charges), net, and income taxes were US$130 million for the quarter and a loss of US$230 million for the year. On the basis of generally accepted accounting principles, the company reported fourth-quarter earnings from continuing operations of US$109 million pre-tax, US$92 million after tax, or US$0.31 per diluted share, reflecting the impact of 19 million additional shares from contingently convertible securities. This compares with earnings of US$111 million pre- tax, and a loss of US$15 million after tax, or US$0.05 per share, in the year-ago period. Items of net expense impacting comparability in the fourth quarter of 2007 totaled US$28 million after tax, or US$0.09 per share. The most significant items were restructuring costs of US$68 million before tax and US$44 million after tax, or US$0.14 per share, net gains on sale of property of US$116 million before tax and US$89 million after tax, or US$0.29 per share, impairment of an investment of US$46 million after tax, or US$0.15 per share, and various other tax- related items totaling US$25 million, or US$0.08 per share. In the fourth quarter of 2006, items of net expense impacting comparability totaled US$158 million after tax, or US$0.55 per share, primarily reflecting restructuring costs and tax valuation allowances. For the fourth quarter of 2007: * Sales totaled US$3.220 billion, an increase of 4% from US$3.106 billion in the fourth quarter of 2006. Digital revenue totaled US$2.262 billion, a 15% increase from US$1.974 billion in the prior-year quarter. Traditional revenue totaled US$951 million, a 15% decline from US$1.117 billion in the fourth quarter of 2006. * Digital earnings for the fourth quarter improved by US$5 million, to US$146 million this quarter, from US$141 million in the year-ago quarter. Other financial details: * Gross Profit margin was 24.5% for the quarter, up from 23.8% in the year-ago period, primarily attributable to lower costs from manufacturing footprint reductions, intellectual property, and foreign exchange, partially offset by increased commodity costs and price/mix impacts. * Selling, General and Administrative expenses increased by US$48 million from the year-ago quarter, primarily reflecting the company�s investment in advertising to support new products, including its consumer inkjet printing system. As a result, SG&A as a percentage of revenue was 16%, compared with 15% in the year-ago quarter. * Net Cash Generation for the fourth quarter was US$1.132 billion, compared with US$905 million in the year-ago quarter. This corresponds to net cash provided by operating activities from continuing operations of US$1.046 billion for the fourth quarter, compared with US$1.002 billion in the year-ago quarter. * The company�s debt level stood at US$1.597 billion as of Dec. 31, 2007, a US$1.181 billion reduction from the 2006 year-end debt level of US$2.778 billion. * Kodak held US$2.947 billion in cash and cash equivalents as of Dec. 31, 2007, an increase of US$1.478 billion from the year-ago period. Fourth-quarter segment sales and results from continuing operations, before interest, taxes, and other income and charges (earnings from operations), were: * Consumer Digital Imaging Group sales for the fourth quarter were US$1.730 billion, an 8% increase from the prior-year quarter. Revenues from digital products grew by 17%, driven by growth in Digital Capture and Devices, kiosks and related media, and consumer inkjet printers. Earnings from operations improved by US$13 million to US$76 million, compared with US$63 million in the year-ago quarter. This improvement was driven by an expanded product portfolio, intellectual property arrangements, and operational improvements in the Digital Capture and Devices business, partially offset by costs associated with new product introduction activities in the Inkjet Systems business. * Graphic Communications Group sales for the fourth quarter were US$998 million, a 7% increase from the year-ago quarter. Revenues from digital products grew by 12% to US$891 million, driven by increased sales of digital plates, NEXPRESS digital color printing presses, and digital printing consumables. Earnings from operations were US$33 million, compared with US$47 million in the year-ago quarter. This earnings decline was primarily driven by higher aluminum and other costs, the impact of an intellectual property licensing settlement, and decreased sales and gross profit from traditional products. * Film Products Group fourth-quarter sales were US$463 million, down from US$559 million in the year-ago quarter, representing a decrease of 17%. Earnings from operations were US$40 million, compared with US$83 million in the year-ago quarter. These results reflect impacts from volume and mix along with seasonal production slowdowns in film manufacturing, some initial effects from the writers� strike, higher silver costs, and the impact associated with new and renewed film agreements. Other 2007 Highlights: * The company�s loss from continuing operations for 2007 was US$205 million, or US$0.71 per share, a US$599 million, or US$2.09 per share improvement, from the 2006 level. The favorable year-over-year change reflects a decrease in restructuring charges, as the company completed the final year of its corporate restructuring program. It also reflects greatly improved operational performance across all of the company�s businesses as well as reduced taxes and SG&A expenses versus the prior year. * All of Kodak�s major businesses showed improvement in earnings from operations on a full-year basis. Specifically, CDG earnings from operations improved by US$148 million from 2006. GCG earnings improved from US$100 million in the year-ago period to US$116 million in 2007. FPG earnings from operations were US$369 million in 2007, compared with US$368 million in the previous year, and its operating margin improved to 19% for the year, from 16% in the prior year, despite a 15% decline in revenue. * Net Cash Generation for the full year was US$333 million, compared with US$365 million in 2006. This corresponds to net cash provided by operating activities from continuing operations of US$352 million for 2007, compared with US$685 million in 2006. "Our corporate restructuring is now over and Kodak is revitalized and ready to grow," said Mr. Perez. "We have a strong market position in a significant number of very promising digital businesses, a competitive operating structure, a powerful brand, and extremely valuable intellectual property. We are a new company with a strong emphasis on sustaining profitable growth, and the talent and resources necessary to achieve that goal. This positions us well for strong performance in 2008 and beyond." About Eastman Kodak Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE: EK)-- http://www.kodak.com/-- develops, manufactures, and markets digital and traditional imaging products, services, and solutions to consumers, businesses, the graphic communications market, the entertainment industry, professionals, healthcare providers, and other customers. The company has operations in Argentina, Chile, Denmark, Greece, Jordan, Yemen, Australia, China among others. * * * Eastman Kodak's 'B+' corporate credit rating was affirmed by Standard & Poor's Ratings Services in September 2007. S&P said the outlook is negative. =========== F R A N C E =========== TEREOS EUROPE: High Leverage Prompts Moody's Negative Outlook ------------------------------------------------------------- Moody's Investors Service changed to negative from stable the outlook on Tereos's Ba2 Corporate Family Rating and Probability of Default Rating as well as on the Ba3 rating of Tereos Europe's senior notes. The rating action was prompted by Tereos's higher-than-expected leverage at the end of fiscal year end 2006/07 and Moody's concerns that the company may not be able to reach the credit metric targets set at the time of the initial rating assignment (Retained Cash Flow to Net Debt in the mid-teens and Debt to EBITDA around 3.5 times over the intermediate term). Moody's further notes that while Tereos's operating performance was roughly in line with expectations, higher-than-expected leverage was predominantly driven by acquisitions and investments, particularly the Andrade transaction in Brazil for around EUR150 million and the EUR300 million acquisition of TALFIIE, which was completed in October 2007. Moody's recognizes, however, that even though these transactions weigh on Tereos's leverage, they are investments in future growth. More positively, the Ba2 CFR continues to reflect: (1) Tereos's leadership positions in Europe; (2) its presence in the high-yield beet production areas of France and the Czech Republic; (3) its strong brands; (4) the geographic diversification provided by its operations in Brazil, Mozambique and Reunion; and (5) the additional diversification provided by the cane sugar, the alcohol and ethanol segments. Moreover, Moody's believes that there is some room for profit improvements in 2007/08 in view of the potential positive impacts of the amendments to the European sugar market reform. Moody's notes that, while Tereos was compliant with its financial covenants at the end of September 2007, the company only had marginal leeway under its leverage covenant of 4 times. Negative pressure could develop on the rating if Tereos was in breach of its financial covenants or if credit metrics continued to be weak with RCF/Net Debt falling to below 10% and leverage significantly above 4 times. A stabilization of the outlook could be considered if Tereos was able to deliver improved credit metrics with RCF/Net debt in the mid teens and leverage of around 3.5 times on a sustainable basis. Headquartered in Lille, France, Tereos was created in 2004 as a result of the merger of Beghin Say and a beet sugar cooperative, Union SDA. In January 2006, the company merged with another French cooperative, Sucreries & Distilleries des Hauts de France, creating the second-largest sugar producer in Europe. Tereos also holds a 62% stake in Syral, one of the largest European companies in starch and starch based sweeteners. Tereos is an agro-industrial cooperative group that combines a total of 14,000 growers, or almost half of France's sugar beet producers. Tereos processes its growers' crops -- mainly sugar beets but also sugar cane and cereals -- into consumer and industrial sugars, alcohol and ethanol. ============= G E R M A N Y ============= ARQUANA INTERNATIONAL: Asks Court to Open Insolvency Proceedings ---------------------------------------------------------------- Arquana International Print & Media AG and four units have filed for opening of insolvency proceedings, citing looming bankruptcy and heavy debts. Arquana and units Johler Druck GmbH, Arquana Sales GmbH and Arquana Media GmbH filed for opening of insolvency proceedings at the District Court of Neumuenster on Jan. 7, 2008. The court is located at: The District Court of Neumuenster Meeting Hall B.126 Law Courts Boostedter Strasse 26 Neumuenster Germany J.P. Bachem GmbH & Co. KG, another Arquana unit, filed for opening of insolvency proceedings at the District Court of Cologne on Jan. 8, 2008. The court is located at: The District Court of Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne Germany Arquana said it and the units "are threatened with bankruptcy and/or are heavily indebted since they have no external financing sources at their disposal and the currently available funds will be depleted in due course." Headquartered in Neumuenster, Germany, Arquana International Print & Media AG -- http://www.arquana.com/de/-- produces brochures, magazines, catalogues, paper labels and cartons, using state-of-the art printing technology. The company has eight production facilities in Cologne, Ellerbek, Neumuenster, Pforzheim, Wanfried, Zell am See (Austria), Paris (France) and Bienne (Switzerland). The company also has offices in the U.K. AUTO-RENT RHEINBACH: Claims Registration Ends February 26 --------------------------------------------------------- Creditors of Auto-Rent Rheinbach GmbH have until Feb. 26, 2008 to register their claims with court-appointed insolvency manager Siegfried Mueller. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 2, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Hall S 2.18 Second Floor Wilhelmstr. 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Siegfried Mueller Zum Markt 10 53894 Mechernich Germany Tel: 02443/98120 Fax: 02443981219 The District Court of Bonn opened bankruptcy proceedings against Auto-Rent Rheinbach GmbH on Jan. 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Auto-Rent Rheinbach GmbH Marie-Curie-Str. 15 53359 Rheinbach Germany Attn: Ursula Bungart-Lethert, Manager Kreisbahnhof 20 53909 Zuelpich Germany COMLOGIC DARMSTADT: Claims Registration Period Ends February 20 --------------------------------------------------------------- Creditors of ComLogic Darmstadt Systeme GmbH have until Feb. 20, 2008 to register their claims with court-appointed insolvency manager Harald Silz. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 2, 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 Darmstadt Hall 14 First Floor 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: Harald Silz Adolfsallee 24 65185 Wiesbaden Germany Tel: 0611-1504-0 Fax: 0611-301774 The District Court of Darmstadt opened bankruptcy proceedings against ComLogic Darmstadt Systeme GmbH on Jan. 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ComLogic Darmstadt Systeme GmbH Im Leuschnerpark 2 64347 Griesheim Germany DACHBAU THRIEN: Claims Registration Period Ends February 11 ----------------------------------------------------------- Creditors of Dachbau Thrien GmbH have until Feb. 11, 2008 to register their claims with court-appointed insolvency manager Rolf Otto Neukirchen. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on Feb. 25, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Rolf Otto Neukirchen Zweigertstr. 28-30 45130 Essen Germany The District Court of Essen opened bankruptcy proceedings against Dachbau Thrien GmbH on Jan. 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dachbau Thrien GmbH Attn: Ralf Kasper, Manager Haldenstr. 3 45966 Gladbeck Germany DGFH INNOVATIONS: Claims Registration Ends February 25 ------------------------------------------------------ Creditors of DGfH Innovations- und Service GmbH have until Feb. 25, 2008 to register their claims with court-appointed insolvency manager Christian Gerloff. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 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 Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Gerloff Nymphenburger Str. 139 80636 Munich Germany Tel: 089/120260 Fax: 089/12026137 The District Court of Munich opened bankruptcy proceedings against DGfH Innovations- und Service GmbH on Jan. 2, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DGfH Innovations- und Service GmbH Bayerstr. 57-59 80335 Munich Germany FRANK SCHRAUTH: Claims Registration Period Ends February 14 ----------------------------------------------------------- Creditors of Frank Schrauth Verwaltungs GmbH have until Feb. 14, 2008 to register their claims with court-appointed insolvency manager Wolfgang Weidemann. Creditors and other interested parties are encouraged to attend the meeting at 9:55 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 Neumuenster Meeting Hall B 031 Law Courts Boostedter Strasse 26 Neumuenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolfgang Weidemann Wendenstrasse 4 20097 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against Frank Schrauth Verwaltungs GmbH on Jan. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Frank Schrauth Verwaltungs GmbH Attn: Frank Schrauth, Manager Holunderweg 8 24790 Schacht-Audorf Germany FVD VERMOEGENS: Claims Registration Ends February 25 ---------------------------------------------------- Creditors of FVD Vermoegens- und Kapital GmbH have until Feb. 25, 2008 to register their claims with court-appointed insolvency manager Michael Bremen. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Duesseldorf Meeting Hall A 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Bremen Sternstr. 58 40479 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against FVD Vermoegens- und Kapital GmbH on Jan. 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FVD Vermoegens- und Kapital GmbH Attn: Peter Morgenstern, Manager Quirinstrasse 13 47877 Willich Germany HOELSCHER SPEDITION: Creditors' Meeting Slated for March 4 ---------------------------------------------------------- The court-appointed insolvency manager for Hoelscher Spedition & Logistik GmbH, Dr. Christoph Schulte-Kaubruegger, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on March 4, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on March 8, 2008, at the same venue. Creditors have until Feb. 25, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Christoph Schulte-Kaubruegger Koenigswall 21 44137 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against Hoelscher Spedition & Logistik GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hoelscher Spedition & Logistik GmbH Deusener Str. 26 44369 Dortmund Germany IBI-ANKER GMBH: Claims Registration Period Ends February 27 ----------------------------------------------------------- Creditors of IBI-Anker GmbH have until Feb. 27, 2008 to register their claims with court-appointed insolvency manager Nermin Sahin. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on March 26, 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 House 2 Kaiserbleek 8 38640 Goslar 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: Nermin Sahin Theaterstr. 6 30159 Hannover Germany Tel: 0511/357710-30 Fax: 0511/357710-59 The District Court of Goslar opened bankruptcy proceedings against IBI-Anker GmbH on Jan. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IBI-Anker GmbH Attn: Helga Klinar, Manager Wilhelm-Busch-Str. 2 38723 Seesen/Rhueden Germany IMANEX GMBH: Claims Registration Period Ends February 13 -------------------------------------------------------- Creditors of IMANEX GmbH have until Feb. 13, 2008 to register their claims with court-appointed insolvency manager Ulrich Pfeifer. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on March 10, 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 Bayreuth Meeting Hall 520 Friedrichstr. 18 Bayreuth Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Pfeifer An der Feuerwache 5 95445 Bayreuth Germany Tel: 0921/7877806 Fax: 0921/78778077 The District Court of Bayreuth opened bankruptcy proceedings against IMANEX GmbH on Jan. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IMANEX GmbH Attn: Udo Fischer, Manager Orionstr. 3a 95448 Bayreuth Germany KUNSTSTOFFVERARBEITUNG GRUENER: Claims Registration Ends Feb. 25 ---------------------------------------------------------------- Creditors of Kunststoffverarbeitung Gruener Ring Delitzsch GmbH i.L. have until Feb. 25, 2008 to register their claims with court-appointed insolvency manager Michael Schoor. Creditors and other interested parties are encouraged to attend the meeting at 10:40 a.m. on April 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 145 First Floor Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Schoor Schorlemmerstrasse 2 04155 Leipzig Germany Tel: 0341/4903650 Fax: 0341/4903699 E-mail: leipzig@pluta.net The District Court of Leipzig opened bankruptcy proceedings against Kunststoffverarbeitung Gruener Ring Delitzsch GmbH i.L. on Jan. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kunststoffverarbeitung Gruener Ring Delitzsch GmbH i.L. Gruener Ring 13 04509 Delitzsch Germany LANGHEINRICH GEBAUDEREINIGUNG: Claims Registration Ends Feb. 19 --------------------------------------------------------------- Creditors of Langheinrich Gebaudereinigung GmbH have until Feb. 19, 2008, to register their claims with court-appointed insolvency manager Martin Schoebe. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 27, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neu-Ulm Zi. 211/II Heiner-Metzger-Platz 1 89231 Neu-Ulm Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Martin Schoebe Neue Str. 97-99 Kanzlei hww 89073 Ulm Germany Tel: 0731/20798-00 Fax: 0731/20798-50 The District Court of Neu-Ulm opened bankruptcy proceedings against Langheinrich Gebaudereinigung GmbH on Jan. 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Langheinrich Gebaudereinigung GmbH Messerschmittstr. 30 89231 Neu-Ulm Germany MZT VERWALTUNGSGESELLSCHAFT: Claims Period Ends February 15 ----------------------------------------------------------- Creditors of MZT Verwaltungsgesellschaft Medizinisches Zentrum f. opera. Therapie u. Diag. Oberland Bet. GmbH have until Feb. 15, 2008 to register their claims with court-appointed insolvency manager Hans G. Hanel. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Weilheim Meeting Hall E 007 Waisenhausstr. 5 Weilheim Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans G. Hanel Hauptstr. 37 82380 Peissenberg Germany Tel: 08803/63660 Fax: 08803/636677 The District Court of Weilheim opened bankruptcy proceedings against MZT Verwaltungsgesellschaft Medizinisches Zentrum f. opera. Therapie u. Diag. Oberland Bet. GmbH on Jan. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MZT Verwaltungsgesellschaft Medizinisches Zentrum f. opera. Therapie u. Diag. Oberland Bet. GmbH Puetrichstr. 30-32 82362 Weilheim Germany ORBIS TECHNISCH: Claims Registration Period Ends February 20 ------------------------------------------------------------ Creditors of Orbis technisch-elektronische Handelsgesellschaft mbH have until Feb. 20, 2008 to register their claims with court-appointed insolvency manager Jens Fahnster. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 Mayen Hall 220 Second Floor St. Veit-Strasse 38 56727 Mayen 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: Jens Fahnster Koelnstr. 135 53757 St. Augustin Germany Tel: 02241/90600 Fax: 02241/906062 E-mail: Kanzlei@kalker-fahnster.de The District Court of Mayen opened bankruptcy proceedings against Orbis technisch-elektronische Handelsgesellschaft mbH on Dec. 27, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Orbis technisch-elektronische Handelsgesellschaft mbH Florinskaul 14 56218 Muelheim-Karlich Germany ORS ORGANIC: Claims Registration Ends February 25 ------------------------------------------------- Creditors of ORS Organic Waste Recycling Stade GmbH have until Feb. 25, 2008 to register their claims with court-appointed insolvency manager Dr. Gideon Boehm. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on March 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 Tostedt Meeting Hall I Linden 23 21255 Tostedt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Gideon Boehm Bachstr. 85 a 22083 Hamburg Germany Tel: 040/320836-0 Fax: 040/32083636 The District Court of Tostedt opened bankruptcy proceedings against ORS Organic Waste Recycling Stade GmbH on Jan. 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ORS Organic Waste Recycling Stade GmbH Attn: Per Thostrup, Manager Bahn 10 21640 Nottensdorf Germany POINTNET MEDIA: Claims Registration Period Ends February 20 ----------------------------------------------------------- Creditors of Pointnet Media GmbH have until Feb. 20, 2008 to register their claims with court-appointed insolvency manager Karsten Toetter. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 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 Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg 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: Karsten Toetter Speersort 4/6 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Pointnet Media GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pointnet Media GmbH Attn: Ersin Dennis, Manager Steindamm 39 20099 Hamburg Germany SCHMITZ-BAU GMBH: Claims Registration Period Ends February 22 ------------------------------------------------------------- Creditors of Schmitz-Bau GmbH have until Feb. 22, 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 9:30 a.m. on April 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 Aachen Meeting Hall K 5 Third Floor Alter Posthof 1 52062 Aachen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Frank Kebekus Frankenstrasse 14-16 52070 Aachen Germany Tel: 0241/5591310 Fax: 0241/55913120 The District Court of Aachen opened bankruptcy proceedings against Schmitz-Bau GmbH on Jan. 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schmitz-Bau GmbH Leinenpfad 11 52441 Linnich Germany SPEDITION SCHULZ: Claims Registration Period Ends February 22 ------------------------------------------------------------- Creditors of Spedition Schulz GmbH have until Feb. 22, 2008, to register their claims with court-appointed insolvency manager Stefanie Kaufmann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 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 Mannheim Hall 232 Second Floor Schloss 68149 Mannheim 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: Stefanie Kaufmann Roxheimer Str. 17 67240 Bobenheim-Roxheim Germany Tel: 06239/999338 The District Court of Mannheim opened bankruptcy proceedings against Spedition Schulz GmbH on Jan. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Spedition Schulz GmbH Attn: Karl-Heinz Schulz Mannheimer Str. 37 68723 Oftersheim Germany TK HAUSTECHNIK: Claims Registration Period Ends February 11 ----------------------------------------------------------- Creditors of TK Haustechnik GmbH have until Feb. 11, 2008, to register their claims with court-appointed insolvency manager Alexander Kaesebier. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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: Alexander Kaesebier Tschaikowskistrasse 23 04105 Leipzig Germany Tel: 0341/4626630 Fax: 0341/4626659 The District Court of Halle (Saale) opened bankruptcy proceedings against TK Haustechnik GmbH on Jan. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TK Haustechnik GmbH Werkstr. 12 06249 Muecheln Germany TREOFAN HOLDINGS: S&P Holds CCC+ Ratings on New Commitment ---------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'CCC+' corporate credit ratings on Germany-based flexible packaging producer Treofan Holdings GmbH and its operating subsidiary Treofan Germany GmbH & Co. KG. At the same time, the ratings were removed from CreditWatch where they were placed with negative implications on Dec. 7, 2007. The outlook is negative. The 'CCC+' issue rating on Treofan Germany's EUR170 million subordinated second-lien notes was also affirmed and removed from CreditWatch with negative implications. The recovery rating on the issue has been lowered to '4' from '3', indicating average (30%-50%) recovery prospects for noteholders. "The rating affirmation reflects Treofan's recently obtained access to an incremental commitment of EUR20 million to an existing EUR60 million available under a revolving credit facility. This will alleviate liquidity pressure over the immediate term," said Standard & Poor's credit analyst Jacob Zachrison. Nevertheless, the company's ability to improve weak earnings over the next 12 months is essential at the current rating level. In addition, operational challenges, high cash interest costs, only modest flexibility in curtailing capital spending, and cash outflows related to a new restructuring program, could pressure liquidity and tighten covenant headroom over the near term if operating performance fails to improve. The ratings continue to reflect the group's aggressively leveraged financial risk profile and strong competition in the fragmented polypropylene film industry. They also reflect the group's weak track record of operating performance. These negative factors are tempered by the group's leading niche market positions, stemming from long-term relationships with customers and well-diversified customer and geographic bases in stable markets, including a recent expansion of its North American operations in Mexico. The negative outlook reflects our concerns that Treofan could fail to improve its very weak cash flow generation over the near term, and that the liquidity situation could tighten again. These factors could contribute to a downgrade. The outlook could be revised to stable if Treofan can improve its operating performance and liquidity position, reducing the risk of covenant breaches. UNI-BAU GMBH: Claims Registration Period Ends February 20 --------------------------------------------------------- Creditors of UNI - BAU GmbH have until Feb. 20, 2008 to register their claims with court-appointed insolvency manager Frank Bassermann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Offenbach am Main Hall 162N First Floor Kaiserstrasse 63065 Offenbach am Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Frank Bassermann Bleichstr. 2-4 60313 Frankfurt am Main Germany Tel: 069/9130920 Fax: 069/91309230 The District Court of Offenbach am Main opened bankruptcy proceedings against UNI - BAU GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: UNI - BAU GmbH Attn: Herrn Branko Vrancic Holzwiesenweg 5 63073 Offenbach am Main Germany YESIL GMBH: Claims Registration Period Ends February 18 ------------------------------------------------------- Creditors of Yesil GmbH have until Feb. 18, 2008 to register their claims with court-appointed insolvency manager Stefanie Kaufmann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 3, 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 Ludwigshafen/Rhein Meeting Hall VII Wittelsbachstr. 10 67061 Ludwigshafen/Rhein 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: Stefanie Kaufmann Roxheimer Str. 17 67240 Bobenheim-Roxheim Germany The District Court of Ludwigshafen/Rhein opened bankruptcy proceedings against Yesil GmbH on Jan. 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Yesil GmbH Attn: Filiz Yesil, Manager Foltzring 3 67227 Frankenthal Germany =========== G R E E C E =========== FAGE DAIRY: Moody's Cuts Corporate Family Rating to B2 ------------------------------------------------------ Moody's Investors Service downgraded the corporate family rating of Fage Dairy Industry S.A. to B2 from B1. Concurrently, Moody's downgraded the rating on the EUR130 million Senior Notes due 2015 to B2 from B1. The outlook on all ratings is negative. This rating action concludes the review for possible downgrade initiated on Nov. 15, 2007. The outcome of the rating review was influenced by a number of factors. "Firstly, Moody's recognizes the continued deterioration in the company's credit metrics, which is largely due to the combined effect of lower profitability in the domestic market and rising leverage as the company funds the committed investments in the US plant," explained Stefano del Zompo, lead analyst for Fage at Moody's. "The rating change also reflects Moody's expectation that the current highly competitive market environment in Greece will persist in the medium term and that any attempt by Fage to retain its leading market share in key segments of the local dairy market will likely be at the expense of the company's profitability." Moody's also notes that high raw material prices, in particular for raw milk, which affected the company's performance in 2007, are likely to continue to exert pressure on the company's results in 2008, although the rating agency expects the launch of the company's operations in the US to grant it access to lower milk prices available on the US market. Finally, the rating downgrade also reflects Moody's concerns about the company's liquidity, further weakened by the fine of EUR9.2 million to be levied on the company by the Greek authorities, at the conclusion of their investigation into price fixing among the country's largest dairy companies. At present, the company is completely reliant on the EUR29 million unused uncommitted credit facilities and the circa EUR28 million of cash on balance sheet expected in December 2007, which combined with the EUR5 million bonds issued by the company in November 2007 should be sufficient in the short term to fund the company's ongoing maintenance capex (around EUR8-10 million per year), short-term debt obligations and the EUR19.6 million in expansion capex commitments related to the construction of a new production facility in the US. However, Moody's cautions that following EUR2.5 million of debt amortization in 2008, the company will face a step-up in debt repayments, and that in the absence of a material increase in profitability and cash flow generation, it might find it difficult to make the scheduled payments. Moody's will monitor quarterly the evolution of the company's liquidity position. Fage's current ratings also reflect these positive aspects: (1) The expected beneficial impact of the launch of operations at the company's yoghurt plant in the U.S., which is likely to reduce transportation costs and exchange rate risk, grant access to cheaper raw materials and free up production capacity in Greece that will likely support sales in Fage's key European markets, namely Italy and the U.K. (2) The strong volume increase, albeit from a smaller base, in exports and sales to the international markets in 2007, which partially offset the 7.8% volume decline in sales in the domestic market. (3) The capillarity of the company's distribution network, which, coupled with the strength of the Fage brand, sustained the company's performance in 2007 and prevented its market share in yoghurt from falling more than moderately despite competitors' aggressive marketing initiatives. "The negative outlook reflects Moody's concerns that a continued decline in Fage's domestic market share, strength of the euro and sustained competitive pressure in key segments of the domestic market from larger and better capitalised players could increase the constraints on Fage's profitability and ultimately on its liquidity, resulting in financial metrics that are not compatible with a B2 rating," Mr del Zompo said. The ratings would likely face further downward pressure if as a result of the competitive market environment, EBITDA margins remain stable in the low single digits and Debt/EBITDA ratio remains above 8.0x or if the liquidity position of the company were to deteriorate further. A sustained improvement in operating performance and cash flow generation, leading to EBITDA margins to the high single digits, a Debt/EBITDA ratio close to 6.0x and positive free cash flow generation, resulting from either an improvement in local market share or stronger- than-expected international growth, could be positive for the ratings. Affected ratings are: -- B1 Corporate Family Rating and Probability of Default Rating at Fage Dairy Industry S.A. downgraded to B2; -- B1 Senior Unsecured rating of the EUR130 million notes due 2015 issued by Fage Dairy Industry S.A. downgraded to B2. Headquartered in Athens, Fage is one of the leading dairy companies in Greece, with activities in the yoghurt, refrigerated milk and packaged cheese segments. For the nine months ended Sept. 30, 2007, Fage reported consolidated net sales of EUR253.2 million, operating profit of EUR6.2 million and total debt of around EUR181.8 million. =================== K A Z A K H S T A N =================== CRISTAL NIKE: Proof of Claim Deadline Slated for February 26 ------------------------------------------------------------ The Specialized Inter-Regional Economic Court of Aktube has declared LLP Cristal Nike insolvent. Creditors have until Feb. 26, 2008 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 DUR-DANA LLP: Creditors Must File Claims by February 22 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Dur-Dana insolvent. Creditors have until Feb. 22, 2008 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Aiteke bi Str. 29 Kyzylorda Kazakhstan EKO-PRESS LLP: Claims Filing Period Ends February 26 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Publishing-Printing Complex Eko- Press insolvent. Creditors have until Feb. 26, 2008 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Jumabayev Str. 102-25 Petropavlovsk North Kazakhstan Kazakhstan MDK-COMPANY LLP: Creditors' Claims Due on February 26 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Mdk-Company insolvent. Creditors have until Feb. 26, 2008 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Department of Agriculture Konstitutsiya Kazakhstana Str. 38 Petropavlovsk North Kazakhstan Kazakhstan PARTNER 2005: Claims Registration Ends February 22 -------------------------------------------------- LLP Partner 2005 has declared insolvency. Creditors have until Feb. 22, 2008 to submit written proofs of claims to: LLP Partner 2005 Jastar Str. 3-102 110004, Kostanai Kazakhstan PRIDE LLC: Proof of Claim Deadline Slated for February 22 --------------------------------------------------------- LLP Pride LLC has declared insolvency. Creditors have until Feb. 22, 2008 to submit written proofs of claims to: LLP Pride LLC Micro District Kazakhfilm, 53 Almaty Kazakhstan RASK LLP: Creditors Must File Claims by February 26 --------------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan has declared LLP Regional Auto-Construction Company Rask insolvent. Creditors have until Feb. 26, 2008 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of West Kazakhstan Moldagulov Str. 9-18 Uralsk West Kazakhstan Kazakhstan Tel: 8 (3112) 51-77-10 SUNRISE CLUB: Claims Filing Period Ends February 22 --------------------------------------------------- LLP Sunrise Club has declared insolvency. Creditors have until Feb. 22, 2008 to submit written proofs of claims to: LLP Sunrise Club Room 210 Kutuzov Str. 31/1 Pavlodar Kazakhstan TERRA-AKTOBE LLP: Creditors' Claims Due on February 26 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Aktube has declared LLP Terra-Aktobe insolvent. Creditors have until Feb. 26, 2008 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 TRUST SERVICE: Claims Registration Ends February 22 --------------------------------------------------- LLP Trust Service Pvt has declared insolvency. Creditors have until Feb. 22, 2008 to submit written proofs of claims to: LLP Trust Service Pvt Abai Str. 146-14 Ekibastuz 141200, Pavlodar Kazakhstan =================== K Y R G Y Z S T A N =================== ADECO PLUS: Creditors Must File Claims by February 21 ----------------------------------------------------- LLC Adeco Plus has declared insolvency. Creditors have until Feb. 21, 2008 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 90-32-69. ================= L I T H U A N I A ================= UAB BITE: High Leverage Level Cues Fitch to Hold B- Rating ---------------------------------------------------------- Fitch Ratings affirmed Lithuania-based UAB Bite Lietuva's Long- term Issuer Default rating at 'B-' with a Stable Outlook. At the same time, Fitch has affirmed the rating of Bite Finance International BV's EUR190 million senior secured notes at 'B'/'RR3'. Bite Finance International BV's EUR110 million senior subordinated notes are affirmed at 'CCC+'/'RR5'. "Bite has performed well in Lithuania in 2007 and growth in EBITDA in for Lithuania has resulted in a reduction in net leverage to 7.5x at third quarter on 2007, from 9.2x at closing," said Michelle De Angelis, Senior Director in Fitch's Leveraged Finance team in London. "Nonetheless, the 'B minus' IDR reflects the still high leverage level, the negative free cashflow of the consolidated business and the continued investment needed to turn around the Latvian mobile operations, which have so far failed to gain a solid foothold in that market." Fitch expects a slower pace of deleveraging in 2008 as further improvements in consolidated EBITDA are at least partially offset by reductions in cash balances and drawings under the committed revolving credit facility to fund investments in Latvia. The Stable Outlook reflects Fitch's expectations that current committed debt facilities should be sufficient to fund the company's business plan through to free cashflow breakeven, provided the company takes advantage of the scalability of its capital expenditures and does not over-invest, and that performance in Lithuania remains strong. However, should FCF breakeven be further delayed, the company could require additional sources of funding and this risk is reflected in the current 'B-' rating level. In the medium term, factors that could result in upwards rating movement include a further reduction in leverage to a range of 5.5x-6.5x, achievement of EBITDA breakeven for the Latvian business (currently EBITDA-negative) and continued strong performance in Lithuania, which accelerates FCF-breakeven for the consolidated group. Factors that could result in downwards rating movement include a deteriorating competitive environment, a failure to penetrate the Latvian market effectively and to turn around the negative quarterly trend in Latvia EBITDA within 12-18 months, and deterioration in FCF generation or a delay in FCF-breakeven resulting in a liquidity squeeze. The Lithuanian market is highly penetrated and highly competitive, such that double or triple SIM usage is commonplace, a factor which artificially inflates subscriber numbers while reducing average revenues generated from those subscribers. Although churn in Bite's prepaid customer base is high and the prepaid base is shrinking, this is partly balanced by improving prepaid ARPU levels, which imply a higher average quality of prepaid subscriber as a result. EBITDA performance in the Lithuanian mobile operations has exceeded Fitch's expectations for the year-to-date, partly as a result of strong usage levels for both postpaid and prepaid subscribers. Performance in the Latvian mobile operations is weaker, and the company has yet to gain a strong foothold in the Latvian market. Aggressive launch campaigning appears to have resulted in an opportunistic subscriber base, which will need to be migrated towards higher-quality customers. EBITDA results for the YTD third quarter of 2007 in Latvia have been in line with Fitch's expectations, but the new CEO in Latvia must address the issues surrounding the customer base and product offering if there is to be improvement in 2008. =========== P O L A N D =========== NETIA SA: Tollerton and Novator to Acquire 23.4% P4 Stake --------------------------------------------------------- Netia SA had received an indicative expression of interest to purchase its indirect shareholding in affiliate P4 Sp. z o.o. and that it considered a sale of its equity interest in P4 as an alternative to issuing new equity as a means to fund Netia's expansion plans in the Polish broadband market. The indicative expression of interest was from Tollerton Investments Limited and Novator Telecom Poland S.a.r.l. Following preliminary negotiations, the company, Tollerton and Novator signed a non-binding letter of intent which they agreed the preliminary terms of the potential transaction, i.e. in particular: (i) the price of EUR 130 million, payable in cash on closing; (ii) the additional price payable to the company in case of future change of control of P4 during 12 months after closing of the transaction; (iii) the shares in P4 would be acquired indirectly, through the buyers' acquisition from Netia of 100% of Netia Mobile Sp. z o.o., a fully owned holding company whose sole asset is a 23.4% stake in P4; and (iv) assumptions of amendments to the trade contracts between the company and P4, including the terms of the service provider agreement, the execution of which was notified by the company in the current reports No. 81/2007 dated December 8, 2007 and 3/2008 dated January 17, 2008, to reflect the fact that following the transaction Netia will no longer be a shareholder of P4. Having considered the findings of two valuations of Netia's shareholding in P4, prepared by two independent expert advisors, the Management Board of the company resolved to authorize the potential buyers to commence their due diligence on Netia Mobile Sp. z o.o., and to commence negotiations on the sale of the company's shareholding in P4. The price of EUR130 million represents a 63% premium over the EUR79.7 million of equity contributed by Netia to P4. In Management's opinion, the price offered by Tollerton and Novator is very attractive for a minority stake and, if the sale closes as anticipated, would provide the funding necessary for Netia to implement its broadband-driven growth strategy. Moreover, in line with its strategy, Netia expects to continue to leverage the results of its founding investment in P4 through the continuation of the existing UMTS Transmission and Mobile Service Provider contracts. Netia's Management received consent from the Supervisory Board to sign the above mentioned Letter of Intent. Supervisory Board members affiliated with P4's majority shareholder, Constantine Gonticas and Bruce McInroy, neither participated in the Supervisory Board's discussions nor voted on the resolution on this matter. Prior to the signing of the agreements, Management intend to obtain a fairness opinion and a further consent of the Supervisory Board is required prior to any binding agreements being executed. Netia's Management expects that P4 may make further equity calls during the course of 2008 of up to EUR150 million as it continues to build its subscriber base and roll-out its network. As Netia anticipates disposal of its stake in P4 during the first quarter of 2008, Netia will not be making further equity contributions to P4 in the immediate future but the resulting potential dilution will have no impact on the anticipated sale transaction. In accordance with the Letter of Intent it is the intention of the parties that binding contracts be exchanged and the transaction be closed by March 31, 2008. Completion of the transaction will depend on satisfactory completion the due diligence on Netia Mobile conducted by the potential buyers, and on all the detailed terms and conditions of the transaction being agreed in the form of a binding contract. About Netia Headquartered in Warsaw, Poland, Netia S.A. -- http://netia.pl/ -- is an alternative fixed-line telecommunications operator in Poland. Netia provides a broad range of telecommunications services, including voice, data and network wholesale services. * * * On Aug. 15, 2007, Standard & Poor's Ratings Services assigned a B rating to Netia's Long-Term Foreign and Local Issuer Credit. The rating still applies to date. NETIA SA: Transfers Magma and KOM-NET Share Ownership to Lanet -------------------------------------------------------------- Netia SA has transferred the ownership of these shares in telecommunications companies, classified as material assets, to its subsidiary operating under the business name Lanet Sp. z o.o. with its seat in Wroclaw: * 946 shares in the share capital of Magma Systemy Komputerowe Schmidt i S-ka S.J. with its seat in Wroclaw with the nominal value of PLN500 each and the total nominal value of PLN473,000 for all these shares, which represent 100% of the share capital and confer the right to 100% of the votes at Magma's meeting of shareholders, * 100 shares in the share capital of KOM-NET Systemy Komputerowe Sp. z o.o. with its seat in Wroclaw with the nominal value of PLN500 each and the total nominal value of PLN50,000 for all these shares, which represent 100% of the share capital and confer the right to 100% of the votes at Kom-Net's meeting of shareholders. The transfer of the shares in Magma and Kom-Net was made in execution of the agreement concluded by Netia and Lanet on January 31, 2008. The shares represent an in-kind contribution in exchange for which Netia acquired 400 newly issued shares in Lanet, with the nominal value of PLN500 and at the issue price of PLN 44,545.43 each, i.e., at the total price of PLN17,818,172. The gross book value of the shares as at December 31, 2007 disclosed in Netia's accounts equals PLN17,818,172. The disposed Shares were classified as material assets, as they represent 100% of the share capital of the entities and their acquisition by Lanet constitutes an investment of a long-term nature. The transaction has no impact on Netia's consolidated financial statements. Lanet is Netia's subsidiary �- Netia owns shares representing 100% of Lanet's share capital and conferring the right to 100% of the votes at its meeting of shareholders). Apart from the contractual relations described in this report, there exist no other ties between Netia and the persons managing or supervising Netia and the buyer of the aforementioned assets, except for relations resulting from Netia's rendering to Lanet operational support and telecommunications services. The transfer of the shares represents one of the elements of the Ethernet companies' consolidation process within the Netia group. About Netia Headquartered in Warsaw, Poland, Netia S.A. -- http://netia.pl/ -- is an alternative fixed-line telecommunications operator in Poland. Netia provides a broad range of telecommunications services, including voice, data and network wholesale services. * * * On Aug. 15, 2007, Standard & Poor's Ratings Services assigned a B rating to Netia's Long-Term Foreign and Local Issuer Credit. The rating still applies to date. =========== R U S S I A =========== PROMSVYAZBANK FINANCE: Fitch Puts B- Ratings on Upcoming Loan ------------------------------------------------------------- Fitch Ratings assigned PSB Finance S.A.'s upcoming subordinated notes issue, expected to be of at least US$100 million and due January 2018, expected ratings of Long-term 'B-' and Recovery 'RR6'. The notes will bear interest from 2008 to 2013 at a rate of 12.5% per annum, and from 2013 at the step-up interest rate (unless the notes are redeemed on the step-up date), in each case payable semi-annually. The final ratings of the issue are contingent on the receipt of final documentation conforming materially to information already received. The proceeds are to be used for redeeming the outstanding principal of US$100 million notes (private placement notes issued on July 20, 2007), which finance an existing subordinated loan to Russia-based Promsvyazbank. The terms and conditions of the existing and new notes are principally the same, although the new notes, and therefore the subordinated loan, will carry a fixed interest rate, whereas the original loan and private placement notes carry a floating rate. The Issuer will pay holders of the new notes amounts (principal and interest) received from PSB under the loan agreement. The claims of PSB Finance in relation to the new subordinated loan will be junior to those of all senior creditors of PSB and will rank at least equally between themselves and with the claims of other subordinated creditors of PSB. PSB has the right to repay the subordinated loan should regulatory changes lead to them ceasing to qualify as regulatory Tier 2 capital. PSB is one of the largest Russian privately held banks, and is majority-owned by the Ananiev brothers (84.7%). Commerzbank AG holds 15.3% of voting shares; however, Fitch has been informed that it is not involved in operational or strategic management of the bank. PSB's current customer franchise focuses on large- and mid-sized corporate clients and their workforce, which it serves through a network of over 150 outlets in more than 30 of Russia's largest regions. The bank's current strategic focus envisages further regional diversification and franchise expansion into the retail and SME segments. SITRONICS JSC: Signs US$12.4 Million Contracts with MTS-Ukraine --------------------------------------------------------------- Sitronics JSC reported on Jan. 31, 2008, that Sitronics Telecom Solutions, Czech Republic has signed two contracts with MTS- Ukraine. The total value of the contracts is around US$12.4 million. Under the terms of these contracts, Sitronics TS will provide the equipment for MTS-Ukraine's two new mobile transit exchanges and upgrade to boost the overall capacity four existing exchanges utilizing Gateway Mobile Switching Centre technology. The new system is expected to be deployed in the middle of 2008. SITRONICS TS, currently provides the MTS Group with its MEDIO range of products, as well as with FORIS NG ,an OSS/BSS solution for telecommunications operators, and TENNET. "We continue to expand our cooperation with MTS-Ukraine, a subsidiary of the largest mobile operator in Russia and the CIS. These new agreements demonstrate the high quality and competitiveness of our products and solutions. We are pleased to once again be able to deliver our services to the MTS Group as its telecom equipment provider," Mikhail Minkovsky, Chief Technology Officer of Sitronics, commented "MTS-Ukraine was the first mobile operator in Ukraine. We have been working on the technical improvement of our network and connection quality for over 15 years. MTS-Ukraine has a number of joint projects with SITRONICS and we are pleased to have an opportunity to expand this cooperation," Andrew Dubovskov, General Director of MTS-Ukraine, added. Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) -- http://www.sitronics.com/-- provides telecommunications solutions, IT solutions and microelectronic solutions in the CIS region with a rapidly growing presence in other EEMEA markets. Sistema controls the company. * * * As of Feb. 2, 2008, JSC Sitronics still holds Fitch Ratings' Long-term Issuer Default Rating of 'B-' with a Stable Outlook. TATA MOTORS: Nearing Deal with Ford on Jaguar & Land Rover Sale --------------------------------------------------------------- Tata Motors Ltd is closing in on a deal with Ford Motor Co. for the sale of the American carmaker's Jaguar and Land Rover brands, The Economic Times reports citing an unnamed source "who has been briefed on the negotiations." The Times' source anticipates an announcement of an agreement as early as next week to as late as March. The agreement may also include an engine-supply deal. The parties, the news agency's source relates, are negotiating an agreement for Ford to keep supplying engines and other technology to Jaguar and Land Rover. Times expects the sale agreement will be for the sale of the entire stake in the two luxury brands. Ford CFO Don Leclair told the news agency that "the company does not plan to keep a stake in the storied British automakers." Tata Motors became the front-runner bidder for Ford's two brands when Ford announced on Jan. 3, that it has entered into "focused negotiations at a more detailed level" with Tata. Tata Motors, who has the backing of the unions of Jaguar and Land Rover, made it to the list of final bidders along with Mahindra & Mahindra in collaboration with buyout firm Apollo; and One Equity Partners LLC. India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. * * * As reported in the TCR-Europe on Jan. 8, 2008, Moody's Investors Service placed the Ba1 Corporate Family Rating of Tata Motors Ltd on review for possible downgrade. TATA MOTORS: May Pay More for Jaguar and Land Rover, Report Says ---------------------------------------------------------------- Tata Motors Ltd may have to shell out more to purchase Ford Motor Co.'s Jaguar and Land Rover as the brands' stable, Premier Automobile Group, posted a US$504-million profit before tax, The Economic Times reports. Aside from the two Ford brands, PAG also houses Volvo. Tata Motors became the front-runner bidder for Ford's Jaguar and Land Rover when the U.S. Automaker announced on Jan. 3, that it has entered into "focused negotiations at a more detailed level" with Tata. Tata Motors outbid Mahindra & Mahindra in collaboration with buyout firm Apollo; and One Equity Partners LLC. Since the negotiations are not yet over, Ford could push for better valuations now that PAG has become profitable, the Times says, citing auto consultants and analysts. PAG's pre-tax 2007 profit is a huge improvement from the U$344-million loss in 2006, the news agency points out. Ford spokesperson John Gardiner attributed the turnaround to Land Rover and Jaguar. "Jaguar and Land Rover have been solidly profitable in each quarter of 2007, but Volvo made a loss," Mr. Gardiner told the news agency. Tata Motors reportedly made a US$2-billion bid for the two luxury brands. According to The Times, auto analysts have<