T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, February 6, 2008, Vol. 9, No. 26 Headlines A U S T R I A ART-DEKOBAU LLC: Vienna Court Orders Business Shutdown GRABNER + CO: Claims Registration Period Ends February 18 HASLER LLC: Claims Registration Period Ends March 12 KLOS KEG: Claims Registration Period Ends February 27 MADZAR LLC: Claims Registration Period Ends March 27 MAYRHOFER & PARTNER: Linz Court Orders Business Shutdown PAMI LLC: Vienna Court Orders Business Shutdown QUICK-TRANS: Vienna Court Orders Business Shutdown W. U. H. HAMMER: Claims Registration Period Ends February 8 B E L G I U M SOLUTIA INC: Inks Settlement Agreement to Resolve EPA Claim SOLUTIA INC: Formally Asks US$2 Bln Exit Funding from Citigroup G E R M A N Y A H A SANITSTSHAUS: Claims Registration Period Ends February 29 APK WOLRDWIDE: Claims Registration Period Ends February 29 AUTOHAUS LINZ: Claims Registration Period Ends February 29 BACKSTUEBERL ALTINGER: Claims Registration Ends March 1 C-BUSINESS: Claims Registration Period Ends February 28 CB MEZZCAP: S&P Lowers Rating on Class E Notes to B- CMT HANDELS-GMBH: Claims Registration Ends March 1 ERSTE BERLINER: Claims Registration Ends March 1 EURO HERZ: Claims Registration Period Ends February 8 GASTRO-MANUFAKTUR GMBH: Claims Registration Ends February 29 KARL & LOTHAR: Claims Registration Period Ends February 28 KLINIK DR. BOHNEN: Claims Registration Period Ends February 28 KREIS INTEGRIERTE: Claims Registration Ends February 29 MCGLAS GMBH: Claims Registration Period Ends February 8 TG TELECOM: Claims Registration Period Ends February 28 VISTEON CORP: Selling North American Facilities to Centrum WILLI BROEHAN: Claims Registration Period Ends February 29 I R E L A N D ELAN CORP: Kelly Martin Sells Shares Under Stock Trading Plan I T A L Y ALITALIA SPA: Faces EUR1.25 Bln Damages Suit over Malpensa Plan ALITALIA SPA: To Give up Around 180 Milan Malpeansa Slots CARROZZERIA BERTONE: Mr. Reviglio Pulls Out from Takeover Plan DANA CORP: Emerges from Chapter 11 Protection Effective Jan. 31 K A Z A K H S T A N AITYMAN NUR AMAN: Proofs of Claim Deadline Slated for March 4 ALLIANCE-NS LLP: Creditors Must File Claims by March 4 KOLOS LLP: Claims Registration Ends March 4 MORTGAGE GUARANTEE: S&P Affirms BB Long-Term Credit Rating TRUBOMONTAGE LLP: Creditors' Claims Due on March 4 ZAPADREGION SB: Claims Filing Period Ends March 4 K Y R G Y Z S T A N CENTER PO: Creditors Must File Claims by February 15 P O L A N D PRIMA CHARTER: Grzegorz Gniady Dismissed from Supervisory Board R U S S I A BLOCK CJSC: Bankruptcy Hearing Slated for April 10 DALCOMBANK: Fitch Lifts Rating to B+ and Removes Positive Watch KOLDO LLC: Court Starts Bankruptcy Supervision Procedure KORFOVSKIY LIQUEUR-VODKA: Creditors Must File Claims by March 26 MALKINSKOE GRAIN: Under Bankruptcy Supervision Procedure NATIONAL FACTORING: S&P Revises Outlook to Positive from Stable ROSNEFT OIL: To Repay US$5 Billion Maturing Debt in March ROSNEFT OIL: Inks Memorandum of Cooperation with Vnesheconombank RUSSLAVBANK: Moody's Assigns B3/NP/E+ Global Scale Ratings SISTEMA JSFC: Increases Stake in Dalcombank to 98.65% SEVERSTAL OAO: Selling Siberian Coal Mines to Arcelor Mittal STAROMAYNSK-AGRO-SNAB: Creditors Must File Claims by February 26 TATA MOTORS: January Passenger Car Sales Down 12% S P A I N IM CAJAMAR 6: Fitch Junks EUR50.7 Million Class E Notes S W I T Z E R L A N D ARCADE SHIPPING: Creditors' Liquidation Claims Due by Feb. 13 BIGTYME–LUXURY: Basel-Country Court Starts Bankruptcy Process FRANZ DORIG: Creditors' Liquidation Claims Due by Feb. 14 HALPEN JSC: Creditors' Liquidation Claims Due by Feb. 14 MS-INOVA JSC: Creditors' Liquidation Claims Due by Feb. 14 MONA LISA: Basel-Country Court Starts Bankruptcy Proceedings NEWCO HOLDINGS: Creditors' Liquidation Claims Due by Feb. 14 ORTHO-SCHUH JSC: Creditors' Liquidation Claims Due by Feb. 13 SCB INFORMATIK: Creditors' Liquidation Claims Due by Feb. 14 SWISS WATCH: Creditors' Liquidation Claims Due by Feb. 14 U N I T E D K I N G D O M ALSON CONTROLS: Appoints Administrators from Begbies Traynor ANIXTER INTERNATIONAL: Earns US$70.5 Mln in Fourth Quarter 2007 AURORA COLORS: Taps Joint Administrators from Begbies Traynor BELL CARS: Names Neil Francis Hickling as Liquidator CHRYSLER LLC: Parts Shortage Prompts Closing of Four Facilities CHRYSLER LLC: Total U.S. Sales Decreases 12% to 137,392 Units DURA AUTOMOTIVE: Court Approves US$170MM Replacement Loan FORD MOTOR: January 2008 Sales Decrease 4% to 159,914 FORD MOTOR: Kicks Off 2008 with 9.6% Sales Increase in Canada M.A.P. WOODCRAFT: Appoints Liquidator from Mazars MAXJET AIRWAYS: Gets Go-Signal from Court to Auction Assets NORTHERN ROCK: Board and Virgin Submit Offers; Olivant Withdraws NORTHUMBRIAN TOOL: Brings In Liquidators from Tenon Recovery QUEBECOR WORLD: U.S. Trustee Forms Seven-Member Creditors' Panel QUEBECOR WORLD: Can Use DIP Facility for Lat-Am & Europe Biz SACHSEN FUNDING: S&P Puts Mezzanine & Capital Notes on Default SETMASTERS LTD: Brings In Administrators from Tenon SKYEPHARMA PLC: U.S. FDA Extends Review Period for Requip XLTM SPEED 9404: Appoints Smith & Williamson as Administrators WEATHERWISE LTD: Taps Begbies Traynor to Administer Assets ********* ============= A U S T R I A ============= ART-DEKOBAU LLC: Vienna Court Orders Business Shutdown ------------------------------------------------------ The Trade Court of Vienna entered Dec. 19, 2007 an order shutting down the business of LLC Art-Dekobau (FN 239249m). Court-appointed estate administrator Helmut Platzgummer 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. Helmut Platzgummer c/o Dr. Wolfgang Leitner Kohlmarkt 14 1010 Vienna Austria Tel: 533 19 39 Fax: 533 19 39 39 E-mail: helmut.platzgummer@lp-law.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 14, 2007 (Bankr. Case No 6 S 164/07w). Wolfgang Leitner represents Dr. Platzgummer in the bankruptcy proceedings. GRABNER + CO: Claims Registration Period Ends February 18 --------------------------------------------------------- Creditors owed money by LLC Grabner + Co (FN 259081b) have until Feb. 18, 2008 to file written proofs of claim to court-appointed estate administrator Bernd Widerin at: Mag. Bernd Widerin Rathausgasse 6 6700 Bludenz Austria Tel: 05552/650 930 Fax: 05552/650936 E-mail: rechtsanwaelte@widerin.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Feb. 28 for the examination of claims. The meeting of creditors will be held at: The Land Court of Feldkirch Meeting Room 45 First Floor Feldkirch Austria Headquartered in Buers, Austria, the Debtor declared bankruptcy on Jan. 8, 2008 (Bankr. Case No. 14 S 49/07d). HASLER LLC: Claims Registration Period Ends March 12 ---------------------------------------------------- Creditors owed money by LLC Hasler (FN 75804b) have until March 12, 2008 to file written proofs of claim to court- appointed estate administrator Martina Simlinger-Haas at: Dr. Martina Simlinger-Haas Reisnerstrasse 31 1030 Vienna Austria Tel: 713 99 46 Fax: 713 99 46 22 E-mail: ra.reisnerstr31@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on March 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 Jan. 8, 2008 (Bankr. Case No. 4 S 2/08h). KLOS KEG: Claims Registration Period Ends February 27 ----------------------------------------------------- Creditors owed money by KEG Klos (FN 203320a) have until Feb. 27, 2008 to file written proofs of claim to court-appointed estate administrator Bernhard Eder at: Dr. Bernhard Eder c/o Dr. Herbert Hochegger Brucknerstrasse 4 1040 Vienna Austria Tel: 505 78 61 Fax: 505 78 619 E-mail: eder@rechtsanwaelte.co.at office@hoch.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on March 12, 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 Jan. 8, 2008 (Bankr. Case No. 3 S 2/08a ). Herbert Hochegger represents Dr. Eder in the bankruptcy proceedings. MADZAR LLC: Claims Registration Period Ends March 27 ---------------------------------------------------- Creditors owed money by LLC Madzar (FN 238285w) have until March 27, 2008 to file written proofs of claim to court- appointed estate administrator Hans Rant at: Dr. Hans Rant c/o 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 9:30 a.m. on March 12, 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 Jan. 8, 2008 (Bankr. Case No. 3 S 1/08d). Kurt Freyler represents Dr. Rant in the bankruptcy proceedings. MAYRHOFER & PARTNER: Linz Court Orders Business Shutdown -------------------------------------------------------- The Land Court of Linz entered Dec. 27, 2007 an order shutting down the business of LLC Mayrhofer & Partner Drucktechnik (FN 264623b). Court-appointed estate administrator Gerhard Rothner 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. Gerhard Rothner Hopfengasse 23 4020 Linz Austria Tel: 66 73 26 0 Fax: 66 73 20 29 E-mail: g.rothner@wildmoser-koch.com Headquartered in Linz, Austria, the Debtor declared bankruptcy on Dec. 21, 2007 (Bankr. Case No 12 S 102/07y). PAMI LLC: Vienna Court Orders Business Shutdown ----------------------------------------------- The Trade Court of Vienna entered Dec. 27, 2007 an order shutting down the business of LLC PAMI (FN 283079v). Court-appointed estate administrator Wolfgang Herzer 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. 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 Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 17, 2008 (Bankr. Case No 6 S 165/07t). Michael Ludwig Lang represents Mag. Herzer in the bankruptcy proceedings. QUICK-TRANS: Vienna Court Orders Business Shutdown -------------------------------------------------- The Trade Court of Vienna entered Dec. 27, 2007 an order shutting down the business of LLC QUICK-TRANS Transport (FN 78632k). Court-appointed estate administrator Walter Kainz 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. 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 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. W. U. H. HAMMER: Claims Registration Period Ends February 8 ----------------------------------------------------------- Creditors owed money by LL W. u. H. Hammer (FN 59598w) have until Feb. 8, 2008 to file written proofs of claim to court- appointed estate administrator Gerhard Petrowitsch at: Dr. Gerhard Petrowitsch Kadagasse 11 8430 Leibnitz Austria Tel: 03452/82837 Fax: 03452/82837-7 E-mail: office@ra-petrowitsch.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:20 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 St. Georgen an der Stiefing, Austria, the Debtor declared bankruptcy on Dec. 27, 2007 (Bankr. Case No. 26 S 120/07b). ============= B E L G I U M ============= SOLUTIA INC: Inks Settlement Agreement to Resolve EPA Claim ----------------------------------------------------------- Solutia Inc. and the United States Environmental Protection Agency have reached an agreement to settle a US$9,800,000 environmental claim -- Claim No. 11276 -- asserting contamination charges of an industrial site on Ferry Street in St. Louis, Missouri. If approved by the U.S. Bankruptcy Court for the Southern District of New York, federal environmental regulators will have an allowed Class 13 General Unsecured Claim against Solutia for US$3,600,000. The Allowed EPA Claim and its remaining portions will be treated in accordance with Solutia's Consensual Plan of Reorganization, as confirmed on Nov. 29, 2007. The EPA filed on Oct. 8, 2002, a cause of action in the United States District Court for the Eastern District of Missouri - Eastern Division, captioned United States v. Mallinckrodt Inc., et al, Civil Action No. 4:02CV2599-ERW. EPA named Solutia as defendant in the Suit as an alleged successor to the liability of Solutia's parent company, Monsanto Company, pursuant to Section 107 of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. Section 9607, as amended. EPA subsequently filed Claim No. 11276 asserting a claim for, among other things, reimbursement from Solutia for all response costs incurred in connection with the release or threatened release of hazardous substances at the Great Lakes Container Corporation Site in St. Louis. Solutia adopted the contamination from Monsanto, which allegedly shipped dirty chemical barrels for reconditioning to the site. In accordance with the terms of the Settlement, the EPA lodged on Jan. 28, 2008, a notice of consent decree with the Missouri District Court. For 30 days after the publication of the Notice, the Department of Justice will receive comments relating to the Consent Decree. Comments should be addressed to the Assistant Attorney General at Environment and Natural Resources Division. Moreover, the proposed consent decree may be examined at the office of the United States Attorney, and at the EPA Region VII Office in Kansas City. The Settlement is not, and will not be, construed as an admission of liability with respect to the claims asserted or any other claim. The Settlement is subject to bankruptcy and federal court approvals. About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, 2007, the Court confirmed the Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No. 116; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter-Europe on Dec. 11, 2007, Standard & Poor's Ratings Services assigned its 'B+' loan rating to Solutia Inc.'s (D/--/--) proposed US$1.2 billion senior secured term loan and a '3' recovery rating, indicating the likelihood of a meaningful (50%-70%) recovery of principal in the event of a payment default. The ratings are based on preliminary terms and conditions. S&P also assigned its 'B-' rating to the company's proposed US$400 million unsecured notes. Standard & Poor's expects to assign its 'B+' corporate credit rating to Solutia if the company and its subsidiaries emerge from Chapter 11 bankruptcy proceedings in early 2008 as planned. S&P expect the outlook to be stable. SOLUTIA INC: Formally Asks US$2 Bln Exit Funding from Citigroup --------------------------------------------------------------- Solutia Inc. has provided a formal demand of its US$2,000,000,000 exit facility commitment letter to the lead arrangers -- Citigroup Global Markets Inc., and certain of its affiliates, Goldman Sachs Credit Partners LP, Deutsche Bank Trust Company Americas and Deutsche Bank Securities Inc. -- to close and fund their respective commitments by Feb. 6, 2008. Solutia said in a statement last week that it could not emerge from Chapter 11 on Jan. 25, 2008, as planned, because the Commitment Parties were unable to syndicate new financing. Rosemary L. Klein, Solutia Inc.'s senior vice president, general counsel and secretary, relates in a regulatory filing with the Securities and Exchange Commission that, in their January 30 response, the Commitment Parties reiterated their previously stated position that there has been an adverse change since the date of the commitment letter -- Oct. 25, 2007 -- in the loan syndication, financial or capital markets that, in their reasonable judgment materially impairs syndication of the loan facilities that they committed to fund. Definitive documentation for the senior bridge facility component of the commitment also needs to be finalized prior to closing. According to Ms. Klein, Solutia believes that the Commitment Parties are required to fund their commitments on February 6, 2008, pursuant to Solutia's demand and that the Commitment Parties have breached their obligations under the commitment letter in refusing to do so. The Commitment Letter expires Feb. 29, 2008. "We're still hopeful that we will be able to work through matters" with these banks, said Solutia spokesman Dan Jenkins, according to STLtoday.com. "At the same time, we're exploring other alternatives." About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, 2007, the Court confirmed the Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No. 116; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter-Europe on Dec. 11, 2007, Standard & Poor's Ratings Services assigned its 'B+' loan rating to Solutia Inc.'s (D/--/--) proposed US$1.2 billion senior secured term loan and a '3' recovery rating, indicating the likelihood of a meaningful (50%-70%) recovery of principal in the event of a payment default. The ratings are based on preliminary terms and conditions. S&P also assigned its 'B-' rating to the company's proposed US$400 million unsecured notes. Standard & Poor's expects to assign its 'B+' corporate credit rating to Solutia if the company and its subsidiaries emerge from Chapter 11 bankruptcy proceedings in early 2008 as planned. S&P expect the outlook to be stable. ============= G E R M A N Y ============= A H A SANITSTSHAUS: Claims Registration Period Ends February 29 --------------------------------------------------------------- Creditors of A H A Sanitstshaus Eppendorf GmbH have until Feb. 29, 2008, to register their claims with court-appointed insolvency manager Dr. Dietmar Penzlin. Creditors and other interested parties are encouraged to attend the meeting at 9:35 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 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: Dr. Dietmar Penzlin Rathausstrasse 2 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against A H A Sanitätshaus Eppendorf GmbH on Jan. 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: A H A Sanitstshaus Eppendorf GmbH Eppendorfer Landstrasse 58 20249 Hamburg Germany APK WOLRDWIDE: Claims Registration Period Ends February 29 ---------------------------------------------------------- Creditors of APK Wolrdwide Travel GmbH have until Feb. 29, 2008, to register their claims with court-appointed insolvency manager Hendrik Rogge. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 31, 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: Hendrik Rogge Haferweg 22 22769 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against APK Wolrdwide Travel GmbH on Jan. 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: APK Wolrdwide Travel GmbH Attn: Andreas Peter Krueger, Manager Desenisstrasse 54 22083 Hamburg Germany AUTOHAUS LINZ: Claims Registration Period Ends February 29 ---------------------------------------------------------- Creditors of Autohaus Linz GmbH have until Feb. 29, 2008, to register their claims with court-appointed insolvency manager Andreas Rohe. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on March 31, 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: Andreas Rohe Kamigstrasse 2 17373 Ueckermuende Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Autohaus Linz GmbH on Jan. 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Linz GmbH Travertinstrasse 1 17036 Neubrandenburg Germany BACKSTUEBERL ALTINGER: Claims Registration Ends March 1 ------------------------------------------------------- Creditors of Backstueberl Altinger GmbH have until March 1, 2008 to register their claims with court-appointed insolvency manager Rolf G. Pohlmann. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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 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: Rolf G. Pohlmann Rosental 6 80331 Munich Germany Tel: (089)548033-0 Fax: (089)548033-111 The District Court of Munich opened bankruptcy proceedings against Backstueberl Altinger GmbH on Jan. 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Backstueberl Altinger GmbH Attn: Stephan Altinger, Manager Lerchenstr. 14 80995 Munich Germany C-BUSINESS: Claims Registration Period Ends February 28 ------------------------------------------------------- Creditors of c-business Unternehmensberatung GmbH have until Feb. 28, 2008 to register their claims with court-appointed insolvency manager Herbert Feigl. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Halle-Saalkreis Hall 1.043 Judicial Center Thueringer Str. 16 06112 Halle 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: Herbert Feigl Hansering 1 D 06108 Halle Germany Tel: 0345/212220 Fax: 0345/2122222 The District Court of Halle-Saalkreis opened bankruptcy proceedings against c-business Unternehmensberatung GmbH on Jan. 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: c-business Unternehmensberatung GmbH Pfaffengrund 5 06193 Sennewitz Germany CB MEZZCAP: S&P Lowers Rating on Class E Notes to B- ---------------------------------------------------- Standard & Poor's Ratings Services has removed from CreditWatch with negative implications and lowered its ratings on the class B, C, D, and E notes issued by CB MezzCAP Limited Partnership, a German SME CLO transaction. At the same time, the 'AAA' rated class A notes were placed on CreditWatch negative. These rating actions follow a full review of the transaction. The actions take into account the latest insolvency in the portfolio, ODS Optical Disk Services GmbH, and its effect on the structure. ODS is one of the SMEs in the underlying portfolio to which the issuer made cash advances. The portfolio analysis relies on updated probabilities of default for each company in the portfolio, which were quantitatively derived by using CreditRiskTracker and running 2006 year-end financials. "Based on the most recent information made available to us, the portfolio credit quality has significantly decreased. Furthermore, we have to assume that ODS's insolvency will have a severe effect on the level of losses incurred by the issuer under its participation right," said credit analyst Viktor Milev. ODS had issued a EUR6 million profit participation right to CB MezzCAP and filed for insolvency on Oct. 5, 2007. The default of the company triggered a principal deficiency event in the transaction, and consequently the EUR6 million exposure was credited to the principal deficiency ledger. "Whether or not a recovery will be achieved, and what the potential level of that recovery could be, depends on further insolvency proceedings," Mr. Milev added. At the moment, we can only assume a minimal recovery rate due to the deeply subordinated nature of the participation right. We will continue to monitor the insolvency proceedings and remain in close contact with the financial adviser and transaction monitor to obtain the latest available information on the recovery process." As of the Jan. 25, 2008 payment date, the PDL in the transaction was EUR15.83 million. The actual clearance of the PDL will depend on the availability of future excess spread and on potential recoveries received. The portfolio's future performance will be crucial for a full clearance of the PDL before the scheduled maturity date in January 2013. "In our analysis, which included credit and cash flow modeling of the transaction, we assumed a minimal recovery on the last two defaulted entities, Erich Rohde KG and ODS. Our CDO Evaluator was applied to derive updated scenario default rates at the various rating levels. This modeling relied on the updated probabilities of default and took into account the remaining term until maturity of the underlying participation rights," concluded Mr. Milev. CB MezzCAP Limited Partnership EUR199.5 Million Floating-Rate Notes Ratings Removed from CreditWatch With Negative Implications And Lowered Rating ------ Class To From ----- -- ---- B BBB AA/Watch Neg C BB A/Watch Neg D B BBB-/Watch Neg E B- BB-/Watch Neg Rating Placed On CreditWatch With Negative Implications Rating ------ Class To From ----- -- ---- A AAA/WatchNeg AAA CMT HANDELS-GMBH: Claims Registration Ends March 1 -------------------------------------------------- Creditors of CMT Handels-GmbH have until March 1, 2008 to register their claims with court-appointed insolvency manager Dr. Christoph Schulte-Kaubruegger. Creditors and other interested parties are encouraged to attend the meeting at 9:20 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 Dortmund Meeting 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 during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christoph Schulte-Kaubruegger Koenigswall 21 44137 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against CMT Handels-GmbH on Jan. 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CMT Handels-GmbH Attn: Elisabeth Weidlich, Manager Olpketalstrasse 106 44229 Dortmund Germany ERSTE BERLINER: Claims Registration Ends March 1 ------------------------------------------------ Creditors of Erste Berliner Kittfabrik Gustav Busch & Co GmbH have until March 1, 2008 to register their claims with court- appointed insolvency manager Dr. Dirk Wittkowski. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 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: Dr. Dirk Wittkowski Kirchblick 11 14129 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Erste Berliner Kittfabrik Gustav Busch & Co GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Erste Berliner Kittfabrik Gustav Busch & Co GmbH Josef-Orlopp-Str. 89 10365 Berlin Germany EURO HERZ: Claims Registration Period Ends February 8 ----------------------------------------------------- Creditors of Euro Herz GmbH have until Feb. 8, 2008 to register their claims with court-appointed insolvency manager Carin Hoesel-Eichinger. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on March 14, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Ansbach Meeting Room 1 Promenade 8 91522 Ansbach 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: Carin Hoesel-Eichinger Aussere Sulzbacher Str. 155 90491 Nuremberg Germany Tel: 0911/586178-0 Fax: 0911/586178-20 The District Court of Ansbach opened bankruptcy proceedings against Euro Herz GmbH on Jan. 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Euro Herz GmbH Elisabethenstr. 8 91583 Schillingsfuerst Germany GASTRO-MANUFAKTUR GMBH: Claims Registration Ends February 29 ------------------------------------------------------------ Creditors of Gastro-Manufaktur GmbH have until Feb. 29, 2008 to register their claims with court-appointed insolvency manager Rosemarie Lankes. Creditors and other interested parties are encouraged to attend the meeting at 3:10 p.m. on March 17, 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 Amberg Room 115 Meeting Hall V First Stock Baustadelgasse 1 Amberg 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: Rosemarie Lankes Dr.-Valentin-Koch-Strasse 12 93413 Cham Germany Tel: 09971/994045 Fax: 09971/994046 The District Court of Amberg opened bankruptcy proceedings against Gastro-Manufaktur GmbH on Jan. 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gastro-Manufaktur GmbH Friedrich Ebert Strasse 55 92421 Schwandorf Germany KARL & LOTHAR: Claims Registration Period Ends February 28 ---------------------------------------------------------- Creditors of Karl & Lothar Grueter GmbH & Co. KG have until Feb. 28, 2008 to register their claims with court-appointed insolvency manager Christoph Schulte-Kaubruegger. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on March 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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 during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christoph Schulte-Kaubruegger Koenigswall 21 44137 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against Karl & Lothar Grueter GmbH & Co. KG on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Karl & Lothar Grueter GmbH & Co. KG Kloecknerstr. 55 44577 Castrop-Rauxel Germany KLINIK DR. BOHNEN: Claims Registration Period Ends February 28 -------------------------------------------------------------- Creditors of Klinik Dr. Bohnen GmbH have until Feb. 28, 2008 to register their claims with court-appointed insolvency manager Henning Jung. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Wolfsburg Hall D Rothenfelder Strasse 43 38440 Wolfsburg 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: Henning Jung Thiestr. 5 38226 Salzgitter Germany Tel: 05341/8660900 Fax: 05341/8660909 E-mail: H.Jung@leonhardt-westhelle.eu The District Court of Wolfsburg opened bankruptcy proceedings against Klinik Dr. Bohnen GmbH on Dec. 28, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Klinik Dr. Bohnen GmbH Attn: Reinhard Ebeling, Manager Conringstrasse 26 38350 Helmstedt Germany KREIS INTEGRIERTE: Claims Registration Ends February 29 ------------------------------------------------------- Creditors of Kreis Integrierte Arbeitsplatze GmbH have until Feb. 29, 2008 to register their claims with court-appointed insolvency manager Dr. Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on 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 Friedberg (Hessen) Room 235 Second Floor Homburger Strasse 18 61169 Friedberg (Hessen) 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 am Main Germany Tel: (069) 962334-0 Fax: (069) 962334-22 E-mail: m.plathner@brinkmann-partner.de The District Court of Friedberg (Hessen) opened bankruptcy proceedings against Kreis Integrierte Arbeitsplatze GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kreis Integrierte Arbeitsplatze GmbH Attn: Reinhold Harst, Manager Philipp-Reis-Strasse 1 63674 Altenstadt Germany MCGLAS GMBH: Claims Registration Period Ends February 8 ------------------------------------------------------- Creditors of McGlas GmbH have until Feb. 8, 2008 to register their claims with court-appointed insolvency manager Christian Frystatzki. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on March 4, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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. Christian Frystatzki Sankt Augustiner Str. 94 a 53225 Bonn Germany Tel: 022840094160 Fax: +4922840094179 The District Court of Cologne opened bankruptcy proceedings against McGlas GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: McGlas GmbH Attn: Stephan Mayer, Manager Daimlerstr. 3 50374 Erftstadt Germany TG TELECOM: Claims Registration Period Ends February 28 ------------------------------------------------------- Creditors of tg Telecom Germania GmbH have until Feb. 28, 2008, to register their claims with court-appointed insolvency manager Herbert Feigl. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 Stendal Hall 411 Albrecht der Bar Scharnhorststrasse 40 39576 Stendal 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: Herbert Feigl Hansering 1 D 06108 Halle Germany Tel: 0345/212220 Fax: 0345/2122222 The District Court of Stendal opened bankruptcy proceedings against tg Telecom Germania GmbH on Jan. 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: tg Telecom Germania GmbH Breite Strasse 32a 06108 Halle Germany VISTEON CORP: Selling North American Facilities to Centrum ---------------------------------------------------------- Visteon Corporation has sold its non-core North American-based aftermarket underhood and remanufacturing facilities to Centrum Equities XV LLC, an affiliate of Centrum Properties Inc. The operations sold include a manufacturing plant in Sparta, Tennessee, and two plants in Reynosa, Mexico. Specific terms of the transaction were not disclosed. The sale does not include aftermarket mobile electronics products, which Visteon maintains as part of its electronics group. "This transaction is another step in our plan to restructure, improve and grow our business by focusing on strategic product lines, including advanced climate, interiors and electronics products," Donald J. Stebbins, Visteon president and chief operating officer, said. "We are pleased to be acquiring this business as part of our growth strategy," Terry Howard, chief executive officer of Centrum Equities XV LLC, said. "We are excited about this investment and look forward to future growth opportunities across the automotive aftermarket." Visteon's Sparta, Tennessee, facility known as LTD Parts, manufactures starters and alternators for aftermarket customers. The two Reynosa, Mexico, facilities manufacture aftermarket climate products -- including radiators, compressors and condensers -- and also remanufacture steering pumps and gears. About Centrum Properties Inc. Headquartered in Chicago, Illinois, Centrum Properties Inc. -- http://www.centrumproperties.com/-- is a 25-year-old full service real estate firm that specializes in the development of distinctive residential and commercial properties. About Visteon Corporation Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC) -- http://www.visteon.com/-- is a global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic, and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. The company's other corporate offices are in Shanghai, China; and Kerpen, Germany. The company has facilities in 26 countries and employs approximately 43,000 people. * * * Moody's Investor Service placed Visteon Corp.'s long term corporate family and probability of default ratings at 'B3' in November 2006. The ratings still hold to date with a negative outlook. WILLI BROEHAN: Claims Registration Period Ends February 29 ---------------------------------------------------------- Creditors of Willi Broehan Baugeschaft GmbH & Co. KG have until Feb. 29, 2008, to register their claims with court-appointed insolvency manager Gregor Schoene. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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: Gregor Schoene Haferweg 22 D 22769 Hamburg Germany Tel: 040/8971 86-0 Fax: 040/8971 86-11 The District Court of Tostedt opened bankruptcy proceedings against Willi Broehan Baugeschaft GmbH & Co. KG on Jan. 8, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Willi Broehan Baugeschaft GmbH & Co. KG Attn: Malte Broehan, Manager Friedhofsweg 7 21614 Buxtehude Germany ============= I R E L A N D ============= ELAN CORP: Kelly Martin Sells Shares Under Stock Trading Plan ------------------------------------------------------------- Kelly Martin, president and CEO of Elan Corporation plc, has sold shares under a pre-arranged stock trading plan established in accordance with Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended. The plan allows for the exercise of stock options for ordinary shares of Elan and the sale of those shares in a systematic manner. Mr. Martin adopted the plan in May 2006. This was the first sale made under the plan. Additional sales may occur in the future pursuant to the terms of the plan. In addition, Dr. Lars Ekman, who retired as President of Research and Development on December 31, 2007, and who continues as an advisor and a member of the board of directors and chairman of the science & technology committee of the board, has also entered into a pre-arranged stock trading plan established in accordance with Rule 10b5-1. Dr. Ekman's plan allows for the exercise of stock options for ordinary shares of Elan and the sale of those shares in a systematic manner on up to six occasions between late February 2008 and December 31, 2009, at which date all of Dr. Ekman's current options will expire. The first sale of 125,000 Elan ordinary shares by Dr. Ekman is expected to occur in late February 2008. SEC Rule 10b5-1 allows corporate executives to establish pre- arranged plans to sell a specified number of shares of company stock in accordance with a plan schedule. These plans permit executives to change their investment portfolio gradually. This minimizes the market effects of stock sales by spreading sales out over a more extended period of time rather than carrying out sales during limited trading windows following quarterly earnings announcements. It also avoids concerns about initiating stock transactions while the executive may be aware of material nonpublic information. Once a plan is established, the executive does not retain or exercise any discretion over sales of stock under the plan, and the pre-planned trades can be executed at later dates as set forth in the plan, without regard to any subsequent material nonpublic information that the executive might receive. About the Company Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. * * * As reported in the TCR-Europe on Oct. 15, 2007, Standard & Poor's Ratings Services revised its outlook on Elan Corp. PLC to positive from stable and affirmed the ratings on the company and its subsidiaries, including the 'B' corporate credit rating. ========= I T A L Y ========= ALITALIA SPA: Faces EUR1.25 Bln Damages Suit over Malpensa Plan --------------------------------------------------------------- SEA S.p.A. has filed a EUR1.5 billion damages suit against Alitalia S.p.A. over the carrier's decision to downscale its operations at Milan's Malpensa airport, Thomson Financial reports. "We have decided to act legally against Alitalia to obtain damages for the very serious damage deriving from the behaviour of the airline," SEA chairman Giuseppe Bonomi told Thomson Financial. "The action is a duty under our obligations to our company and its shareholders." Mr. Bononi said Alitalia violated a hub partnership agreement and contracts with SEA and its SEA Handling unit, Thomson Financial relates. Mr. Bononi noted that SEA designed and developed Malpensa as Alitalia required in terms of infrastructures, facilities and organization, Agenzia Giornalistica Italia reports. However, Mr. Bononi added, the investments are rendered useless by Alitalia's downscale plan. According to Mr. Bononi, Alitalia's downscale plan will cut traffic at Malpensa by 6 million passengers and will reduce the airport's results by EUR70 million, Thomson Financial says. The SEA chairman said the airport operator is finding ways to contain its losses in 2008 and 2009. 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. ALITALIA SPA: To Give up Around 180 Milan Malpeansa Slots --------------------------------------------------------- Alitalia S.p.A. will release around 180 of its 357 slots at Milan's Malpensa airport as part of its downscale strategy, Thomson Financial reports, citing an official at Italian slot coordinator Assoclearance. Alitalia said the slots are unused ones during the summer season, which starts March 30, 2008, and ends Oct. 25, 2008. The Assoclearance official, however, stressed that the released slots are not for sale. 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. CARROZZERIA BERTONE: Mr. Reviglio Pulls Out from Takeover Plan -------------------------------------------------------------- Domenico Reviglio cancelled his plan to takeover Carrozzeria Bertone S.p.A. after Chairman Lilli Bertone failed to commit to removing part of the agreement from the contract, the Financial Times reports, citing Il Sole 24 Ore as its source. This left the unions representing staff at Carrozzeria Bertone, although not necessarily supportive of Mr. Reviglio’s takeover, at fear over the future of Bertone. The unions are hoping that a court hearing on Feb. 8, 2008, will put Carrozzeria Bertone into administration to reactivate the temporary layoff fund for workers, otherwise the company faces insolvency, Financial Times says. As previously reported in the TCR-Europe on Jan. 18, 2008, Ms. Bertone disclosed on Jan. 1, 2008, that she plans to sell the company to Mr. Reviglio, the founder and president of Gruppo Prototipo, best known as owner of Nardo test track. Carrozzeria Bertone's 1,300 strong-workforce is currently paid under a state funded scheme, which expired on Dec. 31, 2007. Headquarterd in Turin, Italy, Carrozzeria Bertone S.p.A. -- http://www.bertone.it/-- manufactures car for the Bertone Group. The company does the product and process engineering for all of its products and handles the entire manufacturing cycle. As previously reported in the Troubled Company Reporter-Europe, Bertone filed for bankruptcy protection in November 2007 after accumulating EUR37.3 million in losses for the past three years. Bertone filed for concordato preventivo -- similar to a Chapter 11 bankruptcy petition in the U.S. -- which prevents creditors to collect payments while the company reorganizes. The filing foresees Bertone's management overseeing the reorganization. The company, however, excluded its design, engineering and glass businesses from the filing. DANA CORP: Emerges from Chapter 11 Protection Effective Jan. 31 --------------------------------------------------------------- Dana Corporation and its debtor-affiliates have notified the U.S. Bankruptcy Court for the Southern District of New York that their Third Amended Joint Plan of Reorganization is deemed effective as of January 31, 2008, after satisfying or waiving each of the conditions precedent to the effectiveness of the Plan, Corine Ball, Esq., at Jones Day, in New York, relates. Dana Corp., starting on the Effective Date, will operate as Dana Holding Corporation. Dana's Statement Dana Holding Corporation is emerging from Chapter 11 reorganization as a new company positioned to compete vigorously in the global automotive, commercial vehicle, and off-highway markets. Dana's U.S. operations entered Chapter 11 on March 3, 2006. During a comprehensive, 23-month reorganization, the company and its stakeholders achieved US$440 million to US$475 million in annual cost savings and revenue improvements. These annual savings were achieved primarily from improvements in its manufacturing footprint, reducing labor costs and benefit changes, working with labor and retiree groups to create VEBA trusts to assume ongoing obligations for retiree health and welfare costs, and further reductions in administrative expenses. "Fundamental change has been our objective from the outset of this process," said Mike Burns. "We have achieved this goal through the persistence and dedication of our employees around the world, the partnerships with our labor unions, and the ongoing confidence and support of our customers and suppliers. Mr. Burns, who served as Dana's Chairman and CEO since 2004 and will remain with the company for a transition period, added, "I am proud of our emergence today and what the people of Dana have accomplished during the restructuring process. Our actions were necessary for the future of the company. And we achieved our goal while maintaining a strong focus on taking care of our customers. This is the right time for a change, and I am convinced that the company and its new leadership are poised for success." John Devine as Chairman and Acting CEO In conjunction with emergence, Dana's new Board of Directors has elected John Devine executive chairman and acting CEO. Mr. Devine is the former vice chairman and chief financial officer of General Motors Corporation, where he served from 2001 to mid- 2006. Prior to joining GM, Mr. Devine served as chairman and chief executive officer of Fluid Ventures, LLC. Previously, he spent 32 years at Ford Motor Company, where he last served as executive vice president and chief financial officer. Mr. Devine is also a board member of Amerigon Incorporated. "I'm pleased to join the Dana team, particularly on this important day for our company and all of its stakeholders," said Mr. Devine. "The reorganization achieved by Dana and its people has positioned us to emerge as a more competitive company. We will be focused on the goal of returning Dana to a leadership position in our industry." Investment Programs Dana obtained US$2,000,000,000 in exit financing through an effort led by Citigroup Global Markets Inc., Lehman Brothers Inc., and Barclays Capital. Despite difficult credit market conditions, the company was able to secure exit financing. The financing consists of a US$650 million asset-based revolving credit facility and a US$1,350 million term loan facility. Proceeds from the facility will be used by Dana to repay its debtor-in-possession credit facility, make other payments required upon exit from bankruptcy, and provide liquidity to fund new product programs and other investments. Common Stock Begins Trading on NYSE Effective Feb. 1, 2008, common stock in the new company will begin trading on the New York Stock Exchange under the symbol DAN. Shares of Dana Corporation common stock that had most recently traded over the counter under the symbol DCNAQ have been canceled and will no longer trade. Dana Provides Documents to Lexington Entities Lexington Dry Ridge Corp., Lexington Elizabethtown 730 Corp., Lexington Kalamazoo L.P., Lexington Owensboro Corp., LSAC Crossvilee, L.P., and Lexington Tennessee Holdings, L.P., owners of eight properties that are subject to assignment under the Plan, have previously asked sufficient financial information from the Debtors so that they may properly and adequately evaluate each of the assignee's ability to perform all obligations the leases to be assigned to it. The Debtors told the Court that they have presented certain financial information to the Lexington Entities under existing confidentiality agreements. The Debtors said they intend to present the information to the Court as evidence of the Assignees' ability to perform their future obligations under the Leases. The Financial Information, however, include confidential and commercially sensitive data, including balance sheets and financial projections for certain of the Debtors' subsidiaries, the Debtors' counsel, Corinne Ball, Esq., at Jones Day, in New York, said. The Debtors thus ask the Court's authority to file any of the Financial Information under seal. The Lexington Entities filed with the Court a response to the Debtors' Notice of Service. The response, however, was filed under seal. In another filing, a lessor who has objected to the Debtors' proposed cure amount, Claim Management Services, Inc., withdrew its cure amount objection. About Dana Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/ -- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. Judge Burton Lifland of the U.S. Bankruptcy Court for the Southern District of New York entered an order confirming the Third Amended Joint Plan of Reorganization of the Debtors on Dec. 26, 2007. (Dana Corporation Bankruptcy News, Issue No. 70; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). =================== K A Z A K H S T A N =================== AITYMAN NUR AMAN: Proofs of Claim Deadline Slated for March 4 ------------------------------------------------------------- LLP Aityman Nur Aman has declared insolvency. Creditors have until March 4 to submit written proofs of claims to: LLP Aityman Nur Aman Micro District 28, 36-52 Aktau Mangistau Kazakhstan ALLIANCE-NS LLP: Creditors Must File Claims by March 4 ------------------------------------------------------ LLP Alliance-NS has declared insolvency. Creditors have until March 4 to submit written proofs of claims to: LLP Alliance-NS Furmanov Str. 11/1 Astana Kazakhstan KOLOS LLP: Claims Registration Ends March 4 ------------------------------------------- LLP Trade House Kolos has declared insolvency. Creditors have until March 4 to submit written proofs of claims to: LLP Trade House Kolos Novorabochaya Str. 4 Ust-Kamenogorsk East Kazakhstan Kazakhstan MORTGAGE GUARANTEE: S&P Affirms BB Long-Term Credit Rating ---------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB' long-term issuer credit rating on the Mortgage Guarantee Fund of Kazakhstan (JSC). At the same time, the 'kzA+' Kazakhstan national scale rating was affirmed. At the same time, both ratings were removed from CreditWatch with negative implications, where they had been placed on Oct. 2, 2007, and Oct. 9, 2007, respectively, following the lowering of the ratings on the Republic of Kazakhstan (foreign currency BBB-/Stable/A-3; local currency BBB/Stable/A-3; Kazakhstan national scale 'kzAAA'). The outlook is stable. "The CreditWatch removal and affirmation are based on stronger support from the state in the view of current potential difficulties in the real estate market and reiteration of the company's critical role in the implementation of the state- supported housing construction program," said Standard & Poor's credit analyst Felix Ejgel. The ratings on MGFK, which is 100% controlled by Ministry of Finance and the National Bank, reflect its short track record; weak and deteriorating financial performance, arising from the need to increase personnel spending; volatile returns on investments; and a limited scale of operations. Offsetting these constraints are the support MGFK receives from the Kazakh government and the company's sound liquidity. At Jan. 1, 2008, MGFK had no debt. "We expect that strong ongoing explicit support from the central government and a comfortable risk-to-capital ratio will help MGFK withstand the potential emergence of defaults on loans guaranteed by the fund," said Mr. Ejgel. Although MGFK has not been called on its guarantees so far, this could occur with the current pressure on the financial sector as well as the maturing of the mortgage market in Kazakhstan. The ratings on MGFK will likely follow the trend of the ratings on the sovereign. If the Kazakh government enhances support to the company and endorses the company's long-term strategy to reinforce the company's near-monopoly position in the market, it could result in a positive rating action. If the company does not manage its business as expected, however, and the state does not provide for additional increases to the company's capital in its medium-term program, the ratings could come under pressure. TRUBOMONTAGE LLP: Creditors' Claims Due on March 4 -------------------------------------------------- LLP Trubomontage has declared insolvency. Creditors have until March 4 to submit written proofs of claims to: LLP Trubomontage Naberejnaya Str. 11-14 140000, Pavlodar Kazakhstan ZAPADREGION SB: Claims Filing Period Ends March 4 ------------------------------------------------- LLP Zapadregion SB has declared insolvency. Creditors have until March 4 to submit written proofs of claims to: LLP Zapadregion SB Lomonosov Str. 30-2 Aktobe Aktube Kazakhstan =================== K Y R G Y Z S T A N =================== CENTER PO: Creditors Must File Claims by February 15 ---------------------------------------------------- Foreign American LLC Educational Centre Center Po Izucheniyu Yazykov I Kultury has declared insolvency. Creditors have until Feb. 15, 2008 to submit written proofs of claim to: Center Po Izucheniyu Yazykov I Kultury Chui Ave. 142-11 Bishkek Kyrgyzstan Tel: (+996 312) 21-89-10 =========== P O L A N D =========== PRIMA CHARTER: Grzegorz Gniady Dismissed from Supervisory Board --------------------------------------------------------------- Grzegorz Gniady was dismissed as a member of Prima Charter's supervisory board at a general meeting of shareholders on Feb. 3, 2008, the Financial Times reports citing the Polish New Bulletin. Grzegorz Gniady is the deputy chief executive officer of Cash Flow, Prima Charter's largest shareholder. According to the report, shareholders also decided to raise the company's capital to PLN120 million from PLN75.6 million. Cash Flow however, wasn't allowed to participate. The company had filed for bankruptcy but the court discontinued it after an investor group offered a plan to save the company, the report adds. The group, headed by Prima CEO Krzysztof Szymanski, offered to buy two-thirds of Cash Flow's shares in the company for PLN1,1000. The shares have a face value of PLN16.7 million, the report discloses. Cash Flow is said to be considering the group's offer since it would incur costs of around PLN100 million from Prima's insolvency. Prima Charter -- http://www.primacharter.pl/-- is a Polish charter line that offered short and long-range tourist flights. The company ceased operations on on Jan. 16, 2008. =========== R U S S I A =========== BLOCK CJSC: Bankruptcy Hearing Slated for April 10 -------------------------------------------------- The Arbitration Court of Udmurtiya will convene at 9:30 a.m. on April 10, 2008, to hear the bankruptcy supervision procedure on CJSC Building-Assembly Enterprise Block (TIN 1834100100). The case is docketed under Case No. A71-7366/2007-G21. Creditors of the company have to submit their proofs of claim to: A. Galushko Temporary Insolvency Manager 50 Let Oktyabrya Square 2 Izhevsk 426034 Udmurtiya Russia The Court is located at: The Arbitration Court of Udmurtiya Lomonosova Str. 5 Izhevsk 426004 Udmurtiya Russia The Debtor can be reached at: CJSC Building-Assembly Enterprise Block Voroshilova Str. 111a Izhevsk 426053 Udmurtiya Russia DALCOMBANK: Fitch Lifts Rating to B+ and Removes Positive Watch --------------------------------------------------------------- Fitch Ratings upgraded the ratings of Russia's Dalcombank to Long-term Issuer Default 'B+' from 'B-', Support '4' from '5' and National Long-term 'A-' from 'BB-'. These ratings are all removed from Rating Watch Positive, where they were placed on Dec. 19, 2007. Stable Outlooks are assigned to the Long-term IDR and National Long-term rating. The Short- term IDR is affirmed at 'B', and the Individual rating is affirmed at 'E'. These rating actions follow the recent completion of the acquisition of a 98.6% stake in the bank by Sistema JSFC (Sistema, rated 'BB-'/Outlook Stable). The upgrade reflects Fitch's view of Sistema's greater ability to provide DCB with support in case of need, compared to DCB's previous majority shareholders. In December 2007 the bank received subordinated debt of RUR500 million from Sistema, and in third quarter 2008 DCB plans a RUR1 billion share issue, to be partly financed through the conversion of the subordinated debt. DCB is a small-sized Russian bank based in Khabarovsk and with a broad presence in other regions of the far east of Russia. The bank is engaged in both corporate and retail lending, with the latter growing very rapidly. KOLDO LLC: Court Starts Bankruptcy Supervision Procedure -------------------------------------------------------- The Arbitration Court of Khabarovsk commenced bankruptcy supervision procedure on LLC National Fishing Association Koldo. The case is docketed under Case No. A73-9693/2007-9. Creditors of the company have to submit their proofs of claim to: D. Zhalnin Temporary Insolvency Manager Post User Box 74/7 680030 Khabarovsk Russia The Debtor can be reached at: LLC National Fishing Association Koldo Kolkhoznaya Str. 2 Nizhnie Khalby Komsomolskiy Khabarovsk Russia KORFOVSKIY LIQUEUR-VODKA: Creditors Must File Claims by March 26 ---------------------------------------------------------------- Creditors of LLC Korfovskiy Liqueur-Vodka Distillery have until March 26, 2008, to submit proofs of claim to: V. Veselkov Temporary Insolvency Manager Post User Box 6/12 Central Post Office 680000 Khabarovsk Russia The Arbitration Court of Khabarovsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A73-3504/2007-38. The Debtor can be reached at: LLC Korfovskiy Liqueur-Vodka Distillery Lazo Str. 10 Korfovskiy 680504 Khabarovsk Russia MALKINSKOE GRAIN: Under Bankruptcy Supervision Procedure -------------------------------------------------------- The Arbitration Court of Kabardino Balkariya will convene on March 25, 2008, to hear the bankruptcy supervision procedure on OJSC Malkinskoe Grain Receiving Enterprise. The case is docketed under Case No. A20-3139/2007. Creditors of the company have to submit their proofs of claim to: L. Koptelina Temporary Insolvency Manager Orlovskiy Per. 5 129110 Moscow Russia The Debtor can be reached at: OJSC Malkinskoe Grain Receiving Enterprise 433460 Kabardino Balkariya Russia NATIONAL FACTORING: S&P Revises Outlook to Positive from Stable --------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Russian bank National Factoring Company to positive from stable. At the same time, the Russia national scale rating was raised to 'ruBBB+' from 'ruBBB'. At the same time, the 'B-' long-term and 'C' short-term counterparty credit ratings were affirmed. "The outlook revision and national scale upgrade reflect the bank's ongoing improving diversification of clientele, products, and geographic presence," said Standard & Poor's credit analyst Elena Romanova. NFC's continuing to build a longer track record of adequate capitalization and asset quality also benefits the outlook. Moreover the bank's improving risk management function is strengthening risk control and enhancing the risk-reward balance. The ratings reflect NFC's limited business and customer profile, a concentrated, vulnerable short-term funding base; earnings, challenged by squeezing interest margins and higher network costs; and its relatively small asset size in both the Russian and global context. Supporting the ratings are NFC's well-recognized brand and good market position in the fast-developing, niche factoring sector; focused strategy, with a committed, experienced management team; adequate capitalization and asset quality; and improving diversification of clientele, products, and geographic presence. "We expect NFC to expand its business in line with its strategic objectives, while further diversifying its business profile and maintaining adequate capitalization and asset quality," said Ms. Romanova. The ratings already incorporate funding and customer diversification in the medium term; hence, any potential upgrade depends on NFC's ability to strengthen its stand-alone credit and funding profile and continue to build a track record of adequate capitalization, asset quality, and profitability. The ratings could be lowered or the outlook revised back to stable, or even negative, if NFC's growth slows, or if its financial and credit profile markedly deteriorates. The ratings or outlook could also come under pressure if market conditions worsen, leading to a decline in core performance and an accumulation of risks in the factoring portfolio. ROSNEFT OIL: To Repay US$5 Billion Maturing Debt in March --------------------------------------------------------- OAO Rosneft Oil Co. will refinance US$5 billion in maturing debt in March 2008, RosBusinessConsulting reports citing chief financial officer Anton Kozhinov. Mr. Kozhinov told RBC that Rosneft's board has made necessary decision to raise refinancing funds through securing loans and issuing bonds and Eurobonds. US$2.7 billion of Rosneft's debt due March 2008 are part of its bridging loan -- extended by ABN Amro Holding BV, Barclays Plc, BNP Paribas SA, Calyon SA, Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley -- used to finance its acquisition of Yukos assets early 2007. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines, and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is positive. Ratings apply to date. ROSNEFT OIL: Inks Memorandum of Cooperation with Vnesheconombank ---------------------------------------------------------------- OAO Rosneft Oil Co. and the Vnesheconombank on Feb. 4, 2008, signed a Memorandum of Cooperation, which outlines the parties' joint participation in projects aimed at the development of infrastructure, innovative technologies, and diversification of operations to improve crude oil and high quality refined petroleum products exports. According to the Memorandum, Vnesheconombank will conduct due diligence and financial analysis of several of Rosneft's capital-intensive projects, including the Tuapse Refinery upgrade and the construction of an oil pipeline from Rosneft's Vankor development to Transneft's trunk pipeline system in the Yamal-Nenets Autonomous District (Purpe). The Bank will also take part in financing and arranging funding for the Projects. Vankor—Purpe is a 543-kilometer oil pipeline that will connect Rosneft's Vankor development in the Krasnoyarsk Region with Transneft's trunk oil pipelines in Western Siberia. This will facilitate transportation of Vankor crude to Asian-Pacific markets via the planned Eastern Siberia—Pacific pipeline system. The project implementation will facilitate overall economic growth of the Krasnoyarsk Region, will promote integration of Northern Territories with the regional economic growth centers and ensure inflow of private investment into related sectors of the Region's economy. The upgrade of Rosneft's Tuapse Refinery includes the construction of a 12 mmty facility based on the existing facilities. Work completion of Phase 1 is scheduled for 2010 with Phase 2 to follow in 2012. Upon completion of the upgrade, the Tuapse Refinery will become one of the most technologically advanced refineries in the Russian Federation with light product yield of 95%. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines, and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is positive. Ratings apply to date. RUSSLAVBANK: Moody's Assigns B3/NP/E+ Global Scale Ratings ---------------------------------------------------------- Moody's Investors Service assigned these global scale ratings to Russlavbank: -- bank financial strength rating of E+; and -- long-term and short-term local and foreign currency deposit ratings of B3/Not Prime. Concurrently, Moody's Interfax Rating Agency assigned a long- term national scale rating of Baa2.ru to RSB. Moscow-based Moody's Interfax is majority-owned by Moody's, a leading global rating agency. The outlook on the global scale ratings is stable, while the national scale rating carries no specific outlook. According to Moody's and Moody's Interfax, the B3/Not Prime/E+ global scale ratings reflect RSB's global default and loss expectation, while the Baa2.ru national scale rating reflects the standing of the bank's credit quality relative to that of its domestic peers. Moody's notes that RSB is unlikely to receive support from the Russian government in case of distress. The scope and timeliness of the support from the bank's shareholders also remains uncertain. Therefore, RSB's deposit ratings are based solely on its Baseline Credit Assessment of B3/Not Prime. According to Moody's, RSB's ratings are underpinned by relatively good geographical diversification of the bank's business throughout the European part of Russia and its sound profitability indicators. Another positive rating driver is the bank's ownership and operation of the CONTACT payment system, one of the leading and widely spread remittance systems for individuals on the Russian and CIS market. At the same time, the ratings are constrained by RSB's limited market franchise, as relates to conventional banking services for corporate and individual clients, the high level of single-party concentration in the bank's loan book, low diversification of the bank's funding base, weakening capitalization and a material level of related-party business. Moody's notes that an upgrade of RSB's deposit ratings might be possible in the event of a material strengthening of the bank's franchise value and reduction of single-party concentrations in the bank's credit portfolio and funding base, if combined with a consistently good track record of profitability, robust asset quality and sufficient capital adequacy. Conversely, a material deterioration in asset quality, profitability and/or liquidity position could potentially weigh negatively on the bank's BFSR and deposit ratings. Domiciled in Moscow, RSB conducts its conducts its business through a head office, as well as 7 branches and 41 outlets spread throughout the European part of the Russian Federation. In 2000 RSB launched the CONTACT money transfer system which supports remittances in Russian rubles, US dollars and euros. As at year-end 2007 the CONTACT system operated a network of 372 Russian banks and 185 foreign banks and post offices, covered 84 countries and executed annually more than 4.87 million remittance transactions for a total amount exceeding US$2.25 billion. SISTEMA JSFC: Increases Stake in Dalcombank to 98.65% ----------------------------------------------------- Sistema JSFC said on February 4, 2008, that it has increased its stake in Dalcombank, a commercial bank based in the Far East of Russia, from 48.16% to 98.65%. In November 2007, Sistema announced a public offer to acquire the outstanding shares for RUB7.4 per share. The offer expired on Jan. 18, 2008. According to the terms of the offer, Sistema acquired 50.49% additional shares in Dalcombank for a cash consideration of approximately RUB2.64 billion on Jan. 31, 2008. The acquisition of shares in Dalcombank is in line with the development of Sistema's banking group, which presently comprises Moscow Bank for Reconstruction and Development and East-West United Bank. "We have acquired Dalcombank's shares in a multi-stage deal and are now its major stakeholder. The banking business is one of the key "points of growth" for Sistema. We are now present and operating in the Far East which we consider as a strategically important region," Alexander Goncharuk, Sistema president and CEO commented. About Sistema Sistema JSFC (LSE: SSA) -- http://www.sistema.com/-- is the largest private sector consumer services company in Russia and the CIS, with over 65 million customers. Sistema develops and manages market-leading businesses in selected service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. Founded in 1993, Sistema's shares are listed under the symbol 'SSA' on the London Stock Exchange, under the symbol 'AFKS' on the Russian Trading System (RTS), and under the symbol 'SIST' on the Moscow Stock Exchange (MSE). * * * The company carries Moody's Investors Service's BB- rating with a Stable Outlook. SEVERSTAL OAO: Selling Siberian Coal Mines to Arcelor Mittal ------------------------------------------------------------ OAO Severstal is selling its stake in two coal mines in Kemerovo, Western Siberia to Arcelor Mittal for US$650 million, RIA Novosti reports. Arcelor is acquiring Severtal's: * 97.6% stake in Beryozovskaya mine; and * 99.35% stake in Pervomaiskaya mine. "This is a good deal for Severstal, allowing us to focus on the development of existing, strategically important assets, as well as invest in new coal projects," Roman Deniskin, head of Severstal Resurs, the company's mining unit, was quoted by RIA Novosti as saying. The mines produced a total of 1.77 million metric tons of coking coal concentrate in 2007, Severstal told RIA Novosti. About Severstal Headquartered in Cherepovets, Russia, OAO Severstal -- http://www.severstal.com/-- is the country's largest steel producer, with steel production of 17.1 million tons in 2005. The Company owns Severstal North America, the fifth largest integrated steel maker in the U.S. with 2005 production of 2.7 million tons, and Lucchini, Italy's second largest steel group with 2005 production of 3.5 million tons. Severstal is one of the world's lowest cost and most profitable steel producers, with 2005 EBITDA per ton of around EUR150 per ton. * * * As of Dec. 10, 2007, OAO Severstal carries Ba2 Corporate Family, Sneior Unsecured Debt and Probability-of-Default ratings from Moody's Investor Service, which said the the outlook on all ratings is stable. The company also carries BB long-term Foreign and Local Issuer Credit ratings from Standard & Poor's, which said the outlook is stable. Severstal carries BB- Issuer Default and Senior Unsecured ratings from Fitch, which said the outlook is positive. STAROMAYNSK-AGRO-SNAB: Creditors Must File Claims by February 26 ---------------------------------------------------------------- Creditors of OJSC Staromaynsk-Agro-Snab have until Feb. 26, 2008, to submit proofs of claim to: S. Vorobyev Temporary Insolvency Manager Post User Box 67 Cherdakly 433400 Ulyanovsk Russia The Arbitration Court of Ulyanovsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A72-6655/07-29/44-B. The Court is located at: The Arbitration Court of Ulyanovsk Zheleznodorozhnaya Str. 14 432063 Ulyanovsk Russia The Debtor can be reached at: OJSC Staromaynsk-Agro-Snab Mira Str. 12A Staraya Mayna Staromaynskiy 433460 Ulyanovsk Russia TATA MOTORS: January Passenger Car Sales Down 12% ------------------------------------------------- Tata Motors reported a total sale of 54,796 vehicles (including exports) for the month of January 2008, nearly flat compared to 55,440 vehicles sold in January last year. The monthly sales -- both domestic and total (including exports) -- crossed the 50,000 mark for the first time this fiscal. Cumulative sales for the company were flat at 4,61,725 units. Commercial Vehicles The company's sales of commercial vehicles in January 2008 in the domestic market were 30,530 units, a growth of 6% compared to 28,896 vehicles sold in January last year. M&HCV sales stood at 15,633 units, a decline of 8.6% over January 2007, while LCV sales were 14,897 nos., a growth of 26% over January 2007. Cumulative sales of commercial vehicles in the domestic market for the fiscal were 2,46,060 units, a growth of 2% over last year. Cumulative M&HCV sales stood at 1,28,504 units, a decline of 7.8% over last year, while LCV sales for the fiscal were 1,17,556 units, an increase of 16% over last year. Passenger Vehicles The passenger vehicle business achieved tota