T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, February 21, 2008, Vol. 9, No. 37 Headlines A U S T R I A DTP PISCHLOEGER: Claims Registration Period Ends March 17 ERSTE BANK: Moody's Ups Rating on Series 195 Credit Linked Notes GLOBUS REISECENTER: Claims Registration Period Ends March 19 HELIX LIGHTING: Claims Registration Period Ends April 8 VASIC DUSAN: Claims Registration Period Ends March 21 VELIMIROVIC KEG: Claims Registration Period Ends March 18 VMC VERGABE: Claims Registration Period Ends March 18 F I N L A N D M-REAL CORP: Closing Lielahati and Kangas Mills G E R M A N Y AKR LOGISTICS: Claims Registration Ends March 13 AMERICAN AXLE: Net Loss Drops to US$25MM in Qtr. Ended Dec. 31 COLOR & BLACK: Claims Registration Period Ends March 13 COMMERZBANK AG: Moody's Cuts Rating on EUR10 Million Note to Ba2 DACH CAFE: Claims Registration Period Ends March 10 DGE BETEILIGUNGEN: Claims Registration Period Ends March 7 FACTORY SHOES: Claims Registration Ends March 13 FERTIGBETON COLOGNE: Claims Registration Period Ends March 19 GCS VERWALTUNGS: Claims Registration Period Ends March 6 GEOHOCH2 GMBH: Claims Registration Period Ends March 19 HANDWERKER-MASSIVHAUS: Claims Registration Period Ends March 19 KOEHLER & KRENZER: Creditors' Meeting Slated for March 14 LBI LEASING: Claims Registration Ends March 11 MOTEL-CENTER KIRCHHEIM: Creditors' Meeting Slated for March 7 MTE MEERESTECHNIK: Claims Registration Ends March 12 NIBC BANK: Moody's Upgrades Rating on Series 285 Notes PHOENIX KAPITALDIENST: EdW Members Snub Payment to Investors POELER BAU: Claims Registration Period Ends March 7 SCHULTZ GMBH: Claims Registration Period Ends March 18 SIMA NATURSTEINVERARBEITUNG: Claims Registration Ends March 5 SLM VERMARKTUNGS: Claims Registration Ends March 20 SPIRIT - NEUE: Creditors' Meeting Slated for March 5 TTB-BAUTRAGER: Claims Registration Period Ends March 18 VISUART WERBEAGENTUR: Claims Registration Period Ends March 7 WESSELS & COLLEGEN: Claims Registration Period Ends March 11 WESTLB AG: Moody's Ups Ratings on Three Credit Linked Notes WOHN- UND GEWERBEBAU: Claims Registration Period Ends March 7 YEZZ-TELE.COM GMBH: Creditors' Meeting Slated for March 18 ZAGA-RINGCENTER GMBH: Claims Registration Period Ends March 13 I R E L A N D ADVANCED MEDICAL: To Reduce Workforce by 150 Positions DALI CAPITAL: Moody's Ups Rating on RUR7 Billion Notes I T A L Y ALITALIA SPA: Milan Airport Workers Strike vs. Downscale Plan * Fitch Updates Q-IFS Ratings for 22 Italian Insurers K A Z A K H S T A N AEROSERVICE LLP: Creditors Must File Claims by March 21 AGRO PROM: Claims Deadline Slated for March 21 AK BULAK: Claims Filing Period Ends March 21 ATRIUM LTD: Creditors' Claims Due on March 21 DUNHUA LLP: Claims Registration Ends March 21 GEM LLP: Creditors Must File Claims by March 21 JDANOVSKOYE HPP: Claims Deadline Slated for March 21 KAZKOMMERTSBANK: Dismisses Media Speculation Over Share Purchase K Y R G Y Z S T A N ALISED LLC: Creditors Must File Claims by March 11 ELECTRONICS SECURITY: Claims Filing Period Ends March 11 VOSTOCHNAYA GAVAN: Claims Registration Ends March 11 P O L A N D AQUAKONRAD SA: Jelenia Gora Court Ends Bankruptcy Proceedings R U S S I A AGRO-TRADE LLC: Creditors Must File Claims by March 12 APO RASSVET: Kursk Bankruptcy Hearing Slated for April 23 BASKSTROM OJSC: Creditors Must File Claims by March 12 BUILDING LLC: Court Starts Bankruptcy Supervision Procedure CHEBOKSARY-AIR OJSC: Creditors Must File Claims by March 12 FURMANOV-AGRO-PROM-TEKHNIKA: Claims Filing Period Ends March 12 IRKUTSKIY BUSINESS-PARK: Creditors Must File Claims by March 12 KONYSHEVSKIY HEMP: Creditors Must File Claims by March 12 LESNOY CJSC: Orenburg Bankruptcy Hearing Slated for April 15 MOBILE TELESYSTEMS: To Invest RUR73BB in 3G Network by 2020 NOVATEK OAO: Plans to Produce 40% of Russian Gas in Five Years NPK EDIKT: Moscow Bankruptcy Hearing Slated for June 3 OREL-RYB-KHOZ: Creditors Must File Claims by March 12 ROSNEFT OIL: To Refinance US$15 Billion Maturing Debt in 2008 ROSNEFT OIL: Unit Questions Legality of TGK-11 Merger TRUST SMOLENSK-PROM-STROY: Court Starts Bankruptcy Supervision UMNOV LLC: Orenburg Bankruptcy Hearing Slated for March 26 ZARECHYE CJSC: Creditors Must File Claims by March 12 S L O V A K R E P U B L I C US STEEL: Senior VP John Connelly Will Retire at Month's End S P A I N CAIXA D'ESTALVIS: Fitch Cuts Individual Rating to 'C' from 'B/C' CONTSA CORPORACION: Seeks Creditors' Protection S W I T Z E R L A N D INDUSTRIEBERATUNG: Lucerne Court Starts Bankruptcy Proceedings ISKA LLC: Creditors' Liquidation Claims Due by Feb. 25 KREUZ HETTISWIL: Creditors' Liquidation Claims Due by Feb. 25 MITOAKTIV LLC: Creditors' Liquidation Claims Due by Feb. 27 MOMENT INVEST: Zug Court Starts Bankruptcy Proceedings PILATUS GASTRO: Lucerne Court Starts Bankruptcy Proceedings SANDOW LLC: Creditors' Liquidation Claims Due by Feb. 25 STT TELEFONBUCH-VERLAG: Creditors Must File Claims by Feb. 27 TECHNOWARE SWISS: St. Gallen Court Starts Bankruptcy Proceedings ZULFI: Thurgau Court Starts Bankruptcy Proceedings U K R A I N E BEREG LLC: Creditors Must File Claims by March 2 ELECTROHOLDING LLC: Creditors Must File Claims by March 2 MEGANOM LLC: Creditors Must File Claims by March 2 PRESTIGE CENTER: Creditors Must File Claims by March 2 PROYM-INFORM LLC: Creditors Must File Claims by March 2 RONEKS LLC: Creditors Must File Claims by March 2 SANTAL LLC: Creditors Must File Claims by March 2 SOUTH SCIENCE-RESEARCH: Claims Filing Deadline Set February 29 SV-REGION LLC: Creditors Must File Claims by March 2 TECHNOSERVICE OJSC: Creditors Must File Claims by February 29 YUVENTA LLC: Creditors Must File Claims by March 2 U N I T E D K I N G D O M BELLA CUCINA: Michael Young Leads Liquidation Procedure BRECKLAND GARAGES: Brings In Kroll to Administer Assets CALDER CONSTRUCTION: Taps Joint Administrators from PKF CLEAR CHANNEL: Earns US$938.5 Mln in Year Ended Dec. 31, 2007 CLEAR CHANNEL: Extends Key Dates of Senior Notes Tender Offer CHRYSLER LLC: Beats Recovery Plan on Key Metrics, Cerberus Says FARTHING & ROBERTS: Claims Filing Period Ends April 11 GROSVENOR HEALTHCARE: Names Deloitte as Joint Administrators HIFLOW LTD: Brings In Liquidators from Tenon Recovery LEHMAN BROTHERS: Moody's Ups Rating on Series 490 Notes METRONET RAIL: S&P Retains Negative Watch on Bank Loan Ratings NORTHERN ROCK: Unite Wants Job Security from UK Government NORTHERN ROCK: House of Commons Passes Nationalization Bill NORTHERN ROCK: Fitch Cuts Preference Shares' Rating to C QUALITY HOMES: Taps Liquidators from Smith & Williamson SCOTTISH RE: Eroding Credit Quality Spurs Moody's Ratings Review SEA CONTAINERS: Formally Seeks Court Approval for Pensions Pact TRAYCO LTD: Appoints PwC as Joint Administrators * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= DTP PISCHLOEGER: Claims Registration Period Ends March 17 --------------------------------------------------------- Creditors owed money by OEG DTP Pischloeger & Herz (FN 151712g) have until March 17, 2008, to file written proofs of claim to court-appointed estate administrator Aldo Frischenschlager at: Dr. Aldo Frischenschlager Landstrasse 15 4020 Linz Austria Tel: 0732/777238 Fax: 0732/77723811 E-mail: rae@frischenschlager-gallistl.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:30 a.m. on March 31, 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 Jan. 31, 2008 (Bankr. Case No. 12 S 8/08a). ERSTE BANK: Moody's Ups Rating on Series 195 Credit Linked Notes ---------------------------------------------------------------- Moody's Investors Service has taken rating action on the Series 195 credit linked notes issued by Erste Bank der oest Sparkassen AG. Moody's has upgraded the rating on this series of notes: -- Series 195 to Baa3 from Ba1, credit linked to the Republic of Croatia. Moody's said the ratings are being updated to reflect the credit risk of the reference entities to which the notes are linked. The ratings also incorporate the credit risk of the issuer. GLOBUS REISECENTER: Claims Registration Period Ends March 19 ------------------------------------------------------------ Creditors owed money by LLC Globus Reisecenter Reisebuero (FN 152392g) have until March 19, 2008, to file written proofs of claim to court-appointed estate administrator Andreas Alzinger at: Dr. Andreas Alzinger Karntner Ring 12 1010 Vienna Austria Tel: 515 50 333 Fax: 515 50 50 E-mail: a.alzinger@baierboehm.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on April 2, 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. 30, 2008 (Bankr. Case No. 4 S 14/08y). HELIX LIGHTING: Claims Registration Period Ends April 8 ------------------------------------------------------- Creditors owed money by LLC HELIX lighting technology (FN 71162a) have until April 8, 2008, to file written proofs of claim to court-appointed estate administrator Guenther Viehboeck at: Dr. Guenther Viehboeck c/o Mag. Maria-Christina Nau Bahnhofsplatz 1a/Stg.1/Top 5 2340 Moedling Austria Tel: 02236/22 050, 01/ 53 52 453 Fax: 02236/49239, 01/ 53 52 810 E-mail: office@viehboeck.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on April 22, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Guntramsdorf, Austria, the Debtor declared bankruptcy on Jan. 30, 2008 (Bankr. Case No. 11 S 15/08d). Maria-Christina Nau represents Dr. Viehboeck in the bankruptcy proceedings. VASIC DUSAN: Claims Registration Period Ends March 21 ----------------------------------------------------- Creditors owed money by LLC Vasic Dusan Handel & Kleintransport (FN 292358p) have until March 21, 2008, to file written proofs of claim to court-appointed estate administrator Bernhard Eder at: Dr. Bernhard Eder Brucknerstrasse 4 1040 Vienna Austria Tel: 505 78 61 Fax: 505 78 61 9 E-mail: eder@rechtsanwaelte.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on April 4, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 31, 2008 (Bankr. Case No. 28 S 18/08p). VELIMIROVIC KEG: Claims Registration Period Ends March 18 --------------------------------------------------------- Creditors owed money by KEG Velimirovic (FN 244041i) have until March 18, 2008, to file written proofs of claim to court- appointed estate administrator Georg Unger at: Dr. Georg Unger Mariahilfer Strasse 50 1070 Vienna Austria Tel: 523 62 00 Serie Fax: 526 72 74 E-mail: office@sup.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on April 1, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 30, 2008 (Bankr. Case No. 28 S 15/08x). VMC VERGABE: Claims Registration Period Ends March 18 ----------------------------------------------------- Creditors owed money by LLC VMC Vergabe-Management-Consulting (FN 244852b) have until March 18, 2008, to file written proofs of claim to court-appointed estate administrator Maximilian Schludermann at: Dr. Maximilian Schludermann Reisnerstrasse 32/12 1030 Vienna Austria Tel: 715 50 45 Fax: 715 50 474 E-mail: office@anwalt-vienna.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on April 1, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 30, 2008 (Bankr. Case No. 28 S 14/08z). ============= F I N L A N D ============= M-REAL CORP: Closing Lielahati and Kangas Mills ----------------------------------------------- M-real Corp., part of the Metsaliitto Group, has unveiled a new profit improvement and complexity reduction program in November 2007, including plans for closing down the BCTMP mill in Lielahti and PM2 at the Kangas mill. The statutory negotiations with employees which started straightaway in November have now been concluded and it has been decided that both the BCTMP mill in Lielahti and PM2 at the Kangas mill, producing magazine paper, will be shut down. The closures will involve a reduction in personnel totaling 124 man-years. "We are streamlining our operating model and concentrating on our strengths in our key businesses. The new coated magazine paper business concept streamlining our paper grades and improving availability has made good progress and has been well received by our customers. There has been good demand for the new Galerie Silk coated magazine paper produced on PM4 at the Kangas mill," M-real CEO Mikko Helander said. The Kangas mill's PM2 was scheduled to be be shut down on Wednesday, February 20, 2008 and the Lielahti mill during the spring 2008. About the M-real Oyj Headquartered in Espoo, Finland, M-real Oyj -- http://www.M-Real.com/-- produces and distributes coated and uncoated fine papers for printing and packaging industries. The company has operations in Brazil and Mexico. * * * As of Feb. 8, M-real Oyj carries a B2 long-term corporate family rating and a B2 senior unsecured debt rating from Moody's, which said the outlook is negative. Standard & Poor's rates the company's long-term foreign and local issuer credit at B+ and its short-term foreign and local issuer credit at B. The outlook is negative. ============= G E R M A N Y ============= AKR LOGISTICS: Claims Registration Ends March 13 ------------------------------------------------ Creditors of AKR Logistics GmbH have until March 13, 2008 to register their claims with court-appointed insolvency manager Dr. Wolf-Ruediger von der Fecht. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on April 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Meeting Hall C315 Third Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Wolf-Ruediger von der Fecht Goldstr. 1 47051 Duisburg Germany The District Court of Duisburg opened bankruptcy proceedings against AKR Logistics GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AKR Logistics GmbH Blumenkampshof 80 47059 Duisburg Germany Attn: Herbert Wolters, Manager Hammer Str. 13 59457 Werl Germany AMERICAN AXLE: Net Loss Drops to US$25MM in Qtr. Ended Dec. 31 -------------------------------------------------------------- American Axle & Manufacturing Holdings Inc. reported its financial results for the fourth quarter and full year ended Dec. 31, 2007. AAM reported a net loss of US$25.5 million in the fourth quarter of 2007, compared to a net loss of US$188.6 million in the fourth quarter of 2006. AAM's earnings for the full year 2007 were US$37 million, compared to a net loss of US$222.5 million in 2006. In the third and fourth quarter of 2007, AAM recorded special charges relating to a voluntary separation program accepted by 558 UAW represented associates at the Buffalo Gear, Axle & Linkage facility in Buffalo, New York. Production at this facility was idled in December 2007. Also in 2007, AAM incurred additional special charges and non- recurring operating costs relating to other attrition programs, asset impairments, the redeployment of machinery and equipment and other actions to rationalize underutilized capacity. In total, AAM's 2007 results reflect the impact of charges amounting to US$88.4 million relating to these items, including pension and other postretirement benefit curtailments and special termination benefits. In the fourth quarter of 2007, AAM recorded US$70.6 million of these total restructuring charges. AAM's full year 2007 earnings also reflect the impact of an additional US$5.5 million charge for the write-off of unamortized debt issuance costs and other costs related to the prepayment of the US$250 million term loan due 2010. "In 2007, AAM made excellent progress in our plan to achieve sustainable market cost competitiveness in our global operations," Richard E. Dauch, AAM's co-founder, chairman of the board & CEO, said. "AAM has a strong balance sheet and will continue to focus on the appropriate cost structure adjustments, technology innovations, new business launches and an accelerated expansion of our global manufacturing and sourcing footprint to gain momentum in 2008. We are excited about what AAM can, and will, accomplish in what is sure to be a most difficult, demanding and tough year for the entire domestic automotive industry." Liquidity and Capital Resources As compared to the prior year, net cash or free cash flow provided by operating activities for the full year 2007 nearly doubled to US$367.9 million. Capital spending for the full year 2007 was US$186.5 million as compared to US$286.6 million in 2006. Reflecting the impact of this activity and dividend payments of US$31.8 million, AAM's free cash flow of US$149.6 million in 2007 represents an improvement of US$281.5 million as compared to the full year 2006. At Dec. 31, 2007, the company's balance sheet showed total assets of US$2.91 billion, total liabilities US$2.02 billion, and total stockholders' equity of US$0.89 billion. About American Axle & Manufacturing Holdings Headquartered in Detroit, Michigan, American Axle & Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/-- and its wholly owned subsidiary, American Axle & Manufacturing, Inc., manufactures, engineers, designs and validates driveline and drivetrain systems and related components and modules, chassis systems and metal-formed products for light trucks, sport utility vehicles and passenger cars. In addition to locations in the United States (in Michigan, New York and Ohio), the company also has offices or facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea and the United Kingdom. * * * American Axle carries Moody's Investors Service's Corporate Family rating of Ba3. The company's notes and term loan also carries Moody's senior unsecured rating of Ba3. The outlook is stable and the Speculative Grade Liquidity rating of SGL-1 is renewed. COLOR & BLACK: Claims Registration Period Ends March 13 ------------------------------------------------------- Creditors of Color & Black Strickwaren GmbH have until March 13, 2008, to register their claims with court-appointed insolvency manager Dr. Peter Naarmann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 28 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Peter Naarmann Dresdner Strasse 86 09130 Chemnitz Germany Tel: (03 71) 44 43 90 Fax: (03 71) 444 39 11 E-mail: info-ch@mne-insolvenzbuero.de The District Court of Chemnitz opened bankruptcy proceedings against Color & Black Strickwaren GmbH on Feb. 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Color & Black Strickwaren GmbH Attn: Ilona Weissbach, Manager 09395 Hormersdorf Hauptstr. 62 Germany COMMERZBANK AG: Moody's Cuts Rating on EUR10 Million Note to Ba2 ---------------------------------------------------------------- Moody's Investors Service has taken rating action on a credit linked note issued by Commerzbank AG. Moody's has downgraded the EUR10,000,000 4.125% Corporate Linked Bond with Return Improvement Colibri Plus 3 to Ba2 from Aa3, credit linked to a basket of five reference entities. One of the reference entities is General Motors Acceptance Corp. which is currently rated B1. The deal is also linked to Bertelsmann AG, Continental AG (both rated Baa1), Metro AG and Telecom Italia SpA (both rated Baa2). Moody's said the ratings are being updated to reflect the credit risk of the reference entities to which the notes are linked. The ratings also incorporate the credit risk of the issuer. DACH CAFE: Claims Registration Period Ends March 10 --------------------------------------------------- Creditors of Dach Cafe Giessen GmbH have until March 10, 2008, to register their claims with court-appointed insolvency manager Ralf Diehl. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Giessen Hall 406 Fourth Floor Building B Gutfleischstrasse 1 35390 Giessen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ralf Diehl Marktlaubenstr. 9 D 35390 Giessen Germany Tel: 0641/93243-0 Fax: 0641/932-4350 The District Court of Giessen opened bankruptcy proceedings against Dach Cafe Giessen GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dach Cafe Giessen GmbH Ludwigsplatz 11 35390 Giessen Germany Attn: Christian Schoessow, Manager Hobmannsbach 10 35580 Wetzlar Germany DGE BETEILIGUNGEN: Claims Registration Period Ends March 7 ---------------------------------------------------------- Creditors of DGE Beteiligungen u. Management GmbH have until March 7, 2008 to register their claims with court-appointed insolvency manager Michael George. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on April 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wolfratshausen Meeting Room 3/I Station Route 18 Wolfratshausen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael George Hans-Urmiller-Ring 11 82515 Wolfratshausen Germany Tel: 08171/38730-100 Fax: 08171/38730-222 The District Court of Wolfratshausen opened bankruptcy proceedings against DGE Beteiligungen u. Management GmbH on Feb. 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DGE Beteiligungen u. Management GmbH Hochfeldstr. 35 83684 Tegernsee Germany FACTORY SHOES: Claims Registration Ends March 13 ------------------------------------------------ Creditors of Factory Shoes GmbH have until March 13, 2008 to register their claims with court-appointed insolvency manager Steffen Beck. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 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 Esslingen Hall 1 First Floor Ritterstr.5 Esslingen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Steffen Beck Breitscheidstr. 10 70174 Stuttgart Germany Tel: 0711/252566-0 Fax: 0711/252566-66 The District Court of Esslingen opened bankruptcy proceedings against Factory Shoes GmbH on Jan. 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Factory Shoes GmbH Attn: Marinko Vinkesevic, Manager Einsteinstr. 44 73230 Kirchhei Germany FERTIGBETON COLOGNE: Claims Registration Period Ends March 19 ------------------------------------------------------------- Creditors of Fertigbeton Cologne GmbH & Co. Kommanditgesellschaft have until March 19, 2008, to register their claims with court-appointed insolvency manager Andreas Amelung. Creditors and other interested parties are encouraged to attend the meeting at 10:50 a.m. on April 9, 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: Andreas Amelung Wankelstr. 9 50996 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Fertigbeton Cologne GmbH & Co. Kommanditgesellschaft on Jan. 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fertigbeton Cologne GmbH & Co. Kommanditgesellschaft Nordring 40 50259 Pulheim Germany GCS VERWALTUNGS: Claims Registration Period Ends March 6 -------------------------------------------------------- Creditors of GCS Verwaltungs GmbH have until March 6, 2008, to register their claims with court-appointed insolvency manager Florian Stapper. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on April 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 027 Ground Floor Enforcement Court 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: Dr. Florian Stapper Beethovenstrasse 10 04107 Leipzig Germany Tel: 0341/984110 Fax: 0341/9841111 The District Court of Leipzig opened bankruptcy proceedings against GCS Verwaltungs GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GCS Verwaltungs GmbH Kohlgartenstrasse 13 04315 Leipzig Germany GEOHOCH2 GMBH: Claims Registration Period Ends March 19 ------------------------------------------------------- Creditors of GEOHoch2 GmbH have until March 19, 2008, to register their claims with court-appointed insolvency manager Hubertus Bange. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on April 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 13 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hubertus Bange Kardinal-von-Galen-Str. 5 48268 Greven Germany Tel: 02571/865-0 Fax: +4925718645 The District Court of Muenster opened bankruptcy proceedings against GEOHoch2 GmbH on Jan. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GEOHoch2 GmbH Jagerweg 2-6 48268 Greven Germany HANDWERKER-MASSIVHAUS: Claims Registration Period Ends March 19 --------------------------------------------------------------- Creditors of Handwerker-Massivhaus GmbH have until March 19, 2008, to register their claims with court-appointed insolvency manager Hartwig Albers. Creditors and other interested parties are encouraged to attend the meeting at 1:10 p.m. on April 16, 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 Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam 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: Hartwig Albers Luetzowstrasse 100 10785 Berlin Germany The District Court of Potsdam opened bankruptcy proceedings against Handwerker-Massivhaus GmbH on Jan. 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Handwerker-Massivhaus GmbH Poststrasse 48-50 14612 Falkensee Germany KOEHLER & KRENZER: Creditors' Meeting Slated for March 14 --------------------------------------------------------- The court-appointed insolvency manager for Koehler & Krenzer Fashion Aktiengesellschaft, Andreas Schafft will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:30 a.m. on March 14, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Fulda Hall 3100 Koenigstrasse 38 36037 Fulda Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on May 27, 2008, at the same venue. Creditors have until March 25, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Andreas Schafft Westhelle & Partner Wilhelmshoeher Allee 270 34131 Kassel Germany Tel: 0561/3166-311 Fax: 0561/3166-312 The District Court of Fulda opened bankruptcy proceedings against Koehler & Krenzer Fashion Aktiengesellschaft on Feb. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. Headquartered in Ehrenberg, Germany, Koehler & Krenzer Fashion AG -- http://www.koehler-krenzer.de/-- manufactures women's outerwear. The company positions itself in the market niche for ladies' clothing in the medium-price segment for women aged 35 and over. The company's principal subsidiaries include Marcona-Kleidung Heinz Ostermann GmbH & Co. KG and Koehler & Krenzer GmbH Bekleidungfabrik, both engaged in the marketing and sale of women's outerwear garments. Other three indirect subsidiaries are K & K Fashion GmbH & Co. KG, K & K Fashion Verwaltungs GmbH and Marcona Verwaltungs-GmbH. Its collections include ISABELL, which offers jackets, outdoor clothing and coordinates and MARCONA, offering outdoor clothing and coordinates. The Company's main export markets are the European Union states, Switzerland and Russia. LBI LEASING: Claims Registration Ends March 11 ---------------------------------------------- Creditors of LBI Leasing Broker International GmbH have until March 11, 2008 to register their claims with court-appointed insolvency manager Ulrich Bastian. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.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 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: Ulrich Bastian Sendlinger Str. 46 80331 Munich Germany Tel: 089/2603966 Fax: 2609204 The District Court of Weilheim opened bankruptcy proceedings against LBI Leasing Broker International GmbH on Feb. 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LBI Leasing Broker International GmbH Traubinger Str. 35 82327 Tutzing Germany MOTEL-CENTER KIRCHHEIM: Creditors' Meeting Slated for March 7 ------------------------------------------------------------- The court-appointed insolvency manager for Motel-Center Kirchheim GmbH, Sven Stein will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:35 a.m. on March 7, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Bad Hersfeld Hall 8 Ground Floor Dudenstrasse 10 36251 Bad Hersfeld Germany The Court will also verify the claims set out in the insolvency manager's report at 10:05 a.m. on April 25, 2008 at the same venue. Creditors have until March 14, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Sven Stein Schwanallee 18-20 35037 Marburg/Lahn Germany Tel: 0642112007 Fax: 0642115858 The District Court of Bad Hersfeld opened bankruptcy proceedings against Motel-Center Kirchheim GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Motel-Center Kirchheim GmbH Motelstrasse 5 36275 Kirchheim Germany Attn: Rainer Hoffmann, Manager Mass 9 36251 Bad Hersfeld Germany MTE MEERESTECHNIK: Claims Registration Ends March 12 ---------------------------------------------------- Creditors of MTE Meerestechnik Engineering GmbH have until March 12, 2008 to register their claims with court-appointed insolvency manager Gerhard Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 30, 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 Rostock Hall 330 Zochstrasse 18057 Rostock 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: Gerhard Brinkmann Freiligrathstrasse 1 18055 Rostock Germany NIBC BANK: Moody's Upgrades Rating on Series 285 Notes ------------------------------------------------------ Moody's Investors Service has taken rating action on the Series 285 credit linked notes issued by NIBC Bank N.V. Moody's has upgraded the rating on this series of notes: -- Series 285 to Baa2 from Ba1, credit linked to a basket of three reference entities. Moody's said the ratings are being updated to reflect the credit risk of the reference entities to which the notes are linked. The ratings also incorporate the credit risk of the issuer. PHOENIX KAPITALDIENST: EdW Members Snub Payment to Investors ------------------------------------------------------------ Around 30,000 investors of Phoenix Kapitaldienst GmbH may not receive their money back after 90% of the members of Entschadigungseinrichtung Der Wertpapierhandelsunternehmen, the compensatory fund of securities trading companies, refused to make extra payment to cover the demand of the insolvent firm's customers, The Financial Times reports, citing Die Welt as its source. As reported in the TCR-Europe on Dec. 26, 2007, EdW agreed to initially pay EUR30 million in damages to the investors. EdW said it will raise the amount from special contributions from its members. EdW so far had released EUR2.3 million in payments, Die Welt relates. Bundesanstalt fuer Finanzdienstleistungsaufsicht, Germany's financial supervisory authority, said it would investigate the resistance of EdW's members as well as calls for non-payment of the remainder of the amount, Die Welt relates. A BaFin representative said it might file a case in court. Lawyers representing Phoenix creditors expressed concerns whether EdW could satisfy EUR670 million in claims since it has insufficient funds. As previously reported in the TCR-Europe on Nov. 8, 2007, the District Court of Frankfurt (Main) rejected Phoenix Kapitaldienst's insolvency plan, acting on a complaint filed by Irish creditor Citco Global Custody. Citco contended that EUR162 million of the insolvency assets are not part of the EUR230 million Phoenix asset pool, and therefore may not be distributed to investors under the insolvency plan. A federal court is reviewing the case. The insolvency plan foresees a EUR200 million payment to around 30,000 Phoenix Kapitaldienst investors. Phoenix Kapitaldienst GmbH is a German security-trading bank, which owes up to EUR230 million in debts. The District Court of Frankfurt (Main) opened insolvency proceedings for the company on July 1, 2005. POELER BAU: Claims Registration Period Ends March 7 --------------------------------------------------- Creditors of Poeler Bau GmbH mit Sitz in Kirchdorf have until March 7, 2008, to register their claims with court-appointed insolvency manager Stefan N. Frielinghaus. Creditors and other interested parties are encouraged to attend the meeting at 8:30 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 Schwerin Hall 7 Demmlerplatz 14 19053 Schwerin 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. Stefan N. Frielinghaus Alexandrinenstr. 17 19055 Schwerin Germany The District Court of Schwerin opened bankruptcy proceedings against Poeler Bau GmbH mit Sitz in Kirchdorf on Feb. 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Poeler Bau GmbH mit Sitz in Kirchdorf Attn: Ulrich Broska, Manager Wismarsche Strasse 1 23999 Kirchdorf Germany SCHULTZ GMBH: Claims Registration Period Ends March 18 ------------------------------------------------------ Creditors of Bau Sanierung Schultz GmbH have until March 18, 2008, to register their claims with court-appointed insolvency manager Joern Weitzmann. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on April 18, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Joern Weitzmann Arnold-Heise-Strasse 9 20249 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Bau Sanierung Schultz GmbH on Jan. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bau Sanierung Schultz GmbH Georgswerder Bogen 13 21109 Hamburg Germany SIMA NATURSTEINVERARBEITUNG: Claims Registration Ends March 5 ------------------------------------------------------------- Creditors of SIMA Natursteinverarbeitung GmbH have until March 5, 2008, to register their claims with court-appointed insolvency manager Dirk Hammes. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Hall C315 Third Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dirk Hammes Wilhelmshofallee 75 47800 Krefeld Germany The District Court of Duisburg opened bankruptcy proceedings against SIMA Natursteinverarbeitung GmbH on Jan. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SIMA Natursteinverarbeitung GmbH Attn: Uwe Kuehn, Manager Velauer Str. 44 45472 Muelheim an der Ruhr Germany SLM VERMARKTUNGS: Claims Registration Ends March 20 --------------------------------------------------- Creditors of SLM Vermarktungs- und Handelsgesellschaft mbH have until March 20, 2008 to register their claims with court- appointed insolvency manager Hartwig Albers. Claims set out in the insolvency manager's report during this meeting will be verified at 11:00 a.m. on May 20, 2008 at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hartwig Albers Luetzowstr. 100 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against SLM Vermarktungs- und Handelsgesellschaft mbH on Dec. 20, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SLM Vermarktungs- und Handelsgesellschaft mbH Ebertystr. 28 10249 Berlin Germany SPIRIT - NEUE: Creditors' Meeting Slated for March 5 ---------------------------------------------------- The court-appointed insolvency manager for Spirit - Neue Moeglichkeiten GmbH, Dr. Philipp Hacklander will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on March 5, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on April 23, 2008 at the same venue. Creditors have until March 20, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Philipp Hacklander Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Spirit - Neue Moeglichkeiten GmbH on Jan. 24, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Spirit - Neue Moeglichkeiten GmbH Attn: Dirk van Hahnrath, Manager Budapester Str. 46 10787 Berlin Germany TTB-BAUTRAGER: Claims Registration Period Ends March 18 ------------------------------------------------------- Creditors of TTB-Bautrager GmbH have until March 18, 2008, to register their claims with court-appointed insolvency manager Ottmar Hermann. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on April 9, 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 Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe 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: Ottmar Hermann Bleichstr. 2-4 60313 Frankfurt Germany Tel: (069) 9130 920 The District Court of Karlsruhe opened bankruptcy proceedings against TTB-Bautrager GmbH on Jan. 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TTB-Bautrager GmbH Attn: Burkhard Wieliczek, Manager Bahnhofstr. 41 76676 Graben-Neudorf Germany VISUART WERBEAGENTUR: Claims Registration Period Ends March 7 ------------------------------------------------------------- Creditors of VISUART Werbeagentur GmbH have until March 7, 2008, to register their claims with court-appointed insolvency manager Joerg Bornheimer. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 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 Bonn Meeting Hall W 1.26 First Floor William-Strasse 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Joerg Bornheimer Sporergasse 7 50667 Cologne Germany Tel: 0221-27 26 12 0 Fax: 0221-27 26 12 99 The District Court of Bonn opened bankruptcy proceedings against VISUART Werbeagentur GmbH on Feb. 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: VISUART Werbeagentur GmbH Attn: Ute Sattler-Kolbeck and Oliver Sattler, Managers Kronenstrasse 20 53840 Troisdorf Germany WESSELS & COLLEGEN: Claims Registration Period Ends March 11 ------------------------------------------------------------ Creditors of Wessels & Collegen-Electronic GmbH have until March 11, 2008 to register their claims with court-appointed insolvency manager Eberhard Stock. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on March 26, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 185 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: Eberhard Stock Rolandstr. 11 45128 Essen Germany The District Court of Essen opened bankruptcy proceedings against Wessels & Collegen-Electronic GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wessels & Collegen-Electronic GmbH Muenchener Str. 59 45145 Essen Germany Attn: Irmgard Wessels, Manager Thiemannstr. 32 45219 Essen Germany WESTLB AG: Moody's Ups Ratings on Three Credit Linked Notes ----------------------------------------------------------- Moody's Investors Service has taken rating action regarding certain credit linked notes issued by WestLB AG. Moody's has upgraded the ratings on these series of notes: -- Series W38 to A2 from A3, credit linked to the Republic of Poland; -- Series W46 to Baa3 from B1, credit linked to the Republic of Bulgaria; and -- Series W47 to Baa3 from Ba1, credit linked to the Republic of Croatia. Moody's said the ratings are being updated to reflect the credit risk of the reference entities to which the notes are linked. The ratings also incorporate the credit risk of the issuer. WOHN- UND GEWERBEBAU: Claims Registration Period Ends March 7 ------------------------------------------------------------- Creditors of MS Wohn- und Gewerbebau GmbH have until March 7, 2008, to register their claims with court-appointed insolvency manager Markus Stoppelkamp. Creditors and other interested parties are encouraged to attend the meeting at 10:25 a.m. on March 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Deggendorf Meeting Hall 3 E 29 Amanstrasse 17 94469 Deggendorf Germany The Court will also verify the claims set out in the insolvency manager's report at 10:10 a.m. on May 5, 2008, at the same venue.. The insolvency manager can be reached at: Markus Stoppelkamp Bahnhofstrasse 57 94469 Deggendorf Germany Tel: 0991/37177-0 Fax: 0991/37177-10 The District Court of Deggendorf opened bankruptcy proceedings against MS Wohn- und Gewerbebau GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MS Wohn- und Gewerbebau GmbH Josef-Wallner-Str. 2 94469 Deggendorf Germany YEZZ-TELE.COM GMBH: Creditors' Meeting Slated for March 18 ---------------------------------------------------------- The court-appointed insolvency manager for YEZZ-tele.com GmbH, Peter Sieber will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:30 a.m. on March 18, 2008. The meeting of creditors and other interested parties 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 at 10:30 a.m. on May 15, 2008 at the same venue. Creditors have until March 20, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Peter Sieber Darmstadter Landstrasse 116 60598 Frankfurt Germany Tel: 069/7422660 Fax: 069/745483 The District Court of Darmstadt opened bankruptcy proceedings against YEZZ-tele.com GmbH on Jan. 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: YEZZ-tele.com GmbH Attn: Karl-Heinz Kaspar, Manager Kleyerstr. 8 64295 Darmstadt Germany ZAGA-RINGCENTER GMBH: Claims Registration Period Ends March 13 -------------------------------------------------------------- Creditors of ZAGA-Ringcenter GmbH have until March 13, 2008 to register their claims with court-appointed insolvency manager Udo Feser. Creditors and other interested parties are encouraged to attend the meeting at 11:45 a.m. on April 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Charlottenburg Second Stock Hall 218 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: Udo Feser Uhlandstr. 165/166 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against ZAGA-Ringcenter GmbH on Feb. 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ZAGA-Ringcenter GmbH Kurfuerstendamm 209 10719 Berlin Germany ============= I R E L A N D ============= ADVANCED MEDICAL: To Reduce Workforce by 150 Positions ------------------------------------------------------ To further enhance its global competitiveness, operating leverage and cash flow, the Board of Directors of Advanced Medical Optics Inc. on Feb. 12, 2008, committed to an additional plan to reduce its fixed costs. The additional plan includes a net workforce reduction of approximately 150 positions, or about 4% of the company's global workforce. In addition, AMO plans to consolidate certain operations, including the relocation of all activities at the Irvine plant, to improve its overall facility utilization. This additional plan includes workforce reductions and related expenses, outplacement assistance, facilities-related costs and accelerated amortization of certain long-lived assets. AMO expects to complete these additional activities in 2008 and estimates the total non-recurring pre-tax charges resulting from the additional plan to be in the range of US$25.0 million to US$30.0 million, substantially all of which will be incurred in 2008. The significant majority are expected to be cash expenditures. On Dec. 18, 2007, the company disclosed that it would relocate its femtosecond laser manufacturing operations from the Irvine plant to its excimer laser and phacoemulsification manufacturing facility in Milpitas, California, as well as the the assembly of IntraLase disposable patient interfaces from the Irvine plant to AMO's facility in Puerto Rico. About Advanced Medical Headquartered in Santa Ana, California, Advanced Medical Optics -- http://www.amo-inc.com/-- develops, manufactures and markets ophthalmic surgical and contact lens care products. Sales for the twelve months ended June 24, 2005 were approximately US$921 million. The company has operations in Germany, Japan, Ireland, Puerto Rico and Brazil. * * * As reported in the Troubled Company Reporter-Europe on Oct. 12, 2007, Moody's Investors Service downgraded Advanced Medical Optics, Inc.'s Corporate Family Rating and Probability of Default Rating to B2 from B1. The rating outlook was revised to stable. Ratings hold to date. DALI CAPITAL: Moody's Ups Rating on RUR7 Billion Notes ------------------------------------------------------ Moody's has upgraded to Baa3 from Ba2 (on watch for upgrade) the Series 23 RUR7,000,000,000 Secured Fixed Rate Notes due 30 September 2009 issued by Dali Capital PLC. This rating action follows the upgrade to Baa3 from Ba2 (on watch for upgrade) of the Rouble denominated loan between Barclays Bank PLC and Rosbank, of which these notes represent a sub-participation. Dali Capital PLC is a special purpose company located in Ireland for the purpose of repackaging debt securities. ========= I T A L Y ========= ALITALIA SPA: Milan Airport Workers Strike vs. Downscale Plan ------------------------------------------------------------- Employees at Milan's Linate and Malpensa airports staged Tuesday, Feb. 19, 2008, a four-hour strike against Alitalia S.p.A.'s plans to downscale operations, Marco Bertacche writes for Bloomberg News. The employees, members of the CGIL, CISL and UIL labor unions, walked out 10:00 a.m. to 2:00 p.m., which forced Alitalia to cancel 123 flights, including trips to 14 intercontinental destinations, Bloomberg News relates. As reported in the TCR-Europe on Feb. 6, 2008, SEA S.p.A. has filed a EUR1.5 billion damages suit against Alitalia over the carrier's decision to downscale its operations at Malpensa . "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 said. Mr. Bononi said Alitalia violated a hub partnership agreement and contracts with SEA and its SEA Handling unit. Mr. Bononi noted that SEA designed and developed Malpensa as Alitalia required in terms of infrastructures, facilities and organization. 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. 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. * Fitch Updates Q-IFS Ratings for 22 Italian Insurers ----------------------------------------------------- Fitch Ratings, on Feb. 19, 2008, updated its Quantitative Insurer Financial Strength ratings for 22 insurers in Italy. Of the 22 updated ratings, there are 10 affirmations, one upgrade, one downgrade, six new ratings and four ratings withdrawn. Decisions were taken to withdraw four ratings due to the unavailability of 2006 data, which prevents an update of the existing ratings, or because they no longer meet Fitch's criteria for Q-IFS ratings. The large number of affirmations relative to upgrades and downgrades reflects the contrasting fortunes of the Italian life and non-life markets in 2006. The life market has been decelerating since 2005 and recorded a poor result in 2006, triggered by lower single premiums collected by the bancassurance channel and shrinking volumes of traditional capitalisation products. This has resulted in higher expenses and weaker underwriting profitability for life insurers. Non- life operating performance has varied by business line but the combined ratio for the market deteriorated slightly in 2006 as insurers face challenges during a softening phase of the underwriting cycle. Fitch will shortly publish its updated rating outlooks on the Italian life and non-life markets in a special report. The Q-IFS ratings are point-in-time ratings using year-end 2006 and prior years' annual financial results and are based on publicly available financial information. Upgrade Italiana Assicurazioni SpA: 'Aq' from 'BBBq' Downgrade Friuli-Venezia Giulia Assicurazioni "La Carnica" SpA: 'Bq' from 'BBq' Ratings assigned Assicuratrice Val Piave SpA: 'BBBq' Assicurazioni Rischi Automobilistici e Generali: 'Bq' Helvetia Compagnia Svizzera d'Assicurazioni S.A.: 'BBq' Risparmio & Previdenza SpA: 'Bq' Sara Vita SpA: 'BBBq' UBI Assicurazioni SpA: 'Bq' Affirmations Assicuratrice Edile SpA: 'BBBq' Helvetia Vita SpA: 'BBBq' Itas Assicurazioni SpA: 'BBBq' Itas Vita SpA: 'BBBq' Piemontese Assicurazioni SpA (La): 'BBq' Piemontese Vita (La): 'BBBq' Sara Assicurazioni SpA: 'BBBq' Societa Cattolica di Assicurazione coop. Arl: 'Aq' Uniqa Previdenza (formerly Claris Vita SpA): 'BBBq' Vittoria Assicurazioni SpA: 'BBBq' Withdrawals Duomo Previdenza SpA: 'BBBq' Il Duomo Uni One Assicurazioni SpA (formerly Il Duomo Assicurazioni e Riassicurazioni SpA): 'BBq' Po Vita Assicurazioni SpA: 'Aq' SEAR Societa Europea Assicurazioni e Riassicurazioni SpA: 'Bq' =================== K A Z A K H S T A N =================== AEROSERVICE LLP: Creditors Must File Claims by March 21 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Air Company Aeroservice (RNN 600800004459) insolvent. Creditors have until March 21, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Timiryazev Str. 61-2 Almaty Kazakhstan Tel: 8 (3272) 75-67-84 AGRO PROM: Claims Deadline Slated for March 21 ---------------------------------------------- LLP Company Agro Prom Energo Centre has declared insolvency. Creditors have until March 21, 2008, to submit written proofs of claims to: LLP Company Agro Prom Energo Centre Mir Str. 128a Rudny 111500, Kostanai Kazakhstan Tel: 8 (7143) 15-53-11 AK BULAK: Claims Filing Period Ends March 21 -------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Firm Ak Bulak Ltd. insolvent. Creditors have until March 21, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakhstan ATRIUM LTD: Creditors' Claims Due on March 21 --------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Atrium Ltd insolvent on Dec. 21, 2007. Creditors have until March 21, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Office 203 Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3232) 24-84-70 DUNHUA LLP: Claims Registration Ends March 21 --------------------------------------------- LLP Kazakh-Chinese Construction Investment Joint Enterprise Dunhua has declared insolvency. Creditors have until March 21, 2008, to submit written proofs of claims to: LLP Kazakh-Chinese Construction Investment Joint Enterprise Dunhua Vanahun Str. 11 Sortobe Kordaisky Jambyl GEM LLP: Creditors Must File Claims by March 21 ----------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan has declared LLP Gem insolvent on November 13, 2007. Creditors have until March 21, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of West Kazakhstan Sholohov Str. 2 Uralsk West Kazakhstan Kazakhstan Tel: 8 (3112) 23-23-27 JDANOVSKOYE HPP: Claims Deadline Slated for March 21 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Jdanovskoye HPP insolvent. Creditors have until March 21, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakhstan KAZKOMMERTSBANK: Dismisses Media Speculation Over Share Purchase ---------------------------------------------------------------- Following recent media speculation, JSC Kazkommertsbank stated that it has no information about any large scale purchase of its shares. Kazkommertsbank is a public company, and 44% of its shares part of a free floating in the form of depositary receipts, listed on London stock exchange. As such, any investor has the possibility of purchasing its shares. "Since our shares are traded on both the organized and OTC markets it is difficult for us to be certain about the volume of transactions taking place. We are aware of an increasing level of interest in our securities, but we believe this is the case for the financial sector in Kazakhstan as a whole. In our view the sector has recently been undervalued by the market, but that now this has been recognized by investors and the positive trend in share prices results from this. This has been reflected in the level of interest in the sector and the increased turnover in share trading," Denis Fedosenko, managing director of KKB, commented. According to the Kazakh Law on Joint Stock companies, shares for which there is no information in the Central Depository (national nominal holder of securities) about the beneficial owner are not considered to be voting and their holders do not have a right to vote at shareholders' meetings. The ultimate holders of the depositary receipts may at any time declare their holdings to the Central Depository, and, thus, obtain the voting rights for their shares. The Kazakh Law on Banks and Banking Activities states that if more than 10% of the issued common shares of the Bank are held by one buyer, the buyer/potential owner should obtain preliminary approval of Kazakh Regulator -- the Financial Supervision Agency to become a principal shareholder. Kazkommertsbank is committed to high standards of transparency and corporate governance and regularly announces its shareholder structure to the Kazakhstan and London stock exchanges. The latest report on common stock holders was made on Jan. 1, 2008: Beneficial Owner Share N.S. Subkhanberdin (direct and indirect holding): 40.6344% N.A. Zhussupova (direct and indirect holding): 4.1086% European Bank on Research and Development 8.4525% Bank of New York (nominal holding): 44.6443% Other minorities: 2.1598% Total shares distributed - 575,000,000 shares: 100% * 53 297 common shares redeemed by Bank via Kazkommerts Securities as market-maker About Kazkommertsbank Kazkommertsbank -- http://www.kazkommertsbank.com/-- accepts deposits and provides loans and credit facilities in Tenge and foreign currencies. The Bank is also a major participant in the securities market and the foreign currency market in Kazakhstan. Kazkommertsbank has subsidiaries in Kyrgyzstan and Russia, it is the majority shareholder in the Grantum pension fund, Kazkommerts-Policy and Kazkommerts-Life companies, as well as the Kazkommerts-Securities investment company. * * * As reported in the TCR-Europe on Dec. 20, 2007, Standard & Poor's Ratings Services had revised its outlook to negative from stable on Kazkommertsbank JSC. At the same time, Standard & Poor's lowered its long-term counterparty credit rating on KKB to 'BB' from 'BB+' and its Kazakhstan national scale rating on Temirbank to 'kzBBB' from 'kzBBB+' and on Eurasian Bank to 'kzBB' from 'kzBBB-'. All other ratings were affirmed. In November 2007, Fitch Ratings has affirmed the ratings of Kazakhstan-based bank Kazkommertsbank. KKB has been rated Long- term foreign currency Issuer Default 'BB+', Short-term foreign currency IDR 'B', Long-term local currency IDR 'BBB-', Short- term local currency IDR 'F3', Individual 'C/D', Support '3' and Support Rating Floor 'BB+'. The Outlook for the Long-term IDR remain Stable. In June 2007, Moody's Investors Service downgraded these ratings of Kazkommertsbank of Kazakhstan: senior unsecured debt in foreign currency to Baa2/P-2 from Baa1/P-2; foreign currency backed subordinated debt to Baa3 from Baa2; and foreign currency backed junior subordinated debt to Ba1 from Baa3. KKB's bank financial strength rating is affirmed at D, while the outlook on the BFSR and on all debt ratings is changed to negative. Moody's has also affirmed KKB's foreign currency deposit ratings at Ba1/NP with a stable outloo =================== K Y R G Y Z S T A N =================== ALISED LLC: Creditors Must File Claims by March 11 -------------------------------------------------- LLC Alised has declared insolvency. Creditors have until March 11, 2008 to submit written proofs of claim to: LLC Alised Novaya Str. 85 Nijnyaya Alaarcha Bishkek Kyrgyzstan ELECTRONICS SECURITY: Claims Filing Period Ends March 11 -------------------------------------------------------- LLC Electronics Security has declared insolvency. Creditors have until March 11, 2008 to submit written proofs of claim. Inquiries can be addressed to (0-555) 95-01-65. VOSTOCHNAYA GAVAN: Claims Registration Ends March 11 ---------------------------------------------------- LLC Vostochnaya Gavan has declared insolvency. Creditors have until March 11, 2008 to submit written proofs of claim. Inquiries can be addressed (+996 312) 23-84-26l. =========== P O L A N D =========== AQUAKONRAD SA: Jelenia Gora Court Ends Bankruptcy Proceedings ------------------------------------------------------------- The Regional Court in Jelenia Gora concluded the bankruptcy proceedings for Przedsiebiorstwo Eksploatacji Wod AQUAKONRAD S.A. on Oct. 1, 2007. In a press statement released by the management board of KGHM Polska Miedz S.A. on Feb. 15, 2008, the court decided that the carrying amount of AQUAKONRAD S.A. in bankruptcy in the accounts of KGHM Ecoren S.A. is PLN0.00. KGHM Ecoren S.A., a subsidiary of KGHM Polska Miedz S.A., owned 90.40% of the share capital of AQUAKONRAD S.A. in bankruptcy. The court began bankruptcy proceedings for Przedsiebiorstwo Eksploatacji Wod AQUAKONRAD S.A. on April 12, 2006. Headquartered in Lubin, Poland, KGHM Polska Miedz S.A. -- http://www.kghm.pl/-- is a Polish producer of non-ferrous metals, mainly copper and silver. It produces copper primarily in the form of electrolytic copper and processed wire rod. It has three production units: ZG Lubin, ZG Rudna and ZG Polkowice- Sieroszowice. It operates via 15 direct and 13 indirect subsidiaries. =========== R U S S I A =========== AGRO-TRADE LLC: Creditors Must File Claims by March 12 ------------------------------------------------------ Creditors of LLC Agro-Trade have until March 12, 2008, to submit proofs of claim to: E. Bogdanov Insolvency Manager Lenina Square 1 Skopin 391830 Ryazan Russia The Arbitration Court of Ryazan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A54-2638/2007-S19. The Court is located at: The Arbitration Court of Ryazan Pochtovaya Str. 43/44 Ryazan Russia The Debtor can be reached at: LLC Agro-Trade Lenina Square 1 Skopin 391830 Ryazan Russia APO RASSVET: Kursk Bankruptcy Hearing Slated for April 23 --------------------------------------------------------- The Arbitration Court of Kursk will convene on April 23, 2008, to hear the bankruptcy supervision procedure on OJSC Enterprise Ecological Equipment of Experimental Engineering (TIN 4616006021, OGRN 1034624001576). The case is docketed under Case No. A35-7023/07g. The Temporary Insolvency Manager is: E. Pozdnyakova Marata Str. 21a 305000 Kursk Russia The Court is located at: The Arbitration Court of Kursk K. Marksa Str. 25 305004 Kursk Russia The Debtor can be reached at: OJSC Enterprise Ecological Equipment of Experimental Engineering Skorodnoe Bolshesoldatskiy 307840 Kursk Russia BASKSTROM OJSC: Creditors Must File Claims by March 12 ------------------------------------------------------ Creditors of OJSC Baskstrom have until March 12, 2008, to submit proofs of claim to: A. Oshkhunov Insolvency Manager 2nd Floor Lenina Pr. 57/16 Nalchik Russia The Arbitration Court of Kabardino Balkariya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A20-4307/2006. The Debtor can be reached at: OJSC Baskstrom Baksan Kabardino Balkariya Russia BUILDING LLC: Court Starts Bankruptcy Supervision Procedure ----------------------------------------------------------- The Arbitration Court of Belgorod commenced bankruptcy supervision procedure on LLC Building (TIN 3123057860). The case is docketed under Case No. A08-6836/07-14. The Temporary Insolvency Manager is: Y. Maslov Post User Box 111 308000 Belgorod Russia The Court is located at: The Arbitration Court of Belgorod Narodnyj Avenue 135 308600 Belgorod Russia The Debtor can be reached at: LLC Building Chekhova Str. 1 Razumnoe Belgorod Russia CHEBOKSARY-AIR OJSC: Creditors Must File Claims by March 12 ----------------------------------------------------------- Creditors of OJSC Fuel-Filling Company Cheboksary-Air (TIN/KPP 2127303715/060301001) have until March 12, 2008, to submit proofs of claim to: D. Shenev Insolvency Manager Building 15 Nizhegorodskaya Str. 32 109020 Moscow Russia The Arbitration Court of Ingushetiya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A18-728/07. The Debtor can be reached at: OJSC Fuel-Filling Company Cheboksary-Air Mostovaya Str. 91 Troitskaya Str. Sunzhenskiy Ingushetiya Russia FURMANOV-AGRO-PROM-TEKHNIKA: Claims Filing Period Ends March 12 --------------------------------------------------------------- Creditors of OJSC Furmanov-Agro-Prom-Tekhnika have until March 12, 2008, to submit proofs of claim to: A. Provorov Insolvency Manager Post User Box 1866 153000 Ivanovo Russia Tel: 89038790220 The Arbitration Court of Ivanovo commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A17-1940/2007-10-B. The Court is located at: The Arbitration Court of Ivanovo B. Khmelnitskogo Str. 59B Ivanovo Russia The Debtor can be reached at: OJSC Furmanov-Agro-Prom-Tekhnika Kosogory Furmanovskiy 155526 Ivanovo Russia IRKUTSKIY BUSINESS-PARK: Creditors Must File Claims by March 12 --------------------------------------------------------------- Creditors of OJSC Irkutskiy Business-Park have until March 12, 2008, to submit proofs of claim to: E. Yarotskiy Insolvency Manager Office 203 Dzerzhinskogo Str. 36 Irkutsk Russia The Arbitration Court of Irkutsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A19-16547/07-38. The Court is located at: The Arbitration Court of Irkutsk Room 303 Gagarina Avenue 70 664025 Irkutsk Russia The Debtor can be reached at: OJSC Irkutskiy Business-Park Proletarskaya Str. 7b 664011 Irkutsk Russia KONYSHEVSKIY HEMP: Creditors Must File Claims by March 12 --------------------------------------------------------- Creditors of State Unitary Enterprise Konyshevskiy Hemp Factory have until March 12, 2008, to submit proofs of claim to: N. Polskiy Insolvency Manager Apt. 6 Mirnaya Str. 19 305000 Kursk Russia The Arbitration Court of Kursk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A35-8645/06 g. The Court is located at: The Arbitration Court of Kursk K. Marksa Str. 25 305004 Kursk Russia The Debtor can be reached at: State Unitary Enterprise Konyshevskiy Hemp Factory Konyshevskiy Kursk Russia LESNOY CJSC: Orenburg Bankruptcy Hearing Slated for April 15 ------------------------------------------------------------ The Arbitration Court of Orenburg will convene on April 15, 2008, to hear the bankruptcy supervision procedure on CJSC Lesnoy. The case is docketed under Case No. A47-7082/2007-14/ 3 GK. The Temporary Insolvency Manager is: A. Rozhdestvin Room 28 Dalniy Per. 29 460050 Orenburg Russia The Court is located at: The Arbitration Court of Orenburg 9th January Str. 64 460046 Orenburg Russia The Debtor can be reached at: CJSC Lesnoy N. Pavlushikino Buzuruslanskiy Orenburg Russia MOBILE TELESYSTEMS: To Invest RUR73BB in 3G Network by 2020 ----------------------------------------------------------- OJSC Mobile TeleSystems plans to invest RUR73 billion until 2020 to develop its third generation networks, RIA Novosti reports. The company plans to invest RUR38 billion of the amount by 2011, RIA Novosti relates. MTS CEO Leonid Melamed said the development of 3G networks and broadband wireless Internet access were important elements of Russia's innovation policy RIA Novosti adds. About Mobile TeleSystems Headquartered in Moscow, Russia, OJSC Mobile TeleSystems (NYSE:MBT) -- http://www.mtsgsm.com/-- is the largest wireless telecommunications operator in Russia and the CIS. For the first six months of 2007, MTS reported revenues of US$3.7 billion and an OIBDA margin of 51.8%. MTS has 79.12 million total subscribers as of August 2007. The regions of Russia, as well as Armenia, Belarus, Turkmenistan, Ukraine, and Uzbekistan, in which MTS and its associates and subsidiaries are licensed to provide GSM services, have a total population of more than 230 million. Since June 2000, MTS' Level 3 ADRs have been listed on the New York Stock Exchange (ticker symbol MBT) * * * As of Feb. 20, 2008, Mobile TeleSystems carries Ba2 Corporate Family and Probability-of-Default ratings from Moody's Investors Service, which says the outlook is positive. The company also carries BB- Foreign and Local Issuer Default ratings from Standard & Poors' Rating Services, which says the outlook is positive. NOVATEK OAO: Plans to Produce 40% of Russian Gas in Five Years -------------------------------------------------------------- OAO Novatek plans to account for 40% of Russia's natural gas production in the next five years, RIA Novosti reports, citing Chief Finance Officer Mark Gyetvay. Mr. Gyetvay said Novatek currently accounts for around 29% of the country's gas output, trailing behind state-owned gas firm OAO Gazprom, RIA Novosti relates. Novatek's finance chief said the company expects to produce 45.8 million cubic meters of natural gas in 2010, up from 28.5 million cubic meters in 2007. Mr. Gyetvay, RIA Novosti reports, said private gas firms are seeing more opportunities in Russia, where they do not have to sell their products at fixed prices. He noted that taxes were less severe on gas producers than on oil companies, which should encourage investment in the future. The finance chief added that growing demand for natural gas in Russia and abroad is creating new export possibilities. About Novatek Headquartered in Tarko-Sale, Russia, OAO Novatek -- http://www.novatek.ru/-- engages in the exploration, production and processing of natural gas and liquid hydrocarbons. The company's upstream activities are concentrated in the prolific Yamal-Nenets Region in Western Siberia. * * * As of Feb. 7, 2008, OAO Novatek carries Ba2 Corporate Family rating from Moody's Investors Service, which said the outlook is stable. The company also carries BB long-term Foreign and Local Issuer ratings from Standard & Poor's Ratings Services, which said the outlook is positive. NPK EDIKT: Moscow Bankruptcy Hearing Slated for June 3 ------------------------------------------------------ The Arbitration Court of Moscow will convene on June 3, 2008, to hear the bankruptcy supervision procedure on CJSC NPK Edikt. The case is docketed under Case No. A40-65703/07-123-172B. The Temporary Insolvency Manager is: V. Karnaukh Post User Box 80 127322 Moscow Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC NPK Edikt Mikhaylova Str. 39 Moscow Russia OREL-RYB-KHOZ: Creditors Must File