/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080310.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, March 10, 2008, Vol. 9, No. 49 Headlines A U S T R I A C.A.T. OIL: Moody's Puts Corporate Family Rating at B1 C.A.T. OIL: S&P Assigns Low-B Ratings with Stable Outlook GESUNDHEITS- UND WELLNESSZENTRUM: Claims Filing Ends April 9 KUR BAU: Claims Registration Period Ends March 24 OASIS FITNESS: Claims Registration Period Ends April 24 VITAL PLUS: Claims Registration Period Ends April 1 F R A N C E AKERYS HOLDINGS: S&P Lowers Corporate Credit Rating to B+ ARROW ELECTRONICS: To Buy Achieva's Components Distribution Biz SMOBY-MAJORETTE SA: Court Names Simba Dickie as Buyer G E R M A N Y ARBITRATOR REVISIONSGESELLSCHAFT: Claims Period Ends March 17 CASA MODERNA: Creditors Must File Claims by March 28 DYLEC-ELECTRONICS GMBH: Claims Registration Ends April 1 ERHAL BAUUNTERNEHMEN: Claims Registration Ends April 1 EUROPEAN POLYMERS: Claims Registration Ends April 1 FEYOCK AUTOCENTRUM: Creditors Must File Claims by March 28 JULIUS BOCKHOLT: Creditors Must File Claims by March 28 K & P BAUTRAGERGESELLSCHAFT: Claims Registration Ends April 1 LA LOFT: Claims Registration Period Ends March 14 LUPO SPEDITIONSGESELLSCHAFTS: Claims Period Ends March 18 MM MEDIENVERMARKTUNGSKONZEPTE: Claims Registration Ends April 1 PHOENIX-POLSTERMOEBEL GMBH: Claims Period Ends March 19 PRO-DIE-LOG GMBH: Creditors Must File Claims by March 31 PW - VERTRIEB: Creditors Must File Claims by March 31 RAPID AUTOREPARATUR: Claims Registration Period Ends March 19 RM-BAU GMBH: Creditors Must File Claims by March 31 ROBERT MOELLER: Creditors Must File Claims by March 28 ROTT BAUTRAGER: Creditors Must File Claims by March 28 RUDOLF BRAUNER: Creditors Must File Claims by March 31 SCHROEDER GMBH: Creditors Must File Claims by March 28 I R E L A N D BALLANTYNE RE: Fitch Cuts Rating on US$250 Million Notes to B+ I T A L Y ALITALIA SPA: New Gov't to OK Sale if Flagship Status Retained ALITALIA SPA: Foreign Minister Warns of Possible Bankruptcy K A Z A K H S T A N ADA-STROY LLP: Creditors Must File Claims by March 28 AGROPROM INVEST: Claims Deadline Slated for April 11 ALIYA MUNAI: Claims Filing Period Ends April 11 ALTYNEMEL LLP: Creditors' Claims Due on April 11 C.A.T. OIL: Moody's Puts Corporate Family Rating at B1 C.A.T. OIL: S&P Assigns Low-B Ratings with Stable Outlook KAZCONSTRUCT SAUDA: Claims Registration Ends April 11 KURYLYS IPOTEKA: Creditors Must File Claims by April 11 LAME LAND: Claims Deadline Slated for March 28 NEFTEGAS-PROM NS: Claims Filing Period Ends April 11 SHANS-1 LLP: Creditors' Claims Due on April 11 TORG STROY: Claims Registration Ends April 11 K Y R G Y Z S T A N KELECHEK PAHTA: Creditors Must File Claims by March 28 TECHNOMARKET LLC: Claims Filing Period Ends March 28 R U S S I A BONUS LLC: Court Starts Bankruptcy Supervision Procedure C.A.T. OIL: S&P Assigns Low-B Ratings with Stable Outlook ENERGO LLC: Court Starts Bankruptcy Supervision Procedure ICICI BANK: Has No Material Exposure to U.S. Sub-Prime Credit INVESTMENT FUND: Creditors Must File Claims by April 16 KOLCHUG-MITSAR CJSC: Creditors Must File Claims by April 16 NOVO-OZERNOE OJSC: Creditors Must File Claims by April 16 ROSNEFT OIL: Two Top Executives Quit from Posts SAMPUR-VOD-STROY: Court Names V. Sutormin as Insolvency Manager SEVERSKAYA FUEL-ENERGY: Creditors Must File Claims by April 16 SISTEMA JSFC: Detsky Mir Unit Completes Network Reorganization STRATEGIST OJSC: Kirov Bankruptcy Hearing Slated for June 17 S W I T Z E R L A N D ASIAN MAKKAL: Lucerne Court Starts Bankruptcy Proceedings B. COM HOLDING: Creditors' Liquidation Claims Due by April 15 BIREC PARTNER: Creditors' Liquidation Claims Due by March 13 KORNMART INEICHEN: Lucerne Court Starts Bankruptcy Proceedings RESPOMO JSC: Creditors' Liquidation Claims Due by April 7 SEILER & STEFFEN: Creditors' Liquidation Claims Due by March 10 THE MCGRAW-HILL: Creditors' Liquidation Claims Due by March 13 WEBSMARTWARE JSC: Creditors' Liquidation Claims Due by March 12 U N I T E D K I N G D O M ALBA 2006-1: Fitch Affirms BB Rating on Class E Notes AUBURN SECURITIES 5: S&P Puts Ratings on Positive CreditWatch BOMBARDIER INC: Unit To Supply ELECTROSTAR Trains in the UK BRITISH AIRWAYS: Expects 4-4.5% Revenue Growth in FY 2008/2009 BRITISH AIRWAYS: Traffic Figures Up 5.3% in February 2008 CARLYLE CAPITAL: Misses Margin Calls and Gets Notice of Default CHRYSLER LLC: Plastech Agrees to Continue Supply Until March 17 CIRRUS LOGIC: Investigation of Stock Option Practices Completed CITY LOFTS: Brings In Liquidators from Tenon Recovery HUCKE LTD: Calls In Liquidators from Smith & Williamson ICICI BANK: Has No Material Exposure to U.S. Sub-Prime Credit INYX USA: Disclosure Statement Doesn't Provide Recovery Figures ISLE OF CAPRI: Posts US$13.8 Mil. Net Loss in Qtr. Ended Jan. 27 PELOTON PARTNERS: To Liquidate US$1.6 Bil. Multi-Strategy Fund QUEBECOR WORLD: Cuts 30 Positions at California Facility QUEBECOR WORLD: Seeks OK to Pay Non-Worker Sales Commissions QUEBECOR WORLD: NFR Wants Stay Lifted & Base Contract Terminated S.B. ENERTECH: Taps Liquidators from Tenon Recovery SANDWELL COMMERCIAL: S&P Says Ratings Unchanged After Review US ENERGY: Court Gives Final Approval to Access Cash Collateral * BOND PRICING: For the Week March 3 to March 7, 2008 ********* ============= A U S T R I A ============= C.A.T. OIL: Moody's Puts Corporate Family Rating at B1 ------------------------------------------------------ Moody's Investors Service assigned a B1 corporate family rating to C.A.T.oil AG. The outlook is stable. CAToil is an independent niche oilfield services company organised in the form of an Austria-based holding company which wholly owns five main operating subsidiaries in Russia. The company is a niche player in the overall OFS market, with strong positioning in fracturing, sidetracking and workover services which the company provides to the major oil and gas companies in Russia and Kazakhstan. CAToil is a publicly traded company with 40% of shares held by institutional investors through an IPO which the company completed in 2006 placing its shares on the FSE. The remaining 60% are privately held by two founders. CAToil's market capitalisation is around US$1.0 billion. In 2006 CAToil generated sales of EUR194 million. It has a workforce of 3,200 people the majority of whom are located in Russia and Kazakhstan. CAToil's rating is based on Moody's Global Oilfield Services Industry Rating Methodology, which assesses the company's financial and operational performance for the past three historical years (2005-2007) and also takes into account CAToil's two year forecast (2008-2009). The methodology rating assessment maps the company into a Baa3 category and is driven by the company's robust financial metrics, underpinned by strong profitability and historically low leverage. The forward looking assessment which is factored into the rating, reflects the CAToil's ongoing efforts to diversify its product portfolio aimed at further development of its sidetracking operations and diversification into the conventional drilling and seismic segments of OFS market in the respective regions. The company's pro forma Debt/Total Capitalisation ratio assumes debt issuance this year resulting in a ratio score in the "Ba" category. The actual rating of B1 is therefore four notches lower than the rating indicated by the methodology grid, which is in line with the rating discount bracket applied by Moody's to companies operating in the region characterised by evolving and challenging political, regulatory and operational environment. The rating is constrained by (i) the company's small size in the context of the overall OFS market in the region, which is becoming increasingly attractive for major global players, (ii) its fairly concentrated customer base, (iii) CAToil's strong, albeit decreasing, dependence on a single product line (fracturing operations), (iv) the event risk related to the implementation of a large scale capex programme and (v) a significant step up in leverage following the planned debt issuance. At the same time Moody's recognises a significant upside potential offered by the current market environment in the respective region, the company's strong financial profile, well- established customer relationships and regional expertise. The rating also benefits from certain risk-mitigating characteristics of the Russian OFS market, as well as the company-specific qualities, namely: (i) a low correlation between the demand for OFS and the oil price due to the nature of the Russian taxation system (ii) a lower susceptibility of OFS companies to political risks, compared to exploration and production oil&gas players globally, (iii) significant upside potential for OFS segment in Russia and Kazakhstan due to historic underinvestment, (iv) the company's experienced management team and (v) proven commitment of CAToil's management and its key founder to adhere to a western-type corporate governance standards and conservative financial policies. The stable outlook is supported by Moody's expectation that market conditions will remain supportive and the company will pursue the execution of its capex programme as planned. The stable outlook also reflects Moody's expectation that CAToil will maintain its current strategy and financial policies. As the company's focus is on organic growth, Moody's does not factor in any sizable acquisitions in the current rating. Nevertheless, in the event CAToil decides to pursue an acquisition opportunity, Moody's would expect that the strategic fit, valuation and incremental leverage would be carefully examined and consistent with the management's disciplined historical standards and that Debt/Book Capitalisation would not exceed 40% as a result of the acquisition. The rating might experience a positive pressure if CAToil were to realise its capex and revenue growth objectives in the next 12-18 months while maintaining the healthy level of profitability and returns. To support a rating upgrade, Moody's would also expect CAToil to continue strengthening its revenue base through product diversification and strong order book while illustrating its ability to withstand competitive pressure and preserve margins. Ratings could be pressured if CAToil were to materially increase its leverage above the expected levels, either through more aggressive debt financed capex, or due to lower profitability. Going forward Debt/EBITDA and Debt/Capitalization greater than 3x and 45% in upcycle conditions could result in a negative outlook or ratings downgrade. Also, a deterioration of the company's operational performance resulting from a loss of a major customer, and/or a deterioration in E&P activity that might have a negative impact on CAToil's business fundamentals and put significant pressure on CAToil's market position and cash flow generation capacity, could result in a negative outlook or ratings downgrade. C.A.T. oil AG, which is headquartered in Vienna, Austria, and operates through its several subsidiaries in Russia, is a provider of oil-field services to the major oil&gas players in Russia and Kazakhstan. The company generated revenue of EUR194 million in 2006. C.A.T. OIL: S&P Assigns Low-B Ratings with Stable Outlook --------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' long-term and 'B' short-term corporate credit ratings to C.A.T. oil AG, an Austria-registered oilfield services company that conducts all of its operations in Russia and Kazakhstan. The outlook is stable. At the same time, the 'ruA+' Russia national scale rating was assigned. The industry's inherent cyclicality and competitiveness, with low entry barriers; the small scale of the company, limiting its pricing power and diversification; and risks inherent to operating in the Russian environment constrain the ratings. "Favorable conditions in Russia's oilfield services industry, as well as C.A.T. oil's strong niche positions, solid corporate governance practices, and moderate financial policy support the ratings," said Standard & Poor's credit analyst Andrey Nikolaev. C.A.T. oil currently has a net cash position and no committed unused credit lines, apart from overdrafts of about EUR7.9 million on the subsidiary level. "We expect C.A.T. oil to defend its market share in hydraulic fracturing in the medium term and its cash flows from sidetracking to grow on the back of increased capacity and a strong order book," said Mr. Nikolaev. Upside potential over the medium term depends on growing diversification, scale, and share of higher-margin activities; execution of the investment program; positive free cash flow generation; and an improving liquidity position with committed backup facilities. The ratings could come under pressure if a significant increase in competition in C.A.T. oil's core segments leads to undercapacity and weakening margins, if the financial policy changes, or if the company fails to secure long-term financing prior to starting the investment program. GESUNDHEITS- UND WELLNESSZENTRUM: Claims Filing Ends April 9 ------------------------------------------------------------ Creditors owed money by LLC Gesundheits- und Wellnesszentrum Therme Obernberg & Co. KG (FN 229901s) have until April 9, 2008, to file written proofs of claim to court- appointed estate administrator Johann Kahrer at: Dr. Johann Kahrer c/o Dr. Christian Haslinger Dr. Dorfwirth-Strasse 3 4910 Ried im Innkreis Austria Tel: 07752/872 55 Fax: 07752/848 10 E-mail: office@kahrer-haslinger.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:40 a.m. on April 16, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Ried im Innkreis Hall 101 First Floor Ried im Innkreis Austria Headquartered in Obernberg am Inn, Austria, the Debtor declared bankruptcy on Feb. 15, 2008 (Bankr. Case No. 17 S 9/08t). Christian Haslinger represents Dr. Kahrer in the bankruptcy proceedings. KUR BAU: Claims Registration Period Ends March 24 ------------------------------------------------- Creditors owed money by LLC Kur Bau und Immobilien (211448d) have until March 24, 2008, to file written proofs of claim to court-appointed estate administrator Gerwald Holper at: Mag. Gerwald Holper Technologiezentrum Marktstrasse 3 7000 Eisenstadt Austria Tel: 02682/704 266-0 Fax: 02682/704 266-15 E-mail: eisenstadt@kosch-partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:15 p.m. on April 7, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Eisenstadt Hall F Eisenstadt Austria Headquartered in Bad Sauerbrunn, Austria, the Debtor declared bankruptcy on Feb. 18, 2008 (Bankr. Case No. 26 S 15/08w). OASIS FITNESS: Claims Registration Period Ends April 24 ------------------------------------------------------- Creditors owed money by LLC OASIS Fitness & Co Carl Zuckmayer Str. 1 KG (FN 269524i) have until April 24, 2008, to file written proofs of claim to court-appointed estate administrator Matthias Schmidt at: Dr. Matthias Schmidt c/o Dr. Florian Gehmacher Dr. Karl Lueger-Ring 12 1010 Vienna Austria Tel: 533 16 95 Fax: 535 56 86 E-mail: schmidt@preslmayr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:10 a.m. on May 8, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 18, 2008 (Bankr. Case No. 6 S 23/08m). Florian Gehmacher represents Dr. Schmidt in the bankruptcy proceedings. VITAL PLUS: Claims Registration Period Ends April 1 --------------------------------------------------- Creditors owed money by LLC Vital plus Handel (FN 232952b) have until April 1, 2008, to file written proofs of claim to court- appointed estate administrator Martin Koroschetz at: Dr. Martin Koroschetz Schuettelstrasse 55 1020 Vienna Austria Tel: 72 577 Fax: 72 577 577 E-mail: office@blw-legal.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on April 15, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 15, 2008 (Bankr. Case No. 28 S 26/08i). =========== F R A N C E =========== AKERYS HOLDINGS: S&P Lowers Corporate Credit Rating to B+ --------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on France-based homebuilder Akerys Holdings S.A. to 'B+' from 'BB'. The outlook is stable. At the same time, S&P lowered our debt rating on Akerys' EUR300 million bond to 'B' from 'BB-', one notch below the corporate credit rating. S&P removed both ratings from CreditWatch, where they had been placed with negative implications on Feb. 27, 2008. The recovery rating on the EUR300 million bond remains at '5', indicating our expectation of modest (10%-30%) recovery in the event of a payment default. "The rating actions reflect the lack of resilience of the company's business model in a more challenging interest rate environment; weaker-than-expected half-year results and the company's downward revision of its EBIT guidance; and the resulting weakening of the credit metrics, which are no longer in line with a 'BB' rating," said Standard & Poor's credit analyst Pierre Georges. The ratings continue to reflect the company's aggressive financial profile and lack of geographic diversity, as well as the property development industry's inherent characteristics of cyclicality, working capital intensity, low barriers to entry, and high fragmentation. These negative factors are only partly mitigated by Akerys' relatively prudent risk policies; ongoing focus on cash flows and liquidity; and the added benefits derived from ancillary financial services. For the first half of fiscal 2008, Akerys' EBITDA margin was 6%, down from 12% for full fiscal 2007. Other credit metrics also deteriorated significantly, with debt to EBITDA at 5.1x and funds from operations to debt at 8% (on an annualized basis). "The outlook is stable, based on the assumption that the operating performance and financial ratios will not deteriorate further, and that that company will generate positive free operating cash flow and keep adequate liquidity," said Mr. Georges. ARROW ELECTRONICS: To Buy Achieva's Components Distribution Biz --------------------------------------------------------------- Arrow Electronics Inc. has signed a definitive agreement pursuant to which Arrow will purchase the components distribution business from parent company Achieva Ltd., a value- added distributor in Asia Pacific. Arrow anticipates the transaction will be immediately accretive to earnings in the first twelve months by US$0.01 to US$0.03 per share and will meet the company�s acquisition objectives for return on invested capital. The transaction is subject to approval by the shareholders of Achieva Ltd. and is expected to close in the next 60 to 90 days. "Achieva will further strengthen our position in the ASEAN (Association of Southeast Asian Nations) and greater China markets and enhance our existing demand creation capabilities," said William E. Mitchell, chairman, president and chief executive officer of Arrow Electronics, Inc. "With this acquisition, Arrow will gain strong, established relationships with major semiconductor suppliers that will expand our line card as well as build upon existing partnerships. The Achieva management team is highly experienced and will be an impressive addition of bench strength to position Arrow for continued profitable growth in the Asia Pacific region," added Mr. Mitchell. About Achieva Achieva is focused on creating value for its partners through technical support and demand creation activities. The company�s product range covers semiconductor components such as application specific integrated circuits, programmable logic devices, digital signal processing chips and microchip- controller units. With over 200 employees, the company has a presence in eight countries (Singapore, Taiwan, China, India, Malaysia, Philippines, Thailand, and Korea) and primarily serves small and medium sized customers in the data communications, telecommunications, lighting, industrial and digital consumer end markets. Total 2006 sales were approximately US$200 million. About Arrow Electronics Headquartered in Melville, New York, Arrow Electronics Inc. -- http://www.arrow.com/-- provides products, services and solutions to industrial and commercial users of electronic components and computer products. Arrow serves as a supply channel partner for nearly 600 suppliers and more than 130,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of over 270 locations in 53 countries and territories. The company operates in France, Spain, Portugal, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden, Italy, Germany, Austria, Switzerland, Belgium, the Netherlands, United Kingdom, Argentina, Brazil, Mexico, Australia, China, Hong Kong, Korea, Philippines and Singapore. * * * Arrow Electronics senior subordinated stock continues to carry Moody's Investors Service's Ba1 rating. The company's senior preferred stock is rated at Ba2. SMOBY-MAJORETTE SA: Court Names Simba Dickie as Buyer ----------------------------------------------------- Simba Dickie Group has been selected by the Commercial Court of Lons-le-Saunier as the buyer for Smoby-Majorette S.A., Bloomberg News reports. The German toymaker offered to retain 401 of Smoby's around 1,100 employees in France as well as the resumption of production at four French sites. "The judge considered that to keep the toy company going in France, another toymaker would be best," Simba Managing Director Uwe Weiler told Bloomberg News. "The problems of Smoby weren't from the basic business but from acquiring business after business without getting it all under the same roof." The sale ends Smoby's bankuptcy proceedings. MGA Entertainment, which bought 51% of Smoby in May 2007 but failed to reach an agreement with Smoby's creditors, didn't make an offer for the company. As reported in the TCR-Europe on Jan. 8, 2008, the Court of Appeal in Besancon rejected the recovery plan presented by MGA Entertainment Inc. for Smoby-Majorette, maintaining the decision of the Commercial Court of Lons-le-Saunier to place the company under receivership on Oct. 9, 2007. The appellate court gave interested parties until at latest Jan. 20, 2008, to submit offers for Smoby. Around 30 parties have sought information on Smoby and its units. About Smoby Headquartered in Lavans les Saint-Claude, France, Smoby -- http://www.smoby.fr/-- specializes in the creation, development, production and distribution of toys for children from birth to age 10. Smoby has a presence in over 90 countries globally, with commercial and/or industrial operations in South America, Asia and throughout Europe. The Company's products are sold worldwide through a network of 18 subsidiaries, with 65% of sales generated outside of France. In France, the Company employs 1, 300 workers. Its Latin America operations are found in Argentina, Brazil and Mexico. The Commercial Court of Lons-le-Saunier opened bankruptcy proceedings against Smoby on March 19, 2007, upon the Debtor's request. Smoby was hoping to snag an investor who will inject fresh capital yet remain a minority, as the company grapples with a EUR330-million debt. The company reported a net loss of EUR15.87 million for the year ended March 31, 2006, compared with a net profit of EUR1.56 million in 2005 ============= G E R M A N Y ============= ARBITRATOR REVISIONSGESELLSCHAFT: Claims Period Ends March 17 ------------------------------------------------------------- Creditors of ARBITRATOR Revisionsgesellschaft GmbH have until March 17, 2008, to register their claims with court-appointed insolvency manager Dr. jur. Rainer Eckert. Creditors and other interested parties are encouraged to attend the meeting at 2 p.m. on April 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. jur. Rainer Eckert Arthur-Menge-Ufer 5 30169 Hannover Germany Tel: 0511 626287-0 Fax: 0511 626287-10 The District Court of Hannover opened bankruptcy proceedings against ARBITRATOR Revisionsgesellschaft GmbH on Feb. 8, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ARBITRATOR Revisionsgesellschaft GmbH Attn: Dr. rer. pol. Werner Eliass, Manager Herschelstr. 32 30159 Hannover Germany CASA MODERNA: Creditors Must File Claims by March 28 ---------------------------------------------------- Creditors of Casa Moderna Projektmanagement GmbH have until March 28, 2008, to register their claims with court-appointed insolvency manager Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 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 Duisburg Hall C205 Second Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Sebastian Henneke Muelheimer Str. 100 47057 Duisburg Germany The District Court of Duisburg opened bankruptcy proceedings against Casa Moderna Projektmanagement GmbH on Feb. 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Casa Moderna Projektmanagement GmbH Koenigstrasse 61 47051 Duisburg Germany DYLEC-ELECTRONICS GMBH: Claims Registration Ends April 1 -------------------------------------------------------- Creditors of Dylec-electronics GmbH have until April 1, 2008 to register their claims with court-appointed insolvency manager Reinhard Bohlig. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 29, 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 Korbach Hall 39 Main Building Hagenstrasse 2 34497 Korbach 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: Reinhard Bohlig Briloner Landstrasse 14 34497 Korbach Germany Tel: 05631-9509-70 Fax: 05631-9509-19 The District Court of Korbach opened bankruptcy proceedings against Dylec-electronics GmbH on Feb. 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dylec-electronics GmbH Muehlweg 14 34497 Korbach Germany Attn: Heinz Bauer, Manager Sack 16 34497 Korbach Germany ERHAL BAUUNTERNEHMEN: Claims Registration Ends April 1 ------------------------------------------------------ Creditors of Erhal Bauunternehmen GmbH have until April 1, 2008 to register their claims with court-appointed insolvency manager Dr. Paul Fink. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on April 22, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Paul Fink Koenigsallee 33 40212 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Erhal Bauunternehmen GmbH on Feb. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Erhal Bauunternehmen GmbH Attn: Ertugrul Erzengin, Manager Schuelgenstrasse 24 41541 Dormagen Germany EUROPEAN POLYMERS: Claims Registration Ends April 1 --------------------------------------------------- Creditors of european polymers GmbH have until April 1, 2008 to register their claims with court-appointed insolvency manager Ralph Buenning. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 15, 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 Bremen Hall 115 Ostertorstr. 25-31 28195 Bremen 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: Ralph Buenning Domshof 18-20 28195 Bremen Germany Tel: 0421/3686-0 Fax: 0421/3686-100 E-mail: InsOBremen@schubra.de Web site: http://www.schubra.de/ The District Court of Bremen opened bankruptcy proceedings against european polymers GmbH on Feb. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: european polymers GmbH Karl-Buecher-Strasse 5-7 28307 Bremen Germany Attn: Michael Kriese, Manager Muehlenfeldstrasse 5 f 28355 Bremen Germany FEYOCK AUTOCENTRUM: Creditors Must File Claims by March 28 ---------------------------------------------------------- Creditors of Feyock Autocentrum Beteiligungs GmbH have until March 28, 2008, to register their claims with court-appointed insolvency manager Peter Haas. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on April 29, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Saarbruecken Area Hall 13 First Floor Vopeliusstrasse 2 66280 Sulzbach 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: Peter Haas Kaiserstrasse 77 66386 St. Ingbert Germany The District Court of Saarbruecken opened bankruptcy proceedings against Feyock Autocentrum Beteiligungs GmbH on Feb. 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Feyock Autocentrum Beteiligungs GmbH Kurt-Schumacher-Strasse 20a 66130 Saarbruecken Germany JULIUS BOCKHOLT: Creditors Must File Claims by March 28 ------------------------------------------------------- Creditors of Julius Bockholt GmbH & Co. KG have until March 28, 2008, to register their claims with court-appointed insolvency manager Norbert Wischermann. Creditors and other interested parties are encouraged to attend the meeting at 9:05 a.m. on April 15, 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 Wuppertal Meeting Hall A234 Second Floor Eiland 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Norbert Wischermann Alter Markt 9-13 42275 Wuppertal Germany The District Court of Wuppertal opened bankruptcy proceedings against Julius Bockholt GmbH & Co. KG on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Julius Bockholt GmbH & Co. KG Greulingstrasse 21 42859 Remscheid Germany K & P BAUTRAGERGESELLSCHAFT: Claims Registration Ends April 1 ------------------------------------------------------------- Creditors of K & P Bautragergesellschaft mbH have until April 1, 2008 to register their claims with court-appointed insolvency manager Frank Raff. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 22, 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 73249 Wernau Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Frank Raff Heilbronner Str. 86 70191 Stuttgart Germany Tel: 0711/25 97 29-0 Fax: 0711/25 97 29-999 The District Court of Esslingen opened bankruptcy proceedings against K & P Bautragergesellschaft mbH on Jan. 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: K & P Bautragergesellschaft mbH Attn: Katharina Kerecseny, Manager Zeppelinstr. 10 73760 Ostfildern Germany LA LOFT: Claims Registration Period Ends March 14 ------------------------------------------------- Creditors of LA Loft GmbH & Co. KG have until March 14, 2008, to register their claims with court-appointed insolvency manager Alexander Saponjic. Creditors and other interested parties are encouraged to attend the meeting at 8:15 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 Landshut Meeting Room 8/I Insolvency Court Maximilianstrasse 22-24 Landshut Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Alexander Saponjic Bachstr. 6 84036 Landshut Germany Tel: 0871/943210 Fax: 0871/9432150 The District Court of Landshut opened bankruptcy proceedings against LA Loft GmbH & Co. KG on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LA Loft GmbH & Co. KG Schlachthofstr. 47 84034 Landshut Germany LUPO SPEDITIONSGESELLSCHAFTS: Claims Period Ends March 18 --------------------------------------------------------- Creditors of LUPO Speditionsgesellschafts mbH have until March 18, 2008, to register their claims with court-appointed insolvency manager Dr. Peer Moeller. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Schwarzenbek Hall 3 Moellner Str. 20 Schwarzenbek 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. Peer Moeller Untere Querstrasse 1 23730 Neustadt / Holstein Germany The District Court of Schwarzenbek opened bankruptcy proceedings against LUPO Speditionsgesellschafts mbH on Feb. 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LUPO Speditionsgesellschafts mbH Attn: Kathrin Popp, Manager Oldenburger Strasse 1b 23883 Lehmrade Germany MM MEDIENVERMARKTUNGSKONZEPTE: Claims Registration Ends April 1 --------------------------------------------------------------- Creditors of MM Medienvermarktungskonzepte GmbH have until April 1, 2008 to register their claims with court-appointed insolvency manager Dr. Christoph Niering. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on April 25, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 1240 12th 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. Christoph Niering Brabanter Str. 2 50674 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against MM Medienvermarktungskonzepte GmbH on Feb. 8, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MM Medienvermarktungskonzepte GmbH Attn: Martina Tille, Manager Konrad-Adenauer-Ufer 39 50668 Cologne Germany PHOENIX-POLSTERMOEBEL GMBH: Claims Period Ends March 19 ------------------------------------------------------- Creditors of Phoenix-Polstermoebel GmbH have until March 19, 2008, to register their claims with court-appointed insolvency manager Joachim Walterscheid. Creditors and other interested parties are encouraged to attend the meeting at 11:15 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 of Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld 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: Joachim Walterscheid Am Kurpark 2 32545 Bad Oeynhausen Germany Tel: 05731/84223-30 Fax: +4957318422350 The District Court of Bielefeld opened bankruptcy proceedings against Phoenix-Polstermoebel GmbH on Feb. 8, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Phoenix-Polstermoebel GmbH Attn: Friedrich Apke, Manager Wittenhusen 3 32457 Porta Westfalica Germany PRO-DIE-LOG GMBH: Creditors Must File Claims by March 31 -------------------------------------------------------- Creditors of Pro-die-log GmbH have until March 31, 2008, to register their claims with court-appointed insolvency manager Hartmut Mitze. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on May 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 Marburg/Lahn Hall 157 Universitatsstrasse 48 35037 Marburg/Lahn 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: Hartmut Mitze Jahnstrasse 18 35066 Frankenberg Germany The District Court of Marburg/Lahn opened bankruptcy proceedings against Pro-die-log GmbH on Jan. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pro-die-log GmbH Im Ried 3 35108 Allendorf/Eder Germany PW - VERTRIEB: Creditors Must File Claims by March 31 ----------------------------------------------------- Creditors of PW - Vertrieb Welker GmbH have until March 31, 2008, to register their claims with court-appointed insolvency manager Karsten Sauter. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on April 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 Rottweil Room 0.05 Branch Office Koernerstr. 29 Rottweil Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Karsten Sauter Berner Feld 74 78628 Rottweil Germany The District Court of Rottweil opened bankruptcy proceedings against PW - Vertrieb Welker GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PW - Vertrieb Welker GmbH Brunnenstr. 32 78554 Aldingen Germany RAPID AUTOREPARATUR: Claims Registration Period Ends March 19 ------------------------------------------------------------- Creditors of Rapid Autoreparatur GmbH have until March 19, 2008, to register their claims with court-appointed insolvency manager Wolfgang Weidemann. Creditors and other interested parties are encouraged to attend the meeting at 8:50 a.m. on March 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 Pinneberg Hall 3 First Floor Station Route 17 25421 Pinneberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolfgang Weidemann Wendenstr. 4 20097 Hamburg Germany The District Court of Pinneberg opened bankruptcy proceedings against Rapid Autoreparatur GmbH on Feb. 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rapid Autoreparatur GmbH Attn: Hans-Detlef Reichow, Manager Franz-Kruckenberg-Str. 4 a 25436 Uetersen Germany RM-BAU GMBH: Creditors Must File Claims by March 31 --------------------------------------------------- Creditors of RM-Bau GmbH have until March 31, 2008, to register their claims with court-appointed insolvency manager Frank Kreuznacht. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 21, 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: Frank Kreuznacht Wolbecker Windmuehle 15 a 48167 Muenster Germany The District Court of Muenster opened bankruptcy proceedings against RM-Bau GmbH on Feb. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RM-Bau GmbH Steinfurter Strasse 25 59387 Ascheberg Germany ROBERT MOELLER: Creditors Must File Claims by March 28 ------------------------------------------------------ Creditors of Robert Moeller Transporte GmbH have until March 28, 2008, to register their claims with court-appointed insolvency manager Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on April 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 409 Fourth Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Winfrid Andres Neuer Zollhof 3 40221 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Robert Moeller Transporte GmbH on Feb. 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Robert Moeller Transporte GmbH Im Hasseldamm 3 41352 Korschenbroich Germany ROTT BAUTRAGER: Creditors Must File Claims by March 28 ------------------------------------------------------ Creditors of Rott Bautrager GmbH have until March 28, 2008, to register their claims with court-appointed insolvency manager Klaus Reischl. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 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 Passau Meeting Hall 214 Second Floor Schustergasse 4 Passau 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: Klaus Reischl Residenzplatz 10 94032 Passau Germany The District Court of Passau opened bankruptcy proceedings against Rott Bautrager GmbH on Feb. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rott Bautrager GmbH Dr.-Schindler-Str. 9 94107 Untergriesbach Germany RUDOLF BRAUNER: Creditors Must File Claims by March 31 ------------------------------------------------------ Creditors of Rudolf Brauner Transport GmbH have until March 31, 2008, to register their claims with court-appointed insolvency manager Ado Nika. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.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 Pforzheim Mannheimer Str. 17 75179 Pforzheim 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: Ado Nika Uhlandstr. 57 - 61 74072 Heilbronn Germany The District Court of Pforzheim opened bankruptcy proceedings against Rudolf Brauner Transport GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rudolf Brauner Transport GmbH Schlossstr. 8 75223 Niefern-oeschelbronn Germany SCHROEDER GMBH: Creditors Must File Claims by March 28 ------------------------------------------------------ Creditors of Schroeder GmbH have until March 28, 2008, to register their claims with court-appointed insolvency manager Dirk Andres. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 22, 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 Hagen Hall 259 Second Floor Heinitzstrasse 42/44 58097 Hagen 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 Andres Grabenstr. 28 58095 Hagen Germany The District Court of Hagen opened bankruptcy proceedings against Schroeder GmbH on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schroeder GmbH Worthplatz 8 58511 Luedenscheid Germany ============= I R E L A N D ============= BALLANTYNE RE: Fitch Cuts Rating on US$250 Million Notes to B+ -------------------------------------------------------------- Fitch Ratings downgrades class A-1 of Ballantyne Re Plc as: -- US$250,000,000 class A-1 floating-rate notes to 'B+' from 'BB', is placed on Rating Watch Negative. Fitch also places these classes, rated 'B', on Rating Watch Negative: -- US$10,000,000 class B-1 subordinated notes at 'B', is placed on Rating Watch Negative; -- US$40,000,000 class B-2 subordinated floating-rate notes at 'B', is placed on Rating Watch Negative. Ballantyne Re holds significant amounts of subprime residential asset- and mortgage-backed (ABS/RMBS) securities in the asset portfolios supporting its reserves. These assets have experienced material mark-to-market declines, which previously resulted in the deferral and accrual of interest on the class B-1 and B-2 notes and a substantial write-down of the accrued interest and principal of Ballantyne Re's class C notes. The rating action reflects Fitch's heightened concern about subprime and Alt-A residential ABS/RMBS. The market values of Ballantyne Re's residential ABS/RMBS investments continue to decline. At the same time, the life insurance reserves on Ballantyne Re's block of business continue to grow. The residual amount available for payment of interest declined, as evident from the most recent servicer reports received by Fitch, and Fitch expects a further decline in the residual available for interest payments at the end of the first quarter. If this decline continues, Ballantyne Re will be unable to make the interest payments on the class A-1 floating-rate notes. The 'AAA' ratings of Ballantyne Re's class A-2 floating-rate guaranteed notes series B are not affected by the rating actions. The 'AA' ratings of Ballantyne Re's class A-2 series A and its A-3 floating-rate guaranteed notes are not affected and remain on Rating Watch Negative. Those ratings are linked to the financial strength of the relevant financial guarantors. Ballantyne Re is a special purpose public limited company incorporated and registered in Ireland. The company was established for the limited purpose of entering into a reinsurance agreement with Scottish Re (US) Inc. (SRUS), and conducting activities related to the notes' issuance. Under the reinsurance agreement, SRUS ceded a block of business to Ballantyne Re. Ballantyne Re issued the notes to finance excess reserve requirements under Regulation XXX for the ceded block of business. ========= I T A L Y ========= ALITALIA SPA: New Gov't to OK Sale if Flagship Status Retained -------------------------------------------------------------- The next Italian government will approve the sale of its 49.9% stake in Alitalia S.p.A. to Air-France KLM S.A. if the carrier's national identity is retained, various reports say citing former Prime Minister and opposition leader Silvio Berlusconi. "The idea of an Air France-KLM-Alitalia public company is possible, but by maintaining Alitalia as a flagship carrier, with its own symbol and offices around the world," the former prime was quoted by Reuters as saying. Mr. Berlusconi had been against a possible takeover by Air France over Alitalia. He, however, stressed that an Italian buyer is much preferred, Bloomberg News relates. Mr. Berlusconi also reiterated his stand against downsizing Alitalia's operations in Milan. The former prime minister added that Italian may make a temporary "sacrifice" under exceptional circumstances to save Alitalia, Reuters relates. As reported in the TCR-Europe on Feb. 18, 2008, Air France said it will seek approval from the new Italian government chosen following the April 13-14, 2008, snap elections, for any agreement to acquire Italy stake in Alitalia. Air France managing director Pierre Henri Gourgeon that the exclusive talks may go beyond the April elections due to various procedural steps. The Forza Italia opposition party, headed by former Prime Minister Silvio Berlusconi and seen to win the upcoming election, said it will respect the possible sale of stake in Alitalia to Air France if it emerges as the victor. "If there were to be a contract already signed, it would be respected," Renato Brunetta, deputy coordinator of Silvio Berlusconi's Forta Italia, was quoted by Bloomberg News as saying. Alitalia and Air France-KLM SA have until mid-March to complete exclusive talks and present a final binding offer to the Italian government, which thereafter will decide whether to sell its stake to the French carrier. 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 carrier serves routes to Asia, Europe, North America and South America. 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: Foreign Minister Warns of Possible Bankruptcy ----------------------------------------------------------- Alitalia S.p.A. may succumb to bankruptcy if the talks to sell the Italian government's 49.9% stake in the carrier to Air France-KLM SA fails, MF-Dow Jones Newswire reports, citing outgoing foreign minister Massimo D'Alema. According to the report, Mr. D'Alema was commenting on remarks of former prime minister Silvio Berlusconi -- poised to return to power after April's snap election -- that Alitalia should be sold to a group of Italian investors. Alitalia and Air France-KLM SA have until mid-March to complete exclusive talks and present a final binding offer to the Italian government, which thereafter will decide whether to sell its stake to the French carrier. 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 carrier serves routes to Asia, Europe, North America and South America. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. =================== K A Z A K H S T A N =================== ADA-STROY LLP: Creditors Must File Claims by March 28 ----------------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Ada-Stroy (RNN 092200005693). Creditors have until March 28, 2008, to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 AGROPROM INVEST: Claims Deadline Slated for April 11 ---------------------------------------------------- LLP Agroprom Invest Corporation has declared insolvency. Creditors have until April 11, 2008, to submit written proofs of claims to: LLP Agroprom Invest Corporation Maresyev Str. 85/19 Aktobe Aktube Kazakhstan ALIYA MUNAI: Claims Filing Period Ends April 11 ----------------------------------------------- LLP Aliya Munai Enterprises Ltd has declared insolvency. Creditors have until April 11, 2008, to submit written proofs of claims to: LLP Aliya Munai Enterprises Ltd Office 122 Korgaljinskoye Highway, 2/2 Astana Kazakhstan ALTYNEMEL LLP: Creditors' Claims Due on April 11 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty has declared LLP Altynemel insolvent. Creditors have until April 11, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Micro District Samal, 15-29 Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 25-43-90 8 777 382 33-86 C.A.T. OIL: Moody's Puts Corporate Family Rating at B1 ------------------------------------------------------ Moody's Investors Service assigned a B1 corporate family rating to C.A.T.oil AG. The outlook is stable. CAToil is an independent niche oilfield services company organised in the form of an Austria-based holding company which wholly owns five main operating subsidiaries in Russia. The company is a niche player in the overall OFS market, with strong positioning in fracturing, sidetracking and workover services which the company provides to the major oil and gas companies in Russia and Kazakhstan. CAToil is a publicly traded company with 40% of shares held by institutional investors through an IPO which the company completed in 2006 placing its shares on the FSE. The remaining 60% are privately held by two founders. CAToil's market capitalisation is around US$1.0 billion. In 2006 CAToil generated sales of EUR194 million. It has a workforce of 3,200 people the majority of whom are located in Russia and Kazakhstan. CAToil's rating is based on Moody's Global Oilfield Services Industry Rating Methodology, which assesses the company's financial and operational performance for the past three historical years (2005-2007) and also takes into account CAToil's two year forecast (2008-2009). The methodology rating assessment maps the company into a Baa3 category and is driven by the company's robust financial metrics, underpinned by strong profitability and historically low leverage. The forward looking assessment which is factored into the rating, reflects the CAToil's ongoing efforts to diversify its product portfolio aimed at further development of its sidetracking operations and diversification into the conventional drilling and seismic segments of OFS market in the respective regions. The company's pro forma Debt/Total Capitalisation ratio assumes debt issuance this year resulting in a ratio score in the "Ba" category. The actual rating of B1 is therefore four notches lower than the rating indicated by the methodology grid, which is in line with the rating discount bracket applied by Moody's to companies operating in the region characterised by evolving and challenging political, regulatory and operational environment. The rating is constrained by (i) the company's small size in the context of the overall OFS market in the region, which is becoming increasingly attractive for major global players, (ii) its fairly concentrated customer base, (iii) CAToil's strong, albeit decreasing, dependence on a single product line (fracturing operations), (iv) the event risk related to the implementation of a large scale capex programme and (v) a significant step up in leverage following the planned debt issuance. At the same time Moody's recognises a significant upside potential offered by the current market environment in the respective region, the company's strong financial profile, well- established customer relationships and regional expertise. The rating also benefits from certain risk-mitigating characteristics of the Russian OFS market, as well as the company-specific qualities, namely: (i) a low correlation between the demand for OFS and the oil price due to the nature of the Russian taxation system (ii) a lower susceptibility of OFS companies to political risks, compared to exploration and production oil&gas players globally, (iii) significant upside potential for OFS segment in Russia and Kazakhstan due to historic underinvestment, (iv) the company's experienced management team and (v) proven commitment of CAToil's management and its key founder to adhere to a western-type corporate governance standards and conservative financial policies. The stable outlook is supported by Moody's expectation that market conditions will remain supportive and the company will pursue the execution of its capex programme as planned. The stable outlook also reflects Moody's expectation that CAToil will maintain its current strategy and financial policies. As the company's focus is on organic growth, Moody's does not factor in any sizable acquisitions in the current rating. Nevertheless, in the event CAToil decides to pursue an acquisition opportunity, Moody's would expect that the strategic fit, valuation and incremental leverage would be carefully examined and consistent with the management's disciplined historical standards and that Debt/Book Capitalisation would not exceed 40% as a result of the acquisition. The rating might experience a positive pressure if CAToil were to realise its capex and revenue growth objectives in the next 12-18 months while maintaining the healthy level of profitability and returns. To support a rating upgrade, Moody's would also expect CAToil to continue strengthening its revenue base through product diversification and strong order book while illustrating its ability to withstand competitive pressure and preserve margins. Ratings could be pressured if CAToil were to materially increase its leverage above the expected levels, either through more aggressive debt financed capex, or due to lower profitability. Going forward Debt/EBITDA and Debt/Capitalization greater than 3x and 45% in upcycle conditions could result in a negative outlook or ratings downgrade. Also, a deterioration of the company's operational performance resulting from a loss of a major customer, and/or a deterioration in E&P activity that might have a negative impact on CAToil's business fundamentals and put significant pressure on CAToil's market position and cash flow generation capacity, could result in a negative outlook or ratings downgrade. C.A.T. oil AG, which is headquartered in Vienna, Austria, and operates through its several subsidiaries in Russia, is a provider of oil-field services to the major oil&gas players in Russia and Kazakhstan. The company generated revenue of EUR194 million in 2006. C.A.T. OIL: S&P Assigns Low-B Ratings with Stable Outlook --------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' long-term and 'B' short-term corporate credit ratings to C.A.T. oil AG, an Austria-registered oilfield services company that conducts all of its operations in Russia and Kazakhstan. The outlook is stable. At the same time, the 'ruA+' Russia national scale rating was assigned. The industry's inherent cyclicality and competitiveness, with low entry barriers; the small scale of the company, limiting its pricing power and diversification; and risks inherent to operating in the Russian environment constrain the ratings. "Favorable conditions in Russia's oilfield services industry, as well as C.A.T. oil's strong niche positions, solid corporate governance practices, and moderate financial policy support the ratings," said Standard & Poor's credit analyst Andrey Nikolaev. C.A.T. oil currently has a net cash position and no committed unused credit lines, apart from overdrafts of about EUR7.9 million on the subsidiary level. "We expect C.A.T. oil to defend its market share in hydraulic fracturing in the medium term and its cash flows from sidetracking to grow on the back of increased capacity and a strong order book," said Mr. Nikolaev. Upside potential over the medium term depends on growing diversification, scale, and share of higher-margin activities; execution of the investment program; positive free cash flow generation; and an improving liquidity position with committed backup facilities. The ratings could come under pressure if a significant increase in competition in C.A.T. oil's core segments leads to undercapacity and weakening margins, if the financial policy changes, or if the company fails to secure long-term financing prior to starting the investment program. KAZCONSTRUCT SAUDA: Claims Registration Ends April 11 ----------------------------------------------------- LLP Kazconstruct Sauda has declared insolvency. Creditors have until April 11, 2008, to submit written proofs of claims to: LLP Kazconstruct Sauda Nemirovich- Danchenko Str. 1 Almaty Kazakhstan KURYLYS IPOTEKA: Creditors Must File Claims by April 11 ------------------------------------------------------- Branch of JSC Mortgage Organization Kurylys Ipoteka has declared insolvency. Creditors have until April 11, 2008, to submit written proofs of claims to: JSC Mortgage Organization Kurylys Ipoteka Micro District Samal, 3-1 Saryarka Astana Kazakhstan LAME LAND: Claims Deadline Slated for March 28 ---------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Lame Land (RNN 090300213409). Creditors have until March 28, 2008, to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 NEFTEGAS-PROM NS: Claims Filing Period Ends April 11 ---------------------------------------------------- LLP Neftegas-Prom NS has declared insolvency. Creditors have until April 11, 2008, to submit written proofs of claims to: LLP Neftegas-Prom NS Abylai han ave. 2/1-3 Astana Kazakhstan SHANS-1 LLP: Creditors' Claims Due on April 11 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Shans-1 insolvent. Creditors have until April 11, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 TORG STROY: Claims Registration Ends April 11 --------------------------------------------- LLP Torg Stroy Complect has declared insolvency. Creditors have until April 11, 2008, to submit written proofs of claims to: LLP Torg Stroy Complect Kazybek bi Str. 158 Shymkent South Kazakhstan Kazakhstan =================== K Y R G Y Z S T A N =================== KELECHEK PAHTA: Creditors Must File Claims by March 28 ------------------------------------------------------ OJSC Kelechek Pahta has declared insolvency. Creditors have until March 28, 2008 to submit written proofs of claim to: OJSC Kelechek Pahta Aral Nookensky District Djalal-Abad Region Kyrgyzstan TECHNOMARKET LLC: Claims Filing Period Ends March 28 ---------------------------------------------------- LLC Technomarket has declared insolvency. Creditors have until March 28, 2008 to submit written proofs of claim to: LLC Technomarket Abdrahmanov Str. 175 Bishkek Kyrgyzstan Tel: (+996 312) 66-16-40 =========== R U S S I A =========== BONUS LLC: Court Starts Bankruptcy Supervision Procedure -------------------------------------------------------- The Arbitration Court of Krasnodar commenced bankruptcy supervision procedure on LLC Bonus. The case is docketed under Case No. A32-22964/07-2/55B. The Temporary Insolvency Manager is: A. Likhachev Chkalova Str. 10 650025 Kemerovo Russia The Court is located at: The Arbitration Court of Krasnodar Krasnaya Str. 6 Krasnodar Russia The Debtor can be reached at: LLC Bonus Krasnodar Russia C.A.T. OIL: S&P Assigns Low-B Ratings with Stable Outlook --------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' long-term and 'B' short-term corporate credit ratings to C.A.T. oil AG, an Austria-registered oilfield services company that conducts all of its operations in Russia and Kazakhstan. The outlook is stable. At the same time, the 'ruA+' Russia national scale rating was assigned. The industry's inherent cyclicality and competitiveness, with low entry barriers; the small scale of the company, limiting its pricing power and diversification; and risks inherent to operating in the Russian environment constrain the ratings. "Favorable conditions in Russia's oilfield services industry, as well as C.A.T. oil's strong niche positions, solid corporate governance practices, and moderate financial policy support the ratings," said Standard & Poor's credit analyst Andrey Nikolaev. C.A.T. oil currently has a net cash position and no committed unused credit lines, apart from overdrafts of about EUR7.9 million on the subsidiary level. "We expect C.A.T. oil to defend its market share in hydraulic fracturing in the medium term and its cash flows from sidetracking to grow on the back of increased capacity and a strong order book," said Mr. Nikolaev. Upside potential over the medium term depends on growing diversification, scale, and share of higher-margin activities; execution of the investment program; positive free cash flow generation; and an improving liquidity position with committed backup facilities. The ratings could come under pressure if a significant increase in competition in C.A.T. oil's core segments leads to undercapacity and weakening margins, if the financial policy changes, or if the company fails to secure long-term financing prior to starting the investment program. ENERGO LLC: Court Starts Bankruptcy Supervision Procedure --------------------------------------------------------- The Arbitration Court of Rostov commenced bankruptcy supervision procedure on LLC Energo (TIN 6167065831). The case is docketed under Case No. A53-938/2008-S1-33. The Temporary Insolvency Manager is: I. Zolotarev Osipienko Str. 24 344058 Rostov-na-Donu Russia The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: LLC Energo Voroshilovskiy Pr. 6/1 344011 Rostov-na-Donu Russia ICICI BANK: Has No Material Exposure to U.S. Sub-Prime Credit ------------------------------------------------------------- ICICI Bank Ltd. has no material direct or indirect exposure to U.S. sub-prime credit, the bank said in a media release after reports of the company losing US$264 million on account of the sub-prime crisis. According to ICICI Bank, the widening of credit spreads in the international markets have resulted in a negative mark-to-market impact on the credit derivatives and fixed income investment portfolios of the bank and its overseas banking subsidiaries, while there has been no significant deterioration in actual credit quality of the underlying investments. ICICI Bank and its overseas banking subsidiaries have an aggregate exposure of US$2.2 billion in credit derivatives, the release noted. As of January 31, 2008, the mark-to-market negative on this portfolio due to movement of credit spreads was about US$155 million of which US$88 million had been provided for in the financial statements of the bank and its subsidiaries for the nine months ended December 31, 2007. In addition, ICICI Bank and its overseas banking subsidiaries have fixed income investment portfolios, which have a mark-to- market negative due to widening of credit spreads. As of January 31, 2008, this negative was about US$108 million of which US$101 million had been accounted for in the financial statements as of December 31, 2007. This includes mark-to- market on the available for sale portfolio, which has been accounted for in the shareholders' equity. The release added that unrealized gains on ICICI Bank's other investment portfolio has not been considered in above. Headquartered in Mumbai, India, ICICI Bank Limited -- http://www.icicibank.com/-- is a financial services group providing a variety of banking and financial services, including project and corporate finance, working capital finance, venture capital finance, investment banking, treasury products and services, retail banking, broking and insurance. It also has interests in the software development, software services and business process outsourcing businesses. The Company's operations have been classified into three segments: Commercial Banking, Investment Banking and Others. It has subsidiaries in the United Kingdom, Canada and Russia, branches in Singapore and Bahrain, and representative offices in the United States, China, United Arab Emirates, Bangladesh and South Africa. * * * ICICI Bank Ltd.'s hybrid Tier-1 securities is rated BB- by Standard & Poor's. ICICI's senior unsecured, five-year, fixed- rate U.S. dollar notes is rated BB+ by S&P. INVESTMENT FUND: Creditors Must File Claims by April 16 ------------------------------------------------------- Creditors of OJSC Investment Fund Company have until April 16, 2008, to submit proofs of claim to: G. Potapov Insolvency Manager Post User Box 31 Yakutsk 677018 Sakha�Yakutiya Russia The Arbitration Court of Sakha-Yakutiya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A58-8427/07. The Court is located at: The Arbitration Court of Sakha-Yakutiya Kurashova Str. 28 677000 Sakha-Yakutiya Russia The Debtor can be reached at: OJSC Investment Fund Company Dzerzhinskogo Str. 20 Yakutsk 677000 Sakha�Yakutiya Russia KOLCHUG-MITSAR CJSC: Creditors Must File Claims by April 16 ----------------------------------------------------------- Creditors of CJSC Trading House Kolchug-Mitsar have until April 16, 2008, to submit proofs of claim to: D. Lazarev Insolvency Manager Post User Box 106 Central Post Office 620000 Ekaterinburg Russia The Arbitration Court of Vladimir commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A11-3489/2007-K1-95B. The Court is located at: The Arbitration Court of Vladimir Oktyabrskiy Pr. 14 600025 Vladimir Russia The Debtor can be reached at: CJSC Trading House Kolchug-Mitsar K. Marksa Str. 25 Kolchugino 601785 Vladimir Russia NOVO-OZERNOE OJSC: Creditors Must File Claims by April 16 --------------------------------------------------------- Creditors of CJSC Novo-Ozernoe (TIN 5531007109) have until April 16, 2008, to submit proofs of claim to: N. Shkola Insolvency Manager Post User Box 59 32 644010 Omsk Russia The Arbitration Court of Omsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A46-4091/2007. The Debtor can be reached at: CJSC Novo-Ozernoe Novo-Polyanskiy Omsk Russia ROSNEFT OIL: Two Top Executives Quit from Posts ----------------------------------------------- Ramil Valitov has resigned as OAO Rosneft Oil Co.'s vice president, The Moscow Times reports. According to the report, Mr. Valitov resigned from his post to take on another job. Rosneft has named Pavel Zablotsky to replace Mr. Valitov. Meanwhile, Sergei Khotochkin also resigned as Rosneft's chief of corporate governance, The Moscow Times reports citing company sources. "Some retired, some went on to other jobs," Rosneft spokesman Nikolai Manvelov was quoted by The Moscow Times as sating. "This is normal." 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. * * * As of Feb. 7, 2008, 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. SAMPUR-VOD-STROY: Court Names V. Sutormin as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Tambov appointed V. Sutormin as Insolvency Manager for OJSC Sampur-Vod-Stroy (TIN 6817000023). He can be reached at: V. Sutormin Sovetskaya Str. 71 Krasivoe Michurinskiy 393760 Tambov Russia Cell: 8 (910) 652-59-31 Fax: 8 (47545) 2-45-51 The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A64-7557/07-10. The Debtor can be reached at: OJSC Sampur-Vod-Stroy Sampur Sampurskiy Tambov Russia SEVERSKAYA FUEL-ENERGY: Creditors Must File Claims by April 16 -------------------------------------------------------------- Creditors of LLC Severskaya Fuel-Energy Company have until April 16, 2008, to submit proofs of claim to: I. Galotin Insolvency Manager Letter K Tovarnaya Str. 7 350033 Krasnodar Russia The Arbitration Court of Krasnodar commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-32-6529/2007-1/209 B. The Court is located at: The Arbitration Court of Krasnodar Krasnaya Str. 6 Krasnodar Russia The Debtor can be reached at: LLC Severskaya Fuel-Energy Company Severskaya St. 353240 Krasnodar Russia SISTEMA JSFC: Detsky Mir Unit Completes Network Reorganization -------------------------------------------------------------- Detsky Mir Group, a unit of Sistema JSFC, has completed restructuring of its store management network. In the course of the reorganization, these firms were merged into Detsky Mir Centre OJSC: * Tirex Development CJSC, * Detsky Mir - Severo-Zapad CJSC * Detsky Mir - Yug CJSC, * Detsky Mir - Kazan CJSC, and * Detsky Mir Privolzhye CJSC. "We have optimized store network management," said Maxim Entyakov, CEO of Detsky Mir Centre OJSC. "The company has become more transparent, business processes have been unified, all assets were consolidated under one legal entity - the group's head company. We expect further increase in the group's operating efficiency." About Sistema Headquartered in Moscow, Russia, Sistema JSFC -- http://www.sistema.com/-- develops and manages market- leading businesses in selected service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. * * * As of March 4, 2008, Sistema JSFC carries a Ba3 long-term corporate family rating and a B2 senior unsecured debt rating from Moody's, which said the outlook is positive. The company also carries Standard & Poor's BB- long-term foreign and local issuer credit ratings. S&P said the outlook is negative. Sistema JSFC carries BB- Issuer Default rating from Fitch, which said the outlook is stable. STRATEGIST OJSC: Kirov Bankruptcy Hearing Slated for June 17 ------------------------------------------------------------ The Arbitration Court of Kirov will convene at 11:00 a.m. on June 17, 2008, to hear the bankruptcy supervision procedure on OJSC Strategist (TIN 4307000128). The case is docketed under Case No. 28-403/07-282/6. The Temporary Insolvency Manager is: V. Ryabov Apartment 2 Lesnaya Str. 20 Urzhum 613530 Kirov Russia The Court is located at: The Arbitration Court of Kirov K-Libknekhta Str. 102 610017 Kirov Russia The Debtor can be reached at: OJSC Strategist Depovskaya Str. 2 Vyatskie Polyany Kirov Russia ===================== S W I T Z E R L A N D ===================== ASIAN MAKKAL: Lucerne Court Starts Bankruptcy Proceedings --------------------------------------------------------- The Bankruptcy Service of Luzern-Stadt commenced bankruptcy proceedings against LLC Asian Makkal Kadai on Jan. 29, 2008. The Bankruptcy Service of Luzern-Stadt can be reached at: Bankruptcy Service of Luzern-Stadt 6000 Luzern 5 Switzerland The Debtor can be reached at: LLC Asian Makkal Kadai Hofstrasse 4 6004 Lucerne Switzerland B. COM HOLDING: Creditors' Liquidation Claims Due by April 15 ------------------------------------------------------------- Creditors of JSC B.Com Holding have until April 15, 2008, to submit their claims to: Schoch, Auer & Partner Marktplatz 4 9004 St. Gallen Switzerland The Debtor can be reached at: JSC B.Com Holding St. Gallen Switzerland BIREC PARTNER: Creditors' Liquidation Claims Due by March 13 ------------------------------------------------------------ Creditors of LLC Birec Partner have until March 13, 2008, to submit their claims to: LLC Birec Partner Larchenstrasse 11 8903 Birmensdorf Dietikon ZH Switzerland KORNMART INEICHEN: Lucerne Court Starts Bankruptcy Proceedings -------------------------------------------------------------- The Bankruptcy Service of Luzern-Stadt commenced bankruptcy proceedings against LLC Kornmart Ineichen on Jan. 30, 2008. The Bankruptcy Service of Luzern-Stadt can be reached at: Bankruptcy Service of Luzern-Stadt 6000 Luzern 5 Switzerland The Debtor can be reached at: LLC Kornmart Ineichen Rhynauerstrasse 15 6005 Lucerne Switzerland RESPOMO JSC: Creditors' Liquidation Claims Due by April 7 --------------------------------------------------------- Creditors of JSC Respomo have until April 7, 2008, to submit their claims to: Wolfgang Regensburger Liquidator Oberstmuhle 1 6370 Stans NW Switzerland The Debtor can be reached at: JSC Respomo Stans NW Switzerland SEILER & STEFFEN: Creditors' Liquidation Claims Due by March 10 --------------------------------------------------------------- Creditors of LLC Seiler & Steffen have until March 10, 2008, to submit their claims to: Alexander Seiler Erlenstrasse 43 4058 Basel Switzerland The Debtor can be reached at: LLC Seiler & Steffen Basel Switzerland THE MCGRAW-HILL: Creditors' Liquidation Claims Due by March 13 -------------------------------------------------------------- Creditors of LLC The McGraw-Hill Companies Switzerland have until March 13, 2008, to submit their claims to: Nils Jorgensen Liquidator Rebgasse 2 4058 Basel Switzerland The Debtor can be reached at: LLC The McGraw-Hill Companies Switzerland Basel Switzerland WEBSMARTWARE JSC: Creditors' Liquidation Claims Due by March 12 --------------------------------------------------------------- Creditors of JSC WebSmartWare have until March 12, 2008, to submit their claims to: Charles Alfred Keller Buttiweg 8 4112 Fluh Dorneck SO Switzerland The Debtor can be reached at: JSC WebSmartWare Hofstetten-Fluh Dorneck SO Switzerland =========================== U N I T E D K I N G D O M =========================== ALBA 2006-1: Fitch Affirms BB Rating on Class E Notes ----------------------------------------------------- Fitch Ratings has affirmed all outstanding tranches of Alba 2006-1 plc following Fitch's March 7, 2008 downgrade of the monoline insurer CIFG Europe (CIFG, rated Insurer Financial Strength 'AA-' (AA minus)/RWN). Alba 06-1's class A3b notes benefit from a guarantee provided by CIFG. The guarantee addresses the timely payment of interest and ultimate repayment of principal on the notes by their respective maturity dates. When rating this transaction, Fitch did not give any credit to this guarantee in its cashflow analysis and therefore the ratings of the notes are unaffected. The rating actions are: Alba 2006-1 plc: -- Class A2 (ISIN XS0254829566): * affirmed at 'AAA'; Outlook Stable -- Class A3a (ISIN XS0254830499): * affirmed at 'AAA'; Outlook Stable -- Class A3b (ISIN XS0254831893): * affirmed at 'AAA'; Outlook Stable -- Class B (ISIN XS0254833089): * affirmed at 'AA'; Outlook Stable -- Class C (ISIN XS0254833758): * affirmed at 'A'; Outlook Stable -- Class D (ISIN XS0254834053): * affirmed at 'BBB'; Outlook Stable -- Class E (ISIN XS0254834301): * affirmed at 'BB'; Outlook Negative -- MERCS (ISIN XS0255419284): * affirmed at 'AAA'; Outlook Stable Alba 06-1 is comprised of loans originated by GMAC-RFC and Kensington. The portfolio has seen a significant rise in prepayment levels during the last period, as fixed-rate loans from the portfolio have rest to variable rates, prompting borrowers to refinance. The annualised constant prepayment rate for the last three months was 60.34%. The loans refinancing out of the pool have predominantly been from the GMAC portion of the portfolio which, in Fitch's opinion, has a higher credit quality. This leaves some concern as to the future performance of the transaction, although this is mitigated by the overall low level of heavy adverse borrowers in the pool and the low level of arrears and losses to date. Loans in arrears by more than three months currently comprise 7.15% of the current collateral balance, an increase from 5.01% in November 2007. This increase is partly driven by performing loans refinancing out of the pool, although increases in the level of LIBOR will create an element of payment shock for borrowers on variable rate loans linked to LIBOR, which may lead to higher arrears levels. Fitch has employed its credit cover multiple methodology in reviewing each tranche to assess the level of credit support available to each class of notes. AUBURN SECURITIES 5: S&P Puts Ratings on Positive CreditWatch ------------------------------------------------------------- Standard & Poor's Ratings Services placed on CreditWatch with positive implications its credit ratings on the subordinate classes of notes issued by Auburn Securities 3 PLC and Auburn Securities 5 PLC. The other classes of notes in both transactions are unaffected by these CreditWatch placements. The CreditWatch placements follow initial reviews of the most recent information received by Standard & Poor's for each transaction. This analysis showed that the likelihood of positive rating actions has increased for all the classes listed below. Levels of credit enhancement available to all the classes of notes placed on CreditWatch positive have improved and the underlying collateral continues to perform well. Standard & Poor's has received loan-level data for all of these transactions and will now carry out a more detailed loan-level and cash flow analysis to investigate whether any or all of these notes can attain a higher rating. The results of this review and any changes in the ratings are expected within three months of this media release. The notes, issued between 2002 and 2005, are backed by portfolios of first-ranking prime residential mortgages secured over owner-occupied and buy-to-let properties in England, Wales and Northern Ireland. Ratings List Ratings Placed On CreditWatch With Positive Implications Auburn Securities 3 PLC GBP400 Million Mortgage-Backed Floating-Rate Notes Rating ------ Class To From ----- -- ---- M AA-/Watch Pos AA- Auburn Securities 5 PLC GBP450 Million Mortgage-Backed Floating-Rate Notes Rating ------ Class To From ----- -- ---- B AA/Watch Pos AA C A/Watch Pos A D BBB/Watch Pos BBB E BB/Watch Pos BB BOMBARDIER INC: Unit To Supply ELECTROSTAR Trains in the UK ----------------------------------------------------------- Bombardier Transportation, a unit of Bombardier Inc., has won another contract for its award winning BOMBARDIER ELECTROSTAR Electric Multiple Units for New Southern Railway in the U.K. The contract, valued at around EUR70 million (US$107 million), is for the supply of 11 four-car dual-voltage Class 377 trains. The vehicles will be manufactured at Bombardier's Derby site and will be delivered during the first quarter of 2009. The award winning ELECTROSTAR train is a well proven product, with over 1,600 cars already in service with three operators in the U.K., c2c, Southeastern and Southern. The trains have been named the most reliable modern EMU in the U.K. for the past three years. ELECTROSTAR -type trains were also ordered in 2006 by Transport for London for the "London Overground" services for East London Line and North London Railway. The prestigious Gautrain new railway in South Africa will also operate ELECTROSTAR trains, which will showcase for the 2010 Soccer World Cup. Since March 2007, the ELECTROSTAR fleet operated by c2c, has switched over to a regenerative braking process designed to reduce power consumption by returning the electrical power generated by applying the brakes directly back into the supply network. c2c is already, thanks to its sophisticated MITRAC Propulsion & Controls system, experiencing energy savings of up to 20% and is the only train operator whose entire fleet of 74 trains has adopted this energy saving process. About Bombardier Transportation Bombardier Transportation has its global headquarters in Berlin, Germany with a presence in over 60 countries. It has an installed base of over 100,000 vehicles worldwide. The Group offers the broadest product portfolio and is recognized as the leader in the global rail sector. About Bombardier Inc. Headquartered in Canada, Bombardier Inc. -- http://www.bombardier.com/-- (TSE:BBD.B) manufactures innovative transportation solutions, from regional aircraft and business jets to rail transportation equipment, systems and services. The company also has offices in the U.S., Northern Ireland, United Kingdom, Germany, Switzerland, Sweden, Austria, Australia and China. * * * As reported in the TCR-Europe on March 5, 2008, Standard & Poor's Ratings Services said its ratings, including the 'BB' long-term corporate credit rating, on Montreal-based Bombardier Inc. remain on CreditWatch with positive implications, pending a review of the company's future business and financial plans. In January 2008, Fitch Ratings upgraded Bombardier Inc.'s ratings, including the company's Issuer Default Rating to 'BB' from 'BB- ', and removed the ratings from Rating Watch Positive following the company's early redemption of approximately US$1.0 billion of debt. The Rating Outlook is Positive. BRITISH AIRWAYS: Expects 4-4.5% Revenue Growth in FY 2008/2009 -------------------------------------------------------------- British Airways plc's revenue for the financial year 2008/2009 is forecast to increase by 4-4.5% to over GBP9.1 billion, based on capacity measured in available-seat-kilometers up 2.4%. Fuel costs are expected to be up by some GBP450 million to GBP2.5 billion, an increase of 20%. Non-fuel costs are expected to rise 3-3.5%. Total costs, excluding fuel, are forecast to be up GBP200 million. As a result the company is forecasting an operating margin of about 7% for 2008/2009. "The outlook for next year is consistent with economic slowdown, the impact of increased fuel costs and one-off Terminal 5 transition costs, all of which analysts have already factored in to their expectations," Keith Williams, chief financial officer of British Airways, said. About British Airways Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * As of Jan. 2, 2008, British Airways Plc carries a senior unsecured debt rating of Ba1 from Moody's Investors' Service with a stable outlook. BRITISH AIRWAYS: Traffic Figures Up 5.3% in February 2008 --------------------------------------------------------- British Airways plc reported traffic and capacity statistics for February 2008. In February 2008, passenger capacity, measured in Available- Seat-Kilometers, was 4.4% above February 2007. Traffic, measured in Revenue-Passenger-Kilometers, rose by 5.3%. This resulted in a passenger load factor increase of 0.6 points versus last year, to 68.4%. Traffic comprised a 15.1% increase in premium traffic and a 3.4% rise in non-premium traffic. Comparatives between February 2007 and 2008 are difficult due to the additional day in the month and the lingering effects of the threat of industrial action on the first few days of February 2007. Cargo, measured in Cargo-Ton-Kilometers, rose by 19.8%. Market Conditions Longhaul premium traffic remains strong, while shorthaul premium and longhaul non-premium continue to show weakness. Strategic Developments British Airways said it will launch double daily business class- only flights from London City airport to New York next year. The new flights will operate on Airbus A318 aircraft with 32 seats onboard. British Airways announced it is to partner with the London Olympic Games Organising Committee to become the "Official Airline of the London 2012 Olympic and Paralympic Games" and a Top Tier sponsor of the London 2012 Games. The deal combines air travel for Britain's Olympic hopefuls as well as financial support for staging the London 2012 Olympic and Paralympic Games. British Airways increased its fuel surcharge on all longhaul tickets issued from Monday, February 25, 2008. The decision reflected continuing high oil prices. The surcharge for longhaul flights of less than nine hours increased by GBP5 per flight from GBP48 to GBP53 (GBP106 return) and flights of more than nine hours increased by GBP6 from GBP58 to GBP64 per flight (GBP128 return). There was no change to the shorthaul fuel surcharge which remained at GBP10 per flight (GBP20 return). British Airways and Virgin Atlantic agreed in principle a settlement to resolve the class action litigation pending in the United States District Court for the Northern District of California, brought on behalf of U.S. and U.K. passengers relating to alleged overcharges on longhaul passenger fuel surcharges. British Airways became the first airline to achieve the City & Guilds Approved Centre Status. New entrants on the cabin crew- training programme are now eligible to obtain a National Vocational Qualification Level 2 - equivalent to 5 GCSE's. About British Airways Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * As of Jan. 2, 2008, British Airways Plc carries a senior unsecured debt rating of Ba1 from Moody's Investors' Service with a stable outlook. CARLYLE CAPITAL: Misses Margin Calls and Gets Notice of Default --------------------------------------------------------------- Carlyle Capital Corporation Limited said that since filing its annual report on Feb. 28, 2008, the company has been subject to margin calls and additional collateral requirements totaling more than USUS$60 million. It said that until March 5, 2008, the company had met all of the margin requirements imposed by its repo counterparties. However, on March 5, 2008, the company received additional margin calls from seven of its 13 repo counterparties totaling more than US$37 million. The company has met margin calls from three of these financing counterparties that have indicated a willingness to work with the company during these tumultuous times, but did not meet the margin requirements of the four other repo financing counterparties. From this group of four counterparties, one notice of default has been received by the company and management expects to receive at least one additional default notice. John Stomber, Chief Executive Officer, President and Chief Investment Officer of the company, said, "The last few days have created a market environment where the repo counterparties' margin prices for our AAA-rated U.S. government agency floating rate capped securities issued by Fannie Mae and Freddie Mac are not representative of the underlying recoverable value of these securities. Unfortunately, this disconnect has created instability and variability in our repo financing arrangements. Management is actively working with the company's repo counterparties to develop more stable financing terms." Since the liquidity crisis in global fixed income markets started in August, the company has sold almost US$1 billion in non-RMBS assets to improve liquidity and reduce leverage. The company has also received significant support from The Carlyle Group, most notably in the form of a US$150 million subordinated revolving credit line. Fourth Quarter 2007 Highlights and Update The company had net income for the fourth quarter of 2007 was US$17.6 million, compared to a net loss of US$34.2 million in the third quarter of 2007. Fully diluted net income per Class B share was US$0.34 in the fourth quarter, compared to a loss per Class B share of US$0.74 in the third quarter of 2007. Net income for the year ended Dec. 31, 2007, was US$16.8 million, or US$0.45 per Class B share on a fully diluted basis. As of Feb. 27, 2008, the company's US$21.7 billion investment portfolio is comprised exclusively of AAA-rated floating rate capped residential mortgage backed securities issued by Fannie Mae and Freddie Mac, which are considered to have the implied guarantee of the U.S. government and are expected to pay at par at maturity. The Carlyle Group agreed to increase the US$100 million unsecured revolving credit facility made available to the company to US$150 million and extend the maturity to July 1, 2009. As of Feb. 27, 2008, the company had US$80 million of availability under this credit facility. As of Feb. 27, 2008, the company had unused repo lines of US$2.4 billion with 11 counterparties. As of Dec. 31, 2007, the company's "Liquidity Cushion" was US$67.2 million and was comprised of cash and cash equivalents, unencumbered AAA-rated mortgage backed securities and available committed borrowings from The Carlyle Group. As of Feb. 27, 2008, the company's Liquidity Cushion had increased to US$130 million. The Liquidity Cushion consists of an existing US$80 million Liquidity Cushion plus the additional US$50 million increase to the existing unsecured revolver provided by Carlyle. The Carlyle Group with the support of the Board of Directors of the company waived the incentive fee earned for the fourth quarter of 2007. The Carlyle Group also amended its Investment Management Agreement so that the incentive fee will only be earned with respect to a calendar quarter for which the Board declares a dividend on the company's Class B shares. The Board of Directors decided to retain the company's fourth quarter earnings and not pay a dividend to achieve its short term objective of preserving the long term value of its shareholders' equity. During the fourth quarter of 2007, an affiliate of Carlyle Investment Management LLC, the company's investment manager, purchased Class B shares of the company in the open market increasing its ownership to approximately 15% of the issued and outstanding Class B shares from approximately 12% at the time of the global offering. "During the fourth quarter our portfolio stabilized and we were able to generate returns consistent with our near term targets," said John Stomber, chief executive officer, president and chief investment officer of the company. "We are focused on building our liquidity cushion and broadening our available repo lines. We continue to run our business to preserve the value of our shareholders' equity and to position the company to meet our long run objectives of earning an attractive risk adjusted return and paying a consistent dividend in the future." A full-text copy of the company's annual report can be obtained at http://ResearchArchives.com/t/s?28d7 About Carlyle Capital Carlyle Capital Corporation Limited (Euronext Amsterdam ticker symbol: CCC; ISIN: GG00B1VYV826) -- http://www.carlylecapitalcorp.com/-- is a Guernsey investment company that was formed on Aug. 29, 2006. It is a closed-end investment fund domiciled and registered as a limited company under the laws of Guernsey, Channel Islands. CCC's Class B shares are listed on Eurolist by Euronext, the regulated market of Euronext Amsterdam N.V. in the Netherlands (ticker: CCC), and CCC is registered with the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiele Markten). CCC invests in a diversified portfolio of fixed income assets including high-grade mortgages and credit products. CCC's day- to-day activities and investment portfolio are managed by Carlyle Investment Management LLC, whose investment professionals have extensive experience in the areas of mortgage finance, leveraged finance, capital markets transaction structuring and risk/portfolio management. CIM manages the CCC pursuant to a management agreement. CIM is a registered investment adviser under the U.S. Investment Advisers Act of 1940 and is an affiliate of The Carlyle Group. CHRYSLER LLC: Plastech Agrees to Continue Supply Until March 17 --------------------------------------------------------------- Plastech Engineered Products Inc. and its debtor-affiliates, and Chrysler LLC agreed to extend their supply agreement to March 17 even as Chrysler argues its tooling case before the U.S. District Court for the Eastern District of Michigan, the Associated Press reports. As reported in the Troubled Company Reporter on March 4, 2008, Chrysler LLC, Chrysler Motors Company LLC, and Chrysler Canada Inc., took an appeal under 28 U.S.C. Section 158(a) before the Court from the orders of the Honorable Phillip Shefferly that denies: i) the lifting of the automatic stay to allow Chrysler to regain possession of tooling located in Plastech Engineered Products Inc. and its debtor-affiliates' plants; and ii) issuance of a preliminary injunction in connection with the proposed recovery of tooling equipment. Judge Shefferly said in a court opinion that the Debtors needed to keep the tooling equipment to facilitate them in their reorganization. The balancing of interests favored Plastech, the Court said. The Court affirmed the Debtors' contentions that the automatic stay applies to both the tooling paid by Chrysler and the tooling that Chrysler has not paid for. "Even assuming that the Debtor has only a possessory interest in the tooling paid for by Chrysler, that is a sufficient interest by itself to cause the application of the automatic stay," Judge Shefferly said. In addition, the Court was convinced that if Chrysler takes immediate possession of the tooling, the Debtor will not be able to continue to provide parts uninterrupted to its other major customers and therefore any prospect of an effective reorganization will be lost. About Plastech Engineered Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. An Official Committee of Unsecured Creditors has been appointed in the Debtors' cases. As of Dec. 31, 2006, the company's books and records reflected assets totaling US$729,000,000 and total liabilities of US$695,000,000. About Chrysler LLC Based in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter-Europe on Nov. 13, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. S&P said the outlook is negative. CIRRUS LOGIC: Investigation of Stock Option Practices Completed --------------------------------------------------------------- Cirrus Logic Inc. disclosed that on March 3, 2008, it received written notice from the Securities and Exchange Commission that the regulator has completed the formal investigation of the company's historical stock option practices. The SEC's Division of Enforcement commenced the investigation last year. It does not intend to recommend any enforcement action. Cirrus Logic Inc. (NASDAQ:CRUS) -- http://www.cirrus.com/-- develops high-precision, analog and mixed-signal integrated circuits for a broad range of consumer and industrial markets. Building on its diverse analog mixed-signal patent portfolio, Cirrus Logic delivers highly optimized products for consumer and commercial audio, automotive entertainment and industrial applications. The company operates is headquartered in Austin, Texas, and has offices in the United Kingdom, China, South Korea, Taiwan, Japan and Singapore. * * * Cirrus Logic continues to carry Standard & Poor's Ratings Services' B corporate credit rating with a stable outlook. CITY LOFTS: Brings In Liquidators from Tenon Recovery ----------------------------------------------------- I. Cadlock and A. J. Pear of Tenon Recovery were appointed joint liquidators of City Lofts (Queens Road) Ltd. (formerly Cardlawn Ltd.) on Feb. 22 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Lyndean House 43/46 Queens Road Brighton East Sussex BN1 3XB England HUCKE LTD: Calls In Liquidators from Smith & Williamson ------------------------------------------------------- Stephen Robert Cork and Joanne Elizabeth Milner of Smith & Williamson Ltd. were appointed joint liquidators of Hucke Ltd. (formerly Shadetwice Ltd.) on Feb. 26 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Smith & Williamson Ltd. Prospect House 2 Athenaeum Road London N20 9YU England ICICI BANK: Has No Material Exposure to U.S. Sub-Prime Credit ------------------------------------------------------------- ICICI Bank Ltd. has no material direct or indirect exposure to U.S. sub-prime credit, the bank said in a media release after reports of the company losing US$264 million on account of the sub-prime crisis. According to ICICI Bank, the widening of credit spreads in the international markets have resulted in a negative mark-to-market impact on the credit derivatives and fixed income investment portfolios of the bank and its overseas banking subsidiaries, while there has been no significant deterioration in actual credit quality of the underlying investments. ICICI Bank and its overseas banking subsidiaries have an aggregate exposure of US$2.2 billion in credit derivatives, the release noted. As of January 31, 2008, the mark-to-market negative on this portfolio due to movement of credit spreads was about US$155 million of which US$88 million had been provided for in the financial statements of the bank and its subsidiaries for the nine months ended December 31, 2007. In addition, ICICI Bank and its overseas banking subsidiaries have fixed income investment portfolios, which have a mark-to- market negative due to widening of credit spreads. As of January 31, 2008, this negative was about US$108 million of which US$101 million had been accounted for in the financial statements as of December 31, 2007. This includes mark-to- market on the available for sale portfolio, which has been accounted for in the shareholders' equity. The release added that unrealized gains on ICICI Bank's other investment portfolio has not been considered in above. Headquartered in Mumbai, India, ICICI Bank Limited -- http://www.icicibank.com/-- is a financial services group providing a variety of banking and financial services, including project and corporate finance, working capital finance, venture capital finance, investment banking, treasury products and services, retail banking, broking and insurance. It also has interests in the software development, software services and business process outsourcing businesses. The Company's operations have been classified into three segments: Commercial Banking, Investment Banking and Others. It has subsidiaries in the United Kingdom, Canada and Russia, branches in Singapore and Bahrain, and representative offices in the United States, China, United Arab Emirates, Bangladesh and South Africa. * * * ICICI Bank Ltd.'s hybrid Tier-1 securities is rated BB- by Standard & Poor's. ICICI's senior unsecured, five-year, fixed- rate U.S. dollar notes is rated BB+ by S&P. INYX USA: Disclosure Statement Doesn't Provide Recovery Figures --------------------------------------------------------------- Debtor Exaeris Inc. filed a disclosure statement explaining its Chapter 11 plan of liquidation with the U.S. Bankruptcy Court for the District of Delaware on March 3, 2008, Bill Rochelle of Bloomberg News reports. Bloomberg discloses that under the proposed plan, the Debtor's assets will be sold to controlling shareholder Jack Kachkar in exchange for a waiver of the US$1.2 million postpetition financing the Debtor's owe him. The plan, however, proposes that an auction for the Debtor's assets be held to see whether a higher offer than that of Mr. Kachkar will surface. Mr. Kachkar, pursuant to the plan, will also pay the Debtor's US$420,000. Unsecured creditors with US$5.5 million in claims will divide what cash is left, Bloomberg relates. The disclosure statement doesn't say how much creditors can expect to receive. Bloomberg recounts that in January 2008, the Hon. Kevin Gross rejected Mr. Kachkar's offer to buy the Debtor's assets for 337,500 and to forgive any claims against him and parent company Inyx Inc., which Mr. Kachkar controls. Judge Gross determined that the sale might not benefit the creditors and might not be in good faith. The judge noted the lack of evidence about the value of the assets being sold and the claims being waived. Bloomberg says that the Chapter 11 trustee for affiliate Inyx USA Inc. determined that Inyx Inc. and Mr. Kachkar cheated secured lender Westernbank Puerto Rico out of US$142.8 million. Westernbank said that Inyx Inc. obtained loans through false and fraudulent invoices. About Inyx USA and Exaeris Based in Manati, Puerto Rico, Inyx USA Ltd. operates a pharmaceuticals production center that encompasses five buildings totaling 140,000 square feet and extending over 9.5 acres. Exaeris, Inc., located in Exton, Pennsylvania, focuses on the strategic commercialization of niche or enhanced pharmaceutical products, marketing and promotion activities. Inyx USA and Exaeris are wholly owned subsidiaries of Inyx, Inc. (OTC:IYXI) -- http://www.inyxinc.com/-- a specialty pharmaceutical company. Inyx USA and Exaeris filed for chapter 11 protection on July 2, 2007 (Bankr. D. Del. Case Nos. 07-10887 and 07-10888). Anthony M. Saccullo, Esq., at Fox Rothschild, L.L.P., represents the Debtors. When Inyx USA filed for protection from its creditors, it listed estimated assets and debts between US$1 million and US$100 million. Exaeris estimated its assets were less than US$10,000 but debts were between US$1 million and US$100 million. In Court documents filed by Jack Kachkar, CEO of Inyx, Inc., Inyx USA is indebted to Westernbank Puerto Rico in the approximate amount of US$35 million and secured by a first- priority lien in substantially all of Inyx USA's assets. Exaeris has in excess of US$5 million in prepetition unsecured obligations outstanding to various creditors. Ashton Pharmaceuticals and Inyx Pharma, the Debtors' UK affiliates, were placed into an involuntary administration on June 29, 2007. Ernst & Young was appointed by the UK court as administrators. ISLE OF CAPRI: Posts US$13.8 Mil. Net Loss in Qtr. Ended Jan. 27 ---------------------------------------------------------------- Isle of Capri Casinos Inc. reported financial results for the third fiscal quarter ended Jan. 27, 2008. The company reported net loss for the third quarter of fiscal 2008 of US$13.8 million compared to net loss of US$8.9 million for the third quarter of fiscal 2007. For nine months ended Jan. 27, 2007, the company reported net loss of US$45.5 million compared to net income of US$9.9 million for the same period in the previous year. The company's results of operations for the three and nine month periods ended Jan. 27, 2008, and Jan. 28, 2007, reflect the consolidated operations of all of its subsidiaries. The Vicksburg and Bossier City properties are reflected as discontinued operations for the periods prior to their sale in July 2006. Other significant factors impacting net income are: 1. Stock based compensation expense was US$1.7 million in the third quarter of 2008 versus US$1.5 million in 2007. 2. Depreciation and amortization expense increased from US$24.6 million to US$34.9 million due to the Pompano, Waterloo, Caruthersville and Coventry assets being placed in service. 3. Interest expense increased US$5.3 million to US$27.5 million due to higher average borrowings. 4. The income tax benefit recorded in the third quarter increased to US$7.4 million from US$1.9 million during the third quarter of last year. Capital Structure As of Jan. 27, 2008, the company has US$117.6 million of cash and cash equivalents and total debt of US$1.57 billion. Effective Jan. 27, 2008, the company completed the purchase of the 43% minority interest in a Colorado operations owned by its partner, for US$64.6 million. On Jan. 28, 2008, the company refinanced approximately US$187 million of debt that existed at the Blackhawk entity through borrowings under our credit facility. The company has designated the subsidiaries that operate the Blackhawk operations as "restricted subsidiaries" under the provisions of our credit facility and its 7% subordinated notes. At Jan. 27, 2008, the company's balance sheet showed total assets of US$2.11 billion, total liabilities of US$1.88 billion and total stockholders' equity US$0.23 billion. About Isle of Capri Casinos Inc. Based in Biloxi, Mississippi and founded in 1992, Isle of Capri Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns and operates casinos in Biloxi, Lula and Natchez, Mississippi; Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville and Kansas City, Missouri and a casino and harness track in Pompano Beach, Florida. The company also operates and has a 57% ownership interest in two casinos in Black Hawk, Colorado. Isle of Capri Casinos' international gaming interests include a casino that it operates in Freeport, Grand Bahama, a casino in Coventry, England, and a two-thirds ownership interest in casinos in Dudley and Wolverhampton, England. * * * Moody's Investor Services placed Isle of Capri Casinos Inc.'s probability of default and long-term corporate family ratings at 'B1' in June 2007. The ratings still hold to date with a stable outlook. PELOTON PARTNERS: To Liquidate US$1.6 Bil. Multi-Strategy Fund -------------------------------------------------------------- Peloton Partners LLP's US$1.6 billion (GBP800 million) Multi- Strategy Fund is facing liquidation, Times Online reports, citing a source familiar with the matter. The source told Times Online that the Multi-Strategy Fund, which has 40% of its assets invested in Peloton's US$2 billion ABS Master Fund, will be liquidated in the coming days, although the company is currently "working with counterparties" to determine how much investors can recover from the fund. According to the report, the number of those who will be losing money is still undetermined. Times Online reveals Peloton is looking at a deeply discounted firesale to bail out the fund. Meanwhile, Peloton co-founder Ron Beller, BBC relates, informed investors he did not know how much is remaining in the fund, adding publicity has made the situation worse. "Credit providers have been severely tightening terms without regard to the creditworthiness or track record of individual firms, which has compounded our difficulties and make it impossible to meet margin calls," Peloton was quoted by BBC as saying. As reported in the Troubled Company Reporter-Europe on Feb. 29, 2008, Peloton said it was liquidating its US$2 billion ABS Fund citing a drop in the value of highly rated mortgage securities as well as being unable to meet the �margin calls� made by banks. At that time, the company also stopped redemptions from its Multi-Strategy Fund. Headquartered in London, England, Peloton Partners LLP -- http://www.pelotonpartners.com/-- is a hedge fund manager that was recognized as one of the best performers in London's hedge fund community for 2007. The fund employs around 60 people in London and another 10 in Montecito, California. QUEBECOR WORLD: Cuts 30 Positions at California Facility -------------------------------------------------------- Scott Jason of Merced Sun-Star reported that Quebecor World Inc. laid off about 30 employees from its Merced plant in California during the past two months. According to the report, Quebecor World made the cutbacks in Merced because less work was scheduled for the coming months. "Hopefully, the volume will come back," Mr. Jason quoted Tony Ross, vice president of communications, as saying. "If it comes back, we'll be able to afford more people to the work force," Mr. Ross told Merced Sun-Star. Mr. Ross said that the company doesn't anticipate laying off any other workers at the Merced plant, which now employs about 850 people, the report added. About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE: IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company is an independent commercial printer in Europe with 19 facilities, operating in Austria, Belgium, Finland, France, Spain, Sweden, Switzerland and the United Kingdom. In March 2007, it sold its facility in Lille, France. Quebecor World (USA) Inc. is its wholly owned subsidiary. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of US$5,554,900,000, total liabilities of US$3,964,800,000, preferred shares of US$175,900,000, and total shareholders' equity of US$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. The Debtors' CCAA stay has been extended to May 12, 2008. (Quebecor World Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) QUEBECOR WORLD: Seeks OK to Pay Non-Worker Sales Commissions ------------------------------------------------------------ Quebecor World Inc. and its debtor-affiliates' sales and marketing efforts are done through both employees and third- party brokers. The Debtors previously sought and obtained U.S. Bankruptcy Court for the Southern District of New York's approval to pay sales commissions that accrued prepetition to one group of sales employees who were otherwise scheduled to receive their commissions on Feb. 1, 2008. The Debtors now seek the Court's permission to pay commissions that accrued prepetition to non-employee sales brokers. Michael Canning, Esq., at Arnold & Porter LLP, in New York, relates that these third-party brokers are utilized in certain segments of the Debtors' businesses, and it is crucial to the Debtors' sales and marketing effort that the Debtors maintain a strong and loyal team of sales brokers. The Debtors have determined that there approximately 36 brokers who are or will likely be due commissions based on prepetition activities. The total amount expected to be owing for these commissions is US$705,775. There could be some variation in the final total based on payments from customers, but it is not anticipated that the final total will be materially higher than this amount, Mr. Canning says. About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE: IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company is an independent commercial printer in Europe with 19 facilities, operating in Austria, Belgium, Finland, France, Spain, Sweden, Switzerland and the United Kingdom. In March 2007, it sold its facility in Lille, France. Quebecor World (USA) Inc. is its wholly owned subsidiary. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of US$5,554,900,000, total liabilities of US$3,964,800,000, preferred shares of US$175,900,000, and total shareholders' equity of US$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. The Debtors' CCAA stay has been extended to May 12, 2008. (Quebecor World Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) QUEBECOR WORLD: NFR Wants Stay Lifted & Base Contract Terminated ---------------------------------------------------------------- National Fuel Resources and Quebecor World Buffalo Inc., debtor- affiliate of Quebecor World Inc., are parties to a base contract for the purchase of natural gas and a transaction confirmation, each dated June 14, 2007. Pursuant to the NFR Contract, NFR provides natural gas to Quebecor World Buffalo Inc. Quebecor World Buffalo Inc. currently owes NFR US$277,163 for unpaid natural gas provided before the bankruptcy filing. This amount constitutes invoices due and owing for gas provided by NFR to Quebecor World Buffalo Inc. for December 2007 and the portion of January 2008. Under the NFR Contract, NFR may terminate the contract upon 30 days' written notice and could demand a prepayment in the event that Quebecor World Buffalo Inc. files a petition for bankruptcy relief. NFR was included in the list of utilities filed by the Debtors in their chapter 11 cases. Before the entry of the Utility Order, NFR and the Debtors agreed that NFR will not be subject to the order and that each party will reserve its rights with respect to the question of whether NFR was a utility as defined under the Bankruptcy Code, and agreed to discuss an adequate protection framework to protect NFR. National Fuel Resources asks the U.S, Bankruptcy Court for the Southern District of New York to: (1) lift the automatic stay to exercise its contractual right to terminate the NFR Contract; (2) grant it adequate protection to protect its interest in the NFR Contract until it is assumed or rejected by the Debtors; (3) compel the Debtors to assume or reject the NFR Contract; and (4) grant it adequate assurance of future payment, if the Court determines NFR as a utility under Section 366 of the Bankruptcy Code. Allan Hill, Esq., at Phillips Lytle LLP, in New York, states that NFR is entitled to relief from stay because the Debtors have little to no equity in the NFR Contract and the NFR Contract is not necessary to the Debtors' reorganization since it will not leave the Debtors without access to natural gas. Mr. Hill says that NFR is entitled to adequate performance of payment. Pursuant to Sections 361 and 363 of the Bankruptcy Code, the Debtors can be compelled to make cash payments to NFR if the automatic stay results in a diminution of value of NFR's property. The Bankruptcy Code also provides that NFR be entitled to other relief as will result in NFR's realization of the equivalent of its interest in the NFR Contract. Similarly, Sections 365 and 366 of the Bankruptcy Code provide for a debtor to provide adequate protection or adequate assurance of future payment to non-debtor parties to executory contracts and to utility providers, Mr. Hill adds. As adequate protection of NFR's interests in the NFR Contract, unless and until the Contract is either assumed or rejected by the Debtors, Mr. Hill asserts that: (a) NFR should be allowed to bill the Debtors twice a month: (b) the Debtors should be required to make due payments by wire transfer within nine business days of the receipt of any valid invoice under the NFR Contract; and (c) the Debtors should be required to provide NFR with a security deposit or letter of credit that adequately covers NFR's financial exposure under the NFR Contract. In addition, if the Debtors fail to timely make a payment, NFR should be allowed to terminate the NFR Contract without further Court order. Mr. Hill believes that the Debtors would not suffer significant harm if the Court compelled them to decide whether to assume or reject the NFR Contract. Accordingly, NFR asks the Court to enter an Order fixing a date no later than 20 days after its request is approved as the deadline by which the Debtors must file any necessary pleadings seeking to assume or reject the NFR Contract, provided that NFR may, in its sole discretion and without further approval or notice to the Court, agree to grant the Debtors additional time to file those pleadings. Mr. Hill says that if the Court determines that NFR is a utility, then under Section 366 of the Bankruptcy Code, NFR seeks adequate assurance of future payment in a form of a letter of credit totaling US$300,000 covering two months usage of gas supplies, and modification of billing and payment procedures to reduce the length of time that NFR is financially exposed on account of natural gas supplies that NFR has supplied to the Debtors. About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE: IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company is an independent commercial printer in Europe with 19 facilities, operating in Austria, Belgium, Finland, France, Spain, Sweden, Switzerland and the United Kingdom. In March 2007, it sold its facility in Lille, France. Quebecor World (USA) Inc. is its wholly owned subsidiary. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of US$5,554,900,000, total liabilities of US$3,964,800,000, preferred shares of US$175,900,000, and total shareholders' equity of US$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. The Debtors' CCAA stay has been extended to May 12, 2008. (Quebecor World Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) S.B. ENERTECH: Taps Liquidators from Tenon Recovery --------------------------------------------------- Matthew Colin Bowker and David Antony Willis of Tenon Recovery were appointed joint liquidators of S.B. Enertech Ltd. on Feb. 26 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery 33 George Street Wakefield WF1 1LX England SANDWELL COMMERCIAL: S&P Says Ratings Unchanged After Review ------------------------------------------------------------ Standard & Poor's Ratings Services said that following its review of Sandwell Commercial Finance No. 2 PLC, based on the December 2007 servicer's report released by West Bromwich Building Society, there are no changes to the ratings on the notes. "Our review shows that the transaction's performance is stable and that no rating action is warranted at this time," said credit analyst Carla Powell. Credit enhancement levels for all classes have improved. This is due to the sequential paydown of the notes due to prepayments and scheduled amortization. The increase in the class E note-to-value ratio is due to substitutions being permitted and the decline of the market value of the properties currently in the portfolio. S&P will closely monitor the situation. The loans outstanding (by value of properties) are secured mainly on retail properties (36.3% at the December 2007 interest payment date (IPD), 45.9% at the December 2006 IPD, and 51.5% at cut-off) and office properties (25.4% at the December 2007 IPD, 22.7% at the December 2006 IPD, and 20.1% at cut-off). On the December 2007 IPD, the properties were let to 290 tenants, compared to 408 tenants in December 2006 and more than 510 tenants at cut-off. The number of tenants has decreased due a large number of loans prepaying. The top 10 loans in the pool now account for 25% of the pool, slightly reduced from 29% on the December 2006 IPD, and from 26% at cut-off. The substitutions and prepayments of the loans have only slightly reduced the concentration in the pool. The transaction closed in September 2005 and was originated by WBBS. At closing, the GBP350 million commercial mortgage-backed floating-rate notes were backed by a pool of 187 loans secured by 225 properties in the U.K. and let to 510 tenants. At closing, the last loan matures in May 2030 and the legal final maturity date of the issued notes is September 2037. Ratings List Sandwell Commercial Finance No. 2 PLC GBP350 Million Commercial Mortgage-Backed Floating-Rate Notes Class Original rating Opening balance Current balance ----- --------------- --------------- --------------- A AAA GBP278,250,000 GBP198,858,000 B AA GBP18,900,000 GBP18,900,000 C A GBP17,150,000 GBP17,150,000 D BBB GBP21,700,000 GBP21,700,000 E BB GBP14,000,000 14,000,000 US ENERGY: Court Gives Final Approval to Access Cash Collateral --------------------------------------------------------------- The Hon. Robert D. Drain of the United States Bankruptcy Court for the Southern District of New York authorized U.S. Energy Systems Inc. and its debtor-affiliates to access, on a final basis, the cash collateral of Credit Suisse Cayman Islands Branch, as lien administrative agent and lien collateral agent; and Credit Suisse Securities (USA) LLC, as sole lead arranger and sole bookrunner. The Debtors have borrowed up to US$143,000,000 in the aggregate from Credit Suisse. The Debtors were indebted and liable to Credit Suisse of US$144,774,038 in the aggregate under a certain credit agreement as of the Debtors' bankruptcy filing. The Debtors have an urgent need to use Credit Suisse's cash collateral to provide sufficient financing to their United Kingdom Subsidiaries to allow them to continue to operate. As adequate protection, the Debtor entitled Credit Suisse replacement liens equal to the aggregate value of the prepetition collateral. The Debtors' authority to use the cash collateral will terminate on March 31, 2008. Kroll Talbot Hughes Limited has been named independent advisors to monitor and provide cash flow forecasting and reports for the Debtors. A full-text copy of the 13 Week Short Term Cash Flow is available for free at http://ResearchArchives.com/t/s?28d5 About U.S. Energy Based in Avon, Connecticut, U.S. Energy Systems Inc. (Pink Sheets: USEY) -- http://www.usenergysystems.com/-- owns green power and clean energy and resources. USEY owns and operates energy projects in the United States and United Kingdom that generate electricity, thermal energy and gas production. The company filed for Chapter 11 protection on Jan. 9, 2008 (Bank. S.D.N.Y. Case No. 08-10054). There are 34 affiliates who filed for separate Chapter 11 petitions. Peter S. Partee, Esq., at Hunton & Williams LLP, represents the Debtor in its restructuring efforts. Jefferies & Company, Inc. serves as the company's financial advisor. The Debtor also selected Epiq Bankruptcy Solutions LLC as noticing, claims and balloting agent. The Official Committee of Unsecured Creditors has yet to be appointed in these cases by the U.S. Trustee for Region 2. When the Debtors filed for protection from their creditors, they listed total assets of US$258,200,000 and total debts of US$175,300,000. * BOND PRICING: For the Week March 3 to March 7, 2008 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRIA ------- Kommunal Kredit Austria AG 0.500 03/15/19 CDN 65.48 0.250 10/14/26 CDN 40.10 Raiffeisen Centrobank AG 9.250 12/19/08 EUR 69.42 Republic of Austria 4.000 06/22/22 EUR 75.56 1.740 08/04/25 EUR 67.75 0.000 10/10/25 EUR 66.54 BULGARIA -------- Petrol AD Sofia 8.375 10/26/11 EUR 72.36 FINLAND ------- M-Real Serla 7.250 04/01/13 EUR 67.88 Muni Finance PLC 0.500 04/26/13 AUD 69.57 1.000 11/21/16 NZD 58.55 1.000 10/30/17 AUD 55.63 0.500 09/24/20 CDN 59.87 0.250 06/28/40 CDN 20.67 FRANCE ------ Alcatel S.A. 4.750 01/01/11 EUR 14.28 Altran Technologies S.A. 3.750 01/01/09 EUR 11.96 Calyon 6.000 06/18/47 EUR 46.93 CAP Gemini S.A. 2.500 01/01/10 EUR 52.77 1.000 01/01/12 EUR 44.05 Club Mediterranee S.A. 3.000 11/01/08 EUR 65.85 4.375 11/01/10 EUR 47.09 Europcar Groupe SA 8.130 05/15/14 EUR 68.55 Groupe Vial S.A. 2.500 01/01/14 EUR 34.18 Havas S.A. 4.000 01/01/09 EUR 10.60 Infogrames Entertainment S.A. 1.500 04/01/09 EUR 1.00 Ingenico 2.750 01/01/12 EUR 16.35 Maurel & Prom 3.500 01/01/10 EUR 20.44 Publicis Group 0.750 07/17/08 EUR 28.75 1.000 01/18/18 EUR 42.09 Rhodia S.A. 0.500 01/01/14 EUR 35.76 Scor S.A. 4.125 01/01/10 EUR 2.05 Soc Air France 2.750 04/01/20 EUR 24.17 Soitec 4.625 12/20/09 EUR 3.81 Tereos Europe S.A. 6.380 04/15/14 EUR 69.92 Theolia S.A. 2.000 01/01/14 EUR 21.67 Valeo 2.375 01/01/11 EUR 44.11 Vivendi Universal S.A. 1.750 10/30/08 EUR 30.56 Wavecom S.A. 1.750 01/01/14 EUR 21.59 Wendel Invest S.A. 2.000 06/19/09 EUR 42.40 GERMANY ------- Grohe Holdings AG 8.630 10/01/14 EUR 74.32 KfW Bankengruppe 0.500 10/30/13 AUD 66.76 0.500 12/19/17 EUR 69.14 1.250 07/07/20 EUR 79.02 5.000 07/21/25 EUR 73.70 5.000 09/01/25 EUR 76.37 Landeskreditbank Baden- Wuerttemberg Foerderbk 0.500 05/10/27 CDN 43.94 Landwirtschaftliche Rentenbank AG 1.000 03/29/17 NZD 57.56 GREECE ------ Hellenic Republic 0.628 07/13/20 EUR 65.68 0.990 07/17/24 EUR 74.17 ICELAND ------- Kaupthing Bank 6.500 02/03/45 EUR 49.89 IRELAND ------- Ardagh Glass Plc 7.130 06/15/17 EUR 73.81 Banesto Finance Plc 6.170 11/07/37 EUR 6.12 Depfa ACS Bank 0.500 03/03/25 CDN 48.20 0.250 07/08/33 CDN 28.01 Magnolia Finance IV Plc 1.050 12/20/45 US$ 25.70 Ono Finance II 8.000 05/16/14 EUR 73.28 ITALY ----- Risanamento S.p.A. 1.000 05/10/14 EUR 60.35 Telecom Italia S.p.A. 5.250 03/17/55 EUR 70.11 LUXEMBOURG ---------- Hayes Lemmerz Finance 8.250 06/15/15 EUR 72.21 Nell AF S.A. 8.380 08/15/15 EUR 70.23 8.380 08/15/15 EUR 71.18 Profilo Telra 10.75 12/07/11 EUR 15.99 Sonata Securities S.A. 1.000 03/10/08 CHF 64.84 NETHERLANDS ----------- ABN Amo Bank B.V. 6.250 06/29/35 EUR 65.88 9.000 02/23/09 ZAR 97.50 Air Berlin Finance B.V. 1.500 04/11/27 EUR 71.89 Biopetrol Finance B.V. 4.000 02/21/12 EUR 72.85 BK Ned Gemeenten 0.500 06/27/18 CDN 65.42 0.500 02/24/25 CDN 48.25 EM.TV Finance B.V. 5.250 05/08/13 EUR 4.41 Gerling Global N.V. 6.630 08/16/21 EUR 67.05 Hypo Real ES Finance 5.500 08/20/08 EUR 42.79 IVG Finance B.V. 1.750 03/29/17 EUR 74.08 KBC Ifimqa N.V. 5.880 02/07/25 US$ 77.95 Lehman Bros TSY B.V. 6.000 02/15/35 EUR 66.31 8.250 03/16/35 EUR 55.50 7.000 05/17/35 EUR 61.08 7.250 10/05/35 EUR 55.88 6.000 11/02/35 EUR 59.38 Montell Finance B.V. 8.100 03/15/27 US$ 66.23 Ned Waterschapbk 6.000 06/01/35 EUR 71.51 6.500 08/15/35 EUR 66.01 6.000 06/30/45 EUR 61.55 NXP B.V. 8.630 10/15/15 EUR 71.45 8.630 10/15/15 EUR 72.67 Rabobank Groep N.V. 6.000 02/22/35 EUR 67.12 5.000 02/28/35 EUR 63.88 7.000 03/23/35 EUR 63.48 6.000 05/09/35 EUR 71.66 NORWAY ------ Kommunalbanken A.S. 0.500 02/07/13 AUD 70.15 Norske Skogindustrier ASA 7.000 06/26/17 EUR 66.31 SWEDEN ------ AB Svensk Export 0.500 03/27/13 AUD 71.11 SWITZERLAND ----------- UBS AG 1.000 06/28/12 NZD 74.57 1.000 07/30/12 NZD 74.16 UNITED KINGDOM -------------- Alliance & Leicester Plc 5.250 03/06/23 GBP 79.73 5.880 08/14/31 GBP 71.92 Anglian Water Finance Plc 2.400 04/20/35 GBP 50.67 BAA Plc 5.130 02/15/23 GBP 67.42 Bank of Scotland Plc 0.000 02/15/23 EUR 68.76 6.000 02/07/35 EUR 59.35 Britannia Building Society 5.880 03/28/33 GBP 82.21 Ineos Group Holding 7.880 02/15/16 EUR 70.79 7.880 02/15/16 EUR 70.92 Lloyds TSB Bank Plc 6.210 12/14/37 EUR 59.94 Louis No. 1 Plc 8.500 12/01/14 EUR 70.81 10.000 12/01/16 EUR 67.42 National Grid Gas Plc 1.754 10/17/36 GBP 40.99 1.771 03/30/37 GBP 40.89 Rexam Plc 6.750 06/29/67 EUR 73.33 Royal BK Scotland 7.000 06/09/25 EUR 67.58 3.310 06/29/30 EUR 60.32 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jason Nieva, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, and Marites Claro, Editors. Copyright 2008. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. 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