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):