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 Friday, March 14, 2008, Vol. 9, No. 53 Headlines A U S T R I A A.V.E. ENERGY: Claims Registration Period Ends April 22 DIPL. ING. STEFAN: Claims Registration Period Ends April 22 NET-BAU: Claims Registration Period Ends April 10 SAS HANDEL: Claims Registration Period Ends April 22 SONNENSCHEIN VERSAND: Claims Registration Period Ends March 31 WILHELM LIPP: Claims Registration Period Ends April 8 D E N M A R K TDC A/S: Selects Nortel Networks to Deliver 40G Capability F R A N C E DELPHI CORP: Closes Interiors & Closures Biz Sale to Renco Group SMOBY-MAJORETTE: MI29 to Acquire Majorette Unit for EUR7 Million VOLT INFORMATION: Posts US$13.2MM Net Loss in 2008 First Quarter VOLT INFORMATION: Fitch Rates US$42 Million Facility at BB G E R M A N Y AD-AM WC-VERMIETUNG: Creditors' Meeting Slated for March 5 ALTER PACKHOF: Claims Registration Period Ends April 5 GLT PROJEKTENTWICKLUNGSGESELLSCHAFT: Claims Filing Ends April 4 GRAFSCHAFTER SPIELWELT: Claims Registration Period Ends April 2 GUENTER BAU: Claims Registration Period Ends April 4 HEMMER STAHL: Creditors' Meeting Slated for March 7 HOCHSTIFT BRIEF: Claims Registration Ends April 4 HOTEL ALTER: Claims Registration Period Ends April 5 IKB DEUTSCHE: Faces US$1.9 Billion Fraud Suit from FGIC JAWU WERKZEUGTECHNIK: Claims Registration Period Ends April 15 KARTONPACK ALSFELD: Claims Registration Period Ends April 4 KAUFMANN GMBH: Claims Registration Period Ends April 4 MODERN BAUEN: Claims Registration Ends April 4 PFLEGEHEIM HAUS: Claims Registration Period Ends April 4 PRESTI & CO: Claims Registration Period Ends April 4 REHADOME GESELLSCHAFT: Claims Registration Period Ends April 7 RUEDEN GROHN-DELILLE: Claims Registration Ends April 4 SCHIRRA RADER-TECHNIK: Claims Registration Period Ends April 4 SMK SCHLOSSEREI: Claims Registration Ends April 5 STERKRADER HOCH: Claims Registration Period Ends April 4 UNICOMPUTER SERVICE: Claims Registration Period Ends April 5 VECTOR VERSANDHANDELS: Claims Registration Ends April 2 I R E L A N D TABERNA EUROPE I: Fitch Retains Negative Watch on Notes' Ratings I T A L Y ALITALIA SPA: State Council Rules Exclusive Talks Legitimate FIAT SPA: FPT Unit Acquires Tritec Motors' Site from Chrysler FIAT SPA John Elkann Takes over as Editrice La Stampa Chairman K A Z A K H S T A N AGROSYSTEM-KOKSHETAU LLP: Creditors Must File Claims by April 25 BESAGASH LLP: Claims Deadline Slated for April 25 BTA BANK: Sets Annual General Meeting for April 14 COM STROY: Claims Filing Period Ends April 22 EK OIL: Creditors' Claims Due on April 22 EUROASIA NOMAD: Claims Registration Ends April 22 GELIANT LLP: Creditors Must File Claims by April 22 HALYK SAVINGS: Halyk Finance Unit Inks MOU w/ Daewoo Securities KAZ CONSULT: Claims Deadline Slated for April 22 SBM-STROY LLP: Claims Filing Period Ends April 25 TABIGAT 2030: Creditors' Claims Due on April 25 WEST CAPITAL: Claims Registration Ends April 22 K Y R G Y Z S T A N COSMIC TRANS: Creditors Must File Claims by April 4 GMC TRANSLATION: Claims Filing Period Ends April 4 N E T H E R L A N D S CAPRI CONDOMINIUM: Taps GrayRobinson as Bankruptcy Counsel X5 RETAIL: Denies Hiring Morgan Stanley to Sell Stake R U S S I A BOLSHEKHOMUTETSKOE OJSC: Names S. Bykhanov as Insolvency Manager CHEESE MAKER: Creditors Must File Claims by April 22 ENTERPRISE-62 OJSC: Creditors Must File Claims by April 22 EURO-MED-SURGERY: Bankruptcy Hearing Slated for April 30 GRAIN OF KUBAN: Creditors Must File Claims by April 22 IMPULSE OJSC: Court Names A. Maltabar as Insolvency Manager ISKRA OJSC: Creditors Must File Claims by March 22 MAGNITOGORSK IRON: Enters Strategic Alliance with Belon MTSENSKOE CHERNOZEMYE: Creditors Must File Claims by April 22 NIVA OJSC: Court Starts Bankruptcy Supervision Procedure NOVOPOKROVSK-AGRO-PROM-KHIMIYA: Claims Filing Ends April 22 OLE-COM LLC: Ryazan Bankruptcy Hearing Slated for May 13 REPAIR-TECHNICAL FACTORY: Creditors Must File Claims by March 22 SEVERSTAL OAO: Board Recommends RUR4 Per Share Dividend Payment VODOKANAL ST. PETERSBURG: S&P Ups Ratings to Investment Grade VOLGOGRADSKAYA PHARMACEUTICAL: Claims Filing Ends April 22 X5 RETAIL: Denies Hiring Morgan Stanley to Sell Stake ZHDANOVSKAYA LLC: Creditors Must File Claims by March 22 S P A I N GRAPHIC PACKAGING: Completes Merger Deal with Altivity GRAPHIC PACKAGING: S&P Rates US$1.2 Billion Term Loan C at BB- S W E D E N TELIGENT AB: Finalizes Financing Agreement with Creditors S W I T Z E R L A N D AGGEN JSC: Zug Court Starts Bankruptcy Proceedings AGK BERATUNG: St. Gallen Court Starts Bankruptcy Proceedings BT CONSULTING: Zug Court Starts Bankruptcy Proceedings KURT KELLER: Creditors' Liquidation Claims Due by March 17 MOMMERS JSC: Creditors' Liquidation Claims Due by March 17 NAPF TRANS: Lucerne Court Starts Bankruptcy Proceedings ORCHIDS WORLD: Creditors' Liquidation Claims Due by March 17 SPORTBAHNEN BETEILIGUNG: Creditors Must File Claims by March 19 T U R K E Y PROFILO TELRA: Fitch Withdraws Ratings U K R A I N E ALTAIR-FINANCE LLC: Creditors Must File Claims by March 22 BATKIVSCHINA LLC: Proofs of Claim Deadline Set March 22 HMELNIK PLANT: Creditors Must File Claims by March 22 KOVALEVKA OJSC: Creditors Must File Claims by March 23 LIUBAVA LLC: Creditors Must File Claims by March 22 OBRIY LLC: Proofs of Claim Deadline Set March 23 SLAY-D LLC: Creditors Must File Claims by March 22 SPECIAL ASSEMBLY: Creditors Must File Claims by March 22 STINTRADE LLC: Creditors Must File Claims by March 22 STM SERVICE: Creditors Must File Claims by March 22 U N I T E D K I N G D O M BAA LTD: Passenger Traffic Up 3.5% in February 2008 BRITISH AIRWAYS: BALPA Reacts to Media Tactics Over Dispute BRITISH AIRWAYS: Demands Urgent Changes to UK Airport Regulation BRICK SPECIALISTS: Creditors' Meeting Slated for March 25 CARLYLE CAPITAL: Unable to Reach Agreement with Lenders CHALFONT CONSTRUCTION: Brings In Liquidators from Vantis CHRYSLER LLC: Sells Tritec's Brazilian Site to Fiat for EUR83MM CHRYSLER LLC: Purchases from Minority Suppliers Ups in 2007 GENERAL MOTORS: Won't Meddle in AAM & UAW Labor Dispute HAMILTON ELECTRICAL: Appoints Liquidator from Mazars HD CAPITAL: Fitch Downgrades then Withdraws Ratings ITAC LTD: Appoints Joint Administrators from KPMG KNOWLEDGE BASE: Claims Filing Period Ends April 11 PETROLEOS DE VENEZUELA: Will Discuss Asset Swap with Exxon Mobil QUEBECOR WORLD: Suspends Payment of Preferred Dividends RANK GROUP: Blue Square Launches New Sports Betting Service SALISBURY JEWELLERS: Calls In Liquidators from Tenon Recovery SIAN ACCESSORIES: Brings In Administrators from Tenon SOLO CUP: Reports US$68 Million Net Income in Fiscal Year 2007 ZIFF DAVIS: Seeks Authority to Hire Winston & Strawn as Counsel * UK to Amend Law Requiring Insolvency Publication in Papers * BOOK REVIEW: Bankruptcy: A Feast for Lawyers ********* ============= A U S T R I A ============= A.V.E. ENERGY: Claims Registration Period Ends April 22 ------------------------------------------------------- Creditors owed money by A.V.E. Energy Consulting (FN 274872z) have until April 22, 2008, to file written proofs of claim to court-appointed estate administrator Norbert Abel at: Mag. Norbert Abel c/o Mag. Johanna Abel-Winkler Franz-Josefs-Kai 49/19 1010 Vienna Austria Tel: 533 52 72 Fax: 533 52 72 15 E-mail: office@abel-abel.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:15 p.m. on May 6, 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. 29, 2008 (Bankr. Case No. 6 S 36/08y). Johanna Abel- Winkler represents Mag. Abel in the bankruptcy proceedings. DIPL. ING. STEFAN: Claims Registration Period Ends April 22 ----------------------------------------------------------- Creditors owed money by LLC Dipl. Ing. Stefan Chelner Auto- Sofort-Service (FN 284463d ) have until April 22, 2008, to file written proofs of claim to court-appointed estate administrator Gerhard Schultschik at: Dr. Gerhard Schultschik Poeckgasse 4 2700 Wiener Neustadt Austria Tel: 02622/21 235 Fax: 02622/21 235-23 E-mail: kanzlei@schultschik.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on May 6, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Wiener Neustadt, Austria, the Debtor declared bankruptcy on Feb. 29, 2008 (Bankr. Case No. 11 S 24/08b). NET-BAU: Claims Registration Period Ends April 10 ------------------------------------------------- Creditors owed money by LLC NET-Bau (FN 210344f) have until April 10, 2008, to file written proofs of claim to court- appointed estate administrator Robert Igali-Igalffy at: Mag. Robert Igali-Igalffy Stojanstrasse 43 2344 Ma. Enzersdorf Landstr. Hauptstr. 34 1030 Wien Austria Tel: 01 714 57 57 Fax: 01 714 57 57 20 E-mail: igali-igalffy@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on April 24, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Wiener Neudorf, Austria, the Debtor declared bankruptcy on Feb. 28, 2008 (Bankr. Case No. 10 S 22/08a). SAS HANDEL: Claims Registration Period Ends April 22 ---------------------------------------------------- Creditors owed money by LLC Sas Handel (FN 276892w) have until April 22, 2008, to file written proofs of claim to court- appointed estate administrator Georg Freimueller at: Dr. Georg Freimueller c/o Dr. Erwin Senoner Alser Strasse 21 1080 Vienna Austria Tel: 406 05 51 Fax: 406 96 01 E-mail: kanzlei@jus.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:00 p.m. on May 6, 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. 28, 2008 (Bankr. Case No. 6 S 35/08a). Erwin Senoner represents Dr. Freimueller in the bankruptcy proceedings. SONNENSCHEIN VERSAND: Claims Registration Period Ends March 31 -------------------------------------------------------------- Creditors owed money by LLC Sonnenschein Versand Handel (FN 232973h) have until March 31, 2008, to file written proofs of claim to court-appointed estate administrator Gerhard Lesjak at: Mag. Gerhard Lesjak Pfarrplatz 17/2 9020 Klagenfurt Austria Tel: 0463/59 00 52 Fax: 0463/590052-20 E-mail: office@ra-lesjak.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on April 7, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Meeting Room 225 Second Floor Klagenfurt Austria Headquartered in Klagenfurt, Austria, the Debtor declared bankruptcy on Feb. 28, 2008 (Bankr. Case No. 41 S 16/08p). WILHELM LIPP: Claims Registration Period Ends April 8 ----------------------------------------------------- Creditors owed money by LLC Wilhelm Lipp (FN 87152s) have until April 8, 2008, to file written proofs of claim to court- appointed estate administrator Franz Mueller at: Mag. Franz Mueller Georg-Ruck-Strasse 9 3470 Kirchberg/Wagram Austria Tel: 02279/2227 Fax: 02279/2227-9 E-mail: office@derguterat.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:10 a.m. on April 29, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Tulln, Austria, the Debtor declared bankruptcy on Feb. 29, 2008 (Bankr. Case No. 14 S 26/08a). ============= D E N M A R K ============= TDC A/S: Selects Nortel Networks to Deliver 40G Capability ---------------------------------------------------------- TDC A/S has selected Nortel Networks to deliver a 40G-ready, next-generation optical network across Europe that will provide four times the bandwidth of their current network to meet these escalating demands and provides a technology path to deliver tomorrow's networking speeds of 100G. TDC is deploying its new adaptive all optical solution, Nortel Meets Bandwidth Explosion with New, Revolutionary 40G to 100G Optical Solution) initially to carry TDC European network traffic across the United Kingdom, the Netherlands and Germany. With this solution TDC can support industry-standard 10G services today as well as next-generation 40G services using Nortel 40G/100G Adaptive Optical Engine technology. TDC will be testing 40G products and services with the intent of launching 40G services in late 2008 due to a strong market demand. At the same time, the deployment provides TDC with a clear technology path to 100G. "The 40G capability preserves our investment in our fibre plant that enables us to meet increasing bandwidth needs easily and also helps us meet the needs of our customers," Morten Bangsgaard, vice president, TDC Fixnet Nordic, said. "Nortel's solution will allow us to leverage adaptive optical technologies to save both capital and operational expenses and to easily expand our services across Europe." "Nortel's solution is vital for carrier customers like TDC which are taking a forward-looking approach to building out their next-generation networks," Philippe Morin, president, Metro Ethernet Networks, said. "The ability to dramatically increase bandwidth and simplify operations is of keen interest for carriers. With the increasing prevalence of devices that can and should be connected to the network, as part of the coming mega-trend of Hyperconnectivity, the demands on networks can only continue. The modern network must meet the requirements of today as well as offering the most logical path to ensure their networks are future-proof." The TDC optical network comprises the Optical Multiservice Edge 6500 convergence platform and the Common Photonic Layer. This agile network solution allows service providers to deliver high- growth, high-bandwidth broadband services with low deployment and operational costs. The solution features Nortel's unique 40G/100G Adaptive Optical Engine technology that leverages the full value of Reconfigurable Optical Add/Drop Multiplexing for all optical networking with its integrated dispersion compensation capabilities. 10G and 40G transponders allow information- carrying lightwaves to be transmitted beyond 2000km, nearly twice as far as competing approaches, without breaking down. This requires less equipment to plan for, deploy, and maintain. Nortel Optical Network Manager will provide the required operations administration and management for the network and together with advanced network planning tools, will provide the ability to build and operate the network and management of services. About TDC A/S Headquartered in Copenhagen, Denmark, TDC A/S -- http://www.tdc.dk/-- through its subsidiaries and affiliates, provides communication solutions in Europe. It provides communication services in Denmark and Switzerland, and has a significant presence in selected Northern and Central European telecommunication markets. It operates through five business lines. * * * As reported in the TCR-Europe on Dec. 4, 2007, Standard & Poor's Ratings Services affirmed all its ratings on Danish telecoms operator TDC A/S and its parent company Nordic Telephone Co. Holding ApS, including the 'BB-/B' corporate credit ratings on TDC. The outlook is stable. =========== F R A N C E =========== DELPHI CORP: Closes Interiors & Closures Biz Sale to Renco Group ---------------------------------------------------------------- The Renco Group, Inc. disclosed that its wholly owned subsidiary, Inteva Products, LLC, has completed the acquisition of Delphi's Global Interiors and Closures businesses from Delphi Corp. The transaction includes the entire book of business, manufacturing operations, intellectual property, supplier contracts and joint venture interests. Under the terms of the transaction, Delphi's Global Interiors and Closures businesses and talented workforce will now become part of Inteva. Inteva is an engineering, manufacturing powerhouse serving customers around the world with innovative interior and closure solutions for vehicles ranging from entry level compacts and luxury sedans to pick-ups and massive commercial vehicles. With 17 facilities on three continents, Inteva brings more than 90 years of product experience and expertise to customers while delivering flawless execution and superior engineering. "Under the strong leadership team led by Inteva CEO Lon Offenbacher, we are excited by the opportunity this acquisition has presented to invest in a low cost automotive supplier with global growth opportunities," Ira Rennert, founder and chief executive officer of Renco, commented. "Inteva's engineering, design and manufacturing capabilities and global footprint position the company well for long term profitable growth." Concurrent with the acquisition, Inteva had obtained a new senior credit facility arranged by Wachovia Capital Markets, LLC, and Bank of America Securities, LLC, with Wachovia Bank, National Association, as Administrative Agent. About The Renco Group The Renco Group, Inc., is a private diversified investment holding company with a broad portfolio of operating companies and financial investments. Renco holds interests in a number of companies in the mining, automotive, magnesium, steel, metals fabrication and material handling industries. Operating companies in which Renco holds an interest include AM General, Doe Run Resources, US Magnesium, Inteva Products LLC, Unarco Material Handling and Baron Drawn Steel. Renco generates in excess of US$5,500,000,000 in revenue while employing over 12,000 people worldwide. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. The Court confirmed the Debtors' First Amended Plan on Jan. 25, 2008. (Delphi Bankruptcy News, Issue No. 117; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As previously reported in the Troubled Company Reporter-Europe, Moody's Investors Service assigned ratings to Delphi Corporation for the company's financing for emergence from Chapter 11 bankruptcy protection: Corporate Family Rating of (P)B2; US$3.7 billion of first lien term loans, (P)Ba3; and US$0.825 billion of 2nd lien term debt, (P)B3. In addition, a Speculative Grade Liquidity rating of SGL-2 representing good liquidity was assigned. The outlook is stable. Standard & Poor's Ratings Services in the meantime said it expects to assign its 'B' corporate credit rating to Delphi upon the company's emergence from Chapter 11 bankruptcy protection, which may occur by the end of the first quarter of 2008. S&P expects the outlook to be negative. In addition, Standard & Poor's expects to assign these issue-level ratings: a 'B+' issue rating (one notch above the corporate credit rating), and '2' recovery rating to the company's proposed US$3.7 billion senior secured first-lien term loan; and a 'B-' issue rating (one notch below the corporate creditrating), and '5' recovery rating to the company's proposed US$825 million senior secured second-lien term loan. SMOBY-MAJORETTE: MI29 to Acquire Majorette Unit for EUR7 Million ---------------------------------------------------------------- The Commercial Court of Lons-le-Saunier has selected MI29 as buyer for Smoby-Majorette S.A.'s Majorette unit, Bloomberg News reports citing workers' representative Dominique Pecorella. As reported in the TCR-Europe on March 10, 2008, the Court has chosen Simba Dickie Group as buyer for Smoby-Majorette. Simba's offer, however, excluded Majorette since it competes with its Dickie toy car unit. According to the report, MI29 offered to acquire Majorette's assets, including a site in Bangkok, Thailand, at EUR7 million. Bloomberg relates that MI29 plans to keep 55 of Majorette's 77 employees. The future of Majorette's 650-strong workforce in Thailand however remains unseen. 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. VOLT INFORMATION: Posts US$13.2MM Net Loss in 2008 First Quarter ---------------------------------------------------------------- Volt Information Sciences, Inc. reported financial results for the company�s first quarter ended January 27, 2008. First Quarter Fiscal 2008 Results For the first quarter of fiscal 2008 ended January 27, 2008, the company reported a net loss of US$13.2 million, or US$0.59 per share, compared to net income of US$0.7 million, or US$0.03 per share, in the fiscal 2007 first quarter. Net sales for the 2008 quarter increased to US$590.5 million, compared to US$548.8 million in last year�s comparable quarter. Included in the net loss for the quarter was a previously announced charge of US$12.2 million net of taxes, or US$0.55 per share, (pretax charge of US$19.3 million) to establish a reserve for certain costs included in inventory related to work performed and for additional costs expected to be incurred to complete that work under an installation contract in the company�s Telecommunications Services segment. The company learned at the end of January 2008 that it may not be reimbursed for certain work performed under that installation contract. While the company believes that it is entitled to be compensated for a certain portion of the amount included in the reserve, it cannot at this time determine the amount for which it will be reimbursed. Commenting on the results for the first quarter, Mr. Steven A. Shaw, President and CEO of Volt, stated �The establishment of the reserve for the Telecommunications Services segment resulted in our reporting an operating loss in what is traditionally the least profitable quarter of the Company�s fiscal year. The Telecommunications Services segment�s issues are primarily related to out of scope work performed and additional costs incurred under a single installation contract. We are taking all necessary steps to address and correct the situation and the contract has been amended on a go forward basis to allow the segment to perform certain work under the contract with more favorable pricing. The Computer Systems segment is continuing to integrate the LSSi acquisition according to plan and the Company has replaced its expiring US$40 million secured credit facility with a new US$42 million five-year unsecured revolving credit facility which will provide us flexible financing alternatives for years to come.� Staffing Services The US$14.9 million, or 3%, increase in net sales in the first quarter of fiscal 2008 from the comparable fiscal 2007 period was due to a US$15.9 million increase in the Technical Placement division partially offset by a US$1.0 million decrease in the Administrative and Industrial division. The segment�s operating profit increased by US$0.1 million, or 2%, as an increase in the Administrative and Industrial�s operating profit was substantially offset by a decrease in the Technical Placement�s operating profit. The Administrative and Industrial division�s operating profit increased by US$2.7 million due to increased gross margin percentage as a result of decreased payroll taxes and reductions in overhead due to the closing of under- performing offices. Despite the increase in sales, the operating profit of the Technical Placement division decreased by US$2.6 million due to lower gross margins as a result of a change in the sales mix, start-up costs and higher indirect labor costs for VMC Consulting projects as well as increased indirect labor in Volt Europe to sustain the increased sales growth. Computer Systems The Computer Systems segment�s sales increase of US$4.3 million, or 9%, in the first quarter of fiscal 2008 over the comparable 2007 period was primarily due to increases of US$5.3 million in transaction revenue due to the acquisition of LSSi in the fourth quarter of fiscal 2007 and an increase in the Maintech division�s IT maintenance sales of US$2.6 million due to increased business, partially offset by a US$3.6 million reduction in project and other revenue primarily due to two international projects recognized in the 2007 period. The decrease in operating profit of US$2.4 million, or 43%, was attributable to lower high-margin project revenue in the first quarter of fiscal 2008 and expenses related to the LSSi acquisition which included a US$1.5 million (US$0.9 million net of taxes, or US$0.04 per share) restructuring charge, as a result of personnel downsizing due to efficiencies, and additional amortization of intangible assets. Telephone Directory The Telephone Directory segment�s sales decrease of US$2.9 million, or 17%, for the first quarter of fiscal 2008 from the comparable 2007 period primarily resulted from decreases of US$3.0 million, or 31%, in publishing sales due to the timing of delivery of telephone directories. The segment�s operating profit decreased by US$1.5 million, or 69%, primarily due to lower gross margins as a result of lower publishing sales in Uruguay. Telecommunications Services The Telecommunications Services segment�s sales increase of US$25.8 million, or 121%, in the first quarter of fiscal 2008 over the comparable 2007 period was due to increases of US$26.7 million in the Construction and Engineering division offset by a decrease of US$0.9 million in the Network Enterprise Solutions division. The increased sales in the Construction and Engineering division in fiscal 2008 resulted from revenue recognized on two construction contracts in the first quarter of fiscal 2008 and a large fiber optic contract which ramped up in the latter half of fiscal 2007. The segment sustained a loss of US$19.2 million in the 2008 first quarter compared to US$0.7 million in the comparable prior year period due to loss reserves established during the quarter on the installation contract as well as lower margins on other projects completed this year as compared to jobs completed in the comparable prior year period. General Corporate Expenses The decrease in General Corporate expenses compared to the 2007 quarter resulted from a reduction in amortization of the corporate enterprise resource planning system software and communication expenses. Cash and Cash Equivalents Cash and cash equivalents, excluding restricted cash, was US$44.1 million at the end of the quarter. At Jan. 27, 2008, the company had sold a participating interest in accounts receivable of US$100.0 million under its securitization program and had the ability to finance an additional US$100.0 million under the facility. On Feb. 28, 2008, the company�s US$40.0 million revolving secured credit facility scheduled to terminate in April 2008 was replaced with a new undrawn US$42.0 million five-year unsecured revolving credit facility. At Jan. 27, 2008, there were no borrowings under the former facility. In addition, the company�s wholly owned subsidiary, Volt Delta Resources, may borrow under a separate US$100.0 million revolving secured credit facility. The Delta Credit Facility terminates in December 2009, unless extended. At Jan. 27, 2008, Volt Delta had borrowed US$79.5 million under the Delta Credit Facility. About Volt Information Volt Information Sciences, Inc. -- http://www.volt.com-- (NYSE: VOL) provides Staffing Services and Telecommunications and Information Solutions with a Fortune 100 customer base. Operating through a network of over 300 Volt Services Group branch offices, the Staffing Services segment fulfills IT and other technical, commercial and industrial placement requirements of its customers, on both a temporary and permanent basis. The Telecommunications and Information Solutions businesses, which include the Telecommunications Services, Computer Systems and Telephone Directory segments, provide complete telephone directory production and directory publishing; a full spectrum of telecommunications construction, installation and engineering services; and advanced information and operator services systems for telephone companies. Through Volt Europe -- http://www.volteurope.com/-- a specialist recruitment company, the company provides high- quality and customised staffing services in Europe. Specifically, Volt Europe provides Contract and Temporary Recruitment Services; Permanent Recruitment Services; and Managed Staffing Programmes. Volt Europe has offices in Belgium, France, Germany and the United Kingdom. The company also has a presence in Asia through Volt Asia -� http://www.voltasia.com/-- which has offices in Malaysia and Taiwan. VOLT INFORMATION: Fitch Rates US$42 Million Facility at BB ---------------------------------------------------------- Fitch Ratings assigned a 'BB' rating to Volt Information Sciences, Inc. (NYSE: VOL) US$42 million, five-year senior unsecured revolving credit facility. In addition, Fitch affirmed these ratings: Volt -- Issuer Default Rating (IDR) Volt at 'BB' -- Secured 8.2% US$12.7 million term loan at 'BBB-'. Volt Delta Resources, Inc. -- IDR at 'BB'; -- US$100 million senior secured facility at 'BBB-'. The Rating Outlook for all ratings is Stable. Finally, Fitch has withdrawn the 'BBB-' rating assigned to Volt's previous US$40 million senior secured revolving credit facility due April 2008 as the facility was terminated on Feb. 28, 2008 and replaced by the new unsecured facility. The terminated facility was rated 'BBB-' owing to its secured position in the capital structure. Volt's ratings reflect its ability to maintain solid coverage and leverage metrics and relatively stable operating performance in recent years, while continuing to diversify its sources of operating income away from the staffing services segment, largely through acquisitions in the computer systems area. Volt's operating EBITDA margins, which were in the 3.2% to 4% range from 2004 to 2006, further improved to 4.5% in 2007. Leverage, as measured by total adjusted debt to EBITDAR, was 3.4 times (x) for 2007, owing to the debt used to finance the acquisition of LSSi Corp. (LSSi) in late 2007. Total adjusted debt includes borrowings on the company's accounts receivable securitization program, which is its primary source of funding, as well as rents capitalized at 8x. At year-end 2007 and on Jan. 27, 2008, the company had US$120 million and US$100 million, respectively, outstanding on the accounts receivable securitization program. Credit concerns reflect competition in the staffing services segment, the exposure of this segment to the business cycle, and the relatively low margins in the segment. Fitch notes that even in periods of material declines in staffing business revenue, the company is able to maintain a modest level of operating profitability at the bottom of the cycle through the management of its costs. Volt is also able to maintain adequate liquidity during downturns in the business cycle as its accounts receivable liquidate. Its revenue concentration with certain clients, coupled with the short-term nature of most contracts, is a concern which is mitigated by the long-term relationship with key clients and high-quality nature of these customers. Fitch expects the company to continue to invest in the non- staffing areas, and to maintain conservative financial policies. In September 2007, Volt completed the acquisition of LSSi for approximately US$70 million. LSSi's operations are complementary to the existing Volt Delta business as it develops and markets national databases of telephone listings, primarily to enterprise customers, whereas Volt primarily provides a range of directory and information solutions services to a variety of telecommunications operators. Liquidity is provided by unrestricted cash balances of US$44 million as of Jan. 27, 2008, and the company's US$200 million accounts receivable securitization program that expires in April 2009. The securitization program had US$100 million outstanding as of Jan. 27, 2008. Additional liquidity is provided by Volt's new, senior unsecured US$42 million revolving facility which expires in February 2013 and Volt Delta's US$100 million secured facility due December 2009. As of Jan. 27, 2008, there was US$79.5 million outstanding on the Volt Delta facility. The Volt revolving credit facility requires the maintenance of certain accounts receivable in excess of borrowings and is guaranteed by eight subsidiaries of the company. The main financial covenants include a minimum interest coverage ratio of 4x and a maximum debt to EBITDA ratio of 3x. ============= G E R M A N Y ============= AD-AM WC-VERMIETUNG: Creditors' Meeting Slated for March 5 ---------------------------------------------------------- The court-appointed insolvency manager for AD-AM WC-Vermietung GmbH, Joachim Voigt-Salus will present his first report on the Company's insolvency proceedings at a creditors' meeting at 12:00 p.m. on March 5, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 11:35 p.m. on April 30, 2008 at the same venue. Creditors have until April 5, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Joachim Voigt-Salus Rankestrasse 33 10789 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against AD-AM WC-Vermietung GmbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AD-AM WC-Vermietung GmbH Oderstr. 188 12049 Berlin Germany ALTER PACKHOF: Claims Registration Period Ends April 5 ------------------------------------------------------ Creditors of Alter Packhof GmbH & Co KG have until April 5, 2008, to register their claims with court-appointed insolvency manager Sandra Mitter. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Goettingen Hall B8 Berliner Strasse 8 37073 Goettingen 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: Sandra Mitter Wilhelmshoeher Allee 270 34131 Kassel Germany Tel: 0561/3166311 Fax: 0561/3166312 The District Court of Goettingen opened bankruptcy proceedings against Alter Packhof GmbH & Co KG on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Alter Packhof GmbH & Co KG Sydekumstrasse 5 34346 Hann Germany GLT PROJEKTENTWICKLUNGSGESELLSCHAFT: Claims Filing Ends April 4 --------------------------------------------------------------- Creditors of GLT Projektentwicklungsgesellschaft mbH have until April 4, 2008, to register their claims with court-appointed insolvency manager Dr. Harald Hess. Creditors and other interested parties are encouraged to attend the meeting at 10:40 a.m. on May 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kaiserslautern Hall 8 Bahnhofstr. 24 67655 Kaiserslautern 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. Harald Hess W.-Th.-Roemheld-Str. 14 55130 Mainz Germany Tel: 06131/2850-0 Fax: 06131/2850-28 The District Court of Kaiserslautern opened bankruptcy proceedings against GLT Projektentwicklungsgesellschaft mbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GLT Projektentwicklungsgesellschaft mbH Forellenstr. 2 67659 Kaiserslautern Germany GRAFSCHAFTER SPIELWELT: Claims Registration Period Ends April 2 --------------------------------------------------------------- Creditors of Grafschafter Spielwelt GmbH have until April 2, 2008, to register their claims with court-appointed insolvency manager Hubertus Bange. Creditors and other interested parties are encouraged to attend the meeting at 8:35 a.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 Nordhorn Hall 42 Seilerbahn 15 48529 Nordhorn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hubertus Bange Kardinal-von-Galen-Str. 5 48268 Greven Germany Tel: 02571/8650 Fax: 02571/8645 The District Court of Nordhorn opened bankruptcy proceedings against Grafschafter Spielwelt GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Grafschafter Spielwelt GmbH Attn: Frieda Voet, Manager Hagenstrasse 10 48529 Nordhorn Germany GUENTER BAU: Claims Registration Period Ends April 4 ---------------------------------------------------- Creditors of Guenter Bau GmbH & Co. KG have until April 4, 2008, to register their claims with court-appointed insolvency manager Christof Heil. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Villingen-Schwenningen Hall 2 Second Floor Niedere Str. 94 78050 Villingen-Schwenningen 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. Christof Heil Am Niederen Tor 1 78050 Villingen-Schwenningen Germany Tel: 077 21 / 88 78 30 The District Court of Villingen-Schwenningen opened bankruptcy proceedings against Guenter Bau GmbH & Co. KG on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Guenter Bau GmbH & Co. KG Attn: Andreas Guenter, Manager Abendgrundweg 4 78089 Unterkirnach Germany HEMMER STAHL: Creditors' Meeting Slated for March 7 --------------------------------------------------- The court-appointed insolvency manager for Hemmer Stahl & Service GmbH, Ruediger Wienberg will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:40 a.m. on March 7, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 10:30 a.m. on June 6, 2008 at the same venue. Creditors have until April 7, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Ruediger Wienberg Giesebrechtstr. 1 10629 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Hemmer Stahl & Service GmbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hemmer Stahl & Service GmbH Parsevalstr. 12 12459 Berlin Germany HOCHSTIFT BRIEF: Claims Registration Ends April 4 ------------------------------------------------- Creditors of Hochstift Brief GmbH have until April 4, 2008 to register their claims with court-appointed insolvency manager Dr. Frank Kebekus. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Paderborn Meeting Hall 230a Second Floor Bogen 2-4 33098 Paderborn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Frank Kebekus Busdorfwall 22 33098 Paderborn Germany Tel: 05251-180660 Fax: 1806666 The District Court of Paderborn opened bankruptcy proceedings against Hochstift Brief GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hochstift Brief GmbH Jahnstrasse 5 33175 Bad Lippspringe Germany Attn: Dieter Bening, Manager Brakeler Strasse 37 33014 Bad Driburg Germany HOTEL ALTER: Claims Registration Period Ends April 5 ---------------------------------------------------- Creditors of Hotel Alter Packhof GmbH & Co KG have until April 5, 2008, to register their claims with court-appointed insolvency manager Sandra Mitter. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 30, 2008, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Goettingen Hall B 11 Berliner Strasse 8 37073 Goettingen 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: Sandra Mitter Wilhelmshoeher Allee 270 34131 Kassel Germany Tel: 0561/3166311 Fax: 0561/3166312 The District Court of Goettingen opened bankruptcy proceedings against Hotel Alter Packhof GmbH & Co KG on Feb. 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hotel Alter Packhof GmbH & Co KG Sydekumstrasse 5 34346 Hann Germany IKB DEUTSCHE: Faces US$1.9 Billion Fraud Suit from FGIC ------------------------------------------------------- Financial Guaranty Insurance Co. has filed a US$1.9 billion fraud suit against IKB Deutsche Industriebank AG and its affiliates in a court in New York, The Financial Times reports. FGIC claims that that IKB and its affiliates provided false and misleading information that convinced the bond insurer to assume billions of dollars of potential losses on one of IKB�s off- balance sheet special investment vehicles, FT relates. According to FGIC, its potential exposure to the IKB vehicle contributed to its ratings downgrade and adversely affected its business, FT adds. About IKB Deutsche Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank AG -- http://www.ikb.de/-- pioneered the long-term industrial loan and provides medium-sized companies with long-term financing. The bank operates in several German locations, as well as branches in the United Kingdom, Luxembourg, Spain and France. IKB had previously invested in securitized loans on the US market for subprime mortgages, which are now almost worthless. This resulted in a deep-seated crisis within the bank, pushing it on the brink of bankruptcy. * * * As reported in the TCR-Europe on March 7, 2008, Fitch Ratings downgraded IKB Deutsche Industriebank AG's hybrid securities to 'CCC-' (CCC minus) from the 'B' range and removed them from Rating Watch Negative (RWN) where they were placed on Feb. 14, 2008, and Dec. 21, 2007. The company carries Fitch's 'E' Individual rating. As reported in the TCR-Europe on Jan. 25, 2008, Moody's Investors Service downgraded the bank financial strength rating of IKB Deutsche Industriebank to E+ from D-. The outlook on the BFSR is now developing. JAWU WERKZEUGTECHNIK: Claims Registration Period Ends April 15 -------------------------------------------------------------- The court-appointed insolvency manager for JAWU Werkzeugtechnik GmbH, Norbert Schrader, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:30 a.m. on April 15, 2008. The meeting of creditors and other interested parties 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 at 9:15 a.m. on May 13, 2008, at the same venue. Creditors have until March 28, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Norbert Schrader Viehhofstr. 117 42117 Wuppertal Germany Tel: 0202-430980 Fax: 0202-4309843 The District Court of Wuppertal opened bankruptcy proceedings against JAWU Werkzeugtechnik GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: JAWU Werkzeugtechnik GmbH Unterkirchen 23 42349 Wuppertal Germany KARTONPACK ALSFELD: Claims Registration Period Ends April 4 ----------------------------------------------------------- Creditors of Kartonpack Alsfeld GmbH have until April 4, 2008, to register their claims with court-appointed insolvency manager Dirk Pfeil. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Giessen Hall 408 Fourth Floor Building B Gutfleischstrasse 1 35390 Giessen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dirk Pfeil Eschersheimer Landstr. 60-62 D 60322 Frankfurt Germany Tel: 069/153096-0 Fax: 069/15309666 The District Court of Giessen opened bankruptcy proceedings against Kartonpack Alsfeld GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kartonpack Alsfeld GmbH Am Kreuzweg 1 36304 Alsfeld Germany KAUFMANN GMBH: Claims Registration Period Ends April 4 ------------------------------------------------------ Creditors of Kaufmann GmbH have until April 4, 2008, to register their claims with court-appointed insolvency manager Thomas Kind. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on April 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Pforzheim Area 142 First Floor Lindenstr. 8 75175 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: Thomas Kind Eisenbahnstr. 19-23 77855 Achern Germany The District Court of Pforzheim opened bankruptcy proceedings against Kaufmann GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kaufmann GmbH Leopoldstr. 4 75172 Pforzheim Germany MODERN BAUEN: Claims Registration Ends April 4 ---------------------------------------------- Creditors of Modern Bauen GmbH Bautrager u. Projektentwicklung have until April 4, 2008 to register their claims with court- appointed insolvency manager Norbert Schrader. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on April 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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 Schrader Viehhofstr. 117 42117 Wuppertal Germany Tel: 0202-430980 Fax: 0202-4309843 The District Court of Wuppertal opened bankruptcy proceedings against Modern Bauen GmbH Bautrager u. Projektentwicklung on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Modern Bauen GmbH Bautrager u. Projektentwicklung Attn: Patrick Mehr and Helmer Mehr, Managers Kuchhauser Str. 71 42349 Wuppertal Germany PFLEGEHEIM HAUS: Claims Registration Period Ends April 4 -------------------------------------------------------- Creditors of Pflegeheim Haus Huelsberg GmbH have until April 4, 2008, to register their claims with court-appointed insolvency manager Dr. Joerg Nerlich. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 13, 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: Dr. Joerg Nerlich Friedrich-Ebert-Str. 17 42103 Wuppertal Germany Tel: 0202/4086 150 Fax: 0202/4086 159 The District Court of Wuppertal opened bankruptcy proceedings against Pflegeheim Haus Huelsberg GmbH on March 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pflegeheim Haus Huelsberg GmbH Huelsberg 78 42349 Wuppertal Germany PRESTI & CO: Claims Registration Period Ends April 4 ---------------------------------------------------- Creditors of Presti & Co. Hoch- und Tiefbau GmbH have until April 4, 2008, to register their claims with court-appointed insolvency manager Norbert Oberdiek. Creditors and other interested parties are encouraged to attend the meeting at 8:40 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 Saarbruecken Meeting Hall 24 Second 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: Norbert Oberdiek Mathias-Iven-Strasse 10 66117 Saarbruecken Germany Tel: 0681/ 954 120 Fax: 0681/ 954 1222 The District Court of Saarbruecken opened bankruptcy proceedings against Presti & Co. Hoch- und Tiefbau GmbH on Jan. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Presti & Co. Hoch- und Tiefbau GmbH Attn: Vincenzo Presto, Manager Saarbruecker Str. 43 66687 Wadern Germany REHADOME GESELLSCHAFT: Claims Registration Period Ends April 7 -------------------------------------------------------------- Creditors of rehaDome Gesellschaft fuer ambulante Rehabilitation mbH have until April 7, 2008, to register their claims with court-appointed insolvency manager Ulrike Hoge-Peters. Creditors and other interested parties are encouraged to attend the meeting at 9:05 a.m. on April 16, 2008, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt (Main) Hall 1 Building F Klingerstrasse 20 60313 Frankfurt (Main) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrike Hoge-Peters Cronstettenstrasse 30 D 60322 Frankfurt am Main Germany Tel: 069 / 9591100 Fax: 069 / 959110-12 The District Court of Frankfurt (Main) opened bankruptcy proceedings against ehaDome Gesellschaft fuer ambulante Rehabilitation mbH on Jan. 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: rehaDome Gesellschaft fuer ambulante Rehabilitation mbH Heinrich-Hoffmann-Str. 1 60528 Frankfurt (Main) Germany RUEDEN GROHN-DELILLE: Claims Registration Ends April 4 ------------------------------------------------------ Creditors of Rueden, Grohn-Delille & Collegen GmbH & Co. Brunnenstrasse KG have until April 4, 2008 to register their claims with court-appointed insolvency manager Berthold Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 1:20 p.m. on May 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Berthold Brinkmann Freiligrathstrasse 1 18055 Rostock Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Rueden, Grohn-Delille & Collegen GmbH & Co. Brunnenstrasse KG on Feb. 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rueden, Grohn-Delille & Collegen GmbH & Co. Brunnenstrasse KG Hohenzieritzer Str. 9 17235 Neustrelitz Germany SCHIRRA RADER-TECHNIK: Claims Registration Period Ends April 4 -------------------------------------------------------------- Creditors of Schirra Rader-Technik GmbH have until April 4, 2008, to register their claims with court-appointed insolvency manager Peter Depre. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on May 26, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Ludwigshafen am Rhein Meeting Hall 13 Wittelsbachstr. 10 67061 Ludwigshafen am Rhein Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter Depre O 4, 13-16 68161 Mannheim Germany The District Court of Ludwigshafen am Rhein opened bankruptcy proceedings against Schirra Rader-Technik GmbH on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schirra Rader-Technik GmbH Industriestrasse 29 67136 Fussgoenheim Germany SMK SCHLOSSEREI: Claims Registration Ends April 5 ------------------------------------------------- Creditors of SMK Schlosserei und Metallbau Keil GmbH have until April 5, 2008 to register their claims with court-appointed insolvency manager Ulrich Hassinger. Creditors and other interested parties are encouraged to attend the meeting at 9:35 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 Offenbach am Main Hall 166N First Floor Building K18 Kaiserstrasse 16-18 63065 Offenbach am Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Hassinger Adelungstr. 55 64283 Darmstadt Germany Tel: 06151-81760 Fax: 06151-85 14 35 The District Court of Offenbach am Main opened bankruptcy proceedings against SMK Schlosserei und Metallbau Keil GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SMK Schlosserei und Metallbau Keil GmbH Hanauer Str. 75 63165 Muehlheim am Main Germany Attn: Gerd Keil, Manager Schoeffenstr. 8 63075 Offenbach am Main Germany STERKRADER HOCH: Claims Registration Period Ends April 4 -------------------------------------------------------- Creditors of Sterkrader Hoch- und Tiefbau Bernhard Schulte- Hubbert GmbH & Co. KG have until April 4, 2008, to register their claims with court-appointed insolvency manager Helmut Schmitz. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 6, 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 C407 Fourth Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Helmut Schmitz Flohbusch 1 47802 Krefeld Germany The District Court of Duisburg opened bankruptcy proceedings against Sterkrader Hoch- und Tiefbau Bernhard Schulte-Hubbert GmbH & Co. KG on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sterkrader Hoch- und Tiefbau Bernhard Schulte-Hubbert GmbH & Co. KG Weidenstrasse 1 A 46149 Oberhausen Germany UNICOMPUTER SERVICE: Claims Registration Period Ends April 5 ------------------------------------------------------------ Creditors of Unicomputer Service GmbH have until April 5, 2008, to register their claims with court-appointed insolvency manager Michael Pluta. Creditors and other interested parties are encouraged to attend the meeting at 8:30 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 Stuttgart Hall 13 Ground Floor Hauffstr. 5 (Am Neckartor) 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Pluta Albstr. 14 70597 Stuttgart Germany Tel: 0711/76 96 880 Fax: 0711/76 96 88 50 The District Court of Stuttgart opened bankruptcy proceedings against Unicomputer Service GmbH on March 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Unicomputer Service GmbH Am Wallgraben 99 70565 Stuttgart Germany VECTOR VERSANDHANDELS: Claims Registration Ends April 2 ------------------------------------------------------- Creditors of Vector Versandhandels GmbH have until April 2, 2008 to register their claims with court-appointed insolvency manager Ulrike Hoge-Peters . Creditors and other interested parties are encouraged to attend the meeting at 9:25 a.m. on April 23, 2008, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenbach am Main Hall 162N First Floor Building K18 Kaiserstrasse 16-18 63065 Offenbach am Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrike Hoge-Peters Cronstettenstr. 30 60322 Frankfurt am Main Germany Tel: 069/9591100 Fax: 069/95911012 The District Court of Offenbach am Main opened bankruptcy proceedings against Vector Versandhandels GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Vector Versandhandels GmbH Attn: Martin Purcell and Scott Fraser Reid, Managers Martin-Behaim-Str. 19-21 63263 Neu-Isenburg Germany ============= I R E L A N D ============= TABERNA EUROPE I: Fitch Retains Negative Watch on Notes' Ratings ---------------------------------------------------------------- These five classes of notes issued by Taberna Europe CDO I, p.l.c. (Taberna Europe I), and totaling EUR215 million, remain on Rating Watch Negative by Fitch: -- EUR90,500,000 class A2 notes 'AAA'; -- EUR48,000,000 class B notes 'AA'; -- EUR28,500,000 class C notes 'A'; -- EUR29,000,000 class D notes 'BBB'; -- EUR19,000,000 class E notes 'BB'. Taberna Europe I is a collateralized debt obligation that closed Jan. 31, 2007 and is managed by Taberna Capital Management, LLC. The notes issued by Taberna Europe I are backed by senior and subordinated debentures issued by subsidiaries of real estate investment trusts and real estate operating companies, as well as commercial mortgage-backed securities and commercial mortgage B-notes. At close, Taberna Europe I represented the eighth cash flow REIT CDO managed by TCM, although it represented the manager's first CDO transaction backed by euro-denominated securities issued primarily by European REITs Fitch initially placed Taberna Europe I on Rating Watch Negative on Feb. 29, 2008, citing concerns with respect to moderate credit deterioration of underlying collateral and the impact of a shortened portfolio weighted average life on junior classes of rated notes, which rely upon excess spread in order to meet their stated payment terms under Fitch's stress scenarios. TCM is seeking to undertake certain remedial actions by May 5, 2008 and Aug. 5, 2008, in order to address Fitch's concerns. If TCM successfully completes these remedial actions, Fitch expects to remove all classes from Rating Watch Negative. Absent implementation of the proposed remedial actions and any further negative credit deterioration in the portfolio, Fitch expects negative rating actions to range from 4-6 notches, with more pronounced rating actions observed at the lower classes. The ratings on the classes A1 and A2 notes address the likelihood that investors will receive full and timely payments of interest, as per the governing documents, as well as the stated balance of principal by the legal final maturity date. The ratings of the class B, C, D and E notes address the likelihood that investors will receive ultimate and compensating interest payments, as per the governing documents, as well as the stated balance of principal by the legal final maturity date. Fitch will continue to monitor and review this transaction for future rating adjustments. ========= I T A L Y ========= ALITALIA SPA: State Council Rules Exclusive Talks Legitimate ------------------------------------------------------------ Italy's State Council, the highest administrative appeals court in the country, has dismissed an appeal by AirOne S.p.A. to reverse a ruling by the Italian Regional Administration Court of Lazio that confirmed the legitimacy of the exclusive talks to sell the Italian government's 49.9% stake in Alitalia S.p.A. to Air France-KLM S.A., Reuters reports. The Council ruled that the selection process for Alitalia's potential buyer was conducted "in an adequate way, guaranteeing the proper competition between the potential buyers." The Lazio court rejected an appeal filed by AirOne to its Feb. 20, 2008 decision that rejected its petition to declare null and void a Dec. 28, 2007 decision of Italy's Ministry of Economy and Finance to commence exclusive talks with Air France. As reported in the TCR-Europe on Jan. 17, 2008, Alitalia and Italy commenced exclusive sale talks with Air France-KLM. The carriers have until mid-March to reach an agreement, which would be approved by the government. 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's 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, Radiocor relates. AirOne said it would present a binding offer once it wins its appeal, adding that its offer would be financially backed by Intesa Sanpaolo S.p.A., Goldman Sachs Group Inc., Morgan Stanley and Nomura Holdings Plc. Air France's Board of Directors has authorized the submission on March 14, 2008, an offer for Italy's stake in Alitalia, subject to suspensive conditions, including notably the commitment of the trade unions. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. FIAT SPA: FPT Unit Acquires Tritec Motors' Site from Chrysler ------------------------------------------------------------- Fiat Powertrain Technologies, a unit of Fiat S.p.A., signed an agreement with Chrysler LLC to take over full ownership of the Tritec Motors plant located in Campo Largo, in the metropolitan region of Curitiba. The purchase includes the facilities, the manufacturing unit, the production lines and the license to produce the current range of products. Total investment in this initiative will amount to BRL250 million (EUR83 million) including further development costs. In addition to acquiring one of the world�s most modern engine factories, FPT also announced that the Campo Largo manufacturing unit will produce a new range of mid-size gasoline and flex-fuel engines. This product will be developed jointly by the Engineering Centers in Betim and Torino, working together with staff at the Campo Largo plant. The acquisition of this plant by FPT � FIAT Powertrain Technologies will create approximately 500 direct jobs and 1,500 indirect jobs, thus contributing significantly to economic growth in the city of Campo Largo, the local industrial district and the entire state of Parana. "Acquiring the Campo Largo manufacturing facility will enable us to reach two main strategic goals: first, to attract an even larger number of non-captive customers for this product," Alfredo Altavilla, FPT CEO, said. "Secondly, to widen our product portfolio, offering a new extremely modern and competitive product range." "The announcement is great news and provides a stable future for Tritec under the ownership of Fiat Powertrain Technologies," said Chrysler Vice Chairman and President Tom LaSorda. Headquartered 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. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR33.4 billion in the first nine months of 2005. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. * * * As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries Ba3 Corporate Family and Senior Unsecured ratings from Moody's Investors Service, which said the outlook is positive. The company carries Standard & Poor's Ratings Services' BB long- term corporate credit rating. The compay also carries B short- term rating. S&P said the outlook is stable. FIAT SPA John Elkann Takes over as Editrice La Stampa Chairman -------------------------------------------------------------- The board of directors of Editrice La Stampa S.p.A., a unit of Fiat S.p.A., has elected John Elkann as Chairman, replacing Sergio Pininfarina. The Chairman and the Board thank Sergio Pininfarina, who seats as a life Senator at Italy' s Senate, for his contribution to the Company. Luigi Vanetti, at present General manager of Editrice La Stampa, was asked to join the Board of the publishing house as a director. Separately, the Board of directors of ITEDI, the holding company that encompasses the Publishing operations and the Communication activities of Fiat Group and is chaired by John Elkann, has named Luigi Vanetti as CEO and Director general. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR33.4 billion in the first nine months of 2005. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. * * * As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries Ba3 Corporate Family and Senior Unsecured ratings from Moody's Investors Service, which said the outlook is positive. The company carries Standard & Poor's Ratings Services' BB long- term corporate credit rating. The compay also carries B short- term rating. S&P said the outlook is stable. =================== K A Z A K H S T A N =================== AGROSYSTEM-KOKSHETAU LLP: Creditors Must File Claims by April 25 ---------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Agrosystem-Kokshetau insolvent. Creditors have until April 25, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (7162) 25-79-32 BESAGASH LLP: Claims Deadline Slated for April 25 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Besagash insolvent on Aug. 24, 2007. Creditors have until April 25, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Ormanov Str. 55-66 Taldykorgan Almaty Kazakhstan Tel: 8 702 201 96-97 BTA BANK: Sets Annual General Meeting for April 14 -------------------------------------------------- JSC BTA Bank will have its General Annual Meeting of Shareholders on April 14, 2008 at 10:30 a.m. at: JSC BTA Bank Conference Hall 2nd Floor A2 Block 97 Zholdasbekov Street Samal-2 microdistrict Almaty Kazakhstan Shareholders as of March 14, 2008 will be eligible to attend the General Meeting. Agenda: * to approve annual financial statements of JSC BTA Bank; * to determine net income distribution procedure of JSC BTA Bank for the previous financial year and dividend amount as to the end of the year calculated on a dividend per share basis; * to discuss changes to the Board of Directors; * to approve the membership of the Tabulation Commission. Should there be no quorum, the next General Meeting of Shareholders will take place on April 15, 2008, at 10:30 a.m. at the same place. About BTA Bank Headquartered in Almaty, Kazakhstan, JSC BTA Bank -- http://bta.kz/en/-- is among biggest banks and leader in creation of banking network in CIS. BTA operating in the CIS and far-abroad countries is expanding into the CIS countries. Activities of its strategic bank partners cover Ukraine, 4 regions in Russia, Belarus, Georgia, Armenia, Kyrgyzstan and Turkey. BTA runs its representative offices in Russia, Ukraine, China and the United Arab Emirates. In Kazakhstan, BTA's network consists of 22 branches and 256 cash settlement units. * * * As reported in the TCR-Europe on Dec. 19, 2007, Standard & Poor's Ratings Services revised its outlook on Bank TuranAlem (BB/B) to negative from stable. Bank TuranAlem carries Long-term foreign currency IDR at BB+ from Fitch Ratings, which said the Outlook was Stable. The company also carries Ba1 Foreign Currency Subordinate Debt Ratings, Ba2 Foreign Currency Junior Subordinate Debt Rating and D- Bank Financial Strength Rating from Moody's Investor Service. COM STROY: Claims Filing Period Ends April 22 --------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Com Stroy Snub insolvent on Feb. 11, 2008. Creditors have until April 22, 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 EK OIL: Creditors' Claims Due on April 22 ----------------------------------------- LLP EK OIL Invest KZ has declared insolvency. Creditors have until April 22, 2008, to submit written proofs of claims to: LLP EK OIL Invest KZ Altyn Adam Str. 75 Janashar Enbekshikazakhsky Almaty Kazakhstan EUROASIA NOMAD: Claims Registration Ends April 22 ------------------------------------------------- LLP Euroasia Nomad Trade has declared insolvency. Creditors have until April 22, 2008, to submit written proofs of claims to: LLP Euroasia Nomad Trade Room 10 Kulmanov Str. 23 Atyrau Kazakhstan GELIANT LLP: Creditors Must File Claims by April 22 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Geliant insolvent on Feb. 12, 2008. Creditors have until April 22, 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 HALYK SAVINGS: Halyk Finance Unit Inks MOU w/ Daewoo Securities --------------------------------------------------------------- JSC Halyk Finance, the investment banking subsidiary of JSC Halyk Savings Bank of Kazakhstan, and Daewoo Securities signed a Memorandum of Understanding on Monday, March 10, 2008. Both firms have agreed on their mutual cooperation in investment banking activities in Kazakhstan and Central Asia. Daewoo Securities plans to launch various financial products to corporate and retail clients in Korea for investments in Kazakhstani and Central Asian companies with a solid potential for growth through local expertise and client network of Halyk Finance. "Kazakhstani and Central Asian markets have a huge upside potential and Almaty is well positioned to become the main financial hub of this region. We have established a strong connection with our Eastern and Southeastern investors from China, Japan, Malaysia, Indonesia and Vietnam," Sung Tae Kim, CEO of Daewoo Securities, said. "Daewoo Securities is set to further strengthen its standing as the global investment banking company through its newly established cooperation with such premier local investment banking firm as Halyk Finance," he added. "On behalf of Halyk Group, we are honored that such a respectable financial institution as Daewoo Securities approached Halyk Finance as a partner of choice to launch its investment banking operations in Kazakhstan. We believe that presence of Daewoo Securities in Kazakhstan will not only provide access to local financial market for a whole new client base from Eastern and Southeastern Asia, but also help further develop the Kazakhstani capital market," Samir Khassanov, CEO of Halyk Finance, said. Daewoo Securities, established in 1970, is a leading full- service investment firm of 3,068 employees and 119 branch offices nationwide, which offers a wide range of financial services in South Korea. It ranks among the nation's top domestic brokers and is the top investment banking player in the Korean market. The Korean Development Bank is the majority shareholder of Daewoo Securities with a 39.1% stake. Halyk Finance is the premier investment banking firm in Kazakhstan and Central Asia which has aggressive plans for further business expansion in the region through sales and trading activities, securities' underwriting, prime brokerage, asset management, advisory services and research. Halyk Finance is wholly-owned by Halyk Bank, one of the leading Kazakhstani financial services holdings offering a broad range of services in commercial and investment banking, pension fund and asset management, insurance and leasing to its retail, SME and corporate customers across the region. Headquartered in Almaty, Kazakhstan, Halyk Bank -- http://www.halykbank.kz/-- is the largest universal second-tier bank of Kazakhstan. * * * As of February 6, 2008, JSC Halyk Savings Bank of Kazakhstan carries a Ba1 foreign long-term deposits rating, and a D bank financial strength rating from Moody's with a negative outlook. Halyk holds a BB+ long-term foreign issuer credit rating, BB+ long-term local issuer credit rating, B short-term issuer credit rating and a B short-term local issuer credit rating from Standard and Poor's with a negative outlook. The bank has a BB+ long-term foreign currency issuer default rating, BB+ senior unsecured debt rating, B short-term foreign currency issuer default rating, F3 short-term local currency issuer default rating and a C/D individual rating from Fitch with a negative outlook. KAZ CONSULT: Claims Deadline Slated for April 22 ------------------------------------------------ LLP Kaz Consult Ltd. has declared insolvency. Creditors have until April 22, 2008, to submit written proofs of claims to: Kaz Consult Ltd Jambyl Str. 176-9 Almaty Kazakhstan SBM-STROY LLP: Claims Filing Period Ends April 25 ------------------------------------------------- LLP Construction Company SBM-Stroy has declared insolvency. Creditors have until April 25, 2008, to submit written proofs of claims to: LLP Construction Company SBM-Stroy Gogol Str. 90 Karaganda Kazakhstan TABIGAT 2030: Creditors' Claims Due on April 25 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Tabigat 2030 insolvent. Creditors have until April 25, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (7162) 25-79-32 WEST CAPITAL: Claims Registration Ends April 22 ----------------------------------------------- LLP West Capital Construction has declared insolvency. Creditors have until April 22, 2008, to submit written proofs of claims to: LLP West Capital Construction Room 10 Kulmanov Str. 23 Atyrau Kazakhstan =================== K Y R G Y Z S T A N =================== COSMIC TRANS: Creditors Must File Claims by April 4 --------------------------------------------------- LLC Kyrgyz-Pakistani Joint Enterprise Cosmic Trans Ltd. has declared insolvency. Creditors have until April 4, 2008 to submit written proofs of claim to: LLC Cosmic Trans Ltd. Abdumomunov Str. 75 Bishkek Kyrgyzstan Tel: (0-773) 68-16-07 GMC TRANSLATION: Claims Filing Period Ends April 4 -------------------------------------------------- LLC GMC Translation Service has declared insolvency. Creditors have until April 4, 2008 to submit written proofs of claim to: LLC GMC Translation Service Abdrahmanov Str. 135 Bishkek Kygyzstan ===================== N E T H E R L A N D S ===================== CAPRI CONDOMINIUM: Taps GrayRobinson as Bankruptcy Counsel ---------------------------------------------------------- The Capri Condominium Limited Partnership asks the U.S. Bankruptcy Court for the Middle District of Florida for authority to employ John A. Anthony at GrayRobinson, P.A. as its counsel. Mr. Anthony is expected to: a) give advice to the Debtor with respect to its powers and duties as a debtor-in-possession and the continued management of its business operations; b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of this bankruptcy case; d) protect the interests of the Debtor in all matters pending before the Court; and e) represent the Debtor in negotiations with its creditors in the preparation of a plan of reorganization and in assessing and establishing confirmability of that plan. The firm's billing rate ranges from US$80 to US$350 per hour. However, specific professionals have these rates: Professional Hourly Rate ------------ ----------- John A. Anthony US$350 Stephenie Biernacki US$250 Cheryl Thompson US$215 Maureen A. Vitucci US$200 Prior to bankruptcy filing, the firm received from the Debtor a retainer of US$50,000. The retainer was applied as a credit amounting US$10,902.10 for pre-petition legal representation and counseling regarding certain legal and financial matters affecting the Debtor's business. The firm retains the balance of the retainer amount of US$39,097.90, having also advanced the filing fee for this bankruptcy case. Mr. Anthony assures the Court, that the firm holds no interest adverse to the Debtor and its estates and is "disinterested" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: GrayRobinson, P.A. 201 North Franklin Street Suite 220 Tampa, FL 33602 Tel: (407) 843-8880 Fax: (407) 244-5690 http://www.gray-robinson.com Tampa, Florida-based The Ca