/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080317.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, March 17, 2008, Vol. 9, No. 54 Headlines A U S T R I A REWI REORGANISATIONS: Claims Registration Period Ends April 11 RUSTANPASIC ZENIT: Claims Registration Period Ends March 31 TUI AG: TUI Travel Buys Austrian Air’s 25% TUI Austria Stake WEISS & PROKES: Claims Registration Period Ends April 24 B E L A R U S SISTEMA JSFC: Inks Partnership Agreement with Government G E R M A N Y ACONTHERM GMBH: Claims Registration Ends April 7 ADAMS BAU: Claims Registration Ends April 7 DARGE INFORMATIK: Claims Registration Period Ends March 25 GROSSMANN BAUGESCHAFT: Claims Registration Period Ends March 28 HAMA GRUNDSTUECKSGESELLSCHAFT: Claims Period Ends March 28 KASPAR SCHULTE: Claims Registration Period Ends March 28 KENEDDIE GMBH: Claims Registration Period Ends March 25 LEWIN GMBH: Claims Registration Ends April 7 LORENIT STOFFE: Claims Registration Ends April 7 MCR GALVANISCHE: Claims Registration Ends April 7 NONNENDAMMALLEE 82: Claims Registration Ends April 7 NRG ENERGY: S&P Gives Positive Outlook on 'B+' Corporate Rating PRIME 2006-1: S&P Puts Ratings on All Notes Under Negative Watch TUI AG: TUI Travel Buys Austrian Air’s 25% TUI Austria Stake H U N G A R Y MAGYAR TELECOM: Moody's Holds B1 Rating with Stable Outlook I R E L A N D ASHCOIN LTD: High Court Approves Rescue Deal BALLANTYNE RE: Moody's Lowers Ratings on US$300 Million Notes FARRINGDON MORTGAGES 1: Fitch Says Outlook on 3 Tranches is Pos. FARRINGDON MORTGAGES 2: Fitch Holds BB Rating on Class B2a I T A L Y PARMALAT SPA: Main Trial Over Collapse Commenced Last Friday K A Z A K H S T A N ALTAISKY GEOLOG: Creditors Must File Claims by April 22 BUTYA OJSC: Claims Deadline Slated for April 18 ELECTROMONTAJNOYE UPRAVLENIYE-1: Claims Period Ends April 22 SAT CARGO: Creditors' Claims Due on April 22 SWISS KAZAKH: Claims Registration Ends April 25 TONIK-99 LLP: Creditors Must File Claims by April 25 TUYAK LLP: Claims Deadline Slated for April 25 K Y R G Y Z S T A N AFINA-COM LTD: Claims Filing Period Ends April 18 CENTRAL ASIA: Creditors Must File Claims by April 8 L U X E M B O U R G DELPHI LUXEMBOURG: Moody's Ups Rating on US$200MM Loan to (P)Ba2 EVRAZ GROUP: Acquires IPSCO from Svenskt Stal AB for US$2.3 Bln R U S S I A ALEKSEEVSKOE REPAIR: Creditors Must File Claim by April 22 AVEST OJSC: Creditors Must File Claim by April 22 BALAKHNINSKIY FACTORY: Bankruptcy Hearing Slated for July 8 BAYKINSKOE OJSC: Creditors Must File Claims by March 22 CHEBOKSARSKIY MEAT: Creditors Must File Claim by April 22 COMSTAR-UNITED: Inks Infrastructure Deal in Klyazminskoye COMSTAR–UNITED: Completes NGN Networks in Saratov, Russia EVRAZ GROUP: Acquires IPSCO from Svenskt Stal AB for US$2.3 Bln FAETON CJSC: Creditors Must File Claim by April 22 KAMENOBRODSKOE OJSC: Creditors Must File Claims by March 22 RIF-INVEST-MICHURINA: Creditors Must File Claim by April 22 ROSNEFT OIL: Board Sets Annual General Meeting for June 5 MIRAX GROUP LLC: Fitch Places Ratings Under Negative Watch NORD-WOOD LLC: Creditors Must File Claims by March 22 SISTEMA JSFC: Issues RUR6 Billion Bond to Refinance Debt SISTEMA JSFC: Inks Partnership Agreement with Belarus Government START LLC: Creditors Must File Claims by March 22 TAMBOV-SEWER: Creditors Must File Claim by April 22 TRANS-STROY LLC: Tyumen Bankruptcy Hearing Slated for May 15 VELIKOMIKHAYLOVSKOE OJSC: Creditors Must File Claim by April 22 VERKHOVSKIY DISTILLERY: Asset Sale Slated for March 25 VIMPEL-COMMUNICATIONS: Earns US$1.46 Billion in 2007 VOLGATELECOM OJSC: Pays Coupon yield on BT-4 Series Bonds VTB BANK: Completes Repurchase Transaction with VTB-NW WOOD-STROY-MATERIALS: Creditors Must File Claims by March 22 S P A I N EMPRESAS TDA: Moody's Rates EUR60 Million Notes at (P)Ba3 TDA 30: Moody's Junks Rating on EUR8.2 Million Series D Notes S W I T Z E R L A N D CJB- CONSULTING: Creditors' Liquidation Claims Due by March 20 EPR LABAUTOMATION: Creditors' Liquidation Claims Due by March 22 ERNST ARMIERUNGEN: Creditors' Liquidation Claims Due by March 21 GREEN-STREAM JSC: Creditors' Liquidation Claims Due by March 20 MOHL + RODRIGUEZ: Creditors' Liquidation Claims Due by March 23 PARR MANAGEMENT: Creditors' Liquidation Claims Due by March 20 PERSONAL BERATUNG: Creditors' Liquidation Claims Due by March 20 PETROPLUS HOLDINGS: S&P Puts BB- Rating on Unit's US500MM Bonds PUCCI, SULZER: Creditors' Liquidation Claims Due by March 23 REMEDYWORKS LLC: Creditors' Liquidation Claims Due by March 22 WDT-TELEMATIK LLC: Creditors' Liquidation Claims Due by March 25 U K R A I N E ALBATROS LLC: Creditors Must File Claims by March 27 APOCALYPSE-PLUS LLC: Proofs of Claim Deadline Set March 27 CRYSTAL-FLOR-1: Creditors Must File Claims by March 23 ENERGYRESOURCE LLC: Creditors Must File Claims by March 23 FAVORIT LLC: Creditors Must File Claims by March 23 LAGUNA DNIEPR: Creditors Must File Claims by March 27 MAYSTRY LLC: Creditors Must File Claims by March 23 MET-RAGE LLC: Creditors Must File Claims by March 23 PARITET ASK: Creditors Must File Claims by March 27 ROMNY PLANT: Proofs of Claim Deadline Set March 23 TOREZ-SM LLC: Creditors Must File Claims by March 27 U N I T E D K I N G D O M CHRYSLER LLC: Plans to Shutter Company for Two Weeks in July DIOMED HOLDINGS: To Sell Assets to Biolitec Under Bankruptcy DIOMED HOLDINGS: Receives Delisting Notice from AMEX DIOMED LIMITED: Files for Administration DURA AUTOMOTIVE: Tax Advisor Seeks US$962,541 in Fees for Jan. BRITISH ENERGY: S&P Affirms BB Rating with Negative Outlook EUROFLEET EXPRESS: Taps Liquidators from BDO Stoy Hayward FORD MOTOR: Europe Sales Rise 5.4% in February 2008 KENNEDY PRINT: Brings In Liquidators from PKF MANSARD 2006-1: Fitch Holds BB Rating on Class B2a MANSARD 2007-1: Fitch Affirms BB Rating on Class B2a MAXJET AIRWAYS: Still in Talks to Sell Assets After Bid Deadline MOIST LTD: Peter Wastell Leads Liquidation Procedure NUTRICIA WELLS: Calls In Liquidators from PricewaterhouseCoopers QUEBECOR WORLD: Has Strong Position to Survive, Teamsters Says QUEBECOR WORLD: Ex-Corby Workers Set Up Taskforce with Unite QUEEN STREET: S&P Puts Low-B Ratings on EUr170 Million Notes TATLOW GLASS: Taps M. H. Abdulali to Liquidate Assets TOM SHELDON: Hires Liquidators from Moore Stephens TOTAL CLADDING: Appoints Liquidator from Deloitte & Touche * BOND PRICING: For the Week March 10 to March 14, 2008 ********* ============= A U S T R I A ============= REWI REORGANISATIONS: Claims Registration Period Ends April 11 -------------------------------------------------------------- Creditors owed money by LLC ReWi Reorganisations- und Wirtschaftsberatung (FN 202321g) have until April 11, 2008, to file written proofs of claim to court-appointed estate administrator Maximilian Schludermann at: Dr. Maximilian Schludermann Reisnerstrasse 32/12 1030 Vienna Austria Tel: 715 50 45 Fax: 715 50 474 E-mail: office@anwalt-vienna.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on April 25, 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. 25, 2008 (Bankr. Case No. 28 S 32/08x). RUSTANPASIC ZENIT: Claims Registration Period Ends March 31 ----------------------------------------------------------- Creditors owed money by KEG RUSTANPASIC ZENIT (FN 192305b) have until March 31, 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 2:30 p.m. on April 14, 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 Eisenstadt, Austria, the Debtor declared bankruptcy on Feb. 25, 2008 (Bankr. Case No. 26 S 20/08f). TUI AG: TUI Travel Buys Austrian Air’s 25% TUI Austria Stake ------------------------------------------------------------ TUI Travel PLC has confirmed that it is acquiring Austrian Airlines' 25% holding in TUI Austria. The transaction will complete in the current quarter of the TUI Travel financial year. TUI Austria had gross assets of GBP60.2 million as of Sept. 30, 2007. About TUI Headquartered in Hanover, Germany, TUI AG -- http://www.tui-group.com/-- engages in the tourism and shipping sectors. The company's core activities are in the tourism business, focusing mainly on the markets of Central, Northern and Western Europe. TUI AG's shipping and logistics activities are contained within its Hapag-Lloyd Container Linie GmbH and CP Ships Ltd. subsidiaries. * * * As reported in the TCR-Europe on Aug. 21, 2007, Moody's Investors Service placed the B1 Corporate Family Rating for TUI Aktiengesellschaft on review for possible downgrade. At the same time, the senior unsecured debt ratings are lowered to B2 from B1, and left on review for possible downgrade. The ratings of the unsecured notes were originally placed on review for possible downgrade on March 20, 2007, following the announcement of the planned merger between TUI's tourism division and First Choice PLC. In a TCR-Europe report on July 27, 2007, Standard & Poor's Ratings Services lowered its ratings on the senior unsecured issues of Germany-based tourism and shipping group TUI AG to 'B' from 'B+' and removed them from CreditWatch, where they were originally placed with negative implications on March 19, 2007. This follows the approval of the merger of its tourism business with U.K. travel operator First Choice Holidays PLC to TUI Travel PLC by antitrust authorities and First Choice shareholders, resulting in increased structural subordination of the group's senior unsecured indebtedness. At the same time, Standard & Poor's affirmed the 'BB-' long-term corporate credit rating on TUI. S&P said the outlook is negative. WEISS & PROKES: Claims Registration Period Ends April 24 -------------------------------------------------------- Creditors owed money by LLC Weiss & Prokes (FN 113541y) have until April 24, 2008, to file written proofs of claim to court- appointed estate administrator Alexander Schoeller at: Dr. Alexander Schoeller c/o Dr. Stephan Riel Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 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 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 25, 2008 (Bankr. Case No. 5 S 19/08s). Stephan Riel represents Dr. Schoeller in the bankruptcy proceedings. ============= B E L A R U S ============= SISTEMA JSFC: Inks Partnership Agreement with Government -------------------------------------------------------- Sistema JSFC has signed a partnership agreement with the Government of the Republic of Belarus. The agreement was signed by Vladimir Semashko, First Deputy Prime Minister of the Republic of Belorus, and Alexander Goncharuk, President of Sistema. The main goal of the agreement is to attract investments to the Republic of Belarus through the implementation of economically viable and socially significant investment projects in a number of industries. Within the framework of this agreement both parties expect to sign individual agreements between governmental bodies of Belarus and Sistema and its subsidiaries. A Steering Committee has been set up to execute joint projects, and consists of 12 representatives of the Government of the Republic of Belarus and ten representatives of Sistema and its subsidiaries. "We have strong interest in the expansion of the unified economic area of the Russian Federation and Belarus, and a closer integration between Russian and Belarusian companies," Alexander Goncharuk, Sistema President and Chief Executive Officer, said. "We believe that Sistema's experience as a diversified corporation will give us an opportunity to establish efficient partnerships in different industries of the Republic such as real estate, telecommunications, healthcare, retail, banking and high-tech industries." 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. ============= G E R M A N Y ============= ACONTHERM GMBH: Claims Registration Ends April 7 ------------------------------------------------ Creditors of acontherm GmbH have until April 7, 2008 to register their claims with court-appointed insolvency manager Stefan Haas. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 20, 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 Straubing Hall 227/II Straubing 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: Stefan Haas Theresienplatz 29 94315 Straubing Germany Tel: 09421/3303930 The District Court of Straubing opened bankruptcy proceedings against acontherm GmbH on Feb. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: acontherm GmbH Sachsenring 50 94315 Straubing Germany ADAMS BAU: Claims Registration Ends April 7 ------------------------------------------- Creditors of GmbH have until April 7, 2008 to register their claims with court-appointed insolvency manager Dr. Ulrich Wenzel. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on May 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 of Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Ulrich Wenzel Grossbeerenstrasse 231 14480 Potsdam Germany The District Court of Potsdam opened bankruptcy proceedings against ADAMS Bau GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ADAMS Bau GmbH Attn: Norbert Adams and Marco Zimmer, Manager Ebelstrasse 38-40 14959 Trebbin Germany DARGE INFORMATIK: Claims Registration Period Ends March 25 ---------------------------------------------------------- Creditors of Darge Informatik GmbH have until March 25, 2008, to register their claims with court-appointed insolvency manager Rolf Rattunde. Creditors and other interested parties are encouraged to attend the meeting at 11:10 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rolf Rattunde Kurfuerstendamm 26a 10719 Berlin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against Darge Informatik GmbH on Feb. 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Darge Informatik GmbH Angermünder Strasse 9 16278 Angermuende Germany GROSSMANN BAUGESCHAFT: Claims Registration Period Ends March 28 --------------------------------------------------------------- Creditors of Grossmann Baugeschaft GmbH have until March 28, 2008, to register their claims with court-appointed insolvency manager Sandra Bitter. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 18, 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 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: Sandra Bitter Busdorfwall 22 33098 Paderborn Germany The District Court of Paderborn opened bankruptcy proceedings against Grossmann Baugeschaft GmbH on Feb. 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Grossmann Baugeschaft GmbH Attm: Michael Grossmann, Manager Seefelder Strasse 30 33154 Salzkotten Germany HAMA GRUNDSTUECKSGESELLSCHAFT: Claims Period Ends March 28 ---------------------------------------------------------- Creditors of HaMa Grundstuecksgesellschaft mbH have until March 28, 2008, to register their claims with court-appointed insolvency manager Ulrich Rosenkranz. Creditors and other interested parties are encouraged to attend the meeting at 10:45 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 Rostock Hall 330 Zochstrasse 18057 Rostock Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Rosenkranz Lange Strasse 50 18311 Ribnitz-Damgarten Germany The District Court of Rostock opened bankruptcy proceedings against HaMa Grundstuecksgesellschaft mbH on Feb. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HaMa Grundstuecksgesellschaft mbH Attn: Jens Hameyer, Manager Lohgerberstrasse 32 18055 Rostock Germany KASPAR SCHULTE: Claims Registration Period Ends March 28 -------------------------------------------------------- Creditors of Kaspar Schulte GmbH & Co. KG have until March 28, 2008, to register their claims with court-appointed insolvency manager Thorsten Klepper. 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 Hagen Meeting Hall 252 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: Thorsten Klepper Hochstr. 124 58095 Hagen Germany The District Court of Hagen opened bankruptcy proceedings against Kaspar Schulte GmbH & Co. KG on Feb. 27, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kaspar Schulte GmbH & Co. KG Attn: Bernd Plum, Manager Brinkstr. 62 58097 Hagen Germany KENEDDIE GMBH: Claims Registration Period Ends March 25 ------------------------------------------------------- Creditors of Keneddie GmbH have until March 25, 2008, to register their claims with court-appointed insolvency manager Thomas Schaefer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 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 Augsburg Law Courts Meeting Room 162 Alten Einlass 1 86150 Augsburg 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 Schaefer Fuggerstr. 16 86150 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against Keneddie GmbH on Feb. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Keneddie GmbH Attn: Aysun Yorulmaz, Manager Heilig-Grab-Gasse 1 86150 Augsburg Germany LEWIN GMBH: Claims Registration Ends April 7 -------------------------------------------- Creditors of Lewin GmbH & Co.Zillestrasse 30 KG have until April 7, 2008 to register their claims with court-appointed insolvency manager Christian Koehler-Ma. Claims set out in the insolvency manager's report will be verified at 11:40 a.m. on June 9, 2008 at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Koehler-Ma Kurfuerstendamm 26 a 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Lewin GmbH & Co.Zillestrasse 30 KG on Jan. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lewin GmbH & Co.Zillestrasse 30 KG Uhlandstr. 7/8 10623 Berlin Germany LORENIT STOFFE: Claims Registration Ends April 7 ------------------------------------------------ Creditors of Lorenit Stoffe GmbH & Co. Farberei KG have until April 7, 2008 to register their claims with court-appointed insolvency manager Knut Rebholz. Claims set out in the insolvency manager's report will be verified at 11:45 a.m. on June 9, 2008 at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Knut Rebholz Cicerostr. 22 10709 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Lorenit Stoffe GmbH & Co. Farberei KG on Jan. 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lorenit Stoffe GmbH & Co. Farberei KG Gerhart-Hauptmann-Str. 15 03044 Cottbus Germany MCR GALVANISCHE: Claims Registration Ends April 7 ------------------------------------------------- Creditors of MCR Galvanische Diamantbeschichtung GmbH have until April 7, 2008 to register their claims with court-appointed insolvency manager Prof. Rolf Rattunde. Claims set out in the insolvency manager's report will be verified at 10:00 a.m. on June 2, 2008 at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Prof. Rolf Rattunde Kurfuerstendamm 26 a 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against MCR Galvanische Diamantbeschichtung GmbH on Jan. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MCR Galvanische Diamantbeschichtung GmbH Goerzallee 307 14167 Berlin Germany NONNENDAMMALLEE 82: Claims Registration Ends April 7 ---------------------------------------------------- Creditors of Nonnendammallee 82 KG Suedstern Grundstuecksverwaltungs- und Bautrager GmbH & Co. have until April 7, 2008 to register their claims with court-appointed insolvency manager Christian Koehler-Ma. Claims set out in the insolvency manager's report will be verified at 11:55 a.m. on Feb. 18, 2008 at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Koehler-Ma Kurfuerstendamm 26 a 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Nonnendammallee 82 KG Suedstern Grundstuecksverwaltungs- und Bautrager GmbH & Co. on Jan. 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Nonnendammallee 82 KG Suedstern Grundstuecksverwaltungs- und Bautrager GmbH & Co. Oranienstr. 25 10999 Berlin Germany NRG ENERGY: S&P Gives Positive Outlook on 'B+' Corporate Rating --------------------------------------------------------------- Standard & Poor's Ratings Services revised the outlook on NRG Energy Inc.'s 'B+' corporate credit rating to positive from stable. The revision reflects the company's strong cash flows over the past couple of years, improved prospects for the next few years, and S&P's expectations that ratings could be upgraded as the company continues to sweep debt and strengthen its financial profile. "The 'B+' corporate credit rating reflects NRG's leveraged financial profile, risks associated with the merchant power business, and significant growth plans. These factors are mitigated by significant near-term cash flow stability created by the company's substantial hedging program, albeit one that creates operational risks; significant fleet diversity in terms geography, fuel, and dispatch position; as well as the current favorable market conditions for merchant power companies," said Standard & Poor's credit analyst Swami Venkataraman. "High gas prices and tightening reserve margins across the U.S., accentuated by a growing difficulty in building new baseload generation, are expected to result in strong cash flows over the next few years. This, combined with a mandatory cash flow sweep associated with NRG's bank term loan B, support a strengthening financial profile over the next few years." Funds from operations coverage of interest and debt were strong at 3.0x and 18.1%, respectively, for the year 2007. Using S&P's conservative merchant price assumptions, these ratios still exceed 2.5x and 12% over the next few years, adequate for the rating. NRG's leverage is high for a merchant generator but continues to decline as the company sweeps cash to pay down debt. Leverage stood at roughly 60.4% of total capitalization as of Dec. 31, 2007. Given the company's hedging policy, this leverage can be supported at the rating level. Under NRG's base case, leverage drops to about 52% at the end of 2009 and to 56% under S&P's gas price deck. Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE: NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse portfolio of power-generating facilities, primarily in Texas and the Northeast, South Central and West regions of the U.S. Its operations include baseload, intermediate, peaking, and cogeneration and thermal energy production facilities. As of Dec. 31, 2007, NRG also had net ownership in approximately 1,235 MW of power generating capacity outside the United States in Australia, Brazil, and Germany. In addition to traditional power generation facilities, NRG also owns equity interests in certain coal mines in Germany. PRIME 2006-1: S&P Puts Ratings on All Notes Under Negative Watch ---------------------------------------------------------------- Standard & Poor's Ratings Services placed on CreditWatch with negative implications its ratings on all the notes issued by PRIME 2006-1 Funding Limited Partnership, a German SME CLO transaction. The CreditWatch placements follow the full credit analysis of the underlying portfolio of participation rights issued by German SMEs. This analysis relies on updated probabilities of default for each company in the portfolio, which were quantitatively derived by using CreditRiskTracker. Standard & Poor's has examined the observed credit migration and carried out a comparative analysis of the new probabilities of default. Standard & Poor's also examined the latest transaction reporting, which shows the portfolio distribution with regard to the internal bank ratings. The combined information gained from both analyses demonstrates deterioration in the portfolio credit quality. "The underlying portfolio in PRIME 2006-1 Funding has low granularity and is markedly concentrated. The top 10 obligors, out of 29 companies initially included in the portfolio, constitute more than 65% of the entire portfolio," explained credit analyst Viktor Milev. "As such, the portfolio is naturally very sensitive to credit migration of single obligors, in particular if this concerns exposures of €10 million or higher." Standard & Poor's credit analysis has demonstrated that the scenario default rates derived by modeling the current portfolio in CDO Evaluator are higher than the scenario default rates at closing. The higher level of expected defaults will put pressure on the ratings assigned to each class of notes when carrying out the cash flow analysis of the transaction. Despite the observed credit migration, PRIME 2006-1 has not experienced defaults so far. Furthermore, Fitch have not observed deferrals until now, nor have delinquencies in the transaction been reported. Mr. Milev added: "So far, the only PDL entry was due to the early termination of one of the underlying participation rights, due to sale of the companies operating business; this participation right has fully repaid the principal due on it. Thus, the PDL entry will be cleared as of the next reporting date and will decrease to zero, provided no new entries have to be booked. In our cash-flow analysis, which we will carry out over the next few weeks, we will assume a PDL balance of zero. At the same time, we will factor in the resulting de-leverage which will occur once the PDL is cleared and the EUR4.5 million is used to repay senior notes." Ratings List PRIME 2006-1 Funding Limited Partnership EUR186.5 Million Floating-Rate Notes Ratings Placed On CreditWatch Negative Rating ------ Class To From ----- -- ---- A AAA/Watch Neg AAA B AA/Watch Neg AA C A/Watch Neg A D BBB/Watch Neg BBB E BB/Watch Neg BB TUI AG: TUI Travel Buys Austrian Air’s 25% TUI Austria Stake ------------------------------------------------------------ TUI Travel PLC has confirmed that it is acquiring Austrian Airlines' 25% holding in TUI Austria. The transaction will complete in the current quarter of the TUI Travel financial year. TUI Austria had gross assets of GBP60.2 million as of Sept. 30, 2007. About TUI Headquartered in Hanover, Germany, TUI AG -- http://www.tui-group.com/-- engages in the tourism and shipping sectors. The Company's core activities are in the tourism business, focusing mainly on the markets of Central, Northern and Western Europe. TUI AG's shipping and logistics activities are contained within its Hapag-Lloyd Container Linie GmbH and CP Ships Ltd. subsidiaries. * * * As reported in the TCR-Europe on Aug. 21, 2007, Moody's Investors Service placed the B1 Corporate Family Rating for TUI Aktiengesellschaft on review for possible downgrade. At the same time, the senior unsecured debt ratings are lowered to B2 from B1, and left on review for possible downgrade. The ratings of the unsecured notes were originally placed on review for possible downgrade on March 20, 2007, following the announcement of the planned merger between TUI's tourism division and First Choice PLC. In a TCR-Europe report on July 27, 2007, Standard & Poor's Ratings Services lowered its ratings on the senior unsecured issues of Germany-based tourism and shipping group TUI AG to 'B' from 'B+' and removed them from CreditWatch, where they were originally placed with negative implications on March 19, 2007. This follows the approval of the merger of its tourism business with U.K. travel operator First Choice Holidays PLC to TUI Travel PLC by antitrust authorities and First Choice shareholders, resulting in increased structural subordination of the group's senior unsecured indebtedness. At the same time, Standard & Poor's affirmed the 'BB-' long-term corporate credit rating on TUI. S&P said the outlook is negative. ============= H U N G A R Y ============= MAGYAR TELECOM: Moody's Holds B1 Rating with Stable Outlook ----------------------------------------------------------- Moody's Investors Service confirmed a B1 Corporate Family Rating of Magyar Telecom B.V. with a stable outlook. Magyar Telecom is a wholly-owned subsidiary of Hungarian Telephone and Cable Corporation. Concurrently, the rating agency confirmed ratings on the existing debt obligations. This concludes the review initiated in December 2007 following the company's announcement to acquire Memorex Telex Communications AG for total consideration of US$130 million. The confirmation of the rating reflects Moody's view that the acquisition is consistent with the group's strategy to gain scale, to stimulate growth via internet and wholesale data services and to diversify its revenue base amidst continuing pressure on fixed-line voice. The integration of Magyar Telecom and Memorex is likely to strengthen its position as a leading alternative provider of wholesale services in the CEE region going forward. At the same time, the B1 rating takes into account (i) continued pressure on the company's fixed-line revenues and profitability driven by fixed-to-mobile substitution and continued price erosion in traditional voice services and migration to VoIP; (ii) strong competition from the incumbent and cable operators for the provision of broadband services; (iii) uncertainty associated with the company's final capital structure; and (iv) tight liquidity, particularly in 2008 and, to a lesser degree, in 2009. Additionally, Moody's notes that the company's shareholding structure is likely to evolve over the near to medium term which creates limited visibility as regards future financial policies. The B1 rating with a stable outlook does not incorporate any further financial flexibility. Magyar Telecom's Cash Debt to EBITDA pro forma for the acquisition of Memorex was 3.8x (adjusted for various one-off items and operating leases and excluding PIK notes) as at 31 of December 2007. To finance the acquisition, the company raised a bridge facility in the amount of EUR100 million. Although the presence of the facility increases refinancing risk in the near term, Moody's notes that the facility automatically converts into a term loan after 12 months. Moreover, Moody's understands that the company is currently considering various options to streamline its capital structure. The final capital structure could potentially lead to a change in the instrument ratings and their LGD assessments; the instrument ratings could be downgraded if the company materially increases senior secured debt in the capital structure. The B1 rating assumes that the company will report improvements in revenue and EBITDA growth when compared to 2007 and synergy realisation from the combination of HTCC and Magyar Telecom. The rating also acknowledges that the company will still need to rely on the existing liquidity facility and cash balances to meet its amortisation requirements. Moody's has applied its loss given default methodology to the instruments ratings after including the EUR100 million bridge facility in the company's capital structure. Moody's confirms the Ba1 (LGD1 - 8%) rating on the senior secured facility, reflecting its most senior position in the capital structure, with a change in LGD assessment to LGD1 from LGD2. The B2 rating on the existing notes (LGD-4, 62%) reflects their structural and contractual subordination to the senior secured facilities. LGD assessments for the notes remain unchanged. The stable outlook on the ratings reflects Moody's expectations that the company will be able to offset the decline in fixed line voice revenue and EBITDA with growth in broadband Internet and wholesale services while achieving operating synergies anticipated at the time of HTCC and Magyar Telecom merger and from the integration of Memorex. Positive pressure on the ratings could develop if the company sustainably de-leverages towards 3.0x cash Debt to EBITDA in combination with greater visibility on the company's shareholding and capital structure over the medium term. Negative pressure on the ratings could develop if the company fails to grow its Internet and wholesale revenue and EBITDA to offset pressure on traditional voice and / or it increases its leverage over 4.5x cash Debt to EBITDA. Furthermore, any deterioration in the company's ability to meet its liquidity requirements would put a downward pressure on the rating. Headquartered in Budaors, Hungary, Magyar Telecom is the second largest fixed-line telecommunications provider in Hungary. ============= I R E L A N D ============= ASHCOIN LTD: High Court Approves Rescue Deal -------------------------------------------- A High Court in Dublin approved a scheme of arrangement for bankrupt company Ashcoin Ltd., the Post.ie reports. Under the rescue proposal put forward by examiner Declan Taite of FGS, an EUR1 million will be put into the business, the report says. Mr. Taite however did not disclosed the name of the investor. According to the report, the investor will take 98% of Ashcoin's Fit-Out subsidiary and will make the EUR1 million investment through Fit-Out. Majority of Ashcoin's creditors approved the scheme of arrangement, where preferential creditors will receive 20 cents for every Euro owed, while unsecured creditors will receive 10% of their debts, Post.ie relates. The company sought bankruptcy protection in January 2008, after incurring EUR8 million of debt, Post.ie said. Headquartered in Dublin, Ireland, Ashcoin Ltd. -- http:// www.ashcoin.ie/ -- is a mechanical and electrical engineering and fit-out company. For the financial year 2006, the company has turnover of EUR16 million and operating profit of EUR706,000. BALLANTYNE RE: Moody's Lowers Ratings on US$300 Million Notes ------------------------------------------------------------- Moody's Investors Service downgraded these notes issued by Ballantyne Re plc and Orkney Re II plc: Ballantyne Re -- US$250 million of 30-year Class A-1 Floating Rate Notes -- Current Rating: Ba1, on review for downgrade -- Prior Rating: Baa3, on review for downgrade -- US$10 million of 30-year Class B-1 Subordinated Fixed Rate Notes -- Current Rating: B2, on review for downgrade -- Prior Rating: B1, on review for downgrade -- US$40 million of 30-year Class B-2 Subordinated Floating Rate Notes -- Current Rating: B2, on review for downgrade -- Prior Rating: B1, on review for downgrade Orkney Re II -- US$42.5 million of 30-year Series A-2 Floating Rate Notes -- Current Rating: Ba1, on review for downgrade -- Prior Rating: Aa2, on review for downgrade -- US$30.0 million of 30-year Series B Floating Rate Notes -- Current Rating: Ba3, on review for downgrade -- Prior Rating: Baa2, on review for downgrade Ballantyne Re and Orkney Re II are independent special purpose reinsurers each sponsored by Scottish Annuity & Life Insurance Company (Cayman) Ltd. (Ba3 insurance financial strength, on review for downgrade) for the purpose of financing the excess reserve requirement associated with distinct blocks of business ceded by Scottish Re (U.S.), Inc. (Ba3 IFS rating, on review for downgrade), a subsidiary of Scottish Re Group Limited (Scottish Re; NYSE: SCT; Caa3 preferred stock, on review for downgrade). The reinsurance agreements between Scottish Re (U.S.) and the two special purpose reinsurers covers defined blocks of level premium term life policies subject to the statutory reserve requirements of Regulation XXX. Moody's rating analysis views the actuarial assumptions in Regulation XXX as producing economically redundant statutory reserves for level premium term products. According to Moody's, the downgrades are based on both the projected losses in Ballantyne Re and Orkney Re II's investment portfolios --particularly investments in subprime and Alt-A residential mortgage-backed securities -- that support the repayment of the notes, as well as the impact of unrealized investment losses on the probability of the notes defaulting. The losses on the RMBS securities include both realized credit impairments as well as substantial unrealized mark-to-market losses, although none of the securities in the Ballantyne Re or Orkney Re II portfolios have experienced a payment default to date. The performance of the underlying level premium term business supporting both of the reserve funding structures is consistent with Moody's original expectations, and is not directly affected by movements in the investment portfolio. According to Scott Robinson, Vice President & Senior Credit Officer, "the quarterly requirement for Ballantyne Re and Orkney Re II to true up the market value of the assets held in the reserve credit trust to the level of the statutory reserves, combined with the investment losses on the RMBS securities, have significantly eroded unencumbered surplus in the two vehicles." Robinson added that "absent a recovery of unrealized losses or changes to the structures in their current form, it is likely that transactional restrictions would prevent the payment of interest on the notes -- essentially based on a measure of unencumbered capital to required capital --in the near-term." Moody's emphasized that despite the possibility of an interruption of interest payments, primarily driven by a decline in the market value of investments in the special purpose reinsurers, the ultimate loss on the notes (which are not insured by financial guarantors) will be driven both by the performance of the underlying term life business and the performance of the invested assets. We expect that Ballantyne Re will experience higher relative investment-related losses than Orkney Re II, given the different composition of the investment portfolios within the two structures, which helps to explain the lower rating on the subordinated notes of Ballantyne Re. Moody's added that for Orkney Re II, the credit profile has also been negatively impacted by the triggering of contractual provisions increasing fees paid to financial guarantors. According to Robinson, "the fees that are paid by Orkney Re II to insure certain classes of their notes have increased as a result of downgrades of Scottish Re (U.S.) since the deals were originally rated. This places greater pressure on the deal, especially if it is assumed that the increased fees are paid over a long period of time." In the Ballantyne Re transaction, the increased payments to the financial guarantors are subordinate to both Class A and B notes. As a result of this feature, increased fees paid to the guarantors have no impact on the ratings of Ballantyne Re. Most of the notes issued by these two special purpose reinsurers to fund the collateral requirements for the statutory reserves are insured by financial guarantors, while some of the notes were issued without financial guaranty insurance. The ratings of the uninsured notes (and the underlying ratings of the insured notes) consider the results of stochastic modeling of insurance and investment cash flows from the level premium term business supporting the transaction, including the modeled expected losses to the note holders. The review for downgrade will focus on the potential for additional investment losses in the RMBS portfolio and the nature and likely effectiveness of any actions that may be pursued by Ballantyne Re, Orkney Re II, and/or Scottish Re to mitigate the impact of losses on the ability of the special purpose reinsurer to pay interest on the notes. These rated notes are not affected by the current rating action: Ballantyne Re: -- US$500 million of Class A-2, Series A Floating Rate Notes, insured by Ambac Assurance UK Ltd. * Current Rating: Aaa, negative outlook -- US$500 million of Class A-2, Series B Floating Rate Notes, insured by Assured Guaranty (UK) Ltd. * Current Rating: Aaa, stable outlook -- US$400 million of Class A-3 Floating Rate Notes, insured by Ambac Assurance UK Ltd. * Current Rating: Aaa, negative outlook Orkney Re II: -- US$382.5 million of Class A-1 Floating Rate Notes, insured by Assured Guaranty (UK) Ltd. * Current Rating: Aaa, stable outlook The rating action concludes a review for downgrade on Orkney Re II's uninsured debt that was initiated on September 7, 2006. On Feb. 1, 2008, Moody's downgraded the uninsured notes of Ballantyne Re. Ballantyne Re plc and Orkney Re II plc are public limited companies established in Ireland as special purpose vehicles. Scottish Re is a Cayman Islands company with principal executive offices located in Bermuda. On Sept. 30, 2007, Scottish Re reported total assets of US$13.4 billion and shareholder's equity of US$869 million. FARRINGDON MORTGAGES 1: Fitch Says Outlook on 3 Tranches is Pos. ---------------------------------------------------------------- Fitch Ratings changed the Outlook on three tranches of Farringdon Mortgages No. 1 Plc to Positive from Stable. The ratings are affirmed, along with Farringdon Mortgages No. 2 Plc, Mansard Mortgages 2006-1 Plc and Mansard Mortgages 2007-1 Plc. All of these transactions are originated by Rooftop Mortgages Limited, a subsidiary of Bear Stearns Companies Inc (rated 'A+'/Negative Outlook /'F1+'). The rating actions are: Farringdon Mortgages No. 1 Plc: -- Class A2a (ISIN XS0211295778) affirmed at 'AAA'; Outlook Stable -- Class A2a detachable coupons (DACs) (ISIN XS0211296313) affirmed at 'AAA'; Outlook Stable -- Class M2a (ISIN XS0211300362) affirmed at 'A'; Outlook revised to Positive from Stable -- Class B1a (ISIN XS0211301766) affirmed at 'BBB'; Outlook revised to Positive from Stable -- Class B2a (ISIN XS0211303382) affirmed at 'BB-' (BB minus); Outlook revised to Positive from Stable -- MERCS (ISIN XS0211306641) affirmed at 'AAA'; Outlook Stable Farringdon Mortgages No. 2 Plc: -- Class A2a (ISIN XS0228709985) and A2a DAC (ISIN XS0228710561) affirmed at 'AAA'; Outlook Stable -- Class M2a (ISIN XS0228711882) affirmed at 'A'; Outlook Stable -- Class B1a (ISIN XS0228712260) affirmed at 'BBB'; Outlook Stable -- Class B2a (ISIN XS0228712930) affirmed at 'BB'; Outlook Stable -- MERCS (ISIN XS0228713235) affirmed at 'AAA'; Outlook Stable Mansard Mortgages 2006-1 Plc: -- Class A1a (ISIN XS0272296384) affirmed at 'AAA'; Outlook Stable -- Class A2a (ISIN XS0272297358) affirmed at 'AAA'; Outlook Stable -- Class M1a (ISIN XS0272298752) affirmed at 'AA'; Outlook Stable -- Class M2a (ISIN XS0272299131) affirmed at 'A'; Outlook Stable -- Class B1a (ISIN XS0272304311) affirmed at 'BBB'; Outlook Stable -- Class B2a (ISIN XS0272305045) affirmed at 'BB'; Outlook Stable Mansard Mortgages 2007-1 Plc: -- Class A1a (ISIN XS0293436910) affirmed at 'AAA'; Outlook Stable -- Class A2a (ISIN XS0293438965) affirmed at 'AAA'; Outlook Stable -- Class M1a (ISIN XS0293458054) affirmed at 'AA'; Outlook Stable -- Class M2a (ISIN XS0293460381) affirmed at 'A'; Outlook Stable -- Class B1a (ISIN XS0293442215) affirmed at 'BBB'; Outlook Stable -- Class B2a (ISIN XS0293446711) affirmed at 'BB'; Outlook Stable The reserve funds in FM1 and FM2 are still far from reaching their target levels. However, high prepayment speed is benefiting these deals. Prepayments have had a positive impact on de-leveraging the deal and building levels of credit enhancement, such that there is sufficient credit cover to noteholders. The affirmation of FM1 and Outlook change reflect its stable performance over several consecutive quarters. Since October 2006, loans in arrears by more than three months have stabilised and are currently at 20.37% of the current collateral balance, while weighted average loss severities have been decreasing. Sold repossessions and losses are increasing at a slower pace. The notes have started paying pro-rata for FM1 from 15 January 2008 interest payment dates all triggers for pro-rata payment are satisfied. In FM2, loans in arrears by more than three months have been increasing slowly each quarter for the last year and are currently at 17.97% of the current collateral balance. Realised losses per quarter have been stable in the last year. Loss severities have been decreasing from the highs seen in 2006. In MM06-1 and MM07-1 the prepayment rates, in contrast, have been low and, as a result, these transactions have not de- leveraged like FM1 and FM2 at similar seasoning. However the three-month delinquency for MM06-1 transaction is low at 5.57% in comparison with 19.91% for FM1 and 13.88% for FM2 transaction at similar seasoning. The three-month delinquency rate for MM07-1 transaction is also low at 3.65% in comparison with 12.19% for FM1 and 12.21% for FM2 transaction at similar seasoning. The difference in performance is due to MM06-1 and MM07-1 having more near-prime and buy-to-let collateral in comparison with FM1 and FM2 transactions. Rating Outlooks for European Structured Finance tranches provide forward-looking information to the market. An Outlook indicates the likely direction of any rating change over a one- to two- year period. FARRINGDON MORTGAGES 2: Fitch Holds BB Rating on Class B2a ---------------------------------------------------------- Fitch Ratings changed the Outlook on three tranches of Farringdon Mortgages No. 1 Plc to Positive from Stable. The ratings are affirmed, along with Farringdon Mortgages No. 2 Plc, Mansard Mortgages 2006-1 Plc and Mansard Mortgages 2007-1 Plc. All of these transactions are originated by Rooftop Mortgages Limited, a subsidiary of Bear Stearns Companies Inc (rated 'A+'/Negative Outlook /'F1+'). The rating actions are: Farringdon Mortgages No. 1 Plc: -- Class A2a (ISIN XS0211295778) affirmed at 'AAA'; Outlook Stable -- Class A2a detachable coupons (DACs) (ISIN XS0211296313) affirmed at 'AAA'; Outlook Stable -- Class M2a (ISIN XS0211300362) affirmed at 'A'; Outlook revised to Positive from Stable -- Class B1a (ISIN XS0211301766) affirmed at 'BBB'; Outlook revised to Positive from Stable -- Class B2a (ISIN XS0211303382) affirmed at 'BB-' (BB minus); Outlook revised to Positive from Stable -- MERCS (ISIN XS0211306641) affirmed at 'AAA'; Outlook Stable Farringdon Mortgages No. 2 Plc: -- Class A2a (ISIN XS0228709985) and A2a DAC (ISIN XS0228710561) affirmed at 'AAA'; Outlook Stable -- Class M2a (ISIN XS0228711882) affirmed at 'A'; Outlook Stable -- Class B1a (ISIN XS0228712260) affirmed at 'BBB'; Outlook Stable -- Class B2a (ISIN XS0228712930) affirmed at 'BB'; Outlook Stable -- MERCS (ISIN XS0228713235) affirmed at 'AAA'; Outlook Stable Mansard Mortgages 2006-1 Plc: -- Class A1a (ISIN XS0272296384) affirmed at 'AAA'; Outlook Stable -- Class A2a (ISIN XS0272297358) affirmed at 'AAA'; Outlook Stable -- Class M1a (ISIN XS0272298752) affirmed at 'AA'; Outlook Stable -- Class M2a (ISIN XS0272299131) affirmed at 'A'; Outlook Stable -- Class B1a (ISIN XS0272304311) affirmed at 'BBB'; Outlook Stable -- Class B2a (ISIN XS0272305045) affirmed at 'BB'; Outlook Stable Mansard Mortgages 2007-1 Plc: -- Class A1a (ISIN XS0293436910) affirmed at 'AAA'; Outlook Stable -- Class A2a (ISIN XS0293438965) affirmed at 'AAA'; Outlook Stable -- Class M1a (ISIN XS0293458054) affirmed at 'AA'; Outlook Stable -- Class M2a (ISIN XS0293460381) affirmed at 'A'; Outlook Stable -- Class B1a (ISIN XS0293442215) affirmed at 'BBB'; Outlook Stable -- Class B2a (ISIN XS0293446711) affirmed at 'BB'; Outlook Stable The reserve funds in FM1 and FM2 are still far from reaching their target levels. However, high prepayment speed is benefiting these deals. Prepayments have had a positive impact on de-leveraging the deal and building levels of credit enhancement, such that there is sufficient credit cover to noteholders. The affirmation of FM1 and Outlook change reflect its stable performance over several consecutive quarters. Since October 2006, loans in arrears by more than three months have stabilised and are currently at 20.37% of the current collateral balance, while weighted average loss severities have been decreasing. Sold repossessions and losses are increasing at a slower pace. The notes have started paying pro-rata for FM1 from 15 January 2008 interest payment dates all triggers for pro-rata payment are satisfied. In FM2, loans in arrears by more than three months have been increasing slowly each quarter for the last year and are currently at 17.97% of the current collateral balance. Realised losses per quarter have been stable in the last year. Loss severities have been decreasing from the highs seen in 2006. In MM06-1 and MM07-1 the prepayment rates, in contrast, have been low and, as a result, these transactions have not de- leveraged like FM1 and FM2 at similar seasoning. However the three-month delinquency for MM06-1 transaction is low at 5.57% in comparison with 19.91% for FM1 and 13.88% for FM2 transaction at similar seasoning. The three-month delinquency rate for MM07-1 transaction is also low at 3.65% in comparison with 12.19% for FM1 and 12.21% for FM2 transaction at similar seasoning. The difference in performance is due to MM06-1 and MM07-1 having more near-prime and buy-to-let collateral in comparison with FM1 and FM2 transactions. Rating Outlooks for European Structured Finance tranches provide forward-looking information to the market. An Outlook indicates the likely direction of any rating change over a one- to two- year period. ========= I T A L Y ========= PARMALAT SPA: Main Trial Over Collapse Commenced Last Friday ------------------------------------------------------------ A court in Parma, Italy, commenced last Friday, March 14, 2008, the main trial against people allegedly involved in the collapse of Parmalat S.p.A., the Associated Press reports. According to the report, 24 former executives of Parmalat, including founder Calisto Tanzi and CFO Fausto Tonna, are facing charges of fraudulent bankruptcy and criminal association that carry a maximum 15 years in prison. Mr. Tanzi and Mr. Tonna, however, failed to show up on the first day of the trial, although the founder declared he will "actively participate" once it gets going. The trial, reports disclose, could last up to three years. The court, the AP adds, also opened four related trials, bringing the total number of defendants to 56, among them are Italian bankers Cesare Geronzi and Matteo Arpe. The prosecutors, the AP relates, submitted a list of 247 witnesses, who according to defense lawyer Giampiero Biancolella will be asked "why they bought the Parmalat bonds, to understand if they were persuaded by Parmalat's accounts or if someone else convinced them to buy." The defense, which has argued in various trials that it was the financial institutions selling the bonds that were responsible for the fraud, on the other hand, listed 35,000 small bondholders, who have the joined the trial as civil complainants, the AP reveals. According to Mr. Biancolella, Mr. Tanzi apologized to the bondholders, who lost their investment in the crash, saying "the only thing he can do, as the one who was running Parmalat, is to create a situation in which situation in which all who are responsible must answer for their conduct," the paper discloses. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. On June 21, 2007, the U.S. Court Granted Parmalat Permanent Injunction. =================== K A Z A K H S T A N =================== ALTAISKY GEOLOG: Creditors Must File Claims by April 22 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared JSC Altaisky Geolog insolvent on Jan. 22, 2008. Creditors have until April 22, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Protozanov Str. 25 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (7232) 24-29-03 BUTYA OJSC: Claims Deadline Slated for April 18 ----------------------------------------------- OJSC Butya has declared insolvency. Creditors have until April 18, 2008, to submit written proofs of claims to: OJSC Butya Bogenbai batyr Str. 80 Almaty Kazakhstan Tel: 8 (3272) 66-49-39 ELECTROMONTAJNOYE UPRAVLENIYE-1: Claims Period Ends April 22 ------------------------------------------------------------ The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Firm Electromontajnoye Upravleniye-1 Electrosredazmontage insolvent Jan. 30, 2008. Creditors have until April 22, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Satpaev Str. 136-208 Pavlodar Kazakhstan Tel: 8 (7182) 32-15-92 SAT CARGO: Creditors' Claims Due on April 22 -------------------------------------------- JSC Sat Cargo International has declared insolvency. Creditors have until April 22, 2008, to submit written proofs of claims to: JSC Sat Cargo International Satpaev Str. 36 Atyrau Kazakhstan SWISS KAZAKH: Claims Registration Ends April 25 ----------------------------------------------- LLP Swiss Kazakh Phoenix Holding has declared insolvency. Creditors have until April 25, 2008, to submit written proofs of claims to: LLP Swiss Kazakh Phoenix Holding Tole bi Str. 63 Almaty Kazakhstan Tel: 8 (3272) 311-03-74 FAX: 8 (3272) 311-03-72 TONIK-99 LLP: Creditors Must File Claims by April 25 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Tonik-99 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 TUYAK LLP: Claims Deadline Slated for April 25 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Tuyak 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 =================== K Y R G Y Z S T A N =================== AFINA-COM LTD: Claims Filing Period Ends April 18 ------------------------------------------------- LLC Afina-Com Ltd. has declared insolvency. Creditors have until April 18, 2008 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 64-49-76, 64-64-27, (0-775) 98-62-55. CENTRAL ASIA: Creditors Must File Claims by April 8 --------------------------------------------------- LLC Central Asia Minerals Holding in Kyrgyzstan has declared insolvency. Creditors have until April 8, 2008 to submit written proofs of claim to: LLC Central Asia Minerals Holding in Kyrgyzstan Bakaev Str. 124 Bishkek Kyrgyzstan =================== L U X E M B O U R G =================== DELPHI LUXEMBOURG: Moody's Ups Rating on US$200MM Loan to (P)Ba2 ---------------------------------------------------------------- Moody's Investors Service affirmed Delphi Corporation's Corporate Family Rating of (P)B2 but revised the rating on the company's US$3.7 billon of first lien term loans. Moody's also affirmed Delphi's (P)B3 rating on the company's proposed US$825 million of second lien term loans and its Speculative Grade Liquidity rating of SGL-2. The actions follow revisions to Delphi's financing arranged for its planned emergence from Chapter 11 bankruptcy protection. While the total amount of the first lien term loan is unchanged at US$3.7 billion, it will now be separated into a senior tranche ("B-1") for US$1.7 billion, and a junior tranche ("B-2") for US$2.0 billion which an affiliate of General Motors Corporation will hold as consideration as part of GM's emergence claims. Moody's upgraded the rating on US$1.7 billion of the more senior B-1 tranche to (P)Ba2 from (P)Ba3 (the rating applies to both the domestic portion of US$1.5 billion (previously US$2.95 billion), and the Euro equivalent of US$0.2 billion to its European subsidiary borrower (previously the Euro equivalent of US$0.75 billion)). Moody's assigned a rating of (P)B2 to the B-2 tranche. The outlook is stable. Moody's assigned prospective ratings to Delphi's emergence financing on January 14, 2008. Those facilities were launched on a "best efforts" basis. In response to challenging credit markets, certain provisions to the earlier structure have been revised. GM will now receive a lower amount of cash at the time of Delphi's emergence and will accept Delphi notes. An affiliate of GM has agreed to accept US$2.0 billion of notes under the B-2 tranche whose principal will be junior in a bankruptcy waterfall to claims of the B-1 tranche. The amount of cash GM will receive will depend upon amounts raised from market sources of the second lien term loan issuance but will be at least US$175 million. The first US$75 million obtained from market sources from the second lien term loan would be retained by Delphi. GM would be paid any amounts received above US$75 million. To the extent that market sources subscribe to less than US$825 million, GM would accept the remainder of the notes as reimbursement. Pricing and certain other provisions have also been altered from the earlier structure. While lending margins have been increased from previous levels, LIBOR rates to which those margins would be added have materially declined in response to actions taken by the Federal Reserve Bank. As a result, Delphi anticipates that its prospective interest expense post emergence will be slightly less than earlier expectations, but it has agreed to a floor on LIBOR and would be exposed to any increases in LIBOR above the floor to the extent it has not hedged that exposure. Delphi's operating performance in the final quarter of 2007 exceeded levels in its approved Plan of Reorganization, and, on a pro forma basis, it would expect to emerge with slightly more consolidated cash balances than previously contemplated. While such trends are encouraging, prospects for North American automotive production in 2008 have dimmed as macro-economic factors have increased uncertainty on consumer expenditures on durable goods such as automobiles. Should North American production volumes decline as a result, operating profitability would likely diminish and could offset any assumption of incremental performance based on recent experience. In Moody's view, there has been no material change in Delphi's prospective aggregate indebtedness, interest expense or cash flows from previous expectations. As a result, Moody's affirmed the (P)B2 Corporate Family Rating since many key metrics remain consistent with the B2 rating category. The (P)B2 CFR reflects the magnitude of the company's indebtedness upon emergence, weak but improving coverage over the intermediate term as the anticipated benefits of restructuring initiatives take hold, and the absence of free cash flow in its initial year after emergence. The rating recognizes substantial improvements in the company's cost structure and operational efficiencies achieved during its period of bankruptcy re-organization and ongoing benefits from its global scale and manufacturing footprint. However, the rating also considers the extent of the company's exposure to General Motors Corporation's North American operations. While GMNA exposure has significantly declined, it will continue as the largest individual component in the customer base, leaving Delphi vulnerable to any further reduction in GM's production volumes or market share in this critical region. Delphi's strengths include its geographic diversification, and large book of long term contracts to supply components for various vehicle platforms. The company will have significantly reduced its legacy liabilities through the bankruptcy process, shed unprofitable operations, and identified other initiatives that should improve its operating cost structure and better position it to compete in the auto parts supply business. However, the full benefit of these initiatives will only be achieved over time, and during the near term the company's financial metrics will remain consistent with ratings at the low end of the B range. In particular, it is noted that Delphi will require incremental restructuring disbursements of roughly US$800 million over the next few years, which will likely preclude free cash flow generation during 2008. It is also noted that Delphi will be emerging from bankruptcy at a time when economic trends suggest potential for further weakness in automotive sales. While the benefits of restructuring initiatives should yield improvement in financial metrics over time, economic pressures could temper the rate of improvement. Consequently, Moody's continues to view the company's rating profile as more consistent with the B2 rating category at this time. The stable outlook is supported by Delphi's liquidity profile, expectations that the pace of operational improvements will gain traction over the intermediate term, and the company's participation in multiple geographic regions with different growth prospects. These factors along with an expected transition to positive free cash flow in 2009 have the potential to produce stronger coverage ratios and lower leverage going forward. Nonetheless, should a weaker environment for automotive sales develop in 2008, pressure on Delphi's liquidity and outlook could ensue. Ratings affirmed with updated LGD assessment: Delphi Corporation -- Corporate Family Rating, (P)B2 -- Probability of Default Rating, (P)B2 -- US$825 million second lien term loan, (P)B3 (LGD-4, 65%) -- Speculative Grade Liquidity rating, SGL-2 Ratings revised on reduced amounts issued: Delphi Corporation -- US$1,500 million first lien secured term loan, tranche B-1, (P)Ba2 (LGD 2, 17%) from (P)Ba3, (LGD-2-62%) Delphi Holdings Luxembourg S.ar.l. -- Euro equivalent of US$200 million first lien term loan, tranche B-1, guaranteed by Delphi Corporation, (P)Ba2 (LGD-2, 17%) from (P)Ba3 (LGD-2, 26%) Ratings assigned Delphi Corporation -- US$2,000 million first lien secured term loan, tranche B-2, (P)B2 (LGD-3, 47%) The higher rating on the B-1 tranche of the first lien term loan reflects the application of a probability of default rating of (P)B2 and a loss given default assessment of LGD-2, 17%. The rating benefits from the priority of its secured claims and a substantial increase in the amount of junior debt from the introduction of the B-2 tranche. The assigned rating of (P)B2 to the B-2 tranche results from the application of the same PDR and an LGD of LGD-3, 47%. Its rating, level with the underlying CFR, flows from its secured position in the waterfall behind the B-1 tranche but ahead of the second lien obligation. The rating on the second lien term loan is unchanged as the total amount of more senior claims has not changed. Its LGD assessment has changed slightly as a result of up-dated amounts of unsecured non-debt claims. The above ratings were assigned on a prospective basis and assumed a full subscription to Delphi's proposed financing (the arrangers continue to be retained on a best efforts basis) as well as recieving bankruptcy court affirmation of an effective date of emergence. Upon confirmation that those events have occurred, the (P) modifier will be removed. Should any of those assumptions prove to be incorrect, the ratings may be subject to change or could be withdrawn. Delphi Corporation, headquartered in Troy, MI, is a global tier- 1 automotive supplier with products and services addressing electrical/electronic architecture, electronics & safety, powertrain systems, thermal systems, and aftermarket product and service solutions. The company expects to have revenues from continuing operations of roughly US$20 billion and employs approximately 171,000 people at 163 manufacturing sites around the world. EVRAZ GROUP: Acquires IPSCO from Svenskt Stal AB for US$2.3 Bln --------------------------------------------------------------- Evraz Group S.A. disclosed the acquisition of IPSCO’s Canadian plate and pipe business for a net cost of US$2.3 billion. The final value will be subject to certain closing adjustments. With plants in Regina, Calgary and Red Deer, IPSCO Canada is a leading North American producer of steel plate, as well as pipe for the oil and gas industry. This purchase is yet another step in the implementation of Evraz’s strategy to build a strong platform in the North American downstream markets of steel plate and tubular products. "Following the successful acquisition of Oregon Steel Mills, this transaction will further enhance Evraz’s existing North American presence in high value-added steel segments," Alexander Frolov, Evraz’s Chairman and CEO, said. This deal will increase our exposure to the attractive energy and infrastructure sectors throughout the region. We expect substantial synergies from the combination of IPSCO Canada and Evraz’s existing North American operations. We are delighted to acquire a company with the long history and outstanding track-record of IPSCO Canada and look forward to welcoming IPSCO Canada’s employees to the Evraz family of companies." Under the structure of the agreed transaction, Evraz will acquire the IPSCO Tubulars business from SSAB for US$4.025 billion. Evraz has also entered into definitive back-to-back agreements with OAO TMK and its affiliates, Russia’s leading tubular player, to sell certain of the acquired US businesses for US$1.2 billion. In addition, Evraz expects to sell the remaining acquired US businesses of IPSCO Tubulars to TMK for approximately US$0.5 billion in 2009. All of these transactions are subject to certain closing adjustments and conditions. As a result of these transactions, the net cost of the acquisition for Evraz is expected to be approximately US$2.3 billion. The transaction will be financed by a combination of a bridge loan raised at the Evraz level, as well as a non-recourse term loan arranged at the acquired company level. Credit Suisse Securities (Europe) Limited and Goldman Sachs International are acting as joint financial advisors to Evraz. Cleary Gottlieb Steen & Hamilton LLP and Blake, Cassels & Graydon LLP are acting as legal counsel to Evraz. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As reported in the TCR-Europe on Feb. 26, 2008, Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit and senior unsecured debt ratings on Evraz Group S.A. and its core subsidiary Mastercroft Ltd. The outlook is positive. In addition, Standard & Poor's assigned its 'BB-' long-term debt rating to a US$3.2 billion structured credit facility. Evraz is the borrower, guaranteed by Mastercroft. As reported in the TCR-Europe on Feb. 26, 2008, Fitch Ratings affirmed Evraz Group SA's Long-term Issuer Default and senior unsecured ratings at 'BB' and Short-term IDR at 'B'. At the same time, Fitch has affirmed the ratings of Mastercroft Limited (Evraz's core subsidiary with most of its assets concentrated in Russia) at Long-term IDR 'BB' and Short-term IDR 'B'. Evraz Securities SA's (ES) senior unsecured rating is affirmed at 'BB'. The Outlooks for Evraz's and Mastercroft Limited's Long-term IDRs are Stable. As of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family and Probability-of-Default ratings and B2 Senior Unsecured Debt rating from Moody's Investor Service. Moody's said the Outlook is Positive. =========== R U S S I A =========== ALEKSEEVSKOE REPAIR: Creditors Must File Claim by April 22 ---------------------------------------------------------- Creditors of OJSC Alekseevskoe Repair Technical Enterprise have until April 22, 2008, to submit proofs of claim to: S. Dzhembulatov Insolvency Manager Proletarskaya Str. 216 460035 Orenburg Russia The Arbitration Court of Orenburg commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A47-4954/07-14 GK. The Court is located at: The Arbitration Court of Orenburg 9th January Str. 64 460046 Orenburg Russia The Debtor can be reached at: OJSC Alekseevskoe Repair Technical Enterprise Asekeevo Asekeevskiy Orenburg Russia AVEST OJSC: Creditors Must File Claim by April 22 ------------------------------------------------- Creditors of OJSC Production-Trading Company Avest have until April 22, 2008, to submit proofs of claim to: V. Ignatov Insolvency Manager Vokzalnaya Str. 19-6 Priamurskiy Smidovichskiy 679180 EAO Russia The Arbitration Court of Khabarovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A73-7274/2007-38. The Debtor can be reached at: OJSC Production-Trading Company Avest Krasnorechenskaya Str. 111 Khabarovsk Russia BALAKHNINSKIY FACTORY: Bankruptcy Hearing Slated for July 8 ----------------------------------------------------------- The Arbitration Court of Nizhniy Novgorod will convene on July 8, 2008, to hear the bankruptcy supervision procedure on OJSC Balakhninskiy Factory of Metal Constructions and Metal Rigging. The case is docketed under Case No. A43-30173/ 2007-36-279. The Temporary Insolvency Manager is: I. Grigoryeva Post User Box 166 603000 Nizhniy Novgorod Russia The Court is located at: The Arbitration Court of Nizhniy Novgorod Kremlin 9 603082 Nizhniy Novgorod Russia The Debtor can be reached at: OJSC Balakhninskiy Factory of Metal Constructions and Metal Rigging Administrativnaya Str. 16 Gidrotorf Balakhninskiy Nizhniy Novgorod Russia BAYKINSKOE OJSC: Creditors Must File Claims by March 22 ------------------------------------------------------- Creditors of OJSC Baykinskoe have until March 22, 2008, to submit proofs of claim to: F. Fajrushin Temporary Insolvency Manager M. Zhukova Str. 9-12 Ufa 450099 Bashkortostan Russia The Arbitration Court of Bashkortostan will convene on April 16, 2008, to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A07-11180/07-G-ShAB. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: OJSC Baykinskoe Bayki Karaidelskiy 452381 Bashkortostan Russia CHEBOKSARSKIY MEAT: Creditors Must File Claim by April 22 --------------------------------------------------------- Creditors of LLC Cheboksarskiy Meat Combine (TIN 2110051668) have until April 22, 2008, to submit proofs of claim to: S. Berezov Insolvency Manager Office 37 Krymova Str. 12 432071 Ulyanovsk Russia The Arbitration Court of Chuvashiya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A79-6311/2007. The Debtor can be reached at: LLC Cheboksarskiy Meat Combine Kanashskoe Shosse 27 Cheboksary 428003 Chuvashiya Russia COMSTAR-UNITED: Inks Infrastructure Deal in Klyazminskoye --------------------------------------------------------- Comstar – United TeleSystems has signed an agreement with Klyazminskoye Vodokhranilische Tourist Complex to build telecom infrastructure at the territory of this large recreation area. The area of about 100 ha will host 50 low-rise hotel premises (cottages) for temporary and permanent residence, business center, coffee houses and restaurants, sporting and other facilities. The complex is to be completed in the year 2009. Presently, COMSTAR-UTS are finishing design stage for a local distribution multi-service fiber-optic network and will start network roll-out early in the second quarter of 2008. In the nearest future, the operator will implement a 50-channel switchboard, scalable if necessary. Before the end of the second quarter 2008 one more switchboard is planned to be implemented at the territory of the facility residence area. Provision of services is planned to be started in the second quarter 2008. The network being rolled out will provide the tourist facility residents and guests with a full range of digital telecom services, including voice telephony, broadband Internet, cable and IP TV, with a number of value-added services such as virtual private networks (VPN), dedicated digital data transmission channels (point-to-point), video conferencing, etc. Besides, COMSTAR-UTS infrastructure shall ensure operation of the facility auxiliary systems: security and fire alarms, video monitoring, etc. About Comstar-UTS Headquartered in Moscow, Russia, Comstar-UTS JSC -- http://www.comstar-uts.com/en/-- is the largest provider of fixed line telecommunication services in the Moscow metropolitan area with a population of over 10 million, 5 regions of Russia, Ukraine and Armenia. As at Dec. 31, 2006, Comstar had US$1.12 billion in revenues and US$428.6 million in EBITDA (excluding US$62 million stock bonus awards). * * * As of Dec. 10, 2007, Comstar-United TeleSystems carries Moody's long-term corporate family rating of Ba3 with positive outlook. Standard & Poor's gave the company BB- on long-term foreign issuer credit rating and BB- on long-term local issuer credit rating. The outlook is positive. COMSTAR–UNITED: Completes NGN Networks in Saratov, Russia --------------------------------------------------------- Comstar – United TeleSystems JSC has completed both multiservice NGN-based network transport segment in Engels, Saratov Region, and Saratov-Engels regional NGN backbone. Konversiya Svyaz CJSC, a daughter company of Comstar-UTS JSC in Saratov, has completed construction and commissioned transport multiservice IP- MPLS-based NGN network in Engels. An overall length of the network with its own fiber-optic lines makes 4 km; its data rate is 1 Gbps with scalability up to 10 Gbps Metro network of Engels is connected by a fiber-optic line with Saratov transport NGN comprising 22 access nodes covering the whole city area. Saratov-Engels backbone length is 11 km with a bandwidth of 1 Gbps scalable up to 10 Gbps. Fiber-optic cable between Saratov and Engels goes along the bridge across Volga River to connect two cities. Based on the constructed network in Engels, COMSTAR-UTS have already started to provide data transmission services. "COMSTAR-UTS group regional strategy envisages increase of its market segment in the group presence areas, first of all, by means of creating its own infrastructure," Victor Koresh Regional Development Vice President of COMSTAR-United TeleSystems says, . NGN launch in Engels to expand COMSTAR-UTS presence, means strengthening the company market position in Saratov Region and transition of Konversiya Svyaz CJSC and TK Overta CJSC from local to regional-level operator”. Oleg Korolkov General Director of Konversiya Svyaz CJSC adds, “Our network employs new technologies and has huge potential both for traffic increase and for full range of telecom services in demand. We are going to further increase the capacity of our core transport network in Saratov Region, given a growing demand for integrated communication services, including broadband Internet”. Presently, in Saratov, Konversiya Svyaz CJSC and Telecommunication Company Overta CJSC, COMSTAR-UTS affiliates, provide individuals and corporative clients with digital telephony service, ADSL2+ and radio access broadband Internet, data transmission and system integration services. Active works are under way to connect residential and commercial estate to the local telecom network. On the basis of Konversiya Svyaz CJSC and TK Overta CJSC acquired by COMSTAR-UTS in December 2005 Saratov branch is to be created. About Comstar-UTS Headquartered in Moscow, Russia, Comstar-UTS JSC -- http://www.comstar-uts.com/en/-- is the largest provider of fixed line telecommunication services in the Moscow metropolitan area with a population of over 10 million, 5 regions of Russia, Ukraine and Armenia. As at Dec. 31, 2006, Comstar had US$1.12 billion in revenues and US$428.6 million in EBITDA (excluding US$62 million stock bonus awards). * * * As of Dec. 10, 2007, Comstar-United TeleSystems carries Moody's long-term corporate family rating of Ba3 with positive outlook. Standard & Poor's gave the company BB- on long-term foreign issuer credit rating and BB- on long-term local issuer credit rating. The outlook is positive. EVRAZ GROUP: Acquires IPSCO from Svenskt Stal AB for US$2.3 Bln --------------------------------------------------------------- Evraz Group S.A. disclosed the acquisition of IPSCO’s Canadian plate and pipe business for a net cost of US$2.3 billion. The final value will be subject to certain closing adjustments. With plants in Regina, Calgary and Red Deer, IPSCO Canada is a leading North American producer of steel plate, as well as pipe for the oil and gas industry. This purchase is yet another step in the implementation of Evraz’s strategy to build a strong platform in the North American downstream markets of steel plate and tubular products. "Following the successful acquisition of Oregon Steel Mills, this transaction will further enhance Evraz’s existing North American presence in high value-added steel segments," Alexander Frolov, Evraz’s Chairman and CEO, said. This deal will increase our exposure to the attractive energy and infrastructure sectors throughout the region. We expect substantial synergies from the combination of IPSCO Canada and Evraz’s existing North American operations. We are delighted to acquire a company with the long history and outstanding track-record of IPSCO Canada and look forward to welcoming IPSCO Canada’s employees to the Evraz family of companies." Under the structure of the agreed transaction, Evraz will acquire the IPSCO Tubulars business from SSAB for US$4.025 billion. Evraz has also entered into definitive back-to-back agreements with OAO TMK and its affiliates, Russia’s leading tubular player, to sell certain of the acquired US businesses for US$1.2 billion. In addition, Evraz expects to sell the remaining acquired US businesses of IPSCO Tubulars to TMK for approximately US$0.5 billion in 2009. All of these transactions are subject to certain closing adjustments and conditions. As a result of these transactions, the net cost of the acquisition for Evraz is expected to be approximately US$2.3 billion. The transaction will be financed by a combination of a bridge loan raised at the Evraz level, as well as a non-recourse term loan arranged at the acquired company level. Credit Suisse Securities (Europe) Limited and Goldman Sachs International are acting as joint financial advisors to Evraz. Cleary Gottlieb Steen & Hamilton LLP and Blake, Cassels & Graydon LLP are acting as legal counsel to Evraz. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As reported in the TCR-Europe on Feb. 26, 2008, Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit and senior unsecured debt ratings on Evraz Group S.A. and its core subsidiary Mastercroft Ltd. The outlook is positive. In addition, Standard & Poor's assigned its 'BB-' long-term debt rating to a US$3.2 billion structured credit facility. Evraz is the borrower, guaranteed by Mastercroft. As reported in the TCR-Europe on Feb. 26, 2008, Fitch Ratings affirmed Evraz Group SA's Long-term Issuer Default and senior unsecured ratings at 'BB' and Short-term IDR at 'B'. At the same time, Fitch has affirmed the ratings of Mastercroft Limited (Evraz's core subsidiary with most of its assets concentrated in Russia) at Long-term IDR 'BB' and Short-term IDR 'B'. Evraz Securities SA's (ES) senior unsecured rating is affirmed at 'BB'. The Outlooks for Evraz's and Mastercroft Limited's Long-term IDRs are Stable. As of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family and Probability-of-Default ratings and B2 Senior Unsecured Debt rating from Moody's Investor Service. Moody's said the Outlook is Positive. FAETON CJSC: Creditors Must File Claim by April 22 -------------------------------------------------- Creditors of CJSC Faeton (TIN 1105009500) have until April 22, 2008, to submit proofs of claim to: O. Zuev Insolvency Manager Pechorskiy Pr. 83-44 Pechora 169600 Komi Russia The Arbitration Court of Komi commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A29-169/2008. The Court can be reached at: The Arbitration Court of Komi Room 407 Ordzhonikidze Str. 49a Syktyvkar Russia The Debtor can be reached at: CJSC Faeton Ostrovskogo Str. 52 169600 Komi Russia KAMENOBRODSKOE OJSC: Creditors Must File Claims by March 22 ----------------------------------------------------------- Creditors of OJSC Agricultural Enterprise Kamenobrodskoe have until March 22, 2008, to submit proofs of claim to: M. Kovaleva Temporary Insolvency Manager Office 317 Serafimovicha Str. 58 344002 Rostov-na-Donu Russia The Arbitration Court of Rostov commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A53-1372/08-S1-30. The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: OJSC Agricultural Enterprise Kamenobrodskoe Shkolnaya Str. 2 Vozrozhdeninyj Aksayskiy Rostov Russia RIF-INVEST-MICHURINA: Creditors Must File Claim by April 22 ----------------------------------------------------------- Creditors of OJSC Rif-Invest-Michurina (TIN 3121060225) have until April 22, 2008, to submit proofs of claim to: Y. Ganzikov Insolvency Manager Post User Box 22 308022 Belgorod Russia The Arbitration Court of Belgorod commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A08-4775/07-14. The Court is located at: The Arbitration Court of Belgorod Narodnyj Avenue 135 308600 Belgorod Russia The Debtor can be reached at: OJSC Rif-Invest-Michurina Krivtsovo Yakovlevskiy Belgorod Russia ROSNEFT OIL: Board Sets Annual General Meeting for June 5 --------------------------------------------------------- The Board of Directors of OAO Rosneft Oil Co. met on March 5, 2008, to review: * preparations for the Company’s Annual General Shareholders’ meeting, * results of the Board’s Committees for Audit, Strategic Planning, and Personnel and Remuneration during 2007; and * shareholder proposals concerning candidates for election to the Company’s Board of Directors and the Internal Audit Committee, as well as to approve proposed related-party transactions. The Board resolved to call the AGM of Rosneft in Moscow at the Expocenter on Krasnaya Presnya, on June 5, 2008, at 11:00 a.m. The list of shareholders entitled to participate in the AGM will be prepared on the basis of the shareholder register as of April 16, 2008. The Board of Directors also approved OJSC Rosneftegaz’ proposal to include these questions in the agenda for the AGM: * approval of the Company’s annual report for 2007; * approval of annual accounting reports, including the profit and loss account (accounts); * approval of profit allocations, based on the 2007 results; * discussing the amount, timeframe and method of paying dividends, based on the 2007 results; * discussing remunerations and compensations of expenses of the members of the Board of Directors; * election of the members of the Board of Directors; * election of the members of the Internal Audit Committee; * approval of the Company’s independent auditor; * proposed changes and amendments to the Company’s Charter. The list of candidates for elections to the Board of Directors of OJSC Rosneft at the Annual General Shareholders’ meeting included 12 people. From OJSC Rosneftegaz and the Federal Property Management Agency, owners of more than 75% of voting shares, these joint candidates were nominated: * Denis Arkadievich Askinadze — Director of Department of State Regulation of Tariffs, Infrastructural Reforms and Economics of Natural Resources, the Ministry of Economic Development and Trade of the Russian Federation; * Andrey Removich Belousov — Deputy Minister of Economic Development and Trade of the Russian Federation; * Sergey Mikhailovich Bogdanchikov — President of OJSC Rosneft; * Sergey Evgenievich Naryshkin — Deputy Prime Minister of the Government of the Russian Federation, Head of the Administration of the Government of the Russian Federation; * Gleb Sergeevich Nikitin — Deputy Head of the Federal Agency for Federal Property Management; * Yury Alexandrovich Petrov — Chairman of the Russian Federal Property Fund; * Andrey Georgievich Reus — General Director of OJSC OPK Oboronprom; * Vladimir Yurievich Salamatov — Director of State Industrial Policy Department, the Ministry of Industry and Energy of the Russian Federation; * Igor Ivanovich Sechin — Deputy Head of the Administration of the President of the Russian Federation, Aide to the President of the Russian Federation. From LLC RN-Razvitie, owner of 9.44% of voting shares of Rosneft, these candidates were nominated: * Andrey Leonidovich Kostin — President, Chairman of the Management Board of JSC VTB Bank; * Alexander Dmitrievich Nekipelov — Vice-President of the Russian Academy of Sciences; * Hans-Joerg Rudloff — Chairman of Barclays Capital. The list of candidates for the Internal Audit Committee included five people: * Sergey Igorevich Zhuravlev — Head of Property Department, Fuel and Energy Sector, the Federal Agency for Federal Property Management; * Andrei Nikolaevich Kobzev — Deputy Head of Legal Support and Property Relations in the Fuel and Energy Sector, the Federal Agency for Energy; * Dmitry Sergeevich Logunov — Advisor, Property Department, Fuel and Energy Sector, the Federal Agency for Federal Property Management; * Viktoria Vladimirovna Oseledko — Deputy Director of State Industrial Policy Department, the Ministry of Industry and Energy of the Russian Federation; * Andrey Sergeevich Fomin — Deputy Head of Corporate Policies Division, Department of State Policy of the Ministry of Industry and Energy of the Russian Federation. 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. MIRAX GROUP LLC: Fitch Places Ratings Under Negative Watch ---------------------------------------------------------- Fitch Ratings placed Russian construction company LLC Mirax Group's Long-term Issuer Default rating of 'B', Short-term IDR of 'B', Long-term local currency IDR of 'B' and National Long- term rating of 'BBB-(BBB minus)(rus)' on Rating Watch Negative following changes to the group's structure. The RWN does not relate to Mirax Group Holding B.V. (a new parent company which Fitch does not currently rate) or other group companies which are not part of LLC Mirax Group. The agency notes that the historic financial performance of LLC Mirax Group has been good. In FY06, the consolidated LLC Mirax Group (which then contained all material subsidiaries) generated RUR14,101m (approximately US$590m) of revenue, up by more than 100% year-on-year, with strong EBITDAR margins of 43% and leverage (net debt-to-EBITDAR) of 1.0x. Based on unaudited management guidance, FY07 results for the new group (defined as the group in which Mirax Group Holding B.V. is parent) are expected to show continued sales growth, and largely unchanged EBITDA margins and leverage levels. Nevertheless, the ratings action follows new information received by Fitch regarding a change in LLC Mirax Group structure. Based on information provided by LLC Mirax Group's management, LLC Mirax Group, which was the main holding company, has now become an operating subsidiary, with a new offshore holding company (Mirax Group Holding B.V.) created higher up in the group structure. As a result of this structural change, there appears to have been a material reduction in the assets now held by LLC Mirax Group than when held under the old structure, with some large projects, such as the Federation Tower and Mirax Plaza, now falling outside of LLC Mirax Group's ownership. This may have a significant negative impact on the level of cash flow that LLC Mirax Group can access, and therefore may have materially increased the credit risk at the LLC Mirax Group level. However, the full financial impact of the recent group restructuring on LLC Mirax Group has yet to be established. Fitch still needs to gain a thorough understanding of the new group structure from LLC Mirax Group's management before it can analyse the full impact of the structural change. Fitch will therefore seek to resolve the RWN status once this analysis is complete. A downgrade in the ratings may occur if this analysis concludes that the creditworthiness of LLC Mirax Group has indeed materially deteriorated as a result of the restructuring. Similarly, the ratings could be affirmed at current levels if evidence emerges that the restructuring has had no material impact on LLC Mirax Group's credit profile. LLC Mirax Group currently has public debt in the form of two rouble bond issues, with approximately US$160m equivalent currently outstanding. This represents approximately 20% of the total gross debt held within the new group. The ratings of LLC Mirax Group continue to be limited by the operational risks inherent within its construction activities as well as by corporate governance concerns, both in terms of below-average disclosure levels and the lack of independent oversight (such as independent directors) in the decision making process. NORD-WOOD LLC: Creditors Must File Claims by March 22 ----------------------------------------------------- Creditors of LLC Nord-Wood have until March 22, 2008, to submit proofs of claim to: A. Stankevich Temporary Insolvency Manager Apt. 5 Kommunisticheskaya Str. 44/2 Syktyvkar 167001 Komi Russia The Arbitration Court of Komi will convene on March 18, 2008, to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A29-6629/2007. The Court can be reached at: The Arbitration Court of Komi Room 407 Ordzhonikidze Str. 49a Syktyvkar Russia The Debtor can be reached at: LLC Nord-Wood Syktyvkar Komi Russia SISTEMA JSFC: Issues RUR6 Billion Bond to Refinance Debt -------------------------------------------------------- Sistema JFSC has successfully placed its RUR6 billion corporate Bond issue. The annual interest rate for the first and second coupon payments has been set at 9.45%. The Bonds mature in five years time and coupon payments will be made on a semi-annual basis. The issue was fully placed and over-subscribed, with application levels of over RUR9 billion. The prospectus for the Bond issue was registered by Russia's Federal Financial Markets Service on Feb. 21, 2008. VTB Bank and Joint Stock Commercial Bank acted as the Co-Lead Managers of the issue. Bank Petrocommerce, URALSIB Financial Corporation, Promsvyazbank and Sberbank acted as the Underwriters of the issue. The Bonds were placed on the Moscow Interbank Currency Exchange. "We are pleased to announce the placement of our bond issue, especially in the challenging prevailing credit market environment," Alexey Buyanov, Sistema Senior Vice President and Head of the Finance and Investment Group. The proceeds of the issue will be used to refinance our existing debt facilities and fund our investment program. "This demonstrates the continued support in the capital markets for our development strategy, as well as the financial solidity of the Group. We would like to highlight the work of the Co- Lead Managers and the high levels of their professionalism exhibited throughout the process." 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. SISTEMA JSFC: Inks Partnership Agreement with Belarus Government ---------------------------------------------------------------- Sistema JSFC has signed a partnership agreement with the Government of the Republic of Belarus. The agreement was signed by Vladimir Semashko, First Deputy Prime Minister of the Republic of Belorus, and Alexander Goncharuk, President of Sistema. The main goal of the agreement is to attract investments to the Republic of Belarus through the implementation of economically viable and socially significant investment projects in a number of industries. Within the framework of this agreement both parties expect to sign individual agreements between governmental bodies of Belarus and Sistema and its subsidiaries. A Steering Committee has been set up to execute joint projects, and consists of 12 representatives of the Government of the Republic of Belarus and ten representatives of Sistema and its subsidiaries. "We have strong interest in the expansion of the unified economic area of the Russian Federation and Belarus, and a closer integration between Russian and Belarusian companies," Alexander Goncharuk, Sistema President and Chief Executive Officer, said. "We believe that Sistema's experience as a diversified corporation will give us an opportunity to establish efficient partnerships in different industries of the Republic such as real estate, telecommunications, healthcare, retail, banking and high-tech industries." 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. START LLC: Creditors Must File Claims by March 22 ------------------------------------------------- Creditors of LLC Start (TIN 4633018980) have until March 22, 2008, to submit proofs of claim to: Y. Zvyagintseva Temporary Insolvency Manager Room 406 Dzerzhinskogo Str. 68 305001 Kursk Russia The Arbitration Court of Kursk will convene at 10:20 a.m. on May 28, 2008, to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A35-7436/07g. The Court is located at: The Arbitration Court of Kursk K. Marksa Str. 25 305004 Kursk Russia The Debtor can be reached at: LLC Start Shkolnaya Str. 22 Razvetye Zheleznogorskiy Kursk Russia TAMBOV-SEWER: Creditors Must File Claim by April 22 --------------------------------------------------- Creditors of CJSC Company Tambov-Sewer have until April 22, 2008, to submit proofs of claim to: Y. Barbolin Insolvency Manager Apt. 536 Bazarnaya Str. 115/59 Tambov Russia The Arbitration Court of Tambov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A64-5346/07-10. The Debtor can be reached at: CJSC Company Tambov-Sewer Mendeleeva Str. 1-A Tambov Russia TRANS-STROY LLC: Tyumen Bankruptcy Hearing Slated for May 15 ------------------------------------------------------------ The Arbitration Court of Tyumen will convene at 9:15 a.m. on May 15, 2008, to hear the bankruptcy supervision procedure on LLC Trans-Stroy. The case is docketed under Case No. A70-7574/3- 2007. The Temporary Insolvency Manager is: A. Kazantsev Office 302 Building 5 Kamchatskaya 194 625034 Tyumen Russia The Court is located at: The Arbitration Court of Tyumen Khokhryakova Str. 77 627000 Tyumen Russia The Debtor can be reached at: LLC Trans-Stroy Veteranov Truda 34B 397478 Tyumen Russia VELIKOMIKHAYLOVSKOE OJSC: Creditors Must File Claim by April 22 --------------------------------------------------------------- Creditors of OJSC Velikomikhaylovskoe (TIN 3114001123) have until April 22, 2008, to submit proofs of claim to: O. Berezin Insolvency Manager Post User Box 118 308000 Belgorod Russia The Arbitration Court of Belgorod commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A08-3088/07-14. The Court is located at: The Arbitration Court of Belgorod Narodnyj Avenue 135 308600 Belgorod Russia The Debtor can be reached at: OJSC Velikomikhaylovskoe Kakhovka Str. 65 Velikomukhaylovka Novooskolskiy 309620 Belgorod Russia VERKHOVSKIY DISTILLERY: Asset Sale Slated for March 25 ------------------------------------------------------ I. Talanov, the insolvency manager and bidding organizer for CJSC Verkhovskiy Distillery, will open a public auction for the company's properties at 11:00 a.m. on March 25, 2008, at: CJSC Verkhovskiy Distillery 2nd Kurskaya Str. 77 Orel Russia Insterested participants have until March 22, 2008, to submit bidding documents to: I. Talanov Tsentralnaya Str. 2 Zarechenskiy Orel Russia Tel: 8 (4862) 74-65-62 The Debtor can be reached at: CJSC Verkhovskiy Distillery 2nd Kurskaya Str. 77 Orel Russia VIMPEL-COMMUNICATIONS: Earns US$1.46 Billion in 2007 ---------------------------------------------------- OJSC Vimpel-Communications has released its financial results for the full year and fourth quarter ended Dec. 31, 2007. Vimpelcom posted US$1.46 billion in net income on US$7.17 billion in net revenues for 2007, compared with US$811.49 million in net income on US$4.87 billion in net revenues for 2006. Vimpelcom posted US$368.11 million in net income on US$2.01 billion for fourth quarter 2007, compared with US$197.95 million in net income on US$1.45 billion in net revenues for the same period in 2006. As of Dec. 31, 2007, Vimpelcom had US$10.57 billion in total assets, US$5.16 billion in total liabilities and US$5.41 billion in shareholders' equity. Consolidated figures represent the combined effect of the company’s operations in Russia, Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia and Armenia. The Company’s consolidated operating and financial results do not include the operating and earnings results of Golden Telecom, Inc., the acquisition of which was completed in February 2008. The Company plans to include Golden Telecom’s operating and earnings results with the Company’s consolidated operating and earnings results beginning in the first quarter of 2008. "2007 was another excellent year for VimpelCom," Alexander Izosimov, Chief Executive Officer of VimpelCom, said. "Our revenues exceeded US$7 billion and grew at a remarkable rate of 47%. We maintained our OIBDA margin at an impressive level of 50%. Strong revenue growth, coupled with a healthy margin and a balanced investment policy, resulted in free cash flow of $1.26 billion, almost tripling the 2006 level." "Our strong financial position supports our aspiration to expand into adjacent businesses and new geographic areas," Mr. Izosimov added. About VimpelCom Headquartered in Moscow, Russia, OJSC Vimpel-Communications (NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile telecommunications services in Russia and Kazakhstan with newly acquired operations in Ukraine, Tajikistan and Uzbekistan. The Company operates under the 'Beeline' brand in Russia and Kazakhstan. In addition, VimpelCom is continuing to use 'K- mobile' and 'EXCESS' brands in Kazakhstan. The group wholly owns Mobitel in Georgia. * * * As reported in the TCR-Europe on Feb. 25, 2008, Standard & Poor's Ratings Services affirmed its 'BB+' long-term corporate credit rating on Russian mobile operator Vimpel-Communications (JSC), following the successful closing of its tender offer for Russian alternative telecoms operator Golden Telecom Inc. (GT), in which VimpelCom acquired about 90.5% of shares. At the same time, VimpelCom's US$2 billion senior unsecured syndicated loan and US$1.5 billion bridge loan, which have three- year and one-year maturities, respectively, were assigned 'BB+' ratings. At the same time, the long-term corporate credit rating on GT was raised to 'BB+' from 'BB', equalizing the rating with that on VimpelCom. The outlook on both VimpelCom and GT is stable. The company also carries Ba2 Corporate Family, Probability-of- Default and Senior Unsecured Debt Ratings from Moody's Investors Service. VOLGATELECOM OJSC: Pays Coupon yield on BT-4 Series Bonds --------------------------------------------------------- OJSC VolgaTelecom has paid coupon yield on its inconvertible interest bearing certified bearer bonds of BT-4 series with obligatory centralized custody. The interest rate of the sixth coupon yield on BT-4 series bonds is 7.99% per annum or RUR19.92 per bond. The coupon yield on BT-4 series bonds to the amount of RUR59,760,000 was transferred by the Company to the bonds owners in full. The total coupon yield paid on BT-4 series bonds amounted to RUR358,560,000. VolgaTelecom BT-4 series bonds were floated on Sept. 12, 2006, at MICEX by public offering. On Oct. 19, 2006, Russia’s Federal Financial Markets Service registered the report on the results of the issue of OJSC VolgaTelecom inconvertible interest bearing certified bearer bonds of BT-4 series to the amount of RUR3 billion (the issue state registration number: 4-46-00137- ?). Headquartered in Nizhny Novgorod, Russia, OJSC VolgaTelecom -- http://www.vt.ru/-- provides wide range of telephony, cellular, Internet and data transmission, TV and radio broadcasting services in 11 regions of the Volga Federal district. The Company’s shares are traded at RTS and MICEX. I- level American Depositary Receipts program is effective since 1997; the ADRs are traded at Frankfurt, Berlin Stock Exchanges and USA OTC market. * * * As reported in the TCR-Europe on Feb. 18, 2008, Fitch Ratings assigned OJSC Volgatelecom a Long-term Issuer Default rating of 'BB-', National Long-term rating of 'A+(rus)' and Short-term IDR of 'B'. The Outlooks for the Long-term IDR and National Long- term rating are Stable. As reported in the TCR-Europe on Jan. 23, 2008, Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit and 'ruAA-' Russia national scale ratings on Russian regional telecoms operator VolgaTelecom OJSC. The outlook is stable. VTB BANK: Completes Repurchase Transaction with VTB-NW ------------------------------------------------------ VTB has completed a share repurchase transaction (REPO) with VTB North-West shares that was initiated in February 2008. VTB's stake in VTB North-West increased from 71.5482% to 86.4572%. The REPO was carried out as a standard commercial trade with an unaffiliated company. About OJSC VTB Bank Headquartered in St. Petersburg, Russia, OJSC VTB -- www.vtb.com -- is a leading Russian universal banking group offering a wide range of banking services and products across Russia, certain CIS countries and selected countries in Western Europe, Asia and Africa. * * * In November 2007, Moody's Investors Service rates OJSC VTB Bank's Financial Strength at D. WOOD-STROY-MATERIALS: Creditors Must File Claims by March 22 ------------------------------------------------------------ Creditors of LLC Wood-Stroy-Materials have until March 22, 2008, to submit proofs of claim to: A. Lyutyj Insolvency Manager Post User Box 103 119415 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A41-K2-8200/06. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: LLC Wood-Stroy-Materials Lesnaya Str. 1 Uvarovka 143260 Moscow Russia ========= S P A I N ========= EMPRESAS TDA: Moody's Rates EUR60 Million Notes at (P)Ba3 --------------------------------------------------------- Moody's Investors Service assigned these provisional ratings to the debt to be issued by Empresas TDA CAM 6, Fondo de Titulizacion de Activos: - (P)Aaa to the EUR635 million Series A1 notes - (P)Aaa to the EUR240 million Series A2 notes - (P)A3 to the EUR65.0 million Series B notes - (P)Ba3 to the EUR60.0 million Series C notes Empresas TDA CAM 6, Fondo de Titulizacion de Activos is the sixth SME transaction carried out by Caja de Ahorros del Mediterraneo. The portfolio consists of loans to Spanish small- and medium-sized enterprises granted by CAM. In Moody's view, strengths of the transaction include, among others: (1) a strong swap agreement guaranteeing an excess spread of 0.50%; (2) a 6.50% cash reserve, funded up front, providing both liquidity and credit protection to the structure; and (3) a 12-month artificial write-off mechanism. However, weaknesses of this deal include: (1) geographical concentration in the regions of Valencia (43.05%), Murcia (12.79%), Madrid (11.44%), and Cataluna (10.03%); (2) a high concentration in the Building and Real Estate sector; (3) a significant portion of unsecured loans; and (4) pro-rata amortisation of the notes, which negatively impacts the more senior series. These risks were considered in Moody's quantitative analysis. The provisional pool of underlying assets, as of 29 February 2008, amounted to EUR1,359,982,206 and it was composed of 6,870 loans and 5,881 borrowers. The loans have been originated between 1994 and 2007, with a weighted average seasoning of 1.38 years, and a weighted average remaining life of 7.12 years. Around 35% of the outstanding of the portfolio is secured by mortgage guarantee over different types of properties (with a weighted average LTV of 53.24%). At closing, there will be no loans more than 30 days in arrears. Moody's analysis was based on the representation given by CAM that the final portfolio, totalling EUR1 billion, will be selected so as to obtain the least possible concentrated portfolio. In addition, according to Moody's, the provisional ratings also take into account -- among other factors: (i) an evaluation of the underlying portfolio of loans; (ii) historical performance information; (iii) the swap agreement hedging the interest rate risk; (iv) the credit enhancement provided by the guaranteed excess spread, the cash reserve and the subordination of the notes; and (v) the legal and structural integrity of the transaction. Moody's issues provisional ratings in advance of the final sale of securities, but these ratings only represent Moody's preliminary credit opinion. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavour to assign definitive ratings to the Notes. A definitive rating may differ from a provisional rating. Moody's will disseminate the assignment of any definitive ratings through its Client Service Desk. The ratings address the expected loss posed to investors by the legal final maturity of the notes. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal with respect to the Series A1, A2, B and C notes by the legal final maturity. Moody's ratings address only the credit risks associated with the transaction. Other non- credit risks have not been addressed, but may have a significant effect on yield to investors. TDA 30: Moody's Junks Rating on EUR8.2 Million Series D Notes ------------------------------------------------------------- Moody's Investors Service assigned definitive credit ratings to four series of notes issued by TDA 30 Fondo de Titulizacion de Activos, a Spanish Asset Securitisation Fund that has been created by Titulizacion de Activos, S.G.F.T, S.A. Moody's has assigned these ratings: -- Aaa to the EUR364.2 million Series A notes -- A1 to the EUR8.8 million Series B notes -- Baa2 to the EUR7 million Series C notes -- C to the EUR8.2 million Series D notes. TDA 30 represents the securitization of Spanish Prime residential mortgages, with an average LTV of 62.45% originated by Banca March; the portfolio will also be serviced by Banca March. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated final legal maturity date on Series A/B/C, and for ultimate payment of interest and principal at par on or before the rated final legal maturity date on Class D. The ratings do not address full redemption of the notes on the expected maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed but may have a significant effect on the yield to investors. The ratings of the Notes are based upon the analysis of the characteristics of the mortgage pool backing the Notes, the protection the Notes receive from credit enhancement against defaults and arrears in the mortgage pool, the legal and structural integrity of the issue and the credit quality of the parties involved in the transaction. In Moody's opinion, the collateral backing the notes are of good quality, yet there are certain issues that have been taken into account in our analysis: (1) some mortgages are granted to non residents, (2) some mortgages are granted for the purpose of financing secondary residences, (3) some mortgages are originated via real estate brokers, (4) high LTV loans are present in the portfolio and (5) there is a very strong regional concentration in Canary Islands and in Balearic Islands. Moody's based its rating on (1) a evaluation of the underlying portfolio of mortgage loans securing the structure, and on (2) the transaction's structural protections which include the subordinate position of the Series B and C Subordinate notes with respect to the Series A notes, the strength of the cash flows, which include the reserve fund and any excess spread available to cover losses. ===================== S W I T Z E R L A N D ===================== CJB- CONSULTING: Creditors' Liquidation Claims Due by March 20 -------------------------------------------------------------- Creditors of LLC CJB-Consulting have until March 20, 2008, to submit their claims to: JSC TWS Confides Hauptstrasse 67 8274 Tagerwilen Kreuzlingen TG Switzerland The Debtor can be reached at: LLC CJB-Consulting Tagerwilen Kreuzlingen TG Switzerland EPR LABAUTOMATION: Creditors' Liquidation Claims Due by March 22 ---------------------------------------------------------------- Creditors of JSC EPR Labautomation have until March 22, 2008, to submit their claims to: Dr. Ernst Burgisser Marktgasse 10 Rheinfelden AG Switzerland The Debtor can be reached at: JSC EPR Labautomation Allschwil BL Switzerland ERNST ARMIERUNGEN: Creditors' Liquidation Claims Due by March 21 ---------------------------------------------------------------- Creditors of JSC Ernst Armierungen have until March 21, 2008, to submit their claims to: Wilhelm Friedrich Ernst Liquidator Buelstrasse 29 8317 Tagelswangen SZ Switzerland The Debtor can be reached at: JSC Ernst Armierungen Lindau Pfaffikon ZH Switzerland GREEN-STREAM JSC: Creditors' Liquidation Claims Due by March 20 --------------------------------------------------------------- Creditors of JSC Green-Stream have until March 20, 2008, to submit their claims to: Peter M. Studer Baarerstrasse 2 Postfach 1045 6301 Zug Switzerland The Debtor can be reached at: JSC Green-Stream Zurich Switzerland MOHL + RODRIGUEZ: Creditors' Liquidation Claims Due by March 23 --------------------------------------------------------------- Creditors of JSC Mohl + Rodriguez dipl. Architekten ETH/SIA have until March 23, 2008, to submit their claims to: JSC Bischof Treuhand & Revision Dorfstrasse 37 8155 Niederhasli Dielsdorf ZH Switzerland The Debtor can be reached at: JSC Mohl + Rodriguez dipl. Architekten ETH/SIA Zurich Switzerland PARR MANAGEMENT: Creditors' Liquidation Claims Due by March 20 -------------------------------------------------------------- Creditors of LLC PARR Management Consulting have until March 20, 2008, to submit their claims to: Ronny Rutsche Liquidator Im Lerchenfeld 2 9535 Wilen b. Wil TG Switzerland The Debtor can be reached at: LLC PARR Management Consulting Thalwil Horgen ZH Switzerland PERSONAL BERATUNG: Creditors' Liquidation Claims Due by March 20 ---------------------------------------------------------------- Creditors of LLC PERSONAL BERATUNG MIOTTI have until March 20, 2008, to submit their claims to: Leonardo Miotti Oberdorfstrasse 13 8479 Altikon Winterthur ZH Switzerland The Debtor can be reached at: LLC PERSONAL BERATUNG MIOTTI Altikon Winterthur ZH Switzerland PETROPLUS HOLDINGS: S&P Puts BB- Rating on Unit's US500MM Bonds --------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB-' senior secured rating to the US$500 million convertible bonds issued by Petroplus Finance Ltd. (Bermuda), the financing subsidiary of Switzerland-based oil refiner Petroplus Holdings AG (Petroplus; BB/Stable/--), one notch lower than the corporate credit rating on the group. In addition, a recovery rating of '5' has been assigned, indicating S&P's expectation of modest (10%-30%) recovery for bondholders in the event of a payment default, taking into account that security is limited to parent and subsidiary guarantees and a pledge over the issuer's shares. At the same time, a recovery rating of '5' was assigned to the US$600 million 6.75% and US$600 million 7.0% notes issued by Petroplus Finance Ltd. (Bermuda), guaranteed by Petroplus and ranking pari passu with the convertible bond. The issue-level ratings on the notes remain at 'BB-'. The issue and recovery ratings on the secured high-yield notes and convertible bonds take into account valuations volatility, reflecting the cyclical nature of the business, the potential for cross-jurisdictional insolvency issues, and the high level of committed asset secured debt facilities designed to fund the refineries' large working capital requirements. Proceeds from the placement will be used to fund a portion of the purchase price of the acquisition of the Petit Couronne and Reichstett Vendenheim refineries and for general corporate purposes. PUCCI, SULZER: Creditors' Liquidation Claims Due by March 23 ------------------------------------------------------------ Creditors of JSC Pucci, Sulzer have until March 23, 2008, to submit their claims to: Josef Fuchs Balbweg 5 8832 Wollerau Hofe SZ Switzerland The Debtor can be reached at: JSC Pucci, Sulzer Zurich Switzerland REMEDYWORKS LLC: Creditors' Liquidation Claims Due by March 22 -------------------------------------------------------------- Creditors of LLC Remedyworks have until March 22, 2008, to submit their claims to: Lawrence Graham Zollikerstr. 20 8702 Zollikon Meilen ZH Switzerland The Debtor can be reached at: LLC Remedyworks Zurich Switzerland WDT-TELEMATIK LLC: Creditors' Liquidation Claims Due by March 25 ---------------------------------------------------------------- Creditors of LLC WDT-Telematik have until March 25, 2008, to submit their claims to: The Debtor can be reached at: LLC WDT-Telematik Rebmoosweg 43 5200 Brugg AG Switzerland ============= U K R A I N E ============= ALBATROS LLC: Creditors Must File Claims by March 27 ---------------------------------------------------- Creditors of LLC Albatros (code EDRPOU 33838643) have until March 27, 2008, to submit written proofs of claim to: The Economic Court of Odessa Shevchenko Avenue 4 65032 Odessa Ukraine The Economic Court of Odessa commenced bankruptcy proceedings against the company after finding it insolvent Feb. 7, 2008. The case is docketed as 2/13-08-392. The Debtor can be reached at: LLC Albatros Apartment 6 Malaya Arnautskaya Str. 1 Odessa Ukraine APOCALYPSE-PLUS LLC: Proofs of Claim Deadline Set March 27 ---------------------------------------------------------- Creditors of LLC Apocalypse-Plus (code EDRPOU 33426227) have until March 27, 2008, to submit written proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy supervision procedure on the company on Dec. 26, 2007. The case is docketed as 45/280B. The Debtor can be reached at: LLC Apocalypse-Plus Apartment 12 Kirov Str. 80 Novoazovsk 87600 Donetsk Ukraine CRYSTAL-FLOR-1: Creditors Must File Claims by March 23 ------------------------------------------------------ Creditors of LLC Crystal-Flor-1 (code EDRPOU 34507998) have until March 23, 2008, to submit written proofs of claim to: The Economic Court of Odessa Shevchenko Avenue 4 65032 Odessa Ukraine The Economic Court of Odessa commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 2/22-08-481. The Debtor can be reached at: LLC Crystal-Flor-1 Apartment 205 Shevchenko Str. 1 Bielgorod-Dniestrovsky 67700 Odessa Ukraine ENERGYRESOURCE LLC: Creditors Must File Claims by March 23 ---------------------------------------------------------- Creditors of LLC Energyresource (code EDRPOU 30267927) have until March 23, 2008, to submit written proofs of claim to: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy proceedings against the company after finding it insolvent on Feb. 11, 2008. The case is docketed as 6/8-08. The Debtor can be reached at: LLC Energyresource Internatsionalistov Str. 5 40035 Sumy Ukraine FAVORIT LLC: Creditors Must File Claims by March 23 --------------------------------------------------- Creditors of LLC Favorit (code EDRPOU 25274276) have until March 23, 2008, to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 15/874-b. The Debtor can be reached at: LLC Favorit Artem Str. 66 04050 Kiev Ukraine LAGUNA DNIEPR: Creditors Must File Claims by March 27 ----------------------------------------------------- Creditors of LLC Laguna Dniepr (code EDRPOU 31726283) have until March 27, 2008, to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent Jan. 30, 2008. The case is docketed as 43/35. The Debtor can be reached at: LLC Laguna Dniepr Apartment 414 Gnat Jury Str. 9 03148 Kiev Ukraine MAYSTRY LLC: Creditors Must File Claims by March 23 --------------------------------------------------- Creditors of LLC Creative Community Maystry (code EDRPOU 22900655) have until March 23, 2008, to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 15/589-b. The Debtor can be reached at: LLC Creative Community Maystry Pobeda Avenue 25 03055 Kiev Ukraine MET-RAGE LLC: Creditors Must File Claims by March 23 ---------------------------------------------------- Creditors of LLC Met-Rage (code EDRPOU 33422065) have until March 23, 2008, to submit written proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent on Feb. 12, 2008. The case is docketed as B 24/78-08. The Debtor can be reached at: LLC Met-Rage Zaporozhye Highway Str. 74/105 Dnipropetrovsk Ukraine PARITET ASK: Creditors Must File Claims by March 27 --------------------------------------------------- Creditors of LLC Paritet Ask (code EDRPOU 32111997) have until March 27, 2008, to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on Jan. 30, 2008. The case is docketed as 43/36. The Debtor can be reached at: LLC Paritet Ask General Naumov Str. 23-b 03164 Kiev Ukraine ROMNY PLANT: Proofs of Claim Deadline Set March 23 -------------------------------------------------- Creditors of OJSC Romny Plant of Polygraphic Machines (code EDRPOU 00243168) have until March 23, 2008, to submit written proofs of claim to: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy supervision procedure on the company. The case is docketed as 6/54-06. The Debtor can be reached at: OJSC Romny Plant of Polygraphic Machines Zheleznodorozhnaya Str. 143 Romny 42007 Sumy Ukraine TOREZ-SM LLC: Creditors Must File Claims by March 27 ---------------------------------------------------- Creditors of LLC Torez-SM (code EDRPOU 32530585) have until March 27, 2008, to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 43/706. The Debtor can be reached at: LLC Torez-SM General Naumov Str. 23-b 03164 Kiev Ukraine =========================== U N I T E D K I N G D O M =========================== CHRYSLER LLC: Plans to Shutter Company for Two Weeks in July ------------------------------------------------------------ Chrysler LLC disclosed its intention to shutter its entire operations for two weeks starting July 7, 2008, various sources report citing an e-mail message sent to Chrysler employees. Although, it isn't unusual for plants to idle production during the summer, the corporate-wide shutdown will affect Chrysler's 19,000 salaried workers, who will also be asked to go on a holiday together with the 52,500 hourly workers, Mike Ramsey of Bloomberg News says. Mr. Ramsey relates that the summer closing was once set for car manufacturers to transfer new tools for model-year switchovers, now July is scheduled for plant maintenance. Those working on special projects will have to remain, Dee-Ann Durbin of The Associated Press quotes Chrysler spokeswoman Mary Beth Heilprin. As reported in the Troubled Company Reporter on March 11, 2008, Chrysler disclosed that it was closing its Pacifica Advance Product Design Center outside Diego, and consolidate the advanced design studio to its home base in Auburn Hills, Michigan. Increasingly, the company is leveraging resources worldwide, forming new joint ventures and alliances and consolidating operations in order to better achieve global balance and manage fixed costs. These moves, Chrysler said, are designed to help it become a more globally focused manufacturer, with design, engineering, and sourcing, as well as a local presence to serve local customers. 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. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. S&P said the outlook is negative. DIOMED HOLDINGS: To Sell Assets to Biolitec Under Bankruptcy ------------------------------------------------------------ Diomed Holdings, Inc., together with its wholly owned subsidiary, Diomed, Inc., filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Massachusetts, Western Division. The petition contemplates that Diomed will sell certain of its operating assets to Biolitec AG, a manufacturer of medical lasers, optical fibers and other products, thereby enabling Biolitec to continue to operate Diomed’s business in the United States. Diomed and Biolitec have entered into a non-binding letter of intent for the sale of specified assets for a purchase price of between US$6 and US$7 million. Biolitec reported revenues of EUR39 million and profits of EUR5.6 million for its fiscal year ended June 30, 2007. Its shares are listed on the Prime Standard of the Frankfurt Stock Exchange. Biolitec is headquarted in Jena, Germany, and employs approximately 60 personnel at its U.S. operations based in East Longmeadow, Massachusetts. “The decision to pursue the sale of the company’s assets and operations through the bankruptcy process was an extremely difficult but appropriate decision for our Board of Directors to make,” commented James A. Wylie, Jr., Diomed’s Chief Executive Officer. “In spite of our intensive efforts to seek a buyer for the Company outside of bankruptcy and to work with our secured lenders to avoid seeking bankruptcy protection, the impact of infringement of the Company’s products in the marketplace and delays in the judicial process proved impossible to overcome,” Wylie stated. “We believe that, given the ongoing financial and legal challenges facing Diomed, bankruptcy is the best means available to protect the company’s assets and allow the company’s operations to be sold through an orderly process.” With court approval, Diomed will continue operating in the ordinary course of business as a debtor-in-possession while it pursues the sale of specified assets to Biolitec and the sale of its other assets to third parties. Diomed expects to complete the asset sale to Biolitec within approximately 60 to 90 days and to sell its remaining assets in due course, under the court’s direction. These other assets include judgments in Diomed’s favor of approximately US$14.7 million arising from Diomed’s successful patent infringement litigation in 2007 against defendants AngioDynamics, Inc. and Vascular Solutions, Inc. This litigation is currently on appeal, under bond, with a hearing on the appeal scheduled for April 10, 2008 at the appellate court. Diomed and Biolitec have entered into a non-binding letter of intent for the sale of specified assets. The letter of intent contemplates that to fund its operations during bankruptcy, Diomed will use its cash and receipts and will obtain debtor-in- possession financing from its senior secured creditor, Hercules Technology Growth Capital, Inc. If Hercules and Diomed are unable to reach agreement on the terms of such financing, Biolitec has agreed in principle under the letter of intent to provide necessary financing of up to $2 million during the transition period. Such debtor-in-possession financing will be subject to court approval. The proceeds of the sale of Diomed’s assets will be distributed to Diomed’s creditors and equity holders as determined by the bankruptcy court. With court approval, Diomed expects to complete the asset sale to Biolitec within approximately 60 to 90 days and to sell its remaining assets in due course, under the court’s direction. “We believe that Biolitec’s acquisition of Diomed’s operating assets and U.S. sales and marketing organization provides our loyal physician partners the best opportunity for an improved level of service, flow of new and innovative technologies, and continuity of supply of lasers and disposable products,” concluded Wylie. “Finally, I would be remiss if I did not thank each and every employee of the Company for their loyalty, dedication and commitment during the last several months. They stood the course and performed above all expectations during this very difficult time.” About Diomed Diomed (AMEX: DIO) -– http://www.evlt.vom/-- develops and commercializes minimal and micro-invasive medical procedures that use its proprietary laser technologies and disposable products. Diomed’s EVLT(R) laser vein ablation procedure is used in varicose vein treatments. Diomed also provides photodynamic therapy for use in cancer treatments, and dental and general surgical applications. The EVLT(R) procedure and the company’s related products were cleared by the United States FDA in January of 2002. Along with lasers and single-use procedure kits for its EVLT(R) laser vein treatment, the Company provides its customers with state of the art physician training and practice development support. The company's subsidiary, Diomed, Ltd., operates in the United Kingdom and its chief activities are product development, manufacturing and international sales and marketing. DIOMED HOLDINGS: Receives Delisting Notice from AMEX ---------------------------------------------------- Diomed Holdings, Inc., disclosed last week that it received notice from the American Stock Exchange advising the company that the AMEX has determined to seek to delist the company's common stock on the basis that the company has not demonstrated a reasonable probability that the company will regain compliance with Sections 1003(a)(ii) and (iii) of the AMEX Company Guide's standards for continued listing on the Exchange. The standards require that a company maintain at least US$4 million in stockholders' equity if the company has sustained losses from continuing operations in three of its four most recent fiscal years and at least US$6 million in stockholders' equity if the company has sustained losses from continuing operations in its five most recent fiscal years. The company had previously submitted a compliance plan to the AMEX seeking to demonstrate its ability to regain compliance with these listing standards by Feb. 3, 2009, the deadline that the AMEX established for compliance with these listing standards. In its notice, the AMEX also advised the company that it has determined that the low trading price of the company' common stock raises concern that the common stock may not be suitable for auction market trading, which would necessitate a reverse stock split within a reasonable period of time under Section 1003(f)(v) of the AMEX Company Guide. About Diomed Diomed (AMEX: DIO) -– http://www.evlt.vom/-- develops and commercializes minimal and micro-invasive medical procedures that use its proprietary laser technologies and disposable products. Diomed’s EVLT(R) laser vein ablation procedure is used in varicose vein treatments. Diomed also provides photodynamic therapy for use in cancer treatments, and dental and general surgical applications. The EVLT(R) procedure and the company’s related products were cleared by the United States FDA in January of 2002. Along with lasers and single-use procedure kits for its EVLT(R) laser vein treatment, the Company provides its customers with state of the art physician training and practice development support. The company's subsidiary, Diomed, Ltd., operates in the United Kingdom and its chief activities are product development, manufacturing and international sales and marketing. DIOMED LIMITED: Files for Administration ---------------------------------------- Diomed Limited, a wholly-owned subsidiary of Diomed Holdings, Inc., has filed for Administration under the laws of the United Kingdom. The move is in conjunction with Diomed Holdings' filing for protection under Chapter 11 of the U.S. Code with the United States Bankruptcy Court for the District of Massachusetts. Diomed (AMEX: DIO) -– http://www.evlt.vom/-- develops and commercializes minimal and micro-invasive medical procedures that use its proprietary laser technologies and disposable products. Diomed’s EVLT(R) laser vein ablation procedure is used in varicose vein treatments. Diomed also provides photodynamic therapy for use in cancer treatments, and dental and general surgical applications. The EVLT(R) procedure and the company’s related products were cleared by the United States FDA in January of 2002. Along with lasers and single-use procedure kits for its EVLT(R) laser vein treatment, the Company provides its customers with state of the art physician training and practice development support. The company's subsidiary, Diomed, Ltd., operates in the United Kingdom and its chief activities are product development, manufacturing and international sales and marketing. DURA AUTOMOTIVE: Tax Advisor Seeks US$962,541 in Fees for Jan. -------------------------------------------------------------- Ernst & Young LLP seeks allowance and payment of US$941,946 for fees and reimbursement of US$20,595 for expenses it incurred in providing tax advisory and risk advisory services to the Chapter 11 estate of DURA Automotive Systems, Inc., for January 2008. The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware authorized Dura Automotive Systems Inc. and its debtor-affiliates to employ Ernst & Young as tax advisory and risk advisory services providers, nunc pro tunc to Oct. 30, 2006. From October 2006 through December 2007, Ernst & Young has billed US$6,122,905 in fees and US$437,219 in expenses. Rochester Hills, Michigan-based DURA Automotive Systems Inc. (Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive industry. The company is also a supplier of similar products to the recreation vehicle and specialty vehicle industries. DURA sells its automotive products to North American, Japanese and European original equipment manufacturers and other automotive suppliers. The company has three locations in Asia -- China, Japan and Korea. It has locations in Europe and Latin-America, particularly in Mexico, Germany and the United Kingdom. The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr. D. Del. Case No. 06-11202). Richard M. Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the Debtors' co- counsel. Baker & McKenzie acts as the Debtors' special counsel. Togut, Segal & Segal LLP is the Debtors' conflicts counsel. Miller Buckfire & Co., LLC is the Debtors' investment banker. Glass & Associates Inc., gives financial advice to the Debtor. Kurtzman Carson Consultants LLC handles the notice, claims and balloting for the Debtors and Brunswick Group LLC acts as their Corporate Communications Consultants for the Debtors. As of July 2, 2006, the Debtor had US$1,993,178,000 in total assets and US$1,730,758,000 in total liabilities. The Debtors have asked the Court to extend their plan filing period to April 30, 2008. (Dura Automotive Bankruptcy News, Issue No. 48; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) BRITISH ENERGY: S&P Affirms BB Rating with Negative Outlook ----------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB' long-term corporate credit ratings on U.K.-based nuclear generator British Energy Group PLC and its subsidiary British Energy Holdings PLC. At the same time, S&P removed the ratings on both entities from CreditWatch with negative implications, where they were placed on Oct. 23, 2007. The outlook is negative. "The rating affirmation and CreditWatch removal reflect BE's expectation of returning to service the four units at Hartlepool and Heysham 1 during the second and third quarters of financial 2008/2009. These units have been subject to outages since October 2007," said Standard & Poor's credit analyst Mark Davidson. "There remains, however, some uncertainty as to the successful completion of this plan," said Mr. Davidson. Moreover, the financial effect of the outages on BE's results in fiscal 2007/2008 and 2008/2009 will be significant, reflecting the group's high operating leverage. In 2007/2008, BE has also had to buy approximately 7 terawatt-hours of electricity on the market to satisfy its fixed-price sales contracts. The ratings on the BE group continue to reflect its predominant focus on nuclear power, which makes it a price taker given the group's lack of downstream integration in retail supply, and the exposure of its cash flows to volatile wholesale forward electricity market prices. The ratings are also constrained by some risk of unplanned outages, weaker-than-expected nuclear output over the past few years, and the group's limited ability to retain cash flows given the mechanism that currently sweeps 35.2% of excess cash flows into the Nuclear Liabilities Fund and allows the rest to be distributed to shareholders. These risks are partially offset by BE's strong liquidity, considerably reduced outstanding debt service, strong financial ratios, supportive covenants, fuel supply agreements that provide a partial hedge against the risk of decreasing electricity prices, and lack of exposure to asset-retirement obligations. The group has also benefited from a significant improvement in base load wholesale power prices, which has offset its lower-than-expected production, and from its success in achieving more low-collateral, longer-term, fixed-price trades. The negative outlook reflects the expectation of significantly lower earnings and cash flows in 2007/2008 and 2008/2009 as a result of the outages at Hartlepool and Heysham 1 and some uncertainty as to exactly when these units will return to service. A lack of improvement or a deterioration in BE's operating performance would likely lead to a downgrade. Conversely, an improvement in BE's operational performance could lead to a revision of the outlook to stable. To sustain the 'BB' ratings, we would expect BE's nuclear output to be above 40 TWh in 2008/2009 and above 50 TWh from 2009/2010. EUROFLEET EXPRESS: Taps Liquidators from BDO Stoy Hayward --------------------------------------------------------- Graham David Randall and Simon Edward Jex Girling of BDO Stoy Hayward LLP were appointed joint liquidators of Eurofleet Express Ltd. (formerly Oak International Express Ltd.) on March 7 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: BDO Stoy Hayward LLP One Victoria Street Bristol BS1 6AA England FORD MOTOR: Europe Sales Rise 5.4% in February 2008 --------------------------------------------------- Ford of Europe's growth momentum continued in February 2008 with year-over-year sales in its main 21 markets increasing by 5.4% to 125,500 units. The company's market share was 8.1%. This strong performance, driven by its acclaimed new models, boosted the company's year-to-date sales by 3.3%, to 267,900 vehicles. The Focus was Ford's most popular model in February with sales totaling 32,800. This was followed by the Fiesta with sales of 24,900, while the Ford Fusion added a further 9,950 units. The new Mondeo continued to accelerate, with sales leaping by 66% to 13,370 versus February 2007. The Ford Ranger pick-up also performed strongly during the month, with sales surging by a remarkable 200%, to 1,760. The popular Ford Transit medium commercial vehicle also continued to win sales, rising 13% to 15,470. Ford sales in February improved in virtually all of its main markets. Britain was the best-selling market, with sales of 14,650, slightly ahead of Germany, which increased by 870 to 14,630 units. Spain and France also turned in strong performances: Spain improving by 935 units to 14,390, while France climbed by 770 to a total of 11,620. The largest increase came in Russia, however, where Ford sales surged over 11% to 13,900. Sales in Turkey also continued to move ahead, rising by 9.3% to 5,400. In percentage terms, the largest increases were posted in Portugal (up 44% to 1,935), the Czech Republic (up 34.9% to 1,065) and Poland (up 33.6% to 2,470). "Our strong performance in February, coupled with an outstanding reaction to our new models at the Geneva Motor Show keeps us on course to maintain our growth momentum in the coming months," said Stephen Odell, vice president, Marketing, Sales & Service, Ford of Europe. "The media and public reaction to the new cars we revealed at Geneva, particularly the all-new Fiesta and Kuga crossover, was outstanding. This demonstrates clearly that we are keeping our promise to deliver products that appeal to the heart as well as the head. This year alone we will introduce more than 20 individual new models and derivatives across our entire portfolio." About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter-Europe on Feb. 18, 2008, Fitch Ratings affirmed the Issuer Default Ratings of Ford Motor Company and Ford Motor Credit Company at 'B', and maintained the Rating Outlook at Negative. As reported in the Troubled Company Reporter-Europe on Nov. 20, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. KENNEDY PRINT: Brings In Liquidators from PKF --------------------------------------------- Jonathan Newell and Kerry Bailey of PKF (UK) LLP were appointed joint liquidators of Kennedy Print Ltd. on March 6 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: PKF (UK) LLP 5 Temple Square Temple Street Liverpool L2 5RH England MANSARD 2006-1: Fitch Holds BB Rating on Class B2a -------------------------------------------------- Fitch Ratings changed the Outlook on three tranches of Farringdon Mortgages No. 1 Plc to Positive from Stable. The ratings are affirmed, along with Farringdon Mortgages No. 2 Plc, Mansard Mortgages 2006-1 Plc and Mansard Mortgages 2007-1 Plc. All of these transactions are originated by Rooftop Mortgages Limited, a subsidiary of Bear Stearns Companies Inc (rated 'A+'/Negative Outlook /'F1+'). The rating actions are: Farringdon Mortgages No. 1 Plc: -- Class A2a (ISIN XS0211295778) affirmed at 'AAA'; Outlook Stable -- Class A2a detachable coupons (DACs) (ISIN XS0211296313) affirmed at 'AAA'; Outlook Stable -- Class M2a (ISIN XS0211300362) affirmed at 'A'; Outlook revised to Positive from Stable -- Class B1a (ISIN XS0211301766) affirmed at 'BBB'; Outlook revised to Positive from Stable -- Class B2a (ISIN XS0211303382) affirmed at 'BB-' (BB minus); Outlook revised to Positive from Stable -- MERCS (ISIN XS0211306641) affirmed at 'AAA'; Outlook Stable Farringdon Mortgages No. 2 Plc: -- Class A2a (ISIN XS0228709985) and A2a DAC (ISIN XS0228710561) affirmed at 'AAA'; Outlook Stable -- Class M2a (ISIN XS0228711882) affirmed at 'A'; Outlook Stable -- Class B1a (ISIN XS0228712260) affirmed at 'BBB'; Outlook Stable -- Class B2a (ISIN XS0228712930) affirmed at 'BB'; Outlook Stable -- MERCS (ISIN XS0228713235) affirmed at 'AAA'; Outlook Stable Mansard Mortgages 2006-1 Plc: -- Class A1a (ISIN XS0272296384) affirmed at 'AAA'; Outlook Stable -- Class A2a (ISIN XS0272297358) affirmed at 'AAA'; Outlook Stable -- Class M1a (ISIN XS0272298752) affirmed at 'AA'; Outlook Stable -- Class M2a (ISIN XS0272299131) affirmed at 'A'; Outlook Stable -- Class B1a (ISIN XS0272304311) affirmed at 'BBB'; Outlook Stable -- Class B2a (ISIN XS0272305045) affirmed at 'BB'; Outlook Stable Mansard Mortgages 2007-1 Plc: -- Class A1a (ISIN XS0293436910) affirmed at 'AAA'; Outlook Stable -- Class A2a (ISIN XS0293438965) affirmed at 'AAA'; Outlook Stable -- Class M1a (ISIN XS0293458054) affirmed at 'AA'; Outlook Stable -- Class M2a (ISIN XS0293460381) affirmed at 'A'; Outlook Stable -- Class B1a (ISIN XS0293442215) affirmed at 'BBB'; Outlook Stable -- Class B2a (ISIN XS0293446711) affirmed at 'BB'; Outlook Stable The reserve funds in FM1 and FM2 are still far from reaching their target levels. However, high prepayment speed is benefiting these deals. Prepayments have had a positive impact on de-leveraging the deal and building levels of credit enhancement, such that there is sufficient credit cover to noteholders. The affirmation of FM1 and Outlook change reflect its stable performance over several consecutive quarters. Since October 2006, loans in arrears by more than three months have stabilised and are currently at 20.37% of the current collateral balance, while weighted average loss severities have been decreasing. Sold repossessions and losses are increasing at a slower pace. The notes have started paying pro-rata for FM1 from 15 January 2008 interest payment dates all triggers for pro-rata payment are satisfied. In FM2, loans in arrears by more than three months have been increasing slowly each quarter for the last year and are currently at 17.97% of the current collateral balance. Realised losses per quarter have been stable in the last year. Loss severities have been decreasing from the highs seen in 2006. In MM06-1 and MM07-1 the prepayment rates, in contrast, have been low and, as a result, these transactions have not de- leveraged like FM1 and FM2 at similar seasoning. However the three-month delinquency for MM06-1 transaction is low at 5.57% in comparison with 19.91% for FM1 and 13.88% for FM2 transaction at similar seasoning. The three-month delinquency rate for MM07-1 transaction is also low at 3.65% in comparison with 12.19% for FM1 and 12.21% for FM2 transaction at similar seasoning. The difference in performance is due to MM06-1 and MM07-1 having more near-prime and buy-to-let collateral in comparison with FM1 and FM2 transactions. Rating Outlooks for European Structured Finance tranches provide forward-looking information to the market. An Outlook indicates the likely direction of any rating change over a one- to two- year period. MANSARD 2007-1: Fitch Affirms BB Rating on Class B2a ---------------------------------------------------- Fitch Ratings changed the Outlook on three tranches of Farringdon Mortgages No. 1 Plc to Positive from Stable. The ratings are affirmed, along with Farringdon Mortgages No. 2 Plc, Mansard Mortgages 2006-1 Plc and Mansard Mortgages 2007-1 Plc. All of these transactions are originated by Rooftop Mortgages Limited, a subsidiary of Bear Stearns Companies Inc (rated 'A+'/Negative Outlook /'F1+'). The rating actions are: Farringdon Mortgages No. 1 Plc: -- Class A2a (ISIN XS0211295778) affirmed at 'AAA'; Outlook Stable -- Class A2a detachable coupons (DACs) (ISIN XS0211296313) affirmed at 'AAA'; Outlook Stable -- Class M2a (ISIN XS0211300362) affirmed at 'A'; Outlook revised to Positive from Stable -- Class B1a (ISIN XS0211301766) affirmed at 'BBB'; Outlook revised to Positive from Stable -- Class B2a (ISIN XS0211303382) affirmed at 'BB-' (BB minus); Outlook revised to Positive from Stable -- MERCS (ISIN XS0211306641) affirmed at 'AAA'; Outlook Stable Farringdon Mortgages No. 2 Plc: -- Class A2a (ISIN XS0228709985) and A2a DAC (ISIN XS0228710561) affirmed at 'AAA'; Outlook Stable -- Class M2a (ISIN XS0228711882) affirmed at 'A'; Outlook Stable -- Class B1a (ISIN XS0228712260) affirmed at 'BBB'; Outlook Stable -- Class B2a (ISIN XS0228712930) affirmed at 'BB'; Outlook Stable -- MERCS (ISIN XS0228713235) affirmed at 'AAA'; Outlook Stable Mansard Mortgages 2006-1 Plc: -- Class A1a (ISIN XS0272296384) affirmed at 'AAA'; Outlook Stable -- Class A2a (ISIN XS0272297358) affirmed at 'AAA'; Outlook Stable -- Class M1a (ISIN XS0272298752) affirmed at 'AA'; Outlook Stable -- Class M2a (ISIN XS0272299131) affirmed at 'A'; Outlook Stable -- Class B1a (ISIN XS0272304311) affirmed at 'BBB'; Outlook Stable -- Class B2a (ISIN XS0272305045) affirmed at 'BB'; Outlook Stable Mansard Mortgages 2007-1 Plc: -- Class A1a (ISIN XS0293436910) affirmed at 'AAA'; Outlook Stable -- Class A2a (ISIN XS0293438965) affirmed at 'AAA'; Outlook Stable -- Class M1a (ISIN XS0293458054) affirmed at 'AA'; Outlook Stable -- Class M2a (ISIN XS0293460381) affirmed at 'A'; Outlook Stable -- Class B1a (ISIN XS0293442215) affirmed at 'BBB'; Outlook Stable -- Class B2a (ISIN XS0293446711) affirmed at 'BB'; Outlook Stable The reserve funds in FM1 and FM2 are still far from reaching their target levels. However, high prepayment speed is benefiting these deals. Prepayments have had a positive impact on de-leveraging the deal and building levels of credit enhancement, such that there is sufficient credit cover to noteholders. The affirmation of FM1 and Outlook change reflect its stable performance over several consecutive quarters. Since October 2006, loans in arrears by more than three months have stabilised and are currently at 20.37% of the current collateral balance, while weighted average loss severities have been decreasing. Sold repossessions and losses are increasing at a slower pace. The notes have started paying pro-rata for FM1 from 15 January 2008 interest payment dates all triggers for pro-rata payment are satisfied. In FM2, loans in arrears by more than three months have been increasing slowly each quarter for the last year and are currently at 17.97% of the current collateral balance. Realised losses per quarter have been stable in the last year. Loss severities have been decreasing from the highs seen in 2006. In MM06-1 and MM07-1 the prepayment rates, in contrast, have been low and, as a result, these transactions have not de- leveraged like FM1 and FM2 at similar seasoning. However the three-month delinquency for MM06-1 transaction is low at 5.57% in comparison with 19.91% for FM1 and 13.88% for FM2 transaction at similar seasoning. The three-month delinquency rate for MM07-1 transaction is also low at 3.65% in comparison with 12.19% for FM1 and 12.21% for FM2 transaction at similar seasoning. The difference in performance is due to MM06-1 and MM07-1 having more near-prime and buy-to-let collateral in comparison with FM1 and FM2 transactions. Rating Outlooks for European Structured Finance tranches provide forward-looking information to the market. An Outlook indicates the likely direction of any rating change over a one- to two- year period. MAXJET AIRWAYS: Still in Talks to Sell Assets After Bid Deadline ---------------------------------------------------------------- MAXjet Airways Inc. disclosed in a Court filing that it is currently involved in negotiations with interested buyers for its assets, even well after the Feb. 27 bid deadline, Bill Rochelle of Bloomberg News reports. As reported in the Troubled Company Reporter on Feb. 26, 2008, MAXjet Airways further extended the deadline for receipt of qualified bids to Feb. 27, 2008, from Feb. 6, 2008. The Debtor expects that all proceeds from the sale of its assets will be for the benefit of its creditors, but not for the shareholders. Headquartered in Dulles, Virginia, MAXjet Airways Inc. -- http://www.maxjet.com/-- is an all-business class, long-haul airline company. It has introduced scheduled services with flights from London Stansted Airport to New York. As of December, 2006, it leased five B767 aircraft. Its customers are both business and leisure travelers. At the airport, its product features check-in facilities located in primary terminals, security and a business class departure lounge and arrivals facility. Its flights features deep-recline seats (170 degree) spaced at a 60 inch pitch, portable entertainment systems, stowage space and business class catering. The Debtor filed for chapter 11 protection on Dec. 24, 2007 (Bankr. D. Del. Case No. 07-11912). The Debtor selected Pachulski Stang Ziehl & Jones LLP and Pillsbury Winthrop Shaw Pittman LLP as its bankruptcy counsels. Arent Fox LLP represents the Official Committee of Unsecured Creditors. The Debtor's summary of schedules shows assets of US$14,836,147 and debts of US$23,601,824. MOIST LTD: Peter Wastell Leads Liquidation Procedure ---------------------------------------------------- Peter Wastell of Vantis was appointed liquidator of Moist Ltd. on March 6 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Vantis Torrington House 47 Holywell Hill St. Albans Hertfordshire AL1 1HD England NUTRICIA WELLS: Calls In Liquidators from PricewaterhouseCoopers ---------------------------------------------------------------- Tim Walsh and Richard Setchim of PricewaterhouseCoopers LLP were appointed joint liquidators of Nutricia Wells Ltd. (formerly Nutricia Dietary Products Ltd., G F Dietary Group of Companies Ltd.) on March 6 for the creditors' voluntary winding-up proceeding. Mr. Walsh can be reached at: PricewaterhouseCoopers LLP One Kingsway Cardiff CF10 3PW Wales Mr. Setchim can be reached at: PricewaterhouseCoopers LLP Plumtree Court London EC4A 4HT England The company can be reached at: Nutricia Wells Ltd. Newmarket Avenue White Horse Business Park Trowbridge Wiltshire BA14 0XQ England QUEBECOR WORLD: Has Strong Position to Survive, Teamsters Says -------------------------------------------------------------- Quebecor World Inc.'s insolvency has made many of its European employees nervous but those in Quebec, Canada, are confident about the future, according to The Canadian Press. The report relates that Union Network International, Britain's union for graphical workers, said it's "extremely concerned and worried at the development." On a March 4 release Tony Burke, the union's assistant general secretary, said "A lack of information from the company has added to employee fears." "The only communication our members have had is a letter from the CEO Jacques Mallette in Canada advising that the bankruptcy protection only covers the U.S.A. and Canada and it's 'business as usual' in its European, Asian and Latin American companies," The Canadian Press quoted Mr. Burke, as saying. The Canadian Press reported that employees are confused since Mr. Mallette blamed the bankruptcy on industry pressures, particularly in Europe, the company's inability to raise new capital, and inability to complete the sale of its European operations. Mr. Burke, according to the report, said that "The fact that the company has failed to communicate with its own workforce and unions has lead to speculation, rumor and uncertainty." But the Teamsters union, which represents some 1,500 workers, said "the mood is completely different in Quebec." The Canadian Press quoted Teamsters as stating, "[Quebecor World] is in a strong position to survive because of recent technological upgrades." The Canadian Press quoted Stephane Lacroix, director of communications for Teamster Canada, saying, "We're reasonably confident that we'll be OK at the end of this crisis." About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE: IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company is an independent commercial printer in Europe with 19 facilities, operating in Austria, Belgium, Finland, France, Spain, Sweden, Switzerland and the United Kingdom. In March 2007, it sold its facility in Lille, France. Quebecor World (USA) Inc. is its wholly owned subsidiary. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of US$5,554,900,000, total liabilities of US$3,964,800,000, preferred shares of US$175,900,000, and total shareholders' equity of US$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. The Debtors' CCAA stay has been extended to May 12, 2008. (Quebecor World Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) QUEBECOR WORLD: Ex-Corby Workers Set Up Taskforce with Unite ------------------------------------------------------------ William Mitting of PrintWeek reports that former employees of Quebecor World Inc.'s site in Corby, central United Kingdom, have set up a taskforce with Unite, a local union, and local authorities to attain funding for training to help them find work. The taskforce is aiming to secure funds from the government to pay for training for workers at the Corby site, and at other firms who lost their jobs in the area recently, the report relates. Almost 1,000 employees lost their jobs as a result of Quebecor World's decision to close its Corby plant. Job Cuts with Corby Unit Receivership As reported in the Troubled Company Reporter on Feb. 4, 2008, Unite Assistant General Secretary, Tony Burke, said the labor group expects to see 300 potential job losses at Quebecor World PLC, Quebecor World's United Kingdom subsidiary, after the Corby-based facility has been placed into receivership in Jan. 28, 2008. The Canadian Press reported in early February 2008, that Ian Best and David Duggins of Ernst & Young LLP, the joint administrators of Quebecor World's British operation, have decided to shut down the printing plant in Corby. The Corby facility is located in the central U.K. about 70 miles north of London. It employed approximately 290 people and produced magazines, catalogs and specialty print products for marketing and advertising campaigns. According to the report, at least 250 workers will lose their jobs due to the closure. The Canadian Press related that Messrs. Best and Duggins were not able to find a buyer who would continue operating the plant. "The only interest expressed by potential investors were in the assets, including the building and machinery, of Quebecor World in the United Kingdom," The Canadian Press reported. Tony Burke, assistant secretary-general of Unite, the union representing workers at the Corby plant, blamed the Quebecor parent company in Canada, The Canadian press noted. About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE: IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company is an independent commercial printer in Europe with 19 facilities, operating in Austria, Belgium, Finland, France, Spain, Sweden, Switzerland and the United Kingdom. In March 2007, it sold its facility in Lille, France. Quebecor World (USA) Inc. is its wholly owned subsidiary. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of US$5,554,900,000, total liabilities of US$3,964,800,000, preferred shares of US$175,900,000, and total shareholders' equity of US$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. The Debtors' CCAA stay has been extended to May 12, 2008. (Quebecor World Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter on Feb. 13, 2008, Moody's Investors Service assigned a Ba2 rating to the US$400 million super priority senior secured revolving term loan facility of Quebecor World Inc. as a Debtor-in-Possession. The related US$600 million super priority senior secured term loan was rated Ba3 (together, the DIP facilities). The RTL's better asset value coverage relative to the TL accounts for the ratings' differential. QUEEN STREET: S&P Puts Low-B Ratings on EUr170 Million Notes ------------------------------------------------------------ Standard & Poor's Ratings Services assigned credit ratings to these variable-rate notes issued by Queen Street Ltd. under its principal at-risk variable-rate note program: -- EUR70 million series 1 class A principal at-risk variable rate notes due March 21, 2011 were rated 'BB+'. -- EUR100 million series 1 class B principal at-risk variable rate notes due March 21, 2011 were rated 'B'. Munich Reinsurance Co. (Munich Re) (AA-/Stable/--) entered into counterparty contracts with Queen Street to gain a source of multiyear coverage for losses due to European windstorms. The rating is based on the modeled probability of attachment and the structural analysis. A proprietary model from EQECAT Inc. (a wholly owned subsidiary of ABS Consulting Inc.) was used to determine the attachment probability of the notes. When assigning its rating, Standard & Poor's relied on the results determined the EQECAT software, WORLDCAT Enterprise(R), version 3.10. Queen Street is a special-purpose Cayman Islands exempted company whose ordinary shares are held in a charitable trust. With the proceeds from the sale of the notes, Queen Street has entered into total return swaps with the London branch of Deutsche Bank AG (AA/Negative/A-1+). Interest on the deposit will be paid quarterly and based on three-month Euro Interbank Offered Rate (EURIBOR). Queen Street will use the premium it receives under the counterparty contract, combined with the payments it receives under the bank deposit, to make the scheduled interest payments to the noteholders. Both classes of notes have attachment and exhaustion points calibrated on a parametric basis. The annualized attachment probability is 1.46% for the class A notes and 4.12% for the class B notes. If the U.K. Meteorological Office, the reporting agency, reports a European windstorm event then EQECAT will use a formula defined in the transaction documents to calculate if there are any losses to the notes. The parametric index value of each windstorm will be calculated using peak-gust wind speeds in excess of 29 meters per second, at least four of the 216 Europe Qualified Recording stations. The class A notes have a per-event threshold index value of 110.38 and a limit of 820.70. The index value of each windstorm between these points is fed into an aggregate formula, which has an attachment point of 809.67 and a limit of 878.90. It would need at least two windstorm events to breach the aggregate attachment point. The class A notes can be considered a parametric equivalent of an aggregate excess of loss reinsurance contract. The class B notes simply have attachment and exhaustion points of 820.70 and 990.80, respectively. They are akin to a parametric risk excess reinsurance contract. The notes cover -- Germany (62.75% of total insured values); -- France (16.70%); -- U.K. (14.76%), excluding the Isle of Man, the Channel Islands and the area north of 55 degrees latitude (which is in the border area between England and Scotland); and -- The Netherlands, Belgium, Denmark, Ireland, and Luxemburg. Munich Re will pay Queen Street's upfront and ongoing expenses in connection with this security issuance. TATLOW GLASS: Taps M. H. Abdulali to Liquidate Assets ----------------------------------------------------- M. H. Abdulali of Moore Stephens was appointed liquidator of Tatlow Glass Ltd. on March 5 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Moore Stephens 6 Ridge House Ridgehouse Drive Festival Park Stoke on Trent England TOM SHELDON: Hires Liquidators from Moore Stephens -------------------------------------------------- Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP were appointed joint liquidators of Tom Sheldon Ltd. on Feb. 13 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Moore Stephens LLP Beaufort House 94-96 Newhall Street Birmingham B3 1PB England TOTAL CLADDING: Appoints Liquidator from Deloitte & Touche ---------------------------------------------------------- Christopher James Farrington of Deloitte & Touche LLP was appointed liquidator of Total Cladding Solutions Ltd. on March 6 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Deloitte & Touche LLP 1 Woodborough Road Nottingham NG1 3FG England * BOND PRICING: For the Week March 10 to March 14, 2008 ------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRIA ------- Kommunal Kredit Austria AG 0.500 03/15/19 CDN 65.49 0.250 10/14/26 CDN 40.13 Raiffeisen Centrobank AG 9.250 12/19/08 EUR 62.23 Republic of Austria 4.000 06/22/22 EUR 75.87 1.740 08/04/25 EUR 67.75 0.000 10/10/25 EUR 66.63 BULGARIA -------- Petrol AD Sofia 8.375 10/26/11 EUR 72.21 FINLAND ------- M-Real Serla 7.250 04/01/13 EUR 68.96 Muni Finance PLC 1.000 03/09/13 AUD 73.43 0.500 04/26/13 AUD 69.72 1.000 11/21/16 NZD 58.11 1.000 10/30/17 AUD 55.94 1.000 02/27/18 AUD 55.22 0.500 09/24/20 CDN 62.29 0.250 06/28/40 CDN 20.69 FRANCE ------ Alcatel S.A. 4.750 01/01/11 EUR 14.27 Altran Technologies S.A. 3.750 01/01/09 EUR 12.00 Calyon 6.000 06/18/47 EUR 50.54 CAP Gemini S.A. 2.500 01/01/10 EUR 51.68 1.000 01/01/12 EUR 43.96 Club Mediterranee S.A. 3.000 11/01/08 EUR 65.02 4.375 11/01/10 EUR 47.15 Europcar Groupe SA 8.130 05/15/14 EUR 68.55 Havas S.A. 4.000 01/01/09 EUR 10.61 Infogrames Entertainment S.A. 1.500 04/01/09 EUR 0.67 Ingenico 2.750 01/01/12 EUR 18.43 Maurel & Prom 3.500 01/01/10 EUR 20.46 Publicis Group 0.750 07/17/08 EUR 28.79 1.000 01/18/18 EUR 42.06 Rhodia S.A. 0.500 01/01/14 EUR 35.02 Scor S.A. 4.125 01/01/10 EUR 2.05 Soc Air France 2.750 04/01/20 EUR 22.28 Soitec 4.625 12/20/09 EUR 3.67 Tereos Europe S.A. 6.380 04/15/14 EUR 71.94 Theolia S.A. 2.000 01/01/14 EUR 22.76 Wendel Invest S.A. 2.000 06/19/09 EUR 42.40 GERMANY ------- Grohe Holdings AG 8.630 10/01/14 EUR 74.06 KfW Bankengruppe 0.500 10/30/13 AUD 67.82 0.500 12/19/17 EUR 69.49 1.250 07/07/20 EUR 73.45 5.000 07/21/25 EUR 75.75 5.000 09/01/25 EUR 76.37 Landeskreditbank Baden- Wuerttemberg Foerderbk 0.500 05/10/27 CDN 44.13 Landwirtschaftliche Rentenbank AG 1.000 03/29/17 NZD 56.71 GREECE ------ Hellenic Republic 0.628 07/13/20 EUR 65.68 0.990 07/17/24 EUR 74.17 ICELAND ------- Kaupthing Bank 6.500 02/03/45 EUR 50.51 IRELAND ------- Banesto Finance Plc 6.170 11/07/37 EUR 6.12 Depfa ACS Bank 0.500 03/03/25 CDN 48.42 0.250 07/08/33 CDN 28.01 Magnolia Finance IV Plc 1.050 12/20/45 US$ 25.70 Ono Finance II 8.000 05/16/14 EUR 73.94 ITALY ----- Risanamento S.p.A. 1.000 05/10/14 EUR 60.35 Telecom Italia S.p.A. 5.250 03/17/55 EUR 70.11 LUXEMBOURG ---------- Hayes Lemmerz Finance 8.250 06/15/15 EUR 71.49 Nell AF S.A. 8.380 08/15/15 EUR 70.99 8.380 08/15/15 EUR 71.49 Profilo Telra 10.75 12/07/11 EUR 15.99 NETHERLANDS ----------- ABN Amo Bank B.V. 6.250 06/29/35 EUR 65.88 9.000 02/23/09 ZAR 97.52 Air Berlin Finance B.V. 1.500 04/11/27 EUR 67.50 Biopetrol Finance B.V. 4.000 02/21/12 EUR 72.85 BK Ned Gemeenten 0.500 06/27/18 CDN 65.42 0.500 02/24/25 CDN 48.25 EM.TV Finance B.V. 5.250 05/08/13 EUR 4.54 Gerling Global N.V. 6.630 08/16/21 EUR 67.09 Hypo Real ES Finance 5.500 08/20/08 EUR 42.79 IVG Finance B.V. 1.750 03/29/17 EUR 74.08 KBC Ifimqa N.V. 5.880 02/07/25 US$ 77.95 Lehman Bros TSY B.V. 4.170 02/16/17 EUR 71.78 6.000 02/15/35 EUR 63.43 8.250 03/16/35 EUR 53.17 7.000 05/17/35 EUR 59.03 7.250 10/05/35 EUR 55.04 Ned Waterschapbk 6.000 06/01/35 EUR 70.57 6.500 08/15/35 EUR 65.61 6.000 06/30/45 EUR 60.93 NXP B.V. 8.630 10/15/15 EUR 72.84 8.630 10/15/15 EUR 72.67 Rabobank Groep N.V. 6.000 02/22/35 EUR 67.16 5.000 02/28/35 EUR 64.41 7.000 03/23/35 EUR 63.81 6.000 05/09/35 EUR 71.41 NORWAY ------ Kommunalbanken A.S. 0.500 02/07/13 AUD 70.73 Norske Skogindustrier ASA 7.000 06/26/17 EUR 60.85 SWEDEN ------ AB Svensk Export 0.500 03/27/13 AUD 70.94 SWITZERLAND ----------- UBS AG 1.000 06/28/12 NZD 74.57 1.000 07/30/12 NZD 74.16 UNITED KINGDOM -------------- Alliance & Leicester Plc 5.250 03/06/23 GBP 76.78 5.880 08/14/31 GBP 72.78 Anglian Water Finance Plc 2.400 04/20/35 GBP 49.85 BAA Plc 5.130 02/15/23 GBP 72.14 Bank of Scotland Plc 0.000 02/15/23 EUR 67.75 6.000 02/07/35 EUR 52.44 Britannia Building Society 5.880 03/28/33 GBP 81.36 FCE Bank Plc 7.130 01/16/12 EUR 73.10 Ford Credit Europe Plc 7.130 01/15/13 EUR 70.57 Ineos Group Holding 7.880 02/15/16 EUR 71.17 7.880 02/15/16 EUR 70.64 Lloyds TSB Bank Plc 6.210 12/14/37 EUR 60.31 Louis No. 1 Plc 8.500 12/01/14 EUR 71.21 National Grid Gas Plc 1.754 10/17/36 GBP 40.33 1.771 03/30/37 GBP 40.25 Rexam Plc 6.750 06/29/67 EUR 72.24 Royal BK Scotland 7.000 06/09/25 EUR 67.58 3.310 06/29/30 EUR 65.35 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jason Nieva, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo-Sala, Pius Xerxes Tovilla and Marites Claro, Editors. Copyright 2008. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. 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