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