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 Wednesday, March 19, 2008, Vol. 9, No. 56 Headlines A U S T R I A IES LLC: Claims Registration Period Ends April 9 KLARO VERTRIEB: Claims Registration Period Ends March 20 MALEREI OSIKA: Claims Registration Period Ends March 20 OASIS FITNESS: Claims Registration Period Ends April 24 SCIENTIFIC GAMES: Signs Two Six-Year Deals with Nassau Company D E N M A R K CLEAR CHANNEL: Closes Sale of Television Group for US$1.1 Bil. F R A N C E DELPHI CORP: S&P Still Expects to Designate 'B' Corporate Rating * Paris Court Releases Jerome Kerviel Pending Scandal Probe G E O R G I A CANARGO ENERGY: L J Soldinger Expresses Going Concern Doubt G E R M A N Y ABC-MODELLSPORT GMBH: Claims Registration Ends April 9 AIDAMA ALUMINIUM: Claims Registration Period Ends April 8 AMATO BAUREGIE: Claims Registration Ends April 9 AUTOHAUS BARMSTEDT: Claims Registration Ends April 9 B.A.S. BIOGAS: Claims Registration Ends April 9 BAUUNTERNEHMUNG M. LOERS: Claims Registration Ends April 8 BESTATTUNGSINSTITUT HANNA: Claims Registration Ends April 9 DRESDNER BANK: Fitch Cuts Individual Rating to 'C' from 'B/C' EPOS24 LOGISTIC: Claims Registration Ends April 9 FIRST BEST: Claims Registration Period Ends April 8 GWA-ARMATUREN: Claims Registration Period Ends April 8 J. KOERKEMEYER: Claims Registration Period Ends April 8 JUMBO PERSONALDIENSTLEISTUNGEN: Claims Period Ends March 27 KARABEYAZ TRANS: Claims Registration Period Ends April 8 KCR HANDELS: Claims Registration Period Ends April 8 KHT CONSULTING: Claims Registration Period Ends March 26 KIESEL GEBAUDETECHNIK: Claims Registration Period Ends March 31 KIST KOPIER: Claims Registration Period Ends April 8 RB FOLIEN: Claims Registration Period Ends March 31 RUEDEN GROHN-DELILLE: Claims Registration Period Ends April 7 SASCO GMBH: Claims Registration Period Ends April 7 VITO DESIGN: Claims Registration Period Ends March 25 WMG HOTEL-UND: Claims Registration Period Ends April 7 H U N G A R Y BABOLNA ZRT: Heavy Debts Cue Asset Manager to Liquidate Farm I R E L A N D COMMSCOPE INC: Earns US$37.6 Million in 2007 Fourth Quarter I T A L Y WIND TELECOMUNICAZIONI: Fitch Holds Ratings, Outlook is Stable K A Z A K H S T A N BORG COMPUTERS: Creditors Must File Claims by April 18 CANARGO ENERGY: L J Soldinger Expresses Going Concern Doubt DEKO PLUS: Claims Deadline Slated for April 18 EVRAZ TECH: Claims Filing Period Ends April 18 INSTRUM GROUP: Creditors' Claims Due on April 18 JYBEK JOLY: Claims Registration Ends April 18 KAZ TRANS: Creditors Must File Claims by April 18 KK STROYCOM: Claims Deadline Slated for April 18 MARAL 2 LLP: Claims Filing Period Ends April 18 NURJAN LLP: Creditors' Claims Due on April 18 SHELLSTROI LLP: Claims Registration Ends April 18 K Y R G Y Z S T A N GALLILEI LLC: Creditors Must File Claims by April 22 GRATIS LTD: Claims Filing Period Ends April 22 N E T H E R L A N D S VITESSE ARNHEM: City Council Saves Football Club from Bankruptcy R U S S I A CHEREMKHHOVSKOE GRAIN: Court Names A. Ilyin to Manage Assets COMSTAR-UNITED: Acquires Telematic License for Volgograd Region DALNEGORSK-WOOD: Creditors Must File Claims by April 22 DVIN LLC: Court Starts Bankruptcy Supervision Procedure IR-OSA-WOOD: Creditors Must File Claims by March 22 KOPEYKA: S&P Says Ratings Remain on Developing CreditWatch MAGNITOGORSK IRON: Earns US$1.77 Billion for Full Year 2007 MITEX CJSC: Creditors Must File Claims by April 22 MOTOR TRANSPORT 3: Court Starts Bankruptcy Supervision Procedure NOVOSELSKOE CJSC: Creditors Must File Claims by March 22 OCEAN LLC: Creditors Must File Claims by March 22 OSOKINSKOE CJSC: Omsk Bankruptcy Hearing Slated for May 27 PROFIT LLC: Creditors Must File Claims by April 22 ROSNEFT OIL: Repays US$5.2 Billion of Bridge Loan SEVERSTAL OAO: Earns US$1.94 Billion for Year Ended December 31 SEVERSTAL OAO: Unit Wins Exploration for Nerchenskaya Gold Field SISTEMA JSFC: Sells Sahles to Saturn for US$190 Million STAVOLGRI CJSC: Creditors Must File Claims by March 22 TATNEFT OAO: Files International Arbitration Against Ukraine TMK OAO: SSAB Deal Prompts S&P to Revise Outlook to Negative TRUST STERLITAMAK-STROY: Creditors Must File Claims by April 22 TSELINNYJ CJSC: Creditors Must File Claims by April 22 TUKAY-GAS-ENERGO-SERVICE: Creditors Must File Claims by March 22 S P A I N SEOP OBRAS: Seeks Bankruptcy Protection in Madrid Court U K R A I N E NAFTOGAZ UKRAINY: Reaches New Supply Deal with Gazprom TATNEFT OAO: Files International Arbitration vs. Governement * Fitch Affirms Ukraine's Ratings on Solid Growth U N I T E D K I N G D O M ABITIBIBOWATER INC: Moody's Junks Corporate Family Ratings BAA LTD: Transport Select Committee Calls for Breakup BAA LTD: Files Stansted Runway Application Amidst Breakup Call BAA LTD: Civil Aviation Authority Recommends Regulatory Reforms BCCL REALISATIONS: Brings In Liquidators from Vantis BODY SHOP: Joint Liquidators Take Over Operations BURGUNDY GLOBAL: Hires Liquidators from Vantis CARLYLE CAPITAL: Enters Into Compulsory Liquidation CYGNAL TECHNOLOGIES: Court OKs CCAA Joint Plan of Arrangement DAMAGEMENT LTD: Calls In Liquidators from Vantis DESEO LOCKING: Claims Filing Period Ends May 6 ETN MANAGEMENT: Names Christopher Benjamin Barrett Liquidator FAMOUS CLUBS: Claims Filing Period Ends May 6 FEDERAL-MOGUL CORP: Earns US$1.4 Billion in Fiscal Year 2007 GSC REALISATIONS: Taps Liquidators from Vantis HERON BOATS: Calls In Liquidators from Mazars HOYLAND FOX : Taps Joint Administrators from BDO Stoy INVENSYS PLC: Fitch Withdraws BB Rating on Senior Notes KLASS ACT: Appoints Ian William Kings as Liquidator LAUREL PUB: May Opt for Administration After Failed Asset Sale NEW CAP: Creditors' Meeting Slated for April 16 NORTHERN ROCK: May Become Uncompetitive Under EU State Aid Rules NORTHERN ROCK: Abuses Government Deposit Guarantee, Rivals Say NORTHERN ROCK: Fitch Says Ratings on Securities Remain Stable PETROLEOS DE VENEZUELA: UK Judge Delays Ruling on Exxon Lawsuit PETROLEOS DE VENEZUELA: To Sign Some Oil Deals in Euros PETROLEOS DE VENEZUELA: Books US$3.5 Bil. Net Profit in 2007 PUBLIC ADDRESS: Taps Liquidators from Tenon Recovery REVEAL RETAIL: Appoints Tenon Recovery as Administrators SCANDSTICK UK: Brings In Joint Administrators from Kroll TANGO FINANCE: Moody's Downgrades Ratings on Income Notes to C * Beard Audio Presents: "Understanding CDS Contract Risks" ********* ============= A U S T R I A ============= IES LLC: Claims Registration Period Ends April 9 ------------------------------------------------ Creditors owed money by LLC IES (FN 222859i) have until April 9, 2008, to file written proofs of claim to court-appointed estate administrator Brigitte Stampfer at: Dr. Brigitte Stampfer Stadlergasse 27 1130 Vienna Austria Tel: 877 33 30 Serie E-mail: ra-stampfer@utanet.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on April 23, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 18, 2008 (Bankr. Case No. 2 S 20/08s). KLARO VERTRIEB: Claims Registration Period Ends March 20 -------------------------------------------------------- Creditors owed money by LLC KLARO Vertrieb (FN 254526d) have until March 20, 2008, to file written proofs of claim to court- appointed estate administrator Gerd Weidacher at: Mag. Gerd Weidacher Business Park 4 8200 Gleisdorf Austria Tel: 03112/27344 Fax: 03112/27348 E-mail: gleisdorf@reifundpartner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:50 a.m. on March 27, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 222 Second Floor Graz Austria Headquartered in Kaindorf, Austria, the Debtor declared bankruptcy on Feb. 18, 2008 (Bankr. Case No. 26 S 22/08t). MALEREI OSIKA: Claims Registration Period Ends March 20 ------------------------------------------------------- Creditors owed money by KEG Malerei Osika (FN 260485t) have until March 20, 2008, to file written proofs of claim to court- appointed estate administrator Eva-Maria Maierhofer at: Mag. Eva-Maria Maierhofer Dr.-Arthur Lemisch Platz 2 9020 Klagenfurt Austria Tel: 0463/504770 Fax: 0463/504771 E-mail: e.m.maierhofer@chello.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on April 1, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Meeting Room 225 Second Floor Klagenfurt Austria Headquartered in Klagenfurt, Austria, the Debtor declared bankruptcy on Feb. 18, 2008 (Bankr. Case No. 40 S 9/08a). OASIS FITNESS: Claims Registration Period Ends April 24 ------------------------------------------------------- Creditors owed money by LLC OASIS Fitness & Co Baumkirchnerring 6 KG (FN 269517z) have until April 24, 2008, to file written proofs of claim to court-appointed estate administrator Matthias Schmidt at: Dr. Matthias Schmidt c/o Dr. Florian Gehmacher Dr. Karl Lueger-Ring 12 1010 Vienna Austria Tel: 533 16 95 Fax: 535 56 86 E-mail: schmidt@preslmayr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:50 a.m. on May 8, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 18, 2008 (Bankr. Case No. 6 S 27/08z ). Florian Gehmacher represents Dr. Schmidt in the bankruptcy proceedings. SCIENTIFIC GAMES: Signs Two Six-Year Deals with Nassau Company -------------------------------------------------------------- Scientific Games Corp. signed two new contracts with Nassau Regional Off-Track Betting Corporation. The first replaces the existing totalisator services agreement for the provision of wagering systems hardware, software, service, wagering devices and a new digital Interactive Voice Response (IVR) telephone wagering system. The second provides for the implementation of a new Trackplay(TM) advanced deposit wagering website. The two contracts have a term of six years and are expected to generate annual revenue of approximately US$2 million. Under the new totalisator services agreement, Scientific Games will install BetJet(TM) terminals featuring the ClearBet(TM) user interface at Nassau Regional Off-Track Betting Corp. branches and will provide a new APT(TM) Player Tracking and Rewards System. The fully-integrated APT system will allow patrons to access information about their rewards accounts directly from BetJet terminals. The second contract provides a Trackplay(R) Internet wagering website to compliment the existing Off-Track Betting-based and telephone/IVR advanced deposit wagering services and offer a full suite of systems through which Nassau Regional Off-Track Betting Corp. will offer secure wagering at the Off-Track Betting branches, and via telephone and internet. These services will be offered pursuant to all local and state regulatory requirements. Launch of the Internet wagering website http://www.nassauotb.com,the new digital IVR and new APT Player Tracking and Rewards system will occur in the first half of 2008. "After decades of working with Nassau Regional Off-Track Betting Corp., it is very gratifying to extend our relationship to include the full spectrum of our advanced deposit wagering and value-added products," said Scientific Games Racing President, Brooks Pierce. "We are very proud of this partnership and look forward to a long and healthy future with Nassau OTB." Nassau Regional Off-Track Betting Corp. President, Dino Amoroso stated, "We are very excited about these upgrades in technology and equipment that will allow us to enhance our patrons wagering experience at virtually every touch point: at the branches, over the phone or over the Internet. The company has always strived to offer our customers the very best wagering experience while achieving operational efficiency and we believe that, with these new technologies from Scientific Games, NROTB will serve as the model for future full-service pari-mutuel wagering operations." About Scientific Games Headquartered in New York City, Scientific Games Corporation (Nasdaq: SGMS) - http://www.scientificgames.com/-- is an integrated supplier of instant tickets, systems and services to lotteries worldwide. The company is a supplier of fixed odds betting terminals and systems, amusement and skill with prize betting terminals, interactive sports betting terminals and systems, and wagering systems and services to pari-mutuel operators. It is also a licensed pari-mutuel gaming operator in Connecticut, Maine and the Netherlands and is a supplier of prepaid phone cards to telephone companies. Scientific Games' customers are in the United States and more than 60 other countries. The company has additional productions and operating facilities located in Austria, Chile and the United Kingdom. * * * Moody's Investor Services placed Scientific Games Corporation's probability of default rating at 'Ba2' in September 2006. The rating still hold to date with a stable outlook. ============= D E N M A R K ============= CLEAR CHANNEL: Closes Sale of Television Group for US$1.1 Bil. -------------------------------------------------------------- Clear Channel Communications Inc. disclosed Friday that it has completed the sale of its Television Group to Newport Television LLC for US$1.1 billion, subject to certain closing items including proration of expenses and adjustments for working capital. As reported in the Troubled Company Reporter on Dec. 5, 2007, Clear Channel Communication Inc. received approval from the Federal Communications Commission to sell 35 television stations to Newport Television LLC, a private equity firm controlled by Providence Equity Partners Inc.. About Clear Channel Based in San Antonio, Texas, Clear Channel Communications Inc. (NYSE:CCU) -- http://www.clearchannel.com/-- is a media and entertainment company specializing in "gone from home" entertainment and information services for local communities and premiere opportunities for advertisers. The company's businesses include radio, television and outdoor displays. Outside U.S., the company operates in 11 countries -- Norway, Denmark, the United Kingdom, Singapore, China, the Czech Republic, Switzerland, the Netherlands, Australia, Mexico and New Zealand. * * * As reported in the Troubled Company Reporter-Europe on Jan. 31, 2008, Standard & Poor's Ratings Services said its ratings on Clear Channel Communications Inc., including the 'B+' corporate credit rating, remain on CreditWatch with negative implications. S&P originally placed them on CreditWatch on Oct. 26, 2006, following the company's announcement that it was exploring strategic alternatives to enhance shareholder value. =========== F R A N C E =========== DELPHI CORP: S&P Still Expects to Designate 'B' Corporate Rating ---------------------------------------------------------------- Standard & Poor's Ratings Services still expects to assign a 'B' corporate credit rating to Delphi Corp. if the company emerges from bankruptcy in early April. This rating expectation is consistent with S&P's commentary on Jan. 9, 2008. "Recent changes to Delphi's proposed exit financing do not affect our view of Delphi's highly leveraged financial profile," said Standard & Poor's credit analyst Gregg Lemos Stein. "We still expect the outlook to be negative." However, S&P has revised its expected issue-level ratings because changes to the structure of the proposed financings have affected relative recovery prospects among the various term loans. S&P's expected ratings are: -- The US$1.7 billion "first out" first-lien term loan B-1 is expected to be rated 'BB-' (two notches higher than the expected corporate credit rating on Delphi), with a '1' recovery rating, indicating the expectation of very high (90%-100%) recovery in the event of payment default. -- The US$2 billion "second out" first-lien term loan B-2 is expected to be rated 'B' (equal to the corporate credit rating), with a '4' recovery rating, indicating the expectation of average (30%-50%) recovery in the event of payment default. -- The US$825 million second-lien term loan is expected to be rated 'B-' (one notch lower than the corporate credit rating), with a '5' recovery rating, indicating the expectation of modest (10%-30%) recovery in the event of payment default. Delphi's emergence could occur in early April, although significant potential obstacles remain, including the currently difficult credit market conditions and other factors. These expected ratings are based on preliminary terms and conditions and assume successful placement of the loans as represented to us. In addition, these expected ratings are subject to substantial consummation of Delphi's confirmed plan of reorganization, and to S&P's receipt and satisfactory review of final documentation. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. The Court confirmed the Debtors' First Amended Plan on Jan. 25, 2008. * Paris Court Releases Jerome Kerviel Pending Scandal Probe ----------------------------------------------------------- An appeals court in Paris has ordered the release of Jerome Kerviel, the former trader blamed for EUR4.9 billion losses at Societe Generale SA, pending investigation, Nicola Clark writes for The New York Times. The court placed Mr. Kerviel under judicial supervision and forbid him to leave France for the duration of the probe, New York Times relates. Lawyers in the case told the New York Times that the court also barred Mr. Kerviel from contacting his former colleagues at Societe Generale and around 20 people. Mr. Kerviel walked free from the Sante Prison on March 18, 2008, since he was held in custody Feb. 8, 2008. The Paris prosecutor�s office had opposed Mr. Kerviel's release, arguing that he could either flee or intefere with the case's witnesses and evidence, The New York Times said. The prosecutor had also expressed concerns on Mr. Kerviel's mental state. Christopher Mesnooh, a Paris-based international business lawyer, told the New York Times that the decision suggests that Mr. Kerviel is no longer a flight risk and that he will not compromise the ongoing investigation,. Mr. Mesnooh, however, stressed that that ruling "does not represent any kind of implicit recognition that he is not guilty of what he has been accused of." ============= G E O R G I A ============= CANARGO ENERGY: L J Soldinger Expresses Going Concern Doubt ----------------------------------------------------------- L J Soldinger Associates LLC raised substantial doubt about the ability of CanArgo Energy Corporation to continue as a going concern after it audited the company's financial statements for the year ended Dec. 31, 2007. The auditor pointed reported that the company has incurred net losses since inception and does not have sufficient funds to execute its business plan or fund operations through the end of 2008. Management estimates its current cash will last through to the third quarter 2008. In addition, the company is restricted from incurring additional debt obligations unless it receives permission from its current lenders. The company incurred net losses from continuing operations to common stockholders of approximately US$65,315,000 US$54,432,000 and US$12,522,000 for the years ended Dec. 31, 2007, 2006, and 2005, respectively. These net losses included non-cash charges related to depreciation and depletion, impairments, loan interest, amortization of debt discount, extinguishment of debt and stock-based compensation of approximately US$61,936,000, US$48,213,000 and US$7,175,000 for the years ended Dec. 31, 2007, 2006, and 2005, respectively. CanArgo Energy posted a net loss of US$53,777,214 on total sales of US$7,208,666 for the year ended Dec. 13, 2007, as compared with a net loss of US$60,540,851 on total sales of US$6,526,660 in the prior year. In the years ended Dec. 31, 2007 and 2006, the company's revenues from its Georgian operations did not cover the costs of its operations. At Dec. 31, 2007, the company had unrestricted cash and cash equivalents available for general corporate use or for use in the Georgian operations of about US$6,869,000. In 2007, the company experienced a net cash outflow from operations of about US$1,800,000 in Georgia. In addition, the company has a planned capital expenditure budget in 2008 of about US$12,000,000 in Georgia. The exploration and development wells currently undergoing or waiting to undergo production testing in Georgia currently do not produce enough commercially available quantities of oil and or gas and the company will not have sufficient working capital and may have to delay or suspend its capital expenditure plans and possibly make cutbacks in its operations. At Dec. 31, 2007, the company's balance sheet showed US$59,552,077 in total assets, US$19,423,727 in total liabilities, and US$38,008,820 in stockholders' equity. The company's consolidated balance sheet at Dec. 31, 2007, showed strained liquidity with US$8,172,654 in total current assets available to pay US$7,457,998 in total current liabilities. A full-text copy of the company's 2007 annual report is available for free at: http://ResearchArchives.com/t/s?2937 About CanArgo Energy CanArgo Energy Corporation (AMEX: CNR) -- http://www.canargo.com -- acquires, explores, develops, produces, and markets crude oil and natural gas primarily in Georgia and the Republic of Kazakhstan. The company's properties include the Ninotsminda Field covering approximately 3,276 acres located approximately 25 miles north east of the Georgian capital, Tbilisi; and the Kyzyloi Gas Field covering an area of approximately 70,919 gross acres and Akkulka block in Kazakhstan. As of Dec. 31, 2006, it had proved developed and undeveloped gross reserves of 3.379 million barrels of oil and 2.808 billion cubic feet of gas. The company was founded in 1971 and is headquartered in St. Peter Port, British Isles. ============= G E R M A N Y ============= ABC-MODELLSPORT GMBH: Claims Registration Ends April 9 ------------------------------------------------------ Creditors of abc-Modellsport GmbH & Co. KG have until April 9, 2008 to register their claims with court-appointed insolvency manager Dr. Martin Mildenberger. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenburg Hall 0.005 Hindenburgstr. 5 77654 Offenburg 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. Martin Mildenberger Bertha-von-Suttner-Str.3 77654 Offenburg Germany The District Court of Offenburg opened bankruptcy proceedings against abc-Modellsport GmbH & Co. KG on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: abc-Modellsport GmbH & Co. KG Berghauptener Str.21 77723 Gengenbach Germany AIDAMA ALUMINIUM: Claims Registration Period Ends April 8 --------------------------------------------------------- Creditors of AIDaMa Aluminium Bau GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Peter Depre. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landau in der Pfalz Hall 223 Marienring 13 76829 Landau in der Pfalz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter Depre O4 13-16 68161 Mannheim Germany Tel: 0621-12078-0 The District Court of Landau in der Pfalz opened bankruptcy proceedings against AIDaMa Aluminium Bau GmbH on Feb. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AIDaMa Aluminium Bau GmbH Marktstr. 40 76831 Billigheim-Ingenheim Germany AMATO BAUREGIE: Claims Registration Ends April 9 ------------------------------------------------ Creditors of Amato Bauregie GmbH have until April 9, 2008 to register their claims with court-appointed insolvency manager Joerg Trittermann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 7, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Braunschweig Hall E 01 Martinikirche 8 38100 Braunschweig 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: Joerg Trittermann Lessingplatz 9, D 38100 Braunschweig Germany Tel: (0531) 1206875 Fax: (0531) 1206880 E-mail: insolvenz@trittermann.de The District Court of Braunschweig opened bankruptcy proceedings against Amato Bauregie GmbH on Feb. 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Amato Bauregie GmbH Attn: Rudolf Jung, Manager Berliner Platz 1c 38102 Braunschweig Germany AUTOHAUS BARMSTEDT: Claims Registration Ends April 9 ---------------------------------------------------- Creditors of Autohaus Barmstedt GmbH have until April 9, 2008 to register their claims with court-appointed insolvency manager Dr. Max-Reinhard Winter. Creditors and other interested parties are encouraged to attend the meeting at 8:30 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 Pinneberg Hall 3 First Floor Bahnhofstrasse 17 25421 Pinneberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Max-Reinhard Winter Dockenhudener Strasse 20 22587 Hamburg Germany The District Court of Pinneberg opened bankruptcy proceedings against Autohaus Barmstedt GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Barmstedt GmbH Attn: Ulrich Helms, Manager Schusterring 2-4 25355 Barmstedt Germany B.A.S. BIOGAS: Claims Registration Ends April 9 ----------------------------------------------- Creditors of B.A.S. Biogas Anlagen Systeme GmbH have until April 9, 2008 to register their claims with court-appointed insolvency manager Dr. Klaus Pannen. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Meldorf Hall II First Floor Domstrasse 1 25704 Meldorf 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. Klaus Pannen Neuer Wall 25 Schleusenbruecke 1 20354 Hamburg Germany Tel: 040/320857-120 The District Court of Meldorf opened bankruptcy proceedings against B.A.S. Biogas Anlagen Systeme GmbH on Feb. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: B.A.S. Biogas Anlagen Systeme GmbH Attn: Bernd Schlagregen and Sebastian Bovensiepen, Managers Hauptstrasse 11 25782 Tellingstedt Germany BAUUNTERNEHMUNG M. LOERS: Claims Registration Ends April 8 ---------------------------------------------------------- Creditors of Bauunternehmung M. Loers Nachfolger GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Dr. Joerg Behrends. Creditors and other interested parties are encouraged to attend the meeting at 2:45a p.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 Oldenburg Meeting hall Second Floor Elisabethstrasse 6 26135 Oldenburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Joerg Behrends Scheideweg 161 26127 Oldenburg Germany Tel: 0441-3616220 Fax: 0441-36162229 The District Court of Oldenburg opened bankruptcy proceedings against Bauunternehmung M. Loers Nachfolger GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bauunternehmung M. Loers Nachfolger GmbH Trommelweg 35 26123 Oldenburg Germany BESTATTUNGSINSTITUT HANNA: Claims Registration Ends April 9 ----------------------------------------------------------- Creditors of Bestattungsinstitut Hanna Risy GmbH have until April 9, 2008 to register their claims with court-appointed insolvency manager Volker Rodemeier. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wolfsburg Hall D Rothenfelder Strasse 43 38440 Wolfsburg 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: Volker Rodemeier Bahnhofstrasse 17 38442 Wolfsburg-Fallersleben Germany Tel: 05362/50 55 5-0 Fax: 05362/50 55 5-0-11 E-Mail: CGVR@wolfsburg.de The District Court of Wolfsburg opened bankruptcy proceedings against Bestattungsinstitut Hanna Risy GmbH on Feb. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bestattungsinstitut Hanna Risy GmbH Bebelstr. 9 38440 Wolfsburg Germany Attn: Hanna Risy, Manager Tucholskystr. 1 38440 Wolfsburg Germany DRESDNER BANK: Fitch Cuts Individual Rating to 'C' from 'B/C' ------------------------------------------------------------- Fitch Ratings downgraded Dresdner Bank AG's Individual rating to 'C' from 'B/C'. At the same time, the agency has affirmed the bank's Long-term Issuer Default rating (IDR) at 'A+' with Stable Outlook, Short-term IDR at 'F1+', Support rating at '1' and Support Rating Floor at 'A-' (A minus). The Long-term ratings of Dresdner's hybrid instruments are affirmed at 'A'. The rating action reflects Fitch's expectation that Dresdner's profitability will have deteriorated in the turbulent first months of 2008, that it is likely to remain under pressure in the coming quarters and that the bank faces high operational risk from the announced split of its business with private and corporate clients and its investment banking activities into separate legal entities. "Fitch believes that the announced reorganisation, carried out in the current difficult capital market environment, could negatively impact the bank's profitability and franchise," says Anna Lozmann, Associate Director from Fitch's Financial Institutions team. The bank's owner, Allianz SE (Allianz, rated 'AA-' (AA minus)/Stable Outlook), Germany's largest insurance group, is said to target increasing the flexibility of the group to actively participate in the consolidation process. It remains to be seen which strategic options Allianz will pursue with regard to its banking activities. In 2007, Dresdner's reported net income halved compared to 2006, reflecting EUR1.5bn losses on the portfolio of asset-backed and other credit-related securities. Stable underlying revenues of its Private and Corporate Clients unit, loan impairment reversals and declining costs could only partially offset the negative impact. Dresdner's substantial credit related securities portfolio makes the bank vulnerable to the further market downturn. The bank reported approximately EUR400m losses on credit-related securities for January 2008. Announced support for structured investment vehicle K2, sponsored by the bank, will weigh on the bank's capitalisation and liquidity. Support provided to K2 up to date can be comfortably accommodated by the bank, thanks to its still strong capital base and comfortable liquidity position. Although having decreased, Fitch's eligible capital ratio, which adjusts for losses carried forward, goodwill, revaluation reserves and eligible hybrid capital, was at 8.5% (at end-2007), still at comfortable level compared to its peers. The strong quality of the bank's loan book should help Dresdner to accommodate further losses relating to the turmoil. Dresdner's IDRs and Support rating are based on extremely high likelihood of support from its parent Allianz should this ever be needed. Dresdner's hybrid capital has been issued by Dresdner Funding Trust I, II, III, and IV (dated silent participations), HT1 Funding GmbH's (perpetual Tier 1 securities) and UT2 Funding plc's (dated Upper Tier 2 securities). These issues are rated at one notch below Dresdner's Long-Term IDR, in line with the agency's notching policy. EPOS24 LOGISTIC: Claims Registration Ends April 9 ------------------------------------------------- Creditors of epos24 Logistic GmbH have until April 9, 2008 to register their claims with court-appointed insolvency manager Dr. Petra Mork. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on May 6, 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 Dortmund Meeting Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund 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. Petra Mork Arndtstr. 28 44135 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against epos24 Logistic GmbH on Feb. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: epos24 Logistic GmbH Roemerstr. 18 59075 Hamm Germany Attn: Peter Hornik and Timo Kipka, Managers Holderbachweg 6 CHE-8046 Zurich Switzerland FIRST BEST: Claims Registration Period Ends April 8 --------------------------------------------------- Creditors of first best GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Gideon Boehm. 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 Reinbek Parkallee 6 21465 Reinbek 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. Gideon Boehm Bachstr. 85 a 22083 Hamburg Germany The District Court of Reinbek opened bankruptcy proceedings against first best GmbH on Feb. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: first best GmbH Attn: Pamela and Christian Steffen, Managers Gutenbergstr. 32 21465 Reinbek Germany GWA-ARMATUREN: Claims Registration Period Ends April 8 ------------------------------------------------------ Creditors of GWA-Armaturen GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Ruediger Bauch. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on May 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Magdeburg Hall 13 Justizzentrum Magdeburg Breiter Weg 203-206 39104 Magdeburg 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: Ruediger Bauch Schleinufer 11 39104 Magdeburg Germany Tel: 0391/5354-0 Fax: 0391/5354-100 E-mail: RBauch@schubra.de The District Court of Magdeburg opened bankruptcy proceedings against GWA-Armaturen GmbH on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GWA-Armaturen GmbH Brockenblick 11 38871 Ilsenburg Germany J. KOERKEMEYER: Claims Registration Period Ends April 8 ------------------------------------------------------- Creditors of J. Koerkemeyer Tiefbau GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Norbert Kuepper. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on April 29, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 101B First Floor Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Norbert Kuepper Paderborner Str. 11 33415 Verl Germany Tel: 05246/9275-0 Fax: +495246927511 The District Court of Muenster opened bankruptcy proceedings against J. Koerkemeyer Tiefbau GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: J. Koerkemeyer Tiefbau GmbH Attn: Juergen K�rkemeyer, Manager Bunsenstrasse 26 59229 Ahlen Germany JUMBO PERSONALDIENSTLEISTUNGEN: Claims Period Ends March 27 ----------------------------------------------------------- Creditors of Jumbo Personaldienstleistungen Verwaltungs- und Beteiligungs-GmbH have until March 27, 2008, to register their claims with court-appointed insolvency manager Ralph Schmid. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on April 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 112 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ralph Schmid Duelmener Str. 92 48653 Coesfeld Germany Tel: 02541/915-01 Fax: 02541-915600 The District Court of Muenster opened bankruptcy proceedings against Jumbo Personaldienstleistungen Verwaltungs- und Beteiligungs-GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Jumbo Personaldienstleistungen Verwaltungs- und Beteiligungs-GmbH Attn: Jutta Bietmann, Manager Kolpingstrasse 6 48329 Havixbeck Germany KARABEYAZ TRANS: Claims Registration Period Ends April 8 -------------------------------------------------------- Creditors of Karabeyaz Trans GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Jochen Horch. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn 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: Jochen Horch Keplerstrasse 7 74072 Heilbronn Germany Tel: 07131/7801-33 Fax: 07131/7801-11 The District Court of Heilbronn opened bankruptcy proceedings against Karabeyaz Trans GmbH on March 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Karabeyaz Trans GmbH Industriestrasse 5 74343 Sachsenheim Germany KCR HANDELS: Claims Registration Period Ends April 8 ---------------------------------------------------- Creditors of KCR Handels GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Oliver Liersch. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 6, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wolfsburg Hall D Rothenfelder Strasse 43 38440 Wolfsburg 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. Oliver Liersch Damm 18 38100 Braunschweig Germany Tel: 0531/38848-10 Fax: 0531/38848-11 E-mail: OLiersch@schubra.de Web site: http://www.schubra.de/ The District Court of Wolfsburg opened bankruptcy proceedings against KCR Handels GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KCR Handels GmbH Lindenstr. 2 38350 Helmstedt Germany KHT CONSULTING: Claims Registration Period Ends March 26 -------------------------------------------------------- Creditors of KHT-Consulting Verwaltungsgesellschaft mbH have until March 26, 2008, to register their claims with court- appointed insolvency manager Peter Depre. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 7, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter Depre O 4, 13-16 68161 Mannheim Germany The District Court of Karlsruhe opened bankruptcy proceedings against KHT-Consulting Verwaltungsgesellschaft mbH on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KHT-Consulting Verwaltungsgesellschaft mbH Attn: Gabriela Lennartz, Manager Joehlinger Str. 118 76356 Weingarten Germany KIESEL GEBAUDETECHNIK: Claims Registration Period Ends March 31 --------------------------------------------------------------- Creditors of Kiesel Gebaudetechnik GmbH have until March 31, 2008, to register their claims with court-appointed insolvency manager Georg Kreplin. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 21, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 388 Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Georg Kreplin Breite Strasse 27 40213 DuesseldorfForderungen Germany The District Court of Duesseldorf opened bankruptcy proceedings against Kiesel Gebaudetechnik GmbH on March 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kiesel Gebaudetechnik GmbH Himmelgeister Strasse 127 40225 Duesseldorf Germany Attn: Uwe Boettcher, Manager Erlenstrasse 20 41470 Neuss Germany KIST KOPIER: Claims Registration Period Ends April 8 ---------------------------------------------------- Creditors of Kist Kopier- und Drucksysteme GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Juergen Wallner. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 6, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 145 First Floor Bernhard Goering Strasse 64 04275 Leipzig 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. Juergen Wallner Karl-Heine-Strasse 25b 04229 Leipzig Germany Tel: 0341-2534760 Fax: 0341-2534761 The District Court of Leipzig opened bankruptcy proceedings against Kist Kopier- und Drucksysteme GmbH on Feb. 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kist Kopier- und Drucksysteme GmbH Attn: Andreas Beyer, Manager Neumarkt 9-19 04109 Leipzig Germany RB FOLIEN: Claims Registration Period Ends March 31 --------------------------------------------------- Creditors of RB Folien GmbH have until March 31, 2008, to register their claims with court-appointed insolvency manager Dr. Christoph Niering. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on April 21, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Hall S 2.18 William-Strasse 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christoph Niering Bundeskanzlerplatz 2-10 53113 Bonn Germany Tel: 0228/2673492 Fax: 0228/267495 The District Court of Bonn opened bankruptcy proceedings against RB Folien GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RB Folien GmbH Attn: Ulrich Neumann, Manager Aggerhuette 2 53797 Lohmar Germany RUEDEN GROHN-DELILLE: Claims Registration Period Ends April 7 ------------------------------------------------------------- Creditors of Rueden Grohn-Delille & Collegen GmbH have until April 7, 2008 to register their claims with court-appointed insolvency manager Berthold Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 1:10 p.m. on May 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Berthold Brinkmann Freiligrathstrasse 1 18055 Rostock Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Rueden, Grohn-Delille & Collegen GmbH on Feb. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rueden, Grohn-Delille & Collegen GmbH Hohenzieritzer Str. 9 17235 Neustrelitz Germany SASCO GMBH: Claims Registration Period Ends April 7 --------------------------------------------------- Creditors of Sasco GmbH have until April 7, 2008, to register their claims with court-appointed insolvency manager Jan H. Wilhelm. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg 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: Jan H. Wilhelm Albert-Einstein-Ring 11/15 22761 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Sasco GmbH on Feb. 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sasco GmbH Hohe Bleichen 5 20354 Hamburg Germany VITO DESIGN: Claims Registration Period Ends March 25 ----------------------------------------------------- Creditors of Vito design GmbH & Co. KG have until March 25, 2008, to register their claims with court-appointed insolvency manager Dr. Ulf Martini. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 6, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe 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. Ulf Martini E 3, 16 68159 Mannheim Germany The District Court of Karlsruhe opened bankruptcy proceedings against Vito design GmbH & Co. KG on Feb. 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Vito design GmbH & Co. KG Attn: Vito Ianiello, Manager Zehntwiesenstr. 37 76275 Ettlingen Germany WMG HOTEL-UND: Claims Registration Period Ends April 7 ------------------------------------------------------ Creditors of WMG Hotel-und Gebaudereinigungs GmbH have until April 7, 2008 to register their claims with court-appointed insolvency manager Ottmar Hermann. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenbach am Main Hall 162N First Floor Kaiserstrasse 63065 Offenbach am Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ottmar Hermann Bleichstrasse 2-4 D 60313 Frankfurt am Main Germany Tel: 069/9130 920 Fax: 069/9130 9230 The District Court of Offenbach am Main opened bankruptcy proceedings against WMG Hotel-und Gebaudereinigungs GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WMG Hotel-und Gebaudereinigungs GmbH Berliner Strasse 2 63065 Offenbach am Main Germany Attn: Said-Azim Hosseini, Manager Seligenstadter Strasse 16 63322 Roedermark Germany ============= H U N G A R Y ============= BABOLNA ZRT: Heavy Debts Cue Asset Manager to Liquidate Farm ------------------------------------------------------------ Magyar Nemzeti Vagyonkezelo Zrt, Hungary's asset manager, has decided to liquidate Babolna Zrt due to heavy debts, Interfax News reports. MNV has been trying to sell Babolna to the private sector in the past decade, but failed to attract interested investors, Interfax News relates. The company incurred HUF24 billion in losses for financial years 2004 and 2005. According to Interfax, MNV will place on auction Balbona's remaining asset, a 5,000-hectare land, in the second half of 2008. Potential bidders include investors Tamas Leisztinger and Sandor Csanyi. Based in Hungary, Babolna Zrt, is a state-owned farming company. ============= I R E L A N D ============= COMMSCOPE INC: Earns US$37.6 Million in 2007 Fourth Quarter ----------------------------------------------------------- CommScope Inc. reported net income of US$37.6 million and sales of US$462.6 million for the fourth quarter ended Dec. 31, 2007. The reported net income includes after-tax charges of approximately US$3.1 million for interest on new term loans, write-off of deferred financing fees and acquisition-related expenses related to the acquisition of Andrew Corporation. Excluding these special items, adjusted fourth quarter 2007 earnings were US$40.6 million. For the fourth quarter 2006, CommScope reported net income of US$27.2 million and sales of US$393.7 million. The reported net income includes after-tax charges of US$1.1 million related to restructuring costs. Excluding this special item, adjusted fourth quarter 2006 earnings were US$28.3 million. For 2007, CommScope sales rose 18.9% to US$1.93 billion and net income rose 57.4% to US$204.8 million. This compares to sales of US$1.63 billion and net income of US$130.1 million for 2006. "Despite an uncertain economic environment, we are pleased to have delivered another record quarter and year while closing the acquisition of Andrew Corporation," said CommScope chairman and chief executive officer, Frank Drendel. "We believe that the ongoing, fundamental global demand for bandwidth will continue to drive the need for communications infrastructure-in both wired and wireless networks. "Both CommScope and Andrew claim a proud past and we believe that, together as one company, we have a promising future. We intend to execute on our previously announced cost reduction plans while we build upon our industry leading portfolio of products, broad geographic base and market diversity to create strong cash flow from operations in 2008. We have an experienced management team and solid competitive position. We remain confident in the long-term outlook for sales growth and profitability." Sales Overview Sales for the fourth quarter 2007 increased 17.5% year over year, primarily driven by increased volume in all three segments, with particular strength in the Carrier segment. Carrier segment sales increased 46.5% year over year to US$91.4 million. Sales rose significantly in all major Carrier product areas. CommScope experienced particularly strong international wireless sales of its ExtremeFlex(R) smooth wall aluminum cables for mobile cellular towers in the quarter. Integrated Cabinet Solutions (ICS) revenue increased as large domestic wireline carriers continue to deploy electronics deeper in their networks to offer higher bandwidth broadband and video services. Fourth quarter ICS sales reflect a less favorable product mix than previous quarters. Operating Income Operating income for the fourth quarter 2007 increased approximately 52.0% year over year to US$55.1 million, or 11.9% of sales. In the year-ago quarter, operating income was US$36.3 million, or 9.25. Excluding restructuring costs in the year ago quarter, operating income would have been US$38.1 million, or 9.7% of sales. Full Year 2007 Results CommScope reported sales of US$1.93 billion for 2007, and net income of US$204.8 million. The company's 2007 results included after-tax charges of approximately US$3.8 million related to interest on the new term loans associated with the Andrew acquisition, write-off of deferred financing fees, restructuring costs and acquisition costs. Excluding these special items, 2007 adjusted earnings would have been US$208.6 million. CommScope reported sales of US$1.62 billion for 2006, and net income of US$130.1 million. The company's 2006 results included an after-tax charge of US$8.1 million related to restructuring costs and an after-tax benefit of US$18.6 million related to a recovery on a note receivable from OFS BrightWave LLC. Excluding these special items, 2006 adjusted earnings would have been US$119.6 million. Andrew Acquisition and December Quarter Results On Dec. 27, CommScope completed its acquisition of Andrew Corporation for a total purchase price of approximately US$2.6 billion. In its December quarter, prior to the acquisition by CommScope, Andrew's unaudited results included revenues of US$546.2 million and an operating loss of US$24.7 million. Andrew's operating loss reflected merger costs of US$34.0 million, asset impairment of US$12.1 million, restructuring of US$4.8 million, intangible amortization of US$1.6 million and a gain on the sale of assets of US$900,000. CommScope's 2007 statements of operations and cash flows do not include any operating results for Andrew, which were immaterial for the four-day period between closing and December 31. "We are excited about the acquisition and the significant task of integrating CommScope and Andrew is well underway," said executive vice president and chief financial officer Jearld Leonhardt. "We face some headwinds with the recent volatility in raw material costs. Our calendar year 2008 guidance assumes the ability to recover higher costs, a stable business environment and includes the previously announced US$50 to US$60 million in cost reduction synergies. While we face some near term challenges, we believe that CommScope has a great foundation for success and that the Andrew team makes us even stronger. We look forward to another successful year." Balance Sheet At Dec. 31, 2007, the company's consolidated balance sheet showed US$5.11 billion in total assets, US$3.83 billion in total liabilities, and US$1.28 billion in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the year ended Dec. 31, 2007, are available for free at http://researcharchives.com/t/s?2920 About CommScope Inc. Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV) -- http://www.commscope.com/-- is a provider of infrastructure solutions for communication networks. CommScope is also a manufacturer of coaxial cable for broadband cable television networks and a provider of environmentally secure cabinets for DSL and FTTN applications. CommScope has facilities in Brazil, Australia, China and Ireland. * * * In October 2007, Standard & Poor's Ratings Services affirmed its ratings on CommScope Inc. and Andrew Corp. and removed them from CreditWatch, where they were placed on June 27, 2007, with negative implications. S&P also affirmed the 'BB-' corporate credit and 'B' subordinated debt ratings for both companies. The outlook is stable. ========= I T A L Y ========= WIND TELECOMUNICAZIONI: Fitch Holds Ratings, Outlook is Stable -------------------------------------------------------------- Fitch Ratings affirmed Wind Telecomunicazioni SpA's Long-term Issuer Default rating at 'BB-' (BB minus) and the Short-term IDR at 'B'. All instrument ratings are affirmed at their current levels. The Outlook for the Long-term IDR has been changed to Stable from Negative, following strong results and cash generation in 2007. The Negative Outlook assigned previously was a result of the agency's concerns over the willingness of the shareholders to reduce financial flexibility at Wind for the purposes of funding shareholder payments or refinancing the Wind Acquisition Holdings Finance SpA (WAHF) Holdco PIK instrument, which is currently outside the Wind restricted group operations. The proposed refinancing of the Holdco PIK was aborted as a result of the universal deterioration in credit market conditions in H207, and is unlikely, in the agency's view, to be successfully reintroduced this year, given the scale of the refinancing required (EUR1.8bn at YE07). Meanwhile, the shareholder has publicly stated that the final payment due to Enel SpA (Enel) in June 2008 of approximately EUR1bn will be funded outside the Wind restricted group at the level of Weather Investments, the parent company of Wind. "Although it remains the intention of the shareholder to refinance the Holdco PIK instrument at the Wind restricted group level when market conditions permit, it is Fitch's view that the company's net leverage, including the Holdco PIK, has now reduced to a level commensurate with a 'BB-' (BB minus) rating, and thus the Outlook can be stabilised," says Michelle De Angelis, Senior Director in Fitch's Leveraged Finance team. "Furthermore, since current market conditions will not yet permit such a refinancing to take place, the company is very likely to deleverage further before it occurs." Whilst an eventual refinancing of the Holdco PIK within the restricted group is already factored in to the Long-term IDR, it may have a negative effect on Wind's instrument ratings; for example, if new debt is senior to an existing instrument, it may result in lower anticipated recoveries in a distress scenario. However, the impact on individual instrument ratings cannot be determined until the structure of any such refinancing is finalised, and given the uncertain timeframe for this to occur, no rating action has been taken in this regard at this time. During 2007, Wind continued to perform strongly in an increasingly competitive market. Not only was the company able to maintain stable average revenues per user and increase revenues and EBITDA in its mobile division during the year, despite the elimination of prepaid recharge fees implemented by the Bersani decree, it also achieved top-line growth in its fixed-line division, indicating that the switchover from indirect to direct business is proceeding successfully. As a result of the EBITDA improvement and a prepayment of its senior facilities by EUR491m in December 2007, Wind's net debt to EBITDA reduced to 3.6x (4.6x including the Holdco PIK) from 4.2x at YE07. Upward movement in the rating could result from further debt prepayments and a consequent reduction in net leverage (including the Holdco PIK) to less than 4x EBITDA. The ratings are: -- Wind Telecomunicazioni SpA senior secured facilities: -- affirmed at 'BB+'; Outlook Stable -- Wind Finance SL S.A. second lien facilities: -- affirmed at 'BB+'; Outlook Stable -- Wind Acquisition Finance S.A. senior notes: -- affirmed at 'BB'; Outlook Stable =================== K A Z A K H S T A N =================== BORG COMPUTERS: Creditors Must File Claims by April 18 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Borg Computers insolvent on Jan. 25, 2008. Creditors have until April 18, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan CANARGO ENERGY: L J Soldinger Expresses Going Concern Doubt ----------------------------------------------------------- L J Soldinger Associates LLC raised substantial doubt about the ability of CanArgo Energy Corporation to continue as a going concern after it audited the company's financial statements for the year ended Dec. 31, 2007. The auditor pointed reported that the company has incurred net losses since inception and does not have sufficient funds to execute its business plan or fund operations through the end of 2008. Management estimates its current cash will last through to the third quarter 2008. In addition, the company is restricted from incurring additional debt obligations unless it receives permission from its current lenders. The company incurred net losses from continuing operations to common stockholders of approximately US$65,315,000 US$54,432,000 and US$12,522,000 for the years ended Dec. 31, 2007, 2006, and 2005, respectively. These net losses included non-cash charges related to depreciation and depletion, impairments, loan interest, amortization of debt discount, extinguishment of debt and stock-based compensation of approximately US$61,936,000, US$48,213,000 and US$7,175,000 for the years ended Dec. 31, 2007, 2006, and 2005, respectively. CanArgo Energy posted a net loss of US$53,777,214 on total sales of US$7,208,666 for the year ended Dec. 13, 2007, as compared with a net loss of US$60,540,851 on total sales of US$6,526,660 in the prior year. In the years ended Dec. 31, 2007 and 2006, the company's revenues from its Georgian operations did not cover the costs of its operations. At Dec. 31, 2007, the company had unrestricted cash and cash equivalents available for general corporate use or for use in the Georgian operations of about US$6,869,000. In 2007, the company experienced a net cash outflow from operations of about US$1,800,000 in Georgia. In addition, the company has a planned capital expenditure budget in 2008 of about US$12,000,000 in Georgia. The exploration and development wells currently undergoing or waiting to undergo production testing in Georgia currently do not produce enough commercially available quantities of oil and or gas and the company will not have sufficient working capital and may have to delay or suspend its capital expenditure plans and possibly make cutbacks in its operations. At Dec. 31, 2007, the company's balance sheet showed US$59,552,077 in total assets, US$19,423,727 in total liabilities, and US$38,008,820 in stockholders' equity. The company's consolidated balance sheet at Dec. 31, 2007, showed strained liquidity with US$8,172,654 in total current assets available to pay US$7,457,998 in total current liabilities. A full-text copy of the company's 2007 annual report is available for free at: http://ResearchArchives.com/t/s?2937 About CanArgo Energy CanArgo Energy Corporation (AMEX: CNR) -- http://www.canargo.com -- acquires, explores, develops, produces, and markets crude oil and natural gas primarily in Georgia and the Republic of Kazakhstan. The company's properties include the Ninotsminda Field covering approximately 3,276 acres located approximately 25 miles north east of the Georgian capital, Tbilisi; and the Kyzyloi Gas Field covering an area of approximately 70,919 gross acres and Akkulka block in Kazakhstan. As of Dec. 31, 2006, it had proved developed and undeveloped gross reserves of 3.379 million barrels of oil and 2.808 billion cubic feet of gas. The company was founded in 1971 and is headquartered in St. Peter Port, British Isles. DEKO PLUS: Claims Deadline Slated for April 18 ---------------------------------------------- LLP Deko Plus Ltd has declared insolvency. Creditors have until April 18, 2008, to submit written proofs of claims to: LLP Deko Plus Ltd Rozybakiev Str. 125/2-22 Almaty Kazakhstan EVRAZ TECH: Claims Filing Period Ends April 18 ---------------------------------------------- LLP Evraz Tech Snab has declared insolvency. Creditors have until April 18, 2008, to submit written proofs of claims to: LLP Evraz Tech Snab Beregovaya Str. 73 Pavlodarskoye 140017, Pavlodar Kazakhstan INSTRUM GROUP: Creditors' Claims Due on April 18 ------------------------------------------------ Pavlodar Branch of LLP Instrum Group has declared insolvency. Creditors have until April 18, 2008, to submit written proofs of claims to: Pavlodar Branch of LLP Instrum Group Esaya Str. 39 Pavlodar Kazakhstan JYBEK JOLY: Claims Registration Ends April 18 --------------------------------------------- LLP Jybek Joly Service has declared insolvency. Creditors have until April 18, 2008, to submit written proofs of claims to: LLP Jybek Joly Service Section 3 Fantaziya Micro District Samal Almaty Kazakhstan KAZ TRANS: Creditors Must File Claims by April 18 ------------------------------------------------- LLP Kaz Trans Tech has declared insolvency. Creditors have until April 18, 2008, to submit written proofs of claims to: LLP Kaz Trans Tech Krasnoshekov Str. 20-50 Aktobe Aktube Kazakhstan KK STROYCOM: Claims Deadline Slated for April 18 ------------------------------------------------ LLP Construction Company KK Stroycom has declared insolvency. Creditors have until April 18, 2008, to submit written proofs of claims to: LLP Construction Company KK Stroycom Eset-Batyr Str. 93-70 Aktobe Aktube Kazakhstan MARAL 2 LLP: Claims Filing Period Ends April 18 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Maral 2 insolvent on Feb. 11, 2008. Creditors have until April 18, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Karatogaiskaya Str. Kyzylorda NURJAN LLP: Creditors' Claims Due on April 18 --------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Company Nurjan. Creditors have until April 18, 2008, to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 SHELLSTROI LLP: Claims Registration Ends April 18 ------------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Shellstroi. Creditors have until April 18, 2008, to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 =================== K Y R G Y Z S T A N =================== GALLILEI LLC: Creditors Must File Claims by April 22 ---------------------------------------------------- Joint Kyrgyz Russian LLC Gallilei has declared insolvency. Creditors have until April 22, 2008 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 28-43-95 GRATIS LTD: Claims Filing Period Ends April 22 ---------------------------------------------- LLC Gratis Ltd. has declared insolvency. Creditors have until April 22, 2008 to submit written proofs of claim to: LLC Gratis Ltd. Tabaldiev Str. 5 Bishkek Kyrgyzstan Tel: (+996 312) 54-12-67 ===================== N E T H E R L A N D S ===================== VITESSE ARNHEM: City Council Saves Football Club from Bankruptcy ---------------------------------------------------------------- A possible bankruptcy by Vitesse Arnhem was averted after the city council of Arnhem agreed on a deal to restructure the club's debt, the sportinglife.com reports. Under the deal, the report adds, the clubs debt amounting to EUR12 million will be canceled in exchange for a EUR880,000 payment. The city council however added that it will start investigating Vitesse's finances for the past five years. Founded on May 14, 1892, Stichting Betaald Voetbal Vitesse is a Dutch football club from Arnhem, Netherlands. Vitesse has had some successes in the Eredivisie but it has never been a top contender. The Eredivisie is the highest football league in the Netherlands. =========== R U S S I A =========== CHEREMKHHOVSKOE GRAIN: Court Names A. Ilyin to Manage Assets ------------------------------------------------------------ The Arbitration Court of Irkutsk appointed A. Ilyin as Insolvency Manager for LLC Cheremkhhovskoe Grain Receiving Enterprise (OGRN 1043802214235). He can be reached at: A. Ilyin Post User Box 1779 Bratsk-32 665732 Irkutsk Russia The Court will convene at 10:00 a.m. on Jan. 21, 2008, to hear the bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A19-10433/07-60. The Court is located at: The Arbitration Court of Irkutsk Room 303 Gagarina Avenue 70 664025 Irkutsk Russia The Debtor can be reached at: LLC Cheremkhhovskoe Grain Receiving Enterprise Berdnikovoy Str. 79 Cheremkhovo Irkutsk Russia COMSTAR-UNITED: Acquires Telematic License for Volgograd Region --------------------------------------------------------------- Comstar � United TeleSystems JSC has acquired a license to render telematic communication (License No. 56544) and provide communication channels (License No. 56545) in Volgograd region. Presently, United TeleSystems JSC and the Group affiliates hold licenses allowing them to render various communication services in 38 regions of Russia. "COMSTAR-UTS now hold a large license package making it possible for us to render a wide range of telecommunication services," said president Sergey Pridantsev. "License base is the business basis for any communication service provider. We plan to enlarge our package winning other licenses in the key regions of Russia." 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. DALNEGORSK-WOOD: Creditors Must File Claims by April 22 ------------------------------------------------------- Creditors of LLC Dalnegorsk-Wood have until April 22, 2008, to submit proofs of claim to: N. Fomin Insolvency Manager Post User Box 131 664025 Irkutsk Russia Tel: (3952) 34-21-09 The Arbitration Court of Primorye commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A51-9690/2007 15-140B. The Court is located at: Arbitration Court of Primorye Room 313 Svetlanovskaya Str. 54 Vladivostok Russia The Debtor can be reached at: LLC Dalnegorsk-Wood Primorskaya Str. 4B Dalnegorsk 692442 Primorye Russia DVIN LLC: Court Starts Bankruptcy Supervision Procedure ------------------------------------------------------- The Arbitration Court of Sakha-Yakutiya commenced bankruptcy supervision procedure on LLC Dvin (TIN 1435085690). The case is docketed under Case No. A58-6168/07. The Temporary Insolvency Manager is: E. Shishigin Office 602 Lenina 28 Yakutsk 677000 Sakha�Yakutiya Russia The Court is located at: The Arbitration Court of Sakha-Yakutiya Kurashova Str. 28 677000 Sakha-Yakutiya Russia The Debtor can be reached at: LLC Dvin Vilyuyskiy Per. 16 Yakutsk 677000 Sakha�Yakutiya Russia IR-OSA-WOOD: Creditors Must File Claims by March 22 --------------------------------------------------- Creditors of LLC Ir-Osa-Wood (TIN 8505005750) have until March 22, 2008, to submit proofs of claim to: A. Nikiforov Temporary Insolvency Manager Post User Box 165 664047 Irkutsk Russia The Arbitration Court of Irkutsk will convene on April 1, 2008, to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A12-1493/08-s49. The Court is located at: The Arbitration Court of Irkutsk Room 303 Gagarina Avenue 70 664025 Irkutsk Russia The Debtor can be reached at: LLC Ir-Osa-Wood Sverdlova Str. 83 Osa Osinskiyregion 669201 OUBAO Russia KOPEYKA: S&P Says Ratings Remain on Developing CreditWatch ---------------------------------------------------------- Standard & Poor's Ratings Services said that it kept its 'CCC-' long-term corporate credit and 'ruCCC-' Russia national scale ratings on Russian discount food retailer Open Joint Stock Co. Trade House Kopeyka on CreditWatch with developing implications, where they were initially placed on Dec. 14, 2007, following Kopeyka's public announcement of potential shareholder support and management plans to obtain financing to repay short-term maturities. "Kopeyka remains on CreditWatch, as the structure of refinancing on the bonds maturing in June and August 2008 has not been finalized and is not fully clear," said Standard & Poor's credit analyst Anton Geyze. The CreditWatch placement continues despite Kopeyka's repayment of its short-term bank loans during the last quarter of 2007 and first quarter of 2008 through proceeds from year-end sales and new loan financing from a bank that is not affiliated with the company. According to Kopeyka's management, the company is pursuing two alternatives for refinancing the bonds maturing in June and August 2008. This could involve support from Nikolai Tsvetkov -- a Russian investor the company has identified as its sole owner and who has other substantial interests -- or a securitization involving Kopeyka's real estate portfolio, which the management values at $430 million. Mr. Tsvetkov could provide financing if other options fail. It remains to be seen whether this would be both sufficient and timely; rather than merely offering bondholders partial recovery after a default. "We will resolve or update the CreditWatch listing as Kopeyka's means of refinancing its bond issues becomes clearer and firmer," said Mr. Geyze. S&P will also be scrutinizing the results of the management's efforts to demonstrate a turnaround in the company's operating performance and improve profitability and cash generation. Kopeyka's very aggressive expansion in 2006 and 2007 resulted in both a significant deterioration in profitability and an increase in debt that must now be rolled over. The company is facing two major refinancing events in 2008: the repayment of its Russian ruble (RUR) 1.2 billion bond in June 2008, and a put option on its RUR4 billion bond in August 2008. MAGNITOGORSK IRON: Earns US$1.77 Billion for Full Year 2007 ----------------------------------------------------------- OAO Magnitogorsk Iron and Steel Work has released results of its consolidated financial statements for full year 2007, prepared according to U.S. GAAP. MMK Group of Companies' revenues for full year 2007 increased year-on-year by 27.6% to US$8.197 billion. Consolidated net income increased year-on-year by 24.3% to US$1.77 billion, or US$0.164 per share. The net income accounted for 21.6% of the revenues. Growth of crude steel production in 2007 at MMK by 6.5% secured by increasing production at the new electric arc furnaces, allowed to raise the output and sales of steel products by 6.8% (in tons) against 2006. Costs increase in 2007 mainly related to raw material price rise was compensated by the growth of average prices for steel products. Thus the average price of shipped steel products, produced by MMK, increased by US$92 or 18.6% and reached US$589 per ton. The average price growth is due to the world steel markets conditions and increasing sales in the domestic market where the average price of shipped steel products in 2007 was US$154 per ton higher than in the export market. A certain decline of relative profitability in 2007 against the previous year was made up by the absolute growth of revenue and income as well as increased earnings and income per ton of produced steel. Thus EBITDA per tone of steel produced increased by US$16 or 9.7%. The MMK Group financial performance is characterized by high liquidity and low dependency on external sources of financing. Cash expenditures for investments in fixed and intangible assets and acquisitions of subsidiary companies in 2007 amounted to US$1.32 billion. Dividend payments under MMK's shares for 12 months 2007 amounted to US$547 million, excluding dividends under treasury shares. About Magnitogorsk Iron Headquartered in Magnitogorsk, Russia, OAO Magnitogorsk Iron and Steel Works -- http://www.mmk.ru/-- manufactures steel and accounts for about 20% of all steel products sold on the domestic market. MMK is a major fully integrated steel making complex encompassing all the required processes, from preparation of iron ore materials to high added value processing of steel. About half of the Company's output is exported worldwide. * * * As of Dec. 5, 2007, Magnitogorsk Iron and Steel Works carries Moody's Investor's Service's Ba2 corporate family rating. Moody's said the outlook for both ratings is stable. Magnitogorsk Iron also carries BB Issuer Default and senior unsecured ratings from Fitch Ratings, which said the Outlook is Stable. The company also carries a BB Issuer Rating from Standard and Poor's. MITEX CJSC: Creditors Must File Claims by April 22 -------------------------------------------------- Creditors of CJSC Glove Factory Mitex have until April 22, 2008, to submit proofs of claim to: I. Nozdrin Insolvency Manager 78 Dobrovolcheskoy Brigady Str. 14a-22 660077 Krasnoyarsk Russia The Arbitration Court of Khakasiya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A74-2068/2006. The Debtor can be reached at: CJSC Glove Factory Mitex Sovetskaya Str. 73 Abakan Russia MOTOR TRANSPORT 3: Court Starts Bankruptcy Supervision Procedure ---------------------------------------------------------------- The Arbitration Court of Samara commenced bankruptcy supervision procedure on CJSC Motor Transport Enterprise 3 (TIN 6314024236). The case is docketed under Case No. A55-15383/ 2007. The Temporary Insolvency Manager is: V. Kiselev Groznenskaya Str. 2 443004 Samara Russia The Court is located at: The Arbitration Court of Samara Avrory Str. 148 443045 Samara Russia The Debtor can be reached at: CJSC Motor Transport Enterprise 3 Groznenskaya Str. 2 Samara Russia NOVOSELSKOE CJSC: Creditors Must File Claims by March 22 -------------------------------------------------------- Creditors of CJSC Novoselskoe have until March 22, 2008, to submit proofs of claim to: &nb