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 Thursday, March 27, 2008, Vol. 9, No. 61 Headlines A U S T R I A AURUS GASTRONOMIE: Claims Registration Period Ends April 11 BIO.GRAGGER: Claims Registration Period Ends April 15 CLOTHES OUTLET: Claims Registration Period Ends April 22 G & P GASTROBETRIEB: Claims Registration Period Ends April 8 GESELLSCHAFT FUER BEHAGLICHES: Claims Registration Ends April 15 REISINGER TRANSPORTSERVICE: Claims Registration Ends April 14 G E R M A N Y ALBERT & RITTEREISER: Claims Registration Period Ends April 8 AREG LEASING: Claims Registration Period Ends April 10 ARMIN RUND: Claims Registration Period Ends April 14 AVB BERATUNGS-UND: Claims Registration Period Ends April 8 CITY SPOT: Claims Registration Period Ends April 14 DIE LINIE: Claims Registration Period Ends April 14 DTHV GMBH: Claims Registration Ends April 11 ESDEE HOLDING: Claims Registration Period Ends April 8 ETGETON VERTRIEBSGESELLSCHAFT: Claims Registration Ends April 11 F.A.L. BAU: Claims Registration Period Ends April 15 G+K INGENIEURBUERO: Claims Registration Period Ends April 8 IT-SOFTWARE-GMBH: Claims Registration Period Ends March 31 LANZTRANS GMBH: Claims Registration Period Ends April 9 LUECKER GRUNDBESITZ: Claims Registration Period Ends April 11 MALERBETRIEB FARBENFROH: Claims Registration Ends April 11 MKL WOHNUNGSBAU: Claims Registration Ends April 10 NANO FLEXX: Claims Registration Period Ends April 18 P-V-I PROJEKT: Claims Registration Ends April 10 PAPIERFABRIK LENK: Creditors' Meeting Slated for April 15 PBS VERWALTUNGSGESELLSCHAFT: Claims Registration Ends April 9 PETER HELD: Claims Registration Period Ends April 15 PROMISE-I: S&P Puts BB Rating on EUR13.5 Million Class E Notes REIN GMBH: Claims Registration Ends April 9 SCHMIDT & NILGES: Claims Registration Period Ends April 11 WAGNER AUTOMOBILE: Claims Registration Period Ends April 11 I R E L A N D SMURFIT KAPPA: Rosemary Thorne Appointed as Board Director I T A L Y ALITALIA SPA: Air France-KLM to Present New Proposal to Unions FIAT S.P.A.: In Talks Over U.S. Alfa Car Production GOODYEAR TIRE: S&P Ups Rating on Class A-1 and A-2 Certs. to BB- INTERNATIONAL RECTIFIER: Covenant Defaults Waived Until July 31 K A Z A K H S T A N BEKAN KOKSHETAU: Creditors Must File Claims by April 25 CENTRE-TRADING LLP: Claims Deadline Slated for April 25 EXPORT DEVELOPMENT: Fitch Affirms Long-Term IDR at B+ KALJAN AHUN-1: Claims Filing Period Ends April 25 KRAL-ELECTRONICS LLP: Creditors' Claims Due on April 25 KURYLYS CENTRE: Claims Registration Ends April 22 PULSAR STROY-SERVICE: Creditors Must File Claims by April 25 STROY-INFORM LLP: Claims Deadline Slated for April 25 TALAP-2000 LLP: Claims Filing Period Ends April 25 TUMAR INVEST: Creditors' Claims Due on April 25 ZLATAK-PANEL LLP: Claims Registration Ends April 22 K Y R G Y Z S T A N METALL INVEST: Creditors Must File Claims by April 29 NAKU LLC: Claims Filing Period Ends April 25 R U S S I A AGRO-PLUS LLC: Creditors Must File Claims by May 1 B.I.N. BANK: Fitch Places Ratings on Positive Watch BAMO-FLOAT-GLASS: Court Starts Bankruptcy Supervision Procedure DANILOVSKOE FUEL: Creditors Must File Claims by May 1 DOSTUP-COM OJSC: Creditors Must File Claims by April 1 KINESHMA-LES-PROM: Asset Sale Slated for April 2 KRASNOGVARDEYSK-AGRO-PROM-TRANS: Claims Filing Ends April 1 LOCAL FUEL: Creditors Must File Claims by April 1 MAGNITOGORSK IRON: Trades GDR at Austria's RDXxt Index OGK-5 OAO: Earns RUR1.8 Billion for Full Year 2007 ROSNEFT OIL: To Build Oil Refinery at ESPO's Nahodka Terminus SB 77: Creditors Must File Claims by April 1 SEVERSTAL OAO: Seeking US$350-Mln Loan to Fund Sparrows' Ops SPAS-DEMENSKIY LES-KHOZ-ZAG: Claims Filing Period Ends May 1 STAMO LLC: Vladimir Bankruptcy Hearing Slated for July 22 SVYAZNOY CJSC: Creditors Must File Claims by April 1 TATA MOTORS: Acquiring Ford's Jaguar & Land Rover for US$2.3BB UPTK-1 AGRO-PROM-STROY: Creditors Must File Claims by April 1 YURYEV-POLSKIY BAKERY: Names P. Namlinskiy as Insolvency Manager ZARUBEZH-OIL-GAS-STROY: Creditors Must File Claims by May 1 ZAURALSKIY KAMNEREZ: Creditors Must File Claims by May 1 S W I T Z E R L A N D ARCHITEKTUR & BERATUNG: Creditors Must File Claims by June 1 COMBUSTIA INTERNATIONAL: Zug Court Starts Bankruptcy Proceedings JSC NETGIRO: Creditors' Liquidation Claims Due by May 13 PREMIUM SURGERY: Creditors' Liquidation Claims Due by March 31 SERVICE MEYER: Zug Court Starts Bankruptcy Proceedings STALCO LLC: Zug Court Starts Bankruptcy Proceedings THAI-KUCHE BAAR: Zug Court Starts Bankruptcy Proceedings UPS SCS (INTERNATIONAL): Creditors' Must File Claims by March 31 UPS SCS: Creditors' Liquidation Claims Due by March 31 WEPEGA IMMOBILIEN: Creditors' Liquidation Claims Due by March 31 U K R A I N E VTB BANK: Fitch Holds Long-Term Foreign Currency IDR at BB- U N I T E D K I N G D O M ABITIBIBOWATER INC: Unit Prices Private Offering of 13.75% Notes ABITIBIBOWATER INC: Inks US$350 Mln Investment Deal with Fairfax ABITIBIBOWATER INC: Unit Amends Terms of US$496MM Exchange Offer ABITIBIBOWATER INC: Moody's Puts B1 Rtg. on Unit's US$450M Loan ABITIBIBOWATER INC: S&P Rates Unit's US$415 Million Notes at B+ ACCESS BY DESIGN: Brings In Liquidators from Tenon Recovery BAA LTD: Richard Branson Seeks Break-up; Demands Aviation Reform BAA LTD: Air Fares to Go Up Over the Next Five Years BRISTOW GROUP: S&P Changes Outlook to Stable; Retains BB Rating BUZZ SALES: Appoints Administrators from Milner Boardman CARTER AND CARTER: Sells Business & Assets to Newcastle College CRUSADER PRINT: Taps Joint Administrators from Tenon DM98 LTD: Brings In Administrators from PricewaterhouseCoopers DRAGON INTERNATIONAL: Appoints PwC as Administrators DRAGON LEASING: Taps Grant Thornton to Administer Assets DURA AUTOMOTIVE: Discloses Ch. 11 Plan Liquidation Analysis DURA AUTOMOTIVE: Ad Hoc Committee Seek to Inspect Records FORD MOTOR: Selling Jaguar & Land Rover to Tata for US$2.3BB HM91 LTD: Brings In PwC to Administer Assets IRON MOUNTAIN: Moody's Lifts Rating to B1 on Strong Performance PETROLEOS DE VENEZUELA: To Ask Exxon Compensation for Damages REDBY COACHES: Calls In Liquidators from Tenon Recovery ROYAL MAIL: Pension Fund Trustees May Force Liquidation TOTALROCK MUSIC: Claims Filing Period Ends April 17 WORLDWIDE PALLET: Taps Liquidators from Mazars * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= AURUS GASTRONOMIE: Claims Registration Period Ends April 11 ----------------------------------------------------------- Creditors owed money by LLC Aurus Gastronomie (FN 247557f) have until April 11, 2008, to file written proofs of claim to court- appointed estate administrator Stefan Langer at: Dr. Stefan Langer Oelzeltgasse 4 1030 Vienna Austria Tel: 713 61 92 Fax: 713 61 92 22 E-mail: kanzlei@kosesnik-langer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 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. 27, 2008 (Bankr. Case No. 28 S 34/08s). BIO.GRAGGER: Claims Registration Period Ends April 15 ----------------------------------------------------- Creditors owed money by LLC bio.gragger (FN 282483t) have until April 15, 2008, to file written proofs of claim to court- appointed estate administrator Rene Lindner at: Mag. Rene Lindner Am Winterhafen 11 4020 Linz Austria Tel: 0732/78 40 80-12 Fax: 0732/78 40 80 -4 E-mail: konkurs@ra-hlp.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on April 29, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Room 522 Fifth Floor Linz Austria Headquartered in Ansfelden, Austria, the Debtor declared bankruptcy on Feb. 27, 2008 (Bankr. Case No. 17 S 13/08y). CLOTHES OUTLET: Claims Registration Period Ends April 22 -------------------------------------------------------- Creditors owed money by LLC Clothes Outlet Handel (FN 269182g) (fka LLC Baldinini Handel) have until April 22, 2008, to file written proofs of claim to court-appointed estate administrator Bernhard Schatz at: Dr. Bernhard Schatz Enzersdorfer Strasse 4 2340 Moedling Austria Tel: 02236/89 33 77 Fax: 02236/89 33 77 40 E-mail: bernhard.schatz@bpv-huegel.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on May 6, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Leobersdorf, Austria, the Debtor declared bankruptcy on Feb. 28, 2008 (Bankr. Case No. 11 S 27/08v). G & P GASTROBETRIEB: Claims Registration Period Ends April 8 ------------------------------------------------------------ Creditors owed money by KG G & P Gastrobetrieb (FN 295364i) have until April 8, 2008, to file written proofs of claim to court- appointed estate administrator Volker Leitner at: Mag. Volker Leitner Wiener Strasse 3 3100 St. Poelten Austria Tel: 02742/35 43 55 Fax: 02742/35 14 35 E-mail: office@gpls.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:10 a.m. on April 29, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in St. Poelten, Austria, the Debtor declared bankruptcy on Feb. 27, 2008 (Bankr. Case No. 14 S 23/08k). GESELLSCHAFT FUER BEHAGLICHES: Claims Registration Ends April 15 ---------------------------------------------------------------- Creditors owed money by LLC Gesellschaft fuer behagliches Wohnen Handel (FN 164428g) have until April 15, 2008, to file written proofs of claim to court-appointed estate administrator Thomas Steiner at: Mag. Thomas Steiner Weihburggasse 18 1010 Vienna Austria Tel: 513 53 63 Fax: 513 53 63 17 E-mail: steiner.steiner@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on April 29, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 28, 2008 (Bankr. Case No. 4 S 24/08v). REISINGER TRANSPORTSERVICE: Claims Registration Ends April 14 ------------------------------------------------------------- Creditors owed money by LLC Reisinger Transportservice (FN 158206g) have until April 14, 2008, to file written proofs of claim to court-appointed estate administrator Andreas Meissner at: Mag. Andreas Meissner Feldgasse 6 4840 Voecklabruck Austria Tel: 07672/24418 Fax: 07672/77830 E-mail: hitzenberger@geocomp.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on April 24, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Str. 12 Wels Austria Headquartered in Weibern, Austria, the Debtor declared bankruptcy on Feb. 27, 2008 (Bankr. Case No. 20 S 23/08w). ============= G E R M A N Y ============= ALBERT & RITTEREISER: Claims Registration Period Ends April 8 ------------------------------------------------------------- Creditors of Albert & Rittereiser GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Harald Silz. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Darmstadt Hall 4.312 Fourth Floor Building D Mathildenplatz 15 64283 Darmstadt 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: Harald Silz Adolfsallee 24 65185 Wiesbaden Germany Tel: 0611-1504-0 Fax: 0611-301774 The District Court of Darmstadt opened bankruptcy proceedings against Albert & Rittereiser GmbH on March 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Albert & Rittereiser GmbH Kolpingstrasse 15 65462 Ginsheim-Gustavsburg Germany AREG LEASING: Claims Registration Period Ends April 10 ------------------------------------------------------ Creditors of AREG Leasing GmbH have until April 10, 2008, to register their claims with court-appointed insolvency manager Stephan Kallenberg. Creditors and other interested parties are encouraged to attend the meeting at 10:40 a.m. on April 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bingen am Rhein Room 7 Law Courts Mainzer Road 52 55411 Bingen am Rhein Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Kallenberg Neutorstr. 9 55116 Mainz Germany Tel: 06131/14674-0 Fax: 06131/14674-20 The District Court of Bingen am Rhein opened bankruptcy proceedings against AREG Leasing GmbH on March 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AREG Leasing GmbH Attn: Renate Geib, Manager Am St. Jakobsberg 33 55437 Ockenheim Germany ARMIN RUND: Claims Registration Period Ends April 14 ---------------------------------------------------- Creditors of Armin Rund Zahntechnik GmbH have until April 14, 2008, to register their claims with court-appointed insolvency manager Eberhard Stock. Creditors and other interested parties are encouraged to attend the meeting at 9:40 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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen 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: Eberhard Stock Rolandstr. 11 45128 Essen Germany The District Court of Essen opened bankruptcy proceedings against Armin Rund Zahntechnik GmbH on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Armin Rund Zahntechnik GmbH Attn: Armin Rund, Manager Haldenstr. 19 45966 Gladbeck Germany AVB BERATUNGS-UND: Claims Registration Period Ends April 8 ---------------------------------------------------------- Creditors of AVB Beratungs-und Betreuungsgesellschaft mbH have until April 8, 2008, to register their claims with court- appointed insolvency manager Prof. Dr. Rolf-Dieter Moenning. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 Aachen Meeting Hall K 5 Third Floor Alter Posthof 1 52062 Aachen 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: Prof. Dr. Rolf-Dieter Moenning Juelicher Strasse 116 52070 Aachen Germany Tel: 0241/94618-0 Fax: 0241/533562 The District Court of Aachen opened bankruptcy proceedings against AVB Beratungs-und Betreuungsgesellschaft mbH on March 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AVB Beratungs-und Betreuungsgesellschaft mbH Erfstrasse 63 52249 Eschweiler Germany CITY SPOT: Claims Registration Period Ends April 14 --------------------------------------------------- Creditors of City Spot Cargas GmbH have until April 14, 2008, to register their claims with court-appointed insolvency manager Berend Boehme. Creditors and other interested parties are encouraged to attend the meeting at 3:15 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 Delmenhorst Hall 2 Branch 1 Cramerstrasse 183 27749 Delmenhorst 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: Berend Boehme Ostertorsteinweg 74/75 28203 Bremen Germany Tel: 0421/79257-0 Fax: 0421/79257-57 E-mail: boehme@oelb.de The District Court of Delmenhorst opened bankruptcy proceedings against City Spot Cargas GmbH on Feb. 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: City Spot Cargas GmbH Attn: Meik Diekmann, Manager Breslauer Str. 99 27755 Delmenhorst Germany DIE LINIE: Claims Registration Period Ends April 14 --------------------------------------------------- Creditors of Die Linie Quadro Wohnkultur Einrichtungs-GmbH Freising have until April 14, 2008, to register their claims with court-appointed insolvency manager Matthias Dieckmann. Creditors and other interested parties are encouraged to attend the meeting at 8:10 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: Matthias Dieckmann Gute Anger 11 85356 Freising Germany Tele: 08161/988110 Tax: 08161/82472 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: The District Court of Landshut Meeting Room 8/I Insolvency Court Maximilianstrasse 22-24 Landshut Germany The District Court of Landshut opened bankruptcy proceedings against Die Linie Quadro Wohnkultur Einrichtungs-GmbH Freising on March 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Die Linie Quadro Wohnkultur Einrichtungs-GmbH Freising Attn: Rupert Schroettle, Manager Marktplatz 9 97631 Bad Koenigshofen Germany DTHV GMBH: Claims Registration Ends April 11 -------------------------------------------- Creditors of DTHV GmbH have until April 11, 2008 to register their claims with court-appointed insolvency manager Carsten Koch. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 6, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kassel Hall 234 Friedrichsstrasse 32-34 34117 Kassel 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: Carsten Koch Wilhelmshoeher Allee 270 34131 Kassel Germany Tel: 0561/3166311 Fax: 0561/3166312 E-mail: kassel@leonhardt-westhelle.eu The District Court of Kassel opened bankruptcy proceedings against DTHV GmbH on March 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DTHV GmbH Franzgraben 40-42 34125 Kassel Germany Attn: Peter Kessler, Manager Gartenstrasse 6 34233 Fuldatal Germany ESDEE HOLDING: Claims Registration Period Ends April 8 ------------------------------------------------------ Creditors of EsDee Holding GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Dr. Hubert Ampferl. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich 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. Hubert Ampferl Nymphenburger Str. 20 80335 Munich Germany Tel: 089/3090586-0 Fax: 089/3090586-10 The District Court of Munich opened bankruptcy proceedings against EsDee Holding GmbH on March 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EsDee Holding GmbH Adelgundenstr. 21 80538 Munich Germany ETGETON VERTRIEBSGESELLSCHAFT: Claims Registration Ends April 11 ---------------------------------------------------------------- Creditors of Etgeton Vertriebsgesellschaft mbH have until April 11, 2008 to register their claims with court-appointed insolvency manager Dr. Joerg Bornheimer. Creditors and other interested parties are encouraged to attend the meeting at 9:20 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 Wuppertal Meeting Hall A234 Second Floor Eiland 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Joerg Bornheimer Laurentiusstrasse 21-23 42103 Wuppertal Germany Tel: 0202/4086150 Fax: 0202/4086159 The District Court of Wuppertal opened bankruptcy proceedings against Etgeton Vertriebsgesellschaft mbH on March 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Etgeton Vertriebsgesellschaft mbH Sanderstrasse 206 42283 Wuppertal Germany Attn: Joerg Etgeton, Manager Buelsestrasse 16 45896 Gelsenkirchen Germany F.A.L. BAU: Claims Registration Period Ends April 15 ---------------------------------------------------- Creditors of F.A.L. Bau GmbH have until April 15, 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 9:25 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 Cologne Meeting Hall 14 Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christoph Niering Brabanter Str. 2 50674 Koeln Germany The District Court of Cologne opened bankruptcy proceedings against F.A.L. Bau GmbH on March 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: F.A.L. Bau GmbH Hauptstr. 5 50859 Koeln Germany Attn: Thomas Freericks, Manager Gut Lueeniger Hof 21 50259 Pulheim Germany G+K INGENIEURBUERO: Claims Registration Period Ends April 8 ----------------------------------------------------------- Creditors of G+K Ingenieurbuero GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Wolfgang Lorisch. 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 Muenster Meeting Hall 13 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolfgang Lorisch Kurt-Schumacher-Str. 48 45699 Herten Germany Tel: 02366/10820 Fax: +492366108282 The District Court of Muenster opened bankruptcy proceedings against G+K Ingenieurbuero GmbH on March 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: G+K Ingenieurbuero GmbH Im Ried 23 48249 Duelmen Germany IT-SOFTWARE-GMBH: Claims Registration Period Ends March 31 ---------------------------------------------------------- Creditors of IT-Software-GmbH have until March 31, 2008, to register their claims with court-appointed insolvency manager Horst Piepenburg. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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: Horst Piepenburg Heinrich-Heine-Allee 20 40213 DuesseldorfForderungen Germany The District Court of Duesseldorf opened bankruptcy proceedings against IT-Software-GmbH on March 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IT-Software-GmbH Attn: Margit Pietsch, Manager Furtherhofstrasse 17 41462 Neuss Germany LANZTRANS GMBH: Claims Registration Period Ends April 9 ------------------------------------------------------- Creditors of LanzTrans GmbH have until April 9, 2008, to register their claims with court-appointed insolvency manager Georg Rettig. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on April 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Georg Rettig Schafergasse 17D 60313 Frankfurt am Main Germany Tel: 069/1381 070 Fax: 069/1381 0710 The District Court of Offenbach am Main opened bankruptcy proceedings against LanzTrans GmbH on March 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LanzTrans GmbH Annastrasse 59A 63225 Langen Germany LUECKER GRUNDBESITZ: Claims Registration Period Ends April 11 ------------------------------------------------------------- Creditors of Luecker Grundbesitz GmbH have until April 11, 2008, to register their claims with court-appointed insolvency manager Helmuth Liesegang. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 25, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Hall A234 Second Floor Eiland 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Helmuth Liesegang Briller Strasse 2 42103 Wuppertal Germany Tel: 0202/389060 Fax: 0202/3890622 The District Court of Wuppertal opened bankruptcy proceedings against Luecker Grundbesitz GmbH on March 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Luecker Grundbesitz GmbH Attn: Hans-Joachim Kronenberg, Manager Kleine Klotzbahn 22 42105 Wuppertal Germany MALERBETRIEB FARBENFROH: Claims Registration Ends April 11 ---------------------------------------------------------- Creditors of Malerbetrieb Farbenfroh GmbH have until April 11, 2008, to register their claims with court-appointed insolvency manager Marc D`Avoine. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on May 13, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Hall A234 Second Floor Eiland 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Marc D`Avoine Doeppersberg 19 42103 Wuppertal Germany Tel: 0202/245070 The District Court of Wuppertal opened bankruptcy proceedings against Malerbetrieb Farbenfroh GmbH on March 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Malerbetrieb Farbenfroh GmbH Attn: Meike Deus, Manager Waldesruh 110 42329 Wuppertal Germany MKL WOHNUNGSBAU: Claims Registration Ends April 10 -------------------------------------------------- Creditors of MKL Wohnungsbau GmbH have until April 10, 2008 to register their claims with court-appointed insolvency manager Dr. Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Winfrid Andres Neuer Zollhof 3 40221 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against MKL Wohnungsbau GmbH on March 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MKL Wohnungsbau GmbH Charlottenstrasse 11 40210 Duesseldorf Germany Attn: Dr. Bernhard Schoenlebe, Manager Gallberg 6 40629 Duesseldorf Germany NANO FLEXX: Claims Registration Period Ends April 18 ---------------------------------------------------- Creditors of nano Flexx GmbH have until April 18, 2008, to register their claims with court-appointed insolvency manager Ulrich Rosenkranz. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on May 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 Itzehoe Hall 2 Theodor-Heuss-Platz 3 25524 Itzehoe 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 Osdorfer Landstrasse 230 22549 Hamburg Germany The District Court of Itzehoe opened bankruptcy proceedings against nano Flexx GmbH on March 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: nano Flexx GmbH Attn: Haroun Malik, Manager Fraunhoferstr. 3 25524 Itzehoe Germany P-V-I PROJEKT: Claims Registration Ends April 10 ------------------------------------------------ Creditors of P-V-I Projekt und Vertriebsgesellschaft International GmbH have until April 10, 2008 to register their claims with court-appointed insolvency manager Juergen Pflug. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 15, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kassel Hall 234 Friedrichsstrasse 32-34 34117 Kassel 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: Juergen Pflug Wilhelmshoeher Allee 169, D 34121 Kassel Germany Tel: 0561/2075680 Fax: 0561/20756820 E-mail: info@pflug-achenbach.de The District Court of Kassel opened bankruptcy proceedings against P-V-I Projekt und Vertriebsgesellschaft International GmbH on March 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: P-V-I Projekt und Vertriebsgesellschaft International GmbH Attn: Dieter Katzwinkel and Andreas Mueller, Manager Rosenstrasse 2 34253 Lohfelden Germany PAPIERFABRIK LENK: Creditors' Meeting Slated for April 15 --------------------------------------------------------- The court-appointed insolvency manager for Papierfabrik Lenk GmbH & Co KG, Harald Kroth, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on April 15, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Baden-Baden Hall 009a Ground Floor Gutenbergstr. 17 76532 Baden-Baden Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on May 27, 2008, at the same venue. Creditors have until April 8, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Harald Kroth 77855 Achern Eisenbahnstr 19-23 Germany The District Court of Baden-Baden opened bankruptcy proceedings against Papierfabrik Lenk GmbH & Co KG on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Papierfabrik Lenk GmbH & Co KG Attn: Lutz W. Braun, Manager Richard-Lenk-Str. 19.23 77876 Kappelrodeck Germany PBS VERWALTUNGSGESELLSCHAFT: Claims Registration Ends April 9 ------------------------------------------------------------- Creditors of PBS Verwaltungsgesellschaft mbH have until April 9, 2008 to register their claims with court-appointed insolvency manager Michael Bremen. 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 Duesseldorf Meeting Hall A 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Bremen Sternstr. 58 40479 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against PBS Verwaltungsgesellschaft mbH on March 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PBS Verwaltungsgesellschaft mbH Industriestr. 83 d 40764 Langenfeld Germany Attn: Adelheid Tabannejad-Schlunken, Manager Niederstr. 18 40764 Langenfeld Germany PETER HELD: Claims Registration Period Ends April 15 ---------------------------------------------------- Creditors of Peter Held - Obst, Gemuese, Suedfruechte und Kartoffel- Grosshandels- und Importgesellschaft mbH have until April 15, 2008, to register their claims with court-appointed insolvency manager Ulrich Bert. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 27, 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 Darmstadt Hall 14 Building D Mathildenplatz 15 64283 Darmstadt 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 Bert Birkenweg 24 64295 Darmstadt Germany Tel: 06151/66 72 9-0 Fax: 06151/66 72 9-20 E-mail: darmstadt@ltb-anwaelte.de The District Court of Darmstadt opened bankruptcy proceedings against Peter Held - Obst, Gemuese, Suedfruechte und Kartoffel- Grosshandels- und Importgesellschaft mbH on March 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Peter Held - Obst, Gemuese, Suedfruechte und Kartoffel-Grosshandels- und Importgesellschaft mbH Nordring 35 64347 Griesheim Germany Attn: Otto Landau, Manager Fichtestrasse 10B 64347 Griesheim Germany PROMISE-I: S&P Puts BB Rating on EUR13.5 Million Class E Notes -------------------------------------------------------------- Standard & Poor's Ratings Services assigned its credit ratings to the EUR58.2 million floating-rate credit-linked notes issued by PROMISE-I Mobility 2008-1 GmbH. At the same time, PROMISE-I Mobility 2008-1 issued EUR25.7 million unrated notes. The transaction is a partially-funded synthetic balance-sheet ABS, referencing a portfolio of bank loans to SMEs in Germany. The transaction aims to provide economic capital relief to IKB Deutsche Industriebank AG, and to transfer the credit risk associated with the portfolio. PROMISE-I Mobility 2008-1 is the sixth transaction originated by IKB securitizing its core lending activities to German SMEs under KfW's PROMISE platform, and the fourth using the Mobility label. In the series of Mobility transactions, IKB aims to manage the risk profile for this customer group. The transaction structure is very similar to all previous transactions under the KfW Promise platform rated by Standard & Poor's. The transaction features a static portfolio, i.e., amortizing from Day 1, and IKB buys protection for nominal losses, external foreclosure costs, and accrued interest during the workout process. The interest rate claimed with regard to accrued interest is fixed at 5% per year. Ratings List PROMISE-I Mobility 2008-1 GmbH EUR83.9 Million Floating-Rate Credit-Linked Notes Class Rating Amount (Mil. EUR) ----- ------ ----------------- A1+ AAA 0.50 A2+ AAA 0.50 B AA 16.90 C A 11.70 D BBB 15.10 E BB 13.50 F NR 25.70 NR � Not rated. REIN GMBH: Claims Registration Ends April 9 ------------------------------------------- Creditors of Rein GmbH Kalte-Klima-Technik have until April 9, 2008 to register their claims with court-appointed insolvency manager Rolf Friedrich. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Ludwigsburg Hall 2008 Schorndorfer Str. 28 71638 Ludwigsburg 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 Friedrich Silberburgstr. 160 70178 Stuttgart Germany Tel: 0711/2376890 The District Court of Ludwigsburg opened bankruptcy proceedings against Rein GmbH Kalte-Klima-Technik on March 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rein GmbH Kalte-Klima-Technik Attn: Martin Rein, Manager Muehlstr. 43/1 71576 Burgstetten Germany SCHMIDT & NILGES: Claims Registration Period Ends April 11 ---------------------------------------------------------- Creditors of Schmidt & Nilges Innenausbau GmbH have until April 11, 2008, to register their claims with court-appointed insolvency manager Ralf Hildebrandt. Creditors and other interested parties are encouraged to attend the meeting at 8:30 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 Montabaur Hall 106 First Floor Bahnhofstrasse 47 56410 Montabaur 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: Ralf Hildebrandt Bahnhofstrasse 2 a 56068 Koblenz Germany Tel: 0261 9149726 Fax: 0261 9149727 E-mail: bl@law.de The District Court of Montabaur opened bankruptcy proceedings against Schmidt & Nilges Innenausbau GmbH on March 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schmidt & Nilges Innenausbau GmbH Hirschberg 7 56459 Koelbingen Germany WAGNER AUTOMOBILE: Claims Registration Period Ends April 11 ----------------------------------------------------------- Creditors of Wagner Automobile GmbH have until April 11, 2008, to register their claims with court-appointed insolvency manager Ulrich Hassinger. 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 Hanau Area E09 Engelhardstrasse 21 63450 Hanau Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Hassinger Adelungstr. 55 64283 Darmstadt Germany Tel: 06151 81760 Fax: 06151 851435 E-mail: uhassinger@t-online.de The District Court of Hanau opened bankruptcy proceedings against Wagner Automobile GmbH on March 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wagner Automobile GmbH Attn: Joerg Wagner, Manager Wolfgangstrasse 31 63517 Rodenbach Germany ============= I R E L A N D ============= SMURFIT KAPPA: Rosemary Thorne Appointed as Board Director ---------------------------------------------------------- Smurfit Kappa Group plc disclosed the appointment of Ms. Rosemary Thorne to the Board as an independent, non-executive Director with effective March 20, 2008. Mr. Sean Fitzpatrick, Chairman of the SKG Board, commented, �We are delighted to announce the appointment of Rosemary Thorne to the Smurfit Kappa Group Board. She provides us with a wealth of financial and public company experience.� Ms. Thorne has extensive experience as a Finance Director with a range of leading UK listed public companies. She was most recently Finance Director for Ladbrokes plc, a leading bookmaker in Ireland and the UK. She was previously Group Finance Director at Bradford and Bingley plc between 1999 and 2005 and served as Group Finance Director for J Sainsbury plc between 1992 and 1999. Ms Thorne has extensive experience as a non-executive Director and currently serves as the Senior Independent Director with Virgin Radio and as a Non-Executive Director with Abbey National plc. She was previously a Non-Executive Director with Cadbury Schweppes plc and Royal Mail plc. Ms Thorne is Chairperson of the Audit Committee at Abbey National plc and was previously Chairperson of the Audit Committee at Royal Mail plc. About Smurfit Kappa Group Headquartered in Dublin, Ireland, Smurfit Kappa -- http://www.smurfitkappa.com/-- is a paper based packaging company with leading position in Europe and Latin America. Smurfit Kappa operates in over 30 countries (22 in Europe) with more than 40,000 employees. It's products include containerboard, solid board, corrugated and solid board packaging, graphic board, sack paper and paper sacks. * * * As reported in the Troubled Company Reporter-Europe on March 27, 2007, Moody's Investors Service assigned a Ba3 Corporate Family Rating to Smurfit Kappa plc, the ultimate parent company of Smurfit Kappa Holdings plc and the entity publishing consolidated group accounts, and simultaneously withdrew the CFR for Smurfit Kappa Holdings plc. ========= I T A L Y ========= ALITALIA SPA: Air France-KLM to Present New Proposal to Unions -------------------------------------------------------------- Air France-KLM is expected to submit a revised proposal for unions at Alitalia S.p.A. as early as today, March 27, 2008, or Friday, March 29, 2008, various reports say, citing Air France CEO Jean-Cyril Spinetta. Air France will present a new proposal in light of continued opposition from unions to its planned acquisition of the Italian government's 49.9% stake in Alitalia. "An appropriate solution will be offered to each of the 2,100 employees concerned -- 1,600 in Alitalia and 500 in Alitalia Servizi," Air France said. The revised proposal, Agence France-Presse cites a union source, may include: * inclusion of AZ Servizi's operations at Rome's Fiumicino airport; * transfer of 180 pilots from Alitalia's cargo division to new positions within the company before its shut down in 2010. Union officials told the Associated Press that the new proposal may entail Air France-KLM absorbing hangar and some other ground operations at Rome's Leonardo da Vinci airport, which may reduce job cuts. Air France, AFP reports, might extend the negotiation period with Alitalia's unions beyond March 31, 2008. As recently reported in the TCR-Europe, Alitalia and the present government have accepted Air France-KLM SA's binding offer, subject to several conditions including union approval. Air France, so far, has yet to convince the unions to accept its business plan, which foresees around 2,100 job cuts. The effectiveness conditions for Air France's offer include: * formal approval of the Industrial Plan 2008-2010 by Alitalia�s Board of Directors; * formal agreement in a manner satisfactory for Air France-KLM between Alitalia and the trade unions representing the majority of each category of Alitalia�s employees, regarding the implementation of the Industrial Plan, the rules of employment, the plan related to the social shock absorbers and the contemplated transaction; * formal agreement in a manner satisfactory for Air France-KLM between Alitalia and the trade unions of Alitalia Servizi representing the majority of each category of Alitalia Servizi�s employees on the necessary restructuring measures and the related shock absorbers plan; * Italy's Ministry of Economy and Finance to grant Alitalia a credit line, or the necessary guarantees to obtain a credit line in favor of Alitalia of EUR300 million to be repaid immediately after the capital increase; * formal agreement between Alitalia and Aeroporti di Roma on the Rome Fiumicino Airport and on the service levels required for the implementation of the Industrial Plan 2008-2010; * with respect to the claim brought on by SEA against Alitalia to the tribunal of Busto Arsizio, either: -- the official withdrawal from the claim; -- its settlement in a manner satisfactory to Air France; -- the granting by the MEF to Alitalia of appropriate indemnification commitments, in case necessary by enacting an appropriate law decree, or any other applicable solution satisfactory to Air France-KLM to definitely remove the risk attached to the claim; * formal agreement between Alitalia, Fintecna and Alitalia Servizi, for what concerns the interest of each party, among other things, to re-internalize in Alitalia certain activities and to renegotiate certain clauses of the service agreements; * formal written confirmation from the MEF that the general interests are properly safeguarded in the context of the contemplated transaction and it shall, subject to certain conditions, tender its Alitalia shares and Alitalia convertible bonds in the tender offers; * formal written undertaking from the competent Italian governmental authority to maintain the current portfolio of the current Alitalia�s air traffic rights, continue to address in a fair, transparent and non discriminatory manner any future requests form Alitalia for new air traffic rights, and provide cooperation and assistance in the case of any major difficulties with extra-European Community countries. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. FIAT S.P.A.: In Talks Over U.S. Alfa Car Production --------------------------------------------------- Fiat S.p.A. is in talks with Detroit's auto manufacturers on sharing production of Alfa Romeos in the United States, the Financial Times reports. Fiat's chief executive officer Sergio Marchionne told the FT that production of Alfa cars will start by 2011 or 2012. Meanwhile, Alfa, which will start distributing and selling cars in the U.S. cars next year, will have to absorb losses until production starts with a partner. Fiat, the FT says, had to manufacture in the U.S. because of the weakness of the dollar against the euro. Fiat is also preparing to transfer its Iveco division to the U.S. along with the relaunched Fiat 500 compact car, the paper discloses. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR33.4 billion in the first nine months of 2005. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. * * * As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries Ba3 Corporate Family and Senior Unsecured ratings from Moody's Investors Service, which said the outlook is positive. The company carries Standard & Poor's Ratings Services' BB long- term corporate credit rating. The compay also carries B short- term rating. S&P said the outlook is stable. GOODYEAR TIRE: S&P Ups Rating on Class A-1 and A-2 Certs. to BB- ---------------------------------------------------------------- Standard & Poor's Ratings Services raised its ratings on the class A-1 and A-2 certificates from the US$46 million Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-Backed Series 2001-34 Trust to 'BB-' from 'B'. The upgrades reflect the March 19, 2008, raising of the rating on the 7% notes due March 15, 2028, issued by Goodyear Tire & Rubber Co. to 'BB-' from 'B'. Corporate Backed Trust Certificates Goodyear Tire & Rubber Note- Backed Series 2001-34 Trust is a pass-through transaction, the ratings on which are based solely on the rating assigned to the underlying collateral, Goodyear Tire & Rubber Co.'s 7% notes due March 15, 2028 ('BB-'). Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE: GT) -- http://www.goodyear.com/-- is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. Goodyear's operations are located in Argentina, Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica, Peru, Russia, among others. Goodyear employs more than 80,000 people worldwide. INTERNATIONAL RECTIFIER: Covenant Defaults Waived Until July 31 --------------------------------------------------------------- International Rectifier Corp. said in a regulatory filing with the Securities and Exchange Commission Friday, that on Dec. 14, 2007, the company, certain lenders and JPMorgan Chase Bank National Association, entered into Amendment No. 4 to their revolving credit agreement dated as of Nov. 6, 2006. Amendment No. 4 provides for the Revolver Banks' agreement that, in light of the ongoing investigation on accounting irregularities at the company's Japan subsidiary, conducted at the request of the Audit Committee of its Board of Directors by independent investigators hired by outside legal counsel, the company will not be deemed in default in respect of certain representations, warranties, covenants and reporting requirements during a period ending not later than March 31, 2008 (the "Amendment Period"). In addition, the Fourth Amendment provides that the Revolver Banks shall have no obligation to make any extensions of credit under the Revolver Agreement (other than the renewal of currently outstanding letters of credit in existing amount) until (i) the company's investigation has been concluded, (ii) the Revolver Banks have received a report of the results thereof and revised audited consolidated financial statements of the company, reasonably satisfactory to the Revolver Banks, and (iii) no other Default exists. On March 17, 2008, the company and the Revolver Banks entered into Amendment No. 5 to the Revolving Agreement, pursuant to which the term of the Amendment Period was extended (on substantially identical terms as the Fourth Amendment) through July 31, 2008. The Revolver Agreement, dated as of Nov. 6, 2006, provides for, among other things, a revolving credit facility with total commitments in the principal amount of US$150,000,000. At March 17, 2008, the company had no borrowings and approximately US$4.3 million in letters of credit outstanding under the Revolver Agreement. A full-text copy of Amendment No. 5 to the Revolving Agreement, executed and delivered as of March 17, 2008, is available for free at http://researcharchives.com/t/s?2968 About International Rectifier Based in El Segundo, California, International Rectifier Corporation (NYSE:IRF) -- http://www.irf.com/-- is a designer, manufacturer and marketer of power management product devices, which use power semiconductors. The company's products are used in a variety of end applications, including computers, communications networking, consumer electronics, energy- efficient appliances, lighting, satellites, launch vehicles, aircraft and automotive diesel injection. Its products consist of Power Management Integrated Circuits (Power Management ICs), Power Components and Power Systems. It summarizes its segments in two groups: Focus Products and Non-Focus Products. The company has manufacturing facilities in the U.S., Mexico, United Kingdom, Germany and Italy; and has subsidiaries in Japan and Singapore. * * * International Rectifier Corporation continues to carry Standard & Poor's 'BB' long term foreign and local issuer credit ratings, which were placed in April 2007. =================== K A Z A K H S T A N =================== BEKAN KOKSHETAU: Creditors Must File Claims by April 25 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Bekan Kokshetau insolvent. Creditors have until April 25, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (7162) 25-79-32 CENTRE-TRADING LLP: Claims Deadline Slated for April 25 ------------------------------------------------------- LLP Centre-Trading has declared insolvency. Creditors have until April 25, 2008, to submit written proofs of claims to: LLP Centre-Trading Dostyk ave. 114 Almaty Kazakhstan EXPORT DEVELOPMENT: Fitch Affirms Long-Term IDR at B+ ----------------------------------------------------- Fitch Ratings (UK) affirmed Export Development Bank of Iran's Long-term Issuer Default rating at 'B+' with a Stable Outlook, Short-term IDR at 'B', Individual rating at 'D', Support rating at '4' and Support Rating Floor at 'B+'. The Long- and Short-term IDRs are in line with the sovereign ratings of Iran and reflect potential support from the Iranian authorities. EDBI is wholly-owned by the Iranian government and occupies a key role in promoting Iran's non-oil exports and diversification of the Iranian economy. As such, it is likely that the bank would be supported by the Iranian government in case of need. However, the ability of the Iranian authorities to support EDBI could be limited, as indicated by the sovereign's Long-term foreign currency IDR of 'B+'. Any changes in the sovereign rating would have an impact on the bank's IDRs and Outlook. EDBI's Individual rating reflects its leading position in financing Iran's non-oil exports, reasonable profitability and very strong capital ratios. However, its asset quality is relatively weak and the operating environment difficult. Total impaired loans amounted to a high 14.6% of gross loans in September 2007. Loan loss reserve coverage remained low at 41.3%, despite the new more stringent minimum specific reserve requirements imposed by the Central Bank of Iran (CBI) in May 2007. Loans are, however, typically secured and ultimate losses are limited, and the bank's capitalisation is very robust. The Fitch eligible capital ratio and the total regulatory capital ratio (under CBI guidelines) were 81.3% and 87.3%, respectively, in December 2007. This was due to funds of USD1.5bn provided by the Oil Stabilisation Fund and converted to equity in mid-2007. At 20 December 2007, EDBI had equity of IRR19,625bn (US$2.1bn) and total assets of IRR32,597bn (US$3.5bn). It provides working capital, buyer's and supplier's credit, project finance, letters of credit and guarantees, as well as other commercial banking services. It also works closely with the Export Guarantee Fund of Iran, which provides credit insurance. The bank's head office is in Tehran; it has 29 branches around the country, a representative office in Kazakhstan, and a branch in Venezuela. KALJAN AHUN-1: Claims Filing Period Ends April 25 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Kaljan Ahun-1 insolvent. Creditors have until April 25, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Abai ave. 48 Kyzylorda Kazakhstan Tel: 8701 412 72-65 KRAL-ELECTRONICS LLP: Creditors' Claims Due on April 25 ------------------------------------------------------- LLP Kral-Electronics has declared insolvency. Creditors have until April 25, 2008, to submit written proofs of claims to: LLP Kral-Electronics Jambyl ave. 123 Taraz Jambyl Kazakhstan KURYLYS CENTRE: Claims Registration Ends April 22 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Kurylys Centre Ads insolvent on Jan. 29, 2008. Creditors have until April 22, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 PULSAR STROY-SERVICE: Creditors Must File Claims by April 25 ------------------------------------------------------------ LLP Pulsar Stroy-Service has declared insolvency. Creditors have until April 25, 2008, to submit written proofs of claims to: LLP Pulsar Stroy-Service Micro District 2, 55b Almaty Kazakhstan STROY-INFORM LLP: Claims Deadline Slated for April 25 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Stroy-Inform 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 TALAP-2000 LLP: Claims Filing Period Ends April 25 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Talap-2000 insolvent. Creditors have until April 25, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Abai ave. 48 Kyzylorda Kazakhstan Tel: 8 701 412 72-65 TUMAR INVEST: Creditors' Claims Due on April 25 ----------------------------------------------- LLP Tumar Invest Kz has declared insolvency. Creditors have until April 25, 2008, to submit written proofs of claims to: LLP Tumar Invest Kz Tole bi ave. 56/25 Taraz Jambyl Kazakhstan ZLATAK-PANEL LLP: Claims Registration Ends April 22 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Kazakh-Russian Enterprise Zlatak-Panel insolvent. Creditors have until April 22, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 =================== K Y R G Y Z S T A N =================== METALL INVEST: Creditors Must File Claims by April 29 ----------------------------------------------------- LLC Metall Invest has declared insolvency. Creditors have until April 29, 2008 to submit written proofs of claim to: Inquiries can be addressed to (+996 312) 44-26-15, 44-23-38. NAKU LLC: Claims Filing Period Ends April 25 -------------------------------------------- LLC Construction Company Naku has declared insolvency. Creditors have until April 25, 2008 to submit written proofs of claim to: LLC Construction Company Naku Rustaveli Str. 46-105 Bishkek Kyrgyzstan =========== R U S S I A =========== AGRO-PLUS LLC: Creditors Must File Claims by May 1 -------------------------------------------------- Creditors of LLC Agro-Plus have until May 1, 2008, to submit proofs of claim to: V. Krotov Insolvency Manager Room 23 Promyshlennyj Proezd 3 308023 Belgorod Russia Tel/Fax: (4722) 34-13-74 The Arbitration Court of Belgorod commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A08-4826/07-2B. The Court is located at: The Arbitration Court of Belgorod Narodnyj Avenue 135 308600 Belgorod Russia The Debtor can be reached at: LLC Agro-Plus Sagaydachnoe Prokhorovskiy Belgorod Russia B.I.N. BANK: Fitch Places Ratings on Positive Watch --------------------------------------------------- Fitch Ratings placed B.I.N. Bank's Long-term Issuer Default rating of 'B-' and National Long-term rating of 'BB(rus)' on Rating Watch Positive. The bank's other ratings are affirmed at Short-term IDR 'B', Individual 'D', Support '5' and Support Rating Floor 'No Floor'. The RWP reflects Fitch's view that B.I.N.'s financial profile has now improved sufficiently to warrant a Long-term IDR of 'B', but that residual political risks relating to the bank's current ownership continue to constrain the rating at the 'B-' (B minus) level. Following the sale of the bank, which is expected to be completed in the near future and should reduce this risk, Fitch will resolve the RWP and likely upgrade the Long-term IDR to 'B'. B.I.N. has made progress in diversifying its franchise both by segment and geographically, based on ongoing expansion of its branch network. The repayment in H207 of a large loan exposure related to the acquisition of a construction company has also contributed to a reduction in asset concentrations. Profitability has improved due to stronger core revenues resulting from business diversification, although performance remains constrained by high operating overheads and funding costs. B.I.N.'s credit profile is also supported by low loan impairment levels to date and more prudent liquidity management during the currently more difficult funding environment. At the same time, business concentrations, mainly in the construction and real estate sectors, although reduced, remain significant. Ongoing rapid retail loan growth, which is forecast to continue in the near-to-medium-term, also gives rise to considerable credit and operational risks. B.I.N. has not been significantly affected, to date, by the fraud and tax evasion charges brought against the bank's founder, Mikhail Gutseriev, in 2007. Although Mr. Gutseriev has not been a shareholder of the bank since 1996, a 99%-stake is controlled by his nephew, Mikhail Shishkhanov, who was also the bank's president from 1996 until earlier this year. In light of the bank's current ownership, some residual exposure of the bank to political risk remains, in Fitch's view, and currently constrains the Long-term IDR at the 'B-' (B minus) level. Mr. Shishkhanov has recently agreed to sell his stake in B.I.N. to another local businessman, Vadim Moshkovich. The transaction is currently awaiting regulatory approval and expected by the bank to be completed in the near future, possibly by the end of April 2008. Mr. Moshkovich has business interests in the agriculture, construction and real estate sectors, and also holds minority stakes in Sberbank (rated Long-term IDR 'BBB+'/Outlook Stable) and Sobinbank. Since 2006, he has been a member of the upper house of the Russian Parliament (the Federation Council) for the Belgorod Region. While the changes in ownership and senior management (a new President, Vartan Dilanian, was recently appointed to succeed Mr. Shishkhanov) give rise to some uncertainty about the future evolution of the bank's strategy and business model, management has confirmed plans to continue to implement the current strategy, focusing equally on the corporate and retail segments, and maintain current liquidity and risk management policies. B.I.N. Bank was established in 1993 in Moscow. At end-2007, it was the 40th-largest bank by assets in Russia. B.I.N.'s core focus is on lending to medium-sized corporates, although it is diversifying into retail operations and expanding regionally. It currently has a network of 125 outlets in Moscow and across Russia. BAMO-FLOAT-GLASS: Court Starts Bankruptcy Supervision Procedure --------------------------------------------------------------- The Arbitration Court of Moscow commenced bankruptcy supervision procedure on OJSC Bamo-Float-Glass. The case is docketed under Case No. A41?2-22940/07. The Temporary Insolvency Manager is: P. Osipov Office 100 Building 2 Stolovyj Per. 6 121069 Moscow Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: OJSC Bamo-Float-Glass Administration Building Butyrskiy Tupik 141500 Moscow Russia DANILOVSKOE FUEL: Creditors Must File Claims by May 1 ----------------------------------------------------- Creditors of OJSC Danilovskoe Fuel Enterprise have until May 1, 2008, to submit proofs of claim to: A. Kirillov Insolvency Manager Saltykova-Shedrina Str. 30 150014 Yaroslavl Russia The Arbitration Court of Yaroslavl commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A82-1515/07-56-B/12. The Debtor can be reached at: OJSC Danilovskoe Fuel Enterprise Vologodskaya Str. 31a Danilov Yaroslavl Russia DOSTUP-COM OJSC: Creditors Must File Claims by April 1 ------------------------------------------------------ Creditors of OJSC Dostup-Com have until April 1, 2008, to submit proofs of claim to: I. Madzhuga Insolvency Manager Office 40 Br. Korostylevykh Str. 268 Samara Russia The Arbitration Court of Samara commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A55-16669/07. The Court is located at: The Arbitration Court of Samara Avrory Str. 148 443045 Samara Russia The Debtor can be reached at: OJSC Dostup-Com Office 40 Br. Korostylevykh Str. 268 Samara Russia KINESHMA-LES-PROM: Asset Sale Slated for April 2 ------------------------------------------------ M. Astashov, the insolvency manager and bidding organizer for OJSC Kineshma-Les-Prom, will open a public auction for the company's properties at 2:00 p.m. on April 2, 2008 at: OJSC Kineshma-Les-Prom Lesozavodskaya Str. 10 Kineshma 155802 Ivanovo Russia The company has set a RUR4.81 million starting price for the assets on auction. Interested participants have until April 1, 2008, to deposit an amount equivalent to 5% of the starting price to: OJSC Kineshma-Les-Prom Settlement Account 40702810400000000223 Correspondent Account 30101810900000000782 BIK 042422782 ACB Invest-torg-bank Kineshemskiy Kineshma Russia Bidding documents must be submitted to: M. Astashov Lesozavodskaya Str. 10 Kineshma 155802 Ivanovo Russia Tel: (49331)2-35-70, 3-39-94 The Debtor can be reached at: OJSC Kineshma-Les-Prom Lesozavodskaya Str. 10 155802 Ivanovo Kineshma Russia KRASNOGVARDEYSK-AGRO-PROM-TRANS: Claims Filing Ends April 1 ----------------------------------------------------------- Creditors of OJSC Krasnogvardeysk-Agro-Prom-Trans have until April 1, 2008, to submit proofs of claim to: S. Osipova Temporary Insolvency Manager Gaya Str. 23A 460000 Orenburg Russia The Arbitration Court of Orenburg will convene at 9:00 a.m. on April 29, 2008, to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A47-10941/ 2007-14gk. The Court is located at: The Arbitration Court of Orenburg 9th January Str. 64 460046 Orenburg Russia The Debtor can be reached at: OJSC Krasnogvardeysk-Agro-Prom-Trans Donskoe Krasnogvardeyskiy Orenburg Russia LOCAL FUEL: Creditors Must File Claims by April 1 ------------------------------------------------- Creditors of CJSC Local Fuel Company have until April 1, 2008, to submit proofs of claim to: S. Suvorov Temporary Insolvency Manager Post User Box 183 127018 Moscow Russia The Arbitration Court of Moscow will convene on June 19, 2008, to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A40-63 500/07-124-182 B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Local Fuel Company Building 6 Novoslobodskaya Str. 20 Moscow Russia MAGNITOGORSK IRON: Trades GDR at Austria's RDXxt Index ------------------------------------------------------ The Vienna Stock Exchange's RDXxt index committee included OAO Magnitogorsk Iron and Steel Works' Global Depositary Receipts on March 25, 2008. The index comprises most liquid Russian GDRs trading on LSE. The weight of MMK GDRs will become clear as the new calculation base becomes effective. Currently the RDXxt index comprises 17 GDRs and is used by Eurex (devision of Deutsche Boerse specializing on derivatives trading) as one of the source to build stock instruments. Starting from April 23, 2007, Eurex calculated futures for this index and for its separately for its components. 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 March 26, 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, which said the outlook is positive. OGK-5 OAO: Earns RUR1.8 Billion for Full Year 2007 -------------------------------------------------- OAO OGK-5 released its financial statements for full year 2007, prepared according to Russian Accounting Standards. The company's net profit for 2007 totaled RUR1.804 million while net revenue totaled RUR33.46 billion. Gross profit totaled RUR2.54 million while profit on sales totaled RUR2.07 million. In 2007, the other expenses of OGK-5 surpassed the other income by RUR41.67 million, including interest receivable and payable. The expenses related to income tax and other similar compulsory payments amounted to RUR254.41 million. JSC OGK-5�s assets as of December 31, 2007 totaled 54,557,851 thousand RUB (as of December 31, 2006 � 51,253,725 thousand RUB). The current accounts receivable of JSC OGK-5 as of December 31, 2007 totaled 5,481,245 thousand RUB, the non- current accounts receivable � 3,658,837 thousand RUB. The current accounts payable of JSC OGK-5 as of December 31, 2007 totaled 3,101,309 thousand RUB. About OGK-5 Headquartered in Ekaterinburg, Russia, OAO OGK-5 -- http://www.ogk-5.com/-- generates electricity and heat energy. The Company owns and operates four power plants: Konakovskaya GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and Sredneuralskaya GRES. * * * As of March 26, 2007, OAO OGK-5 carries Ba3 Corporate Family and Probability-of-Default ratings from Moody's Investors Service. Moody's said the Outlook is Stable. ROSNEFT OIL: To Build Oil Refinery at ESPO's Nahodka Terminus ------------------------------------------------------------- OAO Rosneft Oil Co. will construct a 20 million ton/year capacity oil refinery at the terminus of the East Siberia Pacific Ocean Pipeline near Nakhodka, Russia, Eric Watkins writes for the Oil & Gas Journal, citing CEO Sergei Bogdanchikov. Rosneft will commence construction after relevant Russian ministries and departments consider the technical and economic substantiation in accord with local law, Mr. Bogdanchikov told OGJ. The refinery will be located 2 km inland from the Sea of Japan. Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines, and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * As of Feb. 7, 2008, OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is positive. SB 77: Creditors Must File Claims by April 1 -------------------------------------------- Creditors of LLC SB 77 have until April 1, 2008, to submit proofs of claim to: A. Prikhodko Temporary Insolvency Manager Kuznetskiy Most Str. 6/3 125009 Moscow Russia The Arbitration Court of Volgograd will convene on April 28, 2008, to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A12-18296/07-?55. The Debtor can be reached at: LLC SB 77 30-letiya Pobedy Avenue 38-102 &nb