T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, March 28, 2008, Vol. 9, No. 63 Headlines A U S T R I A GEWERBEBAU FERTIGTEIL: Claims Registration Period Ends April 21 ING. JOHANN POSCH: Claims Registration Period Ends April 14 JUERGEN HERRMANN: Claims Registration Period Ends April 22 KRISTL BAUAUSFUEHRUNGEN: Claims Registration Ends April 23 PD-PERSONALBEREITSTELLUNG: Claims Registration Period Ends May 6 SUN LOGISTIK: Claims Registration Period Ends April 10 F I N L A N D M-REAL: Inks Pension Liabilities Deal Related to UK Ops Sale F R A N C E CLEAR CHANNEL: Sues Banks Over US$26 Million Merger Delay CLEAR CHANNEL: Get Temporary Restraining Order Against Banks CLEAR CHANNEL: Fitch Says Ratings Hold if Going-Private Fails CLEAR CHANNEL: Moody's Says Ratings Remain Under Review G E R M A N Y AGFAPHOTO: Former Workers to Receive Compensation, Court Rules AMBIENTA WOHNBAU: Claims Registration Ends April 15 AMERICAN SPORTS: Claims Registration Ends April 15 AQUIS VERWALTUNGS: Creditors' Meeting Slated for March 12 AVU-VIDEO-VERTRIEBS: Claims Registration Period Ends April 14 BAUWERK WOHN: Claims Registration Period Ends April 15 BREEZE FINANCE: Fitch Withdraws BB- Ratings on Class B Notes ELEKTRO SCHIFFMANN: Claims Registration Period Ends April 15 ERKA-MODEDRUCK: Claims Registration Period Ends April 15 FRANZ VOLK: Claims Registration Period Ends April 15 GESA DACH: Claims Registration Period Ends April 28 HANS WALISCHMILLER: Claims Registration Ends April 15 IBETECH GMBH: Claims Registration Ends April 15 IKB DEUTSCHE: Names Andreas Leimbach to Managing Director Board KOSMOS BAUTRAGER: Claims Registration Period Ends April 14 MOHRS MALEREI: Claims Registration Period Ends April 15 SPEDITION & LOGISTIK: Claims Registration Period Ends April 26 TIMBER SYSTEMS: Claims Registration Period Ends April 16 WERBELICHT JEROMA: Claims Registration Ends April 15 I R E L A N D IRON HILL: Moody's Rates US$16 Million Class C Notes at Ba3 K A Z A K H S T A N AK BULAK: Creditors Must File Claims by April 25 ALMATY BIG: Claims Deadline Slated for April 25 DVS & K LLP: Claims Filing Period Ends April 25 FERRO TRANS: Creditors' Claims Due on April 25 KAZ TECHNO: Claims Registration Ends April 25 KDA-1 LLP: Creditors Must File Claims by April 25 LUCH 2007: Claims Deadline Slated for April 25 LUTA LLP: Claims Filing Period Ends April 25 OIL-2030 LLP: Creditors' Claims Due on April 25 SEVER-7 LLP: Claims Registration Ends April 25 * Fitch Lifts Mangistau Region's Ratings to BB+ K Y R G Y Z S T A N GELEON TRADE: Creditors Must File Claims by April 29 MONTAGE ENERGO: Claims Filing Period Ends April 29 N E T H E R L A N D S SABIC INNOVATIVE: Moody's Confirms Ratings with Stable Outlook R U S S I A BRATSK CITY: S&P Ups Long-Term Issuer Credit Rating to B+ CONSULTING BUSINESS: Bankruptcy Hearing Set June 30 KORKINSKIY DIARY: Creditors Must File Claims by April 15 LOKON CJSC: Creditors Must File Claims by April 15 MARIYSKIY MECHANICAL: Court Opens Bankruptcy Supervision Process TAT-NEFTE-STROY OJSC: Bankruptcy Hearing Set July 1 TATNEFT OAO: Eyes Facilities for Mineral Recovery Tax Compliance VIMPEL-COMMUNICATIONS: Altimo Files US$1BB Suit vs. Telenor * Fitch Puts Tambov Region's Currency Ratings at BB- S P A I N GRUPO INMOBILIARIO: Files for Creditor Protection in Madrid MARTINSA FADESA: Reaches Agreement with Lenders on EUR5.1BB Debt S W I T Z E R L A N D ANDRES ISENEGGER: Creditors' Liquidation Claims Due by March 31 APOLLO CARS: Creditors' Liquidation Claims Due by March 31 BACHTEL-RANCH LLC: Claims Registration Period Ends March 31 BMS MEXICO: Creditors' Liquidation Claims Due by March 31 BRUN FORDERTECHNIK: Creditors Must File Claims by March 30 COLINA JSC: Creditors' Liquidation Claims Due by March 31 COMPUTEROIL JSC: Creditors' Liquidation Claims Due by March 31 COSMOPORT SCHIFFSREISEN: Creditors Must File Claims by March 30 DANIEL NIEDERBERGER: Creditors Must File Claims by March 31 DK: Creditors' Liquidation Claims Due by March 31 EL-MART JSC: Creditors' Liquidation Claims Due by March 31 GARAGE AUTOFIT: Claims Registration Period Ends March 31 JMR IMMOBILIEN: Creditors' Liquidation Claims Due by March 31 R. UND F. ENZLER: Creditors' Liquidation Claims Due by March 31 RYMBOURNE LTD: Creditors' Liquidation Claims Due by March 31 SIMPLYLEARN LLC: Creditors' Liquidation Claims Due by March 31 SWISS EQUITY: Creditors' Liquidation Claims Due by March 31 VORSORGESERVICE JSC: Creditors Must File Claims by March 30 U K R A I N E ANDREYEVKA REPAIR: Creditors Must File Claims by March 29 ASSISTANCE-SERVICE: Creditors Must File Claims by March 29 DOREKS LTD: Creditors Must File Claims by March 29 KAMIANKA LLC: Creditors Must File Claims by March 29 SKY BRIDGE: Creditors Must File Claims by March 29 UKRAINIAN BUILDING: Creditors Must File Claims by March 29 UKRAINIAN GAS: Creditors Must File Claims by March 29 UPPK LLC: Creditors Must File Claims by March 29 U N I T E D K I N G D O M CASTLE HOLDCO: Moody's Cuts Corporate Family Rating to B3 ERINACEOUS GROUP: Banks Commit to Provide On-going Funding EXECUTION SERVICES: Brings In Liquidators from Mazars INTERNATIONAL BUILDING: Taps Liquidators from Deloitte & Touche LONDON BEACH: Claims Filing Period Ends May 12 M J T LANDSCAPES: Calls In Liquidators from Mazars NORTHERN ROCK: FSA Identifies Key Supervisory Failings OLYMPUS CIRCUITS: Hires Liquidators from PKF OPEL CONSTRUCTION: Joint Liquidators Take Over Operations OSPREY AIR: Taps Joint Administrators from Smith & Williamson PRINTSCENE LTD: Appoints Administrators from Begbies Traynor RAPOUR LTD: Appoints Liquidators from Mazars STEWART'S LTD: Taps Baker Tilly as Administrators * Smith & Williamson Names James Money as RRS Director * BOOK REVIEW: Bankruptcy Investing: How to Profit from Distressed Companies (Revised Edition) ********* ============= A U S T R I A ============= GEWERBEBAU FERTIGTEIL: Claims Registration Period Ends April 21 --------------------------------------------------------------- Creditors owed money by LLC GEWERBEBAU Fertigteil- Vertrieb (FN 226996v) have until April 21, 2008, to file written proofs of claim to court-appointed estate administrator Candidus Cortolezis at: Dr. Candidus Cortolezis Hauptplatz 14 8010 Graz Austria Tel: 0316/813973 Fax: 0316/847797 E-mail: office@cortolezis.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:35 p.m. on May 8, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Hall L Room 230 Second Floor Graz Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on March 3, 2008 (Bankr. Case No. 26 S 25/08h). ING. JOHANN POSCH: Claims Registration Period Ends April 14 ----------------------------------------------------------- Creditors owed money by LLC Ing. Johann Posch Bau & Co KG (FN 12446d) have until April 14, 2008, to file written proofs of claim to court-appointed estate administrator Peter Handler at: Mag. Peter Handler LLC Handler Rechtanwalt Hauptplatz 33 8530 Deutschlandsberg Austria Tel: 03462/4141 Fax: 03462/4141-41 E-mail: office@handler.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on April 29, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Hall K Room 205 Second Floor Graz Austria Headquartered in Wies, Austria, the Debtor declared bankruptcy on Feb. 29, 2008 (Bankr. Case No. 40 S 14/08v). JUERGEN HERRMANN: Claims Registration Period Ends April 22 ---------------------------------------------------------- Creditors owed money by LLC Juergen Herrmann Elektrotechnik (FN 201125y) have until April 22, 2008, to file written proofs of claim to court-appointed estate administrator Norbert Abel at: Mag. Norbert Abel c/o Mag. Johanna Abel-Winkler Franz Josefs-Kai 49/19 1010 Vienna Austria Tel: 533 52 72 Fax: 533 52 72 15 E-mail: office@abel-abel.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on May 6, 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 March 3, 2008 (Bankr. Case No. 4 S 27/08k). Johanna Abel- Winkler represents Mag. Abel in the bankruptcy proceedings. KRISTL BAUAUSFUEHRUNGEN: Claims Registration Ends April 23 ---------------------------------------------------------- Creditors owed money by LLC Kristl Bauausfuehrungen (FN 283249v) have until April 23, 2008, to file written proofs of claim to court-appointed estate administrator Horst Winkelmayr at: Mag. Horst Winkelmayr Porzellangasse 22A/7 1090 Vienna Austria Tel: 532 47 77 Fax: 532 47 77 50 E-mail: rae@kniwi.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on May 7, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 29, 2008 (Bankr. Case No. 3 S 19/08a). PD-PERSONALBEREITSTELLUNG: Claims Registration Period Ends May 6 ---------------------------------------------------------------- Creditors owed money by KEG PD-Personalbereitstellung und Fassandenbau Daurer (FN 276408h) have until May 6, 2008, to file written proofs of claim to court-appointed estate administrator Wolfgang Strasser at: Dr. Wolfgang Strasser c/o Dr. Christian Strasser Hauptplatz 11 4300 St. Valentin Austria Tel: 07435/52 4 37 E-mail: ra-strasserwolf@rechtsanwaelte.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:15 p.m. on May 20, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Steyr Hall 7 Second Floor Steyr Austria Headquartered in Steyr, Austria, the Debtor declared bankruptcy on Feb. 29, 2008 (Bankr. Case No. 14 S 17/08k). Christian Strasser represents Dr. Strasser in the bankruptcy proceedings. SUN LOGISTIK: Claims Registration Period Ends April 10 ------------------------------------------------------ Creditors owed money by LLC Sun Logistik (FN 290532d) have until April 10, 2008, to file written proofs of claim to court- appointed estate administrator Gerald Gerstacker at: Mag. Gerald Gerstacker Schrannenplatz 3/I 2340 Moedling Austria Tel: 02236/864 567 Fax: 02236/864 567-1 E-mail: g.gerstacker@utanet.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on April 24, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Wiener Neudorf, Austria, the Debtor declared bankruptcy on March 3, 2008 (Bankr. Case No. 10 S 17/08s). ============= F I N L A N D ============= M-REAL: Inks Pension Liabilities Deal Related to UK Ops Sale ------------------------------------------------------------ M-real Corp. has concluded an agreement with regard to the pension liabilities of its U.K. industrial operations related to the sale of the New Thames mill and the closure of the Sittingbourne mill. The combined impact of the sales agreement and the pension liabilities arrangement on M-real's financial result is positive, about EUR4 million, instead of being the neutral effect that was foreseen, and the corresponding impact on cash flow will be around EUR82 million instead of the previously announced estimation of EUR60 million. EUR65 million of the cash flow impact was incurred when the New Thames sale and the pension agreement were completed, and around EUR 17 million will be realized during the next 12 months. About the M-real Oyj Headquartered in Espoo, Finland, M-real Corp. -- http://www.M-Real.com/-- produces and distributes coated and uncoated fine papers for printing and packaging industries. The company has operations in Brazil and Mexico. * * * As of Feb. 8, 2008, M-real Oyj carries a B2 long-term corporate family rating and a B2 senior unsecured debt rating from Moody's, which said the outlook is negative. Standard & Poor's rates the company's long-term foreign and local issuer credit at B+ and its short-term foreign and local issuer credit at B. The outlook is negative. =========== F R A N C E =========== CLEAR CHANNEL: Sues Banks Over US$26 Million Merger Delay --------------------------------------------------------- Clear Channel Communications Inc., jointed by CC Media Holdings, Inc., a unit of Thomas H. Lee Partners, L.P. and Bain Capital Partners, LLC, sued the banks who had committed to financing the debt connected to their US$26 billion merger for tortious interference on March 26, 2008. The lawsuit, filed in Bexar County, Texas, alleges that the banks are "refusing to execute necessary documents in an overt effort to 'run out the clock' and cause [their] merger agreement to collapse" and are "fabricating false reasons to refuse to proceed with the transaction � all in an effort to deprive Plaintiffs� of their vested contractual rights under the Merger Agreement which Defendants know must close by June 12, 2008." Adding that the opportunity for CC Media Holdings to acquire Clear Channel is "uniquely valuable and irreplaceable", the suit further claims that the banks' recent actions create "immeasurable damages exceeding the parties' agreement for US$26 billion". The defendants are Citigroup, Morgan Stanley, Credit Suisse, RBS, Wachovia, and Deutsche Bank. "The financial risk to the banks in this suit dwarfs any risk they think they have in funding the debt," said Mark Mays, CEO of Clear Channel Communications. "The behavior of these banks is irresponsible, unprofessional and unjustified. The defendants have made clear that they are determined, by any means possible, to destroy the merger and thus avoid their obligation to fund, as they are required legally to do." Bain Capital and THL Partners issued the following joint statement: "We want to do this deal. We are ready to close, have funded the equity portion of the purchase consideration, maintain our enthusiasm for the investment, and are fully prepared to fulfill our contractual obligations to complete the deal." Going Private As reported in the Troubled Company Reporter-Europe on Feb. 20, 2008, the company disclosed that there were no remaining regulatory approvals needed to close merger agreement entered into with Thomas H. Lee Partners LP and Bain Capital Partners on Sept. 25, 2007, and anticipated the merged to close on March 31, 2008. The deal however appeared to be in danger of collapsing after backers of the deal failed to reach agreement on the final financing of the transaction. The banks had agreed to finance the deal but negotiations between the private-equity firms and the banks became mired over details of the credit agreement. About Bain Capital Boston, Massachussetts-based Bain Capital Partners LLC -- http://www.baincapital.com/-- is a private investment firm with approximately US$40 billion in assets under management. Its family of funds includes private equity, venture capital, public equity and leveraged debt assets. Absolute Return Capital LLC is the global macro affiliate of Bain Capital. Bain Capital Private Equity has raised nine funds and invested in more than 200 companies. Bain Capital (Europe) Limited, an affiliate, is dedicated to investment opportunities in the European market. Bain Capital Venture Partners LLC is the venture capital arm of Bain Capital. Sankaty Advisors LLC, the credit affiliate of Bain Capital LLC, is a private manager of high-yield debt obligations. In October 2006, Michaels Stores Inc. announced the completion of its merger with affiliates of Bain Capital Partners LLC and The Blackstone Group. As a result, Bain Capital Partners LLC and Blackstone own equal stakes in Michaels, and funds affiliated with Highfields Capital Management own a minority stake. About Thomas Lee Partners Boston, Massachussetts-based Thomas H. Lee Partners LP -- http://www.thlee.com/-- Thomas H. Lee Partners is the teddy bear at the gate. Known as a "friendly" leveraged buyout (LBO) firm, the company uses a mix of debt, funds from institutional investors, and its own money to buy companies. Unlike the fearsome LBO outfits of the 1980s, Thomas H. Lee Partners eschews the axe for the handshake; it builds up a stake and courts management cooperation. Lee then usually sells the revamped acquisitions or takes them public. Thomas H. Lee, who founded Thomas H. Lee Partners in 1974, left his namesake firm in 2006 to start a long-planned rival hedge fund and private equity venture. The company has teamed up with Bain Capital to buy media titan Clear Channel for almost US$20 billion. 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 mobile and on-demand entertainment and information services for local communities and premiere opportunities for advertisers. The company's businesses include radio, television and outdoor displays. Outside the United States, the company has operations in France, Italy, Spain and the United Kingdom, as well as Australia and China. CLEAR CHANNEL: Get Temporary Restraining Order Against Banks ------------------------------------------------------------ District Court Judge John D. Gabriel of Bexar County, Texas, on Wednesday night, awarded a Temporary Restraining Order in favor of Clear Channel Communications Inc. The company had sued the banks that committed to financing the debt connected to their US$26 billion merger for tortious interference on March 26, 2008. Judge Gabriel ordered that the banks, among other things, must not �interfere with or thwart consummation of the Merger Agreement� by: 1) refusing to fund the Merger transaction, 2) insisting on terms that are inconsistent with the Commitment Letter, or 3) refusing to act in good faith in the drafting of definitive loan documents. In a statement released on their website, Clear Channels said that with the ruling, �the banks and the purchasers will now be able to move quickly to complete the loan documents and fund the merger.� 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 mobile and on-demand entertainment and information services for local communities and premiere opportunities for advertisers. The company's businesses include radio, television and outdoor displays. Outside the United States, the company has operations in France, Italy, Spain and the United Kingdom, as well as Australia and China. CLEAR CHANNEL: Fitch Says Ratings Hold if Going-Private Fails ------------------------------------------------------------- In line with previous guidance, Fitch Ratings stated that Clear Channel Communications 'BB-' Issuer Default Rating and Senior Unsecured Ratings would remain in place if the going-private transaction is not completed. Fitch originally downgraded Clear Channel's ratings to 'BB-' from 'BBB-' on Nov. 16, 2006 after the company announced it had executed a definitive merger agreement with a private equity group to be acquired for over US$26 billion. At that time, Fitch stated that the consummation of the going-private transaction would likely result in lower ratings, but that any cancellation of the merger would not result in any upward movement of the 'BB-' ratings, as management demonstrated a tolerance for greater leverage. Clear Channel has significant debt maturities coming due over the next three years, including its bank facility. Fitch believes the risk of financial policy revisions must be properly reflected in the ratings on any future market transactions that may be used to re-finance these maturities. Executive management employment agreements extend into 2014. CLEAR CHANNEL: Moody's Says Ratings Remain Under Review ------------------------------------------------------- On March 26, 2008, Clear Channel Communications, Inc. and affiliates of the Thomas H. Lee Partners, L.P. and Bain Capital Partners, LLC, filed a lawsuit against the banks who had committed to financing the debt in connection with their US$26 billion merger. Subsequently, a Texas judge issued a restraining order in favor of Clear Channel. The company's ratings remain under review for possible downgrade pending closing of the acquisition. Moody's will continue to monitor developments in order to assess the likelihood that the transaction will close. If the buyout is completed, the company's pro-forma leverage is expected to increase substantially and the post-acquisition company will have significantly weaker credit metrics. Assuming the transaction is completed as currently contemplated, Clear Channel will likely be assigned a Corporate Family Rating of B2 and the rating on the existing senior notes is likely to be notched down to Caa1 based on their expected subordination to the new senior secured debt facilities and the new senior notes. In the event the proposed leveraged buyout does not close, Clear Channel's ratings still have a high probability of being downgraded to speculative grade based on the company's now demonstrated predilection for shareholder friendly behavior. If the buyout does not close, the review will focus on the company's business strategy and financial policy including management's tolerance for financial risk. Clear Channel Communications, Inc., with its headquarters in San Antonio, Texas, is a global 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 and outdoor displays. ============= G E R M A N Y ============= AGFAPHOTO: Former Workers to Receive Compensation, Court Rules -------------------------------------------------------------- The Federal Labor Court in Erfurt, Germany, on March 20, 2008, gave its decision on three cases involving AgfaPhoto GmbH and Agfa-Gevaert NV & Co. KG. Former employees of AgfaPhoto had sued Agfa-Gevaert for compensation and/or damages. Subject to the motivation of the Federal Labour Court judgments, to be released at a later date, Agfa-Gevaert states that in two cases, the 8th Senate of the Federal Labor Court rules that the plaintiffs are entitled to receive payments for their early retirement because the October 2004 information letter on their transfer to AgfaPhoto was partially incomplete. In the court's opinion each of the pending matter was decided on a case-by-case basis because of the different factual backgrounds. At the upcoming trial day on July 24, 2008, the Federal Labor Court will presumably decide on approximately ten further cases. Agfa-Gevaert welcomes the statement of the court as an important contribution to the clarification of some hitherto unresolved legal issues. Agfa-Gevaert furthermore reiterates its opinion that it fully and correctly informed all relevant parties, and that it complied with all legal consultation requirements against the background of an uncertain legal environment. The contents of the information letter were drafted together with Mr. Emans and his advisors, and were subsequently approved by the employee representatives. In the third case, the court dismissed the claim filed by a former AgfaPhoto employee. The employee sued Agfa-Gevaert for a severance payment as damages although he did not object to his transfer to AgfaPhoto at the time. The court stated that a later objection against the business transfer cannot be declared indefinitely. Agfa-Gevaert considers this decision as a confirmation of its position that there will no further claims for damages beyond the current limited number of objections. Sale to AgfaPhoto At the time of the sale of the Consumer Imaging business to AgfaPhoto in November 2004, Agfa-Gevaert was convinced that the transaction was the best solution for the employees. With a few exceptions, all relevant employees transferred to AgfaPhoto, and thus to a new, legally and operationally independent company. Following the insolvency of AgfaPhoto, Agfa-Gevaert agreed to support the financing of an employment and placement company ("Beschaftigungs- und Qualifizierungsgesellschaft" - "BQG") so as to ease the social burden resulting from the insolvency for its former employees. Through this BQG many of the former AgfaPhoto employees could be offered new jobs with third parties within the one-year-period during which they were allowed to remain within the BQG. Also, Agfa-Gevaert offered financial support for many employees, who -- due to their individual employment status -- would otherwise have been affected severely as a result of the AgfaPhoto insolvency. Agfa-Gevaert finally declares: The allegation made by various plaintiffs and repeated by the media that Agfa-Gevaert had "threatened" former employees to agree to the business transfer, is utterly wrong and unfounded. At the time of the business transfer the insolvency of AgfaPhoto GmbH was not predictable. Agfa-Gevaert can therefore not be held responsible for the social consequences caused by the insolvency. As already mentioned before, Agfa-Gevaert has constituted sufficient provisions for justified claims by former employees. About AgfaPhoto GmbH Headquartered in Cologne, Germany, AgfaPhoto GmbH -- http://www.agfaphoto.com/-- manufactures photographic film, papers, chemicals, and disposable cameras. It also offers online print service, on-site processing, kiosk systems and wholesale finishing. The company has 1,800 employees. Six months after it was sold to its management and a group of investors, the company filed for insolvency at the district court of Cologne and appointed Andreas Ringstmeier provisional administrator. The company blamed the growing popularity of digital photography for its demise. It has 32 subsidiaries outside Germany that are not affected by the insolvency. The company owes money to suppliers and pension security body Pensionssicherungsverein. AMBIENTA WOHNBAU: Claims Registration Ends April 15 --------------------------------------------------- Creditors of AMBIENTA Wohnbau GmbH have until April 15, 2008 to register their claims with court-appointed insolvency manager Markus M. Merbecks. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Chemnitz Hall 27 Fuerstenstrasse 21-23 09130 Chemnitz 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: Markus M. Merbecks Leipziger Strasse 58 09113 Chemnitz Germany Tel: (0371) 444610 Fax: (0371) 4446111 E-mail: merbecks@merbecks.de The District Court of Chemnitz opened bankruptcy proceedings against AMBIENTA Wohnbau GmbH on Feb. 27, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AMBIENTA Wohnbau GmbH Attn: Michael Hoffmann, Manager Theaterstrasse 44 09111 Chemnitz Germany AMERICAN SPORTS: Claims Registration Ends April 15 -------------------------------------------------- Creditors of American Sports GmbH have until April 15, 2008 to register their claims with court-appointed insolvency manager Dr. Norbert Heimann. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Cologne Meeting Hall 142 First Floor 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. Norbert Heimann Spichernstr. 55 50672 Cologne Germany Tel: 9595925 Fax: +49221514437 The District Court of Cologne opened bankruptcy proceedings against American Sports GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: American Sports GmbH Girlitzweg 30 50829 Cologne Germany Attn: Walter Puetz, Manager Hauptstr. 117 f 51143 Cologne Germany AQUIS VERWALTUNGS: Creditors' Meeting Slated for March 12 --------------------------------------------------------- The court-appointed insolvency manager for AQUIS Verwaltungsgesellschaft mbH & Co. Potsdamer Strasse 153 KG, Christian Koehler-Ma will present his first report on the Company's insolvency proceedings at a creditors' meeting at noon on March 12, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 11:35 a.m. on June 11, 2008 at the same venue. Creditors have until April 15, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christian Koehler-Ma Kurfuerstendamm 26 a 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against AQUIS Verwaltungsgesellschaft mbH & Co. Potsdamer Strasse 153 KG on Jan. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AQUIS Verwaltungsgesellschaft mbH & Co. Potsdamer Strasse 153 KG Culemeyerstr. 2 12277 Berlin Germany AVU-VIDEO-VERTRIEBS: Claims Registration Period Ends April 14 ------------------------------------------------------------- Creditors of AVU-Video-Vertriebs GmbH have until April 14, 2008, to register their claims with court-appointed insolvency manager Paul Wieschemann. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on May 19, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kaiserslautern Hall 11 Bahnhofstr. 24 67655 Kaiserslautern Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Paul Wieschemann Flickerstal 2 67657 Kaiserslautern Germany Tel: 0631/341950 Fax: 0631/470269 The District Court of Kaiserslautern opened bankruptcy proceedings against AVU-Video-Vertriebs GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AVU-Video-Vertriebs GmbH Attn: Gerhard Dollman, Manager Erlenhoehe 1 66871 Konken Germany BAUWERK WOHN: Claims Registration Period Ends April 15 ------------------------------------------------------ Creditors of BAUWERK Wohn- und Gewerbebau GmbH & Co KG have until April 15, 2008, to register their claims with court- appointed insolvency manager Ulf Spieker. Creditors and other interested parties are encouraged to attend the meeting at 10:40 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 Leer Hall 101 Woerde 5 26789 Leer 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: Ulf Spieker Schuetzenstrasse 5 26670 Uplengen-Remels Germany Tel: 04956/918518 Fax: 04956/918520 The District Court of Leer opened bankruptcy proceedings against BAUWERK Wohn- und Gewerbebau GmbH & Co KG on Feb. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BAUWERK Wohn- und Gewerbebau GmbH & Co KG Attn: Inka Natelberg, Manager Sonnentau 22 26817 Rhauderfehn Germany BREEZE FINANCE: Fitch Withdraws BB- Ratings on Class B Notes ------------------------------------------------------------ Fitch Ratings has withdrawn the expected ratings of Breeze Finance SA Compartment 2's (Breeze Four) secured notes. The withdrawn ratings are: -- EUR161.6 million Class A: 'BBB-'; Outlook Stable -- EUR46.8 million Class B: 'BB-'; Outlook Stable The withdrawal of the expected rating follows the decision by the lead manager, Bayerische Hypo- und Vereinsbank AG, not to place the transaction with investors in the near future. ELEKTRO SCHIFFMANN: Claims Registration Period Ends April 15 ------------------------------------------------------------ Creditors of Elektro Schiffmann GmbH have until April 15, 2008, to register their claims with court-appointed insolvency manager Stephan Muenzel. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Norderstedt Hall B Rathausallee 80 22846 Norderstedt 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 Muenzel Bachstrasse 85a 22083 Hamburg Germany The District Court of Norderstedt opened bankruptcy proceedings against Elektro Schiffmann GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Elektro Schiffmann GmbH Beek 7 24641 Stuvenborn Germany ERKA-MODEDRUCK: Claims Registration Period Ends April 15 -------------------------------------------------------- Creditors of ERKA-Modedruck GmbH have until April 15, 2008, to register their claims with court-appointed insolvency manager Joachim Exner. Creditors and other interested parties are encouraged to attend the meeting at 1:25 p.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 Hof Meeting Hall 012 Ground Floor Berliner Platz 1 95030 Hof 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: Joachim Exner Ludwigstr. 50 95028 Hof Germany Tel: 09281/8331080 Fax: 09281/8331089 The District Court of Hof opened bankruptcy proceedings against ERKA-Modedruck GmbH on March 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ERKA-Modedruck GmbH Attn: Renate Kleeboth, Manager Dr.-Martin-Luther-Str. 18 95233 Helmbrechts Germany FRANZ VOLK: Claims Registration Period Ends April 15 ---------------------------------------------------- Creditors of Franz Volk Verwaltungs-GmbH have until April 15, 2008, to register their claims with court-appointed insolvency manager Nikolaus Gaede. Creditors and other interested parties are encouraged to attend the meeting on May 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 Augsburg Alten Einlass 1 86150 Augsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Nikolaus Gaede Brienner Str. 55 80333 Munich Germany The District Court of A opened bankruptcy proceedings against Franz Volk Verwaltungs-GmbH on Feb. 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Franz Volk Verwaltungs-GmbH Peter Doerfler Str. 33 86199 Augsburg Germany GESA DACH: Claims Registration Period Ends April 28 --------------------------------------------------- Creditors of Gesa Dach GmbH have until April 28, 2008, to register their claims with court-appointed insolvency manager Dr. Lucas F. Floether. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on May 19, 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 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. Lucas F. Floether Specks Hof Eingang C Nikolaistrasse 3-5 04109 Leipzig Germany Tel: 0341/652200 Fax: O341/65220111 The District Court of Leipzig opened bankruptcy proceedings against Gesa Dach GmbH on March 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gesa Dach GmbH Matthias-Erzberger-Strasse 10 04425 Taucha Germany Attn: Gebhard Weinschenk, Manager Olbrichtstrasse 8 04157 Leipzig Germany HANS WALISCHMILLER: Claims Registration Ends April 15 ----------------------------------------------------- Creditors of Hans Walischmiller GmbH have until April 15, 2008 to register their claims with court-appointed insolvency manager Dr. Volker Grub. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.m. on April 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Konstanz Hall 107 First Floor Main Building Gerichtstrasse 9 78462 Konstanz Germany The Court will also verify the claims set out in the insolvency manager's report at 2:00 p.m. on May 20, 2008 at: The District Court of Konstanz Hall 102 First Floor Auxiliary Building Gerichtstrasse 9 78462 Konstanz Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Volker Grub Humboldtstr. 16 70178 Stuttgart Germany The District Court of Konstanz opened bankruptcy proceedings against Hans Walischmiller GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hans Walischmiller GmbH Attn: Wolfgang Walischmiller and Dr. Christoph Sauerwein, Managers Schiessstattweg 16 88677 Markdorf Germany IBETECH GMBH: Claims Registration Ends April 15 ----------------------------------------------- Creditors of IBETECH GmbH have until April 15, 2008 to register their claims with court-appointed insolvency manager Axel Gerbers. Claims will be verified at 11:15 a.m. on May 29, 2008 at: The District Court of Bremen Hall 115 Ostertorstr. 25-31 28195 Bremen Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Axel Gerbers Soegestr. 70 28195 Bremen Germany Tel: 0421-178 998-0 Fax: 0421-178 998-11 E-mail: bremen@jnp.de Web site: http://www.jnp.de/ The District Court of Bremen opened bankruptcy proceedings against IBETECH GmbH on Jan. 24, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IBETECH GmbH Attn: Martin Buschmann, Manager Ottenhof 6 28355 Bremen Germany IKB DEUTSCHE: Names Andreas Leimbach to Managing Director Board --------------------------------------------------------------- The Supervisory Board of KB Deutsche Industriebank AG has appointed Andreas Leimbach to the Board of Managing Directors, effective April 1, 2008. Mr Leimbach will take over responsibility for the segment Corporate Clients from CEO Guenther Braunig who had been in charge of the segment in the interim. The appointment of Andreas Leimbach highlights the importance of IKB�s core business with corporate clients. From 1988 to 2006 Andreas Leimbach held a number of positions within the corporate and investment banking business of Dresdner Bank AG, most recently as senior general manager of the corporate banking division. Before this he was CEO of the corporate banking franchise in Northern Germany. "The business with corporate clients is of major importance to IKB," Mr. Braunig said. "Andreas Leimbach is a renowned expert with a long standing experience in banking for corporate clients and moreover, has considerable international capital markets expertise." The appointment of Mr. Leimbach is a consequent step within the realignment of the bank�s business model. Going forward, IKB will focus on its core business segments Corporate Clients -- Domestic Corporate Clients, Leasing and Private Equity -- Real Estate Financing and Structured Finance. About IKB Deutsche Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank AG -- http://www.ikb.de/-- pioneered the long-term industrial loan and provides medium-sized companies with long-term financing. The bank operates in several German locations, as well as branches in the United Kingdom, Luxembourg, Spain and France. IKB had previously invested in securitized loans on the US market for subprime mortgages, which are now almost worthless. This resulted in a deep-seated crisis within the bank, pushing it on the brink of bankruptcy. * * * As reported in the TCR-Europe on March 7, 2008, Fitch Ratings downgraded IKB Deutsche Industriebank AG's hybrid securities to 'CCC-' (CCC minus) from the 'B' range and removed them from Rating Watch Negative (RWN) where they were placed on Feb. 14, 2008, and Dec. 21, 2007. The company carries Fitch's 'E' Individual rating. As reported in the TCR-Europe on Jan. 25, 2008, Moody's Investors Service downgraded the bank financial strength rating of IKB Deutsche Industriebank to E+ from D-. The outlook on the BFSR is now developing. KOSMOS BAUTRAGER: Claims Registration Period Ends April 14 ---------------------------------------------------------- Creditors of Kosmos Bautrager GmbH have until April 14, 2008, to register their claims with court-appointed insolvency manager Andreas Schoss. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Hagen Meeting Hall 252 Heinitzstrasse 42/44 58097 Hagen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Schoss Alter Markt 9 - 13 42275 Wuppertal Germany The District Court of Hagen opened bankruptcy proceedings against Kosmos Bautrager GmbH on March 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kosmos Bautrager GmbH Attn: Monika Schmidt, Manager Moellenkotter Str. 3 f 58332 Schwelm Germany MOHRS MALEREI: Claims Registration Period Ends April 15 ------------------------------------------------------- Creditors of Mohrs Malerei GmbH have until April 15, 2008, to register their claims with court-appointed insolvency manager Rainer Eckert. Creditors and other interested parties are encouraged to attend the meeting at noon 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 Leipzig Hall 056 Ground Floor Enforcement Court 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. Rainer Eckert Kathe-Kollwitz-Strasse 9 04109 Leipzig Germany Tel: 0341/910470 Fax: 0341/9104710 E-mail: eckert-leipzig@rae-eckert.de The District Court of Leipzig opened bankruptcy proceedings against Mohrs Malerei GmbH on Feb. 27, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mohrs Malerei GmbH Leipziger Strasse 2 04668 Grimma Germany SPEDITION & LOGISTIK: Claims Registration Period Ends April 26 -------------------------------------------------------------- Creditors of Spedition & Logistik Schaarschmidt GmbH have until April 26, 2008, to register their claims with court-appointed insolvency manager Thomas Alter. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on May 26, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Erfurt Hall 12 Rudolfstr. 46 99092 Erfurt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Alter Schillerstr. 2 99096 Erfurt Germany The District Court of Erfurt opened bankruptcy proceedings against Spedition & Logistik Schaarschmidt GmbH on March 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Spedition & Logistik Schaarschmidt GmbH Attn: Bettina Schaarschmidt, Manager Nordstr. 5 99427 Weimar Germany TIMBER SYSTEMS: Claims Registration Period Ends April 16 -------------------------------------------------------- Creditors of Timber Systems GmbH have until April 16, 2008, to register their claims with court-appointed insolvency manager Undine Haller. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 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: Undine Haller Bismarckstrasse 39 74074 Heilbronn Germany Tel: 07131/173032 Fax: 07131/171112 The District Court of Heilbronn opened bankruptcy proceedings against Timber Systems GmbH on March 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Timber Systems GmbH Attn: Christopher Philipp, Manager Wittighauser Steige 2 74547 Untermuenkheim Germany WERBELICHT JEROMA: Claims Registration Ends April 15 ---------------------------------------------------- Creditors of Werbelicht Jeroma GmbH & Co. Kommanditgesellschaft have until April 15, 2008 to register their claims with court- appointed insolvency manager Uwe Kuhmann. Claims will be verified at 9:00 a.m. on May 29, 2008 at: The District Court of Bremen Hall 115 Ostertorstr. 25-31 28195 Bremen Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Uwe Kuhmann Schuesselkorb 3 28195 Bremen Germany Tel: 0421-33061-0 Fax: 0421-33061-10 E-mail: info@kuhmann.eu Web site: http://www.kuhmann.eu/ The District Court of Bremen opened bankruptcy proceedings against Werbelicht Jeroma GmbH & Co. Kommanditgesellschaft on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Werbelicht Jeroma GmbH & Co. Kommanditgesellschaft Attn: Bernd Hofer and Rudolf Jeroma, Managers Kerneck-Strasse 3 28307 Bremen Germany ============= I R E L A N D ============= IRON HILL: Moody's Rates US$16 Million Class C Notes at Ba3 ----------------------------------------------------------- Moody's Investors Service has assigned definitive ratings to two classes of notes issued by Iron Hill CLO Limited: -- Baa3 to the US$14,007,000 Class B Senior Secured Deferrable Floating Rate Notes due 2025; and -- Ba3 to the US$16,342,000 Class C Senior Secured Deferrable Floating Rate Notes due 2025. The definitive ratings address the expected loss posed to investors by the legal final maturity date in 2025. This transaction features the EUR163.620m Class A-T Loan which is a term loan, and the Class A-R Loan which is a revolver loan. The Class A-R Loan can be drawn either in Euro, GBP or USD (up to Euro 85.224m equivalent). Initially, GBP/USD drawings will be used to purchase GBP/USD denominated assets. Should such non- Euro assets default, GBP/USD advances would not be fully collateralised by GBP/USD assets and therefore Euro proceeds may need to be converted into GBP/USD in order to redeem non-Euro advances, thus creating a foreign exchange risk exposure. This currency risk is partially mitigated with foreign currency options purchased by the Issuer at closing and has been considered in Moody's analysis. The proceeds from the issuance of the Class B Notes and the Class C Notes will be used to acquire USD denominated assets with at least the same principal amount as these proceeds. This transaction is a leveraged loan collateralised loan obligation related to a Euro 296.23m portfolio of mostly European senior and mezzanine loans (with a predominance of senior secured loans). The investments may also include other CLO tranches. This portfolio will be partially acquired at closing and ramped up during the eight months ramp-up period in compliance with portfolio guidelines. Thereafter, the portfolio of loans will be actively managed and the investment manager will be able to buy or sell loans on behalf of the Issuer. Any addition or removal of loans will be subject to a number of portfolio criteria. Guggenheim Partners Europe Limited will act as investment manager. This is the first European leveraged loan CLO managed by Guggenheim. There are several events of default which could potentially result in an enfocement of the deal, including the Class A overcollateralisation ratio falling below 100%. The calculation of this ratio may involve application of several haircuts to the numerator, including haircuts applied to reference obligations acquired at a high discount or obligations rated less than B3. This means that the calculated Class A OC ratio may fall below 100% and trigger an event of default, in cases under which the actual collateral value of the portfolio exceeds the outstanding principal balance of the Class A Loans. This transaction is arranged by Wachovia Securities International Limited. =================== K A Z A K H S T A N =================== AK BULAK: Creditors Must File Claims by April 25 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Firm Ak Bulak Ltd. insolvent. Creditors have until April 25, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Borodin Str. 144-88 Kostanai Kazakhstan Tel: 8 (3142) 57-85-83 ALMATY BIG: Claims Deadline Slated for April 25 ----------------------------------------------- LLP Almaty Big House has declared insolvency. Creditors have until April 25, 2008, to submit written proofs of claims to: LLP Almaty Big House Kaldayakov Str. 39 Almaty Kazakhstan DVS & K LLP: Claims Filing Period Ends April 25 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau has declared LLP DVS & K insolvent. Creditors have until April 25, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Mangistau Micro District 27 Aktau Mangistau Kazakhstan FERRO TRANS: Creditors' Claims Due on April 25 ---------------------------------------------- LLP Ferro Trans Trade has declared insolvency. Creditors have until April 25, 2008, to submit written proofs of claims to: LLP Ferro Trans Trade Kunaev Str. 7 Ekibastuz 141200, Pavlodar Kazakhstan KAZ TECHNO: Claims Registration Ends April 25 --------------------------------------------- LLP Kaz Techno Pol has declared insolvency. Creditors have until April 25, 2008, to submit written proofs of claims to: LLP Kaz Techno Pol Abai Str. 92 Astana Kazakhstan KDA-1 LLP: Creditors Must File Claims by April 25 ------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP KDA-1 insolvent. Creditors have until April 25, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan LUCH 2007: Claims Deadline Slated for April 25 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Luch 2007 insolvent. Creditors have until April 25, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Loboda Str. 4 Karaganda Kazakhstan LUTA LLP: Claims Filing Period Ends April 25 -------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau has declared LLP Luta insolvent. Creditors have until April 25, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Mangistau Micro District 27 Aktau Mangistau Kazakhstan OIL-2030 LLP: Creditors' Claims Due on April 25 ----------------------------------------------- LLP Oil-2030 has declared insolvency. Creditors have until April 25, 2008, to submit written proofs of claims to: LLP Oil-2030 Kazybek bi Str. 132a Lenger Tolebyisky 161100, South Kazakhstan Kazakhstan SEVER-7 LLP: Claims Registration Ends April 25 ---------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Sever-7 insolvent. Creditors have until April 25, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan * Fitch Lifts Mangistau Region's Ratings to BB+ ----------------------------------------------- Fitch Ratings upgraded the Kazakhstan Region of Mangistau's Long-term foreign and local currency ratings to 'BB+' from 'BB'. The Short-term foreign currency rating is affirmed at 'B'. Fitch has also upgraded its National Long-term rating to 'A(kaz)' from 'BBB+(kaz)'. The Outlooks for the Long-term foreign and local currency and National Long-term ratings remain Stable. The upgrade reflects the region's almost debt-free status, strong and improving budgetary performance and Fitch's expectation of further improvement of operating balance underpinned by changing intergovernmental relations between the region and the central government. The region maintained sound budgetary performance in 2007, improving operating balance to 13.4% of operating revenue from 8.3% one year earlier. The region expects a further increase in its 2008 operating balance due to a reduction of withdrawals to the national budget from KZT24.3bn in 2007 to KZT4.2bn in 2008. This reduction will totally compensate the expected reduction in 2008 social tax proceeds from a planned tax rate cut. The region possesses a strong, but highly concentrated local economy. The region's per capita GRP is the fourth-highest in Kazakhstan (2.3x higher than the national average). The region's rich natural resources help boost its industrial potential and aid its growing economy. However, a strong bias toward the oil industry causes extremely high tax concentration in the region and makes the region's economy vulnerable to exogenous shocks from the international oil market. Regional capital expenditure has increased steadily to 21.8% in 2007 from 7.6% in 2003. However, the regional budget remains relatively inflexible. Despite tight control of staff expenditures by the regional government, which remained at the average of 5.9% over 2003-07, current transfers remained high at 50% of total expenditure in 2007. The region expected a significant reduction of budget rigidity in 2008 due to the sharp cut in the withdrawals to the central budget. Currently, the region is prohibited from issuing bonds or borrowing from banks; the only financing option available is credit from the central government. The region was debt free in 2001-04; in 2005-07, the region obtained three earmarked interest-free loans from the central government, amounting to a total of KZT1bn. However, the debt burden remained negligible at 1.1% of current revenue at end-2007. The Region of Mangistau is located in the south-west of Kazakhstan. It covers 6.1% of the country's total area and makes up around 2.5% of the total population. The region has one of the largest Caspian sea ports of the country, Aktau. The region contributed 5.8% of Kazakhstan's GDP in 2006, and its economy is dominated by the oil industry, which contributes 90% of total industrial production and 67% of the region's gross regional product. =================== K Y R G Y Z S T A N =================== GELEON TRADE: Creditors Must File Claims by April 29 ---------------------------------------------------- LLC Geleon Trade has declared insolvency. Creditors have until April 29, 2008, to submit written proofs of claim. Inquiries can be addressed to (+996 312) 44-26-15, 44-23-38. MONTAGE ENERGO: Claims Filing Period Ends April 29 -------------------------------------------------- LLC Montage Energo has declared insolvency. Creditors have until April 29, 2008 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 28-83-84, 44-26-15. ===================== N E T H E R L A N D S ===================== SABIC INNOVATIVE: Moody's Confirms Ratings with Stable Outlook -------------------------------------------------------------- Moody's Investors Services has confirmed the Corporate Family Rating and debt ratings of SABIC Innovative Plastics Holding B.V. and its subsidiaries. The outlook for all ratings is stable. The rating action concludes the review for possible downgrade of SIPH's ratings that was initiated on Dec. 21, 2007 following the announcement of the group's results for the third quarter ended Sept. 30, 2007. Moody's said that the confirmation of SIPH's ratings reflects the commitment demonstrated by Saudi Basic Industries Corporation (A1, positive) to support its 100%-owned subsidiary, which it regards as an integral part of its long-term strategy to diversify away from its core petrochemical activities into more specialty products with a view to capturing incremental value along the chemical chain. SABIC's strong parental support was clearly evidenced by the recent approval by its board of directors of sizeable capital contributions to SIPH in order to ensure that the latter timely meets all its financial obligations, including the financial covenants set out in its bank credit facilities that are due to be first tested at the end of the group's second fiscal quarter on June 30, 2008. The initial capital contribution, which Moody's assesses as having the equity-like characteristics of an intercompany shareholder loan, will be used to prepay acquisition debt and free up availability under the company's revolving credit facility. With the polycarbonate sector impacted by persistent input cost inflation compounded by a toughening trading environment, Moody's believes that SIPH's performance is likely to fall short of its initial expectations. Moody's expects that SABIC will provide sufficient financial support to its subsidiary over the next few quarters to ensure that SIPH does not contravene any covenants under its financing arrangements. Based on this premise, the outlook on all SIPH's ratings is stable. Looking further ahead, Moody's however acknowledges that upward rating pressure may arise should SABIC decide to implement further support initiatives with a view to achieving a more permanent and far reaching deleveraging of SIPH's capital structure. These ratings were affected: SABIC Innovative Plastics Holding B.V. -- Corporate Family Rating -- Ba2 / PD rating -- Ba2; -- US$1,500 m senior unsecured notes - B1 / LGD at 6 (91%); SABIC Innovative Plastics Holding B.V. and its subsidiaries -- Senior secured bank facilities - Ba2 / LGD at 3 (40%). Incorporated in The Netherlands, SABIC Innovative Plastics Holding B.V. is a global leading manufacturer of engineering thermoplastics. Based on the combined financial statements of GE Plastics, the group had total revenues of US$6.6 billion in the twelve months ended Dec. 31, 2006. =========== R U S S I A =========== BRATSK CITY: S&P Ups Long-Term Issuer Credit Rating to B+ --------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term issuer credit rating on the Russian city of Bratsk to 'B+' from 'B'. The outlook is stable. At the same time, the Russia national scale rating was raised to 'ruA+'. Bratsk is located in Eastern Siberia, in the Russian Federation (foreign currency BBB+/Positive/A-2; local currency A-/Positive/A-2; Russia national scale 'ruAAA'). "The upgrade reflects the city's continued economic and budget revenue growth, and the consequent stabilization of its financial performance," said Standard & Poor's credit analyst Pavel Kochanov. Bratsk is the second-largest city in the Irkutsk Oblast (B+/Stable/--). The ratings reflect the city's high, although slightly decreasing, economic concentration; expenditure pressures; and dependence on federal and regional decisions. The ratings are supported by the city's improved revenue and expenditure stability, due to the recent municipal reform; low debt; and relatively sophisticated management. S&P expects deficits after capital expenditures to remain modest until 2010. The city will accumulate debt slowly from the currently low 7%. Consequently, S&P expects total tax-supported debt to remain well below 25%-30% until the end of 2010. "We expect Bratsk to benefit from continued healthy performance of major taxpayers, operating budget surpluses at current levels, and moderate accumulation of debt to support increased capital expenditures," said Mr. Kochanov. Further improvement of budgetary performance and diversification could result in a positive rating action in the medium term. Improvement in the Irkutsk Oblast's creditworthiness could also have a positive impact on the ratings on Bratsk. Conversely, weaker performance -- operating deficits combined with debt accumulation above 30% in the medium term -- could lead to a negative rating action. Should Irkutsk Oblast's credit quality deteriorate, it could also negatively affect the ratings on Bratsk. CONSULTING BUSINESS: Bankruptcy Hearing Set June 30 --------------------------------------------------- The Arbitration Court of Samara will convene on June 30, 2008, to hear the bankruptcy supervision procedure on CJSC Consulting Business Centre (TIN 6311056078). The case is docketed as ?55- 17326/2007-36. The Court is located at: The Arbitration Court of Samara Avrory Str. 148 443045 Samara Russia Creditors must submit proofs of claim to: V. Skornyakov Temporary Insolvency Manager Post User Box 19 Sterlitamak-15 453115 Bashkortostan Republic Russia KORKINSKIY DIARY: Creditors Must File Claims by April 15 -------------------------------------------------------- Creditors of LLC Korkinskiy Diary (TIN 7412009164, OGRN 1057406008329) have until April 15, 2008, to submit proofs of claim to: V. Evchenko Temporary Insolvency Manager Office 206 Gagarina Str. 9 454010 Chelyabinsk Russia The Arbitration Court of Chelyabinsk has commenced bankruptcy supervision procedure on the company. The case is docketed as ?76-25486/2007-52-103. The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: LLC Korkinskiy Diary Pushkova Str. 1 Korkino Chelyabinsk Russia LOKON CJSC: Creditors Must File Claims by April 15 -------------------------------------------------- Creditors of CJSC Lokon have until April 15, 2008, to submit proofs of claim to: E. Shirova Temporary Insolvency Manager Post User Box 345 115230 Moscow Russia The Arbitration Court of Moscow has commenced bankruptcy supervision procedure on the company. The case is docketed as ?41-K2-810/08. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Lokon Tsentralnyj Avenue 4 Orekhovo-Zuevo Moscow Russia MARIYSKIY MECHANICAL: Court Opens Bankruptcy Supervision Process ---------------------------------------------------------------- The Arbitration Court of Mariy El Republic has commenced bankruptcy supervision procedure on OJSC Scientific Production Association Mariyskiy. The case is docketed as ?-38-33/2008-9-35. Creditors have to submit proofs of claim to: M. Fedyaev Temporary Insolvency Manager Apartment 35 Yubileynyj Location 13 Serebryannye Prudy 142970 MO Russia The Debtor can be reached at: OJSC Scientific Production Association Mariyskiy Mechanical Factory Lunacharskogo Str. 28 Yoshkar Ola Mariy El Republic Russia TAT-NEFTE-STROY OJSC: Bankruptcy Hearing Set July 1 --------------------------------------------------- The Arbitration Court of Tatarstan Republic will convene at 1:00 p.m. on July 1, 2008, to hear the bankruptcy supervision procedure on OJSC Tat-Nefte-Stroy. The case is docketed as ?65- 597/2008-SG4-27. Creditors must submit proofs of claim to: I. Gareev Temporary Insolvency Manager Post User Box 80 Kazan 420097 Tatarstan Republic Russia The Debtor can be reached at: OJSC Tat-Nefte-Stroy Aznakaevo Tatarstan Republic Russia TATNEFT OAO: Eyes Facilities for Mineral Recovery Tax Compliance ---------------------------------------------------------------- OAO Tatneft's Board of Directors plans to provide facilities to comply with the terms of differentiated Mineral Recovery Tax levied for the fields operated by Tatneft. Under the Federal Law FZ-151 five Tatneft's fields depleted for 80% and more and with overall oil production of 16 million tons per year meet the terms of differentiated Mineral Recovery Tax. Since Jan. 1, 2007 the Company has been applying the differentiated Mineral Recovery tax for the crude produced from the Romashkino oilfield where in a short time the Company managed to carry out a required scope of work to set up the crude oil custody transfer metering facilities. As a result of the work accomplished Tatneft's crude oil output, which enjoyed the differentiated mineral tax in 2007, totaled 15.2 million tons or 94.6% of the total potential oil production capacity subject to the tax relief terms. In 2007, Mineral Recovery Tax benefits for OAO Tatneft amounted to about RUR5 billion, a portion of which were allocated to extend the economic life of the fields. Currently the individual crude oil custody transfer metering facilities are being installed at four more fields, operated b? the Prikamneft Oil and Gas Production Unit with overall oil output of about 1 million tons per year. Since April 2007, Tatneft has been enjoying tax benefits (Zero Mineral Recovery Tax) for the extra-viscous oil recovered from the Ashalchinsky and the Mordovo-Karmalsky fields. The Board of Directors requested the Executive Management to continue these activities. The Board of Directors also approved the budget performance results for February and March and approved the budget for April and the second quarter 2008. The Board of Directors discussed the jubilee arrangements to celebrate the 60th anniversary of the development of one of the world's largest Romashkino oilfield. The company intends to hold an all-Russia Science and Technology Conference as well as other jubilee activities dedicated to this remarkable event. About Tatneft Headquartered in Tatartan, Russia, OAO Tatneft -- http://www.tatneft.ru/eng/-- explores for, produces, refines and markets crude oil. The company operates a chain of retain gasoline filling stations and exports some of its petrochemical products to former Soviet Union countries and Europe. * * * As of Nov. 5, 2007, Tatneft carries Fitch's B+ Issuer Default rating. Its Short-Term rating stands at B. Fitch said the outlook is positive. VIMPEL-COMMUNICATIONS: Altimo Files US$1BB Suit vs. Telenor ----------------------------------------------------------- Eco Telecom, a unit of OJSC Vimpel-Communications shareholder Altimo, has filed an arbitration case against fellow investo Telenor SA with an international tribunal in Geneva, Switzerland, for breach of a shareholders agreement, RIA Novosti reports. Altimo claims that in 2004 and 2005, Telenor blocked Vimpelcom's attempts to acquire Ukrainian Radio Systems, since the company would directly compete with Kyivstar, a local firm in which the Norwegian entity holds a majority stake, RIA Novosti relates. "As a result of Telenor's actions, VimpelCom's strategic purchase was put off for more than twelve months, after which the company's shares plunged and VimpelCom lost profit on the rapidly developing market," Altimo told RIA Novosti. As previously reported in the TCR-Europe, the Supreme Arbitration Court of Russia has ruled in favor of VimpelCom in one of the three lawsuits filed by Telenor. The court's decision upheld the validity of the September 2005 shareholder vote which approved the acquisition of URS as an interested party transaction. In 2005, VimpelCom bought URS for US$231 million. Telenor sought to invalidate the purchase, arguing that the price was excessive and that it already had a presence in Ukraine via Kyivstar, Telegeography relates. Alfa Group is a majority owner of VimpelCom while Telenor has a blocking stake in the company. About VimpelCom Headquartered in Moscow, Russia, OJSC Vimpel-Communications (NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile telecommunications services in Russia and Kazakhstan with newly acquired operations in Ukraine, Tajikistan and Uzbekistan. The Company operates under the 'Beeline' brand in Russia and Kazakhstan. In addition, VimpelCom is continuing to use 'K- mobile' and 'EXCESS' brands in Kazakhstan. The group wholly owns Mobitel in Georgia. * * * As reported in the TCR-Europe on Feb. 25, 2008, Standard & Poor's Ratings Services affirmed its 'BB+' long-term corporate credit rating on Russian mobile operator Vimpel-Communications (JSC), following the successful closing of its tender offer for Russian alternative telecoms operator Golden Telecom Inc. (GT), in which VimpelCom acquired about 90.5% of shares. At the same time, VimpelCom's US$2 billion senior unsecured syndicated loan and US$1.5 billion bridge loan, which have three- year and one-year maturities, respectively, were assigned 'BB+' ratings. At the same time, the long-term corporate credit rating on GT was raised to 'BB+' from 'BB', equalizing the rating with that on VimpelCom. The outlook on both VimpelCom and GT is stable. The company also carries Ba2 Corporate Family, Probability-of- Default and Senior Unsecured Debt Ratings from Moody's Investors Service. * Fitch Puts Tambov Region's Currency Ratings at BB- ---------------------------------------------------- Fitch Ratings assigned the Russian Tambov region Long-term foreign and local currency ratings of 'BB-' (BB minus), Short- term foreign currency rating of 'B' and National Long-term rating of 'A+(rus)'. The Outlooks for the Long-term foreign and local currency ratings and National Long-term rating are Stable. The ratings reflect the region's sound and stable budget performance, low debt burden and high quality of budgetary management. The ratings also factor in the modest scale of Tambov's economy, relatively high dependence on financial aid from the federal government and short-term debt profile. The Stable Outlooks reflect Fitch's expectation that prudent fiscal discipline and economic growth will continue to support revenue growth, allowing the region to consolidate its budget performance. Tambov demonstrated consistent budget revenue growth over the last five years. In nominal terms, the revenue of the regional budget had more then doubled during 2003-07, with tax revenue increasing to RUB7bn in 2007 from RUB3.1bn in 2003. As a result, operating and current margins in 2005-07 stabilised at the 10% level. Capital expenditure increased to 17.8% of the total spending in 2007 from the average of 10.3% in 2003-06. The region demonstrates relatively high dependence on federal government financial aid. Transfers from the federal budget accounted for 49.7% of total revenue in 2007. However, those transfers include matched grants and grants for delegated responsibilities. The share of direct financial aid from the federal budget accounted for 23.6% of total revenue in 2007, and it gradually declining from a peak of 32.3% in 2003. Tambov's total debt burden is low at 7.7% of current revenue in 2007. Its debt-to-current balance ratio has remained under nine months since 2005. The region's debt structure has changed since 2003 when it was dominated by budget loans. In 2007, bank loans accounted for 89% of total direct indebtedness, however, the profile of the direct debt of the region is short-term. Per capita gross regional product was 45% of average per capita GRP of all the Russian regions in 2005. Tambov's agricultural sector represents a notable share of the regional economy, but is not very profitable, thus impacting the region's tax base scale and expansion. The region's economy is dispersed with no particular company leading economic development. Tambov region is located in the south-central part of Russia. The region contributed 0.4% of the RF's GDP in 2005 and accounted for 0.8% of the country's population. ========= S P A I N ========= GRUPO INMOBILIARIO: Files for Creditor Protection in Madrid ----------------------------------------------------------- Grupo Inmobiliario Cosmani confirmed that it has filed for creditor protection at a court in Madrid, Spain, Bloomberg News reports, citing Expansion. According to the report, Cosmani is in discussions with 20 banks, seeking to delay repayments of its EUR350 million (US$545 million) debt. The real estate company, whose assets stood at EUR1.6 billion, is also asking for a reduction of its principal owed, Esteban Duarte writes for Bloomberg. MARTINSA FADESA: Reaches Agreement with Lenders on EUR5.1BB Debt ---------------------------------------------------------------- Martinsa Fadesa SA disclosed that an agreement had been reached with its lenders regarding the renegotiated terms of its EUR5.1 billion debt, the Thomson Financial reports. According to the report, citing a statement by the company, Martinsa expects to enter intro similar agreements with other lenders. In a report by Reuters, the company, which is currently in default, wants to defer the debt as well as the payment for the interest. Headquartered in Corunna, Spain, Martinsa-Fadesa SA -- http://www.martinsafadesa.com/-- is a real estate developer. The company specializes in the development of residential and commercial property projects, including hotels, shopping centers and golf courses, as well as industrial projects, among others. Martinsa-Fadesa owns land property of approximately 30 million square meters, and is present in 14 countries and 21 provinces in Spain. The company operates in Portugal; Romania; Hungary; Ireland; France; Bulgaria; Mexico; the Dominican Republic; the Czech Republic; Slovakia; Poland, through Fadesa Prokom Polska SA, and Morocco, through Addoha-Fadesa Real Estate and Tourist Consortium. In addition, it has commercial offices in the United Kingdom, Germany, Ireland and Sweden. ===================== S W I T Z E R L A N D ===================== ANDRES ISENEGGER: Creditors' Liquidation Claims Due by March 31 --------------------------------------------------------------- Creditors of LLC Andres Isenegger have until March 31, 2008, to submit their claims to: Andres Isenegger Liquidator Wildensteinerstrasse 7 4416 Bubendorf Liestal BL Switzerland The Debtor can be reached at: LLC Andres Isenegger Bubendorf Liestal BL Switzerland APOLLO CARS: Creditors' Liquidation Claims Due by March 31 ---------------------------------------------------------- Creditors of JSC Apollo Cars have until March 31, 2008, to submit their claims to: JSC Apollo Cars Neugasse 22 6300 Zug Switzerland BACHTEL-RANCH LLC: Claims Registration Period Ends March 31 ----------------------------------------------------------- The Bankruptcy Service of Wetzikon in Zuriech commenced bankruptcy proceedings against LLC Bachtel-Ranch on Jan. 31, 2008. Creditors have until March 31, 2008, to file their written proofs of claim. The Bankruptcy Service of Wetzikon can be reached at: Bankruptcy Service of Wetzikon 8622 Wetzikon ZH Switzerland The Debtor can be reached at: LLC Bachtel-Ranch Unterbachstrasse 2/Orn 8342 Wernetshausen ZH Switzerland BMS MEXICO: Creditors' Liquidation Claims Due by March 31 --------------------------------------------------------- Creditors of LLC BMS Mexico International Holding have until March 31, 2008, to submit their claims to: Martin Frey Liquidator Neuhofstrasse 6 6340 Baar ZG Switzerland The Debtor can be reached at: LLC BMS Mexico International Holding Baar ZG Switzerland BRUN FORDERTECHNIK: Creditors Must File Claims by March 30 ---------------------------------------------------------- Creditors of LLC Brun Fordertechnik have until March 30, 2008, to submit their claims to: JSC FFT Fritz Fischer Treuhand Liquidator Schulhausweg 10 5442 Fislisbach Baden AG Switzerland The Debtor can be reached at: LLC Brun Fordertechnik Bellikon Baden AG Switzerland COLINA JSC: Creditors' Liquidation Claims Due by March 31 --------------------------------------------------------- Creditors of JSC Collina have until March 31, 2008, to submit their claims to: JSC Collina Seestrasse 7a 6052 Hergiswil NW Switzerland COMPUTEROIL JSC: Creditors' Liquidation Claims Due by March 31 -------------------------------------------------------------- Creditors of JSC ComputerOil have until March 31, 2008, to submit their claims to: JSC netnetnet (Europe) Thurgauerstrasse 40 8050 Zurich Switzerland The Debtor can be reached at: JSC ComputerOil Dubendorf Uster ZH Switzerland COSMOPORT SCHIFFSREISEN: Creditors Must File Claims by March 30 --------------------------------------------------------------- Creditors of JSC Cosmoport Schiffsreisen have until March 30, 2008, to submit their claims to: JSC Stohl-Air Voyages 1274 Signy-Centre Switzerland The Debtor can be reached at: JSC Cosmoport Schiffsreisen Zurich Switzerland DANIEL NIEDERBERGER: Creditors Must File Claims by March 31 ----------------------------------------------------------- Creditors of LLC Daniel Niederberger have until March 31, 2008, to submit their claims to: LLC Daniel Niederberger Zwarackerweg 4145 Gempen Dorneck SO Switzerland DK: Creditors' Liquidation Claims Due by March 31 ------------------------------------------------- Creditors of LLC DK Freizeitunternehmungen have until March 31, 2008, to submit their claims to: Stephan K. Nyffenegger Nyffenegger Rechtsanwalte Kuttelgasse 4 800 Zurich Switzerland The Debtor can be reached at: LLC DK Freizeitunternehmungen Hittnau Pfaffikon ZH Switzerland EL-MART JSC: Creditors' Liquidation Claims Due by March 31 ---------------------------------------------------------- Creditors of JSC EL-MART have until March 31, 2008, to submit their claims to: Reto Volland Ifangstrasse 103 8153 Rumlang Dielsdorf ZH Switzerland The Debtor can be reached at: JSC EL-MART Rumlang Dielsdorf ZH Switzerland GARAGE AUTOFIT: Claims Registration Period Ends March 31 -------------------------------------------------------- The Bankruptcy Service of Aussersihl-Zurich commenced bankruptcy proceedings against LLC Garage Autofit on Dec. 11, 2007. Creditors have until March 31, 2008, to file their written proofs of claim. The Bankruptcy Service of Aussersihl-Zurich can be reached at: Bankruptcy Service of Aussersihl-Zurich 8004 Zurich Switzerland The Debtor can be reached at: LLC Garage Autofit Badenerstrasse 292 8004 Zurich Switzerland JMR IMMOBILIEN: Creditors' Liquidation Claims Due by March 31 ------------------------------------------------------------- Creditors of LLC JMR Immobilien und Handel have until March 31, 2008, to submit their claims to: Josef Martin Rohrer Gartnerstrasse 10 4323 Wallbach Rheinfelden AG Switzerland The Debtor can be reached at: LLC JMR Immobilien und Handel Wallbach Rheinfelden AG Switzerland R. UND F. ENZLER: Creditors' Liquidation Claims Due by March 31 -------------------------------------------------------------- Creditors of JSC R. und F. Enzler have until March 31, 2008, to submit their claims to: Felix Enzler Liquidator Lerchenstrasse 22a 9304 Bernhardzell SG Switzerland The Debtor can be reached at: JSC R. und F. Enzler Waldkirch SG Switzerland RYMBOURNE LTD: Creditors' Liquidation Claims Due by March 31 ------------------------------------------------------------ Creditors of Rymbourne Ltd. have until March 31, 2008, to submit their claims to: Karin Helbling Liquidator JSC Grimm Helbling Treuhandpartner Klausstrasse 43 8008 Zurich Switzerland The Debtor can be reached at: Rymbourne Ltd. Zug Switzerland SIMPLYLEARN LLC: Creditors' Liquidation Claims Due by March 31 -------------------------------------------------------------- Creditors of LLC SimplyLearn have until March 31, 2008, to submit their claims to: LLC SimplyLearn Harossenstrasse 40B 8311 Brutten Winterthur ZH Switzerland SWISS EQUITY: Creditors' Liquidation Claims Due by March 31 ----------------------------------------------------------- Creditors of LLC Swiss Equity have un