T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, April 2, 2008, Vol. 9, No. 66 Headlines A U S T R I A FAIRWORK PERSONALMANAGEMENT: Claims Registration Ends April 22 GNS GASTROSZENE: Claims Registration Period Ends April 9 ISO-TEAM LLC: Claims Registration Period Ends April 30 LIFE IMMOBILIEN: Claims Registration Period Ends April 15 ROBNIK LLC: Claims Registration Period Ends April 21 UBUYO TRADING: Claims Registration Period Ends April 21 F R A N C E PERNOD RICARD: Fitch Lowers Ratings on Vin & Spirit Buy QUIKSILVER INC: S&P Puts BB- Credit Rating under Negative Watch REALOGY CORP: S&P Revises Recovery Rating on Senior Debt to '4' REALOGY CORP: CFO Hull Comments on S&P's March Outlook Action THOMSON: Board to Implement Separation of Chairman & CEO Roles THOMSON S.A.: Moody's Holds Ratings but Revises Outlook to Neg. G E R M A N Y AUTOHAUS FRITZ: Claims Registration Period Ends April 18 AUTOHAUS PIRSCH: Claims Registration Period Ends April 23 AZL MODERN: Claims Registration Period Ends April 21 BELLA CERAMIKA: Claims Registration Period Ends April 19 DIABETES-KLINIK: Claims Registration Period Ends April 18 DIAMOND FEUERWERK: Claims Registration Period Ends April 14 EBERHARDT GMBH: Claims Registration Period Ends April 25 EMMERS & GUNTERMANN: Claims Registration Period Ends April 18 FLIESEN-GEISSER: Claims Registration Period Ends April 18 GFB GMBH: Claims Registration Period Ends April 18 IKB DEUTSCHE: Werner Oerter Named as Supervisory Board Chairman IKB DEUTSCHE: Moodys Downgrades Ratings After Review KETTERMANN UND VETTE: Claims Registration Ends April 17 KROEGER-UMZUEGE GMBH: Claims Registration Ends April 17 MTA PRAXISFLACHEN: Claims Registration Ends April 17 POMERIA TOURISTIK: Claims Registration Period Ends April 16 PARKETT-WELT GMBH: Claims Registration Period Ends April 24 REHA-ZENTRUM KLARA: Claims Registration Ends April 17 REHDER BETEILIGUNGS: Claims Registration Ends April 17 RICHTER HOLZBAUELEMENTE: Claims Registration Ends April 16 ROSTOCKER BAUGESELLSCHAFT: Claims Registration Ends April 16 SW EXCLUSIVE: Claims Registration Period Ends April 16 TIB TECHNOLOGIE: Claims Registration Ends April 17 TIEFBAU KOERKEMEYER: Claims Registration Period Ends April 16 TROBAU GMBH: Claims Registration Period Ends April 16 WBG WILKE: Claims Registration Period Ends April 17 G R E E C E FAGE DAIRY: Moody's Lowers Corporate Family Rating to B3 I R E L A N D ELAN CORP: Court Dismisses Tysabri Investor Lawsuit I T A L Y PARMALAT SPA: Warrant Exercise Hikes Capital by EUR6.29 Million TISCALI SPA: Names JPMorgan & Banca IMI as Financial Advisors K A Z A K H S T A N ADAI STS: Creditors Must File Claims by May 4 AGROLUXE-2004 LLP: Claims Deadline Slated for May 4 AZIMUT PRODUCTION: Claims Filing Period Ends May 4 BIRLIK LLP: Creditors' Claims Due on May 4 BOZ BIE: Claims Registration Ends May 4 JELDORBROKER CJSC: Creditors Must File Claims by May 4 KAMKOR INC: Claims Deadline Slated for May 4 STAL PROM: Claims Filing Period Ends May 4 STANKAL CONTRACT: Creditors' Claims Due on April 29 K Y R G Y Z S T A N INSAN-DAEWOO: Creditors Must File Claims by May 14 SALKYNSUU OJSC: Claims Filing Period Ends May 14 N E T H E R L A N D S NUMONYX B.V.: S&P Withdraws B Long-Term Corporate Credit Rating PLAYLOGIC ENTERTAINMENT: Closes US$6.75 Million Financing P O L A N D SEVERSTAL OAO: Severstallat Unit Acquires Technologie Buczek R U S S I A ARCTIC FOOD: Court Names Yu. Belyaev as Insolvency Manager COMSTAR-UNITED: Unit Launches Sales Center in Moscow DEMBI-PORT CJSC: Creditors Must File Claims by May 1 ENERGY 2: Creditors Must File Claims by May 1 KALININSKAYA LLC: Creditors Must File Claims by May 1 MANILOVSK CJSC: Creditors Must File Claims by May 1 OGK-5 OAO: Completes Reftinskaya GRES's Unit 10 Restoration SATELLITE LLC: Creditors Must File Claims by May 1 SEVERSTAL OAO: Severstallat Unit Acquires Technologie Buczek YUKOS-SERVICE: Creditors Must File Claims by May 1 S W I T Z E R L A N D ASPRO LLC: Creditors' Liquidation Claims Due by April 12 BIG BAU-ARMIERUNGEN: Zug Court Starts Bankruptcy Proceedings CASUS JSC: Aargau Court Starts Bankruptcy Proceedings HELIOCOPTER SERVICES: Aargau Court Starts Bankruptcy Proceedings MEDICASOFT CONSULT: Creditors Must Files Claims by April 13 MODE EMPORIO: Creditors' Liquidation Claims Due by April 17 RUCK-ZUCK: Creditors' Liquidation Claims Due by April 30 VEGANO LLC: Basel-Country Court Starts Bankruptcy Proceedings U K R A I N E CHANCE LLC: Creditors Must File Claims by April 5 DZHERELTSE OJSC: Creditors Must File Claims by April 11 LVOV PRODUCTION: Creditors Must File Claims by April 11 PRAVDA LLC: Creditors Must File Claims by April 11 RITA LLC: Proofs of Claim Deadline Set April 11 SPECIAL BUILDING: Proofs of Claim Deadline Set April 11 TRONKA LLC: Creditors Must File Claims by April 11 WEST 2000: Creditors Must File Claims by April 11 ZELENKOVKA LLC: Proofs of Claim Deadline Set April 11 * S&P Puts B Rating to Lugansk's Proposed Senior Unsec. Bonds U N I T E D K I N G D O M BELL AT TANWORTH: Appoints Baker Tilly to Administer Assets BOURNEMOUTH & BOSCOMBE: Creditors' Meeting Slated for April 7 BRITISH AIRWAYS: Facing GBP20Mln Costs Over Flight Cancellations BRITISH ENERGY: Suez Declares Lack of Interest in Buying Stake CANDU ENTERTAINMENT: Brings In Administrators from Ernst & Young CHAMBERLAIN ESTATE: Hires Liquidator from Mazars DOT MOBILE: Appoints Smith & Williamson as Administrators FIREMASTER EXTINGUISHER: Taps Liquidators from Tenon Recovery FORMDIRECT LTD: Brings In Joint Administrators from Tenon GAP TILING: Claims Filing Period Ends May 18 HPE TECHNOLOGY: Appoints Begbies Traynor as Administrators MAGMA BARS: Claims Filing Period Ends April 21 MARLBOROUGH LEISURE: Joint Liquidators Take Over Operations METANOVA LTD: Claims Filing Period Ends April 30 NINEPLUS LTD: Taps Joint Administrators from BDO Stoy NO CATCH: Sale Possible this Week as Buyers Queue OPERAX LTD: Appoints Liquidator from Vantis Business Recovery PETROLEOS DE VENEZUELA: Earns US$6.27 Billion in 2007 PETROLEOS DE VENEZUELA: Assets Increase US$27.143 Bln. in 2007 RUSTON ELECTRONICS: Taps Joint Administrators from Baker Tilly SCOTTISH RE: S&P Delayed Form 10-K Filing Won't Affect Ratings SPARTAN EUROPE: Creditors' Meeting Slated for April 10 STEWART SAUNDERS: Goes Into Liquidation Following Sales Slowdown TALISMAN SOLUTIONS: Simon Paterson Leads Liquidation Procedure * FTI Widens UK Presence with Forensic Accounting Buyout * CRG Partners Forms Strategic Alliance with Smith & Williamson ********* ============= A U S T R I A ============= FAIRWORK PERSONALMANAGEMENT: Claims Registration Ends April 22 -------------------------------------------------------------- Creditors owed money by LLC FairWork Personalmanagement (FN 249745y) have until April 22, 2008, to file written proofs of claim to court-appointed estate administrator Eva Riess at: Dr. Eva Riess c/o Dr. Leopold Riess Zeltgasse 3 1080 Vienna Austria Tel: 402 57 01 Fax: 402 57 01-21 E-mail: law@riess.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 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 4, 2008 (Bankr. Case No. 4 S 28/08g). Leopold Riess represents Dr. Riess in the bankruptcy proceedings. GNS GASTROSZENE: Claims Registration Period Ends April 9 -------------------------------------------------------- Creditors owed money by LLC GNS Gastroszene und Betrieb (FN 269033m) have until April 9, 2008, to file written proofs of claim to court-appointed estate administrator Kurt Schick at: Mag. Kurt Schick c/o Mag. Thomas Stenitzer Bahnstrasse 1 A 2130 Mistelbach Austria Tel: 02572/320 20-0 Fax: 02572/320 20 32 E-mail: kanzlei-laa@ra-stenitzer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on April 23, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Kleinharras, Austria, the Debtor declared bankruptcy on March 4, 2008 (Bankr. Case No. 36 S 24/08h). Thomas Stenitzer represents Mag. Schick in the bankruptcy proceedings. ISO-TEAM LLC: Claims Registration Period Ends April 30 ------------------------------------------------------ Creditors owed money by LLC ISO-Team (FN 290384k) have until April 30, 2008, to file written proofs of claim to court- appointed estate administrator Guenther Hoedl at: Dr. Guenther Hoedl c/o Dr. Andrea Simma Schulerstrasse 18 1010 Vienna Austria Tel: 513 16 55 Fax: DW 33 E-Mail: Hoedl@anwaltsteam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on May 14, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 4, 2008 (Bankr. Case No. 2 S 27/08w). Andrea Simma represents Dr. Hoedl in the bankruptcy proceedings. LIFE IMMOBILIEN: Claims Registration Period Ends April 15 --------------------------------------------------------- Creditors owed money by JSC Life Immobilien (FN 230245x) have until April 15, 2008, to file written proofs of claim to court- appointed estate administrator Otto Werschitz at: Dr. Otto Werschitz LLC CGO Masseverwaltung Neutorgasse 47/I 8010 Graz Austria Tel: 0316/820620 Fax: 0316/820620-4 E-mail: office@cgo-masseverwaltung.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:45 a.m. on April 24, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 222 Second Floor Graz Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on March 4, 2008 (Bankr. Case No. 26 S 29/08x). ROBNIK LLC: Claims Registration Period Ends April 21 ---------------------------------------------------- Creditors owed money by LLC Robnik (FN 173945b) have until April 21, 2008, to file written proofs of claim to court- appointed estate administrator Wolfgang Dlaska at: Mag. Wolfgang Dlaska Joanneumring 11/4 8010 Graz Austria Tel: 0316/825580 Fax: 0316/825580-10 E-mail: office@dlaska.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 3:00 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 227 Graz Austria Headquartered in Pirka, Austria, the Debtor declared bankruptcy on March 4, 2008 (Bankr. Case No. 25 S 21/08p). UBUYO TRADING: Claims Registration Period Ends April 21 ------------------------------------------------------- Creditors owed money by LLC uBUYo Trading (FN 281598s) have until April 21, 2008, to file written proofs of claim to court- appointed estate administrator Johannes Muehllechner at: Mag. Johannes Muehllechner Graben 21/3 4020 Linz Austria Tel: 77 22 00 Fax: 77 22 004 E-mail: muehllechner@eurojuris.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on May 5, 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 Linz, Austria, the Debtor declared bankruptcy on March 4, 2008 (Bankr. Case No. 12 S 18/08x). =========== F R A N C E =========== PERNOD RICARD: Fitch Lowers Ratings on Vin & Spirit Buy ------------------------------------------------------- Fitch Ratings downgraded French Wine and Spirit maker Pernod Ricard SA's Long-term Issuer Default and senior unsecured ratings to 'BB+' from 'BBB-' (BBB minus). The Short-term IDR has also been downgraded to 'B' from 'F3'. The Outlook for the Long-term IDR has been changed to Negative from Stable. These rating actions follow the March 31, 2008 announcement by Pernod that it will be paying EUR5.6bn cash, including assumed debt of EUR366m, for the acquisition of Swedish alcoholic beverages group Vin & Sprit. "While this transaction enables Pernod to address its two main relative weaknesses compared to industry leader Diageo, namely the lack of adequate critical mass in the important US market and the lack of a comparably strong presence in the high growth vodka category, the high and fully debt-funded acquisition price takes the group's leverage to the 'BB' rating category," says Giulio Lombardi, Senior Director in Fitch's Retail and Consumer Products Group. Following the V&S acquisition, leverage (as calculated on a lease and pension adjusted basis) will increase to above 6.0x. Excluding any exceptional cash charges, Pernod, together with V&S, should be able to generate an annual Free Cash Flow of approximately EUR300-400m, which Fitch assumes would be mostly applied to debt reduction. However, Fitch calculates that it could take at least three years for Pernod to reach credit metrics consistent with an investment grade rating, a timeframe that makes it difficult to justify affirming the ratings. During the next three years, Pernod will also be faced with a slowing outlook for consumer spending in western Europe and the US, as well as challenges to implement budgeted synergies, as it will initially not fully control the distribution channels for Absolut Vodka in the US and internationally. Additionally, the group's growth ambitions could potentially prevail over any commitment to return to investment grade ratings. Through this acquisition, Pernod strengthens its number two position in the global western-style spirits industry, reaching a market share of 18.6% in volume terms. However, Diageo's advantage (24.2% global market share) remains strong, thanks to net sales (in value terms) of approximately 1.5x Pernod's in each of the European and US markets and a less fragmented product portfolio. Pernod's ambitions to further close its gap with Diageo might require more acquisition spending. The combination of risks from the integration, payments to sever ties with distribution partners, as well as possible acquisition spending and slower EBITDA growth might even prejudice the achievement of 'BB+' credit metrics, thus underpinning the current Negative Outlook. QUIKSILVER INC: S&P Puts BB- Credit Rating under Negative Watch --------------------------------------------------------------- Standard & Poor's Ratings Services placed its ratings on Quiksilver Inc., including its 'BB-' corporate credit rating, on CreditWatch with negative implications. The Huntington Beach, Calif.-based apparel company had about US$996 million in debt outstanding at Jan. 31, 2008. The CreditWatch placement reflects the much weaker-than-expected credit measures reported for the first quarter ended January 2008. "While we expected that results would be lower due to the company's current difficulties with its Rossignol hard-good equipment business," said Standard & Poor's credit analyst Susan Ding, "financial measures for the last 12 months came in well below our expectations, despite the US$100 million debt reduction from the sale of its Cleveland Golf business in December 2007." Standard & Poor's originally expected that leverage would be about 4.7x at year end (adjusted for the sale of Cleveland Golf). However, due to losses at the Rossignol business that depressed the EBITDA base significantly, leverage climbed to close to 6x for the 12 months ended January 2008 versus about 5.7x for the 12 months ended October 2007. Total debt also increased as a result of increased capitalized operating leases, due to the new retail stores opened during the year. Although the company announced it will explore selling the Rossignol business, it is uncertain when and if the company would be able to effect a transaction, in light of the current economic environment, and what the magnitude would be of any potential debt reduction from the application of sale proceeds and ensuing improvement in credit measures. "We will meet with management to further discuss Quiksilver's operating trends and forecasts in order to resolve the CreditWatch," said Ms. Ding. Quiksilver, Inc. (NYSE:ZQK) -- http://www.quiksilverinc.com/-- is an outdoor sports lifestyle company, which designs, produces and distributes a diversified mix of branded apparel, wintersports equipment, footwear, accessories and related products. The company�s products are sold in over 90 countries in a wide range of distribution, including surf shops, ski shops, skateboard shops, snowboard shops, its proprietary Boardriders Club shops, other specialty stores and select department stores. Quiksilver�s corporate and Americas� headquarters are in Huntington Beach, California, while its European headquarters are in St. Jean de Luz and St. Jean de Moirans, France, and its Asia/Pacific headquarters are in Torquay, Australia. REALOGY CORP: S&P Revises Recovery Rating on Senior Debt to '4' --------------------------------------------------------------- Standard & Poor's Ratings Services revised its recovery rating on Realogy Corp.'s senior unsecured debt to '4', indicating that lenders can expect average (30% to 50%) recovery in the event of a payment default, from '3'. The issue-level rating on these securities remains unchanged at 'B' (at the same level as the 'B' corporate credit rating on the company). The recovery rating revision reflects Standard & Poor's reduced cash flow expectations for Realogy, which also resulted in S&P's outlook change on the company to negative from stable last week Ratings List Realogy Corp. Corporate Credit Rating B/Negative/-- Rating Revised Realogy Corp. To From -- ---- Senior Unsecured B B Recovery Rating 4 3 REALOGY CORP: CFO Hull Comments on S&P's March Outlook Action ------------------------------------------------------------- Standard & Poor's Ratings Services, on March 27, 2008, affirmed Realogy Corp.'s �B� corporate rating, but revised its outlook from �Stable� to �Negative.� According to S&P credit analyst Emile Courtney, "[t]he outlook revision reflects a significantly lower expectation for EBITDA generation in 2008 than we had previously anticipated, as well as the resultant narrowing of the EBITDA cushion in the company's senior secured credit facilities leverage covenant[.]" CFO Anthony E. Hull, as disclosed in the company's website, however said that the S&P report does not explicitly mention three key factors that are important to reiterate: -- Realogy's interest cost in 2008 will be significantly less than previously expected and 2007 pro forma levels. -- Realogy's proactive cost savings and cash maximization initiatives that have been successfully implemented (including exit from the government at-risk business that will free up US$50 million of cash this year) will continue to enhance our ability to tap into our bank debt revolver. -- Due to the seasonality of the real estate market, first quarter of any year is historically our slowest quarter (not just 2008). As we are only one-quarter into the year, the company has 85% to 90% of its EBITDA opportunity ahead of it. While the revised outlook was based primarily upon the continuing downturn in the residential real estate market, the S&P report concluded with the following astute statement: �Even though a return to growth in sides and price metrics in the industry could be at least one year away (in early 2009), our expectation remains that Realogy will benefit meaningfully in terms of growth in EBITDA and cash flow generation when the cycle turns upward, and that credit measures would improve.� About Realogy Corporation Headquartered in Parsippany, New Jersey, Realogy Corporation (NYSE: H)-- http://www.realogy.com/-- is real estate franchisor and a member of the S&P 500. The company has a diversified business model that also includes real estate brokerage, relocation, and title services. Realogy's world-renowned brands and business units include CENTURY 21(R), Coldwell Banker(R), Coldwell Banker Commercial(R), ERA(R), Sotheby's International Realty(R), NRT Incorporated, Cartus, and Title Resource Group. Realogy has more than 15,000 employees worldwide. The company operates in Australia, Brazil and France. THOMSON: Board to Implement Separation of Chairman & CEO Roles -------------------------------------------------------------- The Board of Directors of Thomson met on March 28, 2008 at the Group�s headquarters in Paris under the chairmanship of Frank Dangeard in order to call the May 22, 2008 Annual General Meeting and finalize the resolutions for that meeting, and also to review current trading and other Group matters. In 2004, the Thomson Board defined a strategy that led to the Group�s exit from its consumer electronics activities and to the creation of a technology company specialised in digital video solutions. This transformation has been successfully completed and the Group is now firmly positioned in the Internet and broadband equipment and services sector. Taking into account the completion of the Group�s transformation which opens a new period for the Group, the Board has resolved, as announced on Feb. 14, 2008, to implement right now a new governance structure that entails the separation of the roles of Chairman and Chief Executive, and brings to a close Frank Dangeard�s combined roles of Chairman & CEO. Frank Dangeard to Leave as Chairman The Board offered the role of Chairman to Frank Dangeard, a proposal he has decided to decline believing that the role of Chairman and future of the Group as envisaged by the Board would be better overseen by someone other than himself in that role. However, in the interests of the Group Frank Dangeard has agreed to be Chairman until April 12, 2008 at the latest, in order to assist with the transition period, and the Board has therefore appointed him to the position under these terms with immediate effect. The Board warmly recognised Frank Dangeard�s achievements and leadership in the successful transformation of the Group in all of its aspects, thereby repositioning Thomson in new and attractive markets focused on �video solutions� in which the Groups today occupies world leading positions. In consideration of the above, the Board resolved to grant Frank Dangeard a severance payment as envisaged under motions passed at the Annual General Meeting of May 10, 2005. The Board also accepted Frank Dangeard�s proposal to reduce the amount of this payment to the equivalent of 18 months of his 2007 remuneration, in line with the governance policy that the Group wants to apply in the future. Interim CEO The Board also appointed Julian Waldron as interim CEO, at the proposal of the Group�s Nominations and Governance Committee, this appointment to last until the process for the selection of a permanent CEO has been completed. That process is proceeding according to the plan and schedule established by the Board. Julian Waldron will chair an unchanged Executive Committee and will combine his existing Chief Financial Officer role with that of Chief Executive Officer. Taking full account of the crisis in the global financial and credit markets, the Board has been closely monitoring the Group�s liquidity position and funding situation. The Board confirms its position as set out in the March 11, 2008 press release which stated that the Group has �sufficient liquidity to refinance its short-term and long-term debt falling due in 2008 and 2009�. In the same release it added that �It has no plans for a capital increase�. Thomson indicated in its press release of Feb. 14, 2008 that the first months of the 2008 year would be challenging. The slowdown in the Access Products activities of the Systems Division has continued into the first quarter with reduced orders from broadband operator customers. In the Services Division, the Hollywood writers strike, while now over, has negatively affected the Film Services and Content Services businesses. As a consequence Group revenues for the first quarter are likely to show a sharp decrease on a constant currency basis compared to the first quarter of 2007. The Group will comment further upon the release its quarterly revenues. Activity has been more stable in other areas of the Group�s business such as the Service Division�s DVD activity and the Systems Division�s Broadcast & Networks activity. In addition, the last weeks of March showed an improvement in activity in the Access Products business indicating renewed investment by the Group�s customers. On the basis of the current outlook, the Group would expect a more positive evolution of second quarter revenues, even if these will still be lower than those recorded in the same period last year on a constant currency basis. The Board confirms the Group�s overall strategic orientation with its mission to build a world leader in �video solutions�. Thomson has unique assets in the broadband equipment and network services sector, and is also constantly optimizing the perimeter of all three of its divisions. The Group is already a major player in �video solutions� with number one or two positions worldwide in its chosen markets and an exceptional client list. About Thomson Thomson SA -- http://www.thomson.net/-- (Euronext Paris: 18453; NYSE: TMS) provides technology, services, and systems to help its Media, Entertainment & Communications clients - content creators, content distributors and users of its technology - realize their business goals and optimize their performance in a rapidly changing technology environment. THOMSON S.A.: Moody's Holds Ratings but Revises Outlook to Neg. --------------------------------------------------------------- Moody's Investor's Service affirmed the Ba1 Corporate Family Rating for Thomson S.A. and the Ba3 junior subordinated rating for Thomson's perpetual junior subordinated bonds. The outlook has been changed to negative from stable. The rating action was mainly triggered by somewhat increased uncertainty with regard to corporate strategy. Following the decision to implement a new corporate governance structure that entails the separation of the roles of Chairman and Chief Executive Officer, it was announced that Frank E. Dangeard, currently chairman and CEO, to leave the company on April 12, 2008 at the latest. Thomson has now to nominate two new managers for key positions at a time when the company is focusing on preserving the flexibility and cost savings generated under Dangeard's leadership. During the interim period until nomination of a new CEO, Julian Waldron, CFO, has agreed to take over responsibility as interim CEO. Moody's expects that this will assist providing stability during the critical transition period. Thomson has largely completed its business transformation process in 2007. Though Moody's recognizes that the company has now built a portfolio of businesses with sound competitive positions and a stable revenue stream from the licensing portfolio, the agency also notes that Thomson still has to prove that it can deliver on a sustainable basis a solid operating performance from each of the components of its business profile. Moody's notes in this context that the company has announced that it expects group revenues to show some decline in the first semester of the 2008 year. The actual quarterly sales performance year-on-year and its potential impact on overall profitability and cash generation as well as the turnaround of the situation at Broadcast and Networks, which was loss making in 2007, will continue to be the focus of the agency's monitoring. Outlook Actions: Issuer: Thomson S.A. -- Outlook, Changed To Negative From Stable The last rating action for Thomson has been on March 11, 2008, when Moody's downgraded the ratings to Ba1 / Ba3. Headquartered in Paris, France, Thomson is a leading provider of technology, systems and service solutions for integrated media and entertainment companies operating in three business segments: Thomson's Services division offers end-to-end management of services for the media and entertainment industry, from finishing movie content (post-production) to content replication of film and DVD and distribution. The Systems division provides professional broadcasting and network equipment for TV stations and other network operators as well as broadband access products. The Technology division combines Thomson's research and exploitation of its patent portfolio through licensing programs. In fiscal year 2007 the company generated revenues from continuing operations of EUR5.6 billion. ============= G E R M A N Y ============= AUTOHAUS FRITZ: Claims Registration Period Ends April 18 -------------------------------------------------------- Creditors of Autohaus Fritz Schillinger GmbH have until April 18, 2008, to register their claims with court-appointed insolvency manager Stefano Buck. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. 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 Offenburg Hall 0.005 Hindenburgstr. 5 77654 Offenburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefano Buck Eisenbahnstr. 19-23 77855 Achern Germany The District Court of Offenburg opened bankruptcy proceedings against Autohaus Fritz Schillinger GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Fritz Schillinger GmbH Attn: Fritz Schillinger, Manager Geroldsecker Vorstadt 12-26 77933 Lahr Germany AUTOHAUS PIRSCH: Claims Registration Period Ends April 23 --------------------------------------------------------- Creditors of Autohaus Pirsch GmbH have until April 23, 2008, to register their claims with court-appointed insolvency manager Wilhelm Klaas. Creditors and other interested parties are encouraged to attend the meeting at 12:00 p.m. on May 14, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kleve Meeting Hall D 177 Schlossberg 1 47533 Kleve 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: Wilhelm Klaas Eichendorffstrasse 25 47800 Krefeld Germany Tel: 02151/80580 Fax: 02151/805858 The District Court of Kleve opened bankruptcy proceedings against Autohaus Pirsch GmbH on March 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Pirsch GmbH Duisburger Strasse 62 46446 Emmerich am Rhein Germany Attn: Harald Pirsch, Manager Korschener Weg 24 46446 Emmerich am Rhein Germany AZL MODERN: Claims Registration Period Ends April 21 ---------------------------------------------------- Creditors of AZL modern Telecommunications GmbH have until April 21, 2008, to register their claims with court-appointed insolvency manager Dr. Joerg Nerlich. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 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 Bonn Hall S 2.18 William-Strasse 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Joerg Nerlich Simrockstr. 7 53113 Bonn Germany Tel: 0228/94 98 20 Fax: 0228/9459829 The District Court of Bonn opened bankruptcy proceedings against AZL modern Telecommunications GmbH on March 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AZL modern Telecommunications GmbH Bundeskanzlerplatz 2/10 53113 Bonn Germany Attn: Joachim Zweifel, Manager Tannallee 37 53721 Siegburg Germany and Bernd Lambrecht, Manager n der Kehreswiese 37 53721 Siegburg Germany BELLA CERAMIKA: Claims Registration Period Ends April 19 -------------------------------------------------------- Creditors of Bella Ceramika GmbH have until April 19, 2008, to register their claims with court-appointed insolvency manager Dr. Axel Kampmann. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on May 16, 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 Arnsberg Meeting Room 328 Eichholzstr. 4 59821 Arnsberg 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. Axel Kampmann Goethestrasse 24 59755 Arnsberg Germany The District Court of Arnsberg opened bankruptcy proceedings against Bella Ceramika GmbH on March 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bella Ceramika GmbH Muehlenberg 7 59759 Arnsberg Germany Attn: Thomas Stahlschmidt, Manager Einlaubstrasse 77 67487 Maikammer Germany DIABETES-KLINIK: Claims Registration Period Ends April 18 --------------------------------------------------------- Creditors of Diabetes-Klinik Bevensen Dr. W. Ingenhorst Grundstuecksverwaltungsgesellschaft mbH have until April 18, 2008, to register their claims with court-appointed insolvency manager Gert Wasner. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 2, 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 Uelzen Hall 1 Main Building Fritz-Roever-Str 5 29525 Uelzen 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. Gert Wasner Veersser Strasse 41 29525 Uelzen Tel: 0581/16006 Fax: 0581/17159 The District Court of Uelzen opened bankruptcy proceedings against Diabetes-Klinik Bevensen Dr. W. Ingenhorst Grundstuecksverwaltungsgesellschaft mbH on Feb. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Diabetes-Klinik Bevensen Dr. W. Ingenhorst Grundstuecksverwaltungsgesellschaft mbH Attn: Martin Prehn, Manager Rosengarten 66 29549 Bad Bevensen Germany DIAMOND FEUERWERK: Claims Registration Period Ends April 14 ----------------------------------------------------------- Creditors of DIAMOND Feuerwerk Vertrieb GmbH have until April 14, 2008, to register their claims with court-appointed insolvency manager Boris Reski. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.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 of Pinneberg Hall 5 Station Route 17 25421 Pinneberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Boris Reski Moltkestrasse 3-5 25421 Pinneberg Germany The District Court of Pinneberg opened bankruptcy proceedings against DIAMOND Feuerwerk Vertrieb GmbH on March 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DIAMOND Feuerwerk Vertrieb GmbH Att: Harald Juergs, Manager Neuer Weg 75 25489 Haselau Germany EBERHARDT GMBH: Claims Registration Period Ends April 25 -------------------------------------------------------- Creditors of Eberhardt GmbH Pflugfabrik Agrartechnik und Metallbau Spezialmaschinenbau Metallbe und Verarbeitung have until April 25, 2008, to register their claims with court- appointed insolvency manager Rolf Rattunde. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on May 21, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rolf Rattunde Kurfuerstendamm 26 a 10719 Berlin Germany The District Court of Potsdam opened bankruptcy proceedings against Eberhardt GmbH Pflugfabrik Agrartechnik und Metallbau Spezialmaschinenbau Metallbe und Verarbeitung on March 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Eberhardt GmbH Pflugfabrik Agrartechnik und Metallbau Spezialmaschinenbau Metallbe und Verarbeitung Kampaweg 1 14822 Linthe Germany Attn: Udo Herre, Manager Am Weidenfeld 39 37574 Einbeck Germany EMMERS & GUNTERMANN: Claims Registration Period Ends April 18 ------------------------------------------------------------- Creditors of Emmers & Guntermann GmbH have until April 18, 2008, to register their claims with court-appointed insolvency manager Rainer Frelich. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Rainer Frelich Vohwinkeler Str. 58 42329 Wuppertal Germany Tel: 0202/7470430 Fax: 0202/7470431 Web site: http://www.kuebler-gbr.de/ The District Court of Wuppertal opened bankruptcy proceedings against Emmers & Guntermann GmbH on March 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Emmers & Guntermann GmbH Attn: Kai Markus Emmers, Manager Lindenbaumstr. 60 42659 Solingen Germany FLIESEN-GEISSER: Claims Registration Period Ends April 18 --------------------------------------------------------- Creditors of Fliesen-Geisser GmbH have until April 18, 2008, to register their claims with court-appointed insolvency manager Klaus-Christof Ehrlicher. Creditors and other interested parties are encouraged to attend the meeting at 1:20 p.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 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: Klaus-Christof Ehrlicher Rosenauer Strasse 22 96450 Coburg Germany Tel: 09561/80340 Fax: 09561/803434 The District Court of Hof opened bankruptcy proceedings against Fliesen-Geisser GmbH on Feb. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fliesen-Geisser GmbH Attn: Willi Meinecke, Manager Schauensteiner Weg 13a 95119 Naila Germany GFB GMBH: Claims Registration Period Ends April 18 -------------------------------------------------- Creditors of GfB GmbH have until April 18, 2008, to register their claims with court-appointed insolvency manager Stephan Heinrichsmeyer. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 16, 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 Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Heinrichsmeyer Hermannstrasse 40-42 44263 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against GfB GmbH on Feb. 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GfB GmbH Attn: Ramadan Awad Allah, Manager Lindenhorster Str. 80-82 44147 Dortmund Germany IKB DEUTSCHE: Werner Oerter Named as Supervisory Board Chairman --------------------------------------------------------------- The Supervisory Board of IKB Deutsche Industriebank AG has elected Werner Oerter as its new chairman. Mr. Oerter joined the Supervisory Board following the Annual General Meeting on March 27, 2008, and is, following his appointment, taking over from Dr. Ulrich Hartmann. M. Oerter is also taking over the presidency of the IKB Executive Committee of the Supervisory Board and will be member of the Audit and Finance Committee. Mr. Oerter is Director of KfW Banking Group and Member of the Board of KfW Beteiligungsholding GmbH. In addition, Dieter Pfundt, who also joined the Supervisory Board following the Annual General Meeting, was elected deputy chairman. Mr. Pfundt will also become member of the Executive Committee of the Supervisory Board and of the Audit and Finance Committee of the IKB Supervisory Board. Detlef Leinberger, who also chairs the Audit and Finance Committee, remains deputy chairman of the IKB supervisory board. 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. IKB DEUTSCHE: Moodys Downgrades Ratings After Review ---------------------------------------------------- Moody's Investors Service downgraded these ratings of IKB Deutsche Industriebank: 1) The bank financial strength rating was downgraded to E from E+. The outlook on the BFSR is now stable (previously developing). 2) IKB's long-term debt and deposit ratings were downgraded to Baa3 from A3 and the subordinated debt ratings to Ba2 from Baa1. The outlook on these ratings is negative. 3) IKB's short-term ratings were downgraded to Prime-3 from Prime-2. 4) IKB's junior subordinated securities (profit participation certificates) were downgraded to Ca from Caa1. Its hybrid capital instruments eligible for Tier 1 capital (silent participations) and the preferred securities of IKB Funding Trust I & II were downgraded to Caa3 from Caa1. All hybrid ratings now have a stable outlook. These rating actions conclude the review initiated on July 31, 2007 and maintained in several subsequent rating actions, most recently on January 22, 2008. "T[he] downgrade of IKB's BFSR to E (the lowest category on Moody's scale for this rating) chiefly reflects our concern that the bank's core franchise, in its role as a lender to German SMEs, may be rapidly eroding in view of the ongoing deterioration in its financial profile, the difficulties it is facing in containing the risk relating to its structured credit investments, and the protracted delays in the bank's sale to a third party," says Katharina Barten, lead analyst for IKB at Moody's. Moody's does take into account that the planned capital increase and the possibility of a sale of IKB to a committed new owner could eventually lead to a recovery of the bank's financial strength. However, with regard to the BFSR downgrade to E, the rating agency's primary concerns are as follows: 1) IKB's continued weak and highly exposed financial profile, which could result in the need for further support, in addition to the EUR8.5 billion in cash and commitments that has already been provided, to avoid a default 2) The difficulties IKB is encountering in effecting its targeted sale of its EUR3.1 billion higher-risk portfolio of structured credit products ('NewCo', representing ca. 54% of IKB's total structured credit investments) due to the continued volatility in the financial markets 3) The somewhat challenging prospects for IKB to maintain its core business and future profitability, in light of (i) the weakened investor confidence and resulting constraints for inter-bank funding as well as increased funding costs, (ii) the fact that a sizeable portfolio of structured credit investments will need to remain on the balance sheet (even if the higher-risk portfolio is sold), which could continue to place constraints on IKB's economic and regulatory capitalisation should the difficult market conditions persist, and (iii) the additional obligation under the EUR1.05 billion debtor warrant, which may constrain the bank's capital generation capacity and liquidity for many years to come. "Moody's regards the rating impact of IKB's debtor warrant as considerable, as it represents a new liability that will need to be paid out of future profits and ranks senior to future coupon payments on hybrids, future write-back of hybrids, which will be written down in the year 2007/08, and also dividends," Ms Barten explains. More specifically, in Moody's view, the debtor warrant may prove an additional obstacle to the efforts of Kreditanstalt fuer Wiederaufbau (KfW, Aaa/P-1) to find a new investor for its 43.4% stake in IKB, while KfW remains under political pressure to sell its shareholding. The resulting likely delay in a successful divestment could mean for IKB that its future role and business model will remain uncertain for some time, as these will to a considerable extent depend on its future main shareholder. Moody's remains concerned that this uncertainty could result in a rapid loss of key staff and customers, thereby eroding the remaining franchise value of the bank. With regard to the multi-notch downgrade of the senior unsecured debt and deposit ratings to Baa3 and of the subordinated debt ratings to Ba2, Moody's commented that both downgrades reflected the weakened intrinsic strength of IKB, combined with the increased uncertainty of a successful sale in the short term to an interested third party that could preserve the company's remaining franchise value. In spite of the reduced capacity of KfW to provide support from its own resources, Moody's continues to deem it highly likely that further support for IKB's senior unsecured deposits and outstanding senior debt issues -- most likely from the central government -- would be forthcoming if necessary, justifying a low investment-grade rating at Baa3. This is also supported by KfW's commitment towards the German regulator to subscribe to EUR1.25 billion in fresh capital, which is planned to be issued later in 2008. The downgrade to sub-investment-grade at Ba2 and the wider notching of the subordinated debt reflect the increased risk described above and is in line with Moody's notching policy. Commenting on the downgrade of the hybrid instruments to Ca and Caa3, Moody's said that the additional liability under the debtor warrant would severely constrain IKB's scope for internal capital generation, exacerbated by its likely inability to replace maturing hybrid capital instruments, with a negative impact on the bank's total capital ratio. This liability will also likely make it impossible for the bank to make profits that would be available for the future write-back of principal (as a write-down is certain to happen for the year 2007/08) and coupon payments on its hybrids -- especially the upper Tier-2 instruments (Genussscheine), which will mature between 2009 and 2017. The debtor warrant does not have a maturity, i.e. it only falls away once the whole amount has been repaid to the beneficiary, KfW. Therefore, the downgrade of IKB's hybrid ratings reflects the severity of the currently expected write- downs of principal and/or accumulated future coupon deferrals over a period of around 10 years (or shorter periods as applicable to instruments with shorter time-to-maturity). The one-notch higher rating for the silent participations and the preferred securities of IKB Funding Trust I & II at Caa3 reflects their lower expected loss, as the principal has so far not been affected and the expected loss so far only reflects the coupon payments that Moody's expects to be missed for at least the next several years. The stable outlook on IKB's E BFSR reflects (i) the fact that the rating is already at its lowest possible level and (ii) Moody's view that upward pressure -- i.e. without external support -- is unlikely in the near term given the erosion in franchise value. The stable outlook on the Ca ratings for IKB's profit participation rights reflects the limited further downside while the ratings already factor in a likely loss of over 50%. T he same applies to the stable outlook on the Caa3 ratings for preferred shares (Funding Trust I & II) and silent participations, although with somewhat lower loss expectations on a ten-year horizon. The outlook on the bank's senior unsecured debt and deposit and the subordinated debt ratings is negative, given the ongoing uncertainty about the bank's sale to a third party and the potential impact on the company's ultimate credit profile. Headquartered in Duesseldorf, Germany, IKB reported total assets of EUR63.5 billion (restated) at the end of March 2007. Group net profit was EUR37.9 million. KETTERMANN UND VETTE: Claims Registration Ends April 17 ------------------------------------------------------- Creditors of Kettermann und Vette Buerosysteme GmbH & Co. KG have until April 17, 2008 to register their claims with court- appointed insolvency manager Dr. Stephan Thiemann. 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 Muenster Meeting Hall 112 B First Floor Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Stephan Thiemann Ludgeristr. 54 48143 Muenster Germany Tel: 0251/16283-0 Fax: +492511628311 The District Court of Muenster opened bankruptcy proceedings against Kettermann und Vette Buerosysteme GmbH & Co. KG on Feb. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kettermann und Vette Buerosysteme GmbH & Co. KG Muensterstrasse 74-76 48249 Duelmen Germany Attn: Georg Kettermann, Manager Stockhover Weg 90 48249 Duelmen Germany KROEGER-UMZUEGE GMBH: Claims Registration Ends April 17 ------------------------------------------------------- Creditors of Kroeger-Umzuege GmbH have until April 17, 2008 to register their claims with court-appointed insolvency manager Hans-Peter Burghardt. Creditors and other interested parties are encouraged to attend the meeting at 11:30 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 of Bielefeld Meeting Hall 4065 Fourth Floor Gerichtstr. 6 33602 Bielefeld 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: Hans-Peter Burghardt Bunsenstr. 3 32052 Herford Germany The District Court of Bielefeld opened bankruptcy proceedings against Kroeger-Umzuege GmbH on March 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kroeger-Umzuege GmbH Attn: Siegfried Kroeger, Managers Mindener Str. 156 32049 Herford Germany MTA PRAXISFLACHEN: Claims Registration Ends April 17 ---------------------------------------------------- Creditors of MTA Praxisflachen Verwaltungs GmbH have until April 17, 2008 to register their claims with court-appointed insolvency manager Rolf Wesseloh. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.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 Luebeck Hall E3 Burgfeld 7 23568 Luebeck 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 Wesseloh Otto-Passarge-Strasse 4 23564 Luebeck Germany The District Court of Luebeck opened bankruptcy proceedings against MTA Praxisflachen Verwaltungs GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MTA Praxisflachen Verwaltungs GmbH Attn: Thomas Thomsen, Manager Maria-Goeppert-Str. 1 23562 Luebeck Germany POMERIA TOURISTIK: Claims Registration Period Ends April 16 ----------------------------------------------------------- Creditors of Pomeria Touristik GmbH i.L. have until April 16, 2008, to register their claims with court-appointed insolvency manager Stefan Schuppa. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on May 21, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stralsund Hall A 421 Fourth Floor House A Frankendamm 17 Stralsund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefan Schuppa Bleichstrasse 15 17489 Greifswald Germany The District Court of Stralsund opened bankruptcy proceedings against Pomeria Touristik GmbH i.L. on March 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pomeria Touristik GmbH i.L. Attn: Detlef Ehlert, Manager Seestrasse 41 17424 Seebad Heringsdorf Germany PARKETT-WELT GMBH: Claims Registration Period Ends April 24 ----------------------------------------------------------- Creditors of Parkett-Welt GmbH have until April 24, 2008, to register their claims with court-appointed insolvency manager Bardo M. Sigwart. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 4, 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 4.308 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: Bardo M. Sigwart Ostend 14 64347 Griesheim Germany Tel: 06155-60930 Fax: 06155-66297. The District Court of Darmstadt opened bankruptcy proceedings against Parkett-Welt GmbH on March 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Parkett-Welt GmbH Attn: Uwe Schamber, Manager Adolf-Kolping-Strasse 6 64521 Gross-Gerau Germany REHA-ZENTRUM KLARA: Claims Registration Ends April 17 ----------------------------------------------------- Creditors of REHA-Zentrum Klara- Stift GmbH & Co. KG have until April 17, 2008 to register their claims with court-appointed insolvency manager Dr. Stephan Thiemann. Creditors and other interested parties are encouraged to attend the meeting at 12:15 p.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 Muenster Meeting Hall 112 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Stephan Thiemann Ludgeristr. 54 48143 Muenster Germany Tel: 0251/16283-0 Fax: +492511628311 The District Court of Muenster opened bankruptcy proceedings against REHA-Zentrum Klara- Stift GmbH & Co. KG on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: REHA-Zentrum Klara- Stift GmbH & Co. KG Attn: Markus Glaser, Manager Andreas-Hofer-Strasse 72-76 48145 Muenster Germany REHDER BETEILIGUNGS: Claims Registration Ends April 17 ------------------------------------------------------ Creditors of Rehder Beteiligungs- u. Verwaltungsgesellschaft mbH have until April 17, 2008 to register their claims with court- appointed insolvency manager Wilhelm Salim Khan Durani. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Kiel Deliusstr. 22 Kiel 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: Wilhelm Salim Khan Durani Sell Speicher/Wall 55 24103 Kiel Germany Tel: 0431/600530 Fax: 0431/6005360 The District Court of Kiel opened bankruptcy proceedings against Rehder Beteiligungs- u. Verwaltungsgesellschaft mbH on Feb. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rehder Beteiligungs- u. Verwaltungsgesellschaft mbH Attn: Tim Rehder, Manager Rotenhahner Weg 16 a 24254 Rumohr Germany RICHTER HOLZBAUELEMENTE: Claims Registration Ends April 16 ---------------------------------------------------------- Creditors of Richter Holzbauelemente GmbH & Co.KG have until April 16, 2008, to register their claims with court-appointed insolvency manager Helgi Heumann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 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 Chemnitz Hall 24 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: Helgi Heumann Reichsstrasse 29 09112 Chemnitz Germany Tel: (0371)356 0051 Fax: (0371) 356 0568 E-mail: insolvenz@raheumann.de The District Court of Chemnitz opened bankruptcy proceedings against Richter Holzbauelemente GmbH & Co.KG on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Richter Holzbauelemente GmbH & Co.KG Oststrasse 3 09619 Mulda Germany ROSTOCKER BAUGESELLSCHAFT: Claims Registration Ends April 16 ------------------------------------------------------------ Creditors of Rostocker Baugesellschaft mbH have until April 16, 2008, to register their claims with court-appointed insolvency manager Ulrich Rosenkranz. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 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 Rostock Hall 330 Zochstrasse 13 18057 Rostock Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Rosenkranz Lange Strasse 50 18311 Ribnitz-Damgarten Germany The District Court of Rostock opened bankruptcy proceedings against Rostocker Baugesellschaft mbH on March 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rostocker Baugesellschaft mbH Attn: Uwe Borck, Manager Platz der Freundschaft 1 18055 Rostock Germany SW EXCLUSIVE: Claims Registration Period Ends April 16 ------------------------------------------------------ Creditors of SW Exclusive Karosseriedesign und Leistungsoptimierungs GmbH have until April 16, 2008, to register their claims with court-appointed insolvency manager Ulrich Maschmann. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on May 7, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wiesbaden Hall E 36 A Third Floor Building E Moritzstrasse 5 65185 Wiesbaden 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 Maschmann Martha-von-Opel-Weg 9 65307 Bad Schwalbach Germany Tel: 06124-706 70 Fax: 06124-706 720 E-mail: info@maschmann.com The District Court of Wiesbaden opened bankruptcy proceedings against SW Exclusive Karosseriedesign und Leistungsoptimierungs GmbH on Feb. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SW Exclusive Karosseriedesign und Leistungsoptimierungs GmbH Mainzer Strasse 97 65189 Wiesbaden Germany TIB TECHNOLOGIE: Claims Registration Ends April 17 -------------------------------------------------- Creditors of TIB Technologie - Industrie - Beteiligungsgesellschaft mbH have until April 17, 2008 to register their claims with court-appointed insolvency manager Roland Lehnert. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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 Oldenburg Meeting Hall 2 Second Floor Elisabethstrasse 6 26135 Oldenburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Roland Lehnert Hauptstrasse 5 26122 Oldenburg Germany Tel: 0441 950910 Fax: 0441 9509177 E-mail: RA Lehnert OL@t-online.de The District Court of Oldenburg opened bankruptcy proceedings against TIB Technologie - Industrie -Beteiligungsgesellschaft mbH on Feb. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TIB Technologie - Industrie -Beteiligungsgesellschaft mbH Holler Landstr. 77 26135 Oldenburg Germany Attn: Dr. Dietmar Brand, Manager Hermannstr. 73 26135 Oldenburg Germany TIEFBAU KOERKEMEYER: Claims Registration Period Ends April 16 ------------------------------------------------------------- Creditors of Tiefbau Koerkemeyer GmbH have until April 16, 2008, to register their claims with court-appointed insolvency manager Dr. Norbert Kuepper. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on May 7, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court 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: Dr. Norbert Kuepper Paderborner Str. 11 33415 Verl Germany Tel: 05246/9275-0 Fax: +495246927511 The District Court of Muenster opened bankruptcy proceedings against Tiefbau Koerkemeyer GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tiefbau Koerkemeyer GmbH Von-Liebig-Strasse 9 48324 Sendenhorst Germany TROBAU GMBH: Claims Registration Period Ends April 16 ----------------------------------------------------- Creditors of TroBau GmbH have until April 16, 2008, to register their claims with court-appointed insolvency manager Dr. Martin van Buehren. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Bonn Hall S 2.22 Second Stock William-Strasse 21 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Martin van Buehren Bochumer Strasse 6 51145 Cologne Germany Tel: 02203-97712-50 The District Court of Bonn opened bankruptcy proceedings against TroBau GmbH on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TroBau GmbH Sauerbruchstr. 36 53844 Troisdorf Germany WBG WILKE: Claims Registration Period Ends April 17 --------------------------------------------------- Creditors of WBG Wilke Bauunternehmung GmbH have until April 17, 2008, to register their claims with court-appointed insolvency manager Stephan Heinrichsmeyer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld 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 Heinrichsmeyer Spiekergasse 6-8 33330 Guetersloh Germany The District Court of Bielefeld opened bankruptcy proceedings against WBG Wilke Bauunternehmung GmbH on March 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WBG Wilke Bauunternehmung GmbH Attn: Siegfried Sowa, Manager Osnabruecker Str. 109 33790 Halle Germany =========== G R E E C E =========== FAGE DAIRY: Moody's Lowers Corporate Family Rating to B3 -------------------------------------------------------- Moody's Investors Service downgraded the corporate family rating and probability of default rating of Fage Dairy Industry S.A. to B3 from B2. Concurrently, Moody's downgraded the rating on the EUR130 million Senior Notes due 2015 to B3, 50%-LGD4 from B2, 50%-LGD4. The outlook on all ratings remains negative. The rating action follows an earlier one-notch downgrade on Jan. 31, 2008. "T[he] downgrade of Fage's ratings reflects a number of factors, including the impact on the company's metrics of the reduced profitability resulting from increased competitive pressures in the domestic market, coupled with the increase in debt experienced over the past two years, mainly to fund the new plant the company has built in the US, as well as Moody's expectation that competitive pressures will continue in the medium term, raising questions with regard to the company's ability to maintain current market shares while increasing margins. It additionally reflects the limited visibility as to the extent and timing of the potential benefits to the company's cost structure from the start-up of the operations in the US and growing concerns with regard to the company's liquidity position," said Stefano del Zompo, lead analyst for Fage at Moody's. Moody's notes the rapid deterioration in the company's metrics over the last 12 months, as the company reported an increase in the Debt/EBITDA ratio to 14.6x from 5.1x reported in 2006, in a context of decreasing adjusted EBITA margins from 7.2% to 0.7% and negative free cash flow generation. "In Moody's opinion, the factors behind the negative performance, which include aggressive promotional activities in the local market, adverse exchange rate movements and higher raw material prices, are expected to persist in 2008 although potentially with mildly moderated effects," added Mr. del Zompo. Moody's views with concern the continuation in 2007 of the declining trend experienced by the company's market shares in the yoghurt, UHT milk and cheese segments in the previous years, despite the aggressive promotional activities to maintain its positions in the domestic market. "In this context, the rating downgrade reflects Moody's concern that, excluding about EUR45 million of renewable committed credit facilities still available to the company, Fage's cash flow and about EUR31.7 million of cash on balance sheet at December 20007 might not be sufficient to fund an additional EUR8.8 million as the final instalment for the US plant, about EUR2.5 million in debt amortisation scheduled for 2008, EUR10 million of short-term debt and maintenance capex of around EUR8 million," added Mr del Zompo. The negative outlook reflects Moody's expectation that in the short term Fage's domestic market will continue to be challenging and its liquidity will remain weak in light of its commitments. Further downgrades are likely in the event of evidence of a weaker competitive position in the local market or slower growth in international sales, leading to EBITDA margins in the low single digits and negative free cash flow generation, a Debt/EBITDA ratio not well below 9.0x on a sustainable basis and tighter liquidity. Affected ratings are: -- B2 Corporate Family Rating and Probability of Default Rating at Fage Dairy Industry S.A. downgraded to B3; -- B2, 50%-LGD4 Senior Unsecured rating of the EUR130 million notes due 2015 issued by Fage Dairy Industry S.A. downgraded to B3, 50%-LGD4. Headquartered in Athens, Fage is one of the leading dairy companies in Greece, with activities in the yoghurt, refrigerated milk and packaged cheese segments. In the financial year ended December 2007, Fage reported consolidated net sales of EUR334.8 million and operating profit of EUR1.8 million. ============= I R E L A N D ============= ELAN CORP: Court Dismisses Tysabri Investor Lawsuit ---------------------------------------------------- U.S. District Judge Richard Holwell has thrown out a class action lawsuit brought by investors against Elan Corp PLC and its executives over its multiple sclerosis drug Tysabri, Reuters reports. Reuters recounts that the plaintiffs accused Elan and its executives of misrepresentations and omissions regarding the safety, commercial viability and projected market share of Tysabri, causing the company's stock price to be artificially inflated. In an opinion posted on March 28, 2008, Judge Holwell, who sits in Federal court in Manhattan, said that the plaintiffs had failed to adequately show that Elan and its executives had motive and opportunity to commit fraud. Judge Holwell said that the plaintiffs could file a motion for permission to amend their complaint. Reuters explains that Tysabri, which is made by Biogen Idec Inc and Elan, was temporarily suspended from the market in 2005 after some patients developed a potentially deadly brain infection. The drug was allowed back on the market in 2006 with certain restrictions after U.S. regulators decided multiple sclerosis patients were willing to accept the risks in return for the potential benefits. About the Company Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. * * * As of April 1, 2008, Elan Corp. plc carries Moody's long-term corporate family rating of B3, probability of default rating of B2 with positive outlook. Standard & Poors gave the company B rating on long-term foreign issuer credit and B rating on long-term local issuer credit with positive outlook. ========= I T A L Y ========= PARMALAT SPA: Warrant Exercise Hikes Capital by EUR6.29 Million -------------------------------------------------------------- Parmalat S.p.A. communicates that, following the allocation of shares to creditors of the Parmalat Group, the subscribed and fully paid up share capital has now been increased by EUR6,289,038 to EUR1,667,496,728 from EUR1,661,207,690. The share capital increase is due to the exercise of 6,289,038 warrants. Share Allotment Status Shares totaling 32,464,186 representing around 1.9% of the share capital are still in a deposit account c/o Parmalat S.p.A., of which: * 13,369,205 or 0.8% of the share capital, registered in the name of individually identified commercial creditors, are still deposited in the intermediary account of Parmalat S.p.A. centrally managed by Monte Titoli (compared with 13,388,617 shares as at Feb. 29, 2008); and * 19,094,981 or 1.1% of the share capital registered in the name of the Foundation, called Fondazione Creditori Parmalat, of which: -- 120,000 shares representing the initial share capital of Parmalat S.p.A. (unchanged); and -- 18,974,981 or 1.1% of the share capital that pertain to currently undisclosed creditors (compared with 19,653,870 shares as at Feb. 29, 2008). About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. On June 21, 2007, the U.S. Court Granted Parmalat Permanent Injunction. TISCALI SPA: Names JPMorgan & Banca IMI as Financial Advisors ------------------------------------------------------------- Tiscali S.pA. has appointed JPMorgan Chase and Banca IMI S.p.A as financial advisors. This appointment follows the decision of the Board of Directors to empower the CEO Mario Rosso to commence a process aimed at maximizing the strategic value of the Group. Borghesi Colombo & Associati will act as advisor of the Company. About Tiscali Headquartered in Cagliari, Italy, Tiscali S.p.A. -- http://www.tiscali.com/-- offers Internet access in the country. The group also operates in other European countries, serving more than seven million subscribers, of which over 1.5 million are broadband users. Tiscali posted consecutive net losses for the past years: EUR5.5 million in 1999, EUR101 million in 2000, EUR1.66 billion in 2001, EUR593.1 million in 2002, EUR242.4 million in 2003, EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6 million in 2006. It posted EUR3.88 million in net losses on EUR614.33 million in net revenues for the nine months ended Sept. 30, 2007. * * * As reported in the TCR-Europe on Feb. 12, 2008, Standard & Poor's Ratings Services has raised its long-term corporate credit rating to 'B+' from 'B' on Tiscali S.p.A. The one-notch upgrade also applies to S&P's long-term debt ratings on the EUR50 million senior secured term loan and EUR50 million senior secured revolving credit facility taken on by financing vehicle Tiscali U.K. Holdings Ltd. These debt obligations' recovery ratings of respectively '3' (meaningful {50%-70%} recovery in the event of a payment default, given the presence of the EUR400 million bridge facility) and '2' (substantial {70%-90%} recovery in the event of a payment default) remain unchanged and are meaningfully influenced by the impact of the Italian insolvency regime on lenders' recovery prospects. At the same time, S&P removed all of the credit ratings from CreditWatch, where they had been placed with positive implications on Jan. 10, 2008, when they first assigned ratings to Tiscali. The outlook is stable. =================== K A Z A K H S T A N =================== ADAI STS: Creditors Must File Claims by May 4 --------------------------------------------- LLP Adai STS Trade has declared insolvency. Creditors have until May 4, 2008, to submit written proofs of claims to: LLP Adai STS Trade Office 215 Polejaev Str. 92a Almaty Kazakhstan AGROLUXE-2004 LLP: Claims Deadline Slated for May 4 --------------------------------------------------- LLP Agroluxe-2004 has declared insolvency. Creditors have until May 4, 2008, to submit written proofs of claims to: LLP Agroluxe-2004 Jambyl Str. 3-22 Karaganda Kazakhstan AZIMUT PRODUCTION: Claims Filing Period Ends May 4 --------------------------------------------------- LLP Azimut Production Ltd. has declared insolvency. Creditors have until May 4, 2008, to submit written proofs of claims to: LLP Azimut Production Ltd. Rayimbek ave. 221b Almaty Kazakhstan BIRLIK LLP: Creditors' Claims Due on May 4 ------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Mts Birlik insolvent on Feb. 22, 2008, Creditors have until May 4, 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 BOZ BIE: Claims Registration Ends May 4 ---------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Boz Bie insolvent on Feb. 4, 2008. Creditors have until May 4, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Aiteke bi Str. 29 Kyzylorda Kazakhstan JELDORBROKER CJSC: Creditors Must File Claims by May 4 ------------------------------------------------------ Representation of CJSC Jeldorbroker in Petropavlovsk has declared insolvency. Creditors have until May 4, 2008, to submit written proofs of claims to: CJSC Jeldorbroker in Petropavlovsk Libkneht Str. 15-163 Petropavlovsk North Kazakhstan Kazakhstan KAMKOR INC: Claims Deadline Slated for May 4 --------------------------------------------- LLP Kamkor Inc. has declared insolvency. Creditors have until May 4, 2008, to submit written proofs of claims to: LLP Kamkor Inc. Micro District Orbita-2, 28b 050000, Almaty Kazakhstan STAL PROM: Claims Filing Period Ends May 4 ------------------------------------------ LLP Stal Prom Invest has declared insolvency. Creditors have until May 4, 2008, to submit written proofs of claims to: LLP Stal Prom Invest Ratushny Str. 88 Almaty Kazakhstan STANKAL CONTRACT: Creditors' Claims Due on April 29 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Stankal Contract insolvent on Feb. 15, 2008. Creditors have until April 29, 2008, to submit written proofs of claims to: The Specialized Inter-Regional &n