T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, April 3, 2008, Vol. 9, No. 66 Headlines A U S T R I A ADIGHIBE KEG: Claims Registration Period Ends April 22 B U. G BAU: Claims Registration Period Ends April 7 B U. G BAU & CO: Claims Registration Period Ends April 7 LEICHTFRIED HOLZBAU: Claims Registration Period Ends April 15 R.I.G.A.-BAU: Claims Registration Period Ends April 25 ULTIMA MANAGEMENT: Claims Registration Period Ends April 7 B E L G I U M FLOWSERVE: S&P Changes Outlook to Positive; Holds BB- Rating G E R M A N Y A G N ROHSTOFFVERWERTUNG: Claims Registration Ends April 21 A.S. BAU: Claims Registration Period Ends May 9 ALPHA-BAUSTOFFE GMBH: Claims Registration Ends April 10 B.I.P. BAUPROJEKTIERUNGS: Claims Registration Ends April 20 COACH AND WIN: Claims Registration Ends April 22 CONCORDE GMBH: Claims Registration Period Ends April 21 EUROPEAN ENERGY: Claims Registration Period Ends April 29 FIRST COMPONENTS: Claims Registration Ends April 22 HELMUT RODIEK: Claims Registration Period Ends April 18 I.T. BAU: Claims Registration Period Ends April 18 ID ENTERTAINMENT: Claims Registration Period Ends April 23 IKB DEUTSCHE: BayernLB Mulls Acquiring Firm's Healthy Parts KLETT HAUSTECHNIK: Claims Registration Period Ends April 18 KRAUTWASSER GMBH: Claims Registration Period Ends April 18 MARK ENGELS: Claims Registration Period Ends April 18 MAXFIELD GMBH: Claims Registration Ends May 6 POL IMPEX: Claims Registration Period Ends May 8 PONTO GMBH: Claims Registration Period Ends April 18 RED HAT: Revenue Growth Cues S&P's Rating Upgrade to 'BB-' REINIGUNGSSERVICE E. HASSLER: Claims Registration Ends April 20 SCHWENDOWIUS VERWALTUNGS: Claims Registration Ends April 21 SPUMAX SCHAUM: Claims Registration Ends April 21 STM STEUERBERATUNGSGESELLSCHAFT: Claims Period Ends May 5 VON BORSTEL: Claims Registration Period Ends April 18 WEIHE GMBH: Claims Registration Period Ends April 18 I T A L Y ALITALIA SPA: Air France Talks Fail; Maurizio Prato Quits ALITALIA SPA: Group Net Debt at EUR1.37 Bln as of February 29 ALITALIA SPA: Airlines Challenge Air Enac Traffics Agreement FIAT SPA: Discloses Results of 2008 Annual General Meeting FIAT SPA: Releases Details of Shares Purchase Programme PARMALAT SPA: Acquisition Search to Commence After AGM PARMALAT SPA: Magistrate Seeks Extortion Charge v Cesare Geronzi K A Z A K H S T A N AK-TRAIN SERVICE: Creditors Must File Claims by May 2 ASIA TECHNO: Claims Deadline Slated for May 2 CENTRAL-ASIAN TOURISTIC LLP: Claims Filing Period Ends May 2 DASTAN LLP: Creditors' Claims Due on May 2 DAURIA LLP: Claims Registration Ends May 2 ECO-STROY-AKTOBE LLP: Creditors Must File Claims by May 2 KAZDON: Claims Deadline Slated for May 2 KAZKOMMERTSBANK JSC: Taps Bureau Veritas to Check Kuat's Works LVK-AUDIT-ENERGO CJSC: Claims Filing Period Ends May 2 SEVKAZ COMMERTS: Creditors' Claims Due on May 2 TRANS STROY: Claims Registration Ends May 2 K Y R G Y Z S T A N ADELINA & KIR-TAJ: Creditors Must File Claims by May 9 NUR ENERGO: Claims Filing Period Ends May 9 N E T H E R L A N D S OI EUROPEAN: Moody's Ups Rating on EUR300 Million Notes to Ba3 X5 RETAIL: Launches Green Perekrestok Supermarket Format P O L A N D AMERICAN AXLE: Moody's Places Ratings under Review R U S S I A BORGES CJSC: Moscow Bankruptcy Hearing Slated for July 8 BORSKIE MEAT: Court Starts Bankruptcy Supervision Procedure CONSORTIUM 1 CJSC: Moscow Bankruptcy Hearing Slated for June 17 ETALON TZ: Bashkortostan Bankruptcy Hearing Slated for July 30 ISKITIMSKIY MEAT-PACKING: Names V. Semenikhin to Manage Assets MORKINOGORSKIY FLAX: Creditors Must File Claims by May 1 OGK-5 OAO: Board Names Valery Nazarov as Director General ROSNEFT OIL: Moscow Court to Rule on TGK-11 Case May 7 VOZROZHDENIE LLC: Volgograd Bankruptcy Hearing Set May 22 X5 RETAIL: Launches Green Perekrestok Supermarket Format * S&P Lifts Ufa City's Long-Term Issuer Credit Rating to BB- S W I T Z E R L A N D BAREN HEITERSCHEN: Creditors' Liquidation Claims Due by April 11 C.D. INDICATOR: Creditors' Liquidation Claims Due by April 30 COIFFEUR – ATELIER: Creditors Must File Claims by April 21 DORO AUDIOLINE: Creditors' Liquidation Claims Due by April 15 NEW KELLER: Creditors' Liquidation Claims Due by April 16 NOVELIS INC: S&P Changes Outlook to Stable; Confirms 'BB-' Rtng. OWENS ILLINOIS: Moody's Ups Corporate Family Rating to Ba3 PIERRE-HERVE: Creditors' Liquidation Claims Due by April 27 PLANETAZUL LLC: Creditors' Liquidation Claims Due by April 10 RISTORANTE PIZZERIA: Creditors Must File Claims By April 30 U K R A I N E ALDAGIR LLC: Creditors Must File Claims by April 12 KASKAD LLC: Proofs of Claim Deadline Set April 12 KRASNOKUTSK AGRICULTURAL: Creditors Must File Claims by April 12 MOSHUROV CJSC: Creditors Must File Claims by April 12 PRADO TV: Creditors Must File Claims by April 12 PROMIN LLC: Proofs of Claim Deadline Set April 11 SUMYAL MARKETING: Proofs of Claim Deadline Set April 12 TRADEEXPRESS LTD: Creditors Must File Claims by April 12 U N I T E D K I N G D O M ABITIBIBOWATER INC: Completes Series of Financing Deals ABITIBIBOWATER INC: Fitch Removes Ratings from Negative Watch ASHTON HAULAGE: Appoints Joint Administrators from Tenon BRITISH AIRWAYS: Eyes to Operate 92% of Flying Program COMMERCIAL MOVE: Brings In Liquidators from KPMG ESM LTD: Brings In Administrators from Begbies Traynor FASTWATER ENTERPRISES: Appoints Duncan R. Beat as Liquidator FASTWATER HOLDINGS: Claims Filing Period Ends May 17 FRALICE RECRUITMENT: Calls In Liquidators from Tenon Recovery LAUREL PUB: Robert Tchenquiz Buys Back 293 Outlets METRONET RAIL: Concludes Delivering Line Upgrades Negotiations NORTHERN ROCK: EU Launches In-Depth Probe Into Rescue Package NORTHERN ROCK: Posts GBP32.3 Billion Gross Lending in 2007 NORTHERN ROCK: Shows Further Details of Business Plan PARTITIONING PLUS: Joint Liquidators Take Over Operations PENTAGON CAPITAL: Confirms Liquidation of Hedge Funds SLEEP DEPOT: Kroll Appointed as Administrators * S&P Cuts Ratings on 33 Tranches Issued by European CDOs * KPMG Names Richard Reid as New London Chairman * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= ADIGHIBE KEG: Claims Registration Period Ends April 22 ------------------------------------------------------ Creditors owed money by KEG Adighibe (FN 265327m) have until April 22, 2008, to file written proofs of claim to court- appointed estate administrator Arno Maschke at: Dr. Arno Maschke c/o Dr. Philipp Dobner Mariahilfer Strasse 50 1070 Vienna Austria Tel: 523 62 00 Fax: 526 72 74 E-mail: maschke@sup.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on May 6, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 5, 2008 (Bankr. Case No. 4 S 29/08d). Philipp Dobner represents Dr. Maschke in the bankruptcy proceedings. B U. G BAU: Claims Registration Period Ends April 7 --------------------------------------------------- Creditors owed money by LLC B u. G Bau (FN 200372s) have until April 7, 2008, to file written proofs of claim to court- appointed estate administrator Herbert Steinwandter at: Mag. Herbert Steinwandter Peraustrasse 9 9500 Villach Austria Tel: 04242/28 122 Fax: 04242/28122-22 E-mail: villach@reifundpartner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on April 14, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Room 225 Second Floor Klagenfurt Austria Headquartered in Villach, Austria, the Debtor declared bankruptcy on March 5, 2008 (Bankr. Case No. 41 S 17/08k). B U. G BAU & CO: Claims Registration Period Ends April 7 -------------------------------------------------------- Creditors owed money by LLC B u. G Bau & Co KG (FN 200375w) have until April 7, 2008, to file written proofs of claim to court-appointed estate administrator Herbert Steinwandter at: Mag. Herbert Steinwandter Peraustrasse 9 9500 Villach Austria Tel: 04242/28 122 Fax: 04242/28122-22 E-mail: villach@reifundpartner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on April 14, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Room 225 Second Floor Klagenfurt Austria Headquartered in Villach, Austria, the Debtor declared bankruptcy on March 5, 2008 (Bankr. Case No. 41 S 18/08g). LEICHTFRIED HOLZBAU: Claims Registration Period Ends April 15 ------------------------------------------------------------- Creditors owed money by LLC Leichtfried Holzbau (FN 191682k) have until April 15, 2008, to file written proofs of claim to court-appointed estate administrator Hans-Joerg Haftner at: Dr. Hans-Joerg Haftner c/o Mag. Markus Mayer Wiener Strasse 12 3100 St. Poelten Austria Tel: 02742/35 42 34 Fax: 02742/35 14 48 E-mail: office@plusjus.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:30 a.m. on May 6, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Statzendorf, Austria, the Debtor declared bankruptcy on March 5, 2008 (Bankr. Case No. 14 S 28/08w). Markus Mayer represents Dr. Haftner in the bankruptcy proceedings. R.I.G.A.-BAU: Claims Registration Period Ends April 25 ------------------------------------------------------ Creditors owed money by LLC R.I.G.A.-Bau & Co. (FN 209989h) have until April 25, 2008, to file written proofs of claim to court- appointed estate administrator Norbert Abel at: Mag. Norbert Abel 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 10:00 a.m. on May 9, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 5, 2008 (Bankr. Case No. 28 S 36/08k). ULTIMA MANAGEMENT: Claims Registration Period Ends April 7 ---------------------------------------------------------- Creditors owed money by LLC ULTIMA Management Consulting (FN 289272a) have until April 7, 2008, to file written proofs of claim to court-appointed estate administrator Surena Ettefagh at: Dr. Surena Ettefagh c/o Dr. Hannes Rauch Johannitergasse 6 6800 Feldkirch Austria Tel: 05522/84990 Fax: 05522/84990-9 E-mail: office@ra-ettefagh.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on April 17, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Feldkirch Meeting Room 45 First Floor Feldkirch Austria Headquartered in Rankweil, Austria, the Debtor declared bankruptcy on March 5, 2008 (Bankr. Case No. 13 S 11/08k). Hannes Rauch represents Dr. Ettefagh in the bankruptcy proceedings. ============= B E L G I U M ============= FLOWSERVE: S&P Changes Outlook to Positive; Holds BB- Rating ------------------------------------------------------------ Standard & Poor's Ratings Services revised its outlook on Flowserve Corp. to positive from stable. At the same time, S&P affirmed all ratings, including the 'BB-' corporate credit rating. "The outlook revision reflects the improved credit quality resulting from Flowserve's progress in alleviating certain regulatory and investigative issues while achieving good operating performance and maintaining financial discipline," said Standard & Poor's credit analyst John R. Sico. S&P could raise the rating one notch in the near term if these conditions continue absent any significant debt-funded acquisition or large shareholder-friendly cash uses. The ratings on Irving, Texas-based Flowserve, a manufacturer of engineered pumps, valves, and mechanical seals, reflect the company's satisfactory business risk profile and somewhat aggressive financial risk profile. The financial risk stems partially from the company's past debt-financed acquisitions, and has been mitigated somewhat by the resolution of certain legal and investigatory issues. Management has focused on managing debt and improving internal cash generation, resulting in better credit metrics. Meanwhile, the company's end markets are good, with the oil and gas markets robust, and should sustain over the intermediate term. S&P could raise the ratings by one notch in the near term if Flowserve maintains acquisitive and financial discipline. Given its geographic and product diversity, along with its substantial aftermarket business, Flowserve should maintain its strong internal cash generation. Current managers have demonstrated financial discipline by keeping debt reduction a priority, to the benefit of credit measures. S&P could lower the ratings if management's financial policies and the company's performance deteriorate beyond current expectations. Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) -- http://www.flowserve.com/-- provides fluid motion and control products and services. Operating in 56 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. Flowserve has operations in Dominican Republic, Guatemala, Guyana, Belize, Belgium, Netherlands, Indonesia, Singapore, Japan, among others. ============= G E R M A N Y ============= A G N ROHSTOFFVERWERTUNG: Claims Registration Ends April 21 ----------------------------------------------------------- Creditors of A G N Rohstoffverwertung GmbH have until April 21, 2008, to register their claims with court-appointed insolvency manager Rainer Michael Bahr. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.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 Hannover Hall 226 Second Floor Service Bldg. Hamburger Allee 26 30161 Hannover 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 Michael Bahr Prinzenstr. 14 30159 Hannover Germany Tel: 0511 8503058-0 Fax: 0511 8503058-8 The District Court of Hannover opened bankruptcy proceedings against A G N Rohstoffverwertung GmbH on March 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: A G N Rohstoffverwertung GmbH Attn: Dr. Kexue Li, Manager Woehren 1 30559 Hannover Germany A.S. BAU: Claims Registration Period Ends May 9 ----------------------------------------------- Creditors of A.S. Bau- & Projektbegleitungs GmbH have until May 9, 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 June 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 Schwerin Hall 7 Demmlerplatz 14 Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Rosenkranz Osdorfer Landstr. 230 22549 Hamburg Germany The District Court of Schwerin opened bankruptcy proceedings against A.S. Bau- & Projektbegleitungs GmbH on March 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: A.S. Bau- & Projektbegleitungs GmbH Am Damm 5 23970 Wismar Germany ALPHA-BAUSTOFFE GMBH: Claims Registration Ends April 10 ------------------------------------------------------- Creditors of alpha-Baustoffe GmbH have until April 10, 2008 to register their claims with court-appointed insolvency manager Dr. Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on April 22, 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 101 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. Sebastian Henneke Adenauerallee 36 46399 Bocholt Germany Tel: 02871/2354877 Fax: +4928712354879 The District Court of Muenster opened bankruptcy proceedings against alpha-Baustoffe GmbH on March 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: alpha-Baustoffe GmbH Robert-Bosch-Strasse 12 46397 Bocholt Germany Attn: Josef Hensengerth, Manager Kaiserweg 263 46286 Dorsten Germany B.I.P. BAUPROJEKTIERUNGS: Claims Registration Ends April 20 ----------------------------------------------------------- Creditors of B.I.P. Bauprojektierungs- und Management GmbH have until April 20, 2008, to register their claims with court- appointed insolvency manager Philipp Hacklander. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on June 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 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 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. Philipp Hacklander Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburgopened bankruptcy proceedings against B.I.P. Bauprojektierungs- und Management GmbH on Jan. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: B.I.P. Bauprojektierungs- und Management GmbH Dorfstr. 31 13059 Berlin Germany COACH AND WIN: Claims Registration Ends April 22 ------------------------------------------------ Creditors of coach and win GmbH have until April 22, 2008 to register their claims with court-appointed insolvency manager Edgar Groenda. Claims will be verified at 9:30 a.m. on June 5, 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: Edgar Groenda Domshof 18-20 28195 Bremen Germany Tel: 0421-3686-0 Fax: 0421-3686-100 E-mail: InsOBremen@schubra.de Web site: http://www.schubra.de/ The District Court of Bremen opened bankruptcy proceedings against coach and win GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: coach and win GmbH Konsul-Schmidt-Str. 8 i 28217 Bremen Germany CONCORDE GMBH: Claims Registration Period Ends April 21 ------------------------------------------------------- Creditors of Concorde GmbH have until April 21, 2008, to register their claims with court-appointed insolvency manager Hans von Gleichenstein. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Ingolstadt Meeting Hall 28 I Schrannenstr. 3 85049 Ingolstadt 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. Hans von Gleichenstein Rottmannstrasse 11 a 80333 Munich Germany Tel: 089/5427300 Fax: 089/54273015 The District Court of Ingolstadt opened bankruptcy proceedings against Concorde GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Concorde GmbH Attn: Servet Yildirim, Manager Herrnstrasse 1 85283 Wolnzach Germany EUROPEAN ENERGY: Claims Registration Period Ends April 29 --------------------------------------------------------- Creditors of European Energy Converter GmbH have until April 29, 2008, to register their claims with court-appointed insolvency manager Ulrike Hoge-Peters. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on May 29, 2008, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt/Main Hall 2 Building F Klingerstrasse 20 60313 Frankfurt/Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrike Hoge-Peters Cronstettenstrasse 30 D 60322 Frankfurt am Main Germany Tel: 069/9591100 Fax: 069 / 959110-12 The District Court of Frankfurt/Main opened bankruptcy proceedings against European Energy Converter GmbH on March 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: European Energy Converter GmbH Attn: Gerrit Retzlaff, Manager Industriepark Hoechst G 810 65926 Frankfurt-Unterliederbach Germany FIRST COMPONENTS: Claims Registration Ends April 22 --------------------------------------------------- Creditors of First Components GmbH Herstellung und Vertrieb elektronischer Produkte have until April 22, 2008 to register their claims with court-appointed insolvency manager Dr. Michael Jaffe. Claims will be verified at 9:10 a.m. on June 3, 2008 at: The District Court of Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany Creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Michael Jaffe Franz-Joseph-Str. 8 80801 Munich Germany Tel: 089/255487-00 Fax: 089/255487-10 The District Court of Munich opened bankruptcy proceedings against First Components GmbH Herstellung und Vertrieb elektronischer Produkte on Feb. 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: First Components GmbH Herstellung und Vertrieb elektronischer Produkte Attn: Norbert Wilkat, Manager Hoerselbergstrasse 5 81677 Munich Germany HELMUT RODIEK: Claims Registration Period Ends April 18 ------------------------------------------------------- Creditors of Helmut Rodiek Installation GmbH & Co. KG have until April 18, 2008, to register their claims with court-appointed insolvency manager Dr. Bernd Sundermeier. Creditors and other interested parties are encouraged to attend the meeting at 11:10 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 Bremerhaven Hall 209 Nordstr. 10 27580 Bremerhaven 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. Bernd Sundermeier Sozietat HSM Alte Wiefelsteder Str. 3 26316 Varel Germany Tel: 04451/9138 80 Fax: 04451/9138 39 The District Court of Bremerhaven opened bankruptcy proceedings against Helmut Rodiek Installation GmbH & Co. KG on March 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Helmut Rodiek Installation GmbH & Co. KG Poststrasse 47 27576 Bremerhaven Germany I.T. BAU: Claims Registration Period Ends April 18 -------------------------------------------------- Creditors of I.T. Bau GmbH have until April 18, 2008, to register their claims with court-appointed insolvency manager Fatma Kreft. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Friedberg (Hessen) Hall 20a Homburger Strasse 18 61169 Friedberg (Hessen) 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: Fatma Kreft Neue Mainzer Strasse 84 60311 Frankfurt am Main Germany Tel: (069) 6773677-0 Fax: (069) 6773677-20 E-mail: frankfurt@reuss-insol.com The District Court of Friedberg (Hessen) opened bankruptcy proceedings against I.T. Bau GmbH on March 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: I.T. Bau GmbH Pfingstweide 2 61169 Friedberg Germany ID ENTERTAINMENT: Claims Registration Period Ends April 23 ---------------------------------------------------------- Creditors of ID Entertainment GmbH have until April 23, 2008, to register their claims with court-appointed insolvency manager Holger Zbick. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.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 Muenster Meeting Hall 119 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: Holger Zbick Marktplatz 2/4 48712 Gescher Germany Tel: 02542/9178-0 Fax: +492542917829 The District Court of Muenster opened bankruptcy proceedings against ID Entertainment GmbH on March 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ID Entertainment GmbH Daruper Strasse 12 48301 Nottuln Germany Attn: Sebastian Drossmann, Manager Kiefernweg 8 32676 Luegde Germany IKB DEUTSCHE: BayernLB Mulls Acquiring Firm's Healthy Parts ----------------------------------------------------------- Bayerische Landesbank is considering acquiring parts of IKB Deutsche Industriebank AG that were not affected by the recent sub-prime crisis, BBC News reports. A BayernLB spokesman told BBC News that it would look at IKB's books to determine whether to submit an offer. "We certainly consider ourselves to be in a position to participate in the bidding process [for IKB] otherwise we wouldn't be doing it," he told BBC News. As previously reported in the Troubled Company Reporter-Europe, several investors -- including Ripplewood, Lone Star, Cerberus, JC Flowers, and Goldman Sachs -- have expressed interest in acquiring IKB's EUR6,000,000,000 portfolio. Major shareholder KfW Bankengruppe AG has decided to sell IKB's small and medium enterprise financing and its investment portfolio separately. The enterprise financing division is expected to be sold between EUR700-EUR800 million. The investment portfolio could likely be given away for free. KfW also intends to sell its 43% stake in the bank. Stiftung Industriesforschung is also planning to sell its 12% holdings. Rescue Efforts As previously reported, the German government has decided to infuse EUR1.5 billion in fresh capital into IKB, pledging to provide EUR1 billion of the rescue fund, while the local banking industry will furnish EUR500 million. In December 2007, a KfW-led banking pool agreed to cover US$520 million in risks for IKB, which brought the cost of the rescue to EUR6.15 billion. As reported in the TCR-Europe on Feb. 29, 2008, IKB said that it needed up to EUR2 billion in fresh capital, EUR500 million of which is needed in the short term. KfW was likely to bail out IKB for the third time after the bank's other shareholders refused to finance the company's restructuring. About IKB Deutsche Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank AG -- http://www.ikb.de/-- 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 April 2, 2008, Moody's Investors Service downgraded these ratings of IKB: bank financial strength rating to E from E+. The outlook on the BFSR is now stable (previously developing); IKB's subordinated debt ratings were downgraded to Ba2. The outlook on is negative; IKB's short-term ratings were downgraded to Prime-3; IKB's junior subordinated securities 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. 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. KLETT HAUSTECHNIK: Claims Registration Period Ends April 18 ----------------------------------------------------------- Creditors of Klett Haustechnik GmbH have until April 18, 2008, to register their claims with court-appointed insolvency manager Dr. Marc d'Avoine. Creditors and other interested parties are encouraged to attend the meeting at 11:10 a.m. on May 20, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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. Marc d'Avoine Doeppersberg 19 42103 Wuppertal Germany The District Court of Cologne opened bankruptcy proceedings against Klett Haustechnik GmbH on Feb. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Klett Haustechnik GmbH Am Stauweiher 25 51688 Wipperfuerth Germany KRAUTWASSER GMBH: Claims Registration Period Ends April 18 ---------------------------------------------------------- Creditors of Krautwasser GmbH Meisterbetrieb fuer Dach-und Fassadenarbeiten have until April 18, 2008, to register their claims with court-appointed insolvency manager Manuel Ast. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.m. on June 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 Fuerth Hall 3 Ground Floor Baumenstrasse 32 Fuerth 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: Manuel Ast Archivstr. 3 90408 Nuernberg Germany Tel: 0911/5978122 Fax: 0911/5978144 The District Court of Fuerth opened bankruptcy proceedings against Krautwasser GmbH Meisterbetrieb fuer Dach-und Fassadenarbeiten on March 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Krautwasser GmbH Meisterbetrieb fuer Dach-und Fassadenarbeiten Nuernberger Strasse 27 90762 Fuerth Germany MARK ENGELS: Claims Registration Period Ends April 18 ----------------------------------------------------- Creditors of Mark Engels GmbH have until April 18, 2008, to register their claims with court-appointed insolvency manager Dr. Wolf-R. von der Fecht. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 25, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Krefeld Meeting Hall H 131 First Floor Nordwall 131 47798 Krefeld 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. Wolf-R. von der Fecht Rheinort 1 40213 Duesseldorf Germany Tel: 0211 13940 Fax: +4902111394251 The District Court of Krefeld opened bankruptcy proceedings against Mark Engels GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mark Engels GmbH Niedieckstr. 150 41334 Nettetal Germany MAXFIELD GMBH: Claims Registration Ends May 6 --------------------------------------------- The court-appointed insolvency manager for Maxfield GmbH, Michael Bremen will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on May 6, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Duesseldorf Meeting Hall L 111 First Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on June 3, 2008 at: The District Court of Duesseldorf Meeting Hall A 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany Creditors have until April 22, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Michael Bremen Sternstr. 58 40479 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Maxfield GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Maxfield GmbH Attn: Franjo Pooth and Sven Kurschus, Manager Kaistrasse 2 40221 Duesseldorf Germany POL IMPEX: Claims Registration Period Ends May 8 ------------------------------------------------ Creditors of Pol-Impex Im- und Export GmbH have until May 8, 2008, to register their claims with court-appointed insolvency manager Dr. Christian Willmer. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on June 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 Syke Hall 112 Hauptstr. 5A 28857 Syke 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. Christian Willmer Georgstrasse 5 D 27283 Verden Germany Tel: 04231-884-0 Fax: 04231-884-55 The District Court of Syke opened bankruptcy proceedings against Pol-Impex Im- und Export GmbH on March 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pol-Impex Im- und Export GmbH Attn: Manfred Lachnit, Manager Bahnhofstrasse 34 27239 Twistringen Germany PONTO GMBH: Claims Registration Period Ends April 18 ---------------------------------------------------- Creditors of Ponto GmbH have until April 18, 2008, to register their claims with court-appointed insolvency manager Dr. Juergen Wallner. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.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 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. Juergen Wallner Karl-Heine-Strasse 25b 04229 Leipzig Germany Tel: 0341-2534760 Fax: 0341-2534761 The District Court of Leipzig opened bankruptcy proceedings against Ponto GmbH on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ponto GmbH Feuerbachstrasse 9 04105 Leipzig Germany RED HAT: Revenue Growth Cues S&P's Rating Upgrade to 'BB-' ---------------------------------------------------------- Standard & Poor's Ratings Services raised its corporate credit rating on Raleigh, North Carolina-based Red Hat Inc. to 'BB-' from 'B+'. The upgrade reflects Red Hat's consistent growth in revenues and operating earnings and improving financial profile. The outlook is stable. "The ratings on Red Hat reflect the company's relatively narrow business profile, modest scale relative to other rated software companies, rapid technology evolution, and high leverage--based on total debt," said Standard & Poor's credit analyst Molly Toll-Reed. "These concerns are offset partially by barriers to entry provided by the large number of independent software and hardware vendors, who certify their products to work with Red Hat, and liquidity and cash flow that are strong for the rating level." Red Hat provides open-source operating and middleware software and related services predominantly to large enterprise customers. Headquartered in Raleigh, North Carolina Red Hat, Inc. -- http://www.redhat.com/-- is an open source and Linux provider. Red Hat provides operating system software along with middleware, applications and management solutions. Red Hat also offers support, training, and consulting services to its customers worldwide and through top-tier partnerships. The company has offices in Singapore, Germany, and Argentina, among others. REINIGUNGSSERVICE E. HASSLER: Claims Registration Ends April 20 --------------------------------------------------------------- Creditors of Reinigungsservice E. Hassler GmbH have until April 20, 2008, to register their claims with court-appointed insolvency manager Hubert Ampferl. 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 Nuremberg Meeting Hall 152/I Flaschenhofstr. 35 Nuremberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Hubert Ampferl Stahlstr. 17, 90411 Nuremberg Germany Tel: 0911/951285-0 Fax: 0911/951285-10 The District Court of Nuremberg opened bankruptcy proceedings against Reinigungsservice E. Hassler GmbH on March 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Reinigungsservice E. Hassler GmbH Schoepfstr. 33 90480 Nuremberg Germany SCHWENDOWIUS VERWALTUNGS: Claims Registration Ends April 21 ----------------------------------------------------------- Creditors of Schwendowius Verwaltungsgesellschaft mbH have until April 21, 2008 to register their claims with court-appointed insolvency manager Dr. Andreas Schulte-Beckhausen. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 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 Bonn Meeting Hall W 1.26 First Floor Wilhelmstr. 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. Andreas Schulte-Beckhausen Oxfordstr. 2 53111 Bonn Germany Tel: 0228/985210 Fax: 0228/9852122 The District Court of Bonn opened bankruptcy proceedings against Schwendowius Verwaltungsgesellschaft mbH on March 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schwendowius Verwaltungsgesellschaft mbH Ernst-Robert-Curtius-Str. 7 53117 Bonn Germany Attn: Harald Schwendowius, Manager Meisengrund 9 53227 Bonn Germany SPUMAX SCHAUM: Claims Registration Ends April 21 ------------------------------------------------ Creditors of Spumax Schaum GmbH have until April 21, 2008 to register their claims with court-appointed insolvency manager Joern Weitzmann. Creditors and other interested parties are encouraged to attend the meeting at 10:40 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 Hamburg Meeting Hall B 405 Fourth Floor Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Joern Weitzmann Arnold-Heise-Strasse 9 20249 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Spumax Schaum GmbH on Feb. 27, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Spumax Schaum GmbH Attn: Klaus-Werner Roedelius, Manager Vogelweide 40 22081 Hamburg Germany STM STEUERBERATUNGSGESELLSCHAFT: Claims Period Ends May 5 --------------------------------------------------------- Creditors of STM Steuerberatungsgesellschaft mbH have until May 5, 2008, to register their claims with court-appointed insolvency manager Dr. Frank Kreuznacht. Creditors and other interested parties are encouraged to attend the meeting at 11:25 a.m. on June 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 Muehlhausen Room 91 Untermarkt 17 Muehlhausen 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. Frank Kreuznacht Untermarkt 23 99974 Muehlhausen Germany The District Court of Muehlhausen opened bankruptcy proceedings against STM Steuerberatungsgesellschaft mbH on March 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: STM Steuerberatungsgesellschaft mbH Attn: Hartmut Steiner, Manager Im Kittel 01 99706 Sondershausen Germany VON BORSTEL: Claims Registration Period Ends April 18 ----------------------------------------------------- Creditors of von Borstel GmbH have until April 18, 2008, to register their claims with court-appointed insolvency manager Mark Zeuner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 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: Dr. Mark Zeuner Lehmweg 17 20251 Hamburg Germany The District Court of Norderstedt opened bankruptcy proceedings against von Borstel GmbH on March 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: von Borstel GmbH Attn: Frank Elsner, Manager Hamburger Strasse 102 24558 Henstedt-Ulzburg Germany WEIHE GMBH: Claims Registration Period Ends April 18 ---------------------------------------------------- Creditors of Weihe GmbH & Co. Kommanditgesellschaft have until April 18, 2008, to register their claims with court-appointed insolvency manager Juergen M. Thiel. 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 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: Dr. Juergen M. Thiel Markt 8 32423 Minden Germany The District Court of Bielefeld opened bankruptcy proceedings against Weihe GmbH & Co. Kommanditgesellschaft on March 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Weihe GmbH & Co. Kommanditgesellschaft Sundernkamp 19 32130 Enger Germany ========= I T A L Y ========= ALITALIA SPA: Air France Talks Fail; Maurizio Prato Quits --------------------------------------------------------- Alitalia S.p.A., labor unions, professional associations, and Air France-KLM SA have stopped negotiations over the sale of the Italian government's 49.9% stake in the national carrier. The parties failed to reach an agreement that would accomplish the sale's effectiveness conditions, satisfaction of which would finalize the acceptance by Alitalia and Italy of Air France's binding offer. The effectiveness conditions for Air France's offer include: * formal approval of the Industrial Plan 2008-2010 by Alitalia’s Board of Directors; * formal agreement in a manner satisfactory for Air France-KLM between Alitalia and the trade unions representing the majority of each category of Alitalia’s employees, regarding the implementation of the Industrial Plan, the rules of employment, the plan related to the social shock absorbers and the contemplated transaction; * formal agreement in a manner satisfactory for Air France-KLM between Alitalia and the trade unions of Alitalia Servizi representing the majority of each category of Alitalia Servizi’s employees on the necessary restructuring measures and the related shock absorbers plan; * Italy's Ministry of Economy and Finance to grant Alitalia a credit line, or the necessary guarantees to obtain a credit line in favor of Alitalia of EUR300 million to be repaid immediately after the capital increase; * formal agreement between Alitalia and Aeroporti di Roma on the Rome Fiumicino Airport and on the service levels required for the implementation of the Industrial Plan 2008-2010; * with respect to the claim brought on by SEA against Alitalia to the tribunal of Busto Arsizio, either: -- the official withdrawal from the claim; -- its settlement in a manner satisfactory to Air France; -- the granting by the MEF to Alitalia of appropriate indemnification commitments, in case necessary by enacting an appropriate law decree, or any other applicable solution satisfactory to Air France-KLM to definitely remove the risk attached to the claim; * formal agreement between Alitalia, Fintecna and Alitalia Servizi, for what concerns the interest of each party, among other things, to re-internalize in Alitalia certain activities and to renegotiate certain clauses of the service agreements; * formal written confirmation from the MEF that the general interests are properly safeguarded in the context of the contemplated transaction and it shall, subject to certain conditions, tender its Alitalia shares and Alitalia convertible bonds in the tender offers; * formal written undertaking from the competent Italian governmental authority to maintain the current portfolio of the current Alitalia’s air traffic rights, continue to address in a fair, transparent and non discriminatory manner any future requests form Alitalia for new air traffic rights, and provide cooperation and assistance in the case of any major difficulties with extra-European Community countries. Air France-KLM had reiterated its planned 2,100 job cuts -- 1,600 jobs in Alitalia Fly and 500 more in Alitalia Servizi -- in its revised proposal submitted to the Italian carrier's unions. Air France also maintained plans to: * ground some flights; * close Alitalia's cargo unit by 2010; and * terminate contract out of ground handling and aircraft maintenance. Eight of Alitalia's unions -- FILT CGIL, FIT CISL, Uiltrasporti, UGL Trasporti, SDL inter-category, Union Piloti, ANPAV, and Avia -- described Air France's revised proposal as "unacceptable." The unions said Air France's offer "re-proposes in substance and in format what was already shown." "I acknowledge with regret the collapse of the negotiations, which wasn't caused by us," Air France CEO Jean-Cyril Spinetta told Bloomberg News. Meanwhile, Alitalia said Maurizio Prato resigned as its chairman, while its board will convene today to "take the necessary and opportune resolutions." Creditor Protection Italian Finance Minister Tommaso Padoa-Schioppa, meanwhile, said Alitalia may seek protection from creditors, Bloomberg News reports. Mr. Padoa-Schioppa had warned if the sale to Air France fails, the government would appoint a special commissioner to initiate bankruptcy proceedings, The Financial Times relates. The government had pledged to grant Alitalia a EUR300 million bridging loan if Air France's takeover pushes through. Alitalia badly need more funds as it had less than EUR200 million in cash and credit available at March 31, 2008. Aeroflot Expresses Interest OAO Aeroflot had said it may submit a proposal to acquire the Italian government's 49.9% stake in Alitalia S.p.A. if talks between Air France-KLM SA and the national carrier's unions fail, Thomson Financial relates, citing a Radiocor interview with the Russian firm's spokesman. "If the talks break down and new acceptable proposals are made we are ready to examine them," the spokesman told Radiocor. Aeroflot and financial backer UniCredit S.p.A. had joined the preliminary rounds of bidding for Alitalia, but withdrew. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. ALITALIA SPA: Group Net Debt at EUR1.37 Bln as of February 29 ------------------------------------------------------------- The Alitalia Group's net debt as of Feb. 29, 2008, amounted to EUR1.368 billion, showing an increase in net indebtedness of EUR88 million, compared to the situation on Jan. 31, 2008. This trend is due to the typical seasonality of this month's proceeds and payments. The net debt of the parent company Alitalia S.p. A. including short-term financial credits for subsidiaries on Feb. 29, 2008, including short-term financial credits of subsidiaries, amounted to EUR1.357 billion showing an increase of EUR92 million compared to net debt as of Jan. 31, 2008. The Group's cash-to-hand and short-term financial credits as of Feb. 29, 2008, at the Group level and for Alitalia, amounted to EUR180 million and EUR191 million respectively. It should be noted that as of Feb. 29, 2008, there were several leasing contracts at the Group level -- referring almost entirely to fleet aircraft mostly held by the parent company amounting to EUR81 million -- whose capital share, including lease closure value, amounted to EUR93 million, of which EUR12 million represent the current capital share falling due within 12 months of the reference date, with EUR10 millionheld by the parent company). It should also be noted that existing debts to banks are almost entirely backed up by real guarantees (mortgages on aircraft) or by personal guarantees (mainly guarantees issued by banks for export credit). The relative financing contracts contain standard legal clauses relating to withdrawal. None of the contracts refer to specific requirements regarding assets or economic/financial aspects, in order to maintain the credit line. During February 2008, repayments were made of medium/long-term financing amounting to about EUR14 million. Regarding debts of a financial, fiscal and social welfare nature, there were no outstanding sums or payment irregularities on Feb. 29, 2008, both for the parent company and for the other companies in the Group. As far as debts of a commercial nature are concerned, decisions are still pending for the petitions filed by Alitalia regarding: * an injunction related to supposed different pricing policies, issued by a carrier for EUR6 million(two decrees); * an injunction issued by a supplier of on-board movies for EUR1.2 million (two decrees); * an injunction has been issued by an IT services supplier for EUR812,000; * an injunction has been issued by an Italian subsidiary of an air carrier bankruptcy for EUR288,000; * another injunction issued by a maintenance services supplier for EUR492,000; * an injunction has been issued by the special manager of a firm for presumed debts relating to air ticket sales, for EUR3.2 million; * one injunction issued by a fuel supplier for about EUR1 million; * an injunction issued by an airport management company for limited failure to pay handling fees about EUR375,000; and * an injunction issued by four suppliers, for EUR188,000. There are no other executive actions undertaken by creditors notified as of Feb. 29, 2008, nor are there any threats by suppliers to suspend operations. It should be pointed out that, as part of ordinary management practices, the Company is committed to maintaining commercial relations with its customers and suppliers who guarantee –- in the absence of critical situations or operational emergencies -– the necessary financial flexibility in support of cash-to- hand requirements. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. ALITALIA SPA: Airlines Challenge Air Enac Traffics Agreement ------------------------------------------------------------ Air One, Blue Panorama, Eurofly, Air Italy and Neos are contemplating a legal challenge over the air traffic rights agreement between Alitalia S.p.A. and Italian civil aviation authority Ente Nazionale per l'Aviazione Civile (Enac), the Financial Times reports. The airlines, the FT relates, are urging Enac to release details of the agreement, which according to industry and official sources was pushed through by the government to expedite Air France-KLM's takeover bid. Meanwhile, industry and government sources claimed the agreement reassigns airline traffic rights that would be of interest to Air France. Alitalia is also assigned traffic rights that belonged to Volare under the agreement, the FT adds. An Enac official, on the other hand, argued the agreement was completely normal, saying there was no political motivation involved. The official disclosed Enac is set to release the details of the agreement, the FT states. The agreement was signed on March 14, 2008, the same day Air France made its binding for Alitalia, the paper discloses. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. FIAT SPA: Discloses Results of 2008 Annual General Meeting ---------------------------------------------------------- Fiat S.p.A. disclosed that at the Annual General Meeting held last March 31, 2008, shareholders approved the 2007 Financial Statements and distribution of a gross dividend of: -- EUR0.40 per ordinary share, -- EUR0.40 per preference share and -- EUR0.555 per savings share, to be paid April 24 (ex-dividend date April 21). Board Appointment Shareholders also confirmed the appointment of Rene Carron to the Board of Directors, who was co-opted on July 24, 2007. Mr. Carron will serve for the remainder of the Board’s current term of office, which expires on the date of the 2009 Annual General Meeting called to approve the 2008 Financial Statements. Authorisation to Purchase and Dispose Shares The authorisation to purchase and dispose of own shares, either directly or through Group subsidiaries, was also renewed and, to the extent not yet exercised, the previous authorisation given by Shareholders on April 5, 2007 was revoked. Under the new authorisation, an aggregate total of shares, for all three classes combined, representing a maximum of 10% of share capital or a purchase value of EUR1.8 billion - including the EUR0.6 billion of Fiat shares held by the Company - may be purchased. Such purchases must take place within the next eighteen months, conform to applicable laws and regulations and the purchase price may not be a maximum of 10% higher or lower than the previous day’s official market price. Incentive Plan Finally, Shareholders approved the incentive plan passed by the Board of Directors on February 26 which allows the periodic granting of up to a maximum of 4 million stock options or stock appreciation rights. As already announced, in terms of performance criteria, vesting period and exercise period (from 2011 to 2014), the structure of this plan is similar to the stock option plan approved Nov. 3, 2006. The strike price shall be equivalent to the arithmetic average of the official daily market price published by Borsa Italiana S.p.A. for the month preceding the grant date. Participants in the plan are those executives that hold a key role having a significant impact on business results and who have been recruited or promoted since the Nov. 3, 2006 stock option assignment or executives who have taken on increased responsibilities since that date or who may particularly warrant additional recognition. The Chief Executive Officer and other members of the Board of Directors are excluded from the plan. Turin, March 31, 2008. Financial Results The company also disclosed in its website that for the year 2007, the Group regained market shares in all sectors and exceeded its 2007 full-year targets. For 2007, the company reported net income EUR2.054 billion on revenues of EUR58.529 billion compared to net income of EUR1.151 billion on revenues of EUR51.832 for 2006. Trading profits also increased to EUR3.233 billion in 2007 from EUR1.951 billion in 2006. Fiat Group also said that it extinguished its net industrial debt in 2007 and closed the year with EUR355 million net cash. For 2006, the company had EUR1.773 billion in debt. With these, Fiat CEO Sergio Marchionne said that the company “is now ready to enter the next level that will transform it into a major global company.” For 2008, the company expects: -- revenues to exceed EUR60 billion, -- trading profit between EUR3.4 and EUR3.6 billion, -- net income between EUR2.4 and EUR2.6 billion euros, and -- net cash on hand of at least EUR1.5 billion. The targets we have set are based In 2007, trading profit totalled 3.2 billion euros, revenues reached 58.5 billion euros, while net industrial debt was extinguished (December 31, 2006: negative by 1.8 billion euros). At December 31, 2007, the Group had a net industrial cash position of 355 million euros. The targets, according to the company, are based on the conviction that the current turbulence in financial markets will have a limited impact on the real economy and, in the worst case, will be confined to the United States. About Fiat Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR33.4 billion in the first nine months of 2005. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. * * * As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries Ba3 Corporate Family and Senior Unsecured ratings from Moody's Investors Service, which said the outlook is positive. The company carries Standard & Poor's Ratings Services' BB long- term corporate credit rating. The compay also carries B short- term rating. S&P said the outlook is stable. FIAT SPA: Releases Details of Shares Purchase Programme ------------------------------------------------------- Fiat S.p.A. disclosed the details of the relevant Purchase Programme following the authorisation given by Shareholders to purchase its own shares at the Annual General Meeting. The Programme, aimed at the investment of liquidity and at servicing incentive plans, allows for the purchase of a total number of shares, for all three classes combined, not to exceed 10% of share capital and a total purchase value of EUR1.8 billion, which is to include EUR0.6 billion related to the Fiat shares already held by the company, and will be carried out on the regulated market as: -- it will end on Sept. 30, 2009 or once the maximum purchase value of EUR1.8 billion (including EUR0.6 billion related to Fiat shares already held by the Company) or a number of shares equivalent to 10% of share capital is reached; -- the maximum purchase price may not be a maximum of 10% higher than the previous day’s official market price; -- the maximum number of shares purchased daily shall not exceed 20% of the total daily trading volume for each class of shares. Should purchases be carried out, Fiat will daily communicate to the market and competent authorities the transactions it has executed, specifying the number of shares purchased, the average price, the total number of purchased shares as of the date of the communication and the total invested amount as of such date. As of March 31, 2008, Fiat owns 32,877,458 ordinary shares equivalent to 2.75% of the capital having voting rights. The shareholders’ authorization does not compel the company to make purchases and may be therefore executed only in part. The company will therefore be guided by the principle that it will only repurchase its shares if such repurchase is value accretive to the shareholders of Fiat, and subject to any negative repercussions a given repurchase may have on its credit ratings. About Fiat Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR33.4 billion in the first nine months of 2005. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. * * * As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries Ba3 Corporate Family and Senior Unsecured ratings from Moody's Investors Service, which said the outlook is positive. The company carries Standard & Poor's Ratings Services' BB long- term corporate credit rating. The compay also carries B short- term rating. S&P said the outlook is stable. PARMALAT SPA: Acquisition Search to Commence After AGM ------------------------------------------------------ Parmalat S.p.A. will start looking for possible acquisitions after its annual general meeting on April 8 or 9, 2008, Thomson Financial says, citing an unsourced Il Corriere della Sera report. According to Il Corriere della Sera, Lehman Brothers estimates that Parmalat has budgeted EUR1.7 billion in existing cash and possible loans to finance possible acquisitions in Eastern Europe, Africa, India or New Zealand. 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. PARMALAT SPA: Magistrate Seeks Extortion Charge v Cesare Geronzi ---------------------------------------------------------------- Italian magistrate Roberto Spano has asked Parma prosecutors to elevate the charge filed against Mediobanca S.p.A. Chairman Cesare Geronzi from fraudulent bankruptcy to extortion, in connection to Parmalat S.p.A. acquisition of Eurolat S.p.A., Sara Gay Worden writes for Bloomberg News. Prosecutors probed the role Mr. Geronzi played as Banca di Roma S.p.A.'s chief in Parmalat's purchase of Eurolat from Cirio Finanziaria S.p.A. "If Banca di Roma threatened it would revoke Parmalat's credit lines if it didn't buy Eurolat at a high price, then the correct charge should be extortion," Mr. Spano told Bloomberg News. Mr. Geronzi has been indicted for fraudulent bankruptcy in the main trial that commenced March 14. According to Bloomberg News, conviction for fraudulent bankruptcy carries a prison sentence of up to 15 years if aggravating factors are considered, while a conviction for extortion carries a sentence of five to 10 years in prison, which can be extended to 20 years with aggravating factors. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. On June 21, 2007, the U.S. Court Granted Parmalat Permanent Injunction. =================== K A Z A K H S T A N =================== AK-TRAIN SERVICE: Creditors Must File Claims by May 2 ----------------------------------------------------- LLP AK-Train Service has declared insolvency. Creditors have until May 2, 2008, to submit written proofs of claims to: LLP AK-Train Service Baimuhanov Str. 33a-21 Atyrau Kazakhstan ASIA TECHNO: Claims Deadline Slated for May 2 --------------------------------------------- LLP Asia Techno NT has declared insolvency. Creditors have until May 2, 2008, to submit written proofs of claims to: LLP Asia Techno NT Abdirov Str. 34/3-59 Karaganda Kazakhstan CENTRAL-ASIAN TOURISTIC LLP: Claims Filing Period Ends May 2 ------------------------------------------------------------ LLP Joint Enterprise Central-Asian Touristic Corporation has declared insolvency. Creditors have until May 2, 2008, to submit written proofs of claims to: LLP Joint Enterprise Central-Asian Touristic Corporation Micro District 8, 10-2 Aktau 130000, Mangistau Kazakhstan DASTAN LLP: Creditors' Claims Due on May 2 ------------------------------------------ The Specialized Inter-Regional Economic Court Almaty has declared LLP Dastan insolvent on Feb. 8, 2008. Creditors have until May 2, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court Almaty Post Office Box 508 Main Post Office 050000, Almaty Kazakhstan Tel: 8 777 223 62-01 DAURIA LLP: Claims Registration Ends May 2 ------------------------------------------ The Specialized Inter-Regional Economic Court North Kazakhstan has declared LLP Dauria insolvent on Feb. 8, 2008. Creditors have until May 2, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court North Chkalov Str. 49-219 Petropavlovsk North Kazakhstan Kazakhstan Tel: 8 (3152) 42-65-32 ECO-STROY-AKTOBE LLP: Creditors Must File Claims by May 2 --------------------------------------------------------- LLP Eco-Stroy-Aktobe has declared insolvency. Creditors have until May 2, 2008, to submit written proofs of claims to: LLP Eco-Stroy-Aktobe Turgenev Str. 10/29 Aktobe Aktube Kazakhstan KAZDON: Claims Deadline Slated for May 2 ---------------------------------------- LLP Kazdon Service has declared insolvency. Creditors have until May 2, 2008, to submit written proofs of claims to: LLP Kazdon Service Bigeldinov Str. 56 Saryarka Astana Kazakhstan KAZKOMMERTSBANK JSC: Taps Bureau Veritas to Check Kuat's Works -------------------------------------------------------------- JSC Kazkommertsbank has appointed Bureau Veritas SA as independent technical auditor for a delayed residential projects undertaken by KUAT Corp. JSC in Kazakhstan, Nariman Gizitdinov writes for Bloomberg News. "The increasing risks of lending to the construction industry have compelled the bank to improve its ability to ensure the proper use of money received from the government's emergency investment program," Kazkommertsbank told Bloomberg News. Bureau Veritas will check project cost estimates, spending and work quality, Kazkommertsbank said. According to Bloomberg News, Kuat stalled constructions of more than 140 in Almaty and Astana projects after it ran out of funds. The Kazakh government was forced to provide US$4 billion in emergency funding to Kuat for the works to resume. About Kazkommertsbank Headquartered in Almaty, Kazakhstan, JSC Kazkommertsbank -- http://www.kazkommertsbank.com/-- accepts deposits and provides loans and credit facilities in Tenge and foreign currencies. The Bank is also a major participant in the securities market and the foreign currency market in Kazakhstan. Kazkommertsbank has subsidiaries in Kyrgyzstan and Russia, it is the majority shareholder in the Grantum pension fund, Kazkommerts-Policy and Kazkommerts-Life companies, as well as the Kazkommerts-Securities investment company. * * * As of April 2, 2008, JSC Kazkommertsbank carries Ba1 Foreign and Local Bank Deposit ratings; Ba3 Subordinated and Junior Subordinated Debt ratings; and D- Bank Financial Strength rating from Moody's Investor Service, which said the Outlook is stable. The bank also carries BB Long-Term Local and Foreign Issuer Credit ratings; and B Short-Term Local and Foreign Issuer Credit ratings from Standard & Poor's Rating Services, which said the Outlook is negative. Kazkommertsbank also carries BB+ Long-Term Foreign Issuer Default and Senior Unsecured Debt ratings; BB Subordinated Debt rating; and B Short-Term rating from Fitch Ratings, which said the Outlook is negative. LVK-AUDIT-ENERGO CJSC: Claims Filing Period Ends May 2 ------------------------------------------------------ CJSC Scientific-Manufacturing Union LVK-Audit-Energo in Ust- Kamenogorsk has declared insolvency. Creditors have until May 2, 2008, to submit written proofs of claims to: CJSC Scientific-Manufacturing Union LVK-Audit-Energo in Ust-Kamenogorsk Voroshilov Str. 4 Kamenogorsk East Kazakhstan Kazakhstan SEVKAZ COMMERTS: Creditors' Claims Due on May 2 ----------------------------------------------- The Specialized Inter-Regional Economic Court North has declared LLP Sevkaz Commerts Zlak insolvent on Feb. 8, 2008, Creditors have until May 2, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court North Chkalov Str. 49-219 Petropavlovsk North Kazakhstan Kazakhstan Tel: 8 (3152) 42-65-32 TRANS STROY: Claims Registration Ends May 2 ------------------------------------------- LLP Trans Stroy Plus has declared insolvency. Creditors have until May 2, 2008, to submit written proofs of claims to: LLP Trans Stroy Plus Bigeldinov Str. 11-7 Saryarka Astana Kazakhstan =================== K Y R G Y Z S T A N =================== ADELINA & KIR-TAJ: Creditors Must File Claims by May 9 ------------------------------------------------------ Joint American-Kyrgyz-Tajik LLC Adelina & Kir-Taj has declared insolvency. Creditors have until May 9, 2008 to submit written proofs of claim to: Joint American-Kyrgyz-Tajik LLC Adelina & Kir-Taj Frunze Str. 124 Bishkek Kyrgyzstan NUR ENERGO: Claims Filing Period Ends May 9 ------------------------------------------- LLC Nur Energo has declared insolvency. Creditors have until May 9, 2008 to submit written proofs of claim to: LLC Nur Energo Bekabad Suzaksky District Djalal-Abad Kyrgyzstan ===================== N E T H E R L A N D S ===================== OI EUROPEAN: Moody's Ups Rating on EUR300 Million Notes to Ba3 -------------------------------------------------------------- Moody's Investors Service upgraded the Corporate Family Rating of Owens Illinois, Inc. (O-I) to Ba3. Additional instrument ratings are detailed below. The rating outlook is positive. Moody's took these rating actions for Owens Illinois, Inc.: -- Upgraded Corporate Family Rating to Ba3 from B2 -- Upgraded Probability of Default Rating to Ba3 from B2 -- Upgraded US$750.0 million senior unsecured notes and debentures due 2008-2018 to B2 (LGD 6, 90%) from Caa1 (LGD 6, 92%) -- Upgraded Speculative Grade Liquidity Rating to SGL-2 from SGL-3 Moody's took these rating actions for Owens-Brockway Glass Container,, Inc.: -- Upgraded US$900 million senior secured first lien revolving credit facility maturing June 15, 2012 to Baa3 (LGD 2 12%) from Ba2 (LGD 2, 21%) -- Upgraded US$200 million senior secured first lien term loan B due June 12, 2013 to Baa3 (LGD 2 12%) from Ba2 (LGD2, 21%) -- Upgraded EUR 225 million senior unsecured notes due December 1, 2014 to Ba3 (LGD 4, 54%) from B3 (LGD 4, 68%) -- Upgraded US$850.0 million senior unsecured notes due 2013-2014 to Ba3 (LGD 4, 54%) from B3 (LGD 4, 68%) -- Withdrew US$1,925 million senior secured notes due 2009- 2012, Ba2 (LGD 2, 21%) Moody's took these rating actions for OI European Group BV (Netherlands): -- Upgraded EUR200 million senior secured first lien term loan D due June 12, 2013 to Baa3 (LGD 2 12%) from Ba2 (LGD2, 21%) -- Upgraded EUR300 million senior unsecured notes due March 31, 2017 to Ba3 (LGD 4, 54%) from B3 (LGD 4, 68%) Moody's took these rating actions for ACI Operations Pty. Ltd. and O-I Canada Corp: -- Upgraded AUD 300 million senior secured first lien term loan A due June 12, 2013 to Baa3 (LGD 2 12%) from Ba2 (LGD2, 21%) -- Upgraded CAD 138 million senior secured first lien term loan C due June 12, 2013 to Baa3 (LGD 2 12%) from Ba2 (LGD2, 21%) The upgrade of the Corporate Family Rating to Ba3 reflects O-I's leading position in the industry and continued successful execution of its strategic turnaround plan. The company's focus on pricing rather than volume and improving operating efficiencies have improved cash flows. Reduced asbestos liabilities and recent debt repayment have strengthened its balance sheet. O-I is one of only a few major players that have the capacity and scale to serve larger customers. The company maintains strong market shares globally including faster growing emerging markets. The positive outlook reflects Moody's expectation that the company will continue to focus on its strategic plan (including exploring potential capacity rationalization) and further improve credit metrics. The ratings are constrained by the inherent uncertainty surrounding the asbestos liabilities, mature state of the industry and customer concentration. A consumer driven recession may pressure revenues and margins over the intermediate term, as glass packaging is generally viewed as a premium product. Moreover, the potential for further