T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, March 30, 2007, Vol. 8, No. 64 Headlines A U S T R I A AVES LLC: Claims Registration Period Ends April 24 CLASSICO WORLDWIDE: Klagenfurt Court Orders Business Shutdown HELMUT MANTSCH: Claims Registration Period Ends April 23 INTERIA LLC: Claims Registration Period Ends April 23 ZIMMEREI SPORN: Creditors' Meeting Slated for April 11 B U L G A R I A NOVA PLAMA: Auctioning Assets on April 18 C Z E C H R E P U B L I C MASONITE CORP: Moody's Affirms B2 Corporate Family Rating D E N M A R K BLOCKBUSTER INC: Good Performance Cues S&P's Ratings' Upgrade F R A N C E EUROTUNNEL GROUP: Meets Requirements to Exit Safeguard Process G E R M A N Y ALBERT STAVENOW: Claims Registration Period Ends May 23 ALLES DICHT: Creditors' Meeting Slated for June 15 AUTOHAUS STAVENOW: Claims Registration Period Ends May 23 AVISPED VERWALTUNGS: Claims Registration Period Ends May 16 BAUSANIERUNG BADERWELT: Claims Registration Period Ends May 15 BENQ CORP: Snubs Mobile Unit's EUR500-Mln Creditors' Claim BLAKQORI MALEREIBETRIEB: Creditors' Meeting Slated for May 8 BLAUBAUM-STAHLARMIERUNGS: Claims Registration Period Ends June 1 BOTEC GMBH: Claims Registration Period Ends May 21 BREEZE FINANCE: Moody's Rates EUR85-Mln Class B Notes at Ba1 DACHKLEMPNERBETRIEB DEICH: Creditors' Meeting Set for April 26 DADDY'S KAFFEE: Claims Registration Period Ends May 30 DUERR AG: Confirms Earnings Improvement Forecast for 2007 GENIUS BAU: Claims Registration Period Ends April 20 GOING LASIK: Claims Registration Period Ends May 18 H&M RECYCLING: Claims Registration Period Ends May 4 HEINRICH PRUESSING: Claims Registration Period Ends May 21 HOBBY & TOYS: Claims Registration Period Ends June 1 HOGESS MASCHINENBAU: Creditors Must Register Claims by May 14 HOLZKONSTRUKTIONSBAU PIPREK: Claims Filing Period Ends April 20 HONNEFER VERLAGSGESELLSCHAFT: Claims Filing Period Ends April 13 HORST SPORKENBACH: Creditors Must Register Claims by May 11 SCHOENBERG + PARTNER: Claims Registration Period Ends May 16 SGL CARBON: Moody's Reviews Low-B Ratings for Upgrade SILVERTEC GMBH: Claims Registration Period Ends May 15 SPIEL-PLANET GMBH: Creditors' Meeting Slated for April 30 TERRAVALOR: Claims Registration Period Ends May 23 TRANSPORT U. LOGISTIK: Claims Registration Ends May 15 WEIER SYSTEME: Claims Registration Period Ends May 8 I R E L A N D AFFILIATED COMPUTER: Unit Inks Settlement with N.C. Health Dept. AFFILIATED COMPUTER: Moody's Affirms Ba2 Corporate Family Rating I T A L Y POPOLARE ITALIANA: Posts EUR39.9 Million Net Loss for 2006 TRW AUTOMOTIVE: Earns US$176 Million for Full Year 2006 K A Z A K H S T A N ANASTASIA LLP: Creditors Must File Claims by May 4 BEREKE-SERVICE LLP: Creditors' Claims Due May 4 COMPANY REM: Proof of Claim Deadline Slated for May 4 INTER-COMPLEX LLP: Claims Registration Ends May 11 INVESTTECHNOPLUS CJSC: Claims Filing Period Ends May 11 KASPY KURYLYS: Claims Registration Period Ends May 11 METALL-INTERIER LLP: Creditors Must File Claims by May 4 SPECIAL ENGINEERING: Creditors' Claims Due May 11 K Y R G Y Z S T A N BAISAL-PARTNERS LLC: Claims Filing Period Ends May 16 SUMMER GOLD: Creditors Must File Claims by May 11 N E T H E R L A N D S AZOVSTAL CAPITAL: Moody's May Lower B3 Rating After Review P O L A N D GDYNIA SHIPYARD: Unlikely to Finish Privatization by June SZCZECIN SHIPYARD: Unlikely to Complete Privatization by June R U S S I A BANK OF MOSCOW: Fitch Affirms IDR at B- with Positive Outlook CARGO-TRANS CJSC: Creditors Must File Claims by April 17 CHEMICAL PRODUCT: Creditors Must File Claims by April 17 CRYSTAL LLC: Creditors Must File Claims by April 17 ECO-KHIM CJSC: Creditors Must File Claims by April 17 FORTUNA CASINO: Creditors Must File Claims by April 17 GAZPROM NEFT: Gazprom Confirms Plans to Buy Yukos' 20% Stake INDUSTRIAL ENERGY: Creditors Must File Claims by April 17 NORTH-WEST CJSC: Creditors Must File Claims by April 17 NOVOLIPETSK STEEL: Inks GO Steel Supply with Tebian Electric OIL TECHNOLOGIES: Creditors Must File Claims by April 17 ORION CJSC: Creditors Must File Claims by April 17 POLYMER-STROY-MATERIALS: Creditors Must File Claims by April 17 RUZAEVSKIY COMBINE: Asset Bidding Deadline Slated for April 12 SBERBANK ROSSII: Raises RUR230.2 Billion from Public Share Sale SHELEKHOVSKIY BAKERY: Creditors Must File Claims by April 17 SITRONICS JSC: Inks Supply Deal with China National Machinery SUAL GROUP: Completes Merger with RUSAL & Glencore Int'l SUAL INT'L: S&P's BB- Ratings Still on Watch After Merger TANTAL-S LLC: Creditors Must File Claims by April 17 TNK-BP HOLDING: Mulls Bidding for Yukos' Other Assets TRANSATLANTIC PETERSBURG: Creditors Must File Claims by April 17 TSIVILSKIY BACON: Court Starts Bankruptcy Supervision Procedure VIMPEL-COMMUNICATIONS: Annual General Meeting Slated for June 29 VNESHTORGBANK JSC: Gains US$500-Mln Credit Line for Sino Exports VNESHTORGBANK JSC: Inks Credit Line Deal with Export-Import Bank YUKOS OIL: Gazprom Confirms Plans to Buy Gazprom Neft Stake YUKOS OIL: Russo-Italian Consortium Eyes Gazprom Neft Stake YUKOS OIL: TNK-BP Holding Mulls Bidding for Co.'s Other Assets * S&P Hikes Leningbrad Oblast's Ratings to BB on Economic Growth S P A I N TOWER AUTOMOTIVE: Selling Assets to Cerberus Capital S W I T Z E R L A N D CREACOM MARKETING: Creditors' Liquidation Claims Due April 11 DELOITTE HOLDING: Creditors' Liquidation Claims Due April 30 MULTING HOLDING: Creditors' Liquidation Claims Due April 11 OKTACARE LLC: Creditors' Liquidation Claims Due April 11 REPGERGASSE 26: Creditors' Liquidation Claims Due April 11 U K R A I N E AZOVSTAL CAPITAL: Moody's May Lower B3 Rating After Review DAMIYA OJSC: Claims Submission Period Ends April 2 DELIVERY INDUSTRIAL: Creditors Must File Claims by April 6 GROD-N LLC: Creditors Must File Claims by April 6 KIRNASOVKA LLC: Creditors Must File Claims by April 2 LIUBOTIN GARDEN: Creditors Must File Claims by April 2 MISSURI LLC: Creditors Must File Claims by April 5 NOVOKRYMSKOE LLC: Claims Submission Period Ends April 5 POULTRY FACTORY: Creditors Must File Claims by April 6 RODINA LLC: Claims Submission Period Ends April 2 STIROL JSC: Rise in Gas Prices Cues Fitch's Junk Ratings SUMY TIRE: Claims Submission Period Ends April 2 TRIUMF AND K: Creditors Must File Claims by April 5 VASILEVKA LLC: Creditors Must File Claims by April 2 U N I T E D K I N G D O M ARROW ELECTRONICS: Moody's Puts Ba2 Rating on Preferred Stock B2B COMMUNICATIONS: Creditors' Meeting Slated for April 5 BRYANT AND TUCKER: Creditors' Meeting Slated for April 12 BRYANT JACKSON: Creditors' Meeting Slated for April 5 BULLOUGH LTD: Brings In Liquidators from Deloitte & Touche CONTRACT TECHNICAL: Claims Filing Period Ends May 19 ECOFLO LTD: Creditors' Meeting Slated for April 4 EUROTUNNEL GROUP: Meets Requirements to Exit Safeguard Process FINEFORM EUROPE: Creditors' Meeting Slated for April 12 FRYMANS FEED: Claims Filing Period Ends April 16 GETTY IMAGES: New Debt Cues S&P to Retain Developing Watch GOODYEAR TIRE: S&P Rates EUR350-Million Revolving Loan at BB- H.J. COOPER: Names Roderick Graham Butcher Liquidator HEATING DIRECT: Taps Joint Administrators from Ernst & Young HUNTSMAN CORP: Moody's Lifts Rating to Ba3 on Debt Reduction ISLEWORTH COACHES: Claims Filing Period Ends May 1 ISOFT GROUP: Fires Steven Graham as Director J A SALISBURY: Names Liquidator to Wind Up Business JMN BUILDING: Creditors' Meeting Slated for April 13 KENSINGTON MORTGAGE: Moody's Puts Ba2 Rating to Class B2 Notes KILLARNEY SPRINGS: Names Administrator from Smith & Williamson LEA VALLEY: Creditors' Meeting Slated for April 26 LONDON TUBE: Names Keith Barry Stout Liquidator MAXFIELDS JEWELLERS: Joint Liquidators Take Over Operations MJD CONSTRUCTION: Appoints Liquidator from Tomlinsons NATIONWIDE KITCHENS: Calls In Liquidators from BWC PHELPS DODGE: Moody's Lifts Rating on US$566.7 Mln Notes to Ba2 RELISYS DIGITAL: Brings In Begbies Traynor as Administrators SIMPSON EVANS: Creditors' Meeting Slated for April 13 SOLUTIA INC: Wants to Acquire Akzo Nobel's 50% Flexsys Stake SOLUTIA INC: Proposes Bidding Procedure for Dequest Sale SPLASH OFFICE: Hires Liquidator from Tomlinsons STAGEIT BY PREMIER: Hires Terry Christopher Evans as Liquidator SUPREMA TILE: Creditors' Meeting Slated for April 5 SWALLOW HOTEL: Paddy Crerar Buys Name from Administrators TUBE ENGINEERING: Claims Filing Period Ends April 27 WHITE STRIPE: Creditors' Meeting Slated for April 11 * Grant Thornton Names Paul McCourt as Senior Manager * BOOK REVIEW: Admiralty and Maritime Law ********* ============= A U S T R I A ============= AVES LLC: Claims Registration Period Ends April 24 -------------------------------------------------- Creditors owed money by LLC Aves (FN 246711k) have until April 24 to file written proofs of claim to court-appointed estate administrator Peter Sommerer at: Dr. Peter Sommerer Nottendorfer Gasse 11 1030 Vienna Austria Tel: 503 17 90 Fax: 503 17 90 444 E-mail: peter.sommerer@at.pwcglobal.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:45 p.m. on May 8 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 7 (Bankr. Case No. 6 S 15/07h). CLASSICO WORLDWIDE: Klagenfurt Court Orders Business Shutdown ------------------------------------------------------------- The Land Court of Klagenfurt entered March 7 an order shutting down the business of LLC Classico Worldwide (FN 240506k). Court-appointed estate administrator Karl Safron recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Karl Safron Alter Platz 24/I Second Floor 9020 Klagenfurt Austria Tel: 0463/915 999 Fax: 0463/915999 99 E-mail: kanzlei@anwalt.safron.at Headquartered in Karnten, Austria, the Debtor declared bankruptcy on March 6 (Bankr. Case No. 41 S 17/07h). HELMUT MANTSCH: Claims Registration Period Ends April 23 -------------------------------------------------------- Creditors owed money by LLC Helmut Mantsch (FN 124377h) have until April 23 to file written proofs of claim to court- appointed estate administrator Thomas Steiner at: Mag. Thomas Steiner c/o Dr. Renate Steiner Weihburggasse 18-20/50 1010 Vienna Austria Tel: 513 53 63 Fax: 513 53 63-17 E-mail: steiner.steiner@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:45 a.m. on May 7 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 6 (Bankr. Case No. 3 S 35/07b). Renate Steiner represents Mag. Thomas Steiner in the bankruptcy proceedings. INTERIA LLC: Claims Registration Period Ends April 23 ----------------------------------------------------- Creditors owed money by LLC interia (FN 258603z) have until April 23 to file written proofs of claim to court-appointed estate administrator Dietmar Endmayr at: Dr. Dietmar Endmayr Vogelweiderstrasse 9 4600 Wels Austria Tel: 07242/26651 Fax: 07242/26651-19 E-mail: office@endmayr-jaegersberger.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:00 p.m. on May 3 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Strasse 12 Wels Austria Headquartered in Gallspach, Austria, the Debtor declared bankruptcy on March 6 (Bankr. Case No. 20 S 31/07w). ZIMMEREI SPORN: Creditors' Meeting Slated for April 11 ------------------------------------------------------ Creditors owed money by LLC Zimmerei Sporn (FN 55921m) are encouraged to attend the first creditors' meeting at 9:45 a.m. on April 11. The creditors' meeting will be held at: The Land Court of Salzburg Hall 256 Second Floor Salzburg Austria The Court will also examine the claims at 8:30 a.m. on May 11 at the same venue. Creditors have until April 27 to file written proofs of claim to court-appointed estate administrator Gernot Franz Herzog at: Dr. Gernot Franz Herzog Haunspergstr. 33 5020 Salzburg Austria Tel: 0062-8700460 Fax: 0662-878462 E-mail: office@hauserherzog.com Headquartered in Hallein, Austria, the Debtor declared bankruptcy on March 7 (Case No. 44 S 12/07z). =============== B U L G A R I A =============== NOVA PLAMA: Auctioning Assets on April 18 ----------------------------------------- The production site of Nova Plama JSC will be sold through an auction on April 18 at a starting price of BGN59 million, Dnevnik a.m. says. According to the report, the successful bidder will also acquire all on-site buildings, equipment, machinery and transportation vehicles. As previously reported in the TCR-Europe, the district court in Pleven opened a bankruptcy proceeding against Nova Plama in July 2005. The proceeding is the second in seven years after the Bulgarian oil company failed to implement its rehabilitation plan approved by creditors in 1999. The first proceeding was initiated by State Fund for Reconstruction and Development. The rehab plan extended Plama's repayment of a BGN251.5 million debt until 2031, but in 2003 it must repay creditors BGN30 million. Creditors in the second proceedings claim Plama did not implement this plan. Jorset Holding and DZI Bank, which are collectively owed more than BGN8 million, asked the court to appoint receivers and order the sale of Plama's assets to pay its debt. The company claims the rehab plan was not implemented because it failed to resume operations promptly. Court records show Plama's buyer following its first bankruptcy called "Plama Consortium" had several demands on the government as conditions for reviving operations, among them, legislative amendments concerning the so-called hollow profit. In January 2006, Yorset Holding and DZI Bank filed separate insolvency petitions against Nova Plama. Yorset failed to have Nova Plama declared insolvent, after the Supreme Cassation Court stayed the proceedings against the oil refinery. The Court said Yorset does not own enough credit percentage to ask for an insolvency ruling. Court records show that Yorset and DZI Bank own 14.83% and 7.9% respectively of Nova Plama's BGL241 million debt. Nova Plama is Bulgaria's No.2 oil refinery with annual processing capacity of 1,200,000 metric tons of crude oil. Until 1996, the refinery was the main supplier of base oils, finished oils and special products for all local and most East- European consumers. The refinery is located near the town of Pleven, approximately 160 km Northeast of Sofia and nearly 30 km South from the Danube River. =========================== C Z E C H R E P U B L I C =========================== MASONITE CORP: Moody's Affirms B2 Corporate Family Rating --------------------------------------------------------- Moody's Investors Service affirmed Masonite Corporation's B2 corporate family rating, as well as affirmed the company's Ba3 rating on its senior secured credit facilities. Masonite's outlook has been changed to negative from stable. Masonite's ratings consider the company's recent loss of business from Home Depot, the company's largest customer, high leverage, and low free cash flow generation relative to debt levels. The ratings benefit from Masonite's market position as leading producer of doors in North America. These ratings have been affirmed for Masonite Corporation: -- Corporate family rating, affirmed at B2; -- Probability of default rating, affirmed at B2; -- US$1,172-million Gtd. Sr. Sec. Term Loan due 2013, affirmed at Ba3 (LGD3, 32%); -- US$350-million Gtd. Sr. Sec. Revolver due 2011, rated Ba3 (LGD3, 32%); and -- Speculative grade liquidity rating, affirmed at SGL-3. Masonite's negative outlook incorporates the company's recent announcement of the loss of 50% of Home Depot volume, while balancing the benefits of its revenue mix. The majority of the company's sales came from repair and remodeling. The ratings could come under pressure if free cash flow to debt was projected to fall to below 2% over a 12 month basis, if Debt/EBITDA was to increase to over seven times, if the company violates its covenants, or if additional business is lost from key customers. Further loss of business due to price increases implemented or further weakening market conditions would also pressure the rating downward. The ratings could improve if free cash flow to debt was to increase to above 8% on a projected 12 month basis and if debt to EBITDA fell below four times and was expected to improve further. Headquartered in Ontario, Canada, Masonite manufactures doors and door components with over 80 facilities in 18 countries in North America, Europe, Latin America, Asia and Africa. Revenues for fiscal year 2006 were around US$2.5 billion. ============= D E N M A R K ============= BLOCKBUSTER INC: Good Performance Cues S&P's Ratings' Upgrade ------------------------------------------------------------- Standard & Poor's Ratings Services raised the ratings on Dallas-based Blockbuster Inc. to 'B' from 'B-'. This action reflects the improved operating performance and improved credit protection metrics for the company. At the same time, Standard & Poor's raised the recovery rating on the bank facility to '3' from '5', indicating the expectation for meaningful recovery of principal in the event of payment default. Standard & Poor's affirmed the stable outlook. The ratings reflect its participation in the declining video rental industry, extremely competitive home entertainment market, operational challenges as the company diversifies its distribution channels, dependence on decisions made by the movie studios, and highly leveraged capital structure. "Cash flow protection measures have strengthened and are adequate for the rating category," said Standard & Poor's credit analyst David Kuntz, "but Blockbuster will be challenged to increase movie rental sales, given the industry's weak fundamentals and strong competition." =========== F R A N C E =========== EUROTUNNEL GROUP: Meets Requirements to Exit Safeguard Process -------------------------------------------------------------- Eurotunnel Group disclosed that the principal elements required to save the company were in placed since the Paris Commercial Court approved its safeguard plan on Jan. 15. The company told shareholders that: -- the new credit agreements have been signed; -- the registration document which describes, in 334 pages, the details of the reorganization, has been registered by the French market authority (Autorite des Marches Financiers/AMF), with number i.07-021; -- the offer itself was filed on March 23 by Eurotunnel's presenting banks Lazard Freres, Natixis and Lehman Brothers; and -- although the chosen Registrar of GET SA is BNP Paribas Securities Services, the company will offer a facility for the U.K. shareholders to hold their GET SA shares in the form of Crest Depository Interests through the existing Eurotunnel U.K. Registrar, Computershare Investor Services Plc. After an 11-month suspension, Eurotunnel shares resumed trading on March 27. On its first day, the London-listed shares rose 20% to 30 pence while Paris fell 6.8% to 41 eurocents, BBC News relates. According to Chairman and CEO Jacques Gounon, it is possible that the share price will take some time to settle. The next and last step is the offer for one Eurotunnel SA/PLC unit of one share and one warrant to subscribe for a share in GET SA. The minimum acceptance level was set at 60%. If the market authorities approve the draft offer on April 3, the offer will be launched on April 10. Shareholders will have five weeks, until May 15 to tender their units. If the offer envisaged by the Paris Commercial Court fails, Eurotunnel will go into liquidation, considering the negative equity of GBP1.3 billion. About Eurotunnel Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. Eurotunnel Group files reports in the U.S. Securities and Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK) and Eurotunnel SA (ETTFF.PK). Eurotunnel obtained Aug. 2 an order placing the channel operator under the protection of the Court pursuant to the new safeguard legislation (Procedure de sauvegarde). At end of 2006, the group's creditors and bondholder approved a plan to decrease its GBP6.2 billion debt to GBP2.84 billion. On Jan. 15, the Court approved Eurotunnel's safeguard plan, backed by the court-appointed representatives to the company and to the creditors. At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25 billion in total assets, GBP6.56 billion in total liabilities and GBP1.32 billion in shareholders' deficit. ============= G E R M A N Y ============= ALBERT STAVENOW: Claims Registration Period Ends May 23 ------------------------------------------------------- Creditors of Albert Stavenow GmbH & Co. KG have until May 23 to register their claims with court-appointed insolvency manager Peter Steuerwald. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 13, 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 Goslar II/D Second Floor Haus II Kaiserbleek 8 38640 Goslar Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on July 11 at the same venue. The insolvency manager can be contacted at: Peter Steuerwald Bruchtorwall 6 38100 Braunschweig Germany Tel: 0531/24480-30 Fax: 0531/24480-80 The District Court of Goslar opened bankruptcy proceedings against Albert Stavenow GmbH & Co. KG on March 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Albert Stavenow GmbH & Co. KG Attn: Dr. Lutz Wunderlich amd Josef Schmidt, Managers Schleeke 100 38644 Goslar Germany ALLES DICHT: Creditors' Meeting Slated for June 15 -------------------------------------------------- Creditors of Alles dicht ! Dachdecker GmbH Dachdeckermeisterbetrieb have until June 15 to register their claims with court-appointed insolvency manager Wolf-R. von der Fecht. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on June 15, 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 at 10:01 a.m. on Aug. 8 at the same venue. The insolvency manager can be contacted 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 Alles dicht ! Dachdecker GmbH Dachdeckermeisterbetrieb on March 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Alles dicht ! Dachdecker GmbH Dachdeckermeisterbetrieb Jakob-Kaiser-Str.4 47877 Willich Germany Attn: Otto August Wilhelm Wassmann, Manager Berliner Str. 7 37199 Wulften am Harz Germany AUTOHAUS STAVENOW: Claims Registration Period Ends May 23 --------------------------------------------------------- Creditors of Autohaus Stavenow GmbH have until May 23 to register their claims with court-appointed insolvency manager Peter Steuerwald. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 13, 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 Goslar II/D Second Floor Haus II Kaiserbleek 8 38640 Goslar Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on July 11, at the same venue. The insolvency manager can be contacted at: Peter Steuerwald Bruchtorwall 6 38100 Braunschweig Germany Tel: 0531/24480-30 Fax: 0531/24480-80 The District Court of Goslar opened bankruptcy proceedings against Autohaus Stavenow GmbH on March 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Autohaus Stavenow GmbH Attn: Lutz Wunderlich and Josef Schmidt, Managers Schleeke 100 38644 Goslar Germany AVISPED VERWALTUNGS: Claims Registration Period Ends May 16 ----------------------------------------------------------- Creditors of AVISPED Verwaltungs- und Beteiligungsgesellschaft mbH have until May 16 to register their claims with court- appointed insolvency manager Henning Samisch. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on June 6, 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 Lueneburg Hall 302 Ochsenmarket 3 21335 Lueneburg 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 contacted at: Henning Samisch Muehlenkamp 59 D 22303 Hamburg Germany Tel: 040650390 Fax: 04065039199 The District Court of Lueneburg opened bankruptcy proceedings against AVISPED Verwaltungs- und Beteiligungsgesellschaft mbH on March 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: AVISPED Verwaltungs- und Beteiligungsgesellschaft mbH Attn: Karlheinz Thierbach, Manager Segdelstrasse 27 10117 Berlin Germany BAUSANIERUNG BADERWELT: Claims Registration Period Ends May 15 -------------------------------------------------------------- Creditors of BauSanierung Baderwelt GmbH have until May 15 to register their claims with court-appointed insolvency manager Joachim M. E. Voigt-Salus. Creditors and other interested parties are encouraged to attend the meeting at 2:10 p.m. on June 12, 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 Dessau Hall 123 Willy-Lohmann-Str. 33 Dessau 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 contacted at: Joachim M. E. Voigt-Salus Jacobstrasse 25 04105 Leipzig Germany Tel: 0341/702520 Fax: 0341/7025244 The District Court of Dessau opened bankruptcy proceedings against BauSanierung Baderwelt GmbH on March 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: BauSanierung Baderwelt GmbH Semmelweisstrasse 11a 06749 Bitterfeld Germany Attn: Rainer Mauss, Manager Anhaltstr. 60 06749 Bitterfeld Germany BENQ CORP: Snubs Mobile Unit's EUR500-Mln Creditors' Claim ---------------------------------------------------------- BenQ Corp. will not heed the EUR500 million claims sought by the insolvency administrator of the company's German unit, BenQ Mobile GmbH & Co, as there is no legal basis to it, various reports say. BenQ Corp. has denied allegations that it received assets allegedly transferred by BenQ Mobile before the German unit filed for insolvency in September 2006. As reported by the Troubled Company Reporter-Europe on March 26, Martin Prager, the insolvency manager for BenQ Mobile, was seeking to recover EUR382 million from the company's Taipei headquarters and EUR122 million from a Shanghai subsidiary. In an e-mailed statement to Bloomberg News, BenQ stressed that it "does not believe there is a legal basis" for claims made by the unit's insolvency manager. At the same time, contrary to reports, BenQ reiterated, "it has received no document from the insolvency administrator of BenQ Mobile explaining any legal ground for a claim of EUR500 million," XFN Asia says. In addition, Mike Clendenin, writing for the EE Times, quoted the parent company's defense on its move to transfer assets "as actually outstanding payment for goods sold and shipped to the unit from BenQ Corp and its affiliates." BenQ added that, in fact, there was still account receivables of approximately US$216 million by the German unit at the time of the insolvency," the Times notes. BenQ also said that it reserves all rights to hold the insolvency administrator responsible if the administrator makes any incorrect statement without legal ground, which could be damaging to the company's goodwill and interest, Bloomberg says. Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. -- http://www.benq.com/-- is principally engaged in manufacturing developing and selling of computer peripherals and telecommunication products. It is also a major provider of 3G handset, 3G handset, Camera phones, and other products. BenQ Mobile GmbH & Co., the company's wholly owned subsidiary, operates from Munich, Germany. BenQ Mobile filed for insolvency in Germany on Sept. 29, 2006, after BenQ Corp.'s board decided to discontinue capital injection into the mobile unit in order to stem unsustainable losses. The collapse follows a year after Siemens sold the company to Taiwanese technology group BenQ. BenQ Mobile has lost market share against giant competitors. A Munich Court opened insolvency proceedings against BenQ Mobile GmbH & Co OHG on Jan. 1 after Mr. Prager failed to meet the deadline in finding a buyer for the company on Dec. 31, 2006. * * * The Troubled Company Reporter - Asia Pacific reported on Dec. 5, 2006, that Taiwan Ratings Corp., assigned its long-term twBB+ and short-term twB corporate credit ratings to BenQ Corp. The outlook on the long-term rating is negative. At the same time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's existing NT$7.05 billion unsecured corporate bonds due in 2008, 2009, and 2010. The ratings reflect BenQ's: * continuing operating losses from its handset operations; * high leverage; and * the competitive nature and low profitability of the LCD monitor industry. BLAKQORI MALEREIBETRIEB: Creditors' Meeting Slated for May 8 ------------------------------------------------------------ The court-appointed insolvency manager for BLAKQORI Malereibetrieb GmbH, Joachim Heitsch, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m. on May 8. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Second Stock Hall 218 Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:15 a.m. on Aug. 28, at the same venue. Creditors have until June 20 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Joachim Heitsch Berliner Str. 117 10713 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against BLAKQORI Malereibetrieb GmbH on March 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BLAKQORI Malereibetrieb GmbH Buergerstrasse 55 12347 Berlin Germany BLAUBAUM-STAHLARMIERUNGS: Claims Registration Period Ends June 1 ---------------------------------------------------------------- Creditors of Blaubaum-Stahlarmierungs-GmbH have until June 1 to register their claims with court-appointed insolvency manager Alexander Naraschewski. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 22, 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 Wilhelmshaven Hall 109 Old Building Marktstrasse 15 26382 Wilhelmshaven 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 contacted at: Dr. Alexander Naraschewski Adalbertstr. 2 26382 Wilhelmshaven Germany Tel: 04421/507090 Fax: 04421/507099 E-mail: info@naraschewski.de The District Court of Wilhelmshaven opened bankruptcy proceedings against Blaubaum-Stahlarmierungs-GmbH on March 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Blaubaum-Stahlarmierungs-GmbH Attn: Nicole Moritz and Thomas Blaubaum, Managers Moerte 34 26316 Varel Germany BOTEC GMBH: Claims Registration Period Ends May 21 -------------------------------------------------- Creditors of BOTEC GmbH have until May 21 to register their claims with court-appointed insolvency manager Hans-Peter Valentiner. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on June 11, 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 Gifhorn Hall 114 Schlossgarten 4 38518 Gifhorn 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 contacted at: Hans-Peter Valentiner Bahnhofstrasse 30 A 29221 Celle Germany The District Court of Gifhorn opened bankruptcy proceedings against BOTEC GmbH on March 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: BOTEC GmbH Praklastr. 1 31311 Uetze Germany Attn: Wolfgang Boecker, Manager Muehlenkanal 8 29342 Wienhausen Germany BREEZE FINANCE: Moody's Rates EUR85-Mln Class B Notes at Ba1 ------------------------------------------------------------ Moody's Investors Service assigned these provisional ratings to two classes of notes issued by Breeze Finance S.A: -- EUR280-million [ ] percent Class A Guaranteed Secured Bond due 2027: Aaa; and -- EUR85-million [ ] percent Class B Secured Bonds due 2027: Ba1. The ratings on the Class A Bonds reflect a financial guarantee issued by MBIA U.K. Insurance Ltd. Moody's has assessed the underlying credit quality of the Class A Bonds as a Baa2 risk. This transaction is the financing of a pool of wind-farms based in Germany (90%) and France (10%). These wind-farms have been developed by nine independent operators and are using turbines from five different manufacturers. Around 80% of the wind farms are operational, the rest should be commissioned in the next 12 months. Although these wind-farms operate independently, their cash-flows are shared in order to repay the Bonds. The structure relies on two Issuer Borrower Loan Agreements granted to a German and a French Borrower, which are secured on the various accounts and agreements. Moody's notes that a missed payment on the Class B Bonds would not trigger an event of default and an enforcement of the security. According to Moody's, the ratings take account of these factors: (1) the supportive and stable legal framework both in Germany and in France that guarantees feed-in electricity tariffs, (2) the cross-collateralization of the cash-flows between the various wind-farms, (3) the diversification in terms of turbine manufacturer and developers of the different wind-farm projects, (4) the resilience of the structure to downside scenarios in terms of wind resource when relying on the results of the wind survey. The underlying rating of the Class A as well as the rating of the Class B Bonds reflect the wind variability risk combined with the risk of constructing, maintaining and operating these assets. In order to assess the wind resource risk, Moody's reviewed the technical advisers reports and applied various confidence intervals to wind outputs. In order to assess the risk of constructing and operating the turbines in the long term, Moody's reviewed the mitigants within the structure such as business interruption and breakdown insurance policies and applied various stresses to the availability of the turbines. Moody's notes that none of the operators are rated, and that there is no back-up servicer appointed at closing. Regarding the servicing risk in this transaction, Moody's takes comfort from the number of operators involved in this transaction. Each one of them should be able to take on the additional servicing and maintenance resulting from a potential insolvency of one servicer. Moody's also takes comfort from the growing size of the wind sector in Europe, which should guarantee, to a level of comfort consistent with the ratings on the Notes, that spare parts suppliers and maintenance providers will be available in the long term. The ratings address the expected loss posed to investors by the legal final maturity of the notes. In Moody's opinion, the structure allows for timely payment of interest and principal with respect to the Class A Bonds by the legal final maturity. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. DACHKLEMPNERBETRIEB DEICH: Creditors' Meeting Set for April 26 -------------------------------------------------------------- The court-appointed insolvency manager for Dachklempnerbetrieb Deich GmbH, Knut Rebholz, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:55 a.m. on April 26. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Second Stock Hall 218 Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on Aug. 23 at the same venue. Creditors have until June 22 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Knut Rebholz Cicerostr. 22 10709 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Dachklempnerbetrieb Deich GmbH on March 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dachklempnerbetrieb Deich GmbH Goeckestr. 3 13055 Berlin Germany DADDY'S KAFFEE: Claims Registration Period Ends May 30 ------------------------------------------------------ Creditors of Daddy's Kaffee GmbH - Spezialitatenroesterei have until May 30 to register their claims with court-appointed insolvency manager Stephan Ries. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on June 20, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 14 Ground 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 contacted at: Stephan Ries Wall 28 42103 Wuppertal Germany The District Court of Cologne opened bankruptcy proceedings against Daddy's Kaffee GmbH - Spezialitatenroesterei on March 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Daddy's Kaffee GmbH - Spezialitatenroesterei Waidmarktstrasse 4 42499 Hueckeswagen Germany DUERR AG: Confirms Earnings Improvement Forecast for 2007 --------------------------------------------------------- Duerr AG's board of management presented the annual financial statement for 2006 adopted by the supervisory board. Duerr achieved its target in fiscal year 2006 with an improvement in earnings. The company confirmed its expectation of a further significant earnings improvement in 2007. CEO Ralf Dieter held out the prospect of a dividend payment for fiscal year 2007. "We will continue to press ahead with resolve on the path of sustainable earnings improvement in 2007," Mr. Dieter commented. "The Group-wide FOCUS program is being transformed into a continuous improvement process. We want to grow on our own steam and will be taking advantage of the opportunities available to us in the growth markets, in service business and with new customers. A focus will be on new products and developments in the area of energy-saving and resource- conserving systems that take account of environmental aspects." The company completed the capacity adjustments undertaken in connection with the FOCUS program. As announced, a total of 811 jobs have been cut within the Group, 479 of which were in 2006. The focus was on Europe and America. New jobs are being created in the growth markets. The number of employees in Asia increased by 21% to 601 at Dec. 31, 2006, compared with the 495 employees for the same period in 2005. "For 2007 we expect a substantial earnings improvement, which will enable us to pay a dividend," Mr. Dieter disclosed. The company posted EUR7.5 million in net income on EUR1.36 billion in net revenues for 2006, compared with EUR4.3 million in net profit on EUR1.4 billion in net sales for 2005. At Dec. 31, 2006, the company shows EUR1.04 billion in total assets, EUR794.4 million in total liabilities and EUR245.7 million in shareholders' equity. A full-text copy of Duerr AG's annual financial statement is available at no charge at http://ResearchArchives.com/t/s?1c68 About Duerr Headquartered in Stuttgart, Germany, Duerr AG -- http://www.durr.com/en-- supplies products, systems, and services for automobile manufacturing. Its range of products and services covers important stages of vehicle production. As a systems supplier, Duerr plans and builds complete paint shops and final assembly facilities. It also delivers cleaning and filtration systems for the manufacture of engine and transmission components as well as balancing systems. * * * As of Feb. 20, Duerr AG carries these ratings: Moody's: -- Long-term Corporate Family: B2 -- Senior Subordinated Debt: Caa1 -- Outlook: Negative Standard & Poor's -- Long-Term Foreign Issuer Credit: B -- Long-Term Local Issuer Credit: B -- Outlook: Stable GENIUS BAU: Claims Registration Period Ends April 20 ---------------------------------------------------- Creditors of Genius Bau GmbH have until April 20 to register their claims with court-appointed insolvency manager Peter Lameyer. Creditors and other interested parties are encouraged to attend the meeting at 10:40 a.m. on May 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leer Woerde 5 26789 Leer Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter Lameyer Bremer Str. 76 26789 Leer Germany Tel: 0491/15255 Fax: 0491/15222 The District Court of Leer opened bankruptcy proceedings against Genius Bau GmbH on March 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Genius Bau GmbH Niekampsweg 2 26670 Uplengen Germany GOING LASIK: Claims Registration Period Ends May 18 --------------------------------------------------- Creditors of Going Lasik LLK Augenlaserzentrum GmbH have until May 18 to register their claims with court-appointed insolvency manager Jan H. Wilhelm. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on June 19, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jan H. Wilhelm Albert-Einstein-Ring 11/15 22761 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Going Lasik LLK Augenlaserzentrum GmbH on March 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Going Lasik LLK Augenlaserzentrum GmbH Admiralitatstr. 4 20459 Hamburg Germany H&M RECYCLING: Claims Registration Period Ends May 4 ---------------------------------------------------- Creditors of H&M Recycling GmbH have until May 4 to register their claims with court-appointed insolvency manager Florian Stapper. Creditors and other interested parties are encouraged to attend the meeting at 2:45 p.m. on June 6, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 145 Ground Floor Enforcement Court Bernhard Goering Road 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. Florian Stapper Karl-Heine-Strasse 16 04229 Leipzig Germany Tel: 0341/984110 Fax: 0341/9841111 E-mail: leipzig@stapper-korn.de The District Court of Leipzig opened bankruptcy proceedings against H&M Recycling GmbH on March 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H&M Recycling GmbH Attn: Kathrin Mogilka, Manager Hauptstrasse 32 04519 Rackwitz Germany HEINRICH PRUESSING: Claims Registration Period Ends May 21 ---------------------------------------------------------- Creditors of Heinrich Pruessing, Nachfolger, Stahl- und Metallbau-GmbH have until May 21 to register their claims with court-appointed insolvency manager Robert Schiller. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on June 28, 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 Marburg/Lahn Hall 159 District Court Building Universitatsstrasse 48 35037 Marburg/Lahn 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: Robert Schiller Fach 63 Schulstrasse 9 35083 Wetter Germany Tel: 06423/9400-15 Fax: 06423/940024 The District Court of Marburg/Lahn opened bankruptcy proceedings against Heinrich Pruessing, Nachfolger, Stahl- und Metallbau- GmbH on March 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heinrich Pruessing, Nachfolger, Stahl- und Metallbau-GmbH Attn: Hans Pruessing, Manager Schornhofstrasse 8 34626 Neukirchen Germany HOBBY & TOYS: Claims Registration Period Ends June 1 ---------------------------------------------------- Creditors of Hobby & Toys GmbH have until June 1 to register their claims with court-appointed insolvency manager Walter Broehan. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 15, 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 Eutin Hall E Eutin 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: Walter Broehan M�hlenstrasse 56 23552 Luebeck Germany The District Court of Eutin opened bankruptcy proceedings against Hobby & Toys GmbH on March 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hobby & Toys GmbH Attn: Diana Petzold, Manager Schulweg 2 K 23617 Stockelsdorf Germany HOGESS MASCHINENBAU: Creditors Must Register Claims by May 14 ------------------------------------------------------------- Creditors of hogess Maschinenbau GmbH have until May 14 to register their claims with court-appointed insolvency manager Volkhard Frenzel. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on June 13, 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 Dessau Hall 123 Willy-Lohmann-Str. 33 Dessau 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. Volkhard Frenzel Magdeburger Strasse 23 06112 Halle Germany Tel: 0345/2311111 Fax: 0345/2311199 The District Court of Dessau opened bankruptcy proceedings against hogess Maschinenbau GmbH on March 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: hogess Maschinenbau GmbH Ratswall 8 06749 Bitterfeld Germany HOLZKONSTRUKTIONSBAU PIPREK: Claims Filing Period Ends April 20 --------------------------------------------------------------- Creditors of Holzkonstruktionsbau Piprek GmbH have until April 20 to register their claims with court-appointed insolvency manager Thomas Steger. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 21, 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: Thomas Steger Koelnstrasse 135 53757 Sankt Augustin Germany Tel: 02241/90600 Fax: 02241/21048 The District Court of Bonn opened bankruptcy proceedings against Holzkonstruktionsbau Piprek GmbH on March 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Holzkonstruktionsbau Piprek GmbH Mottmannstr. 5c 53842 Troisdorf Germany HONNEFER VERLAGSGESELLSCHAFT: Claims Filing Period Ends April 13 ---------------------------------------------------------------- Creditors of Honnefer Verlagsgesellschaft mbH have until April 13 to register their claims with court-appointed insolvency manager Christian Frystatzki. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 14, 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: Christian Frystatzki Sankt Augustiner Strasse 94 a 53225 Bonn Germany Tel: 0228/ 40 09 40 Fax: 40 09 479 The District Court of Bonn opened bankruptcy proceedings against Honnefer Verlagsgesellschaft mbH on March 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Honnefer Verlagsgesellschaft mbH Hauptstrasse 38f 53604 Bad Honnef Germany HORST SPORKENBACH: Creditors Must Register Claims by May 11 ----------------------------------------------------------- Creditors of Horst Sporkenbach & Co. GmbH have until May 11 to register their claims with court-appointed insolvency manager Lucas F. Floether. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on June 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Magdeburg Hall D Insolvency Department Liebknechtstrasse 65-91 39110 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Lucas F. Floether Halberstadter Str. 55 39112 Magdeburg Germany Tel: 0391/5556840 Fax: 0391/5556849 E-mail: magdeburg@feigl.biz The District Court of Magdeburg opened bankruptcy proceedings against Horst Sporkenbach & Co. GmbH on March 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Horst Sporkenbach & Co. GmbH Saalestr. 43-44 39126 Magdeburg Germany Attn: Horst Sporkenbach, Manager Bruno-Wille-Str. 2 39108 Magdeburg Germany SCHOENBERG + PARTNER: Claims Registration Period Ends May 16 ------------------------------------------------------------ Creditors of Schoenberg + Partner GmbH have until May 16 to register their claims with court-appointed insolvency manager Knut Thomas Hofheinz. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on June 7, 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 Hameln Hall 106 Zehnthof 1 31785 Hameln 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: Knut Thomas Hofheinz Am Markte 13 30159 Hannover Germany Tel: 0511-357721-0 Fax: 0511-357721-40 E-mail: hannover@hofheinz-mittendorff.de The District Court of Hameln opened bankruptcy proceedings against Schoenberg + Partner GmbH on March 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schoenberg + Partner GmbH Berliner Strasse 1-3 30952 Ronnenberg-Empelde Germany Attn: Rolf Schoenberg Auf der Gast 30 E 26316 Varel Germany SGL CARBON: Moody's Reviews Low-B Ratings for Upgrade ----------------------------------------------------- Moody's Investors Service placed all ratings of SGL Carbon AG on review for upgrade following improvement in the Company's performance, substantial repayment of the remaining European Union fines and significant deleveraging in the last 12 months. SGL performance in 2006 continued to improve supported by strong volumes and robust pricing environment in all key divisions, while strong operating cash flow generation was primarily supported by enduring demand for graphite electrodes. EBITDA and EBIT margins continued to improve to 16.1% and 11.6% respectively. Taking into account good revenues visibility, the performance outlook for 2007 is expected to remain sound. Strong cash flow generation, as well as the rights issue in early 2006, allowed SGL to repay the bulk of the EU fines in 2006 and cash-provision the remaining fine, while continuing to invest in its operations. The Company applied operating cash flow and divestment proceeds to reduce debt, which declined to x2.8 on adjusted Total Debt/EBITDA basis. At the end of the year, SGL reported EUR103 million in cash on its balance sheet. The Group also has access to the undrawn EUR42-million revolver. The review will concentrate on the assessment of medium-term strategy and financial profile of the Company, evaluation of its development plans, including expansion in Asia, as well as medium-term operating environment. At this time it is envisaged that any upgrade would be limited to one notch. These ratings are effected: -- Ba3 Corporate Family Rating of SGL Carbon AG; -- Ba3 rating on senior secured credit facilities at SGL Carbon AG and certain of its subsidiaries; and -- B2 rating on EUR270-million in senior notes due 2012 at SGL Carbon Luxembourg S.A. Registered in Germany, SGL Carbon is one of the leading international manufacturers of carbon and graphite-based products. For the 12 months ended Dec. 31, 2006, SGL Carbon reported revenues of EUR1,1 billion and EBITDA of EUR192 million. SILVERTEC GMBH: Claims Registration Period Ends May 15 ------------------------------------------------------ Creditors of SilverTEC GmbH have until May 15 to register their claims with court-appointed insolvency manager Stefan von der Ahe. Creditors and other interested parties are encouraged to attend the meeting at 10:40 a.m. on June 8, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leer Hall 101 Worde 5 26789 Leer Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefan von der Ahe Dr.-Warsing-Str. 205 26802 Moormerland Germany Tel: 04954/9570-0 Fax: 04954/9570-60 The District Court of Leer opened bankruptcy proceedings against SilverTEC GmbH on March 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SilverTEC GmbH Hahnstrasse 14 26842 Ostrhauderfehn Germany Attn: Mario Mackenthum, Manager Hahnstrasse 14 26842 Ostrhauderfehn Germany SPIEL-PLANET GMBH: Creditors' Meeting Slated for April 30 --------------------------------------------------------- The court-appointed insolvency manager for Spiel-Planet GmbH, Jens Lieser, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:35 a.m. on April 30. The meeting of creditors and other interested parties will be held at: The District Court of Montabaur Hall 106 First Stock Bahnhofstrasse 47 56410 Montabaur, Germany The Court will also verify the claims set out in the insolvency manager's report at 8:58 a.m. on Aug. 20 at the same venue. Creditors have until June 22 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Jens Lieser Josef-Goerres-Platz 5 56068 Koblenz Germany Tel: 0261-304790 Fax: 0261-9114729 The District Court of Montabaur opened bankruptcy proceedings against Spiel-Planet GmbH on March 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Spiel-Planet GmbH Attn: Marco Voss, Manager Am Schorrberg 5 56470 Bad Marienberg TERRAVALOR: Claims Registration Period Ends May 23 -------------------------------------------------- Creditors of Terravalor Grundstuecksverwaltungsgesellschaft mbH have until May 23 to register their claims with court-appointed insolvency manager Klaus-Werner Bonow. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 13, 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 Wilhelmshaven Hall 109 Old Building Market Route 15-17 26382 Wilhelmshaven 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-Werner Bonow Alter Markt 10 D 26441 Jever Germany Tel: 04461/2046 Fax: 04461/72220 E-mail: KlausBonow@t-online.de The District Court of Wilhelmshaven opened bankruptcy proceedings against Terravalor Grundstuecksverwaltungsgesellschaft mbH on march 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Terravalor Grundstuecksverwaltungsgesellschaft mbH Freiligrathstrasse 210 26386 Wilhelmshaven Germany Attn: Robert Baar Oelhafendamm 24 A 26384 Wilhelmshaven Germany TRANSPORT U. LOGISTIK: Claims Registration Ends May 15 ------------------------------------------------------ Creditors of Transport u. Logistik GmbH have until May 15 to register their claims with court-appointed insolvency manager Herbert Feigl. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 12, 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 Halle-Saalkreis Hall 1.043 Justizzentrum Thueringer Str. 16 06112 Halle 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: Herbert Feigl Hansering 1 D 06108 Halle Germany Tel: 0345/212220 Fax: 0345/2122222 The District Court of Halle-Saalkreis opened bankruptcy proceedings against Transport u. Logistik GmbH on March 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Transport u. Logistik GmbH Brachwitzer Str. 2 06198 Salzmuende Germany WEIER SYSTEME: Claims Registration Period Ends May 8 ---------------------------------------------------- Creditors of Weier Systeme GmbH have until May 8 to register their claims with court-appointed insolvency manager Ute Jacob. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on May 25, 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 Eutin Hall A Eutin 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: Ute Jacob Lorentzendamm 19 24103 Kiel Germany The District Court of Eutin opened bankruptcy proceedings against Weier Systeme GmbH on March 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ` Weier Systeme GmbH Otto-Hahn-Strasse 7 23701 Eutin Germany ============= I R E L A N D ============= AFFILIATED COMPUTER: Unit Inks Settlement with N.C. Health Dept. ---------------------------------------------------------------- Affiliated Computer Services Inc. reported that its subsidiaries, ACS State Healthcare LLC, and the North Carolina Department of Health and Human Services, have settled the pending litigation related to the North Carolina Medicaid Management Information System contract. The settlement provides that DHHS withdraw its June 6, 2006, plan to terminate the NCMMIS contract. ACS State Healthcare has agreed, as part of the settlement, to license DHHS certain products in connection with contract. DHHS will pay ACS State Healthcare US$10.5 million in installment basis beginning March 31, 2007, until June 30, 2008. Under the new contract, ACS State Healthcare will render service to DHHS, and will be paid based on achieving certain levels of cost savings. About Affiliated Computer Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.acs-inc.com/-- provides business process outsourcing and information technology solutions to world- class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. AFFILIATED COMPUTER: Moody's Affirms Ba2 Corporate Family Rating ---------------------------------------------------------------- Moody's Investors Service confirmed Affiliated Computer Services' Ba2 corporate family rating and assigned a stable rating outlook, following the company's conclusion of an internal investigation into its options granting practices and restoration to current U.S. Securities and Exchange Commission financial reporting. This rating confirmation concludes a review for possible downgrade initiated on Oct. 2, 2006, which was prompted by the company's internal options granting investigation and a related delay in filing its SEC financial statements. ACS' Ba2 rating is supported by the company's size and profitability as measured by its pretax income of US$450 million and net profit returns on assets adjusted for pensions and leases of about 4% for LTM December 2006. In addition, the company's business profile, as measured collectively by its geographic, business line, and client diversity, is estimated by Moody's to be greater than certain of its I/T services peers. The rating is constrained by management's aggressive growth goal to achieve US$10 billion total revenues for 2010, the company's sluggish internal/organic revenue growth rate, declining commercial operating margins, a legal overhang related to prior improper stock options granting practices, and sizable capital expenditures as a percentage of EBITDA. Moody's believes the company's financial leverage and interest coverage as measured by debt to EBITDA and free cash flow to debt, respectively, may deteriorate as the company pursues further acquisitions and possibly conducts further share repurchases. However, the Ba2 rating assumes that the company's leverage will not exceed 7.2x and that its EBIT to interest ratio will not decline to less than 2x. The stable outlook reflects the company's relatively steady internal revenue growth and healthy operating margins, which are supported by its competitively positioned and well diversified BPO business portfolio. The company's equity value as well as new business award signings has been negatively affected by the stock option backdating investigations and late financial statement filings. The stable outlook assumes that the company's market value and asset book value will converge and that its new business awards will improve over the next twelve months. The ratings could experience upward pressure if the company is able to exhibit continued internal revenue growth, consistent client retention rates, growth of new business signings, and operating margin stability and if its ratio of debt to EBITDA less capital expenditures were to remain below 5.5x. The rating could experience downward pressure if internal revenues and new business signings were to decline or debt to EBITDA less capital expenditures were to increase to over 7.2x, possibly due to realized material legal exposure related to shareholder activity along with acquisition spending and share repurchases. Ratings confirmed include: -- Ba2 Corporate Family Rating; -- US$500-million Senior Secured Notes due 2010 and 2015, Ba2; -- US$3800-million Senior Secured Term Loan facility due 2013, Ba2; and -- US$1000-million Senior Secured Revolving Credit Facility, Ba2. Headquartered in Dallas, Texas, Affiliated Computer Services, with US$5.5 billion LTM December 2006 revenues, is a leading provider of business process outsourcing and I/T outsourcing to commercial clients as well as state and local governments. ========= I T A L Y ========= POPOLARE ITALIANA: Posts EUR39.9 Million Net Loss for 2006 ---------------------------------------------------------- Banca Popolare Italiana Scrl released its financial results for the full year 2006. BPI posted EUR39.9 million in net losses on EUR1.50 billion in net revenues for 2006, compared with EUR743.8 million in net losses on EUR1.28 billion in net revenues for 2005. The company had forecasted a EUR200-million net profit for 2006, but took losses after a series of extraordinary items. In a TCR-Europe report on Mar. 26, BPI's board of directors said it will write off EUR104 million of the EUR448-million loan availed to Dutch foundation Stichting Bakery Finance following a survey by Tamburi & Associati on its financial exposure to Kamps and Harry's, AFX News says. BPI used Stitching as vehicle to acquire Kamps and Harry's. In a TCR-Europe report on Mar. 28, BPI's board canceled a promised ordinary dividend. The board excluded the dividend payout from the company's annual results. BPI, however, will confirm the extraordinary dividend announced in relation to its merger with Banco Popolare di Verona e Novara. In October 2006, the Board of Directors of BPI accepted an EUR8.2-billion takeover offer from larger rival BPVN. BPI and BPVN will form a holding company that will launch a share swap to stakeholders of the groups: -- 0.43 share for every BPI share, and -- a share for every BPVN share. Aside from the share swap, BPI would distribute an extraordinary dividend of EUR2 per share, for a total cash of EUR1.5 billion, to existing shareholders. The share-and-cash offer values BPI at EUR12 per share, based on BPVN's share price of EUR22.81 on Oct. 13, 2006. About Banca Popolare Italiana Headquartered in Lodi, Italy, Banca Popolare Italiana -- http://www.bancapopolareitaliana.it/-- attracts deposits and offers commercial banking services. The Bank offers securities brokerage, asset management, mortgage loans, insurance, lease financing and treasury services and manages mutual funds. Through a subsidiary, Banca Popolare Italiana offers merchant banking services and medium- and long-term lending. * * * As of Feb. 23, BPI carries Moody's Investors Service's D financial strength rating, Ba2 junior subordinated debt rating, and Ba2 preferred stock and Tier III debt ratings. At the same time, BPI also carries Fitch's C financial strength rating, BB+ junior subordinated debt rating, and BB+ preferred stock rating. TRW AUTOMOTIVE: Earns US$176 Million for Full Year 2006 -------------------------------------------------------- TRW Automotive Holdings Corp. reported fourth-quarter and year- end 2006 financial results for the period ended Dec. 31, 2006. Full year net earnings in 2006 were US$176 million, which compares to US$204 million in the 2005 period. For full-year 2006, the company reported sales of US$13.1 billion, an increase of US$501 million, as compared with prior period sales of US$12.6 billion. The current year benefited from incremental sales related to the acquisition of Dalphimetal. Additionally, sales benefited from increased safety product sales and foreign currency translation, partially offset by a decline in North American customer vehicle production and price reductions provided to customers. Net earnings in 2006 and 2005 were impacted by certain non- recurring items, including 2006 expenses of US$57 million, or US$40 million after-tax, related to the Lucas bond tender transaction. The 2005 results included net income of US$28 million comprised of a one-time tax gain of US$17 million stemming from a tax law change in Poland and the litigation reserve adjustment of US$18 million, offset partially by debt retirement expenses of US$7 million. Net earnings excluding these items from both periods were US$216 million in 2006, which compares to US$176 million in 2005. As of Dec. 31, 2006, the company had US$11.1 billion in total assets, US$8.6 billion in total liabilities, and US$109 million in minority interests, resulting to US$2.4 billion in total stockholders' equity. A full-text copy of the company's annual report is available for free at http://ResearchArchives.com/t/s?1c4b Fourth Quarter 2006 The company reported fourth-quarter 2006 sales of US$3.3 billion, an increase of US$136 million over the prior year period. The 2006 quarter benefited from the positive effect of foreign currency translation, incremental sales related to the acquisition of Dalphimetal in October 2005, and growth from safety products and modules. These positives were partially offset by historically low customer vehicle production volumes in North America and price reductions provided to customers. The company reported fourth-quarter 2006 net earnings of US$33 million, which compares to US$59 million in the 2005 period. Fourth quarter 2006 net earnings excluding the US$17 million tax benefit discussed previously were US$16 million. In comparison, net earnings for the 2005 period excluding the one- time litigation reserve adjustment of US$18 million were US$41 million. "Despite facing significant second half operating challenges, we are pleased to report solid 2006 financial results that exceeded the business objectives we set at the beginning of the year," said John Plant, president and chief executive officer. "The company performed well in a difficult business environment, especially in North America where sustained pressures from domestic OEM market share losses and commodity inflation have taken a heavy toll on the industry. Our steady financial performance over the past few years can be attributed to the strength of our safety portfolio, together with industry leading diversification and extensive cost reduction actions. Additionally, we are making considerable investments to enhance our technology and our global presence in the marketplace, with the ultimate goal of growing the company profitably and competitively over the long term," Mr. Plant, continued. Cash Flow and Capital Structure Net cash provided by operating activities during the fourth quarter and full year was US$397 million and US$649 million, respectively. In the comparable 2005 period, the company's cash flow from operating activities was US$380 million in the fourth quarter and US$502 million for the full year. Fourth quarter capital expenditures were US$195 million compared to US$222 million in 2005. For the year 2006, capital expenditures were US$529 million, which compares to US$503 million in the previous year. On Nov. 10, 2006, the company repurchased Northrop Grumman Corporation's remaining ownership position of 9.7 million shares of TRW's common stock. Separately, on the same day, TRW sold 6.7 million of its common stock through a public offering. Proceeds generated from the offering were used to fund a portion of the Northrop Grumman stock repurchase. The net cash impact to the company as a result of the stock transactions, which resulted in a 3 million decline in shares outstanding, was US$56 million. As of Dec. 31, 2006, the company had US$3 billion of debt and US$589 million of cash and marketable securities, resulting in net debt of US$2.4 billion. The year-end 2006 net debt level decreased US$117 million, as compared with the year-end 2005 level, which represents solid progress considering 2006 cash outflows related to the Lucas bond tender transaction premiums of US$57 million and US$56 million related to the November 2006 stock transactions. About TRW Automotive Headquartered in Livonia, Michigan, TRW Automotive Holdings Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive supplier. Through its subsidiaries, the company employs about 63,800 people in 26 countries including Brazil, China, Germany and Italy. TRW Automotive products include integrated vehicle control and driver assist systems, braking systems, steering systems, suspension systems, occupant safety systems, electronics, engine components, fastening systems and aftermarket replacement parts and services. * * * Fitch Ratings affirmed TRW Automotive Holdings Corp.'s BB Issuer Default Rating, BB+ Senior secured bank lines, BB- Senior unsecured notes, and B+ Senior subordinated unsecured Notes on September 2006. =================== K A Z A K H S T A N =================== ANASTASIA LLP: Creditors Must File Claims by May 4 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Anastasia insolvent. Creditors have until May 4 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (3162) 25-79-32 BEREKE-SERVICE LLP: Creditors' Claims Due May 4 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Atyrau has declared LLP Bereke-Service insolvent. Creditors have until May 4 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Atyrau Third Floor Abai Str. 10a Atyrau Kazakhstan Tel: 8 (31222) 32-90-02 COMPANY REM: Proof of Claim Deadline Slated for May 4 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Company Rem insolvent. Creditors have until May 4 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (3162) 25-79-32 INTER-COMPLEX LLP: Claims Registration Ends May 11 -------------------------------------------------- LLP Inter-Complex has declared insolvency. Creditors have until May 11 to submit written proofs of claim to: LLP Inter-Complex Aiteke bi Str. 2 Shymkent South Kazakhstan Region Kazakhstan INVESTTECHNOPLUS CJSC: Claims Filing Period Ends May 11 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared CJSC Investtechnoplus insolvent. Creditors have until May 11 to submit written proofs of claim to: CJSC Investtechnoplus P.O. Box 72 Main Post Office 050000 Almaty Kazakhstan Tel: 8 777 241 79-98 KASPY KURYLYS: Claims Registration Period Ends May 11 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Atyrau has declared LLP Kaspy Kurylys Atyrau insolvent. Creditors have until May 4 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Atyrau Third Floor Abai Str. 10a Atyrau Kazakhstan Tel: 8 (31222) 32-90-02 METALL-INTERIER LLP: Creditors Must File Claims by May 4 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan Region has declared LLP Metall-Interier insolvent. Creditors have until May 4 to submit written proofs of claim to: LLP Metall-Interier Seifullin Str. 37 Uralsk West Kazakhstan Region Kazakhstan SPECIAL ENGINEERING: Creditors' Claims Due May 11 ------------------------------------------------- LLP Special Engineering Service has declared insolvency. Creditors have until May 11 to submit written proofs of claim to: LLP Special Engineering Service Verhnyaya Str. 40-6 Uralsk West Kazakhstan Region Kazakshtan Ten: 8 (3112) 53-81-42 =================== K Y R G Y Z S T A N =================== BAISAL-PARTNERS LLC: Claims Filing Period Ends May 16 ----------------------------------------------------- LLC Baisal-Partners has declared insolvency. Creditors have until May 16 to submit written proofs of claim to: LLC Baisal-Partners Bokonbaev Str. 133/1 Bishkek Kyrgyzstan SUMMER GOLD: Creditors Must File Claims by May 11 ------------------------------------------------- The Representation of LLC Summer Gold has declared insolvency. Creditors have until May 11 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 66-50-91. ===================== N E T H E R L A N D S ===================== AZOVSTAL CAPITAL: Moody's May Lower B3 Rating After Review ---------------------------------------------------------- Moody's Investors Service Inc placed on review for possible downgrade the B3 rating for the senior unsecured loan participation notes due 2011 issued by Azovstal Capital B.V., a Dutch special purpose vehicle. The notes are issued for the sole purpose of financing Azovstal Capital B.V.'s 100% sub-participation in a loan extended by Moscow Narodny Bank Ltd. to Azovstal Iron and Steel Works. The corporate family rating of Azovstal was affirmed at B2. The rating review was prompted by the absence of reduction in secured indebtedness, which continues to represent 47% of gross debt. When initially rating the notes one notch below the corporate family rating in February 2006, Moody's expected structural and contractual subordination to reduce below 20% of total debt. In fact, with secured debt currently at around 47% there continues to be a sizeable amount of debt ranking ahead of the senior notes. The rating review will primarily focus on the company's financial and funding strategy, but will also assess the current operating performance and cash flow prospects of the company. Azovstal, located in Mariupol on the shore of Azov Sea, is Ukraine's third-largest steel producer with an annual production capacity of 6.5 million metric tons. The company reported sales of around UAH12.92 trillion (around US$2.48 billion) in 2005. Azovstal is majority-owned by Ukrainian metals and mining conglomerate System Capital Management. =========== P O L A N D =========== GDYNIA SHIPYARD: Unlikely to Finish Privatization by June --------------------------------------------------------- Poland's Deputy Treasury Minister Slawomir Urbaniak acknowledged that the privatization of the Szczecin and Gdynia shipyards by the cabinet would not be finished by June, Polish News Bulletin reports. According to the report, the European Union may decide that the sector restructuring and public aid procedure for the shipyards were fruitless. "We may have to return PLN2 billion, which means that the shipyard would go bankrupt," Deputy Economy Minister Pawel Poncyliusz was quoted by Polish News as saying. At the same time, cabinet representatives believed that the delay would not influence the European Union's decision negatively. The European Commission required the reduction of the shipyard's capacity. "We've suggested reducing the capacity to 650,000 compensated gross tons but the Commission stated that Polish shipyards would not be able to use even such capacities," Mr. Poncyliusz told Polish News. The shipyards will try to convince the commission that the companies will be unprofitable following reduction. SZCZECIN SHIPYARD: Unlikely to Complete Privatization by June ------------------------------------------------------------- Poland's Deputy Treasury Minister Slawomir Urbaniak acknowledged that the privatization of the Szczecin and Gdynia shipyards by the cabinet would not be finished by June, Polish News Bulletin reports. According to the report, the European Union may decide that the sector restructuring and public aid procedure for the shipyards were fruitless. "We may have to return PLN2 billion, which means that the shipyard would go bankrupt," Deputy Economy Minister Pawel Poncyliusz was quoted by Polish News as saying. At the same time, cabinet representatives believed that the delay would not influence the European Union's decision negatively. The European Commission required the reduction of the shipyard's capacity. "We've suggested reducing the capacity to 650,000 compensated gross tons but the Commission stated that Polish shipyards would not be able to use even such capacities," Mr. Poncyliusz told Polish News. The shipyards will try to convince the commission that the companies will be unprofitable following reduction. =========== R U S S I A =========== BANK OF MOSCOW: Fitch Affirms IDR at B- with Positive Outlook ------------------------------------------------------------- Fitch Ratings affirmed Russia-based Credit Bank of Moscow's ratings at Issuer Default 'B-', Short-term 'B', Individual 'D', Support '5' and National Long-term 'BB+'. The Outlooks on the Issuer Default and National Long-term ratings remain Positive. "Stable or improving profitability ratios on the back of franchise expansion, continued moderate loan impairment and adequate capitalization levels could lead to a rating upgrade," Vladimir Markelov, Associate Director of Fitch's Financial Institutions team in Moscow, said. "If the bank's profitability worsens or asset quality deteriorates substantially, the Outlooks could be revised to Stable." The ratings reflect the bank's reduced core profitability and risks resulting from rapid asset growth as well as certain weaknesses in the Russian operating environment. However, they also take into account the bank's good asset and earnings quality and the considerable progress made in funding diversification. Loan impairment is very low following modest write-offs in 2006, and exposure to higher return/higher risk sectors is modest. Quality of earnings is also strong with fees and commissions making up about one third of operating revenue and the share of volatile trading gains being negligible. The bank has made significant progress in diversifying and lengthening the maturity of its funding base. Capitalization is currently adequate with the Tier I ratio at end-2006 equal to 15.7%, although rather thin