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 Monday, April 7, 2008, Vol. 9, No. 68 Headlines A U S T R I A CERCLE DELUXE: Claims Registration Period Ends April 30 DR. E. SPINDLBOECK: Claims Registration Period Ends April 9 HOCHSEILGARTEN DONNERSKIRCHEN: Claims Registration Ends April 21 INDASIA LTD: Claims Registration Period Ends April 15 PROT. FIRMA: Claims Registration Period Ends April 25 SCHLOSSRESTAURANT THUERNLHOF: Claims Registration Ends April 25 G E R M A N Y AUTO-TEILE-UNGER: S&P Holds Ratings on Covenant Waiver AUTOHAUS FRIEDRICHSORT: Claims Registration Ends April 24 BAUTROCKENLEGUNG R. PETZOLD: Claims Registration Ends April 21 BRACHMANN SILOSPEDITION: Claims Period Ends April 29 BRILLIANCE GEBAUDEREINIGUNG: Claims Period Ends April 21 ELCO-PRO INDUSTRIEAUTOMATION: Claims Period Ends May 2 EURO-MARKET-ADVERTISING: Claims Registration Ends April 21 FAHRZEUGDIAGNOSE-SCHWENDOWIUS: Claims Registration Ends April 21 GAS BISCHOFF: Claims Registration Ends April 24 HQL HODORFF: Claims Registration Period Ends April 23 JAN ERDWIRTSCHAFT: Claims Registration Ends April 24 JP TRANSPORT: Claims Registration Period Ends April 21 K & M EXPRESS: Claims Registration Period Ends April 23 KOESTER-JARGOW GMBH: Claims Registration Ends April 24 L&J BAUGESELLSCHAFT: Claims Registration Period Ends April 23 LUTHER GMBH: Claims Registration Period Ends April 23 MBF METALLBAU: Claims Registration Period Ends April 21 MIDLOG GMBH: Claims Registration Ends April 24 MODELLBAHN OEHLER: Claims Registration Period Ends May 5 OBERSTRASSE 135: Claims Registration Period Ends April 21 OEZ GMBH: Claims Registration Ends April 24 PROMISE-K 2006-1: Moody's Ups Ratings on Notes SPECTRUM BRANDS: Shareholders' Meeting Scheduled on April 9 SPECTRUM BRANDS: Fitch Holds CCC ID Rating with Negative Outlook TOP TWO: Claims Registration Period Ends April 23 VERSATEL AG: S&P Lowers Long-Term Corporate credit Rating to B+ WEIN-FUER-ALLE: Claims Registration Period Ends April 23 WILDE GASTRO: Claims Registration Period Ends May 2 H U N G A R Y SZOBI SZORP: Bankrupt and Undergoing Liquidation I T A L Y ALITALIA SPA: Board Names Aristide Police as Chairman MELIORBANCA SPA: Fitch Cuts Individual Rating to 'D' from 'C/D' K A Z A K H S T A N EXPO-TRADE LTD: Creditors Must File Claims by May 2 FK TRANS: Claims Deadline Slated for May 2 JARTAS LLP: Claims Filing Period Ends May 2 KAZ HIDES: Creditors' Claims Due on May 2 MANGISTAU LAND: Claims Registration Ends May 2 MARAL-2 LLP: Creditors Must File Claims by May 2 RENDESERVICE LLP: Claims Deadline Slated for May 2 S-INVEST LLP: Claims Filing Period Ends May 2 SPETS TECH: Creditors' Claims Due on May 2 TECHNO-PARTNER LLP: Claims Registration Ends May 2 K Y R G Y Z S T A N GOLDEN WINGS: Creditors Must File Claims by May 2 PROGRESS LTD: Claims Filing Period Ends May 7 L U X E M B O U R G EVRAZ GROUP: Launches Syndication of US$2.1 Billion Loan PIN GROUP: Administrator Say 1,800 Jobs Already Saved N E T H E R L A N D S HEXION SPECIALTY: Dec. 31 Balance Sheet Upside-Down by US$1 Bil. N O R W A Y NORSKE SKOG: Objects to Analyst's “Technically Bankrupt” Opinion NORSKE SKOGINDUSTRIER: Election Committee Proposes Board Members R U S S I A AGRO-INVEST CJSC: Belgorod Bankruptcy Hearing Slated for June 26 AKTEON LLC: Ryazan Bankruptcy Hearing Slated for June 10 FURNITURE-MAKER: Creditors Must File Claims by May 15 KOMPAS CJSC: Creditors Must File Claims by April 15 MARKET-TRADE LLC: Moscow Bankruptcy Hearing Slated for June 24 MOBILE TELESYSTEMS: Offers US$1 Bln to Buy 97% of Smarts NEFTEK CJSC: Tambov Court Names O. Feldman as Insolvency Manager ROSNEFT OIL: Total Proved Reserves Hikes 8% in 2007 SHATSKIY LIQUEUR-VODKA: Asset Sale Slated for April 15 SISTEMA JSFC: Sistema-Hals Sells 22 Rochdelskaya Project YURYEVSKIY BAKERY: Creditors Must File Claims by April 15 S P A I N LABARO GRUPO: Seeks Protection from Creditors MARTINSA-FADESA SA: Inks Restructuring Deal with Creditors S W I T Z E R L A N D BE & KA FLACHDACH: Creditors' Liquidation Claims Due by April 14 FELNAG JSC: Creditors' Liquidation Claims Due by April 14 GSB TRUST: Creditors' Liquidation Claims Due by April 15 JOSEF GANDER: Creditors' Liquidation Claims Due by April 14 MERISANT COMPANY: Moody's Withdraws Ratings on US$245MM Loans ONDULBOX JSC: Creditors' Liquidation Claims Due by April 13 PNEU CENTER: Creditors' Liquidation Claims Due by April 13 SAGAFIL JSC: Creditors' Liquidation Claims Due by April 14 WIREMAS JSC: Creditors' Liquidation Claims Due by April 13 X-RITE INC: Provides Update on 1Q 2008 Revenue Expectations T U R K E Y EXPORT CREDIT BANK: S&P Revises Outlook to Negative from Stable * Istanbul's Ratings Outlook Revised to Negative by S&P * S&P Revises Outlook on Seven Financial Institutions U K R A I N E ASTRA LLC: Creditors Must File Claims by April 13 BEKAS LLC: Creditors Must File Claims by April 13 LISICHANSK COMBINE: Creditors Must File Claims by April REMPLER LLC: Creditors Must File Claims by April 13 SOLO-CAPITAL: Creditors Must File Claims by April 13 UKRAINAIN FUEL: Creditors Must File Claims by April 13 UMT-1 LLC: Proofs of Claim Deadline Set April 13 U N I T E D K I N G D O M ARLINGTON LEISURE: Brings In Administrators from Baker Tilly BAKER AND EDGOOSE: Taps Liquidators from Baker Tilly BRITISH AIRWAYS: T5 Opening Financial Impact Reaches GBP16 Mln CASTLE FINANCE: S&P Cuts Rating on Series 4 Notes to BB+ CELLTEK COMMUNICATIONS: Goes Into Liquidation CHALLENGE EMPLOYMENT: Creditors' Meeting Slated for April 9 JEREMY WATSON: Appoints Administrators from P&A NORTHERN ROCK: Treasury Must Assure Preference Holders' Priority OIC RUN-OFF: Scheme Creditors to Get Additional 3% QUEBECOR WORLD: Obtains Final Nod on US$1 Bln. DIP Facility QUEBECOR WORLD: Payment of US$3 Mil. Sales Commissions Approved QUEBECOR WORLD: Has Until June 4 to File Schedules & Statements R G C CONTRACTING: Brings In Liquidators from Vantis RANK GROUP: Genting Dismisses Speculation Over Takeover Offer RARE INNS: Taps Joint Administrators from Baker Tilly ROBS VALETING: Calls In Liquidators from Tenon Recovery SPLASHPOWER LTD: Names Joint Administrators from Baker Tilly * BOND PRICING: For the Week March 31 to April 4, 2008 ********* ============= A U S T R I A ============= CERCLE DELUXE: Claims Registration Period Ends April 30 ------------------------------------------------------- Creditors owed money by LLC Cercle Deluxe Marketing (FN 292075y) have until April 30, 2008, to file written proofs of claim to court-appointed estate administrator Susanne Fruhstorfer at: Dr. Susanne Fruhstorfer c/o Dr. Michael Guenther Seilerstatte 17 1010 Vienna Austria Tel: 512 57 76 E-mail: office@fg-lawyers.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:10 a.m. on May 14, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 6, 2008 (Bankr. Case No. 2 S 29/08i). Michael Guenther represents Dr. Fruhstorfer in the bankruptcy proceedings. DR. E. SPINDLBOECK: Claims Registration Period Ends April 9 ----------------------------------------------------------- Creditors owed money by LLC Dr. E. Spindlboeck (FN 192135b) have until April 9, 2008, to file written proofs of claim to court- appointed estate administrator Georg Freimueller at: Dr. Georg Freimueller c/o Dr. Erwin Senoner Alser Strasse 21 1080 Vienna Austria Tel: 01/ 406 05 51-Serie Fax: 01/ 406 96 01 E-mail: kanzlei@jus.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on April 23, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Gerasdorf bei Wien, Austria, the Debtor declared bankruptcy on March 7, 2008 (Bankr. Case No. 36 S 27/08z). Erwin Senoner represents Dr. Freimueller in the bankruptcy proceedings. HOCHSEILGARTEN DONNERSKIRCHEN: Claims Registration Ends April 21 ---------------------------------------------------------------- Creditors owed money by LLC Hochseilgarten Donnerskirchen Er- richtungs-und Betriebs & Co KEG (FN 262759k) are encouraged to attend the creditors' meeting at 9:45 a.m. on April 21, 2008. The creditors' meeting will be held at: The Land Court of Eisenstadt Hall F Eisenstadt Austria Headquartered in Donnerskirchen, Austria, the Debtor declared bankruptcy on March 7, 2008 (26 S 25/08s). Peter Hajek jun. serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Peter Hajek jun. Blumengasse 5 7000 Eisenstadt Austria Tel: 02682/63108 Fax: 02682/65640 E-mail: eisenstadt@hbw.co.at INDASIA LTD: Claims Registration Period Ends April 15 ----------------------------------------------------- Creditors owed money by Indasia Ltd. (FN 229928f) have until April 15, 2008, to file written proofs of claim to court- appointed estate administrator Michael Schwarz at: Dr. Michael Schwarz Josefstrasse 13 3100 St. Poelten Austria Tel: 02742/72 222 Fax: 02742/72 222-10 E-mail: kanzlei@tws-rae.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:10 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 St. Poelten, Austria, the Debtor declared bankruptcy on March 6, 2008 (Bankr. Case No. 14 S 31/08m). PROT. FIRMA: Claims Registration Period Ends April 25 ----------------------------------------------------- Creditors owed money by LLC prot. Firma Sabine Tschenet (FN 235382a) have until April 25, 2008, to file written proofs of claim to court-appointed estate administrator Christian Bachmann at: Dr. Christian Bachmann Opernring 8 1010 Vienna Austria Tel: 512 87 01 Fax: 513 82 50 E-mail: bachmann.rae@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 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 7, 2008 (Bankr. Case No. 28 S 40/08y). SCHLOSSRESTAURANT THUERNLHOF: Claims Registration Ends April 25 --------------------------------------------------------------- Creditors owed money by LLC Schlossrestaurant Thuernlhof Veranstaltung u. Betrieb (FN 233062p) have until April 25, 2008, to file written proofs of claim to court-appointed estate administrator Johannes Mueller at: Dr. Johannes Mueller Landhausgasse 4 Minoritenplatz 6 1010 Vienna Austria Tel: 535 06 82 Fax: 535 06 829 E-mail: borth.mueller@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on March 9, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 7, 2008 (Bankr. Case No. 28 S 39/08a). ============= G E R M A N Y ============= AUTO-TEILE-UNGER: S&P Holds Ratings on Covenant Waiver ------------------------------------------------------ Standard & Poor's Rating Services affirmed its 'B-' long-term corporate credit rating on Germany-based auto parts retailer and integrated workshop operator A.T.U. Auto-Teile-Unger. S&P also affirmed the 'CCC' debt rating on the EUR150 million subordinated bond, maturing 2014, issued by finance vehicle A.T.U Auto-Teile-Unger Investment Gmbh & Co. KG, which is guaranteed by ATU. The ratings were removed from CreditWatch, where they were placed on Jan. 11, 2008, with negative implications, owing to S&P's concern that, as of financial year-end 2007, the company could have breached its consolidated leverage ratio covenants under its bank credit agreement. The outlook is negative. The rating affirmation and removal from CreditWatch follow ATU's announcement that it has been granted a covenant waiver, as well as an amendment to its senior credit facility. Both are subject to the injection of EUR140 million equity by the company's shareholders Kohlberg Kravis Roberts & Co. and Doughty Hanson. ATU's lenders have agreed to suspend financial covenants relating to its senior debt for the first three quarters of 2008 and to renegotiate new covenants. "This should give the company enough headroom to comply with lenders' requirements, assuming its weak 2007 operating performance doesn't deteriorate further," said Standard & Poor's credit analyst Anna Stegert. ATU's new operating strategy is to focus primarily on improving its customer-service orientation, lowering the group's high dependence on weather-dependent winter-tire sales, and reducing its fixed-cost base. Although the benefits of the first two measures can only be realized in the medium to long term, the cost reductions are likely to have a more immediate effect on operating results. Standard & Poor's expects the company's liquidity to improve significantly after KKR's EUR140 million equity injection, planned for April 2008. However, the outlook is negative because we also expect market conditions to remain challenging. "This could lead to continued weak operating performance, particularly if the company's reviewed strategy fails," said Ms. Stegert. AUTOHAUS FRIEDRICHSORT: Claims Registration Ends April 24 --------------------------------------------------------- Creditors of Autohaus Friedrichsort Beteiligungsgesellschaft mbH have until April 24, 2008 to register their claims with court- appointed insolvency manager Ute Jacob. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 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 of Kiel Deliusstr. 22 Kiel Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ute Jacob Lorentzendamm 19 24103 Kiel Germany Tel: 0431/319110 Fax: 0431/3191111 The District Court of Kiel opened bankruptcy proceedings against Autohaus Friedrichsort Beteiligungsgesellschaft mbH on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Friedrichsort Beteiligungsgesellschaft mbH Attn: Jens Rathje, Manager Friedrichsorter Str. 74 24159 Kiel Germany BAUTROCKENLEGUNG R. PETZOLD: Claims Registration Ends April 21 -------------------------------------------------------------- Creditors of Bautrockenlegung R. Petzold GmbH have until April 21, 2008, to register their claims with court-appointed insolvency manager Oliver Junghanel. Creditors and other interested parties are encouraged to attend the meeting at 9:00 p.m. on May 27, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gera Hall 317 Rudolf-Diener-Str. 1 Gera 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: Oliver Junghanel Lessingstr. 25 08058 Zwickau Germany The District Court of Gera opened bankruptcy proceedings against Bautrockenlegung R. Petzold GmbH on March 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bautrockenlegung R. Petzold GmbH Dobia 47a 07937 Vogtlan-disches Germany BRACHMANN SILOSPEDITION: Claims Period Ends April 29 ---------------------------------------------------- Creditors of Brachmann Silospedition und Baustoffe GmbH have until April 29, 2008, to register their claims with court- appointed insolvency manager Dr. Christoph Munz. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 20, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Erfurt Hall 12 Rudolfstr. 46 99092 Erfurt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christoph Munz Domplatz 11 99084 Erfurt Germany The District Court of Erfurt opened bankruptcy proceedings against Brachmann Silospedition und Baustoffe GmbH on March 27, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Brachmann Silospedition und Baustoffe GmbH Attn: Ronald Brachmann, Manager Am Arzbach 1 99869 Sonneborn Germany BRILLIANCE GEBAUDEREINIGUNG: Claims Period Ends April 21 -------------------------------------------------------- Creditors of Brilliance Gebaudereinigung & Dienstleistungen GmbH have until April 21, 2008, to register their claims with court- appointed insolvency manager Marc Schmidt-Thieme. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 20, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Darmstadt Hall 4.312 Building D Mathildenplatz 15 64283 Darmstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Marc Schmidt-Thieme Soldnerstr. 2 68219 Mannheim Tel: 0621/87708-0 Fax: 0621/8770820 The District Court of Darmstadt opened bankruptcy proceedings against Brilliance Gebaudereinigung & Dienstleistungen GmbH on March 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Brilliance Gebaudereinigung & Dienstleistungen GmbH Erlenbacher Str. 4 64711 Erbach Germany Attn: Ali Kaydul, Manager Heinrich-Heine-Str. 32 64711 Erbach Germany ELCO-PRO INDUSTRIEAUTOMATION: Claims Period Ends May 2 ------------------------------------------------------ Creditors of ELCO-PRO Industrieautomation, Entwicklungs- und Produktions Verwaltungs GmbH have until May 2, 2008, to register their claims with court-appointed insolvency manager Dr. Petra Mork. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on May 30, 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 Dortmund Hall 3.201 Gerichtsplatz 22 44135 Dortmund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Petra Mork Arndtstr. 28 44135 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against ELCO-PRO Industrieautomation, Entwicklungs- und Produktions Verwaltungs GmbH on March 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ELCO-PRO Industrieautomation, Entwicklungs- und Produktions Verwaltungs GmbH Olpe 16 44135 Dortmund Germany Attn: Roland Giller, Manager Friedhofstr. 15 44536 Luenen Germany EURO-MARKET-ADVERTISING: Claims Registration Ends April 21 ---------------------------------------------------------- Creditors of Euro-Market-Advertising Beratungsgesellschaft Fuer Werbung im Internet mbH have until April 21, 2008, to register their claims with court-appointed insolvency manager Dr. Moritz Sponagel. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 20, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Tostedt Meeting Hall I Linden 23 21255 Tostedt 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. Moritz Sponagel Curienstr. 2 20095 Hamburg Germany Tel: 040/30373680 Fax: 040/303736829 The District Court of Tostedt opened bankruptcy proceedings against Euro-Market-Advertising Beratungsgesellschaft Fuer Werbung im Internet mbH on Feb. 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Euro-Market-Advertising Beratungsgesellschaft Fuer Werbung im Internet mbH Zunftstr. 4 21244 Buchholz Germany FAHRZEUGDIAGNOSE-SCHWENDOWIUS: Claims Registration Ends April 21 ---------------------------------------------------------------- Creditors of Fahrzeugdiagnose-Schwendowius GmbH & Co. KG 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 9:05 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 Hall S 2.22 Second Stock William-Strasse 21 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Andreas Schulte-Beckhausen Oxfordstr. 2 53111 Bonn Germany Tel: 0228/9852 10 Fax: 0228/9852 122 The District Court of Bonn opened bankruptcy proceedings against Fahrzeugdiagnose-Schwendowius GmbH & Co. KG on March 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fahrzeugdiagnose-Schwendowius GmbH & Co. KG Ernst-Robert-Curtius-Str. 7 53117 Bonn Germany GAS BISCHOFF: Claims Registration Ends April 24 ----------------------------------------------- Creditors of gAs Bischoff GmbH have until April 24, 2008 to register their claims with court-appointed insolvency manager Carl-Heinrich Klek. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on May 15, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenbach am Main Hall 166N First Floor Kaiserstrasse 16-18 63065 Offenbach am Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Carl-Heinrich Klek Berliner Str. 2, D 63065 Offenbach am Main Germany Tel: 069/8290000 Fax: 810403 E-mail: klek@klek-offenbach.de The District Court of Offenbach am Main opened bankruptcy proceedings against gAs Bischoff GmbH on Feb. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: gAs Bischoff GmbH Hochstadter Str. 4 63110 Rodgau Germany HQL HODORFF: Claims Registration Period Ends April 23 ----------------------------------------------------- Creditors of HQL Hodorff Qualitatslogistik GmbH have until April 23, 2008, to register their claims with court-appointed insolvency manager Gideon Boehm. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on May 21, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor 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: Dr. Gideon Boehm Bachstrasse 85 a 22083 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against HQL Hodorff Qualitatslogistik GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HQL Hodorff Qualitatslogistik GmbH Attn: Heinrich Gerd Hodorff, Manager Banksstrasse 28 20097 Hamburg Germany JAN ERDWIRTSCHAFT: Claims Registration Ends April 24 ---------------------------------------------------- Creditors of JAN Erdwirtschaft GmbH have until April 24, 2008 to register their claims with court-appointed insolvency manager Falk Eppert. 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 his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) 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: Falk Eppert Vietmannsdorfer Str. 23 17268 Templin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against JAN Erdwirtschaft GmbH on March 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: JAN Erdwirtschaft GmbH Neuer Schwanebecker Weg 2 16356 Ahrensfelde Germany JP TRANSPORT: Claims Registration Period Ends April 21 ------------------------------------------------------ Creditors of JP Transport & Service GmbH have until April 21, 2008, to register their claims with court-appointed insolvency manager Kerstin Jeska-Zimmermann. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 Gera Hall 317 Rudolf-Diener-Str. 1 Gera 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: Kerstin Jeska-Zimmermann Hofwiesenpark 10 07548 Gera Germany The District Court of Gera opened bankruptcy proceedings against JP Transport & Service GmbH on March 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: JP Transport & Service GmbH Grobsdorfer Strasse 7 07554 Korbussen Germany K & M EXPRESS: Claims Registration Period Ends April 23 ------------------------------------------------------- Creditors of K & M Express Logistik GmbH have until April 23, 2008, to register their claims with court-appointed insolvency manager Olaf Boerner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 21, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kassel Hall 234 Friedrichsstrasse 32-34 34117 Kassel Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Olaf Boerner Brueder-Grimm-Platz 4 D 34117 Kassel Germany Tel: 0561/71200-25 Fax: 0561/71200-69 E-mail: boerner@branomo.de The District Court of Kassel opened bankruptcy proceedings against K & M Express Logistik GmbH on Feb. 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: K & M Express Logistik GmbH Attn: Doren Heinrich, Manager Hafen 12 34125 Kassel Germany KOESTER-JARGOW GMBH: Claims Registration Ends April 24 ------------------------------------------------------ Creditors of Koester-Jargow GmbH have until April 24, 2008 to register their claims with court-appointed insolvency manager Michael Krause. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neuruppin Hall 325 Karl-Marx-Strasse 18a 16816 Neuruppin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Krause Putlitzer Strasse 30 16928 Pritzwalk Germany The District Court of Neuruppin opened bankruptcy proceedings against Koester-Jargow GmbH on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Koester-Jargow GmbH Dorfstr. 13 19348 Retzin Germany L&J BAUGESELLSCHAFT: Claims Registration Period Ends April 23 ------------------------------------------------------------- Creditors of L&J Baugesellschaft mbH have until April 23, 2008, to register their claims with court-appointed insolvency manager Udo Feser. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on May 21, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) 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: Udo Feser Uhlandstrasse 165/166 10719 Berlin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against L&J Baugesellschaft mbH on March 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: L&J Baugesellschaft mbH Alexander-Giertz-Str. 11 15370 Petershagen Germany LUTHER GMBH: Claims Registration Period Ends April 23 ----------------------------------------------------- Creditors of Luther GmbH have until April 23, 2008, to register their claims with court-appointed insolvency manager Stefan Meyer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 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: Stefan Meyer Ostertorstr. 7 32312 Luebbecke Germany The District Court of Bielefeld opened bankruptcy proceedings against Luther GmbH on March 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Luther GmbH Attn: Ernst-August Luther, Manager Snatweg 7 32257 Buende Germany MBF METALLBAU: Claims Registration Period Ends April 21 ------------------------------------------------------- Creditors of MBF Metallbau GmbH have until April 21, 2008, to register their claims with court-appointed insolvency manager Michael Woelte. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on May 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Woelte Pferdemarkt 6 45127 Essen Germany The District Court of Essen opened bankruptcy proceedings against MBF Metallbau GmbH on March 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MBF Metallbau GmbH Centrumstr. 19 45307 Essen Germany MIDLOG GMBH: Claims Registration Ends April 24 ---------------------------------------------- Creditors of MIDLOG GmbH & Co KG have until April 24, 2008 to register their claims with court-appointed insolvency manager Sebastian Nolte. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Erfurt Hall 12 Rudolfstr. 46 99092 Erfurt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Sebastian Nolte Peterstr.- 5 99084 Erfurt Germany The District Court of Erfurt opened bankruptcy proceedings against MIDLOG GmbH & Co KG on Feb. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MIDLOG GmbH & Co KG August Broehmel Strasse 99310 Arnstadt Germany MODELLBAHN OEHLER: Claims Registration Period Ends May 5 -------------------------------------------------------- Creditors of Modellbahn Oehler GmbH have until May 5, 2008, to register their claims with court-appointed insolvency manager Jutta Ruedlin. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on June 13, 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 Kassel Hall 234 Friedrichsstrasse 32-34 34117 Kassel Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jutta Ruedlin Am Markt 4 34212 Melsungen Germany Tel: 05661 926280 Fax: 05661 9262820 E-mail: melsungen@Henningsmeier.de The District Court of Kassel opened bankruptcy proceedings against Modellbahn Oehler GmbH on March 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Modellbahn Oehler GmbH Attn: Gerhard Oehler, Manager Treppenstr. 9 34117 Kassel Germany OBERSTRASSE 135: Claims Registration Period Ends April 21 --------------------------------------------------------- Creditors of Grundstuecksgesellschaft Oberstrasse 135 mbH have until April 21, 2008, to register their claims with court- appointed insolvency manager Dr. Gideon Boehm. Creditors and other interested parties are encouraged to attend the meeting at 9:40 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 Reinbek Parkallee 6 21465 Reinbek 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. Gideon Boehm Bachstr. 85a 22083 Hamburg Germany The District Court of Reinbek opened bankruptcy proceedings against Grundstuecksgesellschaft Oberstrasse 135 mbH on March 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Grundstuecksgesellschaft Oberstrasse 135 mbH Lausitzer Weg 2 23617 Stockelsdorf Germany OEZ GMBH: Claims Registration Ends April 24 ------------------------------------------- Creditors of OEZ GmbH have until April 24, 2008 to register their claims with court-appointed insolvency manager Dr. Stephan Schlegel. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 Frankfurt (Main) Hall 1 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: Dr. Stephan Schlegel Hauptstrasse 83 65760 Eschborn Germany Tel: 06196/779060 Fax: 06196/7790620 The District Court of Frankfurt (Main) opened bankruptcy proceedings against OEZ GmbH on March 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: OEZ GmbH Emmerich-Josef-Strasse 20a 65929 Frankfurt Germany Attn: Hueseyin Oezcelik, Manager Berliner Strasse 207 63067 Offenbach Germany PROMISE-K 2006-1: Moody's Ups Ratings on Notes ---------------------------------------------- Moody's Investors Service has upgraded the long-term credit ratings these notes issued by PROMISE-K 2006-1 GmbH: -- Euro 63,000,000 Class B Floating Rate Credit Linked Notes, upgraded to Aaa from Aa2; -- Euro 15,750,000 Class C Floating Rate Credit Linked Notes; upgraded to Aa1 from A1; -- Euro 49,550,000 Class D Floating Rate Credit Linked Notes; upgraded to A1 from Baa2; -- Euro 18,700,000 Class E Floating Rate Credit Linked Notes; upgraded to Baa1 from Ba2. The above rating actions were prompted by (a) better-than- expected collateral performance, (b) seasoning of the portfolio, and (c) significant increase in the level of the credit enhancement available in the transaction. These improvements more than offset a slightly negative migration of the weighted average Dresdner Bank's internal rating of the reference portfolio (from 6.58 at closing to 7.16 currently), and an increase of the portfolio concentration (top 20 debtors currently represent 31% of the total portfolio versus 17.8% at closing). After twenty-six months since issuance, the cumulative credit events represent 0.03% of the original portfolio balance and the cumulative realised losses are equal to 0.00% of the original portfolio balance. These levels are well below Moody's expectations at closing. In relation to the level of credit enhancement, the excess spread ledger is at the required amount, more than 95% of the Senior CDS have been repaid, and in particular the subordination below the Class E Notes has increased from the 2.35% at closing to currently 14.55%. PROMISE-K 2006-1 GmbH closed in February 2006. In this transaction, Dresdner Bank AG (Aa2/P-1/C) transferred the credit risk associated with the reference portfolio of commercial loans to German small and medium sized companies, which included 3,541 reference claims at closing for a volume of approximately EUR2.1 billion. Moody's ratings address the expected loss posed to investors by the legal final maturity of the notes. 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. Moody's will continue to monitor closely the performance of the reference portfolio. SPECTRUM BRANDS: Shareholders' Meeting Scheduled on April 9 ---------------------------------------------------------- Spectrum Brands, Inc. will hold its annual shareholders' meeting on Tuesday, April 29, 2008 at 8:00 a.m. ET at the Westin Atlanta Perimeter North, located at 7 Concourse Parkway in Atlanta, GA. Shareholders of record as of March 15, 2008 will be entitled to vote at the meeting. At the meeting, shhareholders will be asked to vote on these proposals: (1) the election of two Class I directors to the Board of Directors for a three-year term; (2) the ratification of the appointment of KPMG LLP as the company's independent registered public accounting firm for the 2008 fiscal year and (3) a shareholder proposal regarding declassification of the board of directors. Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE: SPC) -- http://www.spectrumbrands.com/-- is a supplier of batteries, portable lighting, lawn and garden products, household insect control, shaving and grooming products, personal care products and specialty pet supplies. The company's European unit, Rayovac Europe GmbH, is headquartered in Sulzbach, Germany. Outside the United States, the company has manufacturing facilities in Brazil, Columbia and China. SPECTRUM BRANDS: Fitch Holds CCC ID Rating with Negative Outlook ---------------------------------------------------------------- Fitch Ratings has affirmed Spectrum Brands, Inc.'s ratings as: -- Issuer default rating 'CCC'; -- US$1 billion term loan B maturing March 30, 2013 'B/RR1'; -- US$225 million ABL maturing Sept. 28, 2011 'B/RR1'; -- EUR262 million term loan maturing March 30, 2013 'B/RR1'; -- US$700 million 7.375% senior sub note maturing Feb. 1, 2015 'CCC-/RR5'; -- US$2.9 million 8.5% senior sub note, maturing Oct. 1, 2013 'CCC-/RR5'; -- US$347 million 11.25% variable-rate toggle senior sub note, maturing Oct. 2, 2013 'CCC-/RR5'. The Rating Outlook remains Negative. The ratings reflect SPC's high leverage and relatively low liquidity. On a pro-forma basis for the last 12 months ended Dec. 30, 2007, total debt/EBITDA was 9 times and EBITDA/Cash Interest 1.3x. The metrics are on a pro-forma basis to include the EBITDA and interest allocation of the Lawn & Garden operation which is accounted for as a discontinued operation. The rating also reflects stability and some improvement in operations as exemplified by three straight quarters of EBITDA improvement. At Dec. 30, 2007 SPC had US$166.4 million in cash and availability under the ABL. With this level of liquidity, Fitch expects that the company should be able to finance peak working capital requirements during its second quarter. The Negative Outlook encompasses the deterioration in financial and credit protection measures since 2005 as well an uncertain business profile given that parts of the company are up for sale. However, if SPC can continue to demonstrate continued improvement in its operations over the next two to three quarters, the Outlook may be reviewed with a view toward stabilization. Any change in the company due to a material sale of a business segment will prompt a review of the Outlook and rating at that time. Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE: SPC) -- http://www.spectrumbrands.com/-- is a supplier of batteries, portable lighting, lawn and garden products, household insect control, shaving and grooming products, personal care products and specialty pet supplies. The company's European unit, Rayovac Europe GmbH, is headquartered in Sulzbach, Germany. Outside the United States, the company has manufacturing facilities in Brazil, Columbia and China. TOP TWO: Claims Registration Period Ends April 23 ------------------------------------------------- Creditors of TOP TWO Handels-GmbH have until April 23, 2008, to register their claims with court-appointed insolvency manager Reinhard Bohlig. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 11, 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 Fritzlar Meeting Hall 17 Building A Schladenweg 1 34560 Fritzlar 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: Reinhard Bohlig Briloner Landstrasse 14 34497 Korbach Germany Tel: 05631/950970 Fax: 05631/950919 The District Court of Fritzlar opened bankruptcy proceedings against TOP TWO Handels-GmbH on March 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TOP TWO Handels-GmbH Attn: Jutta Becker, Manager Brunnenallee 28 34537 Bad Wildungen Germany VERSATEL AG: S&P Lowers Long-Term Corporate credit Rating to B+ --------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on German facilities-based alternative telecommunications operator Versatel AG to 'B+' from 'BB-'. The outlook is stable. At the same time, S&P lowered the senior secured debt ratings on Versatel's EUR525 million floating-rate notes (FRN), due 2014, and on the EUR75 million super-priority revolving credit facility, due 2012, to 'BB' from 'BB+'. Both issues have a recovery rating of '1', indicating S&P's expectation of very high recovery of principal (90%-100%) for senior bondholders. "The downgrade follows Versatel's significantly lower EBITDA and free operating cash flow (FOCF) generation than we expected for 2007, primarily because of much higher competitive pressures in the German telecoms market, including fierce price competition for broadband and voice telephony services offered to residential and business customers," said Standard & Poor's credit analyst Matthias Raab. "What's more, we see no reprieve in fierce competition through 2008 because growth potential for broadband services is slowing and the German fixed-line telecoms market is still crowded." These factors will likely result in further strong price declines for broadband services and high residential subscriber acquisition costs, which are likely to constrain Versatel's profitability and cash flow over the medium term. Nevertheless, the ratings are still supported by the company's extensive proprietary high-density multilocal network covering about 10.0 million households, or 25% of German homes, and a satisfactory digital subscriber line (DSL) broadband market share of about 15% in its network coverage area. On Dec. 31, 2007, Versatel's lease-adjusted total debt-to-EBITDA ratio stood at 3.9x (3.5x unadjusted), which is in line with the rating. "The stable outlook reflects our expectation that Versatel will be able to report at least stable EBITDA over 2008 and significantly improve its negative FOCF generation, despite continued strong competitive pressure, through its new strategy to focus on profitable growth, cost savings from its announced restructuring program, and lower one-time capital expenditures," said Mr. Raab. WEIN-FUER-ALLE: Claims Registration Period Ends April 23 -------------------------------------------------------- Creditors of wein-fuer-alle.de Handelsgesellschaft mbH have until April 23, 2008, to register their claims with court- appointed insolvency manager Stephan Mitlehner. Creditors and other interested parties are encouraged to attend the meeting at 10:20 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 of Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Mitlehner Walter-Benjamin-Platz 6 10629 Berlin Germany The District Court of Potsdam opened bankruptcy proceedings against wein-fuer-alle.de Handelsgesellschaft mbH on March 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: wein-fuer-alle.de Handelsgesellschaft mbH Attn: Frau Beata Kuper, Manager Oderstrasse 23-25 14513 Teltow Germany WILDE GASTRO: Claims Registration Period Ends May 2 --------------------------------------------------- Creditors of Wilde Gastro GmbH have until May 2, 2008, to register their claims with court-appointed insolvency manager Stefan Schuppa. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 4, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stralsund Hall AE 26 House A Frankendamm 17 Stralsund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefan Schuppa Bleichstrasse 15 17489 Greifswald Germany The District Court of Stralsund opened bankruptcy proceedings against Wilde Gastro GmbH on March 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wilde Gastro GmbH Attn: Horst Wilde, Manager Rathausplatz 9 17438 Wolgast Germany ============= H U N G A R Y ============= SZOBI SZORP: Bankrupt and Undergoing Liquidation ------------------------------------------------ Szobi Szorp Zrt. Is now bankrupt and undergoing liquidation, Bloomberg News reports citing Napi Gazdasag. The report relates that according to liquidator Marta Peter, the company has total debts of HUF3.6 billion (US$2.8 million). Hungary-based Szobi Szorp Zrt. Manufactures syrups and juices. ========= I T A L Y ========= ALITALIA SPA: Board Names Aristide Police as Chairman ----------------------------------------------------- Alitalia S.p.A.'s Board of Directors appointed April 3, 2008, Aristide Police as chairman following the resignation of Maurizio Prato, and reaffirmed its support for the binding offer submitted by Air France-KLM SA, various reports say. Mr. Prato resigned April 2, 2008, after efforts to sell the Italian government's stake in Alitalia to Air France failed the same day. As reported in the TCR-Europe on April 3, 2008, Alitalia S.p.A., labor unions, professional associations, and Air France-KLM SA have stopped negotiations after failing 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. Air France had failed to get union's approval the majority of each category of Alitalia’s employees, regarding the implementation of the carrier's Industrial Plan, rules of employment, the plan related to the social shock absorbers and the contemplated transaction. 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." Unions, following Air France's pullout, have expressed readiness to return to the negotiation table. Mr Spinetta was quoted as saying he was willing to restart negotiations, but only on the basis of his revised proposal. Lack of Funds Alitalia's board said it would review it financial options before deciding on April 8, 2008, whether to continue its operations or to file for bankruptcy proceedings, The New York Times reports. Airline officials told the Financial Times that Alitalia will not request for appointment of a special commissioner to begin the liquidation process under bankruptcy protection until the latest possible moment. Italian Finance Minister Tommaso Padoa-Schioppa said that if the sale to Air France fails, Alitalia may seek protection from creditors and the government would appoint a special commissioner to initiate bankruptcy proceedings. 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. 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. MELIORBANCA SPA: Fitch Cuts Individual Rating to 'D' from 'C/D' --------------------------------------------------------------- Fitch Ratings downgraded Italy's Meliorbanca SpA's Long-term Issuer Default rating (IDR) to 'BB' from 'BBB-' (BBB minus), Short-term IDR to 'B' from 'F3', and Individual rating to 'D' from 'C/D'. At the same time the agency also affirmed Melior's Support rating of '5'. The Support Rating Floor of 'No Floor' remains unchanged. The Outlook for the Long-term IDR is Stable. The rating action reflects Fitch's view that the absence of a clear commercial strategy, a weak franchise and lack of critical mass in Melior's chosen businesses are no longer consistent with an investment grade IDR. The three-year plan set forth in July 2006 has seen little progress to date and the bank is currently looking for a strategic partner. It is Fitch's view that the options currently under examination would not completely address the bank's weaknesses, particularly in terms of achieving stability of core earnings and reaching critical mass in its chosen fields. Fitch will continue to monitor Melior's ratings in the light of any strategic initiative undertaken. The bank's 2007 results emphasise Fitch's concerns. Although net interest revenue rose in line with greater loan volumes, mainly in its corporate lending business, the bank's other businesses, including asset management, capital market trading, advisory/origination suffered from the ongoing uncertainties in the capital markets and failed to generate an adequate increase in commissions. Trading income was negative, partly as a result of write downs on swap contracts on its securitisation vehicles and partly as a result of lower revenues from its market making activity on fixed income securities. In addition, the recent disposal of its Swiss-based asset management arm has depleted the bank's revenue generating base. Overall, according to Fitch's reclassification, Melior reported a small operating loss for 2007. Melior's credit risk arises mainly from its corporate lending book, where levels of concentration tend to be high, albeit lower than in the past. A higher-than-average concentration in the real estate sector is also evident. Asset quality is acceptable, with gross impaired loans decreasing in relation to total loans, but remaining at a high 7.78%. On the other hand, appetite for market risk remains modest. The bank's funding model relies on wholesale funds, partly in the form of securitisations, with only 29% of its liabilities obtained from customer deposits. However, the current lack of liquidity in the securitisation market has implied a narrowing of available funding options for Melior, with increasing recourse to interbank lines (including from shareholders'). The bank's capitalisation is adequate given its risk profile, particularly its risk concentrations. Melior is a small, niche bank based in Milan carrying out diverse businesses. It is active in four areas: private banking, investment banking, corporate lending and consumer lending. Seven core shareholders, mainly Italian co-operative banks (banche popolari) own over 56% of the bank, while another 13.4% is owned by Italian public sector entities. The remainder is widely held and listed on the Milan Stock Exchange. =================== K A Z A K H S T A N =================== EXPO-TRADE LTD: Creditors Must File Claims by May 2 --------------------------------------------------- LLP Expo-Trade Ltd. has declared insolvency. Creditors have until May 2, 2008, to submit written proofs of claims to: LLP Expo-Trade Ltd. Kemengeruly Str. 23/1 Astana Kazakhstan FK TRANS: Claims Deadline Slated for May 2 ------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP FK Trans Global Group insolvent. Creditors have until May 2, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 JARTAS LLP: Claims Filing Period Ends May 2 ------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau has declared LLP Jartas insolvent on Feb. 26, 2008. Creditors have until May 2, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Mangistau Micro District 27 Aktau Mangistau Kazakhstan KAZ HIDES: Creditors' Claims Due on May 2 ------------------------------------------ LLP Kaz Hides Ltd has declared insolvency. Creditors have until May 2, 2008, to submit written proofs of claims to: LLP Kaz Hides Ltd Micro District Samal-3, 25/2 Almaty Kazakhstan MANGISTAU LAND: Claims Registration Ends May 2 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau has declared LLP Mangistau Land insolvent on Feb. 22, 2008. Creditors have until May 2, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Mangistau Micro District 27 Aktau Mangistau Kazakhstan MARAL-2 LLP: Creditors Must File Claims by May 2 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Maral-2 insolvent on Feb. 11, 2008. Creditors have until May 2, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Aiteke bi Str. 29 Kyzylorda Kazakhstan RENDESERVICE LLP: Claims Deadline Slated for May 2 -------------------------------------------------- LLP Rendeservice has declared insolvency. Creditors have until May 2, 2008, to submit written proofs of claims to: LLP Rendeservice Marechek Str. 1/8 Almaty Kazakhstan S-INVEST LLP: Claims Filing Period Ends May 2 --------------------------------------------- LLP Micro Credit Organization S-Invest has declared insolvency. Creditors have until May 2, 2008, to submit written proofs of claims to: LLP Micro Credit Organization S-Invest Tauke han ave. 62/1 Shymkent South Kazakhstan Kazakhstan SPETS TECH: Creditors' Claims Due on May 2 ------------------------------------------ LLP Spets Tech Snub-PV has declared insolvency. Creditors have until May 2, 2008, to submit written proofs of claims to: LLP Spets Tech Snub-PV Kunaev Str. 7 Ekibastuz 141200, Pavlodar Kazakhstan TECHNO-PARTNER LLP: Claims Registration Ends May 2 -------------------------------------------------- LLP Techno-Partner has declared insolvency. Creditors have until May 2, 2008, to submit written proofs of claims to: LLP Techno-Partner Abdirov Str. 47/1-64 Karaganda Kazakhstan =================== K Y R G Y Z S T A N =================== GOLDEN WINGS: Creditors Must File Claims by May 2 ------------------------------------------------- LLC Golden Wings Airways has declared insolvency. Creditors have until May 2, 2008 to submit written proofs of claim to: LLC Golden Wings Airways Micro District 7, 45-17 Bishkek Kyrgyzstan PROGRESS LTD: Claims Filing Period Ends May 7 --------------------------------------------- LLC Progress Ltd. has declared insolvency. Creditors have until May 7, 2008 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 61-15-54 =================== L U X E M B O U R G =================== EVRAZ GROUP: Launches Syndication of US$2.1 Billion Loan -------------------------------------------------------- Evraz Group has started the syndication of a US$2.1 billion, one-year bridge loan to support its acquisition of IPSCO’s Canadian plate and pipe business from Svenskt Stal AB, Reuters reports citing a banking source. As reported in the Troubled Company Reporter-Europe on March 17, 2008, Evraz said that the would have a net cost of US$2.3 billion. The transaction will be financed by a combination of a bridge loan raised at the Evraz level, as well as a non-recourse term loan arranged at the acquired company level. Under the structure of the agreed transaction, Evraz will also acquire the IPSCO Tubulars from SSAB and then sell it to OAO TMK. Reuters discloses that ABN AMRO and Calyon are the arranging banks and are inviting other banks to join the loan as mandated lead arrangers. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As reported in the TCR-Europe on March 19, 2008, Fitch Ratings affirmed Luxembourg-based Evraz Group SA's Long-term Issuer Default and senior unsecured ratings at 'BB' and Short-term IDR at 'B'. The affirmation follows the company's announcement of the acquisition of IPSCO's Canadian plate and pipe business from SSAB for a net cost of $2.3 billion. At the same time, Fitch has affirmed the ratings of Mastercroft Limited (Evraz's core subsidiary with most of its assets concentrated in Russia) at Long-term IDR 'BB' and Short-term IDR 'B'. Evraz Securities SA's senior unsecured rating is affirmed at 'BB'. The Outlooks for Evraz's and Mastercroft Limited's Long-term IDRs are Stable. As reported in the TCR-Europe on March 18, 2008, Standard & Poor's Ratings Services revised its outlook to stable from negative on Sweden-based midsize steel manufacturer SSAB Svenskt Stal AB and its subsidiary North American steel producer IPSCO Inc. S&P also affirmed the 'BBB' long-term corporate credit and senior unsecured debt ratings on SSAB and IPSCO and raised the short-term rating on SSAB to 'A-2' from 'A-3'. At the same time, Standard & Poor's affirmed its 'BB-' long-term corporate credit and senior unsecured debt ratings on Russia- based steel producer Evraz Group S.A. and its core subsidiary Mastercroft Ltd. S&P also affirmed the Russia national scale ratings on Evraz and Mastercroft at 'ruAA'. The outlook is positive. At the same time, Moody's Investors Service placed Evraz's Ba2 corporate family rating, Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior Notes due 2015 on review for possible downgrade following the recent announcement of the acquisition of IPSCO's Canadian plate and pipe business from SSAB for a net cost of US$2.3 billion. PIN GROUP: Administrator Say 1,800 Jobs Already Saved ----------------------------------------------------- Andreas Ringstmeier, insolvency administrator for PIN Group AG, said that although the company has secured 1,800 jobs, it will likely shed more than half of its staff, Reuters reports. Mr. Ringstmeier adds that it was clear from the start that the company “would lose a lot of jobs,” Reuters relates. As reported in the Troubled Company Reporter on Feb. 29, 2008, the company said that it was cutting jobs at its insolvent units. As reported in the TCR-Europe on April 1, 2008, the company was expecting to lay off around 2,200 employees. This was in addition to 2,770 employees already laid off. Headquartered in Luxembourg, PIN Group AG -- http://www.pin-group.net/-- provides postal services across Germany. The group has more than 60 regional subsidiaries, and in 2006 became a national integrated provider by setting up an efficient nationwide distribution network. As previously reported in the TCR-Europe, PIN Group's units filed for insolvency after Axel Springer AG, which holds a 71% stake, decided to stop funding the company. Axel Springer said the business in unviable following the German government's decision to introduce minimum wages of EUR8-EUR9.80 for the postal industry, which would PIN, which has 9,000 employees, up to EUR45 million, although "most of the costs are expected to be covered by a form of state reimbursement." ===================== N E T H E R L A N D S ===================== HEXION SPECIALTY: Dec. 31 Balance Sheet Upside-Down by US$1 Bil. ---------------------------------------------------------------- Hexion Specialty Chemicals Inc.'s balance sheet at Dec. 31, 2007, showed total assets of US$4.006 billion and total liabilities of US$5.392 billion, resulting to total shareholder's deficit of US$1.386 billion. The company incurred US$63 million net loss for the fourth quarter ended Dec. 31, 2007, versus US$55 million net loss in the fourth quarter of 2006. The company posted net loss of US$65 million in 2007 compared to a net loss of US$109 million in fiscal year 2006. Fiscal year 2007 results included US$98 million in higher interest and tax expenses compared to the prior year period. Fiscal year 2006 results included a US$121 million loss on the extinguishment of debt and a US$39 million net gain from the sale of businesses. Liquidity and Capital Resources At Dec. 31, 2007, the company has US$3.720 billion debt, including US$85 of short-term debt and capital lease maturities. In addition, it has US$199 million cash and cash equivalents. At Dec. 31, 2007, the company has additional borrowing capacity under its senior secured revolving credit facilities of US$215 million. The company has additional credit facilities at certain domestic and international subsidiaries with various expiration dates through 2008. As of Dec. 31, 2007, it has US$71 available for borrowing under these facilities. Transaction Update Hexion and Huntsman Corporation have agreed to allow additional time for the Federal Trade Commission to review the proposed merger of the two companies. As a result, the merger is not expected to be completed before May 3. To accommodate the extension, Hexion has also given notice to Huntsman that on April 5, it will exercise its option to extend the Termination Date under the Merger Agreement for 90 days, and thus, if the conditions to Hexion's extension right are met on April 5, the termination date under the Merger Agreement will be extended until July 4, 2008. "We are fully cooperating with regulatory agencies and will continue to work closely with Huntsman and the agencies in order to obtain the regulatory approvals required to complete the merger," Mr. Morrison said. Hexion disclosed on July 12, 2007, that it had entered into a definitive agreement to acquire Huntsman Corporation in an all- cash transaction valued at approximately US$10.6 billion, including the assumption of debt. Under the terms of the Merger Agreement, the cash price per share to be paid by Hexion will increase each day beginning on April 5, 2008, through consummation of the merger at the equivalent of approximately 8% per annum, less any dividends or distributions declared or made. The transaction was approved by Huntsman shareholders on Oct. 16, 2007, and is subject to customary closing conditions, including regulatory approval in the U.S. and several other countries. About Hexion Specialty Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. -- http://www.hexionchem.com/-- makes thermosetting resins, formaldehyde and other forest product resins, epoxy resins, and raw materials for coatings and inks. The company has locations in Singapore, China, Australia, Netherlands, and Brazil. * * * Moody's Investor Service placed Hexion Specialty Chemicals Inc.'s senior secured debt rating at 'B3', long term corporate family and probability of default ratings at 'B2' in July 2007. The ratings still hold to date. =========== N O R W A Y =========== NORSKE SKOG: Objects to Analyst's “Technically Bankrupt” Opinion ---------------------------------------------------------------- Norske Skogindustrier ASA confirmed it has comfortable liquidity and rejected an analyst's opinion that it risked becoming "technically bankrupt", Reuters News reports. According to Reuters, Andreas Enger, Norske Skogv CFO wrote to the editors of Finansavisen saying, "[t]he view that Norske Skog is 'technically bankrupt' is ... speculative and wrong." "[It] hardly reflects the consensus among the analysts who really watch the company," Mr. Enger added. On April 3, 2008, Finansavisen quoted analyst Roger Berntsen at Internet brokerage NetFonds as saying that Norske Skog was "technically bankrupt" and "pure mathematics" showed it must do something quickly to tackle its debt, Reuters said. Mr. Enger said that the company's 2007 accounts showed that it is not technically bankrupt and nothing occurred to change the situation significantly, Reuters relates. "Profitability ... is under pressure. That is related to increased costs of operation, energy and recycled paper and a paper market with overcapacity and low prices," Mr. Enger . Mr. Berntsen told Reuters that he was warning about future risks to the company, not its current situation. "They have to come up with a structural solution to reduce debt and they are working hard on this," Mr. Berntsen was quoted by Reuters as saying. About Norske Skog Headquartered in Lysaker, Norway, Norske Skogindustrier ASA -- http://www.norskeskog.com/-- manufactures paper and pulp. It produces long and short fiber sulphate pulp, newsprint, bleached Kraft paper and others. The Company owns and operates paper mills in Europe, Asia, Australia, Africa and North and South America. Norske has posted three consecutive annual net losses of EUR116.3 million in 2004, EUR315.4 million in 2003, and EUR849 million in 2002. * * * As reported in the TCR-Europe on Nov. 6, 2007, Moody's Investors Service downgraded the Corporate Family Rating of Norske Skogindustrier ASA to Ba2 from Ba1 and placed all ratings on review for further possible downgrade. The company also carries Standard & Poor's corporate credit rating of BB. At the same time, the B short-term corporate credit rating was affirmed. The outlook is negative. NORSKE SKOGINDUSTRIER: Election Committee Proposes Board Members ---------------------------------------------------------------- The election committee in Norske Skogindustrier ASA presented its proposal for members of the corporate assembly and the board of directors in Norske Skog. Norske Skog's election committee is composed of Helge Evju, Idar Kreutzer, Ole H. Bakke and Gunn Waersted. The election committee proposes members for the corporate assembly, the board and the election committee. Members of the corporate assembly will be elected at the general meeting on April 24, 2008. The chair and deputy chair of the corporate assembly, as well as members, the chair and deputy chair of the board will be elected by the corporate assembly on May 7, 2008. About Norske Skog Headquartered in Lysaker, Norway, Norske Skogindustrier ASA -- http://www.norskeskog.com/-- manufactures paper and pulp. It produces long and short fiber sulphate pulp, newsprint, bleached Kraft paper and others. The Company owns and operates paper mills in Europe, Asia, Australia, Africa and North and South America. Norske has posted three consecutive annual net losses of EUR116.3 million in 2004, EUR315.4 million in 2003, and EUR849 million in 2002. * * * As reported in the TCR-Europe on Nov. 6, 2007, Moody's Investors Service downgraded the Corporate Family Rating of Norske Skogindustrier ASA to Ba2 from Ba1 and placed all ratings on review for further possible downgrade. The company also carries Standard & Poor's corporate credit rating of BB. At the same time, the B short-term corporate credit rating was affirmed. The outlook is negative. =========== R U S S I A =========== AGRO-INVEST CJSC: Belgorod Bankruptcy Hearing Slated for June 26 ---------------------------------------------------------------- The Arbitration Court of Belgorod will convene at noon on June 26, 2008, to hear the bankruptcy supervision procedure on CJSC Agro-Invest. The case is docketed under Case No. A08- 527/08-14. The Temporary Insolvency Manager is: A. Ovchinnikov Rzhevskoe Shosse 11 Shebekino 309290 Belgorod Russia The Court is located at: The Arbitration Court of Belgorod Narodnyj Avenue 135 308600 Belgorod Russia The Debtor can be reached at: CJSC Agro-Invest Shatalovka Starooskolskiy 309550 Belgorod Russia AKTEON LLC: Ryazan Bankruptcy Hearing Slated for June 10 -------------------------------------------------------- The Arbitration Court of Ryazan will convene on June 10, 2008, to hear the bankruptcy supervision procedure on LLC Akteon. The case is docketed under Case No. A54-5413/2007 S19. The Temporary Insolvency Manager is: E. Smolyakova Post User Box 75 398902 Ryazan Russia The Court is located at: The Arbitration Court of Ryazan Pochtovaya Str. 43/44 Ryazan Russia The Debtor can be reached at: LLC Akteon Gagarina Str. 61 390035 Ryazan Russia FURNITURE-MAKER: Creditors Must File Claims by May 15 ----------------------------------------------------- Creditors of OJSC Furniture-Maker (TIN 6669003885) have until May 15, 2008, to submit proofs of claim to: V. Opryshko Temporary Insolvency Manager Post User Box 756 620000 Ekaterinburg Russia The Arbitration Court of Chelyabinsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A60-11539/07-S11. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: OJSC Furniture-Maker Balakinskaya Str. 64 Nizhniy Tagil 622005 Chelyabinsk Russia KOMPAS CJSC: Creditors Must File Claims by April 15 --------------------------------------------------- Creditors of CJSC Kompas (TIN 6630000755) have until April 15, 2008, to submit proofs of claim to: E. Zavodnikov Temporary Insolvency Manager Mamina-Sibiryaka Str. 36-403 620027 Ekaterinburg Russia The Arbitration Court of Sverdlovsk will convene on Aug. 11, 2008, to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A60-2586/08-S11. The Court is located at: The Arbitration Court of Sverdlovsk Lenina Pr. 34 620151 Ekaterinburg Russia The Debtor can be reached at: CJSC Kompas Tagilskaya Str. 66 620046 Ekaterinburg Russia MARKET-TRADE LLC: Moscow Bankruptcy Hearing Slated for June 24 -------------------------------------------------------------- The Arbitration Court of Moscow will convene at 10:00 a.m. on June 24, 2008, to hear the bankruptcy supervision procedure on LLC Market-Trade. The case is docketed under Case No. A40-69026/07-38-185B. The Temporary Insolvency Manager is: S. Fedyunin Post User Box 16 127566 Moscow Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: LLC Market-Trade Building 3 Varshavskoe Shosse 35 Russia MOBILE TELESYSTEMS: Offers US$1 Bln to Buy 97% of Smarts -------------------------------------------------------- OAO Mobile TeleSystems has offered around US$1 billion to acquire a 97% stake in mobile operator Smarts, RIA Novosti relates citing a Vedomosti report. MTS commenced the offer to all Smarts shareholders, excluding VolgaTelecom, Vedomosti relates. The offer also includes Smarts' US$200 million-US$250 million debt and and a premium for its legal clearance. Vedomosti relates that analysts believe an MTS takeover deal might not done in near future. Since Smarts is a private firm, its shareholders have first to offer their stakes to other co-owners. OJSC Vimpel-Communicatiions had failed to acquire Smarts for US%750 million on the same reason. About Mobile TeleSystems Headquartered in Moscow, Russia, OJSC Mobile TeleSystems (NYSE:MBT) -- http://www.mtsgsm.com/-- is the largest wireless telecommunications operator in Russia and the CIS. For the first six months of 2007, MTS reported revenues of US$3.7 billion and an OIBDA margin of 51.8%. MTS has 79.12 million total subscribers as of August 2007. The regions of Russia, as well as Armenia, Belarus, Turkmenistan, Ukraine, and Uzbekistan, in which MTS and its associates and subsidiaries are licensed to provide GSM services, have a total population of more than 230 million. Since June 2000, MTS' Level 3 ADRs have been listed on the New York Stock Exchange (ticker symbol MBT) * * * As of Feb. 20, 2008, Mobile TeleSystems carries Ba2 Corporate Family and Probability-of-Default ratings from Moody's Investors Service, which says the outlook is positive. The company also carries BB- Foreign and Local Issuer Default ratings from Standard & Poors' Rating Services, which says the outlook is positive. NEFTEK CJSC: Tambov Court Names O. Feldman as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Tambov appointed O. Feldman as Insolvency Manager for CJSC Neftek (TIN 7702087478). The case is docked under Case No. A40-68913/05-95-199. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-68913/05-95-199. The Court is located at: The Arbitration Court of Tambov Penzenskaya Str. 67/12 392020 Tambov Russia The Debtor can be reached at: CJSC Neftek Moscow Russia ROSNEFT OIL: Total Proved Reserves Hikes 8% in 2007 --------------------------------------------------- Rosneft has released the results of the annual independent audit of its oil and gas reserves, of Dec. 31, 2007, performed by DeGolyer & MacNaughton. Oil Gas Oil+gas* Bln barrels Tln cub. ft Bln boe SPE Classification Proved reserves 17.513 25.116 21.699 Probable reserves 10.446 16.596 13.212 Possible reserves 10.232 22.472 13.977 US SEC Classification Proved reserves 13.365 6.780 14.495 * 1 barrel of oil equivalent = 6,000 cubic feet of natural gas Rosneft’s total reserves comprise 100% of the reserves owned by Rosneft’s consolidated subsidiaries and Rosneft’s net share in affiliates’ reserves According to the audit results, as of Dec. 31, 2007, Rosneft had estimated net proved reserves of 21.699 billion barrels of oil equivalent, which include 17.513 billion barrels (2.399 billion tons) of oil and 25.116 trillion cubic feet (711 billion cubic meters) of gas under the SPE classification. In 2007, proved hydrocarbon reserves grew 8% over 2006, with oil and gas condensate reserves increasing by 9.7% and gas reserves increasing by 1.4%. The reserve replacement ratio including acquisitions was 301% (Tomskneft 2007 production accounted for on 50% basis), while the organic reserve replacement ratio was 111%. Rosneft’s hydrocarbon reserve life was 27 years -— 25 years for oil and 47 years for gas. Rosneft's probable and possible reserves were estimated by DeGolyer & MacNaughton at 13.212 and 13.977 billion barrels of oil equivalent, respectively. These reserves include 10.446 billion barrels of oil and 16.596 trillion cubic feet of gas of probable reserves, and 10.232 billion barrels of oil and 22.472 trillion cubic feet of gas of possible reserves, according to the SPE classification. DeGolyer & MacNaughton also performed a reserve audit under the SEC life-of-field classification. Proved reserves were estimated at 14.495 billion barrels of oil equivalent, including 13.365 billion barrels (1.831 billion tons) of oil and 6.780 trillion cubic feet (192 billion cubic meters) of gas. The audit results confirm Rosneft’s global leadership among public oil companies in terms of liquid hydrocarbon reserves under both SPE and SEC life-of-field classifications. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines, and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * As of Feb. 7, 2008, OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is positive. SHATSKIY LIQUEUR-VODKA: Asset Sale Slated for April 15 ------------------------------------------------------ S. Poryadin, the insolvency manager and bidding organizer for OJSC Shatskiy Liqueur-Vodka Distillery, will open a public auction for the company's properties at 11:00 a.m. on April 15, 2008 at: OJSC Shatskiy Liqueur-Vodka Distillery Administration Building Gorkogo Str. 38 Shatsk 391550 Ryazan &nb