T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, April 9, 2008, Vol. 9, No. 70 Headlines A U S T R I A EK ROOF: Claims Registration Period Ends April 30 GOETZINGER GESTALTUNG: Creditors' Meeting Slated for April 23 HOLIDAY-SHUTTLE: Claims Registration Period Ends April 14 IMMOBILIARES LIEGENSCHAFT: Claims Registration Ends April 30 KOVACEVIC LLC: Claims Registration Period Ends May 5 LBB SPORTWETTEN: Creditors' Meeting Slated for April 18 F R A N C E RHODIA SA: S&P Ups Long-Term Corporate Credit Rating to BB G E R M A N Y A+M MEDIENAGENTUR: Claims Registration Ends April 30 ABC AUTOVERMIETUNG: Claims Registration Period Ends April 29 "ANIGER" PERSONAL: Claims Registration Ends April 30 AUTOSERVICE KLANN: Claims Registration Ends April 30 BAUSTOFF- UND HANDELSGESELLSCHAFT: Claims Period Ends April 30 CANSEL GMBH: Claims Registration Ends April 30 CATERING & MEHR: Claims Registration Period Ends April 28 COMTRADE SYSTEMS: Claims Registration Period Ends April 28 ELECTRONIC NETWORK: Claims Registration Period Ends April 28 GEFLUEGELHOF THORSTEN: Claims Registration Period Ends April 28 HOCHBAU BAUTZEN: Claims Registration Period Ends April 30 HPK-BETEILIGUNGSVERWALTUNGS: Claims Period Ends April 29 PAGELS TRANSPORT: Claims Registration Period Ends April 28 PRIESS-MODELLE BEKLEIDUNGS: Claims Registration Ends May 2 PRIME 2006-1: S&P Removes Negative Watch on Notes' Ratings PRISMA TECH: Claims Registration Ends April 29 R. BODENSCHATZ: Claims Registration Period Ends April 28 REICHE HANDELSGESELLSCHAFT: Claims Registration Ends April 28 ROAD-FONDS GMBH: Claims Registration Ends April 29 ROLF OCHS: Claims Registration Period Ends April 28 RPS GMBH: Claims Registration Period Ends April 28 SIGGELKOW REISEN: Claims Registration Period Ends April 28 * Moody's Says Outlook on German Banking System is Negative I T A L Y ALITALIA SPA: Air France-KLM May Resume Talks K A Z A K H S T A N AKBOTA-E LLP: Creditors Must File Claims by May 14 BMTS LLP: Claims Deadline Slated for May 7 CAPITOL KARAGANDA: Claims Filing Period Ends May 7 CENTRE #4 LLP: Creditors' Claims Due on May 14 GARANT JOL: Claims Registration Ends May 14 KOKJAR LLP: Creditors Must File Claims by May 7 KUNDYKOL LLP: Claims Deadline Slated for May 14 MASH SERVICE-2: Claims Filing Period Ends May 9 SIYAT-2002 LLP: Creditors' Claims Due on May 9 VOSTOK TECHNOLOGY: Claims Registration Ends May 7 K Y R G Y Z S T A N MAKPOLO LLC: Creditors Must File Claims by May 5 PHOSCHEM LLC: Claims Filing Period Ends May 2 N E T H E R L A N D S PROLIANCE INT'L: BDO Seidman Expresses Going Concern Doubt R U S S I A EGRAUND LLC: Creditors Must File Claims by April 15 NOVOLADOZHSKIY SHIPYARD: Bankruptcy Hearing Slated for August 7 NOVOLIPETSK STEEL: Earns RUR40.42 Million for 2007 NOVOLIPETSK STEEL: Names Vadim Urias as IT Unit Chief PMK NOVOKUBANSKAYA 4: Krasnodar Bankruptcy Hearing Set Sept. 2 POPOV AND CO: Court Names A. Belkin as Insolvency Manager ROSNEFT OIL: Earns US$12.86 Billion for Year Ended December 31 SHELEKHOV-SIB-LES IK: Irkuts Bankruptcy Hearing Set May 26 SIB-SPETS-KOMPLEKT: Court Starts Bankruptcy Supervision Process URAL-ROOFING CJSC: Creditors Must File Claims by April 15 VOLGATELECOM OJSC: Repays RUR1 Million 9-? Series Bonds * Russian Steel Makers Face Probe Over Increased Prices S W I T Z E R L A N D OF TECHNIK: Aargau Court Starts Bankruptcy Proceedings HAUSHEER SANITARE: Creditors' Liquidation Claims Due by April 17 HEUWIESE LLC: Creditors' Liquidation Claims Due by April 30 KIMA-HANDEL LLC: Creditors' Liquidation Claims Due by April 30 MARBA ENTERPRISE: Creditors' Liquidation Claims Due by April 25 MOZZARELLA-SANTALUCIA: Creditors Must File Claims Due on Apr. 26 SMG SANTECH: Creditors' Liquidation Claims Due by April 28 TOSCHIDUR LLC: Creditors' Liquidation Claims Due by April 30 U K R A I N E ALDAGIR LLC: Creditors Must File Claims by April 12 GENERALI GARANT: Moody's Puts Rating on Review & May Upgrade KASKAD LLC Proofs of Claim Deadline Set April 12 KRASNOKUTSK AGRICULTURAL: Creditors Must File Claims by April 12 MOSHUROV CJSC: Creditors Must File Claims by April 12 PRADO TV: Creditors Must File Claims by April 12 PROMIN LLC: Proofs of Claim Deadline Set April 11 SUMYAL MARKETING: Proofs of Claim Deadline Set April 12 TRADEEXPRESS LTD: Creditors Must File Claims by April 12 U N I T E D K I N G D O M ABBOTT GROUP: KPMG Says Wages Will Be Paid BAMFORD DECORATING: Calls In Liquidators from PKF BRAMBLE CONSULTANTS: Duncan R. Beat Leads Liquidation Procedure BRITISH AIRWAYS: BALPA Demands Management Change Over T5 Chaos CLARIS LIMITED: Moody's Cuts Rating on EUR10 Mln Notes to Ba3 EMAP PLC: S&P Withdraws Rating at Company's Request ENSAS LTD: Brings In Liquidators from KPMG G SQUARE: Moody's Downgrades Ratings on Four Note Classes GLOW ASSOCIATES: Taps Liquidators from Vantis Business Recovery HALYARD CDO I: Moody's Junks Ratings on Four Note Classes INDEPENDENT NEWS: Fitch Affirms then Withdraws Ratings LRH TRAVEL: Hires Liquidators from Tenon Recovery MAINSIAL CDO: Moody's Lowers Ratings on Five Note Classes MARYLEBONE ROAD: Moody's Cuts Rating on Class A-3 Notes to B3 MASTERLOCK RECRUITMENT: Taps Joint Administrators from Menzies MONTPELIER RE: Thomas Busher to Head European Operations MONTPELIER RE: Gerald Konig Appointed as Europe Marketing Head PANAGRAPH MANAGEMENT: Appoints Begbies Traynor as Administrators QUEBECOR WORLD: Inks New Multi-Year Pact with Wenner Media STAPLEHURST HOMES: Appoints Liquidators from Tenon Recovery STOCKERYALE INC: Auditors Express Going Concern Doubt TIMEWARP DISTRIBUTION: Goes Into Liquidation Due to Bad Debts TOYZONE LTD: Administrators Sells Business & Assets to JA Magson YOUNGSTERS LTD: Sells Business & Assets to JA Magson ********* ============= A U S T R I A ============= EK ROOF: Claims Registration Period Ends April 30 ------------------------------------------------- Creditors owed money by LLC EK Roof Dachservice (FN 274585b) have until April 30, 2008, to file written proofs of claim to court-appointed estate administrator Wolfgang Leitner at: Dr. Wolfgang Leitner c/o Dr. Helmut Platzgummer Kohlmarkt 14 1010 Vienna Austria Tel: 533 19 39 Serie E-mail: kanzlei@lp-law.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on May 15, 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 12, 2008 (Bankr. Case No. 2 S 32/08f). Helmut Platzgummer represents Dr. Leitner in the bankruptcy proceedings. GOETZINGER GESTALTUNG: Creditors' Meeting Slated for April 23 ------------------------------------------------------------- Creditors owed money by LLC Goetzinger Gestaltung fuer Haus und Garten (FN 269154s) are encouraged to attend the creditors' meeting at 10:30 a.m. on April 23, 2008. The creditors' meeting will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Goellersdorf, Austria, the Debtor declared bankruptcy on March 12, 2008 (36 S 28/08x). Karl F. Engelhart serves as the court-appointed estate administrator of the bankrupt's estate. Dr. Thomas Engelhart represents Dr. Engelhart in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Karl F. Engelhart c/o Dr. Thomas Engelhart Esteplatz 4 1030 Wien Austria Tel: 01/712 33 30-0 Fax: 01/712 33 30 30 E-mail: kanzlei@engelhart.at HOLIDAY-SHUTTLE: Claims Registration Period Ends April 14 --------------------------------------------------------- Creditors owed money by LLC Holiday-Shuttle & Co Kg (FN 36965k) have until April 14, 2008, to file written proofs of claim to court-appointed estate administrator Joachim Bucher at: Dr. Joachim Bucher Italienerstrasse 13/5 9500 Villach Austria Tel: 04242/29992 Fax: 04242/27666 E-mail: office@abp-law.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on April 21, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Room 225 Second Floor Klagenfurt Austria Headquartered in Villach, Austria, the Debtor declared bankruptcy on March 12, 2008 (Bankr. Case No. 41 S 20/08a). IMMOBILIARES LIEGENSCHAFT: Claims Registration Ends April 30 ------------------------------------------------------------ Creditors owed money by LLC Immobiliares Liegenschaft- Verwertung (FN 267523t) have until April 30, 2008, to file written proofs of claim to court-appointed estate administrator Clemens Richterc at: Mag. Clemens Richter c/o Dr. Thomas Engelhart Esteplatz 4 1030 Vienna Austria Tel: 712 33 30 E-mail: kanzlei@engelhart.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:10 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 12, 2008 (Bankr. Case No. 2 S 31/08h). Thomas Engelhart represents Mag. Richter in the bankruptcy proceedings. KOVACEVIC LLC: Claims Registration Period Ends May 5 ---------------------------------------------------- Creditors owed money by LLC Kovacevic (FN 259655x) have until May 5, 2008, to file written proofs of claim to court-appointed estate administrator Reinhold Zeinhofer at: Dr. Reinhold Zeinhofer Hofgasse 9 4020 Linz Austria Tel: 0732/77 88 98 Fax: 0732/77 88 98 99 E-mail: zs@anwaltskanzlei.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on May 19, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Room 522 Fifth Floor Linz Austria Headquartered in Ansfelden, Austria, the Debtor declared bankruptcy on March 12, 2008 (Bankr. Case No. 12 S 85/07y). LBB SPORTWETTEN: Creditors' Meeting Slated for April 18 ------------------------------------------------------- Creditors owed money by LLC Lbb Sportwetten (FN 251109d) are encouraged to attend the creditors' meeting at 10:30 a.m. on April 18, 2008. The creditors' meeting will be held at: The Land Court of Klagenfurt Room 225 Second Floor Klagenfurt Austria Headquartered in Klagenfurt, Austria, the Debtor declared bankruptcy on March 12, 2008 (40 S 13/08). Thomas Di Vora serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Mag. Thomas Di Vora Lendgasse 3 9020 Klagenfurt Austria Tel: 0463/50 28 20 Fax: 0463/502820-12 E-mail: rechtsanwalt.mag.divora@aon.at =========== F R A N C E =========== RHODIA SA: S&P Ups Long-Term Corporate Credit Rating to BB ---------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term corporate credit rating on France-based chemical producer Rhodia S.A. to 'BB' from 'BB-'. At the same time, S&P affirmed the 'B' short-term corporate credit rating. The outlook is stable. "The upgrade reflects our expectations that the improved operational and financial results achieved in 2007, coupled with steady debt repayment, will continue in 2008 and 2009," said Standard & Poor's credit analyst Lucas Sevenin. S&P notably expects a ratio of funds from operations to adjusted debt of about 20%, and positive free operating cash flow. This reflects the good polyamide supply and demand balance likely to last until at least the end of 2009, the group's material proceeds from carbon credits, very long-term debt amortization profile, various liquidity sources, a continuing financial policy of deleveraging, and ample financial covenant leeway. S&P anticipates that Rhodia will demonstrate good operating profit resilience in 2008, achieving FFO to debt of about 20%, and positive FOCF. "We expect that the polyamide cycle will remain favorable, that the group will be able to offset a large part of the likely raw materials and energy cost increases, and generate substantial earnings and cash flow from carbon credits, as it did in 2007," said Mr. Sevenin. "The stable outlook also reflects material cash proceeds from asset sales and limited shareholder returns and acquisitions, as per the group's financial policy." The rating may come under pressure if operating performance and market conditions deteriorate materially against expectations, notably in the core polyamide market; if FFO to debt does not improve to about 20%; or if FOCF becomes negative. S&P may raise the rating if Rhodia demonstrates very good resilience in a less favorable economic environment, if it is able to improve its financial profile beyond expectations for the current rating and reach FFO to debt comfortably above 20% on a sustainable level, and if it generates positive and growing FOCF. This could be achieved if Rhodia grows sales by more than 4% on an organic basis while maintaining current profitability, or through a material increase in carbon credits prices. ============= G E R M A N Y ============= A+M MEDIENAGENTUR: Claims Registration Ends April 30 ---------------------------------------------------- Creditors of a+m medienagentur GmbH have until April 30, 2008 to register their claims with court-appointed insolvency manager Udo Feser. Claims will be verified at 11:35 a.m. on June 25, 2008 at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Udo Feser Uhlandstr. 165/166 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against a+m medienagentur GmbH on Jan. 24, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: a+m medienagentur GmbH Luisenstr. 41 10117 Berlin Germany ABC AUTOVERMIETUNG: Claims Registration Period Ends April 29 ------------------------------------------------------------ Creditors of ABC Autovermietung Billig-Rent GmbH have until April 29, 2008, to register their claims with court-appointed insolvency manager Dr. Staufenbiel. Creditors and other interested parties are encouraged to attend the meeting at 3:30 a.m. on May 29, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Muehlhausen Room 91 Untermarkt 17 Muehlhausen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Staufenbiel Untermarkt 12 99974 Muehlhausen Germany The District Court of Muehlhausen opened bankruptcy proceedings against ABC Autovermietung Billig-Rent GmbH on March 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ABC Autovermietung Billig-Rent GmbH Attn: Uwe Barstadt, Manager Kreuzgraben 5 99974 Muehlhausen Germany "ANIGER" PERSONAL: Claims Registration Ends April 30 ---------------------------------------------------- Creditors of "ANIGER" Personal Service GmbH have until April 30, 2008 to register their claims with court-appointed insolvency manager Knut Rebholz. Claims will be verified at 11:30 a.m. on June 25, 2008 at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany Creditors may constitute a creditors' committee or opt to appoint a new 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 "ANIGER" Personal Service GmbH on Jan. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: "ANIGER" Personal Service GmbH Leibnizstrasse 56 10629 Berlin Germany AUTOSERVICE KLANN: Claims Registration Ends April 30 ---------------------------------------------------- Creditors of Autoservice Klann GmbH have until April 30, 2008 to register their claims with court-appointed insolvency manager Christian Graf Brockdorff. Claims will be verified at at 11:30 a.m. on July 9, 2008 at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Graf Brockdorff Friedrich-Ebert-Str. 36 14469 Potsdam Germany The District Court of Charlottenburg opened bankruptcy proceedings against Autoservice Klann GmbH on Jan. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autoservice Klann GmbH Sachsendamm 68-70 10829 Berlin Germany BAUSTOFF- UND HANDELSGESELLSCHAFT: Claims Period Ends April 30 -------------------------------------------------------------- Creditors of Baustoff- und Handelsgesellschaft Wegendorf mbH have until April 30, 2008, to register their claims with court- appointed insolvency manager Rolf Nacke. Creditors and other interested parties are encouraged to attend the meeting at 10:35 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 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: Rolf Nacke Gross-Berliner Damm 73 c 12487 Berlin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against Baustoff- und Handelsgesellschaft Wegendorf mbH on March 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baustoff- und Handelsgesellschaft Wegendorf mbH Alte Dorfstrasse 11 a 15345 Altlandsberg Germany CANSEL GMBH: Claims Registration Ends April 30 ---------------------------------------------- Creditors of Cansel GmbH have until April 30, 2008 to register their claims with court-appointed insolvency manager Torsten Martini. Claims will be verified at 11:10 a.m. on July 1, 2008 at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Torsten Martini Kurfuerstendamm 26a 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Cansel GmbH on Feb. 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cansel GmbH Friedenstr. 91 10249 Berlin Germany CATERING & MEHR: Claims Registration Period Ends April 28 --------------------------------------------------------- Creditors of Catering & Mehr GmbH have until April 28, 2008, to register their claims with court-appointed insolvency manager Klaus Wrede. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on May 27, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Klaus Wrede Lennestrasse 10 39112 Magdeburg Germany Tel: 0391/5973315 Fax: 0391/5973333 E-mail: k.wrede@kwp-magdeburg.com The District Court of Magdeburg opened bankruptcy proceedings against Catering & Mehr GmbH on March 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Catering & Mehr GmbH Luebeckerstr. 126 39124 Magdeburg Germany COMTRADE SYSTEMS: Claims Registration Period Ends April 28 ---------------------------------------------------------- Creditors of Comtrade Systems Hard-und Software GmbH have until April 28, 2008, to register their claims with court-appointed insolvency manager Jens-Soeren Schroeder. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Jens-Soeren Schroeder Raboisen 38 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Comtrade Systems Hard-und Software GmbH on March 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Comtrade Systems Hard-und Software GmbH Jarrestrasse 6 22303 Hamburg Germany ELECTRONIC NETWORK: Claims Registration Period Ends April 28 ------------------------------------------------------------ Creditors of Electronic Network Heiligenhaus GmbH have until April 28, 2008, to register their claims with court-appointed insolvency manager Dr. Marc D`Avoine. Creditors and other interested parties are encouraged to attend the meeting at 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 Wuppertal Meeting Hall A234 Second Floor Eiland 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Marc D'Avoine Doeppersberg 19 42103 Wuppertal Germany The District Court of Wuppertal opened bankruptcy proceedings against Electronic Network Heiligenhaus GmbH on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Electronic Network Heiligenhaus GmbH Hoeseler Platz 2 42579 Heiligenhaus Germany GEFLUEGELHOF THORSTEN: Claims Registration Period Ends April 28 -------------------------------------------------------------- Creditors of Gefluegelhof Thorsten Katlun GmbH have until April 28, 2008, to register their claims with court-appointed insolvency manager Heike Peters. Creditors and other interested parties are encouraged to attend the meeting at 10:50 a.m. on May 27, 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 Magdeburg Hall 13 Breiter Weg 203 - 206 39104 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: Heike Peters Suedstrasse 4 39179 Barleben Germany Tel: 039203/62186 Fax: 039203/62184 The District Court of Magdeburg opened bankruptcy proceedings against Gefluegelhof Thorsten Katlun GmbH on March 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gefluegelhof Thorsten Katlun GmbH Alter Schacht 4 39326 Zielitz Germany Attn: Thorsten Katlun, Manager C/o I.Pozo Campos Valparaisostr. 21 22761 Hamburg Germany HOCHBAU BAUTZEN: Claims Registration Period Ends April 30 --------------------------------------------------------- Creditors of Hochbau Bautzen GmbH have until April 30, 2008, to register their claims with court-appointed insolvency manager Henning Schorisch. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dresden Hall D131 Olbrichtplatz 1 01099 Dresden 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: Henning Schorisch Wasastrasse 15 01219 Dresden Germany Website: www.hww-kanzlei.de The District Court of Dresden opened bankruptcy proceedings against Hochbau Bautzen GmbH on March 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hochbau Bautzen GmbH Schlossstr. 1 02943 Baerwalde Germany Attn: Werner Hiller, Manager geboren 1944 Schlossstr. 1 02943 Barwalde Germany HPK-BETEILIGUNGSVERWALTUNGS: Claims Period Ends April 29 -------------------------------------------------------- Creditors of HPK-Beteiligungsverwaltungs-GmbH have until April 29, 2008, to register their claims with court-appointed insolvency manager Klaus W. Gerling. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Cologne Meeting Hall 140 Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus W. Gerling Im Mediapark 6 B 50670 Koeln Germany The District Court of Cologne opened bankruptcy proceedings against HPK-Beteiligungsverwaltungs-GmbH on March 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HPK-Beteiligungsverwaltungs-GmbH An der Ronne 59 50859 Koeln Germany Attn: Peter Kramer, Manager An der Ronne 59 50859 Koeln Germany PAGELS TRANSPORT: Claims Registration Period Ends April 28 ---------------------------------------------------------- Creditors of Pagels Transport + Warenhauslogistik GmbH have until April 28, 2008, to register their claims with court- appointed insolvency manager Michael George. Creditors and other interested parties are encouraged to attend the meeting at 8:15 a.m. on June 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wolfratshausen Meeting Halll 3/I Bahnhofstrasse 18 Wolfratshausen 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 George Hans-Urmiller-Ring 11 82515 Wolfratshausen Germany Tel: 08171/38730-100 Fax: 08171/38730-222 The District Court of Wolfratshausen opened bankruptcy proceedings against Pagels Transport + Warenhauslogistik GmbH on March 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pagels Transport + Warenhauslogistik GmbH Breslauer Weg 75/I. 82538 Geretsried Germany PRIESS-MODELLE BEKLEIDUNGS: Claims Registration Ends May 2 ---------------------------------------------------------- Creditors of PRIESS-MODELLE Bekleidungs- und Verwaltungs-GmbH have until May 2, 2008, to register their claims with court- appointed insolvency manager Peter Houben. Creditors and other interested parties are encouraged to attend the meeting at 8:30 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 Moenchengladbach Meeting Room A 14 Ground Floor Hohenzollernstr. 157 41061 Moenchengladbach 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 Houben Sternstrasse 58 40479 Duesseldorf Germany Tel: 0211 / 491440 Fax: +492114914461 The District Court of Moenchengladbach opened bankruptcy proceedings against PRIESS-MODELLE Bekleidungs- und Verwaltungs- GmbH on March 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PRIESS-MODELLE Bekleidungs- und Verwaltungs-GmbH Attn: Dr. Erwin Mueller, Manger Korschenbroicher Strasse 81 41065 Moenchengladbach Germany PRIME 2006-1: S&P Removes Negative Watch on Notes' Ratings ---------------------------------------------------------- Standard & Poor's Ratings Services removed from CreditWatch with negative implications and lowered its ratings on the class B, C, D, and E notes issued by PRIME 2006-1 Funding Limited Partnership, a German SME CLO transaction. At the same time, the class A notes were removed from CreditWatch negative and affirmed. The rating actions follow a full review of the transaction, including credit and cash flow modeling of the underlying portfolio. The portfolio analysis relies on updated probabilities of default for each company in the portfolio, which were quantitatively derived by using Credit Risk Tracker and running 2006 year-end financials. "Based on the most recent information made available to us, the portfolio credit quality has decreased. Furthermore, we note that a negative migration is also demonstrated on the internal rating scale of the originating banks," said credit analyst Viktor Milev. Mr. Milev added: "As of [Tues]day, there have been no defaults and no deferrals in the portfolio. At the same time, however, two companies have migrated into rating category 9 on the internal rating scale. The total exposure to these two companies amounts to EUR18.5 million, which exceeds the subordination available to the lowest rated class of notes." "Concentration remains a key concern in the transaction. We have addressed this risk in our analysis by applying our typical concentration checks for SME CLO transactions. Nevertheless, we emphasize the inherent risk that potential defaults are likely to put the ratings on all classes of notes under further pressure," Mr. Milev concluded. Standard & Poor's will continue to closely monitor the performance of the transaction and development of the portfolio credit quality. The availability of updated financial information on the portfolio companies, i.e., 2007 year-end financials, will result in a new review of the transaction. Ratings List PRIME 2006-1 Funding Limited Partnership EUR186.5 Million Floating-Rate Notes Rating Removed From CreditWatch Negative And Affirmed Rating ------ Class To From ----- -- ---- A AAA AAA/Watch Neg Ratings Removed From CreditWatch Negative And Lowered Rating ------ Class To From ----- -- ---- B A AA/Watch Neg C BBB A/Watch Neg D BB BBB/Watch Neg E B BB/Watch Neg PRISMA TECH: Claims Registration Ends April 29 ---------------------------------------------- Creditors of Prisma Tech Consulting GmbH have until April 29, 2008 to register their claims with court-appointed insolvency manager Hans-Joerg Derra. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 7, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neu-Ulm Hall 211/II Heiner-Metzger-Platz 1 89231 Neu-Ulm Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans-Joerg Derra Frauenstrasse 14 89073 Ulm Germany Tel: 0731/922880 Fax: 0731/9228888 The District Court of Neu-Ulm opened bankruptcy proceedings against Prisma Tech Consulting GmbH on March 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Prisma Tech Consulting GmbH Pfaffenweg 27 89231 Neu-Ulm Germany R. BODENSCHATZ: Claims Registration Period Ends April 28 -------------------------------------------------------- Creditors of R. Bodenschatz Werbegesellschaft mbH have until April 28, 2008, to register their claims with court-appointed insolvency manager Oliver Schartl. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich 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 Schartl Schwanthalerstr. 32 80336 Munich Germany Tel: 089-545110 Fax: 089-54511-444 The District Court of Munich opened bankruptcy proceedings against R. Bodenschatz Werbegesellschaft mbH on Feb. 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: R. Bodenschatz Werbegesellschaft mbH Hansjakobstr. 127 a 81825 Munich Germany REICHE HANDELSGESELLSCHAFT: Claims Registration Ends April 28 ------------------------------------------------------------- Creditors of Reiche Handelsgesellschaft mbH have until April 28, 2008, to register their claims with court-appointed insolvency manager Helgi Heumann. Creditors and other interested parties are encouraged to attend the meeting at 11:30 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 Leipzig Hall 037 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Helgi Heumann Reclamstrasse 42 04315 Leipzig Germany Tel: 0341/6811411 Fax: 0341/6811450 E-mail: leipzig@raheumann.de The District Court of Leipzig opened bankruptcy proceedings against Reiche Handelsgesellschaft mbH on March 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Reiche Handelsgesellschaft mbH Apelsteinallee 16 04416 Markkleeberg OT Wachau Germany ROAD-FONDS GMBH: Claims Registration Ends April 29 -------------------------------------------------- Creditors of Road-Fonds GmbH & Co. KG have until April 29, 2008 to register their claims with court-appointed insolvency manager Olaf Spiekermann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Landau in der Pfalz Hall 225 Marienring 13 76829 Landau in der Pfalz 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 Spiekermann Kanzlei Brinkmann & Partner Augustaanlage 62-64 68165 Mannheim Germany Tel: 0621/4329280 Fax: 0621/43292827 The District Court of Landau in der Pfalz opened bankruptcy proceedings against Road-Fonds GmbH & Co. KG on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Road-Fonds GmbH & Co. KG Attn: Timo Pierre Roth, Manager Langgasserweg 59 76863 Herxheim Germany ROLF OCHS: Claims Registration Period Ends April 28 --------------------------------------------------- Creditors of Rolf Ochs Parkett- und moderne Fussboeden GmbH have until April 28, 2008, to register their claims with court- appointed insolvency manager Steffen Rauschenbusch. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Mannheim Hall 232 Second Floor Schloss 68149 Mannheim 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: Steffen Rauschenbusch O 3, 9-12 68161 Mannheim Germany Tel: 0621/533922-0 The District Court of Mannheim opened bankruptcy proceedings against Rolf Ochs Parkett- und moderne Fussboeden GmbH on March 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rolf Ochs Parkett- und moderne Fussboeden GmbH Attn: Rolf Ochs, Manager Heppenheimer Str. 23 68309 Mannheim Germany RPS GMBH: Claims Registration Period Ends April 28 -------------------------------------------------- Creditors of RPS GmbH & Co. KG have until April 28, 2008, to register their claims with court-appointed insolvency manager Matthias Hofmann. Creditors and other interested parties are encouraged to attend the meeting at 9:25 a.m. on May 27, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Hall 101 Infanteriestr. 5 80097 Munich 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. Matthias Hofmann Rosental 6 80331 Munich Germany Tel: 089/548033-0 Fax: 089/548033-111 The District Court of Munich opened bankruptcy proceedings against RPS GmbH & Co. KG on Feb. 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RPS GmbH & Co. KG Suedl. Muenchner Str. 2 A 82031 Gruenwald Germany SIGGELKOW REISEN: Claims Registration Period Ends April 28 ---------------------------------------------------------- Creditors of Siggelkow Reisen GmbH & Co. KG have until April 28, 2008, to register their claims with court-appointed insolvency manager Yvo Dengs. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on May 19, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neumuenster Meeting Hall B.31 Law Courts Boostedter Strasse 26 Neumuenster 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: Yvo Dengs Am Sandtorkai 62 20457 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against Siggelkow Reisen GmbH & Co. KG on March 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Siggelkow Reisen GmbH & Co. KG Lehrberg 3 24594 Hohenwestedt Germany * Moody's Says Outlook on German Banking System is Negative ----------------------------------------------------------- Despite a still benign economic environment and strong support expectations, the overall credit outlook for the German banking system is negative, reflecting the potential threat from the global credit and liquidity crisis, says Moody's Investors Service in its new Banking System Outlook for Germany. The outlook also takes account of some key sector challenges such as the weak profitability of many banks and structural obstacles that inhibit cross-sector consolidation and an improvement in operating profiles. "The domestic economic environment in Germany remains robust and -- compared to the real estate-driven slowdown in the US and other economies -- appears reasonably resilient to date in 2008. In addition, Germany's banks experienced a significant real estate price correction and considerable related non-performing loans and write-downs earlier in the decade," say the authors of the report. Moody's therefore believes that the quality of most German banks' loan portfolios is unlikely to deteriorate significantly during 2008. However, against this benign backdrop, it is the risks posed by the sub-prime crisis in the US and the contagion experienced by many German banks that could trigger a turn in the credit cycle for Germany's banking system and result in Moody's view that the outlook for the credit environment for German banks is negative overall. "The erosion in the asset quality of structured credit products to which some German banks are exposed -- mostly those related to US real estate -- and the rising market volatility that is also increasingly affecting other securities held by many banks are weighing on the profitability and capitalisation of many of Germany's financial institutions," the analysts add. Whilst Moody's acknowledges that the German banking system's overall exposure to US sub-prime mortgages and to other affected asset classes is moderate, it is material at several large commercial banks and, in particular, at some Landesbanken. Although access to market funding, particularly securitisations, is more restricted and expensive than prior to the crisis, it is not having a notably negative impact on German banks generally, as they typically have well-diversified businesses and sources of funds. Moody's notes that the move towards taking on exposure to riskier, and perhaps less well-understood, asset classes in the recent past was driven by a quest for higher returns than those yielded by many banks' core earnings. In the rating agency's view, this temptation -- albeit subdued in the current climate -- will in principle remain strong as long as the overall profitability in the German banking market remains below levels achievable in most other developed banking systems. This typically weak profitability is likely to remain a rating pressure for most German banks. ========= I T A L Y ========= ALITALIA SPA: Air France-KLM May Resume Talks --------------------------------------------- Air France-KLM SA is giving Alitalia S.p.A. and its unions a chance to accept its binding offer to acquire the Italian government's 49.9% stake in the national carrier, various reports say citing the French airline's CEO Jean Cyril Spinetta. "`It's now up to Alitalia and its employees and unions to say how they view the future of their airline," Mr. Spinetta said in a statement. Mr. Spinetta said that Air France will not submit a new offer, stressing that the plans amended bid presented to unions during the negotiations "is the only one that would enable Alitalia to return to profitable growth within a rapid time frame." Unions, meanwhile, expressed willingness to resume talks with Air France. "The main road to follow is to start negotiating again immediately," the CGIL and FILT-CGIL unions said in a joint statement published by Agenzia Giornalistica Italiana. "It's a deadlock but it's not a definite halt [from Air France]," SDL union told Bloomberg News. "We confirm our availability to real negotiations." "If Air France's position can be interpreted as a willingness to resume the negotiation, we are ready to discuss [the issues]," UIL leader Luigi Angeletti was quoted by Apcom as saying. The unions will meet with Alitalia today and with the Finance Ministry tomorrow to discuss the carrier's future, ANSA News reports. As reported in the TCR-Europe on April 3, 2008, Alitalia S.p.A., labor unions, professional associations, and Air France-KLM SA 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. Alitalia's board had said it would review financial options before deciding whether to continue its operations or to file for bankruptcy proceedings. Italian Finance Minister Tommaso Padoa-Schioppa had 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. =================== K A Z A K H S T A N =================== AKBOTA-E LLP: Creditors Must File Claims by May 14 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Akbota-E insolvent. Creditors have until May 14, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Djambulskaya Str. 6 Pavlodar Kazakhstan Tel: 8 (3182) 57-16-66 BMTS LLP: Claims Deadline Slated for May 7 ------------------------------------------ The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP BMTS insolvent on Feb. 18, 2008. Creditors have until May 7, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Department of Agriculture Konstitutsiya Kazakhstana Str. 38 Petropavlovsk North Kazakhstan Kazakhstan CAPITOL KARAGANDA: Claims Filing Period Ends May 7 -------------------------------------------------- LLP Capitol Karaganda has declared insolvency. Creditors have until May 7, 2008, to submit written proofs of claims to: LLP Capitol Karaganda Kosmonavtov Str. 1a Karaganda Kazakhstan CENTRE #4 LLP: Creditors' Claims Due on May 14 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Centre #4 insolvent. Creditors have until May 14, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (7162) 25-79-32 GARANT JOL: Claims Registration Ends May 14 ------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Garant Jol Service insolvent. Creditors have until May 14, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (7162) 25-79-32 KOKJAR LLP: Creditors Must File Claims by May 7 ----------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Kokjar insolvent on Feb. 13, 2008. Creditors have until May 7, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan KUNDYKOL LLP: Claims Deadline Slated for May 14 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Kundykol insolvent. Creditors have until May 14, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Djambulskaya Str. 6 Pavlodar Kazakhstan Tel: 8 (3182) 57-16-66 MASH SERVICE-2: Claims Filing Period Ends May 9 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Stroy Dor Mash Service-2 insolvent on March 5, 2008. Creditors have until May 9, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakhstan SIYAT-2002 LLP: Creditors' Claims Due on May 9 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Siyat-2002 insolvent. Creditors have until May 9, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakhstan VOSTOK TECHNOLOGY: Claims Registration Ends May 7 ------------------------------------------------- LLP Vostok Technology has declared insolvency. Creditors have until May 7, 2008, to submit written proofs of claims to: LLP Vostok Technology Abai Str. 20-601 Ust-Kamenogorsk East Kazakhstan Kazakhstan =================== K Y R G Y Z S T A N =================== MAKPOLO LLC: Creditors Must File Claims by May 5 ------------------------------------------------ LLC Trade-Industrial Company Makpolo has declared insolvency. Creditors have until May 5, 2008 to submit written proofs of claim to: LLC Trade-Industrial Company Makpolo Toktogul Str. 126-37 Bishkek Kyrgyzstan PHOSCHEM LLC: Claims Filing Period Ends May 2 --------------------------------------------- LLC Phoschem has declared insolvency. Creditors have until May 2, 2008 to submit written proofs of claim to: LLC Phoschem Kievskaya Str. 107-414 Bishkek Kyrgyzstan ===================== N E T H E R L A N D S ===================== PROLIANCE INT'L: BDO Seidman Expresses Going Concern Doubt ---------------------------------------------------------- BDO Seidman LLP expressed substantial doubt on the ability of Proliance International, Inc. to continue as a going concern after auditing the company's financial statements for the years ended Dec. 31, 2007 and 2006. According the BDO Seidman, the company�s main distribution center suffered severe damage as a result of the Southaven Casualty Event, causing the company to be in an overadvance position with its lender. The company is obligated to pay outstanding overadvances, up to a maximum of US$24.2 million, as amended, by May 31, 2008. The company will require additional working capital through May 31, 2008 from: i) operating results; ii) insurance proceeds from outstanding tornado related insurance claims; or iii) additional equity or debt financings, to be able to pay the outstanding overadvance by May 31, 2008. Southaven Event On Feb. 5, 2008, the company�s central distribution facility in Southaven, Mississippi sustained significant damage as a result of strong storms and tornadoes. During the storm, a significant portion of the company�s automotive and light truck heat exchange inventory was also destroyed. While the company does have insurance covering damage to the facility and its contents, as well as any business interruption losses, up to US$80 million, this incident has had a significant impact on the Company�s short term cash flow as the company�s lenders would not give credit to the insurance proceeds in the Borrowing Base. Under the Credit Agreement, the damage to the inventory and fixed assets resulted in a significant reduction in the Borrowing Base because the Borrowing Base definition excludes the damaged assets without giving effect to the related insurance proceeds. Second Amendment In order to provide access to funds to rebuild and purchase inventory damaged by the Southaven Casualty Event, the company entered into a Second Amendment of the Credit Agreement with Silver Point Finance, LLC on March 12, 2008. Pursuant to the Second Amendment, and upon the terms and subject to the conditions thereof, the Lenders have agreed to temporarily increase the aggregate principal amount of Revolving B Commitments available to the Company from US$25 million to US$40 million. Pursuant to the Second Amendment, the Lenders have agreed to permit the Company to borrow funds in excess of the available amounts under the Borrowing Base definition in an amount not to exceed US$26 million. The company is required to reduce this ��Borrowing Base Overadvance Amount�� (as defined in the Credit Agreement) to zero by May 31, 2008. The Borrowing Base Overadvance Amount of $26 million was reduced to $24.2 million in the Third Amendment of the Credit Agreement, which was signed on March 26, 2008. The Company believes that it will be able to achieve the Borrowing Base Overadvance reduction by the May 31, 2008 date through a plan which utilizes a combination of (i) operating results and working capital management; (ii) insurance proceeds; and (iii) additional debt or equity financings. The company is working with its insurance company through the claims process and has already received a US$10 million preliminary advance, which was used to reduce obligations under the Company�s credit facility. The company�s insurance policy covers losses of property and from business interruption up to $80 million, which the company believes, should provide more than sufficient coverage with respect to the damages arising from the Southaven Casualty Event. In addition, the company has hired Jefferies & Company, Inc. to assist in obtaining new debt or equity capital. Financial Results For the fourth quarter of 2007, net sales were US$84.3 million compared to US$91.9 million in the fourth quarter of 2006. The decline in sales primarily reflects lower sales of air conditioning and heat exchange products in the domestic market mainly attributable to actions taken by the company to reduce the number of branch locations, as well as continued soft market conditions and customer inventory reduction actions. International sales for the fourth quarter of 2007 increased by US$3.1 million, or 13.0%, on a year-over-year basis, primarily due to higher marine sales, the strength in the heavy duty market and the effect of changes in currency exchange rates. Excluding the impact of changes in exchange rates, international sales increased by 3.4%. Despite the decline in net sales, gross margin for the 2007 fourth quarter improved nearly 50% to US$17.2 million, or 20.4% of net sales, compared to US$11.4 million, or 12.4% of net sales, in the fourth quarter of 2006. This improvement reflects the benefits of the company�s restructuring and cost reduction programs, which more than offset margin pressure resulting from higher commodity costs, the competitive pricing environment, a shift in the customer sales mix away from branch locations to wholesale customers, and one time adjustments in 2006 which lowered gross margin by US$3.8 million. Selling, general and administrative expenses in the 2007 fourth quarter declined 27.2% to US$16.4 million, or 19.5% of net sales, from US$22.6 million, or 24.6% of net sales, in the fourth quarter of last year, reflecting the steps the Company has taken to lower administrative spending and a decline in branch expenses resulting from the reduction in branch locations on a year-over-year basis. Including restructuring charges of US$0.9 million, which were primarily related to branch closures, the company reported an operating loss in the 2007 fourth quarter of US$0.2 million, compared with an operating loss of US$12.8 million in the same period a year ago, which included restructuring charges of US$1.6 million. For the 2007 fourth quarter, the company reported a net loss of US$4.4 million, or US$0.28 per basic and diluted share, compared to a net loss of US$15.3 million, or US$1.00 per basic and diluted share, for the fourth quarter of 2006. Earnings before interest, taxes, depreciation and amortization excluding restructuring charges were US$3.1 million and (US$9.3) million for the three months ended December 31, 2007 and 2006, respectively. This represents an EBITDA improvement of US$12.4 million. For the 2007 full year period, EBITDA excluding restructuring charges and the previously announced arbitration earn-out decision charge incurred in the second quarter of 2007 was US$15.2 million, compared to US$4.2 million in 2006. For the second half of 2007, EBITDA excluding restructuring charges was US$13.4 million, compared to (US$1.2) million in 2006. Inventories at December 31, 2007 of US$106.8 million were US$4.4 million lower than levels at September 30, 2007 of US$111.2 million and US$12.2 million lower than levels at Dec. 31, 2006, reflecting the company�s efforts to better manage its inventory levels through additional speed and supply flexibility, along with other ongoing inventory reduction efforts. Closing of Branch Locations The company had previously closed 37 branch locations during the fourth quarter of 2007, and has closed an additional 10 branch locations since the beginning of 2008. These actions are driving selling, general and administrative expenses lower and improving the Company�s overall operating performance. The company currently operates 36 branch and agency locations, reduced from 94 at the beginning of 2007. A full-text copy of the company's annual report may be viewed for free at http://ResearchArchives.com/t/s?2a42 About Proliance Proliance International, Inc. (AMEX: PLI) manufactures and distributes aftermarket heat transfer and temperature control products for automotive and heavy-duty applications serving North America, Central America and Europe. Outside the United States, the company has subsidiaries is Canada, Mexico and Netherlands. =========== R U S S I A =========== EGRAUND LLC: Creditors Must File Claims by April 15 --------------------------------------------------- Creditors of LLC Egraund (TIN 6630000755) have until April 15, 2008, to submit proofs of claim to: S. Kovalev Temporary Insolvency Manager Office 1204 Building 1 V.O. 16 liniya 7 199034 St. Petersburg Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A56-12013/2006. The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: LLC Egraund Room 1 Veteranov Pr. 114 198261 St. Petersburg Russia NOVOLADOZHSKIY SHIPYARD: Bankruptcy Hearing Slated for August 7 --------------------------------------------------------------- The Arbitration Court of St. Petersburg and Leningrad will convene at 10:00 a.m. on Aug. 7, 2008, to hear the bankruptcy supervision procedure on OJSC Novoladozhskiy Shipyard. The case is docketed under Case No. A56-4625/2008. The Temporary Insolvency Manager is: A. Enkov Post User Box 159 196084 St. Petersburg Russia The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: Kuznechnyj Per. 14-a Novaya Ladoga Volkhovskiy 187450 Leningrad Russia NOVOLIPETSK STEEL: Earns RUR40.42 Million for 2007 -------------------------------------------------- OJSC Novolipetsk Steel released 2007 Russian Accounting Standards financial results for the company and its major Russian units. Novolipetsk Steel posted RUR40.42 million in net profit on RUR154.88 million in net revenues in 2007, compared with RUR50.51 million in net profit on RUR140.3 million in net revenues in 2006. The key driver of the Group's 10.4% revenue growth in 2007 was an increase in prices for steel products in our core markets. In 2007, the company changed the steel product sales structure so that commercial slab sales volumes decreased and high value- added products sales increased, but with the total sales volume remaining at 2006 level. NLMK operating profit decreased by 10.2% due to a dramatic rise in price of basic raw materials: coking coal, coke, iron ore and scrap. At the same time coke, iron ore concentrate and sinter ore as well as fluxes are supplied from NLMK subsidiaries. Considering its vertical integration, NLMK expects record consolidated financial results in 2007. NLMK net profit decreased by 20.0% in 2007 due to a lack of the material disposals of assets which took place in 2006 (KMA Ruda, Lebedinsky GOK). Units' Results LLC VIZ-Stal posted RUR8.23 million in net profit on RUR18.22 million in net revenues in 2007, compared with RUR6.34 million in net profit on RUR15.68 million in net revenues in 2006. VIZ-Stal sales revenue grew by 16.2 % y-o-y and is attributable to an increase in prices and transformer steel sales volumes. The decrease in consumption ratios of transformer steel production due to the optimization of technological regulations and the production schedule significantly contributed into the production cost reduction and financial growth of VIZ-Stal. OJSC Stoilensky GOK posted RUR11.93 million in net profit on RUR21.48 million in net revenues in 2007, compared with RUR7.49 million in net profit on RUR15.81 million in net revenues in 2006. The significant increase in Stoilensky GOK's key financial results in 2007 versus 2006 is primarily attributable to favorable market conditions which contributed to iron ore concentrate and sinter ore price growth. The increase in iron ore concentrate sales volumes was due to the completion of the first stage of the fourth section of the processing factory in 2006 and in sinter ore sales volumes as the mining properties of the site had a positive influence. OJSC Altai-Koks posted RUR2.48 million in net profit on RUR17.52 million in net revenues in 2007, compared with RUR642,655 in net profit on RUR11.27 million in net revenues in 2006. Altai-Koks sales revenue grew by 55.5% in 2007 compared to 2006, net profit increased 2.9 times. 2007 key financial indicators were mainly impacted by an increase in coke prices in second 2007 and an increase in sales volumes following the commissioning of coke battery #5 in late 2006. OJSC TMPT posted RUR861,003 in net profit on RUR1.97 million in net revenues in 2007, compared with RUR1.01 million in net profit on RUR2.21 million in net revenues in 2006. The weakening of the U.S. dollar was the key contributing factor of the decrease in TMTP financial results. Freight turnover tariffs are regulated by state authorities and denominated in U.S. dollars. TMPT results were also impacted by a decrease in bulk cargo transshipment volumes due to some discrepancies between employees and the port administration, which were settled in early 2008. LLC NTK posted RUR378,144 in net profit on RUR1.8 million in net revenues in 2007, compared with RUR162,522 in net profit on RUR1 million in net revenues in 2006. NTK key financial indicators grew significantly in 2007 compared with 2006 due to the usage of NTK's own rolling stock (since September 2006) and an increase in the amount of leased rail cars, which enabled NTK to reduce railcar usage fees paid to Russian Railways, thus cutting transportation costs. Another reason for this growth is the expansion of transportation services. About Novolipetsk Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC -- http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot- rolled steel, and a variety of value-added steel products, such as cold-rolled sheet, electrical steel and other specialty flat products. The group also operates in Denmark and Japan. The group entered the Danish steel market in the first quarter of 2006 by acquiring a 100% stake at DanSteel A/S. * * * As of April 7, 2008, Novolipetsk Steel OJSC carries Ba1 Corporate Family and Probability-of-Default ratings from Moody's Investors Service, which said the Outlook is stable. NLMK carries BB+ Issuer Credit rating from Standard & Poor's Ratings Services, which said the Outlook is stable. The company also carries BB+ Long-term Issuer Default, B and Short-term Issuer Default ratings from Fitch Ratings, which said the Outlook is Stable. NOVOLIPETSK STEEL: Names Vadim Urias as IT Unit Chief ----------------------------------------------------- Novolipetsk Steel OJSC disclosed the separation of its IT implementation function into a new line of corporate development. To this end, the position of Information Technology Vice President has been introduced. NLMK has appointed Vadim Urias as IT Vice President. Mr. Urias will lead the creation and management of common IT policies across the NLMK Group. NLMK�s plans envisage the implementation of a corporate ERP system. "NLMK has enjoyed rapid development due to the acquisition of high quality assets and implementation of the Technical Upgrade Program," Alexey Lapshin, President, said. "Managing the group is becoming more complicated as the Company faces new challenges including the smooth integration of new units into the Group�s information management system. I�m sure that making information technology an important area of activity and appointing Vadim Urias will allow us to efficiently achieve the goals we have set." About Novolipetsk Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC -- http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot- rolled steel, and a variety of value-added steel products, such as cold-rolled sheet, electrical steel and other specialty flat products. The group also operates in Denmark and Japan. The group entered the Danish steel market in the first quarter of 2006 by acquiring a 100% stake at DanSteel A/S. * * * As of April 7, 2008, Novolipetsk Steel OJSC carries Ba1 Corporate Family and Probability-of-Default ratings from Moody's Investors Service, which said the Outlook is stable. NLMK carries BB+ Issuer Credit rating from Standard & Poor's Ratings Services, which said the Outlook is stable. The company also carries BB+ Long-term Issuer Default, B and Short-term Issuer Default ratings from Fitch Ratings, which said the Outlook is Stable. PMK NOVOKUBANSKAYA 4: Krasnodar Bankruptcy Hearing Set Sept. 2 -------------------------------------------------------------- The Arbitration Court of Krasnodar will convene on Sept. 2, 2008, to hear the bankruptcy supervision procedure on CJSC PMK Novokubanskaya 4. The case is docketed under Case No. A-32-23275/2007-27/536-B. The Temporary Insolvency Manager is: R. Khagundokov Post User Box 15 Krasnooktyabrskaya Str. 20 Maykop 385000 Adygeya Russia The Court is located at: The Arbitration Court of Krasnodar Krasnaya Str. 6 Krasnodar Russia The Debtor can be reached at: R. Khagundokov Post User Box 15 Krasnooktyabrskaya Str. 20 Maykop 385000 Adygeya Russia POPOV AND CO: Court Names A. Belkin as Insolvency Manager --------------------------------------------------------- The Arbitration Court of St. Petersburg and Leningrad appointed A. Belkin as Insolvency Manager for CJSC Popov and Co (TIN 7713508978). He can be reached at: A. Belkin Post User Box 131 191015 St. Petersburg Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-28924/02. The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Popov and Co Turku Str. 31, 411 192241 St. Petersburg Russia ROSNEFT OIL: Earns US$12.86 Billion for Year Ended December 31 -------------------------------------------------------------- OAO Rosneft Oil Co. posted US$12.86 billion in net profit on US$49.22 billion in net revenues for financial year ended Dec. 31, 2007, compared with US$3.53 billion in net profit on US$33.1 billion in net revenues for financial year ended Dec. 31, 2006. The company registered US$2.98 billion in net profit on US$16.49 billion in net revenues for the fourth quarter ended Dec. 31, 2007, compared with US$603 million in net profit on US$8.22 billion in net revenues for the fourth quarter ended Dec. 31, 2006. Net debt as of Dec. 31, 2007, stood at US$26.275 billion. Based on preliminary management account estimates, Rosneft's net debt decreased further during first quarter 2008 by US$2.4 billion to US$23.8 billion as of March 31, 2008. The total debt reduction of over US$4 billion achieved during fourth quarter 2007 and first quarter 2008 represents substantial progress towards the Company's target leverage (Debt/EBITDA) ratio of approximately 1x by the end of 2010. Rosneft remained the global leader in terms of growth in crude oil production in 2007. In fourth quarter 2007, Rosneft's consolidated subsidiaries, including its share in affiliates, increased crude output by 35.7% to 205.47 million barrels -- including 100% of Tomskneft production from the date of acquisition to Dec. 26, 2007, and 50% from Dec. 26, 2007, onwards -- compared to 151.47 million barrels in fourth quarter 2006. The organic growth in crude output amounted to 7.8% net of new acquisitions, which is above the average of Rosneft's domestic competitors. In 12 months of 2007, Rosneft's consolidated subsidiaries, including its share in affiliates, produced 740 million barrels of crude oil, a 26.9% increase over 2006. In fourth quarter 2007, Rosneft's consolidated subsidiaries, including its share in affiliates, produced 4.06 billion cubic meters of natural and associated gas, an increase of 17.2% compared to the same period of 2006. In 12 months of 2007, Rosneft's production of natural and associated gas increased by 15.5% to 15.7 billion cubic meters from 13.6 billion cubic meters in the respective prior-year period. In fourth quarter 2007, petroleum products output increased by 104.7% year-on-year to 12.07 million tons from 5.90 million tons. In 2007, the total output of petroleum products from Rosneft's crude, including output at mini refineries and refineries controlled by third parties, increased by 69.4% to 38.4 million tons from 22.7 million tons in 12 months of 2006. "The Company's fourth quarter and full year 2007 results are further confirmation of our efforts to consistently implement our dynamic growth strategy while also improving efficiency and profitability and strengthening our balance sheet," Rosneft President Sergey Bogdanchikov said. "We will continue to focus and deliver on these priorities through 2008 and beyond." 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. SHELEKHOV-SIB-LES IK: Irkuts Bankruptcy Hearing Set May 26 ---------------------------------------------------------- The Arbitration Court of Irkutsk will convene at 10:15 a.m. on May 26, 2008, to hear the bankruptcy supervision procedure on LLC Shelekhov-Sib-Les IK (TIN 3821011544). The case is docketed under Case No. A19-16207/07-8. The Temporary Insolvency Manager is: T. Buldyreva Post User Box 79 664003 Irkutsk Russia The Court is located at: The Arbitration Court of Irkutsk Room 303 Gagarina Avenue 70 664025 Irkutsk Russia The Debtor can be reached at: LLC Shelekhov-Sib-Les IK 1st location 13-30 Shelekhov 666035 Irkutsk Russia SIB-SPETS-KOMPLEKT: Court Starts Bankruptcy Supervision Process --------------------------------------------------------------- The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy supervision procedure on CJSC Sib-Spets-Komplekt. The case is docketed under Case No. A75-5062/2007. The Temporary Insolvency Manager is: T. Sinetskaya Apt. 83 Chapaeva Str. 5A Nizhnevartovsk 628600 Tyumen Russia The Court is located at: The Arbitration Court of Khanty-Mansiyskiy Lenina Str. 54/1 Khanty-Mansiysk Russia The Debtor can be reached at: CJSC Sib-Spets-Komplekt Samotlornaya 120 Nizhnevartovsk 628600 Tyumen Russia URAL-ROOFING CJSC: Creditors Must File Claims by April 15 --------------------------------------------------------- Creditors of CJSC Ural-Roofing have until April 15, 2008, to submit proofs of claim to: S. Dyuryagin Insolvency Manager Oktyabrskaya Str. 15a-41 Ozersk 456780 Chelyabinsk Russia The Arbitration Court of Chelyabinsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A76-16042/2007-48-271. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: CJSC Ural-Roofing Semenova Str. 14a Ozersk 456780 Chelyabinsk Russia VOLGATELECOM OJSC: Repays RUR1 Million 9-? Series Bonds ------------------------------------------------------- OJSC VolgaTelecom has paid off and paid accrued interest on registered interest bearing uncertified bonds of 9-? series. Total payment to the bonds holders amounted to RUR1,004,400. The total size of 9-? series bonds yield amounted to RUR4,400 and the yield per a bond at RUR8.80. Partial performance of the Company�s obligations (RUR335,247.69 unpaid) is related to non- appearance of the bonds holders to VolgaTelecom�s office to get the par value and yield on the bonds in cash. The 9-? series bonds of the par value of RUR2,000 each were registered by Russia�s Federal commission for securities market on Oct. 25, 2002; state registration number - 4-41-00137-?. The quantity of issued securities is 500 bonds. The repayment period is from January 3, 2008 to March 30, 2008. The 9-? series bonds were placed within the framework of regional communication operators� affiliation to OJSC VolgaTelecom by converting registered uncertified bonds of 11 series of OJSC Electrosvyaz of Ulyanovsk oblast, into 9-? series bonds; the bonds were converted with 1 to 1 ratio. On April 1, 2008, OJSC VolgaTelecom has set to pay off registered uncertified bonds of 10-? series (registered for securities market on Oct. 25, 2002; state registration number - 4-42-00137-?). The date when the issuer�s obligations should be performed is June 30, 2008. The total amount of yield on 10-? series bonds is determined to be RUR3,810 and the size of yield per a bond is RUR7.62. The bond yield is charged for the period from the start date of the bonds placement by the issuer to the date of filing the application for the bond pay off. The application for the bonds pay off may be filed on any day during the retirement period and in this connection the total amount of the bonds yield will be adjusted as of the end date of the bonds repayment period. Headquartered in Nizhny Novgorod, Russia, OJSC VolgaTelecom -- http://www.vt.ru/-- provides wide range of telephony, cellular, Internet and data transmission, TV and radio broadcasting services in 11 regions of the Volga Federal district. The Company's shares are traded at RTS and MICEX. I- level American Depositary Receipts program is effective since 1997; the ADRs are traded at Frankfurt, Berlin Stock Exchanges and USA OTC market. * * * As reported in the TCR-Europe on Feb. 18, 2008, Fitch Ratings assigned OJSC Volgatelecom a Long-term Issuer Default rating of 'BB-', National Long-term rating of 'A+(rus)' and Short-term IDR of 'B'. The Outlooks for the Long-term IDR and National Long- term rating are Stable. As reported in the TCR-Europe on Jan. 23, 2008, Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit and 'ruAA-' Russia national scale ratings on Russian regional telecoms operator VolgaTelecom OJSC. The outlook is stable. * Russian Steel Makers Face Probe Over Increased Prices ------------------------------------------------------- Russia's Federal Antimonopoly Service will commence a probe against OAO Severstal, OAO Magnitogorsk Iron & Steel, OAO Novolipetsk Steel and OAO Ural Steel over their decision to increase pipe metal prices on April 1, 2008, Maria Kolesnikova writes for Bloomberg News. According to Bloomberg News, OAO Gazpromneft and OAO Surgutneftegaz filed a complaint with FAS that steel prices increased on April 1, 2008. FAS plans to complete the investigation by May 1, 2008, Interfax reports. MMK pegged the average price for flat hot-rolled steel at US$550 a ton in 2007, 21% percent more than a year earlier, Bloomberg News relates. Prices for MMK pipes averaged 22% percent higher in 2007. ===================== S W I T Z E R L A N D ===================== OF TECHNIK: Aargau Court Starts Bankruptcy Proceedings ------------------------------------------------------ The Bankruptcy Service of Aargau commenced bankruptcy proceedings against LLC OF Technik on Feb. 27, 2008. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Amtsstelle Brugg 5201 Brugg AG Switzerland The Debtor can be reached at: LLC OF Technik Buchenweg 15 5200 Brugg AG Switzerland HAUSHEER SANITARE: Creditors' Liquidation Claims Due by April 17 ---------------------------------------------------------------- Creditors of LLC Hausheer Sanitare Anlagen have until April 17, 2008, to submit their claims to: Hausheer Brigitta Liquidator Dornlerweg 3 Rickenbach Sulz ZH Switzerland The Debtor can be reached at: LLC Hausheer Sanitare Anlagen Rickenbach ZH Switzerland HEUWIESE LLC: Creditors' Liquidation Claims Due by April 30 ----------------------------------------------------------- Creditors of LLC Heuwiese Ltd have until April 30, 2008, to submit their claims to: Peter Knaus Liquidator Mail box: 232 9053 Teufen ZH Switzerland The Debtor can be reached at: LLC Heuwiese Wartau Werdenberg SG Switzerland KIMA-HANDEL LLC: Creditors' Liquidation Claims Due by April 30 -------------------------------------------------------------- Creditors of LLC Kima-Handel have until April 30, 2008, to submit their claims to: Peter Madorin Liquidator Kantonsstrasse 7 4416 Bubendorf Liestal BL Switzerland The Debtor can be reached at: LLC Kima-Handel