T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, April 24, 2008, Vol. 9, No. 81 Headlines A U S T R I A IVANICS BAUUNTERNEHMUNG: Claims Registration Period Ends May 14 MASTER MESSENGER: Creditors' Meeting Slated for May 14 MODER BAU: Claims Registration Period Ends April 30 TOLLHAUS WARENHANDELS: Claims Registration Ends May 26 B E L G I U M SOLUTIA INC: Court OKs Payment of US$197 Mln. to Professionals SOLUTIA INC: Court Approves Settlement Pact with Air Liquide C Z E C H R E P U B L I C IVENSTICNI A POSTOVNI: Prague Court Acquits Ex-Managers D E N M A R K EASTMAN KODAK: S&P Holds B+ Corporate Credit Rating F R A N C E ALCATEL-LUCENT SA: Rebecca Hick to Lead New Zealand Channel Unit G E R M A N Y 1A ELEKTRONISCHE: Claims Registration Period Ends May 15 AREAL IMMOBILIEN: Claims Registration Period Ends May 13 BAU-UND BAUBETREUUNGS: Claims Registration Period Ends May 13 BAV VERTRIEBS: Claims Registration Period Ends May 9 BLOSSEYCOM GMBH: Claims Registration Period Ends May 20 BRI-WI-TRON GEDRUCKTE: Claims Registration Period Ends May 20 BRILLIANT 570: Claims Registration Ends May 20 BTR GMBH: Claims Registration Period Ends May 20 BUNTDRUCK ASCHAFFENBURG: Claims Registration Period Ends May 20 DERLA ROHRLEITUNGSBAU: Claims Registration Period Ends May 20 EIKA WACHSWERKE: Claims Registration Period Ends April 28 EURO-ASIA GLOBAL: Claims Registration Period Ends May 15 FLIESEN PITTER: Claims Registration Period Ends May 15 FRANK SPEDITIONS: Claims Registration Period Ends May 13 GKR GESELLSCHAFT: Claims Registration Period Ends May 15 H. EBBERS: Claims Registration Period Ends May 15 IKB DEUTSCHE: Expects EUR200-Million Group Loss for 2007/2008 JOERG WEICHOLD: Claims Registration Period Ends May 13 LOCO HOLDING: Claims Registration Period Ends May 15 MESO MARKETING: Claims Registration Ends May 20 PIN MAIL BAYERN: Claims Registration Period Ends May 10 PS PLANUNGSGRUPPE: Claims Registration Ends May 20 Q - TEC GMBH: Claims Registration Ends May 20 SADIE GMBH: Claims Registration Ends May 20 SCHAFERS REISEN: Claims Registration Ends May 20 SOUFIS PUTZUNTERNEHMEN: Claims Registration Ends May 20 I R E L A N D BASE CLO I: Moody's Rates EUR14 Million Class E Notes at Ba2 I T A L Y ALITALIA SPA: To Receive EUR300-Million Bridging Loan from Italy DANA CORP: Appoints Gary Convis as Chief Executive Officer FIAT SPA: Shows Interest in Acquiring Serb Car Maker Zastava PARMALAT SPA: Factorit & Italease Settle Revocatory Suit PARMALAT SPA: Selling Newlat SpA to TMT Finance K Y R G Y Z S T A N TOLEBI LIMITED: Creditors Must File Claims by June 6 L U X E M B O U R G EVRAZ GROUP: Highveld Unit to Sell Assets to VVP for US$160 Mln N E T H E R L A N D S X5 RETAIL: Tatyana Franous Quits from Supervisory Board N O R W A Y OCEAN RIG: Main Shareholder's Stake Now Exceeds 50% OCEAN RIG: S&P Puts B Corporate Credit Ratings with Watch Pos. R U S S I A BARAITSKOE CJSC: Krasnoyarsk Bankruptcy Hearing Set May 30 DIARY CRYSTAL: Belgorod Bankruptcy Hearing Slated for June 30 EASTERN FISH: Creditors Must File Claims by May 22 EVRAZ GROUP: Highveld Unit to Sell Assets to VVP for US$160 Mln NORTH-INVEST LLC: Creditors Must File Claims by May 22 NOVATEK OAO: Board Okays US$800-Million Unsecured Loan SOUTH-URAL ELECTRO-TECHNICAL: Claims Filing Period Ends May 22 TRANS-LES-COMP: Creditors Must File Claims by May 22 TYVA-GOLD: Creditors Must File Claims by May 22 X5 RETAIL: Tatyana Franous Quits from Supervisory Board S E R B I A & M O N T E N E G R O FIAT SPA: Shows Interest in Buying Zastava; May Invest EUR300MM S W E D E N XERIUM TECH: Ernst & Young Expresses Going Concern Doubt U K R A I N E ANT-BUDRECONSTRUCTION LLC: Creditors Must File Claims April 30 BATKIVSCHINA LLC: Creditors Must File Claims by April 30 DNIPRO-DELTASTROY LLC: Creditors Must File Claims by April 30 NADIYA LLC Creditors Must File Claims by April 30 ROVAL LLC: Creditors Must File Claims by April 30 SCIENCE-RESEARCH INNOVATIVE: Creditors' Claims Due April 30 SLOVAGROIMPEKS LLC: Creditors Must File Claims by April 30 STARIY DRUZHE: Creditors Must File Claims by April 30 VUGILNYK LLC: Creditors Must File Claims by April 30 U N I T E D K I N G D O M BAA LTD: New CEO Colin Matthews Implements Management Changes BNP PARIBAS: Moody's Rates Two Bifrost Series 16 Notes at Ba1 BRITISH ENERGY: Iberdrola Still Interested in Takeover Bid CHIPOPTION LTD: Appoints Tenon Recovery as Administrators DANKA BUSINESS: To Undergo Voluntary Liquidation After Sale E PAWSON & SON: Brings In Administrators from P&A ELEPHANT LOANS: Unit Goes Into Liquidation; Moves Headquarters EMI GROUP: Restructuring Continues Despite Contractual Hurdles ESTATES AND LAW: Taps Joint Administrators from Begbies Traynor FKI PLC: Moody's Puts Ba3 Corporate Family Rating Under Review GLOBAL TRADER: Administrator Launches Probe Into Affairs GMAC LLC: Moody's May Further Cut B2 Rating After Review INDUS PLC: Fitch Affirms BB Rating on GBP9.9 Mln. Class E Notes MILLAR KITCHING: Taps Joint Administrators from KPMG PETROLEOS DE VENEZUELA: S&P Holds BB- Corporate Credit Rating SFH LTD: Smith & Williamson Named as Administrators * PwC Names Ian Powell as Chairman and Senior Partner * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= IVANICS BAUUNTERNEHMUNG: Claims Registration Period Ends May 14 --------------------------------------------------------------- Creditors owed money by LLC Ivanics Bauunternehmung (FN 121696s) have until May 14, 2008, to file written proofs of claim to court-appointed estate administrator Felix Stortecky at: Dr. Felix Stortecky Schulerstrasse 18 1010 Wien Austria Tel: 01/513 88 37 Fax: 01/513 88 37 22 E-mail: office@stortecky.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on May 28, 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 Leopoldsdorf im Marchfelde, Austria, the Debtor declared bankruptcy on April 10, 2008 (Bankr. Case No. 36 S 38/08t). MASTER MESSENGER: Creditors' Meeting Slated for May 14 ------------------------------------------------------ Creditors owed money by LLC Master Messenger Technologies Handel (FN 266051b) are encouraged to attend the first creditors' meeting at 12:15 p.m. on May 14, 2008. The creditors' meeting will be held at: The Land Court of Leoben Hall IV First Floor Leoben Austria The Court will also examine the claims at noon on June 18, 2008, at the same venue. Creditors have until June 4, 2008 to file written proofs of claim to court-appointed estate administrator Peter Freiberger at: Mag. Peter Freiberger Wiener Strasse 50-54 8680 Muerzzuschlag Austria Tel: 03852-30080 Fax: 03852-30080-80 E-mail: office@rpf.at Headquartered in Muerzsteg, Austria, the Debtor declared bankruptcy on April 10, 2008 (18 S 8/08i). MODER BAU: Claims Registration Period Ends April 30 --------------------------------------------------- Creditors owed money by LLC Moder Bau (FN 227667f) have until April 30, 2008, to file written proofs of claim to court- appointed estate administrator Wilfrid Stenitzer at: Dr. Wilfrid Stenitzer Hauptplatz 32-34 8430 Leibnitz Austria Tel: 03452/82203 Fax: 03452/86742 E-mail: office@stenitzer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:55 a.m. on May 8, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 222 Second Floor Graz Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on April 10, 2008 (Bankr. Case No. 26 S 37/08y ). TOLLHAUS WARENHANDELS: Claims Registration Ends May 26 ------------------------------------------------------ Creditors owed money by LLC Tollhaus Warenhandels (FN 200227b) have until May 26, 2008, to file written proofs of claim to court-appointed estate administrator Wolfgang Kempf at: Mag. Wolfgang Kempf Buergerstrasse 41 4020 Linz Austria Tel: 77 72 07 Fax: 78 25 70 E-mail: ra.kempf.linz@utanet.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on June 9, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Room 522 Fifth Floor Linz Austria Headquartered in Linz, Austria, the Debtor declared bankruptcy on April 9, 2008 (Bankr. Case No. 12 S 25/08a ). ============= B E L G I U M ============= SOLUTIA INC: Court OKs Payment of US$197 Mln. to Professionals -------------------------------------------------------------- Bloomberg News reports that Judge Prudence C. Beatty of the U.S. Bankruptcy Court for the Southern District of New York has allowed Solutia, Inc., to pay about US$197,000,000 to lawyers and other retained professionals, including US$57,091,080 to Kirkland & Ellis LLP, despite objections by the Office of the U.S. Trustee to some of the fees. Diana G. Adams, the United States Trustee for Region 2, noted that the the professionals seek a total of US$185,216,656 in fees and US$11,701,151 in expenses -- for an aggregate of US$196,917,807. While the professionals have touted their success in obtaining confirmation of Solutia's reorganization plan, "success" does not entitle professionals to a blank check, The U.S. Trustee said. Greg M. Zipes, Esq., trial attorney for the Office of the U.S. Trustee, said that payments to some of the retained professionals should be reduced due to conflicts of interest, questionable strategies, and expensive meals sought for reimbursement. "I'm not prepared to dock the fee applications for these issues," Judge Beatty told Mr. Zipes at the hearing, that "a lot of what I see is penny-ante moralism. People getting moral about technical issues." According to Bloomberg, the Court did not rule on a request from Rothschild Inc. for final allowance of its fees and expenses. Rothschild, Solutia's financial advisors, requested allowance of US$10,500,000 in fees and US$721,486 in expenses for services rendered from Dec. 17, 2003, to Feb. 28, 2009. U.S. Trustee's Objections to 7 Firms' Fees & Expenses The U.S. Trustee pointed out that under the Debtors' Fifth Amended Joint Plan of Reorganization, the retirees and unsecured creditors have received or will receive a partial distribution, and not all in cash. The retirees' future distributions depend in part on the financial health of the Debtors. The professionals, on the other hand, which will be paid in full and in cash, have sought nearly US$200,000,000. Mr. Zipes noted that in certain instances, the professionals have generously staffed uncontested hearings with attorneys and "pursued questionable strategies in light of this Court's directions." Because of conflicts, certain professionals could not litigate against the exit financing commitment parties, but nonetheless these professionals billed the bankruptcy estate in connection with this very litigation, Mr. Zipes contends. The professionals also sought reimbursement for expensive meals, hotels (such as at the Ritz-Carlton) and car services, he added. The U.S. Trustee objected to portions of fees and expenses sought by seven firms. The U.S. Trustee says she has no specific objections to the request for payment and allowance of fees and expenses of professionals from 17 firms. Several professionals say fees wer not excessive, including Gibson, Dunn & Crutcher LLP, Jefferies, Akin Gump Strauss Hauer & Feld LLP, Houlihan, Pillsbury Winthrop Shaw Pittman LLP, Kirkland & Ellis, and Rothschild. About Solutia Inc. Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, 2007, the Court confirmed the Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No. 118; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter-Europe on March 3, 2008, Standard & Poor's Ratings Services raised its corporate credit rating on Solutia Inc. to 'B+' from 'D', following the company's emergence from bankruptcy on Feb. 28, 2008, and the implementation of its financing plan. The outlook is stable. S&P also affirmed its 'B+' rating and '3' recovery rating on Solutia's proposed senior secured term loan. In addition, S&P assigned its 'B-' rating to Solutia's US$400 million unsecured bridge loan facility. S&P also withdrew its 'B-' rating on the proposed US$400 million unsecured notes, which have been replaced by the bridge facility in Solutia's capital structure. SOLUTIA INC: Court Approves Settlement Pact with Air Liquide ------------------------------------------------------------ A dispute arose between Solutia Inc., and Air Liquide Large Industries U.S. LP regarding the amount Solutia owes for nitrogen delivered by Air Liquide. To settle the matter, Judge Prudence C. Beatty of the U.S. Bankruptcy Court for the Southern District of New York approved the stipulation between the Debtors and Air Liquide. The agreement provides that: * Air Liquide has preserved its right to an administrative claim as to the Billing Dispute by timely filing its Motion. * Due to the pendency of Air Liquide's action against Solutia in the 165th Judicial District Court, Harris County Texas, and the absence of any core issues in the Billing Dispute requiring involvement of the Bankruptcy Court, the amount, if any, of Air Liquide's administrative claim will be determined in the Texas State Court Action. * Air Liquide will have an allowed administrative claim as to the Billing Dispute in an amount equal to the disposition ultimately entered in the Texas State Court Action. As reported in the Troubled Company Reporter on April 14, 2008, Air Liquide asks the Court for the allowance and immediate payment of its US$1,059,228 administrative claim against the Debtors. About Solutia Inc. Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, 2007, the Court confirmed the Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No. 118; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter-Europe on March 3, 2008, Standard & Poor's Ratings Services raised its corporate credit rating on Solutia Inc. to 'B+' from 'D', following the company's emergence from bankruptcy on Feb. 28, 2008, and the implementation of its financing plan. The outlook is stable. S&P also affirmed its 'B+' rating and '3' recovery rating on Solutia's proposed senior secured term loan. In addition, S&P assigned its 'B-' rating to Solutia's US$400 million unsecured bridge loan facility. S&P also withdrew its 'B-' rating on the proposed US$400 million unsecured notes, which have been replaced by the bridge facility in Solutia's capital structure. =========================== C Z E C H R E P U B L I C =========================== IVENSTICNI A POSTOVNI: Prague Court Acquits Ex-Managers ------------------------------------------------------- The Prague City Court has acquitted former managers of Ivensticni a Postovni Banka of exceeding reasonable business risk related to its 1998 debenture issue, Ceskenoviny reports. Plaintiffs claimed that IPB illegally issued CZK6 billion in debentures in April 1998 since the bank allegedly financed the issue through firms it provided with credits, contrary to the the procedure that allows only third parties to raise financing, Ceskenoviny relates. Plaintiffs claimed that this artificially raised IPB's assets and the managers were sending distorted information on its capital level to the Czech National Bank for two years, Ceskenoviny says. This, the plaintiffs claimed, resulted in IPB's forced administration order and subsequent sale. The accused -- CEO Jan Klacek, deputies Libor Prochazka and Aladar Blaas, board members Jiri Fabian, Jiri Farek and Alfred Sebek and Nomura representative Eduard Onderka -- denied the change, saying transactions were not illegal and that no one incurred any damage. The Czech National Bank placed Prague-based IPB under forced administration in June 2000 and sold the bank in 2004. ============= D E N M A R K ============= EASTMAN KODAK: S&P Holds B+ Corporate Credit Rating --------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Eastman Kodak Co. to stable from negative. At the same time, S&P affirmed the ratings, including the 'B+' corporate credit rating. "The outlook change reflects our opinion that a near-term downgrade is unlikely," explained Standard & Poor's credit analyst Tulip Lim. Kodak has substantial liquid resources. Additionally, S&P believes that absent significant acquisitions or sharp earnings deterioration, leverage is not likely to increase in the near- term. S&P expects that the company's discretionary cash flow generation will improve this year because it will be making less cash restructuring payments than it did last year. S&P believes that Kodak may be starting to gain some traction with its digital business, reducing its exposure to the secular decline of its traditional products. The rating reflects Standard & Poor's concern about the company's earnings and cash flow prospects in light of the ongoing and rapid deterioration of its traditional consumer imaging business, the unproven long-term profit potential of its consumer digital imaging businesses, its still-meaningful cash restructuring costs, and its leveraged financial profile. Kodak's substantial cash balances, competitive positions in various digital imaging markets, some business diversity provided by the Graphic Communications Group, and our expectation that cash restructuring costs will subside in 2009, only partially offset these risks. =========== F R A N C E =========== ALCATEL-LUCENT SA: Rebecca Hick to Lead New Zealand Channel Unit ---------------------------------------------------------------- Alcatel-Lucent SA has appointed Rebecca Hick as channel manager for its Enterprise Business division in New Zealand. Ms. Hick will lead a growing sales team and manage a multi- channel network of resellers to promote Alcatel-Lucent�s market- leading portfolio of enterprise products. An ICT specialist, Ms. Hick joins Alcatel-Lucent from Fronde, an IT services company, where she was client business manager and consultant. Prior to that she held similar roles at Vodafone, Air New Zealand and ASB bank. "I am looking forward to working with the sales team at Alcatel- Lucent and our channel partners in New Zealand to provide the kind of advanced communications solutions businesses in New Zealand need to compete in this global environment," Ms. Hicks said. "We have the advantage of strong and successful channel partnerships in New Zealand with such companies as Cogent, Datacraft and DownerCommspec." She noted that in 2007 Cogent Communications and Vodafone secured a pilot contract with NZ Steel, deploying Alcatel- Lucent�s Omni PCX IP PBX solution to provide mobile extension capabilities as part of NZ Steel�s unified communications facelift. "This is very much the kind of success story I will work to emulate in 2008 and beyond," she said. "New Zealand is an important market for Alcatel-Lucent,� said Sean O�Halloran, Vice President of Enterprise Business, Australasia. "We are pleased to be able to add someone with Rebecca�s talent and depth of experience to help us meet the needs of our customers here." In the past 12 months Alcatel-Lucent has announced two major projects with New Zealand enterprises. Transpower awarded the company a five-year, multi-million dollar, network integration and transformation contract, and Kordia selected Alcatel- Lucent�s IP routing products to support the delivery of Freeview TV simultaneously over both satellite and terrestrial networks. "With her strong background in software, services and applications, Rebecca Hick�s appointment will further strengthen the New Zealand team to continue transforming customer�s businesses, and is testament to our commitment over the coming year to grow our Australasian Enterprise business." About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent S.A. -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and Cambodia. * * * As reported in the TCR-Europe on April 4, 2008, Moody's Investors Service affirmed the ratings for Alcatel-Lucent, which include a Ba3 corporate family rating for Alcatel-Lucent and a Not-Prime for its short term debt, as well as Ba3 ratings for senior and B2 ratings for subordinated debt that was issued originally by the predecessor companies Alcatel S.A. and Lucent Technologies, Inc. Moody's said the outlook for the ratings is Negative. Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. ============= G E R M A N Y ============= 1A ELEKTRONISCHE: Claims Registration Period Ends May 15 -------------------------------------------------------- Creditors of 1a Elektronische Bauelemente GmbH have until May 15, 2008, to register their claims with court-appointed insolvency manager Lason Gutsche. Creditors and other interested parties are encouraged to attend the meeting at 2:40 p.m. on June 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 Koenigstein/Ts. Hall 106 Burgweg 9 61462 Koenigstein/Ts. 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. Lason Gutsche, Cronstettenstra�e 30, 60322 Frankfurt (Main) Germany Tel: 069-95911041 Fax: 069-95911012 The District Court of Koenigstein/Ts. opened bankruptcy proceedings against 1a Elektronische Bauelemente GmbH on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: 1a Elektronische Bauelemente GmbH Altkoenigstrasse 9 61462 Koenigstein Germany AREAL IMMOBILIEN: Claims Registration Period Ends May 13 -------------------------------------------------------- Creditors of Areal Immobilien Management GmbH have until May 13, 2008, to register their claims with court-appointed insolvency manager Andre Loeffler. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 10, 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 14 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: Andre Loeffler Klewitzstr. 15 39112 Magdeburg Germany Tel: 0391/7324630 o. 39 Fax: 0391/7324633 E-mail: magdeburg@loeffler-insolvenzverwalter.de The District Court of Magdeburg opened bankruptcy proceedings against Areal Immobilien Management GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Areal Immobilien Management GmbH Richard-Wagner-Str. 8 39106 Magdeburg Germany Attn: Joerg Becker, Manager Domblick 38c 39175 Gerwisch Germany BAU-UND BAUBETREUUNGS: Claims Registration Period Ends May 13 ------------------------------------------------------------- Creditors of Bau-und Baubetreuungs-GmbH have until May 13, 2008, to register their claims with court-appointed insolvency manager Jochen Horch. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 24, 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 Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn 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: Jochen Horch Keplerstrasse 7 74072 Heilbronn Germany Tel: 07131/7801-33 Fax: 07131/7801-11 The District Court of Heilbronn opened bankruptcy proceedings against Bau-und Baubetreuungs-GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bau-und Baubetreuungs-GmbH Kreuzstrasse 23 74321 Bietigheim-Bissingen Germany BAV VERTRIEBS: Claims Registration Period Ends May 9 ---------------------------------------------------- Creditors of BAV Vertriebs und Verwaltungs GmbH have until May 9, 2008, to register their claims with court-appointed insolvency manager Matthias Boenecke. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Halle-Saalkreis Hall 1.043 Judicial Center Thueringer Str. 16 06112 Halle Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Matthias Boenecke Poststr. 2 06844 Dessau Germany Tel: 0340/6615820 Fax: 0340/6615822 The District Court of Halle-Saalkreis opened bankruptcy proceedings against BAV Vertriebs und Verwaltungs GmbH on March 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BAV Vertriebs und Verwaltungs GmbH Bonauer Str. 1 06682 Teuchern OT Bonau Germany Attn: Hans-Peter Kunkel, Manager Hartemicker Weg 16 51702 Bergneustadt Germany BLOSSEYCOM GMBH: Claims Registration Period Ends May 20 ------------------------------------------------------- Creditors of blosseyCOM GmbH have until May 20, 2008, to register their claims with court-appointed insolvency manager Dieter Rasehorn. Creditors and other interested parties are encouraged to attend the meeting at 11:05 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 Dessau-Rosslau Hall 121 Willy Lohmann Str. 33 Dessau Rosslau 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: Dieter Rasehorn Muehlweg 16 06108 Halle Germany Tel: 0345/5220024 Fax: 0345/5220026 The District Court of Dessau-Rosslau opened bankruptcy proceedings against blosseyCOM GmbH on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: blosseyCOM GmbH Collegienstrasse 59d 06886 Wittenberg Germany BRI-WI-TRON GEDRUCKTE: Claims Registration Period Ends May 20 ------------------------------------------------------------- Creditors of Bri-wi-tron gedruckte Schaltungen GmbH have until May 20, 2008, to register their claims with court-appointed insolvency manager Ernest C. Pirkl. Creditors and other interested parties are encouraged to attend the meeting at 8:40 a.m. on June 19, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Ernest C. Pirkl Joh.-Seb.-Bach-Str. 19 82538 Geretsried Germany Tel: 08171/909143 Fax: 08171/909145 The District Court of Wolfratshausen opened bankruptcy proceedings against Bri-wi-tron gedruckte Schaltungen GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bri-wi-tron gedruckte Schaltungen GmbH Dieselweg 13 82538 Geretsried Germany BRILLIANT 570: Claims Registration Ends May 20 ---------------------------------------------- Creditors of Brilliant 570. GmbH have until May 20, 2008 to register their claims with court-appointed insolvency manager Dr. Juergen Spliedt. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on July 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 Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Juergen Spliedt Uhlandstr. 165/166 10719 Berli Germany The District Court of Charlottenburg opened bankruptcy proceedings against Brilliant 570. GmbH on Feb. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Brilliant 570. GmbH Linienstr. 130 10115 Berlin Germany BTR GMBH: Claims Registration Period Ends May 20 ------------------------------------------------ Creditors of BTR GmbH Biederitzer Transport-und Reiseunternehmen have until May 20, 2008, to register their claims with court- appointed insolvency manager Dr. Lucas F. Floether. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.m. on June 10, 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 Stendal Hall 411 Albrecht der Bar Scharnhorststrasse 40 39576 Stendal 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. Lucas F. Floether Halberstadter Strasse 55 39112 Magdeburg Germany Tel: 0391/555 6840 Fax: 0391/555 6849 The District Court of Stendal opened bankruptcy proceedings against BTR GmbH Biederitzer Transport-und Reiseunternehmen on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BTR GmbH Biederitzer Transport-und Reiseunternehmen Zerbster Chaussee 8 39245 Gommern Germany BUNTDRUCK ASCHAFFENBURG: Claims Registration Period Ends May 20 --------------------------------------------------------------- Creditors of Buntdruck Aschaffenburg GmbH have until May 20, 2008, to register their claims with court-appointed insolvency manager Dr. Gerhard Koerner. Creditors and other interested parties are encouraged to attend the meeting at 1:45 p.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 Aschaffenburg Meeting Hall 5.103 Schlossplatz 5 63739 Aschaffenburg 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. Gerhard Koerner Theresienstr. 3 63741 Aschaffenburg Germany Tel: 06021/428220 Fax: 06021/428210 The District Court of Aschaffenburg opened bankruptcy proceedings against Buntdruck Aschaffenburg GmbH on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Buntdruck Aschaffenburg GmbH Kolbornstr. 7 63739 Aschaffenburg Germany DERLA ROHRLEITUNGSBAU: Claims Registration Period Ends May 20 ------------------------------------------------------------- Creditors of Derla Rohrleitungsbau Boetzow-West GmbH have until May 20, 2008, to register their claims with court-appointed insolvency manager Christian Graf Brockdorff. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on June 19, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Christian Graf Brockdorff Friedrich-Ebert-Strasse 36 14469 Potsdam Germany The District Court of Neuruppin opened bankruptcy proceedings against Derla Rohrleitungsbau B�tzow-West GmbH on April 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Derla Rohrleitungsbau B�tzow-West GmbH Attn: Maures Salih Kanik, Manager Meyerweg 20 13591 Berlin Germany EIKA WACHSWERKE: Claims Registration Period Ends April 28 --------------------------------------------------------- The court-appointed insolvency manager for Eika Wachswerke Fulda GmbH, Sandra Mitter will present her first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on April 28, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Fulda Hall 3100 Koenigstrasse 38 36037 Fulda Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on July 14, 2008, at the same venue. Creditors have until May 15, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Sandra Mitter Kanzlei Leonhardt, Westhelle & Partner Wilhelmshoeher Allee 270 34131 Kassel Germany Tel: 0561/3166-311 Fax: 0561/3166-312 The District Court of Fulda opened bankruptcy proceedings against Eika Wachswerke Fulda GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Eika Wachswerke Fulda GmbH Vierzehnheiligen 19-25 36039 Fulda Germany EURO-ASIA GLOBAL: Claims Registration Period Ends May 15 -------------------------------------------------------- Creditors of Euro-Asia Global GmbH have until May 15, 2008, to register their claims with court-appointed insolvency manager Christian Graf Brockdorff. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on July 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Graf Brockdorff Friedrich-Ebert-Str. 36 14469 Potsdam Germany The District Court of Charlottenburg opened bankruptcy proceedings against Euro-Asia Global GmbH on Feb. 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Euro-Asia Global GmbH Karl-Marx-Str. 61/63 12043 Berlin Germany FLIESEN PITTER: Claims Registration Period Ends May 15 ------------------------------------------------------ Creditors of Fliesen PITTER GmbH have until May 15, 2008, to register their claims with court-appointed insolvency manager Rainer Beck. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 25, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Hall C315 Third Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rainer Beck Rheinstrasse 75 47623 Kevelaer Germany The District Court of Duisburg opened bankruptcy proceedings against Fliesen PITTER GmbH on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fliesen PITTER GmbH Attn: Peter Muehleweg, Manager Blaufuss 24 46485 Wesel Germany FRANK SPEDITIONS: Claims Registration Period Ends May 13 -------------------------------------------------------- Creditors of Frank Speditions & Logistic GmbH have until May 13, 2008, to register their claims with court-appointed insolvency manager Thomas Herzog. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 24, 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 Baden-Baden Hall 009a Ground Floor Gutenbergstr. 17 76532 Baden-Baden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Herzog Moltkestr. 27 II 77654 Offenburg Germany The District Court of Baden-Baden opened bankruptcy proceedings against Frank Speditions & Logistic GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Frank Speditions & Logistic GmbH Attn: Andreas Karkos, Manager Dieselstr. 23 77833 Ottersweier Germany GKR GESELLSCHAFT: Claims Registration Period Ends May 15 -------------------------------------------------------- Creditors of GKR Gesellschaft fuer Kompostierung und Rekultivierung mbH have until May 15, 2008, to register their claims with court-appointed insolvency manager Thomas Jacobs. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on June 12, 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 Halle-Saalkreis Hall 1.044 Judicial Center Thueringer Str. 16 06112 Halle Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Jacobs Tieckstrasse 3 04275 Leipzig Germany Tel: 0341/303850 Fax: 0341/3038511 The District Court of Halle-Saalkreis opened bankruptcy proceedings against GKR Gesellschaft fuer Kompostierung und Rekultivierung mbH on April 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GKR Gesellschaft fuer Kompostierung und Rekultivierung mbH Attn: Frank Hippe, Manager Merseburger Str. 71 06249 Muecheln Germany H. EBBERS: Claims Registration Period Ends May 15 ------------------------------------------------- Creditors of H. Ebbers Verwaltungs GmbH have until May 15, 2008, to register their claims with court-appointed insolvency manager Wolfgang Koehler. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on June 6, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Arnsberg Meeting Hall 328 Eichholzstr. 4 59821 Arnsberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Wolfgang Koehler Schubertstr. 31 59581 Warstein Germany The District Court of Arnsberg opened bankruptcy proceedings against H. Ebbers Verwaltungs GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H. Ebbers Verwaltungs GmbH Hankerfeld 8 59602 Ruethen Germany IKB DEUTSCHE: Expects EUR200-Million Group Loss for 2007/2008 ------------------------------------------------------------- The Board of Managing Directors of IKB Deutsche Industriebank AG expects that IKB Group will post a loss of EUR200 million for the 2007/2008 financial year, based on IFRS. The Board had forecast a EUR800 million loss. This reduction resulted from calculations during the ongoing process of preparing IKB's consolidated financial statements for the financial year 2007/2008. The deviation from the previous forecast is due, on the one hand, to an increase of EUR250 million in the positive valuation effects regarding liabilities of currently EUR1.5 billion after deferred taxes. On the other hand, the favorable valuation effect from the debtor warrants (Besserungsabreden) of EUR350 million had not been included in the previous forecast. The debtor warrants are an element of KfW�s capital injection that was made in February and March 2008 in a total amount of EUR1.05 billion. It has to be accounted for as liability in the IFRS group accounts and shown at the present value of the future payments. The difference between nominal value and present value has to be recorded in the income statement. IKB will present its audited six-month results for the financial year 2007/08 on April 29, 2008. About IKB Deutsche Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank AG -- http://www.ikb.de/-- provides medium-sized companies with long-term financing. The bank operates in several German locations, as well as branches in the United Kingdom, Luxembourg, Spain and France. IKB had previously invested in securitized loans on the US market for subprime mortgages, which are now almost worthless. This resulted in a deep-seated crisis within the bank, pushing it on the brink of bankruptcy. * * * As reported in the TCR-Europe April 2, 2008, Moody's Investors Service downgraded these ratings of IKB: bank financial strength rating to E from E+. The outlook on the BFSR is now stable (previously developing); IKB's subordinated debt ratings were downgraded to Ba2. The outlook on is negative; IKB's short-term ratings were downgraded to Prime-3; IKB's junior subordinated securities were downgraded to Ca from Caa1. Its hybrid capital instruments eligible for Tier 1 capital (silent participations) and the preferred securities of IKB Funding Trust I & II were downgraded to Caa3 from Caa1. All hybrid ratings now have a stable outlook. As reported in the TCR-Europe on March 7, 2008, Fitch Ratings downgraded IKB Deutsche Industriebank AG's hybrid securities to 'CCC-' (CCC minus) from the 'B' range and removed them from Rating Watch Negative (RWN) where they were placed on Feb. 14, 2008, and Dec. 21, 2007. The company carries Fitch's 'E' Individual rating. JOERG WEICHOLD: Claims Registration Period Ends May 13 ------------------------------------------------------ Creditors of Joerg Weichold GmbH Heizung-Sanitar-Bauklempnerei have until May 13, 2008, to register their claims with court- appointed insolvency manager Dr. Florian Stapper. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on June 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 145 Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Florian Stapper Karl-Heine-Strasse 16 04229 Leipzig Germany Tel: 0341/984110 Fax: 0341/9841111 E-mail: leipzig@stapper-korn.de The District Court of Leipzig opened bankruptcy proceedings against Joerg Weichold GmbH Heizung-Sanitar-Bauklempnerei on April 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Joerg Weichold GmbH Heizung-Sanitar-Bauklempnerei Attn: Joerg Weichold, Manager Am Thalgut 2 04758 Oschatz Germany LOCO HOLDING: Claims Registration Period Ends May 15 ---------------------------------------------------- Creditors of Loco Holding GmbH have until May 15, 2008, to register their claims with court-appointed insolvency manager Juergen Spliedt. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on July 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 Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Juergen Spliedt Uhlandstr. 165/166 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Loco Holding GmbH on Feb. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Loco Holding GmbH Wegerichstr. 14 12357 Berlin Germany MESO MARKETING: Claims Registration Ends May 20 ----------------------------------------------- Creditors of MeSo Marketing GmbH have until May 20, 2008 to register their claims with court-appointed insolvency manager Rolf Nacke. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on July 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 Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rolf Nacke Gross-Berliner Damm 73 c 12487 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against MeSo Marketing GmbH on Feb. 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MeSo Marketing GmbH Deulstr.5 12459 Berlin Germany PIN MAIL BAYERN: Claims Registration Period Ends May 10 ------------------------------------------------------- Creditors of PIN Mail Bayern GmbH have until May 10, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 12:15 p.m. on May 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 1240 Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Andreas Ringstmeier Magnusstr. 13 50672 Koeln Germany The District Court of Cologne opened bankruptcy proceedings against PIN Mail Bayern GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PIN Mail Bayern GmbH Attn: Norbert Hansen, Manager Berner Str. 2 97084 Wuerzburg Germany PS PLANUNGSGRUPPE: Claims Registration Ends May 20 -------------------------------------------------- Creditors of PS Planungsgruppe Stadtebau GmbH have until May 20, 2008 to register their claims with court-appointed insolvency manager Michael Wahl. 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 Goeppingen Hall 0.24 Ground Floor Pfarrstrasse 25 73033 Goeppingen 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 Wahl Karlstrasse 33 89073 Ulm Germany Tel: 0731/96880-0 Fax: 0731/96880-52 The District Court of Goeppingen opened bankruptcy proceedings against PS Planungsgruppe Stadtebau GmbH on March 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PS Planungsgruppe Stadtebau GmbH Attn: Jochen Bernhardt, Manager Willi-Bleicher-Str. 3 73033 Goeppingen Germany Q - TEC GMBH: Claims Registration Ends May 20 --------------------------------------------- Creditors of Q - TEC GmbH have until May 20, 2008 to register their claims with court-appointed insolvency manager Christian Beck. Creditors and other interested parties are encouraged to attend the meeting at 11:10 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 Dessau Hall 123 Willy-Lohmann-Str. 33 Dessau Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Beck Hansering 1 06108 Halle Germany Tel: 0345/21222400 Fax: 0345/21222436 The District Court of Dessau-Rosslau opened bankruptcy proceedings against Q - TEC GmbH on April 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Q - TEC GmbH Theater 11 06749 Bitterfeld-Wolfen Germany Attn: Friedrich Wilhelm, Manager Muldeaue 8 06774 Pouch Germany SADIE GMBH: Claims Registration Ends May 20 ------------------------------------------- Creditors of SADIE GmbH have until May 20, 2008 to register their claims with court-appointed insolvency manager Dr. Reinhard Schmid. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 19, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Esslingen Hall 1 First Floor Rit-terstr. 5 Esslingen 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. Reinhard Schmid Hasenbergsteige 5 70178 Stuttgart Germany Tel: 0711/66907-0 Fax: 0711/66450-68 The District Court of Esslingen opened bankruptcy proceedings against SADIE GmbH on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SADIE GmbH Attn: Stefan Mayer, Manager Gan-sackerstr. 11 73730 Esslingen Germany SCHAFERS REISEN: Claims Registration Ends May 20 ------------------------------------------------ Creditors of Schafers Reisen GmbH have until May 20, 2008 to register their claims with court-appointed insolvency manager Rolf Weidmann. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on June 25, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bochum Meeting Hall A29 Ground Floor Main Building Viktoriastrasse 14 44787 Bochum 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 Weidmann Farnstrasse 59 44789 Bochum Germany The District Court of Bochum opened bankruptcy proceedings against Schafers Reisen GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schafers Reisen GmbH Daimlerstr. 22 44805 Bochum Germany Attn: Thomas Guenter Adami, Manager Heimatscholle 8 44805 Bochum Germany SOUFIS PUTZUNTERNEHMEN: Claims Registration Ends May 20 ------------------------------------------------------- Creditors of Soufis Putzunternehmen GmbH have until May 20, 2008 to register their claims with court-appointed insolvency manager Helge Wachsmuth. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on June 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Helge Wachsmuth Alexanderstr. 2 30159 Hannover Germany Tel: 0511 325095 Fax: 0511 329934 The District Court of Hannover opened bankruptcy proceedings against Soufis Putzunternehmen GmbH on April 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Soufis Putzunternehmen GmbH Attn: Joannis Soufis, Manager Porschestrasse 4 30827 Garbsen Germany ============= I R E L A N D ============= BASE CLO I: Moody's Rates EUR14 Million Class E Notes at Ba2 ------------------------------------------------------------ Moody's Investors Service has assigned these ratings to seven classes of notes issued on 17 April 2008 by Base CLO I B.V.: (1) Aaa to the EUR266,875,000 Class A-1 Senior Secured Floating Rate Notes due 2018; (2) Aaa to the EUR9,000,000 Class A-2 Senior Secured Floating Rate Notes due 2018; (3) Aa2 to the EUR33,000,000 Class B Senior Secured Floating Rate Notes due 2018; (4) A2 to the EUR12,000,000 Class C Deferrable Senior Secured Floating Rate Notes due 2018; (5) Baa2 to the EUR9,400,000 Class D-1 Deferrable Senior Secured Floating Rate Notes due 2018; (6) Baa2 to the EUR2,600,000 Class D-2 Deferrable Senior Secured Floating Rate Notes due 2018; and (7) Ba2 to the EUR14,000,000 Class E Deferrable Senior Secured Floating Rate Notes due 2018. The ratings of the notes address the expected loss posed to investors by legal final maturity in 2018. These ratings are based upon: 1. An assessment of the characteristics of the collateral debt obligations included in the portfolio; 2. The protection against losses through the subordination of the more junior classes of Notes to the more senior classes of Notes; 3. The overcollateralization of the Notes; 4. The strategy for hedging foreign exchange risk; 5. The legal and structural integrity of the issue. This transaction is a static high yield collateralized loan obligation related to a collateral portfolio of approximately EUR383 million acquired as at the closing date. The portfolio is comprised primarily of senior secured loans, but includes as well second lien loans and mezzanine loans. The liquidation agent, M&G Investment Management Limited, may act on behalf of the Issuer to dispose of credit impaired and defaulted obligations, subject to certain conditions set out in the liquidation and servicing agency agreement. ========= I T A L Y ========= ALITALIA SPA: To Receive EUR300-Million Bridging Loan from Italy ---------------------------------------------------------------- The Italian government has approved a EUR300-million bridging loan to Alitalia S.p.A. to keep it afloat and prevent it from seeking bankruptcy protection, various reports say. As reported in the TCR-Europe on April 22, 2008, the incoming administration of Prime Minister-elect Silvio Berlusconi and the outgoing government of current Prime Ministe Enrico Prodi have initially agreed to provide a EUR150 million emergency financing to Alitalia, which only had EUR170 million in cash and credit as of March 31, 2008. Finance Minister Tommaso Padoa-Schioppa was quoted by Bloomberg News as saying that without the loan, Alitalia would have to seek protection from creditors. Mr. Prodi said Mr. Berlusconi asked him to raise the loan amount to EUR300 million to allow more "time to put together and organize possible alternative solutions," the Associated Press reports. Mr. Prodi noted that Alitalia has to repay the loan by end of 2008. State Aid Violation? The European Commission, meanwhile, would review the financing to Alitalia, whether it violates the European Union rule on state aid, Bloomberg News says citing spokesman Michele Cercone. Under EU's "one time, last time" principle, a company beneficiary of a state aid cannot receive additional rescue or restructuring funding within 10 years since its accepted financial assistance. AP quoted the Commission last week said Alitalia cannot receive further aid until 2011, since it took fiscal assistance in 2001. Italian Bidders AirOne S.p.A., banks led by Intesa Sanpaolo S.p.A. and Italian businessmen led by Mr. Berlusconi adviser Bruno Ermolli may form a group to bid for Alitalia, Bloomberg News says, citing an unsourced Il Messaggero report. According to Il Messaggero, AirOne will own 40% of the bidding vehicle, the banks will control 40% and Mr. Bruno's group will hold 20%. Mr. Berluconi has been insisting that an Italian consortium will present a binding offer for Italy's 49.9% stake in Alitalia in less than a month. 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, including United States, Canada, Japan and Argentina. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian 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. DANA CORP: Appoints Gary Convis as Chief Executive Officer ---------------------------------------------------------- Reorganized Dana Corp. has named Gary L. Convis to the post of Chief Executive Officer. Mr. Convis was appointed to Dana's new Board of Directors in January 2008 after retiring from Toyota Motor Corporation, where he had spent more than 20 years culminating in his role as Chairman of Toyota Motor Manufacturing, Kentucky. "We are delighted to welcome Gary as Chief Executive Officer," Dana Executive Chairman John Devine, who had served as the company's acting CEO since January, said. "Gary is widely respected as one of the leading experts in lean manufacturing and management systems, including the Toyota Production System. Along with his strong leadership and global industry experience, we believe he is an ideal choice as our new Chief Executive." "I am honored by the Board's confidence in me to lead Dana," Mr. Convis said. "I'm also eager to join with our people in establishing world-class manufacturing systems and returning this great company to the leadership ranks of the global automotive supply industry." Mr. Convis comes to Dana after more than four decades spent at Toyota, General Motors Corporation, and Ford Motor Company. He became the first American president of Toyota's largest plant outside Japan, Toyota Motor Manufacturing, Kentucky, in 2001. He was named chairman of TMMK in 2006 and retired in 2007. Prior to this, in 2003, he was the first American manufacturing executive appointed by Toyota Motor Corporation to be a managing officer of TMC, as well as Executive Vice President of Toyota Motor Engineering & Manufacturing North America, Inc. Prior to serving in these roles, Convis spent 16 years at New United Motor Manufacturing, Inc., a joint venture between GM and Toyota. Previously, he spent more than 20 years in various roles with GM and Ford Motor Company. Mr. Convis earned a bachelors degree in mathematics with a minor in physics from Michigan State University. He will continue to serve as a member of Dana's board. He is also a board member of Cooper-Standard Automotive Inc. and Compass Automotive Group, Inc. Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/ -- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. Judge Burton Lifland of the U.S. Bankruptcy Court for the Southern District of New York entered an order confirming the Third Amended Joint Plan of Reorganization of the Debtors on Dec. 26, 2007. (Dana Corporation Bankruptcy News, Issue No. 70; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter-Europe on Feb. 13, 2008, Standard & Poor's Ratings Services assigned its 'BB-' corporate credit rating to Toledo, Ohio-based Dana Holding Corp. following the company's emergence from Chapter 11 on Feb. 1, 2008. The outlook is negative. At the same time, Standard & Poor's assigned Dana's US$650 million asset-based loan revolving credit facility due 2013 a 'BB+' rating (two notches higher than the corporate credit rating) with a recovery rating of '1', indicating an expectation of very high recovery in the event of a payment default. In addition, S&P assigned a 'BB' bank loan rating to Dana's US$1.43 billion senior secured term loan with a recovery rating of '2', indicating an expectation of average recovery. FIAT SPA: Shows Interest in Acquiring Serb Car Maker Zastava ------------------------------------------------------------ Fiat SpA has expressed its intention to acquire Serbia's lone auto manufacturer, Zastava, various reports say citing outgoing Economic Minister Mladjan Dinkic. Representatives from Fiat are expected to arrive Serbia this week to start talks. The sale of Zastava was supposed to occur this month but was later moved to May due to the elections. Fiat, reports add, is said to be planning to invest up to EUR300 million in Zastava. Turin, Italy-based Fiat SpA -- http://www.fiatgroup.com/-- (BIT:F) is principally engaged in the design, manufacture and sale of automobiles, trucks, wheel loaders, excavators, telehandlers, tractors and combine harvesters. Through its subsidiaries, Fiat operates mainly in five business areas: Automobiles, including sectors led by Maserati SpA, Ferrari SpA and Fiat Group Automobiles SpA, which design, produce and sell cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional, Abarth, Ferrari and Maserati brands; Agricultural and Construction Equipment, which is led by Case New Holland Global NV; Trucks and Commercial Vehicles, which is led by Iveco SpA; Components and Production Systems, which includes the sectors led by Magneti Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain Technologies SpA, and Other Businesses, which includes the sectors led by Fiat Services SpA, a publishing house Editrice La Stampa SpA and an advertising agency Publikompass SpA. Outside Europe, the company has subsidiaries in the United States, Japan, India, China, Mexico, Brazil and Argentina, among others. * * * As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries Ba3 Corporate Family and Senior Unsecured ratings from Moody's Investors Service, which said the outlook is positive. The company carries Standard & Poor's Ratings Services' BB long- term corporate credit rating. The company al PARMALAT SPA: Factorit & Italease Settle Revocatory Suit -------------------------------------------------------- Factorit S.p.A. and Banca Italease S.p.A. have settled the claim related to revocatory action filed by Parmalat S.p.A. in Extraordinary Administration and by Parmalat S.p.A., Assumptor of the Proposal of Composition. The Factorit settled the revocatory action and committed to pay of EUR2,500,000 as well as to relinquishing in favor of Parmalat the outstanding credits that have not been collected by Factorit. Italease is foregoing the right to claim in the bankruptcy procedure for the payment made. Litigation expenses will be compensated among the parties. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. On June 21, 2007, the U.S. Court Granted Parmalat Permanent Injunction. PARMALAT SPA: Selling Newlat SpA to TMT Finance ----------------------------------------------- Parmalat S.p.A., following a competitive procedure, has signed a contract with TMT Finance S.A. to dispose of the entire share capital of Newlat S.p.A., in compliance with antitrust rulings no. 14452 dated June 30, 2005, and no. 16282 dated Dec. 31, 2006. Disposal of the shares is subject to approval and authorization of the purchase by the Italian competition and market authority. Newlat has its registered offices in Reggio Emilia, and has been part of the Parmalat group since August 2006 after coming out of controlled administration procedure. The company operates under the "Polenghi," "Matese," "Giglio," "Torre in Pietra" and "Fior di Salento" brands. Newlat reported turnover of around EUR150 million in 2007, and had a headcount numbering more than 300 staff. TMT, with headquarters in Lugano in Switzerland, has a footprint in various sectors of the food and agricultural industry, such as milling, production of pasta and milk and dairy produce, and also in shipping and modern trade distribution. The TMT Group�s reported consolidated 2007 turnover of more than EUR200 million, with a headcount of over 600 staff and a production structure distributed across 12 facilities in Italy. Newlat will be sold at the closing date for a token value of EUR1, against the sale by Parmalat to Newlat of a receivable in an amount of up to EUR8 million, again for a token value of EUR1. Inter-company items for an amount of approximately EUR4.5 million will be reimbursed before the closing, with an estimated cash flow of equal amount in favor of Parmalat Group. The sale will not have any economic impact on Parmalat. With this transaction, Parmalat will de-consolidate financial debt and amounts payable under finance leases for a total of around EUR36 million on the basis of the situation as at March 31, 2008. Parmalat S.p.A. will promptly inform of the execution of shares transfer as per the agreement signed. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. On June 21, 2007, the U.S. Court Granted Parmalat Permanent Injunction. =================== K Y R G Y Z S T A N =================== TOLEBI LIMITED: Creditors Must File Claims by June 6 ---------------------------------------------------- LLC Tolebi Limited has declared insolvency. Creditors have until June 6, 2008 to submit written proofs of claim to: LLC Tolebi Limited Aeroport Str. 2-18 Bishkek Kyrgyzstan =================== L U X E M B O U R G =================== EVRAZ GROUP: Highveld Unit to Sell Assets to VVP for US$160 Mln --------------------------------------------------------------- Highveld Steel and Vanadium Corp., a unit of Evraz Group S.A., has entered into definitive agreements with Vanchem Vanadium Products (Proprietary) Limited, a special purpose company controlled by Duferco Investment Partners Inc, on the disposal by Highveld of certain vertically integrated vanadium assets. In 2007, Evraz committed to procure the disposal as a condition to the approval by the European Commission and South African competition authorities of its acquisition of a majority interest in Highveld. Under the agreements, Highveld will dispose of: * Class A ordinary shares in the issued share capital of Mapochs Mine (Proprietary) Limited, a special purpose company that has been incorporated by Highveld for purposes of acquiring and holding the Mapochs Mine. The rights attached to the Class A ordinary shares are limited to rights required to enable VVP to protect its rights under the fines ore supply agreement; * its Vanchem operations; and * its 50% shareholding in South Africa Japan Vanadium (Proprietary) Limited. In addition, Highveld has entered into supply agreements with VVP for the supply of certain volume of fines ore from the Mapochs Mine, which cannot be used by Highveld in its steelworks, and for the supply of certain volumes of vanadium- bearing slag, which is produced by Highveld as a by-product of steel, both at market-related prices. Highveld has agreed to sell the assets for an aggregate consideration of US$160 million, which will be discharged by the immediate payment of US$100 million in cash, and by the buyer�s commitment to undertake specific environmental projects in relation to Vanchem. The implementation of the disposal is subject to certain conditions, including approvals of the European Commission, South African competition authorities and the JSE Limited. 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'. Fitch also affirmed the ratings of core subsidiary Mastercroft Limited 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 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. ===================== N E T H E R L A N D S ===================== X5 RETAIL: Tatyana Franous Quits from Supervisory Board ------------------------------------------------------- Tatyana Franous has tendered her resignation as a member of the Supervisory Board of X5 Retail Group N.V. Together with Andrei Rogachev, who tendered his resignation from the Supervisory Board on April 21, 2008, Ms. Franous is a founding member of Pyaterochka. She resigned from the Supervisory Board effective April 23, 2008, in order to concentrate on her other business activities. The Board will consider a replacement for Ms. Franous, which will be subject to prior approval by the general meeting of shareholders of X5 Retail Group N.V. About X5 Retail Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V. (LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm for the group of companies that operate retail grocery stores. The main activity of the company is the development and operation of grocery retail stores. The company operated Pyaterochka and Perekrestok retail chains in Russia, including Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan, Samara, Ekaterinburg and Kiev, Ukraine. * * * As of March 6, 2008, X5 Retail Group N.V. carries a B1 Corporate Family Rating from Moody's Investors Service. Moody's said the outlook is positive. X5 Retail and its subsidiaries also carries a 'BB-' long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. =========== N O R W A Y =========== OCEAN RIG: Main Shareholder's Stake Now Exceeds 50% --------------------------------------------------- Ocean Rig Norway AS received notification that companies represented by George Economou have acquired additional shares and reached a total holding of more than 50% of the outstanding shares. The shareholder further said that it is preparing a mandatory offer for the company. The Board of Ocean Rig urges shareholders to take no further action at this time pending clarification regarding the mandatory offer. The Board will issue an opinion related to the mandatory offer when it has been made public. Ocean Rig Norway AS -- http://www.ocean-rig.com/-- owns and operates two of the world�s largest and most modern drilling rigs, built for ultra deep waters and extreme weather conditions. The units are currently operating in the US Gulf of Mexico and in the North Sea. OCEAN RIG: S&P Puts B Corporate Credit Ratings with Watch Pos. -------------------------------------------------------------- Standard & Poor's Ratings Services had placed its 'B' long-term corporate credit ratings on Norway-based contract driller Ocean Rig Norway A.S. on CreditWatch with positive implications. The CreditWatch placement follows a recent change in ownership, in which Greece-based Dry Ships Inc. increased it stake from 30% to 49.9%. The chairman and CEO of Dry Ships privately holds 4.4% of Ocean Rig. Dry Ships is expected to commence a mandatory offer for the remaining stake in Ocean Rig within four weeks. "The CreditWatch placement reflects a potential improvement in credit quality, pending closure of the transaction," said Standard & Poor's credit analyst Per Karlsson. Dry Ships is active in the dry bulk shipping segment. While the company is not rated, and available information about what the combined entity would look like is limited, Dry Ships benefits from currently favorable industry conditions in the dry bulk segment. If we decide after f