T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, April 25, 2008, Vol. 9, No. 82 Headlines A U S T R I A PLUMBER INSTALLATEUR: Claims Registration Period Ends May 20 PRESING HANDEL: Claims Registration Period Ends May 20 F R A N C E PRIDE INTERNATIONAL: Board Drops Ownership Threshold to 10% G E R M A N Y ATTIKA GMBH: Creditors Must File Claims by May 16 AUTO-TECHNIK: Creditors Must File Claims by May 16 BESTATTUNGSHAUS STEPHAN: Creditors Must File Claims by May 16 BETRIEBSWIRTSCHAFTLICHE DIENSTLEISTUNGEN: Claims Due May 16 BUWI KUNSTSTOFFTECHNIK: Creditors Must File Claims by May 16 CARL GREINER: Creditors Must File Claims by May 16 DMM-GMBH TELEFONMARKETING: Creditors Must File Claims by May 16 DUESSELDORFER HYPOTHEKENBANK: Sold to Banking Association BdB ECOMARES INC: Evidentiary Hearing Scheduled on May 9 EICHIN & DE LAPORTE: Claims Registration Period Ends May 20 ENDOSCAN GMBH: Creditors Must File Claims by May 16 EXCITING COMMUNICATION: Claims Registration Ends May 21 FINAL TRADING: Claims Registration Period Ends May 13 FIRSTLINE IMMOBILIEN: Claims Registration Ends May 21 FLEXAN SCHAUMSTOFFVERARBEITUNG: Claims Period Ends May 13 GRUEN-SERVICE: Creditors Must File Claims by May 16 HAUS LOCCUM: Claims Registration Ends May 22 HDT-SYSTEMS-GMBH: Claims Registration Period Ends May 9 HEIZUNG SANITAR: Claims Registration Period Ends May 20 IKB DEUTSCHE: German Markets Regulator Unveils Insider Trading INTER ELTRA: Claims Registration Period Ends May 20 KLEINSORG + WOESTE: Claims Registration Period Ends May 9 KOPF BESITZ: Claims Registration Period Ends May 20 KOPF ROHRLEITUNGS: Claims Registration Period Ends May 20 P + P GASTSTATTENBETRIEBS: Claims Registration Ends May 8 PROSIEBENSAT.1 MEDIA: Names Axel Salzmann as Finance Chief RESIDENZ BAUTRAGER: Claims Registration Ends May 21 SCHLACHTEREI ALBAYRAK: Claims Registration Ends May 21 SPITZE BAU: Claims Registration Period Ends May 20 STOEBE HAUSBAU: Claims Registration Period Ends May 20 THIELERT AIRCRAFT: Files for Insolvency in Chemnitz Court WESSER GMBH: Claims Registration Ends May 21 WESTLB AG: Supervisory Board Okays Managing Board Reorganization ZULASSUNGDIENSTE UND SCHILDERSTELLE: Claims Filing Ends May 21 I R E L A N D HARRIER FINANCE: Moody's May Further Cut Junk Rtg. After Review STOCKERYALE INC: Posts US$2.2 Million Net Loss in 1Q 2008 STOCKERYALE INC: Special Meeting Scheduled for May 20 I T A L Y ALITALIA SPA: Ryanair to File Suit vs. Bridge Loan at EC THERMADYNE HOLDINGS: Moody's Upgrades Rating to B3 from Caa1 PARMALAT SPA: Chapter 11 Cases of Former U.S. Units Closed K Y R G Y Z S T A N EUROASIA TRADE: Creditors Must File Claims by June 6 N E T H E R L A N D S LYONDELLBASELL: S&P Holds Rating but Revises Outlook to Negative R U S S I A COMSTAR-UNITED: MGTS JSC Unit Elects Board of Directors IRKUTSKIY ENGINEERING: Creditors Must File Claims by May 22 NUTRINVESTHOLDING: S&P Rates US$50 Mln Senior Unsec. Notes at B ROSTOV-OIL-SERVICE: Court Starts Bankruptcy Supervision Process RYBNOE CJSC: Creditors Must File Claims by May 22 SEVERSTAL OAO: Completes Management Buyout at SeverCorr SEVERSTAL OAO: Unit to Build Metal Polymeric Coating Line August SIBUR HOLDING: Managers' Group Wants to Buy Gazprombank's Stake SIBUR HOLDINGS: Fitch Keeps Ratings Under Negative Watch SMP BANK: Moody's Assigns B3/NP/E+/Baa3.ru Global Scale Ratings URAL LLC: Court Starts Bankruptcy Supervision Procedure U N I T E D K I N G D O M CLARIS LIMITED: Moody's May Further Junk Ratings After Review CLEAR CHANNEL: Buyers Want to Pursue Financing Dispute in Court CONTRACT PLUMBING: Brings In Liquidators from Tenon Recovery COTSWOLDGATE LTD: Deloitte Appointed as Administrator CRACKER LTD: Claims Filing Period Ends May 23 DANA CORP: Inks Separation Pact with CEO & COO Michael Burns DANA CORP: Ogre Wants Court to Overrule US$1.3MM Claim Objection FKI PLC: S&P Keeps BB Ratings on Watch Neg. After Melrose Bid FORD MOTOR: Earns US$100 Million in First Quarter of 2008 FUNDING CORPORATION: Taps Liquidators from Tenon Recovery GEL ENGINEERING: Brings In Administrators from Baker Tilly GENERAL MOTORS: S&P Keeps B/B-3 Credit Ratings on Watch Negative GOLF 2: Calls In Liquidators from Tenon Recovery LUNAR FUNDING: Moody's May Further Cut Junk Rating After Review MARBLE ARCH: S&P Puts BB Credit Rating on CreditWatch Negative METRONET RAIL: Mayor Livingstone Gives Nod on Transfer Schemes METRONET RAIL: Workers Call Off Planned Strike MORTGAGELINK FINANCE: Appoints Liquidators from Tenon Recovery NIELSEN COMPANY: Fitch Rates Long Term IDR at B; Outlook Stable NIELSEN FINANCE: Fitch Junks Senior Debt Ratings SANDWELL COMMERCIALL: Fitch Rates Class E Notes at BB UNIQUE DISTRIBUTION: Supplier Cuts Ties; Staff May File Suit * Beard Group's Healthcare Transactions Conference Set on May 30 * BOOK REVIEW: Financial Planning for High Net Worth Individual ********* ============= A U S T R I A ============= PLUMBER INSTALLATEUR: Claims Registration Period Ends May 20 ------------------------------------------------------------ Creditors owed money by LLC PLUMBER Installateur (FN 285283i) have until May 20, 2008, to file written proofs of claim to court-appointed estate administrator Daniel Lampersberger at: Mag. Daniel Lampersberger Esteplatz 4 1030 Vienna Austria Tel: 712 33 30-0 Fax: 712 33 30-30 E-mail: kanzlei@engelhart.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:40 a.m. on June 30, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 10, 2008 (Bankr. Case No. 6 S 51/08d). PRESING HANDEL: Claims Registration Period Ends May 20 ------------------------------------------------------ Creditors owed money by LLC Presing Handel (FN 294565i) have until May 20, 2008, to file written proofs of claim to court- appointed estate administrator Herbert Hochegger at: Dr. Herbert Hochegger Brucknerstrasse 4 1040 Vienna Austria Tel: 505 78 61 Fax: 505 78 61 9 E-mail: office@hoch.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on June 3, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 10, 2008 (Bankr. Case No. 6 S 50/08g). =========== F R A N C E =========== PRIDE INTERNATIONAL: Board Drops Ownership Threshold to 10% ----------------------------------------------------------- Pride International Inc.'s Board of Directors has taken action under the company's Stockholder Rights Plan to lower, solely with respect to Seadrill Limited and its affiliates and associates, the threshold level of beneficial ownership of the company's common stock that would trigger the rights from 15% to 10%. Pride also announced that it has been notified by Seadrill of Seadrill's and its affiliates' acquisition, through undisclosed forward purchase contracts and other acquisitions from undisclosed parties, of approximately 9.9% of the company's outstanding common stock. Seadrill has advised the Company that it has made a filing under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 to permit Seadrill to acquire Pride securities, but has neither provided the company with a copy of the filing nor informed the Company at what notification threshold the filing was made under the Act. Despite requests by the company, Seadrill has not provided information about its intentions, plans or proposals with respect to Pride or its acquisition of the common stock; any agreements, arrangements or understandings it has with third parties regarding Pride securities; the terms of the forward purchase contracts; the reasons for its Hart-Scott-Rodino filing; or the maximum ownership level specified in the filing. Seadrill also requested that Pride not publicly disclose its acquisition of Pride securities or its Hart-Scott-Rodino filing. Pride's Stockholder Rights Plan is intended to protect the company's stockholders from open-market accumulations and other abusive takeover activities. The Board of Directors of the company has taken the action with respect to the rights plan because Seadrill has not provided the Company with any information about its intentions, and the Board wants to make sure that all stockholders are protected appropriately. The plan was adopted in 2001 in connection with the Company's merger with Marine Drilling Companies to replace a similar plan in effect at Pride since 1998. About Pride International Headquartered in Houston, Texas, Pride International Inc. (NYSE: PDE) -- http://www.prideinternational.com/-- provides onshore and offshore contract drilling and related services in more than 25 countries, operating a diverse fleet of 277 rigs, including two ultra-deepwater drillships, 12 semisubmersible rigs, 28 jackups, 16 tender-assisted, barge and platform rigs, and 214 land rigs. The company has subsidiaries in France, Netherlands, Venezuela, Bahamas, Mexico, Malaysia and Singapore, among others. * * * To date, Pride International carries Standard & Poor's Ratings Service's BB+ corporate credit rating. The company's unsecured debt is also rated BB+ by S&P. The outlook on the ratings is stable. ============= G E R M A N Y ============= ATTIKA GMBH: Creditors Must File Claims by May 16 ------------------------------------------------- Creditors of Attika GmbH have until May 16, 2008, to register their claims with court-appointed insolvency manager Ingrid Trompertz. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 25, 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 Bonn Hall S 2.22 Second Stock William-Strasse 21 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ingrid Trompertz Willy-Brandt-Allee 18 53113 Bonn Germany The District Court of Bonn opened bankruptcy proceedings against Attika GmbH on March 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Attika GmbH Immenburgstr. 20 53121 Bonn Germany AUTO-TECHNIK: Creditors Must File Claims by May 16 -------------------------------------------------- Creditors of Auto-Technik Automobil GmbH have until May 16, 2008, to register their claims with court-appointed insolvency manager Christoph Schulte-Kaubruegger. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on June 18, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christoph Schulte-Kaubruegger Genthiner Strasse 48 10785 Berlin Germany The District Court of Potsdam opened bankruptcy proceedings against Auto-Technik Automobil GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Auto-Technik Automobil GmbH Potsdamer Strasse 10 14776 Brandenburg Germany BESTATTUNGSHAUS STEPHAN: Creditors Must File Claims by May 16 ------------------------------------------------------------- Creditors of Bestattungshaus Stephan Klaus GmbH have until May 16, 2008, to register their claims with court-appointed insolvency manager Ruediger Wienberg. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 18, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 056 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ruediger Wienberg Mozartstr. 3 04107 Leipzig Germany The District Court of Leipzig opened bankruptcy proceedings against Bestattungshaus Stephan Klaus GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bestattungshaus Stephan Klaus GmbH Rathausstrasse 53 04416 Markkleeberg Germany BETRIEBSWIRTSCHAFTLICHE DIENSTLEISTUNGEN: Claims Due May 16 ----------------------------------------------------------- Creditors of Betriebswirtschaftliche Dienstleistungen fuer Baubetriebe GmbHhave until May 16, 2008, to register their claims with court-appointed insolvency manager Volker Dick. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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 Bonn Hall S 2.22 Second Stock William-Strasse 21 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Volker Dick Koelnstrasse 135 53757 Sankt Augustin Germany The District Court of Bonn opened bankruptcy proceedings against Betriebswirtschaftliche Dienstleistungen fuer Baubetriebe GmbH on April 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Betriebswirtschaftliche Dienstleistungen fuer Baubetriebe GmbH Am Turm 88 53721 Siegburg Germany BUWI KUNSTSTOFFTECHNIK: Creditors Must File Claims by May 16 ------------------------------------------------------------ Creditors of BuWi Kunststofftechnik Verwaltungs-GmbH have until May 16, 2008, to register their claims with court-appointed insolvency manager A. Koehler. Creditors and other interested parties are encouraged to attend the meeting at 8:42 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 Montabaur Hall 106 First Stock Bahnhofstrasse 47 56410 Montabaur Germany The Court will also verify the claims set out in the insolvency manager's report 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: A. Koehler Wilhelmstrasse 42 65582 Diez Germany The District Court of Montabaur opened bankruptcy proceedings against BuWi Kunststofftechnik Verwaltungs-GmbH on March 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BuWi Kunststofftechnik Verwaltungs-GmbH Hauptstrasse 1 57520 Neunkhausen Germany CARL GREINER: Creditors Must File Claims by May 16 -------------------------------------------------- Creditors of Carl Greiner GmbH Formbau und Kunststoffverarbeitung have until May 16, 2008, to register their claims with court-appointed insolvency manager Peter Scholl. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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 Meiningen Meeting Hall A 0105 Lindenallee 15 Meiningen 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 Scholl Andreasstr. 39 99084 Erfurt Germany The District Court of Meiningen opened bankruptcy proceedings against Carl Greiner GmbH Formbau und Kunststoffverarbeitung on March 27, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Carl Greiner GmbH Formbau und Kunststoffverarbeitung Insel 9 A 98544 Zella-Mehlis Germany DMM-GMBH TELEFONMARKETING: Creditors Must File Claims by May 16 --------------------------------------------------------------- Creditors of DMM-GmbH Telefonmarketing have until May 16, 2008, to register their claims with court-appointed insolvency manager Klaus Knetter. Creditors and other interested parties are encouraged to attend the meeting at 10:40 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 Detmold Meeting Room 12 Ground Floor Gerichtsstr. 6 32756 Detmold 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 Knetter Otto-Brenner-Str. 186 33604 Bielefeld Germany The District Court of Detmold opened bankruptcy proceedings against DMM-GmbH Telefonmarketing on April 8, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DMM-GmbH Telefonmarketing Hoerster Bruch 102 32791 Lage Germany Attn: Walter Dietmar Midwer, Manager Heeperholz 15 b 33719 Bielefeld Germany DUESSELDORFER HYPOTHEKENBANK: Sold to Banking Association BdB ------------------------------------------------------------- The Schuppli Group has sold Duesseldorfer Hypothekenbank Bank AG to German banking association Bundesverband deutscher Banken e.V. (Bdb) for an undisclosed sum, Bloomberg News reports. The sale, which allows Duesseldorfer Hypo to continue to redeem Pfandbrief bonds, is aimed at helping the bank overcome difficulties brought about by the current "tense" market conditions, Bloomberg says, citing BdB. BdB, Bloomberg discloses, plans to sell the bank to a new owner. Duesseldorfer Hypo's owner Schuppli injected EUR150 million in equity to the bank after GBP8.5 million in write-downs and lower demand for public sector financing nearly wiped out profits last year, Bloomberg relates. Friedrich Munsberg, management board member at Duesseldorfer Hypo, told Bloomberg it's "business as usual" at Duesseldorfer Hypo, adding the bank is not suffering from a liquidity problem. Duesseldorfer Hypothekenbank Bank AG is a privately owned Pfandbriefbank and subject to the restrictions of the Pfandbrief legislation. It has focused on secondary markets public sector lending. The Schuppli family founded DHB in 1997. The bank has a balance sheet of EUR26.7 billion (US$42.4 billion) As of April 23, 2008, Duesseldorfer Hypothekenbank Bank AG carries Fitch's F individual rating. ECOMARES INC: Evidentiary Hearing Scheduled on May 9 ---------------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada has set the evidentiary hearing on Ecomares, Inc.'s Petition For Recognition Of Foreign Main Proceeding to commence on May 9, 2008, at 9:30 a.m. Ecomares, Inc. - http://www.ecomares.de/-- is a holding company that was founded by a group of German scientists and developers and incorporated in Nevada in 2003. Its principal place of business is, however, Kiel, Germany. Its subsidiaries are engaged in the design, building and operation of fish hatcheries worldwide. On December 1, 2007, an insolvency proceeding was commenced against the Debtor under the German insolvency act. In Nevada, the Debtor is a named party in two civil actions that are pending in separate courts, namely against Colville Services, Ltd. and against Angelina Ovcharik. Dieter Kloth filed a Chapter 15 petition on Jan. 18, 2008 (Bankr. D. Nev. Case No. 08-50074). Jeffrey L. Hartman, Esq., in Reno, Nevada represent Mr. Kloth. EICHIN & DE LAPORTE: Claims Registration Period Ends May 20 ----------------------------------------------------------- Creditors of Eichin & de Laporte Assekuranzmakler GmbH 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 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 Leipzig Hall 056 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Lucas F. Floether Specks Hof Eingang C Nikolaistrasse 3-5 04109 Leipzig Germany Tel: 0341/652200 Fax: O341/65220111 The District Court of Leipzig opened bankruptcy proceedings against Eichin & de Laporte Assekuranzmakler GmbH on March 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Eichin & de Laporte Assekuranzmakler GmbH Schwindstr. 16 04328 Leipzig Germany ENDOSCAN GMBH: Creditors Must File Claims by May 16 --------------------------------------------------- Creditors of Endoscan GmbH have until May 16, 2008, to register their claims with court-appointed insolvency manager Peter Suffel. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.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 Erfurt Hall 15 Judicial Center Rudolfstr. 46 99092 Erfurt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter Suffel Hauptstrasse 6 99425 Weimar-Tiefurt Germany The District Court of Erfurt opened bankruptcy proceedings against Endoscan GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Endoscan GmbH Kantstrasse 5 99425 Weimar Germany EXCITING COMMUNICATION: Claims Registration Ends May 21 ------------------------------------------------------- Creditors of exciting communication GmbH have until May 21, 2008 to register their claims with court-appointed insolvency manager Fabio Algari. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenbach am Main Hall 162N First Floor Kaiserstrasse 63065 Offenbach am Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Fabio Algari Oppenheimer Landstrasse 3 60594 Frankfurt am Main Germany Tel: 069-6109160 Fax: 069-61091616 The District Court of Offenbach am Main opened bankruptcy proceedings against exciting communication GmbH on March 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: exciting communication GmbH Attn: Joerg Weidmann, Manager Daimlerstr. 1h 63303 Dreieich Germany FINAL TRADING: Claims Registration Period Ends May 13 ----------------------------------------------------- Creditors of Final Trading International Handel - Logistik & Consulting GmbH have until May 13, 2008, to register their claims with court-appointed insolvency manager Ulrich Rosenkranz. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 2, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Rostock Hall 330 Zochstrasse 18057 Rostock Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Rosenkranz Lange Strasse 50 18311 Ribnitz-Damgarten Germany The District Court of Rostock opened bankruptcy proceedings against Final Trading International Handel - Logistik & Consulting GmbH on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Final Trading International Handel - Logistik & Consulting GmbH Attn: Alexander Trinks, Manager Stralsunder Strasse 4 18057 Rostock Germany FIRSTLINE IMMOBILIEN: Claims Registration Ends May 21 ----------------------------------------------------- Creditors of Firstline Immobilien GmbH have until May 21, 2008 to register their claims with court-appointed insolvency manager Michael Moenig. Creditors and other interested parties are encouraged to attend the meeting at 9:40 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 Muenster Meeting Hall 101 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Moenig Von-Steuben-Strasse 18 48143 Muenster Germany Tel: 0251/38484-333 Fax: +4925138484300 The District Court of Muenster opened bankruptcy proceedings against Firstline Immobilien GmbH on April 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Firstline Immobilien GmbH Rothenburg 14-16 48143 Muenster Germany Attn: Mila Penning, Manager Kuemmelpad 1 26160 Bad Zwischenahn Germany FLEXAN SCHAUMSTOFFVERARBEITUNG: Claims Period Ends May 13 --------------------------------------------------------- Creditors of Flexan Schaumstoffverarbeitung GmbH have until May 13, 2008, to register their claims with court-appointed insolvency manager Markus Ernestus. 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 of Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe 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: Markus Ernestus O 3, 11+12 68161 Mannheim Germany Tel: (06 21) 53 39 22 0 The District Court of Karlsruhe opened bankruptcy proceedings against Flexan Schaumstoffverarbeitung GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Flexan Schaumstoffverarbeitung GmbH Attn: Leonhard Schweikert, Manager Rheintalbahnstr. 45 68753 Waghausel Germany GRUEN-SERVICE: Creditors Must File Claims by May 16 --------------------------------------------------- Creditors of Gruen-Service Fuchs GmbH have until May 16, 2008, to register their claims with court-appointed insolvency manager Petra Hilgers. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 18, 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 Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Petra Hilgers Goethestrasse 85 10623 Berlin Germany The District Court of Potsdam opened bankruptcy proceedings against Gruen-Service Fuchs GmbH on March 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gruen-Service Fuchs GmbH Dorfstrasse 3 14641 Nauen Germany HAUS LOCCUM: Claims Registration Ends May 22 -------------------------------------------- Creditors of Haus Loccum Service Wohnen GmbH have until May 22, 2008 to register their claims with court-appointed insolvency manager Dirk Oelbermann. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on July 3, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Syke Hall 112 Hauptstr. 5A 28857 Syke Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dirk Oelbermann Ostertorsteinweg 74/75 28203 Bremen Germany Tel: (0421)792 57-0 Fax: (0421)792 57-57 The District Court of Syke opened bankruptcy proceedings against Haus Loccum Service Wohnen GmbH on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Haus Loccum Service Wohnen GmbH Berliner Ring 3 31547 Rehburg-Loccum Germany Attn: Juergen Lieberum, Manager Alte Dorfstrasse 34 31547 Rehburg-Loccum Germany HDT-SYSTEMS-GMBH: Claims Registration Period Ends May 9 ------------------------------------------------------- Creditors of HDT-Systems-GmbH have until May 9, 2008, to register their claims with court-appointed insolvency manager Dr. Jur. A. Koehler. Creditors and other interested parties are encouraged to attend the meeting at 2:30 a.m. on June 2, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Siegen Hall 009 Ground Floor Main Building Berliner Str. 21-22 57072 Siegen 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. Jur. A. Koehler Wilhelmstr. 42 65582 Diez Germany Tel: 06432/645811 Fax: 06432/645820 The District Court of Siegen opened bankruptcy proceedings against HDT-Systems-GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HDT-Systems-GmbH Sassmicker Hammer 26 57462 Olpe Germany Attn: Juergen Paul, Manager Biggestrasse 104 A 57462 Olpe Germany HEIZUNG SANITAR: Claims Registration Period Ends May 20 ------------------------------------------------------- Creditors of Heizung Sanitar Tatewossjan GmbH have until May 20, 2008, to register their claims with court-appointed insolvency manager Dr. Henning Dohrmann. Creditors and other interested parties are encouraged to attend the meeting at 10:25 a.m. on June 2, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Henning Dohrmann Moltkestr. 12 51643 Gummersbach Germany The District Court of Cologne opened bankruptcy proceedings against Heizung Sanitar Tatewossjan GmbH on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heizung Sanitar Tatewossjan GmbH Buchenweg 6 51643 Gummersbach Germany IKB DEUTSCHE: German Markets Regulator Unveils Insider Trading -------------------------------------------------------------- Bundesanstalt f�r Finanzdienstleistungsaufsicht, Germany's financial sector regulator, said it found sufficient evidence to prosecute a Deutsche Bank AG employee for insider trading in the shares of IKB Deutsche Industriebank AG, various reports say. BaFin said the insider trading occurred days before IKB revealed in July billions of Euros in losses due to the subprime crisis, the Financial Times relates. The market regulator said it has referred the case to public prosecutors in Frankfurt, Germany, who will determine whether to proceed with a criminal inquiry, the Wall Street Journal reports. Deutsche Banks told FT that it had not profited from the trades that were valued in the low single millions. 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. INTER ELTRA: Claims Registration Period Ends May 20 --------------------------------------------------- Creditors of Inter Eltra International GmbH i.L. have until May 20, 2008, to register their claims with court-appointed insolvency manager Dr. Sven-Holger Undritz. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 20, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Dr. Sven-Holger Undritz Jungfernstieg 51 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Inter Eltra International GmbH i.L. on March 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Inter Eltra International GmbH i.L. Holstenwall 13 20355 Hamburg Germany KLEINSORG + WOESTE: Claims Registration Period Ends May 9 --------------------------------------------------------- Creditors of kleinsorg + woeste Nflg. Werkzeug und Industriebedarf GmbH have until May 9, 2008, to register their claims with court-appointed insolvency manager Dr. Joerg Nerlich. Creditors and other interested parties are encouraged to attend the meeting at 11:20 a.m. on June 3, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 142 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. Joerg Nerlich Sachsenring 81 50667 Koeln Germany The District Court of Cologne opened bankruptcy proceedings against kleinsorg + woeste Nflg. Werkzeug und Industriebedarf GmbH on March 27, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: kleinsorg + woeste Nflg. Werkzeug und Industriebedarf GmbH An der Malzmuehle 3 - 5 50676 Koeln Germany Attn: Olaf Schmitz, Manager Waldstrasse 46 53332 Bornheim Germany KOPF BESITZ: Claims Registration Period Ends May 20 --------------------------------------------------- Creditors of Kopf Besitz GmbH & Co. KG have until May 20, 2008, to register their claims with court-appointed insolvency manager Dr. Wolfgang Bilgery. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.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 Rottweil Room 0.05 Branch Office Koernerstr. 29 Rottweil 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 Bilgery Humboldtstr. 16 70178 Stuttgart Germany Tel: 0711-966890 Fax: 0711-9668919 The District Court of Rottweil opened bankruptcy proceedings against Kopf Besitz GmbH & Co. KG on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kopf Besitz GmbH & Co. KG Stuetzenstr. 6 72172 Sulz-Bergfelden Germany KOPF ROHRLEITUNGS: Claims Registration Period Ends May 20 --------------------------------------------------------- Creditors of Kopf Rohrleitungs- u. Spezialtiefbau GmbH have until May 20, 2008, to register their claims with court- appointed insolvency manager Dr. Wolfgang Bilgery. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.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 Rottweil Room 0.05 Branch Office Koernerstr. 29 Rottweil 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 Bilgery Humboldtstr. 16 70178 Stuttgart Germany Tel: 0711-966890 Fax: 0711-9668919 The District Court of Rottweil opened bankruptcy proceedings against Kopf Rohrleitungs- u. Spezialtiefbau GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kopf Rohrleitungs- u. Spezialtiefbau GmbH Stuetzenstr. 6 72172 Sulz-Bergfelden Germany P + P GASTSTATTENBETRIEBS: Claims Registration Ends May 8 --------------------------------------------------------- Creditors of P + P Gaststattenbetriebs GmbH & Co. KG have until May 8, 2008, to register their claims with court-appointed insolvency manager Otto Heer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Nuernberg Meeting Hall 152/I Flaschenhofstr. 35 Nuernberg 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: Otto Heer Ziegelsteinstr. 199 90411 Nuernberg Germany Tel: 0911/95571-18 Fax: 0911/95571-40 The District Court of Nuernberg opened bankruptcy proceedings against P + P Gaststattenbetriebs GmbH & Co. KG on April 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: P + P Gaststattenbetriebs GmbH & Co. KG Marthweg 38 90455 Nuernberg Germany PROSIEBENSAT.1 MEDIA: Names Axel Salzmann as Finance Chief ---------------------------------------------------------- ProSiebenSat.1 Media AG has appointed Axel Salzmann, 49, as Chief Financial Officer, effective on June 11, 2008. He will be responsible for group financial control, finance and investor relations, legal affairs, regulatory affairs and administration. Mr. Salzmann will succeed Lothar Lanz, 59, who decided not to renew his contract this year and will be leaving the company effective directly after the shareholders meeting on June 10, 2008. "I am delighted that Axel Salzmann will be joining us. He brings a wealth of financial and operational experience in international companies and in the communications sector," said Guillaume de Posch, Chief Executive Officer of ProSiebenSat.1 Media AG. "I would like to thank Lothar Lanz for his highly estimable contribution rendered in the last twelve years at ProSiebenSat.1," Mr. de Posch continued. "Lothar Lanz shaped the path of ProSiebenSat.1 fundamentally through his competence and experience. I thank him as a fellow board member for the outstanding and personable collaboration and wish him all the best for his future plans and much success." About ProsiebenSat.1 Headquartered in Munich, Germany, ProsiebenSat.1 Media AG -- http://en.prosiebensat1.com/-- broadcasts and produces TV programs through 24 commercial TV stations, 24 premium Pay TV channels and 22 radio network. In June 2007, the ProSiebenSat.1 Group acquired SBS Broadcasting Group. The company employs around 6,000 Europe-wide. * * * As of April 23, 2008, ProsiebenSat.1 Media AG carries Moody's Investors Service's Ba1 senior unsecured and corporate family ratings. RESIDENZ BAUTRAGER: Claims Registration Ends May 21 --------------------------------------------------- Creditors of RESIDENZ Bautrager GmbH have until May 21, 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 9:45 a.m. on June 18, 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 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. 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 RESIDENZ Bautrager GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RESIDENZ Bautrager GmbH Lindenstrasse 7 04683 Naunhof Germany Attn: Dr. Steffen Weber, Manager Lindenring 2d 04824 Beucha Germany SCHLACHTEREI ALBAYRAK: Claims Registration Ends May 21 ------------------------------------------------------ Creditors of Schlachterei Albayrak GmbH have until May 21, 2008 to register their claims with court-appointed insolvency manager Joerg Trittermann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 18, 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 Braunschweig Hall E 01 Martinikirche 8 38100 Braunschweig 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: Joerg Trittermann Lessingplatz 9, D 38100 Braunschweig Germany Tel: (05 31) 1206875 Fax: (05 31) 1206880 E-mail: insolvenz@trittermann.de The District Court of Braunschweig opened bankruptcy proceedings against Schlachterei Albayrak GmbH on March 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schlachterei Albayrak GmbH Attn: Abdullah Albayrak, Manager Trapweg 8 38229 Salzgitter Germany SPITZE BAU: Claims Registration Period Ends May 20 -------------------------------------------------- Creditors of Spitze Bau GmbH have until May 20, 2008, to register their claims with court-appointed insolvency manager Berthold Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 1, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Reinbek Parkallee 6 21465 Reinbek Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Berthold Brinkmann Sechslingspforte 2 22087 Hamburg Germany The District Court of Reinbek opened bankruptcy proceedings against Spitze Bau GmbH on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Spitze Bau GmbH Attn: Jan-Peter Menck, Manager Willinghusener Landstr. 57 22885 Barsbuettel Germany STOEBE HAUSBAU: Claims Registration Period Ends May 20 ------------------------------------------------------ Creditors of Stoebe Hausbau-Planungs-GmbH have until May 20, 2008, to register their claims with court-appointed insolvency manager Ulrich Josephs. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Kassel Hall 234 Friedrichsstrasse 32-34 34117 Kassel Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Josephs Wilhelmshoeher Allee 270 34131 Kassel Germany Tel: 0561/3166-311 Fax: 0561/3166-312 E-mail: kassel@leonhardt-westhelle.eu The District Court of Kassel opened bankruptcy proceedings against Stoebe Hausbau-Planungs-GmbH on April 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Stoebe Hausbau-Planungs-GmbH Karl-Kaltwasser Strasse 28 34121 Kassel Germany THIELERT AIRCRAFT: Files for Insolvency in Chemnitz Court --------------------------------------------------------- The executive board of Thielert Aircraft Engines GmbH has filed for the opening of insolvency at the county court Chemnitz in Germany concerning the assets of the company due to immediate illiquidity. The going concern of Thielert Aircraft can only be ensured permanently by restructuring activities with the support of investors, due to the fact that the holding company Thielert AG is not capable to do so anymore. As a consequence Thielert Aircraft aims for an insolvency plan proceeding. The insolvency plan shall be presented to the court and all creditors by the new appointed executive board and the interim insolvency administrator until the opening of the insolvency proceeding. A successful continuation of business in the insolvency plan proceeding is required. Headquartered in Lichtenstein, Saxony/Germany, Thielert Aircraft Engines GmbH -- http://www.thielert.com/-- is a full subsidiary of Thielert AG, which develops and manufactures components for high-performance engines and special parts with complex geometries and hardware and software for digital engine control systems. WESSER GMBH: Claims Registration Ends May 21 -------------------------------------------- Creditors of Wesser GmbH & Co.KG have until May 21, 2008 to register their claims with court-appointed insolvency manager Denise Oberroeder. 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 her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gera Hall 317 Rudolf-Diener-Str. 1 Gera Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Denise Oberroeder Friedrich-Engels-Str. 1a 07545 Gera Germany The District Court of Gera opened bankruptcy proceedings against Wesser GmbH & Co.KG on April 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wesser GmbH & Co.KG Hauptstr. 106-112 07554 Poelzig Germany WESTLB AG: Supervisory Board Okays Managing Board Reorganization ---------------------------------------------------------------- The Supervisory Board of WestLB AG has approved changes to the WestLB Managing Board at its meeting on April 23, 2008. WestLB AG has appointed Dietrich Voigtlander and Hubert Beckmann as Vice Chairmen of the Managing Board. Mr. Voigtlander is currently a member of the Managing Board and Chief Operating Officer (COO) of DZ-Bank, with responsibility for IT, Process Management and Transaction Banking. He will also assume these functions as COO at WestLB AG, contributing actively to optimising processes and increasing efficiency. Dr. Hans-Juergen Niehaus is currently acting COO at WestLB AG. Dr. Niehaus will now focus on his role as Chief Financial Officer. Mr. Beckmann is currently Chairman of the Managing Board of Westdeutsche ImmobilienBank (WIB), WestLB�s highly successful real estate subsidiary. He previously sat on the Managing Board of Sparkasse Dresden. He will succeed Dr. Norbert Emmerich on the Managing Board. With responsibility for the savings banks, mid caps and real estate businesses, he will have the task of driving forward the realignment of the Bank�s business policy. "With Dietrich Voigtlander and Hubert Beckmann, we are fortunate to have acquired the services of two further highly qualified and experienced bankers for the Managing Board of WestLB, following the recent appointment of Heinz Hilgert," Michael Breuer, Chairman of the WestLB Supervisory Board, said. "The Supervisory Board is convinced that, with Heinz Hilgert and the other members of the Managing Board, they will successfully engineer the necessary realignment and restructuring of the Bank with vigour and determination." The Managing Board and Supervisory Board of WestLB AG expressed their sincere gratitude to Dr. Norbert Emmerich, Vice Chairman of the WestLB AG Managing Board, who will step down from office effective April 30, 2008 by amicable and mutual consent. The departure of Dr. Emmerich reflects the new focus of WestLB AG under its new chairman Heinz Hilgert. About WestLB Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB) -- http://www.westlb.com/-- provides financial advisory, lending, structured finance, project finance, capital markets and private equity products, asset management, transaction services and real estate finance to institutions. In the United States, certain securities, trading, brokerage and advisory services are provided by WestLB AG's wholly owned subsidiary WestLB Securities Inc., a registered broker-dealer and member of the NASD and SIPC. WestLB's shareholders are the two savings banks associations in NRW (25.15% each), two regional associations (0.52% each), the state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by NRW (64.7%) and two regional associations (35.3%). * * * In January 2008, Fitch Rating downgraded WestLB AG's Individual rating to 'F' from 'D/E' and removed the Rating Watch Negative. ZULASSUNGDIENSTE UND SCHILDERSTELLE: Claims Filing Ends May 21 -------------------------------------------------------------- Creditors of Zulassungdienste und Schilderstelle A.J.V. GmbH have until May 21, 2008 to register their claims with court- appointed insolvency manager Manfred Vellmer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 119 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Manfred Vellmer Adalbertstr. 8 48565 Steinfurt Germany Tel: 02552/638710 Fax: +4925526387111 The District Court of Muenster opened bankruptcy proceedings against Zulassungdienste und Schilderstelle A.J.V. GmbH on March 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Zulassungdienste und Schilderstelle A.J.V. GmbH Attn: Antonie Johannis Verloop, Manager Laubstiege 1 A 48599 Gronau Germany ============= I R E L A N D ============= HARRIER FINANCE: Moody's May Further Cut Junk Rtg. After Review --------------------------------------------------------------- Moody's Investors Service placed the ratings of six SIV capital note program on review for downgrade. SIV capital notes have been the most negatively impacted by the funding and pricing difficulties that have caused the sector to all but disappear in the wake of the ongoing liquidity crisis. Today's rating actions reflect further deterioration in the market values of SIV portfolios, and the limited benefits to capital notes of the various restructuring proposals implemented by bank sponsors. Moody's review will focus on the decline in capital net asset value, which incorporates both crystallized losses following asset sales and unrealized losses. Moody's will also review the actual or potential impact on capital notes of any restructuring plans implemented by a vehicle's sponsor. The list of affected vehicles and programs is: Asscher Finance Limited and Asscher Finance Corporation * Mezzanine Capital Note Program (US$41 million of debt securities affected) -- Current Rating: Caa2, on review for downgrade -- Prior Rating: Caa2 Harrier Finance Limited and Harrier Finance (U.S.) Limited * Income Note Program (US$988 million of debt securities affected) -- Current Rating: Caa2, on review for downgrade -- Prior Rating: Caa2 Kestrel Funding Plc and Kestrel Funding LLC * Income Note Program (US$315 million of debt securities affected) -- Current Rating: Caa3, on review for downgrade -- Prior Rating: Caa3 Links Finance Corporation and Links Finance LLC * Mezzanine Capital Note Program (US$1.01 billion of debt securities affected) -- Current Rating: Ba2, on review for downgrade -- Prior Rating: Ba2 Nightingale Finance Limited and Nightingale Finance LLC * Capital Note Program (US$301 million of debt securities affected) -- Current Rating: B3, on review for downgrade -- Prior Rating: B3 * Premier Asset Collateralized Entity Ltd and Premier Asset Collateralized Entity LLC * Capital Note Program (US$315 million of debt securities affected) -- Current Rating: Caa3, on review for downgrade -- Prior Rating: Caa3 STOCKERYALE INC: Posts US$2.2 Million Net Loss in 1Q 2008 --------------------------------------------------------- StockerYale, Inc. reported financial results for the first quarter ended March 31, 2008. Net sales were US$8.1 million for the first quarter of 2008, an 8% increase over US$7.5 million for the first quarter of 2007, and a 7% increase compared with US$7.5 million for the fourth quarter of 2007. Photonic Products sales increased 19% year- over-year and 13% quarter-over-quarter while lasers in total grew 6% over the first quarter of 2007 and 4% over the fourth quarter of 2007. Bookings for the first quarter of 2008 reached US$8.9 million and backlog was US$10.8 million at March 31, 2008. Gross profit was US$2.5 million for the first quarter of 2008, a 4% decrease compared to the US$2.6 million in the first quarter of 2007, but up 62% from US$1.5 million in the fourth quarter of 2007. First quarter 2008 gross margin was 31% compared with 34% in the comparable year-ago quarter, but up 1,004 basis points over 20.1% in the fourth quarter of 2007. Operating expenses totaled US$4.0 million for the first quarter of 2008, increasing 12% over the US$3.6 million in the first quarter of 2007, but declining 15% quarter-over-quarter. The increase over 2007 was primarily due to non-cash share-based compensation expensed under FAS 123(R), and foreign currency exchange differences, especially the Canadian dollar. Non-cash amortization of intangible assets increased US$23,000 to US$330,000 over US$307,000 for the first quarter of 2007. Research and development expenses were flat at US$0.8 million. Sales and marketing and general and administrative expense increased 16%, or US$0.4 million, primarily due to the non-cash share-based compensation expense. Operating loss for the first quarter was US$1.5 million compared with operating losses of US$1.0 million for the first quarter of 2007 and US$3.2 million for the fourth quarter of 2007. Other expenses, which include primarily non-cash debt discount and financing costs, decreased by US$9,000, or 2%, for the first quarter of 2008. Net loss including discontinued operations was US$2.2 million or a lost of US$0.06 per share compared with a net loss of US$1.6 million or US$0.05 per share for the first quarter of 2007 and a US$3.4 million or US$0.09 per share net loss for the fourth quarter of 2007. EBITDA loss was US$400,000 for the first quarter of 2008 compared to loss of US$126,000 for the first quarter of 2007 and a US$2.1 million loss for the fourth quarter of 2007. Mark W. Blodgett, Chairman and Chief Executive Officer of StockerYale, stated, �We are very pleased with our record first quarter revenue and strong operational performance, which was driven by the strength in our laser module business and growth in LED sales. Record bookings were led by our high-end laser module business, which includes optics and laser modules for the bioinstrumentation market, and by end user demand for higher performance and higher margin products. We are also pleased to report that we continue to execute on our plan to further reduce costs, which resulted in a 15% sequential decline in operating expenses.� �The business momentum we are seeing year to date is quite strong and we believe sustainable,� continued Mr. Blodgett. �The Photonics Products unit is performing up to our expectations and achieving the operational improvements we expected as a result of the initiatives put in place last year. Additionally, we continue to execute on our medical device strategy announced in the first quarter. We are confident that we have the right strategy and resources in place to continue to deliver improved financial results this year.� Based on strong order bookings and backlog, StockerYale expects second quarter 2008 revenue to be in the range of US$8.1 to US$8.5 million. Headquartered in Salem, New Hampshire, StockerYale, Inc. (NASDAQ: STKR) -- http://www.stockeryale.com/-- is an independent designer and manufacturer of structured light lasers, LED modules, and specialty optical fibers for industry leading OEMs. In addition, the company manufactures fluorescent lighting products and phase masks. The company serves a wide range of markets including the machine vision, industrial inspection, defense, telecommunication, sensors, and medical markets. StockerYale has offices and subsidiaries in the U.S., Canada, and Europe. The company's Europe subsidiaries are located in England and Ireland. Going Concern Doubt Vitale, Caturano & Company, Ltd. raised substantial doubt about the ability of StockerYale, Inc. to continue as a going concern after auditing the company's consolidated financial statements for the years ended Dec. 31, 2007, and 2006. The auditing firm pointed to the company's recurring losses from operations and significant financial obligations. STOCKERYALE INC: Special Meeting Scheduled for May 20 ----------------------------------------------------- Mark W. Blodgett, President and Chief Executive Officer of StockerYale, Inc., said in a regulatory filing that in lieu of the 2008 Annual Meeting of Shareholders, the company will hold a Special Meeting on May 20, 2008 at 10:00 a.m. The meeting will be held at the offices of Vitale, Caturano & Company, Ltd. at 80 City Square in Boston, Massachusetts. At the meeting, shareholders will be asked: 1. to fix the number of directors comprising the Board of Directors of the company at seven; 2. to elect seven directors to serve until the next Annual Meeting of Shareholders and until their successors are duly elected and qualified; 3. to approve the reincorporation of the company from Massachusetts to Delaware; 4. to amend the company�s 2000 Employee Stock Purchase Plan to increase the number of shares of common stock of the company reserved thereunder from 200,000 to 300,000; 5. to authorize the Board of Directors, in its discretion, should it deem it to be appropriate and in the best interests of the company and its shareholders, to amend the company�s Articles of Organization or the Company�s Certificate of Incorporation, as the case may be, to effect a reverse stock split of the company�s issued and outstanding shares of Common Stock by a ratio of between 1-for-2 and 1-for-8, inclusive, without further approval or authorization of the company�s shareholders; 6. to ratify the appointment of Vitale, Caturano & Company, Ltd. as the company�s independent registered public accounting firm for the current fiscal year; and 7. to transact such other business that may properly come before the Meeting and any adjournments or postponements of the Meeting. Only shareholders of record at the close of business on Wednesday, March 26, 2008 are entitled to notice of, and to vote at, the Meeting. All shareholders are cordially invited to attend the Meeting. Headquartered in Salem, New Hampshire, StockerYale, Inc. (NASDAQ: STKR) -- http://www.stockeryale.com/-- is an independent designer and manufacturer of structured light lasers, LED modules, and specialty optical fibers for industry leading OEMs. In addition, the company manufactures fluorescent lighting products and phase masks. The company serves a wide range of markets including the machine vision, industrial inspection, defense, telecommunication, sensors, and medical markets. StockerYale has offices and subsidiaries in the U.S., Canada, and Europe. The company's Europe subsidiaries are located in England and Ireland. Going Concern Doubt Vitale, Caturano & Company, Ltd. raised substantial doubt about the ability of StockerYale, Inc. to continue as a going concern after auditing the company's consolidated financial statements for the years ended Dec. 31, 2007, and 2006. The auditing firm pointed to the company's recurring losses from operations and significant financial obligations. ========= I T A L Y ========= ALITALIA SPA: Ryanair to File Suit vs. Bridge Loan at EC -------------------------------------------------------- Ryanair Plc will file a suit at the European Commission against the EUR300-million bridging loan granted by the Italian government to Alitalia S.p.A., Agenzia Giornalistica Italia reports citing Ryanair legal director Jim Callaghan. Mr. Callaghan told AGI that the loan gibes the European Union rules on state aid, which could only be granted to troubled firms once every 10 years. "Supporting an inefficient national airline, which should have gone bankrupt a long time ago, is simply illegal," Mr. Callaghan was quoted by AGI as saying. Meanwhile, representatives from the Italian government has presented to the European Commission a letter and a number of documents pertinent to the EUR300-million loan, Michele Cercone, spokesman for EU Transport commissioner Jacques Barrot, told AGI. Mr. Cercone said the Commission is reviewing the documents. State Aid Violation? As reported in the TCR-Europe on April 24, 2008, the European Commission said it would review the financing to Alitalia, whether it violates the European Union rule on state aid. 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. Alitalia cannot receive further aid until 2011, since it took fiscal assistance in 2001. 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. THERMADYNE HOLDINGS: Moody's Upgrades Rating to B3 from Caa1 ------------------------------------------------------------ Moody's Investors Service upgraded Thermadyne Holdings Corporation's corporate family rating to B3 from Caa1 and the rating on the US$175 million 9.25% senior unsecured subordinated notes due 2014 to Caa1 from Caa2. The outlook is stable. The rating action is predicated on the significant improvement of Thermadyne's operating performance and financial metrics in 2007 and Moody's expectation of an adequate financial profile for the rating category in the near term. Moody's recognized Thermadyne's successful turnaround in 2007, illustrated by material margins improvement and working capital efficiencies. The company also generated positive free cash flow for the first time since 2003 and significantly improved its financial metrics. Total debt/EBITDA, as adjusted by Moody's, declined to 4.4 times as of Dec. 31, 2007 from 6.2 times as of Dec. 31, 2006, driven by both debt reduction and EBITDA enhancement. While the cash flow improvement is recent -- a large portion of free cash flow was generated in the fourth quarter of 2007 - and the end market demand could weaken in the short to intermediate term, affecting the company's cyclical operations, Moody's believes that Thermadyne's financial profile and liquidity will remain commensurate with the rating category, hence the stable outlook. Ratings upgraded: -- Corporate Family Rating to B3 -- Probability of Default Rating to B3 -- Rating of Senior Subordinated Notes due 2014 to Caa1 (LGD assessment revised to LGD5/70% from LGD5/72%) PARMALAT SPA: Chapter 11 Cases of Former U.S. Units Closed ---------------------------------------------------------- Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York entered a final decree closing the Chapter 11 cases of Parmalat USA Corp., Farmland Dairies LLC, and Farmland Stremicks Sub, L.L.C. Pursuant to Section 1930(a)(6) of the Judiciary and Judicial Procedures Code, the Reorganized and Liquidating Debtors will not be obligated to pay quarterly fees to the U.S. Trustee for any period beyond March 31, 2008 with respect to their Chapter 11 cases. The Final Decree is without prejudice to the rights of the Debtors or any party-in-interest to seek to reopen their Chapter 11 cases. On behalf of Parmalat USA, Farmland Dairies and Farmland Stremicks, formerly known as Milk Prodcts of Alabama L.L.C., Gary T. Holtzer, Esq., at Weil, Gotshal & Manges, LLP, in New York, said the U.S. Debtors have resolved approximately all of the 970 claims that were filed in their cases, as well as other matters which remained open after the confirmation of their Modified Chapter 11 Plan of Reorganization dated March 9, 2005. Mr. Holtzer said there are two pending claims objections remaining: (a) Parmalat USA and Farmland's objection to a priority tax claim filed by the New York State Department of Taxation and Finance; and (b) Parmalat USA's objection to a general unsecured personal injury claim. According to Mr. Holtzer, the U.S. Debtors are hopeful that those claims can be resolved without further intervention of the Court. In the interim, the U.S. Debtors have created reserves for those disputed claims and hence are able to satisfy those claims upon allowance. Mr. Holtzer said the U.S. Debtors' cases have been "fully administered" within the meaning of Section 350. According to Mr. Holtzer, other than the two pending claims objections, the U.S. Debtors' only remaining obligations will be to: (i) make additional distributions pursuant to the Plan; (ii) file tax returns; and (iii) in the cases of Parmalat USA and MPA, dissolve. Allowing the U.S. Debtors to close their Chapter 11 cases will save significant expenses and benefit all parties, Mr. Holtzer said. Until the Court enters a final decree closing the cases, the U.S. Debtors may be required to continue payment of quarterly fees to the U.S. Trustee. The U.S. Debtors have filed with the Clerk of the Court their Bankruptcy Closing Report. Accordingly, the U.S. Debtors submit that there is ample justification for the entry of a final decree closing their Chapter 11 cases. A full-text copy of the U.S. Debtors Closing report is available at no charge at: http://bankrupt.com/misc/ParmalatUSClosingReport.pdf 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 =================== EUROASIA TRADE: Creditors Must File Claims by June 6 ---------------------------------------------------- LLC Euroasia Trade Company has declared insolvency. Creditors have until June 6, 2008 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 62-06-13. ===================== N E T H E R L A N D S ===================== LYONDELLBASELL: S&P Holds Rating but Revises Outlook to Negative ---------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on The Netherlands-based LyondellBasell Industries AF S.C.A. and related entities to negative from stable. The 'B+' long-term corporate credit rating was affirmed. The outlook revision reflects the increased risks LyondellBasell faces in 2008, including weaker economic growth in the U.S. and Europe and a significant increase in oil prices. "We expect LyondellBasell to achieve significantly lower profitability in 2008, leading to only modest debt reduction," said Standard & Poor's credit analyst Tobias Mock. "This would prevent the company from creating a financial cushion ahead of the expected downturn in the petrochemicals industry in 2009." The outlook is negative because of the risk that the rating will be lowered should LyondellBasell be unable to restore its currently weak liquid-cracker margins during 2008 and achieve a material reduction in financial debt. European and North American liquid-cracker margins remained poor in the first quarter of 2008, showing no substantial improvement from low levels in the fourth quarter of 2007, despite stable demand. Propylene prices even declined in Europe and were unable to offset the significant increase in naphtha prices, which are closely linked to the development of the oil price. The significant increase in oil prices and related materials will substantially increase LyondellBasell's working-capital needs in 2008. In addition, the company spent about US$800 million on acquisitions in the first few months of 2008, further increasing its liquidity needs. The ratings on LyondellBasell remain constrained by its high leverage after the 100% debt-financed acquisition of Basell in 2007. The company is also highly sensitive to the petrochemical and refining cycles. "We expect debt to EBITDA to be less than 5x by the end of 2008," said Mr. Mock. "We also expect the petrochemical cycle to weaken from 2009, due to new capacities in the Middle East and Asia, putting pressure on selling prices of key petrochemicals and polyolefins." Weaker economic growth is also likely to reduce demand for petrochemicals worldwide, consequently reducing the pricing power of petrochemical producers. =========== R U S S I A =========== COMSTAR-UNITED: MGTS JSC Unit Elects Board of Directors ------------------------------------------------------- Comstar � United TeleSystems JSC disclosed that the shareholders of Moscow City Telephone Network JSC have elected a new set of Board of Directors at an extraordinary plenary meeting held on April 22, 2008. The Board of Directors now includes: * Kirill Andreychenko, Corporate Management and Legal Issues Director with COMSTAR-UTS, nominated by COMSTAR-UTS; * Mikhail Bedin, Director of Subscriber Access Network Operations Department, nominated by COMSTAR-UTS; * Leonid Varakin, President of International Public Organization "International Public Academy of Communications," nominated by COMSTAR-UTS; * Aleksey Goncharuk, First Vice President of COMSTAR-UTS, nominated by COMSTAR-UTS; * Shamil Kurmashov, Vice President of Complex � Head of Telecom Assets Development Project (Sistema Telecom) of Sistema JSFC, nominated by COMSTAR-UTS; * Victor Lisenkov, Head of Branch Legal Support Department for Telecom Assets Development Project (Sistema Telecom) of Sistema JSFC, nominated by COMSTAR-UTS; * Irina Matveeva, Vice President, Economics and Finances, COMSTAR-UTS, nominated by COMSTAR-UTS; * Sergey Pridantsev, President of COMSTAR-UTS, nominated by COMSTAR-UTS; * Ivan Rodionov, Professor of State University "Higher Economics School," nominated by COMSTAR-UTS; * Aleksandr Kiselev, General Director of Svyazinvest JSC, nominated by Svyazinvest JSC; * Elena Selvich, Executive Director � Director of Economics and Finances with Svyazinvest JSC, nominated by Svyazinvest JSC; and * Victor Savchenko, Executive Director � Director of Corporate Management and Legal Department of Svyazinvest JSC, nominated by Svyazinvest JSC. The meeting of the Board of Directors held after extraordinary plenary meeting elected Sergey Pridantsev, President of COMSTAR- UTS, as Chairman. About Comstar-UTS Headquartered in Moscow, Russia, Comstar-UTS JSC -- http://www.Comstar-uts.com/en/-- provides fixed line telecommunication services in the Moscow metropolitan area with a population of over 10 million, and to five regions of Russia, Ukraine and Armenia. As at Dec. 31, 2006, Comstar had US$1.12 billion in revenues and US$428.6 million in EBITDA (excluding US$62 million stock bonus awards). * * * As of March 27, 2008, Comstar-United TeleSystems carries Moody's long-term corporate family rating of Ba3 with positive outlook. Standard & Poor's gave the company BB- on long-term foreign issuer credit rating and BB- on long-term local issuer credit rating. The outlook is positive. IRKUTSKIY ENGINEERING: Creditors Must File Claims by May 22 ----------------------------------------------------------- Creditors of CJSC Scientific-Production Association Irkutskiy Engineering Plant (TIN 3812072117) have until May 22, 2008, to submit proofs of claim to: O. Lukina Insolvency Manager Starokuzmikhinskaya Str. 28 664033 Irkutsk Russia The Arbitration Court of Irkutsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A19-13965/07-34. The Court is located at: The Arbitration Court of Irkutsk Room 303 Gagarina Avenue 70 664025 Irkutsk Russia The Debtor can be reached at: CJSC Scientific-Production Association Irkutskiy Engineering Plant Starokuzmikhinskaya Str. 28 664033 Irkutsk Russia NUTRINVESTHOLDING: S&P Rates US$50 Mln Senior Unsec. Notes at B --------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B' senior unsecured debt rating to the US$50 million loan participation notes issued by Winterhaven B.V. for the sole purpose of funding an intended loan of a similar amount to Nutritek International Corp., part of Russian baby food producer Nutrinvestholding OJSC (Nutritek; B/Positive/--; Russia national scale 'ruA-'). "The rating on the bonds mirrors the long-term corporate credit rating on Nutritek," said Standard & Poor's credit analyst Anton Geyze. "The proceeds from the bond issue will be used for refinancing needs and working-capital outlays." The rating on Nutritek is constrained by intense competition, the group's limited presence in the important Moscow and St. Petersburg markets, and its aggressive expansion policy. A narrow production base compared with those of international producers and negative free operating cash flow generation also limit the rating. These factors are mitigated by the rapidly growing baby food market in Russia, the company's position as Russia's largest domestic baby food manufacturer, and its balanced financial policy. ROSTOV-OIL-SERVICE: Court Starts Bankruptcy Supervision Process --------------------------------------------------------------- The Arbitration Court of Yaroslavl commenced bankruptcy supervision procedure on LLC Rostov-Oil-Service. The case is docketed under Case No. A82-8235/2007-56-B/53. The Temporary Insolvency Manager is: A. Grigoryev Post User Box 14 150014 Yaroslavl Russia The Debtor can be reached at: A. Grigoryev Post User Box 14 150014 Yaroslavl Russia RYBNOE CJSC: Creditors Must File Claims by May 22 ------------------------------------------------- Creditors of CJSC Rybnoe (OGRN 1021200662856) have until May 22, 2008, to submit proofs of claim to: S. Kleshev Insolvency Manager Apt. 87 Chekhova Str. 12 Yoshkar-Ola 424004 Mariy El Russia The Arbitration Court of Mariy El commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A38-4583/2007-19-109. The Debtor can be reached at: CJSC Rybnoe Chernaya Gryaz Novotoryalskiy Mariy El Russia SEVERSTAL OAO: Completes Management Buyout at SeverCorr ------------------------------------------------------- OAO Severstal completed the purchase of the outstanding ownership shares belonging to the founding management team of SeverCorr, the next generation steel mill located in Columbus, Miss. Following the transaction, Severstal will hold approximately 85% of SeverCorr. As part of the purchase, John Correnti, Michael Wagner, Richard Painter, Edward Lehner and Wynn Calland will leave Severcorr.