T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, April 28, 2008, Vol. 9, No. 83 Headlines A U S T R I A HFM PESENDORFER: Claims Registration Period Ends June 2 MIBA BAUMGARTNER: Claims Registration Period Ends May 13 RKM BAU: Claims Registration Period Ends May 20 ZONICO -INSTITUT: Claims Registration Period Ends May 29 F R A N C E PATHEON INC: Undertakes Series of Events on Restructuring Plan PATHEON INC: Moody's Holds B2 Rating; Changes Outlook to Neg. G E R M A N Y A. REIFF: Claims Registration Ends May 23 ALLGEMEINE-ZEITSCHRIFTEN UND MEDIEN: Claims Filing Ends May 23 ASTARE PERSONALSERVICE: Claims Registration Ends May 23 AUTOZEITEN GMBH: Claims Registration Period Ends May 21 BAUBETRIEB ZICK: Claims Registration Ends May 23 BAUGESCHAFT M. ZAPF: Claims Registration Period Ends May 21 BK-BERLIN KULTUR: Claims Registration Period Ends May 20 BLASS BAUGESELLSCHAFT: Claims Registration Period Ends May 21 CASA BELLINI: Claims Registration Ends May 23 CONCEPT CLEANTEC: Claims Registration Period Ends May 9 CONSALTO GMBH: Claims Registration Period Ends May 21 CSC-VERWALTUNGS: Claims Registration Period Ends May 21 DASITECH GMBH: Claims Registration Period Ends May 21 EURASIA-FOOD-SERVICE: Claims Registration Period Ends May 21 EUROLEASING GMBH: Claims Registration Ends May 23 KS - VERTRIEB: Claims Registration Period Ends May 7 PRISMA 1. VERWALTUNGSGESELLSCHAFT: Claims Period Ends May 1 PROSIEBENSAT.1 MEDIA: Posts EUR88.5 Mln Group EBITDA for 1Q 2008 PVP GMBH: Claims Registration Ends May 22 ROJA 96: Claims Registration Period Ends May 6 RONDO ELFTE: Claims Registration Period Ends May 19 RONDO ZWOELFTE: Claims Registration Period Ends May 19 RSM RELATIONSHIP: Claims Registration Period Ends May 19 SPEZIALSANIERUNG NORD: Claims Registration Period Ends May 9 STEIN GESELLSCHAFT: Claims Registration Period Ends May 19 STRIEGL BAU: Claims Registration Period Ends May 7 TAMCKE TECHNIK: Claims Registration Period Ends May 19 TELEVISED REVOLUTION: Claims Registration Period Ends May 19 I R E L A N D EIRLES TWO: Moody's May Further Cut Low-B Ratings After Review IBOND SECURITIES: Moody's Cuts Rating on iBoxx 100 Notes to Ba1 LUNAR FUNDING: Moody's Junks Rating on EUR11 Mln Series 17 Notes TITAN EUROPE: S&P Cuts Rating on Class J Notes to B- I T A L Y ALITALIA SPA: Italy Has Until May 4 to Explain Loan, EC Rules FIAT SPA: Earns EUR427 Million in First Quarter of 2008 MICRON TECH: Inks New DRAM Joint Venture with Nanya Technology MICRON TECH: Moody's Holds Ba3 Corporate Family Rating K A Z A K H S T A N AKTAU POLIMER: Creditors Must File Claims by June 3 AL-STROY LLP: Claims Deadline Slated for June 4 ANKOR LLP: Claims Filing Period Ends June 3 EKIBASTUZ-ART LLP: Creditors' Claims Due on June 4 GLINTWANE LLP: Claims Registration Ends June 4 JANA GASYR-AS: Creditors Must File Claims by June 3 KAZGIPRO ENGINEERING: Claims Deadline Slated for June 4 KURYLYS KURALDARY: Claims Filing Period Ends June 3 REAL SAPA: Creditors' Claims Due on June 3 TUMAR LLP: Claims Registration Ends June 3 K Y R G Y Z S T A N MIR & K LLC: Creditors Must File Claims by June 6 L U X E M B O U R G MILLICOM INTERNATIONAL: Earns US$158.1 Mln for 1st Quarter 2008 R O M A N I A CENTRAL EUROPEAN: To Issue 1st Quarter 2008 Earnings on April 30 CENTRAL EUROPEAN: S&P Rates US$475MM Senior Convertible Notes BB R U S S I A AK BARS: Fitch Upgrades Ratings to BB with Outlook Stable BAYKAL-MATCHES: Creditors Must File Claims by May 22 FORD MOTOR: Hiring 1,500 Jobs in Russia to Hike Production MAGNITOGORSK IRON: Shareholders Okay Annual Report & Dividend MAGNITOGORSK IRON: Fitch Affirms Ratings at 'BB'; Outlook Stable MOVABLE MECHANIZED: Court Names Sh. Minkin as Insolvency Manager NOVOMURATOVSKIY WOOD: Creditors Must File Claims by May 22 SEAL-TRANS: Creditors Must File Claims by May 22 TALITSKIY YEAST: Creditors Must File Claims by May 22 TMK OAO: Moody's Confirms Ba3 Rating & Changes Outlook to Neg. S W I T Z E R L A N D GASTRO TRADE: Aargau Court Starts Bankruptcy Proceedings IFFA LLC: Creditors' Liquidation Claims Due by May 7 MILON TRADING: Creditors' Liquidation Claims Due by May 4 MOVIEWORLD.CH LLC: Creditors' Liquidation Claims Due by May 5 RADWARE LLC: Creditors' Liquidation Claims Due by May 5 TERMACOM LLC: Creditors' Liquidation Claims Due by May 4 THIRUMAGAL TEXTILE: Creditors' Liquidation Claims Due by May 7 TOUREX – PZP: Creditors' Liquidation Claims Due by May 7 T U R K E Y CALIK HOLDING: Fitch Downgrades IDR to B; Keeps Watch Negative GLOBUS CAPITAL: Fitch Cuts US$200 Million Notes' Rating to B U K R A I N E COM-TRADE LLC: Creditors Must File Claims by May 9 ELECTRONIC SYSTEMS: Creditors Must File Claims by May 9 FURNEL-UKRAINE: Creditors Must File Claims by May 9 KIEV BUILDING: Creditors Must File Claims by May 9 LADYZHIN PLANT Proofs of Claim Deadline Set May 9 MOTORCAR ENTERPRISE 0928: Proofs of Claim Deadline Set May 9 TG BUDSUPPLY: Creditors Must File Claims by May 9 UKRTECHNOEKSIM CJSC: Creditors Must File Claims by May 9 VINOGRAD LLC: Creditors Must File Claims by May 9 ZAPOROZHJE FURNITURE: Creditors Must File Claims by May 9 U N I T E D K I N G D O M AVERIES WASTE: Brings In Administrators from Deloitte BDC LTD: Appoints Joint Administrators from PwC BOSS STEEL: Brings In Liquidators from Moore Stephens CARMAZ LTD: Taps Liquidators from BDO Stoy Hayward CHROME FUNDING: Moody's Junks Ratings on Series 23-30 Notes DIOMED HOLDINGS: Seeks Court OK to Sell Assets to AngioDynamics DIOMED HOLDINGS: Selects Fladgate LLP as U.K. Legal Counsel DIOMED HOLDINGS: Can Use Cash Collateral on Interim Basis ECOMOLD LTD: Lack of Buyers Cue Wind Down of Remaining Business EUROSAIL 2006-1: Fitch Affirms Rating on Class E Notes at BB EUROSAIL 2006-2BL: Fitch Affirms Class F1c Notes' Rating at B GABRIELLA MILLER: Appoints Martin Dominic Pickard as Liquidator GENERAL MOTORS: Moody's Holds B3 Rating; Changes Outlook to Neg. HARTLEY BRIGGS: Calls In Liquidators from Mazars JESSOP & SMITH: Willie Duncan Leads Liquidation Procedure LEA VALLEY: Brings In Administrators from KPMG MIKROLIVE LTD: Hires Liquidators from Grant Thornton NEW PCORP: Brings In Liquidators from BDO Stoy Harward NORTHERN ROCK: UKSA Seeks Judicial Review of Compensation Order PETROLEOS DE VENEZUELA: Output Totals 1.1 Bln. Barrels in 2007 PETROLEOS DE VENEZUELA: Takes Over Diques y Astilleros PETROLEOS DE VENEZUELA: Selling Fuel Oil to Petrobras POLESTAR HOLDINGS: Appoints Liquidators from BDO Stoy Hayward SEA CONTAINERS: SCSL Panel Asks Documents on Pension Dispute UNITED EGG: Names David Hill as Administrator WHISTLEJACKET CAPITAL: Creditors' Meeting Slated for May 9 Y.C. PLASTICS: Taps Joint Administrators from Baker Tilly * BOND PRICING: For the Week April 21 to April 25, 2008 ********* ============= A U S T R I A ============= HFM PESENDORFER: Claims Registration Period Ends June 2 ------------------------------------------------------- Creditors owed money by LLC HFM Pesendorfer (FN 265016f) have until June 2, 2008, to file written proofs of claim to court- appointed estate administrator Guenther Eybl at: Mag. Guenther Eybl Schlagenstrasse 17 4810 Gmunden Austria Tel: 07612/77011-0 Fax: 07612/77011-77 E-mail: kanzlei-eybl@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:20 a.m. on June 12, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Str. 12 Wels Austria Headquartered in Gmunden, Austria, the Debtor declared bankruptcy on April 7, 2008 (Bankr. Case No. 20 S 31/08x). MIBA BAUMGARTNER: Claims Registration Period Ends May 13 -------------------------------------------------------- Creditors owed money by LLC MIBA Baumgartner (FN 251966p) have until May 13, 2008, to file written proofs of claim to court- appointed estate administrator Siegfried Schuessler at: Dr. Siegfried Schuessler Kanalplatz 5 9400 Wolfsberg Austria Tel: 04352/51 6 44 Fax: 04352/52220 E-mail: ra.dr.schuessler@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on May 19, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Room 225 Second Floor Klagenfurt Austria Headquartered in St. Gertraud, Austria, the Debtor declared bankruptcy on April 7, 2008 (Bankr. Case No.41 S 35/08g). RKM BAU: Claims Registration Period Ends May 20 ----------------------------------------------- Creditors owed money by LLC RKM Bau (FN 281890w) have until May 20, 2008, to file written proofs of claim to court-appointed estate administrator Karl Schirl at: Dr. Karl Schirl Krugerstrasse 17/3 1010 Vienna Austria Tel: 513 22 31 Fax: 513 22 31-1 E-mail: dr.karl.schirl@der-rechtsanwalt.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 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 7, 2008 (Bankr. Case No. 6 S 49/08k). ZONICO -INSTITUT: Claims Registration Period Ends May 29 -------------------------------------------------------- Creditors owed money by LLC ZONICO -Institut fuer Wohnen – Wohnberatung have until May 29, 2008, to file written proofs of claim to court-appointed estate administrator Nikolaus Vogt at: Mag. Nikolaus Vogt Zeltgasse 3 1080 Vienna Austria Tel: 402 57 01 33 Fax: 402 57 01-57 E-mail: nikolaus.vogt@riess.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on June 12, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 7, 2008 (Bankr. Case No. 5 S 26/08w). =========== F R A N C E =========== PATHEON INC: Undertakes Series of Events on Restructuring Plan -------------------------------------------------------------- Patheon Inc. completed the sale of its York Mills facility located in Toronto, Canada, for US$12.3 million effective April 15, 2008. The agreement to sell the facility was entered into on Dec. 31, 2007 as part of Patheon's global network restructuring plan. Patheon is currently in the process of transferring all commercial production and development services undertaken at its York Mills facility to, primarily, its Whitby facility, with a smaller portion of activity being transferred to the company's Mississauga and Cincinnati facilities. This is primarily intended to improve capacity utilization and profitability at the continuing Canadian sites. Patheon is de-commissioning the York Mills facility and has leased back the facility for up to two years in order to facilitate this process. "We are pleased that we have completed another step in our global restructuring plan and are now focused on consolidating our resources at Whitby and improving our productivity in our Canadian Operations," Wes Wheeler, chief executive officer, said. On Feb. 19, 2008, Patheon Inc. reported changes in the roles of several of the company's senior executives. Nick DiPietro has now assumed the role as executive vice- president, corporate development and has relinquished his responsibilities as president and chief operating officer of Patheon. Clive Bennett, former President has assumed the role of chief technical officer, reporting to Wes Wheeler shief executive officer. Steve Liberty is appointed senior vice- president, operations, Canada and USA. These posts were effected March 1, 2008. About Patheon Inc. Headquartered in Mississauga, Ontario, Patheon Inc. (TSX: PTI) -- http://www.patheon.com/-- provides drug development and manufacturing services to the international pharmaceutical companies located primarily in North America, France, Italy, the United Kingdom and Japan. It produces both prescription and over-the-counter drugs for its clients. Patheon provides manufacturing services for a range of products in many dosage forms and packaging, such as compressed tablets, hard-shell capsules, liquids and powders filled in ampoules, vials, bottles or pre-filled syringes. The pharmaceutical development services provided by Patheon include dosage form development services, scale-up and technology transfer services, and manufacturing of pilot batches of drugs. PATHEON INC: Moody's Holds B2 Rating; Changes Outlook to Neg. -------------------------------------------------------------- Moody's Investors Service affirmed the B2 Corporate Family Rating of Patheon Inc. and changed the ratings outlook to negative from stable. Moody's also revised the rating on the US$75 million secured asset based revolver to Ba3 from B1 in accordance with Moody's Asset-Based Loan Rating Methodology and reflecting Moody's belief that the instrument would have very good recovery in a distressed scenario. The B1 rating on the US$150 million senior secured term loan B remains unchanged. The negative outlook reflects risks associated with the company's continued restructuring program and Moody's uncertainty regarding the company's ability to improve profitability and sustain meaningful free cash flow. If the company does not begin to demonstrate meaningful improvement in operating cash flow generation by late 2008, there could be further pressure on the ratings. The B2 Corporate Family Rating is constrained by the weak operating performance that Patheon has demonstrated over the last several years, partly due to the underperformance of three Puerto Rican facilities acquired in 2005. The company continues to make efforts to restructure the business, diversify its revenue base and improve profitability. The ratings are also constrained by the risks inherent in the business, including loss of revenues due to generic competition, product approval delays and client repatriation of products. The ratings are supported by the company's leading market position in the pharmaceutical contract manufacturing arena which has high barriers to entry and longer-term favorable industry fundamentals. The ratings are also supported by the company's relatively modest financial leverage and good near- term liquidity and interest coverage. Affirmed: -- Corporate Family Rating, B2 -- Probability of Default Rating, B2 Instrument Ratings Revised: -- US$75 million Senior Secured Asset Based Revolver, to Ba3 (LGD3, 32%) from B1, (LGD3, 37%) -- US$150 million Senior Secured Term Loan B, to B1 (LGD3, 34%) from B1 (LGD3, 37%) The ratings outlook was changed to negative from stable. ============= G E R M A N Y ============= A. REIFF: Claims Registration Ends May 23 ----------------------------------------- Creditors of A. Reiff Muenchen GmbH have until May 23, 2008 to register their claims with court-appointed insolvency manager Dr. Martin Prager. 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 Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Martin Prager Barthstr. 16 80339 Munich Germany Tel: 089-8589633 Fax: 089-85896350 The District Court of Munich opened bankruptcy proceedings against A. Reiff Muenchen GmbH on March 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: A. Reiff Muenchen GmbH Lehrer-Goetz-Weg 17 81825 Munich Germany ALLGEMEINE-ZEITSCHRIFTEN UND MEDIEN: Claims Filing Ends May 23 -------------------------------------------------------------- Creditors of Allgemeine-Zeitschriften und Medien Beteiligungs GmbH have until May 23, 2008 to register their claims with court-appointed insolvency manager Steuerberater Bernd Walte. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.m. on June 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg 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: Steuerberater Bernd Walte Goethestrasse 6 17033 Neubrandenburg Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Allgemeine-Zeitschriften und Medien Beteiligungs GmbH on April 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Allgemeine-Zeitschriften und Medien Beteiligungs GmbH Freyensteiner Str. 1 17209 Massow Germany ASTARE PERSONALSERVICE: Claims Registration Ends May 23 ------------------------------------------------------- Creditors of ASTARE Personalservice GmbH have until May 23, 2008 to register their claims with court-appointed insolvency manager Herbert Duerkop. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Meeting Hall B 405 Fourth Floor 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: Herbert Duerkop Neuer Wall 86 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against ASTARE Personalservice GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ASTARE Personalservice GmbH Attn: Dr. Hanno Stoecker and Jens Zimmermann, Managers Winterhuder Marktplatz 6-7a 22299 Hamburg Germany AUTOZEITEN GMBH: Claims Registration Period Ends May 21 ------------------------------------------------------- Creditors of autoZeiten GmbH have until May 21, 2008, to register their claims with court-appointed insolvency manager Bernd Depping. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.m. on June 4, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bernd Depping Alfredstr. 108-112 45131 Essen Germany The District Court of Essen opened bankruptcy proceedings against autoZeiten GmbH on April 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: autoZeiten GmbH Kurt-Schumacher-Str. 100 45881 Gelsenkirchen Germany Attn: Monika Holldorf, Manager Groendelle 1 42555 Velbert Germany BAUBETRIEB ZICK: Claims Registration Ends May 23 ------------------------------------------------ Creditors of Baubetrieb Zick GmbH & Co. KG have until May 23, 2008 to register their claims with court-appointed insolvency manager Dirk Decker. Creditors and other interested parties are encouraged to attend the meeting at noon 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 Schwerin Hall 7 Demmlerplatz 14 19053 Schwerin 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 Decker Obotritenring 98 19053 Schwerin Germany The District Court of Schwerin opened bankruptcy proceedings against Baubetrieb Zick GmbH & Co. KG on April 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baubetrieb Zick GmbH & Co. KG Degtower Weg 9 23936 Grevesmuehlen Germany BAUGESCHAFT M. ZAPF: Claims Registration Period Ends May 21 ----------------------------------------------------------- Creditors of Baugeschaft M. Zapf GmbH & Co. KG have until May 21, 2008, to register their claims with court-appointed insolvency manager Detlef Stuermann. 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 Stade Hall 113 Main Building Wilhadikirchhof 1 21682 Stade 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: Detlef Stuermann Domshof 18-20 28195 Bremen Germany Tel: 0421-3686-0 Fax: 0421-3686-100 E-mail: InsolvenzBremen@schubra.de The District Court of Stade opened bankruptcy proceedings against Baugeschaft M. Zapf GmbH & Co. KG on March 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baugeschaft M. Zapf GmbH & Co. KG Wesermünder Strasse 4 27432 Bremervoerde Germany BK-BERLIN KULTUR: Claims Registration Period Ends May 20 -------------------------------------------------------- Creditors of BK-Berlin Kultur GmbH have until May 20, 2008, to register their claims with court-appointed insolvency manager Thomas Kuehn. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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: Thomas Kuehn Luetzowstr. 100 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against BK-Berlin Kultur GmbH on Feb. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BK-Berlin Kultur GmbH Hardenbergplatz 9 10623 Berlin Germany BLASS BAUGESELLSCHAFT: Claims Registration Period Ends May 21 ------------------------------------------------------------- Creditors of Blass Baugesellschaft mbH have until May 21, 2008, to register their claims with court-appointed insolvency manager Petra Gerlach. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Saarbruecken Area Hall 13 First Floor Vopeliusstrasse 2 66280 Sulzbach 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 Gerlach Kaiserstr. 25a 66111 Saarbruecken Germany Tel: 0681-306410 Fax: 0681-399249 The District Court of Saarbruecken opened bankruptcy proceedings against Blass Baugesellschaft mbH on March 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Blass Baugesellschaft mbH Breslauer Str. 1c 66128 Saarbruecken Germany CASA BELLINI: Claims Registration Ends May 23 --------------------------------------------- Creditors of Casa Bellini GmbH have until May 23, 2008 to register their claims with court-appointed insolvency manager Dr. Andreas Roepke. 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 Duisburg Hall C207 Second 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: Dr. Andreas Roepke Muelheimer Strasse 100 47057 Duisburg Germany The District Court of Duisburg opened bankruptcy proceedings against Casa Bellini GmbH on April 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Casa Bellini GmbH Muelheimer Str. 135-137 46045 Oberhausen Germany Attn: Maurizio Vigna and Pasquale Mazzei, Managers Hubertusstr. 2 47199 Duisburg Germany CONCEPT CLEANTEC: Claims Registration Period Ends May 9 ------------------------------------------------------- Creditors of CONCEPT CLEANTEC GmbH have until May 9, 2008, to register their claims with court-appointed insolvency manager Jana Dettmer. Creditors and other interested parties are encouraged to attend the meeting at 2:10 p.m. on June 10, 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 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: Jana Dettmer Weyerstr. 54 50676 Koeln Germany Tel: 0221/9212170 Fax: 0221/92121720 The District Court of Siegen opened bankruptcy proceedings against CONCEPT CLEANTEC GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CONCEPT CLEANTEC GmbH Attn: Reinhard Steindreischer, Manager Seelbacher Str. 65 57258 Freudenberg Germany CONSALTO GMBH: Claims Registration Period Ends May 21 ----------------------------------------------------- Creditors of Consalto 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 11:00 a.m. on June 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 13 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 Consalto GmbH on April 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Consalto GmbH Buldernweg 42 48163 Muenster Germany CSC-VERWALTUNGS: Claims Registration Period Ends May 21 ------------------------------------------------------- Creditors of CSC-Verwaltungs GmbH have until May 21, 2008, to register their claims with court-appointed insolvency manager Dr. Hubertus Bartelheimer. 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Hubertus Bartelheimer Bernburger Strasse 32 10963 Berlin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against CSC-Verwaltungs GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CSC-Verwaltungs GmbH Fahrstrasse 31 15890 Eisenhuettenstadt Germany DASITECH GMBH: Claims Registration Period Ends May 21 ----------------------------------------------------- Creditors of dasitech 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 10:00 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 Muenster Meeting Hall 13 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 dasitech GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: dasitech GmbH Schuerkamp 6 48163 Muenster Germany EURASIA-FOOD-SERVICE: Claims Registration Period Ends May 21 ------------------------------------------------------------ Creditors of EurAsia-Food-Service GmbH have until May 21, 2008, to register their claims with court-appointed insolvency manager Thorsten Springstub. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 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: Thorsten Springstub Humboldtstr. 24 07743 Jena Germany The District Court of Gera opened bankruptcy proceedings against EurAsia-Food-Service GmbH on April 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EurAsia-Food-Service GmbH Poellnitzerweg 5a 07819 Triptis Germany EUROLEASING GMBH: Claims Registration Ends May 23 ------------------------------------------------- Creditors of Euroleasing GmbH have until May 23, 2008 to register their claims with court-appointed insolvency manager Dr. Michael C. Frege. Claims will be verified at 10:05 a.m. on July 24, 2008 at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Michael C. Frege Lennestr. 7 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Euroleasing GmbH on Feb. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Euroleasing GmbH Paul-Zobel-Strasse 8F 10367 Berlin Germany KS - VERTRIEB: Claims Registration Period Ends May 7 ---------------------------------------------------- Creditors of KS - Vertrieb GmbH have until May 7, 2008, to register their claims with court-appointed insolvency manager Florian Schott. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Weiden Law Court Room 219 Ledererstrasse Nr. 9 Weiden 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: Florian Schott Postgasse 1 92637 Weiden Germany Tel: 0961/390310 The District Court of Weiden opened bankruptcy proceedings against KS - Vertrieb GmbH on April 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KS - Vertrieb GmbH Attn: Simona Kramer, Manager Ketteler Str. 4 92665 Altenstadt Germany PRISMA 1. VERWALTUNGSGESELLSCHAFT: Claims Period Ends May 1 ----------------------------------------------------------- Creditors of Prisma 1. Verwaltungsgesellschaft mbH have until May 1, 2008, to register their claims with court-appointed insolvency manager Toralf Maatz. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 27, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neumuenster Meeting Hall B.126 Law Courts Boostedter Strasse 26 Neumuenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Toralf Maatz Holstenstrasse 22 24103 Kiel Germany The District Court of Neumuenster opened bankruptcy proceedings against Prisma 1. Verwaltungsgesellschaft mbH on March 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Prisma 1. Verwaltungsgesellschaft mbH Attn: Monika Pichler, Manager Koenigsberger Strasse 2a 24537 Neumuenster Germany PROSIEBENSAT.1 MEDIA: Posts EUR88.5 Mln Group EBITDA for 1Q 2008 ---------------------------------------------------------------- ProSiebenSat.1 Media AG released its preliminary figures for the first quarter of fiscal 2008. The ProSiebenSat.1 Group increased its revenues by 45.5% to EUR729.1 million and recurring EBITDA by 7.8% to EUR88.5 million due to the first time consolidation of SBS Broadcasting Group. On a pro-forma basis for the combined Group, revenues decreased by 2.0% or EUR14.9 million to EUR729.1 million in first quarter 2008 versus first quarter 2007, recurring EBITDA declined by 25.1% to EUR88.5 million. Pro-forma results in first quarter 2008 have been impacted primarily by the segment Free TV German speaking region that saw a reduction in external revenues of 4.9% to EUR417.1 million. Recurring EBITDA of the segment decreased accordingly by 18.4% to EUR57.6 million. The decrease in revenues and earnings is due to uncertainties linked to the implementation of the new advertising sales model introduced at the end of 2007 as a consequence of proceedings of the German Federal Cartel Office and to a time-lag effect of the weak ratings of Sat.1 in 2007. International TV advertising markets of the former SBS countries again showed stronger dynamics than Germany. External revenues of the Groups segment Free TV International grew by 1.3% and reached EUR176.0 million (pro forma first quarter 2007: EUR173.7 million). Recurring EBITDA showed a decrease of 28.6% to EUR27.5 million partly due to start-up costs for new TV channels in Sweden (Kanal 9) and Norway (FEM). External revenues in the Diversification segment rose 3.1% to EUR135.9 million (pro forma combined). Recurring EBITDA decreased by EUR5.1 million to EUR4.0 million due to lower call TV revenues of 9Live in Germany and to start-up costs for new services in Pay TV and Video-on-Demand as well as for the internationalization of 9Live. The Group has taken decisive accelerated steps in the execution of its strategy by implementing an action plan. The advertising sales model for the German market has been adjusted to increase its competitiveness. The Company is confident that it will regain market share with the adjusted model in second half 2008. The Group has also decided to reorganize the German advertising sales organization to more optimally address the German market following the changes in the advertising sales model, as well as to better position the business for the challenges and opportunities of digitization. Due to the issues related to the advertising sales model in Germany, which will also affect second quarter 2008, the Group has decided to implement a cost savings plan of EUR70 million in 2008 versus its original budget for 2008. Savings will come from a reduction of Selling, General and Administrative Expenses and better use of the Groups existing programming inventory. The Group continues to actively invest in new programming developments. In this regard, the Group has devoted particular attention to Sat.1 over recent months. The station has been able to increase its average audience to 11.0% YTD 2008 vs. 10.5% in the same time period in 2007 (14-49). Finally, the Group has initiated the first steps in the digitization of ProSiebenSat.1 Production by outsourcing its IT services to IBM. 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. PVP GMBH: Claims Registration Ends May 22 ----------------------------------------- Creditors of PVP GmbH Ingenieur-Service Berrens have until May 22, 2008 to register their claims with court-appointed insolvency manager Eberhard Stock. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on June 13, 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 Krefeld Meeting Hall H 131 First Floor Nordwall 131 47798 Krefeld Germany The Court will also verify the claims set out in the insolvency manager's report 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: Eberhard Stock Wilhelmshofallee 75 47800 Krefeld Germany Tel: (02151) 5813-0 Fax: +4921515813134 The District Court of Krefeld opened bankruptcy proceedings against PVP GmbH Ingenieur-Service Berrens on . Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PVP GmbH Ingenieur-Service Berrens Rebhuhnweg 17 47877 Willich Germany ROJA 96: Claims Registration Period Ends May 6 ---------------------------------------------- Creditors of ROJA 96 GmbH have until May 6, 2008, to register their claims with court-appointed insolvency manager Wolfgang Lorisch. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on May 27, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court 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: Wolfgang Lorisch Kurt-Schumacher-Str. 48 45699 Herten Germany Tel: 02366/10820 Fax: +492366108282 The District Court of Muenster opened bankruptcy proceedings against ROJA 96 GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ROJA 96 GmbH Zum Heubach 32 48734 Reken Germany Attn: Ruediger Kuhlmann Zum Heubach 32 48734 Reken Germany RONDO ELFTE: Claims Registration Period Ends May 19 --------------------------------------------------- Creditors of RONDO elfte Verwaltungsgesellschaft mbH have until May 19, 2008, to register their claims with court-appointed insolvency manager Boris Reski. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on June 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 Pinneberg Hall 5 First Floor Bahnhofstrasse 17 25421 Pinneberg 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: Boris Reski Moltkestrasse 3-5 25421 Pinneberg Germany The District Court of Pinneberg opened bankruptcy proceedings against RONDO elfte Verwaltungsgesellschaft mbH on April 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RONDO elfte Verwaltungsgesellschaft mbH Attn: Harald Claussen, Manager Hamburger Strasse 205 25337 Elmshorn Germany RONDO ZWOELFTE: Claims Registration Period Ends May 19 ------------------------------------------------------ Creditors of RONDO zwoelfte Verwaltungsgesellschaft mbH & Co. KG have until May 19, 2008, to register their claims with court- appointed insolvency manager Boris Reski. Creditors and other interested parties are encouraged to attend the meeting at 11:45 a.m. on June 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 Pinneberg Hall 5 First Floor Bahnhofstrasse 17 25421 Pinneberg 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: Boris Reski Moltkestrasse 3-5 25421 Pinneberg Germany The District Court of Pinneberg opened bankruptcy proceedings against RONDO zwoelfte Verwaltungsgesellschaft mbH & Co. KG on April 8, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RONDO zwoelfte Verwaltungsgesellschaft mbH & Co. KG Hamburger Strasse 205 25337 Elmshorn Germany RSM RELATIONSHIP: Claims Registration Period Ends May 19 -------------------------------------------------------- Creditors of RSM Relationship Management Vertriebs GmbH have until May 19, 2008, to register their claims with court- appointed insolvency manager Stephan Neubauer. Creditors and other interested parties are encouraged to attend the meeting at 10:50 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 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: Stephan Neubauer Spitalerstrasse 4 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against RSM Relationship Management Vertriebs GmbH on April 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RSM Relationship Management Vertriebs GmbH Attn: Roberto Heindl, Manager Dehnhaide 81 22081 Hamburg Germany SPEZIALSANIERUNG NORD: Claims Registration Period Ends May 9 ------------------------------------------------------------ Creditors of Spezialsanierung Nord GmbH have until May 9, 2008, to register their claims with court-appointed insolvency manager Bettina Schmudde. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on June 9, 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 Schwerin Hall 7 Demmlerplatz 14 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: Bettina Schmudde Jungfernstieg 51 20354 Hamburg Germany The District Court of Schwerin opened bankruptcy proceedings against Spezialsanierung Nord GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Spezialsanierung Nord GmbH Attn: Nadja Block, Manager Fischstrasse 19 17489 Greifswald Germany STEIN GESELLSCHAFT: Claims Registration Period Ends May 19 ---------------------------------------------------------- Creditors of STEIN Gesellschaft fuer Bautenschutz mbH have until May 19, 2008, to register their claims with court-appointed insolvency manager Ralf Diehl. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Giessen Hall 408 Fourth Floor Building B Gutfleischstrasse 1 35390 Giessen 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: Ralf Diehl Marktlaubenstr. 9 D 35390 Giessen Germany Tel: 0641/93243-0 Fax: 0641/932-4350 The District Court of Giessen opened bankruptcy proceedings against STEIN Gesellschaft fuer Bautenschutz mbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: STEIN Gesellschaft fuer Bautenschutz mbH Attn: Frank Poelitz, Manager Kiesacker 16 35418 Buseck Germany STRIEGL BAU: Claims Registration Period Ends May 7 -------------------------------------------------- Creditors of Striegl Bau GmbH have until May 7, 2008, to register their claims with court-appointed insolvency manager Volker Boehm. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Weiden Law Court Room 219 Ledererstrasse Nr. 9 Weiden 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 Boehm Rothenburger Str. 241 90439 Nuernberg Germany Tel: 0911/60001-0 The District Court of Weiden opened bankruptcy proceedings against Striegl Bau GmbH on April 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Striegl Bau GmbH Attn: Schell Alfred, Manager Max-Reger-Str. 16 92637 Weiden Germany TAMCKE TECHNIK: Claims Registration Period Ends May 19 ------------------------------------------------------ Creditors of Tamcke Technik GmbH have until May 19, 2008, to register their claims with court-appointed insolvency manager Hendrik Rogge. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.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 Hamburg Hall B405 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: Hendrik Rogge Haferweg 22 22769 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Tamcke Technik GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tamcke Technik GmbH Attn: Hermann-Dieter Tamcke, Manager Hein-Sass-Weg 27 21129 Hamburg Germany TELEVISED REVOLUTION: Claims Registration Period Ends May 19 ------------------------------------------------------------ Creditors of Televised Revolution GmbH have until May 19, 2008, to register their claims with court-appointed insolvency manager Andreas Amelung. Creditors and other interested parties are encouraged to attend the meeting at 11:15 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 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: Andreas Amelung Wankelstr. 9 50996 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Televised Revolution GmbH on April 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Televised Revolution GmbH Attn: Tobias Trosse, Manager Krefelder Str. 18 50670 Cologne Germany ============= I R E L A N D ============= EIRLES TWO: Moody's May Further Cut Low-B Ratings After Review -------------------------------------------------------------- Moody's Investors Service downgraded three swaps and three classes of notes issued by Deutsche Bank AG, London Branch -N- Tsar and Eirles Two Limited. All of the tranches remain on review for downgrade. The three classes of notes are repacks of the three classes of swaps. These rating actions are a response to credit deterioration in the underlying portfolio. The transactions are synthetic managed CDOs referencing RMBS and ABS CDOs, containing 20% RMBS and 18% ABS CDOs of the 2004, 2005, and 2006 vintages. Moody's announced on Feb. 04, 2008 that it is revising its expected loss assumptions which are used for surveillance of ratings of ABS CDOs holding subprime RMBS, specifically of the 2006 vintage. Moody's stated that for purposes of monitoring its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it will rely on certain projections of the lifetime average cumulative losses for 2006's quarterly vintages of RMBS set forth in a recent Moody's Special Report, "Moody's Updates Loss Projections for 2006 Subprime Loans." This report illustrates average loss results for the 2006 quarterly vintages under five distinct loss projection scenarios. Moody's explained that it will utilise the range of loss projections set forth in Scenarios 2 and 3 based on deal performance and quarterly vintage to modify its prior assumptions of the expected loss inputs when monitoring ABS CDO ratings. Moody's will continue to monitor all deals with exposure to US subprime RMBS and ABS CDOs, and will take further actions in respect of all CDOs placed under review for downgrade once the extent of actual downgrades to US RMBS and ABS CDO vintages becomes known. These rating actions are: Deutsche Bank AG, London Branch - N-Tsar: (1) US$105,000,000 Class C Swap due 2019 -- Current Rating: A1, on review for downgrade -- Prior Rating: Aaa (2) US$66,500,000 Class D Swap due 2019 -- Current Rating: Ba1, on review for downgrade -- Prior Rating: Aa2 (3) US$31,500,000 Class E Swap due 2019 -- Current Rating: B3, on review for downgrade -- Prior Rating: A2 Eirles Two Limited - Series 102, 103, 104: (1) US$105,000,000 Eirles Two Limited - Series 102 due 2019 -- Current Rating: A1, on review for downgrade -- Prior Rating: Aaa (2) US$66,500,000 Eirles Two Limited - Series 103 due 2019 -- Current Rating: Ba1, on review for downgrade -- Prior Rating: Aa2 (3) US$31,500,000 Eirles Two Limited - Series 104 due 2019 -- Current Rating: B3, on review for downgrade -- Prior Rating: A2 IBOND SECURITIES: Moody's Cuts Rating on iBoxx 100 Notes to Ba1 --------------------------------------------------------------- Moody's Investors Service downgraded iBoxx 100: Diversified Series 3C Notes issued by iBond Securities Plc This downgrade is the result of negative credit migration in the underlying pool of corporate reference credits. This rating action is: iBond Securities Plc (1) iBoxx 100: Diversified Series 3C Notes EUR786,570,000 Notes due 2009 -- Current Rating: Ba1 -- Prior Rating: Baa3 on review for downgrade LUNAR FUNDING: Moody's Junks Rating on EUR11 Mln Series 17 Notes ---------------------------------------------------------------- Moody's Investors Service downgraded and left on review for further downgrade classes of notes issued by Marc CDO I Plc and Lunar Funding V Plc. The underlyings of these CDO transactions are predominantly US subprime RMBS, however, the portfolio also contains ABS CDOs and CDOs of leveraged loans. The subprime RMBS are of the vintages 2005, 2006 and 2007. Moody's announced on Feb. 04, 2008 that it is revising its expected loss assumptions which are used for surveillance of ratings of ABS CDOs holding subprime RMBS, specifically of the 2006 vintage. Moody's stated that for purposes of monitoring its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it will rely on certain projections of the lifetime average cumulative losses for 2006's quarterly vintages of RMBS set forth in a recent Moody's Special Report, "Moody's Updates Loss Projections for 2006 Subprime Loans." This report illustrates average loss results for the 2006 quarterly vintages under five distinct loss projection scenarios. Moody's explained that it will utilise the range of loss projections set forth in Scenarios 2 and 3 based on deal performance and quarterly vintage to modify its prior assumptions of the expected loss inputs when monitoring ABS CDO ratings. Moody's will continue to monitor all deals with exposure to US subprime RMBS, and will take further actions in respect of all CDOs placed under review for downgrade once the extent of actual downgrades to US RMBS vintages becomes known. These rating actions are as follows: Issuer: Marc CDO I PLC (1) The US$38,000,000 Class A1 Secured Floating Rate Credit Linked Notes due 2053 -- Current Rating: B3, on review for downgrade -- Prior Rating: Aa1, on review for downgrade (2) The US$20,000,000 Class A2 Secured Floating Rate Credit Linked Notes due 2053 -- Current Rating: Caa3, on review for downgrade -- Prior Rating: A2, on review for downgrade (3) The US$25,000,000 Class B Secured Floating Rate Credit Linked Notes due 2053 -- Current Rating: Ca -- Prior Rating: Ba2, on review for downgrade (4) The US$13,000,000 Class C Secured Floating Rate Credit Linked Notes due 2053 -- Current Rating: C -- Prior Rating: Caa3, on review for downgrade Issuer: Lunar Funding V Plc (1) The Series 17 EUR11,050,000 Secured Asset-Backed Notes due 2053 -- Current Rating: C -- Prior Rating: Caa3, on review for downgrade TITAN EUROPE: S&P Cuts Rating on Class J Notes to B- ---------------------------------------------------- Standard & Poor's Ratings Services removed from CreditWatch with negative implications and lowered its ratings on the class J notes issued by Titan Europe 2006-2 PLC. At the same time, it affirmed its ratings on the remaining notes in the transaction. The class J notes were initially placed on CreditWatch negative on Jan. 10, 2008. This rating actions are due to our concerns regarding the term risk for the Labrador Portfolio Loan (13.89% of the mortgage loan pool). This loan has a current reported debt-service coverage ratio below 1.00x and on the January 2008 interest payment date the sponsor had to inject equity to avoid loan default. The drop in rental income was caused by cost increases and by vacancy increases in the Lueneberg and Winsen sub-portfolios. The planned refurbishment of the assets has still not been completed and there are ongoing discussions regarding whether to continue. However, the assets are in need of extensive refurbishment to achieve higher occupancy rates. The DSCR has been close to the default covenant throughout 2007. Given the continuing underperformance of this loan compared with the initial assumptions, Standard & Poor's adjusted the net operating income to EUR2.57 million per year to reflect a higher structural vacancy. Based on Standard & Poor's NOI, the DSCR would be below 1.00x for the entire loan term, increasing the uncertainty of a term default for this loan. In our opinion, if this loan defaults, there is likely to be a shortfall in the timely payment of interest on the class J notes as not all associated amounts may be drawable under the liquidity facility. If this occurs, the rating on this class would be further lowered to 'D'. To address our concerns, we have removed from CreditWatch negative and lowered our rating on the class J notes to 'B-'. We have affirmed our ratings on the remaining classes of notes. The transaction, which was arranged by Credit Suisse International, closed on May 31, 2006. The EUR862.2 million commercial mortgage-backed floating-rate notes issued at closing were backed by a pool of seven commercial real estate loans originated by CSI. The balance has now reduced to EUR672.99 million, with three loans prepaying at the January 2008 interest payment date. Ratings List Titan Europe 2006-2 PLC EUR862.2 Million Commercial Mortgage-Backed Floating-Rate And Variable-Rate Notes Class To From Rating Removed From CreditWatch Negative and Lowered J B- B/Watch Neg Ratings Affirmed A AAA X AAA B AAA C AAA D AA E A F BBB+ G BBB H BB ========= I T A L Y ========= ALITALIA SPA: Italy Has Until May 4 to Explain Loan, EC Rules ------------------------------------------------------------- The European Commission gave the Italian government until May 4, 2008, to reply on concerns whether its planned EUR300- million loan to Alitalia S.p.A. breaks the European Union rule on state aid, Matthew Newman writes for Bloomberg News. As reported in the TCR-Europe on April 24, 2008, the Commission said it would review the financing to Alitalia. 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. According to Bloomberg News, Italy needs to prove that the loan was offered on commercial terms to gain approval from the Commission. Alitalia may face months-long probe over the legality of the loan, which may further cramp Italy's efforts to sell its 49.9% stake in the national carrier. As reported in the TCR-Europe on April 25, 2008, Ryanair Plc said it will file a suit at the European Commission against the EUR300-million bridging loan granted to Alitalia. Italy said it would respond to the Commission's query within the deadline, Bloomberg News relates. 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. FIAT SPA: Earns EUR427 Million in First Quarter of 2008 ------------------------------------------------------- The Board of Directors of Fiat S.p.A. met in Turin under the chairmanship of Luca Cordero di Montezemolo to approve the Group’s first quarter 2008 results. Group revenues rose nearly 10% to EUR15 billion, with all businesses contributing to the increase, despite the uneven trading conditions in some key regions: -- Continued success of new and existing models enabled Fiat Group Automobiles to achieve growth, with a total of 563,600 units delivered during the quarter (+4.1% over first quarter 2007). Although overall demand in Western Europe was down, FGA reported notable year-over-year increases in Germany (+15%) and France (+27%), in addition to experiencing a record quarter in Brazil (+35%). -- Agricultural and Construction Equipment (CNH) revenues were up 10.1% (25.9% in US dollar terms). The Sector’s global presence enabled it to capitalise on growth opportunities in international markets, offsetting declines in Construction Equipment in North America. -- Trucks and Commercial Vehicles (Iveco) had record first quarter revenues, with the number of vehicles delivered up 21% over prior year. 2007 new product launches ensured that the Sector could meet increased demand in the heavy vehicle range. Trading profit increased 28.7% to EUR766 million, with gains in all industrial businesses: -- FGA contributed trading profit of EUR193 million (2.8% of revenues), slightly higher than 2007 reported levels but up EUR81 million or 53% excluding one-off items. -- CNH reported an increase of EUR9 million to EUR198 million (up 19.4% in US dollar terms). Margins were down 0.3% to 6.7% as a result of industrial inefficiencies caused by the rapid increase in demand for agricultural products. -- Iveco posted another record first quarter trading profit, up 48% year-over-year to EUR222 million, representing a significant improvement in trading margin to 7.6% (from 6% for first quarter 2007). Strategic developments during the quarter include three joint ventures announced by Magneti Marelli in India and the acquisition of a manufacturing plant by FPT Powertrain Technologies in Brazil. At the AGM held on March 31, 2008, shareholders approved an aggregate 2007 dividend of EUR523 million and renewed authorization for the Group’s share buy-back program. The Group closed the quarter with Net Industrial Debt of EUR1.1 billion, driven by a seasonal increase in working capital of EUR1.3 billion, acquisitions of EUR0.1 billion and EUR0.2 billion in share repurchases. Liquidity remains strong at EUR4.8 billion. All 2008 Group targets are confirmed, including Net Industrial Cash of EUR1.5 billion at year end (excluding the impact of additional share buybacks). The Group Group revenues for first quarter 2008 totaled EUR15 billion, up 9.9% over the same period in 2007, with all industrial businesses contributing to the increase. Trading profit of EUR766 million (5.1% of revenues) rose nearly 29 % over the EUR595 million reported for first quarter 2007 (4.4% of revenues). Operating profit came in at EUR783 million for the quarter, and included net unusual income of EUR17 million, primarily arising from the release of provisions for risks and restructuring costs which are no longer required. Net financial expense for the quarter totaled EUR210 million and included a EUR63 million charge for the marking to market of two stock-option related equity swaps. The equivalent item yielded a EUR91 million income inclusion in first quarter 2007, thus yielding a year-over-year difference of EUR154 million. The aggregate fair value for these equity swaps continues to be positive at quarter end. Excluding the impact of the equity swaps, net financial expense for the quarter was flat compared with first quarter 2007. Profit before taxes totaled EUR636 million, an increase of EUR62 million over first quarter 2007. Higher operating profit (+EUR188 million) and an increase in investment income (+EUR27 million) more than offset higher net financial expense. Income taxes amounted to EUR209 million (EUR198 million in first quarter 2007), representing an effective tax rate of 32.9% (34.5% in first quarter 2007). Net profit (before minority interests) for first quarter 2008 totaled EUR427 million, compared to EUR376 million for the same period in 2007. Net industrial Debt rose by EUR1.5 billion, mainly due to seasonal working capital absorption (EUR1.3 billion), share buy- backs of EUR0.2 billion, acquisitions of EUR 0.1 billion and the equity swap impact of EUR63 million. Liquidity of EUR4.8 billion remained strong and in line with Group guidelines. 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 MICRON TECH: Inks New DRAM Joint Venture with Nanya Technology -------------------------------------------------------------- Micron Technology, Inc. and Nanya Technology Corporation said last week that they have signed an agreement to create MeiYa Technology Corporation, a new DRAM joint venture. The partnership will leverage both Micron and Nanya’s manufacturing technology, strengths and experience. As part of the joint venture, a 200 millimeter (mm) Nanya manufacturing facility in Taiwan will be upgraded to industry-leading 300mm technology starting this year, with the facility coming online for production in 2009. In addition to MeiYa, the parties will jointly develop and share future technology. Both parent companies will own 50 percent of the joint venture initially, and each will contribute US$550 million in cash by the end of 2009. The transaction is subject to customary closing conditions, including regulatory approval in Taiwan, and is expected to close within the next few months. “This partnership brings greater scale and efficiency to the DRAM manufacturing operations of both parent companies, and Micron is pleased to officially enter into this joint venture with Nanya,” said Mark Durcan, Micron’s President and Chief Operating Officer. “We are sure that MeiYa will demonstrate the synergistic combinations of Nanya and Micron’s strength in the DRAM industry,” said Dr. Jih Lien, Nanya’s President. “Nanya has a very high expectation for this new entity.” About Nanya Nanya Technology Corporation -- http://www.ntc.com.tw-- is a member of the Formosa Plastics Group. The company is in the business of advanced memory semiconductors, focusing on research and development, design, manufacturing, and sales of DRAM products. NTC’s common stock is traded on the Taiwan Stock Exchange Corporation under the 2408 symbol. The company currently owns two 200mm fabrication facilities and one 300mm fabrication facility in Taiwan. The company also has a 300mm joint venture, Inotera Memories, Inc., which operates two 300mm fabrication facilities in Taiwan. About Micron Headquartered in Boise, Idaho, Micron Technology, Inc. -- http://www.micron.com/-- (NYSE:MU) is a provider of advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets DRAMs, NAND flash memory, CMOS image sensors, other semiconductor components, and memory modules for use in leading-edge computing, consumer, networking, and mobile products. Outside the United States, the company has subsidiaries in the United Kingdom, Japan, Singapore, Germany, China, Italy, and Puerto Rico. MICRON TECH: Moody's Holds Ba3 Corporate Family Rating ------------------------------------------------------ Moody's Investors Service affirmed Micron Technology, Inc.'s Ba3 corporate family rating and revised the outlook to negative from stable. Moody's also assigned a speculative grade liquidity rating of SGL-2. The negative rating outlook reflects expectations for continued challenging conditions in Micron's core DRAM and NAND flash memory markets. Over the past year, the memory markets have been hampered by excess capacity, lower unit demand and continued sharp ASP (average selling price) erosion. For most of fiscal 2007 the company was unable to lower unit production costs quickly enough to offset sharp ASP degradation given the difficult DRAM pricing environment. The negative outlook also reflects the company's weakened financial flexibility given Micron's capital intensive business model in which large capital expenditures to transition its wafer fabs to 300mm capacity have outpaced internally funded cash flow generation, which has resulted in significant negative free cash flow over the past 18 months. Though Micron has flexibility to reduce certain capex requirements, our expectation is for lower cash balances over the near-term given the large capital expenditures planned for fiscal 2008, which are anticipated to be in excess of internal cash flow from operations. Additionally, Moody's believes Micron will be challenged to expand its leading edge technology in a timely manner beyond consumer-based end markets, which depend, in large part, on consumer discretionary spending, an area that has experienced a marked slowdown in recent months. Maintenance of the Ba3 rating is predicated on prudent cash management and improvement in credit protection measures and margins as a result of continued cost reductions and increased operating efficiencies relative to ASP pressures. Moody's notes the rating would likely experience downward pressure near-term if challenging industry conditions do not abate and/or poor execution causes Micron to experience further operating margin degradation and sustained levels of negative free cash flow, resulting in further weakening of its liquidity position or increased use of debt. The SGL-2 rating reflects the company's good liquidity. However, Micron's liquidity position could become an area of concern given the company's declining cash balances, weakening gross cash flow and expectations of continued negative free cash flow generation. As of February 2008, the company had approximately US$1.8 billion in cash and short-term investments. This is down from US$2.9 billion of cash in May 2007, which was artificially boosted by proceeds from a US$1.3 billion convertible note issue to help fund the large capex requirement. Micron will need to service roughly US$528 million of debt maturities over the next year, presumably with balance sheet cash since we do not anticipate free cash flow to be positive over this period. The Ba3 rating incorporates Moody's expectations that Micron will maintain at least US$1.2 billion of balance sheet liquidity and flat to lower debt levels over the near to intermediate term. For the quarter ended Feb. 28, 2008, Micron's revenues declined 5% to US$1.36 billion from US$1.43 billion in the comparable 2007 period while gross margins declined to -3.2% from 25% over the same time period, which can be attributed to sharp ASP decline in its core memory markets (i.e., 60% drop in DRAM and 70% drop in NAND), the company's inability to reduce costs at a faster pace than market price erosion and lack of a material increase in DRAM production volumes to offset sharp ASP declines. However, Micron's ongoing transition of its DRAM production using 68-nanometer process technology and 50- nanometer NAND process technology could provide a base off of which cost reductions and higher volumes can be realized to offset the steep price declines across the memory market. These ratings and assessments were affirmed: -- Corporate Family Rating -- Ba3 -- Probability of Default Rating -- Ba3 -- Senior Unsecured Shelf Registration -- (P)B1 (LGD-5, 71%) -- Subordinated Shelf Registration -- (P)B2 (LGD-6, 97%) This rating was assigned: -- Speculative Grade Liquidity -- SGL-2 -- The outlook is negative. Micron Technology, Inc., headquartered in Boise, Idaho, is a manufacturer of DRAM, NAND flash memory, CMOS image sensors, and semiconductor components. Revenues and EBITDA (Moody's adjusted) for the twelve months ended Feb. 28, 2008 were approximately US$5.6 billion and US$1.1 billion, respectively. =================== K A Z A K H S T A N =================== AKTAU POLIMER: Creditors Must File Claims by June 3 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau has declared LLP Aktau Polimer Stroy insolvent on March 25, 2008. Creditors have until June 3, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Mangistau Micro District 27 Aktau Mangistau Kazakhstan AL-STROY LLP: Claims Deadline Slated for June 4 ----------------------------------------------- LLP Construction Company Al-Stroy has declared insolvency. Creditors have until June 4, 2008, to submit written proofs of claims to: LLP Construction Company Al-Stroy Stroitelny side street 4/1 Uralsk West Kazakhstan Kazakhstan ANKOR LLP: Claims Filing Period Ends June 3 ------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Ankor insolvent on Feb. 28, 2008. Creditors have until June 3, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakhstan EKIBASTUZ-ART LLP: Creditors' Claims Due on June 4 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Ekibastuz-Art insolvent on March 25, 2008. Creditors have until June 4, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Djambulskaya Str. 6 Pavlodar Kazakhstan Tel: 8 (3182) 57-16-66 GLINTWANE LLP: Claims Registration Ends June 4 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Glintwane insolvent on March 25, 2008. Creditors have until June 4, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Djambulskaya Str. 6 Pavlodar Kazakhstan Tel: 8 (3182) 57-16-66 JANA GASYR-AS: Creditors Must File Claims by June 3 --------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Jana Gasyr-As insolvent. Creditors have until June 3, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Momyshuly Str. 27 Shymkent South Kazakhstan Kazakhstan KAZGIPRO ENGINEERING: Claims Deadline Slated for June 4 ------------------------------------------------------- LLP Kazgipro Engineering has declared insolvency. Creditors have until June 4, 2008, to submit written proofs of claims to: LLP Kazgipro Engineering Eset-Batyr Str. 150-50 Aktobe Aktube Kazakhstan KURYLYS KURALDARY: Claims Filing Period Ends June 3 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Kurylys Kuraldary insolvent. Creditors have until June 3, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktube Kazakhstan Tel: 8 (3132) 21-30-32 REAL SAPA: Creditors' Claims Due on June 3 ------------------------------------------ The Specialized Inter-Regional Economic Court of Aktube has declared LLP Real Sapa Group insolvent on March 21, 2008. Creditors have until June 3, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktube Kazakhstan Tel: 8 (3132) 21-30-32 TUMAR LLP: Claims Registration Ends June 3 ------------------------------------------ The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Firm Tumar insolvent on Feb. 28, 2008. Creditors have until June 3, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakhstan =================== K Y R G Y Z S T A N =================== MIR & K LLC: Creditors Must File Claims by June 6 ------------------------------------------------- Joint Kyrgyz-Chinese LLC Mir & K has declared insolvency. Creditors have until June 6, 2008 to submit written proofs of claim. Inquiries can be addressed to (0-555) 77-25-70. =================== L U X E M B O U R G =================== MILLICOM INTERNATIONAL: Earns US$158.1 Mln for 1st Quarter 2008 -------------------------------------------------------------- Millicom International Cellular S.A. posted US$158.1 million in net income on US$800.7 million in net revenues for the first quarter 2008, compared to US$345.2 million in net income on US$562.7 million in net revenues for the same period in 2007. As of March 31, 2008, Millicom had US$4.76 billion in total assets, US$3.03 billion in total liabilities, resulting to US$1.73 billion in total shareholders equity. The company's March 31 balance sheet showed a working capital deficit with US$1.8 million in total current assets and US$2 million in total current liabilities. "Millicom recorded the second best quarter in its history in terms of net subscriber additions, adding 2.8 million in the quarter, following the exceptional final quarter of 2007," Marc Beuls, CEO of Millicom, said. "We are also particularly pleased with the first quarter year-on-year revenue growth of 42%, which is higher than the 41% growth in the previous quarter, and with the net profit of $158 million for the quarter, reflecting a very strong margin of 20%." "Given that first quarter has historically been the weakest quarter of the year, owing to the seasonality of our business, our results show that we have achieved real traction across our markets as a result of sustained and heavy investment in sales and marketing, distribution and our networks in the last few years. It is encouraging to see the EBITDA margin improve to 42% from 40% in the previous quarter given this high level of investment. In 2008 it is our intention to increase capex still further and we are forecasting capex in excess of one billion U.S. dollars for the year, which underlines our belief that we can continue to grow both our subscriber base and market share as the penetration rates rise across all our markets. "Millicom's strategy continues to be to build a mass market pre- paid business in all 16 of its markets and it is important to understand, as we have often mentioned, that in order to drive penetration and subscriber growth we need to target customers with less disposable income. In first quarter we delivered higher than expected subscriber growth, a record for a first quarter, by aggressively targeting these customers. Firstly, the percentage of net new subscriber additions from Africa and Asia has risen from 39% in first quarter 2007 to 45% in first quarter 2008. Secondly, in Latin America as we continue to drive mobile voice penetration levels beyond the current levels, we need to increasingly target those customers with limited disposable incomes.