/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080430.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, April 30, 2008, Vol. 9, No. 85 Headlines A U S T R I A BABUSCU KEG: Claims Registration Period Ends June 17 DOPPELREITER & DOPPELREITER: Claims Registration Ends June 17 PLEINER OEG: Claims Registration Period Ends June 3 RADINGER & CO: Claims Registration Period Ends June 3 ROPLA HANDEL: Claims Registration Period Ends May 27 F I N L A N D STORA ENSO: Moody's Lowers Senior Unsecured Rating to Ba1 G E R M A N Y BECHERT GMBH: Claims Registration Period Ends May 13 CUX FONDS: Claims Registration Period Ends May 13 DGN-PUTZ GMBH: Claims Registration Period Ends May 13 FRITZ SCHILLINGER: Claims Registration Ends May 19 GBP-CONCEPT: Claims Registration Period Ends May 16 GOLDY RAHMEN: Claims Registration Period Ends May 5 HARTMANN WOHNBAU: Claims Registration Ends May 20 HCW AUTOWASCHANLAGEN: Claims Registration Ends May 19 HELI-FLIGHT VERWALTUNGS: Claims Registration Ends May 20 INGENIEURBUERO-KABEL GMBH: Claims Registration Ends May 19 MOEBEL-MARKT-MATTHIES: Claims Registration Period Ends May 16 MOELLER IMMOBILIEN: Claims Registration Period Ends May 16 TV-MEDIENSERVICE: Claims Registration Period Ends May 13 VAHLDORFER PROJEKT: Claims Registration Period Ends May 14 WEST MAIL: Claims Registration Period Ends May 13 I R E L A N D LUNAR FUNDING: Moody's May Further Cut Ratings After Review I T A L Y ALITALIA SPA: Silvio Berlusconi Mulls Firm's Nationalization WORLDSPACE INC: Grant Thornton Raises Substantial Doubt K A Z A K H S T A N ALEX COMPANY: Creditors Must File Claims by June 17 EKIBASTUZ-ART LLP: Claims Deadline Slated for June 18 ESTA AVANGARD: Claims Filing Period Ends June 17 GERMES TRADE: Creditors' Claims Due on June 13 TRANSMERIDIAN EXPLORATION: UHY LLP Raises Substantial Doubt * S&P Holds Ratings on 12 Banks on Sovereign Outlook Revision K Y R G Y Z S T A N NIKA LLC: Creditors Must File Claims by June 6 N E T H E R L A N D S COMMODORE INTERNATIONAL BV: Court Rewinds Bankruptcy STICHTING MEMPHIS 2005-I: Fitch Hold Class F Notes' BB Rating STICHTING MEMPHIS 2006-I:: Fitch Affirms Class G Notes' B Rating P O L A N D ELEKTRIM SA: Makes EUR37.4 Mln Payment; Redeems Bonds in Full ELEPHANT TALK: Kabani & Co Expresses Going Concern Doubt R U S S I A ALNAS-INVEST-SERVICE: Creditors Must File Claims by May 22 COMSTAR-UNITED: First Quarter Subscriber Base Hikes by 14% EUROLINE LLC: Creditors Must File Claims by May 22 KAZANORGSINTEZ OJSC: Weak Credit Profile Cues Fitch's B- Ratings KLYUCHINSKIY LLC: Court Starts Bankruptcy Supervision Procedure MEKHSERVIS OJSC: Creditors Must File Claims by May 22 ROSNEFT OIL: Board Recommends 20% Dividend Increase SEVERSTAL OAO: Unit Wins Rights for Ostantsovy Gold Field S P A I N HEXCEL CORP: Opens First Carbon Fiber Plant in Spain TDA CAJAMAR 2: Fitch Hold Class D Notes' Rating at BB+ U K R A I N E BUILDING MANAGEMENT4: Proofs of Claim Deadline Set May 10 EPRAISE-SP: Creditors Must File Claims by May 10 FREGAT 555: Creditors Must File Claims by May 10 ROSAGRO LLC: Proofs of Claim Deadline Set May 10 RUSSIA LLC: Creditors Must File Claims by May 10 SCHEGLOVSKY GEOLOGICAL: Proofs of Claim Deadline Set May 10 TELECOMINVEST-KIEV: Proofs of Claim Deadline Set May 10 TEXTILE TRADE: Creditors Must File Claims by May 10 TOP VERESEN: Creditors Must File Claims by May 10 TRIBAL TRADE: Creditors Must File Claims by May 10 UKRAINIAN BUILDING: Creditors Must File Claims by May 10 VALENTA LLC: Creditors Must File Claims by May 10 ZASTAVNOVSKYAL AGRICULTURAL: Creditors' Claims Due May 10 U N I T E D K I N G D O M CASTLE FINANCE: Moody's Withdraws Low-B Ratings on Two Notes CITY WALL: Creditors' Meeting Slated for May 14 CROSSBURN LTD: Creditors' Meeting Slated for May 14 DESIGNFORCE LTD: Brings In Administrators from Vantis ECOHOMES LTD: Brings In Liquidators from KPMG EXRADIA LTD: Goes Into Liquidation; Transfers Assets to Parent FORD MOTOR: Tracinda Offers to Buy 20MM Shares at US$8.50/Share GIZMONDO: Liquidators Call Ex-Director Over Bankruptcy Probe INFORMATION TECHNOLOGY: Taps Liquidators from BDO Stoy Hayward KANTH INDUSTRIES: Claims Filing Period Ends May 30 LEADERS OF LIVERPOOL: Sacks 45 Jobs as Liquidators Take Helm NEWGATE FUNDING: Moody's Cuts Ratings on Eight Note Classes ODS BUSINESS: Brings In Administrators from BDO Stoy PHOENIX SECURITY: Calls In Liquidators from Tenon Recovery PROMISE FINANCE: Appoints Joint Administrators from Deloitte PROTEA PRODUCTS: Creditors' Meeting Slated for May 9 QUEBECOR WORLD: Randy Benson Named Chief Restructuring Officer QUEBECOR WORLD: Posts US$2 Billion Net Loss for Full Year 2007 QUEBECOR WORLD: Quebecor Inc Issues Clarification SUNKING FLOWERS: Creditors' Meeting Slated for May 1 UKLI LTD: Taps Deloitte & Touche to Administer Assets VALENTINO'S WINES: Names David Hill as Administrator ZIFF DAVIS: Inks Agreement with Creditors on Chapter 11 Plan ********* ============= A U S T R I A ============= BABUSCU KEG: Claims Registration Period Ends June 17 ---------------------------------------------------- Creditors owed money by KEG BABUSCU (FN 232216w) have until June 17, 2008, to file written proofs of claim to court- appointed estate administrator Karl Mayer at: Dr. Karl Mayer Wiener Strasse 46 2500 Baden Austria Tel: 02252/84677 Fax: 02252/45818 E-mail: ra.mayer@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:45 a.m. on July 1, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Bad Voeslau, Austria, the Debtor declared bankruptcy on April 9, 2008 (Bankr. Case No. 11 S 35/08w). DOPPELREITER & DOPPELREITER: Claims Registration Ends June 17 ------------------------------------------------------------- Creditors owed money by OEG Doppelreiter & Doppelreiter (FN 192469v) have until June 17, 2008, to file written proofs of claim to court-appointed estate administrator Michael Lentsch at: Dr. Michael Lentsch Hauptplatz 32 2700 Wiener Neustadt Austria Tel: 02622/27 0 41 Fax: 02622/29246 E-mail: office@kosch-partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:15 a.m. on July 1, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Erlach an der Pitten, Austria, the Debtor declared bankruptcy on April 9, 2008 (Bankr. Case No. 11 S 34/08y). PLEINER OEG: Claims Registration Period Ends June 3 --------------------------------------------------- Creditors owed money by OEG Pleiner FN 167373m have until June 3, 2008, to file written proofs of claim to court-appointed estate administrator Julius Bitter at: Dr. Julius Bitter Schmideggstrasse 5 4560 Kirchdorf/Krems Austria Tel: 07582/60040 E-mail: office@ra-bitter.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:00 p.m. on June 17, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Steyr Hall 7 Second Floor Steyr Austria Headquartered in Micheldorf, Austria, the Debtor declared bankruptcy on April 9, 2008 (Bankr. Case No. 14 S 21/08y). RADINGER & CO: Claims Registration Period Ends June 3 ----------------------------------------------------- Creditors owed money by KEG Radinger & Co (FN 141968b) have until June 3, 2008, to file written proofs of claim to court- appointed estate administrator Heinz Kassmannhuber at: Dr. Heinz Kassmannhuber c/o Dr. Gerwald Schmidberger Stelzhamerstrasse 11 4400 Steyr Austria Tel: 07252/50 300 E-mail: office@sks-law.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:45 p.m. on June 17, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Steyr Hall 7 Second Floor Steyr Austria Headquartered in St. Florian bei Linz, Austria, the Debtor declared bankruptcy on April 10, 2008 (Bankr. Case No. 14 S 24/08i). Gerwald Schmidberger represents Dr. Kassmannhuber in the bankruptcy proceedings. ROPLA HANDEL: Claims Registration Period Ends May 27 ---------------------------------------------------- Creditors owed money by LLC prot. Firma ROPLA Handel (FN 51782a) have until May 27, 2008, to file written proofs of claim to court-appointed estate administrator Maximilian Schludermann at: Dr. Maximilian Schludermann Reisnerstrasse 32/12 1030 Vienna Austria Tel: 715 50 45 Fax: 715 50 474 E-mail: office@anwalt-vienna.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on June 10, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 10, 2008 (Bankr. Case No. 28 S 53/08k). ============= F I N L A N D ============= STORA ENSO: Moody's Lowers Senior Unsecured Rating to Ba1 --------------------------------------------------------- Moody's Investors Service downgraded to Ba1 from Baa3 the senior unsecured rating for Stora Enso Oyj and assigned a Ba1 Corporate Family Rating. The P-3 short term rating has been changed to not prime. The outlook has been changed to stable. This rating action concludes the review process initiated on March 28, 2008. "Despite the sizable cash proceeds from the disposal of the merchant business and the North American communication paper operations, which have both strengthened the capital structure by reducing debt by EUR1.6 billion (pro forma the Papyrus divestment) over the last six months, Moody's has noted a fundamental deterioration of Stora Enso's earnings power and cash flow generation over the past years and believes that these are a result of secular trends that are likely to exert continued pressure on the company's financial profile," said Martin Kohlhase, a Moody's Assistant Vice President and Lead Analyst for the Paper and Forest Products industry in EMEA. "While we have observed benign macroeconomic conditions in Europe so far, the risk of a slow-down in GDP growth rates has increased and could accelerate future restructuring and a further decline in financial performance, he continued. "This is in addition to an already precarious operating environment with largely stable prices for major paper grades, input cost inflation from various sources and adverse FX rates." Moody's calculates credit ratios on the back of published March 2008 quarter end figures and pro-forma the Papyrus disposal proceeds. The retirement of debt from about EUR 1.6 billion disposal proceeds had the largest impact on debt-based credit metrics. Although Retained Cash Flow to Debt is in line with Moody's expectations for 2007, the weak profitability and the expected cost inflation of 2.5-3.0% (before benefits from restructuring) in combination with announced EUR160 million cash restructuring costs to be incurred are expected to weaken metrics again in 2008, which is contrary to a further improvement of this metrics towards 25%. Moody's anticipates that EBITDA, too, is not going to strengthen to levels of 16% and above, which Moody's had expected for the rating to be affirmed at Baa3. Although Moody's acknowledges the management's initiatives to streamline the business and improve the cost structure, which is continuing to have a positive impact on the operating flexibility, Moody's remains concerned that secular and cyclical trends at play make it challenging to strengthen the financial profile such that it exhibits sustainable investment grade characteristics: EBITDA margins in the high teens, retained cash flow to debt of well above 20% and a track record of free cash flow generation. The stable outlook assigned to Stora Enso's rating takes into account the capital structure that was substantially strengthened through two major disposals and builds in some headroom against a further potential weakening of the operating performance that could emerge should Europe, Stora Enso's main revenue-generating region, exhibit slower GDP growth rates. It also reflects that the company's management is expected to continue to exert tight discipline in managing the operating costs going forward which should provide some flexibility if the anticipated headwinds were to strengthen. These rating changes were made: Downgrades: * Issuer: Stora Enso Oyj -- Senior Unsecured Commercial Paper, Downgraded to NP from P-3; -- Senior Unsecured Medium-Term Note Program, Downgraded to Ba1 from Baa3; -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1 from Baa3. Assignments: * Issuer: Stora Enso Oyj -- Probability of Default Rating, Assigned Ba1; -- Corporate Family Rating, Assigned Ba1. Outlook Actions: * Issuer: Stora Enso Oyj -- Outlook, Changed To Stable From Rating Under Review Stora Enso, with headquarters in Helsinki, Finland, is among the world's largest paper and forest products companies with 2007 annual sales of approximately EUR13.4 billion. The company's activities encompass newsprint and book paper, magazine paper, fine paper, consumer board, industrial packaging and wood products. The products are predominantly sold in Europe, which in 2007 captured a revenue share of about 83%. ============= G E R M A N Y ============= BECHERT GMBH: Claims Registration Period Ends May 13 ---------------------------------------------------- Creditors of Bechert GmbH & Co. KG have until May 13, 2008, to register their claims with court-appointed insolvency manager Ulrich Graf. Creditors and other interested parties are encouraged to attend the meeting at 1:20 p.m. on May 26, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bayreuth Meeting Hall 520 Ground Floor Friedrichstr. 18 Bayreuth 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. Ulrich Graf Rathenaustrasse 7 95444 Bayreuth Germany Tel: 0921/75933-0 Fax: 0921/75933-50 The District Court of Bayreuth opened bankruptcy proceedings against Bechert GmbH & Co. KG on April 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bechert GmbH & Co. KG Ludwig-Thoma-Str. 15 95447 Bayreuth Germany CUX FONDS: Claims Registration Period Ends May 13 ------------------------------------------------- Creditors of Cux Fonds GmbH have until May 13, 2008, to register their claims with court-appointed insolvency manager Henning Samisch. Creditors and other interested parties are encouraged to attend the meeting at 10:50 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 Cuxhaven Hall 112 Old Building Deichstr. 12 A 27472 Cuxhaven Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Henning Samisch Muehlenkamp 59 22303 Hamburg Germany Tel: 040 65039-0 Fax: 040 65039-199 The District Court of Cuxhaven opened bankruptcy proceedings against Cux Fonds GmbH on April 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cux Fonds GmbH Attn: Hans Koenig, Manager Marktstrasse 17 21762 Otterndorf Germany DGN-PUTZ GMBH: Claims Registration Period Ends May 13 ----------------------------------------------------- Creditors of DGN-Putz GmbH have until May 13, 2008, to register their claims with court-appointed insolvency manager Angela Gerigk. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 27, 2008, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 291 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: Angela Gerigk Katharinenstr. 7 46282 Dorsten Germany Tel: 02362/993480 The District Court of Essen opened bankruptcy proceedings against DGN-Putz GmbH on April 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DGN-Putz GmbH Attn: Abidin Dogan, Manager Borkener Str. 169 46284 Dorsten Germany FRITZ SCHILLINGER: Claims Registration Ends May 19 -------------------------------------------------- Creditors of Fritz Schillinger GmbH have until May 19, 2008 to register their claims with court-appointed insolvency manager Stefano Buck. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on May 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenburg Hall 0005 Hindenburgstr. 5 77654 Offenburg 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: Stefano Buck Eisenbahnstr. 19-23 77855 Achern Germany The District Court of Offenburg opened bankruptcy proceedings against Fritz Schillinger GmbH on April 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fritz Schillinger GmbH Attn: Fritz Schillinger, Manager Geroldsecker Vorstadt 12-26 77933 Lahr Germany GBP-CONCEPT: Claims Registration Period Ends May 16 --------------------------------------------------- Creditors of GBP-Concept GmbH have until May 16, 2008, to register their claims with court-appointed insolvency manager Hendrik Gittermann. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 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: Hendrik Gittermann Am Sandtorkai 62 20457 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against GBP-Concept GmbH on April 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GBP-Concept GmbH Schulterblatt 58 20357 Hamburg Germany GOLDY RAHMEN: Claims Registration Period Ends May 5 --------------------------------------------------- Creditors of Goldy Rahmen GmbH have until May 5, 2008, to register their claims with court-appointed insolvency manager Raimund Schafmeister. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 4, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Raimund Schafmeister Moltkestr. 12 32756 Detmold Germany The District Court of Detmold opened bankruptcy proceedings against Goldy Rahmen GmbH on April 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Goldy Rahmen GmbH Attn: Siegfried Sowa, Manager Steinheimer Str. 60 32816 Schieder-Schwalenberg Germany HARTMANN WOHNBAU: Claims Registration Ends May 20 ------------------------------------------------- Creditors of Hartmann Wohnbau GmbH have until May 20, 2008 to register their claims with court-appointed insolvency manager Thomas Schaefer. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Augsburg Meeting Hall 162 Alten Einlass 1 86150 Augsburg 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 Schaefer Fuggerstr. 16 86150 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against Hartmann Wohnbau GmbH on April 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hartmann Wohnbau GmbH Dr.-Zoller-Strasse 6 86399 Bobingen Germany HCW AUTOWASCHANLAGEN: Claims Registration Ends May 19 ----------------------------------------------------- Creditors of HCW Autowaschanlagen Vertriebsgesellschaft mbH have until May 19, 2008 to register their claims with court-appointed insolvency manager Dr. Klaus Tappmeier. Creditors and other interested parties are encouraged to attend the meeting at 8:00 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 Neu-Ulm Hall 211/II Heiner-Metzger-Platz 1 89231 Neu-Ulm Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Klaus Tappmeier Schwoerhausgasse 4/1 89073 Ulm Germany Tel: 0731/140820 Fax: 0731/1408222 The District Court of Neu-Ulm opened bankruptcy proceedings against HCW Autowaschanlagen Vertriebsgesellschaft mbH on April 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HCW Autowaschanlagen Vertriebsgesellschaft mbH Siemensstr. 1 89264 Weissenhorn Germany HELI-FLIGHT VERWALTUNGS: Claims Registration Ends May 20 -------------------------------------------------------- Creditors of HELI-FLIGHT Verwaltungs GmbH have until May 20, 2008 to register their claims with court-appointed insolvency manager Ottmar Hermann. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on June 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Friedberg (Hessen) Hall 236 Homburger Strasse 18 61169 Friedberg (Hessen) 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: Ottmar Hermann Bleichstrasse 2-4 60313 Frankfurt am Main Germany Tel: (069) 9130920 Fax: (069) 913092-30 The District Court of Friedberg opened bankruptcy proceedings against HELI-FLIGHT Verwaltungs GmbH on April 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HELI-FLIGHT Verwaltungs GmbH Flugplatz Reichelsheim 61203 Reichelsheim Germany Attn: Thomas Scholz, Manager Backstrasse 10 63069 Offenbach Germany INGENIEURBUERO-KABEL GMBH: Claims Registration Ends May 19 ---------------------------------------------------------- Creditors of Ingenieurbuero-Kabelgesellschaft mbH have until May 19, 2008 to register their claims with court-appointed insolvency manager Dr. Michael C. Frege. Creditors and other interested parties are encouraged to attend the meeting at 10:15 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 Leipzig Hall 027 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. Michael C. Frege Augustusplatz 9 04109 Leipzig Germany Tel:0341/2167225 Fax: 0341/2167232 E-mail: insolvenz@cms-hs.com The District Court of Leipzig opened bankruptcy proceedings against Ingenieurbuero-Kabelgesellschaft mbH on April 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ingenieurbuero-Kabelgesellschaft mbH Bahnhofstrasse 27 04736 Waldheim Germany MOEBEL-MARKT-MATTHIES: Claims Registration Period Ends May 16 ------------------------------------------------------------- Creditors of Moebel-Markt-Matthies GmbH have until May 16, 2008, to register their claims with court-appointed insolvency manager Goerge Scheid. Creditors and other interested parties are encouraged to attend the meeting at 10:15 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: Goerge Scheid Rudolf-Diener-Str. 9 07545 Gera Germany The District Court of Gera opened bankruptcy proceedings against Moebel-Markt-Matthies GmbH on April 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Moebel-Markt-Matthies GmbH Wiesestra-sse 202 07551 Gera Germany MOELLER IMMOBILIEN: Claims Registration Period Ends May 16 ---------------------------------------------------------- Creditors of Moeller Immobilien GmbH i.L. have until May 16, 2008, to register their claims with court-appointed insolvency manager Gerhard Brinkmann. 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 his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stralsund Hall A 421 Fourth Floor House A Frankendamm 17 Stralsund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Gerhard Brinkmann Freiligrathstrasse 1 18055 Rostock Germany The District Court of Stralsund opened bankruptcy proceedings against Moeller Immobilien GmbH i.L. on April 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Moeller Immobilien GmbH i.L. Attn: Gunnar Moeller, Liquidator Am Waldessaum 1 18311 Hirschburg Germany TV-MEDIENSERVICE: Claims Registration Period Ends May 13 -------------------------------------------------------- Creditors of TV-Medienservice GmbH have until May 13, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 11:30 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 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. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against TV-Medienservice GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TV-Medienservice GmbH Niederkircher Str. 18 54294 Trier Germany VAHLDORFER PROJEKT: Claims Registration Period Ends May 14 ---------------------------------------------------------- Creditors of Vahldorfer Projekt-und Entwicklungs Beteiligungs- GmbH have until May 14, 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 9:30 a.m. on June 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Magdeburg Hall D Insolvency Department Liebknechtstrasse 65-91 39110 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Lucas F. Floether Halberstadter Str. 55 39112 Magdeburg Germany Tel: 0391/5556840 Fax: 0391/5556849 E-mail: magdeburg@floetherwissing.de The District Court of Magdeburg opened bankruptcy proceedings against Vahldorfer Projekt-und Entwicklungs Beteiligungs-GmbH on April 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Vahldorfer Projekt-und Entwicklungs Beteiligungs-GmbH Jacob-Uffrecht-Str. 20 39340 Haldensleben Germany WEST MAIL: Claims Registration Period Ends May 13 ------------------------------------------------- Creditors of West Mail Zustelldienste III GmbH have until May 13, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against West Mail Zustelldienste III GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: West Mail Zustelldienste III GmbH Karl-Benz-Str. 10 40764 Langenfeld Germany ============= I R E L A N D ============= LUNAR FUNDING: Moody's May Further Cut Ratings After Review ----------------------------------------------------------- Moody's Investors Service downgraded and left on review for possible further downgrade the rating on these notes issued by Lunar Funding V Plc: Issuer: Lunar Funding V Plc Series 2006-27 * Class Description: US$30,000,000 Limited Recourse Secured Floating Rate Credit-Linked notes due 2052 -- Prior Rating: Baa3, on review for possible downgrade -- Current Rating: Caa1, on review for possible downgrade Additionally, Moody's downgraded these notes: Issuer: Lunar Funding V Plc Series 2006-28 * Class Description: US$80,000,000 Limited Recourse Secured Floating Rate Credit-Linked Notes due 2052 -- Prior Rating: B1, on review for possible downgrade -- Current Rating: Ca Issuer: Lunar Funding V Plc Series 2006-29 * Class Description: US$25,000,000 Limited Recourse Secured Floating Rate Credit-Linked Notes due 2052 -- Prior Rating: Caa1, on review for possible downgrade -- Current Rating: Ca According to Moody's, the rating actions reflect increased deterioration in the credit quality of the underlying portfolio. ========= I T A L Y ========= ALITALIA SPA: Silvio Berlusconi Mulls Firm's Nationalization ------------------------------------------------------------ Italy's prime minister-elect Silvio Berlusconi threatened to nationalize Alitalia S.p.A. if the European Commission starts "harassing him" over the planned EUR300-million loan to the national carrier, various reports say. "If they continue whining, we could take a decision in which Alitalia could be bought by the state -- by state railway [Ferrovie dello Stato]," Mr. Berlusconi was quoted by Reuters as saying. "It's a threat, not a decision." Umberto Bossi, a Northern League party-mate, doubted the possibility of Ferrovie dello Stato buying Alitalia, since the state railway posted EUR409 million in losses in 2007, Agence France-Presse relates. Commission Reacts Commission spokesman Jonathan Todd noted that though Union executive is not concerned whether Italy nationalize Alitalia, since in the process itself there is a transfer of state resources to the company, AFP adds. Mr. Todd, Reuters reports, added that the Commission could intervene if Italy paid more than what Alitalia would have fetched in the open market. As reported in the TCR-Europe on April 28, 2008, the Commission gave the Italian government until May 4, 2008, to reply on concerns whether its planned EUR300-million loan to breaks the European Union rule on state aid. 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. European Transport Commissioner Jacques Barrot, however, commented that it would be hard for the Italian government to prove that the loan is not public aid. 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. 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. WORLDSPACE INC: Grant Thornton Raises Substantial Doubt ------------------------------------------------------- Grant Thornton LLP in McLean, Va., raised substantial doubt about WorldSpace, Inc.'s ability 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 net loss, negative working capital, and shareholders' deficit. Grant Thornton also cited that the company's management does not believe its cash on hand and cash available is sufficient to meet its operating needs during the coming year. Financials For the year ended Dec. 31, 2007, the company's net loss increased to US$169,507,000 from US$128,603,000 in 2006, while its total revenues for the year ended Dec. 31, 2007, decreased to US$13,784,000 from US$15,611,000 in the prior year period ended Dec. 31, 2006. At Dec. 31, 2007, the company's balance sheet showed US$340,014,000 in total assets and US$2,091,745,000 in total liabilities, resulting in a US$1,752,420,000 shareholders' deficit. The company's balance sheet at Dec. 31, 2007, also showed strained liquidity with US$16,689,000 in total current assets available to pay US$86,279,000 in total current liabilities. The company's accumulated deficit increased to US$2,494,323,000 from US$2,321,912,000 at Dec. 31, 2006. Yenura Financing In December 2007, the company entered into a facility agreement with Yenura Pte Ltd. in which Yenura agreed to make available up to US$40 million from time to time pursuant to draw down notices issued on or prior to Jan. 31, 2008, in consideration for the issuance of certain subordinated convertible notes. The subordinated convertible notes mature on Jan. 3, 2013, and accrue interest at the rate of 8% per year and shall be payable in arrears with the first interest date being Jan. 15, 2009. During the first quarter 2008, the company has drawn US$19.2 million under this facility due to Yenura's slow action in making the full committed amount available. Yenura is a company controlled by Noah Samara, chairman and CEO of Worldspace. Plans Through the end of December 2007, the company has spent approximately US$1.7 billion in connection with the development and launch of its business. With the signing of a major distribution arrangement with Fiat Group Automobiles S.p.A., WorldSpace is close to launching in Italy its first mobile service; it expects to launch this mobile service in early 2009. In 2009, in addition to Italy, WorldSpace is planning to launch a mobile service first in Bahrain and then in the United Arab Emirates and potentially in Switzerland; in each of these jurisdictions WorldSpace now has the regulatory authorizations to establish a mobile service. WorldSpace has delayed previously scheduled launches in the Middle East in order to take advantage of the enhancements to its planned mobile system provided by its European standard technical development activities undertaken for Italy and other countries in the European Union. These enhancements include, among other things, a new generation of satellite receivers, which will receive broadcasts from its networks of terrestrial repeaters as well as from its satellites. WorldSpace is planning similar system enhancements in India, where it initiated a non-mobile service in 2005, subject to the resolution of the satellite radio regulatory issues and the formation of a strategic alliance with a local partner. A full-text copy of the company's 2007 annual report is available for free at http://ResearchArchives.com/t/s?2b52 Based in Silver Spring, Md., WorldSpace, Inc. (NASDAQ: WRSP) -- http://www.worldspace.com/-- designs, develops, constructs, deploys and finances satellite-based radio and data broadcasting service, which serve areas of the world where traditional broadcast media or Internet services are limited. The company has one satellite in orbit over Africa (accepted for service in 1999) and another over Asia (accepted for service in 2000). The company has a completed third satellite currently in storage at EADS Astrium's facilities in France. This satellite can be used to replace either of the company's two operational satellites or modified and launched to provide Digital Audio Radio Service in Western Europe. The company has operations in Italy and India. =================== K A Z A K H S T A N =================== ALEX COMPANY: Creditors Must File Claims by June 17 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau has declared LLP Alex Company insolvent. Creditors have until June 17, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Mangistau Micro District 27 Aktau Mangistau Kazakhstan EKIBASTUZ-ART LLP: Claims Deadline Slated for June 18 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Ekibastuz-Art insolvent. Creditors have until June 18, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Pobeda ave. 5 Pavlodar Kazakhstan Tel: 8 (7182) 32-38-46 ESTA AVANGARD: Claims Filing Period Ends June 17 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Aktube has declared LLP Esta Avangard insolvent. Creditors have until June 17, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 GERMES TRADE: Creditors' Claims Due on June 13 ---------------------------------------------- LLP Germes Trade Group Company has declared insolvency. Creditors have until June 13, 2008, to submit written proofs of claims to: LLP Germes Trade Group Company Michurin ave. 1a Oital Merkensky Jambyl Kazakhstan TRANSMERIDIAN EXPLORATION: UHY LLP Raises Substantial Doubt ----------------------------------------------------------- UHY LLP in Houston raised substantial doubt about Transmeridian Exploration Inc.'s ability 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 negative working capital, stockholders' deficit, and operating losses since its inception. Transmeridian's management said that its current liabilities include approximately US$17.8 million in returns obligations incurred in connection with the issuance of its 20% Junior Redeemable Convertible Preferred Stock. However, the returns are not payable until the earlier of: (i) the occurrence of a change of control of the company (as defined in the certificate of designations, as amended, governing the Junior Preferred Stock) or (ii) June 18, 2008. Provided, however, that if the returns become due and payable on June 18, 2008, in the absence of a change of control transaction, Transmeridian may elect to satisfy its payment obligations by delivery of shares of its common stock valued at 97% of the common stock's market value at such time. Additionally, there is approximately US$5.2 million in preferred stock dividends that can be satisfied by the issuance of additional preferred shares or common shares subject to certain restrictions. Definitive Agreement With TMI Transmeridian announced on Dec. 31, 2007, that it entered into a definitive agreement to be acquired by Trans Meridian International, Inc., a company formed by its Chairman and CEO Lorrie T. Oliver. Pursuant to the agreement, TMI will commence a tender offer to purchase all of Transmeridian's outstanding shares of common stock for US$3.00 per share in cash. The transaction is subject to satisfaction of various conditions precedent. As a result, no prediction can be made as to the timing of the commencement or completion of a tender offer. There can be no assurance that the transaction will be completed. As TMI has not met the financing condition in the definitive agreement within the prescribed time period, which Transmeridian extended from Jan. 31, 2008, to Feb. 15, 2008, Transmeridian may terminate the agreement at any time until the condition is satisfied. Transmeridian's board of directors requested certain detailed information regarding TMI's financing be provided by March 21, 2008, and, if Transmeridian's board is not satisfied with such information, then it intends to terminate the agreement if the financing condition is not satisfied by March 31, 2008. To date, Transmeridian's board is not satisfied with the information that has been provided. Financials For the year ended Dec. 31, 2007, the company posted a US$57,748,000 net loss on US$34,024,000 of revenues from oil sales compared with a US$53,247,000 net loss on US$24,672,000 of revenues from oil sales in the prior year period ended Dec. 31, 2006. At Dec. 31, 2007, the company's balance sheet showed US$406,276,000 in total assets, US$335,058,000 in total liabilities, US$42,076,000 in senior redeemable convertible preferred stock, and US$43,961,000 in junior redeemable convertible preferred stock, resulting in a US$14,819,000 stockholders' deficit. The company had US$25,997,000 in total stockholders' equity at Dec. 31, 2006. The company's balance sheet at Dec. 31, 2007, also showed strained liquidity with US$6,685,000 in total assets available to pay US$57,498,000 in total current liabilities. The company's accumulated deficit at Dec. 31, 2007, increased more than 80% to US$166,167,000 from US$92,047,000 at Dec. 31, 2006. A full-text copy of the company's 2007 annual report is available for free at http://ResearchArchives.com/t/s?2b45 About Transmeridian Exploration Based in Houston, Transmeridian Exploration Inc. (AMEX: TMY) -- http://www.tmei.com/-- is an independent energy company that acquires, develops and produces oil and natural gas. The company's activities are primarily focused on the Caspian Sea region of the former Soviet Union. The company currently has projects in Kazakhstan and southern Russia. Its primary oil and gas property is the South Alibek Field in the Republic of Kazakhstan, covered by License 1557 and the related exploration and production contracts. The company conducts its operations in Kazakhstan through its wholly owned subsidiary, JSC Caspi Neft TME, a joint stock company organized under the laws of Kazakhstan. The company has a 100% interest in both Caspi Neft and the Field. * S&P Holds Ratings on 12 Banks on Sovereign Outlook Revision ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its counterparty credit ratings on 12 Kazakh banks: -- Kazkommertsbank (JSC) -- Halyk Savings Bank of Kazakhstan -- BTA Bank J.S.C. -- ATF Bank -- Temirbank JSC -- BTA Ipoteka Mortgage Co. -- JSC Nurbank -- JSC Eurasian Bank -- Joint Bank Lariba Bank (JSC) -- Tsesna Bank -- KazInvestBank -- Alliance Bank JSC The outlooks on the individual banks are unchanged. The rating affirmations follow the outlook revision on the Republic of Kazakhstan to negative from stable. The sovereign outlook revision reflects the increasing risk that deteriorating bank asset quality in combination with funding challenges will weaken the country's fiscal and external balance sheets, and impair policy flexibility and growth prospects. S&P will continue to closely monitor the way Kazakh banks handle ongoing liquidity and asset quality pressures. Although asset quality continues to deteriorate, we consider that problems are manageable, due to the loss absorption capacity of the banks and ongoing state support. Standard & Poor's expected this deterioration in asset quality, given that the former fast loan growth can no longer flatter nonperforming loan ratios, coupled with the natural seasoning effect of loans. S&P will continue to evaluate the situation, and any signs of material deterioration beyond our expectations would trigger negative rating actions. Standard & Poor's does not consider that asset quality problems have peaked. The trends in the economy, in particular the real estate market and the banks' ability to finance this fragile sector, will be crucial over the next six months to a year in deciding whether the Kazakh banks face a soft or hard landing. Ultimately, S&P consider that banks' high interest margins, growing levels of loan loss reserves, and good equity base are sufficient to absorb current levels of asset quality problems. Furthermore, S&P believes that if problems increase, regulatory forbearance could play a larger role in assisting banks to smooth their problems. Such support would help to maintain final counterparty credit ratings, lower stand-alone ratings, and factor in higher uplift for government support. S&P believes that only systemically important banks would benefit from government support. Ratings List Kazkommertsbank (JSC) Counterparty credit rating BB/Negative/B Halyk Savings Bank of Kazakhstan Counterparty credit rating BB+/Negative/B BTA Bank J.S.C. Counterparty credit rating BB/Negative/B ATF Bank Counterparty credit rating BB+/Stable/B Temirbank JSC Counterparty credit rating B+/Negative/B BTA Ipoteka Mortgage Co. Counterparty credit rating BB-/Negative/B JSC Nurbank Counterparty credit rating B/Negative/C JSC Eurasian Bank Counterparty credit rating B/Negative/B Joint Bank Lariba Bank (JSC) Counterparty credit rating B/Stable/B Tsesna Bank Counterparty credit rating B-/Stable/C KazInvestBank Counterparty credit rating B/Stable/B Alliance Bank JSC Counterparty credit rating B+/Negative/B =================== K Y R G Y Z S T A N =================== NIKA LLC: Creditors Must File Claims by June 6 ---------------------------------------------- LLC Joint Kyrgyz-German Enterprise Nika has declared insolvency. Creditors have until June 6, 2008 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 65-24-23. ===================== N E T H E R L A N D S ===================== COMMODORE INTERNATIONAL BV: Court Rewinds Bankruptcy ---------------------------------------------------- Commodore International Corp. said Tuesday that the court in �s- Hertogenbosch, The Netherlands, has decided to rewind the bankruptcy of its subsidiary, Commodore International BV As a result of the court decision, the case has been concluded successfully. On April 15, 2008 the court had declared the bankruptcy of Commodore International BV. As previously reported in the Troubled Company Reporter-Europe, related that the judicial declaration was a result of procedural mistakes. Commodore International Corporation (OTC:CDRL) -- http://www.commodorecorp.com/-- creates, develops and full- service provider of innovative digital media services, software and hardware. STICHTING MEMPHIS 2005-I: Fitch Hold Class F Notes' BB Rating ------------------------------------------------------------- Fitch Ratings has affirmed 6 tranches of the Stichting Memphis 2005-I and Stichting Memphis 2006-I, following a satisfactory review of the performance of these deals. Stichting Memphis 2005-I: -- Class A (ISIN XS0215132969) affirmed at 'AAA'; Outlook Stable -- Class B (ISIN XS0215134585) affirmed at 'AA'; Outlook Stable -- Class C (ISIN XS0215137174) affirmed at 'A'; Outlook Stable -- Class D (ISIN XS0215139204) affirmed at 'BBB+', Outlook Stable -- Class E (ISIN XS0215139972) affirmed at 'BBB-', Outlook Stable -- Class F (ISIN XS0215141101) affirmed at 'BB', Outlook Stable As of the last reporting period, delinquencies, defined as mortgage loans that are more than three months in arrears, stood at 0.22% of the current balance outstanding (excluding savings deposits) for Stichting Memphis 2005-I. These transactions are synthetic securitization of mortgage loans originated by Postbank N.V. and serviced by ING Service Center Hypotheken B.V. The structure of Stichting Memphis 2005- I includes a synthetic reserve that will continue increasing 5bps per annum (calculated on the notional loan portfolio outstanding, excluding defaulted loans). As of the last reporting period this reserve stood at 0.2% of the notes outstanding. This pool of mortgage loans, which are envisaged to replenish quarterly, subject to the satisfaction of a defined criterion, stopped replenishing in May 2007, and has since then had an average annualized principal payment rate, calculated by Fitch, of 14.53%. The stop in replenishment and increasing synthetic reserve had a positive impact on the level of credit enhancement of the notes. STICHTING MEMPHIS 2006-I:: Fitch Affirms Class G Notes' B Rating --------------------------------------------------------------- Fitch Ratings has affirmed 7 tranches of the Stichting Memphis Stichting Memphis 2006-I, following a satisfactory review of the performance of these deals. Stichting Memphis 2006-I: -- Class A (ISIN XS0240658632) affirmed at 'AAA'; Outlook Stable -- Class B (ISIN XS0240658988) affirmed at 'AA'; Outlook Stable -- Class C (ISIN XS0240659283) affirmed at 'A+', Outlook Stable -- Class D (ISIN XS0240659796) affirmed at 'A', Outlook Stable -- Class E (ISIN XS0240660299) affirmed at 'BBB', Outlook Stable -- Class F (ISIN XS0240660372) affirmed at 'BB', Outlook Stable -- Class G (ISIN XS0240660455) affirmed at 'B', Outlook Stable Stichting Memphis 2006-I, saw slightly higher arrears rates compared to levels seen across other Dutch transactions. The ratio of delinquencies-to-current loan portfolio outstanding was 0.47% (excluding savings deposits) in March 2008. These transaction are synthetic securitizations of mortgage loans originated by Postbank N.V. and serviced by ING Service Center Hypotheken B.V. As of the last reporting period this reserve stood at 0.2% of the notes outstanding. This pool of mortgage loans, which are envisaged to replenish quarterly, subject to the satisfaction of a defined criterion, stopped replenishing in May 2007, and has since then had an average annualized principal payment rate, calculated by Fitch, of 14.53%. The stop in replenishment and increasing synthetic reserve had a positive impact on the level of credit enhancement of the notes. At close, Stichting Memphis 2006-I was assigned a first loss piece to the amount of EUR30.8 million. To date, the transaction has suffered a loss of EUR327,000, which is at only 0.01% of the initial collateral balance. =========== P O L A N D =========== ELEKTRIM SA: Makes EUR37.4 Mln Payment; Redeems Bonds in Full ------------------------------------------------------------- After extensive negotiations, significant multi-jurisdictional litigation and enforcement action on behalf of the ad hoc committee of bondholders, Elektrim S.A. made payment of EUR37,373,083.91 and redeemed the bonds in full, Bingham�s London office disclosed. The bondholders still have the benefit of a contingent payment claim against Elektrim and will continue to pursue their rights in connection with this claim, according to Bingham partner James Roome, who headed the London legal team with partner Natasha Harrison. They were assisted by associates Sheena Buddhdev and Liz Osborne. The Elektrim bonds were redeemed on April 25, 2008. The bonds were accelerated in January 2005 following the occurrence of a number of Events of Default, and summary judgment was obtained against Elektrim in September 2005 in the English High Court. As part of its strategy, the ad hoc committee (led by Elliott Associates) initiated a series of litigation in Poland and England and undertook numerous other measures to protect the interests of the bondholders and recover the amount due under the bonds. As a consequence of this strategy, a payment of EUR525 million was made by Elektrim in October 2006. However, this payment was insufficient to redeem the bonds in full. Elektrim entered composition bankruptcy proceedings in August 2007 and negotiations re- commenced with Elektrim�s bankruptcy receiver to secure payment of approximately EUR35 million, which was required to redeem the bonds. Following a successful conclusion of these negotiations, the bonds were redeemed in full. Headquartered in Warsaw, Poland, Elektrim S.A. -- http://www.elektrim.pl/-- engages in the power and telecommunication businesses. In addition to its core business activities, Elektrim also manufactures sells cables, and provides data transmission services. The company filed for bankruptcy protection in a court in Warsaw on Aug. 10, 2007, after its second debt restructuring talks with bondholders failed. ELEPHANT TALK: Kabani & Co Expresses Going Concern Doubt -------------------------------------------------------- Kabani & Company, Inc., raised substantial doubt about the ability of Elephant Talk Communications, Inc., to continue as a going concern after it audited the company's financial statements for the year ended Dec. 31, 2007. The auditor pointed to the company�s net loss of US$12,057,732, working capital deficit of US$24,429,464, accumulated deficit of US$29,019,832 and cash used in operations of US$3,449,351. The increase in net cash used in operating activities for the year ended Dec. 31, 2007, is primarily due to the increase in loss of US$7,228,067 in 2007, decrease in accounts receivable of US$991,412, increase in prepaid expenses of US$183,556, decrease in accounts payable and customer deposits of US$916,376, decrease in deferred revenue of US$11,444 and increase in accrued expenses and other payable of US$1,428,141. Net cash used in investment activities for the year ended Dec. 31, 2007, was US$2,037,269. Cash used to purchase plant and equipment was US$2,154,559, restricted cash deposit for inter-connect was US$23,266, cash paid for acquisition of subsidiary was US$241,883 and cash obtained from acquisitions was US$382,439. Net cash received by financing activities for the year ended December 31, 2007 was US$9,085,991. The Company received US$8,498,471 from the sales of shares of its common stocks and US$561,520 from third parties. As a result, the Company recorded a cash and cash equivalent balance of US$4,366,312 as of Dec. 31, 2007, a net increase in cash and cash equivalent of US$4,034,311 for the year ended Dec. 31, 2007. Management has devoted considerable efforts during the period ended Dec. 31, 2007, and in the first few months of 2008 towards obtaining additional equity financing, controlling of salaries and general and administrative expenses, management of accounts payable, settlement of debt by issuance of common shares and strategically acquire profitable companies that bring synergies to the company�s products and services. Management believes the company�s existing available cash, cash commitments, cash equivalents and short term investments as of Dec. 31, 2007 in combination with continuing contractual commitments will be sufficient to meet our anticipated capital requirements until the May 2008. The company posted a net loss of US$12,057,732 on total revenues of US$47,361,028 for the year ended Dec. 31, 2007, as compared with a net loss of US$4,829,663 on total revenues of US$158,292 in the prior year. At Dec. 31, 2007, the company's balance sheet showed US$24,608,228 in total assets and US$34,322,539 in total liabilities, resulting in US$9,714,311 stockholders' deficit. The company's consolidated balance sheet at Dec. 31, 2007, also showed strained liquidity with US$9,661,500 in total current assets available to pay US$34,090,964 in total current liabilities. A full-text copy of the company's 2007 annual report is available for free at: http://ResearchArchives.com/t/s?2ae8 About Elephant Talk Based in Orange, California, Elephant Talk Communications Inc. (OTC BB: ETLK) -- http://www.elephanttalk.com/-- until recently was engaged in the long distance telephone business in China and the Special Administrative Region Hong Kong. The company currently operates a switch-based telecom network with national licenses and direct fixed line interconnects with the Incumbents/National Telecom Operators in eight (8) European countries, one (1) in the Middle East (Bahrain), licenses in Hong Kong and the U.S.A. and partnerships with telecom operators in Scandinavia, Poland, Germany and Hong Kong. =========== R U S S I A =========== ALNAS-INVEST-SERVICE: Creditors Must File Claims by May 22 ---------------------------------------------------------- Creditors of LLC Alnas-Invest-Service have until May 22, 2008, to submit proofs of claim to: A. Gilmetdinov Insolvency Manager Ordzhonikidze Str. 4A Izhevsk 426063 Udmurtiya Russia The Arbitration Court of Udmurtiya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A71-280/2008 (G21). The Court is located at: The Arbitration Court of Udmurtiya Lomonosova Str. 5 Izhevsk 426004 Udmurtiya Russia The Debtor can be reached at: LLC Alnas-Invest-Service Gorkogog Str. 53 Izhevsk Udmurtiya Russia COMSTAR-UNITED: First Quarter Subscriber Base Hikes by 14% ---------------------------------------------------------- Comstar � United TeleSystems JSC's broadband Internet subscriber base in Russia reached 848,000 users by the end of first quarter of 2008, reflecting a 14% growth in comparison with 743,000 at the end of 2007. More than 105,000 net new subscribers therefore were added in the first quarter of 2008. In Moscow, Comstar�s broadband Internet subscriber base had exceeded 796,000 users by the end of March 2008, which is 15% more than at the end of 2007. The 750,000 residential subscribers accounted for 94% of Comstar�s broadband subscriber base in Moscow. Internet connection speeds of 1 Megabit per second or above were used by 90% of the total residential subscriber base in Moscow. Comstar�s broadband Internet subscriber base in the regions totalled 52,000 users by the end of the quarter, up 8% since the end of the year. The total number of pay-TV subscribers in Russia increased by 8% to 241,000 subscribers by the end of the quarter, including 130,000 in Moscow, an increase from 122,000 at the end of 2007. The number of regional pay-TV subscribers therefore increased from 102,000 to 111,000 during the period. "Comstar continues to strengthen its position in Moscow and regional broadband markets,"Sergey Pridantsev, President and Chief Executive Officer of Comstar, commented. "We plan to increase our subscriber base in Moscow to one million by the end of 2008 and reach a 50% share of the Moscow broadband market by the end of 2011. The subscriber base is growing strongly in the regions due to the development of networks and the introduction of new services. We expect the broadband subscriber base in the regions to exceed 100,000 users by the end of 2008." "Our leading position in the Moscow broadband Internet market is confirmed by a number of independent research reports by key analysts," Sergey Nazarov, Vice President for Marketing of Comstar, added. "According to J'Son&Partners, Comstar had increased its market share in Moscow to 35.7% at the end of the first quarter of 2008 from 34.3% at the end of 2007. "However, it is not only important to increase the subscriber base, but also to retain customers. We have therefore introduced new customer services such as Internet portal STREAM24, and we are also planning to introduce programmes to further increase customer loyalty. New tariff plans for high- speed Internet access and HDTV services will be launched in the coming month." 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. EUROLINE LLC: Creditors Must File Claims by May 22 -------------------------------------------------- Creditors of LLC Euroline (OGRN 1025901219332) have until May 22, 2008, to submit proofs of claim to: A. Popov Insolvency Manager Office 208 Bolshevistskaya Str. 120a 614015 Perm Russia The Arbitration Court of Perm commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A50-12416/2007-B5. The Court is located at: The Arbitration Court of Perm Lunacharskogo Str. 3 Perm Russia The Debtor can be reached at: LLC Euroline Bratyev Ignatovykh Str. 13 614036 Perm Russia KAZANORGSINTEZ OJSC: Weak Credit Profile Cues Fitch's B- Ratings ---------------------------------------------------------------- Fitch Ratings has downgraded Russian chemical producer OJSC Kazanorgsintez's Long-term Issuer Default Rating and Senior Unsecured Rating to 'B-' from 'B'. The LT IDR of 'B-', Senior Unsecured Rating of B- and Short-term IDR of 'B' have been placed on Rating Watch Negative. The downgrade reflects the weakening of KOS's credit profile in fiscal year 2007 as the group's aggressive investment program continued to put pressure on its credit metrics without translating into the expected uplift in profitability. KOS is in the final phase of an ambitious four-year capital expenditure plan designed to improve its vertical integration and cost structure and to expand its higher-margin products. Eighty percent of the targeted investments have been completed to date. The most sizeable projects realized between 2004 and 2007 include the upgrade in the group's HDPE plant to 510kT/year from 197kT/year, the upgrade of its Phenol production facility to 65KT/year from 45KT/year and the construction of a 70KT/year Bisphenol-A plant designed to feed a new 65KT/year polycarbonate plant under construction. However, KOS's ability to run and operate its new facilities at optimal capacity was impaired by hydrocarbon supply disruptions and bottle-necking issues (inadequate storage facilities) in fiscal year 2007. Supply disruptions and resulting underperformance have been a recurring theme in the company's history and highlight the risks associated with its high dependency on OAO Gazprom (Gazprom, 'BBB' (BBB)/Stable Outlook) for butane and ethane supplies. Against the backdrop of rising feedstock prices, Fitch estimates that while KOS's EBITDA grew by about 24% in fiscal year 2007 to RUB4.9 billion, EBITDA margin contracted to approximately 23%, from 26.7% in fiscal year 2006. Concomitantly, cost inflation on building materials, equipment, labour and transportation in Russia resulted in incremental expenses on the original capital expenditure budgeted. Total investments are now expected to reach about US$1.1bn, up from initial forecasts of US$775 million, of which around US$880 million was spent between 2004 and 2007. Fitch estimates fiscal year 2007 debt/EBITDA at 4.4x due to the combination of lower-than- expected operating earnings and higher-than-expected debt. The agency also believes that leverage will peak during fiscal year 2008 as the benefits from the projects completed will only fully ramp up in the second half of fiscal year 2008, with the gradual de-leveraging that had been expected through fiscal year 2008 now postponed to FY09. The 'B-' rating provides modest headroom for further deterioration in leverage. Key to realizing the benefits from the investments in the next 12-18 months will be KOS's ability to minimize supply disruption and utilizing the full capacity constructed. The RWN reflects Fitch's concerns about a potential breach of the 4.0x consolidated debt/EBITDA covenant under the group's US$200 million five-year loan participation notes. Fitch needs to gain assurance about KOS's ability to obtain a waiver or alternative sources of funding. It will therefore seek to resolve the RWN status once this has been clarified. The ratings continue to reflect KOS's leading market position as Russia's largest producer of polyethylene. While the group's capital expenditure program has not yet translated into visible profitability improvements, Fitch recognizes that KOS's margins continue to rank among the highest in the chemical sector. Growth in the medium-term is expected to be supported by strong demand in the domestic market and the investments completed so far place KOS in a strong position to benefit from those trends. KLYUCHINSKIY LLC: Court Starts Bankruptcy Supervision Procedure --------------------------------------------------------------- The Arbitration Court of Krasnoyarsk commenced bankruptcy supervision procedure on LLC Open Pit Klyuchinskiy. The case is docketed under Case No. A33-1413/2008. The Temporary Insolvency Manager is: A. Gievskiy Urvantseva Str. 23-7 660125 Krasnoyarsk Russia The Court is located at: The Arbitration Court of Krasnoyarsk Lenina Str. 143 660021 Krasnoyarsk Russia The Debtor can be reached at: LLC Open Pit Klyuchinskiy Sovetskaya Str. 17 Berezovskoe Sharypovskiy Krasnoyarsk Russia MEKHSERVIS OJSC: Creditors Must File Claims by May 22 ----------------------------------------------------- Creditors of OJSC Mekhservis (TIN 2634035695) have until May 22, 2008, to submit proofs of claim to: V. Orlov Insolvency Manager Office 4 Lermontova Str. 343 Stavropol Russia Tel: (8652) 37-16-93 The Arbitration Court of Stavropol commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A63-8097/07-S5-28. The Court is located at: The Arbitration Court of Stavropol Mira Str. 4586 Stavropol Russia The Debtor can be reached at: OJSC Mekhservis Stavropol Russia ROSNEFT OIL: Board Recommends 20% Dividend Increase --------------------------------------------------- On April 25, 2008, Rosneft�s Board of Directors met to review preparations for the Company�s Annual General Shareholders Meeting scheduled for June 5, 2008. The Board of Directors recommended the Annual General Shareholders Meeting to approve an increase of the annual dividend by 20% to 1.6 rubles per share for 2007 compared to 1.33 rubles per share for 2006. The record date was April 16, 2008. The Board of Directors also approved the agenda for the Annual General Shareholders Meeting, which includes the approval of the annual report, annual accounting statements, profit distribution based on the 2007 results including the amount, timeframe and form of dividend payment for 2007, discussion of Board member compensation, election of the Board and the Internal Audit Committee, approval of the Company�s auditor for 2008, approval of proposed amendments and supplements to the Company�s Charter and related-party transactions. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines, and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * As of Feb. 7, 2008, OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is positive. SEVERSTAL OAO: Unit Wins Rights for Ostantsovy Gold Field --------------------------------------------------------- OOO Severnaya Zolotorudnaya Kompaniya, a unit of OAO Severstal, has won an auction for the geological exploration and gold extraction rights at the Ostantsovy field in Irkutsk region in Russia. Severnaya Zolotorudnaya�s winning bid was RUR45 million at the auction held by the Irkutsk Department of the Russian Subsurface Resource agency on April 25, 2008. Ostantsovy is situated in the Bodaybo district of Irkutsk region. Estimated category P3 resources in this field are predicted to be 18 tons of gold. The license permits geological exploration and extraction for 25 years with prolongation rights. Severstal already owns various gold mines and exploration and extraction licenses in the Irkutsk and Chita regions, in the republics of Saha-Yakutiya and Buryatiya in Russia, and in the eastern Kazakhstan. The mines total production in 2007 was 5.3 tons, and the summary resource base, including the new field, is about 410 tons of gold. About Severstal Headquartered in Cherepovets, Russia, OAO Severstal -- http://www.severstal.com/-- is the country's largest steel producer, with steel production of 17.1 million tons in 2005. The Company owns Severstal North America, the fifth largest integrated steel maker in the U.S. with 2005 production of 2.7 million tons, and Lucchini, Italy's second largest steel group with 2005 production of 3.5 million tons. Severstal is one of the world's lowest cost and most profitable steel producers, with 2005 EBITDA per ton of around EUR150 per ton. * * * As of March 26, 2008, OAO Severstal carries Ba2 Corporate Family, Senior Unsecured Debt and Probability-of-Default ratings from Moody's Investor Service, which said the the outlook on all ratings is stable. The company also carries BB long-term Foreign and Local Issuer Credit ratings from Standard & Poor's, which said the outlook is stable. Severstal carries BB- Issuer Default and Senior Unsecured ratings from Fitch, which said the outlook is positive. ========= S P A I N ========= HEXCEL CORP: Opens First Carbon Fiber Plant in Spain ---------------------------------------------------- Hexcel Corp. opened its first European carbon fiber plant at a special ceremony attended by over 200 people. The new plant, located at Illescas near Toledo, is the first ever plant to manufacture carbon fiber in Spain. The new Hexcel plant was opened by the Regional President of Castilla La Mancha, Excelentisimo Senor Don Jose Maria Barreda, in the presence of Dave Berges, Hexcel Chairman and CEO and Bill Hunt, Hexcel President. Among the attendees were representatives from the neighbouring Airbus plant that will be a major customer for the HexTow carbon fibers made at the new facility. Other attendees included customers from the aerospace and composites industry, local dignitaries and regional representatives. After touring the new plant, attendees listened to speeches by Dave Berges, Excelentisimo Senor Don Jose Maria Barreda, Andrea Domenichini, Hexcel�s VP Operations and Ilustr�simo Se�or D. Jose Manuel Tofi�o, the Mayor of Illescas. "We are very honored to be opening Hexcel�s new carbon fiber plant in Castilla La Mancha", Dave Berges said in his opening address. This is the first ever carbon fiber facility to be built in Spain � and is the first for Hexcel in Europe. It is a key part of Hexcel�s ongoing investment to increase carbon fiber capacity worldwide. "We are passionate about carbon fiber and carbon fiber reinforced prepregs here at Hexcel. That�s why we embarked on a US$280 million investment program to boost our carbon fiber capacity to 7000 tons both in Europe and the USA by the end of 2009. The extra capacity is essential to meet the growing use of carbon fiber composites in both commercial and military aircraft as well as selected industrial applications. "I wish to thank the Hexcel project team and our suppliers for their outstanding support in seeing this project through, on schedule. They have created a state of the art carbon fiber manufacturing facility that will support the future of the European aerospace industry. Hexcel is already the world�s largest producer of intermediate modulus carbon fiber, a type of fiber that is being increasingly specified in new industrial and aerospace programs. The increased carbon fiber capacity means that Hexcel is very well positioned to support the growth in European customers� product requirements The new Illescas plant is close to Hexcel�s established plant located in Parla, near Madrid. The Parla plant will convert carbon fiber from Illescas into prepregs, which are carbon-fiber reinforced resin materials used to produce aerospace components such as A320/A330 horizontal empennage and A380 rear fuselage section. Headquartered in Stamford, Connecticut, Hexcel Corporation (NYSE: HXL) -- http://www.hexcel.com/-- is an advanced composites company. The company develops, manufactures and markets lightweight, high-performance structural materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures, used in commercial aerospace, space and defense and industrial applications such as wind turbine blades. The company has subsidiaries in Austria, the United Kingdom, Spain, Hong Kong, Japan and Brazil. * * * As reported in the TCR-Europe on April 23, 2008, Standard & Poor's Ratings Services revised its outlook on aerospace supplier Hexcel Corp. to positive from stable. At the same time, S&P affirmed ratings, including the 'BB' corporate credit rating, on the company. About US$370 million of debt is outstanding. TDA CAJAMAR 2: Fitch Hold Class D Notes' Rating at BB+ ------------------------------------------------------ Fitch Ratings has changed the Outlook on two tranches of TDA Cajamar 2 Fondo de Titulizacion Activos' RMBS notes to Positive from Stable. All the six tranches are affirmed as. -- Class A2 (ISIN ES0377965019): affirmed at 'AAA'; Outlook Stable -- Class A3 (ISIN ES0377965027): affirmed at 'AAA'; Outlook Stable -- IO (interest only) (ISIN ES0377965068): affirmed at 'AAA'; Outlook Stable -- Class B (ISIN ES0377965035): affirmed at 'A+'; Outlook revised to Positive from Stable -- Class C (ISIN ES0377965043): affirmed at 'A-'; Outlook revised to Positive from Stable -- Class D (ISIN ES0377965050): affirmed at 'BB+' ; Outlook Stable -- Class A1 (ISIN ES0377965001) notes were redeemed in full in September 2006 The Outlook change reflects the low arrears and the de- leveraging of the deal since its close in May 2005; the deal had a modest average original loan-to-value of 67% at close. With three years of seasoning the transaction has benefited from the significant home appreciation recorded in recent years. The transaction's credit enhancement has also grown due to significant prepayments and a sequential pay structure. For example, CE for Class D grew to 1.16% from 0.75% at closing, Class C to 3.65% from 2.3%, Class B to 4.46% from 2.8% and Class A to 7.59% from 4.75% . The reserve fund was partially replenished in the last two quarters, to EUR7.2 million in March 2008 from EUR6.6 million in September 2007, which is close to its target of EUR7.5 million. It has been drawn on four consecutive occasions since December 2006. The recent RF increase was due to income provided by a swap and the absence of new defaults reported during the period. Loans more than three months in arrears are stable and represent less than half the Spanish Fitch Three Months Plus Index, at 0.16% in February 2008. Defaulted loans to date total 0.13%, which is well within performance expectations for the different rating scenarios. Fitch also expects the RF to be replenished to required levels over the next several periods due to higher available excess spread. Driving this improvement is the amortization of the NAS IO in the transaction, which expires in June 2008. The collateral is originated by Caja Rural Intermediterranea S.C.C.. ============= U K R A I N E ============= BUILDING MANAGEMENT4: Proofs of Claim Deadline Set May 10 --------------------------------------------------------- Creditors of OJSC Gorlovka Dwelling Building Subsidiary Company Building Management4 (code EDRPOU 01237589) have until May 10, 2008, to submit proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy supervision procedure on the company on March 25, 2008. The case is docketed as 27/304B. The Debtor can be reached at: OJSC Gorlovka Dwelling Building Subsidiary Company Building Management4 50 Years of October Avenue 58 Yenakiyevo 86405 Donetsk Ukraine EPRAISE-SP: Creditors Must File Claims by May 10 ------------------------------------------------ Creditors of LLC Epraise-SP (code EDRPOU 35057417) have until May 10, 2008, to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company on March 27, 2008, after finding it insolvent. The case is docketed as 43/276. The Debtor can be reached at: LLC Epraise-SP Kikvidze Str. 18 01103 Kiev Ukraine FREGAT 555: Creditors Must File Claims by May 10 ------------------------------------------------ Creditors of LLC Fregat 555 (code EDRPOU 33147304) have until May 10, 2008, to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company on March 27, 2008, after finding it insolvent. The case is docketed as 43/273. The Debtor can be reached at: LLC Fregat 555 Liatoshynsky Str. 4-A 03191 Kiev Ukraine ROSAGRO LLC: Proofs of Claim Deadline Set May 10 ------------------------------------------------ Creditors of LLC Rosagro (code EDRPOU 32414011) have until May 10, 2008, to submit proofs of claim to: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy supervision procedure on the company on Feb. 28, 2008. The case is docketed as 8/33-08. The Debtor can be reached at: LLC Rosagro October Square 4 Shapovalovka Konotop District 41600 Sumy Ukraine RUSSIA LLC: Creditors Must File Claims by May 10 ------------------------------------------------ Creditors of Agricultural LLC Russia (code EDRPOU 03792510) have until May 10, 2008, to submit proofs of claim to: The Economic Court of Cherkassy Shevchenko Avenue 307 18005 Cherkassy Ukraine The Economic Court of Cherkassy commenced bankruptcy proceedings against the company on March 20, 2008, after finding it insolvent. The case is docketed as 14/1051. The Debtor can be reached at: Agricultural LLC Russia Kirovo Korsun-Shevchenkovsky District 19421 Cherkassy Ukraine SCHEGLOVSKY GEOLOGICAL: Proofs of Claim Deadline Set May 10 ------------------------------------------------------------ The Economic Court of Donetsk commenced bankruptcy supervision procedure on the company on Feb. 29, 2008. The case is docketed as 45/85b. Creditors of OJSC Donbass Geology Subsidiary Company Scheglovsky Geological Reconnaissance expedition (code EDRPOU 34150999) have until May 10, 2008, to submit proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: OJSC Donbass Geology Subsidiary Company Scheglovsky Geological Reconnaissance Expedition Lutugin Str. 1 Makeyevka 86114 Donetsk Ukraine TELECOMINVEST-KIEV: Proofs of Claim Deadline Set May 10 ------------------------------------------------------- Creditors of CJSC Telecominvest-Kiev (code EDRPOU 14369176) have until May 10, 2008, to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev has commenced the bankruptcy supervision procedure on the company. The case is docketed as 24/14-b. The Debtor can be reached at: CJSC Telecominvest-Kiev Kopernik Str. 18 04116 Kiev Ukraine TEXTILE TRADE: Creditors Must File Claims by May 10 --------------------------------------------------- Creditors of LLC Textile Trade (code EDRPOU 33019935) have until May 10, 2008, to submit proofs of claim to: The Economic Court of Zhytomir Putiatinskiy Square 3/65 10014 Zhytomir Ukraine The Economic Court of Zhytomir commenced bankruptcy proceedings against the company after finding it insolvent on March 6, 2008. The case is docketed as 3/19-b. The Debtor can be reached at: LLC Textile Trade Michaylovskaya Str. 21 10014 Zhytomir Ukraine TOP VERESEN: Creditors Must File Claims by May 10 ------------------------------------------------- Creditors of LLC Top Veresen (code EDRPOU 34618870) have until May 10, 2008, to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on March 27, 2008. The case is docketed as 43/275. The Debtor can be reached at: LLC Top Veresen Oranzhereynaya Str. 3 04112 Kiev Ukraine TRIBAL TRADE: Creditors Must File Claims by May 10 -------------------------------------------------- Creditors of LLC Agricultural Firm Tribal Trade Service (code EDRPOU 32575940) have until May 10, 2008, to submit proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent on Jan. 17, 2008. The case is docketed as B 29/24/71/05. The Debtor can be reached at: LLC Agricultural Firm Tribal Trade Service Znamenka Novomoskovsky District Dnipropetrovsk Ukraine UKRAINIAN BUILDING: Creditors Must File Claims by May 10 -------------------------------------------------------- Creditors of LLC Ukrainian Building Trade (code EDRPOU 33205753)have until May 10, 2008, to submit their proofs of claims by to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent on April 4, 2008. The case is docketed as B-48/55-08. The Debtor can be reached at: LLC Ukrainian Building Trade Traktorostroiteley Str. 130, ap. 61 Kharkov Ukraine VALENTA LLC: Creditors Must File Claims by May 10 ------------------------------------------------- Creditors of LLC Production-Commerce Firm Valenta (code EDRPOU 22804963) have until May 10, 2008, to submit proofs of claim to: The Economic Court of Cherkassy Shevchenko Avenue 307 18005 Cherkassy Ukraine The Economic Court of Cherkassy commenced bankruptcy proceedings against the company after finding it insolvent on March 6, 2008. The case is docketed as 14/4975. The Debtor can be reached at: LLC Production-Commerce Firm Valenta 30 Years of Victory Str. 62 18024 Cherkassy Ukraine ZASTAVNOVSKYAL AGRICULTURAL: Creditors' Claims Due May 10 --------------------------------------------------------- Creditors of OJSC Zastavnovskyal Agricultural Chemistry (code EDRPOU 05491735) have until May 10, 2008, to submit proofs of claim to: The Economic Court of Chernovcy O. Kobylianska Str. 14 58000 Chernovcy Ukraine The Economic Court of Chernovcy commenced bankruptcy proceedings against the company after finding it insolvent on March 4, 2008. The case is docketed as 8/151/B. The Debtor can be reached at: OJSC Zastavnovskyal Agricultural Chemistry Verenchanka Zastavnovsky District 59420 Chernovcy Ukraine =========================== U N I T E D K I N G D O M =========================== CASTLE FINANCE: Moody's Withdraws Low-B Ratings on Two Notes ----------------------------------------------------------- Moody's Investors Service withdrew the ratings of two series of Notes issued by Castle Finance I Limited: * Series 6 JPY2,500,000,000 SURF CPDO -- Current rating: WR -- Prior rating: Ba2, on review for possible downgrade * Series 12 EUR 50,000,000 SURF CPDO -- Current rating: WR -- Prior rating: Ba2, on review for possible downgrade Series 6 Notes are currently being restructured and 100% of noteholders have requested that the rating be withdrawn. Series 12 Notes have been repurchased and canceled in full. CITY WALL: Creditors' Meeting Slated for May 14 ----------------------------------------------- Creditors of City Wall Corp. Ltd. and City Wall Corp. (Leeds) Ltd. will meet at 10:30 a.m. and 11:30 a.m. respectively, on May 14, 2008, at: Ernst & Young LLP 1 Bridgewater Place Water Lane Leeds LS11 5QR England Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at noon on May 13, 2008, at: Ernst & Young LLP c/o James Edwards 1 Bridgewater Place Water Lane Leeds LS11 5QR England Ernst & Young -- http://www.ey.com/-- provides broad array of services relating to audit and risk-related services, tax, and transactions across all industries�from emerging growth companies to global powerhouses�deal with a broad range of business issues. CROSSBURN LTD: Creditors' Meeting Slated for May 14 --------------------------------------------------- Creditors of Crossburn Ltd. will meet at 10:00 a.m. on May 14, 2008, at: Ernst & Young LLP 1 Bridgewater Place Water Lane Leeds LS11 5QR England Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at noon on May 13, 2008, at: Ernst & Young LLP c/o James Edwards 1 Bridgewater Place Water Lane Leeds LS11 5QR England Ernst & Young -- http://www.ey.com/-- provides broad array of services relating to audit and risk-related services, tax, and transactions across all industries�from emerging growth companies to global powerhouses�deal with a broad range of business issues. DESIGNFORCE LTD: Brings In Administrators from Vantis ----------------------------------------------------- Nicholas Hugh O'Reilly and Jonathan Birch of Vantis were appointed joint administrators of Designforce Ltd. (Company Number 03885335) on April 17, 2008. Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. The company can be reached at: DesignForce Ltd. Marcoms House Abbey Barn Road High Wycombe Buckinghamshire HP11 1RL England Tel: 01494 538 252 Fax: 01494 538 253 ECOHOMES LTD: Brings In Liquidators from KPMG --------------------------------------------- Howard Smith and Richard Dixon Fleming of KPMG LLP were appointed joint liquidators of Ecohomes Ltd. on April 9 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: KPMG LLP 1 The Embankment Neville Street Leeds LS1 4DW England EXRADIA LTD: Goes Into Liquidation; Transfers Assets to Parent -------------------------------------------------------------- Exradia Ltd., which markets Angel batteries, has gone into liquidation, Bill Ray writes for The Register. The report adds that the company is also transferring assets and some staff to US parent Exradia Inc. According to the report, Exradia, whose expenses stood at GBP6 million, promised to repay creditors, including suppliers, once new funding from its US parent is available. Creditors, however, argued that while the company has stock and merchandise, its product, which neutralizes emissions from mobile phones, is "far from complete and not currently viable," The Register relates. Exradia, The Register, discloses, could not be reached, although Expansys (USA) is still taking pre-orders for the company's product. The company's Web site had also been suspended. About Exradia London, England-based Exradia -- http://www.exradia.com/-- markets �Angel� batteries used by mobile phoies. FORD MOTOR: Tracinda Offers to Buy 20MM Shares at US$8.50/Share --------------------------------------------------------------- Tracinda Corporation intends to make a cash tender offer for up to 20 million shares of common stock of Ford Motor Company at a price of US$8.50 per share. The offer price represents a 13.3% premium over Ford's closing stock price of US$7.50 on April 25, 2008 and a 38.7% premium over Ford's closing stock price on April 2, 2008, the day upon which Tracinda began accumulating shares in the company. The shares to be purchased pursuant to the offer represent approximately 1% of the outstanding shares of Ford common stock. Tracinda Corporation, of which Kirk Kerkorian is the sole shareholder, currently owns 100 million shares of Ford common stock, which represents approximately 4.7% of the outstanding shares. Tracinda's average cost for such shares is approximately US$6.91 per share. Upon completion of the offer, Tracinda would beneficially own 120 million shares of Ford common stock, or approximately 5.6% of the outstanding shares. Mr. Kerkorian paid an initial US$691 million and intends to disburse another US$170 million, Bill Koenig and Jeff Green of Bloomberg News report. According to Ford Executive Chairman Bill Ford and Ford President and CEO Alan Mulally: "We welcome confidence in Ford and the progress we are making on our transformation plan. Any investor can purchase Ford shares, which are sold on the open market. The Ford team remains focused on executing our plan to transform Ford into a lean global enterprise delivering profitable growth for all." Tracinda has been following Ford closely since the company released its fourth quarter 2007 results which indicated that Ford's management was starting to achieve highly meaningful traction in its turnaround efforts. Last week this was reinforced by Ford's first quarter 2008 results, achieved despite the difficult U.S. economic environment. Tracinda believes that Ford management under the leadership of Chief Executive Officer Alan Mulally will continue to show significant improvements in its results going forward. As reported in the Troubled Company Reporter on April 25, 2008, Ford reported net income of US$100 million for the first quarter of 2008. This compares with a net loss of US$282 million in the first quarter of 2007. Once the tender offer is commenced, offering materials will be mailed to Ford stockholders and filed with the Securities and Exchange Commission. Ford stockholders are urged to read the offering materials when they become available because they will contain important information. The tender offer will be subject to customary conditions for transactions of this type, including expiration of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Tracinda's offer will not be subject to financing. However, analysts warn Ford on Tracinda's designs on the automaker, Matthew Dolan and Jeff Bennett of The Wall Street Journal relate. JP Morgan Stanley & Co. Inc.'s Jonathan Steinmetz predicts that like General Motors Corp., Tracinda might, at first, be a passive shareholder, but will later seek a board seat, criticize management leadership skills and instigate the sale of non-core assets or potential industry consolidation. The shareholder will eventually pull out from the company. According to WSJ citing Peter Nesvold of Bear Stearns, Tracinda first bought a stake, in both automakers, of just under 5% and then offered to buy additional stake at a 13% premium. Bloomberg recounts that Ford's trading stock rose 10% in the New York Stock Exchange on Monday. About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter-Europe on Feb. 18, 2008, Fitch Ratings affirmed the Issuer Default Ratings of Ford Motor Company and Ford Motor Credit Company at 'B', and maintained the Rating Outlook at Negative. As reported in the Troubled Company Reporter-Europe on Nov. 20, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. GIZMONDO: Liquidators Call Ex-Director Over Bankruptcy Probe ------------------------------------------------------------ Stefan Erikkson, former director Gizmondo Europe Ltd., has been called for an interview by Begbies Traynor as part of an investigation into the company's collapse, David Landes writes for The Local. Gizmondo went into liquidation in February 2006. "We've interviewed all the main characters," Colin Wilson of Begbies Traynor told The Local. "But we have yet to speak with Stefan Eriksson." According to the report Mr. Erikkson, who was earlier released from a California prison for allegedly stealing luxury cars, plans to meet with the liquidators in a few weeks, saying that he has "nothing to hide." Begbies Traynor, the paper discloses, is looking into possible fraud at Gizmondo, which was registered in the U.S. as Tiger Telematics. Headquartered in Farnborough, Gizmondo (Europe) Limited -- http://www.gizmondo.com/-- develops handheld entertainment devices for gaming, movies, music, camera, texting, and mapping services. The company, a wholly owned subsidiary of Tiger Telematics, Inc., filed a High Court application for administration in the United Kingdom on Jan. 20, 2006. The filing provides Gizmondo Europe with a moratorium in order to effect a financial restructuring of the business. INFORMATION TECHNOLOGY: Taps Liquidators from BDO Stoy Hayward -------------------------------------------------------------- Simon Edward Jex Girling and Graham David Randall of BDO Stoy Hayward LLP were appointed joint liquidators of Information Technology Resource Ltd. (formerly Tera-Technology Resource Ltd., Apache Park Ltd.) on April 12 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: BDO Stoy Hayward LLP One Victoria Street Bristol BS1 6AA England KANTH INDUSTRIES: Claims Filing Period Ends May 30 -------------------------------------------------- Creditors of Kath Industries Ltd. have until May 30, 2008 to send their full names, addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Simon Paterson Liquidator Moore Stephens LLP First Floor Victory House Quayside Chatham Maritime Kent ME4 4QU England Simon Paterson of Moore Stephens LLP was appointed liquidator of the company on April 22, 2008 for the creditors' voluntary winding-up procedure. LEADERS OF LIVERPOOL: Sacks 45 Jobs as Liquidators Take Helm ------------------------------------------------------------ Leaders of Liverpool Ltd. had gone into liquidation and appointed French Duncan to wind up its assets and terminate all 45 employees, Liverpool Echo reports. Annette Menzies, the company's liquidator told Liverpool Echo that it was "highly unlikely" that the company could be saved. Ms. Menzies added that the company halted its operations due to a downturn in profits. French Duncan -- http://www.frenchduncan.co.uk/-- is one of Scotland�s largest independent firms of chartered accountants. Headquartered in Bootle, England, Leaders of Liverpool Ltd. -- http://www.leaders.citroen.co.uk/-- is engaged in car dealership. NEWGATE FUNDING: Moody's Cuts Ratings on Eight Note Classes ----------------------------------------------------------- Moody's Investors Service downgraded 8 classes of notes issued by Newgate Funding PLC: Series 2006-1, Newgate Funding PLC: Series 2007-1 and Newgate Funding PLC: Series 2007-2 classes of notes; * Issuer: Newgate Funding PLC: Series 2006-1 -- Class D, Current Rating Baa3, downgraded to Ba3 -- Class E, Current Rating Ba2, downgraded to B3 * Issuer: Newgate Funding PLC: Series 2007-1 -- Class Db, Current Rating Baa3, downgraded to Ba2 -- Class E, Current Rating Ba2, downgraded to B2 -- Class F, Current Rating Ba3, downgraded to B3 * Issuer: Newgate Funding PLC: Series 2007-2 -- Class Db, Current Rating Baa3, downgraded to Ba2 -- Class E, Current Rating Ba1, downgraded to B2 -- Class F, Current Rating Ba2, downgraded to B3 The rating actions were prompted by worse than expected collateral performance and unhedged interest rate risk which has exposed these transactions to recent interest rate volatility at levels above those initially modeled by Moody's. This rating actions take into account revised assumptions for excess spread reduction due to unhedged interest rate risk, as well as increased loss expectations accounting for the relatively high delinquency levels shown in the collateral performance of these portfolios. The transactions where originated by Mortgages plc, the origination platform of Merrill Lynch International Bank Ltd. In March 2008, Newgate 2006-1 has drawn on its reserve fund which is currently at 92.1% of its required level. The drawing was primarily due to unhedged basis risk between interest received on the mortgage loans, ultimately linked to BBR, and the 3-Month-GBP-Libor due on the notes. Approximately 87.5% of the pool currently comprises floating rate loans exposed to the base rate mismatch. For the fixed rate portion of the pool, the transaction benefits from interest rate cap agreements with a strike rate of 4.8% for loans resetting to floating before January 2009 and a strike of 6.75% for loans resetting up until March 2010. As of March 2008, the detachable coupon stepped up from the initial 0.75% to a final 1.25% which will cause further excess spread stripping accounted for in the cash-flow modeling. In addition, the liquidity facility cost will increase in the next quarter as the provider (Barclays Bank plc) did not renew its commitment. With respect to performance, the transaction is deviating from the UK non-conforming market index and at 24 months since issuance, delinquencies 90+ days correspond to 15.05% of current principal balance, outstanding unsold repossession rate is at present 2.46% of CB and 0.23% cumulative losses of original pool balance have been realized. Taking into account the current amount of realized losses and completing a roll-rate and severity analysis for the non-defaulted portion of the portfolio, Moody's has adjusted its loss expectations to 2.25% of original balance. The transaction is currently paying sequential, and it will not pay pro rata unless the reserve fund is replenished to its required amount. Newgate 2006-1 closed in March 2006 and its current pool factor is 49%. The reserve funds for both Newgate 2007-1 and Newgate 2007-2 were also drawn as of the last IPD and they are currently equal to 84.5% and 85.4% of their respective required levels. Similarly to Newgate 2006-1, the drawings were mainly due to liquidity shortfalls caused by unhedged interest rate risk in the structures. Approximately 92.6% (Newgate 2007-1) and 96.8% (Newgate 2007-2) of the pools are currently still in the fixed rate period. In these transactions the fixed-floating swap provides only a partial hedging as the 3-month-GBP-Libor payable by the swap counterparty resets 3 times in the quarter whereas the GBP Libor payable on the Notes resets quarterly. Due to the decreasing Libor in the last three months, the GBP LIBOR paid by the swap has been lower than the Note Libor, reducing the available excess spread. These transactions are also exposed to a BBR - Libor mismatch for the floating rate portion of the collateral and loans in arrears are not covered by the fixed floating swap. Moody's expects that the reserve funds in these two transactions may continue to be below the target level in the next few quarters. In addition, the transactions are performing worse than Newgate 2006-1 and the UK non-conforming market index. At only 12 and 9 months since issuance, these transactions have particularly high levels of 90+days delinquencies equal to 11.35% and 11.07% of CB and outstanding unsold repossession rate stands at 1.07% and 0.72% of CB respectively. Moody's has increased its required credit enhancement levels and adjusted its loss expectations to 2.7% of the original balance for Newgate 2007-1 and to 2.9% of the original balance for Newgate 2007-2. Newgate 2007-1 and Newgate 2007-2 closed in March and June 2007 and their current pool factors are 92% and 95% respectively. Moody's ratings address the expected loss posed to investors by the legal final maturity of the notes. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. ODS BUSINESS: Brings In Administrators from BDO Stoy ---------------------------------------------------- Martha H. Thompson and Antony Nygate of BDO Stoy Hayward LLP were appointed joint administrators of ODS Business Services Ltd. (Company Number 05623008)on April 15, 2008. BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. The company can be reached at: ODS Business Services Ltd. Spectrum House Rivermead Industrial Estate Swindon SN5 7UT England Tel: 01793511125 PHOENIX SECURITY: Calls In Liquidators from Tenon Recovery --------------------------------------------------------- T. J. Binyon and S. J. Parker of Tenon Recovery were appointed joint liquidators of Phoeniz Security Consultancy Ltd. on April 18 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Sherlock House 73 Baker Street London W1U 6RD England PROMISE FINANCE: Appoints Joint Administrators from Deloitte ------------------------------------------------------------ Richard Michael Hawes and Stephen Anthony John Ramsbottom of Deloitte & Touche LLP were appointed joint administrators of Promise Finance Ltd. (Company Number 04651036) on April 18, 2008. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. The company can be reached at: Promise Finance Ltd. Promise House Stafford Road Wolverhampton West Midlands WV10 6AD England Tel: 01902 378 000 Fax: 01902 378 001 PROTEA PRODUCTS: Creditors' Meeting Slated for May 9 ---------------------------------------------------- Creditors of Protea Products Ltd. (Company Number 03892159) will meet at 11:00 a.m. on May 9, 2008, at: Vantis Business Recovery 67 Butts Green Road Hornchurch Essex RM11 2JX England Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at noon on May 8, 2008, at: G. Mummery Liquidator Vantis Business Recovery Services 43-45 Butts Green Road Hornchurch Essex RM11 2JX England Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. QUEBECOR WORLD: Randy Benson Named Chief Restructuring Officer -------------------------------------------------------------- Quebecor World Inc. has appointed Randy Benson, Chief Restructuring Officer of the company. Mr. Benson will report to the Restructuring Committee of the Board of Directors. "We are very pleased to have someone of Randy's experience and capabilities joining Quebecor World at this time," said Jacques Mallette, President and CEO, Quebecor World. "Randy brings valuable experience in working with other companies going through a financial restructuring process. He will work closely with our senior management team and the Creditors' Committees, as we develop our restructuring plan with a view of quickly emerging from creditor protection as a strong company in our industry." Mr. Benson most recently served as Chief Restructuring Officer for Hollinger Inc and prior to that held the same position at Ivaco Inc. Mr. Benson was Senior Vice-President and Chief Financial Officer at Call-Net Enterprises-Sprint Canada Inc. and before that he served as a division president at Parmalat Canada and as Executive Vice-President and Chief Financial Officer of Beatrice Foods Inc. He is the principal of R.C. Benson Consulting Inc., a management consulting company focused on providing strategic analysis, chief executive management, and financial and operational restructuring expertise. About Quebecor World Quebecor World Inc. (TSX: IQW) -- http://www.quebecorworld.com/ -- provides high-value, complete marketing and advertising solutions to leading retailers, catalogers, branded-goods companies and other businesses with marketing and advertising activities, as well as complete, full-service print solutions for publishers. The company is a market leader in most of its major product categories, which include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories, digital premedia, logistics, mail list technologies and other value-added services. Quebecor World has approximately 28,000 employees working in more than 115 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden, and Switzerland. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08- 10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of US$5,554,900,000, total liabilities of US$3,964,800,000, preferred shares of US$175,900,000, and total shareholders' equity of US$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. The Debtors' CCAA stay has been extended to May 12, 2008. QUEBECOR WORLD: Posts US$2 Billion Net Loss for Full Year 2007 -------------------------------------------------------------- Quebecor World Inc. reported that for full year 2007 it generated revenues of US$5.7 billion compared to US$6.1 billion in 2006 and a net loss of US$2.2 billion or (US$16.85) per share compared to a net income of US$28.3 million or a net loss of US$ 0.04 per share the previous year taking into account dividends on preferred shares. Full-year results included a goodwill impairment charges, and impairment of assets, restructuring and other charges net of income taxes of US$2.1 billion or (US$16.26) per share, compared to US$87.3 million or (US$0.67) per share in 2006. The cash component of this charge was US$42.7 million in 2007 compared to US$76.4 million in 2006. Excluding these charges, the adjusted net loss was US$54.9 million or (US$0.58) per share in 2007 compared to adjusted net income of US$117.9 million or diluted earnings per share of US$0.64 for the same period in 2006. Operating income before IAROC and goodwill impairment charge in 2007 was US$90.1 million compared to US$241.5 million in 2006. On the same basis, EBITDA was US$461.9 million in 2007 compared to US$579.9 million in 2006. The reduction of EBITDA in 2007 is principally explained by US$80 million in largely non-cash, additional specific charges, compared to the prior year. Quebecor World's full-year 2007 revenues reflect a reduction in volume in its North American operations, in particular as the result of several plant closures as the company moved to complete its three-year restructuring and retooling program. In addition to goodwill, IAROC and specific charges, the decrease in profitability reflects volume reduction, pricing pressure, underperforming European assets and higher financial expenses not fully compensated by cost reductions and efficiency gains. On January 21, 2008, Quebecor World filed for creditor protection in the United States and Canada due to the inability of the Company to raise new capital in the current market environment and to complete the sale of its European operations. The filing was necessary to ensure the long-term viability of the Company within a process that ensures fair and equitable treatment for all stakeholders. "We have made important and substantial efforts to stabilize our business and to reach out to all our stakeholders in this process," said Jacques Mallette, President and CEO, Quebecor World. "I am pleased with what we have accomplished so far, and it demonstrates the support of our customers, our suppliers and our employees to our business going forward. We continue to renew and earn new business with important customers across our global platform including, most recently, McGraw Hill, Wenner Media and RONA." Bankruptcy Update Since the initial filing, the company received the final order for its US$1 billion DIP (debtor-in-possession) financing from the US court. As stated in the Monitor's report of April 1, 2008, the company had unrestricted cash balances of US$160 million and access to revolving credit facility of up to US$400 million. The company believes that this financing and its ability to generate significant cash flow from operations will allow it to emerge from creditor protection as a strong company in its industry. The company continues to serve all its global customers with superior products and enhanced value-added services as illustrated by the recent launch of its integrated multi-channel solutions offering designed to increase the efficiency of its customers advertising campaigns. To assist in its efforts to emerge from creditor protection as quickly as possible, the Company has appointed Mr. Randy Benson, Chief Restructuring Officer of the company. Mr. Benson has extensive experience in working with other companies going through a financial restructuring process. He reports to the Restructuring Committee of the Board of Directors. "The restructuring process is proceeding as planned. To date we have passed several important milestones and we are actively developing our five-year business plan which we expect to be completed in the second quarter. The appropriate creditors and ad hoc committees have been established in the U.S. and Canada and we are pursuing an active and ongoing dialogue," added Mr. Mallette. "To date we have had more than 60 uncontested motions approved in the U.S. process which is a strong indication of everyone's focus and determination to make this process a success by exiting creditor protection as soon as possible." Fourth Quarter Results For the fourth quarter of 2007, the company generated revenues of US$1.5 billion compared to US$1.6 billion in 2006, and a net loss of US$1.8 billion or (US$13.87) per share compared to net income from continuing operations of US$11.6 million or US$0.03 per share in the same period last year. Fourth quarter results included impairment of assets, restructuring and other charges (IAROC) and a goodwill impairment charge, net of income taxes, of US$1.8 billion or (US$13.81) per share compared to US$33.0 million or (US$0.25) per share in 2006. The cash component of this charge was US$5.1 million in 2007 compared to US$21.1 million in 2006. Excluding these charges, the adjusted net loss was US$1.9 million or (US$0.06) per share for the fourth quarter of 2007 compared to adjusted net income of US$44.6 million or diluted earnings per share of US$0.28 for the same period in 2006. Operating income before IAROC and goodwill impairment for the fourth quarter of 2007 was US$1.8 million compared to US$74.2 million for the same period in 2006. On the same basis, EBITDA was US$130.3 million for the fourth quarter of 2007 compared to US$170.2 million for the same period in 2006. In the fourth quarter 2007, the Company incurred US$45 million in additional specific charges compared to the fourth quarter of 2006. These charges were largely non-cash. Excluding these additional charges, EBITDA in the fourth quarter 2007 was slightly higher than during the same period in 2006. About Quebecor World Quebecor World Inc. (TSX: IQW) -- http://www.quebecorworld.com/ -- provides high-value, complete marketing and advertising solutions to leading retailers, catalogers, branded-goods companies and other businesses with marketing and advertising activities, as well as complete, full-service print solutions for publishers. The company is a market leader in most of its major product categories, which include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories, digital premedia, logistics, mail list technologies and other value-added services. Quebecor World has approximately 28,000 employees working in more than 115 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden, and Switzerland. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08- 10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of US$5,554,900,000, total liabilities of US$3,964,800,000, preferred shares of US$175,900,000, and total shareholders' equity of US$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. The Debtors' CCAA stay has been extended to May 12, 2008. QUEBECOR WORLD: Quebecor Inc Issues Clarification ------------------------------------------------- MONTREAL, QUEBEC--(Marketwire - April 29, 2008) - Following the release of the financial results of Quebecor World Inc. for the 2007 financial year, Quebecor Inc. specifies that Quebecor World is a legal entity distinct from Quebecor and Quebecor World's announced net losses have no impact on Quebecor's liquidity. On January 21, 2008, Quebecor World Inc. placed itself under the protection of the Companies' Creditors Arrangement Act in Canada and Chapter 11 of the Bankruptcy Code in the United States. As a result, Quebecor Inc. does not expect to realize any future earnings on its investment in Quebecor World. Quebecor Inc. has not secured Quebecor World's commitments, including its debt and advances under its securitization programs. In accordance with generally accepted accounting principles, Quebecor Inc. ceased consolidating the result of Quebecor World as of Jan. 21, 2008. Quebecor Inc. plans to release its financial results for the 2007 financial year and the results of its Quebecor Media subsidiary for the first quarter of 2008 during the week of May 5, 2008. About Quebecor Inc. Quebecor Inc. (TSX:QBR.A)(TSX:QBR.B) is a holding company with interests in two companies, Quebecor Media Inc. and Quebecor World Inc. Quebecor holds a 54.7% interest in Quebecor Media, which owns operating companies in numerous media-related businesses: Videotron Ltd., the largest cable operator in Quebec and a major Internet Service Provider and provider of telephone and business telecommunications services; Sun Media Corporation, the largest publisher of newspapers in Canada; Quebecor MediaPages, a publisher of print and online directories; TVA Group Inc., operator of the largest French-language over-the-air television network in Quebec, a number of specialty channels, and the English-language over-the-air station Sun TV; Canoe Inc., operator of a network of English- and French-language Internet properties in Canada; Nurun Inc., a major interactive technologies and communications agency with offices in Canada, the United States, Europe and Asia; magazine publisher TVA Publishing Inc.; book publisher and distributor Quebecor Media Book Group Inc.; Archambault Group Inc. and TVA Films, companies engaged in the production, distribution and retailing of cultural products, and Le SuperClub Videotron ltee, a DVD and console game rental and retail chain. About Quebecor World Quebecor World Inc. (TSX: IQW) -- http://www.quebecorworld.com/ -- provides high-value, complete marketing and advertising solutions to leading retailers, catalogers, branded-goods companies and other businesses with marketing and advertising activities, as well as complete, full-service print solutions for publishers. The company is a market leader in most of its major product categories, which include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories, digital premedia, logistics, mail list technologies and other value-added services. Quebecor World has approximately 28,000 employees working in more than 115 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden, and Switzerland. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08- 10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of US$5,554,900,000, total liabilities of US$3,964,800,000, preferred shares of US$175,900,000, and total shareholders' equity of US$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. The Debtors' CCAA stay has been extended to May 12, 2008. SUNKING FLOWERS: Creditors' Meeting Slated for May 1 ---------------------------------------------------- Creditors of Sunking Flowers Ltd. (Company Number 03478130) will meet at 10:00 a.m. on May 1, 2008 at: KPMG LLP 1 Waterloo Way Leicester LE1 6LP England Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at noon on April 30, 2008 at: Richard James Philpott Joint Administrator KPMG LLP 1 Waterloo Way Leicester LE1 6LP England KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. UKLI LTD: Taps Deloitte & Touche to Administer Assets ----------------------------------------------------- Lee Antony Manning and Carlton Malcolm Siddle of Deloitte & Touche LLP were appointed joint administrators of UKLI Ltd. (Company Number 04656772) on April 22, 2008. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. The company can be reached at: UKLI Ltd. Second Floor Berkeley Square House Berkeley Square West End London W1J 6BD England VALENTINO'S WINES: Names David Hill as Administrator ---------------------------------------------------- David Hill of Begbies Traynor was named administrator of Valentino's Wines Ltd. (Company Number 05077434) on April 16, 2008. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. The company can be reached at: Valentino's Wines Ltd. Unit 27F Bessemer Market Cardiff CF11 8BE England Tel: 029 2034 3661 Fax: 029 2037 2019 Web site: http://www.valentinoswines.co.uk/ ZIFF DAVIS: Inks Agreement with Creditors on Chapter 11 Plan ------------------------------------------------------------ Ziff Davis Media Inc., an indirect wholly-owned subsidiary of Ziff Davis Holdings Inc., said Tuesday that it has reached an agreement with an ad hoc group of holders of more than 80% in principal amount of its Senior Secured Floating Rate Notes and the Official Committee of Unsecured Creditors on a consensual plan of reorganization that substantially de-leverages Ziff Davis' balance sheet by converting over US$428 million in funded indebtedness to (a) new common stock of reorganized Ziff Davis Media and (b) a new note that will not exceed US$57.5 million. The Plan was filed with the Court today. The Plan provides Ziff Davis with sufficient cash to fund its exit from Chapter 11 as well as its ongoing business plan. Additionally, the Plan provides for two pools of cash for distribution to general unsecured creditors. The Official Committee includes both trade creditors and holders of well over 60% of the company's unsecured subordinated notes, which notes aggregate approximately US$186 million. The ad hoc noteholder group had previously agreed to set aside up to US$24.5 million to fund the company's operations during the Chapter 11 case as well as after the Company emerges from Chapter 11. "We are pleased to have achieved one of our long-standing goals to reach a consensual agreement with both our Senior Secured Noteholders and the Official Committee of Unsecured Creditors," said Jason Young, Chief Executive Officer of Ziff Davis Media. "The Plan reflects their confidence in the strength of our business and our ability to unlock the underlying value in the Company. We believe that [Tues]day's Plan agreement provides the highest value and best outcome for all constituents and leaves us with a strong, de-levered balance sheet." "I would like to thank our customers, partners and employees for their continued loyalty to Ziff Davis throughout this process," continued Mr. Young. "We are poised to capitalize on the recent digital momentum that we are experiencing, as shown through the unique visitor growth in the first quarter, which grew by more than 20% over the first quarter of last year. We look forward to emerging quickly from Chapter 11 so that we can put our complete focus on operating our business and continuing our strong digital momentum." Ziff Davis will ask the U.S. Bankruptcy Court for the Southern District of New York to confirm the Plan in June 2008, and expects to emerge from bankruptcy shortly thereafter. The Plan has not been approved by the Bankruptcy Court. As a result, the Plan may be materially modified before approval. About Ziff Davis Headquartered in New York City, Ziff Davis Media Inc. -- http://www.ziffdavis.com/-- is a wholly-owned indirect subsidiary of Ziff Davis Holdings. Ziff Davis Holdings is the ultimate parent. Ziff Davis Holdings is majority owned by various investment funds managed by Willis Stein. Ziff Davis Media is an integrated media company serving the technology and videogame markets. Ziff Davis currently reaches over 26 million people a month through its portfolio of 15 websites, three award-winning magazines, consumer events and direct marketing services. The company has offices and labs in San Francisco and exports its brands internationally in 45 countries and 13 languages. The company manages its business through two business segments: the �PCMag Network� and the �1UP Network. Ziff Davis Media, Ziff Davis Holdings and five other affiliates filed voluntary petitions under Chapter 11 of the Bankruptcy Code on March 5, 2008 (Bankr. S.D.N.Y., Case No. 08-10768). Carey D. Schreiber, Esq., and David Neier, Esq., at Winston & Strawn, LLP and represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors has selected O'Melveny & Myers LLP as its counsel. In its schedules filed with the Court, Ziff Davis Media disclosed total assets of US$144,224,155 and total debts of US$441,406,545. Ziff Davis' non-debtor foreign affiliates include Ziff Davis Europe Ltd. (United Kingdom), Ziff Davis Publishing (UK) Ltd. (United Kingdom), Ziff Davis France S.A. (France), SEEC/Ziff Davis Group (China) Ltd. (British Virgin Islands), and Ziff Davis Internet I. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jason Nieva, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla and Marites Claro, Editors. Copyright 2008. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *