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, May 7, 2008, Vol. 9, No. 90 Headlines A U S T R I A EWALD SCHWARZ: Claims Registration Period Ends May 19 MACKU BAU: Claims Registration Period Ends June 2 SG HOEDL: Claims Registration Period Ends June 10 SPEZIALITATEN-HANDEL: Creditors' Meeting Slated for May 14 VERSICHERUNGSBUERO WALTER: Claims Registration Ends June 10 WALDENERGIE-GEWINNUNG: Claims Registration Period Ends May 31 F R A N C E DELPHI CORP: Plastech Gets Okay to Return Tooling Equipment DELPHI CORP: Exclusive Plan-Filing Period Extended to Aug. 31 DELPHI CORP: GM's Charges on Delphi Issues Reach US$8.3 Billion PANAVISION INC: Weakening Liquidity Cues Moody's Rating Reviews G E R M A N Y BAULING LICHT: Claims Registration Period Ends May 23 DIGITAL FOTO: Claims Registration Period Ends May 24 FREAKSX GMBH: Claims Registration Period Ends May 26 GBWI GRUNDSTUECKSVERWERTUNGS: Claims Registration Ends May 24 GECKO SPEZIAL: Claims Registration Period Ends May 26 HADRIAN CRYSTALGLASS: Claims Registration Period Ends May 24 HANNIG SERVICE: Claims Registration Period Ends May 26 HEVEASOL BAUTENSCHUTZ: Claims Registration Ends May 26 IDM TECHNOLOGY: Claims Registration Ends May 26 ITC GMBH: Claims Registration Ends May 26 LD ELEKTRO: Claims Registration Ends May 26 LECO BAUTRAGER: Claims Registration Ends May 26 M + B PROJEKT: Claims Registration Period Ends May 21 OPTICAL DISC: Claims Registration Period Ends May 23 PRODUCT + CONCEPT: Claims Registration Period Ends May 24 PROSIEBENSAT.1: A. Bartl Named Managing Director for Free TV RO-MA GMBH: Claims Registration Period Ends May 26 RPP FACILITY: Claims Registration Period Ends May 26 SAINO GMBH: Claims Registration Period Ends May 26 S & B SANIERUNGS: Claims Registration Period Ends May 26 TERRENO-PROJEKTENTWICKLUNGS GMBH: Claims Period Ends May 26 I R E L A N D DELTA CDO: Moody's May Further Cut Junk Rating After Review IQON TECHNOLOGIES: Shuts Down Operations WATERFORD WEDGWOOD: Names Moira Gavin as Doulton Group CEO WATERFORD WEDGWOOD: Ministers Divided Over Unit's Loan Guarantee I T A L Y ALITALIA SPA: Receives EUR300-Million Loan Italian Government ALITALIA SPA: May Now Sell Slots for Fund Following EU Directive K A Z A K H S T A N ALI & AS: Creditors Must File Claims by June 10 ASIA ORDA-MS: Claims Deadline Slated for June 6 AVTODORSTROY ASTANA: Claims Filing Period Ends June 10 KAZ AUTO: Creditors' Claims Due on June 10 KAZMACHINERY TRADE: Claims Registration Ends June 10 KURS-B LLP: Creditors Must File Claims by June 10 SMIT & K: Claims Deadline Slated for June 10 TALGAT-OIL LLP: Claims Filing Period Ends June 10 TIMAS LLP: Creditors' Claims Due on June 10 K Y R G Y Z S T A N MAK FAMILY: Creditors Must File Claims by June 20 N E T H E R L A N D S CHURCH & DWIGHT: Buys Del Pharma Biz from Coty at US$380 Million CHURCH & DWIGHT: Del Pharma Buy Prompts Moody's to Hold Ratings CHURCH & DWIGHT: S&P Upgrades Corporate Credit Rating to BB+ R U S S I A CHELYABINSK TUBE: Moody's Assigns B1 Corporate Family Rating EVRAZ GROUP: Fitch Puts BB Rating to US$1.6 Billion Notes MONINO CJSC: Court Names A. Zhigalin as Insolvency Manager NEZHEGOLSKAYA LLC: Creditors Must File Claims by June 26 PIK LLC: Creditors Must File Claims by May 26 REAL MOTORS: Creditors Must File Claims by June 26 REGION INVESTMENT: Creditors Must File Claims by June 26 ROS-MED-STRAKH: Court Names D. Tselikov as Insolvency Manager ROZKRASKA CJSC: Court Names I. Bormakov as Insolvency Manager RUBY LLC: Creditors Must File Claims by May 26 TULA-BUM-PROM: Asset Sale Slated for June 4 S P A I N SANTANDER FINANCIACION 3: Moody's Junks Rating on EUR22MM Notes S W E D E N ARVINMERITOR INC: To Spin Off Light Vehicle Systems Business ARVINMERITOR INC: S&P Holds Ratings on Vehicle Systems Spin-Off U K R A I N E CREDIT DNEPR: Fitch Affirms Foreign Currency IDR at B- U N I T E D K I N G D O M AMPEX CORP: Wants Court to Deny Committee Access to Information COMPASS MINERALS: To Redeem Outstanding 12% Notes on June 2 COMPASS MINERALS: Planned Note Redemption Cues S&P's Pos. Watch COMPASS MINERALS: Earns US$49.1 Million in 2008 First Quarter CRYSTAL ABRASIVES: Goes Into Creditors Voluntary Liquidation DAWKINS & CO: Taps Joint Administrators from Deloitte DURA AUTOMOTIVE: Court Approves Merger with Automotive Aviation DURA AUTOMOTIVE: Wants to Expand Assessment Tech's Scope of Work ENVIRONMENTAL LINING: Appoints Administrators from Begbies EOS AIRLINES: Organizational Meeting Scheduled for Tomorrow EOS AIRLINES: Wants Squire Sanders as Bankruptcy Counsel EUROBOX LINE: Taps Begbies Traynor to Administer Assets GEL ENGINEERING: Brings In Administrators from Baker Tilly GENERAL MOTORS: Charges on Delphi Issues Reach US$8.3 Billion GENERAL MOTORS: Total U.S. April 2008 Sales Decrease 16% GENERAL MOTORS: S&P SAys ResCap's Offer Won't Affect Neg. Watch HARDINGS GARDEN: HSBC Taps Deloitte as Administrative Receivers HOUSEWARMER LTD: Taps Menzies to Administer Assets MEAT EXPRESS: Appoints Joint Administrators from Begbies MK ONE: Baugur Group Draws Administration Plans MONITOR OIL: Global Maritime & Adshead Sued for Contract Breach ********* ============= A U S T R I A ============= EWALD SCHWARZ: Claims Registration Period Ends May 19 ----------------------------------------------------- Creditors owed money by LLC Ewald Schwarz Handel (FN 247176w) have until May 19, 2008, to file written proofs of claim to court-appointed estate administrator Matthias Schmidt at: Dr. Matthias Schmidt Dr. Karl Lueger-Ring 12 1010 Vienna Austria Tel: 533 16 95 Fax: 535 56 86 E-mail: schmidt@preslmayr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on June 2, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 2101 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 15, 2008 (Bankr. Case No. 38 S 20/08f). MACKU BAU: Claims Registration Period Ends June 2 ------------------------------------------------- Creditors owed money by KEG Macku Bau (FN 248529i) have until June 2, 2008, to file written proofs of claim to court-appointed estate administrator Elisabeth Stanek-Noverka at: Dr. Elisabeth Stanek-Noverka Hernalser Hauptstr. 116 1170 Vienna Austria Tel: 486 14 37-0, 486 02 09-0 Fax: 486 02 0918 E-mail: ra-noverka@chello.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on June 16, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 15, 2008 (Bankr. Case No. 3 S 36/08a). SG HOEDL: Claims Registration Period Ends June 10 ------------------------------------------------- Creditors owed money by LLC SG Hoedl Metallbau (FN 224795g) have until June 10, 2008, to file written proofs of claim to court- appointed estate administrator Christiane Pirker at: Dr. Christiane Pirker Hasenhutgasse 9 Haus 3 1120 Vienna Austria Tel: 817 57 57 Fax: 817 57 55 17 E-mail: Dr.Christiane.Pirker@chello.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on June 24, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 14, 2008 (Bankr. Case No. 4 S 43/08p). SPEZIALITATEN-HANDEL: Creditors' Meeting Slated for May 14 ---------------------------------------------------------- Creditors owed money by LLC Spezialitaten-Handel (FN 183802y) are encouraged to attend the first creditors' meeting at 1:00 p.m. on May 14, 2008. The creditors' meeting will be held at: The Land Court of Leoben Hall IV First Floor Leoben Austria The Court will also examine the claims at 12:45 p.m. on June 18, 2008, at the same venue. Creditors have until May 31, 2008, to file written proofs of claim to court-appointed estate administrator Heinz Pichler at: Dr. Heinz Pichler Burggasse 61 8750 Judenburg Austria Tel: 03572-82372-0 Fax: 03572-82372-19 E-Mail: kanzlei-j@pichler-schuetz.at Headquartered in Judenburg, Austria, the Debtor declared bankruptcy on April 14, 2008 (18 S 11/08f). VERSICHERUNGSBUERO WALTER: Claims Registration Ends June 10 ----------------------------------------------------------- Creditors owed money by LLC Versicherungsbuero Walter FRODL (FN 132315g) have until June 10, 2008, to file written proofs of claim to court-appointed estate administrator Richard Proksch at: Dr. Richard Proksch c/o Dr. Edmund Roehlich Am Heumarkt 9/I/11 1030 Vienna Austria Tel: 713 46 51 Fax: 713 84 35 E-mail: proksch@eurojuris.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on June 15, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 15, 2008 (Bankr. Case No. 4 S 31/08y). Edmund Roehlich represents Dr. Proksch in the bankruptcy proceedings. WALDENERGIE-GEWINNUNG: Claims Registration Period Ends May 31 ------------------------------------------------------------- Creditors owed money by LLC Waldenergie-Gewinnung Nfg. & Co KG (FN 299022p) have until May 31, 2008, to file written proofs of claim to court-appointed estate administrator Heinz Pichler at: Dr. Heinz Pichler Burggasse 61 8750 Judenburg Austria Tel: 03572-82372 Fax: 03572-82372-19 E-mail: kanzlei-j@pichler-schuetz.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on June 18, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Leoben Hall IV First Floor Leoben Austria Headquartered in Niklasdorf, Austria, the Debtor declared bankruptcy on April 14, 2008 (Bankr. Case No. 17 S 15/08m). =========== F R A N C E ============ DELPHI CORP: Plastech Gets Okay to Return Tooling Equipment ----------------------------------------------------------- Plastech Engineered Products Inc. and its debtor-affiliates obtained permission from the U.S. Bankruptcy Court for the Eastern District of Michigan to return certain tooling equipment to Delphi Automotive Systems LLC. As previously reported, Plastech sought authority specifically to: (a) surrender certain tooling owned by Delphi Automotive Systems, LLC, that is in the Debtors' possession; and (b) sell to Delphi certain de minimis finished goods inventory made with the Delphi tooling for $4,671, free and clear of liens. Plastech also asked the Court to lift the automatic stay to effectuate the release of tooling and the sale of the de minimis inventory to Delphi. Plastech currently is in possession of certain tooling which is fully paid for and is owned by Delphi at a plant in Croswell, Michigan, that was used to make service parts for Delphi's Powertrain Division that are no longer in production. the company informed that the Inventory represents idle assets that are of little or no use or value to the Debtors' estates or restructuring efforts, as the Inventory consists of service parts that are no longer in production. Plastech had determined in their sound business judgment that the sale of the Inventory to Delphi is the most efficient way to convert idle assets of de minimis value into cash. Plastech believes that the sale of the inventory to Delphi is commercially reasonable in light of the assets being sold and as a result, the value of the proceeds from the sale fairly reflects the value of the Inventory sold. The company proposed that any party with a lien on the Inventory be given a corresponding security interest in the proceeds of the sale. In light of these, the requirements of Section 363(f) of the Bankruptcy Code would be satisfied for any proposed sales free and clear of liens, Plastech said. Moreover, because it have no further need for the Delphi Tooling, Plastech believes that the automatic stay should be lifted pursuant to Section 362(d) of the Bankruptcy Code to allow Delphi to take possession of the Delphi Tooling and to deem the applicable purchase orders between Delphi and the Debtors terminated upon the return of the Delphi Tooling and payment for the Inventory. About Plastech Engineered Headquartered in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. The Official Committee of Unsecured Creditors is represented by Clark Hill PLC. As of Dec. 31, 2006, the company's books and records reflected assets totaling US$729,000,000 and total liabilities of US$695,000,000. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for Chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Nov. 30, 2007, the Debtors' balance sheet showed US$11,528,000,000 in total assets and $24,867,000,000 in total debts. The Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. The Court confirmed the Debtors' First Amended Plan on Jan. 25, 2008. (Plastech Bankruptcy News, Issue No. 19; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELPHI CORP: Exclusive Plan-Filing Period Extended to Aug. 31 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York extended Delphi Corp. and its debtor-affiliates' exclusive periods to file a plan of reorganization until 30 days after substantial consummation of the confirmed First Amended Joint Plan of Reorganization or any modified Plan, and their exclusive periods to solicit acceptances of that Plan until 90 days after substantial consummation of the First Amended Plan or modified Plan. The Court ruled that: (i) the Debtors' exclusive period under Section 1121(d) of the Bankruptcy Code for filing a plan of reorganization, as between the Debtors and the Official Committee of Unsecured Creditors and the Official Committee of Equity Security Holders is extended through and including August 31, 2008. (ii) The Debtors' exclusive period under Section 1121(d) for soliciting acceptance of a plan of reorganization, as between the Debtors and the Statutory Committees, is extended through and including October 31, 2008. As reported in the Troubled Company Reporter on April 17, 2008, out of an abundance of caution and to ensure clarity with their stakeholders, including their customers and supplies, the Debtors sought an extension of the Exclusive Periods to prevent any lapse in exclusivity, John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, clarified. A further extension of the Exclusive Periods, Mr. Butler said, is justified by the significant progress the Debtors have made toward emerging from Chapter 11. After obtaining confirmation of the First Amended Plan, the Debtors secured exit financing and met all other conditions to the effectiveness of the Plan and Investment Agreement and were prepared to emerge from Chapter 11. The Debtors' efforts to emerge from Chapter 11, however, were affected by severe dislocations in the capital markets that began late in the second quarter of 2007 and that have continued through the present, according to Mr. Butler. Although the Debtors eventually obtained the exit financing required by the First Amended Plan, the turbulence in the capital markets was a principal cause of the delay in the Debtors' emergence from Chapter 11 before the end of 2007, he maintained. Moreover, the decision by Appaloosa Management L.P. and the other Plan Investors to not honor their commitments in the parties' New Equity Purchase and Commitment Agreement prevented the Debtors from emerging on April 4, 2008. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for Chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Nov. 30, 2007, the Debtors' balance sheet showed US$11,528,000,000 in total assets and $24,867,000,000 in total debts. The Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. The Court confirmed the Debtors' First Amended Plan on Jan. 25, 2008. (Delphi Bankruptcy News, Issue No. 127; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELPHI CORP: GM's Charges on Delphi Issues Reach US$8.3 Billion --------------------------------------------------------------- General Motors Corp. said that during the first quarter of 2008, it took a non-cash charge of US$731,000,000 to increase its liability for estimated net costs associated with its support of Delphi Corp.'s bankruptcy and restructuring efforts. "This charge primarily results from updated estimates reflecting uncertainty around the nature, value and timing of GM's recoveries," GM said. Delphi was scheduled to emerge from bankruptcy in mid-April but obtained problems with its exit equity financing from Appaloosa Management, PC, thus affecting the timing of GM's recoveries from Delphi. General Motors has now recorded charges totaling US$8,300,000,000 in connection with Delphi-related issues, Reuters reports. GM has recently agreed to advance Delphi US$650,000,000 in 2008 in anticipation of settlement agreements between the companies that would have been paid to the supplier had Delphi emerged from court protection as expected in April. General Motors also recorded a US$1,450,000,000 non-cash partial impairment charge for its equity investment in its finance unit GMAC LLC for the first quarter of 2008. General Motors reported net losses of US$3,251,000,000 on US$42,700,000,000 of revenues for the first quarter. GM said its results were marked by improved adjusted automotive operating performance, rapid growth in emerging markets, continued cost performance in North America operations and liquidity of nearly US$24,000,000,000, despite the impact of the American Axle strike and weakness in the U.S. auto industry. Bloomberg News said the loss was smaller than analysts estimated, causing GM shares to gain 9.4% in the New York Stock Exchange. GM's loss excluding costs for Delphi and the GMAC was US$350,000,000, or 62 cents a share, beating the US$1.52 average estimate of 13 analysts surveyed by Bloomberg. GM said that in light of the current state of the U.S. economy and automotive industry, it has revised its 2008 U.S. industry seasonally adjusted annual rate outlook to the mid to high 15 million unit range, down from the low 16 million unit range. As a result of the anticipated softer automotive industry, GM announced earlier this week that it will eliminate a shift of production at four assembly plants: Janesville, Wisconsin; Pontiac and Flint, Michigan; and Oshawa, Ontario. About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908 and is the world's largest automaker. GM employs about 266,000 people around the world and manufactures cars and trucks in 35 countries including the United Kingdom, Germany, France, Russia, Brazil and India. In 2007, nearly 9.37 million GM cars and trucks were sold globally under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for Chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Nov. 30, 2007, the Debtors' balance sheet showed US$11,528,000,000 in total assets and $24,867,000,000 in total debts. The Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. The Court confirmed the Debtors' First Amended Plan on Jan. 25, 2008. (Delphi Bankruptcy News, Issue No. 127; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) PANAVISION INC: Weakening Liquidity Cues Moody's Rating Reviews --------------------------------------------------------------- Moody's Investors Service placed the B3 corporate family rating and all other ratings for Panavision Inc. on review for possible downgrade. The action reflects weakening liquidity and fundamental operating concerns. Moody's believes continued compliance with bank financial covenants throughout 2008 could prove difficult for Panavision. Furthermore, its US$35 million revolver provides only relatively modest external capacity for a seasonal, cash consumptive business with limited visibility, in Moody's view. These liquidity constraints compound core business challenges, including the negative impact of the strike by the Writers' Guild of America, which could result in a permanent loss of related TV segment revenue in 2008. A potential future strike by the Screen Actors' Guild would further reduce volume, and even absent a SAG strike, an increased focus on production costs by television studios could lead to diminished use of Panavision equipment. Finally, adoption of Genesis cameras remains below Panavision's previously lowered forecasts, and the company has again reduced forecasts for revenue from this initiative. In resolving the review, Moody's will evaluate Panavision's prospective ability to improve operating performance and establish a greater cushion of compliance under bank financial covenants. Panavision Inc. -- Corporate Family Rating, Placed on Review for Possible Downgrade, currently B3 -- Probability of Default Rating, Placed on Review for Possible Downgrade, currently B3 -- Senior Secured First Lien Bank Credit Facility, Placed on Review for Possible Downgrade, currently B2 -- Senior Secured First Lien Bank Credit Facility, Placed on Review for Possible Downgrade, currently Caa2 -- Outlook, Changed To Rating Under Review From Stable Panavision's B3 corporate family rating reflects weak liquidity, high financial risk, some degree of volatility in its core camera rental business, and uncertain asset coverage. Panavision's industry leading market share in the feature film and episodic television markets, strong brand image and reasonably high EBITDA margins support its ratings. Ratings also benefit from some evidence of success in identifying and integrating acquisitions and from recent cost cutting initiatives undertaken in response to challenging operating conditions. Headquartered in Woodland Hills, California, Panavision manufactures and rents camera systems and lighting equipment to motion picture and television producers worldwide. Its annual revenue is approximately $300 million. Outside the United States, Panavision has subsidiaries in these countries: the United Kingdom, Isle of Man, Poland, Ireland, New Zealand, France, Australia, Singapore, Luxembourg and Canada. ============= G E R M A N Y ============= BAULING LICHT: Claims Registration Period Ends May 23 ----------------------------------------------------- Creditors of Bauling Licht GmbH have until May 23, 2008, to register their claims with court-appointed insolvency manager Robert Wartenberg. Creditors and other interested parties are encouraged to attend the meeting at 8:00 a.m. on July 15, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bamberg Meeting Hall 031 Synagogenplatz 1 96047 Bamberg 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: Robert Wartenberg Friedrichstrasse 15 96047 Bamberg Germany Tel: 0951/29743-0 Fax: 0951/29743-29 The District Court of Bamberg opened bankruptcy proceedings against Bauling Licht GmbH on April 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bauling Licht GmbH Attn: Robert Krieger, Manager Rheinstrasse 1b 96052 Bamberg Germany DIGITAL FOTO: Claims Registration Period Ends May 24 ---------------------------------------------------- Creditors of Digital Foto & Logistic DF&L GmbH have until May 24, 2008, to register their claims with court-appointed insolvency manager Henning Samisch. Creditors and other interested parties are encouraged to attend the meeting at 9:41 a.m. on June 13, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Meldorf Hall II First Floor Domstrasse 1 25704 Meldorf 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 The District Court of Meldorf opened bankruptcy proceedings against Digital Foto & Logistic DF&L GmbH on April 24, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Digital Foto & Logistic DF&L GmbH Friedrichstrasse 1 25704 Meldorf Germany FREAKSX GMBH: Claims Registration Period Ends May 26 ---------------------------------------------------- Creditors of FreaksX GmbH have until May 26, 2008, to register their claims with court-appointed insolvency manager Thomas Hofheinz. Creditors and other interested parties are encouraged to attend the meeting on June 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Hofheinz Am Markte 13 30159 Hannover Germany Tel: 0511 357721-0 Fax: 0511 357721-40 The District Court of Hannover opened bankruptcy proceedings against FreaksX GmbH on April 24, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FreaksX GmbH Vahrenwalder Str. 294 30179 Hannover Germany GBWI GRUNDSTUECKSVERWERTUNGS: Claims Registration Ends May 24 ------------------------------------------------------------- Creditors of GBWI Grundstuecksverwertungs- und Baubetreuungs GmbH have until May 24, 2008, to register their claims with court-appointed insolvency manager Ruediger Wienberg. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 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 Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ruediger Wienberg Giesebrechtstr. 1 10629 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against GBWI Grundstuecksverwertungs- und Baubetreuungs GmbH on March 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GBWI Grundstuecksverwertungs- und Baubetreuungs GmbH Grabbeallee 69 13156 Berlin Germany GECKO SPEZIAL: Claims Registration Period Ends May 26 ----------------------------------------------------- Creditors of Gecko Spezial GmbH Kommunikation, Design, Beratung have until May 26, 2008, to register their claims with court- appointed insolvency manager Henning Bosse. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on June 25, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Braunschweig Hall E 01 Martinikirche 8 38100 Braunschweig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Henning Bosse Am Hafen 2 38112 Braunschweig Germany Tel: 0531/8891942 Fax: 0531/8891944 E-mail: braunschweig@brf-partner.de The District Court of Braunschweig opened bankruptcy proceedings against Gecko Spezial GmbH Kommunikation, Design, Beratung on April 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gecko Spezial GmbH Kommunikation, Design, Beratung Steinstrasse 3 38100 Braunschweig Germany HADRIAN CRYSTALGLASS: Claims Registration Period Ends May 24 ------------------------------------------------------------ Creditors of Hadrian Crystalglass GmbH i.L. have until May 24, 2008, to register their claims with court-appointed insolvency manager Christoph Henningsmeier. Creditors and other interested parties are encouraged to attend the meeting at 1:50 p.m. on June 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Itzehoe Hall 2 Theodor-Heuss-Platz 3 25524 Itzehoe Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christoph Henningsmeier Osdorfer Landstrasse 230 22549 Hamburg Germany The District Court of Itzehoe opened bankruptcy proceedings against Hadrian Crystalglass GmbH i.L. on April 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hadrian Crystalglass GmbH i.L. Niederreihe 35 25358 Hohenfelde Germany HANNIG SERVICE: Claims Registration Period Ends May 26 ------------------------------------------------------ Creditors of Hannig Service GmbH have until May 26, 2008, to register their claims with court-appointed insolvency manager Heinrich Druegh. Creditors and other interested parties are encouraged to attend the meeting at 10:35 a.m. on June 26, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Heinrich Druegh Nussbaumer Strasse 19 50823 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Hannig Service GmbH on April 8, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hannig Service GmbH Roberth-Perthel-Str. 58-62 50739 Cologne Germany HEVEASOL BAUTENSCHUTZ: Claims Registration Ends May 26 ------------------------------------------------------ Creditors of Heveasol Bautenschutz Aldinger GmbH have until May 26, 2008 to register their claims with court-appointed insolvency manager Dr. Florian Stapper. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 25, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 145 First Floor Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Florian Stapper Karl-Heine-Strasse 16 04229 Leipzig Germany Tel: 0341/984110 Fax: 0341/9841111 E-mail: leipzig@stapper-korn.de The District Court of Leipzig opened bankruptcy proceedings against Heveasol Bautenschutz Aldinger GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heveasol Bautenschutz Aldinger GmbH Attn: Rolf Koerner, Manager Ladenstr. 11 04774 Dahlen Germany IDM TECHNOLOGY: Claims Registration Ends May 26 ----------------------------------------------- Creditors of IDM Technology GmbH have until May 26, 2008 to register their claims with court-appointed insolvency manager Georg F. Kreplin. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on June 12, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Georg F. Kreplin Limbecker Platz 1 45127 Essen Germany The District Court of Essen opened bankruptcy proceedings against IDM Technology GmbH on April 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IDM Technology GmbH Gahlener Strasse 250 46282 Dorsten Germany Attn: Annegret Tueshaus, Manager Gahlener Strasse 250 46282 Dorsten Germany ITC GMBH: Claims Registration Ends May 26 ----------------------------------------- Creditors of itc GmbH International Transport Consultancy have until May 26, 2008 to register their claims with court-appointed insolvency manager Heinrich Druegh. Creditors and other interested parties are encouraged to attend the meeting at 10:25 a.m. on June 26, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 1240 12th Floor Luxemburger Str. 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: Heinrich Druegh Nussbaumer Strasse 19 50823 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against itc GmbH International Transport Consultancy on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: itc GmbH International Transport Consultancy Attn: Dr. Andreas Buck, Manager Oskar-Jager-Strasse 50 50825 Cologne Germany LD ELEKTRO: Claims Registration Ends May 26 ------------------------------------------- Creditors of LD Elektro GmbH have until May 26, 2008 to register their claims with court-appointed insolvency manager Henning Bungart. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on June 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Henning Bungart Zweigertstr. 43 45130 Essen Germany The District Court of Essen opened bankruptcy proceedings against LD Elektro GmbH on March 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LD Elektro GmbH Attn: Ulrich Iger, Manager Emilienstr. 58 45128 Essen Germany LECO BAUTRAGER: Claims Registration Ends May 26 ----------------------------------------------- Creditors of Leco Bautrager GmbH have until May 26, 2008 to register their claims with court-appointed insolvency manager Dirk Hammes. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dirk Hammes Wilhelmshofenallee 75 47800 Krefeld Germany The District Court of Essen opened bankruptcy proceedings against Leco Bautrager GmbH on March 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Leco Bautrager GmbH Attn: Bernhard Legros, Manager Overgergstr. 3 46282 Dorsten Germany M + B PROJEKT: Claims Registration Period Ends May 21 ----------------------------------------------------- Creditors of M + B Projekt Bau GmbH have until May 21, 2008, to register their claims with court-appointed insolvency manager Dr. Ulf Martini. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 2, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Ulf Martini E 3, 16 68159 Mannheim Germany The District Court of Karlsruhe opened bankruptcy proceedings against M + B Projekt Bau GmbH on April 24, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: M + B Projekt Bau GmbH Dresdner Str. 16 76646 Bruchsal Germany OPTICAL DISC: Claims Registration Period Ends May 23 ---------------------------------------------------- Creditors of Optical Disc Service Europe GmbH have until May 23, 2008, to register their claims with court-appointed insolvency manager Ulrich Rosenkranz. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Schwerin Hall 7 Demmlerplatz 14 19053 Schwerin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Rosenkranz Osdorfer Landstr. 230 22549 Hamburg Germany The District Court of Schwerin opened bankruptcy proceedings against Optical Disc Service Europe GmbH on April 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Optical Disc Service Europe GmbH Attn: Kevin Martin, Manager Werkstrasse 2-22 23942 Dassow Germany PRODUCT + CONCEPT: Claims Registration Period Ends May 24 --------------------------------------------------------- Creditors of product + concept Gesellschaft fuer mehr Innovation im Handel mbH have until May 24, 2008, to register their claims with court-appointed insolvency manager Juergen Spliedt. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Juergen Spliedt Uhlandstr. 165/166 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against product + concept Gesellschaft fuer mehr Innovation im Handel mbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: product + concept Gesellschaft fuer mehr Innovation im Handel mbH Heiligegeistkirchplatz 1 10178 Berlin Germany PROSIEBENSAT.1: A. Bartl Named Managing Director for Free TV ------------------------------------------------------------ The ProSiebenSat.1 Group disclosed that Andreas Bartl has been appointed as Managing Director for German Free TV on May 5, 2008. He will have overall responsibility for the Group's four principal German-language stations: Sat.1, ProSieben, kabel eins and N24. The reorganization aims to reinforce the Group's strong year to date ratings and to strategically strengthen content. The centralized structure is also intended to strengthen inter- platform usage of programming content. The new set-up is also an alignment to the Group's successful operational model in other countries such as the Netherlands, Belgium, Sweden or Norway. Mr. Guillaume de Posch, CEO of the ProSiebenSat.1 Group said "Content and channel brands are our most valuable assets. To secure sustainable growth of the channels, I have decided to reinforce content and brands by reorganizing the German family of stations along these two axes. This will allow us to better develop programming and to more efficiently tune the profiles of our stations on TV as well as the Internet according to their target groups. I am convinced that Andreas Bartl, as one of the most successful and most respected TV executives in Germany, will successfully lead the German channel family to TV 3.0 era. Mr. Bartl said, "Our stations have shown a considerable growth in ratings since the beginning of this year. My vision is to together with the channel managers build on the strong ratings and the creative experience of the German channel family to offer viewers the most exciting programming in German TV." Mr. Bartl has been the Managing Director at ProSieben since 2005. He was able to position ProSieben as a leading brand for young entertainment. Under his leadership, some of the most successful TV formats of the past years in Germany have been established. He has been with the ProSiebenSat.1 Group since 1991. He took over managing feature films at ProSieben in 1995. He became the station's Program Scheduling Manager in 1996 and Deputy Programming Director in 1997. From 2000 to 2005, he was Managing Director at ProSieben's partner station kabel eins. He studied in Munich, specializing in American studies, communications and political science. About ProsiebenSat.1 Headquartered in Munich, Germany, ProsiebenSat.1 Media AG -- http://en.prosiebensat1.com/-- broadcasts and produces TV programs through 24 commercial TV stations, 24 premium Pay TV channels and 22 radio network. In June 2007, the ProSiebenSat.1 Group acquired SBS Broadcasting Group. The company employs around 6,000 Europe-wide. * * * As of April 23, 2008, ProsiebenSat.1 Media AG carries Moody's Investors Service's Ba1 senior unsecured and corporate family ratings. RO-MA GMBH: Claims Registration Period Ends May 26 -------------------------------------------------- Creditors of RO-MA GmbH have until May 26, 2008, to register their claims with court-appointed insolvency manager Dr. Jens M. Schmittmann. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on June 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Jens M. Schmittmann Zweigertstrasse 28-30 45130 Essen Germany The District Court of Essen opened bankruptcy proceedings against RO-MA GmbH on March 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RO-MA GmbH Attn: Peter Eppinger, Manager Schoenleinstr. 56 45131 Essen Germany RPP FACILITY: Claims Registration Period Ends May 26 ---------------------------------------------------- Creditors of RPP Facility Management GmbH have until May 26, 2008, to register their claims with court-appointed insolvency manager Frank Schmitt. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 7, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bad Homburg v.d. Hoehe Room E26 Auf der Steinkaut 10-12 61352 Bad Homburg v.d. Hoehe 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: Frank Schmitt Olof-Palme-Strasse 13 60439 Frankfurt Germany Tel: 069-509860 Fax: 069-50986110 The District Court of Bad Homburg v.d. Hoehe opened bankruptcy proceedings against RPP Facility Management GmbH on April 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RPP Facility Management GmbH Attn: Rui Manuel Dos Santos Pereira, Manager Maximilian-Kolbe-Strasse 1 61440 Oberursel/Ts. Germany SAINO GMBH: Claims Registration Period Ends May 26 -------------------------------------------------- Creditors of SAINO GmbH Beratungs- u. Vertriebsgesellschaft have until May 26, 2008, to register their claims with court- appointed insolvency manager Jens-Soeren Schroeder. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jens-Soeren Schroeder Raboisen 38 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against SAINO GmbH Beratungs- u. Vertriebsgesellschaft on April 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SAINO GmbH Beratungs- u. Vertriebsgesellschaft Attn: Christine Gross, Manager Porgesring 38 22113 Hamburg Germany S & B SANIERUNGS: Claims Registration Period Ends May 26 -------------------------------------------------------- Creditors of S & B Sanierungs- und Bedachungs GmbH have until May 26, 2008, to register their claims with court-appointed insolvency manager Rolf Rombach. Creditors and other interested parties are encouraged to attend the meeting at 1:45 p.m. on June 26, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Muehlhausen Room 92 Untermarkt 17 Muehlhausen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rolf Rombach Magdeburger Allee 159 99086 Erfurt Germany The District Court of Muehlhausen opened bankruptcy proceedings against S & B Sanierungs- und Bedachungs GmbH on March 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: S & B Sanierungs- und Bedachungs GmbH Wilhelm-Klemm-Strasse 21 99713 Ebeleben Germany TERRENO-PROJEKTENTWICKLUNGS GMBH: Claims Period Ends May 26 ----------------------------------------------------------- Creditors of TERRENO-Projektentwicklungs GmbH have until May 26, 2008, to register their claims with court-appointed insolvency manager Tanja Bueckmann. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on June 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Tanja Bueckmann Lindnerstr. 165 46149 Oberhausen Germany The District Court of Essen opened bankruptcy proceedings against TERRENO-Projektentwicklungs GmbH on April 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TERRENO-Projektentwicklungs GmbH Batenbrockstr. 63 46238 Bottrop Germany Attn: Antonio Rullo, Manager Am hohen Malberg 19 46485 Wesel Germany ============= I R E L A N D ============= DELTA CDO: Moody's May Further Cut Junk Rating After Review ----------------------------------------------------------- Moody's Investors Service downgraded and left on review for downgrade all the notes issued by Delta CDO plc. The underlyings of this CDO transaction are predominantly US RMBS (50.5%) and in particular of the 2004 - 2006 vintages. Moody's announced on Feb. 4, 2008 that it is revising its expected loss assumptions which are used for surveillance of ratings of ABS CDOs holding subprime RMBS, specifically of the 2006 vintage. Moody's stated that for purposes of monitoring its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it will rely on certain projections of the lifetime average cumulative losses for 2006's quarterly vintages of RMBS set forth in a recent Moody's Special Report, "Moody's Updates Loss Projections for 2006 Subprime Loans." This report illustrates average loss results for the 2006 quarterly vintages under five distinct loss projection scenarios. Moody's explained that it will utilise the range of loss projections set forth in Scenarios 2 and 3 based on deal performance and quarterly vintage to modify its prior assumptions of the expected loss inputs when monitoring ABS CDO ratings. Moody's will continue to monitor all deals with exposure to US subprime RMBS, and will take further actions in respect of all CDOs placed under review for downgrade once the extent of actual downgrades to US RMBS vintages becomes known. These rating actions are: Delta CDO plc: (1) Series 2005-1 B-1 Floating Rate Credit Linked Secured Notes due 2039 -- Current Rating: Baa2, on review for downgrade -- Prior Rating: Aaa (2) Series 2005-1 C-1 Floating Rate Credit Linked Secured Notes due 2039 -- Current Rating: B1, on review for downgrade -- Prior Rating: Aa1 (3) Series 2005-1 D-1 Floating Rate Credit Linked Secured Notes due 2039 -- Current Rating: Caa1, on review for downgrade -- Prior Rating: Aa3 IQON TECHNOLOGIES: Shuts Down Operations ---------------------------------------- iQon Technologies Ltd. has been shut down as a result of failing to come out of a period of examinership, Irish Independent reports. According to the report, the company had EUR11.8 million in debts and EUR5.4 million in assets, leaving it with a EUR6.4 million in deficit. iQon was sent into examinership by the High Court in November 2007. As reported in the Troubled Company Reporter on Jan. 25, 2008, the High Court of Ireland appointed a liquidator for the company after it failed to raise necessary investment to remain as a going concern. iQon was initially in talks with a French technology firm about a possible rescue deal, the report relates. Headquartered in Louth, Ireland, iQon Technologies Ltd. -- http://www.iqon.ie/-- manufactures and resells PCs and peripherals in Ireland and the U.K. WATERFORD WEDGWOOD: Names Moira Gavin as Doulton Group CEO ---------------------------------------------------------- Waterford Wedgwood Plc has appointed Moira Gavin as president and chief executive office of Royal Doulton/Wedgwood Ceramics Group. Ms. Gavin replaces Wayne Nutbeen, who has resigned from his post with to pursue other business interests. Mr. Nutbeen was the Chief Executive of Royal Doulton plc which was acquired by the Group in 2005 and subsequently assumed a wider role responsible for manufacture and supply operations for the Royal Doulton and Wedgwood brands globally. "We are grateful to Wayne for his outstanding achievements for the Group and he leaves with our sincere gratitude and best wishes," David Sculley, Chief Executive Officer, said. "Having managed the integration of Royal Doulton and Wedgwood and led the modernization of the Royal Doulton brand, I am leaving the Group in a substantially better position than when I started," Mr. Nutbeen said. "I wish my Waterford Wedgwood colleagues every success for the future." Ms. Gavin assumes responsibility for global design, marketing and selling. Her promotion follows the earlier appointment of Anthony Jones as Chief Financial Officer and reflects further restructuring for the future success of the Group. Mr. Sculley said, "Moira has a key role to play as we put together the team to take this firm to profitability. Within this new structure our great brands, including Royal Doulton and Wedgwood, will continue to maintain their separate and unique identities." About Waterford Wedgwood Headquartered in Dublin, Ireland, Waterford Wedgwood plc -� http://www.waterfordwedgwood.com/-- designs, manufactures and markets branded luxury lifestyle tabletop products, including high quality crystal, fine bone china, fine porcelain and earthenware. The company�s portfolio of established luxury lifestyle brands includes Waterford, Wedgwood, Royal Doulton and Rosenthal. * * * As reported in the TCR-Europe on April 18, 2008, Standard & Poor's Ratings Services lowered to 'CCC' from 'CCC+' its long- term corporate credit rating on Ireland-based luxury table and dinnerware manufacturer Waterford Wedgwood PLC. The outlook is negative. At the same time, S&P lowered to 'CC' from 'CCC-' the rating on the EUR166.0 million subordinated mezzanine notes due 2010. WATERFORD WEDGWOOD: Ministers Divided Over Unit's Loan Guarantee ---------------------------------------------------------------- Irish government ministers are divided whether to provide Waterford Crystal Plc, a unit of Waterford Wedgwood Plc -- a EUR39-million state loan guarantee, the Sunday Business Post reports citing political sources. As reported in the TCR-Europe on April 18, 2008, Waterford Crystal requested the government to guarantee a EUR39-million loan that it needs to complete the restructuring of its manufacturing operations. Around 550 people might lose their jobs if Waterford Crystal's Dublin plant shuts down, sources told the Post, adding that the company might relocate to eastern Europe. According to the Post's sources, some ministers are concerned that a state guarantee would set an "undesirable" precedent of the government supporting a private enterprise. Some ministers, however, fear the political consequences of Waterford Crystal's closure, sources told the Post. About Waterford Wedgwood Headquartered in Dublin, Ireland, Waterford Wedgwood plc -� http://www.waterfordwedgwood.com/-- designs, manufactures and markets branded luxury lifestyle tabletop products, including high quality crystal, fine bone china, fine porcelain and earthenware. The company�s portfolio of established luxury lifestyle brands includes Waterford, Wedgwood, Royal Doulton and Rosenthal. * * * As reported in the TCR-Europe on April 18, 2008, Standard & Poor's Ratings Services lowered to 'CCC' from 'CCC+' its long- term corporate credit rating on Ireland-based luxury table and dinnerware manufacturer Waterford Wedgwood PLC. The outlook is negative. At the same time, S&P lowered to 'CC' from 'CCC-' the rating on the EUR166.0 million subordinated mezzanine notes due 2010. ========= I T A L Y ========= ALITALIA SPA: Receives EUR300-Million Loan Italian Government ------------------------------------------------------------- Alitalia S.p.A. has received the EUR300-million emergency loan pledged by the Italian government, Bloomberg News reports. European Union Transport Commissioner Jacques Barrot, however, said Alitalia's weak coffers have raised doubts on the legality of the loan, Bloomberg News relates. The European Commission gave Italy until May 19, 2008, to provide details of the bridging loan, which is currently under review for possible violation of 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. 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. ALITALIA SPA: May Now Sell Slots for Fund Following EU Directive ---------------------------------------------------------------- Alitalia S.p.A. may financially benefit from a recent directive by the European Union allowing European airlines to auction takeoff and landing block they do not use, Thomson Financial relates citing a Corriere della Sera report. Under the directive, Corriere della Sera relates, airlines can sell or swap unprofitable or idle slots. The TCR-Europe reported Dec. 28, 2007, the Alitalia sold three pairs of slots at London's Heathrow airport that it considered non-strategic for EUR92 million. The company is planning to give up around 180 of its 357 slots at Milan's Malpensa airport, and may sell them for more funds, Corriere della Sera suggests. Proceeds from the sale of slots would allow Alitalia to finance its operations until the Italian government's 49.9% is sold, without receiving the planned EUR300 million bridging loan from Italy. 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. =================== K A Z A K H S T A N =================== ALI & AS: Creditors Must File Claims by June 10 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau has declared LLP Ali & As insolvent. Creditors have until June 10, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Mangistau Micro District 27 Aktau Mangistau Kazakhstan ASIA ORDA-MS: Claims Deadline Slated for June 6 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Astana has declared LLP Asia Orda-MS insolvent on March 14, 2008. Creditors have until June 6, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Astana Room 216 Manas Str. 2 010000, Astana Tel: 8 (7172) 37-40-09 AVTODORSTROY ASTANA: Claims Filing Period Ends June 10 ------------------------------------------------------ LLP Avtodorstroy Astana has declared insolvency. Creditors have until June 10, 2008, to submit written proofs of claims to: LLP Avtodorstroy Astana Tlendiev ave. 3 Astana Kazakhstan KAZ AUTO: Creditors' Claims Due on June 10 ------------------------------------------ LLP Kaz Auto Trans has declared insolvency. Creditors have until June 10, 2008, to submit written proofs of claims to: LLP Kaz Auto Trans Auezov Str. 2 050000, Almaty Kazakhstan Tel: 8 (7272) 77-84-77 KAZMACHINERY TRADE: Claims Registration Ends June 10 ---------------------------------------------------- LLP Kazmachinery Trade Ltd has declared insolvency. Creditors have until June 10, 2008, to submit written proofs of claims to: LLP Kazmachinery Trade Ltd Pichugin Str. 61 Karaganda Kazakhstan KURS-B LLP: Creditors Must File Claims by June 10 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Kurs-B insolvent on March 14, 2008. Creditors have until June 10, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakhstan SMIT & K: Claims Deadline Slated for June 10 -------------------------------------------- The Specialized Inter-Regional Economic Court of Atyrau has declared LLP Smit & K insolvent. Creditors have until June 10, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Atyrau Abai Str. 10a Atyrau Kazakhstan Tel: 8 (71222) 32-90-02 TALGAT-OIL LLP: Claims Filing Period Ends June 10 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Talgat-Oil insolvent. Creditors have until June 10, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Mailin Str. 75 Kyzylorda Kazakhstan Tel: 8 (7242) 25-82-54 8 705 722 69-78 TIMAS LLP: Creditors' Claims Due on June 10 ------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Timas insolvent on March 12, 2008. Creditors have until June 10, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakhstan =================== K Y R G Y Z S T A N =================== MAK FAMILY: Creditors Must File Claims by June 20 ------------------------------------------------- LLC Mak Family Trade Co has declared insolvency. Creditors have until June 20, 2008 to submit written proofs of claim. Inquiries can be addressed to (0-555) 99-12-54. ===================== N E T H E R L A N D S ===================== CHURCH & DWIGHT: Buys Del Pharma Biz from Coty at US$380 Million ---------------------------------------------------------------- Church & Dwight Co. Inc. signed a definitive agreement to acquire the Del Pharmaceuticals Inc. business for US$380 million in cash from Coty Inc. The transaction, which is subject to regulatory approval and other customary conditions, is expected to close in July 2008. Del Pharmaceuticals' net sales in the fiscal year ended Dec. 31, 2007 were approximately US$100 million. Over three quarters of those sales were from the Orajel(R) brand, the premium-priced #1 brand in the fast-growing oral analgesic category, with remaining sales from a variety of other OTC brands. Church & Dwight's 2007 net sales of US$2.2 billion include a premium oral care business led by the Arm & Hammer toothpaste and SpinBrush brands. According to the company, adding the Orajel brand will immediately increase the gross margin for the company and will complement the strategy of building scale in core categories. The brand will be integrated into the company's existing oral care business. "Orajel is a great addition to our existing portfolio and provides access to a fast-growing segment of the attractive premium oral care category," James R. Craigie, chairman and chief executive officer, said. "Orajel also brings to our company a powerful franchise that has developed great consumer loyalty." "This transaction is consistent with our growth strategy of strengthening our businesses by adding #1 or #2 brands in areas of high growth potential with gross margins that are accretive to the overall company," Mr. Craigie added. "It was important for Coty to identify the most suitable purchaser who will provide the best opportunity to grow this portfolio," Bernd Beetz, chief executive officer of Coty Inc., said. "While these pharmaceutical brands are highly respected, we remain focused on building and strengthening our core beauty business comprised of fragrance, color cosmetics, skin care and toiletries." Church & Dwight expects to combine operations which will result in additional cost synergies of over US$10 million a year by the end of 2009. The Orajel products are expected to be integrated into existing Church & Dwight manufacturing facilities by the end of 2009. The transaction is structured as an asset purchase resulting in a cash tax benefit from intangibles amortization with a net present value of US$90 million. The company will finance the acquisition with an addition to its bank credit facility combined with available cash and existing lines of credit. The acquisition is expected to have a neutral impact on 2008 earnings per share due primarily to one-time integration costs and the step-up of inventory. "We expect it to be accretive in 2009 and contribute meaningfully to earnings and free cash flow," Mr. Craigie concluded. "We also remain comfortable with our previously announced objective of achieving US$2.77 in earnings per share for 2008, including any impact from the acquisition." About Church & Dwight Headquartered in Princeton, New Jersey, Church & Dwight Co. Inc. (NYSE: CHD) -- http://www.churchdwight.com/-- manufactures and markets a wide range of personal care, household and specialty products, under the Arm & Hammer brand name and other well-known trademarks. The company has 17 subsidiaries outside the U.S. and located in Netherlands, China, Australia, Brazil, France, the United Kingdom, Mexico, Spain, New Zealand, Hong Kong and Canada. CHURCH & DWIGHT: Del Pharma Buy Prompts Moody's to Hold Ratings --------------------------------------------------------------- Moody's Investors Service affirmed Church & Dwight Company Inc.'s Ba1 corporate family and probability of default ratings following the proposed debt financing of the company's acquisition of the assets of Del Pharmaceuticals (primarily the Orajel brand of products) for US$380 million. In addition, Moody's assigned a Baa3 to the company's US$100 million revolving credit facility and affirmed the Baa3 senior secured bank rating and Ba2 senior subordinated note rating. The rating on the company's senior convertible debenture was lowered to Ba2 from Ba1 as a result of the increase in its subordination to the senior secured debt used to finance the transaction. The rating outlook remains stable. Ratings affirmed include: -- Corporate family rating at Ba1; -- Probability of default rating at Ba1; -- US$641 million senior secured term loan A facility, affirmed at Baa3 (LGD-2, 29%); -- US$250 million senior subordinated notes, affirmed at Ba2 (LGD-5, 87%); Rating assigned: -- US$100 million senior secured revolving credit facility, Baa3 (LGD-2, 29%) Rating downgraded includes These: -- US$100 million convertible senior debentures to Ba2 (LGD-4, 69%) from Ba1 (LGD-4, 56%); -- Outlook is stable. Church & Dwight's Ba1 corporate family rating continues to reflect the company's strong operating performance and proven ability to efficiently integrate new acquisitions as well as its strong credit metrics, particularly for the Ba1 rating category. The company's liquidity remains very good following the acquisition supported by its improving free cash flow and interest coverage. According to Christina Padgett, Senior Vice President, "Church & Dwight's current acquisition fits well with the company's portfolio of branded consumer products and is likely to contribute to margin expansion. Importantly, the company's conservative credit metrics allow for meaningful flexibility within the rating category despite a mostly debt-financed acquisition." Constraints on the rating include the company's modest size relative to many of its competitors, its speculative grade oriented capital structure, particularly the high proportion of secured debt, the intense competition prevalent in the consumer space and ongoing event risk given the focus on acquisitions. Church & Dwight Company Inc., based in Princeton, New Jersey, is a leading marketer and manufacturer of a broad portfolio of household and personal care consumer products, historically under the Arm and Hammer brand name, and is also the world's leading sodium bicarbonate producer. Total revenues for the last twelve months ended December 2007 were approximately US$2.2 billion. CHURCH & DWIGHT: S&P Upgrades Corporate Credit Rating to BB+ ------------------------------------------------------------ Standard & Poor's Ratings Services raised its corporate credit rating on Church & Dwight Co. Inc. to 'BB+' from 'BB', and assigned a 'BBB' senior secured debt and '1' recovery rating to the company's planned up to US$250 million term loan A facility. In addition, Standard & Poor's raised all of its existing issue- level ratings on the company by one notch, and removed the existing ratings from CreditWatch, where they were placed with positive implication on April 1, 2008. The outlook is stable. "The upgrade is based on Church & Dwight's stable operating performance in recent years and its successful track record of managing its acquisitive growth strategy to leverage levels consistent with the revised rating," said Standard & Poor's credit analyst Patrick Jeffrey. Standard & Poor's expects Church & Dwight's planned acquisition of the over-the-counter pharmaceutical business (Orajel) from Coty Inc. (unrated) for $380 million to result in pro forma debt leverage of less than 3x, and expects this transaction to be funded primarily with the new term loan maturing in 2012. "The company's good free cash flow generation provides flexibility to delever and help fund future acquisitions," said Mr. Jeffrey. The rating on Princeton, New Jersey-based Church & Dwight reflects the company's participation in the highly competitive personal care segment of the consumer products industry, its lack of geographic diversity, and its somewhat aggressive acquisition strategy. This is mitigated to an extent by its established consumer brands, stable operating performance, good free cash flow generation, and moderately leveraged balance sheet. =========== R U S S I A =========== CHELYABINSK TUBE: Moody's Assigns B1 Corporate Family Rating ------------------------------------------------------------ Moody's Investors Service has assigned a B1 corporate family rating to OJSC Chelyabinsk Tube-Rolling Plant, one of the leading pipe and tube manufacturers and the largest producer of seamless industrial pipes in Russia. At the same time, Moody's Interfax Rating Agency, which is majority owned by Moody's, assigned a A2.ru national scale rating. The outlook on all the ratings is stable. Rating Rationale The B1 corporate family rating reflects: (a) a leading position of ChTPZ in the concentrated Russian market for pipe and tubular products, with the three key producers accounting for over 80% of the market; (b) strong creditworthy key customers (including Russian oil and gas majors) and a strong growth momentum in demand supported by the need to replace and modernize Russia's oil and gas pipeline infrastructure, as well as strong growth in the economy; (c) steady operating cash flow generation; (d) limited competition afforded by protective regulatory measures; as well as (e) additional benefits likely to be achieved through the diversification into a higher-margin oil service business. The rating also reflects: (a) a relatively modest size of the operations comparing to the peer group; (b) the expectation of an intermediate weakening in the financial metrics during the build-out period and the need to manage growth and high leverage in 2008-2009; (c) operating risks associated with the substantial expansion and the company's reliance on bank financing in the medium term; and (d) a degree of uncertainty afforded by the plan to pursue acquisitions in the oil services industry. In 2004-2006, ChTPZ achieved a high growth in revenues which was supported by a robust pricing environment, strong demand from its main customers and by debt-financed acquisitions. The Company is pursuing a broad expansion program with the view to reinforce its long-term competitive position and increase capacity and efficiency of its main operations, as well as establish a stronger foothold in higher-margin pipe products. The program is supported by a US$1.2 billion capital investment in 2007-2009 that is financed with long-term bank facilities and through reinvestment of the operating cash flow. In addition, the Company is looking to achieve growth through diversification into pipe and oil services business and plans to make a number of bolt-on acquisitions in Russia to build the new line of business. Liquidity To date, ChTPZ funded its growth through reinvestment of its operating cash flows and a relatively limited indebtedness. Going forward, the company's liquidity requirements will be driven by the on-going acceleration of investment that underpins its long-term growth strategy, with some refinancing needs in 2010. The expansion is supported by c.US$1 billion in committed facilities, that typically include financial covenants. Moody's notes that the degree to which the company executes its expansion strategy may influence the level of the headroom under its financial covenants. The implementation of the Company's acquisition strategy will also be contingent on securing adequate funding. Rating Outlook The stable rating outlook reflects ChTPZ's resolute performance in 2005, 2006 and first half 2007, as well as Moody's expectation that the strong operating environment will continue to support solid operating cash flow in relation to the accumulated debt, notwithstanding the company's ambitious plans to have capital expenditure in the next three years at well above depreciation levels in line with its modernization program. Moody's expects the company to continue to maintain its moderate financial policies and its demonstrated disciplined approach to acquisitions in the medium term with leverage sustained between x2.0 and x3.0 times EBITDA through the cycle. The stable outlook also reflects the expectation that the Company will continue to address its liquidity needs in a timely and proactive manner. EVRAZ GROUP: Fitch Puts BB Rating to US$1.6 Billion Notes --------------------------------------------------------- Fitch Ratings has assigned Evraz Group S.A.'s US$1.05 billion and US$550 million notes due in 2013 and 2018, respectively, final 'BB' ratings. The ratings are in line with Evraz's 'BB' Long-term Issuer Default rating. The notes maturing in 2013 have an annual coupon of 8.875% while the notes maturing in 2018 have an annual coupon of 9.5%. At the same time, Fitch has affirmed Evraz's Long-term IDR and senior unsecured ratings of 'BB' and Short-term IDR of 'B'. The ratings of Mastercroft Limited (Evraz's core subsidiary holding most of its key operating assets within Russia) are also affirmed at Long-term IDR 'BB' and Short-term IDR 'B', as is the senior unsecured 'BB' rating of Evraz Securities S.A. The Outlooks for Evraz's and Mastercroft Limited's Long-term IDRs are Stable. Proceeds from the notes will be used for general corporate purposes, including the funding of capex and potential acquisitions. Fitch would also expect the proceeds to be used in part to refinance debt from the recent acquisition of IPSCO's Canadian operations. The issues are direct, unconditional and unsecured obligations of Evraz, which, in addition to being the ultimate holding company for the Evraz Group, has direct ownership of several international steel operations purchased in recent years. No subsidiary guarantees are, however, provided. Fitch notes that historically Evraz's consolidated debt structure has included a high proportion of secured debt and structurally superior debt in subsidiary entities. Consistent with its methodology, which considers a debt level of 2x of pre-tax, pre-interest cash flow to be sufficiently material to consider the notching of senior unsecured debt, Fitch has not notched the rating of the notes from the level of Evraz's Long-term IDR. Final documentation includes a change of control provision set at 50% of total voting stock (exclusions for current majority shareholder Lanebrook Limited and variously any of its shareholders, legal representatives or subsidiaries), with a put option to redeem the notes at 101% of face value plus accrued interest, as well as a make-whole provision. There are limitations on the granting of liens (defined generally to include mortgages, pledges, etc), while additional indebtedness is subject to an EBITDA leverage test of 3x or less, calculable on a pro-forma basis in respect of acquisitions. MONINO CJSC: Court Names A. Zhigalin as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Moscow appointed A. Zhigalin as Insolvency Manager for CJSC Monino. He can be reached at: A. Zhigalin Post User Box 209 Medvezhyi Ozera Shelkovskiy 141143 Moscow Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A41-K2-19300/07. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: A. Zhigalin Post User Box 209 Medvezhyi Ozera Shelkovskiy 141143 Moscow Russia NEZHEGOLSKAYA LLC: Creditors Must File Claims by June 26 -------------------------------------------------------- Creditors of LLC Poultry Farm Nezhegolskaya have until June 26, 2008, to submit proofs of claim to: Y. Razinkov Insolvency Manager Demokraticheskaya Str. 26 Staryj Oskol 309514 Belgorod Russia Tel: (4725) 22-58-63, 8-919-285-99-03 The Arbitration Court of Belgorod commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A08-705/08-24B. The Court is located at: The Arbitration Court of Belgorod Narodnyj Avenue 135 308600 Belgorod Russia The Debtor can be reached at: LLC Poultry Farm Nezhegolskaya Pionerskaya Str. Novaya Tavolzhanka Shebekinskiy 309255 Belgorod Russia PIK LLC: Creditors Must File Claims by May 26 --------------------------------------------- Creditors of LLC Project-Survey Company PIK (TIN 6319005501) have until May 26, 2008, to submit proofs of claim to: A. Antonov Insolvency Manager Post User Box 5082 432980 Ulyanovsk Russia The Arbitration Court of Samara commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A55-2316/2008. The Court is located at: The Arbitration Court of Samara Avrory Str. 148 443045 Samara Russia The Debtor can be reached at: LLC Project-Survey Company PIK Samara Russia REAL MOTORS: Creditors Must File Claims by June 26 -------------------------------------------------- Creditors of LLC Real Motors (TIN 7719238855) have until June 26, 2008, to submit proofs of claim to: I. Kopytov Insolvency Manager