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 Tuesday, May 20, 2008, Vol. 9, No. 99 Headlines A U S T R I A DOMUS-REAL: Claims Registration Period Ends June 19 JASAROSKI & RAMADANI: Claims Registration Period Ends May 21 MARTIN NEMEC: Claims Registration Period Ends May 27 MOERTLBAUER LOGISTIK: Claims Registration Period Ends May 28 PC-PARTY HANDEL: Claims Registration Period Ends June 9 RISK COMPETENCE: Claims Registration Period Ends June 6 B E L G I U M CHESAPEAKE CORP: Reveals Plan to Close Carton Ops in Brussels F R A N C E COMPAGNIE GENERALE: Moody’s Upgrades Ratings on Senior Loans G E R M A N Y ADVANCED MICRO: Randy Allen to Head Computing Solutions Group E-B-TEC GESELLSCHAFT: Claims Registration Period Ends June 5 FAHNRICH-PLASTIC: Claims Registration Period Ends June 5 GFH GERMAN: Claims Registration Period Ends June 5 KIRCHHOFF GMBH: Claims Registration Period Ends June 5 KOERNER - TRANS: Claims Registration Period Ends June 5 NEW EYES: Claims Registration Ends June 6 P.L.B. ELEKTROTECHNIK: Claims Registration Ends June 6 PARAMED AMBULANZ: Claims Registration Ends June 6 PEREKO VERTRIEBS: Claims Registration Ends June 6 PROFESSIONAL CONSULT: Claims Registration Ends June 6 SEMI LASSO: Creditors' Meeting Slated for May 27 T.O.B.E.N. SPEDITION: Claims Registration Period Ends May 28 H U N G A R Y FLEXTRONICS INT'L: Completes Friwo Mobile Power Acquisition FLEXTRONICS INT'L: Posts US$7.8 Bln Net Sales for Fourth Quarter I R E L A N D CLOVERIE PLC: Fitch Lowers Three Loan Ratings to BB CONAI DESIGN: Habitat UK to Honor Irish Orders Amid Liquidation I T A L Y ALITALIA SPA: Italy May Ask Air France to Take Part in Sale K A Z A K H S T A N AI-AN AKKUS: Creditors Must File Claims by June 24 AINALINE LLP: Claims Deadline Slated for June 25 KEN-PAVLODAR: Claims Filing Period Ends June 25 KLONDIKE AK: Creditors' Claims Due on June 24 NUMBERING SYSTEM: Claims Registration Ends June 25 RUD TECHNO: Creditors Must File Claims by June 24 SILIKOM LLP: Claims Deadline Slated for June 25 K Y R G Y Z S T A N MUNAIZATROZ CJSC: Creditors Must File Claims by June 27 L U X E M B O U R G EVRAZ GROUP: Posts US$1.39 Billion EBITDA for 1st Quarter 2008 EVRAZ GROUP: Shareholders Elect Directors and Auditors N E T H E R L A N D S AES CORP: Prices Private Placement of Senior Unsecured Notes AES CORP: Fitch Rates US$600 Million Senior Unsec. Notes at BB X5 RETAIL: Names Jacquot Boelen as Supermarket Biz Chief P O L A N D STOCZNIA GDYNIA: Needs US$250 Million to Avoid Bankruptcy ZLOMREX SA: High Leverage Prompts Moody’s to Junk Ratings R U S S I A EVRAZ GROUP: Posts US$1.39 Billion EBITDA for 1st Quarter 2008 EVRAZ GROUP: Shareholders Elect Directors and Auditors URALSVYAZINFORM OJSC: S&P Affirms BB Long Term Credit Rating X5 RETAIL: Names Jacquot Boelen as Supermarket Biz Chief S W I T Z E R L A N D ALAIN LE MONDIAL: Creditors' Proofs of Claims Due by June 30 CEVAPCICI-BLITZ LLC: Creditors Must File Claims by August 1 FERRA-MEAT LLC: Creditors' Liquidation Claims Due by October 23 ORCHIDEAN JSC: Creditors Must File Proofs of Claim by May 21 POLLUX HANDEL: Creditors Have Until June 30 to File Claims RESTAURANT SONNENHOF-ZUM: Proofs of Claim Deadline is May 31 SIBACK JSC: Creditors Have Until July 8 to File Proofs of Claim UNDEND LLC: Creditors' Liquidation Claims Due by June 30 T U R K E Y * Turkish Real Estate Agents Badly Hit by Credit Crunch U K R A I N E B. HMELNITSKY LLC: Proofs of Claim Deadline Set May 25 BINASH LLC: Proofs of Claim Deadline Set May 25 ELECTROLAND LLC: Creditors Must File Claims by May 25 GRAVITON LLC: Proofs of Claim Deadline Set May 25 INDUSTRIAL ECO: Proofs of Claim Deadline Set May 25 KAS LLC: Proofs of Claim Deadline Set May 25 PROLIV OJSC: Proofs of Claim Deadline Set May 23 SKYLA LLC: Proofs of Claim Deadline Set May 25 UNITED-VINNICA LLC: Proofs of Claim Deadline Set May 25 U N I T E D K I N G D O M 1970 LTD: Brings In Liquidators from Tenon Recovery ACXIOM CORP: John A. Adams Named as Chief Operating Officer ACXIOM CORP: Posts US$7.7 Million Net Loss in Fiscal Year 2007 AMPEX CORP: Appointment of Equity Holders Panel Moot, Judge Says AMPEX CORP: Files Amended Disclosure Statement & Chapter 11 Plan ASCALADE COMMS: Hong Kong Court OKs ACL's Scheme of Arrangement BRITISH AIRWAYS: Earns GBP694 Million for Year Ended March 31 BRITISH ENERGY: Two More Parties Submit Takeover Offers BS CONSTRUCTION: Goes Into Voluntary Administration CHESAPEAKE CORP: Net Sales Down 7% in 2008 First Quarter CHESAPEAKE CORP: Inks Commitment Letter w/GECC on New Facility CHESAPEAKE CORP: In Talks to Amend U.K. Pension Recovery Plan CHURCHILL DULWICH: Calls In Liquidators from Vantis CLARKE & WRIGHT: Appoints Liquidator from Mazars COMPASS MINERALS: Intends to Redeem US$70MM of Senior Notes COMPASS MINERALS: S&P Lifts Corporate Credit Rating to BB ELVA FUNDING: Notes’ Rating Lowered to D by S&P then Withdrawn ETHEL AUSTIN: Elaine McPherson Buys Business for GBP10 Million FIOR DI LATTE: Taps Joint Administrators from Tenon Recovery GEORGE OF COLCHESTER: Taps Moore Stephens to Administer Assets KEMEK LTD: Appoints Joint Administrators from Deloitte & Touche KMC HOLDINGS: Brings In Grant Thornton as Joint Administrators MICRA CONTRACTS: Taps Liquidators from Tenon Recovery NALLATECH LTD: Taps Joint Administrators from Kroll Ltd NEW HAVEN: Tough Economic Conditions Prompt Administration NIGHTINGALE FINANCE: Moody’s Junks Rating on Capital Notes PANALOC LTD: Appoints KPMG as Joint Administrators PREMIER ASSET: Moody’s Cuts Rating on Capital Not Programme SABRETECH HOME: Hires Liquidators from Moore Stephens SCOOT AND COMMUTE: Calls In Liquidators from Moore Stephens SERMEC ENGINEERING: Taps Joint Administrators from KPMG SERMILLION LTD: Brings In Liquidators from BDO Stoy Hayward STATSONSPORT LTD: Creditors' Meeting Slated for May 29 TALISMAN-6 FINANCE: Fitch Rates EUR15.5 Mln. Class F Notes at BB WALNUT TREE: Appoints Joint Administrators from Baker Tilly * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= DOMUS-REAL: Claims Registration Period Ends June 19 --------------------------------------------------- Creditors owed money by LLC Domus-Real Immobilienvermittlung (FN 93324t) have until June 19, 2008, to file written proofs of claim to court-appointed estate administrator Annemarie Kosesnik-Wehrle at: Dr. Annemarie Kosesnik-Wehrle c/o Dr. Stefan Langer Oelzeltgasse 4/6 1030 Vienna Austria Tel: 713 61 92 Fax: 713 61 92 22 E-mail: kanzlei@kosesnik-langer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on July 3, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 25, 2008 (Bankr. Case No. 5 S 43/08w). Stefan Langer represents Dr. Kosesnik-Wehrle in the bankruptcy proceedings. JASAROSKI & RAMADANI: Claims Registration Period Ends May 21 ------------------------------------------------------------ Creditors owed money by OEG Jasaroski & Ramadani (FN 279071z) have until May 21, 2008, to file written proofs of claim to court-appointed estate administrator Herbert Nigl at: Mag. Herbert Nigl c/o Mag. Horst Winkelmayr Hauptplatz 15 2100 Korneuburg Austria Tel: 02262/724 35 Fax: 02262/724 35 50 E-mail: rae@kniwi.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on June 4, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Stockerau, Austria, the Debtor declared bankruptcy on April 25, 2008 (Bankr. Case No. 36 S 45/08x). Horst Winkelmayr represents Mag. Nigl in the bankruptcy proceedings. MARTIN NEMEC: Claims Registration Period Ends May 27 ---------------------------------------------------- Creditors owed money by LLC Martin Nemec (FN 298452a) have until May 27, 2008, to file written proofs of claim to court-appointed estate administrator Johannes Jaksch at: Dr. Johannes Jaksch Schiessstattring 35/13 3100 St. Poelten Austria Tel: 02742/74731 Fax: 74731-22 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:50 a.m. on June 17, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor St. Poelten Austria Headquartered in St. Poelten, Austria, the Debtor declared bankruptcy on April 25, 2008 (Bankr. Case No. 14 S 57/08k). MOERTLBAUER LOGISTIK: Claims Registration Period Ends May 28 ------------------------------------------------------------ Creditors owed money by LLC Moertlbauer Logistik (FN 237358g) have until May 28, 2008, to file written proofs of claim to court-appointed estate administrator Christoph Danneer at: Mag. Christoph Danneer Lamprechtstr. 2 4780 Scharding Austria Tel: 07712 / 5133 Fax: 07712 / 5133-20 E-mail: office@grubeck-danner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at noon on June 4, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Ried im Innkreis Hall 101 First Floor Ried im Innkreis Austria Headquartered in Obernberg am Inn, Austria, the Debtor declared bankruptcy on April 25, 2008 (Bankr. Case No. 17 S 19/08p). PC-PARTY HANDEL: Claims Registration Period Ends June 9 ------------------------------------------------------- Creditors owed money by LLC PC-Party Handel (FN 270955p) have until June 9, 2008, to file written proofs of claim to court- appointed estate administrator Herbert Veit at: Dr. Herbert Veit Coulinstrasse 20 4020 Linz Austria Tel: 0732/650524 Fax: 0732/656976 E-mail: dr.veit@utanet.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on June 23, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Room 522 Fifth Floor Linz Austria Headquartered in Linz, Austria, the Debtor declared bankruptcy on April 25, 2008 (Bankr. Case No. 12 S 30/08m). RISK COMPETENCE: Claims Registration Period Ends June 6 ------------------------------------------------------- Creditors owed money by JSC Risk Competence Center (FN 254494g) have until June 6, 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: 5331695 Fax: 5355686 E-mail: schmidt@preslmayr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on June 20, 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 25, 2008 (Bankr. Case No. 28 S 58/08w). ============= B E L G I U M ============= CHESAPEAKE CORP: Reveals Plan to Close Carton Ops in Brussels ------------------------------------------------------------- Chesapeake Corporation, on May 13, 2008, disclosed that it has undertaken a review of its carton manufacturing capacity in Belgium for pharmaceutical and healthcare packaging. Based on the review the company has proposed closure of its carton operation at Brussels, Belgium to improve overall plant utilization while delivering the highest quality products and services to customers. The proposal is subject to consultation with the Belgian works council. If the proposed closure is implemented, the company’s carton operation at Gent, Belgium will support the Brussels plant’s current customer requirements. The proposed closure is expected to take place over the coming months and it is anticipated that there may be up to 42 redundancies. The Company expects to incur employee severance costs of approximately EUR1.5 million, to be paid during 2008. In addition, the company expects to record approximately EUR0.3 million of asset redeployment costs and EUR0.3 million in professional fees, both of which are expected to be recognized, as incurred, through 2008. About Chesapeake Corp Chesapeake Corporation -- http://www.chesapeakecorp.com/-- (NYSE: CSK) protects and promotes the world’s great brands as a leading international supplier of value-added specialty paperboard and plastic packaging. Headquartered in Richmond, Va., the company is one of Europe’s premier suppliers of folding cartons, leaflets and labels, as well as plastic packaging for niche markets. Chesapeake has 45 locations in Europe, North America, Africa and Asia and employs approximately 5,400 people worldwide. In Asia, Chesapeake has subsidiaries in China and Hong Kong. * * * As reported in the Troubled Company Reporter on April 14, 2008, Standard & Poor's Ratings Services lowered its ratings for Chesapeake Corp., including the corporate credit rating, which was lowered to 'B+' from 'BB-'. At the same time, S&P assigned a recovery rating of '6' to the company's existing subordinated notes, indicating S&P's expectation for negligible (0% to 10%) recovery in the event of a payment default. All ratings were removed from CreditWatch, where they were placed with negative implications on Dec. 18, 2007. The outlook is negative. =========== F R A N C E =========== COMPAGNIE GENERALE: Moody’s Upgrades Ratings on Senior Loans ------------------------------------------------------------ Moody's Investors Service upgraded to Ba1 from Ba2 the ratings on the senior secured credit facilities of Compagnie Generale de Geophysique-Veritas, comprising a US$200 million senior secured Revolving Credit Facility due 2012 at CGGVeritas and a US$1.0 billion senior secured Term Loan B due 2014 and a US$140 million senior secured Revolving Credit Facility due 2012 at CGGVeritas Services Inc. At the same time, Moody's affirmed the group's Ba2 corporate family rating and the Ba3 ratings on the 7.5% US$530 million and 7.75% US$400 million senior unsecured Notes due 2015 and 2017, respectively. The outlook is stable. The upgrade reflects the combination of (i) the early repayment of US$100 million under the Term Loan B in June 2007 and (ii) Moody's anticipation that CGGVeritas will further reduce the amount outstanding under its senior facilities in the short- to medium term on the back of strong cash flow generation, thereby raising their recovery prospects relative to other classes of debt, including the Notes. The Ba1 ratings on the senior facilities therefore reflect the combination of the overall probability of default of the company, to which Moody's had assigned a Probability of Default Rating of Ba2, and a reduced Loss Given Default assessment of LGD 3 (38%). The facilities are (i) guaranteed on a senior basis by operating subsidiaries accounting in aggregate for over 50% of the group's operating income and (ii) secured by a first- ranking pledge on the shares of all the guarantors and of some additional operating companies, on substantially all assets thereof, as well as on CGGVeritas' multi-client library in the Gulf of Mexico and two vessels. The Ba3 ratings on the Notes remain unchanged and now reflect the combination of a PDR of Ba2 and an increased Loss Given Default assessment of LGD 4 (67%). Whilst the Notes benefit from the same guarantees as the senior facilities, the one-notch discount to the CFR reflects their effective subordination to (i) the group's secured obligations, including the USD1.0 billion Term Loan B and the Revolving Credit Facilities, as well as (ii) the obligations of the remaining subsidiaries that do not guarantee the Notes. The affirmation of the Ba2 CFR reflects the group's good operating performance in 2007 in a favourable environment characterised by strong demand for seismic equipment and services, fuelled by high commodity prices and declining reserve replacement rates, which allowed it in turn to deleverage in line with expectations. Moody's believes that CGGVeritas' leverage of 2.8x at year-end 2007 (expressed as net adjusted debt to EBITDA less multi-client capex) now positions it adequately within its current rating category. Nevertheless, Moody's adds that any further improvement in financial metrics that translates into a leverage below 2.0x on a sustainable basis could put upward pressure on ratings in the medium term. The stable outlook balances (i) the potential for a rapid deleveraging over the short to medium term on the back of strong industry fundamentals, as evidenced by a backlog of approximately US$1.7 billion at the beginning of May 2008, with (ii) the possibility that CGGVeritas may use its additional financial flexibility for M&A-related activities and/or shareholder-friendly policies. Moody's last rating action on CGGVeritas was on 12 January 2007, when the rating agency confirmed the group's ratings following the successful completion of the merger between Compagnie Générale de Géophysique and Veritas DGC Inc. Compagnie Generale de Geophysique-Veritas, headquartered in Paris, France, is a leading global seismic services provider and manufacturer of seismic equipment. In 2007, it generated revenues of around EUR2.4 billion. ============= G E R M A N Y ============= ADVANCED MICRO: Randy Allen to Head Computing Solutions Group ------------------------------------------------------------- AMD disclosed several organizational and executive changes as part of the company's ongoing efforts to re-architect its business for sustained profitability. "We are accelerating AMD's transformation, reshaping the organization and bolstering our management team to lead in our x86 microprocessor and graphics businesses," Dirk Meyer, AMD president and COO, said. "Placing experienced leaders in new, more focused roles will enhance our execution and progress towards sustained profitability and long-term success. The creation of a Centralized Engineering organization aligns and focuses AMD's world-class engineers and intellectual property portfolio on the strong business opportunities in front of us." In his new role as Senior Vice President, Computing Solutions Group, Randy Allen reports into President and COO Dirk Meyer and is responsible for the development and management of AMD's broad and growing portfolio of consumer and commercial microprocessor solutions and platforms. The twenty-four year AMD veteran was most recently responsible for AMD's Server and Workstation business and previously oversaw microprocessor engineering for the company, including the successful introductions of the AMD Opteron(TM) and AMD Athlon(TM) 64 processors. The newly formed Central Engineering organization will be co-led by Chekib Akrout, who is joining AMD, and Jeff VerHeul, corporate vice president of design engineering at AMD. The Central Engineering leadership team will direct the development and execution of AMD's technology and product roadmaps in partnership with AMD's business units and will report directly to Dirk Meyer. Akrout is joining AMD after serving as vice president of design technology at Freescale Semiconductor. Prior to Freescale, Akrout worked at IBM and managed the development of a wide range of products including microprocessors, application specific integrated circuits (ASICs) and mixed signal devices. He was responsible for IBM's work on the development of the Cell processor, the Xbox 360 processor for Microsoft, and embedded PowerPC cores. VerHeul joined AMD in August 2005 after a twenty-five year career with IBM. Most recently, he led the AMD's microprocessor design engineering organization. AMD also promoted Allen Sockwell to senior vice president, human resources and Chief Talent Officer responsible for developing AMD's leadership assets and employee talent. As part of these management changes, Mario Rivas, formerly executive vice president, Computing Solutions Group and Michel Cadieux, formerly senior vice president and Chief Talent Officer, have left AMD to pursue new opportunities. About AMD Headquartered in Sunnyvale, California, Advanced Micro Devices Inc. -- http://www.amd.com/-- (NYSE: AMD) is a global provider of innovative processing solutions in the computing, graphics and consumer electronics markets. AMD is dedicated to driving open innovation, choice and industry growth by delivering superior customer-centric solutions that empower consumers and businesses worldwide. Outside the United States, the company has subsidiaries in Belgium, Brazil, China, Germany, Japan, Malaysia and Bermuda, among others. * * * As reported in the Troubled Company Reporter-Europe on April 14, 2008, Standard & Poor's Ratings Services placed its 'B' corporate credit and senior unsecured ratings on Advanced Micro on CreditWatch with negative implications following the company's announcement that first-quarter revenues will be lower than previously expected as a result of weakening business conditions and continued technical challenges. Moody's Investors Service also placed Advanced Micro Devices' B1 corporate family and probability of default ratings, along with its B2 senior unsecured rating, under review for possible downgrade following the company's announcement that first quarter 2008 results will be weaker than anticipated. E-B-TEC GESELLSCHAFT: Claims Registration Period Ends June 5 ------------------------------------------------------------ Creditors of E-B-TEC Gesellschaft fuer Energie- und Betriebstechnik mbH have until June 5, 2008, to register their claims with court-appointed insolvency manager Petra Mork. Creditors and other interested parties are encouraged to attend the meeting at 9:40 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 Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund 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. Petra Mork Arndtstr. 28 44135 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against E-B-TEC Gesellschaft fuer Energie- und Betriebstechnik mbH on May 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: E-B-TEC Gesellschaft fuer Energie- und Betriebstechnik mbH Kirchen 28 59077 Hamm Germany FAHNRICH-PLASTIC: Claims Registration Period Ends June 5 -------------------------------------------------------- Creditors of Fahnrich-Plastic GmbH & Co KG have until June 5, 2008, to register their claims with court-appointed insolvency manager Johannes Koepsell. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 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: Johannes Koepsell Morianstr. 3 42103 Wuppertal Germany The District Court of Cologne opened bankruptcy proceedings against Fahnrich-Plastic GmbH & Co KG on April 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fahnrich-Plastic GmbH & Co KG Fahnrichsstuettem 5 51688 Wipperfuerth Germany GFH GERMAN: Claims Registration Period Ends June 5 -------------------------------------------------- Creditors of GFH German Fashion House GmbH have until June 5, 2008, to register their claims with court-appointed insolvency manager Wolfgang Pieper. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on July 3, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aschaffenburg Meeting Hall 5.103 Schlossplatz 5 63739 Aschaffenburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Wolfgang Pieper Jahnstr. 74 63743 Aschaffenburg Germany Tel: 06028/997718 Fax: 06028/997719 The District Court of Aschaffenburg opened bankruptcy proceedings against GFH German Fashion House GmbH on Jan. 23, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GFH German Fashion House GmbH Altdorfstr. 10 63906 Erlenbach Germany KIRCHHOFF GMBH: Claims Registration Period Ends June 5 ------------------------------------------------------ Creditors of Kirchhoff GmbH & Co. KG Bettwarenfabrik have until June 5, 2008, to register their claims with court-appointed insolvency manager Michael Moenig. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 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 Muenster Meeting Hall 101 B First Floor Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Moenig Von-Steuben-Strasse 18 48143 Muenster Germany Tel: 0251/38484-333 Fax: +4925138484300 The District Court of Muenster opened bankruptcy proceedings against Kirchhoff GmbH & Co. KG Bettwarenfabrik on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kirchhoff GmbH & Co. KG Bettwarenfabrik Hans-Boeckler-Strasse 15 59348 Luedinghausen Germany KOERNER - TRANS: Claims Registration Period Ends June 5 ------------------------------------------------------- Creditors of Koerner - Trans - GmbH have until June 5, 2008, to register their claims with court-appointed insolvency manager Dirk Wittkowski. Creditors and other interested parties are encouraged to attend the meeting at 9:05 a.m. on Aug. 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 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. Dirk Wittkowski Kirchblick 11 14129 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Koerner - Trans - GmbH on March 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Koerner - Trans - GmbH Landsberger Str. 4-8 12623 Berlin Germany NEW EYES: Claims Registration Ends June 6 ----------------------------------------- Creditors of NEW EYES Foto-, Film- + Textagentur GmbH have until June 6, 2008 to register their claims with court-appointed insolvency manager Karen Geberbauer. Creditors and other interested parties are encouraged to attend the meeting at 12:35 p.m. on July 7, 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 Hamburg Meeting Hall B405 Fourth Floor Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Karen Geberbauer Landwehr 2 22087 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against NEW EYES Foto-, Film- + Textagentur GmbH on April 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: NEW EYES Foto-, Film- + Textagentur GmbH Attn: Heide Kubicek, Manager Moerkenstrasse 12 22767 Hamburg Germany P.L.B. ELEKTROTECHNIK: Claims Registration Ends June 6 ------------------------------------------------------ Creditors of P.L.B. Elektrotechnik GmbH have until June 6, 2008 to register their claims with court-appointed insolvency manager Soenke Hansen. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 3, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Meeting Hall B405 Fourth Floor Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Soenke Hansen Moenckebergstrasse 17 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against P.L.B. Elektrotechnik GmbH on April 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: P.L.B. Elektrotechnik GmbH Attn: Torsten Holz, Manager Essener Strasse 4 22419 Hamburg Germany PARAMED AMBULANZ: Claims Registration Ends June 6 ------------------------------------------------- Creditors of Paramed Ambulanz GmbH have until June 6, 2008 to register their claims with court-appointed insolvency manager Ingo Michelsen. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 27, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Loerrach Room 2.21 Hall 5 Second Floor 79539 Loerrach 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: Ingo Michelsen Luisenstr. 5 79539 Loerrach Germany Tel: 07621/4225880 The District Court of Loerrach opened bankruptcy proceedings against Paramed Ambulanz GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Paramed Ambulanz GmbH Bahhofstr. 102 79618 Rheinfelden-Herten Germany PEREKO VERTRIEBS: Claims Registration Ends June 6 ------------------------------------------------- Creditors of PeReKo Vertriebs GmbH have until June 6, 2008 to register their claims with court-appointed insolvency manager Dr. Olaf Buechler. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on July 3, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Meeting Hall B405 Fourth Floor Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Olaf Buechler Herrengraben 3 20459 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against PeReKo Vertriebs GmbH on April 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PeReKo Vertriebs GmbH Attn: Petra Kock, Manager Colonnaden 108 20354 Hamburg Germany PROFESSIONAL CONSULT: Claims Registration Ends June 6 ----------------------------------------------------- Creditors of Professional Consult Gesellschaft fuer Projektentwicklung und Immobilienmanagement mbH have until June 6, 2008 to register their claims with court-appointed insolvency manager Bert Buske. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Potsdam Hall 24 Jagerallee 10-12 14469 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bert Buske Alt Nowawes 67 14482 Potsdam Germany The District Court of Potsdam opened bankruptcy proceedings against Professional Consult Gesellschaft fuer Projektentwicklung und Immobilienmanagement mbH on April 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Professional Consult Gesellschaft fuer Projektentwicklung und Immobilienmanagement mbH Attn: Frau Sylvia Hoffmann, Manager Koepernitzer Dorfstrasse 30 14793 Ziesar Germany SEMI LASSO: Creditors' Meeting Slated for May 27 ------------------------------------------------ The court-appointed insolvency manager for Semi Lasso GmbH, Hartwig Albers will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:05 a.m. on May 27, 2008. The meeting of creditors and other interested parties 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 at 11:05 a.m. on Aug. 5, 2008, at the same venue. Creditors have until June 5, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Hartwig Albers Luetzowstr. 100 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Semi Lasso GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Semi Lasso GmbH Muskauer Strasse 13 10997 Berlin Germany T.O.B.E.N. SPEDITION: Claims Registration Period Ends May 28 ------------------------------------------------------------ Creditors of T.O.B.E.N. Spedition & Service GmbH have until May 28, 2008, to register their claims with court-appointed insolvency manager Heiko Rautmann. Creditors and other interested parties are encouraged to attend the meeting at 9:50 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 Magdeburg Hall 14 Justizzentrum Magdeburg Breiter Weg 203-206 39104 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Heiko Rautmann Editharing 31 39108 Magdeburg Germany Tel: 0391/5066030 Fax: 0391/5066033 E-mail: Heiko.Rautmann@gmx.de The District Court of Magdeburg opened bankruptcy proceedings against T.O.B.E.N. Spedition & Service GmbH on May 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: T.O.B.E.N. Spedition & Service GmbH Blankenburger Str. 17 38889 Huettenrode Germany ============= H U N G A R Y ============= FLEXTRONICS INT'L: Completes Friwo Mobile Power Acquisition ----------------------------------------------------------- Flextronics International Ltd. has completed its acquisition of the FRIWO Mobile Power business unit of CEAG AG, a global market leader for power supplies and chargers for mobile telephones. FMP is now part of Flextronics' power supply division. "The acquisition of the FRIWO Mobile Power Business unit substantially expands our power supply capability and we expect to be one of teh top power supply companies within the next 18 months," Bob Roohparva, president of Vista Point Technologies disclosed. "This acquisition broadens our relationships with mobile phone OEMS, enhances our global reach and adds vertical integration capabilities such as magnetic (transformer) manufacturing. On behalf of Flextronics, I would like to welcome the FMP team to our organization," Mr. Roohparvar added. The acquisition will add approximately 18,000 employees and 700,000 square feet of manufacturing capacity in China. About Flextronics Headquartered in Singapore, Flextronics International Ltd. (NasdaqGS: FLEX; Singapore Reg. No. 199002645H) -- http://www.flextronics.com/-- is an Electronics Manufacturing Services provider focused on delivering design, engineering and manufacturing services to automotive, computing, consumer digital, industrial, infrastructure, medical and mobile OEMs. Flextronics helps customers design, build, ship, and service electronics productsthrough a network of facilities in over 30 countries on four continents. As of the year ended March 31, 2007, the company's regulatory filing with the U.S. SEC showed that it had subsidiaries in Austria, Brazil, China, France, Hong Kong, Hungary, Malaysia, Mexico and the United States, among others. The company has yet to submit its annual report for the year ended March 31, 2008. * * * Flextronics International Ltd. continues to carry Moody's "Ba1" probability of default and long-term corporate family ratings with a negative outlook. The company also carries Standard & Poor's "BB+" long-term local and foreign issuer credit ratings with a negative outlook. FLEXTRONICS INT'L: Posts US$7.8 Bln Net Sales for Fourth Quarter ---------------------------------------------------------------- Flextronics International Ltd.'s recorded net sales for the fourth quarter ended March 31, 2008, increased 66% to US$7.8 billion, which represents an increase of US$3.1 billion over US$4.7 billion net sales for quarter ended March 31, 2007. Record adjusted operating profit for the fourth quarter ended March 31, 2008, increased 86% over the same quarter in 2007 to US$263 million, while adjusted operating margin improved 40 basis points to 3.4%. Record adjusted net income for the fourth quarter ended March 31, 2008, increased 76% over the year ago quarter to US$215 million, while adjusted EPS increased 30% to a record US$0.26. Net sales for the fiscal year ended March 31, 2008, increased 46% to a record US$27.6 billion, which represents an increase of US$8.7 billion. Adjusted operating profit in fiscal year increased 56%, while adjusted operating margin improved 20 basis points to 3.2%. Adjusted net income in fiscal year 2008 increased 56% to a record US$745 million, while adjusted EPS increased 28% to a record US$1.02. Cash and cash equivalents amounted to US$1.7 billion at March 31, 2008. Operating cash flow generated US$1 billion, while free cash flow amounted to US$715 million during the fiscal year ended March 31, 2008. "I am very proud of the hard work and contribution of our employees across the globe in making fiscal 2008 a transformational year for not only Flextronics, but perhaps the entire EMS industry. Our better than expected operating performance is attributable in part to the successful integration of the Solectron acquisition, which I believe is one of the most successful large scale acquisitions ever completed in any industry, as well as from operating a large diversified company, which is not overly dependent on a particular geographic region, market segment, customer or product," said Mike McNamara, chief executive officer of Flextronics. Mr. McNamara added, "The acqusition was a defining event for our company, as it created the most diversified and premier global supplier of advanced design and vertically integrated electronic manufacturing services. The scale, diversification and expanded breadth of capabilities gained through the acquisition have further enhanced our competitive position. We have become the leader in most EMS product market segments, and our increased scale and capabilities should enable us to further extend our reach and realize significant cost savings to increase shareholder value through greater generation of cash flow and earnings. Our customers' solutions increasingly require cost structures and capabilities that can only be achieved through size, and our scale is clearly a significant competitive advantage." "In addition to increasing our vertical capabilities throughout the year, we also diversified across more product categories by expanding into the PC, notebook, disposable medical devices and medical plastic markets. We have also added over 1000 design engineers across a variety of segments and have expanded our ODM/CDM portfolio. Through the revenue and scale that we have added, along with the continued geographic expansion and relentless drive to reduce operating expenses, we have increased our competitive advantage by offering our customers lower cost solutions with enhanced capabilities," Mr. McNamara concluded. Guidance According to the company, for the first quarter ending June 27, 2008, revenue is expected to be in the range of US$8 billion to US$8.5 billion and adjusted EPS is expected to be in the range of US$0.27-US$0.29 per share. GAAP earnings per share are expected to be lower than the guidance provided herein by around US$0.07 per diluted share for quarterly intangible amortization and stock-based compensation expense, and by around US$0.03 to US$0.04 per diluted share for the remaining restructuring and other charges relating to the Solectron acquisition. About Flextronics Headquartered in Singapore, Flextronics International Ltd. (NasdaqGS: FLEX; Singapore Reg. No. 199002645H) -- http://www.flextronics.com/-- is an Electronics Manufacturing Services provider focused on delivering design, engineering and manufacturing services to automotive, computing, consumer digital, industrial, infrastructure, medical and mobile OEMs. Flextronics helps customers design, build, ship, and service electronics productsthrough a network of facilities in over 30 countries on four continents. As of the year ended March 31, 2007, the company's regulatory filing with the U.S. SEC showed that it had subsidiaries in Austria, Brazil, China, France, Hong Kong, Hungary, Malaysia, Mexico and the United States, among others. The company has yet to submit its annual report for the year ended March 31, 2008. * * * Flextronics International Ltd. continues to carry Moody's "Ba1" probability of default and long-term corporate family ratings with a negative outlook. The company also carries Standard & Poor's "BB+" long-term local and foreign issuer credit ratings with a negative outlook. ============= I R E L A N D ============= CLOVERIE PLC: Fitch Lowers Three Loan Ratings to BB --------------------------------------------------- Fitch Ratings has downgraded Cloverie Plc's EUR30 million Series 2004-72 Class C (ISIN: XS0205981581) and EUR50 million Series 2004-77 Class C (ISIN: XS0207605162) secured credfit-linked floating-rate notes due 2024 to 'BB' from 'AAA'. In addition, the notes have been placed on Rating Watch Negative. The US$50 million Series 2005-04 Class C (ISIN: XS0212294077) secured credit-linked floating-rate notes due 2025 are also downgraded to 'BB' from 'AAA' and are also placed on RWN. The downgrades reflect the portfolio's deterioration since May 2007. The portfolio consists of assets that were initially rated 'AAA'. Since the last review in May 2007, credit deterioration on three reference assets has substantially lowered the pool quality. The amortization of the underlying pool led to a decrease in synthetic excess spread. In conjunction with subordination, available credit enhancement is not sufficient to cover the risk of the 'BB'-rated portion of the underlying asset pool. Currently, the noteholders are directly exposed to the risk of the 'BB'-rated underlying assets. The notes remain on RWN until the RWN status of the assets in the underlying pool is resolved. These transactions are synthetic collateralized debt obligations. Cloverie is a special purpose vehicle incorporated under the laws of Ireland. It has entered into mezzanine credit default swaps with Citigroup Global Markets Limited. Each series references an identical static portfolio of 100% US RMBS Home Equities originated in 2004. The notes are backed by eligible collateral securities purchased with the net proceeds of their issuance. CONAI DESIGN: Habitat UK to Honor Irish Orders Amid Liquidation --------------------------------------------------------------- The National Consumer Agency, on May 14, 2008, received confirmation from Habitat UK Ltd. that commitments to Irish customers will be honored. "I welcome the commitment from Habitat that all outstanding customer orders will be honored. Habitat has indicated that they will be in contact with such customers," Ann Fitzgerald, NCA Chief Executive, stated. Ms. Fitzgerald went on to indicate that customers with gift cards and vouchers would be able to redeem them in Habitat UK stores. "The National Consumer Agency had written to Habitat UK on May 13 seeking such assurances and that this was a positive outcome for customers of the Habitat stores in Dublin and Galway," she concluded. The Habitat stores, which have been closed, are operated by a franchisee, Conai Designs (Ireland) Ltd., and steps are being taken to liquidate the company. In general, if a company goes into liquidation, customers who have paid in cash for deposits or for vouchers will become unsecured creditors. Headquartered in London, England, Habitat UK Ltd. http://www.habitat.co.uk/-- is a global home furnishings retailer, which operates more than 75 stores in the UK, France, Spain, and Germany. It also vends its wares through a retail Web site and catalogs. Among services offered by Habitat are interior design consultation for homes, offices, and hotels. The company also franchises about a dozen privately-owned stores in other countries. Habitat is controlled by the Ikano Group, a holding company owned by IKEA founder Ingvar Kamprad and his family. ========= I T A L Y ========= ALITALIA SPA: Italy May Ask Air France to Take Part in Sale ----------------------------------------------------------- The Italian government may invite Air France-KLM S.A. to be part of its plans to rescue Alitalia S.p.A., Thomson Financial News reports citing Il Sole 24 Ore. Fabio Verna, financial consultant to prime ministerial adviser Bruno Ermolli, told Il Sole 24 Ore that it is possible that the government may resume negotiations over Alitalia. According to Mr. Verna, Il Sole 24 Ore relates, Air France's withdrawal from the sale talks does not mean that the French carrier is not interested in resuming talks on different conditions and different financial consideration. Mr. Verna, however, noted that a local consortium has to be formed first before a foreign partner could come in. Prime Minister Silvio Berlusconi tasked Mr. Ermolli to find a local buyer for the government's 49.9% stake in Alitalia. Italian businessmen led by Mr. Ermolli, AirOne S.p.A., banks led by Intesa Sanpaolo S.p.A. may form a consortium to bid for Alitalia. AirOne will own 40% of the bidding vehicle, the banks will control 40% and Mr. Bruno's group will hold 20%. As reported in the TCR-Europe on May 13, 2008, Mr. Ermolli has requested access to Alitalia's updated data and information. 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. =================== K A Z A K H S T A N =================== AI-AN AKKUS: Creditors Must File Claims by June 24 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Ai-An Akkus insolvent on March 31, 2008. Creditors have until June 24, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Abai ave. 48 Kyzylorda Kazakhstan Tel: 8 (72422) 23-56-11 8 702 385 95-80 AINALINE LLP: Claims Deadline Slated for June 25 ------------------------------------------------ The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Ainaline insolvent on April 3, 2008. Creditors have until June 25, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan 308 Krasnoznamenny polk Str. 37 Petropavlovsk North Kazakhstan Kazakhstan KEN-PAVLODAR: Claims Filing Period Ends June 25 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Ken-Pavlodar insolvent on March 12, 2008. Creditors have until June 25, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Tkachev Str. 17-185 Pavlodar Kazakhstan Tel: 8 (7182) 52-86-96 KLONDIKE AK: Creditors' Claims Due on June 24 --------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Klondike Ak insolvent. Creditors have until June 24, 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 NUMBERING SYSTEM: Claims Registration Ends June 25 -------------------------------------------------- LLP Numbering System Sale has declared insolvency. Creditors have until June 25, 2008, to submit written proofs of claims to: LLP Numbering System Sale Abai ave. 10a Almaty Kazakhstan RUD TECHNO: Creditors Must File Claims by June 24 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Rud Techno Stroy insolvent on April 21, 2008. Creditors have until June 24, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakhstan SILIKOM LLP: Claims Deadline Slated for June 25 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau has declared LLP Silikom insolvent. Creditors have until June 25, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Mangistau Micro District 27 Aktau Mangistau Kazakhstan =================== K Y R G Y Z S T A N =================== MUNAIZATROZ CJSC: Creditors Must File Claims by June 27 ------------------------------------------------------- CJSC Munaizatroz has declared insolvency. Creditors have until June 27, 2008 to submit written proofs of claim to: CJSC Munaizatroz Promzona Djalal-Abad Kyrgyzstan Tel: (+996 3722) 5-02-11 =================== L U X E M B O U R G =================== EVRAZ GROUP: Posts US$1.39 Billion EBITDA for 1st Quarter 2008 -------------------------------------------------------------- Evraz Group S.A. has released first Interim Management Statement relating to the period from Jan. 1, 2008, to March 31, 2008. The figures has been prepared in accordance with management accounts policies. Results may differ from financial statements prepared in accordance with International Financial Reporting Standard. Highlights: * revenue for the period was around US$4.32 billion; * total steel products sales amounted to 4.6 million tons; * iron ore sales volumes including inter-company shipments totaled 4.3 million tons * oal sales including inter-company shipments were 2 million tons of coking coal and 1.5 million tons of steam coal; * EBITDA was US$1.393 billion with EBITDA margin of 32%; * Total debt as of March 31, 2008 amounted to approximately US$7.259 billion and * cash and cash equivalents as of the end of the period was approximately US$450 million. Material events and transactions up to date: * in January, Evraz successfully completed tender offer for 100% of Claymont Steel followed by its merger with Evraz Oregon Steel Mills; * in January, ZapsibTETs became a wholly owned subsidiary of Evraz; * in mid-April Evraz closed the acquisition of 51.4% of shares of selected Ukrainian assets signifying the completion of the first, cash, part of the transaction announced at the end of 2007; * in February, Evraz entered a share purchase agreement to acquire up to 51% of Chinese steel producer Delong Holdings and completed the initial stage of the agreement having purchased approximately 10% of the issued share capital of Delong. * in March, Evraz announced the acquisition of IPSCO Canada for a net cost of US$2.3 billion. * in April, Evraz completed its 144A/Reg S bond transaction totaling US$1,600 million. Changes to the Company’s share capital over the period: * there were no changes in first quarter 2008. * as of March 31, 2008, the Company’s share capital consisted of 118,309,653 ordinary shares and the shareholders’ structure was as follows: -- Lanebrook: 72.9%, and -- BNY (Nominees) Ltd.: 27.1% About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As reported in the TCR-Europe on May 7, 2008, Fitch Ratings 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. Fitch 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%. As reported in the TCR-Europe on March 18, 2008, Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit and senior unsecured debt ratings on Russia- based steel producer Evraz Group S.A. and its core subsidiary Mastercroft Ltd. S&P also affirmed the Russia national scale ratings on Evraz and Mastercroft at 'ruAA'. The outlook is positive. At the same time, Moody's Investors Service placed Evraz's Ba2 corporate family rating, Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior Notes due 2015 on review for possible downgrade following the recent announcement of the acquisition of IPSCO's Canadian plate and pipe business from SSAB for a net cost of US$2.3 billion. EVRAZ GROUP: Shareholders Elect Directors and Auditors ------------------------------------------------------ Shareholders at the Annual General Meeting of Evraz Group S.A. has elected these directors for a period ending immediately after the approval of the annual accounts of the Company covering the period Jan. 1, 2008 to Dec. 31, 2008: * Alexander Abramov, * Otari Arshba, * Gennady Bogolyubov, * James W. Campbell, * Philippe Delaunois, * Alexander Frolov, * Olga Pokrovskaya, * Terry J. Robinson, * Eugene Shvidler, and * Eugene Tenenbaum Shareholders also elected Alexandra Trunova as statutory auditor and Ernst & Young as external auditor. The level of remuneration of all directors -- excluding Mr. Arshba -- has been fixed as a flat annual fee of US$150,000, plus an additional compensation: * for serving as a chairman on one or more of the board committees in the amount of US$50,000 (in case of several chairmanships, payable only for one chairmanship), and * for participating as member of the board committees in the amount of US$24,000. Shareholders have also approved the reports of the auditors and of the Board of Directors on the accounts of the Company as per Dec. 31, 2007 and the allocation of the results for the period ending on Dec. 31, 2007. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As reported in the TCR-Europe on May 7, 2008, Fitch Ratings 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. Fitch 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%. As reported in the TCR-Europe on March 18, 2008, Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit and senior unsecured debt ratings on Russia- based steel producer Evraz Group S.A. and its core subsidiary Mastercroft Ltd. S&P also affirmed the Russia national scale ratings on Evraz and Mastercroft at 'ruAA'. The outlook is positive. At the same time, Moody's Investors Service placed Evraz's Ba2 corporate family rating, Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior Notes due 2015 on review for possible downgrade following the recent announcement of the acquisition of IPSCO's Canadian plate and pipe business from SSAB for a net cost of US$2.3 billion. ===================== N E T H E R L A N D S ===================== AES CORP: Prices Private Placement of Senior Unsecured Notes ------------------------------------------------------------ The AES Corporation has priced its previously announced private placement of senior unsecured notes, consisting of US$625 million principal amount of 8.0% senior notes due 2020. AES intends to use the net proceeds from the sale of the notes to purchase any senior notes tendered and to pay for consents delivered in the tender offer and consent solicitation that AES is undertaking concurrently with the offering of notes, as well as the fees and expenses incurred in connection therewith. In addition, up to US$213 million of proceeds may be used for general corporate purposes to replenish funds which will be used to pay at maturity on May 15, 2008 AES's outstanding 6.0% Junior Subordinated Convertible Debentures due 2008, which are held by the AES Trust VII which in turn will use such proceeds to pay at maturity the Trust Convertible Preferred Securities. To the extent any of the net proceeds from the sale of the notes are not used for such purposes, AES intends to use any remaining net proceeds to repay other debt. The senior notes will not be registered under the Securities Act of 1933, or any state securities laws. Therefore, the senior notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and any applicable securities laws. About AES Corp. AES Corp. (NYSE:AES) -- http://www.aes.com/-- is a global power company, with 2007 revenues of USUSUS$13.6 billion. The company has operations in 29 countries on five continents and has a workforce of 28,000 people. The company's 13 regulated utilities amass annual sales of over 78,000 GWh and its 123 generation facilities have the capacity to generate more than 43,000 megawatts. In Europe, the company has operations in Ukraine, Ireland, Spain, Kazakhstan and Bulgaria, among others. The company also has subsidiaries in Europe that includes the Netherlands and United Kingdom. Aside from China, AES also has operations in India and the Philippines. Latin America operations include Brazil, Argentina and Chile. AES CORP: Fitch Rates US$600 Million Senior Unsec. Notes at BB -------------------------------------------------------------- Fitch Ratings-Chicago-14 May 2008: Fitch Ratings has assigned a 'BB/RR1' rating to AES Corporation's US$600 million issuance of senior unsecured notes maturing 2020. AES' long-term Issuer Default Rating is rated 'B+'. Fitch's rating is based on its expectation that AES will use the proceeds to pay down higher- cost debt. The Rating Outlook is Stable. The ratings of AES reflect the large amount of parent-company recourse debt, the structural subordination of that debt to subsidiary debt, and the reliance on distributions from its subsidiaries for parent company debt service. Offsetting, in part, the company's financial risk is the solid base of cash flow from utility businesses and contracted generation as well as the diversity of cash flow sources. The current Stable Rating Outlook reflects Fitch's expectation that credit metrics will stay within parameters for the current rating. AES is one of the world's largest global power companies, with LTM March 31, 2008 revenues of US$14.6 billion. With operations in 28 countries on five continents, the company is active in the generation, transmission and distribution of electricity. The company controls more than 43,000mw of capacity. X5 RETAIL: Names Jacquot Boelen as Supermarket Biz Chief -------------------------------------------------------- X5 Retail Group N.V. has appointed Jacquot E.Q.M. Boelen as General Director of its supermarket format. He assumed the position on May 16, 2008. Currently, Mr. Boelen is the CEO of X5 Retail Group’s Ukrainian operations, and he will continue to serve in that position. Mr. Boelen will report to X5 Retail’s CEO Lev Khasis and COO Antonio Melo. A.Yu. Tikhomirov, the present Operations Director of X5’s supermarket format, will be subordinate to Mr. Boelen. About X5 Retail Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V. (LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm for the group of companies that operate retail grocery stores. The main activity of the company is the development and operation of grocery retail stores. The company operated Pyaterochka and Perekrestok retail chains in Russia, including Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan, Samara, Ekaterinburg and Kiev, Ukraine. * * * As of March 6, 2008, X5 Retail Group N.V. carries a B1 Corporate Family Rating from Moody's Investors Service. Moody's said the outlook is positive. X5 Retail and its subsidiaries also carries a 'BB-' long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. =========== P O L A N D =========== STOCZNIA GDYNIA: Needs US$250 Million to Avoid Bankruptcy --------------------------------------------------------- The Polish government has to inject fresh funds into Stocznia Gdynia S.A. to prevent the shipyard's bankruptcy, The Motor Ship reports, citing the Solidarity Trade Union. According to Motor Ship's sources, Stocznia Gdynia needs around US$250 million to avoid financial collapse. The company also needs funds to commence production of seven large vessels for Rami Ungar. The company -- which employs around 7,000 people -- posted losses of US$25 million in 2005 and around US$50 million in 2006 due to extra charges related to shipbuilding contracts, the Motor Ship relates. Talks over Stocznia Gdynia's privatization -- seen to save the company from bankruptcy -- commenced July 2007, Motor Ship relates. One bidder, AMBER, was authorized to continue the talks, but there no positive progress so far. The Solidarity Trade Union appealed to Polish Prime Minister Donald Tusk to rescue the shipyard from bankruptcy, union representative Dariusz Adamski told the Motor Ship. About Stocznia Gdynia Located in Port of Gdynia, Poland, Stocznia Gdynia S.A. -- http://www.stocznia.gdynia.pl/-- engages in the construction of ships, partly equipped hulls, ship's sections, superstructures, and steel constructions. The company also engages in the production and distribution of technical gases, hot water, and steam, as well as research and development works in technical studies. ZLOMREX SA: High Leverage Prompts Moody’s to Junk Ratings --------------------------------------------------------- Moody's downgraded the B3 corporate family rating of Zlomrex and the Caa2 senior secured rating of Zlomrex International Finance to Caa1 and Caa3 respectively. The outlook on both ratings is stable. The rating action was prompted by higher than expected leverage per year-end 2007 and the continued aggressive business model in terms of refinancing where the company's operations are dependent upon frequent renewals of short term lines of credits. The stable outlook reflects nonetheless the assumption that Zlomrex is more likely than not to continue to be successful in extending these facilities as they expire in 2008. Although Moody's expects that the results in 2008 will be better and more stable than observed in 2007 due to improving local markets in central and Eastern Europe and the additional cash flows achieved from acquisitions which had been done in the 4th quarter 2007, Moody's believes that the risks related to the uncertainties for the 2008 performance and the short-term maturities of Zlomrex' debt outweigh the expected positive contribution from businesses acquired at the end of 2007. Moody's has positively noted the commitment of Zlomrex to consolidate and integrate the acquired businesses and to improve its capital structure to its self-imposed target of maximum 3.5x debt/EBITDA ratio (on an unadjusted basis) before pursuing further external growth measures, but Moody's is concerned that fully reaching this objective in the short to intermediate term may be challenging. The Caa1 rating reflects Zlomrex' position as a local and vertically integrated steel producer with its own scrap collecting and steel distribution businesses and the commitment of Zlomrex' management to improve the leverage ratio again to more conservative levels during 2008 with the use of free cash flows generated. The rating, however, also takes into account (i) the high leverage as per the year end 2007 with a debt/EBITDA ratio (on an adjusted basis) of 6.7x and a net debt/EBITDA ratio of 5.5x, (ii) the volatility in Zlomrex' results stemming from its exposure to spot prices for steel and scrap, (iii) the aggressive external growth which the company pursued in the last two years, and (iv) the tight short term liquidity situation with a majority of debt being due over the next few months, although this is offset somewhat by around PLN 174 million of trade receivables as per end of January 2008 which are still unpledged and could be used to refinance upcoming maturities. "Risks with regard to Zlomrex' short term liquidity position remain with nearly half of the companies' debt coming due over the next couple of months" said Matthias Hellstern, an analyst at Moody's Investors Service. As per the end of March 2008 Zlomrex had indebtedness of around PLN 1.1 billion out of which around PLN 434 million are due within the next 12 months. In addition Moody's assumes around PLN 80 million for capital expenditure in the next 12 months. Cash sources are the cash balance of PLN 74 million and the projected cash inflows for the next 12 months. According to Moody's calculation this makes Zlomrex heavily reliant on the willingness of its banks to further extend maturing short term credit lines, which, in the current environment of the markets, may be challenging to achieve. The existing PLN 755 million (EUR 223 million) available credit lines at the operating subsidiaries of the Zlomrex group, if fully drawn, would rank ahead of the notes. In addition to external indebtedness, Zlomrex has a substantial amount of trade payables of PLN575 million (EUR170 million) on its balance sheet at March 2008. According to Moody's Loss Given Default methodology, these rank pari passu with the secured credit lines of Zlomrex. All these factors lead to an LGD rate of 85% for the rated notes and an LGD Assessment of LGD 5. The outlook is stable reflecting the expectation that the company continues to manage its liquidity requirements relatively aggressively which heightens the risks related to the refinancing of maturing debt. It also reflects the expectation that leverage of the company will improve during 2008 to somewhat lower levels from the generation of free cash flows stemming from a disciplined approach with regard to external growth as well as internal capital expenditure. Downgrades: Issuer: Zlomrex International Finance S.A. -- Senior Secured Regular Bond/Debenture, Downgraded to Caa3, LGD5, 85% from Caa2, LGD5, 79% Issuer: Zlomrex S.A. -- Probability of Default Rating, Downgraded to Caa1 from B3 -- Corporate Family Rating, Downgraded to Caa1 from B3 Outlook Actions: Issuer: Zlomrex International Finance S.A. -- Outlook, Changed To Stable From Rating Under Review Issuer: Zlomrex S.A. -- Outlook, Changed To Stable From Rating Under Review Headquartered in Poraj, Poland, Zlomrex SA is the largest trade of steel scrap and among the leading producers and distributors of high grade long steel products in its domestic market. Founded in 1990 as a pure scrap trader, the company has transformed itself into a fully integrated producer of steel products through a range of acquisitions mainly in the long steel production and distribution business. Zlomres SA is privately owned; 100% of the company's shares are held by its founder Mr. Przemyslaw Sztuczkowski. =========== R U S S I A =========== EVRAZ GROUP: Posts US$1.39 Billion EBITDA for 1st Quarter 2008 -------------------------------------------------------------- Evraz Group S.A. has released first Interim Management Statement relating to the period from Jan. 1, 2008, to March 31, 2008. The figures has been prepared in accordance with management accounts policies. Results may differ from financial statements prepared in accordance with International Financial Reporting Standard. Highlights: * revenue for the period was around US$4.32 billion; * total steel products sales amounted to 4.6 million tons; * iron ore sales volumes including inter-company shipments totaled 4.3 million tons * oal sales including inter-company shipments were 2 million tons of coking coal and 1.5 million tons of steam coal; * EBITDA was US$1.393 billion with EBITDA margin of 32%; * Total debt as of March 31, 2008 amounted to approximately US$7.259 billion and * cash and cash equivalents as of the end of the period was approximately US$450 million. Material events and transactions up to date: * in January, Evraz successfully completed tender offer for 100% of Claymont Steel followed by its merger with Evraz Oregon Steel Mills; * in January, ZapsibTETs became a wholly owned subsidiary of Evraz; * in mid-April Evraz closed the acquisition of 51.4% of shares of selected Ukrainian assets signifying the completion of the first, cash, part of the transaction announced at the end of 2007; * in February, Evraz entered a share purchase agreement to acquire up to 51% of Chinese steel producer Delong Holdings and completed the initial stage of the agreement having purchased approximately 10% of the issued share capital of Delong. * in March, Evraz announced the acquisition of IPSCO Canada for a net cost of US$2.3 billion. * in April, Evraz completed its 144A/Reg S bond transaction totaling US$1,600 million. Changes to the Company’s share capital over the period: * there were no changes in first quarter 2008. * as of March 31, 2008, the Company’s share capital consisted of 118,309,653 ordinary shares and the shareholders’ structure was as follows: -- Lanebrook: 72.9%, and -- BNY (Nominees) Ltd.: 27.1% About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As reported in the TCR-Europe on May 7, 2008, Fitch Ratings 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. Fitch 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%. As reported in the TCR-Europe on March 18, 2008, Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit and senior unsecured debt ratings on Russia- based steel producer Evraz Group S.A. and its core subsidiary Mastercroft Ltd. S&P also affirmed the Russia national scale ratings on Evraz and Mastercroft at 'ruAA'. The outlook is positive. At the same time, Moody's Investors Service placed Evraz's Ba2 corporate family rating, Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior Notes due 2015 on review for possible downgrade following the recent announcement of the acquisition of IPSCO's Canadian plate and pipe business from SSAB for a net cost of US$2.3 billion. EVRAZ GROUP: Shareholders Elect Directors and Auditors ------------------------------------------------------ Shareholders at the Annual General Meeting of Evraz Group S.A. has elected these directors for a period ending immediately after the approval of the annual accounts of the Company covering the period Jan. 1, 2008 to Dec. 31, 2008: * Alexander Abramov, * Otari Arshba, * Gennady Bogolyubov, * James W. Campbell, * Philippe Delaunois, * Alexander Frolov, * Olga Pokrovskaya, * Terry J. Robinson, * Eugene Shvidler, and * Eugene Tenenbaum Shareholders also elected Alexandra Trunova as statutory auditor and Ernst & Young as external auditor. The level of remuneration of all directors -- excluding Mr. Arshba -- has been fixed as a flat annual fee of US$150,000, plus an additional compensation: * for serving as a chairman on one or more of the board committees in the amount of US$50,000 (in case of several chairmanships, payable only for one chairmanship), and * for participating as member of the board committees in the amount of US$24,000. Shareholders have also approved the reports of the auditors and of the Board of Directors on the accounts of the Company as per Dec. 31, 2007 and the allocation of the results for the period ending on Dec. 31, 2007. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As reported in the TCR-Europe on May 7, 2008, Fitch Ratings 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. Fitch 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%. As reported in the TCR-Europe on March 18, 2008, Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit and senior unsecured debt ratings on Russia- based steel producer Evraz Group S.A. and its core subsidiary Mastercroft Ltd. S&P also affirmed the Russia national scale ratings on Evraz and Mastercroft at 'ruAA'. The outlook is positive. At the same time, Moody's Investors Service placed Evraz's Ba2 corporate family rating, Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior Notes due 2015 on review for possible downgrade following the recent announcement of the acquisition of IPSCO's Canadian plate and pipe business from SSAB for a net cost of US$2.3 billion. URALSVYAZINFORM OJSC: S&P Affirms BB Long Term Credit Rating ------------------------------------------------------------ Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating on Russian regional telecoms operator Uralsvyazinform (OJSC). At the same time, the rating was removed from CreditWatch, where it had been placed with negative implications on Feb. 15, 2008, following the company's announcement that it had not managed to raise Russian ruble (RUR) 1.5 billion ($61 million) in loans. The outlook is stable. "The affirmation reflects Uralsvyazinform's improved liquidity position, following its recent successful refinancing activity," said Standard & Poor's credit analyst Alexander Griaznov. In April 2008, the company managed to issue a RUR2 billion ruble bond, with a five-year maturity and a two-year put option. In addition, the company raised two term loans in the total amount of RUR2.65 billion, which have maturities of three and five years. The recent debt issuance removes the immediate pressure from the company's liquidity position until at least March 2009, when the company will face the put option on yet another bond issue. Uralsvyazinform will have other sizable maturities in 2008 and 2009. Given Uralsvyazinform's strong access to the local markets, S&P believes the company should have the opportunity to extend the duration of its debt. S&P would deem further persistent exposure to short-term debt as an indication of aggressive liquidity management. "Maintenance of the current rating would require the company to improve the maturity structure of its debt before the end of first-quarter 2009," said Mr. Griaznov. The rating is constrained by the company's financial risk profile, due to significant leverage and modest liquidity, with sizable short-term refinancing requirements. Moderate profitability, intense competition in the mobile segment, and the possible risks associated with regulation also limit the rating. A solid and improving market position in its service area, expanding business diversification, and superior network quality support the rating. Uralsvyazinform's strategic focus on improving efficiency and cost control, along with moderating investments, continues to translate into stronger profitability and cash flow generation. The rating also takes into account the positive dynamics in Russia's telecoms industry -- helped by robust growth of GDP and disposable incomes -- and an improving regulatory framework. At March 31, 2008, the company reported (under Russian generally accepted accounting principles) cash of RUR2.5 billion against more than RUR11.3 billion in debt, maturing within 12 months. S&P expects Uralsvyazinform's improving business position, strengthening efficiency of operations, and increasing cash flow generation to enable the company to adequately manage its financial risk. S&P expects the company to continue deleveraging on the back of moderating capital expenditures and a strong focus on cost control, and to continue refinancing its short-term debt with various long-term instruments. Ongoing hesitation to mitigate financial risk-–reflected, among others, by persistent high exposure to short-term funding or deterioration of profitability or cash flow generation--would pressure the rating. Ratings upside would require Uralsvyazinform to decrease its leverage to less than 2.5x adjusted debt to EBITDA, with simultaneous meaningful liquidity improvement. X5 RETAIL: Names Jacquot Boelen as Supermarket Biz Chief -------------------------------------------------------- X5 Retail Group N.V. has appointed Jacquot E.Q.M. Boelen as General Director of its supermarket format. He assumed the position on May 16, 2008. Currently, Mr. Boelen is the CEO of X5 Retail Group’s Ukrainian operations, and he will continue to serve in that position. Mr. Boelen will report to X5 Retail’s CEO Lev Khasis and COO Antonio Melo. A.Yu. Tikhomirov, the present Operations Director of X5’s supermarket format, will be subordinate to Mr. Boelen. About X5 Retail Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V. (LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm for the group of companies that operate retail grocery stores. The main activity of the company is the development and operation of grocery retail stores. The company operated Pyaterochka and Perekrestok retail chains in Russia, including Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan, Samara, Ekaterinburg and Kiev, Ukraine. * * * As of March 6, 2008, X5 Retail Group N.V. carries a B1 Corporate Family Rating from Moody's Investors Service. Moody's said the outlook is positive. X5 Retail and its subsidiaries also carries a 'BB-' long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. ===================== S W I T Z E R L A N D ===================== ALAIN LE MONDIAL: Creditors' Proofs of Claims Due by June 30 ------------------------------------------------------------ Creditors owed money by LLC Alain Le mondial are requested to submit their proofs of claims by June 30, 2008 to: Wilhelmine Ingold Hundsackerstrasse 14 4703 Kestenholz Switzerland The company is currently undergoing liquidation in Kestenholz. The decision about liquidation was accepted at a shareholder’s meeting held on Feb. 15, 2008. CEVAPCICI-BLITZ LLC: Creditors Must File Claims by August 1 ----------------------------------------------------------- Creditors owed money by LLC CEVAPCICI-BLITZ are requested to submit their proofs of claims by Aug. 1, 2008 to: Dusan Pavlovic Liquidator Schwyzerstrasse 12 5430 Wettingen Switzerland The company is currently undergoing liquidation in Wettingen. The decision about liquidation was accepted at a shareholder’s meeting held on May 5, 2007. FERRA-MEAT LLC: Creditors' Liquidation Claims Due by October 23 --------------------------------------------------------------- Creditors owed money by LLC FERRA-MEAT are requested to submit their proofs of claims by Oct. 23, 2008 to: Urs Gassmann Alte Landstrasse 21 8912 Obfelden Switzerland The company is currently undergoing liquidation in Obfelden ZH. The decision about liquidation was accepted at a shareholder’s meeting held on March 25, 2003. ORCHIDEAN JSC: Creditors Must File Proofs of Claim by May 21 ------------------------------------------------------------ Creditors owed money by JSC Orchidean are requested to submit their proofs of claims by May 21, 2008 to: Eugen Fritschi Liquidator Buhlmann & Fritschi Talaker 42 8001 Zurich Switzerland The company is currently undergoing liquidation in Stein am Rhein. The decision about liquidation was accepted by the regulation of the Banking Swiss Confederation on Jan. 23, 2008 POLLUX HANDEL: Creditors Have Until June 30 to File Claims ----------------------------------------------------------- Creditors owed money by JSC Pollux Handel are requested to submit their proofs of claims by June 30, 2008 to: Burgi & Partner Hohengasse 41 3400 Burgdorf Switzerland The company is currently undergoing liquidation in Burgdorf. The decision about liquidation was accepted at a general meeting held on March 4, 2008. RESTAURANT SONNENHOF-ZUM: Proofs of Claim Deadline is May 31 ------------------------------------------------------------ Creditors owed money by LLC Restaurant Sonnenhof-zum Wikinger are requested to submit their proofs of claims by May 31, 2008 to: Jose Antonio Rocha Liquidator Ifangstrasse 20 8604 Volketswil Switzerland The company is currently undergoing liquidation in Uster. The decision about liquidation was accepted at a shareholder’s meeting held on Feb. 22, 2008. SIBACK JSC: Creditors Have Until July 8 to File Proofs of Claim --------------------------------------------------------------- Creditors owed money by JSC Siback are requested to submit their proofs of claims by July 8, 2008 to: Bahnhofstr. 37 3427 Utzenstorf Switzerland The company is currently undergoing liquidation in Utzenstorf BE. The decision about liquidation was accepted at a general meeting held on March 18, 2008. UNDEND LLC: Creditors' Liquidation Claims Due by June 30 -------------------------------------------------------- Creditors owed money by LLC UNDEND are requested to submit their proofs of claims by June 30, 2008 to: Dieter Dietz Schontalstrasse 21 8004 Zurich Switzerland The company is currently undergoing liquidation in Zurich. The decision about liquidation was accepted at an extraordinary shareholder’s meeting held on Feb. 26, 2008. =========== T U R K E Y =========== * Turkish Real Estate Agents Badly Hit by Credit Crunch ------------------------------------------------------- The widespread credit crunch has badly hit real estate agents in Turkey, leaving many of them at risk of going bankrupt, Elif Demirci writes for IZMIR-Dogan News Agency. According to the report, the real estate business in the country, which is facing financial contraction in the second- hand sector, stagnated as consumers tend to act cautiously. Mesut Gueleroglu, head of the Izmir Real Estate Agents Society, told IZMIR-Dogan News Agency it took longer for real estate agents to rent or sell properties even at half the price. "In student districts like Bornova and Buca, houses which were worth YTL700 (US$559.85) last year cannot be let out to tenants even for YTL 500 (US$399.89) this year. Meanwhile, second-hand apartments cannot be sold even at half price," Gueleroglu was quoted by the paper as saying. ============= U K R A I N E ============= B. HMELNITSKY LLC: Proofs of Claim Deadline Set May 25 ------------------------------------------------------ Creditors of B. Hmelnitsky LLC (code EDRPOU 03794093) have until May 25, 2008, to submit proofs of claim to: The Economic Court of Cherkassy Shevchenko Avenue 307 18005 Cherkassy Ukraine The Economic Court of Cherkassy has commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 10/1807. The Debtor can be reached at: B. Hmelnitsky LLC Lenin Str. 5 Legedzinoye Talnov District 20435 Cherkassy Ukraine BINASH LLC: Proofs of Claim Deadline Set May 25 ----------------------------------------------- Creditors of LLC Binash (code EDRPOU 32845618) have until May 25, 2008, to submit proofs of claim to: The Economic Court of Kiev