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 21, 2008, Vol. 9, No. 100 Headlines A U S T R I A ATELIER ANGERMANN: Claims Registration Period Ends May 26 ICHTYS LLC: Claims Registration Period Ends June 17 ING. WERNER MARSAT: Claims Registration Period Ends June 12 P&M LLC: Claims Registration Period Ends June 9 Q-MOBILE: Claims Registration Period Ends June 9 WILHELM OEG: Claims Registration Period Ends June 9 B U L G A R I A FIRST INVESTMENT: Fitch Affirms IDR at BB- with Stable Outlook KREMIKOVTZI AD: Arcelor Mittal Plans Takeover After Bankruptcy F R A N C E CIFG EUROPE: Moody's Cuts Insurance Financial Rating to Ba2 THOMSON SA: S&P Downgrades Loan Ratings to BB- G E R M A N Y BEST GMBH: Claims Registration Ends June 9 BRONBERGER & KESSLER: Claims Registration Ends June 9 DIE MEDIENCOMPANIE: Claims Registration Period Ends June 7 FRESENIUS MEDICAL: Moody's Lifts Corporate Family Rating to Ba1 GENERALUNTERNEHMER FUER: Claims Registration Ends June 9 GRA TISCH: Claims Registration Period Ends June 6 HPK HAUS-PLAN: Claims Registration Period Ends June 6 K & K MALERBETRIEB: Creditors' Meeting Slated for June 9 KAISER HOLDING: Claims Registration Period Ends June 6 KARAMUSALAR GMBH: Claims Registration Ends June 8 KOMBI-BAU GMBH: Claims Registration Period Ends June 7 M & P COOBER: Claims Registration Period Ends June 6 MARK GMBH: Claims Registration Ends June 9 MED.OC-VERLAG: Claims Registration Period Ends June 6 MERCHANDISE PARADISE: Claims Registration Period Ends June 6 STS-GMBH: Claims Registration Period Ends June 6 TED GAS: Claims Registration Period Ends June 6 VISTEON CORP: S&P Rates Proposed US$210 Million Notes at B- VURAL GMBH: Claims Registration Period Ends June 6 WIKING AGRO: Claims Registration Period Ends June 6 I R E L A N D CEDO PLC: Moody's Cuts Ratings on Series 2 Notes and Facilities CEDO PLC: Moody's Lowers Rating on Series 3 Notes to B3 CEDO PLC: Moody's Cuts Ratings on Series 4 Notes & Facilities CEDO PLC: Moody's Lowers Ratings on Four Note Classes to Low-B CEDO PLC: Moody's Cuts Series 4 Tranch C Notes' Rating to Ba3 EIRLES TWO: Moody's Junks Rating on Series 244 Class B Notes EIRLES TWO: Moody's Cuts Rating on Series 247 Notes to B2 OMEGA CAPITAL: Moody's May Further Cut Junk Ratings After Review SMURFIT KAPPA: Earns EUR42.8 Mln in First Quarter Ended March 31 I T A L Y PARMALAT SPA: Joins Murray Goulburn for Dairy Farmers Bid SEAT PAGINE: S&P Keeps BB- Rating with Negative Outlook K A Z A K H S T A N ABC NON-FERROUZ: Creditors Must File Claims by June 27 AKTOBE STROY: Claims Deadline Slated for June 27 CONSULTING OF SECURITY: Claims Filing Period Ends June 27 MEDET TRADE: Creditors' Claims Due on June 27 MIT LLP: Claims Registration Ends June 27 ZAPAD CONCTRACT: Claims Deadline Slated for June 27 K Y R G Y Z S T A N ASIAN TRAVEL: Creditors Must File Claims by July 2 WORLD WINGS: Claims Filing Period Ends July 2 L U X E M B O U R G EVRAZ GROUP: Commences Placement of Over US$400MM in Eurobonds N E T H E R L A N D S HALCYON I: Moody's Rates EUR11 Million Class E Notes at Ba3 R O M A N I A CFR MARFA: Moody's Withdraws Ba2 Ratings on Business Reasons R U S S I A EVRAZ GROUP: Commences Placement of Over US$400MM in Eurobonds TRANSNEFT OAO: First Quarter Revenue Ups 18% to RUR59.3 Billion S P A I N SAN JOSE: To File for Administration; British Investors at Risk S W I T Z E R L A N D DATI LLC: Aargau Court Commences Bankruptcy Proceedings EVENT-TEC LLC: Creditors Must File Proofs of Claim by May 23 HELVETIKA PAINTS: Aargau Court Initiates Bankruptcy Proceedings KARL-HEINZ HOGG: Creditors' Liquidation Claims Due by May 23 KUNG INSTALLATIONEN: Proofs of Claim Deadline is May 23 LEGGETT & PLATT: Creditors Must File Proofs of Claim by May 24 MC DRIVER: Creditors Have Until May 24 to File Proofs of Claim SINVESTTRADE LLC: Creditors' Liquidation Claims Due by May 23 T U R K E Y * Fitch Rates Izmir's Long-term Currency Ratings at BB- U K R A I N E BANGA-M LLC: Proofs of Claim Deadline Set May 25 CLASS MILL: Proofs of Claim Deadline Set May 25 EXPRESS-BANK: Moody's Puts B3/NP/E+/Baa3.ua Ratings GLOBAL MC: Proofs of Claim Deadline Set May 25 GRATE-LAND LLC: Proofs of Claim Deadline Set May 25 KHARKOV BUILDING: Proofs of Claim Deadline Set May 25 KREMENCHUK ENTERPRISE: Creditors Must File Claims by May 25 METAL SUPPLY: Proofs of Claim Deadline Set May 25 MOVABLE MECHANIZED: Proofs of Claim Deadline Set May 25 OHTYRKA LLC: Proofs of Claim Deadline Set May 25 UKRAINIAN SPECIALIZED: Proofs of Claim Deadline Set May 25 WORLD ENERGY: Proofs of Claim Deadline Set May 25 U N I T E D K I N G D O M AMPEX CORP: March 31 Balance Sheet Upside-Down by US$109.5MM ARROW SALVAGE: Claims Filing Period Ends July 12 BRITISH AIRWAYS: Board Recommends 5p-a-Share Final Dividend BROOK YORK: Brings In Liquidators from Moore Stephens CHESTER SADDLERY: Claims Filing Period Ends June 13 COMPANY 90: Brings In Joint Administrators from KPMG COTT CORP: Moody's Cuts Corporate Family Rating to B2 DIRECT CREDIT: Appoints Liquidators from Moore Stephens ENERSYS INC: S&P Rates Proposed US$150 Million Notes at BB EOS AIRLINES: Asks Court Approval to Auction Assets F S & O LTD: Calls In Liquidators from Moore Stephens FAREPAK FOOD: Liquidators Files Legal Action Over Claims FLOORCRAFT LTD: Taps Liquidators from Moore Stephens HOSPITAL TELEPHONE: Joint Liquidators Take Over Operations INVENSYS PLC: Preliminary Report Shows GBP200 Million Net Cash JOHN HOBBS: Appoints Liquidators from Vantis Business Recovery LOVEKYN OF EWELL: Hires Liquidator from Smith & Williamson METAL EXPRESS: Brings In Liquidators from Tenon Recovery MJA CONSTRUCTION: Appoints Joint Administrators from Kroll OPTIMA MULTI SERVICES: Claims Filing Period Ends June 12 S R RICH: Claims Filing Period Ends July 12 SPA SOLUTIONS: Taps KPMG as Joint Administrators STAND FITTING: Appoints Stephen Robert Cork as Liquidator * First Quarter Bankruptcy Petitions in Britain UP 12% ********* ============= A U S T R I A ============= ATELIER ANGERMANN: Claims Registration Period Ends May 26 --------------------------------------------------------- Creditors owed money by LLC Atelier Angermann Kunst & Handwerk (FN 89288g) have until May 26, 2008, to file written proofs of claim to court-appointed estate administrator Gerd Moessler at: Dr. Gerd Moessler St. Veiter Strasse 9 9020 Klagenfurt Austria Tel: 0463/507 510 Fax: 0463/507 510-11 E-mail: rechtsanwalt@kucher-moessler.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on June 2, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Room 225 Second Floor Klagenfurt Austria Headquartered in Klagenfurt, Austria, the Debtor declared bankruptcy on April 29, 2008 (Bankr. Case No. 41 S 42/08m). ICHTYS LLC: Claims Registration Period Ends June 17 --------------------------------------------------- Creditors owed money by LLC ICHTYS (FN 260182x) have until June 17, 2008, to file written proofs of claim to court- appointed estate administrator Karl F. Engelhart at: Dr. Karl F. Engelhart c/o Mag. Daniel Lampersberger Esteplatz 4 1030 Vienna Austria Tel: 712 33 30-0 E-mail: kanzlei@engelhart.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on July 1, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 29, 2008 (Bankr. Case No. 2 S 51/08z). Daniel Lampersberger represents Dr. Engelhart in the bankruptcy proceedings. ING. WERNER MARSAT: Claims Registration Period Ends June 12 ----------------------------------------------------------- Creditors owed money by LLC Ing. Werner Marsat & Co (FN 145523f) have until June 12, 2008, to file written proofs of claim to court-appointed estate administrator Michael Zerobin at: Dr. Michael Zerobin Herzog-Leopold-Str. 2 2700 Wiener Neustadt Austria Tel: 02622/86472 Fax: 02622/86472-4 E-mail: anwalt@zerobin.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on June 26, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Kottingbrunn, Austria, the Debtor declared bankruptcy on April 29, 2008 (Bankr. Case No. 10 S 51/08s). P&M LLC: Claims Registration Period Ends June 9 ----------------------------------------------- Creditors owed money by LLC p&m (FN 275233f) have until June 9, 2008, to file written proofs of claim to court-appointed estate administrator Peter Zens at: Dr. Peter Zens Esteplatz 5/5 1030 Vienna Austria Tel: 534 90-0 Fax: 534 90-50 E-mail: office@schopf-zens.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on June 23, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 29, 2008 (Bankr. Case No. 6 S 65/08p). Q-MOBILE: Claims Registration Period Ends June 9 ------------------------------------------------ Creditors owed money by LLC Q-Mobile (FN 267077k) (fka LLC BelTel Mobile) have until June 9, 2008, to file written proofs of claim to court-appointed estate administrator Johannes Jaksch at: Dr. Johannes Jaksch Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:20 a.m. on June 23, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 29, 2008 (Bankr. Case No. 6 S 64/08s). WILHELM OEG: Claims Registration Period Ends June 9 --------------------------------------------------- Creditors owed money by OEG WILHELM (FN 156490h) have until June 9, 2008, to file written proofs of claim to court-appointed estate administrator German Storch at: Mag. German Storch Buergerstrasse 62 4020 Linz Austria Tel: 0732/661861 Fax: 0732/661861-19 E-mail: storch@storch-ra.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 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 32/08f). =============== B U L G A R I A =============== FIRST INVESTMENT: Fitch Affirms IDR at BB- with Stable Outlook -------------------------------------------------------------- Fitch Ratings has changed Bulgaria-based First Investment Bank's Outlook to Stable from Positive. Its other ratings are affirmed at Long-term Issuer Default 'BB-', Short-term IDR 'B', Individual 'D', Support '5' and Support Rating Floor 'No Floor'. The Outlook change reflects Fitch's view of the currently more challenging operating environment for FIBank, which makes it less likely for its Long-term IDR to be upgraded in the short- to medium-term. The general increase in funding costs, both internationally and domestically, coupled with expected modest lending growth for 2008, might result in margin pressure, weaker operating profits and, ultimately, lower internal capital generation. FIBank's ratings reflect the bank's good franchise, improvements in business diversification, acceptable capitalization and risk management framework. However, FIBank's ratings still consider some borrower concentration, lower profitability than best- performing domestic peers' and a small capital base in absolute terms. FIBank's first quarter 2008 net profit increased by almost 50% yoy, although this strong performance might be difficult to maintain throughout the year. Net interest revenue, the largest contributor to operating revenues, was sound, and net interest margin stable over 2007, mainly supported by higher interest rates charged on loans while lending volumes were broadly stable compared to end-2007. The bank's asset quality is still healthy, with non-performing loans (i.e. overdue by more than 90 days) forming less than 2% of total loans and a coverage ratio that comfortably exceeds 100%. Because of the expected lower asset growth, asset quality ratios might deteriorate. Since early 2008 the bank has successfully managed to attract local currency customer deposits, thanks to competitive pricing. Funding from customers accounted for 66% of the bank's total funding at end-March 2008. The remainder was primarily in the form of long-term funding from international markets. The bank also successfully repaid EUR200 million of Eurobonds in first quarter 2008. Interbank funding remains marginal in FIBank's funding strategy. FIBank's capitalization is at an acceptable level. Its Tier 1 and total regulatory capital adequacy ratios stood at 9.8% and 14%, respectively, at end-March 2008. To support capitalization, the bank did not distribute any dividend for 2007 while the total capital ratio was supplemented by BGN96 million hybrid securities that qualify as Tier 2 capital under local regulation. KREMIKOVTZI AD: Arcelor Mittal Plans Takeover After Bankruptcy -------------------------------------------------------------- Arcelor Mittal will acquire Kremikovtzi AD after it is legally declared bankrupt, Dnevnik a.m. quotes Lyudmil Pavlov, CITUB trade union leader. Arcelor executives met with trade union leaders to show their plans for Kremikovtzi. Arcelor also submitted its take-over plan, which proposed a short-term loan for working capital and wages, to Bulgarian economy minister Petar Dimitrov, Seeurope relates. According to Mr. Pavlov, Arcelor representatives told trade unionists that it was ready to invest US$150 million as working capital and a further US$30 million for wages. Arcelor then intends to see through the insolvency proceedings of Kremikovtzi and take charge of the company after all creditor claims are paid, the report said. Konstantin Zhevago, another party interested to buy Kremikovtzi, has also offered US$90 million as working capital and a contract for external orders, Seeurope relates. As previously reported in the TCR-Europe, a Bulgarian court on April 30, 2008, appointed administrators at Kremikovtzi AD in relation with the steel mill's deteriorating financial position, published reports say. Headquartered in Sofia, Bulgaria, Kremikovtzi AD -- http://www.kremikovtzi.com/-- is a single-site steel producer in Bulgaria that reported BGN896 million in revenues in 2006. It explores and produces iron and ore fields. * * * Kremikovtzi AD carries Moody's Investors Service corporate family rating of Caa3 with a developing outlook. =========== F R A N C E =========== CIFG EUROPE: Moody's Cuts Insurance Financial Rating to Ba2 ----------------------------------------------------------- Moody's Investors Service downgraded the insurance financial strength ratings of CIFG Guaranty, CIFG Europe, and CIFG Assurance North America, Inc (collectively CIFG) to Ba2, from A1, and kept the ratings under review with direction uncertain. The rating agency said that the rating actions reflect the high likelihood that, absent material developments, the firm will fail minimum regulatory capital requirements in New York and Bermuda due to expected significant increases in modeled loss reserves on ABS CDOs. The breach of such regulatory capital requirements would put the firm in a precarious position, especially in light of the solvency provisions embedded in its CDS exposures. The review with direction uncertain reflects potential changes in the credit profile of the firm that could occur over the next couple of months as CIFG attempts to implement capital strengthening plans. Moody's ratings on securities that are guaranteed or "wrapped" by a financial guarantor are generally maintained at a level equal to the higher of a) the rating of the guarantor or b) the published underlying rating. However, as CIFG's rating is downgraded below the investment grade level, and reflecting -- Current Rating agency policy, Moody's will withdraw ratings on CIFG-wrapped securities for which there is no published underlying rating. Should the guarantor's rating subsequently move back into the investment grade range or should the agency subsequently publish the underlying rating, Moody's would reinstate the rating to the wrapped instruments. Moody's said that CIFG employs a loss reserving approach for its insured ABS CDOs that uses as inputs the lowest available ratings of any of three rating agencies on underlying CDO collateral. With further downgrades of RMBS securities by different rating agencies occurring since the beginning of the year, Moody's believes CIFG will experience sizable increases in reserves, and could breach regulatory capital requirements in the near future. Moody's noted that the company has failed to meet certain regulatory filing deadlines in both the US and Bermuda, including 1st quarter 2008 results for CIFG Assurance North America, Inc. and year-end 2007 financials for CIFG Guaranty. Moody's believes that the firm's loss reserve methodology may result in a substantial conservative bias by using the lowest rating on the underlying exposures of its ABS CDOs given the material differences in average collateral ratings across rating agencies. In March, Moody's had estimated CIFG's expected loss on ABS CDOs at US$433 million, and stress losses, consistent with a 21% cumulative loss on 2006 vintage subprime first liens pools, at US$1.3 billion. The rating agency added that the expected substantial increase in loss reserves, despite their potential conservativeness, could have material adverse effects on the firm's financial condition. A large part of CIFG's credit exposure was written in Credit Default Swap (CDS) form, and contains a clause that exposes the firm to mark to market termination in the event of insolvency. The current mark to market value of such CDS contracts is a multiple of the expected economic loss on the exposure (as estimated by Moody's and CIFG) and well in excess of the firm's claims paying resources, said Moody's. A breach of minimum regulatory capital requirement may not, in itself mean that the firm is insolvent and therefore trigger a market value termination of the CDS contracts, but it does expose the firm to possible regulatory actions and other risks that could trigger such termination given the lack of specificity as to what would qualify as insolvency under the terms of the contracts, added the rating agency. CIFG is pursuing various strategic options, including a recapitalization or a commutation of its ABS CDO exposures that, if successful, would essentially remove the risk of market value termination. The rating agency added, however, that until such a solution is implemented, CIFG remains exposed to a heightened risk of extreme financial distress. CIFG's parents, Caisse Nationale des Caisses d'Epargne Prevoyance and Banque Federale des Banques Populaires are expected to play a decreasing role in the firm's future, and Moody's believes it is unlikely that they will provide significant additional support to their subsidiary beyond their recent US$1.5 billion capital infusion. Moody's said that the review with direction uncertain reflects the expectation of material changes to the firm's financial profile over the next few months. In the unlikely event that a market value termination of CIFG's CDS exposures is triggered, the firm's rating would likely fall to the Ca-C range due to the inability of the firm to fully meet such obligations out of its financial resources. Under the most likely scenario, where the firm is able to substantially remove the risk of market value termination, the ratings could go up, but are likely to remain below investment grade, reflecting Moody's serious concerns about the insurer's operational effectiveness and governance. Moody's will continue to closely monitor the evolving credit profile of CIFG and will update its opinion as material changes occur. These ratings have been changed and kept under review direction uncertain: -- CIFG Guaranty -- insurance financial strength at Ba2, from A1; -- CIFG Europe -- insurance financial strength at Ba2, from A1; and -- CIFG Assurance North America, Inc. -- insurance financial strength at Ba2, from A1. Established in 2001, CIFG has provided financial guarantees to issuers in the municipal and structured finance markets in the US and Europe through CIFG Assurance North America, Inc. and CIFG Europe, though it ceased writing business earlier this year to conserve capital and to evaluate its strategic alternatives. Caisse Nationale des Caisses d'Epargne Prevoyance (rated Aa2/P- 1/B-) and Banque Federale des Banques Populaires (rated Aa2/P- 1/B-) recently gained control of CIFG when they invested approximately US$1.5 billion in the financial guarantor, which was previously owned by their joint venture Natixis (rated Aa2/P-1/C). THOMSON SA: S&P Downgrades Loan Ratings to BB- ---------------------------------------------- Standard & Poor's Ratings Services has lowered its long-term corporate credit and senior unsecured bank loan ratings on France-based technology group Thomson S.A. to 'BB-' from 'BB'. At the same time, the 'B' short-term corporate credit rating was affirmed. The outlook remains negative. In addition, S&P lowered our issue rating on Thomson's junior subordinated perpetual notes to 'B-' from 'B', reflecting the still-low likelihood of the group deferring the EUR28 million annual coupon payment due Sept. 25, 2008. The recovery ratings on the debt obligations are unchanged, at '3' for the senior unsecured bank loan and '6' for the junior subordinated notes, indicating our expectation of meaningful (50%-70%) and negligible (0%-10%) recovery, respectively, for unsecured creditors in the event of a payment default. "The downgrade primarily reflects the deterioration of the group's current operating performance and near-term prospects, as illustrated by its significant revenue decrease during the first quarter of 2008, which we expect will result in increasing leverage and lower covenant headroom under the group's private- placement documentation," said Standard & Poor's credit analyst Leandro de Torres Zabala. Although Standard & Poor's views positively management's launch of a restructuring program to reduce operating costs by about EUR50 million in 2008 and its cancellation of the proposed EUR90 million 2008 ordinary-dividend payment, visibility is still lacking on operating performance and covenant headroom for the rest of 2008. Thomson does not publish quarterly results, and we only have first-quarter 2008 sales figures. Thomson's debt measures are aggressive. At year-end 2007, debt-- adjusted for operating leases, postretirement benefits, factored receivables, and hybrid capital with intermediate equity content, and net of excess cash--represented about 4.5x EBITDA (excluding capitalized development costs), and funds from operations represented about 15% of debt. The ratings continue to be supported, however, by Thomson's diversified customer relationships with media, electronics, and telecom groups--often backed by medium- or long-term contracts--and steady license cash flows. The negative outlook, indicating near-term downgrade potential, primarily reflects the risk of further downward pressure--beyond our current expectations--on Thomson's revenues and operating margins, the consequent worsening of already aggressive debt ratios, and the likely reduction in financial covenant headroom during the first half of 2008. "A downgrade could result in the near term if we see the risk of covenant headroom shrinking to even lower levels, which could raise concerns about the group's liquidity position," said Mr. de Torres. A return to a stable outlook would most likely stem from the stabilization of operating trends, debt measures, and covenant headroom at comfortable levels on a sustainable basis over the medium term. ============= G E R M A N Y ============= BEST GMBH: Claims Registration Ends June 9 ------------------------------------------ Creditors of BEST GmbH have until June 9, 2008 to register their claims with court-appointed insolvency manager Christian Gerloff. 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 Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Gerloff Nymphenburger Str. 139 80636 Munich Germany Tel: 089/120260 Fax: 089/12026137 The District Court of Munich opened bankruptcy proceedings against BEST GmbH on April 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BEST GmbH Arabellastr. 5/129 81925 Munich Germany BRONBERGER & KESSLER: Claims Registration Ends June 9 ----------------------------------------------------- Creditors of Bronberger & Kessler Handelsges. und Gilg & Schweiger GmbH & Co. KG have until June 9, 2008 to register their claims with court-appointed insolvency manager Axel W. Bierbach. 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 Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Axel W. Bierbach Schwanthalerstr. 32 80336 Munich Germany Tel: 54511-0 Fax: 54511-444 The District Court of Munich opened bankruptcy proceedings against Bronberger & Kessler Handelsges. und Gilg & Schweiger GmbH & Co. KG on April 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bronberger & Kessler Handelsges. und Gilg & Schweiger GmbH & Co. KG Isarstr. 3 82065 Baierbrunn Germany DIE MEDIENCOMPANIE: Claims Registration Period Ends June 7 ---------------------------------------------------------- Creditors of Die MedienCompanie VNA GmbH have until June 7, 2008, to register their claims with court-appointed insolvency manager Ingmar Jarchow. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 7, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. 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: Ingmar Jarchow Heuberg 1 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Die MedienCompanie VNA GmbH on April 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Die MedienCompanie VNA GmbH Attn: Hans-Juergen Schroeder, Manager Grimm 14 20457 Hamburg Germany FRESENIUS MEDICAL: Moody's Lifts Corporate Family Rating to Ba1 --------------------------------------------------------------- Moody's Investors Service has upgraded the Corporate Family Rating of Fresenius SE to Ba1 from Ba2 and the Senior Unsecured Notes to Ba1 from Ba2. The outlook was changed to stable from positive. Concurrently, Moody's has also upgraded the Corporate Family Rating of Fresenius's subsidiary, Fresenius Medical Care AG & Co. KGaA to Ba1 from Ba2, the Senior Secured Credit Facility to Baa3 from Ba1, the Senior Unsecured Notes to Ba2 from Ba3 and the Trust Preferreds to Ba3 from B1. The outlook was changed to stable from positive. The previous rating action for these issuers was on May 16, 2007, when Moody's affirmed the ratings for Fresenius and FME and changed the outlooks to positive. "The upgrades of the Corporate Family Ratings of Fresenius and FME from Ba2 to Ba1 reflect the continued improvements in operating performance evidenced by strengthening profitability levels and cash flow generation driving a reduction in financial leverage metrics of both companies more in line with the requirements for the Ba1 rating category. Moody's expects further improvements in operating performances given both companies' strategies to benefit from global growth potential for healthcare services and medical equipment, considering rising demand levels from the ageing population, penetration of new markets and the expectation that adequate reimbursement rates will be preserved" says Christian Hendker, Moody's lead analyst for Fresenius and FME. "The rating upgrades are based on an expectation that improvements in financial leverage will be sustained at both companies. Currently, the ratings are constrained by the likelihood that acquisitions and expansion capital expenditures to support these growth strategies will continue to dilute cash flow generation and leverage metrics, but today's rating actions reflect management's commitment to operate within leverage ranges which are commensurate for the Ba1 rating category over the medium term" continues Mr. Hendker. Moody's further notes that Fresenius has a slightly stronger business profile than FME comprising better geographic and segmental cash flow diversity. Both company's have similar profiles of relatively moderate business risk, exacerbated, however, by expansion strategies, which may be partially financed by debt. The upgrade for Fresenius SE to Ba1 was prompted by continuous improvements in operating performance and financial leverage which is now in line with the requirements for upward rating pressure as outlined in Moody's last press release in May 2007, notably an improvement in CFO to Debt towards the high teens which is evidenced by CFO to Debt of 18.8% in FYE 2007, and a reduction of Debt to EBITDA below 3.5x, evidenced by Debt to EBITDA of 3.4x in fiscal year 2007. Moody's expects these metrics to be broadly sustained. The stable rating outlook for Fresenius SE incorporates the expectation that the company will continue to moderately improve its operating performance and leverage going forward, in line with the requirements for the Ba1 rating category, evidenced by range of 2.75x to 3.5x based on Debt to EBITDA, and 15% to 20% for CFO to Debt. The upgrade for FME to Ba1 was prompted by improvements in operating performance and a reduction of financial leverage, but in particular considering the expectation that these will be further enhanced towards the requirements of the Ba1 rating category to support a solid positioning in the rating category going forward. FME managed to improve its Debt to EBITDA slightly below 3.5x, and generated a CFO to Debt of 17.7% which is just in the high teens as outlined as requirements for positive rating pressure in Moody's Press Release published in May 2007. The stable outlook incorporates Moody's expectation that FME will continue to enhance its leverage more in line with the requirements of the Ba1 rating category over the medium term, evidenced by a sustained strengthening in Debt to EBITDA comfortably below 3.5x and CFO to Debt moving towards 20%. While the stable rating outlook incorporates Moody's view of the stability of the dialysis market which supports FME's recurring cash flow generation basis, the rating remains constrained by the prospects for a continuation of acquisitions and expansion capex. Moody's notes that the rating levels for Fresenius' Ba1 Corporate Family Rating and the Ba1 Corporate Family Rating of its key subsidiary FME are not directly linked. However, Fresenius' consolidated operating performance and financial leverage are highly correlated to FME, given the full consolidation of FME's financial results (Fresenius SE holds a 36% economic interest in FME, but as result of FME's legal status as a KGaA, Fresenius has 100% management control of this entity). FME remains fully controlled and hence fully consolidated by Fresenius SE as long as Fresenius owns more than 25% of FME. Moody's notes that, although a change in the consolidation method would affect the group's consolidated operating performance and cash generation, it would also result in a reduction in absolute debt levels. Upgrades: * Issuer: Fresenius SE -- Corporate Family Rating, Upgraded to Ba1 from Ba2 -- Probability of Default Rating, Upgraded to Ba1 from Ba2 * Issuer: Fresenius Finance BV -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1 (LGD 3, 43%) from Ba2 (LGD 4, 51%) * Issuer: Fresenius Medical Care AG & Co. KGaA -- Corporate Family Rating, Upgraded to Ba1 from Ba2 -- Probability of Default Rating, Upgraded to Ba1 from Ba2 -- Senior Secured Bank Credit Facility, Upgraded to Baa3 (LGD 3, 31%) from Ba1 (LGD 2, 28%) * Issuer: Fresenius Medical Care Capital Trust IV -- Preferred Stock, Upgraded to Ba3 (LGD 6, 97%) from B1 (LGD 6, 92%) * Issuer: Fresenius Medical Care Capital Trust V -- Preferred Stock, Upgraded to Ba3 (LGD 6, 97%) from B1 (LGD 6, 92%) * Issuer: FMC Finance III S.A. -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2 (LGD5, 79%) from Ba1 (LGD 5, 74%) Outlook Actions: * Issuer: Fresenius SE -- Outlook, Changed To Stable from Positive * Issuer: Fresenius Finance BV -- Outlook, Changed To Stable from Positive * Issuer: Fresenius Medical Care AG & Co. KGaA -- Outlook, Changed To Stable from Positive * Issuer: Fresenius Medical Care Capital Trust IV -- Outlook, Changed To Stable from Positive * Issuer: Fresenius Medical Care Capital Trust V -- Outlook, Changed To Stable from Positive * Issuer: FMC Finance III S.A. -- Outlook, Changed To Stable from Positive Fresenius SE is a global health care company with products and services for dialysis (through Fresenius Medical Care); healthcare services (Helios) and facilities management (Vamed); and nutrition and infusion therapies (Fresenius Kabi). For the fiscal year ended on Dec. 31, 2007, Fresenius SE generated consolidated sales of EUR11.4 billion. Based in Bad Homburg, Germany, Fresenius Medical Care AG & Co. KGaA is the world's leading provider of dialysis products and services. For the fiscal year ended 31 December 2007, Fresenius Medical Care generated net revenues of US$ 9.7 billion. GENERALUNTERNEHMER FUER: Claims Registration Ends June 9 -------------------------------------------------------- Creditors of Generalunternehmer fuer schluesselfertiges Bauen GmbH Bauunternehmung have until June 9, 2008 to register their claims with court-appointed insolvency manager Michael J.W. Blank. Claims will be verified at 8:45 a.m. on July 7, 2008 at: The District Court of Saarbruecken Meeting Hall 13 First Floor Vopeliusstrasse 2 66280 Sulzbach Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael J.W. Blank Marktstrasse 1 66333 Voelklingen Germany Tel: (06898) 850 920 Fax: (06898) 850 9221 The District Court of Saarbruecken opened bankruptcy proceedings against Generalunternehmer fuer schluesselfertiges Bauen GmbH Bauunternehmung on Feb. 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Generalunternehmer fuer schluesselfertiges Bauen GmbH Bauunternehmung Attn: Karl-Heinz Gouverneur, Manager Holzbruch 7 66687 Wadern-Nunkirchen Germany GRA TISCH: Claims Registration Period Ends June 6 ------------------------------------------------- Creditors of GRA Tisch- und Metallproduktions GmbH have until June 6, 2008, to register their claims with court-appointed insolvency manager Burghard Wegener. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 1, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Goettingen Hall B 11 Maschmuehlenweg 11 37073 Goettingen 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: Burghard Wegener Obere Karspuele 36 D 37073 Goettingen Germany Tel: 0551/9003660 Fax: 0551/90036629 The District Court of Goettingen opened bankruptcy proceedings against GRA Tisch- und Metallproduktions GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GRA Tisch- und Metallproduktions GmbH Attn: Friedrich Schneider, Manager Auschnippe 63 37170 Uslar Germany HPK HAUS-PLAN: Claims Registration Period Ends June 6 ----------------------------------------------------- Creditors of hpk haus-plan gmbh have until June 6, 2008, to register their claims with court-appointed insolvency manager Dirk Decker. Creditors and other interested parties are encouraged to attend the meeting at 11:35 a.m. on July 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 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: Dirk Decker Julius-Vosseler-Strasse 42 22527 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against hpk haus-plan gmbh on May 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: hpk haus-plan gmbh Attn: Hans Kluge, Manager Schopenstehl 20 20095 Hamburg Germany K & K MALERBETRIEB: Creditors' Meeting Slated for June 9 -------------------------------------------------------- The court-appointed insolvency manager for K & K Malerbetrieb GmbH, Christian Koehler-Ma will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:50 a.m. on June 9, 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 9:00 a.m. on Sept. 29, 2008 at the same venue. Creditors have until July 30, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christian Koehler-Ma Kurfuerstendamm 26 a 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against K & K Malerbetrieb GmbH on April 24, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: K & K Malerbetrieb GmbH Voigtstr. 25 10247 Berlin Germany KAISER HOLDING: Claims Registration Period Ends June 6 ------------------------------------------------------ Creditors of Kaiser Holding GmbH have until June 6, 2008, to register their claims with court-appointed insolvency manager Michael C. Frege. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael C. Frege Brienner Str. 11/V 80333 Munich Germany Tel: 089/23807-850 Fax: 089/23807-110 The District Court of Munich opened bankruptcy proceedings against Kaiser Holding GmbH on April 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kaiser Holding GmbH Attn: Ewald Kaiser, Manager Lindwurmstr. 89 a 80337 Munich Germany KARAMUSALAR GMBH: Claims Registration Ends June 8 ------------------------------------------------- Creditors of Karamusalar GmbH Gross- und Einzelhandel have until June 8, 2008 to register their claims with court-appointed insolvency manager Thomas Linse. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Nuremberg Meeting Hall 152/I Flaschenhofstr. 35 Nuremberg 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 Linse Aussere Sulzbacher Strasse 29 90491 Nuremberg Germany Tel: 0911/598704 Fax: 0911/5987379 The District Court of Nuremberg opened bankruptcy proceedings against Karamusalar GmbH Gross- und Einzelhandel on May 8, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Karamusalar GmbH Gross- und Einzelhandel Attn: Ustun Karamusalar and Zekiye Karamusalar, Managers Leyherstrasse 107 90443 Nuremberg Germany KOMBI-BAU GMBH: Claims Registration Period Ends June 7 ------------------------------------------------------ Creditors of KOMBI-Bau GmbH have until June 7, 2008, to register their claims with court-appointed insolvency manager Marco Comes. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Muehlhausen Hall 35 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: Marco Comes Goethestrasse 61 99096 Erfurt Germany The District Court of Muehlhausen opened bankruptcy proceedings against KOMBI-Bau GmbH on April 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KOMBI-Bau GmbH Attn: Gerald Sebenhuener, Manager Schulgasse 6 06556 Ringleben Germany M & P COOBER: Claims Registration Period Ends June 6 ---------------------------------------------------- Creditors of M & P Coober Pedy GmbH & Co. KG have until June 6, 2008, to register their claims with court-appointed insolvency manager Uwe Kuhmann. 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 Hagen Hall 252 Second Floor Heinitzstrasse 42/44 58097 Hagen 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: Uwe Kuhmann Hochstr. 124 58095 Hagen Germany The District Court of Hagen opened bankruptcy proceedings against M & P Coober Pedy GmbH & Co. KG on May 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: M & P Coober Pedy GmbH & Co. KG Doedterstr. 10 58095 Hagen Germany MARK GMBH: Claims Registration Ends June 9 ------------------------------------------ Creditors of Mark GmbH have until June 9, 2008 to register their claims with court-appointed insolvency manager Christoph Goergen. Claims will be verified at 9:00 a.m. on June 30, 2008 at: The District Court of Saarbruecken Meeting Hall 24 Second Floor Vopeliusstrasse 2 66280 Sulzbach Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christoph Goergen Beethovenstrasse 13 66606 St. Wendel Germany Tel: (06851) 4066 Fax: (06851) 4068 The District Court of Saarbruecken opened bankruptcy proceedings against Mark GmbH on April 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mark GmbH Attn: Hans-Martin Mark, Manager Vor Huelsenrech 12 66606 St. Wendel Germany MED.OC-VERLAG: Claims Registration Period Ends June 6 ----------------------------------------------------- Creditors of med.oc-Verlag GmbH have until June 6, 2008, to register their claims with court-appointed insolvency manager Matthias Hofmann. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Matthias Hofmann Rosental 6 80331 Munich Germany Tel: 089/548033-0 Fax: 089/548033-111 The District Court of Munich opened bankruptcy proceedings against med.oc-Verlag GmbH on April 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: med.oc-Verlag GmbH Schoenfeldstr. 8 80539 Munich Germany MERCHANDISE PARADISE: Claims Registration Period Ends June 6 ------------------------------------------------------------ Creditors of Merchandise Paradise GmbH have until June 6, 2008, to register their claims with court-appointed insolvency manager Norbert Wischermann. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 Ravensburg Room 209 Second Floor Herrenstr. 42 88212 Ravensburg 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. Norbert Wischermann Bleicherstr. 16 78467 Konstanz Germany The District Court of Ravensburg opened bankruptcy proceedings against Merchandise Paradise GmbH on April 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Merchandise Paradise GmbH Attn: Michael Lasi, Manager Altshauser Strasse 25 88356 Ostrach Germany STS-GMBH: Claims Registration Period Ends June 6 ------------------------------------------------ Creditors of STS-GmbH have until June 6, 2008, to register their claims with court-appointed insolvency manager Dr. Wolfgang Koehler. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Paderborn Meeting Hall 230a Second Floor Bogen 2-4 33098 Paderborn 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 Koehler Marktstrasse 22 59555 Lippstadt Germany Tel: 02941 / 7675910 Fax: 02941 / 7675930 The District Court of Paderborn opened bankruptcy proceedings against STS-GmbH on May 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: STS-GmbH Attn: Ruediger Steines, Manager Mittelstr. 26 59609 Anroechte Germany TED GAS: Claims Registration Period Ends June 6 ----------------------------------------------- Creditors of TED GAS Deutschland GmbH have until June 6, 2008, to register their claims with court-appointed insolvency manager Dr. Karsten Foerster. Creditors and other interested parties are encouraged to attend the meeting at 1:20 p.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 Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Karsten Foerster Otto von Guerike Str. 5 17033 Neubrandenburg Germany The District Court of Neubrandenburg opened bankruptcy proceedings against TED GAS Deutschland GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TED GAS Deutschland GmbH Torgelowerstr. 18 17309 Pasewalk Messingweg 10 b 48308 Senden Germany VISTEON CORP: S&P Rates Proposed US$210 Million Notes at B- ----------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B-' issue-level rating and '5' recovery rating to Visteon Corp.'s proposed issuance of as much as US$210 million in senior unsecured notes due 2016. The 'B-' issue-level rating is one notch below the corporate credit rating on the company, and the '5' recovery rating indicates the expectation for modest (10%-30%) recovery in the event of a payment default. Visteon will use the proceeds from the new notes, along with existing cash, to repay as much as US$344 million of its US$550 million senior unsecured notes due in 2010. Visteon plans a tender offer for the 2010 notes. The issuance of new notes is contingent on the tendering of at least US$300 million of 2010 notes to the company. Van Buren Township, Mich.-based Visteon had total debt of about US$2.8 billion as of March 31, 2008, and underfunded employee benefit liabilities of about US$985 million. The outlook is negative. "The ratings on Visteon, including the 'B' corporate credit rating, reflect the company's negative cash flow resulting from declining vehicle production in North America, its highly leveraged balance sheet, continued pressure from high raw- material prices, and a costly and wide-ranging operational restructuring," said Standard & Poor's credit analyst Robert Schulz. Visteon will have difficulty restructuring poorly performing operations while continuing to diversify its customer base amid intense competition and a difficult sales environment in 2008. S&P could lower the rating in 2008 if industry challenges, restructuring delays, or reduced customer production prevent Visteon from making progress toward generating pretax profits and positive free cash flow. Well into 2009, we could revise the outlook to stable if the company achieves stronger performance and credit measures, with a more balanced business mix, because of successful restructuring and customer diversification efforts. VURAL GMBH: Claims Registration Period Ends June 6 -------------------------------------------------- Creditors of Vural GmbH have until June 6, 2008, to register their claims with court-appointed insolvency manager Holger Kas. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 14, 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 Wetzlar Meeting Room 201 Building B II. Stick Wetherstr. 1 35578 Wetzlar 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: Holger Kas Marktlaubenstrasse 9 35390 Giessen Germany Tel: 0641/9324360 Fax: 0641/9324350 The District Court of Wetzlar opened bankruptcy proceedings against Vural GmbH on April 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Vural GmbH Attn: Ramazan Vural, Manager Zum Wachtgipfel 12 35745 Herborn Germany WIKING AGRO: Claims Registration Period Ends June 6 --------------------------------------------------- Creditors of Wiking Agro Verwaltungs GmbH have until June 6, 2008, to register their claims with court-appointed insolvency manager Wilhelm Salim Khan Durani. Creditors and other interested parties are encouraged to attend the meeting at 9:35 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 Flensburg Hall A 220 Suedergraben 22 Flensburg 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: Wilhelm Salim Khan Durani Sell-Speicher Wall 55 24103 Kiel Germany The District Court of Flensburg opened bankruptcy proceedings against Wiking Agro Verwaltungs GmbH on May 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wiking Agro Verwaltungs GmbH Attn: Deert Jens Hansen, Manager Fargenhoff 24879 Idstedt-Holzkrug Germany ============= I R E L A N D ============= CEDO PLC: Moody's Cuts Ratings on Series 2 Notes and Facilities --------------------------------------------------------------- Moody's Investors Service has downgraded eight classes of notes and two loan facilities issued by CEDO PLC under Series 2. CEDO PLC Series 2 is a special purpose vehicle that issues CDOs of equity default swaps. The downgrades are the result of rating migration and equity share price movements of the underlying portfolio of Equity Default Swaps. While the transaction is composed of an equal number of equity default swaps in the risk portfolio (long EDS exposures) and in the insurance portfolio (short exposures), the downgrades results from the presence of a higher proportion of US financial and real-estate entities in the risk portfolio, whose share price decreased significantly. As of May 12, 2008, the risk portfolio had five reference entities - Countrywide Financial Corporation, MBIA Inc, Centex Corporation, Pulte Homes Inc. and Mitsubisghi UFJ Nicos Co. Ltd. - which have a share price below their EDS trigger levels (those entities have a barrier or strike above 100%). The insurance portfolio contained none. Eight reference entities with barriers above 85% belonged to the risk portfolio, while there were none in the insurance portfolio. The average barrier is 46% in the risk portfolio and 32% in the insurance portfolio. For all tranches except I, J and K, the distressed equity events observation period will start in December 2008 and last for three years until December 2011, the maturity of the transaction, such that no equity event related losses have occurred at this stage and all tranches still benefit from their initial subordination levels. For tranches I and J, the observation period will start in December 2009 and last two years. For tranche K, the observation period starts in November 2008 and lasts three years. These rating actions are: Issuer: CEDO plc (1) Series 2 Tranche A Asset-Backed Deferrable Floating Rates Notes due 2011 -- Current Rating: Baa1 -- Prior Rating: Aa1, on review for downgrade (2) Series 2 Tranche B Asset-Backed Deferrable Floating Rate Notes Due 2011 -- Current Rating: Ba2 -- Prior Rating: A2, on review for downgrade (3) Series 2 Tranche C Asset-Backed Deferrable Floating Rate Notes due 2011 -- Current Rating: B2 -- Prior Rating: Baa2, on review for downgrade (4) Series 2 Tranche K Non-Principal Protected Asset-Backed Fixed Rate Notes due 2011 -- Current Rating: B2 -- Prior Rating: Baa3, on review for downgrade (5) Series 2 Tranche J Asset-Backed Fixed Rate Notes due 2011 -- Current Rating: B3 -- Prior Rating: Ba1, on review for downgrade (6) Series 2 Tranche G Asset-Backed Deferrable Floating Rate Notes due 2011 -- Current Rating: B2 -- Prior Rating: Baa2, on review for downgrade (7) Series 2 Tranche I Asset-Backed Fixed Rate Notes due 2011 -- Current Rating: B2 -- Prior Rating: Baa2, on review for downgrade (8) Series 2 Tranche H Asset-Backed Floating Rate Notes due 2011 -- Current Rating: B3 -- Prior Rating: Baa3, on review for downgrade (9) Floating Rate Loan Facility in relation to Series 2 Tranche B Asset-Backed Deferrable Floating Rate Notes due 2011 -- Current Rating: Ba2 -- Prior Rating: A2, on review for downgrade (10) Floating Rate Loan Facility in relation to the Series 2 Tranche C Asset-Backed Deferrable Floating Rate Notes due 2011 -- Current Rating: B2 -- Prior Rating: Baa2, on review for downgrade CEDO PLC: Moody's Lowers Rating on Series 3 Notes to B3 ------------------------------------------------------- Moody's Investors Service has downgraded the Series 3 notes issued by CEDO PLC. The downgrade is the result of rating migration and equity share price movements of the underlying portfolio of Equity Default Swaps. While the transaction is composed of an equal number of equity default swaps in the risk portfolio (long EDS exposures) and in the insurance portfolio (short exposures), the downgrades result from the presence of a higher proportion of US financial and real-estate entities in the risk portfolio, whose share price decreased significantly. As of May 12, 2008, the risk portfolio had six reference entities - Countrywide Financial Corporation, MBIA Inc., Mitsubishi UFJ Nicos Co, Ltd, Centex Corporation, KB Home and Pulte Homes, Inc. - which have a share price below their EDS trigger levels (those entities have a barrier or strike above 100%). The insurance portfolio contained none. Nine reference entities with barriers above 85% belonged to the risk portfolio, while there were none in the insurance portfolio. The average barrier is 51% in the risk portfolio and 31% in the insurance portfolio. The distressed equity events observation period will start in December 2008 and lasts for three years until December 2011, the maturity of the transaction, such that no equity event related losses have occurred at this stage and the tranche still benefit from their initial subordination levels. These rating action is: Issuer: CEDO PLC (1) Series 3 Tranche K Non-Principal Protected Asset-Backed Fixed Rate Notes due 2012 -- Current Rating: B3 -- Prior Rating: Ba3, on review for downgrade CEDO PLC: Moody's Cuts Ratings on Series 4 Notes & Facilities ------------------------------------------------------------- Moody's Investors Service has downgraded thirteen classes of notes and three loan facilities issued by CEDO PLC under Series 4. The downgrades are the result of rating migration and equity share price movements of the underlying portfolio of Equity Default Swaps. While the transaction is composed of an equal number of equity default swaps in the risk portfolio (long EDS exposures) and in the insurance portfolio (short exposures), the downgrades result from the presence of a higher proportion of US financial and real-estate entities in the risk portfolio, whose share price decreased significantly. As of May 12, 2008, the risk portfolio had one reference entity - Countrywide Financial Corporation - which has a share price below its EDS trigger level (those entities have a barrier or strike above 100%). The insurance portfolio contained none. Three reference entities with barriers above 85% belonged to the risk portfolio, while there were none in the insurance portfolio. The average barrier is 43% in the risk portfolio and 32% in the insurance portfolio. The distressed equity events observation period will start in July 2009 and last for three years until June 2012, the maturity of the transaction, such that no equity event related losses have occurred at this stage and all tranches still benefit from their initial subordination levels. These rating actions are: Issuer: CEDO PLC (1) Series 4 Tranche D EUR73,000,000 Asset-Backed Deferrable Floating Rate Notes due 2012, -- Current Rating: Aa3 -- Prior Rating: Aa1, on review for downgrade (2) Series 4 Tranche E EUR47,000,000 Asset Backed Deferrable Floating Rate Notes due 2012 -- Current Rating: Baa1 -- Prior Rating: A1, on review for downgrade (3) Series 4 Tranche F EUR17,000,000 Asset Backed Deferrable Floating Rate Notes due 2012 -- Current Rating: Ba3 -- Prior Rating: Baa3, on review for downgrade (4) Series 4 Tranche G US$2,000,000 Asset-Backed Deferrable Floating Rate Notes due 2012 -- Current Rating: Aa3 -- Prior Rating: Aa1, on review for downgrade (5) Series 4 Tranche H US$10,000,000 Asset-Backed Deferrable Floating Rate Notes due 2012 -- Current Rating: Baa1 -- Prior Rating: A1, on review for downgrade (6) Series 4 Tranche I US$12,000,000 Asset-Backed Deferrable Floating Rate Notes due 2012 -- Current Rating: Ba3 -- Prior Rating: Baa3, on review for downgrade (7) Series 4 Tranche J US$5,000,000 Asset-Backed Deferrable Fixed Rate Notes due 2012 -- Current Rating: Ba3 -- Prior Rating: Baa3, on review for downgrade (8) Series 4 Tranche K CHF 132,000,000 Asset-Backed Deferrable Floating Rate Notes due 2012 -- Current Rating: Aa3 -- Prior Rating: Aa1, on review for downgrade (9) Series 4 Tranche L US$15,000,000 Asset-Backed Deferrable Floating Rate Notes due 2012 -- Current Rating: Ba3 -- Prior Rating: Ba1, on review for downgrade (10) Series 4 Tranche M US$15,000,000 Asset-Backed Deferrable Floating Rate Notes due 2012 -- Current Rating: Baa1 -- Prior Rating: A1, on review for downgrade (11) Series 4 Tranche N US$40,000,000 Asset-Backed Deferrable Floating Rate Notes due 2012 -- Current Rating: Aa3 -- Prior Rating: Aa1, on review for downgrade (12) Series 4 Tranche O US$10,000,000 Asset-Backed Deferrable Floating Rate Notes due 2012 -- Current Rating: Baa1 -- Prior Rating: A1, on review for downgrade (13) Series 4 Tranche P US$2,000,000 Asset-Backed Deferrable Floating Rate Notes due 2012 -- Current Rating: B1 -- Prior Rating: Ba3, on review for downgrade (14) Floating Rate Loan Facility in relation to Series 4 Tranche D EUR73,000,000 Asset-Backed Deferrable Floating Rate Notes due 2012 -- Current Rating: Aa3 -- Prior Rating: Aa1, on review for downgrade (15) Floating Rate Loan Facility in relation to Series 4 Tranche E EUR47,000,000 Asset Backed Deferrable Floating Rate Notes due 2012 -- Current Rating: Baa1 -- Prior Rating: A1, on review for downgrade (16) Floating Rate Loan Facility in relation to Series 4 Tranche F EUR17,000,000 Asset Backed Deferrable Floating Rate Notes due 2012 -- Current Rating: Ba3 -- Prior Rating: Baa3, on review for downgrade CEDO PLC: Moody's Lowers Ratings on Four Note Classes to Low-B -------------------------------------------------------------- Moody's Investors Service has downgraded six classes of notes issued by CEDO PLC. CEDO PLC is an special purpose vehicle that issues CDOs of equity default swaps. The downgrades are the result of rating migration and equity share price movements of the underlying portfolio of Equity Default Swaps. While the transaction is composed of an equal number of equity default swaps in the risk portfolio (long EDS exposures) and in the insurance portfolio (short exposures), the downgrades result from the presence of a higher proportion of US financial and real-estate entities in the risk portfolio, whose share price decreased significantly. In addition, the share price of Thomson SA, a French electronics manufacturer has dropped substantially since the previous rating action. As of May 12, 2008, the risk portfolio had three reference entities - Countrywide Financial Corporation, Centex Corporation and Thomson SA - which have a share price below their EDS trigger levels (those entities have a barrier or strike above 100%). The insurance portfolio contained none. Five reference entities with barriers above 85% belonged to the risk portfolio, while there were two in the insurance portfolio. The average barrier is 38% in the risk portfolio and 32% in the insurance portfolio. The distressed equity events observation period will start on 21 May 2008 and last for three years until May 2011, the maturity of the transaction. These rating actions are: Issuer: CEDO PLC (1) Series 1 Tranche B EUR16,500,000 Asset-Backed Deferrable Fixed Rate Notes due 2011 -- Current Rating: A1 -- Prior Rating: Aa2 (2) Series 1 Tranche C EUR26,500,000 Asset-Backed Deferrable Fixed Rate Notes due 2011 -- Current Rating: Ba1 -- Prior Rating: A3, on review for downgrade (3) Series 1 Tranche E EUR2,500,000 Asset-Backed Deferrable Fixed Rate Notes due 2011 -- Current Rating: Ba1 -- Prior Rating: A3, on review for downgrade (4) Series 1 Tranche F EUR2,000,000 Asset-Backed Deferrable Floating Rate Notes due 2011 -- Current Rating: B2 -- Prior Rating: Ba3, on review for downgrade (5) Series 1 Tranche G EUR15,000,000 Asset-Backed Deferrable Floating Rate Notes due 2011 -- Current Rating: A1 -- Prior Rating Aa2 (6) Series 1 Tranche H EUR5,000,000 Asset-Backed Deferrable Floating Rate Notes due 2011 -- Current Rating: Ba1 -- Prior Rating: A3, on review for downgrade CEDO PLC: Moody's Cuts Series 4 Tranch C Notes' Rating to Ba3 ------------------------------------------------------------- Moody's Investors Service has downgraded three classes of notes issued by CEDO PLC under Series 4. The downgrades are the result of rating migration and equity share price movements of the underlying portfolio of Equity Default Swaps. While the transaction is composed of an equal number of equity default swaps in the risk portfolio (long EDS exposures) and in the insurance portfolio (short exposures), the downgrades result from the presence of a higher proportion of US financial and real-estate entities in the risk portfolio, whose share price decreased significantly. As of May 12, 2008, the risk portfolio had two reference entities - Countrywide Financial Corporation and MBIA Inc. - which have a share price below their EDS trigger levels (those entities have a barrier or strike above 100%). The insurance portfolio contained one. Five reference entities with barriers above 85% belonged to the risk portfolio, while there were none in the insurance portfolio. The average barrier is 45% in the risk portfolio and 32% in the insurance portfolio. The distressed equity events observation period will start in June 2009 and last for three years until May 2012, the maturity of the transaction, such that no equity event related losses have occurred at this stage and all tranches still benefit from their initial subordination levels. Tjese rating actions are: Issuer: CEDO PLC (1) Series 4 Tranche A EUR73,100,000 Asset-Backed Deferrable Floating Rate Notes due 2012 -- Current Rating: Aa3 -- Prior Rating: Aa1, on review for downgrade (2) Series 4 Tranche B EUR90,700,000 Asset-Backed Deferrable Floating Rate Notes due 2012 -- Current Rating: Baa2 -- Prior Rating: A1, on review for downgrade (3) Series 4 Tranche C EUR11,200,000 Asset-Backed Deferrable Floating Rate Notes due 2012 -- Current Rating: Ba3 -- Prior Rating: Baa3, on review for downgrade EIRLES TWO: Moody's Junks Rating on Series 244 Class B Notes ------------------------------------------------------------ Moody's Investors Service downgraded and left on review for possible downgrade the ratings on the following notes issued by Eirles Two Limited Series 244: Class Description: Class B -- Prior Rating: Baa3, on review for possible downgrade -- Current Rating: Caa1, on review for possible downgrade According to Moody's, the rating actions reflect increased deterioration in the credit quality of the underlying portfolio. EIRLES TWO: Moody's Cuts Rating on Series 247 Notes to B2 --------------------------------------------------------- Moody's Investors Service downgraded and left on review for possible downgrade the ratings on the following notes issued by Eirles Two Limited Series 247: Class Description: Class B -- Prior Rating: Baa1, on review for possible downgrade -- Current Rating: B2, on review for possible downgrade According to Moody's, the rating actions reflect increased deterioration in the credit quality of the underlying portfolio. OMEGA CAPITAL: Moody's May Further Cut Junk Ratings After Review --------------------------------------------------------------- Moody's Investors Service downgraded and left on review for further downgrade several tranches of a managed synthetic CDO issued by Omega Capital Europe p.l.c. Series 47 and 50. The underlying portfolio of these transactions includes a significant portion of US subprime and Alt-A bonds, in particular of the 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: Issuer: Omega Capital Europe p.l.c. - Sycamore Series 3 (Omega Capital Europe p.l.c. Series 47) Secured Notes due 2050 (1) EUR10M Class BE-7 Notes Due 2050 -- Current Rating: Caa2, on review for downgrade -- Prior Rating: A2 (2) US$2M Class BU-7 Notes Due 2050 -- Current Rating: Caa2, on review for downgrade -- Prior Rating: A2 (3) JPY1.2BN Class AJBis-10 Notes Due 2050 -- Current Rating: Ba3, on review for downgrade -- Prior Rating: Aaa (4) JPY1BN Class BJ-10 Notes Due 2050 -- Current Rating: Caa2, on review for downgrade -- Prior Rating: A2 (5) JPY300M Class BJBis-10 Notes Due 2050 -- Current Rating: Caa3, on review for downgrade -- Prior Rating: A3 (6) JPY3BN Class CJ-10 Notes Due 2050 -- Current Rating: B2, on review for downgrade -- Prior Rating: Aa2 Issuer: Omega Capital Europe p.l.c. - Sycamore Series 3-Bis (Omega Capital Europe p.l.c. Series 50) Secured Notes due 2050 (1) EUR50M Class AE-10 Notes Due 2050 -- Current Rating: Ba3, on review for downgrade -- Prior Rating: Aaa (2) EUR25M Class CE-10 Notes Due 2050 -- Current Rating: Caa2, on review for downgrade -- Prior Rating: Aa2 SMURFIT KAPPA: Earns EUR42.8 Mln in First Quarter Ended March 31 ---------------------------------------------------------------- Smurfit Kappa Group plc released unaudited financial results for the three months ending March 31, 2008. SKG reported net profit of EUR42.8 million on revenues of EUR1.8 billion for the three months ending March 31, 2008, compared with a net loss of EUR66.7 million on revenues of EUR1.8 billion for the three months ending March 31 2007. At March 31, 2008, the Group's balance sheet showed EUR8.8 billion in total assets, EUR6.6 billion in total liabilities and EUR2.1 billion in total shareholders' equity. Capital Structure & Debt Reduction Net borrowing amounted to EUR3.4 billion at March 31, 2008 compared to EUR3.4 billion at Dec. 31, 2007. With the combination of lower net borrowing and the improved profitability of the Group's operations over the year, leverage (EBITDA to net borrowing ratio) decreased from 3.20x at December 2007 to 3.16x at March 2008. The corresponding multiple at March 2007 was 3.71x. Performance Review & Outlook Gary McGann, Smurfit Kappa Group CEO, commented: "The Group is pleased to report a positive EBITDA outcome and a strong cash flow performance for the three month period to March 31, 2008. We are also pleased to report continued progress against our leverage objectives. Net debt has been reduced within the quarter. SKG's net debt to EBITDA multiple is now below the bottom end of our stated range. During the quarter, business conditions in Europe reflected continued corrugated price recovery and broad-based cost inflation. Our Latin American businesses, which operate in high-growth markets, continue to make a significant contribution to the Group's overall performance. SKG anticipates that a combination of factors will contribute to greater than expected margin pressure throughout the remainder of 2008. These factors include a slowdown in demand growth for corrugated, continued weakness of the value of the US$ and further cost inflation. SKG recently announced the permanent closure of 130,000 tons of less efficient containerboard capacity and up to 80,000 tons of market-related downtime in 2008. These actions will maximize the ongoing efficiency of our mill system and address an increase in inventory levels of recycled containerboard. While SKG will continue to review the cost profile of our mills against integration requirements, broader market demand and industry inventory levels, as a result of actions to date, we have an increasingly efficient mill system and remain short of recycled paper production capacity. In 2008 and beyond, we will continue to exercise restraint in our capital programs, base production decisions on a realistic assessment of demand, and participate selectively in consolidation opportunities presented by current market conditions. SKG will also seek to opportunistically increase its geographic reach and exposure to higher growth markets." About Smurfit Kappa Group Headquartered in Dublin, Ireland, Smurfit Kappa Group -- http://www.smurfit-group.com/-- manufactures containerboard containerboard and converts it into corrugated cases, folding cartons, paper sacks, tubes, and composite cans. Other products include boxboard, sack kraft paper, and printing and writing paper. The company produces 6 million tons of paper annually and has 300 facilities worldwide. In Latin America, the company operates in Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Mexico and Venezuela. * * * In April 2008, Standard & Poor's Rating Services raised its long-term corporate credit ratings on Ireland-based paper and packaging company Smurfit Kappa Group PLC to 'BB' from 'BB-'. The outlook is stable. At the same time, Fitch Ratings assigned a Long-term IDR of 'BB' to Smurfit Kappa Group plc. The Outlooks on both IDRs are Stable. As of Feb. 18, 2008, Smurfit Kappa Group plc carries Moody's long-term corporate family rating of 'Ba3' with stable outlook. ========= I T A L Y ========= PARMALAT SPA: Joins Murray Goulburn for Dairy Farmers Bid --------------------------------------------------------- Parmalat S.p.A., through its Parmalat Australia unit, and Murray Goulburn Cooperative Co. have submitted a joint non-binding bid to acquire Australian Co-Operative Foods Ltd., also known as Dairy Farmers, various reports say. The consortium have applied for clearance from the Australian Competition and Consumer Commission to submit an offer for Dairy Farmers, Bloomberg News relates. Kirin Holdings Co. and Fonterra Cooperative Group Ltd. have also asked clearance from the Australian regulator to make a bid. According to Dairy Farmers CEO Rob Gordon, The Australian relates, interested parties who have operations in the country should seek clearance from ACCC before a bid. Foreign bidders with no Australian operations, meanwhile, are not required to have an ACCC clearance but must seek approval from the Foreign Investment Review Board. Mr. Gordon adds that there may be more bidders which would seek clearance to bid, The Australian relates. Dairy Farmers has appointed Goldman Sachs JBWere as adviser for the auction. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/ -- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. On June 21, 2007, the U.S. Court granted Parmalat permanent injunction. SEAT PAGINE: S&P Keeps BB- Rating with Negative Outlook ------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB�' long-term corporate credit rating on Italy-based classified directories publisher SEAT Pagine Gialle SpA. At the same time, the 'BB-' rating on the EUR1.3 billion bond was affirmed. Furthermore, the long-term and bond ratings were removed from CreditWatch, where they had been placed with negative implications on March 20, 2008, following the announcement of SEAT's 2007 results and its forecast for 2008. The outlook on SEAT is negative. "The outlook primarily reflects our concern that SEAT's material downward revision of its EBITDA forecast for 2008--about 6% lower than the level in fiscal 2007--will result in tighter covenant headroom, compared with existing requirements, under the EUR2.6 billion credit facility starting from end-2008 to end-2009," said Standard & Poor's credit analyst Manuela Gabetta. SEAT's lower EBITDA expectations for the current year reflect the company's additional investments to develop the online business proposition in Italy to boost its Internet positioning. The company expects these investments to have a positive effect on growth from 2009 onward. The downward revision of SEAT's EBITDA raised concerns, given the company's aggressively leveraged capital structure and its covenants demanding thresholds, which are gradually stepping down over the next couple of years. These are partly mitigated by SEAT's revised financial policy focused on prioritizing its debt reimbursements--as emphasized by the full prepayment of the first 2008 debt tranche (EUR81.7 million) due June--and by the avoidance of any dividends distribution to the ordinary shareholders in 2008. In addition, given the high cash conversion and low capital intensity features of its business, however, the company retains good operating flexibility and, therefore, could take action to alleviate these pressures. "The negative outlook reflects the impact of deteriorating trends in SEAT's gross operating performance, which prevents it from improving credit measures and increasing risks linked to the covenants' compliance," added Ms. Gabetta. There is, therefore, limited leeway for further operating underperformance. An outlook revision to stable would require an improvement in operating trends and debt measures, and greater comfort with the company's covenant position. =================== K A Z A K H S T A N =================== ABC NON-FERROUZ: Creditors Must File Claims by June 27 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty has declared LLP ABC Non-Ferrouz Metalls insolvent on April 14, 2008. Creditors have until June 27, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Rayimbek Str. 12 Erkin Talgarsky District Almaty Kazakhstan Tel: 8701 558 34-19 AKTOBE STROY: Claims Deadline Slated for June 27 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Aktube has declared LLP Aktobe Stroy Engineering insolvent. Creditors have until June 27, 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 CONSULTING OF SECURITY: Claims Filing Period Ends June 27 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Consulting of Security insolvent. Creditors have until June 27, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Tolstoy Str. 19-38 Pavlodar Kazakhstan Tel: 8 (7172) 32-86-70 MEDET TRADE: Creditors' Claims Due on June 27 --------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Medet Trade Company insolvent on March 21, 2008. Creditors have until June 27, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Tolstoy Str. 19-38 Pavlodar Kazakhstan Tel: 8 (7172) 32-86-70 MIT LLP: Claims Registration Ends June 27 ----------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Advertisement-Construction Agency Mit insolvent on April 8, 2008. Creditors have until June 27, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Rayimbek Str. 12 Erkin Talgarsky District Almaty Kazakhstan Tel: 8701 558 34-19 ZAPAD CONCTRACT: Claims Deadline Slated for June 27 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Zapad Conctract Ltd. insolvent. Creditors have until June 27, 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 =================== K Y R G Y Z S T A N =================== ASIAN TRAVEL: Creditors Must File Claims by July 2 -------------------------------------------------- LLC Asian Travel Logistics has declared insolvency. Creditors have until July 2, 2008 to submit written proofs of claim to: LLC Asian Travel Logistics Chuikov Str. 82-31 Bishkek Kyrgyzstan Tel: (+996 312) 21-33-47 WORLD WINGS: Claims Filing Period Ends July 2 --------------------------------------------- LLC World Wings Aviation has declared insolvency. Creditors have until July 2, 2008 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 54-21-52. =================== L U X E M B O U R G =================== EVRAZ GROUP: Commences Placement of Over US$400MM in Eurobonds --------------------------------------------------------------- Evraz Group SA has commenced placement of two Eurobond issues valued at over US$400 million, RIA Novosti reports. The placement includes: * US$250 million in five-year Eurobonds with coupon rate of 8.875%; and * 10-year Euobond with coupon rate of 9.5%. As reported in TCT-Europe April 23, 2008, Evraz Group has completed a US$1.6 billion Eurobond placement in two tranches. Evraz said it would use the proceeds of the bond issue for corporate purposes including the US$4 billion acquisition of IPSCO from SSAB. 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 March 19, 2008, Fitch Ratings affirmed Luxembourg-based Evraz Group SA's Long-term Issuer Default and senior unsecured ratings at 'BB' and Short-term IDR at 'B'. Fitch also affirmed the ratings of core subsidiary Mastercroft Limited at Long-term IDR 'BB' and Short-term IDR 'B'. Evraz Securities SA's senior unsecured rating is affirmed at 'BB'. The Outlooks for Evraz's and Mastercroft Limited's Long-term IDRs are Stable. 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 a