/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070816.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, August 16, 2007, Vol. 8, No. 162 Headlines A U S T R I A ADB BAU: Claims Registration Period Ends Sept. 5 CIKI BAU: Claims Registration Period Ends Sept. 5 HASIBUTZ LLC: Claims Registration Period Ends Sept. 12 HOTELS ON THE GREEN: Claims Registration Period Ends Sept. 12 JOSEF STOEBER: Claims Registration Period Ends Aug. 28 LAS - BAUTRAGER: Claims Registration Period Ends Aug. 28 TINNITRONICS LLC: Claims Registration Period Ends Sept. 4 TISCHLEREI H.STOEGERER: Court Orders Business Shutdown UHRENDISKONT.COM: Claims Registration Period Ends Aug. 22 B E L G I U M FEDERAL-MOGUL: Wants Until December 1 to Decide on Leases FLOWSERVE CORP: Moody's Holds Low-B Ratings on Loan Extension POPE & TALBOT: Posts US$42.9 Million Net Loss in Second Quarter D E N M A R K TDC A/S: Earns DKK846 Million in Second Quarter 2007 F R A N C E ALCATEL-LUCENT: Dresdner Kleinwort Upgrades Firm to Hold PRIDE INT'L: Selling Three Fleets to Ferncliff for US$213 Mln G E R M A N Y ADOLF MUCK: Creditors Must Register Claims by Sept. 21 ADVANTIS GMBH: Creditors Must Register Claims by Sept. 14 ARTHUR ROSE: Creditors Must File Claims by Sept. 27 ASBANO UMWELTTECHNIK: Creditors Must File Claims by Sept. 7 AUTOHAUS STOOSS: Creditors Must File Claims by Sept. 11 BADGESELLSCHAFT MBH: Creditors Must File Claims by Sept. 17 BAUUNTERNEHMEN SCHMIDT: Creditors Must File Claims by Sept. 13 BTV TRANSPORT: Claims Registration Ends Sept. 25 CELEBRATION EVENT: Creditors Must Register Claims by Sept. 28 CONSULTATIO STEUERBERATUNGS: Claims Registration Ends Sept. 7 DLC SOLMS: Claims Registration Ends Sept. 26 DR. SCHUERMANN KUNSTSTOFFWERK: Claims Registration Ends Sept. 17 ELG ELEKTRO: Claims Registration Ends September 11 EXCLUSIV TREPPENLIFTE: Claims Registration Ends September 14 FERDINAND ERNST: Claims Registration Ends September 21 FOWE INNENAUSBAU: Claims Registration Ends September 25 GABATEC GEWACHSHAUS: Claims Registration Ends August 24 GEITZ FRISEURE: Claims Registration Period Ends Sept. 13 KAISER PROJEKT: Creditors Must Register Claims by Sept. 24 KLAUS VON BARGEN: Creditors Must Register Claims by Sept. 20 KRIECHBAUM GMBH: Claims Registration Period Ends Aug. 29 LENDEX-SERVICE GMBH: Creditors Must Register Claims by Sept. 11 MEYER GMBH: Claims Registration Period Ends Sept. 1 NRG ENERGY: Completes US$1 Billion Capital Allocation Plan REHOMA RELAX: Creditors' Meeting Slated for September 24 ROTHER TRANSPORT: Claims Registration Period Ends Sept. 3 SCHAERER MAYFIELD: Creditors' Meeting Slated for Sept. 12 SCHAFFER & KLEIN: Creditors' Meeting Slated for Sept. 11 SCHLEBES BAUUNTERNEHMUNG: Claims Registration Ends Oct. 5 SCHULDNERIN BELLAFORM: Claims Registration Period Ends Aug. 29 ZIEGLER ENERGIETECHNIK: Claims Registration Ends Sept. 28 I R E L A N D VALENCE TECH: June 30 Balance Sheet Upside-Down by US$67.9 Mln I T A L Y ALITALIA SPA: Italian Consortium Eyes Italy's Stake BANCA ITALEASE: Moody's Downgrades Ratings to Ba1/NP/D- DANA CORP: Posts US$133 Mln Net Loss in Qtr. Ended June 30, 2007 FIAT SPA: Repurchases 1.2 Million Ordinary Shares TECUMSEH PRODUCTS: Adds Three New Members to Board of Directors TISCALI SPA: UK Unit to Receive Funds from Management & Capitali TISCALI SPA: Says EUR200 Million Capital Hike Only an Option K A Z A K H S T A N AKSIB LLP: Proof of Claim Deadline Slated for Sept. 14 ARAY TV: Creditors Must File Claims Sept. 14 KUAT-TRANS LLP: Claims Filing Period Ends Sept. 14 MAK COMPANY: Creditors' Claims Due on Sept. 14 OTU COMPANY: Claims Registration Ends Sept. 14 PLANETA SNAB: Proof of Claim Deadline Slated for Sept. 14 POLINA LLP: Creditors Must File Claims Sept. 14 SIDAN XXI LLP: Claims Filing Period Ends Sept. 18 VENKOS LLP: Creditors' Claims Due on Sept. 14 VOSTOKSTROY-SERVICE LLP: Claims Registration Ends Sept. 18 K Y R G Y Z S T A N ABSERVICE LLC: Proof of Claim Deadline Slated for September 27 BARKESAY LLC: Creditors Must File Claims by September 27 L U X E M B O U R G AGILENT TECHNOLOGIES: Inks Agreement to Acquire NetworkFab EVRAZ GROUP: Launches Minority Share Buyout Offer at Five Units EVRAZ GROUP: Moody's Holds Ba3 Rating on Improved Performance N E T H E R L A N D S FOOT LOCKER: Paying US$0.125 Per Share Cash Dividend on Nov. 2 KONINKLIJKE AHOLD: Reverse Stock Split Slated for Aug. 22 SYNIVERSE TECHNOLOGIES: Inks US$464 Million Amended Credit Pact P O L A N D NETIA SA: Posts PLN88.8 Million Net Loss for First Half 2007 R U S S I A ANGARA CJSC: Creditors Must File Claims by Sept. 21 BRATSK-PROM-STROY: Creditors Must File Claims by Sept. 28 BREEZE CJSC: Creditors Must File Claims by August 28 DIK CJSC: Creditors Must File Claims by Sept. 28 DRUZHBA OJSC: Court Starts Bankruptcy Supervision Procedure ERMAKOVSKOE CJSC: Bankruptcy Hearing Slated for November 7 EVRAZ GROUP: Launches Minority Share Buyout Offer at Five Units EVRAZ GROUP: Moody's Holds Ba3 Rating on Improved Performance INTERNATIONAL PAPER: Inks US$185 Mil. Central Lewmar Buyout Deal IRBITSKAYA POULTRY: Court Starts Bankruptcy Supervision Process KHIM-RESURS CJSC: Creditors Must File Claims by August 28 KOSHKINSKOE LLC: Court Starts Bankruptcy Supervision Procedure KRAY-AGRO-SERVICE: Creditors Must File Claims by Sept. 28 KYZYLSKAYA POULTRY: Creditors Must File Claims by Sept. 21 PROGRESS LLC: Creditors Must File Claims by August 21 TAT-OIL-GAS-STROY: Asset Sale Slated for August 28 VIMPEL-COMMUNICATIONS: Acquires CSK in US$232 Million Buyout YAROSLAVSKAYA FINANCIAL: Creditors Must File Claims by Sept. 21 YUZH-URAL-OIL-GAS-STROY: Creditors Must File Claims by Sept. 28 YUZHNO-URALSKAYA INVESTMENT: Asset Sale Slated for Sept. 15 S W I T Z E R L A N D ABACAT JSC: Zug Court Closes Bankruptcy Proceedings BS TEX: Basel Court Closes Bankruptcy Proceedings COMPTRONIX JSC: Creditors' Liquidation Claims Due September 14 EASTERN EUROPEAN: Creditors' Liquidation Claims Due September 15 FMB SERVICES: Creditors' Liquidation Claims Due November 16 FREHNER-IT JSC: St. Gallen Court Closes Bankruptcy Proceedings FVD LLC: Bern Court Starts Bankruptcy Proceedings GRANU - TEC LLC: Aargau Court Starts Bankruptcy Proceedings INKASSO TREUHAND: Zurich Court Closes Bankruptcy Proceedings ITL INTER: St. Gallen Court Closes Bankruptcy Proceedings KOHLER WERNER: Thurgau Court Closes Bankruptcy Proceedings PIANURA JSC: Creditors' Liquidation Claims Due September 24 SC SUISSE: Lucerne Court Closes Bankruptcy Proceedings SCB JSC: Graubunden Court Closes Bankruptcy Proceedings UNIVERSAL SERVICE: Schwyz Court Closes Bankruptcy Proceedings U K R A I N E BAKHRAM LLC: Creditors Must File Claims by Aug. 17 BANK KHRESCHATYK: Fitch Assigns D/E Individual Ratings BERNOVSKAYA LLC: Creditors Must File Claims by Aug. 17 CRYSTAL LLC: Creditors Must File Claims by Aug. 17 GAMMA B: Creditors Must File Claims by Aug. 16 PODVORIEVSKOE LLC: Creditors Must File Claims by Aug. 17 TECHNICS OJSC: Creditors Must File Claims by Aug. 17 TRADING CENTER: Creditors Must File Claims by Aug. 17 VATUTIN LLC: Creditors Must File Claims by Aug. 17 U N I T E D K I N G D O M ADVANCED MARKETING: Wants Exclusive Plan Filing Period Extended ADVANCED MARKETING: Wants More Time to Decide on Two Leases BALLY TOTAL: Files Amended Chapter 11 Reorganization Plan BALLY TOTAL: Court Gives Interim Nod on Deloitte as Tax Advisors BALLY TOTAL: Gets Interim Nod to Hire Jefferies as Fin'l Advisor BRITISH AIRWAYS: Moody's Lifts Senior Unsecured Rating to Ba1 CAMBRIDGE MARKETING: Claims Filing Period Ends October 2 DECO SERIES 2005: Fitch Junks GBP2.85 Million Class E Notes DURA AUTOMOTIVE: No Competing Offers Received for Atwood Sale GREAT NORTH: Loses Ten-Year East Coast Franchise to New Operator HAWKSHEAD RETAIL: Brings In Liquidators from Ernst & Young NUPLEX INDUSTRIES: Amends Terms of 2007 Capital Notes OLYMPIA FOOD: Claims Filing Period Ends October 30 PIPE HOLDINGS: Polypipe Buys Out Equity from Castle Harlan PIPE HOLDINGS: S&P Revises Outlook on Secondary Buyout Notice RCQ HOLDINGS: Calls In Liquidators from Vantis Business ROTRAN SIMULATOR: Claims Filing Period Ends September 25 SEA CONTAINERS: Fails to Secure 10-Year Franchise From Regulator SECURICHECK LTD: Claims Filing Period Ends September 25 STATS CHIPPAC: Names Jimmy Phoon to Board of Directors TISCALI SPA: UK Unit to Receive Funds from Management & Capitali VALERIO’S HOLDINGS: Claims Filing Period Ends October 30 VIRGIN MEDIA: Mulls Licensing Deal with Numericable, Reports Say * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= ADB BAU: Claims Registration Period Ends Sept. 5 ------------------------------------------------ Creditors owed money by LLC ADB Bau (FN 156781k) have until Sept. 5 to file written proofs of claim to court-appointed estate administrator Charlotte Boehm at: Dr. Charlotte Boehm Taborstrasse 10/2 1020 Vienna Austria Tel: 214 77 10/20 Fax: 214 77 10/16 E-mail: boehm@EUnet.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on Sept. 19 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 July 18 (Bankr. Case No. 2 S 99/07g). CIKI BAU: Claims Registration Period Ends Sept. 5 ------------------------------------------------- Creditors owed money by LLC CIKI Bau (FN 270709b) have until Sept. 5 to file written proofs of claim to court-appointed estate administrator Martina Simlinger-Haas at: Dr. Martina Simlinger-Haas Reisnerstrasse 31 1030 Vienna Austria Tel: 713 99 46 Fax: 713 99 46 22 E-mail: ra.reisnerstr31@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:10 a.m. on Sept. 19 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 July 18 (Bankr. Case No. 2 S 98/07k). HASIBUTZ LLC: Claims Registration Period Ends Sept. 12 ------------------------------------------------------ Creditors owed money by LLC HASIBUTZ (FN 81622h) have until Sept. 12 to file written proofs of claim to court-appointed estate administrator Sebastian Lesigang at: Mag. Sebastian Lesigang c/o Dr. Michael Lesigang Wagramerstrasse 19/19 1220 Vienna Austria Tel: 269 89 50 Fax: 269 89 51 E-mail: sebastian@lesigang.at michael@lesigang.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on Sept. 26 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on July 13 (Bankr. Case No. 4 S 79/07f). Michael Lesigang represents Mag. Lesigang in the bankruptcy proceedings. HOTELS ON THE GREEN: Claims Registration Period Ends Sept. 12 ------------------------------------------------------------- Creditors owed money by LLC Hotels on the Green Golf- & Hotel- Marketing (FN 252995b) have until Sept. 12 to file written proofs of claim to court-appointed estate administrator Leopold Riess at: Dr. Leopold Riess c/o Dr. Eva Riess Zeltgasse 3 1080 Vienna Austria Tel: 402 57 01 Fax: 402 57 01 21 E-mail: law@riess.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Sept. 26 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on July 13 (Bankr. Case No. 4 S 80/07b). Eva Riess represents Dr. Leopold Riess in the bankruptcy proceedings. JOSEF STOEBER: Claims Registration Period Ends Aug. 28 ------------------------------------------------------ Creditors owed money by LLC Josef Stoeber (FN 216887b) have until Aug. 28 to file written proofs of claim to court-appointed estate administrator Volker Leitner at: Mag. Volker Leitner Wiener Strasse 3 3100 St. Poelten Austria Tel: 02742/35 43 55 Fax: 02742/35 14 35 E-mail: office@gpls.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:20 a.m. on Sept. 18 for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Loosdorf, Austria, the Debtor declared bankruptcy on July 18 (Bankr. Case No. 14 S 130/07v). LAS - BAUTRAGER: Claims Registration Period Ends Aug. 28 -------------------------------------------------------- Creditors owed money by LLC LAS - Bautrager (FN 32098d) have until Aug. 28 to file written proofs of claim to court-appointed estate administrator Michael Schwarz at: Dr. Michael Schwarz Josefstrasse 13 3100 St. Poelten Austria Tel: 02742/72 222 Fax: 02742/72 222-10 E-mail: kanzlei@tws-rae.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:40 a.m. on Sept. 18 for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Pressbaum, Austria, the Debtor declared bankruptcy on July 18 (Bankr. Case No. 14 S 129/07x). TINNITRONICS LLC: Claims Registration Period Ends Sept. 4 --------------------------------------------------------- Creditors owed money by LLC Tinnitronics (FN 172827h) have until Sept. 4 to file written proofs of claim to court-appointed estate administrator Stephan Riel at: Dr. Stephan Riel 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 9:45 a.m. on Sept. 18 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 July 17 (Bankr. Case No. 28 S 84/07t). TISCHLEREI H.STOEGERER: Court Orders Business Shutdown ------------------------------------------------------ The Land Court of Eisenstadt entered July 17 an order shutting down the business of LLC Tischlerei H.Stoegerer (FN 110874a). Court-appointed estate administrator Elisabeth Hrastnik recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Elisabeth Hrastnik Hauptplatz 11 Atrium Top 16A 7400 Oberwart Austria Tel: 03352/31375 Fax: 03352/31375-16 E-mail: dr.hrastnik@utanet.at Headquartered in Markt Allhau, Austria, the Debtor declared bankruptcy on July 13 (Bankr. Case No 26 S 99/07x). UHRENDISKONT.COM: Claims Registration Period Ends Aug. 22 --------------------------------------------------------- Creditors owed money by KEG Uhrendiskont.com (FN 240414a) have until Aug. 22 to file written proofs of claim to court-appointed estate administrator Wolfgang Klobassa at: Dr. Wolfgang Klobassa Conrad-von-Hoetzendorf-Strasse 15 8570 Voitsberg Austria Tel: 03142/21 8 50 Fax: 03142/21 8 50-6 E-mail: insolvenz@ra-semlitsch-klobassa.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:40 p.m. on Sept. 6 for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Hall L Room 230 Second Floor Graz Austria Headquartered in Soeding, Austria, the Debtor declared bankruptcy on July 17 (Bankr. Case No. 25 S 76/07z). ============= B E L G I U M ============= FEDERAL-MOGUL: Wants Until December 1 to Decide on Leases --------------------------------------------------------- Federal-Mogul Corporation and its debtor-affiliates ask the U.S. Bankruptcy Court for the District if Delaware to extend the period within which they may assume or reject nonresidential real property leases through and including the earlier of: (a) December 1, 2007; or (b) the effective date of a plan of reorganization. The Real Property Leases relate to numerous facilities integral to the Debtors' ongoing business operations, notes James E. O'Neill, Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub LLP, in Wilmington, Delaware. While the Debtors' management has largely completed the process of evaluating each of the Real Property Leases for their economic desirability and compatibility with the Debtors' long-term strategic business plan, and a number of economically improvident Real Property Leases have been rejected by the Debtors with the Court's approval, several Real Property Leases are continuing to be evaluated, Mr. O'Neill tells Judge Fitzgerald. He notes that the process of evaluating Real Property Leases has taken place as the Debtors seek to (i) consolidate their facilities to eliminate redundancies and inefficiencies; and (ii) shift certain manufacturing efforts to portions of the country and the world more suitable to their businesses, consistent with their overall business plan. An extension, Mr. O'Neill asserts, should be granted to: (1) allow time for the Debtors' evaluation process to continue; and (2) afford the Debtors maximum flexibility in restructuring their business. "Given the inherent fluidity in the operation of a large, complex business enterprise such as the Debtors', circumstances may arise during the pendency of there Chapter 11 cases that will cause the Debtors to rethink the need to continue leasing a particular facility or their decision to reject a given Real Property Lease," Mr. O'Neill points out. "In the absence of an extension . . . the Debtors could be forced prematurely to assume Real Property Leases that may later be burdensome, giving rise to large potential administrative claims against the Debtors' estates and hampering the Debtors' ability to reorganize successfully. Alternatively, the Debtors could be forced prematurely to reject Real Property Leases that would have been of benefit to the Debtors' estates, to the collective detriment of all stakeholders." The Debtors request does not prejudice the lessors under the Real Property Leases because the Debtors will continue to perform all of their obligations under the Leases in a timely fashion, including payment of all postpetition rent due, Mr. O'Neill assures the Court. Headquartered in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is an automotive parts company with worldwide revenue of some US$6 billion. Federal- Mogul also has operations in Mexico and the Asia Pacific Region, which includes, Malaysia, Australia, China, India, Japan, Korea, and Thailand. In Europe, the company maintains operations in Belgium, France, Germany, Poland and the United Kingdom. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed US$10.15 billion in assets and US$8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan. They submitted a Disclosure Statement explaining that plan on April 21, 2003. They submitted several amendments and on June 6, 2004, the Bankruptcy Court approved the Third Amended Disclosure Statement for their Third Amended Plan. On July 28, 2004, the District Court approved the Disclosure Statement. The estimation hearing began on June 14, 2005. The Debtors submitted a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure Statement on Feb. 6, 2007. The confirmation hearing started on June 18, 2007. (Federal-Mogul Bankruptcy News, Issue No. 145; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). FLOWSERVE CORP: Moody's Holds Low-B Ratings on Loan Extension ------------------------------------------------------------- Moody's Investors Service affirmed Flowserve Corporation's corporate family rating at Ba3 and probability of default at B1. At the same time, Moody's affirmed the Ba2 rating to the company's senior secured term loan and assigned a Ba2 rating to Flowserve's senior secured revolving credit facility. The rating actions result from Flowserve extending the maturity of its revolving credit facility by two years to August 2012. The outlook is stable. Flowserve's Ba3 corporate family rating reflects the company's leading market position in the fluid motion and control manufacturing industry, diverse product offering and global foot print. Moody's also anticipates that Flowserve will benefit from revenue growth as demand for industrial pumps, seal, valves, and services continue to remain robust over the intermediate term as well as the prudent financial policies being embraced by management. Through LTM June 2007, Flowserve's key credit metrics (as adjusted per Moody's FM Methodology) were: EBITA margin -- 9%; EBIT/interest expense -- 3.3 times; debt/EBITDA -- 2.8 times; and, retained cash flow/debt at 21%. These strengths, however, are balanced against the ongoing cyclicality of Flowserve's end markets. Additionally, the corporate family rating is constrained by the ongoing investigation into the Oil-for-Food Program and shareholder lawsuit. Also, there is the potential for Flowserve to pursue further growth initiatives which could require incremental capital investments. The stable outlook reflects Moody's expectations that Flowserve's debt protection measures are supportive of the Ba3 rating over the next twelve to eighteen months. The company's current good liquidity profile, with balance sheet cash of about US$48 million at the end of 2Q07 should enable it to fund modest growth without incurring significant additional financial leverage. Consequently, even in consideration of a modest cyclical downturn in business trends, Moody's anticipates that Flowserve will maintain appropriate financial metrics for its current rating. The rating for the company's senior secured bank credit facility consisting of the revolving credit facility and term loan reflects the overall probability of default of the company, to which Moody's assigns a probability of default of B1. The Ba2 rating of the senior secured bank credit facility is rated one notch above the corporate family rating and reflects an LGD2 (20%) loss given default assessment. This credit facility reflects its senior position in Flowserve's capital structure, a first priority in substantially all of the company's assets, and the benefit from almost US$200 million in junior claims. These rating/assessments were affected by this action: -- Corporate family rating affirmed at Ba3; -- Probability of default rating affirmed at B1; -- US$600 million senior secured term loan due August 2012 affirmed at Ba2 (LGD2, 20%); and, -- US$400 million senior secured revolving credit facility due August 2012 assigned at Ba2 (LGD2, 20%). Flowserve Corporation, headquartered in Irving, TX, is one of the world's leading providers of fluid motion and control products and services. Operating in over 55 countries, the company produces engineered and industrial pumps, seals and valves. The company also provides a range of related flow management services. Flowserve has operations in Dominican Republic, Guatemala, Guyana, Belize, Belgium, Netherlands, Indonesia, Singapore, among others. POPE & TALBOT: Posts US$42.9 Million Net Loss in Second Quarter --------------------------------------------------------------- Pope & Talbot Inc. reported a net loss of US$42.9 million for the second quarter ended June 30, 2007, compared with a net loss of US$21.8 million for the same quarter of 2006 and US$18.6 million for the first quarter of 2007. Revenues were US$236.5 million for the second quarter compared with US$213.6 million for the second quarter of 2006 and US$200.5 million for the first quarter of 2007. As a result of the company's adoption of an accounting pronouncement for planned major maintenance activities issued in the latter part of 2006, the second quarter 2006 net loss is US$7.3 million more than the amount previously reported. The company's operating performance significantly declined in the second quarter of 2007 compared to both the second quarter of 2006 and the first quarter of 2007. In the second quarter of 2007, the company's operating loss was US$30.3 million and earnings before interest, taxes, depreciation and amortization (EBITDA) was negative US$17.7 million, as compared with an operating loss of US$10.5 million and negative EBITDA of US$200,000 for the same quarter of 2006. For the first quarter of 2007, operating loss was US$14.7 million and EBITDA was negative US$4.4 million. Higher pulp raw material, manufacturing costs and maintenance costs, combined with the negative impact of a strengthening Canadian dollar relative to the U.S. dollar offset improved pulp market prices and increased pulp shipments in the second quarter of 2007 as compared to the prior periods. The strengthening Canadian currency also impacted wood products costs, which were also higher than the prior periods as a result of increased shipments. Lumber prices, while improving from the first quarter of 2007 levels, continued to reflect depressed lumber market conditions. Forbearance Agreement with Senior Lenders As reported in the Troubled Company Reporter on Aug. 8, 2007, the company is in default of its senior secured credit agreement as a result of its inability to maintain compliance with one financial covenant calculated as of June 30, 2007. The company and its senior lenders entered into a forbearance agreement pursuant to which its senior lenders have agreed that until Sept. 17, 2007, or the earlier of another default they will forbear from exercising any rights or remedies they may have under the credit agreement arising from the existing default (including their right to declare all amounts outstanding as immediately due and payable), and will permit the company to continue to borrow under the revolving credit facility, on a reduced basis, subject to all other terms and conditions of the credit agreement. The covenant required that the company generate EBITDA, as defined, of at least US$30 million for the four-quarter period ended June 30, 2007; however, the company generated EBITDA of US$4.0 million for this period, including negative EBITDA of US$24.8 million in the second quarter of 2007. Although the company may seek further forbearance or other relief from its senior lenders when the current forbearance expires, it cannot provide any assurance that such forbearance or other relief will be provided. Even if the company is successful in obtaining additional covenant relief, the company will continue to be challenged in its ability to maintain adequate levels of liquidity relative to the size of its operations. Accordingly, the company is continuing to explore alternatives to strengthen its balance sheet and generate cash, including one or more possible asset sales or other capital infusions, and is analyzing its ability to restructure its debt and other liabilities, including, if necessary, through bankruptcy proceedings. In addition, the Forbearance Agreement requires the company during the six-week forbearance period to solicit offers to purchase all or substantially all of the company's assets or equity interests. The company has engaged Rothschild Inc. to assist in all those efforts. "The unfavorable movement of the Canadian dollar and a scarcity of affordable fiber resources have combined to tighten our liquidity and severely impact earnings," said Harold Stanton, president and chief executive officer. "While these factors are largely out of our control, we cannot maintain the status quo and expect to withstand this current market environment. We are actively taking steps to improve our liquidity. As previously announced, we are curtailing one of three production lines at our Nanaimo pulp mill to reduce operating costs and conserve fiber in light of current market conditions. We are managing working capital by reducing inventories to minimal levels and optimizing cash conversion between our collections and payables. We have initiated actions to reduce non-employee administrative expenses throughout the company and have implemented a salary and new hire freeze for all staff and salaried positions. Additionally, we have closed our Corporate flight department and have sold the company airplane. As we investigate longer-term capital and financing alternatives, I am hopeful that our current lenders will be supportive of our efforts and will grant us a prudent timeframe to execute an appropriate strategy." SG&A expenses for the second quarter of 2007 totaled US$10.2 million compared with US$9.3 million in the same period of 2006 and US$9.5 million in the first quarter of 2007. SG&A expenses in the second quarter of 2007 were US$900,000 higher than the same period a year ago, primarily due to an increase of US$700,000 in costs associated with financial consultants, legal and other professional services, an increase of US$300,000 in equity compensation expense and an increase of US$200,000 in sales commissions, offset by a reduction in costs of US$300,000 associated with a sales tax audit in 2006. SG&A expenses increased US$700,000 compared with the first quarter of 2007, due to similar factors as discussed above except offset by a decrease of US$500,000 in audit fees and a decrease of US$200,000 associated with uninsured losses that occurred in the first quarter. At June 30, 2007, the company's consolidated financial statements showed US$682.0 million in total assets, US$601.1 million in total liabilities, and US$80.9 million in total stockholders' equity. The company's consolidated balance sheet at June 30, 2007, also showed strained liquidity with US$259.4 million in total current assets available to pay US$335.7 million in total current liabilities. Full-text copies of the company's consolidated financial statements for the quarter ended June 30, 2007, are available for free at http://researcharchives.com/t/s?2253 Capital and Liquidity At June 30, 2007, total debt was US$354.9 million, an increase of US$33.9 million from US$321.0 million at Dec. 31, 2006. Total stockholders' equity decreased by US$39.6 million in the first six months of 2007 primarily due to a net loss, partially offset by an increase in accumulated other comprehensive income. At June 30, 2007, the ratio of long-term debt to total capitalization was 81%, up from 73% at Dec. 31, 2006. At June 30, 2007, the company was utilizing US$34.1 million of its revolving facility for cash borrowings and US$16.7 million for letters of credit. At July 31, 2007, cash borrowing under the revolving credit facility had increased to US$44.4 million primarily due to payment of approximately US$8 million in annual Canadian property taxes due in July. Under the Forbearance Agreement with the company's senior lenders, the revolving facility has been reduced to US$67.0 million, with maximum limits of US$50.0 million and US$17.0 million for cash borrowings and letters of credit, respectively. As a result of the unwaived default, the company has classified all outstanding cash borrowings under the revolving facility and the term loans under its credit agreement as current liabilities at June 30, 2007. Cash requirements in the first six months of 2007 included an increase in net working capital of US$6.4 million and US$11.4 million for capital expenditures. In the second quarter of 2007, Pope & Talbot's capital expenditures were US$6.2 million and depreciation and amortization totaled US$10.4 million. Going Concern Doubt As reported in the Troubled Company Reporter on April 12, 2007, KPMG LLP expressed substantial doubt on Pope & Talbot Inc.'s ability to continue as a going concern after auditing the company's financial statements for the year ended Dec. 31, 2006. The auditing firm pointed to the company significant borrowings and the uncertainty over the company's ability to comply with the financial covenants in future periods. About Pope & Talbot Pope & Talbot Inc. (NYSE: POP) -- http://www.poptal.com/-- is a pulp and wood products company. The company is based in Portland, Oregon. The company was founded in 1849 and produces market pulp and softwood lumber at mills in the U.S. and Canada. Markets for the company's products include the U.S., Belgium, Canada, South America, and the Pacific Rim. ============= D E N M A R K ============= TDC A/S: Earns DKK846 Million in Second Quarter 2007 ---------------------------------------------------- TDC A/S released financial results for the second quarter of 2007. Net income including special items and fair value adjustments came to DKK846 million in the second quarter of 2007, compared with DKK988 million in the second quarter of 2006, down DKK142 million. This was mainly related to income from special items in the second quarter of 2006 due to the favorable outcome of the Swiss federal court ruling regarding landline interconnect rates. Net income excluding special items and fair value adjustments in the second quarter of 2007 was DKK832 million, up DKK271 million or 48.3% mainly due to less income tax as a result of lower Danish corporate income tax rate, higher EBITDA and lower depreciation, amortization and impairment losses. In the second quarter of 2007, income from associates and joint ventures amounted to DKK139 million, an increase of DKK45 million compared with the second quarter of 2006, mainly related to increased income from Polkomtel. TDC's revenue amounted to DKK10.1 billion in the second quarter of 2007, up DKK241 million or 2.5%, reflecting more mobile customers and higher handset sales in TDC Mobile Nordic as well as higher revenue in TDC Cable TV due to more customers and higher ARPU. The increased revenue also benefited positively from higher revenue from leased lines, CPE sales and data communication & internet in TDC Solutions, partly offset by lower revenue from landline telephony. Sunrise experienced a negative development in revenue due to an unfavorable development in the Swiss exchange rate. In local currency, revenue in sunrise increased by 3.1%. Adjusted for acquired and divested companies, revenue increased by 3.3%. EBITDA increased by DKK77 million or 2.6% to DKK3.1 billion in the second quarter of 2007. EBITDA was positively impacted by the acquisition of Invitel and an increasing number of domestic mobile and internet customers as well as higher ARPU in TDC Cable TV. EBITDA growth was also positively affected by increased revenue from leased lines and data communications and internet services in TDC Solutions. The divestment of Bite, an increased number of fault corrections in TDC Solutions along with an unfavorable development in the Swiss exchange rate and lower mobile termination prices impacted EBITDA negatively. Adjusted for acquired and divested companies, EBITDA increased by 1.6%. The EBITDA margin remained at 30.6% unchanged from the second quarter of 2006. Adjusted for acquired and divested companies, the EBITDA margin decreased from 31.1% to 30.5%. In the second quarter of 2007, net financials amounted to an expense of DKK817 million compared with an expense of DKK737 million in the second quarter of 2006. Net interest-bearing debt amounted to DKK53.8 billion at the end of the second quarter of 2007 compared with DKK58.4 billion at the end of the second quarter of 2006, down DKK4.6 billion, comprising mainly proceeds from the divestment of Bite. Compared with the end of the first quarter of 2007, net interest-bearing debt increased by DKK2 billion, primarily stemming from consolidation of Invitel debt of DKK3.1 billion (Other loans) that was partly compensated by positive operating cash flow in the second quarter of 2007. Senior Facilities are the most prominent debt financing instrument in TDC, representing 72% of total loans at the end of the second quarter of 2007. Apart from a revolving tranche, the Senior Facilities are composed of three term loans, one being repayable in installments until 2011 (Facility A) and the other two being repayable as a bullet in 2014 and 2015, respectively (Facilities B and C). On April 20, 2007, TDC made a prepayment totaling EUR900 million (DKK6.7 billion) with EUR380 million on Facility A covering all mandatory installments up to and including June 2009, EUR468 million on Facility B and EUR52 million on Facility C. As a result of this prepayment, the following amounts (nominal value) drawn in Euros were outstanding as per June 30, 2007: Facility A: EUR1.1 billion, Facility B: EUR2 billion and Facility C: EUR2.4 billion. As of June 30, 2007, no installment under the Senior Facilities was scheduled for the remainder of 2007 (prepayments can be made by TDC though). DKK32.9 billion or 64% of the total nominal debt falls due in 2014 and 2015. On Aug. 8, 2007, TDC made a prepayment of EUR373 million (DKK2.8 billion). In accordance with the Senior Facility documentation the extraordinary prepayments represent 50% of the disposal proceeds from Talkline and dividends received from Polkomtel. As a result of this prepayment, the following amounts (nominal value) drawn in Euros were outstanding as per Aug. 8, 2007: Facility A: EUR1 billion, Facility B: EUR1.9 billion and Facility C: EUR2.3 billion. At June 30, 2007, TDC’s balance sheet showed DKK79.7 billion in total assets, DKK74.3 billion in total liabilities and DKK5.4 billion in stockholders’ equity. The company’s June 30 balance sheet also showed strained liquidity with DKK14.1 billion in total current assets available to pay DKK14.8 billion in total liabilities coming due within the next 12 months. Number of Customers TDC's customer base totaled 11.1 million customers at the end of the second quarter of 2007, an 8.4% decrease relative to the second quarter of 2006 which is attributable to the divestment of Bite in February 2007. This was partly balanced by the acquisition of Invitel. The domestic customer base totaled 7.9 million, up 2.9%. This development is primarily the result of growth in the mobile, xDSL and cable-modem customer bases and is partly offset by a decline in the number of landline telephony customers and dial-up internet customers. The domestic mobile customer base increased by 10.6% to 2.9 million. The number of retail xDSL customers in TDC's domestic operations grew by 21.5% to 819,000. The total number of retail broadband customers, including cable modem customers, increased to 1,122,000, up 18.4% relative to the second quarter of 2006. Outlook for 2007 TDC expects that revenue in 2007 will increase slightly compared with revenue in 2006, as the continued growth in broadband and mobile activities along with the acquisition of Invitel more than offset the decrease in the landline business and the impact of the divestment of Bite. Net income is expected to decrease approximately 20% in 2007, as result of changed capital structure and acquisition of Invitel. The estimated impact from the amendment to the corporate tax legislation has been included in the outlook for net income. About TDC A/S Headquartered in Copenhagen, Denmark, TDC A/S -- http://www.tdc.dk/-- through its subsidiaries and affiliates, provides communication solutions in Europe. It provides communication services in Denmark and Switzerland, and has a significant presence in selected Northern and Central European telecommunication markets. It operates through five business lines. * * * As reported in the TCR-Europe on June 27, 2007, Fitch Ratings affirmed TDC A/S's Long-term Issuer Default rating at 'BB-' and TDC's and NTC Holdings' debt, following a detailed review meeting with management. The Short-term IDR is affirmed at 'B'. All the ratings are removed from Rating Watch Negative. A Stable Outlook is assigned to the Long-term IDR. In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa, Moody's Investors Service confirmed its Ba3 Corporate Family Rating for TDC A/S. Moody's also assigned a Ba3 Probability-Of-Default-rating to the company. * Issuer: TDC A/S Projected Old New LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$6-billion Sr. Unsecured Medium-Term Note Program Ba3 B1 LGD5 81% DEM500-billion 5% Sr. Unsecured Ba3 B1 LGD5 81% Regular Bond/ Debenture Due 2008 JPY3-billion 1.28% Sr. Unsecured Regular Bond/ Debenture Due 2008 Ba3 B1 LGD5 81% EUR350-million 5.625% Senior Unsecured Regular Bond/ Debenture Due 2009 Ba3 B1 LGD5 81% EUR750-million 6.5% Senior Unsecured Regular Bond/ Debenture Due 2012 Ba3 B1 LGD5 81% Senior Secured Bank Credit Facility Ba2 Ba2 LGD3 34% At the same time, Standard & Poor's Ratings Services affirmed all its ratings on Danish telecoms operator TDC A/S and its parent company Nordic Telephone Co. Holding ApS, including the 'BB-/B' corporate credit ratings on TDC. S&P said the outlook is stable. =========== F R A N C E =========== ALCATEL-LUCENT: Dresdner Kleinwort Upgrades Firm to Hold -------------------------------------------------------- Dresdner Kleinwort analyst Per Lindberg has upgraded its rating on Alcatel-Lucent's shares to "hold" from "sell," Newratings.com reports. According to Newratings.com, the target price for Alcatel- Lucent's shares was set at EUR8. Mr. Lindberg said in a research note that Alcatel-Lucent's share price "represents the risk-reward equilibrium." Due to "lackluster results and unclear guidance," Alcatel- Lucent's pre-merger market capitalization" recently decreased by EUR10 billion, Newratings.com states. Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * As reported on April 13, 2007, Fitch Ratings affirmed Alcatel- Lucent's ratings at Issuer Default 'BB' with a Stable Outlook, senior unsecured 'BB' and Short-term 'F2' and simultaneously withdrawn them. As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. PRIDE INT'L: Selling Three Fleets to Ferncliff for US$213 Mln ------------------------------------------------------------- Pride International Inc. has signed a memorandum of agreement to sell its fleet of three self-erecting, tender-assist rigs to Ferncliff TIH AS of Norway for US$213 million in cash. The sale is expected to close by January 2008, subject to the novation of drilling contracts on each unit and other customary closing conditions. Proceeds from the sale are expected to be utilized for general corporate and strategic purposes, including potential funding for the construction of the company's two ultra-deepwater drillships and other future growth opportunities. The three tender-assist units, the Al Baraka I, Alligator and Barracuda, are currently under contract to major international oil and gas companies and operating offshore West Africa. The sale of the units is consistent with Pride's stated strategic direction to focus its offshore drilling operations in deepwater and other high specification assets. Headquartered in Houston, Texas, Pride International Inc. (NYSE: PDE) -- http://www.prideinternational.com/-- provides onshore and offshore contract drilling and related services in more than 25 countries, operating a diverse fleet of 277 rigs, including two ultra-deepwater drillships, 12 semisubmersible rigs, 28 jackups, 16 tender-assisted, barge and platform rigs, and 214 land rigs. The company maintains worldwide operations in France, Mexico, Kazakhstan, India, and Brazil, among others. * * * As reported in the Troubled Company Reporter-Latin America on Aug, 3, 2007, Moody's affirmed Pride International, Inc.'s credit ratings following the company's announcement of the acquisition of a newbuild drillship to be delivered in 2010. The ratings affirmed include the Ba1 corporate family rating, the Ba2 rating on Pride's US$500 million senior notes due 2014, the Baa2 rating on its US$500 million senior secured credit facility and speculative grade liquidity rating of SGL-2. The outlook was stable. Pride Ratings Affirmed: -- Ba1 CFR and Probability of Default Rating; -- US$500 million Senior Notes due 2014 rated Ba2 (LGD5, 71%); -- US$500 million Senior Secured Credit Facility rated Baa2 (LGD2, 13%); -- Speculative Grade Liquidity Rating -- SGL-2; -- Senior Unsecured Shelf rated (P)Ba2 (LGD5, 71%); -- Subordinated Shelf rated (P)Ba2 (LGD6, 97%); -- Preferred Shelf rated Ba2 (LGD6, 97%); ============= G E R M A N Y ============= ADOLF MUCK: Creditors Must Register Claims by Sept. 21 ------------------------------------------------------ Creditors of Adolf Muck & Co. GmbH have until Sept. 21 to register their claims with court-appointed insolvency manager Sandra Mitter. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 24, 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 Kassel Hall 234 Friedrichsstrasse 32-34 34117 Kassel 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: Sandra Mitter Wilhelmshoeher Allee 270 34131 Kassel Germany Tel: 0561/3166-311 Fax: 0561/3166-312 The District Court of Kassel opened bankruptcy proceedings against Adolf Muck & Co. GmbH on July 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Adolf Muck & Co. GmbH Attn: Adolf Muck, Manager Rundstrasse 9 - 11 34314 Espenau Germany ADVANTIS GMBH: Creditors Must Register Claims by Sept. 14 --------------------------------------------------------- Creditors of advantis GmbH & Co. KG have until Sept. 14 to register their claims with court-appointed insolvency manager Klaus Niemeyer. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on Oct. 18, 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 Osnabrueck Branch N 301 Kollegienwall 10 49074 Osnabrueck 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: Klaus Niemeyer Schillerstr. 20 49074 Osnabrueck Germany Tel: 0541 / 33 85 00 Telefax: 0541 / 33 850-50 The District Court of Osnabrueck opened bankruptcy proceedings against advantis GmbH & Co. KG on July 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: advantis GmbH & Co. KG Franz-Lenz-Str. 3 49084 Osnabrueck Germany Attn: Rolf Klostermann, Manager Blissestrasse 60 10713 Berlin Germany ARTHUR ROSE: Creditors Must File Claims by Sept. 27 --------------------------------------------------- Creditors of Arthur Rose GmbH & Co KG have until Sept. 27 to register their claims with court-appointed insolvency manager Klaus Knetter. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Oct. 10, 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 Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld 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: Klaus Knetter Otto-Brenner-Str. 186 33604 Bielefeld Germany The District Court of Bielefeld opened bankruptcy proceedings against Arthur Rose GmbH & Co KG on July 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Arthur Rose GmbH & Co KG Zeisigstraße 22 33607 Bielefeld Germany ASBANO UMWELTTECHNIK: Creditors Must File Claims by Sept. 7 ----------------------------------------------------------- Creditors of ASBANO Umwelttechnik GmbH have until Sept. 7 to register their claims with court-appointed insolvency manager Heiko Fialski. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on Oct. 15, 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: Heiko Fialski Raboisen 38 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against ASBANO Umwelttechnik GmbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ASBANO Umwelttechnik GmbH Grevenweg 72 20537 Hamburg Germany AUTOHAUS STOOSS: Creditors Must File Claims by Sept. 11 ------------------------------------------------------- Creditors of Autohaus Stooß GmbH have until Sept. 11 to register their claims with court-appointed insolvency manager Marc Schaumann. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on Oct. 5, 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 Eutin Hall B First Stick Jungfernstieg 3 23701 Eutin 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: Marc Schaumann Lauenburger Straße 15 21493 Schwarzenbek Germany The District Court of Eutin opened bankruptcy proceedings against Autohaus Stooß GmbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Stooß GmbH Bäderstraße 10 23626 Ratekau Germany BADGESELLSCHAFT MBH: Creditors Must File Claims by Sept. 17 ----------------------------------------------------------- Creditors of Badgesellschaft mbH have until Sept. 17 to register their claims with court-appointed insolvency manager Stephan Thiemann. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Oct. 29, 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 Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Thiemann Leipziger Str. 62 09113 Chemnitz Germany The District Court of Chemnitz opened bankruptcy proceedings against Badgesellschaft mbH on Aug. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Badgesellschaft mbH Elsterdamm 39 07570 Gera Germany BAUUNTERNEHMEN SCHMIDT: Creditors Must File Claims by Sept. 13 -------------------------------------------------------------- Creditors of Bauunternehmen Schmidt GmbH have until Sept. 13 to register their claims with court-appointed insolvency manager Nicola Walter. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Oct. 25, 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 Dresden Hall D131 Olbrichtplatz 1 01099 Dresden 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: Nicola Walter Bautzner Landstraße 21 01324 Dresden Germany The District Court of Dresden opened bankruptcy proceedings against Bauunternehmen Schmidt GmbH on Aug. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bauunternehmen Schmidt GmbH Hauptstr. 31 a 02794 Leutersdorf Germany BTV TRANSPORT: Claims Registration Ends Sept. 25 ------------------------------------------------ Creditors of BTV Transport GmbH have until Sept. 25 to register their claims with court-appointed insolvency manager Wolfgang Kortes. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 25, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 056 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolfgang Kortes Rudolph-Sack-Str. 9 04229 Leipzig Germany Tel: 0341/491440 Fax: 0341/4914420 The District Court of Leipzig opened bankruptcy proceedings against BTV Transport GmbH on Aug. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BTV Transport GmbH Reckwitz 27 04779 Wermsdorf Germany CELEBRATION EVENT: Creditors Must Register Claims by Sept. 28 ------------------------------------------------------------- Creditors of Celebration Event GmbH have until Sept. 28 to register their claims with court-appointed insolvency manager Gudrun Hopf. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Oct. 30, 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 Room 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: Gudrun Hopf Hilblestr. 7 80636 Munich Germany Tel: 089/183690 Telefax: 089/184160 The District Court of Munich opened bankruptcy proceedings against Celebration Event GmbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Celebration Event GmbH Attn: Frank Hammerer, Manager Wiegenfeldring 9 85570 Markt-Schwaben Germany CONSULTATIO STEUERBERATUNGS: Claims Registration Ends Sept. 7 ------------------------------------------------------------- Creditors of Consultatio Steuerberatungsgesellschaft mbH have until Sept. 7 to register their claims with court-appointed insolvency manager Severin Kiesl. Creditors and other interested parties are encouraged to attend the meeting at 4:00 p.m. on Oct. 16, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: District Court of Muehldorf a. Inn Hall 112 Innstrasse 1 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: Severin Kiesl Stollstrasse 5 83022 Rosenheim Germany The District Court of Muehldorf a. Inn opened bankruptcy proceedings against Consultatio Steuerberatungsgesellschaft mbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Consultatio Steuerberatungsgesellschaft mbH Attn: Erika Sobkowiak, Manager Berliner Strasse 27 84478 Waldkraiburg DLC SOLMS: Claims Registration Ends Sept. 26 -------------------------------------------- Creditors of DLC Solms Logistik GmbH have until Sept. 26 to register their claims with court-appointed insolvency manager Dr. Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting at 8:50 a.m. on Nov. 7, 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 Hall 201 Building B Second Stock 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: Dr. Jan Markus Plathner Lyoner Strasse 14 60528 Frankfurt Germany Tel: 069/9623 340 Fax: 069/9623 3422 E-Mail: frankfurt@brinkmann-partner.de The District Court of Wetzlar opened bankruptcy proceedings against DLC Solms Logistik GmbH on Aug. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DLC Solms Logistik GmbH Gewerbegebiet Ost 35606 Solms-Oberbiel Germany DR. SCHUERMANN KUNSTSTOFFWERK: Claims Registration Ends Sept. 17 ---------------------------------------------------------------- Creditors of Dr. Schuermann Kunststoffwerk GmbH have until Sept. 17 to register their claims with court-appointed insolvency manager Dr. Stefan Niederste Frielinghaus. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Oct. 15, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Schwerin Hall 7 Demmlerplatz 14 19053 Schwerin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Stefan Niederste Frielinghaus Alexandrinenstrasse 17 19055 Schwerin Germany The District Court of Schwerin opened bankruptcy proceedings against Dr. Schuermann Kunststoffwerk GmbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dr. Schuermann Kunststoffwerk GmbH Attn: Thomas Voigt, Manager Am Kambert 1 23936 Upahl Germany ELG ELEKTRO: Claims Registration Ends September 11 -------------------------------------------------- Creditors of ELG Elektro- und Leitungsbaugesellschaft Schoenebeck mbH have until Sept. 11 to register their claims with court-appointed insolvency manager Cathleen Tetzel. Creditors and other interested parties are encouraged to attend the meeting at 10:35 a.m. on Oct. 11, 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 Magdeburg Hall 13 Justice Center 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: Cathleen Tetzel Halberstadter Strasse 40a 39112 Magdeburg Germany Tel: 0391-6223886 Fax: 0391-6223887 E-Mail: suk-insolvenzkanzlei@t-online.de The District Court of Magdeburg opened bankruptcy proceedings against ELG Elektro- und Leitungsbaugesellschaft Schoenebeck mbH on July 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ELG Elektro- und Leitungsbaugesellschaft Schoenebeck mbH Grundweg 59 39218 Schoenebeck Germany Attn: Dirk Vatterott, Manager Blauer Steinweg 18 39218 Schoenebeck Germany EXCLUSIV TREPPENLIFTE: Claims Registration Ends September 14 ------------------------------------------------------------ Creditors of EXCLUSIV Treppenlifte GmbH & Co. KG have until Sept. 14 to register their claims with court-appointed insolvency manager Michael Wirth. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.m. on Oct. 29, 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 Fuerth Hall 216/II Office Building Baumenstrasse 28 Fuerth 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 Wirth Nordostpark 30 90411 Nuremberg Germany Tel: 0911/9551240 Fax: 0911/95512411 The District Court of Fuerth opened bankruptcy proceedings against EXCLUSIV Treppenlifte GmbH & Co. KG on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EXCLUSIV Treppenlifte GmbH & Co. KG Buchenweg 4 91489 Wilhelmsdorf Germany FERDINAND ERNST: Claims Registration Ends September 21 ------------------------------------------------------ Creditors of Ferdinand Ernst have until Sept. 21 to register their claims with court-appointed insolvency manager Mechthild Greve. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Sept. 28, 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 Koblenz Hall 123 Main Court Karmeliterstrasse 14 56068 Koblenz Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on Nov. 9, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Mechthild Greve Josef-Goerres-Platz 5 56068 Koblenz Germany Tel: 0261/30479-0 Fax: 0261/9114729 E-Mail: info@lieser-rechtsanwaelte.de Web site: http://www.lieser-rechtsanwaelte.de The District Court of Koblenz opened bankruptcy proceedings against Ferdinand Ernst on July 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ferdinand Ernst Bahndamm 8 56357 Miehlen Germany FOWE INNENAUSBAU: Claims Registration Ends September 25 ------------------------------------------------------- Creditors of FOWE. Innenausbau GmbH have until Sept. 25 to register their claims with court-appointed insolvency manager Dr. Sabine Feuerborn. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 25, 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 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: Dr. Sabine Feuerborn Else-Lang-Str. 1 50858 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against FOWE. Innenausbau GmbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FOWE. Innenausbau GmbH Antwerpener Strasse 55 50672 Cologne Germany Attn: Ulrich Engels, Manager Moltkestrasse 101 50674 Cologne Germany GABATEC GEWACHSHAUS: Claims Registration Ends August 24 ------------------------------------------------------- Creditors of GaBaTec Gewachshaus- und Heizungsbau GmbH have until Aug. 24 to register their claims with court-appointed insolvency manager Uwe Miehe. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Sept. 25, 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 13 Justice Center 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: Uwe Miehe Koenigstrasse 17 39116 Magdeburg Germany Tel: 0391/5971240 Fax: 0391/5971241 The District Court of Magdeburg opened bankruptcy proceedings against GaBaTec Gewachshaus- und Heizungsbau GmbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GaBaTec Gewachshaus- und Heizungsbau GmbH Attn: Michael Drosihn, Manager Mittelstr. 7 06469 Nachterstedt Germany GEITZ FRISEURE: Claims Registration Period Ends Sept. 13 -------------------------------------------------------- Creditors of Geitz Friseure GmbH have until Sept. 13 to register their claims with court-appointed insolvency manager Uwe Gruenert. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on Oct. 4, 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 Meeting Hall 259 Heinitzstr. 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 Gruenert Kaiserstr. 155 58300 Wetter Germany The District Court of Hagen opened bankruptcy proceedings against Geitz Friseure GmbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Geitz Friseure GmbH Attn: Rainer Geitz, Manager geboren 2003 Westwall 1 5 8239 Schwerte Germany KAISER PROJEKT: Creditors Must Register Claims by Sept. 24 ---------------------------------------------------------- Creditors of Kaiser Projekt GmbH have until Sept. 24 to register their claims with court-appointed insolvency manager Hans- Albrecht Brauer. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Nov. 22, 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 Wittlich Hall 3 Kurfuerstenstrasse 63 54516 Wittlich 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: Hans-Albrecht Brauer Jahnstr. 1 54550 Daun Germany Tel: 06592/985604 Fax: 06592/7344 The District Court of Wittlich opened bankruptcy proceedings against Kaiser Projekt GmbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kaiser Projekt GmbH Attn: Ralf Kaiser, Manager Otto-Hahn-Str. 11 54516 Wittlich Germany KLAUS VON BARGEN: Creditors Must Register Claims by Sept. 20 ------------------------------------------------------------ Creditors of Klaus von Bargen Handelsgesellschaft mbH have until Sept. 20 to register their claims with court-appointed insolvency manager Stephanie Pidun. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 25, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stade Hall 113 Main Building Wilhadikirchhof 1 21682 Stade Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephanie Pidun Jungfernstieg 51 20354 Hamburg Germany Tel: 040-808136282 Fax: 040-808136374 The District Court of Stade opened bankruptcy proceedings against Klaus von Bargen Handelsgesellschaft mbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Klaus von Bargen Handelsgesellschaft mbH Attn: Klaus von Bargen, Manager Sunder Strasse 33 21726 Oldendorf Germany KRIECHBAUM GMBH: Claims Registration Period Ends Aug. 29 -------------------------------------------------------- Creditors of Kriechbaum GmbH have until Aug. 29 to register their claims with court-appointed insolvency manager Peter Depre. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Oct. 10, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Karlsruhe Hall IV/I First Floor Schlossplatz 23 76131 Karlsruhe Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter Depre O 4, 13-16 68161 Mannheim Germany Tel: (06 21) 12 07 80 The District Court of Karlsruhe opened bankruptcy proceedings against Kriechbaum GmbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kriechbaum GmbH Attn: Friedbert Kriechbaum, Manager Robert-Koch-Str. 7 76661 Philippsburg Germany LENDEX-SERVICE GMBH: Creditors Must Register Claims by Sept. 11 --------------------------------------------------------------- Creditors of LENDEX-Service GmbH have until Sept. 11 to register their claims with court-appointed insolvency manager Stefan Jakob. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on Oct. 23, 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 Chemnitz Hall 27 Fuerstenstrasse 21-23 09130 Chemnitz 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: Stefan Jakob Plantagenstrasse 3 08371 Glauchau Germany Tel: (03763) 77870 Telefax: (03763) 778711 E-mail: info@inso-verwalter.de The District Court of Chemnitz opened bankruptcy proceedings against LENDEX-Service GmbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LENDEX-Service GmbH Attn: Gunnar Preiss, Manager Badener Str. 20 08393 Meerane Germany MEYER GMBH: Claims Registration Period Ends Sept. 1 --------------------------------------------------- Creditors of Meyer GmbH have until Sept. 1 to register their claims with court-appointed insolvency manager Dr. Christian Willmer. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Oct. 19, 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 Verden (Aller) Hall 214 Main Building Johanniswall 8 27283 Verden (Aller) 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. Christian Willmer Georgstr. 5 27283 Verden (Aller) Germany Tel: 04231/884-45 Fax: 04231/884-55 The District Court of Verden (Aller), opened bankruptcy proceedings against Meyer GmbH on Aug. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Meyer GmbH Attn. Olaf Meyer, Manager Am Allerufer 8 27283 Verden Germany NRG ENERGY: Completes US$1 Billion Capital Allocation Plan ---------------------------------------------------------- NRG Energy Inc. completed Phase II of the previously announced US$1 billion capital allocation plan. From the inception of phase II on Nov. 3, 2006, through Aug. 13, 2007, the company repurchased about 15.4 million common shares at an aggregate cost of about US$500 million, for a volume weighted average price of US$32.40 per share. Phase I was completed in the fourth quarter 2006, with the repurchase of 21,175,400 shares for about US$500 million, for a volume weighted average price of US$23.61 per share. Since NRG's emergence from bankruptcy in December 2003, through the completion of Phase II, NRG has repurchased about 75.3 million common shares at an aggregate cost of US$1.66 billion, for a volume weighted average price per share of about US$22.09. "The value of our ongoing commitment to return capital to shareholders is clearly demonstrated by the repurchase results since inception," said Robert Flexon, NRG's executive vice president and chief financial officer. "Having a balanced approach in allocating the company's substantial cash flows for business reinvestment, while also offering immediate shareholder returns, provides the foundation for sustainable long term shareholder gains. The cash flow productivity of our portfolio allows for this capital allocation philosophy." The next phase of NRG's Capital Allocation Plan is expected to commence early 2008. As previously announced, the Company's total annual targeted return of capital to shareholders is expected to be approximately 3% of NRG's current market capitalization. The company plans to achieve this through a combination of share repurchases and/or dividends, depending on market conditions and other factors. About NRG Energy Inc. A Fortune 500 company, NRG Energy, Inc. (NYSE: NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse portfolio of power-generating facilities, primarily in Texas and the Northeast, South Central and West regions of the U.S. Its operations include baseload, intermediate, peaking, and cogeneration and thermal energy production facilities. NRG also has ownership interests in generating facilities in Australia, Germany and Brazil. * * * As reported in the Troubled Company Reporter on May 7, 2007, Standard & Poor's Ratings Services raised its rating on NRG Energy Inc.'s US$4.7 billion unsecured bonds to 'B' from 'B-' and assigned its 'B-' rating to the proposed US$1 billion delayed-draw term loan B at NRG Holdings Inc., a newly created holding company that would own 100% of NRG's equity. In addition, Standard & Poor's affirmed the 'B+' corporate credit rating on NRG and affirmed the 'BB-' rating on NRG's US$3.148 billion term loan B; the 'CCC+' rating on the company's preferred stock, and the 'B-2' short-term rating. The outlook on all ratings is stable. REHOMA RELAX: Creditors' Meeting Slated for September 24 -------------------------------------------------------- The court-appointed insolvency manager for REHOMA Relax Hotels und Management GmbH, Dr. Karl Schlotterbeck, will present his first report on the Company's insolvency proceedings at a creditors' meeting on Sept. 24. The meeting of creditors and other interested parties will be held at: The District Court of Ludwigsburg Hall 2001 Palace Schuetz Schorndorfer Str. 28 Ludwigsburg Germany The Court will also verify the claims set out in the insolvency manager's report on Oct. 8 at the same venue. Creditors have until Sept. 17 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Karl Schlotterbeck Danneckerstr. 37 70182 Stuttgart Germany Tel: (0711) 24 48 19, 24 48 76 The District Court of Ludwigsburg opened bankruptcy proceedings against REHOMA Relax Hotels und Management GmbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: REHOMA Relax Hotels und Management GmbH Attn: Miguel Herper, Manager Marktplatz 7 71263 Weil der Stadt Germany ROTHER TRANSPORT: Claims Registration Period Ends Sept. 3 --------------------------------------------------------- Creditors of Rother Transport GmbH have until Sept. 3 to register their claims with court-appointed insolvency manager Rolf Weidmann. Creditors and other interested parties are encouraged to attend the meeting at 9:25 a.m. on Sept. 25, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rolf Weidmann Alfredstr. 279 45133 Essen Germany The District Court of Essen opened bankruptcy proceedings against Rother Transport GmbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rother Transport GmbH Hamburger Str. 2 45145 Essen Germany Michael Rother, Manager Husingerstr. 111 45134 Essen Germany SCHAERER MAYFIELD: Creditors' Meeting Slated for Sept. 12 --------------------------------------------------------- The court-appointed insolvency manager for Schaerer Mayfield Technologies GmbH, Christoph Rosenmueller will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:40 a.m. on Sept. 12. 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 Dec. 19 at the same venue. Creditors have until Oct. 22 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christoph Rosenmueller Berliner Str. 117 10713 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Schaerer Mayfield Technologies GmbH on July 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schaerer Mayfield Technologies GmbH Teltowkanalstr. 01 12247 Berlin Germany SCHAFFER & KLEIN: Creditors' Meeting Slated for Sept. 11 -------------------------------------------------------- The court-appointed insolvency manager for Schaffer & Klein GmbH, Jochen Eisenbeis will present his first report on the Company's insolvency proceedings at a creditors' meeting at 8:55 a.m. on Sept. 11. The meeting of creditors and other interested parties will be held at: The District Court of Saarbruecken Area Hall 24 Second Floor Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report at 8:55 a.m. on Oct. 2 at the same venue. Creditors have until Sept. 7 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Jochen Eisenbeis Kathe-Kollwitz-Str. 11 66115 Saarbruecken Germany Tel: 0681/ 7097 790 Fax: 0681/ 7097 7910 The District Court of Saarbruecken opened bankruptcy proceedings against Schaffer & Klein GmbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schaffer & Klein GmbH Attn: Rudi Klein, Manager Adlergasse 3 66450 Bexbach Germany SCHLEBES BAUUNTERNEHMUNG: Claims Registration Ends Oct. 5 --------------------------------------------------------- Creditors of Schlebes Bauunternehmung GmbH have until Oct. 5 to register their claims with court-appointed insolvency manager Heinrich Stellmach. Creditors and other interested parties are encouraged to attend the meeting at 11:10 a.m. on Oct. 26, 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: Heinrich Stellmach Salierstrasse 4 46395 Bocholt Germany Tel: 02871/2183-0 Fax: +4928712183410 The District Court of Muenster opened bankruptcy proceedings against Schlebes Bauunternehmung GmbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schlebes Bauunternehmung GmbH Attn: Georg Schlebes, Manager Seeheidestrasse 18 a 46395 Bocholt Germany SCHULDNERIN BELLAFORM: Claims Registration Period Ends Aug. 29 -------------------------------------------------------------- Creditors of Bellaform Extrusionstechnik GmbH have until Aug. 29 to register their claims with court-appointed insolvency manager Bardo M. Sigwart. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Sept. 26, 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 Bingen am Rhein Hall 7 Mainzer Strasse 52 55411 Bingen am Rhein 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: Bardo M. Sigwart Ahornweg 12 55218 Ingelheim Germany Tel: 06132/88949 Fax: 06132/896498 The District Court of Bingen am Rhein opened bankruptcy proceedings against Bellaform Extrusionstechnik GmbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bellaform Extrusionstechnik GmbH Max-Planck-Str 2 55218 Ingelheim Germany Attn: Harald Endress, Manager Rotenberg 6 65388 Schlangenbad Germany ZIEGLER ENERGIETECHNIK: Claims Registration Ends Sept. 28 --------------------------------------------------------- Creditors of Ziegler Energietechnik GmbH have until Sept. 28 to register their claims with court-appointed insolvency manager Axel Kulas. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Oct. 18, 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 Hechingen Room 055 Heiligkreuzstrasse 9 Hechingen 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. Axel Kulas Gansheidestr. 43 70184 Stuttgart Germany Telefax: 0711/70707588 The District Court of Hechingen opened bankruptcy proceedings against Ziegler Energietechnik GmbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ziegler Energietechnik GmbH Hoelderlinstr. 15 72358 Dormettingen Germany ============= I R E L A N D ============= VALENCE TECH: June 30 Balance Sheet Upside-Down by US$67.9 Mln -------------------------------------------------------------- Valence Technology, Inc. reported on Aug. 8, 2007, its financial results for the fiscal first quarter ended June 30, 2007. At June 30, 2007, the company's consolidated balance sheet showed US$19.6 million in total assets, US$78.9 million in total liabilities, and US$8.6 million in redeemable convertible preferred stock, resulting in a US$67.9 million total stockholders' deficit. The company reported a net loss available to common shareholders of US$4.4 million, compared to a net loss of US$5.7 million for the first quarter of fiscal 2007. For the first quarter of fiscal 2008, the company reported total revenue of US$4.1 million, up 28 percent from US$3.2 million for the first quarter of fiscal 2007. Gross margin improved to US$525,000 compared with US$22,000 last year. Excluding a US$414,000 favorable inventory reserve adjustment, gross margin improved to US$111,000 compared with US$22,000 last year. "I am pleased to report improved financial results in virtually all areas of our business," said Robert L. Kanode, president and chief executive officer of Valence Technology. "Our team continues to work diligently to increase revenue, improve gross margin and reduce operating costs to reach our ultimate goal of profitability." Full-text copies of the company's consolidated financial statements for the quarter ended June 30, 2007, are available for free at http://researcharchives.com/t/s?226c Going Concern Doubt As reported in the Troubled Company Reporter on June 21, 2007, PMB Helin Donovan LLP, in Austin, Tex., expressed substantial doubt about Valence Technology, Inc.'s ability to continue as a going concern after auditing the company's consolidated financial statements for the year ended March 31, 2007. The auditing firm pointed to the company's recurring losses from operations, negative cash flows from operations and net stockholders' capital deficit. The company has incurred operating losses each year since its inception in 1989 and had an accumulated deficit of US$521 million as of June 30, 2007. About Valence Technology Headquartered in Austin, Texas, Valence Technology, Inc. (Nasdaq: VLNC) -- http://www.valence.com/-- develops and markets Lithium Phosphate Rechargeable Batteries. The company has facilities in Austin, Texas; Las Vegas, Nevada; Mallusk, Northern Ireland and Suzhou, China. ========= I T A L Y ========= ALITALIA SPA: Italian Consortium Eyes Italy's Stake --------------------------------------------------- A consortium of financiers and businessmen has expressed interest in acquiring the Italin government's stake in Alitalia S.p.A., Giselda Vagnoni and Deepa Babington write for Reuters. Antonio Baldassarre, the consortium's lawyer, told Reuters that the group comprised more than five Italian and foreign members representing both financial and corporate interests. Mr. Baldassarre added that the consortium members had participated in the failed auction. "Financing is not a problem," Mr. Baldassarre noted, adding that banks had stakes in the group's financial participants. Mr. Baldassarre told Reuters that the group has sent a letter of interest to the Italian Finance Ministry, which holds the stake for Italy. Mr. Baldassarre added that the consortium has yet to send a letter of interest directly to Alitalia. Mr. Baldassarre said the group's plans include: -- retaining Alitalia's jobs level; -- ensuring Italian management; and -- widening the carrier's flight network. Reuters notes that the consortium's plan contrasts with the opinion of most industry analysts and experts, who say Alitalia needs a drastic restructuring and cut jobs to become profitable. 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. 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, and EUR168 million in 2005. BANCA ITALEASE: Moody's Downgrades Ratings to Ba1/NP/D- ------------------------------------------------------- Moody's Investors Service downgraded the long- and short-term deposit ratings as well as the bank financial strength (BFSR) rating of Banca Italease to Ba1/Not-Prime/D- from Baa3/Prime- 3/D+ respectively. All ratings now have a stable outlook. These rating actions conclude the review for possible downgrade initiated by Moody's on July 6, 2007 in response to the uncertainty regarding: (1) the definite levels of exposure and expected losses for Italease; (2) the possibility that such losses could result in a need for a recapitalization; and (3) concerns relating to the quality of risk controls and liquidity management. Moody's says that the D- BFSR now reflects a Baseline Credit Assessment of Ba3, while the bank's long-term deposit and senior debt ratings benefit from a two-notch uplift, reflecting a moderate expectation of systemic support. In line with Moody's notching practices, the bank's preferred stock is three notches below senior debt. The rating actions were Moody's response to several announcements by Italease. The first one was the bank's declared loss of EUR388 million, mainly resulting from losses on derivative contracts for EUR686 million, but also from increased credit provisions. Additionally, the rating agency said that the findings of an audit of Italease conducted by the Bank of Italy confirmed its concerns regarding the robustness of the bank's risk management and control structure and the credit profile of its portfolio. Specifically, the audit of the Bank of Italy: (1) determined the bank to be inadequately organised, particularly with reference to risk management and controls; (2) found Italease to have deficient controls given its significant derivatives activity and large broker distribution network; and (3) pointed out portfolio concentration and other credit issues, resulting in a need for restructuring, the replacement of Italease's board of directors, recapitalization and the prohibition of certain activities. Lastly, Moody's said that its rating actions were also in response to the impact of the losses on the level of capital of the institution and the resulting need for the subsequent approval by Italease's board of directors of a share capital increase up to EUR700 million, with the underwriting agreement by Mediobanca SpA, and Italease's stability pact commitment to provide the bank with any necessary financial support and with a capital injection as a percentage of the shares held. Moody's explains that the BFSR downgrade reflects the confirmation of the need for a recapitalization, a reinforcement of the bank's organization, a renewal of the management structure, and a material enhancement of its risk management and controls. The downgrade is also justified by the bank's substantial concentration issues and challenges relating to its recurring earning power going forward. As regards the latter point, Moody's believes that Italease's profitability is likely to suffer not only from a lack of commissions from the sale of structured derivatives, and regulatory restrictions on growth and competition, but also from the impact of reputational damage, particularly on its funding -- which is highly market- sensitive -- and on its business. In this respect, the rating agency views positively the bank's good growth as reported at the end of June 2007, and its continued position as the domestic market leader in leasing, with a number one position in real estate and equipment leasing. However, it acknowledges that the impact of the recent loss events on the business is more likely to be felt in the quarters to come. Moody's says that the stable outlooks on all of Italease's ratings reflect the quantification of the potential losses resulting from the bank's derivative activity, the rating agency's favorable view of the level of derivative counterparty credit write-offs made, as well as the fact that Italease's new management has already started implementing the necessary corrective actions. Moody's expects any possible further liabilities that may surface as a result of the ongoing investigations to be marginal. Moreover, the rating agency's concerns about Italease's open market risk position are mitigated by the relatively high probability of client derivative positions closures over a reasonable period of time, but will monitor this closely. Looking ahead, Moody's says that Italease's BFSR, debt and deposit ratings could come under upward pressure in the event of: (1) a material improvement in the bank's financials, particularly its core earnings generation and cost efficiency; accompanied by (2) a sustainable improvement in its risk profile, principally a reduction of credit portfolio concentrations; as well as (3) a material reinforcement of the bank's risk management and internal controls, which are expected following the Central Bank's specific request. Conversely, the bank's ratings could come under negative pressure in the event of: (1) a failure to implement the necessary corrective actions; (2) material losses of market shares; and (3) especially the need for further external support actions, although this is not expected at present. These ratings have been downgraded: Banca Italease SpA: -- Bank Financial Strength to D- from D+; -- Long-term deposits and senior debt to Ba1 from Baa3; -- Subordinated debt to Ba2 from Ba1; -- Short-term debt rating to Not Prime from Prime-3; -- Banca Italease Capital Trust backed preferred shares to B1 from Ba3. Banca Italease SpA. is based in Milan, Italy, and had total assets of EUR24 billion as at 31st December 2006. DANA CORP: Posts US$133 Mln Net Loss in Qtr. Ended June 30, 2007 ---------------------------------------------------------------- Dana Corporation Unaudited Condensed Consolidated Balance Sheet At June 30, 2007 ASSETS CURRENT ASSETS Cash and cash equivalent assets US$1,001,000,000 Restricted cash 103,000,000 Accounts receivable Trade 1,411,000,000 Other 297,000,000 Inventories Raw materials 322,000,000 Work in process and finished goods 451,000,000 Assets of discontinued operations 194,000,000 Other current assets 143,000,000 ---------------- Total current assets US$3,922,000,000 ---------------- Investments and other assets 1,042,000,000 Investments in equity affiliates 211,000,000 Net property, plant and equipment 1,732,000,000 ---------------- TOTAL ASSETS US$6,907,000,000 ================ LIABILITY AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Notes payable, including current portion of long-term debt US$265,000,000 DIP Financing 900,000,000 Accounts payable 1,146,000,000 Liabilities of discontinued operations 96,000,000 Other accrued liabilities 837,000,000 ---------------- Total current liabilities US$3,244,000,000 ---------------- Liabilities subject to compromise US$3,653,000,000 Deferred employee benefits and other non-current liabilities 473,000,000 Long-term debt 20,000,000 DIP financing - Commitments and contingencies - Minority interest in consolidates subsidiaries 92,000,000 Shareholder' equity (deficit) (575,000,000) ---------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY US$6,907,000,000 ================ Dana Corporation Unaudited Consolidated Statement of Operations For Three Months Ended June 30, 2007 Net Sales US$2,289,000,000 Costs and expenses Costs of sales 2,141,000,000 Selling, general and administrative expenses 88,000,000 Realignment charge, net 134,000,000 Impairment of assets - Other income, net (32,000,000) ---------------- Income (loss) from operations 42,000,000 Interest expense 28,000,000 Reorganization charges 38,000,000 ---------------- Income (loss) before income taxes (108,000,000) Income tax expense (3,000,000) Minority interest expense (4,000,000) Equity in earnings of affiliates 10,000,000 ---------------- Loss before continuing operations (105,000,000) Loss (income) from discontinued operations (28,000,000) ---------------- Net income (loss) (US$133,000,000) ================ Dana Corporation Unaudited Consolidated Statement of Operations For Six Months Ended June 30, 2007 Net Sales US$4,434,000,000 Costs and expenses Costs of sales 4,184,000,000 Selling, general and administrative expenses 184,000,000 Realignment charges, net 153,000,000 Impairment of assets - Other income, net (78,000,000) ---------------- Income from operations 78,000,000 Interest expense 51,000,000 Reorganization charges 75,000,000 ---------------- Income (loss) before income taxes (135,000,000) Income tax (expense) benefit (18,000,000) Minority interest (6,000,000) Equity in earnings of affiliates 18,000,000 ---------------- Loss before continuing operations (141,000,000) Loss from discontinued operations (84,000,000) ---------------- Net income (loss) (US$225,000,000) ================ Dana Corporation Unaudited Condensed Consolidated Statement of Cash Flows For Six Months Ended June 30, 2007 OPERATING ACTIVITIES Net income (loss) (US$225,000,000) Depreciation and amortization 139,000,000 Impairment and divestiture-related charges 1,000,000 Gain on sale of assets (8,000,000) Non-cash portion of U.K. pension charge 60,000,000 Reorganization charges 7,000,000 Payments to VEBAs for post-retirement benefits (27,000,000) Changes in working capital (64,000,000) Other (35,000,000) ---------------- Net cash flows provided by (used for) operating activities (152,000,000) INVESTING ACTIVITIES Purchases of property, plant and equipment (94,000,000) Proceeds from sale of business 305,000,000 Proceeds from sale of DCC assets 109,000,000 Proceeds from sales of other assets 7,000,000 Payments received on leases and loans 7,000,000 Increase in restricted cash (88,000,000) Other 18,000,000 ---------------- Net cash flows provide by (used for) operating activities (264,000,000) FINANCING ACTIVITIES Net change in short-term debt (28,000,000) Proceeds from DIP facility 200,000,000 Issuance of long-term debt - Other (2,000,000) ---------------- Net cash flows provided by (used for) operating activities 170,000,000 Net increase in cash equivalents 282,000,000 ---------------- Cash and cash equivalents, beginning of period 704,000,000 ---------------- Cash and cash equivalents, end of period US$1,001,000,000 ================ A full-text copy of Dana Corporation's second quarter 2007 financial report is available for free at: http://researcharchives.com/t/s?2274 Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- (OTC Bulletin Board: DCNAQ) designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total assets and US$6,800,000,000 in total debts. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors' exclusive period to file a plan expires on Sept. 3, 2007. They have until Nov. 2, 2007, to solicit acceptances of that plan. (Dana Corporation Bankruptcy News, Issue No. 49; Bankruptcy Creditors' Service, Inc., 215/945-7000). FIAT SPA: Repurchases 1.2 Million Ordinary Shares ------------------------------------------------- Within the frame of the buy back program announced on April 5, 2007, Fiat S.p.A. purchased 1.2 million Fiat ordinary shares at the average price of EUR19.3597 including fees on Aug. 10. From the start of the buy back program on April 24, the total number of shares purchased by Fiat amounts to 19.127 million for a total invested amount of EUR401.1 million. Share Repurchase Program On April 5, Fiat stockholders authorized the purchase and disposition of own shares. The program, aimed at servicing stock options plans and at the investment of liquidity, refers to a maximum number of own shares of the three classes of stock which shall not exceed 10% of the capital stock and a maximum aggregate amount of EUR1.4 billion and will be carried out on the regulated market as: -- it will become effective on April 10, 2007, and end on Dec. 31, 2007, or once the maximum amount of EUR1.4 billion or a number of shares equal to 10% of the capital stock is reached; -- the maximum purchase price will not exceed 10% of the reference price reported on the Stock Exchange on the day before the purchase is made; -- the maximum number of shares purchased daily will not exceed 20% of the total daily trading volume for each class of shares. About Fiat SpA Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As of June 19, 2007, Fiat S.p.A. carries Moody's Long-Term Corporate Family Rating of Ba2 and Probability of Default Rating at Ba2 with Outlook Positive. Standard & Poor's give Long-Term Foreign and Local Issuer Credit Ratings of BB+ for Fiat. Its Short-term Foreign and Local Issuer Credit Ratings are at B with Positive Outlook. Dominion Bond Rating Service gives Fiat a Long-term Issuer Rating of BB with Positive Outlook. TECUMSEH PRODUCTS: Adds Three New Members to Board of Directors --------------------------------------------------------------- Tecumseh Products Company has appointed three new members to the company's Board of Directors, and the resignation from the Board, for personal and family health reasons, of director Kevin E. Sheehan. The Board will have its full complement of seven members when, as previously announced, Edwin L. Buker joins the company as Chief Executive Officer and as a director. Joining the Tecumseh Board, along with Mr. Buker, are: -- William E. Aziz, Managing Partner of BlueTree Advisors, of Oakville, Ontario, a firm founded in 2002 by Mr. Aziz that provides operational, financial and strategic planning advisory services to public and private businesses in all industries. Mr. Aziz also currently serves as the Chief Financial Officer of Hollinger, Inc., a public company listed on the Toronto Stock Exchange, with a subsidiary (SunTimes Media Group, an operator of daily newspapers) listed on the New York Stock Exchange. -- Steven J. Lebowski, an attorney and certified public accountant in Milford, Michigan. Mr. Lebowski is also Vice President and an owner of Architectural Door and Millworks PC, a privately held wholesale distributor of doors based in New Hudson, Michigan. -- Jeffry N. Quinn, Chairman of the Board, President and Chief Executive Officer, and previously Chief Restructuring Officer, of Solutia Inc, of St. Louis, Missouri, a US$3.7 billion specialty chemical and materials company. Solutia, which was formerly a unit of Monsanto, has been operating under Chapter 11 bankruptcy protection since late 2003. David M. Risley, Chairman of the Board of Tecumseh, said: "I'm pleased to welcome Messrs. Aziz, Lebowski and Quinn, as well as Ed Buker, to the Tecumseh Board. These appointments are further steps in providing Tecumseh with the leadership, experience and expertise-at both the Board and management levels-that the company needs as we continue our efforts to place Tecumseh on a solid strategic, operational and financial footing." Also effective Monday, as part of the previously announced transition to Mr. Buker's role as Chief Executive Officer, James J. Bonsall has assumed a transitional role as Tecumseh's Executive Vice President, reporting to Mr. Buker. Mr. Bonsall previously served as the Company's President and Chief Operating Officer. About Tecumseh Headquartered in Tecumseh, Mich., Tecumseh Products Company (Nasdaq: TECUA, TECUB) -- http://www.tecumseh.com/-- manufactures hermetic compressors for air conditioning and refrigeration products, gasoline engines and power train components for lawn and garden applications, submersible pumps, and small electric motors. The company has offices in Italy, United Kingdom, Brazil, France, and India. At March 31, 2007, the company's balance sheet showed total assets of US$97.3 million, total liabilities of US$101.4 million, resulting to a shareholders' deficit of US$4.1 million. TISCALI SPA: UK Unit to Receive Funds from Management & Capitali ---------------------------------------------------------------- Management & Capitali S.p.A. has approved an investment project aimed at supporting the development plans and the opportunities of growth of Tiscali S.p.A. in the markets where it operates. M&C has in fact agreed with Tiscali to invest from EUR50 million to EUR165 Million in Tiscali U.K. by way of a convertible debt financing or a capital increase, to reflect the financing requirements to support in particular the integration and the development plan following the recent acquisition of the broadband and voice division of Pipex Plc. The closing of the investment is expected by the end of 2007. With the acqusition of Pipex by Tiscali U.K., the Tiscali Group consolidates its top-tier positioning in the U.K. market, becoming one of the top four operators in the broadband and voice arena, with significant growth opportunities and with the potential objective of an IPO in the next three years. "We are glad of this agreement with Management & Capitali, which follows the recent EUR650 million financing by Banca Intesa Sanpaolo and JP Morgan and which offers the Tiscali Group additional financial flexibility in pursuing opportunities of growth and to implement its strategic plan," Tommaso Pompei, Tiscali chief executive, said. About Tiscali Headquartered in Cagliari, Italy, Tiscali S.p.A. -- http://www.tiscali.com/-- offers Internet access in the country. The group also operates in other European countries, serving more than seven million subscribers, of which over 1.5 million are broadband users. As reported in the TCR-Europe on March 22, 2007, the company registered EUR136.16 million in net losses on EUR678.48 million in net revenues for the full year ended Dec. 31, 2006, compared with EUR12.81 million net losses on EUR530.85 billion in revenues for full year 2005. As reported in the TCR-Europe on Oct. 13, 2006, Tiscali's Board of Directors approved a three-year plan for 2007-2010, which calls for the concentration of its core business in Italy and in the United Kingdom. * * * As reported in the TCR-Europe on June 27, 2007, Fitch Ratings has upgraded Italy-based Tiscali S.p.A.'s Long-term Issuer Default rating to 'B-' from 'CCC' and removed it from Rating Watch Positive. Fitch said a stable outlook is assigned. TISCALI SPA: Says EUR200 Million Capital Hike Only an Option ------------------------------------------------------------ Tiscali S.p.A. stressed that the only capital increase foreseen is the one with pre-emption rights for shareholders, for up to EUR200 million, included in the proposal for delegation to the Board of Directors, which the EGM of Tiscali S.p.A. is called to resolve upon on August 29, 30, and 31. Tiscali confirms that it is currently evaluating opportunities of growth and development in its core markets, which might be supported by Italian and international financial institutions, without envisaging further capital increases of Tiscali S.p.A. About Tiscali Headquartered in Cagliari, Italy, Tiscali S.p.A. -- http://www.tiscali.com/-- offers Internet access in the country. The group also operates in other European countries, serving more than seven million subscribers, of which over 1.5 million are broadband users. As reported in the TCR-Europe on March 22, 2007, the company registered EUR136.16 million in net losses on EUR678.48 million in net revenues for the full year ended Dec. 31, 2006, compared with EUR12.81 million net losses on EUR530.85 billion in revenues for full year 2005. As reported in the TCR-Europe on Oct. 13, 2006, Tiscali's Board of Directors approved a three-year plan for 2007-2010, which calls for the concentration of its core business in Italy and in the United Kingdom. * * * As reported in the TCR-Europe on June 27, 2007, Fitch Ratings has upgraded Italy-based Tiscali S.p.A.'s Long-term Issuer Default rating to 'B-' from 'CCC' and removed it from Rating Watch Positive. Fitch said a stable outlook is assigned. =================== K A Z A K H S T A N =================== AKSIB LLP: Proof of Claim Deadline Slated for Sept. 14 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Aktube has declared LLP Aksib insolvent. Creditors have until Sept. 14 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhastan ARAY TV: Creditors Must File Claims Sept. 14 -------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Aray TV insolvent on June 20. Creditors have until Sept. 14 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Micro District 4, 1-89 Taldykorgan Almaty Kazakhastan Tel: 8 (3282) 25-55-25 KUAT-TRANS LLP: Claims Filing Period Ends Sept. 14 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau has declared LLP Kuat-Trans insolvent on June 21. Creditors have until Sept. 14 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Mangistau Micro District 27, 67-7 Aktau Mangistau Kazakhastan Tel: 8 (3292) 41-00-42 8 (3292) 41-58-26 8 701 537 15-58 MAK COMPANY: Creditors' Claims Due on Sept. 14 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Mak Company insolvent. Creditors have until Sept. 14 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhastan OTU COMPANY: Claims Registration Ends Sept. 14 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Otu Company insolvent. Creditors have until Sept. 14 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Temiryazev Str. 61-2 Almaty Kazakhastan Tel: 8 (3272) 75-67-84 PLANETA SNAB: Proof of Claim Deadline Slated for Sept. 14 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Planeta Snab insolvent on June 20. Creditors have until Sept. 14 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Micro District 4, 1-89 Taldykorgan Almaty Kazakhastan Tel: 8 (3282) 25-55-25 POLINA LLP: Creditors Must File Claims Sept. 14 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Polina insolvent on June 26. Creditors have until Sept. 14 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakhastan SIDAN XXI LLP: Claims Filing Period Ends Sept. 18 ------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Sidan XXI insolvent on June 25. Creditors have until Sept. 18 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Utepov Str. 31/4-54 Ust-Kamenogorsk East Kazakhstan Kazakhastan Tel: 8 (3232) 24-29-03 VENKOS LLP: Creditors' Claims Due on Sept. 14 --------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Venkos insolvent on June 11. Creditors have until Sept. 14 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Temiryazev Str. 61-2 Almaty Kazakhastan Tel: 8 (3272) 75-67-84 VOSTOKSTROY-SERVICE LLP: Claims Registration Ends Sept. 18 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Vostokstroy-Service insolvent on June 25. Creditors have until Sept. 18 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Utepov Str. 31/4-54 Ust-Kamenogorsk East Kazakhstan Kazakhastan Tel: 8 (3232) 24-29-03 =================== K Y R G Y Z S T A N =================== ABSERVICE LLC: Proof of Claim Deadline Slated for September 27 -------------------------------------------------------------- LLC Abservice has declared insolvency. Creditors have until Sept. 27 to submit written proofs of claim. Inquiries can be addressed at (+996 312) 58-63-23, 96-10-19. BARKESAY LLC: Creditors Must File Claims by September 27 -------------------------------------------------------- LLC Barkesay has declared insolvency. Creditors have until Sept. 27 to submit written proofs of claim to: LLC Barkesay K. Akiyev Str. 57-21 Bishkek Kyrgyzstan Tel: (+996 312) 65-00-19 =================== L U X E M B O U R G =================== AGILENT TECHNOLOGIES: Inks Agreement to Acquire NetworkFab ---------------------------------------------------------- Agilent Technologies Inc. and NetworkFab Corp. have signed a definitive agreement for NetworkFab to join Agilent. Privately held NetworkFab designs and builds advanced signal intelligence, communications and jammer systems for the U.S. military, intelligence agencies and law enforcement groups. The transaction is subject to various standard closing conditions and is expected to close in 30 to 60 days. Financial details were not disclosed. NetworkFab's core competencies are in radio frequency communications, including direction finding, jamming, antenna design, networking, software design and custom systems engineering. When the acquisition is final, NetworkFab will become a key part of Agilent's recently formed Signal Networks Division, specifically targeted to aerospace/defense. Agilent has a long history of market leadership in the test and measurement industry, including aerospace/defense. By acquiring NetworkFab, Agilent will expand its presence in operational environments to support U.S. government prime contractors. "NetworkFab will bring world-class talent and state-of-the-art technologies to Agilent, strengthening our presence in the aerospace/defense market," said Tom Burrell, vice president and general manager of Agilent's Signal Networks Division. "We look forward to becoming a more significant supplier of SIGINT and EW subsystems, and NetworkFab will help us become a major player in this market." "We are very excited to join Agilent and be part of one of the perennial Silicon Valley companies, with a great history and reputation," said Rick Lu, president and CEO of NetworkFab. "Agilent's engineering and technology-driven culture is a good match with NetworkFab's corporate culture. The acquisition will help us accelerate our products and technologies to market, and continue to serve our important government, military and intelligence customers. We will have a stronger market positioning to win both larger, and greater numbers, of jobs." About NetworkFab Based in Santa Clara, Calif., NetworkFab Corp. -- http://www.networkfab.com/-- builds state-of-the-art signal intelligence, direction finding, communications and electronic warfare systems for military groups, intelligence agencies and law enforcement groups. The company provides off-the-shelf products and can also rapidly develop custom solutions. NetworkFab was founded in 2000. About Agilent Technologies Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/ -- is the world's premier measurement company and a technology leader in communications, electronics, life sciences and chemical analysis. The company's 19,000 employees serve customers in more than 110 countries. The company has operations in India, Argentina, Puerto Rico, Bolivia, Paraguay, Venezuela, and Luxembourg, among others. * * * Agilent Technologies Inc. carries Moody's Investors Service 'Ba1' corporate family rating. EVRAZ GROUP: Launches Minority Share Buyout Offer at Five Units --------------------------------------------------------------- Evraz Group S.A., through its subsidiaries, has commenced mandatory offers to purchase all outstanding shares of common stock of steel mills NTMK and Zapsib, iron ore mining and processing complexes KGOK and VGOK, and the Nakhodka Commercial Sea Port (NMTP). The offers are made in accordance with the Russian legislation that allows a shareholder who has accumulated more than 95% of a company’s stock to make a mandatory offer to minority shareholders to buy out the latters’ stakes and increase the total holding in the company to 100%. As at July 1, 2007, Evraz held the common stock of the above- mentioned companies in the amounts: Evraz’s holding Shares % of share capital NTMK 1,258,734,271 96.09% Zapsib 12,983,599 96.98% KGOK 373,536,292 97.82% VGOK 747,553,545 95.83% NMTP 43,047,903 95.95% Upon the closing of the offers, the stockholders will receive: -- RUR63.72 for each common share of NTMK; -- RUR5,604.57 for each common share of Zapsib; -- RUR101.90 for each common share of KGOK; -- RUR6.02 for each common share of VGOK; and -- RUR33.00 for each common share of NMTP. The prices have been set based on the opinions provided by American Appraisal Inc., and OOO Audit and Consulting Firm “Top- Audit” and confirmed by appraisers’ self-regulating organization as required by the Russian legislation. The offers commenced on Aug. 14, 2007 and will be valid for 45 days. Payments for the shares will be made within 25 days after the closing of the offers. Upon completion of the offers, Evraz will own 100% of NTMK, Zapsib, KGOK, VGOK and NMTP. 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 July 23, 2007, Fitch Ratings affirmed Evraz Group S.A.'s Long-term Issuer Default and senior unsecured ratings at 'BB' and its Short-term IDR at 'B'. At the same time, Fitch has affirmed the ratings of Mastercroft Ltd., a 100%-owned subsidiary of Evraz that controls the group's Russia-based assets, at Long-term IDR 'BB' and Short- term IDR 'B'. Evraz Securities S.A.'s senior unsecured rating is affirmed at 'BB'. The Outlooks on the Long-term IDRs are Stable. Evraz Group also carries a Ba3 Corporate Family Rating for Evraz Group S.A. and a Ba3 Probability-of-Default Rating from Moody's Investor Service. Moody's also assigned these ratings: * Issuer: Evraz Group S.A. Projected Old Debt New Debt LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ------- 8.25% Senior Unsecured Regular Bond/ Debenture Due 2015 B2 B2 LGD5 88% * Issuer: Evraz Securities S.A. Old Debt New Debt LGD Loss Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ------- 10.875% Senior Unsecured Regular Bond/ Debenture Due 2009 B1 Ba3 LGD3 47% In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz Group S.A.'s Issuer Default and senior unsecured ratings at BB and its Short-term rating at B. Standard & Poor's rated Evraz Group's 8-1/4% notes due November 2015 at B+. EVRAZ GROUP: Moody's Holds Ba3 Rating on Improved Performance ------------------------------------------------------------- Moody's Investor's Service affirmed the corporate family rating of Evraz Group at Ba3 with a positive outlook. The positive outlook on the Ba3 rating reflects: (i) the continuing improvement of Evraz's operating performance and financial results of the Group, supported by an increasingly healthy demand for steel products in Russia and internationally; and (ii) the strengthening business profile and operational diversity of the Group as a result of an effective M&A policy through recent acquisitions of steel businesses in the U.S., increased ownership interests in the vanadium business in South Africa and in a coal mining company in Russia. Moody's however noted that, at present, the upward pressure to the rating remains constrained by the short-term funding structure that was put in place for the acquisition of Oregon Steel in 2006, requiring the company to refinance or repay from internal cash generation the US$1.8 billion bridge facility maturing in the next 12 months. The ratings for the Loan Participation Notes due in 2009 (rated Ba3) and 2015 (rated B2) totaling US$ 1050 million will be assessed against the company's finalized funding structure in accordance with Moody's LGD methodology. Evraz Group is one of Russia's largest vertically integrated steel companies (by volume and assets) that produced 16 million tonnes of steel products, reported revenue of US$8,292 million and EBITDA of US$ 2,653 million in 2006. Evraz's principal assets are five steel plants and three iron ore mining and processing facilities, as well as two coal mines and logistics and trading assets. ===================== N E T H E R L A N D S ===================== FOOT LOCKER: Paying US$0.125 Per Share Cash Dividend on Nov. 2 -------------------------------------------------------------- The board of directors of Foot Locker Inc. declared a quarterly cash dividend on the company's common stock of US$0.125 per share, which will be payable on Nov. 2, 2007, to shareholders of record on Oct. 19, 2007. Headquartered in New York City, Foot Locker, Inc. (NYSE: FL) -- http://www.footlocker-inc.com/-- retails athletic footwear and apparel. The company operates approximately 3,900 athletic retail stores in 17 countries in North America, The Netherlands and Australia under the brand names Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker, and Champs Sports. The company also has about 350 Footaction stores in the US and Puerto Rico, which sell footwear and apparel to young urbanites. * * * As reported in the Troubled Company Reporter on June 21, 2007, Standard & Poor's Ratings Services said its ratings, including the 'BB+' corporate credit rating, on Foot Locker Inc. remain on CreditWatch with negative implications. KONINKLIJKE AHOLD: Reverse Stock Split Slated for Aug. 22 --------------------------------------------------------- Koninklijke Ahold N.V. reveals that on Aug. 22, 2007, after close of New York Stock Exchange trading hours, the reverse stock split will take place by way of a consolidation of every five existing shares with a nominal value of EUR0.24 each, into four new shares with a nominal value of EUR0.30 each. Provided that no objection to the capital repayment has been filed, the date for the capital repayment of EUR1.89 per existing share will be Aug. 28, 2007. The capital repayment is not subject to Dutch dividend withholding tax. Shareholders with questions about their tax status are advised to consult their local tax advisor. For shareholders holding shares through Euroclear Nederland the record date has been fixed at the close of trading hours on the Amsterdam Stock Exchange on Aug. 22, 2007. Shareholders holding their shares with a bank or broker receive a notice from their bank or broker. Shareholders registered in the register of Ahold will be informed by Ahold about the administrative process. Holders of American Depositary Receipts (ADR) listed on the New York Stock Exchange will be paid in U.S dollars and must hold their ADRs after close of trading on the New York Stock Exchange on Aug. 22, 2007. If the number of shares held by any one shareholder is not exactly divisible by five, banks and brokers will round positions up or down, depending on the particular contractual arrangements between the bank or broker and the shareholder. About Ahold Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal Ahold) -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe. It has operations in Argentina. The company's chain stores include Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. * * * In a TCR-Europe report on May 11, 2007, Moody's Investors Service placed the Ba1 Corporate Family Rating and the Ba1 Senior Unsecured Long-Term Rating of Koninklijke Ahold N.V. on review for possible upgrade. The action follows the company's announcement that it has agreed to the disposal of its U.S. Foodservice business to private equity funds for US$7.1 billion. As reported in the TCR-Europe on May 7, 2007, Fitch Ratings upgraded the Issuer Default and senior unsecured ratings of Royal Ahold N.V. (nka Koninklijke Ahold N.V.) to 'BB+' from 'BB'. The Outlook on the Issuer Default rating remains Positive. Its Short-term rating is affirmed at 'B'. SYNIVERSE TECHNOLOGIES: Inks US$464 Million Amended Credit Pact --------------------------------------------------------------- Syniverse Technologies Inc. entered into a US$464 million amended and restated credit agreement. The agreement provides for a term loan of US$112 million in aggregate principal amount, a delayed draw term loan of US$160 million in aggregate principal, a Euro-denominated delayed draw term loan facility of the equivalent of US$130 million, a revolving credit line of US$42 million, a Euro-denominated revolving credit line of the equivalent of US$20 million and a multi-currency letter of credit commitment of US$15 million. Syniverse used US$112 million of the total amount borrowed under the senior credit facility plus available cash on hand to repay its previous senior credit facility and to pay related transaction fees and expenses. The delayed draw term loans are intended to fund the proposed acquisition of the wireless clearing and financial settlement business of Billing Services Group, including the refinancing of existing debt of Billing Services Group, and to pay related transaction fees and expenses. Lehman Brothers Inc. and Deutsche Bank Securities Inc. acted as joint lead arrangers and joint book-running managers for the deal. Bear, Stearns & Co. Inc. and LaSalle Bank National Association acted as co-documentation agents. About Syniverse Syniverse Technologies Inc. in Tampa, Florida (NYSE: SVR) -- http://www.syniverse.com/-- provides technology services for wireless telecommunications companies. Its integrated suite of services include technology interoperability services, which enable the invoicing and settlement of domestic and international wireless roaming telephone calls and wireless data events; SMS and MMS routing and translation services between carriers; and interactive video and mobile broadband solutions, prepaid applications, and roaming services. Celebrating its 20th anniversary in 2007, Syniverse has offices in major cities around the globe. Syniverse is ISO 9001:2000 certified and TL 9000 approved, adhering to the principles of customer focus and quality improvement practices. The company has offices in the Netherlands, Brazil and China. * * * As reported in the Troubled Company Reporter on June 29, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating, along with its stable outlook, and its 'B' senior subordinated debt rating on Tampa, Florida-based Syniverse Technologies Inc. At the same time, Standard & Poor's assigned its 'BB' bank loan rating and '2' recovery rating to Syniverse's proposed US$489 million senior secured bank facility. The bank loan rating, which is one notch above the corporate credit rating, along with the '2' recovery rating, reflect our expectation for substantial (70%-90%) recovery of principal by creditors in the event of a payment default. =========== P O L A N D =========== NETIA SA: Posts PLN88.8 Million Net Loss for First Half 2007 ------------------------------------------------------------ Netia S.A. posted PLN88.8 million in net losses for the first half ended June 30, 2007, versus PLN23.3 million in net deficit for the same period in 2006. Netia’s share of the startup losses of associate company P4 Sp. z o.o. widened to PLN68.6 million (EUR18.2 million) from PLN7.7 million for the first half of 2006 due to subscriber acquisition and marketing costs associated with its commercial launch, and accounted for 93% of Netia’s increased loss. Revenues for the first half of 2007 were PLN410.0 million (EUR108.9 million), representing a year-on-year decrease of 3%. Revenues for the second quarter of 2007 were PLN205.6 million (EUR54.6 million), growing slightly in comparison with both the second quarter of 2006 and the first quarter of 2007. The decline in first half revenues is wholly attributable to falling wholesale and interconnection revenues and low margin voice transit business in particular. Data revenues for the first half 2007 grew to PLN109.5 million (EUR29.1 million) for a 54% year-on-year increase and a 13% sequential increase. This growth in data revenues more than offset a 10% decline in direct voice revenues and data revenues now represent 27% of total revenues. EBITDA for the first half of 2007 was around PLN116.8 million (EUR31.0 million) as compared to EBITDA of PLN117.2 million for the first half of 2006. EBITDA margin for the first half of 2007 was 28.5% as compared to 27.8% for the same period of 2006. EBITDA for the second quarter of 2007 was PLN62.2 million (EUR16.5 million) as compared to PLN58.4 million for the second quarter of 2006 and PLN54.6 million for the first quarter of 2007. EBITDA for the first half of 2007 included start-up expenses, net of revenues, related to the acquisition of new bitstream customers in the amount of PLN21.8 million (EUR5.8 million), comprising PLN9.5 million (EUR2.5 million) in subscriber acquisition costs and a further PLN12.3 million (EUR3.2 million) in incremental costs of bitstream wholesale access, advertising and customer care. Headcount for the Netia group was 1,227 at June 30, 2007, compared to 1,295 at June 30, 2006, and 1,110 at March 31, 2007. The new staff were added primarily within the customer care and sales areas to support the broadband growth initiative or resulted from the conversion of contractors into employment contracts due to changes in Polish legislation that came into effect in January 2007. Included within total headcount are 54 employees of the three Ethernet companies acquired in June 2007. "During the second quarter of 2007, Netia has made significant progress toward delivering on its strategy of being the leading altnet provider of broadband services in Poland," Miroslaw Godlewski, Netia’s president and chief executive officer, commented. By the end of June we had 134,000 broadband customers and, despite the arrival of more new entrants to the bitstream market, we maintained our position as providing the best value offering on the market and took the largest share of broadband net additions amongst altnet providers.” "Going forward, Netia management will be focusing on further acceleration of our rate of bitstream broadband sales and, in particular, on increasing the rate of conversion of those sales into active customers. The introduction of bundled broadband and voice offers available to TP customers over bitstream and wholesale line rental during the coming months, together with ongoing improvements in operational cooperation with TP make us optimistic that we can reach our objective of acquiring over 200,000 broadband subscribers by the end of 2007 as planned," Mr. Godlewski added. "Data revenue growth accelerated year-on-year to 61% for the second quarter of 2007 from 46% in the first quarter of 2007 and enabled Netia to maintain steady total revenue performance in the face of continued pressure on direct voice, wholesale and interconnection services," Jon Eastick, Netia’s chief financial officer, commented. "With further growth in broadband connections, cross-selling of voice services to our new broadband customers and growing revenue from our transmission services to PLAY all still to come, we are well placed to deliver sequential revenue growth during second half 2007 and year-on-year revenue growth in 2008." About Netia Headquartered in Warsaw, Poland, Netia S.A. -- http://netia.pl/ -- is an alternative fixed-line telecommunications operator in Poland. Netia provides a broad range of telecommunications services, including voice, data and network wholesale services. * * * As of Aug. 15, 2007, Standard & Poor's Ratings Services had assigned a B rating to Netia’s Long-Term Foreign and Local Issuer Credit. =========== R U S S I A =========== ANGARA CJSC: Creditors Must File Claims by Sept. 21 --------------------------------------------------- Creditors of CJSC Angara (TIN 8504000090)have until Sept. 21 to submit proofs of claim to: L. Feryulin Insolvency Manager Post User Box 54 Irkutsk-81 Russia The Arbitration Court of Irkutsk commenced bankruptcy proceedings against the company after finding it insolvent. The Court will convene at 10:30 a.m. on June 17, 2008 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A19-24182/06-38. The Court is located at: The Arbitration Court of Irkutsk Room 303 Gagarina Avenue 70 664025 Irkutsk Russia The Debtor can be reached at: CJSC Angara Lenina Str. 11 Novonukutskiy Nukutskiy 669401 Irkutsk UOBAO Russia BRATSK-PROM-STROY: Creditors Must File Claims by Sept. 28 --------------------------------------------------------- Creditors of OJSC Bratsk-Prom-Story have until Sept. 28 to submit proofs of claim to: V. Demenchuk Insolvency Manager Post User Box 1958 Bratsk 665732 Irkutsk Russia The Arbitration Court of Irkutsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A19-1762/07-34. The Court is located at: The Arbitration Court of Irkutsk Room 303 Gagarina Avenue 70 664025 Irkutsk Russia The Debtor can be reached at: OJSC Bratsk-Prom-Story Area BLPK Post User Box 434 Bratsk 665718 Irkutsk Russia BREEZE CJSC: Creditors Must File Claims by August 28 ---------------------------------------------------- Creditors of CJSC Breeze have until Aug. 28 to submit proofs of claim to: G. Klimkovich Insolvency Manager Energetikov Str. 6-2 Surgut 628400 Tyumen Russia The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A75-3641/2007. The Court is located at: The Arbitration Court of Khanty-Mansiyskiy Lenina Str. 54/1 Khanty-Mansiysk Russia The Debtor can be reached at: CJSC Breeze Solnechnyj 628400 Khanty-Mansiyskiy Russia DIK CJSC: Creditors Must File Claims by Sept. 28 ------------------------------------------------ Creditors of CJSC DiK (TIN 5639003371) have until Sept. 28 to submit proofs of claim to: M. Abrosimov Insolvency Manager Proletarskaya Str. 216 460035 Orenburg Russia The Arbitration Court of Orenburg commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A47-4899/2007-14/5 GK. The Court is located at: The Arbitration Court of Orenburg 9th January Str. 64 460046 Orenburg Russia The Debtor can be reached at: M. Abrosimov Insolvency Manager Proletarskaya Str. 216 460035 Orenburg Russia DRUZHBA OJSC: Court Starts Bankruptcy Supervision Procedure ----------------------------------------------------------- The Arbitration Court of Buryatiya commenced bankruptcy supervision procedure on OJSC Druzhba. The case is docketed under Case No. A10-916/07. The Temporary Insolvency Manager is: D. Badmazhalova Klyuchevskaya Str. 26-36 Ulan-Ude 670013 Buryatiya Russia The Debtor can be reached at: OJSC Druzhba Tsentralnaya Str. 2 Oktyabrskiy Kyakhtinskiy 671831 Buryatiya Russia ERMAKOVSKOE CJSC: Bankruptcy Hearing Slated for November 7 ---------------------------------------------------------- The Arbitration Court of Novosibirsk will convene at 9:30 a.m. on Nov. 7 to hear the bankruptcy supervision procedure on CJSC Ermakovskoe. The case is docketed under Case No. A45-7364/ 07-4/29. The Temporary Insolvency Manager is: V. Ross Post User Box 29 630126 Novosibirsk Russia The Court is located at: The Arbitration Court of Novosibirsk Kirova Str. 3 630007 Novosibirsk Russia The Debtor can be reached at: CJSC Ermakovskoe Lenina Str. 24 Ermakovskiy Kochkovskiy 632499 Novosibirsk Russia EVRAZ GROUP: Launches Minority Share Buyout Offer at Five Units --------------------------------------------------------------- Evraz Group S.A., through its subsidiaries, has commenced mandatory offers to purchase all outstanding shares of common stock of steel mills NTMK and Zapsib, iron ore mining and processing complexes KGOK and VGOK, and the Nakhodka Commercial Sea Port (NMTP). The offers are made in accordance with the Russian legislation that allows a shareholder who has accumulated more than 95% of a company’s stock to make a mandatory offer to minority shareholders to buy out the latters’ stakes and increase the total holding in the company to 100%. As at July 1, 2007, Evraz held the common stock of the above- mentioned companies in the amounts: Evraz’s holding Shares % of share capital NTMK 1,258,734,271 96.09% Zapsib 12,983,599 96.98% KGOK 373,536,292 97.82% VGOK 747,553,545 95.83% NMTP 43,047,903 95.95% Upon the closing of the offers, the stockholders will receive: -- RUR63.72 for each common share of NTMK; -- RUR5,604.57 for each common share of Zapsib; -- RUR101.90 for each common share of KGOK; -- RUR6.02 for each common share of VGOK; and -- RUR33.00 for each common share of NMTP. The prices have been set based on the opinions provided by American Appraisal Inc., and OOO Audit and Consulting Firm “Top- Audit” and confirmed by appraisers’ self-regulating organization as required by the Russian legislation. The offers commenced on Aug. 14, 2007 and will be valid for 45 days. Payments for the shares will be made within 25 days after the closing of the offers. Upon completion of the offers, Evraz will own 100% of NTMK, Zapsib, KGOK, VGOK and NMTP. 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 July 23, 2007, Fitch Ratings affirmed Evraz Group S.A.'s Long-term Issuer Default and senior unsecured ratings at 'BB' and its Short-term IDR at 'B'. At the same time, Fitch has affirmed the ratings of Mastercroft Ltd., a 100%-owned subsidiary of Evraz that controls the group's Russia-based assets, at Long-term IDR 'BB' and Short- term IDR 'B'. Evraz Securities S.A.'s senior unsecured rating is affirmed at 'BB'. The Outlooks on the Long-term IDRs are Stable. Evraz Group also carries a Ba3 Corporate Family Rating for Evraz Group S.A. and a Ba3 Probability-of-Default Rating from Moody's Investor Service. Moody's also assigned these ratings: * Issuer: Evraz Group S.A. Projected Old Debt New Debt LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ------- 8.25% Senior Unsecured Regular Bond/ Debenture Due 2015 B2 B2 LGD5 88% * Issuer: Evraz Securities S.A. Old Debt New Debt LGD Loss Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ------- 10.875% Senior Unsecured Regular Bond/ Debenture Due 2009 B1 Ba3 LGD3 47% In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz Group S.A.'s Issuer Default and senior unsecured ratings at BB and its Short-term rating at B. Standard & Poor's rated Evraz Group's 8-1/4% notes due November 2015 at B+. EVRAZ GROUP: Moody's Holds Ba3 Rating on Improved Performance ------------------------------------------------------------- Moody's Investor's Service affirmed the corporate family rating of Evraz Group at Ba3 with a positive outlook. The positive outlook on the Ba3 rating reflects: (i) the continuing improvement of Evraz's operating performance and financial results of the Group, supported by an increasingly healthy demand for steel products in Russia and internationally; and (ii) the strengthening business profile and operational diversity of the Group as a result of an effective M&A policy through recent acquisitions of steel businesses in the US, increased ownership interests in the vanadium business in South Africa and in a coal mining company in Russia. Moody's however noted that, at present, the upward pressure to the rating remains constrained by the short-term funding structure that was put in place for the acquisition of Oregon Steel in 2006, requiring the company to refinance or repay from internal cash generation the US$1.8 billion bridge facility maturing in the next 12 months. The ratings for the Loan Participation Notes due in 2009 (rated Ba3) and 2015 (rated B2) totaling US$ 1050 million will be assessed against the company's finalized funding structure in accordance with Moody's LGD methodology. Evraz Group is one of Russia's largest vertically integrated steel companies (by volume and assets) that produced 16 million tonnes of steel products, reported revenue of US$8,292 million and EBITDA of US$ 2,653 million in 2006. Evraz's principal assets are five steel plants and three iron ore mining and processing facilities, as well as two coal mines and logistics and trading assets. INTERNATIONAL PAPER: Inks US$185 Mil. Central Lewmar Buyout Deal ---------------------------------------------------------------- International Paper has agreed to acquire Central Lewmar LLC, from Chrysalis Capital Partners Inc. for approximately US$185 million, subject to customary closing and post-closing conditions. The acquisition is expected to be complete within 30 days. International Paper's distribution business, xpedx, will operate Central Lewmar as a business unit within its multiple brand strategy. Xpedx is one of North America's business-to-business distributors. "This combination is an exciting opportunity for International Paper, xpedx and our customers," Tom Kadien, International Paper senior vice president and president of xpedx, said. "The acquisition of Central Lewmar will provide greater access to important customers and improved operating synergies, while meeting our selective reinvestment criteria. We believe the acquisition of a well-respected, customer-focused paper and packaging business like Central Lewmar will enhance the value of our expanding distribution business, and we are pleased that Central Lewmar's management team will remain in place." "Central Lewmar has a strong reputation for customer service," Les Stern, Central Lewmar president and chief executive officer, said. "By joining the xpedx network of 105 distribution centers and more than 140 retail stores in the U.S., Canada and Mexico, the combined business will be well positioned for future growth. As a unit of xpedx, Central Lewmar will continue to deliver outstanding customer service, top quality products, and distribution solutions to customers," he noted. About Central Lewmar Headquartered in Appleton, Wisconsin, Central Lewmar LLC -- http://www.centrallewmar.com/-- is a privately held paper and packaging distributors in the United States. Founded in 1899, the company has 400,000 square feet of warehouse space. The company serves 6,500 customers and employs approximately 550 people at three hub centers, 22 offices, and 14 locations, including Strategic Paper Group, Whiteman Tower, Andrews Paper House of York, Buff-Pac, Central Lewmar International, Central Lewmar/MidAtlantic, Central Lewmar/Newark, Central Lewmar South, Automated Machine and Control, First State Paper, Geo. W. Millar, Marquardt & Company, McAliece Imaging Products, and eight PickQuick Papers stores. About Chrysalis Capital Partners Headquartered in Philadelphia Chrysalis Capital Partners Inc. – http://http://www.ccpfund.com/-- is a private equity firm focused on investments in a wide range of industries and circumstances throughout the United States. About xpedx xpedx -– http://www.xpedx.com/-- is North America's marketer and distributor of printing papers and graphics supplies and equipment. It is also a distributor of packaging supplies and equipment and janitorial-sanitary supplies and equipment. xpedx also provides third-party logistics services for companies worldwide through xpedx Supply Chain Services, Tampa, Florida. Other xpedx owned-and-operated businesses include New York-based Bulkley Dunton; Lenexa, Kansas-based xpedx Printing Technologies; Loveland, Ohio-based Saalfeld Redistribution; Cleveland, Ohio-based xpedx National Technology Center, well as a network of more than 140 retail paper and graphics stores across North America. . About International Paper Headquartered in Stamford, Connecticut, International Paper Co. (NYSE: IP) -- http://www.internationalpaper.com/-- is an uncoated paper and packaging company with primary markets and manufacturing operations in North America, Europe, Russia, Latin America, Asia and North Africa. International Paper employs approximately 54,000 people in more than 20 countries, and serves customers worldwide. * * * International Paper Co. carries Moody's Investors Service Ba1 senior subordinate rating and Ba2 Preferred Stock rating. IRBITSKAYA POULTRY: Court Starts Bankruptcy Supervision Process --------------------------------------------------------------- The Arbitration Court of Sverdlovsk commenced bankruptcy supervision procedure on OJSC Irbitskaya Poultry Farm. The case is docketed under Case No. A60-9374/2007-S11. The Temporary Insolvency Manager is: S. Sivkov Temporary Insolvency Manager Post User Box 92 Novouralsk-4 624134 Sverdlovsk Russia The Court is located at: The Arbitration Court of Sverdlovsk Lenina Pr. 34 620151 Ekaterinburg Russia The Debtor can be reached at: OJSC Irbitskaya Poultry Farm Pionerskiy Irbitskiy 623855 Sverdlovsk Russia KHIM-RESURS CJSC: Creditors Must File Claims by August 28 --------------------------------------------------------- Creditors of CJSC Khim-Resurs (TIN 3808087960) have until Aug. 28 to submit proofs of claim to: I. Pavlikov Temporary Insolvency Manager Office 403 Dek.Sobytiy Str. 125 664007 Irkutsk Russia The Arbitration Court of Irkutsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A19-3703/07-34. The Court is located at: The Arbitration Court of Irkutsk Room 303 Gagarina Avenue 70 664025 Irkutsk Russia The Debtor can be reached at: CJSC Khim-Resurs Dzerzhinskogo Str. 16 Irkutsk Russia KOSHKINSKOE LLC: Court Starts Bankruptcy Supervision Procedure -------------------------------------------------------------- The Arbitration Court of Samara commenced bankruptcy supervision procedure on LLC Koshkinskoe. The case is docketed under Case No. A55-5261/07. The Temporary Insolvency Manager is: R. Sadykov Post User Box 6415 443090 Samara Russia The Debtor can be reached at: LLC Koshkinskoe Vokzalnaya Str. 1a Zheleznodorozhnaya St. Pogruzochnaya Koshkinskiy 446810 Samara Russia KRAY-AGRO-SERVICE: Creditors Must File Claims by Sept. 28 --------------------------------------------------------- Creditors of CJSC Kray-Agro-Service have until Sept. 28 to submit proofs of claim to: S. Lyapun Insolvency Manager Sotsialisticheskaya Str. 18/3 Stavropol Russia The Arbitration Court of Stavropol commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A63-1888/07-S5. The Court is located at: The Arbitration Court of Stavropol Mira Str. 4586 Stavropol Russia The Debtor can be reached at: CJSC Kray-Agro-Service 50-letija Oktyabrya Str. 39 Izobilnyj 356140 Stavropol Russia KYZYLSKAYA POULTRY: Creditors Must File Claims by Sept. 21 ---------------------------------------------------------- Creditors of State Unitary Enterprise Kyzylskaya Poultry Farm (TIN 1717008460, OGRN 1021700728026) have until Sept. 21 to submit proofs of claim to: A. Khertek Insolvency Manager Rivenskaya Str. 26 Kyzyl 667009 Tyva Russia The Arbitration Court of Tyva commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A69-421/05-3. The Debtor can be reached at: State Unitary Enterprise Kyzylskaya Poultry Farm Kirova Str. 1A Kaa-Khem 669901 Tyva Russia PROGRESS LLC: Creditors Must File Claims by August 21 ----------------------------------------------------- Creditors of LLC Progress have until Aug. 21 to submit proofs of claim to: N. Volkov Temporary Insolvency Manager Apartment 10 Shillera Str. 20 236000 Kaliningrad Russia The Arbitration Court of Kaliningrad commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A21-2078/07. The Court is located at: The Arbitration Court of Kaliningrad Rokossovskogo Str. 2 Kaliningrad Russia The Debtor can be reached at: LLC Progress Mira Pr. 19/21 236000 Kaliningrad Russia TAT-OIL-GAS-STROY: Asset Sale Slated for August 28 -------------------------------------------------- M. Basyrov, the insolvency manager and bidding organizer for OJSC Tat-Oil-Gas-Story, will open a public auction for the company's properties at 2:00 p.m. on Aug. 28 at: Timiryazeva Str. 17 Almetyevsk Tatarstan Russia Interested participants have until Aug. 23 to deposit an amount equivalent to 5% of the starting price to: OJSC Tat-Oil-Gas-Story Settlement Account 40702810303020002274 Correspondent Account 30101810000000000805 BIK 049205805 TIN/KPP 1644003500/165501001 OJSC AC Bars Bank Bugulma Russia Bidding documents must be submitted to: M. Basyrov Apartment 82 Kalinina Str. 63 Bugulma 423231 Tatarstan Russia The Debtor can be reached at: OJSC Tat-Oil-Gas-Story Pushkina Str.66 Almetyevsk 423450 Tatarstan Russia VIMPEL-COMMUNICATIONS: Acquires CSK in US$232 Million Buyout ------------------------------------------------------------ OJSC Vimpel-Communications acquired CSJC Corporation Severnaya Korona, which holds GSM 900/1800 and D-AMPS licenses covering the Irkutsk Region. The Company acquired 100% of the shares of CSK for around US$232 million. The sole shareholder of CSK was Tele2 Sverige AB of Sweden, a member of the telecommunications holding company Tele2 which operates in the Nordic and Russian markets. CSK’s GSM-900/1800 and D-AMPS licenses cover a territory with a population of about 2.5 million. According to the Company's estimates, the CSK subscriber base as of the end of June 2007 amounted to over 571,000 subscribers (including more than 3,000 D-AMPS subscribers), which accounts for 21.5% of the entire cellular market in the Irkutsk Region. According to independent surveys, the penetration level of cellular telecommunications in the region is about 107.6%. "We are happy to announce our entry into one of the most important regions of the Far East and Siberia," Nikolai Pryanishnikov, VimpelCom’s Executive Vice-President and General Director for Russia, said. "The acquisition of CSK substantially enhances our position in Russia and expands the communication options available to existing and new subscribers. We plan to integrate the acquired company into VimpelCom’s network as soon as possible and offer the local population Beeline’s high level of service.” Following the acquisition of CSK, VimpelCom's operating area covers 75 regions of the 85 administrative regions of the Russian Federation. About VimpelCom Headquartered in Moscow, Russia, OJSC Vimpel-Communications (NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile telecommunications services in Russia and Kazakhstan with newly acquired operations in Ukraine, Tajikistan and Uzbekistan. The Company operates under the 'Beeline' brand in Russia and Kazakhstan. In addition, VimpelCom is continuing to use 'K- mobile' and 'EXCESS' brands in Kazakhstan. The group wholly owns Mobitel in Georgia. * * * In a TCR-Europe report on April 16, 2007, Moody's Investors Service confirmed its Ba2 Corporate Family Rating for OJSC Vimpel-Communication and assigned a Ba2 Probability-of-Default rating to the company. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ -------- 10% Senior Unsecured Regular Bond/Debenture Due 2009 Ba2 Ba2 LGD4 52% 8.375% Senior Unsecured Regular Bond/Debenture Due 2011 Ba2 Ba2 LGD4 52% 8% Senior Unsecured Regular Bond/Debenture Due 2010 Ba2 Ba2 LGD4 52% 8.25% Senior Unsecured Regular Bond/Debenture Due 2016 Ba2 Ba2 LGD4 52% As reported in the TCR-Europe on Oct. 12, 2006, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Russia-based mobile telecommunications operator Vimpel-Communications (JSC) to 'BB+' from 'BB', reflecting the company's continuing strong performance. S&P said the outlook is stable. YAROSLAVSKAYA FINANCIAL: Creditors Must File Claims by Sept. 21 --------------------------------------------------------------- Creditors of LLC Yaroslavskaya Financial-Industrial Company (TIN 7627015489) have until Sept. 21 to submit proofs of claim to: I. Nikitina Insolvency Manager Mira Pr. 101V 129085 Moscow Russia The Arbitration Court of Yaroslavl commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A82-6947/06-56-B/419. The Debtor can be reached at: LLC Yaroslavskaya Financial-Industrial Company Lenina Str. 2 Dubki Yaroslavl Russia YUZH-URAL-OIL-GAS-STROY: Creditors Must File Claims by Sept. 28 --------------------------------------------------------------- Creditors of CJSC Yuzh-Ural-Oil-Gas-Stroy have until Sept. 28 to submit proofs of claim to: R. Khasanov Insolvency Manager Post User Box 2454 460051 Orenburg Russia The Arbitration Court of Orenburg commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A47-4117/07-14GK. The Court is located at: The Arbitration Court of Orenburg 9th January Str. 64 460046 Orenburg Russia The Debtor can be reached at: CJSC Yuzh-Ural-Oil-Gas-Story Zubochistka Pervaya Perevolotskiy Orenburg Russia YUZHNO-URALSKAYA INVESTMENT: Asset Sale Slated for Sept. 15 ----------------------------------------------------------- The bidding organizer for OJSC Yuzhno-Uralskaya Investment Company, will open a public auction for the company's properties at 2:00 p.m. on Sept. 15 at: Montazhnikov Str. 20 456780 Ozersk Russia The company has set a RUR3,034,809 starting price for the auctioned assets. Interested participants have until Aug. 23 to deposit an amount equivalent to 20% of the starting price to: JSC Yuzhno-Uralskaya Investment Company Settlement Account 405002810872370000003 Correspondent Account 30101810700000000602 BIK 047501602 TIN 7422000058 KPP 742201001 Chelyabinskiy OSB 8597 Chelyabinsk Russia Bidding documents must be submitted to: Bidding Organizer Office 416 Lenina Pr. 89 454080 Chelyabinsk Russia The Debtor can be reached at: Bidding Organizer Office 416 Lenina Pr. 89 454080 Chelyabinsk Russia ===================== S W I T Z E R L A N D ===================== ABACAT JSC: Zug Court Closes Bankruptcy Proceedings --------------------------------------------------- The Bankruptcy Service of Zug entered July 18 an order closing the bankruptcy proceedings of JSC Abacat. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Abacat Poststrasse 30 6300 Zug Switzerland BS TEX: Basel Court Closes Bankruptcy Proceedings ------------------------------------------------- The Bankruptcy Service of Binningen in Basel entered July 23 an order closing the bankruptcy proceedings of JSC BS Tex. The Bankruptcy Service of Binningen can be reached at: Bankruptcy Service of Binningen 4102 Binningen Arlesheim BL Switzerland The Debtor can be reached at: JSC BS Tex Ringstrasse 9 4123 Allschwil Arlesheim BL Switzerland COMPTRONIX JSC: Creditors' Liquidation Claims Due September 14 -------------------------------------------------------------- Creditors of JSC Comptronix have until Sept. 14 to submit their claims to: Peter Rohner Liquidator Drusbergstrasse 19 8810 Horgen ZH Switzerland The Debtor can be reached at: JSC Comptronix Horgen ZH Switzerland EASTERN EUROPEAN: Creditors' Liquidation Claims Due September 15 ---------------------------------------------------------------- Creditors of JSC Eastern European Invest (EEI) have until Sept. 15 to submit their claims to: Engelgasse 77 4052 Basel BS Switzerland The Debtor can be reached at: JSC Eastern European Invest (EEI) Basel BS Switzerland FMB SERVICES: Creditors' Liquidation Claims Due November 16 ----------------------------------------------------------- Creditors of JSC FMB Services have until Nov. 16 to submit their claims to: Claudia Kundig Liquidator JSC Brem Neff & Partner Wohlerstrasse 2 5620 Bremgarten AG Switzerland The Debtor can be reached at: JSC FMB Services Bremgarten AG Switzerland FREHNER-IT JSC: St. Gallen Court Closes Bankruptcy Proceedings -------------------------------------------------------------- The Bankruptcy Service of St. Gallen entered July 19 an order closing the bankruptcy proceedings of JSC Frehner-IT. The Bankruptcy Service of St. Gallen can be reached at: Bankruptcy Service of St. Gallen Max Banziger 9001 St. Gallen Switzerland The Debtor can be reached at: JSC Frehner-IT 9323 Steinach Rorschach SG Switzerland FVD LLC: Bern Court Starts Bankruptcy Proceedings ------------------------------------------------- The Bankruptcy Court of Bern commenced bankruptcy proceedings against LLC FVD on July 3. The Bankruptcy Service of Bern can be reached at: Bankruptcy Service of Bern Office Konolfingen 3082 Schlosswil Konolfingen BE Switzerland The Debtor can be reached at: LLC FVD Industriestrasse 25 3076 Worb Konolfingen BE Switzerland GRANU - TEC LLC: Aargau Court Starts Bankruptcy Proceedings ----------------------------------------------------------- The Bankruptcy Court of Aargau commenced bankruptcy proceedings against LLC Granu - Tec on July 16. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Office Brugg 5201 Brugg AG Switzerland The Debtor can be reached at: LLC Granu - Tec Bahnhofstrasse 235 5325 Leibstadt Zurzach AG Switzerland INKASSO TREUHAND: Zurich Court Closes Bankruptcy Proceedings ------------------------------------------------------------ The Bankruptcy Service of Zurich entered July 13 an order closing the bankruptcy proceedings of LLC Inkasso Treuhand Zurich. The Bankruptcy Service of Zurich can be reached at: Bankruptcy Service of Zurich 8036 Zurich Switzerland The Debtor can be reached at: LLC Inkasso Treuhand Zurich Steinstr. 52 8003 Zurich Switzerland ITL INTER: St. Gallen Court Closes Bankruptcy Proceedings --------------------------------------------------------- The Bankruptcy Service of St. Gallen entered July 23 an order closing the bankruptcy proceedings of LLC ITL Inter Marketing. The Bankruptcy Service of St. Gallen can be reached at: Bankruptcy Service of St. Gallen Addolorata Tazza 9001 St. Gallen Switzerland The Debtor can be reached at: LLC ITL Inter Marketing Eisenbahnstrasse 5 9400 Rorschach SG Switzerland KOHLER WERNER: Thurgau Court Closes Bankruptcy Proceedings ---------------------------------------------------------- The Bankruptcy Service of Thurgau entered July 19 an order closing the bankruptcy proceedings of JSC Kohler Werner. The Bankruptcy Service of Thurgau can be reached at: Bankruptcy Service of Thurgau 8510 Frauenfeld TG Switzerland The Debtor can be reached at: JSC Kohler Werner Im Bick 8506 Lanzenneunforn Switzerland PIANURA JSC: Creditors' Liquidation Claims Due September 24 ----------------------------------------------------------- Creditors of JSC Pianura have until Sept. 24 to submit their claims to: Tobias Hauser Liquidator Talacker 35 8001 Zurich Switzerland The Debtor can be reached at: JSC Pianura Graubunden Switzerland SC SUISSE: Lucerne Court Closes Bankruptcy Proceedings ------------------------------------------------------ The Bankruptcy Service of Willisau in Lucerne entered July 11 an order closing the bankruptcy proceedings of LLC SC Suisse Computer. The Bankruptcy Service of Willisau can be reached at: Bankruptcy Service of Willisau 6130 Willisau LU Switzerland The Debtor can be reached at: LLC SC Suisse Computer Ohmstalerstrasse 4 6247 Schotz Willisau LU Switzerland SCB JSC: Graubunden Court Closes Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Service of Landquart in Graubunden entered July 16 an order closing the bankruptcy proceedings of JSC SCB. The Bankruptcy Service of Landquart can be reached at: Bankruptcy Service of Landquart 7205 Zizers Landquart GR Switzerland The Debtor can be reached at: JSC SCB Luxgasse 8a 7206 Igis Landquart GR Switzerland UNIVERSAL SERVICE: Schwyz Court Closes Bankruptcy Proceedings ------------------------------------------------------------- The Bankruptcy Service of March in Schwyz entered July 23 an order closing the bankruptcy proceedings of LLC Universal Service. The Bankruptcy Service of March can be reached at: Bankruptcy Service of March 8853 Lachen March SG Switzerland The Debtor can be reached at: LLC Universal Service Brestenburgstrasse 6 8862 Schubelbach March SG Switzerland ============= U K R A I N E ============= BAKHRAM LLC: Creditors Must File Claims by Aug. 17 -------------------------------------------------- Creditors of LLC Bakhram (code EDRPOU 32981993) have until Aug. 17 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 15/416-b. The Debtor can be reached at: LLC Bakhram Predslavinskaya Str. 34-B 03150 Kiev Ukraine BANK KHRESCHATYK: Fitch Assigns D/E Individual Ratings ------------------------------------------------------ Fitch Ratings has assigned Bank Khreschatyk a National Long-term rating of 'BBB-(ukr)' with a Stable Outlook and assigned its upcoming issue of five-year UAH440 million bonds an expected National Long-term rating of 'BBB- (ukr)'. The final rating of the issue is contingent on the receipt of final documentation conforming materially to information already received. Khreschatyk's other ratings are Long-term Issuer Default 'B-', Short-term Issuer Default 'B', Local Currency Long-term Issuer Default 'B-', Support '5', Support Rating Floor 'No floor' and Individual 'D/E'. The Outlooks on both of the Long-term Issuer Default ratings are Stable. Bond holders have the option to submit bonds for early repayment at the end of every one-year period starting from the issue date of each of the three tranches planned under the issue. The bonds will be unsecured. The bank's obligations under the issue will rank at least equally with all its other unsecured and unsubordinated creditors, save those preferred by any bankruptcy, employment, insolvency, liquidation or similar laws of general application. Under Ukrainian law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-2006, retail depositors accounted for 25% of Khreschatyk's non-equity funding, according to the bank's IFRS accounts. Founded in 1993, Khreschatyk was Ukraine's 24th-largest bank with 0.9% market share by total assets at end-H107 according to the National Bank of Ukraine. Khreschatyk has strong geographical coverage in Kiev. At end-2006 the bank had a network of 16 branches and 67 outlets, mainly in Kiev, Ukraine's capital, or the Kiev region. At end-2006, 75% of its loans were to borrowers from Kiev, however concentration on the capital city is set to decrease as the bank is planning to continue its rapid network expansion. Corporate and municipal clients have traditionally represented the bulk of business, although since 2006 Khreschatyk's strategic focus has moved towards retail. BERNOVSKAYA LLC: Creditors Must File Claims by Aug. 17 ------------------------------------------------------ Creditors of LLC Bernovskaya (code EDRPOU 30868984) have until Aug. 17 to submit written proofs of claim to: The Economic Court of Chernovcy O. Kobylianska Str. 14 58000 Chernovcy Ukraine The Economic Court of Chernovcy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 8/35/b. The Debtor can be reached at: LLC Bernovskaya Bernovoye Kelmenetsky District Chernovcy Ukraine CRYSTAL LLC: Creditors Must File Claims by Aug. 17 -------------------------------------------------- Creditors of LLC Crystal (code EDRPOU 30277610) have until Aug. 17 to submit written proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 27/123B. The Debtor can be reached at: LLC Crystal Apartment 188 M. Ulianova Str. 65 83003 Donetsk Ukraine GAMMA B: Creditors Must File Claims by Aug. 16 ---------------------------------------------- Creditors of LLC Gamma B (code EDRPOU 31112211) have until Aug. 16 to submit written proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B 26/161-07. The Debtor can be reached at: LLC Gamma B Newspaper Pravda Avenue 20 49000 Dnipropetrovsk Ukraine PODVORIEVSKOE LLC: Creditors Must File Claims by Aug. 17 -------------------------------------------------------- Creditors of LLC Podvorievskoe (code EDRPOU 30823985) have until Aug. 17 to submit written proofs of claim to: The Economic Court of Chernovcy O. Kobylianska Str. 14 58000 Chernovcy Ukraine The Economic Court of Chernovcy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 8/37/b. The Debtor can be reached at: LLC Podvorievskoe Podvorievka Kelmenetsky District Chernovcy Ukraine TECHNICS OJSC: Creditors Must File Claims by Aug. 17 ---------------------------------------------------- Creditors of OJSC Agricultural Technics (code EDRPOU 03757229) have until Aug. 17 to submit written proofs of claim to: The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Economic Court of Poltava commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 18/331. The Debtor can be reached at: OJSC Agricultural Technics Kozelshchina District Lomonosov Str. 1 Lutovinovka 39132 Poltava Ukraine TRADING CENTER: Creditors Must File Claims by Aug. 17 ----------------------------------------------------- Creditors of CJSC Trading Center (code EDRPOU 20501388) have until Aug. 17 to submit written proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 25/157/07. The Debtor can be reached at: CJSC Trading Center B. Hmelnitsky Str. 17 Melitopol 72312 Zaporozhje Ukraine VATUTIN LLC: Creditors Must File Claims by Aug. 17 -------------------------------------------------- Creditors of Vatutin LLC (code EDRPOU 30868979) have until Aug. 17 to submit written proofs of claim to: The Economic Court of Chernovcy O. Kobylianska Str. 14 58000 Chernovcy Ukraine The Economic Court of Chernovcy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 8/7/b. The Debtor can be reached at: Vatutin LLC Grushivtsy Kelmenetsky District Chernovcy Ukraine =========================== U N I T E D K I N G D O M =========================== ADVANCED MARKETING: Wants Exclusive Plan Filing Period Extended --------------------------------------------------------------- Advanced Marketing Services Inc. asks the U.S. Bankruptcy Court for the District of Delaware to further extend their exclusive periods to: (1) file a plan of reorganization through August 14, 2007; and (2) solicit and obtain acceptances of that plan through November 30. Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, relates that the Debtors have been working in close cooperation with the Official Committee of Unsecured Creditors to develop and draft a joint plan and related documents. The Debtors believe the requested extension is consistent with the plan process timeline they have discussed with the Creditors Committee. Mr. Collins asserts that the Debtors' Exclusive Periods should be extended because while the Debtors and the Committee are close to finalizing a plan and intend to file it in the near future, the plan is not yet ready. An extension avoids possible confusion and inefficiencies that may arise should a creditor or other party-in-interest present a competing plan during the brief period during which the Debtors would not technically have exclusivity. The Debtors submit that the extension of the Exclusive Periods will not harm creditors or other parties-in-interest. The Debtors believe that they are requesting only a brief extension of the exclusivity periods, and will be able to proceed with the hearing for conditional approval of the disclosure statement, as planned, at the Sept. 26, 2007 omnibus hearing. "That would also be the first hearing date even if the Debtors and the Committee had filed the joint plan on August 10, 2007," Mr. Collins says. Judge Sontchi will convene a hearing on September 26, 2007, at 10:00 a.m., to consider the Debtors' request. Pursuant to Del.Bankr.LR 9006-2, the Debtors' Exclusive Periods are automatically extended until the conclusion of that hearing. About Advanced Marketing Based in San Diego, Calif., Advanced Marketing Services, Inc. -- http://www.advmkt.com/-- provides customized merchandising, wholesaling, distribution and publishing services, currently primarily to the book industry. The company has operations in the U.S., Mexico, the United Kingdom and Australia and employs approximately 1,200 people Worldwide. The company and its two affiliates, Publishers Group Incorporated and Publishers Group West Incorporated filed for chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480 through 06-11482). Suzzanne S. Uhland, Esq., Austin K. Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers, LLP, represent the Debtors as Lead Counsel. Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A., represent the Debtors as Local Counsel. Lowenstein Sandler PC represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they listed estimated assets and debts of more than US$100 million. (Advanced Marketing Bankruptcy News, Issue No. 15 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). ADVANCED MARKETING: Wants More Time to Decide on Two Leases ----------------------------------------------------------- Advanced Marketing Services, Inc. and its debtor-affiliates ask the U.S. Bankruptcy Court for the District of Delaware to further extend the period within which they may assume or reject (i) the Berkeley Lease and the New York Lease through August 31, 2007, and (ii) the Indianapolis Lease through September 30, 2007. As of July 27, 2007, the Debtors are parties to three nonresidential real property leases: Debtor Party to Location Location Date of the Lease Description Address Lease Landlord --------- ----------- ------- ------- -------- AMS Indianapolis, Indianapolis 3/25/04 The IN - Return Prudential Center Company of America PGI PGW - New York New York, 11/17/87 841-853 NY Broadway Associates PGI PGW - Berkeley Berkeley, 4/24/97 Demo 4th CA Street Berkeley LLC Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, relates that Perseus Books LLC and the Debtors are in discussions regarding the assumption by Perseus of the Berkeley Lease and the New York Lease. The Debtors expect to file a motion to assume and assign both Leases promptly. Mr. Collins also relates that Baker & Taylor, Inc., has already entered into a new lease for certain facilities formerly occupied by the Debtors in Indianapolis. AMS continues to occupy the adjacent space, which is the subject of the Indianapolis Lease, he says. Moreover, the Debtors and the landlord for the Indianapolis space are in the process of finalizing an agreement for the continued use of that space during the extension period so that the Debtors can complete the disposition of AMS and PGW inventory in that location, Mr. Collins explains. "The Debtors have either obtained the prior written consent of the lessors of each of the Leases to the extension of time for the Debtors to assume or reject unexpired leases of nonresidential real property or expect to do so prior to the hearing on this Motion," Mr. Collins tells the Court. Judge Sontchi will convene a hearing on August 24, 2007, at 10:00 a.m., to consider the Debtors' request. Pursuant to Del.Bankr.LR 9006-2, the Debtors' Lease Decision Period is automatically extended until the conclusion of that hearing. About Advanced Marketing Based in San Diego, Calif., Advanced Marketing Services, Inc. -- http://www.advmkt.com/-- provides customized merchandising, wholesaling, distribution and publishing services, currently primarily to the book industry. The company has operations in the U.S., Mexico, the United Kingdom and Australia and employs approximately 1,200 people Worldwide. The company and its two affiliates, Publishers Group Incorporated and Publishers Group West Incorporated filed for chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480 through 06-11482). Suzzanne S. Uhland, Esq., Austin K. Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers, LLP, represent the Debtors as Lead Counsel. Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A., represent the Debtors as Local Counsel. Lowenstein Sandler PC represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they listed estimated assets and debts of more than US$100 million. (Advanced Marketing Bankruptcy News, Issue No. 15 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). BALLY TOTAL: Files Amended Chapter 11 Reorganization Plan --------------------------------------------------------- Bally Total Fitness has filed a motion with the U.S. Bankruptcy Court for the Southern District of New York seeking approval to amend its Joint Prepackaged Chapter 11 Plan of Reorganization to implement a superior alternative restructuring proposal from Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund L.P. without the need to resolicit votes from its creditors. Under its proposal, Harbinger would invest approximately $233.6 million in exchange for 100% of common equity of the reorganized Bally. The amended plan would provide equal or better treatment to holders of the company's 10-1/2% Senior Notes due 2011 and its 9-7/8% Senior Subordinated Notes due October 2007, well as all other holders of unsecured claims against the company. Holders of existing common stock in Bally and certain other claims treated as equity in bankruptcy would receive US$16.5 million in the aggregate. Under the Existing Plan, common stockholders would receive no distribution. The amended plan would also result in additional de-levering of the company. If the Bankruptcy Court grants the motions filed, the company would be able to implement the amended plan and emerge from Chapter 11 within a similar timeframe as the Existing Plan. In its motion, Bally is seeking Court approval to pursue the amended plan without further vote solicitation and to treat received votes to accept the Existing Plan as votes to accept the amended plan implementing the Harbinger-funded restructuring. Bally has also filed a motion seeking court approval to enter into an Investment Agreement providing for Harbinger's commitment to make its US$233.6 million equity investment, and a Restructuring Support Agreement reflecting the parties' commitment to implement the Harbinger-funded restructuring through the amended plan. Under the amended plan, the company can still consummate the restructuring set forth in the Existing Plan if the Harbinger- funded restructuring cannot be consummated. The Existing Plan would be funded by US$90 million in capital to be provided through the issuance of new senior subordinated notes in a rights offering backstopped by funds managed by Tennenbaum Capital Partners, LLC, Goldman Sachs & Co., and Anschutz Investment Company Based in Chicago, Illinois, Bally Total Fitness Holding Corp. (Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/-- operates fitness centers in the U.S., with over 375 facilities located in 26 states, Mexico, Canada, Korea, China, the United Kingdom, and the Caribbean under the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands. Bally Total and its affiliates filed for chapter 11 protection on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after obtaining requisite number of votes in favor of their pre- packaged chapter 11 plan. Joseph Furst, III, Esq. at Latham & Watkins, L.L.P. represents the Debtors in their restructuring efforts. As of June 30, 2007, the Debtors had US$408,546,205 in total assets and US$1,825,941,54627 in total liabilities. No schedule has been set to date for an organizational meeting that would create an Official Committee of Unsecured Creditors. The Court recently held that the meeting of creditors pursuant to Section 341(a) of the Bankruptcy Code will not be convened, and is canceled, if the Debtors' Plan of Reorganization is confirmed on or prior to October 16, 2007. BALLY TOTAL: Court Gives Interim Nod on Deloitte as Tax Advisors ---------------------------------------------------------------- Bally Total Fitness Holding Corporation and its debtor- affiliates obtained authority, on an interim basis, from the U.S. Bankruptcy Court for the Southern District of New York in Manhattan to employ Deloitte Tax LLP as their tax services provider, effective as of July 31, 2007. According to Marc D. Bassewitz, senior vice president, secretary and general counsel of Bally Total Fitness Holding Corporation, Deloitte Tax and its professionals have extensive experience and knowledge in the field of tax services, including providing tax advisory services in cases before bankruptcy courts. Moreover, the firm has performed other work for the Debtors in the past, and is therefore familiar with the Debtors' corporate structures and businesses, and many of the potential issues that may arise in the context of the Chapter 11 cases, Mr. Bassewitz says. As Tax advisors, Deloitte Tax will render tax advisory services to the Debtors, including: (a) assisting the Debtors with the federal tax effects of the commencement of the Chapter 11 cases; (b) providing the Debtors with various tax compliance services, including assisting the Debtors with certain FAS 109 calculations and preparing various federal, state and local tax returns; (c) providing general corporate tax advisory services; (d) assisting the Debtors with their efforts to implement FASB Interpretation No. 48; and (e) providing tax examination services. Mr. Bassewitz tells the Court that Deloitte Tax will charge the Debtors a fixed weekly fee of US$10,000 for approximately 40 to 60 hours of tax compliance services pursuant to an engagement letter dated May 29, 2007. Deloitte Tax will be paid on its hourly rates for all other services: Partner or Director US$475 - US$645 Senior Manager US$400 - US$535 Manager US$325 - US$450 Senior Associate US$275 - US$365 Associate US$175 - US$270 David Hoffman and Rochelle Kleczynski are the professionals expected to have primary responsibility for providing services to the Debtors. As a result of Deloitte FAS' and its affiliate, Deloitte Tax LLP's prepetition services to the Debtors, both parties received retainers from the Debtors in the 90 days prior to the Petition Date: Amount ------ Deloitte FAS US$1,681,004 Deloitte Tax 645,863 About US$50,562 in Deloitte FAS' retainers remained as of the Petition Date, while US$91,370 remained in Deloitte Tax's retainers. No amounts were due and owing from the Debtors to both advisors prior to that Date. The Debtors will indemnify and hold harmless Deloitte Tax, its subcontractors and their personnel from all claims, liabilities and expenses relating to the engagement, except to the extent finally judicially determined to have resulted primarily from Deloitte Tax's bad faith, intentional misconduct or recklessness. The Debtors agree these indemnification provisions: Richard Bodnum, Esq., a partner at Deloitte Tax, assures the Court that Deloitte Tax is a "disinterested person" as that phrase is defined in Section 101(14) of the Bankruptcy Code, as modified by section 1107(b). Based in Chicago, Illinois, Bally Total Fitness Holding Corp. (Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/-- operates fitness centers in the U.S., with over 375 facilities located in 26 states, Mexico, Canada, Korea, China, the United Kingdom, and the Caribbean under the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands. Bally Total and its affiliates filed for chapter 11 protection on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after obtaining requisite number of votes in favor of their pre- packaged chapter 11 plan. Joseph Furst, III, Esq. at Latham & Watkins, L.L.P. represents the Debtors in their restructuring efforts. As of June 30, 2007, the Debtors had US$408,546,205 in total assets and US$1,825,941,54627 in total liabilities. No schedule has been set to date for an organizational meeting that would create an Official Committee of Unsecured Creditors. The Court recently held that the meeting of creditors pursuant to Section 341(a) of the Bankruptcy Code will not be convened, and is canceled, if the Debtors' Plan of Reorganization is confirmed on or prior to October 16, 2007. (Bally Total Fitness Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000). BALLY TOTAL: Gets Interim Nod to Hire Jefferies as Fin'l Advisor ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York in Manhattan gave Bally Total Fitness Holding Corporation and its debtor-affiliates authority, on an interim basis, to employ Jefferies & Company Inc. as their financial advisor, effective as of July 31, 2007. Jefferies & Company Inc. is an investment banking firm, which has provided prepetition services to the Debtors, working closely with them to pursue available alternatives, thereby playing a pivotal role in the Debtors' proposed Plan of Reorganization, Marc D. Bassewitz, senior vice president, secretary and general counsel of Bally Total Fitness Holding Corporation, tells the Court. Jefferies is, thus, familiar with the Debtors' business operations, capital structure, financing documents and other material information, and is able to assist the Debtors in their restructuring efforts, Mr. Bassewitz says. As financial advisor, the firm is expected to: -- advice and assist the Debtors in connection with analyzing, structuring, and effecting -- including providing valuation analyses as appropriate -- and acting as financial advisor in connection with, any potential restructuring; -- perform financial advisory services, including (i) analyzing the business, operations, properties, financial condition, and prospects of the Debtors, (ii) advising the Debtors on the current state of the restructuring market, (iii) assisting and advising the Debtors in developing a general strategy for accomplishing a restructuring, including the value of the securities, if any, that may be issued, (iv) providing valuation and related services in connection with any proposed restructuring, and (v) rendering other financial advisory services as may from time to time; and -- provide advice and assistance in connection with the solicitation of votes. According to Mr. Bassewitz, investment bankers like Jefferies do not charge for their services on an hourly basis. Instead, they customarily charge a monthly advisory fee plus an additional fee that is contingent upon the occurrence of a specified type of transaction. For its services rendered to the Debtors, Jefferies will be paid: -- an initial monthly fee equal to US$125,000 per month from February 24, 2007, through June 30, 2007; -- a second monthly fee equal to US$150,000 per month from July 1, 2007, through September 30, 2007; and -- a final monthly fee equal to 50% of second monthly fee from and after October 1, 2007, until the expiration of the agreement. A transaction fee of US$3,350,000 was earned unconditionally on the execution of the restructuring engagement letter with the Debtors, and payable prior to June 30, 2007. Mr. Bassewitz clarifies that 50% of the aggregate initial monthly fees actually paid to Jefferies in excess of US$375,000 will be credited against the Transaction Fee. The Debtors will also reimburse Jefferies for all fees, reasonable disbursements and reasonable out-of-pocket expenses, including Jefferies' counsel fees, not to exceed US$50,000 in the aggreagate absent the consent of the Debtors; and, Jefferies' counsel disbursements, not to exceed US$100,000 in the aggregate. Mr. Bassewitz adds that for its advisory services, Jefferies will be paid: (a) an advisory transaction fee of US$1,650,000, upon consummation of a Merger & Acquisition transaction; (b) a non-core transaction fee of 2% of the transaction value in the event of a non-core transaction, plus, in the discretion of the Debtors' chief restructuring officer, additional compensation up to an aggregate of US$500,000 for all non-core transactions. Non-core transaction fees will not exceed US$1,000,000 in the aggregate. In the event the Debtors request that Jefferies render an "Alternate Opinion", the Debtors and Jefferies will mutually agree on a reasonable fee for the services which will be based on the prevailing market rate. Pursuant to an M&A advisory engagement letter between the Debtors and Jefferies, an M&A opinion fee of US$500,000 will be charged for each M&A opinion delivered, of which 100% of the amount will be credited against the advisory transaction fees. Jefferies will apply to the Court for payment of compensation and reimbursement expenses in accordance with applicable provisions on the Bankruptcy Code. Mr. Bassewitz notes that prior to the Petition Date, Jefferies received approximately US$4,099,761 in fees and US$45,677 in expenses from the Debtors, for prepetition services rendered and expenses incurred in advising the Debtors. No indemnification will be available to the Debtors for losses that are determined, by a final, nonappealable judgement by a court to have resulted primarily from an indemnified person's own gross negligence or willful misconduct, reveals Mr. Bassewitz. William Q. Derrough, managing director of Jefferies & Company, Inc., assures the Debtors that Jefferies is a "disinterested person" as the phrase is defined in Section 101(14) of the Bankruptcy Code as modified by Section 1107(b). Based in Chicago, Illinois, Bally Total Fitness Holding Corp. (Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/-- operates fitness centers in the U.S., with over 375 facilities located in 26 states, Mexico, Canada, Korea, China and the Caribbean under the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands. Bally Total and its affiliates filed for chapter 11 protection on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after obtaining requisite number of votes in favor of their pre- packaged chapter 11 plan. Joseph Furst, III, Esq. at Latham & Watkins, L.L.P. represents the Debtors in their restructuring efforts. As of June 30, 2007, the Debtors had US$408,546,205 in total assets and US$1,825,941,54627 in total liabilities. No schedule has been set to date for an organizational meeting that would create an Official Committee of Unsecured Creditors. The Court recently held that the meeting of creditors pursuant to Section 341(a) of the Bankruptcy Code will not be convened, and is canceled, if the Debtors' Plan of Reorganization is confirmed on or prior to October 16, 2007. (Bally Total Fitness Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000). BRITISH AIRWAYS: Moody's Lifts Senior Unsecured Rating to Ba1 -------------------------------------------------------------- Moody's Investors Service upgraded the senior unsecured rating of British Airways plc to Ba1, one notch lower than the Corporate Family Rating (upgraded to Baa3, stable outlook), reflecting the subordination of unsecured debt to a substantial portion of secured debt. The debt instruments affected by the rating action are: -- GBP100 million 10.875% senior unsecured notes due 2008 to Ba1 from Ba2; -- GBP250 million 7.25% senior unsecured notes due 2016 to Ba1 from Ba2; -- US$115 million 5.25% and US$85 million 7.625% senior unsecured industrial revenue notes due 2032 to Ba1 from Ba2; -- EUR300 million 6.75% perpetual guaranteed preferred securities to Ba2 from Ba3 (issued by British Airways Finance (Jersey) L.P.). The upgrade reflects the gradual improvement in the company's operating performance in spite of volatile earnings, as well as the beginning of the company's plan to reduce its significant unfunded pension plan, which has had a positive impact on credit metrics. The company reported a 12% operating margin in the first quarter of Fiscal Year 2008 and continues to target an operating margin of 10% for the full year. Moody's cautions nevertheless that the operating performance can be vulnerable to negative developments as evidenced in Fiscal Year 2007, when results were impacted by factors such as fuel costs, labor unrest, security threats and weather conditions, which the company estimates lowered its revenues by GBP220 million in that year. Credit metrics have also improved due to the company's GBP800 million in contributions to its pension deficit since February 2007, as a result of which Adjusted Total Debt/EBITDA is expected to remain below 4x, which had been a criterion for a rating upgrade. The unsecured rating continues to reflect the significant share of secured financing within the capital structure, which creates a material degree of effective subordination for the unsecured noteholders. Moody's notes, nevertheless, that the company faces a significant step-up in capital expenditures for its planned re- fleeting, for which GBP554 million was contracted at the end of FY2007 for new aircraft purchases, and GBP 850mn in capital expenditures is targeted for the current fiscal year. Moody's expects that this fleet renewal is likely to be a longer-term and costly process, thus significantly mitigating the potential for further deleveraging. The rating also factors in the company's stated policy that it will not make any further capital investments as part of a potential bid for Iberia in conjunction with TPG. Moody's notes that the company's provisioning for litigation with regards to fuel price surcharges has thus far been sufficient to meet expected cash payments, while the rating assumes that pending litigation, notably for alleged cargo surcharges, will not significantly impact the company's overall credit profile. The company's liquidity is supported by its strong cash balance, which remained at nearly GBP2 billion at the end of the first quarter of Fiscal Year 2008. The principal external available source of funding is a committed aircraft financing facility of US$352 million, which remained undrawn at the end of Fiscal Year 2007. The company had GBP417 million in short-term financial liabilities, mainly for finance leases and hire purchase agreements. In light of the limited external committed sources of funding, Moody's would expect that the company retains a substantial cash balance at or near the current level. The stable outlook reflects Moody's view that the company's operations are expected to remain sound in the foreseeable future, while over the medium term free cash generation is likely to be absorbed by the significant re-fleeting program. The rating or outlook could be positively impacted if in spite of strong capex the company were able to continue to pay down debt with adjusted leverage falling towards 3x. Conversely, the rating or outlook could be negatively impacted if external events were to result in a significant decline in profitability or liquidity, or if leverage were to rise above 4x on a sustained basis. British Airways, based in Waterside, United Kingdom, is Europe's third largest airline carrier with 33 million passengers in Fiscal Year 2007 (to 31 March), serving 147 destinations in 75 countries. In FY2007 the company reported revenues and operating profits of GBP8.5 billion and 602 million, respectively. CAMBRIDGE MARKETING: Claims Filing Period Ends October 2 -------------------------------------------------------- Creditors of Cambridge Marketing Solutions Ltd. (formerly Carnegie Lemon Ltd.) have until Oct. 2 to send in their names, addresses and descriptions, full particulars of their debts and claims, and the names and addresses of their solicitors (if any) to: Ladislav Hornan Joint Liquidator UHY Hacker Young St. Alphage House 2 Fore Street London EC2Y 5DH England Andrew Andronikou and Ladislav Hornan of UHY Hacker Young were appointed joint liquidators of the company on Aug. 2 for the creditors’ voluntary winding-up procedure. DECO SERIES 2005: Fitch Junks GBP2.85 Million Class E Notes ----------------------------------------------------------- Fitch Ratings has downgraded the class E notes and affirmed the four others of from Deco Series 2005-UK Conduit plc due July 2012: -- GBP100.85 million Class A (XS0222802364) affirmed at 'AAA' Outlook Stable -- GBP14.49 million Class B (XS0222803099) affirmed at 'AA' Outlook Stable -- GBP12.15 million Class C (XS0222803842) affirmed at 'A' Outlook Stable -- GBP10.53 million Class D (XS0222806514) affirmed at 'BBB'. Outlook revised to Negative from Stable -- GBP2.85 million Class E (XS0222830811) downgraded to 'CCC' distressed recovery 2 from 'BB'; Outlook Negative. Rating Outlooks have been introduced for European Structured Finance tranches to provide more forward-looking information to the market. An Outlook indicates the likely direction of any rating change during a one- to two-year period. On the July 2007 interest payment date, there was an interest shortfall to the class E notes. This shortfall occurred because of the reduction in liquidity drawings available to cover interest on the Kashani loan, which consequently reduced the interest available to pay the class E noteholders. The shortfall was GBP 41,163 on interest due of GBP49,423. The latest valuations show that the value of the Kashani assets have decreased compared to the original purchase price, given which, an appraisal reduction mechanism has been triggered. (A standard appraisal reduction mechanism will proportionately reduce the amount available to be drawn down under the liquidity facility agreement.) The maximum amount that can be drawn in respect of a particular loan may be reduced by the amount of the appraisal reduction of any loan. It will not, however, decrease below the lower of GBP5 million (currently GBP11.6 million, reduced from GBP12 million) and 25% of the outstanding principal balance of the loans. In this case, the principal amount of the relevant mortgage loan outstanding - including any unpaid interest, all currently due and unpaid taxes and assessments, and insurance premiums - has exceeded the sum of 90% of the appraised value of the Kashani loan. The amount available to be drawn under the liquidity facility will be reduced in proportion to the amount of the appraisal reduction (44.96%). The failure to pay interest on the most senior class of notes when due will result in a note event of default. Conversely, if there are insufficient funds to pay full interest on one or more of the junior ranking notes, this does not constitute a note default. Rather, interest will be deferred until the earlier of the following distribution date on which the issuer has sufficient funds available to pay such deferred amounts, or the date on which the relevant notes are due to be redeemed in full. Interest will, nevertheless, accrue on such deferred interest. The properties backing the Kashani loan consist of three pubs, located in medium- to small-sized towns in Scotland. The properties are prominently positioned on busy traffic routes and surrounding properties are a mix of retail, commercial and/or residential. Fitch has not been informed of the sale price of the Laings property, one of the pubs noted above. According to the surveyor's Web site (Creevy LHH) the property is under offer. However, in its analysis, Fitch has made the assumption that the property will sell for the allocated loan amount, currently GBP834,724. It also assumes that the other properties will be sold in July 2008 for approximately current market value. The DR on the class E notes reflects expected recoveries. In line with Fitch's methodology, forecasts of principal and interest payments for all tranches were calculated based on historical principal payment rates and interest payment rates. These were then applied to the respective tranches, and compared to expected losses. Finally, the net present value of all payments was calculated, resulting in the lower ratings for class E. In summary, there has been sufficient credit deterioration to expect that the rated securities are at risk of loss of principal or interest. The current market values for each property have decreased dramatically, having a negative impact on the transaction. The loan to value ratios currently stand at 158.01% while the vacant possession LTV is 202.72%. Assuming this loss will be allocated, the not accruing interest amount comes into play. This is the difference between the principal amount outstanding on the loans and the principal outstanding on the notes. When determining the principal amount of the loans outstanding, the servicer or special servicer will deduct any loan amounts for which losses have been realised and no further recoveries are expected. If the resulting aggregate loan balance is less than the aggregate note balance, the shortfall will be allocated to the notes sequentially in reverse order of seniority. NAI in effect represents the losses realized on the loans. When calculating interest due on a class of notes, the cash manager will deduct the amount of NAI allocated to that class from the principal amount outstanding, in effect reducing the size of the class and hence the amount of interest payable to that class. This feature ensures that interest payments will cease to be paid to notes for which principal repayments are not expected. A loss on one loan has an immediate impact on the most junior notes. DURA AUTOMOTIVE: No Competing Offers Received for Atwood Sale ------------------------------------------------------------- DURA Automotive Systems Inc. and its debtor-affiliates disclosed that they canceled the scheduled auction for Atwood Mobile Products, Inc.'s assets, in light of the absence of competing bids for the Elkhart, Indiana-based business. In a notice filed before the U.S. Bankruptcy Court for the District of Delaware, Dura Automotive said that they have not received additional "qualified bids" for Atwood by the August 8 bidding deadline. Rochester Hills, Mich.-based DURA Automotive Systems Inc. (Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive industry. The company is also a supplier of similar products to the recreation vehicle and specialty vehicle industries. DURA sells its automotive products to North American, Japanese and European original equipment manufacturers and other automotive suppliers. The company has three locations in Asia -- China, Japan and Korea. It has locations in Europe and Latin-America, particularly in Mexico, Germany and the United Kingdom. The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr. D. Del. Case No. 06-11202). Richard M. Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the Debtors' co- counsel. Baker & McKenzie acts as the Debtors' special counsel. Togut, Segal & Segal LLP is the Debtors' conflicts counsel. Miller Buckfire & Co., LLC is the Debtors' investment banker. Glass & Associates Inc., gives financial advice to the Debtor. Kurtzman Carson Consultants LLC handles the notice, claims and balloting for the Debtors and Brunswick Group LLC acts as their Corporate Communications Consultants for the Debtors. As of July 2, 2006, the Debtor had US$1,993,178,000 in total assets and US$1,730,758,000 in total liabilities. The Debtors' exclusive plan-filing period expires on Sept. 30, 2007. (Dura Automotive Bankruptcy News, Issue No. 25; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/ or 215/945-7000). GREAT NORTH: Loses Ten-Year East Coast Franchise to New Operator ---------------------------------------------------------------- Sea Containers Ltd., the owner of the Great North Eastern Railway Ltd., which operates the InterCity East Coast service, expressed disappointment over the decision of the Department for Transport awarding the 10-year franchise to a new operator rather than to the Virgin and Stagecoach consortium of which GNER was a part of. The Department of Transport awarded the contract to operate the services on the InterCity East Coast rail franchise to NXEC Trains Ltd, a subsidiary of National Express Group, on Aug. 14, 2007. The franchise will start on Dec. 9, 2007, and will run through March 31, 2015, with the last 17 months conditional on set performance levels being reached. NXEC Trains will be paid GBP1.4 billion over the life of the franchise in premium as a contribution to DfT's rail budget. Bob Mackenzie, Chief Executive Officer of Sea Containers and Executive Chairman of GNER, stated in response to the decision: "This will be a sad day for the GNER family of passengers and staff as well as the businesses associated with GNER from Sea Containers itself to the suppliers we have worked closely with over many years. "We were never in breach of the ten year contract, but due to all of the unforeseen circumstances and the considerable step up in premium this year Sea Containers was likely to lose GBP50 million had we held onto the franchise. We therefore voluntarily agreed with the Government to enter into the management contract. This has allowed GNER to provide the original benefits under the terms of the 2005 franchise and make a profitable contribution to the parent company every month since last December. "By teaming up with Virgin and Stagecoach we were part of a strong and robust bid for the next franchise and so we are disappointed that the Government has decided that our combination of talents did not meet its financial requirements." In December 2006, GNER voluntarily entered into a Management Agreement with the Government to continue delivering train services after the early ending of the ten year franchise which had begun in May 2005. This was the result of a number of unexpected external events, beyond GNER's direct control, which undermined the sustainability of the InterCity East Coast franchise over its 10-year lifetime. These events included the loss of revenue due to the London bombings in July 2005, higher energy and fuel costs, and regulatory permission being granted for a new open access entrant on the route. While GNER was never in breach of the franchise agreement, it was apparent that the company was not going to be able to meet the significant increase in franchise premium obligations due from May 2007. As reported in the TCR-Europe on Dec. 11, 2006, the government decided to end GNER's GBP1.3-billion franchise agreement to operate the East Coast main line railway after the company was unable to meet a 10% revenue growth requirement in 2005, stipulated under the terms of its franchise agreement. GNER suffered disappointing passenger growth, soaring electricity prices and the effect of the 2005 London bombings, while parent firm Sea Containers has filed for bankruptcy protection in the U.S. About GNER Headquartered in London, United Kingdom -- Great North Eastern Railway (GNER) Ltd. -- http://www.gner.co.uk/-- operates high- speed express train services on the East Coast Main Line. Most of their trains run between London King's Cross and either Edinburgh Waverley or Leeds. About Sea Containers Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSEArca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they reported US$1.7 billion in total assets and US$1.6 billion in total debts. HAWKSHEAD RETAIL: Brings In Liquidators from Ernst & Young ---------------------------------------------------------- Simon Allport and Ian Best of Ernst & Young LLP were appointed joint liquidators of Hawkshead Retail Ltd. (formerly Pinco 1663 Ltd.) on Aug. 1 for the creditors’ voluntary winding-up proceeding. The joint liquidators can be reached at: Ernst & Young LLP 100 Barbirolli Square Manchester M2 3EY England NUPLEX INDUSTRIES: Amends Terms of 2007 Capital Notes ----------------------------------------------------- Nuplex Industries Limited discloses in a filing with the New Zealand Stock Exchange the new terms of its 2007 Capital Notes. The new terms are the same as the conditions set forth in the Capital Notes except for: New Election Date: 15 September 2012. New Interest Rate: 9.3% per annum. The Capital Notes with the new terms will be known as 2012 Capital Notes. In that regard, Nuplex advises the holders of the Capital that on Sept. 17, 2007, they must decide whether to: -- retain some or all of the Capital Notes on the new terms offered with an interest rate of 9.3% per annum; or -- convert some or all of the Capital Notes into fully paid Nuplex shares (subject to Nuplex having the right to redeem or purchase the Capital Notes for cash); or -- sell some or all of the Capital Notes. Holders will also have the opportunity to purchase more Capital Notes on the new terms offered. The new terms will apply from Sept. 17 Nuplex Industries Limited -- http://www.nuplex.co.nz/-- was founded in 1956 and is incorporated in New Zealand. The company is listed on both the New Zealand (NZX) and Australian (ASX) Stock Exchange. Nuplex produces and supplies technical materials used as inputs to a broad range of manufacturing processes. It also provides specialist building products. Nuplex has operations in Australia, China, Malaysia, Brazil, United Kingdom, Netherlands, the U.S., among others and reports in four business segments. According to Reuters, Nuplex is New Zealand and Australia's largest maker and distributor of resins and polymers for the paint, paper, and textile industries. It also bought a coating resins business in Holland. * * * The Troubled Company Reporter-Asia Pacific reported on its Aug. 7, 2007 Distressed Bonds Column that Nuplex Industries Ltd.'s bond with a 9.300% coupon and which matures on Sept. 15, 2007, is trading at NZ$9.50. OLYMPIA FOOD: Claims Filing Period Ends October 30 -------------------------------------------------- Creditors of Olympia Food Products Ltd. have until Oct. 30 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Stewart Trevor Bennett and James Preston Bradney Joint Liquidators BKL Business Recovery LLP 35 Ballards Lane London N3 1XW England Stewart Trevor Bennett and James Preston Bradney of BKL Business Recovery LLP were appointed joint liquidators of the company on July 31 for the creditors’ voluntary winding-up procedure. PIPE HOLDINGS: Polypipe Buys Out Equity from Castle Harlan ---------------------------------------------------------- Polypipe Building Products Ltd., a subsidiary of U.K.-based plastic pipe manufacturer Pipe Holdings PLC, has undertaken a refinancing exercise following a period of significant business expansion, including its successful acquisition of the Terrain above-ground drainage business, as a platform for further growth. Under the terms of the refinancing Polypipe has bought out the equity controlled by its financial sponsors from New York based private equity firm Castle Harlan, Inc. with the backing of an integrated finance package provided by U.K.-based Bank of Scotland. “Polypipe has considerably strengthened and refocused its business during the period under Castle Harlan’s ownership, with a reliable record of revenues, profits and cash generation linked to significant investments in manufacturing and new products as well as making the recent Terrain acquisition,” CEO Polypipe Group CEO David Hall commented. “Bank of Scotland as our new, U.K. based, financial sponsors provide the business with a longer term investment horizon and can provide access to additional funds for expansion including the potential for further complementary acquisitions. Our team of nearly 50 senior managers, who originally elected to invest in the company alongside Castle Harlan will now hold a controlling equity stake giving us greater control over our future plans.” The refinancing has allowed Castle Harlan to realize their successful investment following strong performance by the Polypipe Group since the acquisition of the business in September 2005 giving them the opportunity to take advantage of the favorable dollar to sterling exchange rates to further enhance their returns. As a lasting tribute to the success of the relationship and to employees, Castle Harlan and Polypipe Group are each contributing GBP100,000 to endow a charitable scholarship fund for the education of Polypipe personnel and their families. About Polypipe Polypipe -- http://www.polypipe.com/-- manufactures piping and sanitary systems for the residential, commercial and infrastructure sectors. The company employs over 2800 people in 22 operations facilities, mostly in the U.K. It also serves niche segments of the plastic piping and sanitary systems markets in France, Germany, Italy and Poland. For the 12 months ended December 31, 2006, Polypipe generated revenues of GBP331 million. Pipe Holdings plc Pipe Holdings plc is the parent company of Doncaster, South Yorkshire-based Polypipe Building Products Ltd., which manufactures below ground drainage products and plastic plumbing as well as underfloor heating systems. * * * In April 2007, in connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given- Default rating methodology for the existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa, the rating agency confirmed its B1 Corporate Family Rating for Pipe Holdings Plc. The implementation of the LGD methodology in EMEA follows the introduction of the methodology in September 2006. Most of the rating actions Moody's confirmed relate to senior secured loans. Projected Old New LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- 7.75% Senior Secured Regular Bond/ Debenture Due 2011 B1 Ba3 LGD3 32% 9.75% Senior Unsecured Regular Bond/ Debenture Due 2013 B3 B2 LGD5 75% PIPE HOLDINGS: S&P Revises Outlook on Secondary Buyout Notice ------------------------------------------------------------- Standard & Poor's Ratings Services revised the outlook to negative from stable on Pipe Holdings PLC, the U.K.-based manufacturer of plastic pipes and sanitary systems and parent company of Polypipe Building Products Ltd., the holding company for the group's operating subsidiaries. This follows the group's announcement of a secondary buyout by the existing management team from Castle Harlan Partners. The company's 'B' long-term corporate credit rating was affirmed. "The outlook revision reflects our concerns that Polypipe's cash flow adequacy has significantly weakened after the secondary buyout transaction, which entails additional leveraging without any expansion in operations," said Standard & Poor's credit analyst Eve Greb. "This will likely lead to very limited free cash flow generation, which makes the company more exposed to fluctuations in market conditions." "In addition, there might be a refinancing risk if bondholders request repayment of Polypipe's bonds under their change-of- control clauses," said Ms. Greb. Polypipe has, however, covered this risk in the short term by a committed bond repurchase facility. In addition, Polypipe has a GBP35 million committed credit facility, which provides a liquidity back-up. Pro forma for the buyout, total lease- and pension-adjusted debt to EBITDA is estimated to be about 6.5x by the end of 2007, compared with about 5.0x for the 12 months to March 31, 2007, which is below our expectations for the current rating category. Debt is adjusted to include Polypipe's payment-in-kind note and shareholder loans. Although Standard & Poor's recognizes that there will be no cash impact from these loans and that they are deeply subordinated to the notes, the instruments add to the overall burden of liability for the group, which is a consideration for the ratings. RCQ HOLDINGS: Calls In Liquidators from Vantis Business ------------------------------------------------------- J. S. French and G. Mummery of Vantis Business Recovery Services were appointed joint liquidators of RCQ Holdings Ltd. (t/a Romford Industrial Door Systems) on Aug. 3 for the creditors’ voluntary winding-up procedure. The joint liquidators can be reached at: Vantis Business Recovery Services 43-45 Butts Green Road Hornchurch Essex RM11 2JX England ROTRAN SIMULATOR: Claims Filing Period Ends September 25 -------------------------------------------------------- Creditors of Rotran Simulator Logistics Ltd. have until Sept. 25 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Stewart Trevor Bennett and James Preston Bradney Joint Liquidators BKL Business Recovery LLP 35 Ballards Lane London N3 1XW England Stewart Trevor Bennett and James Preston Bradney of BKL Business Recovery LLP were appointed joint liquidators of the company on July 31 for the creditors’ voluntary winding-up procedure. SEA CONTAINERS: Fails to Secure 10-Year Franchise From Regulator ---------------------------------------------------------------- Sea Containers Ltd., the owner of the Great North Eastern Railway Ltd., which operates the InterCity East Coast service, expressed disappointment over the decision of the Department for Transport awarding the 10-year franchise to a new operator rather than to the Virgin and Stagecoach consortium of which GNER was a part of. The Department of Transport awarded the contract to operate the services on the InterCity East Coast rail franchise to NXEC Trains Ltd, a subsidiary of National Express Group, on Aug. 14, 2007. The franchise will start on Dec. 9, 2007, and will run through March 31, 2015, with the last 17 months conditional on set performance levels being reached. NXEC Trains will be paid GBP1.4 billion over the life of the franchise in premium as a contribution to DfT's rail budget. Bob Mackenzie, Chief Executive Officer of Sea Containers and Executive Chairman of GNER, stated in response to the decision: "This will be a sad day for the GNER family of passengers and staff as well as the businesses associated with GNER from Sea Containers itself to the suppliers we have worked closely with over many years. "We were never in breach of the ten year contract, but due to all of the unforeseen circumstances and the considerable step up in premium this year Sea Containers was likely to lose GBP50 million had we held onto the franchise. We therefore voluntarily agreed with the Government to enter into the management contract. This has allowed GNER to provide the original benefits under the terms of the 2005 franchise and make a profitable contribution to the parent company every month since last December. "By teaming up with Virgin and Stagecoach we were part of a strong and robust bid for the next franchise and so we are disappointed that the Government has decided that our combination of talents did not meet its financial requirements." In December 2006, GNER voluntarily entered into a Management Agreement with the Government to continue delivering train services after the early ending of the ten year franchise which had begun in May 2005. This was the result of a number of unexpected external events, beyond GNER's direct control, which undermined the sustainability of the InterCity East Coast franchise over its 10-year lifetime. These events included the loss of revenue due to the London bombings in July 2005, higher energy and fuel costs, and regulatory permission being granted for a new open access entrant on the route. While GNER was never in breach of the franchise agreement, it was apparent that the company was not going to be able to meet the significant increase in franchise premium obligations due from May 2007. As reported in the TCR-Europe on Dec. 11, 2006, the government decided to end GNER's GBP1.3-billion franchise agreement to operate the East Coast main line railway after the company was unable to meet a 10% revenue growth requirement in 2005, stipulated under the terms of its franchise agreement. GNER suffered disappointing passenger growth, soaring electricity prices and the effect of the 2005 London bombings, while parent firm Sea Containers has filed for bankruptcy protection in the U.S. About Sea Containers Based in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers Ltd. disclosed total assets of US$62,400,718 and total liabilities of US$1,545,384,083. The Court extended the Debtors' exclusive period to file a Plan of Reorganization to Sept. 28, 2007. (Sea Containers Bankruptcy News, Issue No. 22; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) SECURICHECK LTD: Claims Filing Period Ends September 25 ------------------------------------------------------- Creditors of Securicheck Ltd. have until Sept. 25 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Stewart Trevor Bennett and James Preston Bradney Joint Liquidators BKL Business Recovery LLP 35 Ballards Lane London N3 1XW England Stewart Trevor Bennett and James Preston Bradney of BKL Business Recovery LLP were appointed joint liquidators of the company on July 30 for the creditors’ voluntary winding-up proceeding. STATS CHIPPAC: Names Jimmy Phoon to Board of Directors ------------------------------------------------------ STATS ChipPAC Ltd. disclosed on Aug.6, 2007, that it has appointed Jimmy Phoon Siew Heng as a member to its Board of Directors. "We are pleased to have Jimmy Phoon join our Board. He brings with him a wealth of financial acumen and diverse investment experience. As the company continues to grow, we expect Jimmy's varied experience to be a significant addition to the strength of our Board," said Charles Wofford, Chairman of STATS ChipPAC. Mr. Phoon is currently Senior Managing Director and Chief Investment Officer at Temasek Holdings (Private) Limited. Prior to joining Temasek Holdings in 1999, Mr. Phoon was with Standard Chartered Merchant Bank Asia Ltd. He was a Deputy Director in the Ministry of Finance, Singapore, from 1988 to 1992. Mr. Phoon also sits on the Board of Directors of Shin Corporation Public Company Limited, Alliance Bank Malaysia Berhad, among others. Mr. Phoon was previously a Director of SP PowerGrid Limited, SMRT Corporation Ltd, Singapore Airport Terminal Services Limited, SIA Engineering Company Limited and a Board Commissioner in PT Bank Internasional Indonesia Tbk and PT Bank Danamon Indonesia Tbk. Mr. Phoon is a degree holder of Bachelor of Economics (Honors) from Monash University, Australia. About STATS ChipPAC STATS ChipPAC Ltd is a back-end semiconductor assembly and test company. It provides full-turnkey solutions to semiconductor businesses, including foundries, integrated device manufacturers and fabless companies in the U.S., Europe and Asia. It ranked fourth in the global outsourcing semiconductor assembly and test industry as of end-2006. In fiscal year 2006, packaging revenue accounted for 74% of sales, and test and other revenues the balance. The communications segment accounted for 57% of sales. The company's offices outside the United States are located in Singapore, South Korea, China, Malaysia, Taiwan, Japan, the Netherlands, and United Kingdom. * * * As reported by the Troubled Company Reporter - Asia Pacific on July 30, 2007, Standard & Poor's Ratings Services raised its corporate credit rating on STATS ChipPAC Ltd. to 'BB+' from 'BB'. The outlook is stable. The issue rating on the senior unsecured debt has also been raised to 'BB+' from 'BB'. The ratings have been removed from CreditWatch, where they were placed with positive implications on March 2, 2007. TISCALI SPA: UK Unit to Receive Funds from Management & Capitali ---------------------------------------------------------------- Management & Capitali S.p.A. has approved an investment project aimed at supporting the development plans and the opportunities of growth of Tiscali S.p.A. in the markets where it operates. M&C has in fact agreed with Tiscali to invest from EUR50 million to EUR165 Million in Tiscali U.K. by way of a convertible debt financing or a capital increase, to reflect the financing requirements to support in particular the integration and the development plan following the recent acquisition of the broadband and voice division of Pipex Plc. The closing of the investment is expected by the end of 2007. With the acqusition of Pipex by Tiscali U.K., the Tiscali Group consolidates its top-tier positioning in the U.K. market, becoming one of the top four operators in the broadband and voice arena, with significant growth opportunities and with the potential objective of an IPO in the next three years. "We are glad of this agreement with Management & Capitali, which follows the recent EUR650 million financing by Banca Intesa Sanpaolo and JP Morgan and which offers the Tiscali Group additional financial flexibility in pursuing opportunities of growth and to implement its strategic plan," Tommaso Pompei, Tiscali chief executive, said. About Tiscali Headquartered in Cagliari, Italy, Tiscali S.p.A. -- http://www.tiscali.com/-- offers Internet access in the country. The group also operates in other European countries, serving more than seven million subscribers, of which over 1.5 million are broadband users. As reported in the TCR-Europe on March 22, 2007, the company registered EUR136.16 million in net losses on EUR678.48 million in net revenues for the full year ended Dec. 31, 2006, compared with EUR12.81 million net losses on EUR530.85 billion in revenues for full year 2005. As reported in the TCR-Europe on Oct. 13, 2006, Tiscali's Board of Directors approved a three-year plan for 2007-2010, which calls for the concentration of its core business in Italy and in the United Kingdom. * * * As reported in the TCR-Europe on June 27, 2007, Fitch Ratings has upgraded Italy-based Tiscali S.p.A.'s Long-term Issuer Default rating to 'B-' from 'CCC' and removed it from Rating Watch Positive. Fitch said a stable outlook is assigned. VALERIO’S HOLDINGS: Claims Filing Period Ends October 30 -------------------------------------------------------- Creditors of Valerio’s Holdings Ltd. (formerly Valerio’s Olympia Group Ltd.) have until Oct. 30 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their Solicitors (if any) to: Stewart Trevor Bennett and James Preston Bradney Joint Liquidators BKL Business Recovery LLP 35 Ballards Lane London N3 1XW England Stewart Trevor Bennett and James Preston Bradney of BKL Business Recovery LLP were appointed joint liquidators of the company on July 31 for the creditors’ voluntary winding-up proceeding. VIRGIN MEDIA: Mulls Licensing Deal with Numericable, Reports Say ---------------------------------------------------------------- Virgin Group is in talks with Numericable over a deal to rebrand the French cable operator’s services under the Virgin Media name, David Hayhurst and Dominic Schreiber write for Variety. According to the report, the deal, if pushed through, is expected to initiate similar licensing arrangements in other European markets. Analysts say France could serve as Virgin Group’s springboard to its expansion into Europe as the Virgin brand has already attained a level of recognition in the country, Variety relates. However, Numericable, which covers 9 million households in France, denied that it is in discussions with Virgin Group about any licensing deal, La Tribune reports. Virgin Group, which holds a 10% stake in Virgin Media, also declined to comment on the issue but its corporate and brand strategy director Will Whitehorn told Variety that "Virgin Group is free to use the Virgin brand in the cable, satellite, TV and other similar spaces outside the U.K. and we have had several approaches to do so from European territories." In 2005, Virgin Group launched Virgin Mobile network in France. About Virgin Media Headquartered in London, England, Virgin Media Inc. (fka NTL Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides broadband, digital television, telephony, content and communications services, reaching over 50% of the U.K. homes and 85% of the U.K. businesses. Virgin Media posted GBP120.3 million in net losses against GBP1 million in revenues for the first quarter ended March 31, 2007, compared with GBP119.9 million in net losses against GBP611.4 million in revenues for the same period in 2006. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa, Moody's Investors Service confirmed its Ba3 Corporate Family Rating for Virgin Media Inc. Moody's also assigned a Ba3 Probability-of-Default Rating to the company. As reported in the TCR-Europe on March 23, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' senior secured debt rating and '1' recovery rating on Virgin Media Investment Holdings Ltd.'s GBP4.98 billion senior secured facilities. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Aug. 16, 2007 TURNAROUND MANAGEMENT ASSOCIATION Colorado Chapter Annual Brew Pub & Pool Social Wynkoop Brewing Company, Denver, Colorado Contact: 303-847-5026 or http://www.turnaround.org/ Aug. 16, 2007 TURNAROUND MANAGEMENT ASSOCIATION Young Professionals Networking Event TBA, Philadelphia, Pennsylvania Contact: 215-657-5551 or http://www.turnaround.org/ Aug. 17, 2007 TURNAROUND MANAGEMENT ASSOCIATION Annual Fishing Trip Point Pleasant, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Aug. 23-26, 2007 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Drake Hotel, Chicago, Illinois Contact: http://www.nabt.com/ Aug. 24, 2007 TURNAROUND MANAGEMENT ASSOCIATION Annual Fishing Trip Point Pleasant, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Aug. 28, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Healthcare Panel Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ Aug. 29-30, 2007 TURNAROUND MANAGEMENT ASSOCIATION 3rd Annual Northeast Regional Conference Gideon Putnam Resort and Spa, Saratoga Springs, New York Contact: http://www.turnaround.org/ Sept. 6, 2007 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Event Carnelian Room, San Francisco, California Contact: 510-346-6000 ext 226 or http://www.turnaround.org/ Sept. 6-7, 2007 TURNAROUND MANAGEMENT ASSOCIATION Complex Financial Restructuring Program Four Seasons, Las Vegas, Nevada Contact: http://www.turnaround.org/ Sept. 6-8, 2007 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Southwest Bankruptcy Conference Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Annual Networking at the Yards Oriole Park at Camden Yards, Baltimore, Maryland Contact: 215-657-5551 or http://www.turnaround.org/ Sept. 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Body of Knowledge - CTP Review Class Chicago, Illinois Contact: http://www.turnaround.org/ Sept. 18, 2007 TURNAROUND MANAGEMENT ASSOCIATION 14th Annual Connecticut Children's Medical Center Fundraiser Golf Outing Woodbridge Country Club, Woodbridge, Connecticut Contact: 203-265-2048 or http://www.turnaround.org/ Sept. 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION Buying and Selling Troubled Companies Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org/ Sept. 20, 2007 TURNAROUND MANAGEMENT ASSOCIATION Lean Transformation at Current and Other Case Studies Denver Athletic Club, Denver, Colorado Contact: http://www.turnaround.org/ Sept. 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Retail Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Sept. 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION Joint Educational & Networking Reception TBD, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Sept. 26-27, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Florida Annual Golf Tournament Tampa, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Sept. 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting TBA, Arizona Contact: http://www.turnaround.org/ Sept. 27-30, 2007 TURNAROUND MANAGEMENT ASSOCIATION 8th Annual Cross Border Business Restructuring & Turnaround Conference Contact: http://www.turnaround.org/ Oct. 2, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast TBD, Bridgewater, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Oct. 4, 2007 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Event Carnelian Room, San Francisco, California Contact: 510-346-6000 ext 226 or http://www.turnaround.org/ Oct. 5, 2007 AMERICAN BANKRUPTCY INSTITUTE ABI/GULC "Views from the Bench" Georgetown University Law Center Washington, District of Columbia Oct. 9-10, 2007 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC Annual Fall Conference Orlando, Florida Contact: http://www.iwirc.org/ Oct. 10-13, 2007 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES 81st Annual National Conference of Bankruptcy Judges Contact: http://www.ncbj.org/ Oct. 11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Oct. 11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Winn Dixie Bankruptcy University Club, Jacksonville, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Oct. 12, 2007 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Presentation by George F. Will: The Political Argument Today Orlando, Florida Contact: http://www.ardent-services.com/ Oct. 12, 2007 AMERICAN BANKRUPTCY INSTITUTE ABI Educational Program at NCBJ Orlando World Marriott, Orlando, Florida Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 16-19, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Copley Place Boston, Massachussets Contact: 312-578-6900; http://www.turnaround.org/ Oct. 23, 2007 BEARD AUDIO CONFERENCES Partnerships in Bankruptcy Contact: 240-629-3300; http://www.beardaudioconferences.com/ Oct. 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION Capital Markets Case Study Seattle, Washington Contact: http://www.turnaround.org/ Oct. 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting Contact: http://www.turnaround.org/ Oct. 26, 2007 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium Hotel Adlon Kempinski, Berlin, Germany Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 30, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Centre Club, Tampa, Florida Contact: 561-882-1331; http://www.turnaround.org/ Oct. 30, 2007 TURNAROUND MANAGEMENT ASSOCIATION Crisis Communications With Employees, Vendors and Media Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ Nov. 1, 2007 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Event Carnelian Room, San Francisco, California Contact: 510-346-6000 ext 226 or http://www.turnaround.org/ Nov. 1, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast TBD, Hackensack, New Jersey Contact: 908-575-7333; http://www.turnaround.org/ Nov. 12, 2007 AMERICAN BANKRUPTCY INSTITUTE Consumer Bankruptcy Conference Marriott, Troy, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Holiday Mixer McCormick & Schmick's, Las Vegas, Nevada Contact: 702-952-2480 or http://www.turnaround.org/ Nov. 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Aloha Airlines Story Bankers Club, Miami, Florida Contact: http://www.turnaround.org/ Nov. 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Australia 4th Annual Conference and Gala Dinner Hilton, Sydney, Australia Contact: http://www.turnaround.org/ Nov. 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Dinner TBA, South Florida Contact: 561-882-1331 or http://www.turnaround.org/ Nov. 15, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Portland Holiday Party University Club, Portland, Oregon Contact: 206-223-5495; http://www.turnaround.org/ Nov. 22, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Mixer TBA, Vancouver, British Columbia Contact: 206-223-5495; http://www.turnaround.org/ Nov. 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Real Estate Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Nov. 29, 2007 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Holiday Gala Yale Club, New York, New York Contact: http://www.iwirc.org/ Nov. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION Special Speaker TBD, New Jersey Contact: 908-575-7333; http://www.turnaround.org/ Nov. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION Special Speaker Hilton, Sydney, Australia Contact: http://www.turnaround.org/ Nov. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting Contact: http://www.turnaround.org/ Dec. 6, 2007 TURNAROUND MANAGEMENT ASSOCIATION Seattle Holiday Party Athletic Club, Seattle, Washington Contact: 206-223-5495; http://www.turnaround.org/ Dec. 6-8, 2007 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Westin Mission Hills Resort, Rancho Mirage, California Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 13, 2007 TURNAROUND MANAGEMENT ASSOCIATION Holiday Extravaganza - TMA & CFA Georgia Aquarium, Atlanta, Georgia Contact: 678-795-8103 or http://www.turnaround.org/ Dec. 13, 2007 TURNAROUND MANAGEMENT ASSOCIATION Holiday Extravaganza - TMA & CFA Georgia Aquarium, Atlanta, Georgia Contact: 678-795-8103 or http://www.turnaround.org/ Dec. 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South Florida Contact: 561-882-1331; http://www.turnaround.org/ Jan. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, Florida Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Event Carnelian Room, San Francisco, California Contact: 510-346-6000 ext 226 or http://www.turnaround.org/ Mar. 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Apr. 3-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 26th Annual Spring Meeting The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ Apr. 25-27, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Spring Seminar Eldorado Hotel & Spa, Santa Fe, New Mexico Contact: http://www.nabt.com/ May 1-2, 2008 AMERICAN BANKRUPTCY INSTITUTE Debt Symposium Hilton Garden Inn, Champagne/Urbana, Illinois Contact: 1-703-739-0800; http://www.abiworld.org/ June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference J.W. Marriott Spa and Resort, Las Vegas, Nevada Contact: http://www.airacira.org/ June 12-14, 2008 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: http://www.abiworld.org/ July 10-13, 2008 TURNAROUND MANAGEMENT ASSOCIATION 16th Annual Northeast Bankruptcy Conference Ocean Edge Resort Brewster, Massachussets Contact: http://www.turnaround.org/ July 31 - Aug. 2, 2008 AMERICAN BANKRUPTCY INSTITUTE 4th Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, Florida Contact: http://www.abiworld.org/ Aug. 20-24, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Captain Cook, Anchorage, Alaska Contact: http://www.nabt.com/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Scottsdale, Arizona Contact: http://www.ncbj.org/ Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ BEARD AUDIO CONFERENCES 2006 BACPA Library Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com; http://researcharchives.com/t/s?20fa BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Deepening Insolvency – Widening Controversy: Current Risks, Latest Decisions Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Diagnosing Problems in Troubled Companies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Claims Trading Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Market Opportunities Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Equitable Subordination and Recharacterization Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Handling Complex Chapter 11 Restructuring Issues Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergers—the New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Today's Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel P. Laureno, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A. Godinez, and Pius Xerxes Tovilla, Editors. Copyright 2007. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *