/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/071001.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 Monday, October 1, 2007, Vol. 8, No. 193 Headlines A U S T R I A ALPENHOF LLC: Claims Registration Period Ends Oct. 16 GOLERGASSE 31: Claims Registration Period Ends Oct. 23 HDG CONSULTING: Claims Registration Period Ends Oct. 16 HENNEL LLC: Claims Registration Period Ends Oct. 23 LIRIDON LLC: Claims Registration Period Ends Oct. 15 MAT VERTEILERBAU: Claims Registration Period Ends Oct. 30 P.A.S. SANITARHANDEL: Claims Registration Period Ends Oct. 30 PETER SZOKOL: Claims Registration Period Ends Oct. 16 RHI AG: U.S. Court Confirms Reorganization Plans F R A N C E GENERAL CABLE: Earns US$62.9 Million in Quarter Ended June 29 GENERAL CABLE: S&P Rates Proposed $400MM Senior Notes at B+ LIBERATION SA: Seeks Extension of Bankruptcy Protection QUEBECOR MEDIA: Moody's Rates US$450 Million Senior Notes at B2 QUEBECOR MEDIA: S&P Rates Proposed $450MM Unsecured Notes at B G E R M A N Y BRENNTAG HOLDING: Moody's Affirms B2 Corporate Family Rating CALL TIME: Claims Registration Period Ends Oct. 15 DURA AUTOMOTIVE: Disclosure Statement Hearing Continue on Oct. 3 GROMMISCH VERWALTUNGSGESELLSCHAFT: Claims Bar Date Ends Oct. 11 MONTERRA IMMOBILIENVERWALTUNGS: Claims Bar Date Ends Jan. 2 RED HAT: Earns US$18.2 Million in Second Quarter Ended Aug. 31 T-NEX VERWALTUNGSGES: Claims Registration Period Ends Oct. 12 I R E L A N D BLACKBOARD INC: Loan Repayment Cues S&P to Lift Rating to BB I T A L Y FIAT SPA: Sells 1.83% Equity Stake in Mediobanca for EUR118 Mln PARMALAT SPA: Ex-CEO Tanzi May Face Tax Fraud Charges in Milan K A Z A K H S T A N AKSU-GOLDEN HOPE: Proof of Claim Deadline Slated for Nov. 6 ARYS LLP: Creditors Must File Claims Nov. 2 COMFORTSTROY & CO: Claims Filing Period Ends Nov. 2 ENERGOSTROY-21 VEK: Creditors' Claims Due on Nov. 2 IRADA LLP: Claims Registration Ends Nov. 7 MANAL SOKOS: Proof of Claim Deadline Slated for Nov. 2 PARK ATTRAKTSIONOV: Creditors Must File Claims Nov. 2 TECHNOGUIDE LLP: Claims Filing Period Ends Nov. 7 TEMIRJAN-PV LLP: Creditors' Claims Due on Nov. 6 WEST VISION: Claims Registration Ends Nov. 2 K Y R G Y Z S T A N TAZA-AYIL LLC: Creditors Must File Claims by November 7 N E T H E R L A N D S BIOMET INC: Closes Merger with Private Equity Group BIOMET INC: Moody's Puts Corporate Family Rating at B2 RADNOR HOLDINGS: Court Extends Solicitation Period to January 14 R U S S I A DEBESSKAYA OIL: Creditors Must File Claims by Nov. 8 ELECTROPLATING OJSC: Creditors Must File Claims by Nov. 8 GELENDZHIK LLC: Creditors Must File Claims by Oct. 8 KASHIRSKIY FLOUR: Moscow Bankruptcy Hearing Slated for Nov. 27 KULIKOVSKOE LLC: Creditors Must File Claims by Nov. 8 NEW STYLE: Creditors Must File Claims by Oct. 8 NOVATEK OAO: Fitch Upgrades Ratings to BB on Strong Performance ORBITA-AGRO CJSC: Creditors Must File Claims by Oct. 8 POLIEL CJSC: Creditors Must File Claims by Nov. 8 ROSNEFT OIL: Debut Bond Placement Slated for November ROSNEFT OIL: Vladimir Putin Denies Rosneft-Gazprom Merger Plan ROSSA CJSC: Creditors Must File Claims by Oct. 8 SITEKH CJSC: Creditors Must File Claims by Oct. 8 STRELETS LLC: Creditors Must File Claims by Oct. 8 USEC INC: S&P Junks Rating on US$500MM Convertible Senior Notes VERKHOVINO CJSC: Court Names A. Kublikov as Insolvency Manager WORLD OF YUGRAMYSHSKIY: Creditors Must File Claims by Oct. 8 ZIBOROVSKOE CJSC: Creditors Must File Claims by Oct. 8 S W E D E N FORD MOTOR: Terra Firma Eyes Jaguar & Land Rover Brands S W I T Z E R L A N D ALFRED WALTER: Creditors' Liquidation Claims Due Oct. 10 ATORAN JSC: Zug Court Starts Bankruptcy Proceedings APPSO LLC: Creditors' Liquidation Claims Due October 10 B+B TAXI: Creditors' Liquidation Claims Due October 10 CAFFE PER TUTTI: Zug Court Starts Bankruptcy Proceedings CORA LLC: Creditors' Liquidation Claims Due October 10 PROVINZCLUB LLC: Creditors' Liquidation Claims Due October 10 ROBINSON RESEARCH: Zug Court Closes Bankruptcy Proceedings SUNBAY SOFTWARE: Thalwil Court Closes Bankruptcy Proceedings TEXTILREINIGUNG DIPPOLD: Liquidation Claims Due October 10 U K R A I N E ALIYE PARUSA: Mykolaiv Economic Court Declares Company Bankrupt CONSULTING-CENTER LLC: Proofs of Claim Deadline Set October 3 DOKA-TECHNO LLC: Proofs of Claim Deadline Set October 3 ENERGODAR BAKERY: Proofs of Claim Deadline Set October 3 FPG SYNTHESE: Proofs of Claim Deadline Set October 3 HIGH PROJECT: Proofs of Claim Deadline Set October 3 MASS MEDIA INVEST: Proofs of Claim Deadline Set October 3 PRIVATE PROJECT: Proofs of Claim Deadline Set October 3 PROFI BUILDING: Proofs of Claim Deadline Set October 3 TRADE ALIANCE: Proofs of Claim Deadline Set October 3 V.T.F. LLC: Proofs of Claim Deadline Set October 3 U N I T E D K I N G D O M ADVANCED MARKETING: Court Approves Joint Disclosure Statement ADVANCED MARKETING: Has Until Sept. 30 to Decide on Two Leases BRITISH AIRWAYS: Orders Airbus and Boeing Long-Haul Aircraft C J O ENTERPRISES: Peter W. Engel Leads Liquidation Procedure GENERAL MOTORS: National Council Supports 2007 Tentative Pact GENERAL MOTORS: Canada Plants Reopens Amid Tentative UAW Pact GOUGH PACKAGING: Joint Liquidators Take Over Operations MITSUBISHI MOTORS: Posts 16.9% Boost for August Production NASDAQ STOCK: Borse Dubai Raises Cash Offer for OMX AB NIALL PHILLIPS: Brings In Liquidators from BDO Stoy Hayward SAGRES STC: Fitch Lowers Rating on EUR53 Mln Class T Notes to B TORQUE SYSTEMS: Claims Filing Period Ends December 19 W.T. ELECTRIC: Calls In Liquidators from Tenon Recovery WHOLE FOODS: Board Declares US$0.18 Per Share Dividend WHOLE FOODS: Capers Outlet to Shut Down on October 27 * Fried Frank London Office Names Sheena McCaffrey as Partner * BOND PRICING: For the Week Sept. 24 to Sept. 28, 2007 ********* ============= A U S T R I A ============= ALPENHOF LLC: Claims Registration Period Ends Oct. 16 ----------------------------------------------------- Creditors owed money by LLC Alpenhof (FN 100145y) have until Oct. 16 to file written proofs of claim to court-appointed estate administrator Andrea Eisner at: Mag. Andrea Eisner Weyrgasse 8/7 1030 Vienna Austria Tel: 712 04 77 Fax: 712 04 77 12 Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:00 p.m. on Oct. 30 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Aug. 24 (Bankr. Case No. 6 S 102/07b). GOLERGASSE 31: Claims Registration Period Ends Oct. 23 ------------------------------------------------------ Creditors owed money by LLC Golergasse 31 Projekt (FN 159098v) have until Oct. 23 to file written proofs of claim to court- appointed estate administrator Ulla Reisch at: Dr. Ulla Reisch Praterstrasse 62-64 1020 Vienna Austria Tel: 212 55 00 Fax: 212 55 00 5 E-mail: office.wien@ulsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 a.m. on Nov. 6 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 Aug. 30 (Bankr. Case No. 4 S 100/07v). HDG CONSULTING: Claims Registration Period Ends Oct. 16 ------------------------------------------------------- Creditors owed money by LLC HDG Consulting GmbH. & Co. KEG (FN 271200z) have until Oct. 16 to file written proofs of claim to court-appointed estate administrator Gerhard Bauer at: Mag. Gerhard Bauer Mahlerstrasse 7 1010 Vienna Austria Tel: 512 97 06 Fax: 512 97 06 20 E-mail: ra-g.bauer@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Oct. 30 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 Aug. 23 (Bankr. Case No. 4 S 98/07z). HENNEL LLC: Claims Registration Period Ends Oct. 23 --------------------------------------------------- Creditors owed money by LLC HENNEL (FN 285086w) have until Oct. 23 to file written proofs of claim to court-appointed estate administrator Michael Neuhauser at: Mag. Michael Neuhauser Dr. Christof Stapf Esslinggasse 9 1010 Vienna Austria Tel: 536 50-0 Fax: 536 50-14 E-mail: officewien@aaa-law.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Nov. 6 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 Aug. 27 (Bankr. Case No. 4 S 99/07x). Christof Stapf represents Mag. Neuhauser in the bankruptcy proceedings. LIRIDON LLC: Claims Registration Period Ends Oct. 15 ---------------------------------------------------- Creditors owed money by LLC Liridon (FN 254647g) have until Oct. 15 to file written proofs of claim to court-appointed estate administrator Hans Rant at: Dr. Hans Rant c/o Dr. Kurt Freyler Seilerstatte 5 1010 Vienna Austria Tel: 513 31 65 Fax: 512 20 01 E-mail: ra-kanzlei@rant-freyler.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Oct. 29 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Aug. 24 (Bankr. Case No. 3 S 108/07p). Kurt Freyler represents Dr. Rant in the bankruptcy proceedings. MAT VERTEILERBAU: Claims Registration Period Ends Oct. 30 --------------------------------------------------------- Creditors owed money by LLC MAT Verteilerbau (FN 211593t) have until Oct. 30 to file written proofs of claim to court-appointed estate administrator Ernst Lehenbauer at: Mag. Ernst Lehenbauer Hauptplatz 21 4470 Enns Austria Tel: 07223/810 10 E-mail: ra.lehenbauer@attglobal.net Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:30 p.m. on Nov. 13 for the examination of claims. The meeting of creditors will be held at: The Land Court of Steyr Hall 7 Second Floor Steyr Austria Headquartered in Bad Hall, Austria, the Debtor declared bankruptcy on Aug. 29 (Bankr. Case No. 14 S 32/07i). P.A.S. SANITARHANDEL: Claims Registration Period Ends Oct. 30 ------------------------------------------------------------- Creditors owed money by LLC P.A.S. Sanitarhandel (FN 68807m) have until Oct. 30 to file written proofs of claim to court- appointed estate administrator Christian Bachmann at: Dr. Christian Bachmann c/o Dr. Eva-Maria Bachmann-Lang Opernring 8 1010 Vienna Austria Tel: 512 87 01 Fax: 513 82 50 E-mail: bachmann.rae@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:15 p.m. on Nov. 13 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Aug. 28 (Bankr. Case No. 6 S 104/07x). Eva-Maria Bachmann- Lang represents Dr. Bachmann in the bankruptcy proceedings. PETER SZOKOL: Claims Registration Period Ends Oct. 16 ----------------------------------------------------- Creditors owed money by LLC Peter Szokol (FN 257912h) have until Oct. 16 to file written proofs of claim to court-appointed estate administrator Gerhard Schilcher at: Dr. Gerhard Schilcher c/o Mag. Rainer Radlinger Backerstrasse 1/3/13 1010 Vienna Austria Tel: 513 23 44 Fax: 513 23 44 15 E-mail: wien@kosch-partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:15 p.m. on Oct. 30 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Aug. 24 (Bankr. Case No. 6 S 101/07f). Rainer Radlinger represents Dr. Schilcher in the bankruptcy proceedings. RHI AG: U.S. Court Confirms Reorganization Plans ------------------------------------------------ RHI AG, on Sept. 26, 2007, said that a U.S. Bankruptcy Court approved reorganization plans of former affiliates, bringing closer an end to woes triggered by asbestos-related claims, Reuters reports. The Hon. Judith K. Fitzgerald of the U.S. Bankruptcy Court for the Western District of Pennsylvania confirmed the Third Amended Plan of Reorganization filed by North American Refractories Company and its debtor-affiliates, I-Tec Holding Corp., Intertec Company, and Tri-Star Refractories, Inc. In a statement, RHI said that the plan for its former companies, needs further approval by the District Court, which can then be appealed within a month. According to RHI, if the reorganization plan enters into force after that period, RHI will have full protection from all remaining asbestos damage claims against its former affiliates in the United States. RHI wrote down all its U.S. assets in 2001, when the asbestos claims together with a global slump of the steel industry nearly pushed it into insolvency. The reorganization plans for the companies were filed in 2005. Final approval of the plan will have no negative earnings impact but will trigger a final US$40 million payment to RHI from Honeywell International Inc. Vienna, Austria-based RHI AG manufactures heat-resistant refractory products. The Company�s refractories are used in high-temperature industrial processes such as steelmaking, copper and aluminum smelting, and glass production, and in the construction of industrial kilns. The Company has manufacturing and sales operations in four continents. Overview of the Plan The Debtors relate that the Plan provides for the establishment of the NARCO Asbestos Trust for payment of NARCO Asbestos Trust Claims and NARCO Asbestos Demands. The Debtors believe that the Plan wil provide cash and other assets sufficient to pay 100% of the liquidated value of NARCO Asbestos Trust Claims and NARCO Asbestos Demands. The NARCO Asbestos Trust will hold 79% of Reorganized ANH Refractories' common stock. ANH will own 100% of Reorganized NARCO's common stock through the utilization of a holding company structure. The Debtors relate further that the Plan is conditioned on, among other things, the NARCO Asbestos Trust being funded: (a) on an evergreen basis by Honeywell International Inc., subject to certain annual funding caps; and (b) 79% of the shares of reorganized ANH common stock. Treatment of Claims The Debtors relate that holders of Allowed Secured Claims secured by Financial Instruments will retain their collateral. Allowed Secured Claims under Capitalized Leases and Secured Financing Agreements will be satisfied, at the option of Reorganized ANH, through: (a) reinstatement of the debt; (b) return of the collateral securing the claim; (c) cash in an amount equal to the proceeds realized from the sale of the collateral securing the claim; or (d) other treatment as agreed upon by the holder of the claim and Reorganized ANH. The Debtors say that its DIP Facility will be fully drawn, not repaid and deemed satisfied on the effective date of the Plan. The Debtors disclose that Honeywell has accepted this treatment pursuant to the NARCO/Honeywell Settlement Agreement. Holders of General Unsecured Claims, other than NARCO Asbestos Trust Claims, will receive cash in an amount equal to 90% of their claims. The claims of Global Industrial Technologies Inc. and its affiliates, as well as that of NARCO's non-debtor affiliates, against the Debtors, will not be modified under the Plan. The Claims of RHI AG and its affiliates against any of the Debtors will be deemed released, discharged and cancelled on the effective date under the NARCO/RHI AG Settlement Agreement. Workers Compensation Claims, the Debtors relate, will be paid in full. NARCO Asebestos Trust claims will be resolved pursuant to the terms, provision and procedures pursuant to the NARCO Asbestos Trust Agreement and the NARCO Asbestos Trust Distribution Procedures. The Debtors estimate that the full value of these claims will be paid. NARCO Silica Claims remain unaffected through thei Chapter 11 case, the Debtors disclose. Equity interests held by RHI AG will be cancelled and terminated pursuant to the NARCO/RHI AG Settlement Agreement. RHI Comments RHI disclosed in its website Monday that once the confirmation order becomes final, it will permanently receive protection with respect to all remaining asbestos claims against the debtor companies in the USA. RHI, in April 2004, reached settlement agreements with US subsidiaries operating under Chapter 11 to settle all mutual prepetition claims. A condition to the NARCO settlement is a $40 million payment by Honeywell International to RHI Refractories Holding under a prior contract. The payment is called for upon final approval of the confirmation order and consummation of the plan. About ANH Based in Moon Township, Pennsylvania, ANH Refractories, fka RHI Services, Inc., was formed in 2000 to provide management services to North American Refractories Company and Global Industrial Technologies Inc. Services consisted of the management of human resources, legal finance, accounting services, tax services and other support services. About RHI AG RHI AG -- http://www.rhi-ag.com/-- manufactures heat-resistant refractory products. RHI's refractories are used in high- temperature industrial processes such as steelmaking, copper and aluminum smelting, and glass production, and in the construction of industrial kilns. RHI has manufacturing and sales operations on four continents. About NARCO Based in Pittsburgh, Pennsylvania, North American Refractories Company manufactured and sold refractory products. The company's products consist of three categories: bricks, castables and gunning mixes. Through a series of transactions, the company became an indirect wholly-owned subsidiary of RHI AG. The company is the parent company of I-Tec Holding Corp., Intertec Company, and Tri-Star Refractories, Inc. The company and its affiliates sought chapter 11 protection on Jan. 4, 2002 (Bankr. W.D. Pa. Lead Case No. 02-20198) after suffering a slump in the domestic economy and encountering an overwhelming number of claims from individuals asserting injuries or illnesses caused by exposure to products containing asbestos containing it manufactured. James J. Restivo, Jr., Esq., Robert P. Simmons, Esq., and David Ziegler, Esq., at Reed Smith LLP represents the Debtor. Kroll Zolfo Cooper LLC is the Debtors' bankruptcy consultants and special financial advisors. When the Debtor filed for protection from its creditors, it listed $27,559,000,000 in assets and $18,634,000,000 in debts. The Official Committee of Unsecured Creditors is represented by McGuire Woods, LLP. KPMG, LLP, is the Creditors Committee's financial advisor. The Asbestos Claimants Committee is represented by attorneys at Caplin & Drysdale, Chartered and Campbell & Levine, LLC. L. Tersigni Consulting, PC is the Asbestos Committee's financial advisor. Lawrence Fitzpatrick was appointed as the Future Asbestos Claimants Representative. Mr. Fitzpatrick is represented by attorneys at Young Conaway Stargatt & Taylor LLP and Meyer, Unkovic & Scott LLP. =========== F R A N C E =========== GENERAL CABLE: Earns US$62.9 Million in Quarter Ended June 29 ------------------------------------------------------------- General Cable Corporation reported net income of $62.9 million for the second quarter ended June 29, 2007, compared to net income of $41.5 million in the second quarter of 2006. Revenues were $1.17 billion compared to $987.1 million in the prior year, an increase of 19.0%. Net sales for the second quarter of 2007 were $1.17 billion, an increase of $171.5 million or 17.0% compared to second quarter net sales of $1.00 billion on a metal adjusted basis. Without the impact of acquisitions and changes in foreign exchange rates, organic revenue growth was approximately 8.0% in the second quarter of 2007 compared to 2006, on the continuing strength of the company's global electrical infrastructure and electric utility businesses. Revenues from recent acquisitions contributed $55.9 million in the second quarter. During the second quarter of 2006 the company benefited from the forward purchase of a small portion of its copper requirements due to concerns over supply tightness and the timing of certain customer shipments. The company estimated the incremental operating profit realized in the second quarter of 2006 was about $8.5 million. Without this impact, operating earnings in the second quarter of 2006 were $61.9 million. Second quarter 2007 operating income was $103.0 million compared to adjusted operating income of $61.9 million in the second quarter of 2006, an increase of $41.1 million or 66.0%. Operating margin was 8.8% in the second quarter of 2007, an increase of approximately 260 basis points from the adjusted operating margin percentage of 6.2% in the second quarter of 2006 on a metal-adjusted basis. "Electrical infrastructure, networking and utility businesses in North America as well as Silec in France and our operations in Portugal led the way in margin improvement," said Gregory B. Kenny, president and chief executive officer of General Cable. Third Quarter 2007 Outlook "The weaker housing market in Spain, Oceania, and the United States continues to be offset by strong infrastructure project demand and opportunities in new markets, underscoring the importance of the company's product and geographic diversification over the last several years. In North America, a couple of large transmission projects have been pushed out from the middle of 2007 until the first half of 2008. To give you a sense of size and scale, the total transmission cable required for just one of these projects would represent a significant percentage of the company's annual transmission cable manufacturing capacity. Given the nature of these and other large scale projects, I expect timing volatility for both overhead and underground high voltage transmission systems as well as submarine projects will continue to make short term forecasting a bit more difficult. Versus the second quarter, the company will fully absorb facility vacation shutdowns and maintenance typically scheduled for the July and August timeframe as well as the normal seasonality of many of our markets. Therefore, for the third quarter of 2007, we expect to report revenues of approximately $1.1 billion and earnings per share in the range of $0.85 to $0.90, again up nicely from the prior year," Kenny said. At June 29, 2007, the company's consolidated balance sheet showed $2.68 billion in total assets, $2.13 billion in total liabilities, and $551.9 million in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the quarter ended June 29, 2007, are available for free at http://researcharchives.com/t/s?23bd About General Cable Headquartered in Highland Heights, Kentucky, General Cable Corporation (NYSE: BGC) -- http://www.generalcable.com/-- develops, designs, manufactures, markets and distributes copper, aluminum and fiber optic wire and cable products for the energy, industrial, and communications markets. * * * As reported in the Troubled Company Reporter-Europe on Sept. 28, 2007, Moody's Investors Service assigned a rating of B1 to the proposed US$400 million senior unsecured convertible notes of General Cable Corporation. Concurrently, Moody's confirmed all other ratings for this issuer, concluding a review initiated on Sept. 12, 2007. Moody's said the rating outlook is stable. GENERAL CABLE: S&P Rates Proposed $400MM Senior Notes at B+ ----------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' senior unsecured debt rating to Highland Heights, Kentucky-based General Cable Corp.'s proposed $400 million offering of senior convertible notes due 2012. S&P also affirmed the 'BB-' corporate credit rating. The outlook is stable. The funds will be used to partially fund the acquisition of the global wire and cable business of Freeport-McMoRan Copper & Gold Inc. (which operates as Phelps Dodge International Corp.) for $735 million, subject to certain adjustments. "The ratings on General Cable reflect a cyclical operating profile, driven by fluctuating market demand and volatility in raw material pricing that can affect working capital requirements and cash flow," said Standard & Poor's credit analyst Bruce Hyman. "These factors are offset somewhat by the company's leading position in a global market for wire and cables--especially in the energy transmission and distribution market--and leverage that is moderate for the rating." The proposed acquisition will contribute approximately $1.4 billion in revenues at current metal prices and is expected to be accretive to earnings in the first full year. Standard & Poor's estimates that the acquired business generated approximately $90 million in EBITDA in 2006, or about 6.4% of sales. Pro forma for the increased debt levels used to fund the acquisition, debt to EBITDA rises somewhat, but is still moderate for the rating, at less than 3.5x. LIBERATION SA: Seeks Extension of Bankruptcy Protection ------------------------------------------------------- French daily newspaper Liberation SA is seeking a three-month extension of its bankruptcy protection in the Paris commercial court until the end of December this year, the Financial Times reports, citing Les Echos as its source. According to the report, managers at the paper intend to use the three months to demonstrate that Liberation is a viable business, saying it would be premature to come out of bankruptcy protection as press advertising market is still so weak. Liberation is set to launch its new format which is expected to boost sales and attract advertisers, Nathalie Silbert writes for Les Echos. The Paris commercial court granted bankruptcy protection to the French daily newspaper on Oct. 4, 2006, FT relates. QUEBECOR MEDIA: Moody's Rates US$450 Million Senior Notes at B2 --------------------------------------------------------------- Moody's Investors Service rated Quebecor Media Inc.'s US$450 million add-on senior unsecured note issue B2. Ratings on the underlying 7.75% senior unsecured notes due in March of 2016 were affirmed at the same B2 level. At the same time, QMI's Ba3 corporate family rating and stable ratings outlook were affirmed. The rating action was prompted by the September 26th announcement of the new note issue. Proceeds will be used to repay a bridge loan that had been drawn to fund QMI's earlier acquisition of Osprey Media Income Fund, a publicly traded publisher of community newspapers and magazines for an aggregate purchase price of about CDN$575 million (including assumed debt). The new note issue is neutral to the company's consolidated debt profile and had been contemplated in the prevailing Ba3 CFR. Accordingly, the CFR and stable outlook are affirmed. However, the notes issue causes QMI's waterfall of debts to be adjusted and necessitates ratings adjustments on certain existing instruments. Downgrades: Issuer: Quebecor Media, Inc. -- Senior Secured Bank Credit Facility (unchanged at B1), Downgraded to LGD5-74 from LGD4-67 -- Senior Unsecured Regular Bond/Debenture (unchanged at B2), Downgraded to LGD5-89 from LGD5-87 Issuer: Sun Media Corporation -- Senior Secured Bank Credit Facility (unchanged at Baa3), Downgraded to LGD1-07 from LGD1-04 -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 (LGD3-33) from Ba1 (LGD2-26) Issuer: Videotron Ltee -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 (LGD3-33) from Ba1 (LGD2-26) Withdrawals: Issuer: Quebecor Media, Inc. -- Senior Unsecured Regular Bond/Debenture, Withdrawn (cancelled two-tranche issue), previously rated B2 (LGD5-87) Other important rating influences include expectations of continued top-line and cash flow growth resulting from robust activity at QMI's cable subsidiary Videotron Ltee. In turn, this results from the successful bundled deployment of its cable telephony product, and is expected to be the key driver behind improved cash generation over the next several quarters. In addition, capital expenditures on new printing presses at QMI's Sun Media Corporation newspaper subsidiary are largely complete. The related cash drain should be replaced by margin gains as cost savings from more efficient presses are internalized. It is also noted that QMI's consolidated operations are strengthened by the diversity contributed by its smaller entertainment, broadcasting and internet portal operations, particularly TVA Inc, the largest French broadcaster in North America. There are several factors that provide offsetting influences, the first of which is the company's desire to grow more quickly than organic expansion will facilitate. The Osprey transaction is manifestation of this. In addition, QMI has indicated that it wants to be a consolidator in the newspaper segment and has also discussed being a potential bidder in the pending Canadian radio spectrum auction. Should the company be a successful bidder, even should the CRTC mandate things such as incumbent tower sharing and roaming so as to provide new entrants with the best possible opportunity for success, it is likely that significant cash flow will be required to be allocated for several years in order to build a credible business. In addition, Videotron has ongoing network capital expenditure requirements that will consume cash flow, and income tax is expected to provide meaningful leakage within two years. Lastly, QMI has shareholders that expect cash returns, and it is expected that cash dividends will be declared should cash flow be available. The confluence of these influences offsets the positive momentum provided by Videotron's results and causes the ratings outlook to remain stable. Headquartered in Montreal, Canada, Quebecor Media Inc. is a privately held leading Canadian media holding company. Through its operating companies, QMI has activities in cable distribution, business, residential and mobile wireless telecommunications, newspaper publishing, television broadcasting, book, magazine and video retailing, publishing and distribution, music recording, production and distribution and new media services. QMI is 54.7% owned by Quebecor Inc, a publicly traded communications holding company, and 45.3% owned by Capital CDPQ. Quebecor Inc.'s primary assets are its interests in Quebecor Media and in Quebecor World, one of the world's largest commercial printers (B3 Negative). It operates in Canada, the US, France, Italy and the UK. Capital CDPQ is a wholly-owned subsidiary of Caisse de dep�t et placement du Quebec, Canada's largest pension fund manager, with about US$237 billion in assets under management. None of Quebecor Inc, Quebecor World or Capital CDPQ is an obligor or a guarantor of QMI's debt obligations. QUEBECOR MEDIA: S&P Rates Proposed $450MM Unsecured Notes at B -------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B' debt rating to Montreal, Quebec-based Quebecor Media Inc.'s proposed $450 million 7.75% senior unsecured notes due 2016. The notes are rated two notches below the 'BB-' long-term corporate credit rating, reflecting their junior position in the company's debt capital structure with debt at wholly owned subsidiaries, Videotron Ltee and Sun Media Corp. (both rated BB-/Stable/--), ranking ahead of the proposed notes. The ratings and outlook on all companies are unchanged. "The proceeds from the notes will be used to refinance the CDN $420 million bridge loan and related fees to fund the acquisition of Osprey Media Income Fund, a leading publisher of newspapers, magazines, and specialty publications in Ontario," said Standard & Poor's credit analyst Madhav Hari. The debt-financed acquisition closed on Aug. 8, 2007, at CDN $8.45 per unit, representing an equity value of CDN $414 million, and a total purchase price of CDN $576 million, including the assumption of debt outstanding. Although the Osprey acquisition results in weaker credit protection metrics on a pro forma basis, credit measures remain consistent with the rating category given pro forma adjusted debt leverage (debt to EBITDA) of about 4x. The acquisition of Osprey's 20 daily and 34 nondaily community newspapers will position Quebecor Media as the largest newspaper publisher in Canada and should improve Sun Media's newspaper market position, which consists of eight paid urban dailies, seven free commuter dailies, and 193 community newspapers and specialty publications. Although Osprey participates in the challenging newspaper industry, it is somewhat insulated against economic factors as its revenues are derived from the community newspaper segment. This segment relies less on customer subscriptions and national advertising revenues, which tend to be more volatile than local advertisers. Despite some integration risk from the acquisition, Standard & Poor's expects Quebecor Media will be able to effectively manage the integration process, which should take up to 12 months to complete. The stable outlook reflects S&P's expectation that Quebecor Media's operating assets will maintain their solid market positions, that credit measures will be in line with the ratings in the medium term, and that the company will successfully manage the Osprey integration. S&P could revise the outlook to positive or raise the ratings if Quebecor Media improves its financial risk profile and is able to sustain better operating performance and stronger credit measures. Alternatively, S&P could revise the outlook to negative if the company fails to meet expectations, resulting in the weakening of Quebecor Media's operating performance and credit measures. Headquartered in Montreal, Canada, Quebecor Media Inc. is a privately held leading Canadian media holding company. Through its operating companies, QMI has activities in cable distribution, business, residential and mobile wireless telecommunications, newspaper publishing, television broadcasting, book, magazine and video retailing, publishing and distribution, music recording, production and distribution and new media services. QMI is 54.7% owned by Quebecor Inc, a publicly traded communications holding company, and 45.3% owned by Capital CDPQ. Quebecor Inc.'s primary assets are its interests in Quebecor Media and in Quebecor World, one of the world's largest commercial printers (B3 Negative). It operates in Canada, the US, France, Italy and the UK. Capital CDPQ is a wholly-owned subsidiary of Caisse de dep�t et placement du Quebec, Canada's largest pension fund manager, with about US$237 billion in assets under management. None of Quebecor Inc, Quebecor World or Capital CDPQ is an obligor or a guarantor of QMI's debt obligations. ============= G E R M A N Y ============= BRENNTAG HOLDING: Moody's Affirms B2 Corporate Family Rating ------------------------------------------------------------ Moody's Investors Service affirmed its B2 corporate family rating for Brenntag Holding GmbH. The outlook for the rating remains negative. The rating affirmation reflects Brenntag's sound operating performance for the fiscal year ended Dec. 31, 2006 and the first half to June 30, 2007 as well as the strength of its business profile underpinned by a broad customer, product and geographical diversification, which will continue to support the current rating in the future. The renegotiation of Brenntag's lending facilities in June 2007 with a re-pricing which will result in significant ongoing interest savings is also expected to positively impact the credit metrics of Brenntag going forward. The maintained negative outlook reflects Moody's remaining concern about the high leverage of the group, which position the rating weakly in the B2 rating category and would significantly constrain the operating flexibility of Brenntag in an economic downturn. In addition the group benefits from limited prospect for deleveraging given its modest free cash flow generation. Moody's also notes that the exposure of the company to the North American market (34% of revenues and 45% of EBITDA for fiscal year 2006) with the first signs of slowdown experienced in this geographical region in the first half of fiscal year 2007, could hamper the overall operating performance of the group and should be monitored closely in the near term future. The liquidity of Brenntag remains solid. Moody's expects the liquidity needs over the next 12 months consisting mainly of working capital and capex funding needs to be covered by operating cash flows. Moody's gains additional comfort from the company's available cash balances as well as from the substantial headroom under the company's multi-year revolving credit facility and the absence of material short term maturities within the next twelve months. Moody's reiterates its guidance on "What Could Change the Rating -- DOWN" published in April 2007. The ratings on Brenntag may be downgraded should Brenntag encounter slower than anticipated growth in the US and European markets or raise additional debt that would preclude the Company from reducing its leverage to sustainably below 6.5x and improve FFO/Interest expense to above 2.0x in the next 12 months. These ratings were affirmed: -- Corporate Family Rating at B2; -- Probability of Default Rating at B2; -- EUR1.6 billion senior secured first lien facilities -- PD at B1 and LGD3; and -- EUR0.4 billion of senior secured second lien -- PD at Caa1 and LGD5. Brenntag, headquartered in Muelheim, Germany, is the world's largest distributor of industrial and specialty chemicals. The group generated revenues of EUR5,958 mio and an adjusted EBITDA of EUR358 mio for the fiscal year ended 31st December 2006. Brenntag is owned by funds advised by BC Partners, which acquired the chemicals distributor as a secondary leveraged buyout in September 2006. CALL TIME: Claims Registration Period Ends Oct. 15 -------------------------------------------------- Creditors of Call Time GmbH have until Oct. 15 to register their claims with court-appointed insolvency manager Andreas Roepke. Creditors and other interested parties are encouraged to attend the meeting at 10:50 a.m. on Nov. 28, 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 Duisburg Hall C315 Third Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Andreas Roepke Muelheimer Strasse 100 47057 Duisburg Germany The District Court of Duisburg opened bankruptcy proceedings against Call Time GmbH on Sept. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Call Time GmbH Attn: Kerstin Froehlich, Manager Hildegard-Bienen-Str. 1 47179 Duisburg Germany DURA AUTOMOTIVE: Disclosure Statement Hearing Continue on Oct. 3 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware adjourned to October 3 the hearing to consider the adequacy of the Disclosure Statement explaining the Plan of Reorganization filed by DURA Automotive Systems Inc. and its debtor-affiliates. The Debtors say that they intend to file a revised plan to address some minor issues. Overview of the Plan Troubled Company Reporter , Aug 24, 2007 ( Source: TCR) DURA's Plan provides for these creditor recoveries: -- Cash payment in full of all allowed debtor-in-possession claims, administrative expenses, priority claims and second lien secured claims; -- Conversion of allowed senior notes and allowed general unsecured claims of more than $75,000 into between 57.4% to 60.7% of reorganized DURA's new common stock; and -- Cash payment in lieu of an equity distribution of all allowed trade claims and allowed general unsecured claims of $75,000 or less. The Plan further provides that there will be no recoveries for subordinated notes' and convertible preferred securities' claims, nor will the Debtors common stock holders receive any recoveries. The Plan will be partly funded through exit financing that the Debtors intends to procure prior to emergence. Additional Plan funding will come from a fully backstopped new money equity investment of between $140 million to $160 million in exchange for between 39.3% and 42.6% of Reorganized Dura's common stock. Senior notes claims holders that are accredited investors will be eligible to subscribe for their pro rata shares of the new money investment. Objections 1. Second Lien Group The Informal Group of Second Lien Lenders said that each member should be treated as "impaired" under the Joint Plan of Reorganization and should be entitled to vote on the Plan. The current members of the Second Lien Group are Allstate Investments LLC; Allstate Life Insurance Company; Merrill Lynch Capital; PIMCO Floating Rate Strategy Fund; Silver Point Capital, LLC; Blackport Capital Fund Ltd.; and Gradient Partners, L.P. Pursuant to a Credit Agreement dated May 3, 2005, certain of the Debtors borrowed $225,000,000 on a second lien basis. The Debtors propose to treat the "allowed claim" of the Second Lien Lenders as "unimpaired" by paying the claim in full in cash on the effective date of the Plan. Laurie Selber Silverstein, Esq., at Potter Anderson & Corroon LLP, in Wilmington, Delaware, noted that in accordance with the Credit Agreement, "payment in full" of the Second Lien Obligations would include (i) principal, (ii) professional fees, (iii) the Prepayment Fee and (iv) accrued interest, calculated either at the Default Rate or at the Base Rate. The Plan, however, proposes to pay items (i) and (ii) but does not propose to pay the Prepayment Fee or interest at either the Default Rate or the Base Rate. The Plan treatment is based on agreements reached in connection with the adequate protection arrangements set forth in the Court's final order approving the Debtors' proposal to obtain $300,000,000 of DIP financing and use their prepetition lenders' cash collateral. The Second Lien Group does not dispute the adequate protection arrangements. "However, they are just that - adequate protection - and they are not amendments to the Credit Agreement, which amendments would have required the unanimous consent of the Second Lien Lenders," Ms. Silverstein pointed out. By proposing to pay the Second Lien Obligations consistent with the Final DIP Order rather than in accordance with the Credit Agreement, the Plan does not "leave[] unaltered the legal, equitable, and contractual rights" of the Second Lien Lenders within the meaning of Section 1124 of the Bankruptcy Code, Ms. Silverstein asserted. "As a result, the Second Lien Obligations are 'impaired,'" she said. The Second Lien Group acceded that the Debtors will assert that the issues it has raised is a confirmation issue because, ultimately, the Court will decide the treatment of the Second Lien Obligations. The Second Lien Group, however, believes that this is a Disclosure Statement issue because it will dictate whether the Second Lien Lenders are entitled to vote on the Plan. Presumably the Second Lien Lenders as a class will vote in favor of the Plan, just as the members of the Second Lien Group intend to vote in favor of the Plan. But the point is, all Second Lien Lenders should be entitled to a vote to ensure that the class as a whole accepts the impaired treatment proposed by the Plan, not just the members of the Second Lien Group that negotiated the Final DIP Order, Ms. Silverstein argued. "The Second Lien Group did not then and does not now purport to speak on behalf of anyone other than its own members and it should not be the Second Lien Group alone that determines whether the Plan treatment is acceptable." Accordingly, the Second Lien Group objected to the Disclosure Statement because, in describing the Second Lien Obligations as unimpaired, it denies the holders of the Second Lien Obligations their right under the Bankruptcy Code to vote on the Plan and decide for themselves whether to accept the proposed Plan treatment of less than their full contractual entitlements. 2. U.S. Trustee Kelly Beaudin Stapleton, the United States Trustee for Region 3, noted that the primary purpose of a disclosure statement, which is mandated by Section 1125 of the Bankruptcy Code, is to give creditors the adequate information necessary for them to decide whether to accept a proposed plan. William K. Harrington, trial attorney at the Office of the U.S. Trustee, asserted that the Disclosure Statement explaining the Debtors' Joint Plan of Reorganization should not be approved on the grounds that it proposes a plan that, as drafted, is currently unconfirmable as a matter of law because it contains overbroad and impermissible release provisions. The non-debtor releases, exculpation provision and injunction provisions contained in the Plan are overbroad and are impermissible, Mr. Harrington asserted, citing In re Zenith Electronics Corp., 241 B.R. 92 (Bankr. D. Del. 1999),In re Continental Airlines, 203 F.3d 203 (3d Cir. 2000), and In re Genesis Health Ventures, Inc., 266 B.R. 591 (Bankr. D. Del. 2001). In addition, the U.S. Trustee has concerns regarding the Debtors' ability to provide sufficient evidence at the confirmation hearing to justify their request for "limited" substantive consolidation under applicable Third Circuit law. Under applicable Third Circuit law, substantive consolidation is prohibited unless the proponents can establish a prima facie case. Absent consent, in In re Owens Corning, 419 F.3d 195 (3d Cir. 2005), the Third Circuit Court of Appeals held that when substantive consolidation is sought the entity seeking the same must prove "that (i) prepetition they disregarded separateness so significantly their creditors relied on the breakdown of entity borders and treated them as one legal entity, or (ii) postpetition their assets and liabilities are so scrambled that separating them is prohibitive and hurts all creditors." Accordingly, the U.S. Trustee avers that the Debtors must be held to their proof at the confirmation hearing with respect to their request for "limited" substantive consolidation. Courts have routinely held that a disclosure statement accompanying an unconfirmable plan should not be approved because solicitation of votes on an unconfirmable plan would be a futile and wasteful effort, Mr. Harrington notes, citing In re Cardinal Congregate I, 121 B.R. 760 (Bankr. S.D. Ohio 1990); and In re McCall, 44 B.R. 242 (Bankr. E.D. Pa. 1984). The U.S. Trustee, citing Atlanta West VI Ltd. Partnership, 91 B.R. 620 (Bankr. N.D. GA. 1988); and In re MacCall, 44 B.R. at 243, says that approval of a disclosure statement where the plan cannot be confirmed as a matter of law would result in a waste of judicial time and estate assets in a fruitless solicitation and confirmation attempt. 3. 9% Noteholders Thirteen beneficial holders of approximately $95,000,000 in face amount of 9% senior subordinated notes due May 2009, issued by Dura Operating Corp., asked the Court to disapprove the Disclosure Statement explaining the Debtors' Joint Plan of Reorganization: * Thomas and Pattiann Kurak * J.W. Korth & Company * Charles T. Kurak * Tamara A. Kurak * Richard J. Thielen * Jeffrey S. Einstein * Jason A. Pieper * Jeffrey R. Werner * Curtis H. Werner * Donald L. Welker * Jeff Comfort * Daniel S. Hennum * Carl E. Kruger The 9% Noteholders complained that the Disclosure Statement does not provide creditors with adequate information to make an informed decision as to the fairness and feasibility the Plan in accordance with Section 1125 of the Bankruptcy Code. Toby M. Daluz, Esq., at Ballard Spahr Andrews & Ingersoll, LLP, in Wilmington, Delaware, contended that the Disclosure Statement: -- fails to provide creditors with information sufficient to evaluate whether a substantive consolidation of the Debtors is permissible or in the best interests of creditors and does not inform creditors what distribution would be made to them if each of the Debtors were liquidated on a non- consolidated basis; -- fails to provide any information regarding the ability of Pacificor, LLC, to fund its obligations under the Backstop Rights Purchase Agreement; -- fails to adequately value the Debtors' interests in foreign non-debtor affiliates and subsidiaries, thereby preventing creditors from analyzing Pacificor's propriety in obtaining 42.4% of the New Common Stock in exchange for a $160,000,000 purchase price; -- fails to provide a meaningful analysis of the value of the New Common Stock which will be distributed to unsecured creditors under the Plan; -- is silent as to the value and financial import of certain significant elements of the Plan, including the Management Equity Program and the Rights Offering, preventing creditors and the Court from assessing whether the Plan unfairly discriminates certain parties or otherwise fails to be fair and equitable; and -- does not state whether the Debtors have received a commitment or at least an expression of serious interest from any lender to provide $400,000,000 in exit financing and does not describe the basic terms of the Exit Credit Facility. "The Debtors are piggy-backing the liquidation analysis onto their assertion that under the Plan, creditors fare better if the Debtors are liquidated on a consolidated basis," Mr. Daluz asserted. "Based upon the vague and circular description of the Exit Credit Facility contained in the Disclosure Statement, it appears the Debtors have not obtained a commitment from anyone to provide any portion of the $400 in exit financing the Debtors require," Mr. Daluz added. In the absence of information regarding the terms of the Exit Credit Facility, creditors are unable to assess the feasibility of the Plan, he maintains. The 9% Noteholders also contended that the Plan is unconfirmable because it renders the 9% Notes valueless without providing creditors the basic financial information necessary to determine the Debtors' market value. The Plan, Mr. Daluz argued, improperly requires distribution to the Senior Noteholders of New Common Stock to which the 9% Noteholders are entitled under both the terms of the Subordinated Notes Indentures and the provisions of the Bankruptcy Code. As a result, the Plan does not meet the fair and equitable requirement for confirmation and unfairly discriminates against the 9% Noteholders, he contended. The Plan presently provides no safeguards or limitations upon the use of the 10% of the Distribution Shares reserved for the Management Equity Program, which creates the possibility that the Management Incentive Program will be used to circumvent the requirements for confirmation of the Plan under Section 1129 of the Bankruptcy Code, Mr. Daluz pointed out. "The Debtors should be required to fully disclose the terms of the Management Equity Program and establish proper safeguards so that the Debtors' management does not receive 10% of the Distribution Shares on account of nothing or, alternatively, on account of their interests in, or claims against, the Debtors." Herbert R. Benjamin and Mary Page also opposed the Debtors' Joint Plan of Reorganization. Mr. Benjamin contends that the Debtors have misled people in thinking that all of the creditors will be paid in full. Ms. Page argues that it is unfair for the Debtors not to handle retirement pay. 4. Riverside Claims, LLC Riverside Claims, LLC, a holder of claims against Debtor Dura Automotive Systems (Canada) Ltd., complained that the Disclosure Statement explaining the terms of the Debtors' Joint Plan of Reorganization lacks "adequate information" as that term is defined under Section 1125 of the Bankruptcy Code. Robyn J. Spalter, Esq., in New York, contended that the Disclosure Statement does not provide accurate or adequate information regarding the substantive consolidation legal standard in the Third Circuit. In addition, the Disclosure Statement does not provide creditors with adequate information to be able to evaluate the different treatment afforded creditors with and without substantive consolidation. "The discussion of the concept of substantive consolidation and the law regarding same as contained in the Disclosure Statement is, at best, misleading," Ms. Spalter argued. Rather than providing a conclusory statement, the Debtors should provide information in the Disclosure Statement that allows creditors to reach the conclusion that "the Plan, with its contemplated limited substantive consolidation of the Debtors' estates, is the best option currently available for the Debtors and their creditors as a whole." In order to analyze whether substantive consolidation is, as Debtors allege, not harmful to Dura Canada creditors, the Disclosure Statement needs to provide additional information on Dura Canada's liabilities and its inter-Debtor claims, as well as a claims analysis, Ms. Spalter asserted. The Disclosure Statement, Ms. Spalter noted, only provides a liquidation analysis assuming substantive consolidation despite stating that a separate liquidation analysis has been prepared for each of the Debtors. Accordingly, Riverside Claims asked the Court to disapprove the Disclosure Statement unless it is amended to provide adequate information as required by Section 1125. About DURA Automotive 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 $1,993,178,000 in total assets and $1,730,758,000 in total liabilities. The Debtors' exclusive plan-filing period expires on Sept. 30, 2007. GROMMISCH VERWALTUNGSGESELLSCHAFT: Claims Bar Date Ends Oct. 11 --------------------------------------------------------------- Creditors of Grommisch Verwaltungsgesellschaft mbH have until Oct. 11 to register their claims with court-appointed insolvency manager Jens-Soeren Schroeder. Creditors and other interested parties are encouraged to attend the meeting at 10:15 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 Kiel 17 Deliusstr. 22 Kiel Austria The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jens-Soeren Schroeder Raboisen 38 20095 Hamburg Germany Tel: 040-334460 The District Court of Kiel opened bankruptcy proceedings against Grommisch Verwaltungsgesellschaft mbH on Sept. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Grommisch Verwaltungsgesellschaft mbH Attn: Peter Grommisch, Manager Taubenkrug 26 24111 Kiel Germany MONTERRA IMMOBILIENVERWALTUNGS: Claims Bar Date Ends Jan. 2 ----------------------------------------------------------- Creditors of MONTERRA Immobilienverwaltungs GmbH & Co. Entwicklungs-KG have until Jan. 2, 2008, to register their claims with court-appointed insolvency manager Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 13, 2008 at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt (Main) Hall 2 Building F Klingerstrasse 20 60313 Frankfurt (Main) 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(Main) Germany Tel: 069/9623340 Fax: 069/96233422 Web site: http://www.brinkmann-partner.de/ The District Court of Frankfurt (Main) opened bankruptcy proceedings against MONTERRA Immobilienverwaltungs GmbH & Co. Entwicklungs-KG on Sept. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MONTERRA Immobilienverwaltungs GmbH & Co. Entwicklungs-KG Attn: Hans-Peter Biffar, Manager Frankfurt(Main) Germany RED HAT: Earns US$18.2 Million in Second Quarter Ended Aug. 31 -------------------------------------------------------------- Red Hat Inc. disclosed Tuesday financial results for its second fiscal quarter ended Aug. 31, 2007. Net income for the quarter was US$18.2 million, compared with US$16.2 million for the prior quarter and US$11.0 million in the year ago quarter. Non-GAAP adjusted net income for the quarter was US$36.9 million, after adjusting for stock compensation and tax expense. This compares to non-GAAP adjusted net income of US$33.7 million in the prior quarter and US$24.5 million in the year ago period. Total revenue for the quarter was US$127.3 million, an increase of 28.0% from the year ago quarter and 7.0% from the prior quarter. Subscription revenue was US$109.2 million, up 29% year-over-year and 6.0% sequentially. Non-GAAP operating cash flow totaled US$63.7 million for the quarter, up 43.0% from the year ago quarter and 22.0% sequentially. Total cash, cash equivalents and investments as of Aug. 31, 2007, were US$1.3 billion. At quarter end, Red Hat's total deferred revenue balance was US$377.0 million, an increase of 33.0% year-over-year and 4.0% sequentially. "We are pleased to report another solid quarter of strong revenues. I am particularly pleased with the steady improvement in operating margin and operating cash flow. These performance improvements come at a time when we are continuing to invest heavily in our processes and systems as we scale globally," stated Charlie Peters, executive vice president and chief financial officer of Red Hat. "We continue to see robust demand for our open source solutions and are encouraged by our market position." In addition, Red Hat Inc. disclosed that its Board of Directors had authorized the continuation of the company's stock and debenture repurchase program. Under the program, the company is authorized to repurchase in aggregate up to US$250 million of the company's common stock and in aggregate up to US$75 million of the company's 0.5% Convertible Senior Debentures due 2024. Repurchased common stock will be available for use in connection with the company's equity compensation plans and for other corporate purposes. Repurchased debentures will be retired and canceled. The repurchase program will be funded using the company's working capital and may be suspended or discontinued at any time. Red Hat had approximately 193.9 million shares of common stock outstanding as of Sept. 21, 2007. At Aug. 31, 2007, the company's consolidated balance sheet showed US$1.92 billion in total assets, US$1.02 billion in total liabilities, and US$898.5 million in total stockholders' equity. About Red Hat Headquartered in Raleigh, N.C., Red Hat Inc. (NYSE: RHT) -- http://www.redhat.com/-- is an open source solutions provider, with over 50 offices spanning the globe. CIOs have ranked Red Hat first for value in Enterprise Software for three consecutive years in the CIO Insight Magazine Vendor Value study. Red Hat provides high-quality, low-cost technology with its operating system platform, Red Hat Enterprise Linux, together with applications, management and Services Oriented Architecture solutions, including the JBoss Enterprise Middleware Suite. Red Hat also offers support, training and consulting services to its customers worldwide. The company has offices in Singapore, Germany, and Argentina, among others. * * * Red Hat Inc. still carries Standard & Poor's 'B+' corporate credit rating last placed on Aug. 21, 2006. Outlook is Stable. T-NEX VERWALTUNGSGES: Claims Registration Period Ends Oct. 12 ------------------------------------------------------------- Creditors of T-NEX Verwaltungsges.GmbH have until Oct. 12 to register their claims with court-appointed insolvency manager Stefan Oppermann. Creditors and other interested parties are encouraged to attend the meeting on Nov. 8, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Nuremberg Meeting Hall 152/I Flaschenhofstr. 35 Nuremberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Stefan Oppermann Aussere Sulzbacher Str. 118 90491 Nuremberg Germany Tel: 0911/59890-0 Fax: 0911/59890-11 The District Court of Nuremberg opened bankruptcy proceedings against T-NEX Verwaltungsges.GmbH on Sept. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: T-NEX Verwaltungsges.GmbH Attn: Detlev Fessen, Manager Steinacher Str. 101 90427 Nuremberg Germany ============= I R E L A N D ============= BLACKBOARD INC: Loan Repayment Cues S&P to Lift Rating to BB ------------------------------------------------------------ Standard & Poor's Ratings Services raised its bank loan rating on Washington, D.C.-based Blackboard Inc.'s $10 million senior secured credit facility to 'BB' from 'B+', following the repayment of the outstanding first-lien term loan. The revolving credit facility is rated 'BB', two notches higher than the corporate credit rating on the company, with a recovery rating of '1', indicating the expectation for very high (90%- 100%) recovery in the event of a payment default or bankruptcy. The corporate credit rating remains at 'B+'. Standard & Poor's also assigned its 'B-' rating to the company's $165 million senior convertible notes. "The rating reflects the company's narrow business profile, fragmented and competitive market place, and rapid growth," said Standard & Poor's credit analyst David Tsui. "These factors are offset partially by a strengthening position in a growing niche software market and a significant base of recurring business." Blackboard's target market primarily is the 6,400 North American higher education institutions, and secondarily, K-12 institutions and international educational institutions. Blackboard has a leading position in the niche course management software market. Although the company benefits from high renewal rates and moderately high switching costs, the market is highly fragmented, and entry from resource-intensive competitors or open-source software could be a risk. Financial leverage is moderate for the rating, with total adjusted debt to EBITDA of 4x as of June 30, 2007, following the issuance of $165 million senior convertible notes in June. The company is acquisitive, having already acquired five companies since 1997, with the acquisition of WebCT for $154 million being the largest to date. Blackboard Inc. provides enterprise software applications and related services to the education industry. Founded in 1997, Blackboard enables educational innovations everywhere by connecting people and technology. With two product suites, the Blackboard Academic Suite (TM) and the Blackboard Commerce Suite (TM), Blackboard is used by millions of people at academic institutions around the globe, including colleges, universities, K-12 schools and other education providers, as well as textbook publishers and student-focused merchants that serve education providers and their students. Blackboard is headquartered in Washington, D.C., with offices in Scandinavia, United Kingdom and Ireland. ========= I T A L Y ========= FIAT SPA: Sells 1.83% Equity Stake in Mediobanca for EUR118 Mln --------------------------------------------------------------- Fiat S.p.A. sold its 1.83% equity stake in Mediobanca S.p.A. to Goldman Sachs International on Sept. 20, 2007. The transaction realized a gain of around EUR118 million for Fiat. The sale was settled on Sept. 26, 2007. Goldman Sachs will place the shares with institutional investors. 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. 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 reported in the TCR-Europe on Aug. 24, 2007, Moody's Investors Service upgraded to Ba1 from Ba2 Fiat SpA's Corporate Family Rating, and the group's other long-term senior unsecured ratings. At the same time, the positive outlook on all long-term ratings was maintained. The short term Not Prime rating remains unchanged. PARMALAT SPA: Ex-CEO Tanzi May Face Tax Fraud Charges in Milan -------------------------------------------------------------- Prosecutors in Milan, Italy, are considering the filing of tax fraud charges against Parmalat S.p.A. founder and former CEO Calisto Tanzi, Il Sole 24 Ore reports. According to the report, the possible charges are related to premiums from insurance contracts set by Parmalat and brokered by Bank of America's Italian unit. The premiums were passed through Swiss bank accounts to avoid paying tax in Italy. Mr. Tanzi, along with 15 former group executives and accountants, is on trial in Milan on charges of market rigging, false accounting and contravening local stock market laws. Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The Company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. =================== K A Z A K H S T A N =================== AKSU-GOLDEN HOPE: Proof of Claim Deadline Slated for Nov. 6 ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Aksu-Golden Hope insolvent on July 11. Creditors have until Nov. 6 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Parkovaya Str. 17 Pavlodar Kazakhstan ARYS LLP: Creditors Must File Claims Nov. 2 ------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Arys insolvent on Aug. 16. Creditors have until Nov. 2 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 COMFORTSTROY & CO: Claims Filing Period Ends Nov. 2 --------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Comfortstroy & Co. insolvent on July 23. Creditors have until Nov. 2 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan Tel: 8 (7252) 54-02-36 ENERGOSTROY-21 VEK: Creditors' Claims Due on Nov. 2 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Construction Company Energostroy-21 Vek insolvent on Aug. 16. Creditors have until Nov. 2 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 IRADA LLP: Claims Registration Ends Nov. 7 ------------------------------------------ LLP Trade Company Irada has declared insolvency. Creditors have until Nov. 7 to submit written proofs of claims to: LLP Trade Company Irada Ryskulov Str. 133a Almaty Kazakhstan MANAL SOKOS: Proof of Claim Deadline Slated for Nov. 2 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Manal Sokos insolvent. Creditors have until Nov. 2 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan Tel: 8 (7252) 54-02-36 PARK ATTRAKTSIONOV: Creditors Must File Claims Nov. 2 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Park Attraktsionov insolvent on Aug. 10. Creditors have until Nov. 2 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Dostyk Ave. 44-99 Almaty Kazakhstan Tel: 8 (3272) 91-43-47 8 701 205 30-32 TECHNOGUIDE LLP: Claims Filing Period Ends Nov. 7 ------------------------------------------------- LLP Technoguide has declared insolvency. Creditors have until Nov. 7 to submit written proofs of claims to: LLP Technoguide Abai ave. 4-4 Aktobe Aktube Kazakhstan TEMIRJAN-PV LLP: Creditors' Claims Due on Nov. 6 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Temirjan-PV insolvent on July 12. Creditors have until Nov. 6 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Parkovaya Str. 17 Pavlodar Kazakhstan WEST VISION: Claims Registration Ends Nov. 2 -------------------------------------------- LLP West Vision has declared insolvency. Creditors have until Nov. 2 to submit written proofs of claims to: LLP West Vision Office One Micro District 24 Aktau Mangistau Kazakhstan =================== K Y R G Y Z S T A N =================== TAZA-AYIL LLC: Creditors Must File Claims by November 7 ------------------------------------------------------- LLC Taza-Ayil has declared insolvency. Creditors have until Nov. 7 to submit written proofs of claim to: LLC Taza-Ayil Beregovaya Str. 22 Novo-Pokrovka Issyk-Atinsky District Chui Region Kyrgyzstan ===================== N E T H E R L A N D S ===================== BIOMET INC: Closes Merger with Private Equity Group --------------------------------------------------- Biomet Inc. has completed its merger with LVB Acquisition Merger Sub, Inc., a wholly owned subsidiary of LVB Acquisition, Inc. LVB Acquisition is indirectly owned by investment partnerships directly or indirectly advised or managed by The Blackstone Group L.P., Goldman Sachs & Co., Kohlberg Kravis Roberts & Co. L.P. and TPG Capital. Pursuant to the merger, Biomet shareholders (other than LVB Acquisition Merger Sub, Inc. or LVB Acquisition, Inc.) will receive US$46.00 in cash, without interest and less any required withholding taxes, for each outstanding Biomet common share. Biomet common shares will cease trading on NASDAQ at market close on Sept. 25, 2007, and will no longer be listed. Shareholders of Biomet who are the holders of record of Biomet stock certificates will receive instructions and a letter of transmittal by mail from American Stock Transfer & Trust Company, the paying agent for the merger, concerning how and where to forward their certificates for payment. For shares held in "street name" by a broker, bank or other nominee, shareholders will not need to take any action to have shares converted into cash, as this will be done by the broker, bank or other nominee. Questions about the deposit of merger proceeds should be directed to the appropriate broker, bank or other nominee. About The Blackstone Group The Blackstone Group -- http://www.blackstone.com/-- is a global alternative asset manager and provider of financial advisory services. The Blackstone Group is an independent alternative asset managers in the world. Its alternative asset management businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services. About Goldman Sachs & Co. Founded in 1869, Goldman Sachs is one of the oldest and largest investment banking firms. Goldman Sachs is also a global leader in private corporate equity and mezzanine investing. Established in 1991, the GS Capital Partners Funds are part of the firm's Principal Investment Area in the Merchant Banking Division, which has formed 13 investment vehicles aggregating US$56 billion of capital to date. About Kohlberg Kravis Roberts Kohlberg Kravis Roberts & Co. is one of the world's oldest and most experienced private equity firm specializing in management buyouts. Founded in 1976, it has offices in New York, Menlo Park, London, Paris, Hong Kong, and Tokyo. Throughout its history, KKR has brought a long-term investment approach to its portfolio companies, focusing on working in partnership with management teams and investing for future competitiveness and growth. Over the past 30 years, KKR has completed over 150 transactions with a total value of over US$294 billion. About TPG TPG -- http://www.tpg.com/-- is a private investment partnership that was founded in 1992 and currently has more than US$30 billion of assets under management. With offices in San Francisco, London, Hong Kong, New York, Minneapolis, Fort Worth, Melbourne, Menlo Park, Moscow, Mumbai, Shanghai, Singapore and Tokyo, TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, joint ventures and restructurings. TPG's investments span a variety of industries including healthcare, retail/consumer, airlines, media and communications, industrials, technology and financial services. About Biomet Headquartered in Warsaw, Indiana, Biomet and its subsidiaries currently distribute products in more than 100 countries, including the Netherlands, Argentina and Korea. Biomet Inc. and its subsidiaries design, manufacture, and market products used primarily by musculoskeletal medical specialists in both surgical and non-surgical therapy. BIOMET INC: Moody's Puts Corporate Family Rating at B2 ------------------------------------------------------ Moody's Investors Service assigned final debt ratings to Biomet Inc. (B2 Corporate Family Rating) in conjunction with the close of the leveraged buy-out transaction by a consortium of equity sponsors. The rating outlook is negative. There is no change from the provisional debt ratings that had previously been assigned. The provisional (P)B2 CFR reflected uncertainty about the final terms of the transaction. Moody's notes that subsequent to the assignment of provisional ratings in May 2007, higher interest rates and a revolver draw of about $130 million (raising incremental debt by about $80 million) have reduced Biomet's flexibility within the B2 rating. Also, as a result, the company's Speculative Grade Liquidity rating has been changed to an SGL-3 from an SGL-2, which was assigned in conjunction with the provisional ratings. Diana Lee, a Senior Credit Officer at Moody's said, "Higher borrowing costs and the need to use the revolver eliminate any cushion that may have been available to the company. As a result, performance below expectations will have greater potential to trigger a downgrade." Ratings assigned with a negative outlook: Biomet, Inc. -- Corporate Family Rating at B2 -- $350 Million Asset backed revolver at Ba2, (LGD2, 13%) -- $400 Million Secured cash flow revolver at B1, (LGD3, 36%) -- $3.547 Billion Secured term loan at B1, (LGD3, 36%) -- $775 Million Unsecured senior notes or bridge loan at B3, (LGD4, 63%) -- $775 Million Unsecured PIK option notes or bridge loan at B3, (LGD4, 63%) -- $1.015 Billion Unsecured subordinated notes or bridge loan at Caa1, (LGD6, 93%) -- PDR at B2 Rating changed: -- Speculative grade liquidity rating: SGL-3 from SGL-2 Moody's believes that Biomet's very high leverage and weak financial strength and financial policy ratios - some of which are positioned in the "Caa" category - are a key credit risk. In particular, interest coverage is negligible and the company's ability to repay a significant portion of its debt with cash flow is extremely limited. While there are no financial covenants in the revolving bank agreements, there is material adverse change representation and warranty language. The presence of external liquidity sources as well as equity sponsors that have committed significant capital (of about $5.4 billion) lower the likelihood of default for the near term, and should provide management more time to improve free cash flow. The B2 CFR also considers the company's size and the fairly stable nature of the orthopedic industry, which is expected to continue to benefit from steady demand. As a result, Moody's believes that the B2 CFR is appropriate even though leverage (estimated at about 9 times pro forma Debt/EBITDA based on year end May 31, 2007 financial statements) and coverage measures (estimated at 1.1 times pro forma EBITA/interest) are more consistent with lower ratings. The rating outlook is negative, reflecting Biomet's weak position in the B2 category due primarily to Moody's concerns regarding the high level of debt. Moody's believes that the company will need to see operating improvements as well as grow at industry rates in order to meaningfully de-leverage over the next 12-24 months. Biomet's SGL-3 rating reflects weak free cash flow, balanced by substantial external liquidity. Following the initial draw, Biomet is expected to have about $620 million of capacity under two secured bank revolvers. About Biomet Headquartered in Warsaw, Indiana, Biomet and its subsidiaries currently distribute products in more than 100 countries, including the Netherlands, Argentina and Korea. Biomet Inc. and its subsidiaries design, manufacture, and market products used primarily by musculoskeletal medical specialists in both surgical and non-surgical therapy. RADNOR HOLDINGS: Court Extends Solicitation Period to January 14 ---------------------------------------------------------------- The United States Bankruptcy Court for the District of Delaware further extended Radnor Holdings Corp. and its debtor- affiliates' exclusive period to solicit acceptances of their plan of reorganization until Jan. 14, 2008. As the reported in Troubled Company Reporter on Sept. 11, 2007, the Debtors reminded the Court that they have filed a Joint Plan of Liquidation and Disclosure Statement on April 30, 2007. They requested an extension of their plan solicitation period because they, along with their advisors, are continuing to negotiate and finalize the terms of the plan with the asset sale purchaser and the Official Committee of Unsecured Creditors, ultimately confirming the plan without prejudicing any party of interest. The Debtors related that they have made significant, good-faith progress in resolving many of the issues facing the Debtors' estates, including: (i) certain disputes among the Debtors, the Committee and Tennenbaum Capital Partners, LLC regarding, among other things, the sale and the amount and validity of claims filed by Tennenbaum on behalf of itself and its affiliates Special Value Expansion Fund, LLC and Special Value Opportunities Fund, LLC; (ii) the ultimate disposition of the Debtors' assets through a sale; and (iii) the priority and payment of millions of dollars in professional fees and expenses that have been asserted to date by the Committee's professionals. Based in Radnor, Pennsylvania, Radnor Holdings Corporation -- http://www.radnorholdings.com/-- manufactured and distributed a broad line of disposable food service products in the United States, and specialty chemicals worldwide. The Debtor and its affiliates filed for chapter 11 protection on Aug. 21, 2006 (Bankr. D. Del. Lead Case No. 06-10894). Gregg M. Galardi, Esq., Mark L. Desgrosseilliers, Esq., Sarah E. Pierce, Esq., Timothy R. Pohl, Esq., Patrick J. Nash, Jr., Esq., and Rena M. Samole, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP, represent the Debtors. Donald J. Detweiler, Esq., and Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serve the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they listed total assets of $361,454,000 and total debts of $325,300,000. =========== R U S S I A =========== DEBESSKAYA OIL: Creditors Must File Claims by Nov. 8 ---------------------------------------------------- Creditors of CJSC Debesskaya Oil have until Nov. 8 to submit proofs of claim to: R. Gibadullin Insolvency Manager Post User Box 3497 Izhevsk 426034 Udmurtiya Russia The Arbitration Court of Udmurtiya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A71-5602/2007-G26. The Court is located at: The Arbitration Court of Udmurtiya Lomonosova Str. 5 Izhevsk 426004 Udmurtiya Russia The Debtor can be reached at: CJSC Debesskaya Oil Androsova Str. 78 Debesy Udmurtiya Russia ELECTROPLATING OJSC: Creditors Must File Claims by Nov. 8 --------------------------------------------------------- Creditors of OJSC Electroplating have until Nov. 8 to submit proofs of claim to: Y. Barbolin Insolvency Manager Apartment 536 Bazarnaya Str. 115/59 Tambov Russia The Arbitration Court of Tambov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A64-940/07-21. The Debtor can be reached at: OJSC Electroplating Morshanskoe Shosse 21 Tambov Russia GELENDZHIK LLC: Creditors Must File Claims by Oct. 8 ---------------------------------------------------- Creditors of LLC Building�Engineering Company Gelendzhik (TIN 2304037888) have until Oct. 8 to submit proofs of claim to: S. Uleev Temporary Insolvency Manager Pushkina Str. 47/1 350063 Krasnodar Russia The Arbitration Court of Krasnodar will convene on Nov. 20 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A-32-13539/2007-1/390 B. The Court is located at: The Arbitration Court of Krasnodar Krasnaya Str. 6 Krasnodar Russia The Debtor can be reached at: LLC Building�Engineering Company Gelendzhik Khersonskaya Str. 2 Geledzhik Russia KASHIRSKIY FLOUR: Moscow Bankruptcy Hearing Slated for Nov. 27 -------------------------------------------------------------- The Arbitration Court of Moscow will convene on Nov. 27 to hear the bankruptcy supervision procedure on OJSC Kashirskiy Flour Mill. The case is docketed under Case No. A41-K2-11830/07. The Temporary Insolvency Manager is: L. Vlasov Gorodskoj Pos. Str. 4 Kashira 142900 Moscow Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: L. Vlasov Gorodskoj Pos. Str. 4 Kashira 142900 Moscow Russia KULIKOVSKOE LLC: Creditors Must File Claims by Nov. 8 ----------------------------------------------------- Creditors of LLC Kulikovskoe have until Nov. 8 to submit proofs of claim to: R. Rumyantsev Insolvency Manager Aviastroitelej 4-2 Novosibirsk Russia The Arbitration Court of Novosibirsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-2526/07-54/22. The Court is located at: The Arbitration Court of Novosibirsk Kirova Str. 3 630007 Novosibirsk Russia The Debtor can be reached at: LLC Kulikovskoe Kulikovskoe Chulymskiy Novosibirsk Russia NEW STYLE: Creditors Must File Claims by Oct. 8 ----------------------------------------------- Creditors of LLC New Style (TIN 6674177020) have until Oct. 8 to submit proofs of claim to: V. Stepanchenko Insolvency Manager Post User Box 27 620098 Ekaterinburg Russia The Arbitration Court of Sverdlovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A60-13942/2007-S11. The Court is located at: The Arbitration Court of Sverdlovsk Lenina Pr. 34 620151 Ekaterinburg Russia The Debtor can be reached at: LLC New Style Rodonitovaya Str. 23 620089 Ekaterinburg Russia NOVATEK OAO: Fitch Upgrades Ratings to BB on Strong Performance --------------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term corporate credit rating on OAO NOVATEK, Russia's largest independent gas producer, to 'BB' from 'BB-', following a review of the company's first-half 2007 performance. The outlook is positive. At the same time, the Russia national scale rating was raised to 'ruAA' from 'ruAA-'. "The upgrade reflects Novatek's strong financial metrics, with no net debt and strong profitability, and the gradually improving fundamentals of the Russian gas industry," said Standard & Poor's credit analyst Elena Anankina. In the first half of 2007, Novatek's EBITDA margin was a strong 47%, as gradually increasing domestic gas prices more than offset growth in transportation costs and taxes other than income. Free operating cash flow was positive (RUR4.2 billion), despite an increase in capital expenditure to RUR6.4 billion as the company proceeds with its plan to invest in future production growth. At June 30, 2007, Novatek had RUR1.7 billion in debt (RUR2.0 billion if pension-adjusted), versus RUR7.7 billion cash. Russian gas industry risks (notably very low domestic gas prices and operational dependence on the pipelines of government- controlled OAO Gazprom; BBB/Stable/--), remain the key constraints on the rating on Novatek. Nevertheless, the company's very low cost position and a degree of diversification between natural gas, gas condensate, and crude oil help to offset those risks. Novatek's prices are not regulated, but indirectly pegged to Gazprom's, which are set very low by the regulator. Although Novatek cannot export gas, its exposure to downside price fluctuations is effectively limited by the semiregulated nature of the industry. The government's plan to more than double regulated gas prices to US$125 per thousand cubic meters by 2011 provides a good benchmark for Novatek to increase its price realizations. Novatek has a good working relationship with Gazprom, the dominant player in the Russian gas industry with 85% of the country's gas production, ownership of the pipelines, and a monopoly on export. The risks related to Gazprom's privileged position are mitigated by Gazprom's fundamental interest in having smaller independent players like Novatek satisfy growing domestic demand at low prices, so that Gazprom can use a higher share of its stable production for profitable export. Gazprom's 19% stake in Novatek gives it some influence on the company's strategy. Novatek's purchase of a 25% interest in several gas fields in the third quarter of 2007 for RUR1.2 billion, demonstrates the company's ability to make smaller acquisitions to support its growth prospects. Still, Novatek remains a relatively small player, with only 4% of Russia's gas production and a geographically concentrated reserve base. Fitch expects that the rating on Novatek could be raised by one notch in the next 12 months, as Novatek continues to benefit from the fundamental improvements in the Russian gas industry. In particular, we will focus on how the government's plan to raise domestic gas prices is implemented in 2007-2008. The rating upside also factors in our expectation that Novatek will retain its competitive cost position, successfully manage its capital expenditure program, continue its mutually beneficial cooperation with Gazprom, and stick to its prudent financial policy to keep net debt below annual EBITDA, despite an expected increase in capital expenditures and the recent increase in dividends to about 31% of net income (compared with a 15% minimum target level). Because capital expenditures are mainly growth oriented, Fitch expects Novatek to adjust them in line with market demand and pipeline infrastructure availability. Fitch also expects that Novatek's capital expenditures will be targeted first at infrastructure, so that 2007 production volumes should be broadly flat, with the bulk of the resulting production growth occurring after 2008. Adverse changes in regulations or evidence of heightened operational risk from Gazprom (although we don't consider this to be a base case scenario) could constrain the rating upside or even pressure the rating or outlook. ORBITA-AGRO CJSC: Creditors Must File Claims by Oct. 8 ------------------------------------------------------ Creditors of CJSC Orbita-Agro (TIN 2801050021) have until Oct. 8 to submit proofs of claim to: A. Kasaev Temporary Insolvency Manager Vyazemskaya Str. 1-82 680022 Khabarovsk Russia The Arbitration Court of Amur commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A04-4747/2007-6/244 B. The Debtor can be reached at: CJSC Orbita-Agro Muravyevka Tambovskiy Amur Russia POLIEL CJSC: Creditors Must File Claims by Nov. 8 ------------------------------------------------- Creditors of CJSC Poliel (TIN 5262102760) have until Nov. 8 to submit proofs of claim to: M. Udaltsova Insolvency Manager Post User Box 59 603086 Nizhniy Novgorod Russia The Arbitration Court of Nizhniy Novgorod commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A43-1840/2007, 33-15. The Court is located at: The Arbitration Court of Nizhniy Novgorod Kremlin 9 603082 Nizhniy Novgorod Russia The Debtor can be reached at: CJSC Poliel Genkinoj Str. 102 Nizhniy Novgorod Russia ROSNEFT OIL: Debut Bond Placement Slated for November ----------------------------------------------------- OAO Rosneft Oil Co. is not ready to issue a RUR15 billion bond before November 2007, various reports say citing a source close to the placement's organizers. "Rosneft has not yet submitted the bond prospectus for registration and this will take 30 days," the source told Interfax News. A source told Kommersant that Rosneft will place the first issue in late November or early December depending on the market conditions. Kommersant relates that the bonds will not likely be convertible and will mature after five to 10 years, with put-or-call options. The bonds issue is the first of a RUR45 billion three-tranche placement announced by Rosneft in September. The proceeds will be used to repay loans used to acquire the bankrupt assets of OAO Yukos Oil Co. According to RIA Novosti, Rosneft will issue the bonds in three tranches of equal sizes with maturities of not more than seven years. Rosneft will issue the first tranche this year and the next two tranches in 2008. Rosneft has hired Troika Dialog, Gazprombank and VTB to organize the placement. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * As of July 17, 2007, OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is positive. ROSNEFT OIL: Vladimir Putin Denies Rosneft-Gazprom Merger Plan -------------------------------------------------------------- Russian President Vladimir Putin dispelled reports that state- owned companies OAO Rosneft Oil Co. and OAO Gazprom will merge, Business News Europe says. "I don't think we should create a monster that will dominate all economy of Russia and that, as a vacuum cleaner, will be pumping out all resources, including financial ones," Mr. Putin was quoted by BNE as saying. According to the report, Mr. Putin noted that Russian companies should expand not through a merger but rather by increasing their capitalization. The president added that Russia would not restrict growth in the oil and gas industries, but will help expand output to meet demand, BNE relates. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * As of July 17, 2007, OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is positive. ROSSA CJSC: Creditors Must File Claims by Oct. 8 ------------------------------------------------ Creditors of CJSC Insurance Company Rossa (TIN 4823001173) have until Oct. 8 to submit proofs of claim to: V. Khlusov Insolvency Manager Dovatora Str. 12, 200 398024 Lipetsk Russia The Arbitration Court of Lipetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A36-356-B/1-02. The Court is located at: The Arbitration Court of Lipetsk Skorokhodova Str. 2 398019 Lipetsk Russia The Debtor can be reached at: V. Khlusov Insolvency Manager Dovatora Str. 12, 200 398024 Lipetsk Russia SITEKH CJSC: Creditors Must File Claims by Oct. 8 ------------------------------------------------- Creditors of CJSC Building Company Sitekh have until Oct. 8 to submit proofs of claim to: Y. Makarova Temporary Insolvency Manager Office 400 Nikitina Str. 20 630009 Novosibirsk Russia The Arbitration Court of Moscow will convene on Jan. 23, 2008 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A45-6368/07-4/20. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: Y. Makarova Temporary Insolvency Manager Office 400 Nikitina Str. 20 630009 Novosibirsk Russia STRELETS LLC: Creditors Must File Claims by Oct. 8 -------------------------------------------------- Creditors of LLC Fish Catching Company Strelets have until Oct. 8 to submit proofs of claim to: D. Vasilenko Temporary Insolvency Manager Telmana Str. 38 Petropavlovsk-Kamchatskiy 683024 Kamchatka Russia The Arbitration Court of Kamchatka commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A24-1239/07-16. The Debtor can be reached at: D. Vasilenko Temporary Insolvency Manager Telmana Str. 38 Petropavlovsk-Kamchatskiy 683024 Kamchatka Russia USEC INC: S&P Junks Rating on US$500MM Convertible Senior Notes --------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'CCC' senior unsecured rating to USEC Inc.'s $500 million 3% convertible senior unsecured notes due Oct. 1, 2014. At the same time, S&P affirmed its 'B-' corporate credit rating on the company. The outlook is negative on Bethesda, Maryland-based USEC, a leading supplier of low enriched uranium. Proceeds from the offering, which is expected to close on Sept. 28, 2007, combined with a common stock offering, will be used to help fund the development of a highly efficient centrifuge facility in Ohio, American Centrifuge, and for general corporate purposes. Pro forma for the sale of the notes, total long-term debt outstanding will be about $650 million. "The negative outlook reflects the threat to USEC's competitive position posed by LES and by technology uncertainty," said Standard & Poor's credit analyst Marie Shmaruk. "We could lower the ratings if USEC's new technology proves commercially unviable, liquidity declines substantially, or Russia terminates the Russian Suspension Agreement, under which USEC buys enriched uranium from Russia. S&P are unlikely to raise the ratings before there is further certainty about the funding and commercial viability of the new enrichment facility." About USEC Inc. Headquartered in Bethesda, Maryland, USEC, Inc. (NYSE: USU) -- http://www.usec.com/-- is a global supplier of low enriched uranium to nuclear power plants and is the exclusive executive agent for the U.S. Government under the Megatons to Megawatts program with Russia. VERKHOVINO CJSC: Court Names A. Kublikov as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Kirov appointed A. Kublikov as Insolvency Manager for CJSC Verkhovino. He can be reached at: A. Kublikov Orlovskaya Str. 14-1 610002 Kirov Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A28-65/07-17/20. The Court is located at: The Arbitration Court of Kirov K-Libknekhta Str. 102 610017 Kirov Russia The Debtor can be reached at: CJSC Verkhovino Sychugova Str. 29 Verkhovino Yuryanskiy 613640 Kirov Russia WORLD OF YUGRAMYSHSKIY: Creditors Must File Claims by Oct. 8 ------------------------------------------------------------ Creditors of CJSC World of Yugramyshskiy Region have until Oct. 8 to submit proofs of claim to: Y. Butyugin Insolvency Manager Office 3 Popova Str. 28 Belozervskoe 641360 Kurgan Russia The Arbitration Court of Kurgan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A34-2468/2007. The Court is located at: The Arbitration Court of Kurgan Sovetskaya Str. 192 640003 Kurgan Russia The Debtor can be reached at: Y. Butyugin Insolvency Manager Office 3 Popova Str. 28 Belozervskoe 641360 Kurgan Russia ZIBOROVSKOE CJSC: Creditors Must File Claims by Oct. 8 ------------------------------------------------------ Creditors of CJSC Ziborovskoe have until Oct. 8 to submit proofs of claim to: I. Shtejnikov Insolvency Manager Tsentralnaya Str. 31 Tavrovo-2 308504 Belgorod Russia The Arbitration Court of Belgorod commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A08-3 727/07-14. The Court is located at: The Arbitration Court of Belgorod Narodnyj Avenue 135 308600 Belgorod Russia The Debtor can be reached at: CJSC Ziborovskoe Tsentralnaya Str. 31 Tavrovo-2 308504 Belgorod Russia =========== S W E D E N =========== FORD MOTOR: Terra Firma Eyes Jaguar & Land Rover Brands ------------------------------------------------------- Terra Firma Capital Partners Limited has joined the bid for Ford Motor Company's Jaguar and Land Rover brands as Guy Hands, Terra's head, requested Thursday for Ford's sale documents and started to accomplish due diligence for the bid, the Financial Times reports, citing people familiar with the matter. Ford, according to the report, expects indicative bids this month. The car maker seeks to finalize the sale deal by December or early next year. As reported by Reuters last week, citing sources familiar with the matter, Ford's Jaguar and Land Rover brands still has four potential buyers left after two Indian firms, Mahindra & Mahindra and Cerberus, quit the buying race. The four remaining suitors, according to Reuters' sources, are One Equity Partners, Ripplewood, Tata Motors and TPG, but these firms are yet to complete the due diligence. The Troubled Company Reporter said June 13, 2007, that Ford employed help from investment banks including Goldman Sachs, HSBC and Morgan Stanley to explore the sale of its two British luxury brands, which had lost US$12.6 billion last year. In August, an International Herald Tribune report said Ford's financial and legal advisers have begun preparing information to facilitate due diligence for potential bidders of the two marques as Ford hopes to reach a tentative deal by the end of September. Ford expects to finalize the sale deal by December or the early stages of Fiscal Year 2008, Lewis Booth, EVP of Ford's European units, said, according to Breaking News.ie. About Ford Motor Co. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter on July 30, 2007, Moody's Investors Service said that the performance of Ford Motor Company's global automotive operations for the second quarter of 2007 was significantly stronger than the previous year and better than street expectations. However, Moody's explained that the company continues to face significant competitive and financial challenges, and the rating agency expects that Ford's credit metrics and rate of cash consumption will likely remain consistent with no higher than a B3 corporate family rating level into 2008. According to the rating agency, Ford's corporate family rating is currently a B3 with a negative outlook. The rating is pressured by the shift in consumer preference from high margin trucks and SUVs, and by the need for a new 2007 UAW contract that provides meaningful relief from high health care costs and burdensome work rules, Moody's relates. In June 2007, S&P raised the Issue Rating on Ford's senior secured credit facilities to B+ from B. ===================== S W I T Z E R L A N D ===================== ALFRED WALTER: Creditors' Liquidation Claims Due Oct. 10 -------------------------------------------------------- Creditors of JSC Alfred Walter have until Oct. 10 to submit their claims to: Peter Walter Liquidator Breiteweg 10 8966 Lieli Switzerland The Debtor can be reached at: JSC Alfred Walter P. Walter 8966 Oberwil-Lieli Switzerland ATORAN JSC: Zug Court Starts Bankruptcy Proceedings --------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC Atoran on Aug. 14. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Atoran 6300 Zug Switzerland APPSO LLC: Creditors' Liquidation Claims Due October 10 ------------------------------------------------------- Creditors of LLC APPSO have until Oct. 10 to submit their claims to: Uta Scharfenberger Stubi Liquidator Santihansweg 14 3186 Dudingen Switzerland The Debtor can be reached at: LLC APPSO Dudingen FR Switzerland B+B TAXI: Creditors' Liquidation Claims Due October 10 ------------------------------------------------------ Creditors of LLC B+B Taxi & Transporte have until Oct. 10 to submit their claims to: Peter Barben Liquidator Thalmatt 10 3037 Herrenschwanden Switzerland The Debtor can be reached at: LLC B+B Taxi & Transporte Muri b. Bern Switzerland CAFFE PER TUTTI: Zug Court Starts Bankruptcy Proceedings -------------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC Caffe per tutti on Aug. 16. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Caffe per tutti Blegi 14 6343 Rotkreuz Gemeinde Risch Switzerland CORA LLC: Creditors' Liquidation Claims Due October 10 ------------------------------------------------------ Creditors of LLC CORA have until Oct. 10 to submit their claims to: Christian Schneider Liquidator Seebachstrasse 64 8052 Zurich Switzerland The Debtor can be reached at: LLC CORA Reinach AG Switzerland PROVINZCLUB LLC: Creditors' Liquidation Claims Due October 10 ------------------------------------------------------------- Creditors of LLC Provinzclub have until Oct. 10 to submit their claims to: Georg Sulzer Liquidator Usterstrasse 134 8620 Wetzikon Switzerland The Debtor can be reached at: LLC Provinzclub Wetzikon ZH Switzerland ROBINSON RESEARCH: Zug Court Closes Bankruptcy Proceedings ---------------------------------------------------------- The Bankruptcy Court of Zug entered Aug. 31 an order closing the bankruptcy proceedings of JSC Robinson Research. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Robinson Research 6300 Zug Switzerland SUNBAY SOFTWARE: Thalwil Court Closes Bankruptcy Proceedings ------------------------------------------------------------ The Bankruptcy Court of Thalwil entered Aug. 28 an order closing the bankruptcy proceedings of JSC Sunbay Software. The Bankruptcy Service of Thalwil can be reached at: Bankruptcy Service of Thalwil 8800 Thalwil Switzerland The Debtor can be reached at: JSC Sunbay Software Seestr. 78 8803 Ruschlikon Switzerland TEXTILREINIGUNG DIPPOLD: Liquidation Claims Due October 10 ---------------------------------------------------------- Creditors of LLC Textilreinigung Dippold have until Oct. 10 to submit their claims to: Austrasse 2 4153 Reinach Switzerland The Debtor can be reached at: LLC Textilreinigung Dippold Reinach BL Switzerland ============= U K R A I N E ============= ALIYE PARUSA: Mykolaiv Economic Court Declares Company Bankrupt --------------------------------------------------------------- The Mykolaiv Regional Economic Court has declared Ukrainian perfume plant OJSC Aliye Parusa bankrupt on Aug. 15, 2007, The Financial Times reports, citing Interfax News as its source. Subsequently, the court initiated liquidation proceedings against Aliye Parusa. Volodymyr Aymedov has been appointed liquidator. According to the report, the court commenced the perfume plant's bankruptcy case in spring 2007 at the request of the State Tax Inspection of Zavodsky district. At the end of 2004 Aliye Parusa incurred a loss of UAH6.23 million after Russian perfumery producer OJSC Kalina concern sold an 84% stake in the company in September 2003, FT relates. CONSULTING-CENTER LLC: Proofs of Claim Deadline Set October 3 ------------------------------------------------------------- Creditors of LLC Consulting-Center (code EDRPOU 32204565) have until Oct. 3 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 as 15/605-b. The Debtor can be reached at: LLC Consulting-Center Alisher Navoya Str. 76 02125 Kiev Ukraine DOKA-TECHNO LLC: Proofs of Claim Deadline Set October 3 ------------------------------------------------------- Creditors of LLC Doka-Techno (code EDRPOU 34540616) have until Oct. 3 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 as 15/609-b. The Debtor can be reached at: LLC Doka-Techno Malogvardeyskaya Str. 11 03151 Kiev Ukraine ENERGODAR BAKERY: Proofs of Claim Deadline Set October 3 -------------------------------------------------------- The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 5/4/330(02). Creditors of OJSC Energodar Bakery Plant (code EDRPOU 05583928) have until Oct. 3 to submit written proofs of claim to: Radion Kravchenko Liquidator Skifskaya Str. 18, ap. 17 Energodar 71504 Zaporozhje Ukraine The Court is located at: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Debtor can be reached at: OJSC Energodar Bakery Plant Komunalnaya Str. 14-a Energodar 71500 Zaporozhje Ukraine FPG SYNTHESE: Proofs of Claim Deadline Set October 3 ---------------------------------------------------- Creditors of LLC FPG Synthese (code EDRPOU 3449161) have until Oct. 3 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 as 15/610-b. The Debtor can be reached at: LLC FPG Synthese Iziumskaya Str. 7 03039 Kiev Ukraine HIGH PROJECT: Proofs of Claim Deadline Set October 3 ---------------------------------------------------- Creditors of LLC Special Building High Project (code EDRPOU 34348590) have until Oct. 3 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 as 15/608-b. The Debtor can be reached at: LLC Special Building High Project Patrice Lumumba Str. 15-a 01042 Kiev Ukraine MASS MEDIA INVEST: Proofs of Claim Deadline Set October 3 --------------------------------------------------------- Creditors of LLC Mass Media Invest Group (code EDRPOU 33591887) have until Oct. 3 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 as 15/606-b. The Debtor can be reached at: LLC Mass Media Invest Group Borschagovskaya Str. 182-B 03058 Kiev Ukraine PRIVATE PROJECT: Proofs of Claim Deadline Set October 3 ------------------------------------------------------- Creditors of LLC Private Project (code EDRPOU 32204570) have until Oct. 3 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 as 15/604-b. The Debtor can be reached at: LLC Private Project Kakhovskaya Str. 71-a 02002 Kiev Ukraine PROFI BUILDING: Proofs of Claim Deadline Set October 3 ------------------------------------------------------ Creditors of LLC Profi Building Master (code EDRPOU 33096873) have until Oct. 3 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 as 15/607-b. The Debtor can be reached at: LLC Profi Building Master Novovokzalnaya Str. 39 03038 Kiev Ukraine TRADE ALIANCE: Proofs of Claim Deadline Set October 3 ----------------------------------------------------- Creditors of LLC Trade Aliance (code EDRPOU 32977526) have until Oct. 3 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 as 15/603-b. The Debtor can be reached at: LLC Trade Aliance M. Vasilenko Str. 7-A 03124 Kiev Ukraine V.T.F. LLC: Proofs of Claim Deadline Set October 3 -------------------------------------------------- Creditors of LLC V.T.F. (code EDRPOU 32955811) have until Oct. 3 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 as 15/611-b. The Debtor can be reached at: LLC V.T.F. M. Vasilenko Str. 7-a 03124 Kiev Ukraine =========================== U N I T E D K I N G D O M =========================== ADVANCED MARKETING: Court Approves Joint Disclosure Statement ------------------------------------------------------------- The United States Bankruptcy Court for the District of Delaware has approved the Disclosure Statement describing the Joint Plan of Liquidation filed by Debtors Advanced Marketing Services Inc., Publishers Group Incorporated and Publishers Group West Incorporated, along with the Official Committee of Unsecured Creditors. At the September 26, 2007 hearing, Judge Sontchi found that the Disclosure Statement, as amended, contains "adequate information" as required by Section 1125 of the Bankruptcy Code, Bloomberg News reported. Judge Sontchi said at the hearing that creditors whose debt is not backed by collateral will be paid from $0.29 to $0.42, according to Bloomberg. Pursuant to the Court-approved Disclosure Statement, the unsecured creditors, which are owed between $29,000,000 and $36,000,000, and all others who receive only partial payment of what they are owed, are allowed to vote on the Liquidating Plan before the Court decides whether it should be confirmed. In addition, secured creditors, whose debts are guaranteed by collateral, will be paid in full. Unsecured creditors of PGW will be paid in full on debts up to $11,000,000. The funds to be used to pay AMS' debts will come from the sale of most of the Debtor's assets to its competitor, Baker & Taylor, Inc., according to Bloomberg. Baker & Taylor agreed in March to buy the AMS assets for $20,000,000 in cash, plus an amount to be based on the value of the AMS debts and book inventory. Baker & Taylor has paid $57,800,000 under its original Asset Purchase Agreement with AMS. The Debtors and the Committee also delivered at the September 26 hearing a copy of their Second Amended Plan of Liquidation and accompanying Disclosure Statement to add specific provisions with respect to the Reclamation Claims and the 20 Day Administrative Claims filed against AMS, which are allowed as Administrative Claims pursuant to Sections 502 and 503 of the Bankruptcy Code and Rule 9019 of the Federal Rules of Bankruptcy Procedure. A blacklined copy of the Second Amended Liquidating Plan is available for free at http://researcharchives.com/t/s?23c4 A blacklined copy of the Second Amended Disclosure Statement is available for free at http://researcharchives.com/t/s?23c5 The Second Amended Liquidating Plan provides that each of those claims may be reduced dollar for dollar for returns of goods up to a certain current amount reflecting the goods in possession of the Debtors at or about the time of the report for each claim. A schedule of the Reclamation Claims and their approved current amounts is available at no charge at: http://researcharchives.com/t/s?23c6 Judge Sontchi has directed the creditors to submit their votes on the Plan by November 6. Creditors whose claims are being objected to are not eligible to vote unless such objections are resolved in their favor or, the claims are temporarily allowed by the Court for the purpose of voting to accept or reject the Plan. The Plan Proponents believe that the Liquidating Plan is in the best interests of the creditors and is fair and equitable, and, accordingly, are encouraging the creditors to vote in favor of the Plan. The Court will convene a hearing on November 15 to consider confirmation of the Plan. Curtis R. Smith, Chief Executive Officer of AMS, stated in Court filings that upon entry of the Plan Confirmation Order, the cash and assets of the Deferred Compensation Trust will be transferred to Reorganized AMS and will become property of the AMS estate and avaiable for distribution to holders of Allowed Unsecured Claims against AMS. Individuals who contributed to the Deferred Compensation Plan will be treated as holders of Unsecured Claims against AMS. William C. Sinnott of Random House Inc., Chairman of the Creditors Committee, added that on or before the Plan's substantial consummation, the Plan Proponents may file with the Court certain agreements or other documents as may be necessary or appropriate to effectuate and further evidence the terms and conditions of the Plan. 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 $100 million. On Aug. 24, 2007, the Debtors and the Committee filed their joint Plan and Disclosure Statement, which were twice amended in September 2006. The Court approved the Disclosure Statement on Sept. 26, and scheduled the hearing to consider confirmation of the Plan on Nov. 15, 2007. (Advanced Marketing Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000). ADVANCED MARKETING: Has Until Sept. 30 to Decide on Two Leases -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware extends until Sept. 30, 2007, the deadline for Advanced Marketing Services, Inc. and its debtor-affiliates to elect to assume, assume and assign or reject the Berkeley Lease and the New York Lease under Section 365(d)(4)(A) of the Bankruptcy Code. Entry of the Order will be subject to and without prejudice to the Debtors' rights to seek further extensions of the Lease Decision Period. As of September 4, 2007, Debtors Advanced Marketing Services, Inc., Publishers Group Incorporated, and Publishers Group West Incorporated are parties to three non-residential real property leases: 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 Under Section 356(d)(4)(B)(ii), the Debtors ask the Court to extend the period within which they may assume or reject the Berkeley Lease and the New York Lease through and including Sept. 30, 2007. Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, tells Judge Sontchi that the Debtors have either obtained prior written consent of the lessors of each of the Berkeley Lease and the New York Lease to the extension of the Lease Decision Period or expect to do so before the September 26 hearing of the Motion. Mr. Collins 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, and thus seek extension with respect to the Leases to consummate that transaction. The Debtors anticipate completing the transaction prior to the end of September. 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 $100 million. (Advanced Marketing Bankruptcy News, Issue No. 19; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000). BRITISH AIRWAYS: Orders Airbus and Boeing Long-Haul Aircraft ------------------------------------------------------------ British Airways plc has placed an order for 12 Airbus A380 and 24 Boeing 787 aircraft with options for a further seven Airbus A380s and 18 Boeing 787s. The A380s will be powered by Rolls-Royce Trent 900 engines and the B787s will be powered by Rolls-Royce Trent 1000 engines. The engine order includes a lifetime maintenance contract. The new aircraft will replace 20 of the airline's B747-400s and its 14 longhaul B767 fleet and will be delivered between 2010 and 2014. The order, including options, will give the airline the ability to grow its capacity by up to 4% per year and the flexibility to tailor its future capacity growth in line with market conditions. The aircraft will be greener, quieter and more fuel efficient with significantly lower carbon dioxide emissions and reduced impact on local air quality. This was a key consideration in the order. "This is an exciting day for British Airways with our largest fleet order since 1998. It's great news for our business, our customers and the environment," Willie Walsh, chief executive of British Airways, said. "These aircraft set the gold standard when it comes to environmental performance in the key areas of CO2 emissions, local air quality and noise. They will contribute significantly to our target of improving fuel efficiency by 25% between 2005 and 2025. "They are also much quieter than their predecessors, which is of vital importance at Heathrow. Both the A380 and B787 are rated as producing a quarter of the noise level of the B747-400. "These new aircraft will continue our commitment to deliver the best travel experience to our customers. This order builds upon our recent investment in improving the customer experience through Terminal 5, the new Club World cabin, inflight entertainment system and ba.com." The new aircraft types will enable the airline to strengthen further its network strategy, complementing each other in the longhaul fleet. The A380 will be used to provide more capacity for the airline's key high-density markets and maximize use of scarce Heathrow slots. The B787 will be used to start new routes and increase frequencies in existing markets. Both aircraft bring significant economic benefits with lower costs per seat. They are both long range aircraft and bring more flexibility in to the fleet as, unlike the B767 that they replace, they can be flown across the airline's network. British Airways will continue to consider the most suitable aircraft to replace its remaining B747-400 aircraft and is examining the B787-10, B777-300 ER and A350XWB. The airline has arranged for a group of banks to provide US$1.5 billion of debt financing to cover all of the airline's firm orders to the end of 2011. The total list price for the firm orders is US$8.2 billion for the airframe and engines. Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * As reported in the TCR-Europe on Aug. 16, 2007, 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. C J O ENTERPRISES: Peter W. Engel Leads Liquidation Procedure ------------------------------------------------------------- Peter W. Engel of Smith & Williamson Restructuring & Recovery Services was appointed liquidator of C J O Enterprises Ltd. (t/a Pressure Care Solutions) on Sept. 17 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Smith & Williamson Restructuring & Recovery Services Oakfield House Oakfield Grove Clifton Bristol BS8 2BN England GENERAL MOTORS: National Council Supports 2007 Tentative Pact ------------------------------------------------------------- The UAW GM National Council -� made up of presidents and bargaining chairs from more than 80 General Motors Corp. facilities across the nation -� has voted to unanimously recommend ratification of the 2007 tentative agreement with GM. The Council met Friday for four hours to discuss the details of the proposed agreement with the automaker. After asking numerous questions of the United Auto Workers union President Ron Gettelfinger, UAW Vice President Cal Rapson, and the UAW GM National Negotiating Committee, the council came to one conclusion: The proposed agreement forged after a two-day strike by 73,000 UAW members is very much worth supporting. �We�re very pleased to report that it was unanimously supported and endorsed by our national council members,� Mr. Gettelfinger said at a news conference after the meeting. The proposed contract was explained further at regional leadership meetings on Saturday and local union meetings and ratification votes will follow beginning Sunday. Ratification votes are expected to conclude by Wednesday, Oct. 10, 2007. The proposed contract came about Sept. 26, 2007, at 3:05 a.m. after a marathon bargaining session while thousands of UAW GM members showed their solidarity on the picket line. Asked whether a unanimous vote from the council was the goal of the meeting, Mr. Gettelfinger, flanked by UAW Vice President Cal Rapson and the rest of the UAW GM National Negotiating Committee, said what was most important was explaining the critical details of the contract language so that everyone understood it. But, he added, the committee was gratified by the unanimous show of support. �We have to say we all feel pretty good since we did get it,� Mr. Gettelfinger said. Mr. Gettelfinger held off on the majority of the details of the contract, preferring to allow UAW presidents and bargaining chairs to explain it to the membership. But, in response to media questions about the new Voluntary Employee Beneficiary Association fund that has been in the news so much, he said he wanted to assure retirees that their health care was secure in the near and long-term future. �Health care is in a crisis in this country,� Mr. Gettelfinger said. �Our retirees will be protected under this VEBA.� GM Regularly Scheduled Production Resumes As a result of the tentative agreement, all GM North America manufacturing plants resumed regularly scheduled production operations beginning second shift Wednesday, Sept. 26, 2007. Production at the GM Powertrain Windsor Transmission plant in Canada went down on Monday, Sept. 24, 2007, due to the strike in the US. The plant resumed production beginning first shift, Thursday, Sept. 27, 2007. About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on Sept. 28, 2007, Fitch Ratings has affirmed and removed the Issuer Default Rating and debt ratings of General Motors from Rating Watch Negative following the announcement that GM has reached an agreement on a new contract with the United Auto Workers. Fitch currently rates GM as: IDR 'B'; Senior secured 'BB/RR1'; and Senior unsecured 'B-/RR5'. GM's Rating Outlook is Negative. As reported in Troubled Company Reporter on Sept. 26, 2007, Moody's Investors Service is maintaining its current ratings of General Motors Corporation -- B3 Corporate Family, Caa1 senior unsecured and Ba3 senior secured, and Negative Outlook following the announcement of a strike against the company by the United Auto Workers Union. Following the decision of the United Auto Workers union to go out on strike against General Motors Corp., Fitch Ratings placed General Motors Corporation's 'B' issuer default rating, 'BB/RR1' senior secured debt rating; and 'B-/RR5' senior unsecured debt rating on Rating Watch Negative. GENERAL MOTORS: Canada Plants Reopens Amid Tentative UAW Pact ------------------------------------------------------------- General Motors Corp.'s Canada plants reopened Wednesday as a result of the company's tentative agreement with the United Auto Workers union, Reuters reports citing GM Canada public relations director Stew Low. As reported in yesterday's Troubled Company Reporter, the automaker's Car Plant 1 and Car Plant 2 in Oshawa, Ontario closed Tuesday while its transmission plant in Windsor, Ontario closed Monday. About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported Troubled Company Reporter-Europe on Sept. 26, 2007, Moody's Investors Service is maintaining its current ratings of General Motors Corporation -- B3 Corporate Family, Caa1 senior unsecured and Ba3 senior secured, and Negative Outlook following the announcement of a strike against the company by the United Auto Workers Union. Following the decision of the United Auto Workers union to go out on strike against General Motors Corp., Fitch Ratings placed General Motors Corporation's 'B' issuer default rating, 'BB/RR1' senior secured debt rating; and 'B-/RR5' senior unsecured debt rating on Rating Watch Negative. GOUGH PACKAGING: Joint Liquidators Take Over Operations ------------------------------------------------------- G. Mummery and P. Atkinson of Vantis Business Recovery Services were appointed joint liquidators of Gough Packaging Ltd. (formerly Legislator 1258 Ltd.) on Sept. 19 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Vantis Business Recovery Services 43-45 Butts Green Road Hornchurch Essex RM11 2JX England MITSUBISHI MOTORS: Posts 16.9% Boost for August Production ---------------------------------------------------------- Mitsubishi Motors Corporation announced global production, as well as domestic sales and export figures for August 2007. Total global production came in at 109,817 units, an increase of 16.9% over August 2006 and marking the sixth consecutive monthly increase since March this year. Production volume in Japan increased 34.7% to 64,288 units, the eleventh consecutive month of year-on-year growth. This growth was driven by increased output of the New Lancer for the Russian, North America, Latin American, Middle East and African markets and of the New Outlander for the U.S., European and Chinese markets. Vehicle sales in Japan in August totaled 15,356 units, a 10.3% increase year-on-year. Registered vehicle sales of 5,578 units and Mini-car sales of 9,778 units were 28.6% and 2.0% up respectively on the same month last year. Overseas production volume totaled 45,529 units, 1.5% down over August last year. In Europe production came in at 4,423 units or 30.5% down on last year's figure. In North America production at 8,174 units was 19.2% down on the level seen last year. In Asia production at 28,790 units was 8.8% up on August 2006. Total exports from Japan of 46,590 units were 63.9% up on August 2006, marking the tenth consecutive month of year-on-year increases. Exports to Europe increased to 16,897 units, a substantial 104.8% rise on the back of firm sales of New Lancer, New Outlander and New Pajero models. Exports to Asia rose to 3,046 units, a strong 67.8% increase over the same period last year and driven mainly by brisk New Outlander sales in China. Exports to North America fell to 1,728 units, 63.3% down on the August 2006. About Mitsubishi Motors Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation -- http://www.mitsubishi-motors.co.jp/-- is one of the few automobile companies in the world that produces a full line of automotive products ranging from 660-cc mini cars and passenger cars to commercial vehicles and heavy-duty trucks and buses. The company also operates consumer-financing services and provides this to its customer base. MMC adopted the Mitsubishi Motors Revitalization Plan" on Jan. 28, 2005, as its three- year business plan covering fiscal 2005 through 2007, after investor DaimlerChrysler backed out from the company. The main objectives of the plan are "Regaining Trust" and "Business Revitalization." The company has operations worldwide, covering the United States, Germany, the United Kingdom, Italy, the Netherlands, the Philippines, Indonesia, Malaysia, China and Australia. Its products are sold in over 170 countries. * * * The Troubled Company Reporter-Asia Pacific reported on July 10, 2007, that Rating and Investment Information, Inc. has lifted its issuer rating from 'B' to 'B+' with a stable outlook. Also, R&I affirmed its 'B' rating for its domestic commercial paper program. The upgrade in rating, according to the report, is due to the fact that Mitsubishi Motors has been working to restructure its operations since it announced its Mitsubishi Motors Revitalization Plan in January 2005 and despite difficult domestic market conditions caused by factors like shrinking vehicle demand, Mitsubishi Motors has managed to leverage new model introductions to gradually restore its earnings base. NASDAQ STOCK: Borse Dubai Raises Cash Offer for OMX AB ------------------------------------------------------ Borse Dubai Limited has raised its cash offer to SEK265 for each share in OMX AB (publ). Borse Dubai has also changed the acceptance level condition under its offer from more than 90% to more than 50%. The other terms and conditions of the Borse Dubai Offer remain the same as announced on Aug. 17, 2007, by Borse Dubai, and on Sept. 20, 2007, by Borse Dubai and The NASDAQ Stock Market, Inc. NASDAQ and Borse Dubai are joining efforts to provide a compelling, long-term enhancement and growth strategy for OMX and the Nordic and Baltic region. Borse Dubai and NASDAQ have now secured irrevocable undertakings from Investor AB (publ), Nordea Bank AB (publ), Olof Stenhammar, Didner & Gerge Fonder AB, Nykredit Realkredit A/S and Magnus Bocker, who in aggregate hold approximately 18.5% of the total number of votes and shares in OMX, at the increased price of Borse Dubai's cash offer. The combination of Borse Dubai's shares in OMX, the option agreements entered into on 9 August 2007 and the irrevocable undertakings entered into will result in Borse Dubai holding no less than 57.4 million OMX shares, representing no less than 47.6% of the total number of votes and shares in OMX. This assumes that the Borse Dubai Offer is completed and that the conditions to the option agreements and the irrevocable undertakings are satisfied. As a result of the increased offer, the strike price of the option agreements will increase to SEK265 per OMX share. As agreed between Borse Dubai and NASDAQ, these OMX shares as well as shares tendered in the Borse Dubai Offer, are expected to be sold to NASDAQ. The irrevocable undertakings are assignable to NASDAQ under certain circumstances. The irrevocable undertakings commit the Selling Shareholders to tender all of their shares into the Borse Dubai Offer, subject, inter alia, to the conditions that: (i) the Borse Dubai Offer opens for acceptances no later than Feb. 15, 2008 and; (ii) no party, before the Borse Dubai Offer is made wholly unconditional, makes a bona fide unsolicited competing offer at minimum of SEK303 per OMX share which Borse Dubai does not match within fifteen banking days. The irrevocable undertakings will automatically terminate upon, inter alia, the termination or withdrawal of the Borse Dubai Offer, Borse Dubai reducing the acceptance level condition below 50% and in any event no later than 11:59 p.m. (New York time) on April 1, 2008. On Sept. 20, 2007, Borse Dubai and NASDAQ disclosed a series of transactions that will create a global financial market place with a unique footprint spanning the U.S., Europe, the Middle East and strategic emerging markets. These transactions are unaffected by this announcement apart from these: * Borse Dubai has agreed to increase its offer by SEK35 per OMX share or by SEK4,222 million (approximately $649 million) to SEK31,970 million (approximately $4.914 billion) * NASDAQ has agreed to increase the cash component of its agreement with Borse Dubai by SEK1,206 million (approximately $185 million) to SEK12,583 million (approximately $1.934 billion), corresponding to SEK10 per OMX share, of the total increase of SEK35 per OMX share * As a result, Borse Dubai has effectively agreed to pay an incremental SEK3,016 million (approximately $464 million), representing an increase of SEK25 per OMX share, of the total increase of SEK 35per OMX share "The OMX combination and the prospect of building a world-class global marketplace, unique in its reach and growth potential, will bring benefits to our shareholders and stakeholders alike," Bob Greifeld, President and Chief Executive Officer of NASDAQ, said. "We will seek to be a catalyst to attract more investment, listings and trading to the Nordic and Baltic marketplace. We thank Investor, Nordea Bank, Olof Stenhammar, Didner & Gerge, Nykredit and Magnus Bocker for supporting this offer by entering into irrevocable undertakings." "The opportunities for OMX, Borse Dubai and NASDAQ to further develop and link mature and emerging markets through our new combination are very significant," Essa Kazim, Chairman of Borse Dubai, said. "These efforts will place the Nordic and the Baltic markets in a key and pivotal position among global financial centers and Sweden will be a centrepiece for those efforts. We are very pleased to be the first global exchange to bridge the U.S, Europe and the Middle East." NASDAQ and Borse Dubai Commitment NASDAQ and Borse Dubai are committed to Finansplats Stockholm and the Nordic and Baltic region, including the Nordic and Baltic regulatory and operational frameworks and procedures. NASDAQ and Borse Dubai recognise that the Stockholm financial sector is one of the most important drivers of the Swedish economy. The strategy of the new company, to be formed by NASDAQ's acquisition of OMX from Borse Dubai following completion of the Borse Dubai Offer and to be called The NASDAQ OMX Group, Inc., builds on the strong existing businesses, market models and stakeholder influence of OMX. NASDAQ and Borse Dubai will support investments in ongoing research and development in Stockholm and will promote Stockholm as a global financial technology and know-how centre of excellence. NASDAQ OMX will provide the Nordic and Baltic region and Finansplats Stockholm the resources and infrastructure necessary to grow the business, which is likely to increase employment opportunities in Stockholm, and will seek to ensure that Stockholm is acknowledged as a leading financial centre in Northern Europe by 2010. In order to strengthen the competitive position of Finansplats Stockholm, NASDAQ and Borse Dubai fully support the ongoing development of areas such as: * Regulation and supervision: NASDAQ OMX will be committed to the existing Nordic and Baltic regulatory and operational frameworks, procedures and efficient supervisory authority. NASDAQ will continue its active engagement with the U.S. Securities and Exchange Commission, Treasury Department and Congress to ensure that there is no U.S. regulatory spillover directly or indirectly as a result of this transaction. The Financial Supervisory Authorities in all the seven jurisdictions concerned have received written assurances to this effect from the SEC; * Competition: NASDAQ OMX will safeguard the Nordic and Baltic region's competitive position in the upcoming MiFID environment by enhanced efficiencies and innovative approaches to trading and pan-European market structure; * Efficiency and transparency: NASDAQ OMX will continue to focus on low cost, transparency and market efficiency to the benefit of the Nordic and Baltic capital markets; * Education and research: NASDAQ OMX will stimulate education and research through, among others, seminars and academic committees within the concept of Finansplats Stockholm. Furthermore, NASDAQ confirms its commitment to: * the European headquarters of NASDAQ OMX being located in Stockholm; * the world technology business headquarters of NASDAQ OMX being located in Stockholm; * key senior positions remaining in Stockholm, including Head of Technology business, Head of Technology Operations, Head of Nordic Marketplace; * four OMX directors being recommended to be on the NASDAQ OMX Board, including the Deputy Chairman; and * the OMX Nordic Exchange Board remaining as is, with its current Nordic composition. NASDAQ and Borse Dubai are confident that, together, the two organizations can provide OMX with strong growth opportunities within the developed, European financial markets with Stockholm as the operational base for pan-European efforts, as well as in the emerging markets using its Stockholm-based technology business and know-how to help develop capital markets in high growth regions worldwide. About Borse Dubai Incorporated on Aug. 7, 2007, in the Dubai International Financial Centre, Borse Dubai Limited is 60 per cent owned by the Investment Corporation of Dubai, 20 per cent by Dubai Group LLC (a member of the Dubai Holding Group) and 20 per cent by DIFC Investments LLC. Borse Dubaia's sole business purpose is to act as a holding company for investments in stock exchanges, including the Dubai Financial Market and the Dubai International Financial Exchange. About NASDAQ Stock Headquartered in New York City, The Nasdaq Stock Market Inc. (Nasdaq: NDAQ) -- http://www.nasdaq.com/-- is an electronic equity securities market in the United States with about 3,200 companies. * * * As reported in the TCR-Europe on Sept. 25, 2007, Standard & Poor's Ratings Services placed its ratings on The Nasdaq Stock Market Inc, including its 'BB' long-term counterparty credit rating, on CreditWatch Positive, after Nasdaq announced that it is selling the bulk of its investment in the London Stock Exchange PLC to Borse Dubai, and using the proceeds to pay down rated term loans. The CreditWatch action also considers the strategic steps Nasdaq is taking to secure a merger with OMX AB, announced on May 25, 2007. The ratings on OMX AB remain on CreditWatch Negative. In a TCR-Europe report on Sept. 24, Moody's Investors Service placed the Ba3 corporate family rating of Nasdaq Stock Market Inc., on review for upgrade. This action follows Nasdaq's agreement to sell a major portion of its common stock investment in the London Stock Exchange to Borse Dubai and reduce debt, as well as the potential business combinations between Borse Dubai, OMX AB and NASDAQ. NIALL PHILLIPS: Brings In Liquidators from BDO Stoy Hayward ----------------------------------------------------------- Mark Peter George Roach and Graham David Randall of BDO Stoy Hayward LLP were appointed joint liquidators of Niall Phillips Architects Ltd. on Sept. 8 for the creditors' voluntary winding- up proceeding. The joint liquidators can be reached at: BDO Stoy Hayward LLP One Victoria Street Bristol BS1 6AA England SAGRES STC: Fitch Lowers Rating on EUR53 Mln Class T Notes to B --------------------------------------------------------------- Fitch Ratings has resolved the Rating Watch Negative on SAGRES STC - Explorer 2004 Series 1's Class T outstanding notes and downgraded the rating on the notes to 'B' from 'B+'. Fitch has also affirmed SAGRES's Class A2, M, N and O outstanding notes. The current ratings are as follows: -- EUR195 million Class A2 floating-rate notes (ISIN XS0190180678): affirmed at 'AAA'; Stable Outlook -- EUR170 million Class M floating-rate notes (ISIN XS0190180918): affirmed at 'AA'; Stable Outlook -- EUR129 million Class N floating-rate notes (ISIN XS0190181130): affirmed at 'A-' (A minus); Stable Outlook -- EUR136 million Class O floating-rate notes (ISIN XS0190181213): affirmed at 'BB+'; Negative Outlook -- EUR53 million Class T fixed-rate notes (ISIN XS0190181486): downgraded to 'B' from 'B+'; removed from RWN; Negative Outlook assigned This transaction is a securitization of unpaid tax and social security claims originated in Portugal and closed in April 2004. On May 9, 2007, Fitch placed the Class T notes on RWN, reflecting the risk that the current collections may not be sufficient to guarantee the full payment of principal and interest of the Class T notes at final legal maturity. At that time, Fitch indicated that the Class T notes remained vulnerable unless collections were stepped up, relative to Fitch's revised base case. Furthermore, Fitch indicated that unless a marked improvement resulted during the collection period (March 2007 to Sept. 2007), a downgrade may be appropriate for the Class T notes. As collections over the past six months (EUR153 million) did not improve in relation to Fitch's revised base case (the cumulative collections of EUR1.296 million represent only 100.5% of the revised base), there is still a risk that a shortfall may occur on the Class T notes at their final legal maturity. TORQUE SYSTEMS: Claims Filing Period Ends December 19 ----------------------------------------------------- Creditors of Torque Systems (Crawley) Ltd. have until Dec. 19 to send their full names, address and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: David Elliott Liquidator Moore Stephens LLP Victory House Admiralty Place Chatham Maritime Kent ME4 4QU England David Elliott of Moore Stephens LLP was appointed liquidator of the company on Sept. 19 for the creditors' voluntary winding-up procedure. W.T. ELECTRIC: Calls In Liquidators from Tenon Recovery ------------------------------------------------------- Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon Recovery were appointed joint liquidators of The W.T. Electric Light Co. Ltd. on Sept. 14 for the creditors' voluntary winding- up proceeding. The liquidator can be reached at: Tenon Recovery Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TZ England WHOLE FOODS: Board Declares US$0.18 Per Share Dividend ------------------------------------------------------ Whole Foods Market Inc.'s Board of Directors declared a dividend of US$0.18 per share to shareholders of record at the close of business on Oct. 12, 2007. The dividend is payable Oct. 23, 2007. About Whole Foods Market Founded in 1980 in Austin, Texas, Whole Foods Market Inc. (NASDAQ: WFMI) -- http://www.wholefoodsmarket.com/-- is a natural and organic foods supermarket. In fiscal year 2006, the company had sales of $5.6 billion and currently has more than 190 stores in the United States, Canada, and the United Kingdom. * * * As reported in the Troubled Company Reporter on Sept. 18, 2007, Moody's Investors Service downgraded Whole Foods Market Inc.'s corporate family rating to Ba1 from Baa3 reflecting the deterioration in the company's debt protection measures following the debt-financed acquisition of Wild Oats Markets Inc. Moody's also downgraded the company's issuer rating to Ba2 from Ba1 (will be withdrawn) and assigned probability-of-default rating of Ba1. Moody's said the rating outlook is stable. This rating action resolves the review for possible downgrade initiated on Feb. 22, 2007. WHOLE FOODS: Capers Outlet to Shut Down on October 27 ----------------------------------------------------- Whole Foods Market Inc. will close its newly acquired branch at West Vancouver Capers on Oct. 27, 2007, due to location and size problems, Derrick Penner reports for Vancouver Sun, citing Ron Megahan, Regional President of Whole Foods. The closure however, Mr. Megahan explains, is not a move for consolidation and Whole Foods intends to expand in Vancouver, the report says. Workers at the Capers outlet will be offered positions at the parent company's Park Royal Village branch in West Vancouver or at its other Capers outlets, Mr. Penner relates, quoting Mr. Megahan. About Whole Foods Market Founded in 1980 in Austin, Texas, Whole Foods Market Inc. (NASDAQ: WFMI) -- http://www.wholefoodsmarket.com/-- is a natural and organic foods supermarket. In fiscal year 2006, the company had sales of $5.6 billion and currently has more than 190 stores in the United States, Canada, and the United Kingdom. * * * As reported in the Troubled Company Reporter on Sept. 18, 2007, Moody's Investors Service downgraded Whole Foods Market Inc.'s corporate family rating to Ba1 from Baa3 reflecting the deterioration in the company's debt protection measures following the debt-financed acquisition of Wild Oats Markets Inc. Moody's also downgraded the company's issuer rating to Ba2 from Ba1 (will be withdrawn) and assigned probability-of-default rating of Ba1. Moody's said the rating outlook is stable. This rating action resolves the review for possible downgrade initiated on Feb. 22, 2007. * Fried Frank London Office Names Sheena McCaffrey as Partner ------------------------------------------------------------- Sheena McCaffrey has joined Fried Frank Harris Shriver & Jacobson LLP as an employment and pensions partner in the London office. She joins from Sidley Austin. Sheena has extensive experience advising on the pensions and employment aspects of international corporate and M&A transactions, including advice to employers and trustees on pension scheme compliance and pension transfers and transfer of undertakings issues. �Employment and pensions issues are so often integral to corporate transactions and our clients are increasingly being faced with complex employment and pensions laws and practices,� said Managing Partner, Justin Spendlove. �We are delighted to welcome Sheena to head up our employment and pensions team in London.� Fried Frank Harris Shriver & Jacobson LLP -- http://www.friedfrank.com/-- is an international law firm with more than 600 attorneys in offices in New York, Washington, D.C., London, Paris, Frankfurt and Hong Kong. Fried Frank lawyers regularly represent major investment banking firms, private equity houses and hedge funds, well as many of the largest companies in the world. The firm offers legal counsel on M&A, private equity, asset management, capital markets and corporate finance matters, white-collar criminal defense and civil litigation, securities regulation, compliance and enforcement, government contracts, environmental law and litigation, real estate, tax, bankruptcy, antitrust, benefits and compensation, intellectual property and technology, international trade, and trusts and estates. The firm has an association with Huen Wong & Co. in Hong Kong. * BOND PRICING: For the Week Sept. 24 to Sept. 28, 2007 ------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRIA ------- Kommunal Kredit Austria AG 0.500 03/15/19 CDN 62.34 0.250 10/14/26 CDN 38.33 Republic of Austria 4.000 06/22/22 EUR 71.83 0.396 08/04/25 EUR 65.98 5.000 10/10/25 EUR 62.83 FINLAND ------- Muni Finance PLC 1.000 03/19/13 AUD 72.78 0.500 04/26/13 AUD 70.10 1.000 11/21/16 NZD 56.35 1.000 10/30/17 AUD 57.08 0.500 09/24/20 CDN 56.60 0.250 06/28/40 CDN 20.05 FRANCE ------ Accor S.A. 1.750 01/01/08 EUR 61.99 Alcatel S.A. 4.750 01/01/11 EUR 16.13 Altran Technologies S.A. 3.750 01/01/09 EUR 12.44 BNP Paribas 0.250 12/20/14 US$ 69.78 CAP Gemini S.A. 2.500 01/01/10 EUR 54.91 1.000 01/01/12 EUR 49.91 Club Mediterranee S.A. 3.000 11/01/08 EUR 66.63 4.375 11/01/10 EUR 53.29 FCC Rome Alliance Funding 2.256 01/08/21 EUR 73.30 Havas S.A. 4.000 01/01/09 EUR 10.82 Infogrames Entertainment S.A. 1.500 04/01/09 EUR 00.50 Ingenico 2.750 01/01/12 EUR 20.80 Maurel & Prom 3.500 01/01/10 EUR 21.98 Publicis Group 0.750 07/17/08 EUR 31.29 1.000 01/18/18 EUR 42.62 Rallye 3.750 01/01/08 EUR 51.66 Rhodia S.A. 0.500 01/01/14 EUR 43.79 Scor S.A. 4.125 01/01/10 EUR 2.27 Soc Air France 2.750 04/01/20 EUR 29.14 Soitec 4.625 12/20/09 EUR 13.01 Thomson (EX-TMM) 1.000 01/01/08 EUR 39.52 Valeo 2.375 01/01/11 EUR 49.73 Vivendi Universal S.A. 1.750 10/30/08 EUR 30.70 Wavecom S.A. 1.750 01/01/14 EUR 27.27 Wendel Invest S.A. 2.000 06/19/09 EUR 47.94 GERMANY ------- KfW Bankengruppe 0.500 10/30/13 AUD 67.84 0.500 12/19/17 EUR 65.95 5.000 05/23/20 EUR 74.35 1.250 07/29/20 EUR 72.63 6.000 07/21/25 EUR 69.56 5.000 09/01/25 EUR 72.50 8.000 08/10/30 EUR 65.00 Landeskreditbank Baden- Wuerttemberg Foerderbk 0.500 05/10/27 CDN 42.33 Landwirtschaftliche Rentenbank AG 1.000 03/29/17 NZD 55.51 GREECE ------ Hellenic Republic 6.000 07/06/25 EUR 72.11 ICELAND ------- Kaupthing Bank 6.500 02/03/45 EUR 68.94 IRELAND ------- Depfa ACS Bank 0.500 03/03/25 CDN 46.08 0.250 07/08/33 CDN 27.29 Irish Perm Plc 6.125 02/15/35 EUR 65.88 Magnolia Finance IV Plc 1.050 12/20/45 US$ 27.40 ITALY ----- Dexia Crediop S.p.A. 0.000 03/15/16 EUR 72.17 LUXEMBOURG ---------- Teksid Aluminum S.A. 12.375 07/15/11 EUR 42.38 NETHERLANDS ----------- ABN AMRO Bank N.V. 6.250 06/29/35 EUR 69.58 BK Ned Gemeenten 0.500 06/27/18 CDN 63.25 0.500 02/24/25 CDN 45.12 EM.TV Finance B.V. 5.250 05/08/13 EUR 6.01 Energy Group O/S 7.425 10/15/17 US$ 32.50 Gerling Global 3.500 08/16/21 EUR 62.72 Lehman Bros TSY B.V. 6.000 02/15/35 EUR 68.54 8.250 03/16/35 EUR 60.76 7.000 05/17/35 EUR 62.71 7.250 10/05/35 EUR 58.31 6.000 11/02/35 EUR 62.95 Ned Waterschapbk 6.000 06/01/35 EUR 71.38 6.500 08/15/35 EUR 62.80 Rabobank Groep N.V. 6.000 04/08/20 EUR 70.60 6.000 02/22/35 EUR 66.59 2.000 02/23/35 EUR 62.80 7.000 02/28/35 EUR 67.56 7.000 03/23/35 EUR 65.17 6.000 05/09/35 EUR 72.79 NORWAY ------ Kommunalbanken A.S. 0.500 02/07/13 AUD 70.65 SWEDEN ------ AB Svensk Export 0.500 03/27/13 AUD 70.40 SWITZERLAND ----------- UBS AG 1.000 01/25/12 NZD 74.78 1.000 02/27/12 NZD 74.38 1.000 03/28/12 NZD 73.94 1.000 06/28/12 NZD 72.83 1.000 07/30/12 NZD 72.52 UNITED KINGDOM -------------- Anglian Water Finance Plc 2.400 04/20/35 GBP 53.80 National Grid Gas Plc 1.754 10/17/36 GBP 44.05 1.771 03/30/37 GBP 43.99 Royal BK Scotland Plc 0.250 03/27/14 US$ 72.67 9.500 04/04/25 US$ 70.13 7.000 06/09/25 EUR 62.81 7.000 06/29/30 EUR 56.32 7.000 02/15/45 US$ 64.29 6.500 02/23/45 EUR 62.62 Wessex Water Finance Plc 1.369 07/31/57 GBP 29.30 ********* 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 * * *