/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/071005.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 Friday, October 5, 2007, Vol. 8, No. 197 Headlines A U S T R I A APG PROJEKTMANAGEMENT: Claims Registration Period Ends Oct. 23 BVS LLC: Claims Registration Period Ends Oct. 24 DE MATTEIS: Claims Registration Period Ends Oct. 25 INOVAT LLC: Claims Registration Period Ends Oct. 24 SANLI BAU: Claims Registration Period Ends Oct. 23 TWS AUTOHANDEL: Vienna Court Orders Business Shutdown VASS LLC: Vienna Court Orders Business Shutdown YUSUF YIGIT: Claims Registration Period Ends Oct. 25 B E L G I U M KENDLE INTERNATIONAL: Names Ken Hintze as Vice President F I N L A N D NVIDIA CORP: S&P Affirms BB- Corp. Rating with Stable Outlook F R A N C E BOWNE & CO: Earns $15.7 million in Second Quarter Ended June 30 DELPHI CORP: U.S. Trustee Adds SABIC to Creditors Committee SOLECTRON CORP: Flextronics Deal Cues Fitch to Withdraw Ratings G E R M A N Y ALLEXPORT HANDELSGESELLSCHAFT: Creditors' Claims Due November 1 AQWA GMBH: Claims Registration Ends October 16 BACHL CARAVAN: Claims Registration Period Ends Nov. 2 BADERSTUDIO ZINGST: Claims Registration Ends October 29 BETEILIGUNGSGESELLSCHAFT PAUL: Claims Registration Ends Nov. 1 CC PERION: Creditors Must File Claims by November 1 CHRYSLER LLC: September 2007 U.S. Sales Down 5% DAN WITT: Claims Registration Period Ends November 14 DITMAR SEBECZEK: Claims Registration Ends October 29 DURA AUTOMOTIVE: Gets Court Nod to Submit Plan to Creditors EHK BETEILIGUNGS: Claims Registration Ends Oct. 17 FERIENDORF AM VATTERODER: Claims Registration Ends Nov. 1 GERVES BAUTRAGER: Claims Registration Ends October 29 GM-ABBRUCH: Claims Registration Ends Oct. 18 HERFEI SPIELTREFF: Claims Registration Period Ends Nov. 16 PARKLAND GMBH: Claims Registration Period Ends Nov. 16 PLANBAU GMBH: Claims Registration Period Ends Nov. 16 RESTAURANT BRUENGER: Creditors Must File Claims by October 30 RUDOLF MATZKE: Claims Registration Ends Oct. 15 SCHIEDER-MOEBELWORK: Berggruen Buys Large Chunk of Assets WILFRIED FROHBERG: Claims Registration Period Ends Nov. 1 ZUELPICHER REISEBUERO: Claims Registration Ends October 26 I R E L A N D FREESTAR TECHNOLOGY: Auditor Raises Going Concern Doubt I T A L Y ALITALIA SPA: Aeroflot Denies Possible Rebid for Italy's Stake DANA CORP: Appaloosa Re-Affirms Investment Bid; Sends Final Deal DANA CORP: Eyes Entry of Mexican Unit Restructuring Process M. FABRIKANT: Files Joint Chapter 11 Plan of Liquidation PARMALAT SPA: Settles Case vs. GKB AG for EUR20.75 Million PARMALAT SPA: Settles Case vs. Calyon for EUR2.63 Million PARMALAT SPA: Judge Doubts EUR2.1 Billion Claim Against Banks PARMALAT SPA: Plans Expansion Via Acquisitions & Joint Ventures K A Z A K H S T A N AKTOBE STANKAL: Proof of Claim Deadline Slated for Nov. 9 AKTOGAI TRANSPORT: Creditors Must File Claims Nov. 9 BANK TURANALEM: Sovereign Ratings Cue S&P to Amend Outlook CAPITAL REAL: Claims Filing Period Ends Nov. 9 EURASIAN BANK: Standard & Poor's Changes Outlook to Positive EURASIA INSURANCE: Sovereign Ratings Cue S&P to Change Outlook GORIZONT LLP: Creditors' Claims Due on November 9 JARKEN LLP: Claims Registration Ends November 9 KONYSBAYEV LLP: Creditors Must File Claims November 9 KRASNY KUT: Claims Filing Period Ends November 9 PRIDE INTERNATIONAL: Earns US$146.1 Million in Second Quarter K Y R G Y Z S T A N SOLMAN LLC: Creditors Must File Claims by November 2 L U X E M B O U R G TNK-BP FINANCE: Issuing Over US$500 Million Debt for Parent P O L A N D AUTOCAM CORP: Weak Performance Cues Moody's to Hold B3 Rating SCO GROUP: Taps Berger Singerman as General Counsel SCO GROUP: Promotes Sandy Gupta to President of SCO Operations R U S S I A BOROVICHSKIJ FEED: Court Names Nichkov A.V. as Liquidator BUIAVTOTRANS OJSC: Creditors Must File Claims by Oct. 22 CHAPAEV FISH FARM: Asset Sale Slated for October 23 FOOD COMPLEX: Creditors Must File Claims by Oct. 22 HEATING SYSTEMS: Creditors Must File Claims by Nov. 22 KUBAN' CJSC: Bidding Deadline Slated for October 17 ROSSIYA INSURANCE: Fitch Rates Financial Strength at B+ SISTEMA JSFC: Buys 10% Stake in Shyam Telelink for US11.4 Mln TNK-BP HOLDING: Issuing Over US$500 Million Debt TRANSSIBERIAN REINSURANCE: Fitch Affirms B+ IFS Ratings VIMPELCOM: Telenor Ends Legal Row with Alfa's Altimo Over URS WALLING PLANT OJSC: Asset Sale Slated for October 25 S P A I N ACXIOM CORP: Expects Improved Second Quarter Financial Results GRUPO LLANERA: Files for Bankruptcy Protection in Valencia S W E D E N FLEXTRONICS INT'L: Fitch Affirms 'BB+' Issuer Default Rating S W I T Z E R L A N D CONFECOL JSC: Creditors' Liquidation Claims Due October 12 FRAG FINANZRATGEBER: Creditors' Liquidation Claims Due Nov. 7 GRAPHIS KARTOGRAPHIE: Court Starts Bankruptcy Proceedings HI METAL: Zug Court Starts Bankruptcy Proceedings KONSTANTI & PARTNER: Creditors' Liquidation Claims Due Oct. 31 PETROPLUS INT'L: Creditors' Liquidation Claims Due Oct 12 VIROOS LLC: Creditors' Liquidation Claims Due October 10 YASODI JSC: Creditors' Liquidation Claims Due October 12 T U R K E Y PETROL OFISI: Fitch Holds BB- IDR on Strong Fin'l. Performance U K R A I N E BANK FORUM: To Secure US$90 Million Syndicated Loan BUILDING REPAIR: Proofs of Claim Deadline Set October 5 CARDINAL RESOURCES: Delays Interim Results Ending June 2007 DRUZHBA LLC: Creditors Must File Claims by October 5 IVANO-FRANKOVSK FURNITURE: Proofs of Claim Deadline Set Oct. 5 KMB-1 LLC: Proofs of Claim Deadline Set October 5 KREONIS LLC: Proofs of Claim Deadline Set October 5 MALVA LLC: Creditors Must File Claims by October 5 RAILROAD CAR: Proofs of Claim Deadline Set October 5 SCHUCHENETSKOE LLC: Proofs of Claim Deadline Set October 5 U N I T E D K I N G D O M ADVANCED MARKETING: Plan Confirmation Hearing Set for Nov. 15 ADVANCED MARKETING: Court Okays Baker Taylor Settlement Pact AFRICAN TRACKWOODS: Brings In Liquidators from Wilkins Kennedy CABLE & WIRELESS: Unit Launches Network Operations Center CAMBRIDGE BUILDING: Joint Liquidators Take Over Operations COTT CORP: S&P Revises CreditWatch to Negative from Developing COWPER LAWRENCE: Claims Filing Period Ends November 2 FIORI – LEEDS: Calls In Liquidators from Tenon Recovery FORD MOTOR: Overall September 2007 Vehicle Sales Decline by 21% FORK TRUCK: Bibby Factors Taps Begbies Traynor as Receivers GENERAL MOTORS: September 2007 Deliveries Up 4% GROUND ZERO: David Elliott Leads Liquidation Procedure GUILDER GRAPHICS: Taps Liquidators from Smith & Williamson INNER COMPASS: Appoints Liquidators from Tenon Recovery INTERNATIONAL RECTIFIER: Alex Lidow Steps Down as CEO & Director INTERNATIONAL RECTIFIER: Discloses Key Internal Initiatives MICRON TECH: Posts US$320 Million Net Loss in Year Ended Aug. 30 MYLAN LABS: Acquires Generics Business of Merck KGaA MYLAN LABS: Appoints Didier Barret as President of EMEA NASDAQ STOCK: Completes Sale of 28% LSE Stake to Borse Dubai NASDAQ STOCK: Buying Boston Stock Exchange for US$61 Million NASH FINCH: Moody's May Cut B2 Rating After Review QUALITY ASSURED: Names M. C. Bowker Liquidator SMURFIT KAPPA: Fitch Affirms BB- IDR on Strong Performance SOLO CUP: Hires Scott Advertising as Creative Agency TIME SAVERS: Claims Filing Period Ends October 26 US ENERGY: Lenders Extend Credit to Meet Capital Deficiencies W. A. WILLSON: Claims Filing Period Ends October 31 * BOOK REVIEW: Mergers and Acquisitions ********* ============= A U S T R I A ============= APG PROJEKTMANAGEMENT: Claims Registration Period Ends Oct. 23 -------------------------------------------------------------- Creditors owed money by LLC APG Projektmanagement (FN 247172p) have until Oct. 23 to file written proofs of claim to court- appointed estate administrator Christian Ebmer at: Mag. Christian Ebmer Schillerstr. 12 4020 Linz Austria Tel: 65 69 69 Fax: 65 69 69-60 E-mail: office@hep.co.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 Land Court of Linz Hall 522 Fifth Floor Linz Austria Headquartered in Linz, Austria, the Debtor declared bankruptcy on Sept. 5 (Bankr. Case No. 38 S 48/07y). BVS LLC: Claims Registration Period Ends Oct. 24 ------------------------------------------------ Creditors owed money by LLC BVS (FN 136687k) have until Oct. 24 to file written proofs of claim to court-appointed estate administrator Eva Riess at: Dr. Eva Riess c/o Mag. Nikolaus Vogt Zeltgasse 3/13 1080 Vienna Austria Tel: 402 57 01 33 Fax: 402 57 01 21 E-mail: law@riess.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Nov. 7 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 4 (Bankr. Case No. 2 S 117/07d). Nikolaus Vogt represents Dr. Riess in the bankruptcy proceedings. DE MATTEIS: Claims Registration Period Ends Oct. 25 --------------------------------------------------- Creditors owed money by KEG De Matteis (FN 235832m) have until Oct. 25 to file written proofs of claim to court-appointed estate administrator Gerhard Stauder at: Mag. Gerhard Stauder c/o Dr. Georg Kahlig Siebensterngasse 42 1070 Vienna Austria Tel: 523 47 91 Fax: 523 47 91 33 E-mail: kahlig.partner@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Nov. 8 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 5 (Bankr. Case No. 5 S 105/07m). Georg Kahlig represents Mag. Stauder in the bankruptcy proceedings. INOVAT LLC: Claims Registration Period Ends Oct. 24 --------------------------------------------------- Creditors owed money by LLC Inovat (FN 255062t) have until Oct. 24 to file written proofs of claim to court-appointed estate administrator Walter Kainz at: Dr. Walter Kainz c/o Dr. Eva Wexberg Gusshausstrasse 23 1040 Vienna Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on Nov. 7 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 5 (Bankr. Case No. 2 S 118/07a). Eva Wexberg represents Dr. Kainz in the bankruptcy proceedings. SANLI BAU: Claims Registration Period Ends Oct. 23 -------------------------------------------------- Creditors owed money by KEG Sanli Bau- & Handels (FN 273599b) have until Oct. 23 to file written proofs of claim to court- appointed estate administrator Katharina Pitzal at: Mag. Katharina Pitzal c/o Dr. Hannelore Pitzal Paulanergasse 9 1040 Vienna Austria Tel: 587 31 11 Fax: 587 87 50 50 E-mail: office@heller-pitzal.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:15 p.m. on Nov. 6 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. 31 (Bankr. Case No. 6 S 106/07s). Hannelore Pitzal represents Mag. Katharina Pitzal in the bankruptcy proceedings. TWS AUTOHANDEL: Vienna Court Orders Business Shutdown ----------------------------------------------------- The Trade Court of Vienna entered Sept. 3 an order shutting down the business of LLC TWS Autohandel (FN 176454t). Court-appointed estate administrator Guenther Hoedl recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Guenther Hoedl Schulerstrasse 18 1010 Vienna Austria Tel: 513 16 55 Fax: 513 16 55-33 E-mail: Hoedl@anwaltsteam.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Aug. 22 (Bankr. Case No 28 S 95/07k). VASS LLC: Vienna Court Orders Business Shutdown ----------------------------------------------- The Trade Court of Vienna entered Sept. 3 an order shutting down the business of LLC Vass (FN 284875i). Court-appointed estate administrator Stefan Jahns recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Stefan Jahns Gonzagagasse 15 1010 Vienna Austria Tel: 532 17 11 Fax: 532 17 11 11 E-mail: kanzlei@jahns.co.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Aug. 22 (Bankr. Case No 28 S 96/07g). YUSUF YIGIT: Claims Registration Period Ends Oct. 25 ---------------------------------------------------- Creditors owed money by KEG Yusuf Yigit (FN 268072z) have until Oct. 25 to file written proofs of claim to court-appointed estate administrator Andrea Simma at: Dr. Andrea Simma c/o Dr. Guenther Hoedl Schulerstrasse 18 1010 Vienna Austria Tel: 513 67 03 Fax: 513 67 03 33 E-mail: RA_Simma@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Nov. 8 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 5 (Bankr. Case No. 5 S 104/07i). ============= B E L G I U M ============= KENDLE INTERNATIONAL: Names Ken Hintze as Vice President -------------------------------------------------------- Kendle International has appointed Ken Hintze, PhD, as Vice President, Global Clinical Safety and Pharmacovigilance. Dr. Hintze will lead the continued growth and development of Kendle's global clinical safety and pharmacovigilance business, including safety services in support of Phase I-IV trials as well as stand- alone safety projects. Dr. Hintze most recently was Senior Director, Global Clinical Safety and Pharmacovigilance and has been instrumental in advancing Kendle's safety organization to the global resource it is today. "Patient safety remains among our highest priorities at Kendle," noted Melanie Bruno, PhD, Vice President, Global Regulatory Affairs and Quality. "With increasingly complex safety regulations worldwide, our global network of experts ensures both regulatory compliance as well as patient health and welfare. We are very pleased to have Dr. Hintze in this important global role and look forward to his ongoing leadership and expertise as we focus on meeting our customers' needs for high-quality safety services." With more than 100 safety experts based in nine locations worldwide, Kendle offers a globally connected network of safety experts experienced in working within the regulatory requirements of any country. The company's safety organization develops risk management plans, coordinates global regulatory reporting -- including Suspected Unexpected Serious Adverse Reaction reports as well as periodic reports -- and performs endpoint adjudication utilizing a new proprietary electronic endpoint adjudication system that increases both speed and accuracy. The organization is proficient in the full spectrum of safety database systems and can maintain databases internally or within a customer's system via secure connections. The Safety organization works closely with Kendle's Medical Affairs group in reviewing adverse events to provide customers with comprehensive medical monitoring and safety services. Dr. Hintze brings nearly 30 years of safety and regulatory experience to this position. He joined Kendle in 2002 following 23 years at Procter & Gamble in various safety roles involving pharmaceutical and consumer products, including Section Manager, Information Systems and Data Management and North America Product Safety Surveillance; and Section Manager, Global Corporate Toxicology and Consumer Health and Safety Affairs. Dr. Hintze earned Doctorate and Master of Science degrees in pharmacology/toxicology from the University of Iowa and a Bachelor of Science in chemistry from Iowa State University. He is a member of numerous medical and scientific societies, including the Society of Toxicologists. Dr. Hintze is a widely- published author, as well as an accomplished speaker presenting at numerous professional conferences and symposia. He is based in Cincinnati and reports to Dr. Bruno. About Kendle Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL) -- http://www.kendle.com/-- is a global clinical research organization and provides Phase II-IV clinical development services worldwide. The company's global clinical development business is focused on five regions - North America, Europe, Asia/Pacific, Africa and Latin America. In the Asia Pacific, Kendel maintains operations in Australia, China, and India. In Europe, Kendle maintains operations in Belgium, France, Germany, Italy, Netherlands, Spain, and the United Kingdom. * * * As of July 3, 2007, the company carried Moody's B1 long-term corporate family rating, B1 bank loan debt, and B2 probability of default rating. Moody's said the outlook was stable. In addition, the company also carried Standard & Poor's B+ long- term foreign and local issuer credits. S&P said the outlook was stable. ============= F I N L A N D ============= NVIDIA CORP: S&P Affirms BB- Corp. Rating with Stable Outlook ------------------------------------------------------------- Standard & Poor's Ratings Services has revised its outlook on Nvidia Corp. to positive from stable, following several quarters of strong operating performance despite the acquisition of a key competitor by Advanced Micro Devices Inc. The corporate credit rating is affirmed at 'BB-'. "The ratings reflect a narrow business profile, frequent product introductions, and challenges to expand the company's graphics technology to new applications," said S&P's credit analyst Lucy Patricola. "These are offset only partially by the company's strengthening market share and strong operating performance." Nvidia had US$127.7 million of lease-adjusted debt outstanding as of July 29, 2007, and no funded debt. Nvidia competes in a small subsegment of the semiconductor industry, designing graphics processors used in desktop and notebook computers and handheld devices. The components are sold to consumers, as an add-in card, to computer OEMs, or in partnership with Intel or AMD for an integrated chipset. Profitability is strong and improving with increased volumes. EBITDA margin was 23% for the July quarter, up from 18%-20%. Profitability should be sustained in the near-to-intermediate term, based on expectations of a continued strong share in the high performance segment. The company's leverage is very light for the rating, with debt to EBITDA of less than 1. Headquartered in Santa Clara, California, NVIDIA Corp. (Nasdaq: NVDA) -- http://www.nvidia.com/-- creates innovative, industry- changing products for computing, consumer electronics, and mobile devices. The NVIDIA(R) graphics processing unit and media and communications processor brands include NVIDIA GeForce(R), NVIDIA GoForce(R), NVIDIA Quadro(R), and NVIDIA nForce(R). These product families are transforming visually- rich applications such as video games, film production, broadcasting, industrial design, space exploration, and medical imaging. The company has offices throughout Asia, Europe, and the Americas including Brazil, Argentina, Finland, France, U.K., Hong Kong, China, Japan, Russia, among others. =========== F R A N C E =========== BOWNE & CO: Earns $15.7 million in Second Quarter Ended June 30 --------------------------------------------------------------- Bowne & Co. Inc. reported net income of $15.7 million in the second quarter ended June 30, 2007, compared with net income of $6.2 million for the same period ended June 30, 2006. Income from continuing operations increased to $15.8 million from $10.2 million reported in the 2006 period. Revenue was $261.9 million in the second quarter of 2007, compared to $260.3 million in 2006. Gross margin improved to 38.2% from 36.0% in the second quarter of 2006. Net income was $26.4 million for the six months ended June 30, 2007, compared to $7.8 million reported in the 2006 period. Income from continuing operations increased to $25.9 million from $11.6 million in 2006. For the six months ended June 30, 2007, revenue was $473.5 million, up 2% from $466.0 million reported in the first six months of 2006. Gross margin improved to 38.5% from 35.2% in the first half of 2006. David J. Shea, Bowne chairman, president and chief executive officer, stated, "We are pleased with our strong second quarter and year-to-date performance. These results reflect our ongoing commitment to execute on our strategic initiatives and enhance operating efficiencies. The improvement in margins and increased profitability are especially noteworthy, as well as the significant growth in non-transactional revenue. Year-to- date total revenue from continuing operations is the highest since 2000. We are optimistic about the remainder of 2007 and anticipate we will be in the upper end of the EPS guidance previously provided." John J. Walker, senior vice president and chief financial officer, added, "Our commitment to improving operating efficiencies and reducing our overall cost structure is evidenced by the recent consolidation of our leased space at 55 Water Street in New York City. This action will save the company approximately $50 million over the remaining 19-year lease term." Restructuring, integration and asset impairment charges totaled $7.9 and $10.0 million for the 2007 second quarter and year-to- date respectively, compared to $6.1 and $10.2 million in the comparable 2006 periods. Year-to-date 2007 charges include facility exit costs and asset impairment charges of approximately $5.7 million related to the consolidation of the company's leased space at 55 Water Street in New York City and severance, integration and facility costs related to the integration of the St Ives Financial business. At June 30, 2007, the company's consolidated balance sheet showed $537.5 million in total assets, $275.5 million in total liabilities, and $262.0 million in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the quarter ended June 30, 2007, are available for free at http://researcharchives.com/t/s?23f1 Cash Flow For the six months ended June 30, 2007, cash and marketable securities declined $37.5 million from year-end 2006, reflecting the funding of $18.7 million in stock repurchases, $12.6 million for acquisitions, $10.9 million in capital expenditures, including $2.9 million related to the consolidation of the 55 Water Street facility, and the normally high seasonal working capital usage in the period. The company has no borrowings outstanding under its $150 million five-year senior, unsecured revolving credit facility. Share Repurchase Program In the 2007 second quarter, the company spent $5.7 million repurchasing 333,980 shares of its common stock at an average price per share of $17.20. During the six months ended June 30, 2007, the company repurchased 1.2 million shares of its common stock for $18.7 million at an average price of $16.01. From December 2004, the inception of the company's share repurchase program, through June 30, 2007, Bowne has spent approximately $164.0 million to repurchase 11.0 million shares at an average price per share of $14.89. As of Aug. 8, 2007, $29 million of its share repurchase authorization remained. About Bowne & Co. Inc. Headquartered in New York City, Bowne & Co. Inc. (NYSE: BNE) -- http://www.bowne.com/-- provides financial, marketing and business communications services around the world. Bowne has 3,200 employees in 60 offices around the globe, including France, Germany, Italy, Hongkong, Singapore, Japan, Argentina, Brazil and Mexico. * * * Bowne & Co. Inc. still carries Moody's 'Ba3' corporate family rating which was affirmed last January 2007. The outlook remains positive. DELPHI CORP: U.S. Trustee Adds SABIC to Creditors Committee ----------------------------------------------------------- Diana G. Adams, the U.S. Trustee for Region 2, has appointed SABIC Innovative Plastics as a member of the Official Committee of Unsecured Creditors of Delphi Corp. and its debtor- affiliates. Electronic Data Systems Corp. and General Electric Company are no longer Committee members. The Creditors Committee now consists of: 1. SABIC Innovative Plastics 9930 Kincey Avenue Huntersville, North Carolina Attention: Valerie Venable Tel: (704) 992-5075 2. Tyco Electronics Corporation 60 Columbia Road Morristown, New Jersey Attention: MaryAnn Brereton Tel: (973) 656-8365 3. IUE-CWA 2360 W. Dorothy Lane, Suite 201 Dayton, Ohio Attention: Lauren Aspland Tel: (937) 294-7813 4. Capital Research and Management Company 11100 Santa Monica Blvd., 15th Floor Los Angeles, California Attention: Michelle Robson Tel: (310) 996-6140 5. Wilmington Trust Company, as Indenture Trustee Rodney Square North, 1100 North Market Street Wilmington, Delaware Attention: Steven M. Cimalore Tel: (302) 636-6058 6. Freescale Semiconductor, Inc. 6501 William Cannon Drive West, MD: OE16 Austin, Texas Attention: Richard Lee Chambers, III Tel: (512) 895-6357 About Delphi Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Mar. 31, 2007, the Debtors' balance sheet showed $11,446,000,000 in total assets and $23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 87 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). SOLECTRON CORP: Flextronics Deal Cues Fitch to Withdraw Ratings --------------------------------------------------------------- Fitch Ratings has upgraded and withdrawn these Solectron Corporation ratings following its acquisition by Flextronics International Ltd. (Flextronics; rated 'BB+'): -- Issuer Default Rating to 'BB+' from 'BB-'; -- Senior unsecured debt to 'BB+' from 'BB-'; -- Subordinated debt to 'BB-' from 'B+'. The rating action resolves Solectron's Rating Watch Positive status. Fitch has withdrawn all of the ratings for Solectron, including its senior secured bank facility rating which was previously affirmed at 'BB+', based on the expectation that Flextronics will redeem all outstanding obligations of Solectron following the close of its acquisition which occurred on Oct. 1, 2007. The final ratings for Solectron reflect the equivalent ratings for Flextronics. ============= G E R M A N Y ============= ALLEXPORT HANDELSGESELLSCHAFT: Creditors' Claims Due November 1 --------------------------------------------------------------- Creditors of Allexport Handelsgesellschaft mbH have until Nov. 1 to register their claims with court-appointed insolvency manager Walter Broehan. Creditors and other interested parties are encouraged to attend the meeting at 10:25 a.m. on Nov. 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Luebeck Hall 256 Am Burgfeld 7 23568 Luebeck 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: Walter Broehan Muehlenstr. 56 23552 Luebeck Germany The District Court of Leubeck opened bankruptcy proceedings against Allexport Handelsgesellschaft mbH on Sept. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Allexport Handelsgesellschaft mbH Attn: Hans-Joachim Mierau, Manager Sophienstr. 5 23560 Luebeck Germany AQWA GMBH: Claims Registration Ends October 16 ---------------------------------------------- Creditors of AqWa GmbH KompetenzCentrum Trinkwasserhygiene have until Oct. 16 to register their claims with court-appointed insolvency manager Dr. Stephan Schlegel. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Nov. 20, 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 Darmstadt Hall 4.312 Fourth Floor Building D Mathildenplatz 15 64283 Darmstadt 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. Stephan Schlegel Hauptstrasse 336 65760 Eschborn Germany Tel: 06173/9394-0 Fax: 06173/9394-20 The District Court of Darmstadt opened bankruptcy proceedings against AqWa GmbH KompetenzCentrum Trinkwasserhygiene on Sept. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AqWa GmbH KompetenzCentrum Trinkwasserhygiene Schulstrasse 22 A 64859 Eppertshausen Germany BACHL CARAVAN: Claims Registration Period Ends Nov. 2 ----------------------------------------------------- Creditors of Bachl Caravan-Vertriebs GmbH have until Nov. 2 to register their claims with court-appointed insolvency manager Bruno M. Kuebler. Creditors and other interested parties are encouraged to attend the meeting at 3:00 p.m. on Dec. 17, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Fuerth Room 216 II Dienstgebaude Baumenstrasse 28 Fuerth Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Bruno M. Kuebler Laufertorgraben 4 90489 Nuremberg Germany Tel: 0911/5694480 Fax: 0911/5694489 The District Court of Fuerth opened bankruptcy proceedings against Bachl Caravan-Vertriebs GmbH on Sept. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bachl Caravan-Vertriebs GmbH Stadelner Hauptstr. 140 90765 Fuerth Germany BADERSTUDIO ZINGST: Claims Registration Ends October 29 ------------------------------------------------------- Creditors of Baderstudio Zingst Vertriebs-GmbH have until Oct. 29 to register their claims with court-appointed insolvency manager Nild Eggers. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Stralsund Hall A 421 Fourth Floor House A Frankendamm 17 Stralsund 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: Nild Eggers Lange Strasse 50 18311 Ribnitz-Damgarten Germany The District Court of Stralsund opened bankruptcy proceedings against Baderstudio Zingst Vertriebs-GmbH on Sept. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baderstudio Zingst Vertriebs-GmbH Attn: Ina Lachelt, Manager Boddenweg 8 18374 Zingst Germany BETEILIGUNGSGESELLSCHAFT PAUL: Claims Registration Ends Nov. 1 -------------------------------------------------------------- Creditors of Beteiligungsgesellschaft Paul Koerner mbH have until Nov. 1 to register their claims with court-appointed insolvency manager Walter Broehan. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Nov. 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Luebeck Hall E3 Burgfeld 7 23568 Luebeck 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: Walter Broehan Muehlenstr. 56 23552 Luebeck Germany The District Court of Luebeck opened bankruptcy proceedings against Beteiligungsgesellschaft Paul Koerner mbH on Sept. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Beteiligungsgesellschaft Paul Koerner mbH Attn: Philip Harland, Manager Halert Ort 7-11 23568 Luebeck Germany CC PERION: Creditors Must File Claims by November 1 --------------------------------------------------- Creditors of CC Perion GmbH have until Nov. 1 to register their claims with court-appointed insolvency manager Jochen Wagner. Creditors and other interested parties are encouraged to attend the meeting at 9:35 a.m. on Dec. 13, 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 Ingolstadt Meeting Hall 28 I Schrannenstr. 3 85049 Ingolstadt 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: Jochen Wagner Goldknopfgasse 2 85049 Ingolstadt Germany The District Court of Ingolstadt opened bankruptcy proceedings against CC Perion GmbH on Sept. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CC Perion GmbH Am Eichelanger 6 85053 Ingolstadt Germany Attn: Klaus Nuerck, Manager Australias 74 85100 Rhodos Germany CHRYSLER LLC: September 2007 U.S. Sales Down 5% ----------------------------------------------- Chrysler LLC reported U.S. sales for September 2007 of 159,799 units; down 5% compared to September 2006 with 168,888 units sold. All sales figures are reported as unadjusted. “With the overall industry down versus September 2006, Chrysler retail sales remain strong,” Darryl Jackson, Vice President – U.S. Sales, said. “Our fleet sales continue to trend down more than 20 percent driving the overall sales decrease for the month. This is directly in line with our plan to reduce daily rental fleet during the second half of the year.” Chrysler brand car sales were led by Sebring Sedan which posted sales of 4,418 units and Sebring Convertible which finished the month with sales of 1,639 units. Chrysler Aspen sales rose 8 percent versus August 2007 with 3,875 units. Jeep(R) brand sales were down 11% year-over-year with retail sales up and fleet down driven by planned fleet reductions, while Wrangler posted gains. Jeep Wrangler and Wrangler Unlimited posted sales of 8,605 units, up 71% versus September 2006. Dodge brand sales increased 5% over last year led by Dodge Ram which posted a gain of 20%. The all-new Dodge Nitro was up 2% over August 2007. “Our sell down on 2007 models is going very well and in October we will continue to offer aggressive lease and retail payments for our customers,” Michael Keegan, Vice President – Volume Planning and Sales Operations said. “We will extend the 0% APR offering for 60 months on more 2007 models through the end of the month.” Chrysler finished the month with 450,733 units of inventory, or a 71-day supply. Inventory is down by 15% compared to September 2006 when it was at 533,220 units. About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter-Europe on Oct. 2, 2007, Standard & Poor's Ratings Services placed its corporate credit ratings on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC on CreditWatch with positive implications. As reported in the Troubled Company Reporter on Aug. 8, 2007, Standard & Poor's Ratings Services revised its loan and recovery ratings on Chrysler LLC's (B/Negative/--) $10 billion senior secured first-lien term loan facility due 2013, following various changes to terms and conditions prior to closing. The $10 billion first-lien term loan now consists of a $5 billion "first-out" tranche and a $5 billion "second-out" tranche, so the aggregate amount of first-lien debt remains unchanged. Accordingly, S&P assigned a 'BB-' rating to the $5 billion "first-out" first-lien term loan tranche. This rating, two notches above the corporate credit rating of 'B' on Chrysler LLC, and the '1' recovery rating indicate S&P's expectation for very high recovery in the event of payment default. S&P also assigned a 'B' rating to the $5 billion "second-out" first-lien term loan tranche. This rating, the same as the corporate credit rating, and the '3' recovery rating indicate S&P's expectation for a meaningful recovery in the event of payment default. As previously reported, Moody's Investors Service has affirmed Chrysler Automotive LLC's B3 Corporate Family Rating, and the Caa1 rating of the company's $2 billion senior secured, second lien term loan in connection with Monday's closing of DaimlerChrysler AG's sale of a majority interest of Chrysler Group to Cerberus Capital Management LLC. DAN WITT: Claims Registration Period Ends November 14 ----------------------------------------------------- Creditors of DAN WITT Prasentationstechnik GmbH have until Nov. 14 to register their claims with court-appointed insolvency manager Ralph Schmid. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on Dec. 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 101 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ralph Schmid Duelmener Str. 92 48653 Coesfeld Germany Tel: 02541/915-01 Fax: 02541-915600 The District Court of Muenster opened bankruptcy proceedings against DAN WITT Prasentationstechnik GmbH on Sept. 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DAN WITT Prasentationstechnik GmbH Ruebenkamp 4 59399 Olfen Germany Bettina Daniel, Manager Horn-Westerwinkel 16 59387 Ascheberg Germany DITMAR SEBECZEK: Claims Registration Ends October 29 ---------------------------------------------------- Creditors of Ditmar Sebeczek Gesellschaft fuer angewandte Informatik und Bauwesen mbH have until Oct. 29 to register their claims with court-appointed insolvency manager Klaus Regeling. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Nov. 19, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Meeting Hall S 2.18 Second Floor Wilhelmstr. 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus Regeling Godesberger Allee 125-127 53175 Bonn Germany Tel: 0228/81000-56 Fax: 0228/81000820 The District Court of Bonn opened bankruptcy proceedings against Ditmar Sebeczek Gesellschaft fuer angewandte Informatik und Bauwesen mbH on Sept. 18. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ditmar Sebeczek Gesellschaft fuer angewandte Informatik und Bauwesen mbH Attn: Ditmar Sebeczek, Manager Rehefeld 40 53757 Sankt Augustin Germany DURA AUTOMOTIVE: Gets Court Nod to Submit Plan to Creditors ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware has approved DURA Automotive Systems Inc.'s Disclosure Statement, solicitation procedures and creditor ballots. In a hearing that took place yesterday, Oct. 3, 2007, the U.S. Bankruptcy Court for the District of Delaware determined that DURA's Disclosure Statement contains the necessary information to enable creditors to vote on DURA's Plan of Reorganization. In addition, the Official Committee of Unsecured Creditors supports confirmation of DURA's Plan and has filed a statement urging creditors to vote to accept the Plan. "This favorable Court decision and support from the Committee for our plan to reorganize the Company, paves the way for DURA to exit Chapter 11 this year as planned," said Larry Denton, Chairman and Chief Executive Officer of Dura Automotive Systems. "We are looking forward to completing the legal process and focusing all of our resources on innovation and execution of our financial and operational strategy to aggressively compete and grow in the global automotive marketplace." The Plan and Disclosure Statement provide details on how DURA intends to treat claims against the Company and emerge from Chapter 11 protection in the fourth quarter of 2007. The Court's approval of the Disclosure Statement enables DURA to begin sending its Plan of Reorganization and Disclosure Statement to creditors to obtain their vote on the Plan. The ruling allows DURA's balloting agent to soon begin distribution of ballots and accompanying support materials to parties eligible to vote to accept or reject the Plan. The Court also set Nov. 26, 2007, as the hearing date for Plan confirmation. Once the Plan is confirmed and administrative procedures are completed, DURA will officially emerge from Chapter 11. DURA was advised by AlixPartners, Kirkland & Ellis and Miller Buckfire in connection with its Chapter 11 reorganization. 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 expired on Sept. 30, 2007. (Dura Automotive Bankruptcy News, Issue No. 31 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). EHK BETEILIGUNGS: Claims Registration Ends Oct. 17 -------------------------------------------------- Creditors of EHK Beteiligungs GmbH have until Oct. 17 to register their claims with court-appointed insolvency manager Rolf Rattunde. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Nov. 7, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hagen Hall 259 Second Floor Heinitzstrasse 42/44 58097 Hagen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rolf Rattunde Neumarktstr. 2c 58095 Hagen Germany The District Court of Hagen opened bankruptcy proceedings against EHK Beteiligungs GmbH on Sept. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EHK Beteiligungs GmbH Ihnestr. 5 58540 Meinerzhagen Germany FERIENDORF AM VATTERODER: Claims Registration Ends Nov. 1 --------------------------------------------------------- Creditors of Feriendorf am Vatteroder Teich GmbH have until Nov. 1 to register their claims with court-appointed insolvency manager Stephan Poppe. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Nov. 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Halle-Saalkreis Hall 1.043 Judicial Center Thueringer Str. 16 06112 Halle Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Poppe Emil-Eichhorn-Str. 1 06114 Halle Germany Tel: 0345/530490 Fax: 0345/5304926 The District Court of Halle-Saalkreis opened bankruptcy proceedings against Feriendorf am Vatteroder Teich GmbH on Aug. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Feriendorf am Vatteroder Teich GmbH Teich 11 06343 Vatterode Germany GERVES BAUTRAGER: Claims Registration Ends October 29 ----------------------------------------------------- Creditors of Gerves Bautrager- und Baubetreuungsgesellschaft mbH have until Oct. 29 to register their claims with court-appointed insolvency manager Dr. Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Nov. 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Giessen Hall 405 Fourth Floor Building B Gutfleischstrasse 1 35390 Giessen 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 c/o Rae Brinkmann und Kollegen Lyoner Strasse 14 60528 Frankfurt/Main Germany Tel: 069/9623340 Fax: 069/96233422 The District Court of Giessen opened bankruptcy proceedings against Gerves Bautrager- und Baubetreuungsgesellschaft mbH on Sept. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gerves Bautrager- und Baubetreuungsgesellschaft mbH Friedrichstrasse 30 35469 Allendorf/Lda. Germany Attn: Hans-Juergen Schomber, Manager Loehrbachsgraben 26 35469 Allendorf/Lda. Germany GM-ABBRUCH: Claims Registration Ends Oct. 18 -------------------------------------------- Creditors of GM-Abbruch GmbH have until Oct. 18 to register their claims with court-appointed insolvency manager Klaus Loeffler. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on Dec. 12, 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 Ludwigshafen am Rhein Meeting Hall 13 Wittelsbachstr. 10 67061 Ludwigshafen am Rhein Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus Loeffler Welschgasse 3 D 67227 Frankenthal Germany The District Court of Ludwigshafen am Rhein opened bankruptcy proceedings against GM-Abbruch GmbH on Sept. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GM-Abbruch GmbH Mohrengasschen 2 67227 Frankenthal Germany HERFEI SPIELTREFF: Claims Registration Period Ends Nov. 16 ---------------------------------------------------------- Creditors of HERFEI Spieltreff 2 GmbH have until Nov. 16 to register their claims with court-appointed insolvency manager Jan H. Wilhelm. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 7, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Syke Hall 112 Hauptstr. 5A 28857 Syke 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: Jan H. Wilhelm Markt 1 28195 Bremen Germany Tel: 0421/178765 Fax: 0421/1787665 The District Court of Syke opened bankruptcy proceedings against HERFEI Spieltreff 2 GmbH on Sept. 18. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HERFEI Spieltreff 2 GmbH Lange Str. 1 a 27211 Bassum Germany Attn: Gustav Goerke, Manager Freistr. 8 27243 Harpstedt Germany PARKLAND GMBH: Claims Registration Period Ends Nov. 16 ------------------------------------------------------ Creditors of Parkland GmbH Bautzen have until Nov. 16 to register their claims with court-appointed insolvency manager Rainer M. Bahr. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Dec. 14, 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 Dresden Hall D131 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rainer M. Bahr Obergraben 10 01097 Dresden Germany The District Court of Dresden opened bankruptcy proceedings against Parkland GmbH Bautzen on Sept. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Parkland GmbH Bautzen Attn: Peter Fleischer, Manager Singwitzer Weg 2 02692 Preuschwitz Germany PLANBAU GMBH: Claims Registration Period Ends Nov. 16 ----------------------------------------------------- Creditors of PlanBau GmbH Schlierbach have until Nov. 16 to register their claims with court-appointed insolvency manager Frank Raff. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 11, 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 Goeppingen Hall 0.24 Ground Floor Pfarrstrasse 25 73033 Goeppingen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Frank Raff Heilbronner Str. 86 70191 Stuttgart Germany Tel: 0711/259729-0 Fax: 0711/259729-999 The District Court of Goeppingen opened bankruptcy proceedings against PlanBau GmbH Schlierbach on Sept. 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PlanBau GmbH Schlierbach Attn: Carmen Grois, Manager Gartenstr. 9 73728 Schlierbach Germany RESTAURANT BRUENGER: Creditors Must File Claims by October 30 ------------------------------------------------------------- Creditors of Restaurant Bruenger in der Woerde GmbH have until Oct. 30 to register their claims with court-appointed insolvency manager Restaurant Bruenger in der Woerde GmbH. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Nov. 21, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans-Achim Ernst Bunsenstr. 3 32052 Herford Germany The District Court of Bielefeld opened bankruptcy proceedings against Restaurant Bruenger in der Woerde GmbH on Sept. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Restaurant Bruenger in der Woerde GmbH Herforder Str. 14 32130 Enger Germany RUDOLF MATZKE: Claims Registration Ends Oct. 15 ----------------------------------------------- Creditors of Rudolf Matzke GmbH Beton- und Kunststeinwerk i.L. have until Oct. 15 to register their claims with court-appointed insolvency manager Christoph Wagner. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Nov. 13, 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 Wuerzburg Meeting Hall 2 Second Stock Virchowstr. 14 Wuerzburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christoph Wagner Waltherstr. 9 97074 Wuerzburg Germany Tel. 0931/30408790 The District Court of Wuerzburg opened bankruptcy proceedings against Rudolf Matzke GmbH Beton- und Kunststeinwerk i.L. on Sept. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rudolf Matzke GmbH Beton- und Kunststeinwerk i.L. Rothoferstr. 17 a 97228 Rottendorf Germany SCHIEDER-MOEBELWORK: Berggruen Buys Large Chunk of Assets --------------------------------------------------------- Schieder Moebel Holding GmbH is set to sell two subsidiaries, Austria-based Schieder Europa Holding and Liechtenstein-based Internationale Moebel Selection, and several Polish factories to Berggruen Holdings for an undisclosed amount, Frankfurter Allgemeine Zeitung says in a report carried by the Financial Times. According to the report, the deal is expected to close in mid- November and will save 3,600 jobs at the bankrupt furniture maker. The German daily suggests that US-German investor and art collector Nicolas Berggruen is estimated to pay a high double- digit figure in millions of euros for the subsidiaries, which have reportedly registered profits for the last few years. About Schieder Moebel Headquartered in Herford, Germany, Schieder Moebel Holding GmbH -- http://www.schieder.com/-- was one of the leading furniture designers and manufacturers in Europe. The company has 41 production plants and employs 11,000 people worldwide, 9,000 of which are in Poland. It had turnover of EUR950 million in the financial year 2005/06. Schieder applied for insolvency proceedings at the District Court of Detmold on June 22, 2007, after incurring debts of nearly EUR300 million due to high capital costs. WILFRIED FROHBERG: Claims Registration Period Ends Nov. 1 --------------------------------------------------------- Creditors of Wilfried Frohberg Sanitar und Heizung GmbH Potsdam have until Nov. 1 to register their claims with court-appointed insolvency manager Bert Buske. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bert Buske Alt Nowawes 67 14482 Potsdam Germany The District Court of Potsdam opened bankruptcy proceedings against Wilfried Frohberg Sanitar und Heizung GmbH Potsdam on Sept. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wilfried Frohberg Sanitar und Heizung GmbH Potsdam Attn: Uwe Franzke, Manager Kanal 9 14469 Potsdam Germany ZUELPICHER REISEBUERO: Claims Registration Ends October 26 ---------------------------------------------------------- Creditors of Zuelpicher Reisebuero GmbH have until Oct. 26 to register their claims with court-appointed insolvency manager Dirk-Henning Toennesmann. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on Nov. 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 Bonn Meeting Hall W 1.26 First Floor Wilhelmstr. 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dirk-Henning Toennesmann Josef-Ruhr-Str. 30 53879 Euskirchen Germany Tel: 02251/65081-22 Fax: 02251/65081-25 The District Court of Bonn opened bankruptcy proceedings against Zuelpicher Reisebuero GmbH on Sept. 18. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Zuelpicher Reisebuero GmbH Attn: Hans Joachim Moehrke and Felix von Gymnich Graf Beissel, Managers Koelnstr. 54 53909 Zuelpich Germany ============= I R E L A N D ============= FREESTAR TECHNOLOGY: Auditor Raises Going Concern Doubt ------------------------------------------------------- New York-based RBSM LLP raised substantial doubt about FreeStar Technology Corp.'s ability to continue as a going concern after auditing the company's financial statements for the year ended June 30, 2007. The auditor said the company is experiencing difficulty in generating sufficient cash flow to meet its obligations and sustain its operations. Name Change On July 10, 2007, FreeStar Technology's board of directors approved a proposed amendment to the company's Articles of Incorporation to change its name to Rahaxi, Inc. The board has recommended that the company shareholders adopt the name change amendment. It also directed the company to take appropriate action to obtain shareholder approval of the name change amendment. "Though our Finnish subsidiary, Rahaxi Processing Oy, we believe that 'Rahaxi' has a valuable, established brand name in our core markets in the Scandanavian region. We believe that in this region, Rahaxi conveys quality, innovation and reliability to our customers," Freestar Technology President and CEO Paul Egan said. "We believe that the Rahaxi brand is a valuable asset, and that by changing FreeStar\u2019s name to Rahaxi, we can maximize the goodwill associated with Rahaxi and uniformly brand our products in our other markets," Mr. Egan added. Financials For the year ended June 30, 2007, the company reported a $16,305,197 net loss on $3,780,335 of total revenues, as compared with a $13,999,773 net loss on $2,097,749 of total revenues for the year ended June 30, 2006. At June 30, 2007, FreeStar Technology's balance sheet showed $8,617,035 in total assets, $2,949,518 in total liabilities, $184,008 in minority interest, and $5,667,517 in total stockholders' equity. The company's balance sheet at June 30, 2007, showed strained liquidity with $2,466,845 in total current assets available to pay $2,765,510 in total current liabilities. Acquisition of Project Life Cycle Partners On Nov. 21, 2006, the company has acquired 50% of the outstanding capital stock of Project Life Cycle Partners, Ltd., a technology-consulting firm located in Dublin, Ireland. PLC Partners is a niche project consulting firm specializing in the management and implementation of information systems projects. PLC Partners has international experience within the financial services sector. Total consideration for the transaction was $1,000,000, consisting of $200,000 cash and 2,222,222 shares of the company's common stock, valued at $0.36 per share based upon a 30-day average closing price per share. The company also assumed 50%, or approximately $132,000, of PLC's liabilities at the date of acquisition. The company may be required to issue additional shares, capped at a maximum of an additional 50%, if, on the one-year anniversary of the acquisition, the 30-day average closing price per share of the company's stock is less than $0.36. A full-text copy of the company's annual report is available for free at http://ResearchArchives.com/t/s?23f5 FreeStar Technology Corp. (OTCBB: FSRT) -- http://www.freestartech.com/and http://www.rahaxi.com/-- provides electronic payment processing services, including credit and debit card transaction processing, point-of-sale related software applications and other value-added services. The company, which was incorporated in Nevada, has principal offices in Dublin, Ireland. The company also has offices in Helsinki, Finland; Stockholm, Sweden; Geneva, Switzerland; and Santo Domingo, the Dominican Republic. ========= I T A L Y ========= ALITALIA SPA: Aeroflot Denies Possible Rebid for Italy's Stake -------------------------------------------------------------- OAO Aeroflot will not relaunch its bid to acquire the Italian government's 49.9% stake in Alitalia S.p.A., Business News Europe reports citing general manager Lev Koshlyakov. Mr. Koshlyakov was reacting to a La Republica report that quoted him as saying that Russian carrier may offer more than US$1 billion for Alitalia. "We're interested at a strategic level, not at a financial level," Mr. Koshlyakov was quoted by La Republica as saying. "If Aeroflot were to buy Alitalia it would replace a big chunk of its management with more prepared staff." As reported in the TCR-Europe on Oct. 2, 2007, Aeroflot said it would relaunch its bid to acquire Italy's stake in Alitalia if the sale conditions are favorable. "We would be interested to at least see the conditions, and then make a decision on whether it is interesting or not," Valery Okulov, Aeroflot chief executive, was quoted by Bloomberg News as saying. As reported in the TCR-Europe on June 29, 2007, the consortium of Aeroflot and Unicredito Italiano S.p.A. withdrew its bid for Alitalia after it and its advisors were not allowed access to "critical information with respect to the commercial and operational aspects of Alitalia’s business to confidently formulate a well supported business proposal to successfully restructure the Italian carrier." About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/ -- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. DANA CORP: Appaloosa Re-Affirms Investment Bid; Sends Final Deal ---------------------------------------------------------------- Appaloosa Management, L.P., on Sept. 21, 2007, re-affirmed its investment offer, to replace the investment offer of Centerbridge Capital Partners, L.P., and delivered to Dana Corp. and its debtor-affiliates the Official Committee of Unsecured Creditors a final investment proposal letter. James Bolin, a partner at Appaloosa, stated, in the September 21 Letter, that Appaloosa's Investment Offer is substantially similar to Centerbridge's Proposal, with certain material improvements and modifications,. The improvements and modifications are: (a) Appaloosa proposes to eliminate and waive the break-up fee described in the Centerbridge Proposal. (b) Appaloosa will enhance the conversion price from 0.83 times Distributable Market Equity Value Per Share to 0.90 times Distributable Market Equity Value Per Share. (c) In lieu of the limited Rule 144A offering contemplated by the Centerbridge Proposal, the right to purchase the Series B Preferred at par will be offered to all holders of allowed unsecured claims on a pro rata basis. Any shares of Series B Preferred not purchased in the Series B Rights Offering will be purchased at par by Appaloosa and certain other entities, who will receive a guaranteed minimum of 40% of the Series B Preferred and a commitment fee of $10,000,000 as consideration for their agreement to perform the foregoing Standby Purchaser obligations. (d) Appaloosa proposes to eliminate the ceiling/floor "collar" mechanism contained in the Centerbridge Proposal. (e) Most of Appaloosa's approval rights will be subject to being over-ridden by a 2/3 vote of common shareholders with the exception of certain specified protective approval rights, which are not subject to over-ride. The approval rights not subject to over-ride relate to: -- issuance of securities that are senior to or on parity with the Series A Preferred; -- amendments to the Company's by-laws that materially change the rights of members of the Investor Group or Qualified Purchaser Transferees or the Company's shareholders generally, or to the Charter or Articles if the amendment would adversely impact Appaloosa's rights or investment; and -- other than the annual 4.0% dividends on the Series B Preferred, declaration and payment of dividends on stock that ranks junior to or on parity with the Series A Preferred. (f) Appaloosa will select three members of the Board of Directors, and the Creditors Committee will select the other three. One director will be the chief executive officer, one director will be the new Executive Chairman, one director will be selected by the Standby Purchasers other than Appaloosa. The initial Executive Chairman of the Board will be selected by a selection committee comprised of one Appaloosa representative and one representative of the Standby Purchasers. The Executive Chairman will be approved by a majority vote of the Selection Committee. Any successor Executive Chairman will be selected by the Nominating and Governance Committee of the Board, subject to the approval of Appaloosa. (g) All of Appaloosa's approval rights will continue until the earlier of (i) the date on which Appaloosa ceases to own Series A Preferred Shares having an aggregate liquidation preference of at least $125,000,000, and (ii) the third anniversary of Appaloosa's investment. (h) Appaloosa proposes to include an additional closing condition to the effect that there will not have occurred any material strike or labor stoppage or slowdown at Dana Corp., General Motors, Chrysler, Ford Motor Company or any of their respective subsidiaries. A full-text copy of Appaloosa's September 21 Letter is available for free at http://ResearchArchives.com/t/s?23e0 Aside from the Investment Letter, Appaloosa also delivered to the Debtors and the Creditors Committee drafts of: (1) an Amended Joint Plan of Reorganization, a copy of which is available for free at http://ResearchArchives.com/t/s?23e1 (2) a Plan Support Agreement, a copy of which is available for free at http://ResearchArchives.com/t/s?23e2 (3) an Investment Agreement, a copy of which is available for free at http://ResearchArchives.com/t/s?23e3 (4) a Shareholders Agreement, a copy of which is available for free at http://ResearchArchives.com/t/s?23e4 (5) Articles of Designation with Respect to Preferred Stock, a copy of which is available for free at: http://ResearchArchives.com/t/s?23e5 (6) a Series A Registration Rights Agreement, a copy of which is available for free at http://ResearchArchives.com/t/s?23e6 (7) a Series B Registration Rights Agreement, a copy of which is available for free at http://ResearchArchives.com/t/s?23e6 (8) a Market Maker Agreement, a copy of which is available for free at http://ResearchArchives.com/t/s?23e7 About Dana Corp. Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2005, the Debtors listed $7,900,000,000 in total assets and $6,800,000,000 in total debts. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. The Court has set a hearing on Oct. 23, 2007, to consider the adequacy of the Disclosure Statement explaining the Debtors' Plan. (Dana Corporation Bankruptcy News, Issue No. 55; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000). DANA CORP: Eyes Entry of Mexican Unit Restructuring Process ----------------------------------------------------------- In July 2006, Spicer S.A., de C.V., a Mexican joint venture between Dana Corp. and DESC S.A. de C.V., was dissolved, and the Debtors acquired 100% ownership of certain of the subsidiaries of Spicer Mexico. Since that acquisition, the Debtors determined, after consultation with their U.S. and Mexican advisors, to take several steps to optimize the tax and operational efficiencies of their operations in Mexico, which will involve converting certain of their operations into maquiladoras: (a) Dana Heavy Axle Mexico S.A. de C.V. operations in Monterrey, Mexico will be contributed into a non-debtor subsidiary known as Dana Ejes S.A. de C.V., which will subsequently be converted into a maquiladora; (b) A maquiladora will be created out of the current operations of Spicer Group members Ejes Tractivos S.A. de C.V., Autometales S.A. de C.V., and Dana de Mexico Corporacion S. de R.L. de C.V.; (c) Nondebtor Tecnologia de Mocion Controlada S.A. de C.V. will expand its existing maquiladora operations to include a new maquiladora to support the sealing business; (d) Dana will acquire additional equipment to expand the operations at DHAM's Toluca facility; and (e) Dana's ownership of certain Mexican Dana Companies will be transferred to Debtor Spicer Heavy Axle Holdings, Inc., which will be renamed Dana Global Products, Inc. A maquiladora, according to Corinne Ball, Esq., at Jones Day, in New York, explains, is a Mexican corporation that operates under a program developed by the Mexican Secretariat of Commerce and Industrial Development that permits the Mexican corporation to: -- temporarily receive component parts and raw materials from a foreign company without being charged any import duties; -- convert the component parts and raw materials into finished goods; -- ship the finished goods to, or on behalf of, the foreign company; and -- charge the foreign company for the value added in Mexico plus a relatively modest government mandated mark-up. After these transactions, the inventory, finished goods and equipment for the Sealing Maquila will be owned by Debtor Dana Global Products, Inc., which will also conduct all the future purchasing of goods for the Sealing Maquila. In addition, as part of the Debtors' strategy to expand low cost manufacturing operations, the Toluca Facility requires additional equipment to be able to expand production. Dana Heavy Axle Mexico does not currently have the cash to purchase additional equipment for the Toluca Facility. Instead, the Debtors will transfer approximately $2,500,000 in equipment from their Glasgow, Kentucky, plant to the Toluca Facility, and the Debtors will purchase approximately $11,000,000 of equipment from third party vendors for use at the Toluca Facility. Both the transferred and purchased equipment will be placed in the name of Dana Holdings Mexico as an investment. Dana Heavy Axle Mexico will purchase the equipment from Dana Holdings Mexico by issuing a $13,500,000 note in return for the equipment. Because the Debtors will indirectly own Dana Holdings Mexico through DGPI, they will benefit from the note held by Dana Holding Mexico and will thus be receiving equivalent value on their investment in Dana Holdings Mexico. Ms. Ball tells the Court that in connection with the Debtors' emergence from bankruptcy, they are planning to rationalize the holding structure of their international affiliates. For Mexican tax reasons, each of the maquiladoras to be formed must be owned by a stable U.S. entity that can conduct the purchasing of goods required to operate the maquiladoras on a going forward basis -- that entity will be DGPI. The Debtors will transfer their 100% ownership interest in Dana Holdings Mexico and DHAM and almost 100% ownership interest in Tecnologia de Mocion Controlada to DGPI in return for additional stock to be issued by DGPI. Because the Debtors own 100% of the stock of DGPI, they will receive reasonably equivalent value for the transfer through the increase in value of DGPI by the value of the shares of Dana Holdings Mexico, DHAM and TMC, that are to be transferred to DGPI. The Debtors' Disclosure Statement explaining their Plan of Reorganization provides that a critical part of their restructuring plan has been to optimize their manufacturing footprint so as to minimize costs, Ms. Ball notes. A critical focus of these efforts is the movement to low cost manufacturing operations, a significant block of which are in Mexico. The various transactions involved in the Mexican Affiliate Restructuring will allow the Debtors to increase their production of low-cost goods in Mexico and provide a tax- efficient structure for the production of those goods. The Debtors project that the Mexican Affiliate Restructuring will: -- generate approximately $4,700,000 in annual tax savings over the current structure; -- provide more than $12,000,000 in additional U.S. income annually; and -- facilitate labor savings for the Debtors as part of their manufacturing footprint optimization. Accordingly, the Debtors seek the U.S. Court Bankruptcy Court for the Southern District of New York's authority to enter into the Mexican Affiliate Restructuring process. The Debtors also seek a waiver of any stay of the effectiveness of the order approving the Restructuring Motion. While the go-live date for the Mexican maquiladoras is Nov. 1, 2007, the purchases of the assets and other activities described in the step transactions must occur before that date, and certain of those purchases can only occur after the transfer of shares in DHAM, Dana Holdings Mexico and TMC are made to Debtor DGPI, Ms. Ball says. If the various asset sales and share transfers cannot commence until the anticipated expiration of the automatic stay on October 29, 2007, the go-live date on the maquiladoras will have to be delayed by an additional month because it will be difficult to make the necessary accounting changes in the middle of a month. Delaying the project will cost the Debtors approximately $375,000 in lost tax savings and decrease income in the U.S. by approximately $1,000,000, Ms. Ball adds. About Dana Corp. Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2005, the Debtors listed $7,900,000,000 in total assets and $6,800,000,000 in total debts. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. The Court has set a hearing on Oct. 23, 2007, to consider the adequacy of the Disclosure Statement explaining the Debtors' Plan. (Dana Corporation Bankruptcy News, Issue No. 55; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000). M. FABRIKANT: Files Joint Chapter 11 Plan of Liquidation -------------------------------------------------------- M. Fabrikant & Sons Inc., its debtor-affiliate, Fabrikant- Leer International Ltd., the Official Committee of Unsecured Creditors, and Wilmington Trust Company delivered to the United States Bankruptcy Court for the Southern District of New York their joint chapter 11 plan of liquidation and an accompanying disclosure statement explaining that plan. The Plan provides for the liquidation of the assets of the Debtors' estates, including the investigation and prosecution of certain causes of action, by two liquidating trusts to be formed pursuant to the Plan and related liquidating trust agreements. Plan Funding On May 29, 2007, the Debtors obtained Court authority to sell certain of their inventories to Surya Capital LLC for $10.4 million and six remaining lots of assets to Wilmington for $38.5 million. The Surya and Wilmington asset sale agreements closed on June 1, 2007, and July 12, 2007, respectively. The Debtors also obtained Court approval on July 10, 2007, to sell two life insurance policies owned by MFS for Charles Fortgang and Marjorie Fortgang. Each policy provided for a payment of $4 million to MFS upon the death of each respective insured. MFS paid annual premiums on the Charles Fortgang policy in the amount of $136,922 per year, and on the Marjorie Fortgang policy in the amount of $88,087 per year. The surrender value of each policy was zero dollars on account of surrender charges that would have to have been paid by the policy holder upon surrender of each policy. To capitalize on the policies, the Debtors hired Melville Capital, a life settlement broker, to sell the policies. Melville had estimated their value at approximately $1.3 million to $1.75 million in the aggregate. To date, no closing on the sale of the policies has taken place. At first, Charles and Marjorie Fortgang, whose lives are insured by the policies, refused to execute the necessary consents to transfer the Debtors’ interests in the policies to the prospective purchaser. After negotiations among the Debtors, Charles and Marjorie Fortgang, and the Plan Proponents, the Fortgangs agreed to sign the necessary documentation only if the proceeds from the sale of the policies are escrowed and that the Debtors, the Committee and Wilmington agree not to pursue the funds in the escrow before Sept. 15, 2007. In an effort to facilitate the sale of the policies and to avoid costly and potentially protracted litigation with the Fortgangs over the issue, the Debtors and the Plan Proponents agreed to this arrangement. Further, under the "sweep" provisions of the Court's final order on the Debtors' use of their lenders' cash collateral, Wilmington has collected numerous cash sweeps throughout the course of the Debtors' cases aggregating approximately $33,000,000. Treatment of Claims Under the Plan, holders of Administrative Ex1pense Claims, Priority Tax Claims, Professional Fee Claims, and Other Priority Claims will receive payments in full, in cash. Holders of Allowed Class 3 Claims will receive any of these alternative treatments, at the election of a shared assets trustee: a) payment in full in cash; b) unaltered legal, equitable and contractual rights to which the claim entitles the holder; c) treatment pursuant to Section 1124(2) of the Bankruptcy Code; or d) transfer and surrender of all collateral securing the Claim. Holders of Class 4 Unsecured Claims and Class 5 Unsecured Claims will receive pro rata distribution from the proceeds of any and all claims or causes of action of the Debtors, the estates, or the Committee, against third parties. Claims under both classes will also receive pro rata distribution from the proceeds of any claims and causes of action of the Debtors, the estates, or the Committee against the Debtors' original lenders, which include ABN Amro Bank N.V., Antwerpse Diamantbank N.V., and Bank of America, N.A. Holders of Current Lender Claims will receive pro rata distribution from the proceeds of any and all claims or causes of action of the Debtors, the estates, or the Committee, against third parties. The current lenders are successors in interest to the original lenders under an intercreditor agreement dated Jan. 13, 2006, among the original lenders and JPMorgan Chase Bank, N.A. as collateral agent. The current lenders would ordinarily be entitled to assert a claim for adequate protection arising out of the use of their cash collateral throughout the course of the Debtors' cases. However, the Plan settles the adequate protection claim by: -- providing for priority payment in full of all professional fees and expenses incurred by Wilmington, on behalf of the Current Lenders, throughout the course of the Debtors' cases; and -- payment out of the net proceeds of a shared assets trust. Class 6 Claims, which consists of all interests in any of the Debtors, and all claims arising from rescission of a purchase or sale of those interests, or for damages arising from a purchase or sale, are not entitled to any distribution under the Plan. A full-text copy of the Joint Chapter 11 Plan of Liquidation is available for a fee at: http://www.researcharchives.com/bin/download?id=071003212249 A full-text copy of the Disclosure Statement explaining that Joint Plan is available for a fee at: http://www.researcharchives.com/bin/download?id=071003212044 About M. Fabrikant Headquartered in New York City, M. Fabrikant & Sons, Inc. -- http://www.fabrikant.com/-- sells diamonds and jewelries. Established in 1895, the Company is one of the oldest diamond and jewelry wholesaler in the world, including Japan, Canada, China, Thailand, Israel, Belgium and Italy. The company and its affiliate, Fabrikant-Leer International Ltd., filed for chapter 11 protection on Nov. 17, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-12737). Mitchel H. Perkiel, Esq., Lee W. Stremba, Esq., and Paul H. Deutch, Esq., at Troutman Sanders LLP represent the Debtors in their restructuring efforts. Alan Kolod, Esq., Lawrence L. Ginsberg, Esq., and Christopher J. Caruso, Esq., at Moses & Singer LLP serve as counsel to 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. PARMALAT SPA: Settles Case vs. GKB AG for EUR20.75 Million ---------------------------------------------------------- Parmalat S.p.A. disclosed that the action for restitution and damage compensation filed against Graubuendner Kantonalbank AG was settled out of court in consideration of the payment of EUR20.75 million by GKB. This settlement agreement applies to challenges raised by Parmalat with regard to payments made by the Parmalat Group before December 2003 within the context of financial transactions executed by Parmalat now in Extraordinary Administration and various parties in Italy and abroad through the conduit of a former GKB employee and to damage claims arising from GKB’s alleged involvement in financial transactions to which Bank of America was also a party. Parmalat has agreed to desist from the action it filed before the Court of Parma and from any other action against GKB, but the parties reserve the right to continue pursuing legal and any other actions against any other party who is not covered by the abovementioned settlement agreement. Both parties have expressed their satisfaction with this settlement. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The Company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. PARMALAT SPA: Settles Case vs. Calyon for EUR2.63 Million --------------------------------------------------------- Parmalat S.p.A communicates that the revocatory action filed by Parmalat against Calyon -- now Credit Agricole Indosuez S.A. -- has been settled with the commitment of Calyon to pay to Parmalat the amount of around EUR2.63 million and with the renounce to the right to file claims with Parmalat bankruptcy and, finally, with the set off of the expenses. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The Company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The Company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. PARMALAT SPA: Judge Doubts EUR2.1 Billion Claim Against Banks ------------------------------------------------------------- Parma-based Judge Giampaolo Fabbrizzi has expressed doubts on the validity of Parmalat S.p.A.'s EUR2.1 billion damages claim against creditor banks Deutsche Bank, JP Morgan, Credit Suisse, UBS, Banca Akros and Merrill Lynch, Il Sole 24 reports. Parmalat alleged that the banks contributed to its collapse. However, Judge Fabbrizzi noted that Parmalat would find it difficult to claim damages for an occurrence to which it had itself contributed. The banks' lawyers have argued that Parmalat chief executive Enrico Bondi cannot sue for "abusive recourse to credit," citing a ruling in a separate case. The court will hear the case Nov. 26, 2008. 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 $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. PARMALAT SPA: Plans Expansion Via Acquisitions & Joint Ventures --------------------------------------------------------------- Parmalat S.p.A. said that is ready to expand its dairy business through acquisitions and joint ventures, with approximately EUR570,000,000 in cash to finance the transactions, AFX News reported, citing a report from Il Sole 24 Ore based on documents produced during the Sept. 14, 2007, presentation of the company's first half results to financial analysts. Pursuant to the documents, Parmalat's expansion strategy will enable it to "increase scale, improve mix and gain (a) position in emerging markets." "Today we have extraordinary income coming from litigations, but we have to look at the phase when we will only have our operational income," Dr. Enrico Bondi, Extraordinary Administrator of Parmalat Finanziaria S.p.A., et al., told analysts, according to AFX News. For the period ending June 30, 2007, Parmalat made EUR278,300,000 from settlements, helping the company reach the end of the first half with net cash of EUR570,200,000, AFX News disclosed. "We are looking at developing countries. A good opportunity could be sub-Saharan Africa and other emerging markets," Dr. Bondi told analysts, according to AFX News. Dr. Bondi, however, noted that any settlement should: (i) preserve Parmalat's strong financial structure; (ii) avoid dilutive impacts in terms of valuation and profitability; and (iii) preserve the company's capacity to distribute a dividend. "I hope to be able to do something respecting these guidelines, otherwise I think it will be difficult [to do anything]," Dr. Bondi said, according to AFX News. Dr. Bondi added that Parmalat is in the "study process," and the "timing for any transaction is difficult to forecast." 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 $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. (Parmalat Lumber Bankruptcy News, Issue No. 91; http://bankrupt.com/newsstand/or 215/945-7000). =================== K A Z A K H S T A N =================== AKTOBE STANKAL: Proof of Claim Deadline Slated for Nov. 9 --------------------------------------------------------- CJSC SP Aktobe Stankal Traks Service has declared insolvency. Creditors have until Nov. 9 to submit written proofs of claims to: CJSC SP Aktobe Stankal Traks Service Turgenev Str. 104/1-32 Aktobe Aktube Kazakhstan AKTOGAI TRANSPORT: Creditors Must File Claims Nov. 9 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Aktogai Transport Kompaniyasy Ltd insolvent. Creditors have until Nov. 9 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan BANK TURANALEM: Sovereign Ratings Cue S&P to Amend Outlook ---------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Bank TuranAlem to stable from positive. At the same time, the 'BB/B' counterparty credit ratings on BTA were affirmed. These rating actions reflect the diminished likelihood of upgrades under the current adverse international and domestic financial environment in the Republic of Kazakhstan (foreign currency, BBB/Watch Neg/A-3; local currency, BBB+/Watch Neg/A- 2). "This follows the placement of the sovereign credit ratings on CreditWatch with negative implications due to growing concern about the more adverse international financial environment, which affects Kazakhstan through the very substantial external financing needs of the domestic banking system," said Standard & Poor's credit analyst Mr. Magar Kouyoumdjian. "Given the government's supportive attitude toward the banking system, as well as some selective sectors such as construction, this increases the likelihood of realization of contingent liabilities on the sovereign. Furthermore, economic slowdown through reduced bank financing could affect the government's fiscal prospects," added Mr. Kouyoumdjian. Although economic and bank fundamentals still remain strong, liquidity has come under pressure due to the heavy reliance of banks on external financing. The longer the tightening of global liquidity persists, the greater the refinancing risk to Kazakh banks. Kazakh banks have so far weathered the current liquidity tightening environment. They have overcome the immediate impact of the global liquidity squeeze through adequate asset liability management, strong shareholder and government support, as well as some successful rollovers of debt. However, the slowdown in financing of the real economy by the banking system will have a cooling effect on economic growth and lead to increased levels of problem loans. Such a slowdown would reveal the true extent of asset quality problems. Although a moderation in credit growth was overdue, things are likely to get worse before they get better. "Although Standard & Poor's is currently not taking any further rating actions on private Kazakh commercial banks, we will continue to carefully watch the ongoing liquidity pressures in the banking system, as well as pressure on the bank's financial stability emanating from any strong uptick in asset quality problems due to the cooling of the economy," added Mr. Kouyoumdjian. CAPITAL REAL: Claims Filing Period Ends Nov. 9 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Company Capital Real Estate (RNN 600400061706) insolvent on Aug. 17. Creditors have until Nov. 9 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Esenberlin Str. 115a Almaty Kazakhstan Tel: 8 (7273) 17-89-19 8 777 233 19-63 EURASIAN BANK: Standard & Poor's Changes Outlook to Positive ------------------------------------------------------------ Standard & Poor's Ratings Services revised its outlook on JSC Eurasian Bank to stable from positive. At the same time the 'B/B' counterparty credit ratings on Eurasian Bank were affirmed. These rating actions reflect the diminished likelihood of upgrades under the current adverse international and domestic financial environment in the Republic of Kazakhstan (foreign currency, BBB/Watch Neg/A-3; local currency, BBB+/Watch Neg/A- 2). "This follows the placement of the sovereign credit ratings on CreditWatch with negative implications due to growing concern about the more adverse international financial environment, which affects Kazakhstan through the very substantial external financing needs of the domestic banking system," said Standard & Poor's credit analyst Magar Kouyoumdjian. "Given the government's supportive attitude toward the banking system, as well as some selective sectors such as construction, this increases the likelihood of realization of contingent liabilities on the sovereign. Furthermore, economic slowdown through reduced bank financing could affect the government's fiscal prospects," added Mr. Kouyoumdjian". Although economic and bank fundamentals still remain strong, liquidity has come under pressure due to the heavy reliance of banks on external financing. The longer the tightening of global liquidity persists, the greater the refinancing risk to Kazakh banks. Kazakh banks have so far weathered the current liquidity tightening environment. They have overcome the immediate impact of the global liquidity squeeze through adequate asset liability management, strong shareholder and government support, as well as some successful rollovers of debt. However, the slowdown in financing of the real economy by the banking system will have a cooling effect on economic growth and lead to increased levels of problem loans. Such a slowdown would reveal the true extent of asset quality problems. Although a moderation in credit growth was overdue, things are likely to get worse before they get better. "Although Standard & Poor's is currently not taking any further rating actions on private Kazakh commercial banks, we will continue to carefully watch the ongoing liquidity pressures in the banking system, as well as pressure on the bank's financial stability emanating from any strong uptick in asset quality problems due to the cooling of the economy," added Mr. Kouyoumdjian. EURASIA INSURANCE: Sovereign Ratings Cue S&P to Change Outlook --------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Eurasia Insurance Co. to stable from positive. At the same time the 'B' long-term counterparty credit rating on Eurasia Insurance were affirmed. These rating actions reflect the diminished likelihood of upgrades under the current adverse international and domestic financial environment in the Republic of Kazakhstan (foreign currency, BBB/Watch Neg/A-3; local currency, BBB+/Watch Neg/ A-2). "This follows the placement of the sovereign credit ratings on CreditWatch with negative implications due to growing concern about the more adverse international financial environment, which affects Kazakhstan through the very substantial external financing needs of the domestic banking system," said Standard & Poor's credit analyst Mr. Magar Kouyoumdjian. "Given the government's supportive attitude toward the banking system, as well as some selective sectors such as construction, this increases the likelihood of realization of contingent liabilities on the sovereign. Furthermore, economic slowdown through reduced bank financing could affect the government's fiscal prospects," added Mr. Kouyoumdjian". Although economic and bank fundamentals still remain strong, liquidity has come under pressure due to the heavy reliance of banks on external financing. The longer the tightening of global liquidity persists, the greater the refinancing risk to Kazakh banks. Kazakh banks have so far weathered the current liquidity tightening environment. They have overcome the immediate impact of the global liquidity squeeze through adequate asset liability management, strong shareholder and government support, as well as some successful rollovers of debt. However, the slowdown in financing of the real economy by the banking system will have a cooling effect on economic growth and lead to increased levels of problem loans. Such a slowdown would reveal the true extent of asset quality problems. Although a moderation in credit growth was overdue, things are likely to get worse before they get better. "Although Standard & Poor's is currently not taking any further rating actions on private Kazakh commercial banks, we will continue to carefully watch the ongoing liquidity pressures in the banking system, as well as pressure on the bank's financial stability emanating from any strong uptick in asset quality problems due to the cooling of the economy," added Mr. Kouyoumdjian. GORIZONT LLP: Creditors' Claims Due on November 9 ------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Gorizont insolvent. Creditors have until Nov. 9 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Micro District Turkestan, 9/1 Shymkent South Kazakhstan Kazakhstan Tel: 8 (7252) 52-19-32 JARKEN LLP: Claims Registration Ends November 9 ----------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Jarken insolvent on Aug. 23. Creditors have until Nov. 9 to submit written proofs of claims to: Department of Agriculture Konstitutsiya Kazakhstana Str. 38 Petropavlovsk North Kazakhstan Kazakhstan KONYSBAYEV LLP: Creditors Must File Claims November 9 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Konysbayev insolvent. Creditors have until Nov. 9 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Micro District Turkestan, 9/1 Shymkent South Kazakhstan Kazakhstan Tel: 8 (7252) 52-19-32 KRASNY KUT: Claims Filing Period Ends November 9 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Krasny Kut insolvent. Creditors have until Nov. 9 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan PRIDE INTERNATIONAL: Earns US$146.1 Million in Second Quarter ------------------------------------------------------------- Pride International Inc. reported a 115% improvement in net income for the second quarter of 2007, to $146.1 million, compared to net income of $67.8 million for the corresponding three months in 2006. Second quarter 2007 results included gains totaling $8.8 million resulting primarily from the sale of a land rig located in Russia. Revenues for the second quarter of 2007 totaled $791.2 million, compared to revenues of $616.5 million during the second quarter of 2006. For the six months ended June 30, 2007, net income was $247.8 million, on revenues of $1.50 billion. The results compared to net income of $138.3 million, on revenues of $1.18 billion for the comparable six months in 2006. Results for the six months ended June 30, 2006, include after-tax gains totaling $19.0 million relating to the sale of assets. Louis A. Raspino, president and chief executive officer of Pride International Inc., stated, "Our record second quarter results were driven by strong operating performance with our fleet of deepwater and midwater floaters combined with continued average daily revenue improvements from contract rollovers. Following the excellent operating results of first quarter 2007, we continued in the second quarter with excellent utilization, uptime, cost control, and shipyard performance, while achieving 21% and 36% average daily revenue increases in our deepwater and midwater fleets, respectively." Raspino added, "Partially offsetting these results was our U.S. Gulf jackup fleet, which experienced lower utilization and lower average daily revenues in the quarter due to reduced activity, combined with an increase in out-of-service time as we prepared to relocate the Pride Oklahoma and Pride Mississippi to the stronger market in Mexico. "From a macro perspective, strong global demand for energy is fueling our customers' continued growth in E&P spending, particularly in the deepwater. As part of our stated strategy to further grow our significant deepwater presence, we recently committed to the construction of an ultra-deepwater drillship and acquired a second ultra-deepwater drillship in the early stages of construction. When combined with the acquisitions of our partners' interest in two deepwater joint ventures, we have now invested or committed over $2 billion toward our deepwater growth strategy. We are confident that the favorable conditions in the deepwater sector will persist for quite some time, producing attractive opportunities for deepwater drilling rigs, especially ultra-deepwater rigs of the caliber we are adding to our fleet," said Raspino. Capital expenditures for the six months ended June 30, 2007, were $207 million. Since the close of the second quarter, the company made initial capital expenditures of approximately $210 million related to the commitment to construct an ultra- deepwater drillship and the acquisition of another ultra- deepwater drillship in the early stages of construction. As a result of these drillship projects, the company has revised its expected 2007 capital expenditures to an estimated $790 million. Total debt at June 30, 2007 was $1.29 billion, resulting in a debt-to-total-capitalization ratio of approximately 31%. At June 30, 2007, the company's consolidated balance sheet showed $5.30 in total assets, $2.03 billion in total liabilities, $333.2 million in deferred income taxes, $30.7 million in minority interest, and $2.91 billion in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the quarter ended June 30, 2007, are available for free at http://researcharchives.com/t/s?23ec About Pride International Headquartered in Houston, Pride International Inc. (NYSE: PDE) -- http://www.prideinternational.com/-- provides onshore and offshore drilling and related services in more than 25 countries, operating a diverse fleet of 280 rigs, including two ultra-deepwater drillships, 12 semisubmersible rigs, 28 jackups, 16 tender-assisted, barge and platform rigs, five managed and 217 land rigs. The company also has two ultra-deepwater drillships under construction with expected deliveries in 2010. The company maintains worldwide operations in France, Mexico, Kazakhstan, India, and Brazil, among others. * * * As reported in the Troubled Company Reporter on Sept. 4, 2007, Fitch Ratings affirmed Pride International Inc.'s Issuer Default Rating at 'BB'. The Rating Outlook is Stable. =================== K Y R G Y Z S T A N =================== SOLMAN LLC: Creditors Must File Claims by November 2 ---------------------------------------------------- LLC Solman has declared insolvency. Creditors have until Nov. 2 to submit written proofs of claim to: LLC Solman Kuiruchuk Str. 167 Kok-Djar Bishkek Kyrgyzstan =================== L U X E M B O U R G =================== TNK-BP FINANCE: Issuing Over US$500 Million Debt for Parent ----------------------------------------------------------- TNK-BP Holding Ltd., through its TNK-BP Finance S.A. unit, is issuing more than US$500 million of bonds this month and has hired Credit Suisse Group and UBS AG to organize and manage the debt offering, Bloomberg News report citing a source at the Swiss bank. According to Bloomberg, citing a source privy to the issue, TNK- BP will offer the debt in two parts in a private placement: -- 5.5-year notes that may be priced to yield between 345 and 360 basis points more than U.S. Treasuries of similar maturity; and -- 10.5-year debt that may be priced to yield between 350 and 365 basis points more than U.S. Treasuries of similar maturity. UBS AG will manage the issue to investors in Europe and the U.S., Bloomberg News relates citing its source. Meanwhile, TNK-BP chief executive Robert Dudley said proceeds from the issue will be used to repay loans maturing by the end of the year and finance its operation, Business News Europe reports. About TNK-BP Headquartered in Moscow, Russia, TNK-BP Holding Ltd. operates six refineries in Russia and Ukraine, and markets products through 2,100 retail service stations operating under TNK and BP brand. BP Plc and Alfa Access/Renova jointly own the group. TNK-BP holds a strategic position as the second largest liquids producer in the Russian intergraded operating environment, accounting for approximately 18% of Russia's total crude oil production. * * * As of Aug. 1, 2007, TNK-BP International Ltd. carries BB long- term foreign and local currency ratings and B -short-term foreign and local currency ratings from Standard & Poor's. =========== P O L A N D =========== AUTOCAM CORP: Weak Performance Cues Moody's to Hold B3 Rating ------------------------------------------------------------- Moody's Investors Service affirmed Autocam Corporation's Corporate Family Rating of B3 and changed its outlook to negative from stable. The rating action considers the company's continuing weak performance, despite the benefits of recent operational and financial restructuring initiatives, and the potential for financial metrics to remain below expectations into the first half of 2008. Since implementing a debt restructuring in February 2007, Autocam has been pursuing operational changes designed to reduce costs and enhance earnings and cash flow generation. However, the company is behind schedule in restructuring its operations, particularly with respect to its French unit where the launch of several new products has required incremental staffing and caused other operating inefficiencies. The company anticipates that restructuring initiatives will improve performance in the French operations over the coming months and facilitate stronger results. However, in the absence of such improvement the ratings would be subject to downgrade, leading to the outlook revision to negative. Despite a nearly 50% reduction in debt achieved through the February debt restructuring, Autocam's leverage remains high and interest coverage is less than one time due to operating margins that are meaningfully lower than originally anticipated. Free cash flow has also been negative as seasonal working capital use of cash has coincided with low earnings and ongoing restructuring payments. The weak operating results have eroded the cushion in the calculation of the company's financial covenants under its bank credit facility, and absent operating improvements it may become necessary for the company to negotiate waivers or amendments in order to continue to have access to the revolver and maintain sufficient liquidity over the near term. The negative outlook considers the company's weak financial performance and the potential for the rating to be downgraded in the absence of a near term improvement in financial metrics. The rating would also be subject to downgrade if persistent negative free cash flow or covenant violations under the bank facility were to result in any erosion of the company's liquidity profile. The rating outlook could be stabilized if restructuring initiatives being pursued facilitate an improvement in margins and cash flow and support interest coverage being sustained above 1x. Headquartered in Kentwood, Michigan, Autocam Corp. -- http://www.autocam.com/-- is a manufacturer of extremely close- tolerance precision machined, metal alloy components and sub- assemblies used primarily for performance and safety critical automotive applications. LTM 6/30/07 revenues were approximately US$370 million. The company has operations located in North America, France, Poland, Brazil and China. SCO GROUP: Taps Berger Singerman as General Counsel --------------------------------------------------- The SCO Group Inc. and SCO Operations Inc. ask the United States Bankruptcy Court for the District of Delaware for authority to employ Berger Singerman P.A. as their general counsel, nunc pro tunc to Sept 14, 2007. Debtors selected the firm because the firm's attorneys are qualified to practice in this Court and are qualified to advise the Debtors on their relations with, and responsibilities to, the creditors and other interested parties. As the Debtors' general counsel, Berger Singerman will: a) advise the Debtors with respect to its powers and duties as debtors-in-possession and the continued management of their business operations; b) advise the Debtors with respect to their responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting requirements and with the rules of the Court; c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the cases; d) protect the interests of the Debtors in all matters pending before the Court; and e) represent the Debtors in negotiations with their creditors and in the preparation of a plan. The firm's professionals billing rate are: Professional Hourly Rate ------------ ----------- Paul Steven Singerman, Esq. $475 Arthur J. Spector, Esq. $450 Associate Attorneys $250 - $370 Legal Assistants/Paralegals $75 - $160 The firm disclosed that on Sept. 4, 2007, and Sept. 12, 2007, Berger Singerman received retainers of $50,000 and $375,000, respectively, in connection with Debtors' chapter 11 cases. Arthur J. Spector, Esq., a shareholder of the firm, assures the Court that the firm does not hold any interest adverse to the Debtors and their estate, and that the firm is a "disinterested person" as that term is defined under Section 101(14) of the Bankruptcy Code. Mr. Spector can be reached at: Arthur J. Spector, Esq. Berger Singerman P.A. 350 E. Las Olas Boulevard, Suite 1000 Fort Lauderdale, Florida 33301 Tel.: (954) 713-7511 http://www.bergersingerman.com/ Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, among others. The company and its affiliate filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). As of Sept. 10, 2007, the Debtors' reported total assets of $14,800,000 and total debts of $7,500,000. SCO GROUP: Promotes Sandy Gupta to President of SCO Operations -------------------------------------------------------------- The SCO Group, Inc. has promoted Sandy Gupta to President of SCO Operations Inc., effective immediately. Mr. Gupta will continue to report to Darl McBride, President and CEO of The SCO Group. "With Sandy's extensive UNIX technical background and vision for our SCO Mobile products, he will be able to laser-focus on product deliverables and customer needs," Mr. McBride said. "We have a number of key technologies coming out in the next couple of quarters that will drive value for our customers; Sandy's focus will be a win-win for them. Those expanding their IT infrastructure into the mobile space will see a solid solution in SCO Mobile Server, with its UNIX technology backbone. Customers simply needing updated core SCO UNIX technology will have greater capabilities as well as future mobile plug and play functionality." The SCO Group entered the high-growth mobile market several years ago and according to IDC's 2007 Worldwide Mobile Middleware Forecast* it has recently moved into the leadership quadrant with other mobile technology leaders. Most recently, Sandy Gupta was Chief Technology Officer and General Manager for The SCO Group. Prior to that, he held a number of senior positions, including VP of SCO Engineering and Senior Director of UNIX Engineering while working for the SCO Murray Hill office in New Jersey. Mr. Gupta joined SCO in 1996 with the ISV engineering group. During this time, Mr. Gupta worked with strategic ISV partners -- including Progress, Oracle, Computer Associates and others -- on their ports to SCO UNIX platforms. Mr. Gupta then moved to the SCO UK escalations group and led the 24x7 enterprise escalations engineering team. He also led the SCO eCommerce and Web Services initiative in 2003. Before joining SCO, Mr. Gupta worked for Fujitsu ICL in the United Kingdom. During this engagement, Mr. Gupta contributed tremendous effort to the core kernel team at ICL that oversaw the reference port and device driver development of UNIX System V on the SPARC platform. Prior to this experience, Gupta started his career as an intern scientist at Indian Space and Research Organization. "After having worked at SCO for over a decade, I am thrilled to better serve our customers and partners in this new capacity," Mr. Gupta said. "As our primary focus, we will strengthen and expand our UNIX product offerings to our partners and reinvigorate our channels in doing so. The SCO UNIX partner and customer ecosystem has also represented a great channel to launch SCO Mobile products and services complementary to the core UNIX products." Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, among others. The company and its affiliate filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). As of Sept. 10, 2007, the Debtors' reported total assets of $14,800,000 and total debts of $7,500,000. =========== R U S S I A =========== BOROVICHSKIJ FEED: Court Names Nichkov A.V. as Liquidator --------------------------------------------------------- The Arbitration court of Novgorod appointed Nichkov A.V. as Competitive proceedings manager for Borovichskij Feed Factory OJSC replacing Egorin S.JU. He can be reached at: Nichkov A.V. Competitive Proceedings Manager POB 1085 150054 Yaroslavl' Russia The Arbitration court of Novgorod commenced competitive proceedings against the company. The case is docketed under Case No. A44-840/2006-4к. The Debtor can be reached at: Nichkov A.V. Competitive Proceedings Manager POB 1085 150054 Yaroslavl' Russia BUIAVTOTRANS OJSC: Creditors Must File Claims by Oct. 22 -------------------------------------------------------- Creditors of Buiavtotrans OJSC have until Oct. 22 to submit proofs of claim to: Belkov E.V Competitive Proceedings Manager POB 1858 153000 Ivanovo Russia The Arbitration court of Kostroma commenced competitive proceedings against the company after finding it insolvent on Sept. 5. The Court will convene at 2:50 p.m. on Dec. 13 to hear the company's competitive proceedings. The case is docketed under Case No. A31-3395/2007-21. The Debtor can be reached at: Buiavtotrans OJSC Obezdnoj proezd 15 Buj Kostroma Russia CHAPAEV FISH FARM: Asset Sale Slated for October 23 --------------------------------------------------- The liquidator for Production Agricultural Cooperative Chapaev Fish Farm Semenyak A.N. will open with a repeated public auction for the company's properties at 11:00 a.m. on Oct. 23 at: Schmidt str. 2 Primorsko-Akhtarsk Krasnodar krai Russia The company has set a RUR11,260,800 starting price for the auctioned assets. Interested participants have until Oct. 17 to deposit an amount equivalent to 10% of the starting price to: Production Agricultural Cooperative Chapaev Fish Farm Settlement Account 40702810753170004017 Correspondent Account 30101810400000000713 Taxpayer ID 2347001117 Uralsib-Yugbank OJSC Krasnodar Russia Bidding documents must be submitted to: Apartment 21 Sverdlikova str. 57 A St. Kanevskaya Krasnodar krai Russia Tel: 8-86164-7-20-99 FOOD COMPLEX: Creditors Must File Claims by Oct. 22 --------------------------------------------------- Creditors of Food Complex ALLC have until Oct. 22 to submit proofs of claim to: Belkov E.V. Competitive Proceedings Manager POB 1858 153000 Ivanovo Russia The Arbitration court of Kostroma commenced competitive proceedings against the company after finding it insolvent on Aug. 28. The Court will convene at 2:15 p.m. on Dec. 13 to hear the company's competitive proceedings. The case is docketed under Case No. A31-3395/2007-21. The Debtor can be reached at: Food Complex ALLC Zavodskaya Str. 49 Pavino village Kostroma Russia HEATING SYSTEMS: Creditors Must File Claims by Nov. 22 ------------------------------------------------------ Creditors of Municipal Unitary Enterprise Heating Systems have until Nov. 22 to submit proofs of claim to: Zjurin A.G. Competitive Proceedings Manager Krasnaya Str. 6 350063 Krasnodar Russia The Arbitration court of Krasnodar krai commenced competitive proceedings against the company after finding it insolvent on Sept. 3. The case is docketed under Case No. A-32-2574/ 2007-27/264-Б. The Debtor can be reached at: Municipal Unitary Enterprise Heating Systems October str. 279 St. Otradnaya 352290 Krasnodar Russia KUBAN' CJSC: Bidding Deadline Slated for October 17 --------------------------------------------------- The liquidator for Kuban' CJSC, will open a public auction for the company's common stock at 2:00 p.m. on Oct. 23 at: Apartment 513 Krasnaya 180 Krasnodar Russia To be auctioned are the common stock owned by of the JSC SberBank, at par value of RUR3 in the quantity of 35,000. The starting price is RUR105,000. The Bid increment is RUR1,000. Interested participants have until Oct. 17 to deposit an amount equivalent to 20% of the starting price to: CJSC Kuban' Settlement Account 40702810653170003972 Correspondent Account 30101810400000000713 Taxpayer ID 2346000382 KPP 234601001 BIK 043207798 OJSC JSCB URALSIB-YugBank South-west branch Bidding documents must be submitted to: Apartment 513 Krasnaya 180 Krasnodar Russia Tel: (861) 259-52-85 ROSSIYA INSURANCE: Fitch Rates Financial Strength at B+ ------------------------------------------------------- Fitch Ratings has assigned Rossiya Insurance Company an International Insurer Financial Strength rating of 'B+' and a National IFS rating of 'A- (rus)'. The Outlooks for both ratings are Stable. The ratings reflect Rossiya's good underwriting profitability, strong obligatory reinsurance program, the relatively good quality of its investment portfolio and broad regional network. On the other hand, the ratings take into account Rossiya's relatively low capital adequacy and challenges related to further expansion in the corporate property and casualty insurance segment. They also factor in a highly competitive environment in motor insurance and Rossiya's underdeveloped corporate governance standards. Following the changes in the ownership structure and management team in third quarter of 2005, Rossiya underwent significant restructuring aimed at restoring the financial health of the company. New management reviewed underwriting policy, restructured the portfolio, purchased comprehensive obligatory reinsurance protection largely placed with strong international reinsurers, changed investment policy and wrote off bad debts. These measures resulted in an improvement of the combined ratio to an excellent 88.9% in 2006 from 114.3% in 2005, reflecting declines in loss, commission and expense ratios. The management expects that the company will continue to write profitable business in 2007 with the first half of 2007 combined ratio of 93.2% supporting this expectation. Rossiya underwrites all major non-life insurance lines, including property insurance (49% of gross premiums written in 2006), motor insurance (34%), accident and health (8%), marine and cargo (5%), and others (4%). Its property portfolio is not well-diversified, but these risks are largely ceded to reinsurers and have little impact on the company's net technical underwriting result. Further diversification and expansion of the corporate property and casualty portfolio represents one of the most significant challenges to the company. The management expects that Rossiya's motor portfolio will grow more rapidly than the property line in the next two to three years, thus exposing the company's pricing to the pressure of high competition in this segment. New shareholders of Rossiya have demonstrated their commitment to support the development of the company through capital injections in 2006. They plan to provide further capital in 2007-08. At the same time, Fitch believes that insufficient transparency of Rossiya's corporate governance might delay targeted achievement of sustainable growth and diversification of the portfolio. Established in 1991 and headquartered in Moscow, Rossiya has 45 branches and 161 regional agencies and employs 1,927 people. Rossia is majority-owned by asset management company Trustkom. As at end-2006, Rossiya had total assets of RUB6.9 billion and gross premiums written of RUB6.5 billion. SISTEMA JSFC: Buys 10% Stake in Shyam Telelink for US11.4 Mln ------------------------------------------------------------- JSFC Sistema acquired a 10% stake in Shyam Telelink Ltd., an Indian telecommunications operator, for a cash consideration of US$11.4 million. The company intends to increase its stake in Shyam Telelink Ltd. to 51% after receiving approval from the Foreign Investment Promotion Board (FIPB) of India. Upon receipt of this approval, the overall value of the deal may reach US$58.1 million. Shyam Telelink Ltd. obtained a unified license to provide fixed- line and cellular services to corporate and residential customers in the Indian state of Rajasthan with a population of approximately 62 million people. The company also controls 100% of the local internet service provider Shyam Internet Ltd. Shyam Telelink owns a developed telecommunications infrastructure which includes 4,000 kilometers of fiber-optic lines. "The acquisition of the stake in Shyam Telelink is in line with our strategy to enter rapidly developing markets and further integrate Sistema in the global business community. We consider India as one of the most attractive markets with a high growth potential. We are pleased to be the first Russian company to enter the Indian telecommunications sector," Alexander Goncharuk, president and CEO of Sistema, commented. About Sistema Sistema JSFC (LSE: SSA) -- http://www.sistema.com/-- is the largest private sector consumer services company in Russia and the CIS, with over 65 million customers. Sistema develops and manages market-leading businesses in selected service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. Founded in 1993, the company reported revenues of US$7.5 billion for the first nine months of year 2006, and total assets of US$ 18.5 billion as at Sept. 30, 2006. Sistema's shares are listed under the symbol 'SSA' on the London Stock Exchange, under the symbol 'AFKS' on the Russian Trading System (RTS), and under the symbol 'SIST' on the Moscow Stock Exchange (MSE). * * * As reported in the TCR-Europe on Jan. 17, 2007, Fitch Ratings assigned Sistema Capital S.A.'s guaranteed debt issuance program a final B+ rating. The program, guaranteed by JSFC Sistema, has a maturity of 30 years and may issue up to US$3 billion. This rating action follows a review of the final terms and conditions, confirming information already received when Fitch assigned an expected rating of B+ on Dec. 12, 2006. In November 2006, Standard & Poor's Ratings Services raised its long-term debt rating to 'B+' from 'B' on the senior unsecured debt issued by Sistema Capital S.A. and OJSC Sistema Finance Investments, and on the senior secured debt issued by Sistema Finance S.A. All three companies are financing vehicles for Russian Telecommunications and industrials holding group Sistema (JSFC) (BB-/Stable/--), which guarantees the debt. TNK-BP HOLDING: Issuing Over US$500 Million Debt ------------------------------------------------ TNK-BP Holding Ltd., through its TNK-BP Finance S.A. unit, is issuing more than US$500 million of bonds this month and has hired Credit Suisse Group and UBS AG to organize and manage the debt offering, Bloomberg News report citing a source at the Swiss bank. According to Bloomberg, citing a source privy to the issue, TNK- BP will offer the debt in two parts in a private placement: -- 5.5-year notes that may be priced to yield between 345 and 360 basis points more than U.S. Treasuries of similar maturity; and -- 10.5-year debt that may be priced to yield between 350 and 365 basis points more than U.S. Treasuries of similar maturity. UBS AG will manage the issue to investors in Europe and the U.S., Bloomberg News relates citing its source. Meanwhile, TNK-BP chief executive Robert Dudley said proceeds from the issue will be used to repay loans maturing by the end of the year and finance its operation, Business News Europe reports. About TNK-BP Headquartered in Moscow, Russia, TNK-BP Holding Ltd. operates six refineries in Russia and Ukraine, and markets products through 2,100 retail service stations operating under TNK and BP brand. BP Plc and Alfa Access/Renova jointly own the group. TNK-BP holds a strategic position as the second largest liquids producer in the Russian intergraded operating environment, accounting for approximately 18% of Russia's total crude oil production. * * * As of Aug. 1, 2007, TNK-BP International Ltd. carries BB long- term foreign and local currency ratings and B -short-term foreign and local currency ratings from Standard & Poor's. TRANSSIBERIAN REINSURANCE: Fitch Affirms B+ IFS Ratings ------------------------------------------------------- Fitch Ratings has affirmed Transsiberian Reinsurance Corporation's International Insurer Financial Strength rating at 'B+' and National IFS rating at 'A-(rus)'. The Outlooks for both ratings are Stable. The ratings reflect Transsib Re's good operating performance, regional diversification, improved credit quality of the company's investment portfolio, experienced management and prudent reserving. Offsetting these positive factors is the relatively rapid growth of NWP volumes in relation to the growth of net capital and surplus, together with relatively high local reinsurance sector risks. Fitch notes, however, that the increase in retention reduces Transsib Re's exposure to reinsurance credit risk. Profitability remains consistently good and resulted in a strong return on equity in 2006 of 28.7% (2005: 30.1%). The combined ratio was an impressive 88.6% (2005: 89.6%), reflecting a sharp reduction in the expense ratio and level of incurred losses alongside an increase in the level of acquisition costs relative to net premium volumes. In first half of 2007, the combined ratio increased to 95.6%. Transsib Re has improved the credit quality of its investment portfolio although it has experienced a fall in the investment yield to 6.4% (11% in 2005). The company remains constrained by the limited, yet growing, investment opportunities on the Russian stock and bond markets. Transsib Re has increased its retention of premiums written to 49% in 2006 from 28% in 2005. Fitch believes that while this strategy may benefit the company's earnings, the major challenge for Transsib Re is to manage its capital base in line with the growth in net premiums. During 2006, retained earnings were offset by greater capital requirements resulting from increased retention. However, Transsib Re's statutory capital increased to 1.7x the minimum required from 1.6x in 2005. Reserving accuracy appears high and incorporates a margin above the actuarially verified best estimate. Nevertheless, the reinsurance portfolio is inherently volatile, which presents challenges in establishing appropriate reserve levels. Fitch expects Transsib Re to continue to record moderate, but profitable, premium growth while managing net retention in line with capital requirements. Transsib Re was established in 1992 and shareholding control now rests with the management. It has four offices in Russia and underwrites business all across the CIS. It has also recently opened a branch office in the Czech Republic. It is ranked among the top five Russian specialised reinsurers both in terms of gross premiums written and equity. At fiscal year 2005, its GPW and net assets stood at RUB1.1 billion (US$41.1 million) and RUB206 million (US$6.4 million), respectively. Transsib Re has a relatively widely spread shareholding structure and employs 59 staff. VIMPELCOM: Telenor Ends Legal Row with Alfa's Altimo Over URS ------------------------------------------------------------- Telenor East Invest AS has put an end to its long-running legal dispute with Alfa Group's telecom arm Altimo over OJSC Vimpel- Communications' acquisition of CJSC Ukrainian Radio Systems, according to published reports. "After pondering the futility of our legal efforts, we have decided to let things rest," Anna Ivanovna-Galitsina, Telenor's director of communications, was quoted by the Moscow Times as saying. However, Telenor told Reuters that it will continue to seek legal redress in other disputes with Altimo relating to Kyivstar. Both VimpelCom and Altimo welcomed Telenor's decision. As previously reported in the TCR-Europe on June 13, 2007, the Supreme Arbitration Court of Russia has ruled in favor of VimpelCom in one of the three lawsuits filed by Telenor. The court's decision upheld the validity of the September 2005 shareholder vote which approved the acquisition of URS as an interested party transaction. In 2005, VimpelCom bought URS for US$231 million. Telenor sought to invalidate the purchase, arguing that the price was excessive and that it already had a presence in Ukraine via Kyivstar, Telegeography relates. Alfa Group is a majority of VimpelCom while Telenor has a blocking stake in the company. About VimpelCom Headquartered in Moscow, Russia, VimpelCom (NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile telecommunications services in Russia and Kazakhstan with newly acquired operations in Ukraine, Tajikistan and Uzbekistan. The Company operates under the 'Beeline' brand in Russia and Kazakhstan. In addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS' brands in Kazakhstan. * * * As reported in the TCR-Europe on March 13, 2007, Moody's Investors Service upgraded the corporate family and existing bond ratings of Open Joint Stock Company Vimpel Communications to Ba2 from Ba3. Moody's said the outlook on the ratings is stable. WALLING PLANT OJSC: Asset Sale Slated for October 25 ---------------------------------------------------- Tact Plus LLC, bidding organizer for Walling Plant OJSC, will open a public auction for the company's properties at 11:00 a.m. on Oct. 25 at: Uralskaya str. 134 Krasnodar Russia The company has set a RUR17 million starting price for the auctioned assets. Interested participants have until Oct. 22 to deposit an amount of RUR3.4 million to: Walling Plant OJSC Settlement Account 40702810900220000046 Correspondent Account 30101810200000000722 Taxpayer ID 2353003183 KPP 235301001 CB Kuban' Credit LLC Timashevskiy Russia Bidding documents must be submitted to: Uralskaya str. 134 Krasnodar Russia ========= S P A I N ========= ACXIOM CORP: Expects Improved Second Quarter Financial Results -------------------------------------------------------------- Acxiom Corporation expects improved revenue, income from operations and net income in its second fiscal quarter ended Sept. 30, 2007 compared to its first fiscal quarter ended June 30, 2007. Acxiom’s revenue in the first quarter was $338.2 million; its income from operations was $4.1 million and its net income was a loss of $11.5 million. The diluted loss per share of $0.15 included the impact of $20.6 million, in unusual expense items, net of income tax effect. The unusual items in the first quarter included costs related to the then-pending transaction with Silver Lake and ValueAct Capital of $15.1 million, which were non-deductible for tax purposes, and $5.5 million predominantly related to the write- off of certain long-term assets related to an amended contract. These items reduced first-quarter net income by approximately $18.5 million and diluted earnings per share by $0.24. “Our forecast for the second half of the fiscal year is for improved results compared to the first half of the year,” Charles D. Morgan, Acxiom Company Leader and Chairman of the Board stated. “Also, I should note that the $65 million we expect to receive related to the termination of the merger agreement will be substantially more than any one-time expenses related to the merger agreement.” “Acxiom is a leader in database marketing services and data products,” Mr. Morgan concluded. “Our technology, solid financial position, strong client relationships and dedicated associates will ensure that we remain the market leader.” The company plans to disclose second quarter financial results on Oct. 24, 2007. Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq: ACXM) -- http://www.acxiom.com/-- integrates data, services and technology to create and deliver customer and information management solutions for many of the largest, most respected companies in the world. The core components of Acxiom's solutions are Customer Data Integration technology, data, database services, IT outsourcing, consulting and analytics, and privacy leadership. Founded in 1969, Acxiom has locations throughout the United States, France, Germany, Spain, Australia and China. * * * As reported in the Troubled Company Reporter on Oct. 3, 2007, Standard & Poor's Ratings Services said its 'BB' corporate credit rating on Little Rock, Arkansas-based Acxiom Corp. remains on CreditWatch with negative implications, where it was placed on May 17, 2007. At the same time, S&P also placed the 'BB' senior secured debt ratings on CreditWatch with negative implications, because the debt will no longer be refinanced as part of the LBO financing. GRUPO LLANERA: Files for Bankruptcy Protection in Valencia ---------------------------------------------------------- Grupo Llanera filed for bankruptcy protection at the Commercial Court of Valencia on Oct. 2, 2007, due to substantial liquidity constraints, Spanish daily El Pais said in a report carried by the Financial Times. A spokesman for the company said it was unable to pay short-term loans to finance long-term investments in land it planned to develop for residential use, Jason Sinclair writes for Dow Jones Newswires. According to Ambrose Evans-Pritchard of the Telegraph, the builder was unable to reach an agreement with Lehman Brothers and other banks on a refinancing deal, amid concerns on the global credit crunch triggered by the subprime mortgage crisis in the United States. At the end of 2006, Llanera reported EUR746 million in liabilities and EUR70 million in equity. It posted a EUR40.6 million profit on EUR418.6 million in turnover last year. FT relates that Bancaja and Banco de Valencia holds a EUR301 million claim against the developer, while Lehman Brothers holds a EUR148.3 million claim. Headquartered in Valencia, Spain, Grupo Llanera -- http://www.grupollanera.com/-- is multi-service group dedicated to the building, town planning and real estate management. The company, founded by Fernando Gallego in 1988, initially developed real estate properties in the Valencia region mainly in the building and industrial sectors. =========== S W E D E N =========== FLEXTRONICS INT'L: Fitch Affirms 'BB+' Issuer Default Rating ------------------------------------------------------------ Fitch Ratings has completed its review of Flextronics International Ltd. following the company's acquisition of Solectron Corp. and resolved Flextronics' Rating Watch Negative status by affirming these ratings: -- Issuer Default Rating at 'BB+'; -- Senior unsecured credit facility at 'BB+'. Fitch also rated Flextronics' new senior unsecured Term B loan at 'BB+'. Additionally, Fitch has downgraded the rating on Flextronics' senior subordinated notes from 'BB' to 'BB-'. The Rating Outlook is Negative. Fitch's action affects approximately $5.4 billion of total debt including the revolving credit facility. The Negative Outlook reflects: -- Integration risks inherent in an acquisition of this size, with the combined company expected to generate in excess of $30 billion in annual revenue, particularly in an industry that is dependent on seamless day-to-day execution. -- The risk of customer loss following the acquisition of Solectron, although Fitch expects this risk to be manageable. -- Historically volatile free cash flow combined with relatively high leverage adds risk to the expectation that Flextronics will be able to reduce leverage in the near term in line with expectations. The ratings reflect these expectations: -- Flextronics has significant opportunity to decrease costs and improve cash flow pro forma for its acquisition of Solectron. -- Flextronics will continue to outgrow its North American peers and gain global market share. -- Pro forma free cash flow in excess of $500 million which will be utilized to repay debt over the next several years in addition to making small acquisitions. -- Pro forma leverage of approximately 2.7 times (x), which is expected to decrease to 2x or below within 2 years. -- The global competitive environment remains challenging, which could negatively affect profitability and free cash flow expectations. Credit strengths include: -- Flextronics' competitive advantage in its scale and scope of operations; -- Strong execution track record as evidenced by the company's peer leading metrics including return on invested capital of 10.4% and cash conversion cycle days of 13. -- High working capital nature of the business, which represents an additional source of liquidity in business downturns. Credit concerns include: -- Near-term integration risks; -- Difficult competitive environment which has pressured profitability across the industry; -- Potential for future acquisitions to have a negative impact on the expected repayment of debt; -- Customer concentration risk as the top 10 customers represent approximately 60% of total revenue. Flextronics acquired Solectron for $3.6 billion in total consideration. Approximately $2.5 billion of that consideration was paid in Flextronics stock with the remaining $1.1 billion paid in cash. Additionally, Flextronics will redeem Solectron's existing debt totaling approximately $675 million. Flextronics is utilizing a $1.9 billion senior unsecured term loan which matures in 2014 to cover the cash expense of the acquisition and debt redemption. The downgrade of the subordinated notes from 'BB' to 'BB-' reflects the issuance of senior unsecured debt where previously all of Flextronics' outstanding debt was subordinated. Fitch estimates pro forma leverage (total debt/operating EBITDA) to be 2.7x and interest coverage (EBITDA/interest expense) at approximately 4.8x including the EBITDA contribution from Solectron for its latest 12 month period ended June 1, 2007. After adjusting for off-balance sheet debt and operating leases, Fitch estimates pro forma adjusted leverage (total adjusted debt/ operating EBITDAR) to be 3.8x. Pro forma for the close of the transaction, liquidity is expected to be solid with approximately $1.4 billion in cash and a fully available $2 billion senior unsecured revolving credit facility which matures in 2012. Additionally, Flextronics utilizes a $750 million accounts receivable securitization program which provides additional liquidity, of which $538 million was outstanding on June 29, 2007, for which the company received $416 million of cash proceeds with the remaining balance representing Flextronics' investment participation in the program. Total debt, pro forma for the close of the acquisition, is expected to be approximately $3.4 billion, consisting of $1.9 billion in a senior unsecured term loan B which matures in 2014, $195 million in 0% junior subordinated convertible notes which mature in 2009, $500 million in 1% convertible subordinated notes which mature in 2010, $400 million in 6.5% senior subordinated notes which mature in 2013, and $400 million in 6.25% senior subordinated notes which mature in 2014. In addition to the $416 million in cash proceeds from outstanding receivables under Flextronics' $750 million accounts receivable securitization facility, which Fitch includes in its calculation of adjusted debt, Flextronics also utilizes one-time sales of accounts receivable which, as of June 29, 2007, represented an additional $443 million in off-balance-sheet debt. Headquartered in Singapore, Flextronics International Ltd. (NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an Electronics Manufacturing Services provider focused on delivering design, engineering and manufacturing services to automotive, computing, consumer digital, industrial, infrastructure, medical and mobile OEMs. Upon the merger with Solectron, its focus will be primarily with telecommunications equipment, enterprise and personal computing, and mobile and consumer digital markets. Flextronics has facilities in over 30 countries on four continents including Brazil, Mexico, Hungary, Sweden, United Kingdom, among others. ===================== S W I T Z E R L A N D ===================== CONFECOL JSC: Creditors' Liquidation Claims Due October 12 ---------------------------------------------------------- Creditors of JSC Confecol have until Oct. 12 to submit their claims to: Dr. Marco Jagmetti Liquidator Advocacy Lenz & Staehelin Bleicherweg 58 8027 Zurich Switzerland The Debtor can be reached at: JSC Confecol Zug Switzerland FRAG FINANZRATGEBER: Creditors' Liquidation Claims Due Nov. 7 ------------------------------------------------------------- Creditors of JSC FRAG FinanzRatgeber have until Nov. 7 to submit their claims to: Richard Mathey Liquidator Badenerstr. 78 8004 Zurich Switzerland The Debtor can be reached at: JSC FRAG FinanzRatgeber 8004 Zurich Switzerland GRAPHIS KARTOGRAPHIE: Court Starts Bankruptcy Proceedings --------------------------------------------------------- The Bankruptcy Court of Oerlikon-Zurich commenced bankruptcy proceedings against JSC Graphis Kartographie Verlags on Sept. 5. The Bankruptcy Service of Oerlikon-Zurich can be reached at: Bankruptcy Service of Oerlikon-Zurich 8050 Zurich Switzerland The Debtor can be reached at: JSC Graphis Kartographie Verlags Bahnhaldenstrasse 7 8052 Zurich Switzerland HI METAL: Zug Court Starts Bankruptcy Proceedings ------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC Hi Metal Trading on Aug. 28. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Hi Metal Trading Alpenstrasse 12 6304 Zug Switzerland KONSTANTI & PARTNER: Creditors' Liquidation Claims Due Oct. 31 -------------------------------------------------------------- Creditors of LLC Konstanti & Partner have until Oct. 31 to submit their claims to: Skarlakidis Catina Liquidator Hohrainstr. 4 8157 Dielsdorf Switzerland The Debtor can be reached at: LLC Konstanti & Partner Dielsdorf Switzerland PETROPLUS INT'L: Creditors' Liquidation Claims Due Oct 12 --------------------------------------------------------- Creditors of JSC Petroplus International Trading have until Oct. 12 to submit their claims to: Dr. Willi Dietschi Advocacy Reber Rechtsanwalte Dufourstrasse 43 Mail box 926 8034 Zurich Switzerland The Debtor can be reached at: JSC Petroplus International Trading Zug Switzerland VIROOS LLC: Creditors' Liquidation Claims Due October 10 -------------------------------------------------------- Creditors of LLC Viroos have until Oct. 10 to submit their claims to: Feldstrasse 2 8853 Lachen Switzerland The Debtor can be reached at: LLC Viroos 8853 Lachen Switzerland YASODI JSC: Creditors' Liquidation Claims Due October 12 -------------------------------------------------------- Creditors of JSC Yasodi have until Oct. 12 to submit their claims to: Peter Reiners Liquidator JSC Swicor Vorstadt 32 6300 Zug Switzerland The Debtor can be reached at: JSC Yasodi Zug Switzerland =========== T U R K E Y =========== PETROL OFISI: Fitch Holds BB- IDR on Strong Fin'l. Performance -------------------------------------------------------------- Fitch Ratings has affirmed Turkey-based Petrol Ofisi A.S.'s Long-term local and foreign currency Issuer Default ratings at 'BB-'. Fitch has also upgraded POAS's National Long-term rating to 'AA- (tur)' from to 'A+(tur)'. The Outlooks on all ratings are Stable. Fitch has also affirmed the senior unsecured rating on the US$175 million notes of POAS's 100%-owned and guaranteed subsidiary, PO Oil Financing Ltd, at 'BB-'). The ratings reflect the company's strong operational and financial performance in 2005-06, marked by its ongoing debt reduction. The ratings also incorporate POAS's free cash flow generating capacity, despite rising capital expenditure requirements. POAS's EBITDA margin stabilized at 4.4% in fiscal year 2006 (4.7% at first half of 2007), compared with 4.2% in fiscal year 2005, and is strong by industry standards. Full retail market liberalization after January 2005 resulted in a steep increase in distribution margins (about 22% for gasoline and 35% for gas oil on average for 2006) to levels above the EU average. POAS is likely to retain its profitability, given its nationwide network and strong leadership in the diesel market, which contributes 60% to its gross profit. The key factors supporting POAS's ratings are its leading domestic market position despite rising competition from the Shell-Turcas JV, and Lukoil (especially in diesel, retail and wholesale markets), its sizeable network and storage capacity, and its economies of scale and competitive advantages on direct fuel imports. The interest in the Georgian oil distribution market, as well as the partnership with Petropars and OMV to jointly participate in the bidding round of the Iran Exploration and Development Tender may be cited as fresh evidence that management is looking to build on its local experience in neighboring markets. POAS's net debt declined to US$225 million at fiscal year 2006 from US$610 million at fiscal year 2005 due to healthy operating cash flow generation and an increase in payable days. At end- first half of 2007, POAS had a net debt position of US$437 million, up from US$288 million at first quarter of 2007, due to payments of US$200 million related to tax investigation issues. Net debt to EBITDA remains strong, at 0.5x at fiscal year 2006, but increased to 1x at end-June 2007 due to the tax penalty. Fitch notes that POAS has some headroom to increase leverage up to 1.5x-2x and maintain its current ratings. The establishment of a new refinery in the medium- to long-term could jeopardize POAS's leverage target, depending on the extent of financial support from its shareholders. Fitch would treat this potential investment as event risk. In line with its strategy of becoming a vertically integrated regional energy player, POAS applied to EMRA to build a refinery in Ceyhan, the energy hub of the region. POAS's subsidiary was awarded the preliminary license in June, and Fitch expects the company's feasibility study to be completed in November 2007. Fitch estimates that the refinery, with a planned capacity of 10 million tons per year, will cost a minimum of US$4 to US$5 billion, to be completed by 2012. Fitch notes that POAS's two major shareholders are likely to contribute most of the project's funding, mitigating financial risks for POAS. The remaining project costs will be funded from the company's operating cash flow and from external debt. The rising costs of refinery construction, the long-term outlook for refinery margins and the long construction period to 2012 are key factors that the agency will evaluate if a final investment decision is taken. POAS is the largest wholesale and retail fuel distributor in Turkey, commanding 34% and 26% market shares in key segments of diesel and gasoline sales, respectively. The company runs a nationwide dealer network of around 3,500 stations. ============= U K R A I N E ============= BANK FORUM: To Secure US$90 Million Syndicated Loan --------------------------------------------------- Bank Forum JSC plans to get a syndicated loan of up to US$90 million, Business News Europe reports, citing a bank representative. According to the report, the bank is due to sign the credit agreement this week. Bank Forum initially took a US$60 million loan with Fortis, Bayern LB and Commerzbank as organizers, BNE relates. About Bank Forum Headquartered in Kyiv, Ukraine, Bank Forum JSC -- http://www.forum.com.ua/en/-- currently ranks among the top 10 largest banks in the country. As of June 30, 2007 reported unaudited IFRS total assets of UAH9.4 billion (US$1.86 billion) and net profit of UAH10.2 million (US$2 million). BUILDING REPAIR: Proofs of Claim Deadline Set October 5 ------------------------------------------------------- Creditors of LLC Building Repair Delivery (code EDRPOU 32462437) have until Oct. 5 to submit written proofs of claim to: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 7/139-07. The Debtor can be reached at: LLC Building Repair Delivery Levanevsky Str. 12 40004 Sumy Ukraine CARDINAL RESOURCES: Delays Interim Results Ending June 2007 ----------------------------------------------------------- Cardinal Resources Plc announced on Oct. 1, 2007, a delay in release of its interim results for six months ended June 30, 2007. The company has requested suspension of its shares to trading on the AIM until it can both clarify its financial position and publish its interim results. On Sept. 18, 2007, Cardinal said that refinancing discussions continue and cash flow remains very tight. The company has now received a proposal from Silver Point Capital LP, its main provider of finance to include the possible purchase of the company's assets. In addition, another potential provider of finance has made proposals to the company which is in course of amendment to include the restructuring of the Company's balance sheet, the underwriting of an institutional private placement or the purchase of all of the company's assets. It has not yet been possible to conclude negotiations with either party or reach agreement on acceptable terms that the board of Cardinal could recommend to shareholders. The absence of agreement and with uncertainty over the source of short or medium term funding, caused the delay of the company's interim results. Headquartered in Kiev, Ukraine, Cardinal Resources Plc -- http://www.cardinal-uk.com/-- is an independent oil and gas company engaged in acquisition, development, production and exploration of oil and natural gas properties in Ukraine, where it has held interests since 1995. Formerly known as Carpatsky Petroleum Corporation, a publicly- traded corporation listed in Canada, Cardinal Resources plc was created in April 2004 as the vehicle to restructure Carpatsky and exploit the full potential of its assets. Cardinal was admitted to the Alternative Investment Market (AiM) of the London Stock Exchange in April 2005. The company has operations in London, and Houston. DRUZHBA LLC: Creditors Must File Claims by October 5 ---------------------------------------------------- Creditors of LLC Agricultural Firm Druzhba (code EDRPOU 31092479) have until Oct. 5 to submit written proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy supervision procedure on the company. The case is docketed as B-24/154-07. The Debtor can be reached at: LLC Agricultural Firm Druzhba Soviet Str. 61 Staroverovka Novaya Vodolaga District Kharkov Ukraine IVANO-FRANKOVSK FURNITURE: Proofs of Claim Deadline Set Oct. 5 -------------------------------------------------------------- Creditors of OJSC Ivano-Frankovsk Furniture Factory (code EDRPOU 00274329) have until Oct. 5 to submit written proofs of claim to: The Economic Court of Ivano-Frankovsk Shevchenko Str. 16a 76000 Ivano-Frankovsk Ukraine The Economic Court of Ivano-Frankovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as B-7/198. The Debtor can be reached at: OJSC Ivano-Frankovsk Furniture Factory Levinsky Str. 1 76014 Ivano-Frankovsk Ukraine KMB-1 LLC: Proofs of Claim Deadline Set October 5 ------------------------------------------------- Creditors of LLC Guaranty Building KMB-1 (code EDRPOU 30554337) have until Oct. 5 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 23/612-b. The Debtor can be reached at: LLC Guaranty Building KMB-1 Polupanov Str. 16 Kiev Ukraine KREONIS LLC: Proofs of Claim Deadline Set October 5 --------------------------------------------------- Creditors of LLC Kreonis (code EDRPOU 331423975) have until Oct. 5 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 B 11/277-07. The Debtor can be reached at: LLC Kreonis Naberezhnaya Str. 25 Jurievka Kievo-Sviatoshynsky District Kiev Ukraine MALVA LLC: Creditors Must File Claims by October 5 -------------------------------------------------- Creditors of LLC Malva (code EDRPOU 31104007) have until Oct. 5 to submit written proofs of claim to: The Economic Court of Ternopil Ostrozski Str. 14a 46000 Ternopil Ukraine The Economic Court of Ternopol commenced bankruptcy supervision procedure on the company. The case is docketed as 11/B-936. The Debtor can be reached at: LLC Malva Borschov 48700 Ternopol Ukraine RAILROAD CAR: Proofs of Claim Deadline Set October 5 ---------------------------------------------------- Creditors of Konotop State Railroad Car Repair Plant (code EDRPOU 14014046) have until Oct. 5 to submit written proofs of claim to: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 898-7/25. The Debtor can be reached at: Konotop State Railroad Car Repair Plant Novikov Square 2 Konotop 41780 Sumy Ukraine SCHUCHENETSKOE LLC: Proofs of Claim Deadline Set October 5 ---------------------------------------------------------- Creditors of LLC Schuchenetskoe (code EDRPOU 31684940) have until Oct. 5 to submit written proofs of claim to: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 10/215-07. The Debtor can be reached at: LLC Schuchenetskoe Schuchintsy Zhmerinka District 23144 Vinnica =========================== U N I T E D K I N G D O M =========================== ADVANCED MARKETING: Plan Confirmation Hearing Set for Nov. 15 ------------------------------------------------------------- The Honorable Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware has set a hearing on Nov. 15, 2007, to consider confirmation of the Second Amended Joint Plan of Liquidation filed by Advanced Marketing Services Inc. and its debtor-affiliates and the Official Committee of Unsecured Creditors. Objections to the Plan, if any, must be submitted by November 6. As reported in the Troubled Company Reporter on Sept. 28, 2007, the Court had approved the Disclosure Statement describing the Plan. At the September 26 hearing, Judge Sontchi found that the Disclosure Statement, as amended, contains "adequate information" as required by Section 1125 of the Bankruptcy Code. 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. 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 available 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. (Advanced Marketing Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000). ADVANCED MARKETING: Court Okays Baker Taylor Settlement Pact ------------------------------------------------------------ The Honorable Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware issued a final order approving the settlement agreement between Advanced Marketing Services, Inc., and Baker and Taylor, Inc. Under the Settlement Agreement, Baker & Taylor will pay AMS $6,050,000, and deliver to the Debtor $1,750,000 of specific inventory. Judge Sontchi has extended until Oct. 31, 2007, the terms of the Transition Services Agreement, pursuant to which AMS will pay Baker & Taylor $4,250,000 as a one-time payment that nets all amounts due to either party under the TSA through and including October 31. Baker & Taylor agreed to promptly pay AMS the net amount of $1,800,000 by wire transfer, consisting of the $6,050,000 APA payment, less the $4,250,000 TSA payment. As reported in the Troubled Company Reporter on March 23, 2007, Baker & Taylor, completed the acquisition of the wholesale operations of Advanced Marketing. Baker & Taylor's acquisition includes Advanced Marketing assets through which it distributes bestsellers, children's books, culinary titles, reference works, and other books to membership warehouse clubs. Baker & Taylor also acquired Advanced Marketing's wholesale distribution operations in the United Kingdom and in Mexico. As reported in the Troubled Company Reporter on July 24, 2007, the Debtors asked the Court to compel Baker & Taylor, Inc., to pay the remaining $6,216,222 due under their Asset Purchase Agreement. Under the agreement, the purchase price was to be paid in three installments: -- on the closing date, $20,000,000 plus certain additional sums, including 33.3% of the "Combined APG/AR Price"; -- 30 days after the closing date, 33.3% of the Combined APG/AR Price; and -- 60 days after the Closing Date, 33.4% of the Combined APG/AR Price, minus $1,000,000. Pursuant to the terms of the APA, the amount of the Final Payment should have been $10,350,632. However, B&T paid only $4,134,410 on May 18, 2007, leaving the $6,200,000 shortfall. AMS disclosed that it tried many times to persuade B&T to pay what it owes, B&T continues to withhold the amount. To justify its refusal to pay, B&T has relied on unfounded and patently erroneous interpretations of the Purchase Agreement. B&T has insisted it is entitled to $2,043,969 held by AMS in its ban account at the time of closing, on the ground that any funds deposited in the account on or after 12:01 a.m. on March 19, 2007, belong to B&T. AMS contends B&T's position is false. AMS points out the Purchase Agreement provides that any cash in its bank accounts prior to 2:00 p.m. on March 19, 2007, belongs to it. The parties did not agree to an earlier or later date, AMS says. 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. 20; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000). AFRICAN TRACKWOODS: Brings In Liquidators from Wilkins Kennedy -------------------------------------------------------------- John Arthur Kirkpatrick and Keith Aleric Stevens of Wilkins Kennedy were appointed joint liquidators of African Trackwoods (U.K.) Ltd. on Sept. 20 for the creditors' voluntary winding-up proceeding. Mr. Kirkpatrick can be reached at: Wilkins Kennedy 6c Church Street Reading Berkshire RG1 2SB Mr. Stevens can be reached at: Wilkins Kennedy Gladstone House 77/79 High Street Egham England CABLE & WIRELESS: Unit Launches Network Operations Center --------------------------------------------------------- Cable & Wireless' Barbados subsidiary has launched a US$5-million network operations center in Barbados to monitor its 14 units throughout the Caribbean, according to a report by the Trinidad Guardian. The Guardian notes that the center is in Wildey. It will check global interconnection and allow management of network resources across the Caribbean. Business News Americas relates that the center will have over 30 workers, who have undergone special training to monitor service. Cable & Wireless Barbados' center will collaborate with its Jamaican counterpart will collaborate to provide redundancy and service continuity 24/7, The Guardian states. Headquartered in London, Cable & Wireless Plc -- http://www.cw.com/new/-- provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. The company has operations are in the United Kingdom, India, China, the Cayman Islands and the Middle East. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and technology sector, Moody's Investors Service confirmed its Ba3 Corporate Family Rating for Cable & Wireless Plc. Moody's also assigned a Ba3 Probability-of-Default rating to the company. * Issuer: Cable & Wireless Plc Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 4% Senior Unsecured Conv./Exch. Bond/Debenture Due 2010 B1 LGD4 60% GBP200 million 8.75% Senior Unsecured Regular Bond/Debenture Due 2012 B1 LGD4 60% CAMBRIDGE BUILDING: Joint Liquidators Take Over Operations ---------------------------------------------------------- Robert Horton and Roger Tulloch of Smith & Williamson Ltd. were appointed joint liquidators of Cambridge Building Services Ltd. (formerly Leabrand Ltd.) on Sept. 15 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Smith & Williamson Ltd. No.1 Bishops Wharf Walnut Tree Close Guildford Surrey GU1 4RA England COTT CORP: S&P Revises CreditWatch to Negative from Developing -------------------------------------------------------------- Standard & Poor's Ratings Services revised its CreditWatch implications on Toronto-based beverage provider Cott Corp. to negative from developing. The ratings were placed on CreditWatch developing on April 16, 2007, following Cott's decision to explore its possible participation in industry consolidation. The change in the CreditWatch placement results from Cott having made no significant progress in this regard, even though management continues to consider this option. "The CreditWatch negative placement follows Cott's announcement that it expects substantially lower operating income in 2007 compared with 2006," said Standard & Poor's credit analyst Lori Harris. "The effects of volume declines in key carbonated soft drink markets and of higher raw material costs have precipitated this revision to operating income," Ms Harris added. Furthermore, the company remains stressed as reflected by the weaker-than-expected financial performance in the second quarter ended June 30, 2007. Despite largely flat revenues for the quarter, reported operating income dropped 35% during this time compared with second-quarter 2006. Moreover, gross margin declined to 12% for the second quarter, from 14.4% for the same period in 2006, because of higher ingredient, packaging, and plant-related costs. Standard & Poor's is concerned about the drop in 2007 operating income and the uncertainty related to the magnitude of the decline. S&P will meet with Cott's senior management to discuss the company's expected performance for 2007 as well as its ongoing business and financial strategies. About Cott Corp. Headquartered in Toronto, Ontario, Cott Corporation (NYSE: COT; TSX: BCB) -- http://www.cott.com/-- is a non-alcoholic beverage company and a retailer brand beverage supplier. The company commercializes its business in over 60 countries worldwide, with its principal markets being the United States, Canada, the United Kingdom and Mexico. Cott markets or supplies over 200 retailer and licensed brands, and company-owned brands including Cott, Royal Crown, Vintage, Vess and So Clear. Its products include carbonated soft drinks, sparkling and flavoured mineral waters, energy drinks, juices, juice drinks and smoothies, ready-to-drink teas, and other non-carbonated beverages. COWPER LAWRENCE: Claims Filing Period Ends November 2 ----------------------------------------------------- Creditors of Cowper Lawrence Construction Ltd. have until Nov. 2 to send in their full names, their addresses and descriptions, full particulars of their debts and claims, and names and addresses of their solicitors (if any) to: Patrick Ellward Liquidator Tenon Recovery Charnwood House Gregory Boulevard Nottingham NG7 6NX England Dilip K. Dattani and Patrick Ellward of Tenon Recovery were appointed joint liquidators of the company on Sept. 21 for the creditors' voluntary winding-up proceeding. FIORI – LEEDS: Calls In Liquidators from Tenon Recovery ------------------------------------------------------- Matthew Colin Bowker and David Antony Willis of Tenon Recovery were appointed joint liquidators of Fiori - Leeds Ltd. on Sept. 24 for the creditors' voluntary winding-up procedure. The joint liquidators can be reached at: Tenon Recovery 33 George Street Wakefield WF1 1LX England FORD MOTOR: Overall September 2007 Vehicle Sales Decline by 21% --------------------------------------------------------------- Demand continues to grow for Ford Motor Company’s all-new and redesigned crossover vehicles, even as overall sales declined in September 2007. Total September sales were 189,863, down 21% compared with a year ago. Sales to daily rental companies were down 62% and sales to individual retail customers were down 15%. Ford, Lincoln and Mercury’s all-new and redesigned crossover utility sales were up 96% in September and up 52% year-to-date -– the largest increase of any major manufacturer. “We continue to be encouraged by customers’ strong response to our new products, which we’re launching with high quality,” Mark Fields, president, The Americas, said. “Demand for our new crossovers continues to grow and contributes to our efforts to stabilize U.S. retail market share.” In September, Ford Edge sales were 11,632 and Lincoln MKX sales were 3,805. Both new crossovers achieved their highest retail sales month to date. The Edge and Lincoln MKX were introduced in December 2006 and already are among the best sellers in the mid-size and premium CUV segments. Sales for the redesigned 2008 model Ford Escape and Mercury Mariner crossovers were higher in September. Escape sales were 11,132, up 10%, and Mariner sales were 2,699, up 4%. The Lincoln brand posted its 12th month in a row of higher retail sales. In September, total Lincoln sales were up 33% (retail up 40%). Year-to-date, total Lincoln sales were up 15% (retail up 17%). Lincoln’s rebound reflects the new Lincoln MKX crossover, the new Lincoln MKZ sedan (up 25% in September) and the redesigned Navigator (up 38% in September). “We’re building a strong foundation for future growth at Lincoln,” Mr. Fields said. “This is the early phase of an aggressive plan to restore Lincoln as America’s choice for luxury vehicles.” Land Rover’s September sales were 4,190, up 21%, reflecting the addition of the all-new LR2 crossover. Land Rover sales were up 8% year-to-date. About Ford Motor 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. * * * In a TCR-Europe report on Oct. 2, 2007, Standard & Poor's Ratings Services has placed its long-term corporate credit ratings on Ford Motor Co. and related entities on CreditWatch with positive implications. The short-term 'B-3' ratings are not on CreditWatch. 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. FORK TRUCK: Bibby Factors Taps Begbies Traynor as Receivers ----------------------------------------------------------- Bibby Factors Manchester Ltd. appointed G.N. Lee and P. Stanley of Begbies Traynor joint administrative receivers of Fork Truck Supermarket Ltd. (Company Number 03872112) on Sept. 20. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Headquartered in Manchester, England, Fork Truck Supermarket Ltd. -- http://www.theforktruck.com/-- sells, repairs, hires service and transport facilities. GENERAL MOTORS: September 2007 Deliveries Up 4% ----------------------------------------------- General Motors Corp. dealers in the United States delivered 337,640 vehicles in September, up 4% compared with a year ago. The company's 255,274 retail deliveries were up more than 7%. For the second consecutive month GM bucked industry trends, led by brisk retail sales of full-size trucks, mid-utility crossovers, the Cadillac CTS and Chevrolet Cobalt. "Our market share performance of more than 25% over the last quarter demonstrates strong consumer acceptance of our new products and the continued progress we've made in our North America turnaround strategy," Mark LaNeve, GM North America vice president, Vehicle Sales, Service and Marketing, said. "Our industry-leading truck lineup continued its strong performance, and we were particularly pleased by our performance in passenger cars, led by the fuel-efficient Chevy Cobalt and all-new Cadillac CTS. The CTS had its best-ever September performance with more than 5,400 vehicles sold, a testament to the power of the all-new model." The company continues transforming its North American business with overall incentive spending flat compared with a year ago. September inventories were down about 100,000 vehicles to approximately 900,000 vehicles. Fleet deliveries were down, as planned, by more than 6%. "Our retail share, which has been stable for two years, improved in Q3 with all three months solid from a share standpoint," Mr. LaNeve added. "For the second consecutive month, we posted good retail volume despite a challenging industry. To build on that retail strength, we're gearing up for the all-new Chevrolet Malibu launch later this month and are encouraging folks to try our pickups and SUVs as part of the Truck Month sales event." Cadillac CTS total sales surged ahead 74%, compared with year- ago performance, due to the strength of the all-new CTS, now in showrooms. GMC Acadia, Saturn OUTLOOK and Buick Enclave together had total sales of nearly 13,000 vehicles, pushing the significant increase in GM's mid-crossover segment. Total sales of the fuel-efficient Cobalt were up more than 35% compared with last September. Other vehicles with retail sales increases, compared with year- ago levels, include: Chevrolet Aveo, Impala, Silverado, Tahoe, Suburban, HHR and Equinox; Saturn AURA and VUE; GMC Sierra, Yukon and Yukon XL; Cadillac Escalade; Pontiac G5, G6 and Torrent; Buick Lucerne and Saab 9-3. An increasing number of consumers cite warranty coverage as a reason for buying a new GM vehicle. GM's 5 Year/100,000 Mile Powertrain Limited Warranty continues to be a better choice for customers. GM's coverage focuses on the complete ownership experience and includes other provisions that competitors do not offer, including transferability to the next owner, more complete coverage of parts, and coverage for new and certified used vehicles. In addition, GM offers superior complementary programs, such as courtesy transportation and roadside assistance. "GM provides the best coverage in the industry and takes care of the vehicle and the owner like no other vehicle manufacturer," Mr. LaNeve added. Certified Used Vehicles September 2007 sales for all certified GM brands, including GM Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles, Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 41,118 vehicles, down 10.5% from last September. Total year-to-date certified GM sales are 402,191 vehicles, up 2% from the same period last year. GM Certified Used Vehicles, the industry's top-selling manufacturer-certified used vehicle brand, posted 36,206 sales, down 9% from last September. There was one less selling day than last September. Year-to-date sales for GM Certified Used Vehicles are 353,600 vehicles, up 4% from the same period in 2006. Cadillac Certified Pre-Owned Vehicles posted September sales of 3,038 vehicles, down 20% from last September. Saturn Certified Pre-Owned Vehicles sold 1,173 vehicles in September, down 21%. Saab Certified Pre-Owned Vehicles sold 564 vehicles, down 26%, and HUMMER Certified Pre-Owned Vehicles sold 137 vehicles, up 22%. "Through September, GM Certified Used Vehicles continues to lead the manufacturer-certified category, with year-to-date sales up 4% from last year's industry-leading annual sales results," Mr. LaNeve said. "GM Certified customers enjoy the certified segment's broadest selection of vehicles from the largest dealer network, backed by a fully transferable 5-year/100,000-mile powertrain limited warranty, the best coverage of any full-line automaker." GM North America September and 3rd Quarter 2007 Production In September, GM North America produced 323,000 vehicles (118,000 cars and 205,000 trucks). This is down 64,000 units or 16% compared with September 2006 when the region produced 387,000 vehicles (161,000 cars and 226,000 trucks). Production totals include joint venture production of 15,000 vehicles in September 2007 and 22,000 vehicles in September 2006. GM North America built 1.020 million vehicles (367,000 cars and 653,000 trucks) in the third-quarter of 2007. This is down 30,000 vehicles or 3% compared with third-quarter of 2006 when the region produced 1.050 million vehicles (417,000 cars and 633,000 trucks). The third-quarter 2007 production decline versus last month's guidance is largely due to the recent UAW work stoppage in the U.S. Additionally, GM North America's 2007 fourth-quarter production forecast is unchanged at 1 million vehicles (334,000 cars and 666,000 trucks). In the fourth- quarter of 2006 the region produced 1.107 million vehicles (446,000 cars and 661,000 trucks). 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. GROUND ZERO: David Elliott Leads Liquidation Procedure ------------------------------------------------------ David Elliott of Moore Stephens LLP was appointed liquidator of Ground Zero (AV) Ltd. on Sept. 20 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Moore Stephens LLP First Floor Victory House Quayside Chatham Maritime Kent ME4 4QU England GUILDER GRAPHICS: Taps Liquidators from Smith & Williamson ---------------------------------------------------------- Anthony Murphy and Robert Horton and Roger Tulloch of Smith & Williamson Ltd. were appointed joint liquidators of Guilder Graphics Ltd. on Sept. 13 for the creditors' voluntary winding- up proceeding. The joint liquidators can be reached at: Smith & Williamson Ltd. No.1 Bishops Wharf Walnut Tree Close Guildford Surrey GU1 4RA England INNER COMPASS: Appoints Liquidators from Tenon Recovery ------------------------------------------------------- T. J. Binyon and S. J. Parker of Tenon Recovery were appointed joint liquidators of Inner Compass International Ltd. on Sept. 22 for the creditors' voluntary winding-up procedure. The joint liquidators can be reached at: Tenon Recovery Sherlock House 73 Baker Street London W1U 6RD England INTERNATIONAL RECTIFIER: Alex Lidow Steps Down as CEO & Director ---------------------------------------------------------------- International Rectifier Corporation announced the resignation of Dr. Alex Lidow as chief executive officer and as a director, effective immediately. Don Dancer continues as International Rectifier's acting chief executive officer. Mr. Dancer has served in that position since Aug. 28, 2007. The board of directors has engaged Korn/Ferry International (NYSE:KFY) to conduct a search for Dr. Lidow's permanent replacement. The search is being led by Dr. James Plummer, Chairman of the Corporate Governance and Nominating Committee. Don Dancer, International Rectifier's acting chief executive officer, said, "We want to thank Alex for his contributions to the company. During his tenure, he led the pioneering power MOSFET technology, which drove the adoption of power management across broader end use applications. His focus on power management helped to solidify International Rectifier as a leader in the industry. Alex has also encouraged the next generation of technology professionals who will continue to create and provide our customers with innovative products." "I have appreciated the opportunity to serve International Rectifier as a Director and CEO the last 12 years," said Dr. Lidow. "International Rectifier and the power management industry have a bright future, and I believe the company will continue to deliver enormous value to the companies it serves and end-users by helping to reduce global energy consumption and improving energy efficiency." Dr. Lidow will receive accrued salary, bonus and vacation through the date of his departure. He will be entitled to exercise his vested options for an additional eighteen months, or 90 days following the date on which the company becomes current in its SEC financial reports, whichever is later. The company has agreed to vest all of Dr. Lidow's options that had not already vested. International Rectifier Corporation -- http://www.irf.com/-- (NYSE:IRF) is a world leader in power management technology. IR's analog, digital, and mixed signal ICs, and other advanced power management products, enable high performance computing and save energy in a wide variety of business and consumer applications. Leading manufacturers of computers, energy efficient appliances, lighting, automobiles, satellites, aircraft, and defense systems rely on IR's power management solutions to power their next generation products. The company has manufacturing facilities in the U.S., Mexico, United Kingdom, Germany and Italy; and has subsidiaries in Japan and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 14, 2007, Standard & Poor's Ratings Services said that its 'BB' corporate credit rating on International Rectifier Corp. remains on CreditWatch with negative implications. INTERNATIONAL RECTIFIER: Discloses Key Internal Initiatives ----------------------------------------------------------- International Rectifier Corporation announced these initiatives: -- Shifted reporting of the internal audit function to the Audit Committee of the board of directors and the general counsel. -- Appointed a lead independent director. -- Appointed a Special Committee of the board to advise and support the acting chief executive officer. -- Evaluated independent third party consulting firms to document and assess the design effectiveness of processes and controls. -- Revamped the company's hotline process and placed it under the internal audit function. -- Changed reporting relationships at the company's Japan subsidiary to improve oversight of the subsidiary. -- Added interim processes to help assure adherence to proper revenue recognition policies at the Japan subsidiary. The company expects to continue to assess and improve its internal controls and corporate governance environment. Jack Vance, International Rectifier's lead independent director, said, "During this period of transition for the company, the Audit Committee and I are working diligently to bring the internal accounting investigation to a resolution. We are also taking steps to implement meaningful changes to our internal controls and governance policies. Going forward, we will continue to work with Don Dancer, International Rectifier's acting chief executive officer, as well as our executive leadership team and our employees to help ensure that our company continues to create the products and deliver the level of service our customers have come to expect of International Rectifier." Previously, the Board of Directors designated a Special Committee, comprised of independent directors of the company, to advise and support the company's acting chief executive officer. The committee is chaired by Dr. Vance, former senior partner of McKinsey & Co. The other members include: * Mr. Robert Attiyeh, former chief financial officer of AMGEN Inc.; * Dr. Philip M. Neches, former chief technology officer of Teradata Corporation, NCR Corporation, and the AT&T Multimedia Products and Systems Group; * Dr. James Plummer, Dean of Engineering at Stanford University; and * Dr. Rochus Vogt, retired provost of the California Institute of Technology. International Rectifier Corporation -- http://www.irf.com/-- (NYSE:IRF) is a world leader in power management technology. IR's analog, digital, and mixed signal ICs, and other advanced power management products, enable high performance computing and save energy in a wide variety of business and consumer applications. Leading manufacturers of computers, energy efficient appliances, lighting, automobiles, satellites, aircraft, and defense systems rely on IR's power management solutions to power their next generation products. The company has manufacturing facilities in the U.S., Mexico, United Kingdom, Germany and Italy; and has subsidiaries in Japan and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 14, 2007, Standard & Poor's Ratings Services said that its 'BB' corporate credit rating on International Rectifier Corp. remains on CreditWatch with negative implications. MICRON TECH: Posts US$320 Million Net Loss in Year Ended Aug. 30 ---------------------------------------------------------------- Micron Technology Inc. reported results of operations for its 2007 fiscal year and fourth quarter, which ended Aug. 30, 2007. For the fourth quarter of fiscal 2007, the company incurred a net loss of US$158 million on net sales of US$1.4 billion, which compares to a net loss of US$225 million on net sales of US$1.3 billion for the third quarter. For the 2007 fiscal year, the company incurred a net loss of US$320 million on net sales of US$5.7 billion, which compares to net income of US$408 million on net sales of US$5.3 billion for the prior fiscal year. The company's fourth quarter and fiscal year 2007 results were heavily influenced by industry supply/demand dynamics that depressed average selling prices for memory products. The company's net sales for the fourth quarter of fiscal 2007 increased 11 percent compared to the third quarter primarily as a result of higher megabit sales of memory products. Compared to the prior quarter, fourth quarter megabit sales increased approximately 25 percent and 60 percent for DRAM and NAND Flash memory products, respectively, while average selling prices for both DRAM and NAND Flash memory products decreased approximately 15 percent. Sales of NAND Flash include sales from the company's consolidated NAND Flash manufacturing joint venture (IM Flash) to the company's joint venture partner at long-term negotiated prices approximating cost. The results for the fourth quarter include a charge of US$20 million to write down the carrying value of work in process and finished goods inventories of memory products to their estimated fair market values. Sales of CMOS image sensors in the fourth quarter of fiscal 2007 increased approximately five percent compared to the third quarter primarily as a result of higher average selling prices reflecting the company's shift in mix to higher megapixel products. The company's manufacturing operations achieved noticeable scale improvements in 2007, with wafer production increasing in excess of 20 percent over fiscal 2006. The company's cost of goods sold per megabit decreased in the fourth quarter of fiscal 2007 compared to the third quarter by approximately 10 percent and 40 percent for DRAM and NAND Flash memory products, respectively. These cost reductions were achieved through improved manufacturing efficiencies and the production of significantly more NAND Flash wafers. During the fourth quarter of fiscal 2007, the company began executing initiatives to drive greater cost efficiency and revenue growth. The company recorded a restructure charge in the fourth quarter of US$19 million comprised primarily of employee severance and related costs resulting from a reduction in the company's workforce in the quarter. The company continues to pursue opportunities to lower its overhead costs through the utilization of partnerships and other outside relationships. Selling, general and administrative expenses in the fourth quarter include increased costs associated with the company's outstanding legal matters. The company had capital expenditures of approximately US$850 million and US$4 billion, including expenditures by its joint ventures during the fourth quarter and 2007 fiscal year, respectively, and ended the fiscal year with cash and investment balances of US$2.6 billion. Micron Technology Inc. -- http://www.micron.com/-- (NYSE:MU) provides advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets DRAMs, NAND Flash memory, CMOS image sensors, other semiconductor components and memory modules for use in leading-edge computing, consumer, networking and mobile products. The company is headquartered in Boise, Idaho, and has manufacturing facilities in Italy, Scotland, Japan, Puerto Rico and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on May 21, 2007, Standard & Poor's Ratings Services affirmed its BB-/Stable/-- corporate credit rating on Boise, Idaho-based Micron Technology Inc. S&P also assigned its 'BB-' rating to the company's USUS$1.1 billion convertible senior notes due 2014. MYLAN LABS: Acquires Generics Business of Merck KGaA ---------------------------------------------------- Mylan Labs has completed its acquisition of Merck KGaA's generics business (Merck Generics) to become one of the largest quality generics and specialty pharmaceuticals companies in the world. Mylan and Merck KGaA initially announced the signing of a definitive agreement under which Mylan would acquire Merck Generics for EUR4.9 billion (US$6.8 billion) in an all-cash transaction on May 12, 2007. Robert J. Coury, Mylan's Vice Chairman and Chief Executive Officer said, "The new Mylan now has all of the critical attributes we need to ensure future success and deliver powerful growth. We have enhanced scale and stability, a truly global reach, vertical and horizontal integration, and breadth and depth in our management team. Most importantly, we have a common purpose and dedication to executing on our strategy and delivering superior shareholder returns." The new Mylan is the third largest generic company worldwide that employs more than 11,000 people and has a global presence in more than 90 countries. Mylan's broad product offering now includes more than 570 products and the world's second largest portfolio of active pharmaceutical ingredients with 126 U.S. drug master files. Mylan has a powerful global pipeline with more than 255 applications or dossiers pending regulatory approval. The new Mylan will benefit from substantial operational efficiencies and economies of scale from increased sales volumes and its vertically and horizontally integrated platform. Dey, Mylan's specialty pharmaceuticals business, brings additional exciting and diversified opportunities through its existing strengths in the respiratory arena. Mr. Coury continued, "The scale of the new Mylan is evident in every area of our business: we have scale in our geographic reach, scale in R&D, scale in manufacturing, scale in API, scale in our combined product portfolio, and scale in our global commercial footprint. We will leverage this scale to drive operational efficiencies and extract synergies from our combined company, while attracting exciting new opportunities. We have also created an extremely well balanced and diversified company, with significantly reduced risks related to any one particular market or product. Importantly, we will also ensure that we retain the qualities that customers around the world have come to expect from both Mylan and Merck Generics. "The Merck Generics business is even stronger than we expected and, through the integration planning, we have confirmed that we truly share a common culture and values centered on quality, integrity, reliability and service. I am thrilled to welcome Merck Generics nearly 5,000 employees to the new and expanded Mylan family. After months of careful preparation, we have hit the ground running with the integration of our businesses and I am delighted that we will be operating as a single, integrated company from day one." Mylan also announced that the company will change its name from Mylan Laboratories Inc. to Mylan Inc. to better reflect the broader scope of its business. The company also confirmed that it has changed its financial year to begin reporting on a calendar year basis. About Mylan Laboratories Mylan Laboratories Inc. (NYSE: MYL) -- http://www.mylan.com/-- is a global pharmaceutical company with market leading positions in generic pharmaceuticals, transdermal technology and unit dose packaged products. Mylan operates through three principal subsidiaries: Mylan Pharmaceuticals, a world leader in generic pharmaceuticals; Mylan Technologies, the largest producer of generic and branded transdermal patches for the U.S. market; and UDL Laboratories, the top U.S.-supplier of unit dose pharmaceuticals. Mylan also owns a controlling interest in Matrix Laboratories, one of the world's premier suppliers of active pharmaceutical ingredients. Mylan also has a European platform through Docpharma, a Matrix subsidiary, which is a marketer of branded generics in Europe. * * * Moody's Investor Services placed Mylan Laboratories Inc.'s probability of default and long-term corporate family ratings at "Ba1" in May 2007. MYLAN LABS: Appoints Didier Barret as President of EMEA ------------------------------------------------------- Mylan Inc. has appointed Didier Barret to the position of President, EMEA (Europe, Middle East and Africa) following the completion of Mylan's acquisition of Merck's Generics Group. At Merck Generics, Mr. Barret most recently served as Region Director, EMEA, reporting to the Chief Executive Officer. He was promoted to that position in 2004 following his role as Area Director for Southern Europe, where he was responsible for France, Belgium, Italy, Spain and Portugal. He established Merck Generics' first operations in France in 1995, growing the business to exceed euro 341 million in sales by 2006. Prior to this, Mr. Barret held several positions within Merck's branded division, including sales and marketing in the UK and France. Mylan Vice Chairman and CEO Robert J. Coury commented: "We are very pleased to welcome Didier to the senior leadership team at Mylan. He is a phenomenal operator and leader, having created Merck Generic's business in France literally from nothing to becoming the strong and growing business it is today. Under his leadership of the EMEA region since 2004, growth from operations in these territories has been extremely impressive, at around 12% annual compound growth. As we take our place as a global leader in the generics and specialty pharmaceutical industry, Didier will play a key role in ensuring that we maximize our many opportunities for growth and success moving forward in the EMEA region." Mr. Barret said: "I am very excited to be part of the new Mylan. There is a real cultural fit between our organizations and the new management team under Robert is very much operating with a unified vision. Together, our combined company is truly a world leader in our industry, with the depth and scale in terms of product portfolio and pipeline, as well as manufacturing and R&D, to provide our customers, and ultimately patients, with the best quality products and service available. I look forward to being a part of Mylan's future success. I also want to take the opportunity to thank my teams in EMEA for their hard work and the contributions each has made to the success of our business to date and for their commitment to making the new Mylan even more successful in the future." About Mylan Laboratories Mylan Laboratories Inc. (NYSE: MYL) -- http://www.mylan.com/-- is a global pharmaceutical company with market leading positions in generic pharmaceuticals, transdermal technology and unit dose packaged products. Mylan operates through three principal subsidiaries: Mylan Pharmaceuticals, a world leader in generic pharmaceuticals; Mylan Technologies, the largest producer of generic and branded transdermal patches for the U.S. market; and UDL Laboratories, the top U.S.-supplier of unit dose pharmaceuticals. Mylan also owns a controlling interest in Matrix Laboratories, one of the world's premier suppliers of active pharmaceutical ingredients. Mylan also has a European platform through Docpharma, a Matrix subsidiary, which is a marketer of branded generics in Europe. * * * Moody's Investor Services placed Mylan Laboratories Inc.'s probability of default and long-term corporate family ratings at "Ba1" in May 2007. NASDAQ STOCK: Completes Sale of 28% LSE Stake to Borse Dubai ------------------------------------------------------------ Nasdaq Stock Market Inc., through its wholly-owned subsidiary Nightingale Acquisition Limited, completed on Sept. 25, 2007, its previously-announced sale of 28% of the share capital of the London Stock Exchange Group plc to Borse Dubai Limited for about $1.6 billion in cash. On Sept. 28, 2007, Nasdaq used about $1.1 billion of the proceeds from this transaction to repay in full and terminate these agreements: i. the Amended and Restated Credit Agreement, dated as of May 19, 2006, by and among, Nasdaq as borrower, the lenders party thereto and Bank of America, N.A., as administrative agent, swingline lender and issuing bank and ii. the Amended and Restated Term Loan Credit Agreement, dated as of May 19, 2006, by and among, Nasdaq as borrower, Nightingale, as additional borrower, the lenders party thereto and Bank of America Bridge LLC, as administrative agent. In conjunction with the termination of the credit agreements, Nasdaq also terminated these additional agreements, which had never become effective: i. the Credit Agreement, dated as of November 20, 2006, among Nasdaq and the other parties thereto, ii. the Term Loan Credit Agreement, dated as of November 20, 2006, among Nasdaq, Nightingale and the other parties thereto and iii. the Bridge Loan Agreement, dated as of November 20, 2006, among Nasdaq, Nightingale and the other parties thereto. The terms and conditions of the November credit agreements are set forth in Nasdaq’s Form 8-K dated Nov. 27, 2006. 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 Troubled Company Reporter on Sept. 24, 2007, Moody's Investors Service placed the Ba3 corporate family rating of Nasdaq Stock Market Inc. on review for upgrade. As reported also in the Troubled Company Reporter on Oct. 2, 2007, Moody's Investors Service withdrew its ratings on The Nasdaq Stock Market Inc.'s $750 million Six Year Senior Secured Term Loan, $335 million Six Year Senior Secured Term, and the Five Year$75 million Senior Secured Revolving Credit Facility. The credit facilities have been repaid and terminated. NASDAQ STOCK: Buying Boston Stock Exchange for US$61 Million ------------------------------------------------------------ The Nasdaq Stock Market, Inc. entered into a definitive agreement to acquire the Boston Stock Exchange, including the holding company, the Boston Equities Exchange, the Boston Stock Exchange Clearing Corporation, and BOX Regulation. Along with these businesses, NASDAQ will acquire a Self-Regulatory Organization license for trading both equities and options. NASDAQ's acquisition of the BSE Group is valued at approximately US$61 million. NASDAQ will not acquire an interest in the Boston Options Exchange from the BSE. However, a regulatory framework for the BOX market will remain in place. NASDAQ, through BOXR, will operate the regulatory services provider to the BOX, which is an options trading facility of the BSE. NASDAQ and BOX are discussing a plan regarding the future regulatory structure for BOX. "NASDAQ is very focused on meeting the needs of its customers,” Bob Greifeld, President and Chief Executive Officer of NASDAQ, said. “This transaction provides added liquidity, new trading choices and an enhanced competitive market environment. NASDAQ's acquisition of the BSE will expand NASDAQ's execution offerings, and deliver user and investor benefits consistent with our Brut and INET acquisitions. "We believe a second exchange license in both equities, and in the future options, will provide market structure flexibility as we continue to deliver on our mission of being the number one trading platform in the transactions business." Upon approval of the transaction, NASDAQ will have the ability to offer a second quote within the U.S. equities marketplace. NASDAQ anticipates operating the BSE using its INET trading system. Additionally, subject to SEC approval, NASDAQ anticipates utilization of the BSE Clearing Corporation. "This deal will allow our customers to better execute their trading strategies,” NASDAQ Executive Vice President of Transaction Services, Chris Concannon commented. “From critical trading functionality, to crossing products, and risk management offerings, NASDAQ's second quote in NASDAQ, NYSE and AMEX-listed securities will arm our diverse customer base with more choices and competitive pricing options. Additionally, we are optimistic that the clearing business will provide valuable benefits for both NASDAQ and our customers over time." As previously noted, NASDAQ anticipates organically launching The NASDAQ Options Market, a price/time priority options market in December 2007, subject to SEC approval. The transaction is subject to SEC approval and approval by BSE members. NASDAQ & BSE's board of directors have approved the transaction, which is expected to close by early first quarter 2008. It is anticipated that the transaction will be accretive to NASDAQ shareholders within 12 months from closing. About BSE Founded in 1834 as the third oldest exchange in the U.S., the Boston Stock Exchange –- http://www.bostonstock.com/-- has, from its beginnings, played a vital role as an exchange within the strongest capital market system in the world. 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 Troubled Company Reporter on Oct. 2, 2007, Moody's Investors Service withdrew its ratings on The Nasdaq Stock Market Inc.'s $750 million Six Year Senior Secured Term Loan, $335 million Six Year Senior Secured Term, and the Five Year $75 million Senior Secured Revolving Credit Facility. The credit facilities have been repaid and terminated. However, the Ba3 Corporate Family Rating remains on review for upgrade. As reported in the Troubled Company Reporter on Sept. 24, 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 disclosed 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. NASH FINCH: Moody's May Cut B2 Rating After Review -------------------------------------------------- Moody's Investors Service placed the ratings of Nash Finch's Corporate Family Rating of B2 under review for possible downgrade. This follows the issuance on September 27th by certain hedge funds of a default notice, claiming that Nash Finch was in breach of a covenant within its senior subordinated convertible notes due 2035. Specifically, the notice claims that the company was in breach of section 4.08(a)(5) of the indenture, which provides for an adjustment in the conversion rate on the notes in the event Nash Finch increases its dividend. Nash Finch believes it made all required adjustments to the conversion rates on the notes following a recent dividend increase, and is disputing the claim that a default has occurred. The company has filed a petition in Hennepin County District Court in Minnesota asking the court to determine that Nash Finch has properly adjusted the conversion rate on the Notes. On Oct. 2, 2007, Minnesota court issued a temporary restraining order enjoining the note holders from accelerating the debt, and extending the cure period (during which Nash Finch can rectify the default should it be required to do so) until ten days following the court's final ruling on the merits of the case. While there is no immediate effect on the cash position or liabilities of the company, the notice of default raises the risk that -- if the case is not dismissed or if the default is not cured quickly after the court's final ruling -- that the notes could be put back to the company or that cross default provision in the company's bank credit facilities could be triggered. In the event that the issue is resolved in Nash Finch's favor with no adverse effect on the credit or liquidity of the company, Moody's expects that it would confirm the company's existing ratings. Moody's notes that the company has stated in their press release should the court rule in the hedge fund's favor, they would cure the default by adjusting the conversion rate. Ratings placed under review for possible downgrade: -- Corporate family rating at B2; -- Probability of default rating at B2; -- US$125 million senior secured revovling credit at B2; -- US$175 million senior secured term loan B at B2; -- US$322 million convertible senior subordinated notes due 2035 at Caa1. Based in Minneapolis, Minnesota Nash Finch -- http://www.nashfinch.com/-- is one of the leading food distribution companies in the United States. Nash Finch's core business, food distribution, serves independent retailers and military commissaries in 31 states, the District of Columbia, Europe, Cuba, Puerto Rico, the Azores and Egypt. The Company also owns and operates a base of retail stores, primarily supermarkets under the Econofoods, Family Thrift Center, and Sun Mart trade names. QUALITY ASSURED: Names M. C. Bowker Liquidator ---------------------------------------------- M. C. Bowker of Tenon Recovery was appointed liquidator of Quality Assured Windows Ltd. on Sept. 26 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Tenon Recovery Clive House Clive Street Bolton BL1 1ET England SMURFIT KAPPA: Fitch Affirms BB- IDR on Strong Performance ---------------------------------------------------------- Fitch Ratings has affirmed Smurfit Kappa Acquisitions' Long-term Issuer Default rating at 'BB-' and changed the Outlook on the Long-term IDR to Positive from Stable. This action follows the continued strong performance from the group since the upgrade of the Long-term IDR to 'BB-' from 'B+' in March 2007. Fitch has also affirmed Smurfit Kappa Funding's senior notes due 2012 at 'BB' and has simultaneously withdrawn this rating, following the substantial prepayment of this instrument. All other instrument ratings are affirmed. "The success of the IPO and the prepayment of EUR1.3 billion of non-shareholder debt significantly reduced Smurfit Kappa Group's leverage and increased financial flexibility, driving the upgrade to 'BB-' in March of this year," says Michelle De Angelis, Senior Director in Fitch's Leveraged Finance team in London. "Subsequently, Smurfit Kappa Group's results at first half of 2007 demonstrated a third successive quarter of EBITDA margins greater than 14%, faster than anticipated achievement of synergies in the combined business, and net leverage further reduced to 3.6x, all of which support momentum towards a possible upward movement in the IDR." Smurfit Kappa Group's reported synergy benefits reached EUR146 million on a run rate basis at first half of 2007, equivalent to an EBITDA margin improvement of over two percentage points. Thus, Fitch views improvements in EBITDA since first quarter of 2006 as being the result not only of supply-demand balance improvements (i.e. cycle-driven), but also of fundamental cost structure changes, which should support margins in the event of a future cycle of over-supply when producers will have reduced pricing power compared to today. Although the final redemption of the 2012 senior notes was funded through additional drawings under the senior bank facilities, future permanent debt prepayment or reduction from internally generated cash flow could provide further impetus for a future upgrade of the IDR, as well as consistent conservative financial management of the company with net leverage consistently within the 3-3.5x range. The company has publicly stated it expects to reduce net leverage further to below its 3.25x target by year-end. Additionally, while conditions in the European paper packaging market are expected to remain benign for the short- to medium- term, supported by the current supply-demand balance and the lack of substantial additional capacity coming on line until 2009-2010, the agency will continue to monitor these factors, as well as future demand growth and the effectiveness of the pricing pass-through to corrugated containers, which typically lags paper price increases. Any eventual upgrade of the IDR will therefore also be contingent on Fitch's satisfaction with SKG's ability to maintain a degree of financial flexibility consistent with a higher rating through any future pricing cycle. In addition, Fitch would view favorably positive free cash flow generation with proceeds applied to debt reduction, and a moderate dividend strategy going forward, such that the company is not re-leveraged to fund payouts to shareholders. SKG Instrument ratings summary: -- Smurfit Kappa Acquisitions' senior secured facilities: affirmed at 'BB+' -- Smurfit Kappa Treasury Funding's guaranteed debentures due 2025: affirmed at 'BB+' -- Smurfit Kappa Funding's senior subordinated notes due 2015: affirmed at 'B+' SOLO CUP: Hires Scott Advertising as Creative Agency ---------------------------------------------------- Solo Cup Company has appointed Scott Advertising as its creative agency of record for its foodservice marketing and advertising following an extensive agency review. "Solo is stepping up its efforts to support its products and brand with a full complement of marketing tools," said Malcolm Simmonds, Solo's senior vice president of foodservice sales and marketing. "Scott Advertising has an impressive track record in foodservice and we look forward to a successful collaboration." As Solo's foodservice marketing agency of record, Scott will be responsible for developing integrated marketing programs across various media. The agency will focus primarily on leveraging Solo's unique value proposition and on supporting the company's distribution and foodservice operating partners. Founded in 1940, Milwaukee-based Scott Advertising is a full- service advertising agency with clients ranging from foodservice to sporting goods to business and industry. Headquartered in Highland Park, Illinois, Solo Cup Company -- http://www.solocup.com/-- manufactures disposable foodservice products for the consumer and retail, foodservice, packaging, and international markets. Solo Cup has broad expertise in plastic, paper, and foam disposables and creates brand name products under the Solo, Sweetheart, Fonda, and Hoffmaster names. The company was established in 1936 and has a global presence with facilities in Asia, Canada, United Kingdom, Mexico, Panama and the United States. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 7, 2007, Fitch Ratings has affirmed the ratings for Solo Cup Company as: -- Issuer default rating (IDR) 'B-'; -- Senior secured first lien term loan 'B+/RR2'; -- Senior secured revolving credit facility 'B+/RR2'; -- Senior subordinated notes 'CCC/RR6'. TIME SAVERS: Claims Filing Period Ends October 26 ------------------------------------------------- Creditors of Time Savers Ltd. have until Oct. 26 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 First Floor Victory House Quayside Chatham Maritime Kent ME4 4QU England David Elliott of Moore Stephens LLP was appointed liquidator of the company on Sept. 21 for the creditors' voluntary winding-up procedure. US ENERGY: Lenders Extend Credit to Meet Capital Deficiencies ------------------------------------------------------------- U.S. Energy Systems, Inc., disclosed arrangements with lenders, deferring obligations, and provided an update on its restructuring plans. Lender Arrangements The company disclosed that it has now successfully entered into arrangements with its lenders to fund short-term operating and capital requirements and to defer certain obligations. One of the company's senior lenders has extended additional credit to USEY to enable the company to meet certain working capital deficiencies. In addition, the company's existing lenders have now agreed to allow the company to draw down funds from restricted reserves to pay for certain operational and capital expenditures approved by the lenders in connection with the UK operations. The company's lenders have now made funds available to allow the company to perform scheduled maintenance at the Knapton power plant and to undertake repairs at one of the UK gas wells. As previously reported, one of the producing wells did not return to production after it was shut down for collection system repairs. As a result of this shortfall in the production of gas, the power plant is producing at approximately 20% below its generating capacity, causing a reduction in revenues of approximately $13,000 per day. A workover of the well is needed to bring the well back into production. As previously disclosed, management estimates that this workover will cost approximately $1,000,000 and take 6 to 8 weeks from commencement to complete. There can be no assurance that the initial workover will be successful. If it is not successful, more expensive procedures may be required to bring the well back to production. The company's lenders have also made funds available to allow the company to continue a 3D seismic study of its UK gas reserve structures. The field work for the seismic study is expected to be completed shortly, and analysis of the field data is expected to be completed by January 2008. When complete, the 3D seismic study will provide the company's management with additional guidance regarding the optimal location of additional wells needed to monetize the gas identified in the reserve reports, which are expected to be updated before the end of the year. In addition, the company's lenders have given USEY relief from capital contribution requirements under the UK financing arrangements. The company previously reported in the Troubled Company Reporter on Sept. 5, 2007, that it had insufficient funds to make certain required payments that were due beginning in September 2007. Under a recent amendment to the UK financing documents, the company's lenders have permitted the company to defer these capital contributions so that they are not due until Nov. 30, 2007. Because the Company continues to be in non- monetary default under the UK financing arrangements however, it is required to pay interest at the default rate under the UK financing arrangements. This results in an additional monthly interest payment equal to approximately $220,000, of which approximately $92,000 is rolled up into principal under the terms of the UK financing documents. Notwithstanding the stabilizing steps disclosed, the company has a continuing requirement to effect a refinancing or other financial restructuring, which may require sales of assets or raising additional capital which could be significantly dilutive to existing shareholders. In addition, the company's continuing non-compliance with certain of its non-monetary obligations under the UK financing arrangements permits the financing parties to declare a default and accelerate the indebtedness and foreclose on the collateral; as such, additional defaults could occur in the future. The failure to obtain additional financing or to restructure the existing indebtedness could result in the lenders foreclosing on the assets securing the indebtedness and/or bankruptcy or insolvency proceedings. Personnel Appointments The company disclosed the appointment of Joseph P. Reynolds as Chief Executive Officer and President of USEY and as Chief Executive Officer of the company's UK subsidiary (UKES). Mr. Reynolds, who has over 30 years of experience in the energy industry, has held operations and management positions with Occidental Petroleum, Tenneco Gas/El Paso, Enron and Unocal. During his long and distinguished career in the energy sector, Mr. Reynolds has developed and managed international midstream and downstream oil and gas facilities, as well as LNG, chemical, and power generation projects, including renewable energy projects. He has been responsible for overseeing the development, financing and management of greenfield facilities and acquisitions, and the development of new technology, including heavy oil extraction, shale oil, ethanol and biomass. He holds an MBA from Durham University UK and a BS from the University of Alabama in petroleum/chemical processing. Mr. Reynolds also attended Teesside University (Polytechnic) UK, studying Electrical/Control Engineering. He is a registered professional engineer in Europe, a Chartered Chemical Engineer and a Chartered Scientist in the UK. The company also reported senior level management promotions in its U.S. Energy Biogas (USEB) subsidiary. Richard J. Augustine, who has been serving as President of USEB, was appointed the subsidiary's Chief Executive Officer. Mr. Augustine will also retain his position as Vice President at USEY. Steven Laliberty, currently serving as Vice President of Operations for USEB, succeeds Mr. Augustine as President of USEB. With a combined 35 years of experience in the landfill gas sector, Messrs. Augustine and Laliberty have expertise in all aspects of the business, including operations, development and financings, as well as the monetization of tax credits and the sale of carbon credits and renewable energy credits. Restructuring Update The company noted that these new appointments come as USEY moves on to the next stage in its restructuring process. At UKES Mr. Reynolds succeeds Grant Emms, who has resigned as CEO. Mr. Emms is working with potential investors who are engaged in discussions with the Company regarding a purchase of the company's UK assets. At USEY Mr. Reynolds succeeds Richard Nevins, who had been serving as interim Chief Executive Officer. Under Mr. Nevins' leadership the Company has been in discussions with its lenders to stabilize its position through restructuring existing indebtedness and accessing restricted cash reserves and cash available from subsidiaries that is currently restricted by the financing arrangements of the subsidiaries. Review of Strategic Alternatives "With our progress over the past few weeks and the cooperation we have earned from our lenders, we believe USEY now has the opportunity to improve the value of our assets and move forward in evaluating all of the Company's strategic alternatives," the Board of Directors stated. The Board is currently assessing how best to maximize the enterprise value of the company for the benefit of shareholders. As previously reported, it entered into a Letter of Intent for the sale of USEB and is now evaluating additional proposals with respect to USEB. The Board also is exploring a range of strategic alternatives for the company's UK assets. It is in discussions with investors and strategic partners who could provide USEY with capital, expertise and resources to further develop the UK assets, and it also is engaged in discussions regarding the sale or partial sale of the UK assets. Additionally, the Board is analyzing a number of recapitalization and merger proposals at the parent level. Although the company can furnish no assurance that it will be able to restructure existing indebtedness, raise additional capital or otherwise obtain funding for future operations and capital expenditure requirements, the Board said that it will continue to review all of USEY's long-term strategic options. Nasdaq Listing Status The company also disclosed that it failed to file its Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2007 and June 30, 2007 by the deadlines of Sept. 21 and 28, 2007 as required by the terms of a decision by the NASDAQ Listing Qualifications Panel. USEY has submitted a request to the NASDAQ Panel for a further extension of time to file these reports. There can be no assurance that the NASDAQ Panel will grant any further extension and consequently that the company's shares of common stock will remain listed on The NASDAQ Stock Market. In addition, USEY disclosed that on Oct. 1, 2007, it received a letter from the NASDAQ Stock Market notifying the company of its non-compliance with Marketplace Rule 4310(c)(4), because for 30 consecutive business days, the bid price of the company's common stock had closed below the minimum $1.00 per share requirement for continued listing. In accordance with Marketplace Rule 4310(c)(8)(D), the company has been provided 180 calendar days, or until March 31, 2008, to regain compliance. If, at anytime before March 31, 2008, the bid price of the company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will provide written notification that USEY complies with the Rule. If compliance with this Rule cannot be demonstrated by March 31, 2008, Nasdaq will determine whether the company meets The Nasdaq Capital Market initial listing criteria as set forth in Marketplace Rule 4310(c), except for the bid price requirement. If it meets the initial listing criteria, Nasdaq will notify the company that it has been granted an additional 180 calendar day compliance period. If the Company is not eligible for an additional compliance period, Nasdaq will provide written notification that the company's securities will be delisted. At that time, the company may appeal Nasdaq's determination to delist its securities to a Listing Qualifications Panel. About U.S. Energy Systems U.S. Energy Systems, Inc. -- http://www.useyinc.com/-- (Nasdaq: USEY) owns of green power and clean energy and resources. USEY owns and operates energy projects in the United States and United Kingdom that generate electricity, thermal energy and gas production. The company has a 100% interest in U.S. Energy Biogas Corp., which owns and operates 23 landfill gas to energy projects in the United States, 20 of which produce electricity and three of which sell landfill gas as an alternative to natural gas. The company also has a 100% interest in Plymouth Envirosystems, Inc., which owns a 50% interest in Plymouth Cogeneration Limited Partnership. Plymouth Cogeneration Limited Partnership owns and operates a combined heat and power plant in Massachusetts that produces 1.2MWs of electricity and 7 MWs of heat. The company further has a 79% interest in GBGH, LLC, which owns energy assets and mineral rights in the United Kingdom including a 42MW gas-fired power plant and gas licenses for approximately 100,000 acres of onshore natural gas properties and mineral rights in North Yorkshire, England. GBGH is the parent company of UK Energy Systems, LTD. Bankruptcy Warning As reported in the Troubled Company Reporter on Sept. 5, 2007, U.S. Energy Systems, Inc., on June 25, 2007, said that, absent a refinancing, the raising of additional capital or other financial restructuring, the company would be unable, as early as August 2007, to meet operating requirements and certain contractual obligations as they become due. In addition, the company further indicated that it had insufficient funds to make certain required capital contributions required under the UK financing arrangements between September and December of 2007. The failure to obtain such funds is likely to result in USEY filing for protection in the U.S. under Chapter 11 of the Bankruptcy Code and its subsidiaries being forced to enter bankruptcy administration in the UK. W. A. WILLSON: Claims Filing Period Ends October 31 --------------------------------------------------- Creditors of W. A. Willson Ltd. have until Oct. 31 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: Simon Paterson Liquidator Moore Stephens LLP First Floor Victory House Chatham Maritime Kent ME4 4QU England Simon Paterson of Moore Stephens LLP was appointed liquidator of the company on Sept. 26 for the creditors' voluntary winding-up procedure. * BOOK REVIEW: Mergers and Acquisitions --------------------------------------- Editor: Michael Keenan and Lawrence J. White Publisher: Beard Books Hardcover: 368 pages List Price: US$34.95 Order your personal copy at http://amazon.com/exec/obidos/ASIN/1587981874/internetbankrupt Mergers and Acquisitions edited by Michael Keenan and Lawrence J. White is an excellent chronicle of the diversity of perspectives, disciplines, arguments, and conclusions concerning mergers and acquisitions extant in the 1980s. Following an active decade of mergers and acquisitions, in January 1981 the Salomon Center for the Study of Financial Institutions at New York University held a conference to explore a wide range of issues concerning mergers and acquisitions. Participants included academics, lawyers, government regulators, security-industry representatives as well as representatives actively involved in the merger process. A product of the conference, this book encompasses theoretical questions concerning mergers and acquisitions, legal and social concerns, and mergers in the context of corporate strategic planning. ********* 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 * * *