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 o