/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/071122.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, November 22, 2007, Vol. 8, No. 232 Headlines A U S T R I A ARIADNE MARKETING: Claims Registration Period Ends Dec. 4 BOIGNER IMMOBILIEN: Claims Registration Period Ends Nov. 30 DS DJORDJEVIC: Claims Registration Period Ends Dec. 6 FIGURINA LADY-CHIC: Claims Registration Period Ends Nov. 30 M&H MEDIA: Claims Registration Period Ends Dec. 3 B E L G I U M FLOWSERVE CORP: To Pay US$0.15 Per Share Dividend on Jan. 8 URS CORP: Closes Washington Group Acquisition for US$3.1 Billion E S T O N I A BALTI INVESTEERINGUTE: Moody's Puts B1/NP/E+ Ratings F R A N C E PRIDE INTERNATIONAL: S&P Lifts Credit Rating to BB+ from BB SR TELECOM: Sept. 30 Balance Sheet Upside-Down by CDN$30.8 Mln G E R M A N Y A. FUERMANN: Claims Registration Ends December 20 AGRO-MAG TRANSPORT: Claims Registration Period Ends Dec. 18 BROOKLANDS GMBH: Claims Registration Period Ends Nov. 31 CHRYSLER LLC: Cerberus Postpones US$4 Bln Debt Sale, Source Says DEMA GMBH: Claims Registration Period Ends Dec. 18 ERDL GMBH: Claims Registration Ends December 31 GFE ENERGIEANLAGEN: Creditors' Meeting Slated for Nov. 29 GLASBAU ROEBER: Claims Registration Ends December 27 GS DATENTECHNIK: Claims Registration Ends December 25 HAYN-BAU.DE: Claims Registration Ends December 20 HFHN WOOD: Creditors' Meeting Slated for Dec. 12 HORN TRANSPORT: Claims Registration Period Ends Dec. 6 JANSSEN-DRUCK GMBH: Claims Registration Period Ends Nov. 29 K-PLASTICS: Claims Registration Ends December 20 K.E.R. BAUSTOFFHANDEL: Claims Registration Ends December 28 KORROMAC KORROSIONSSCHUTZ: Claims Registration Ends December 28 PHOENIX KAPITALDIENST: Court Rejects Fraspa Damage Claims RAISCH GMBH: Claims Registration Period Ends Dec. 10 G R E E C E ARMSTRONG WORLD: Desseaux Files Monthly Report for Sept. 2007 ARMSTRONG WORLD: Nitram Files September 2007 Operating Report H U N G A R Y AES CORP: Completed Notes Purchase Cues Moody's LGD Update CLOROX COMPANY: Acquiring Burt's Bees for US$925 Million I R E L A N D INTERNATIONAL SECURITIES: DBRS Cuts Sub. Debt Ratings to CCC SANMINA-SCI: To Redeem US$120 Mil. Floating Notes on December 18 I T A L Y ALITALIA SPA: Aeroflot Backs Out from Equity Purchase Race IMAX CORP: Signs Four-Picture Contract with Dreamworks Animation K A Z A K H S T A N ALTYN-TOBE CJSC: Proof of Claim Deadline Slated for Dec. 22 AQUALIGHT CORPORATION: Creditors Must File Claims Dec. 25 DELIVER TRANS: Claims Filing Period Ends Dec. 22 ENERGO PROM: Creditors' Claims Due on Dec. 22 KAZTRANSOIL: S&P Affirms BB+ Ratings on Sovereign Relationship KAZAKHSTAN ELECTRICITY: S&P Affirms BB+ Ratings; Outlook Stable MSS-MONTAZHSTROYSERVICE LLP: Claims Registration Ends Dec. 22 PLEMPTITSA LLP: Proof of Claim Deadline Slated for Dec. 22 SHYK CJSC: Creditors Must File Claims Dec. 22 TAMERLAN INTERPRISES: Claims Filing Period Ends Dec. 22 TEMIR ZHOLY: Government Support Cues S&P to Affirm BB+ Rating K Y R G Y Z S T A N OSH ARAGY: Creditors' Meeting Slated for November 30 SMART COM: Creditors' Meeting Slated for November 29 N E T H E R L A N D S FOOT LOCKER: Paying US$0.125 Per Share Qtrly Dividend on Feb. 1 KONINKLIJKE AHOLD: Completes Share Buyback Program P O R T U G A L ATLANTES MORTGAGES 1: Fitch Affirms Class D Debt Ratings at BB R O M A N I A SBARRO INC: Posts US$35.1-Mil. Combined Net Loss for Third Qtr. R U S S I A EUROSTEEL CJSC: Creditors Must File Claims by Dec. 10 CHEREMUSHKI OJSC: Creditors Must File Claims by Dec. 10 FORD MOTOR: Russian Plant Workers Resume Strike KUZNETSKAUTOYUG CJSC: Court Hearing Slated for Feb. 20, 2008 ROSNEFT OIL: Dutch Court Places Fund Under Temporary Injunction UIBATSKIJ OJSC: Creditors Must File Claims by Jan. 10, 2008 YUGO-ZAPAD CJSC: Creditors Must File Claims by Dec. 10 S P A I N CAJA LABORAL 1: Fitch Junks Class E Notes with Stable Outlook S W I T Z E R L A N D CONFIANCE SERVICES: Creditors' Liquidation Claims Due by Nov. 23 FIVEST VENTURE: Creditors' Liquidation Claims Due by November 26 GARAGE SONNENBERG: Creditors Must File Claims by November 26 HASLER-DRUCK JSC: Creditors Must File Claims by November 26 IEC EUROPETROL: Creditors' Liquidation Claims Due by November 26 IMV INSTITUT: Creditors' Liquidation Claims Due by November 26 NEUGRUTT-GASTSTATTEN: Creditors Must File Claims by November 26 RONOR JSC: Creditors' Liquidation Claims Due by November 26 RUD. ITEN: Creditors' Liquidation Claims Due by November 26 SEATECH COMPUTERSYSTEMS: Claims Registration Period Ends Nov. 26 U K R A I N E AFINITY-SERVICE LLC: Creditors Must File Claims by November 25 HOTEL MIR: Creditors Must File Claims by November 24 KOVALEVKA OJSC: Claims Filing Bar Date Set November 24 KRUPA OJSC: Creditors Must File Claims by November 25 LEBIAZHEYE LLC: Creditors Must File Claims by November 25 MIR LLC: Claims Filing Bar Date Set November 25 PRIDNIEPROVSKY MANAGEMENT: Claims Filing Bar Date Set Nov. 25 WESTPROM-TRADE LLC: Creditors Must File Claims by November 25 U N I T E D K I N G D O M ARROW ELECTRONICS: North American Biz to Deploy Seagate Products BALLY TECH: Inks Casino Management System Pact With Pechanga BROXBOURNE BOROUGH: Claims Filing Period Ends December 21 CHURCH VIEW: Brings In Liquidators from Mazars DESIGNER STEELS: Claims Filing Period Ends December 7 FKI PLC: Acquires Hunslet-Barclay for GBP2.1 Million FORD MOTOR: UK Union Leaders Favor Tata Bid for Two Brands FORD MOTOR: Russian Plant Workers Resume Strike FORD MOTOR: S&P Holds 'B' Rating and Removes Positive Watch HUNSLET-BARCLAY: Administrators Sell Assets to FKI Subsidiary MAIL MARKETING: Colin Prescott Leads Liquidation Procedure MARLIN MANUFACTURING: Claims Filing Period Ends Feb. 13, 2008 MYLAN INC: Completes Sale of Preferred and Common Stock NORTHERN ROCK: Begins Talks with Possible Bidders; Gets Low Bids QUEBECOR WORLD: Inks Share Purchase Agreement with RSDB NV REMY WORLDWIDE: Court Confirms Prepackaged Reorganization Plan SCO GROUP: Court OKs Dorsey & Whitney as Special Counsel SCO GROUP: Hearing on Asset Sale Protocol Deferred to December 5 TIMBERLOK LTD: Appoints Michael C. Kienlen as Liquidator TIMBERTEC JOINERY: Calls In Liquidators from KPMG WALES MILLENNIUM: Assembly Funds to Wipe Out GBP13.5 Mln Debt WATERFORD WEDGWOOD: Appoints Anthony Jones as New CFO * Research Predicts Over-Leveraged Buyout to Crumble * Beard Group's Featured Conference for November 2007 * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= ARIADNE MARKETING: Claims Registration Period Ends Dec. 4 --------------------------------------------------------- Creditors owed money by LLC Ariadne Marketing (FN 39512g) have until Dec. 4 to file written proofs of claim to court-appointed estate administrator Maria-Christina Nau at: Mag. Maria-Christina Nau c/o Dr. Guenther Viehboeck Jasomirgottstrasse 6 1010 Vienna Austria Tel: 53 52 453 Fax: 53 52 810 E-mail: office@viehboeck.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 a.m. on Dec. 18 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 19 (Bankr. Case No. 4 S 120/07k). Guenther Viehboeck represents Mag. Nau in the bankruptcy proceedings. BOIGNER IMMOBILIEN: Claims Registration Period Ends Nov. 30 ----------------------------------------------------------- Creditors owed money by LLC Boigner Immobilien Treuhand (FN 182826m) have until Nov. 30 to file written proofs of claim to court-appointed estate administrator Guenther Hoedl at: Dr. Guenther Hoedl Schulerstrasse 18 1010 Vienna Austria Tel: 513 16 55 Fax: 513 16 55 33 E-mail: Hoedl@anwaltsteam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Dec. 14 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 19 (Bankr. Case No. 28 S 118/07t). DS DJORDJEVIC: Claims Registration Period Ends Dec. 6 ----------------------------------------------------- Creditors owed money by KEG DS Djordjevic (FN 213328v) have until Dec. 6 to file written proofs of claim to court-appointed estate administrator Petra Diwok at: Mag. Petra Diwok c/o Dr. Viktor Igali-Igalffy Landstrasser Hauptstrasse 34 1030 Vienna Austria Tel: 713 80 57 Fax: 713 07 76 E-mail: diwok@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Dec. 20 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 Oct. 19 (Bankr. Case No. 5 S 126/07z). Viktor Igali-Igalffy represents Mag. Diwok in the bankruptcy proceedings. FIGURINA LADY-CHIC: Claims Registration Period Ends Nov. 30 ----------------------------------------------------------- Creditors owed money by LLC Figurina Lady-chic (FN 177899t) have until Nov. 30 to file written proofs of claim to court-appointed estate administrator Georg Dieter at: Mag. Georg Dieter Friedhofgasse 20 8020 Graz Austria Tel: 0316/7085 Fax: 0316/7085-25 E-mail: law-office@rath-Partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:45 a.m. on Dec. 6 for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 222 Second Floor Graz Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on Oct. 19 (Bankr. Case No. 26 S 87/07z). M&H MEDIA: Claims Registration Period Ends Dec. 3 ------------------------------------------------- Creditors owed money by LC M&H Media Solutions (FN 271462i) have until Dec. 3 to file written proofs of claim to court-appointed estate administrator Horst Winkelmayr at: Mag. Horst Winkelmayr Porzellangasse 22A/7 1090 Vienna Austria Tel: 532 47 77 Fax: 532 47 77-50 E-mail: rae@kniwi.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Dec. 17 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 19 (Bankr. Case No. 3 S 135/07h). ============= B E L G I U M ============= FLOWSERVE CORP: To Pay US$0.15 Per Share Dividend on Jan. 8 ----------------------------------------------------------- Flowserve Corp.'s Board of Directors has authorized the payment of a quarterly cash dividend of 15 cents per share on the company's outstanding shares of common stock. The dividend is payable on Jan. 9, 2008, to shareholders of record as of the close of business on Dec. 26, 2007. While Flowserve currently intends to pay regular quarterly dividends for the foreseeable future, any future dividends will be reviewed individually and declared by the Board at its discretion, dependent on the Board's assessment of the company's financial condition and business outlook at the applicable time. About Flowserve Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) -- http://www.flowserve.com/-- provides fluid motion and control products and services. Operating in 56 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. Flowserve has operations in Dominican Republic, Guatemala, Guyana, Belize, Belgium, Netherlands, Indonesia, Singapore, Japan, among others. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 20, 2007, Moody's Investors Service affirmed Flowserve Corporation's corporate family rating at Ba3 and probability of default at B1. Moody's also affirmed the Ba2 rating to the company's senior secured term loan and assigned a Ba2 rating to Flowserve's senior secured revolving credit facility. URS CORP: Closes Washington Group Acquisition for US$3.1 Billion ---------------------------------------------------------------- URS Corporation has completed its acquisition of Washington Group International Inc. for a total purchase price of approximately US$3.1 billion. The closing of the acquisition follows approvals by URS and Washington Group stockholders at each company's special meeting of stockholders held earlier. "This transaction has important benefits for the stockholders and customers of both companies," said Martin M. Koffel, Chairman and Chief Executive Officer of URS. "With the addition of Washington Group's complementary engineering and construction services, URS becomes one of the few fully-integrated engineering, construction and technical services firms capable of serving every phase of a project -- from initial planning, engineering and construction of a project, to operations and maintenance. The combined company also has enhanced scale and expertise to meet the increasing demand for comprehensive solutions on large, complex global assignments. We are looking forward to capturing the tremendous potential of the combined company." Mr. Koffel continued, "We also are delighted to welcome Washington Group's 25,000 employees to URS. We believe the combined company is unrivaled in terms of its professional talent and the opportunities we are able to offer our employees as part of a larger, more dynamic company." The acquisition further diversifies and broadens URS' market exposure, allowing the Company to offer a broad range of engineering and construction services to clients in the transportation, facilities, environmental, water/wastewater, industrial infrastructure and process, homeland security, installations and logistics, and defense systems markets. In addition, the combined company will be a major contractor to the federal government. Under the terms of the merger agreement, Washington Group stockholders are receiving US$43.80 in cash and 0.900 shares of URS common stock for each share of Washington Group stock. In lieu of receiving the mix of cash and URS common stock, Washington Group stockholders may elect to receive all stock or all cash. The number of shares to be paid in lieu of cash in an all-stock election and the amount of cash to be paid in lieu of URS common stock in an all-cash election will be based on the volume weighted average trading price of URS common stock during the five trading day period ended Nov. 14, 2007 of US$57.0184. All-cash and all-stock elections are subject to proration. Based on the five trading day volume weighted average price of URS common stock of US$57.0184, Washington Group stockholders can elect to receive US$95.11656 in cash (subject to proration), 1.6681731 shares of URS common stock (subject to proration), or US$43.80 in cash and 0.900 shares of URS common stock. The deadline for Washington Group stockholders to elect whether to receive a cash consideration, stock consideration or a combination thereof, subject to proration, will be 5:00 p.m. ET on Nov. 20, 2007. URS stockholders are retaining the shares they held prior to the transaction. In connection with the completion of the transaction, Washington Group's shares have ceased to trade on the NYSE as of the close of trading last Friday. Washington Group will operate as the Washington Division of URS. Steven Hanks, former Chief Executive Officer of Washington Group, has been named President of the Washington Division and appointed to the URS Corporation Board of Directors. About URS Corporation Headquartered in San Francisco, California, URS Corporation (NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive range of professional planning and design, systems engineering and technical assistance, program and construction management, and operations and maintenance services for transportation, facilities, environmental, water/wastewater, industrial infrastructure and process, homeland security, installations and logistics, and defense systems. The company operates in more than 20 countries with approximately 29,500 employees providing engineering and technical services to federal, state and local governmental agencies as well as private clients in the chemical, pharmaceutical, oil and gas, power, manufacturing, mining and forest products industries. The company also has offices in Argentina, Australia, Belgium, China, France, Germany, and Mexico, among others. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 21, 2007, Standard & Poor's Ratings Services assigned its 'BB+' bank loan rating and '2' recovery rating to URS Corp.'s proposed USUS$2.1 billion senior secured credit facilities, indicating expectations of substantial recovery in the event of a payment default. The facilities are rated the same as the corporate credit rating on the company. As reported in the Troubled Company Reporter on Sept. 20, 2007, Moody's Investors Service assigned a provisional rating of (P)Ba1 to the proposed US$2.1 million senior secured credit facility of URS Corporation, which will be used to finance its pending acquisition of Washington Group International Inc. ============= E S T O N I A ============= BALTI INVESTEERINGUTE: Moody's Puts B1/NP/E+ Ratings ---------------------------------------------------- Moody's Investors Service assigned a E+ bank financial strength rating to Balti Investeeringute Grupi Pank AS, which translates into a Baseline Credit Assessment of B1; a long-term deposit rating of B1; and a short-term deposit rating of Non-Prime. The outlook on all ratings is stable. The major elements underpinning the bank's BFSR are good earnings generation, adequate capital base and efficiency of the operations. Since the bank's client base concentrates on the retail sector, credit concentration remains low. However, these strengths are offset by: (i) the significant proportion of market funding that is confidence-sensitive and shows high maturity concentration; (ii) non-diversified revenue structure based on high margins that Moody's views unsustainable; (iii) the weak corporate governance structure due to concentrated ownership; (iv) weak asset quality combined with high lending growth; (v) the modest, albeit developing, overall franchise in a single business and small markets; and (vi) established but still-developing risk management procedures in a risky business area. It is also noted that the bank has recently decided to concentrate on non-collateralized income loans instead of loans backed by a mortgage or surety collateral. In light of BIG Pank's very small size, low market share in deposits in Estonia and limited importance to the Estonian banking system, Moody's believes that no systemic support would be provided to the bank in the event of a financial crisis. Therefore, BIG Pank's B1 long-term global local currency deposit rating does not incorporate systemic support. BIG Pank is a small bank with a limited franchise in the Baltic region. Total assets of the bank amounted to EUR145 million and equity to EUR24.4 million at June 30, 2007. The group specializes in consumer finance and operates 36 branch offices in the three Baltic countries. It has a market share of almost 9% in Estonia, around 3% in Latvia and entered the Lithuanian market only recently. The bank's main competitors are universal banks and institutions specialized in consumer finance and leasing. The group was established in 1992 and is owned by two Estonians each holding 50% of the shares. Looking ahead, Moody's believes that an upgrade of BIG Pank's BFSR could potentially be prompted by an improvement in its liquidity and funding profile, a significant improvement in asset quality, more diversified activities as well as deeper market penetration with well-controlled risk and cost management. A rating downgrade of BIG Pank's BFSR could possibly be triggered by a deterioration in the bank's capitalization, asset quality and profitability or its liquidity and funding position coming under severe pressure. These ratings were assigned with stable outlook: * Balti Investeeringute Grupi Pank AS -- Long-term bank deposits: B1; -- Short-term bank deposits: Non-Prime; -- Bank financial strength rating: E+. Headquartered in Tartu, Estonia BIG Pank reported EUR145 million in total assets at the end of June 2007. =========== F R A N C E =========== PRIDE INTERNATIONAL: S&P Lifts Credit Rating to BB+ from BB ----------------------------------------------------------- Standard & Poor's Ratings Service raised its corporate credit rating on offshore contract drilling firm Pride International Inc. to 'BB+' from 'BB'. At the same time, S&P raised the rating on the company's unsecured debt to 'BB+' from 'BB-'. The outlook is stable. The rating action followed a full review of Pride in light of 2007 strategic initiatives that have included the recent divestiture of its Latin American onshore business units and the announcement of two newbuild ultradeepwater drillships. "The upgrade reflects continued improvement in cash flow and credit metrics and a strengthening backlog of contract revenues," said Standard & Poor's credit analyst Jeffrey B. Morrison. "The raising of Pride's unsecured rating to the same level as the corporate credit rating reflects S&P's expectation that secured debt will remain at less than 15% of assets, on a book value basis, over the intermediate term." As of Sept. 30, 2007, Houston, Texas-based Pride had about US$1.2 billion in adjusted debt, incorporating operating leases. The ratings on Pride reflect a large, well-diversified fleet of mobile offshore drilling units, a fairly broad geographic scope of operations, a growing backlog, and an improving financial risk profile. Strengths are partially tempered by expanding near- to intermediate-term capital spending requirements, concerns regarding the longer term earnings prospects for Pride's older, mat-supported jackup units (particularly those operating in the U.S. Gulf of Mexico), and participation in a historically cyclical and capital-intensive industry. SR TELECOM: Sept. 30 Balance Sheet Upside-Down by CDN$30.8 Mln -------------------------------------------------------------- SR Telecom Inc. disclosed its third quarter results for the period ending Sept. 30, 2007. At Sept. 30, 2007, the company's balance sheet showed total assets of CDN$95.7 million and total liabilities of CDN$126.6 million, resulting in a stockholders' deficit of CDN$30.8 million. Equity at Dec. 31, 2006, was CDN$10.9 million. SR Telecom's third quarter revenue grew 10% to US$18.0 million from CDN$16.4 million during the same period in 2006. Revenue in the third quarter of 2007 was below management's expectations and was generated mainly through the ongoing implementation of major legacy contracts in Mexico and Argentina. Operating loss from continuing operations was CDN$19.6 million, a significant decrease from the CDN$41.5 million operating loss recorded during the same period one year ago. Net loss and comprehensive loss was CDN$22.2 million compared to CDN$53.5 million in 2006. A large portion of these improvements are due to the US$21.6 million in restructuring charges that were incurred in 2006. Nonetheless, the 2007 third quarter showed a CDN$6.3 million decline in selling, general and administrative expenses. The SG&A gains, however, were offset by a CDN$7.0 million shift from gross profit to gross loss, due primarily to a CDN$3.6 million write down of inventory, and to the company's symmetryONE product experiencing significant price pressure in the market. Year-to-date revenue was CDN$63.2 million, up 25.0% from CDN$50.4 million in the first nine months of 2006. Operating loss for the nine-month period in 2007 was CDN$42.1 million compared to CDN$70.7 million in the same period of 2006. The year-to-date net loss and comprehensive loss was CDN$49.3 million compared to CDN$84.4 million during the first nine months in the prior year. Backlog at Sept. 30, 2007, stood at CDN$19.3 million, the majority of which is expected to be delivered by the end of this year. This compares with CDN$45.4 million at the end of 2006 and CDN$27.1 million at the end of the second quarter of 2007. Management Expectations SR Telecom reported improved revenues and decreased losses in its third quarter compared to the same period in 2006; however, these results remained below management's expectations. Third quarter revenues were adversely affected by a longer-than- anticipated sales cycle with several large potential customers. The company nonetheless remains encouraged by the continuing interest in its symmetryMX suite of WiMAX solutions from customers around the world. The company also reported that, further to the strategic review initiated on May 10, 2007, its Board of Directors has evaluated the company's strategic options in the context of SR Telecom's past and present financial situation, its order backlog, and the likelihood of future success with its existing structure. The Board has concluded that it is in the company's best interests to actively pursue the sale of the company and/or its assets. SR Telecom has engaged investment bankers Lazard Ltd. to assist the company in identifying interested parties. The Board has appointed a special committee in connection with this process, which will continue to evaluate the company's strategic options. "To grow and succeed in the global WiMAX market, SR Telecom needs a strong financial footing, a diversified product portfolio andthe purchasing power to benefit from economies of scale," Paul Griswold, Chairman of the Board of SR Telecom, said. "While SR Telecom has taken positive strides in 2007, its past financial performance and current market perceptions weigh heavily on operations, and the company needs to consider alternatives to strengthen itself other than solely through additional financing options," President and CEO Serge Fortin added. Financial Position As reported in the Troubled Company Reporter on July 6, 2007, the company entered into an agreement with a syndicate of lenders comprised of shareholders providing for a term loan of CDN$35.0 million, all of which was drawn at closing. An additional CDN$10 million term loan could be available for drawdown, subject to certain conditions being met, for a period of up to one year from closing. As at Sept. 30, 2007, management believes the company had not met all of the conditions required to drawdown the additional CDN$10 million. As at Sept. 30, 2007, the company's consolidated cash, including restricted cash, was CDN$27.1 million, up slightly from CDN$26.2 million at Dec. 31, 2006. About SR Telecom Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) -- http://www.srtelecom.com/-- delivers broadband wireless access (BWA) solutions that enable service providers to deploy voice, Internet and next-generation services in urban, suburban and remote areas. SR Telecom's products are currently deployed in more than 110 countries worldwide, including France. SR Telecom Inc. has filed for creditor protection under the Companies' Creditors Arrangement Act, with the Quebec Superior Court after evaluating the company's strategic options and concluding that it is in the company's best interests to actively pursue the sale of the company and/or its assets. The company believes that CCAA protection will enable SR Telecom to better position itself for an acquisition. ============= G E R M A N Y ============= A. FUERMANN: Claims Registration Ends December 20 ------------------------------------------------- Creditors of A. Fuermann GmbH have until Dec. 20 to register their claims with court-appointed insolvency manager Dr. Karl Franke. Creditors and other interested parties are encouraged to attend the meeting at 8:00 a.m. on Jan. 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aalen Hall 0.11 Ground Floor Stuttgarter Strasse 7 73430 Aalen 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. Karl Franke Schubartstr. 13 73430 Aalen Germany Tel: 07361/9251-0 Fax: 07361/9251-99 E-mail: karlfranke@kiesel-partner.de The District Court of Aalen opened bankruptcy proceedings against A. Fuermann GmbH on Nov. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: A. Fuermann GmbH Brucknerstr. 37 73430 Aalen Germany Attn: Michael Fuermann, Farberstr. 2 73432 Aalen-Unterkochen Germany AGRO-MAG TRANSPORT: Claims Registration Period Ends Dec. 18 ----------------------------------------------------------- Creditors of AGRO-MAG Transport GmbH have until Dec. 18 to register their claims with court-appointed insolvency manager Martin Schoebe. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Jan. 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kempten Room 144/I Residenzplatz 4-6 87435 Kempten 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: Martin Schoebe Ainmillerstr. 11 80801 Munich Germany Tel: 089/1893770 Fax: 089/18937750 The District Court of Kempten opened bankruptcy proceedings against AGRO-MAG Transport GmbH on Oct. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AGRO-MAG Transport GmbH Doesinger Weg 24 87665 Mauerstetten Germany BROOKLANDS GMBH: Claims Registration Period Ends Nov. 31 -------------------------------------------------------- Creditors of Brooklands GmbH have until Nov. 31 to register their claims with court-appointed insolvency manager Georg Kreplin. Creditors and other interested parties are encouraged to attend the meeting at 10:15 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 Duesseldorf Meeting Hall A 341 Fourth Floor Muehlenstrasse 34 40213 Duesseldorf 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: Georg Kreplin Breite Strasse 27 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Brooklands GmbH on Nov. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Brooklands GmbH Attn: Wilfried Kiausch, Manager Kaiserswerther Strasse 115 40474 Duesseldorf Germany CHRYSLER LLC: Cerberus Postpones US$4 Bln Debt Sale, Source Says ---------------------------------------------------------------- The sale of Chrysler LLC's US$4 billion loans has been postponed indefinitely, a source familiar with the matter told The Wall Street Journal, without specifying any timetable for a possible resale. According to Reuters, citing an unidentified source, the latest postponement was prompted by weak credit markets and worsening news from the U.S. automotive sector. JPMorgan Chase and Co., Citigroup Inc., Goldman Sachs Group Inc., Morgan Stanley and Bear Stearns & Co. had planned to sell the loans at about 97.5 cents on the dollar this week, in an aim to lessen US$171 billion in leveraged loan backlog, the TCR- Europe reported on Nov. 9, 2007. The banks, sources said, were eager to dispose the US$10 billion loans that they were not able to sell in July and August after Cerberus Capital Management acquired Chrysler from former owner DaimlerChrysler AG. As reported in the TCR-Europe on July 4, 2007, Fitch Ratings has initiated rating coverage on Chrysler LLC by assigning these ratings: -- Long-term Issuer Default Rating 'B+'; -- US$10 billion first-lien loan 'BB+/RR1'; -- US$2 billion second-lien loan 'BB+/RR1'. The US$12 billion in senior secured financing will be raised following the pending acquisition of 80.1% of Chrysler's parent, Chrysler Holding LLC, by affiliates of Cerberus Capital Management, L.P. The 'RR1' Recovery Rating is based on Fitch's expectation of full recovery in the event of bankruptcy. The Rating Outlook is Stable. The sale, which was previously postponed once, will push through depending on market conditions, a source told WSJ. Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. Chrysler is a unit of Cerberus Capital Management. * * * As reported in the Troubled Company Reporter on Oct. 31, 2007, Standard & Poor's Ratings Services said its corporate credit ratings on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC remain on CreditWatch with positive implications, following the United Auto Workers' narrow approval of the new Chrysler-UAW labor contract. The ratings were placed on CreditWatch on Sept. 26, 2007, based on S&P's belief that Chrysler would reach a deal similar to the one General Motors Corp. reached with the UAW on that date. 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 (B/Negative/--), including a 'BB-' rating to the US$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 US$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. Moody's Investors Service has affirmed Chrysler Automotive LLC's B3 Corporate Family Rating, and the Caa1 rating of the company's US$2 billion senior secured, second lien term loan in connection with the closing of DaimlerChrysler AG's sale of a majority interest of Chrysler Group to Cerberus Capital Management LLC. DEMA GMBH: Claims Registration Period Ends Dec. 18 -------------------------------------------------- Creditors of DEMA GmbH have until Dec. 18 to register their claims with court-appointed insolvency manager Ursula Paulus. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 29, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aachen Meeting Hall K 5 Third Floor Alter Posthof 1 52062 Aachen 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: Ursula Paulus Oppenhoffallee 120 52066 Aachen Germany Tel: 0241/9039775 Fax: 0241/9039816. The District Court of Aachen opened bankruptcy proceedings against DEMA GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DEMA GmbH Heibachstr. 49 52249 Eschweiler Germany ERDL GMBH: Claims Registration Ends December 31 ----------------------------------------------- Creditors of Erdl GmbH have until Dec. 31 to register their claims with court-appointed insolvency manager Dr. Margit Watzinger. Creditors and other interested parties are encouraged to attend the meeting at 1:15 p.m. on Jan. 29, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Traunstein Meeting Hall C 001 Herzog-Otto-Str. 1 83278 Traunstein 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. Margit Watzinger Stollstr. 5 83022 Rosenheim Germany Tel: 08031 /380960 Fax: 08031 / 13892 The District Court of Traunstein opened bankruptcy proceedings against Erdl GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Erdl GmbH Gabelsbergerstr. 4-6 83303 Trostberg Germany GFE ENERGIEANLAGEN: Creditors' Meeting Slated for Nov. 29 --------------------------------------------------------- The court-appointed insolvency manager for GFE Energieanlagen- Handels-GmbH, Stefanie Luethje, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:00 a.m. on Nov. 29. The meeting of creditors and other interested parties will be held at: The District Court of Bremen Hall 115 Ostertorstr. 25-31 28195 Bremen Germany The Court will also verify the claims set out in the insolvency manager's report at 11:00 a.m. on Jan. 31, 2008 at the same venue. Creditors have until Dec. 18 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Stefanie Luethje Ostertorsteinweg 74/75 28203 Bremen Germany Tel: 792570 Fax: 7925757 E-mail: Luethje@oelb.de Webmail: http://www.oelb.de/ The District Court of Bremen opened bankruptcy proceedings against GFE Energieanlagen-Handels-GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GFE Energieanlagen-Handels-GmbH Louis-Seegelken-Strasse 74 28717 Bremen Germany GLASBAU ROEBER: Claims Registration Ends December 27 ---------------------------------------------------- Creditors of Glasbau Roeber GmbH have until Dec. 27 to register their claims with court-appointed insolvency manager Torsten Gutmann. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Jan. 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Braunschweig Hall E 01 Martinikirche 8 38100 Braunschweig 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: Torsten Gutmann Lueders Partnergesellschaft Zum Blauen See 5 D 31275 Lehrte Tel: (0 51 32) 82 68 38 Fax: (0 51 32) 82 68 96 The District Court of Braunschweig opened bankruptcy proceedings against Glasbau Roeber GmbH on Oct. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Glasbau Roeber GmbH Petzvalstrasse 36 a 38108 Braunschweig Germany Attn: Sabine Wagner, Liquidator Forststrasse 4 38162 Cremlingen/Hordorf Germany GS DATENTECHNIK: Claims Registration Ends December 25 ----------------------------------------------------- Creditors of GS Datentechnik GmbH have until Dec. 25 to register their claims with court-appointed insolvency manager Dr. Christian Gerloff. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 15, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Hall 101 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christian Gerloff Nymphenburger Str. 139 80636 Muenchen Germany Tel: 089/120260 Fax: 089/12026127 The District Court of Munich opened bankruptcy proceedings against GS Datentechnik GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GS Datentechnik GmbH Daimlerstr. 18 85748 Garching Germany HAYN-BAU.DE: Claims Registration Ends December 20 ------------------------------------------------- Creditors of HAYN-Bau.de GmbH have until Dec. 20 to register their claims with court-appointed insolvency manager Hubert Haarbeck. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on Jan. 31, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Hubert Haarbeck Anton-Graff-Strasse 17 01309 Dresden Germany The District Court of Dresden opened bankruptcy proceedings against HAYN-Bau.de GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HAYN-Bau.de GmbH Klostergasse 24 01558 Grossenhain Germany HFHN WOOD: Creditors' Meeting Slated for Dec. 12 ------------------------------------------------ The court-appointed insolvency manager for HFHN Wood Engineering GmbH, Dr. Martin Gitzinger will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on Dec. 12. The meeting of creditors and other interested parties will be held at: The District Court of Saarbruecken Area Hall 13 First Floor Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on Jan. 9, 2008, at the same venue. Creditors have until Dec. 19 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Martin Gitzinger Grosser Markt 8 66740 Saarlouis Germany Tel: 06831-93090 Fax: 06831-930930 The District Court of Saarbruecken opened bankruptcy proceedings against HFHN Wood Engineering GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HFHN Wood Engineering GmbH Matthias-Nickel-Str. 14 66346 P�ttlingen-Koellerbach Germany HORN TRANSPORT: Claims Registration Period Ends Dec. 6 ------------------------------------------------------ Creditors of Gebr. Horn Transport und Logistic GmbH have until Dec. 6 to register their claims with court-appointed insolvency manager Wolfgang Matussek. Creditors and other interested parties are encouraged to attend the meeting at 1:40 p.m. on Jan. 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 Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolfgang Matussek Goethestrasse 6 17033 Neubrandenburg Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Gebr. Horn Transport und Logistic GmbH on Nov. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gebr. Horn Transport und Logistic GmbH Mozartstrasse 6 17192 Waren Germany JANSSEN-DRUCK GMBH: Claims Registration Period Ends Nov. 29 ----------------------------------------------------------- Creditors of Janssen-Druck GmbH have until Nov. 29 to register their claims with court-appointed insolvency manager Wilhelm Klaas. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Dec. 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 Kleve Meeting Hall C 58 Ground Floor Schlossberg 1 47533 Kleve Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wilhelm Klaas Eichendorffstrasse 25 47800 Krefeld Germany Tel: 02151/80580 Fax: 02151/805858 The District Court of Kleve opened bankruptcy proceedings against Janssen-Druck GmbH on Oct. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Janssen-Druck GmbH Hahnenacker 21 47533 Kleve Germany Attn: Wilhelm Janssen, Manager Hahnenacker 17 a 47533 Kleve Germany K-PLASTICS: Claims Registration Ends December 20 ------------------------------------------------ Creditors of K-plastics Kunststoffverarbeitung GmbH have until Dec. 20 to register their claims with court-appointed insolvency manager Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Jan. 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Meppen Hall 1 Obergerichtsstrasse 20 49716 Meppen 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: Andreas Sontopski Gnoiener Platz 10 48493 Wettringen Germany Tel: 02557-93840 Fax: 02557-938450 The District Court of Meppen opened bankruptcy proceedings against K-plastics Kunststoffverarbeitung GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: K-plastics Kunststoffverarbeitung GmbH Flachsmeerstr. 36a 26871 Papenburg Germany Attn: Dominique Kinzhofer, Manager Niehausstr. 3 49624 Loeningen Germany K.E.R. BAUSTOFFHANDEL: Claims Registration Ends December 28 ----------------------------------------------------------- Creditors of K.E.R. Baustoffhandel GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Michael Foehlisch. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Jan. 29, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Reinbek Parkallee 6 21465 Reinbek Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Foehlisch Hamburger Str. 208 22083 Hamburg Germany The District Court of Reinbek opened bankruptcy proceedings against K.E.R. Baustoffhandel GmbH on Nov. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: K.E.R. Baustoffhandel GmbH Chaussee 2 22145 Braak Germany KORROMAC KORROSIONSSCHUTZ: Claims Registration Ends December 28 --------------------------------------------------------------- Creditors of KORROMAC Korrosionsschutz u. Malerei GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Stephan Neubauer. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Jan. 29, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Reinbek Parkallee 6 21465 Reinbek 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 Neubauer Spitaler Strasse 4 20095 Hamburg Germany The District Court of Reinbek opened bankruptcy proceedings against KORROMAC Korrosionsschutz u. Malerei GmbH on Nov. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KORROMAC Korrosionsschutz u. Malerei GmbH Attn: Horst Schuemann, Manager Grosse Str. 15 a 22926 Ahrensburg Germany PHOENIX KAPITALDIENST: Court Rejects Fraspa Damage Claims --------------------------------------------------------- The District Court of Frankfurt (Main) has turned down a complaint lodged by investors of Phoenix Kapitaldienst GmbH, claiming damages from German savings bank Frankfurter Sparkasse AG (Fraspa), Handelsblatt reports. According to the report, the court is due to issue the grounds of its ruling within the next three weeks. Handelsblatt says Fraspa acknowledged the ruling. Meanwhile, the plaintiffs' lawyers are contemplating an appeal. Insolvency Plan As previously reported in the TCR-Europe on Nov. 8, 2007, the District Court of Frankfurt (Main) has rejected Phoenix Kapitaldienst's insolvency plan, acting on a complaint filed by Irish creditor Citco Global Custody. The insolvency plan foresees a EUR200 million payment to around 30,000 Phoenix Kapitaldienst investors. The court, however, has yet to act on a complaint filed by a total of 20 banks and financial service providers, asking for the appointment of a special insolvency administrator for Phoenix Kapitaldienst. In a TCR-Europe report on Oct. 31, 2007, the banks are accusing Frank Schmitt, Phoenix Kapitaldienst's insolvency administrator, of deceiving investors and catering to his own interests. Mr. Schmitt also allegedly used trustee funds belonging to investors, reportedly approved and arranged by members of the creditors' committee. Phoenix Kapitaldienst is a German security-trading bank, which owes up to EUR230 million in debts. The District Court of Frankfurt (Main) opened insolvency proceedings for the company on July 1, 2005. RAISCH GMBH: Claims Registration Period Ends Dec. 10 ---------------------------------------------------- Creditors of RAISCH GmbH Garten- und Landschaftsbau have until Dec. 10 to register their claims with court-appointed insolvency manager Martin Mucha. Creditors and other interested parties are encouraged to attend the meeting at 8:00 a.m. on Jan. 9, 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 Esslingen Hall One First Floor Ritterstr.5 (Eingang Strohstrasse) Esslingen 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: Martin Mucha Hunmboldtstr. 16 70178 Stuttgart Germany Tel: 0711/96689-0 Fax: 0711/966889-19 The District Court of Esslingen opened bankruptcy proceedings against RAISCH GmbH Garten- und Landschaftsbau on Oct. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RAISCH GmbH Garten- und Landschaftsbau Attn: Dieter Raisch, Manager Breslauer Str. 1 73760 Ostfildern Germany =========== G R E E C E =========== ARMSTRONG WORLD: Desseaux Files Monthly Report for Sept. 2007 ------------------------------------------------------------- Desseaux Corp. of North America Unaudited Balance Sheet As of September 30, 2007 ASSETS Current Assets US$0 Plant, Property and Equipment, Net 0 Other Assets: Investment in Subsidiary 3,885,354 Due from Parent Corporation 840 --------------- Total Assets US$3,886,194 LIABILITIES & EQUITY Liabilities Not Subject to Compromise: Due to Parent Corporation US$66,805 Payable to Nitram Liquidators - Postpetition 7,835 --------------- Total Liabilities Not Subject to Compromise 74,640 Liabilities Subject to Compromise: Accrued Expenses 247,768 Payable to Subsidiary 944,860 Notes Payable 2,964,500 --------------- Total Liabilities Subject to Compromise 4,157,128 Shareholder's Equity: Common Stock 1,000 Paid-in Capital 2,499,000 Retained Deficit (2,845,574) --------------- Total Shareholder's Equity (345,574) --------------- Total Liabilities and Owners' Equity US$3,886,194 Desseaux Corp. of North America Unaudited Statements of Operations Month Ended September 30, 2007 Ordinary Income/Expense US$0 --------------- Total Income/Expense 0 --------------- Federal Income Taxes 0 State Taxes 0 --------------- Net Income (Loss) (US$0) Based in Lancaster, Pennsylvania, Armstrong World Industries, Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and manufactures floors, ceilings and cabinets. AWI operates 42 plants in 12 countries and employs approximately 14,200 people worldwide. The company has Asia-Pacific locations in Australia, China, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. It also has locations in Colombia, Costa Rica, Greece and Iceland, among others. The company and its affiliates filed for chapter 11 protection on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell C.Silberglied, Esq., at Richards, Layton & Finger, P.A., represent the Debtors in their restructuring efforts. The company and its affiliates tapped the Feinberg Group for analysis, evaluation, and treatment of personal injury asbestos claims. Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton & Garrison, represent the Official Committee of Unsecured Creditors. The Creditors Committee tapped Houlihan Lokey for financial and investment advice. The Official Committee of Asbestos Personal Injury Claimant hired Ashby & Geddes as counsel. The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003. The District Court Judge Robreno confirmed AWI's Modified Plan on Aug. 14, 2006. The Clerk entered the formal written confirmation order on Aug. 18, 2006. The company's "Fourth Amended Plan of Reorganization, as Modified," has become effective and AWI has emerged from Chapter 11. Nitram Liquidators Inc. and Desseaux Corporation of North America delivered to the Court a Joint Chapter 11 Plan of Liquidation and an accompanying Disclosure Statement on Sept. 20, 2007. The Court has set Oct. 16, 2007, as the last day for filing objections to the Nitram/Desseaux's disclosure statement. A hearing to consider confirmation of the Plan is set for Nov. 2, 2007. (Armstrong Bankruptcy News, Issue No. 116; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) ARMSTRONG WORLD: Nitram Files September 2007 Operating Report ------------------------------------------------------------- Nitram Liquidators, Inc. Unaudited Balance Sheet As of September 30, 2007 ASSETS Current Assets: Cash US$12,368 Accounts Receivable 559,035 Reserve for Uncollectible Accounts (559,035) --------------- Other Current Assets: Deferred Tax - Due from Parent Corporation 952,694 Note Receivable from Southwest Recreation 6,334,948 Reserve for Receivable (6,334,948) --------------- Total Current Assets 965,119 --------------- Plant, Property and Equipment, Net 0 Other Assets 0 --------------- Total Assets US$965,061 LIABILITIES & EQUITY Liabilities Not Subject to Compromise: Due to Parent Corporation US$104,012 Accounts Payable Postpetition 481 --------------- Total Liabilities Not Subject to Compromise 104,493 Liabilities Subject to Compromise: Accounts Payable 208,148 Warranty Reserves 569,998 Due to Affiliates 8,443,772 --------------- Total Liabilities Subject to Compromise 9,221,918 Shareholder's Equity: Common Stock 1,000 Cumulative Dividends (Preferred) 2,964,500 Dividends (284,098) Paid-in Capital 3,459,000 Retained Deficit (14,501,751) --------------- Total Equity (8,361,349) --------------- Total Liabilities and Owners' Equity US$965,061 Nitram Liquidators, Inc. Unaudited Statements of Operations Month Ended August 31, 2007 Income US$0 --------------- Total Operating Expenses 0 Operating Income (Loss) 0 --------------- Other Income (Expense) Bank Fees (57) --------------- Total Other Income (57) --------------- Income (Loss) Before Capital-related Expenses (US$57) Based in Lancaster, Pennsylvania, Armstrong World Industries, Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and manufactures floors, ceilings and cabinets. AWI operates 42 plants in 12 countries and employs approximately 14,200 people worldwide. The company has Asia-Pacific locations in Australia, China, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. It also has locations in Colombia, Costa Rica, Greece and Iceland, among others. The company and its affiliates filed for chapter 11 protection on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell C.Silberglied, Esq., at Richards, Layton & Finger, P.A., represent the Debtors in their restructuring efforts. The company and its affiliates tapped the Feinberg Group for analysis, evaluation, and treatment of personal injury asbestos claims. Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton & Garrison, represent the Official Committee of Unsecured Creditors. The Creditors Committee tapped Houlihan Lokey for financial and investment advice. The Official Committee of Asbestos Personal Injury Claimant hired Ashby & Geddes as counsel. The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003. The District Court Judge Robreno confirmed AWI's Modified Plan on Aug. 14, 2006. The Clerk entered the formal written confirmation order on Aug. 18, 2006. The company's "Fourth Amended Plan of Reorganization, as Modified," has become effective and AWI has emerged from Chapter 11. Nitram Liquidators Inc. and Desseaux Corporation of North America delivered to the Court a Joint Chapter 11 Plan of Liquidation and an accompanying Disclosure Statement on Sept. 20, 2007. The Court has set Oct. 16, 2007, as the last day for filing objections to the Nitram/Desseaux's disclosure statement. A hearing to consider confirmation of the Plan is set for Nov. 2, 2007. (Armstrong Bankruptcy News, Issue No. 116; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) ============= H U N G A R Y ============= AES CORP: Completed Notes Purchase Cues Moody's LGD Update ---------------------------------------------------------- The AES Corporation (AES: B1 Corporate Family Rating) has completed its previously announced offer to purchase up to US$1.24 billion of outstanding senior notes. While no ratings changed as a result, the LGD point estimate on its senior secured credit facilities were revised to LGD 1, 2%, from LGD 1, 3%, its second priority secured notes to LGD 3, 38% from LGD 3, 41% and its senior unsecured notes to LGD 4, 53% from LGD 4, 57%. CLOROX COMPANY: Acquiring Burt's Bees for US$925 Million -------------------------------------------------------- The Clorox Company, as part of its strategy to grow in and beyond its core in fast-growing, higher-margin consumer-product categories, will acquire Burt's Bees, a leader in the natural personal care category. The highly fragmented U.S. natural personal care market represents about US$6.4 billion in sales and is currently growing at about 9% annually. Founded in 1984, the Burt's Bees(R) brand today is regarded among many consumers who purchase natural personal care products as the "most natural" personal care brand and as the leading natural brand in the U.S. The acquisition of Burt's Bees is strongly aligned with Clorox's Centennial Strategy to pursue growth in areas aligned with consumer "megatrends" in health and wellness, sustainability, convenience and a more multicultural marketplace. "This acquisition allows us to enter a growing market that's consistent with consumer megatrends," said Clorox Chairman and CEO Donald R. Knauss. "With this transaction, we're entering into a new strategic phase for our company, enabling us to expand further into the natural/sustainable business platform. The Burt's Bees(R) brand is well-anchored in sustainability and health and wellness, and we believe it will benefit from natural and "green" tailwinds. It's in an economically attractive category with a margin structure that will be highly accretive to Clorox. Combined with our new Green Works(TM) line of natural cleaning products, and Brita(R) water-filtration products, we can leverage Burt's Bees' extensive capabilities and credibility to build a robust, higher-growth platform for Clorox." Beth Springer, Clorox's executive vice president - Strategy & Growth, who will oversee the business, said, "Burt's Bees is a compelling strategic fit for us, and we believe we can expand on its strong trends over time to build even greater value. Burt's Bees has a highly effective strategy and plan, strong trade practices and organizational capabilities, and a robust culture and esprit de corps that we want to leverage and protect. We strongly believe Clorox's deep capabilities to drive demand creation through consumer communication and value-creating customer capabilities, coupled with Burt's Bees' strong heritage of innovation to delight consumers, create a right to win. We're delighted Burt's Bees president and CEO, John Replogle, will continue to lead the company, which will continue to be based in North Carolina." "I'm delighted we're entering into this partnership with Clorox and that I will be part of this exciting next step for Burt's Bees," said Mr. Replogle. "The Clorox Company and Burt's Bees have complementary values, visions and strengths. Together, I believe Clorox and Burt's Bees can help this business realize its full potential." "Burt's Bees' mission 'we make people's lives better every day - naturally' is a terrific complement to Clorox's mission 'we make everyday life better, every day,'" Ms. Springer said. "Burt's Bees' values align strongly with Clorox's and provide a solid foundation for working together and creating synergies between our management teams." Terms Of Deal & Financial Impact Under the terms of the agreement, Clorox will acquire 100% of Burt's Bees from its stockholders in a transaction that is structured as a merger. The company is acquiring Burt's Bees for US$925 million net of an additional US$25 million payment for anticipated tax benefits. Clorox will fund the all-cash transaction through a combination of cash and short-term borrowings. The transaction, which is expected to close by the end of this calendar year, is subject to regulatory approval. Commenting on the transaction, Clorox senior vice president and CFO Dan Heinrich said, "Burt's Bees is poised to capitalize on expanded distribution within the U.S. and other countries in which the Burt's Bees(R) brand is currently marketed. The business is enjoying strong distribution trends. We believe we can add value and expand these trends over time through our strong customer capabilities, while maintaining Burt's Bees' higher margins. We see potential for expanding the brand into adjacencies, and we believe international expansion may offer significant upside potential beyond our valuation." Based on its current growth trajectory and estimated 2007 net customer sales of about US$170 million, Burt's Bees is anticipated to add nearly 2 points of top-line growth to Clorox in fiscal years 2008 and 2009. Including estimates of purchase-accounting adjustments and one- time transaction and integration costs related to the transaction, the company anticipates that the transaction will dilute its fiscal year 2008 earnings by about 10-15 cents per diluted share and that it will be slightly accretive in fiscal year 2009. Excluding such purchase-accounting adjustments, one- time transaction and integration costs as well as non-cash expenses related to the transaction, the earnings per share impact is anticipated to be neutral in fiscal year 2008 and solidly accretive in fiscal year 2009. Lehman Brothers acted as sole financial advisor to The Clorox Company. Goldman Sachs was financial advisor to Burt's Bees. About Burt's Bees Burt's Bees is a leading manufacturer of earth-friendly natural personal care products. The company manufactures more than 150 products in categories such as lip care, face care, body care, hair care, men's grooming, baby care and outdoor remedies. Burt's Bees(R) products are carried in nearly 30,000 retail outlets, including major grocery and drug store chains in the U.S., United Kingdom, Ireland, Canada, Hong Kong and Taiwan. About Clorox Company Headquartered in Oakland, California, The Clorox Company (NYSE: CLX) -- http://www.thecloroxcompany.com/-- provides household cleaning products and reaches beyond bleach. Although best known for bleach (leader worldwide), Clorox makes laundry and cleaning items (Formula 409, Pine-Sol, Tilex), cat litter (Fresh Step), car care products (Armor All, STP), the Brita water-filtration system (in North America), and charcoal briquettes (Kingsford). The company has locations worldwide, including the Philippines, South Korea, Hungary, Russia and the United Kingdom. At Dec. 31, 2006, Clorox's balance sheet showed total assets of US$3,624 million and total liabilities of US$3,657 million resulting in a stockholders' deficit of US$33 million. The company reported a stockholders' deficit of US$156 million at June 30, 2006. ============= I R E L A N D ============= INTERNATIONAL SECURITIES: DBRS Cuts Sub. Debt Ratings to CCC ------------------------------------------------------------ Dominion Bond Rating Service has downgraded International Securities Trading Corporation plc's Issuer and Senior Unsecured Long-Term Debt rating to B from BB and maintained them Under Review with Negative Implications. The agency has also downgraded the Company's subordinated debt ratings to CCC from B and maintained them Under Review with Negative Implications. Given the current market disruption and following the multiple- notch downgrade last week by another rating agency of Structured Investment Vehicles that make up a portion of ISTC's assets, DBRS believes that the debt repayment capacity of the Company is increasingly more impaired. There is insufficient credit information transparency presented by ISTC, but based on its analysis DBRS believes that the Company may face the following: (1) a severe reduction in its cash position; (2) the disappearance of the availability of short-term funding; and (3) a material blow to ISTC's profitability and capital resources in the aftermath of the write-downs on SIVs in its portfolio. In the rating agency's view, such a scenario may affect the Company's debt-repayment capacity to a degree that is no longer commensurate with the earlier ratings. DBRS adds that the Under Review status of the current ratings will take into consideration any further developments related to ISTC in the current highly fluid and very negative scenario. A long-term rating of B is considered highly speculative and there is a reasonably high level of uncertainty as to the ability of the issuer to pay interest and principal on a continuing basis in the future, especially in periods of economic recession or industry adversity. Long-term debt in the CCC rating category is very highly speculative and is in danger of default of interest and principal. ISTC is based in Dublin, Ireland. At the half-year to March 15, 2007, ISTC had a balance sheet of EUR1.9 billion, EUR170.8 million of shareholders' equity and a total capital ratio of 10.7%. DBRS is waiting to see ISTC's full-year results for the year to Sept. 15, 2007, which are due to be released this month. SANMINA-SCI: To Redeem US$120 Mil. Floating Notes on December 18 ---------------------------------------------------------------- Sanmina-SCI Corporation has called for redemption on Dec. 18, 2007, US$120 million in aggregate principal amount of its Senior Floating Rate Notes due 2010. The aggregate principal amount of the Notes currently outstanding is US$300 million. The CUSIP numbers for the Notes being called for redemption are 800907 AL1and U80024 AC3. Upon redemption, holders of the Notes being redeemed will receive the principal amount of the Notes being redeemed, plus accrued and unpaid interest to but excluding the redemption date. "This is the first step in our debt reduction initiative and we remain committed to utilizing our positive cash flow to further reduce debt in fiscal 2008," Jure Sola, chairman and CEO of Sanmina-SCI Corporation, stated. Copies of the Notice of Redemption may be obtained from U.S. Bank National Association, the Paying Agent, by calling (800) 934-6802. Headquartered in San Jose, California, Sanmina-SCI Corporation (NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an Electronics Manufacturing Services (EMS) provider focused on delivering complete end-to-end manufacturing solutions to technology companies around the world. Service offerings include product design and engineering, test solutions, manufacturing, logistics and post-manufacturing repair/warranty services. The company has locations in Brazil, China, Ireland, Finland, Malaysia, Mexico and Singapore, among others. * * * As reported in the Troubled Company Reporter on Sept. 27, 2007 Standard & Poor's Ratings Services revised its outlook Sanmina- SCI Corp. to negative from stable. The corporate credit and senior unsecured ratings are affirmed at 'B+', and the subordinated debt rating is affirmed at 'B-'. ========= I T A L Y ========= ALITALIA SPA: Aeroflot Backs Out from Equity Purchase Race ---------------------------------------------------------- Alitalia S.p.A. disclosed that a communication has just been received from OAO Aeroflot stating its management has decided not to take part in the privatization of the Italian carrier. As previously reported in the TCR-Europe, Alitalia decided to open talks, through the financial advisor Citi and industrial advisor Roland Berger, with: -- OAO Aeroflot, -- Air France-KLM, -- AP Holding S.p.A., -- Cordata Baldassarre, -- Deutsche Lufthansa AG, -- TPG Capital. Alitalia, however, has concluded that Cordata Baldassarre's bid is "no longer compatible" to its planned stake sale. TPG Capital, meanwhile, has informed it was unable to finalize an Italian-led consortium, but will continue to follow the developments of the sale. 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. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. IMAX CORP: Signs Four-Picture Contract with Dreamworks Animation ---------------------------------------------------------------- IMAX Corporation and DreamWorks Animation SKG, Inc. has announced an agreement to release the studio's first three 3D motion pictures worldwide in IMAX(R) 3D. The IMAX 3D releases will include Monsters vs. Aliens in March 2009, How to Train Your Dragon in November 2009 and Shrek Goes Forth in May 2010. A fourth DreamWorks Animation title, Kung Fu Panda, will be released in IMAX's 2D format in June 2008. The IMAX 3D titles are expected to be among the first presented with IMAX's digital 3D projection system, which is scheduled to be launched beginning June 2008. This is IMAX's first multiple 3D picture deal with a Hollywood studio. The 3D titles also will be simultaneously released to conventional digital 3D theatres. Paramount Pictures will be the exclusive distributor of the pictures. "3D cinema has an opportunity to revolutionize the way people experience movies," said DreamWorks Animation's Chief Executive Officer, Jeffrey Katzenberg. "We believe the immersive quality of IMAX will provide our audiences with a unique way to experience our films and we are delighted to include IMAX as a key part of our 3D strategy." "DreamWorks Animation envisions 3D as the future of CGI animation, and we are excited to help them implement their approach to delivering outstanding content in the years ahead," said IMAX Co-Chairpersons and Co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "Further, we are so pleased that the timing of the roll-out of our digital projection technology can take advantage of DreamWorks Animation's 3D content that will look, sound and feel amazing when it is presented in IMAX." "DreamWorks Animation's creative spirit is well suited for IMAX 3D and we are delighted to be collaborating with their talented team to bring moviegoers a premium 3D cinematic experience," added IMAX Filmed Entertainment Chairperson and President, Greg Foster. "DreamWorks Animation consistently produces and markets films that appeal to adults and kids alike and these films will certainly play an important role in maintaining a well-rounded IMAX film slate over the next several years." All four films will be digitally re-mastered into the unparalleled image and sound quality of The IMAX Experience(R) with IMAX DMR(R) (Digital Re-mastering) technology. About DreamWorks Animation DreamWorks Animation SKG (NYSE-DWA) -- http://www.dreamworksanimation.com/-- is devoted to producing high-quality family entertainment through the use of computer- generated (CG) animation. Utilizing world-class creative talent and state-of-the-art technological capabilities, the company is committed to making two computer-animated feature films a year that appeal to a broad movie-going audience. The company has theatrically released a total of fifteen animated feature films, including Antz, Shrek, Shrek 2, Shark Tale, Madagascar, Wallace & Gromit: The Curse of the Were-Rabbit, Over the Hedge, Flushed Away, Shrek the Third and Bee Movie. About IMAX Corporation Based in New York City and Toronto, Canada, IMAX Corporation (NASDAQ:IMAX; TSX:IMX) -- http://www.imax.com/-- is an entertainment technology company, with emphasis on film and digital imaging technologies including 3D, post-production and digital projection. IMAX is a fully-integrated, out-of-home entertainment enterprise with activities ranging from the design, leasing, marketing, maintenance, and operation of IMAX(R) theatre systems to film development, production, post- production and distribution of large-format films. IMAX also designs and manufactures cameras, projectors and consistently commits significant funding to ongoing research and development. IMAX has locations in Guatemala, India, Italy, among others. * * * At June 30, 2007, the company's balance sheet showed total assets of US$220.2 million and total liabilities of US$284 million, resulting in a total shareholders' deficit of US$63.8 million. =================== K A Z A K H S T A N =================== ALTYN-TOBE CJSC: Proof of Claim Deadline Slated for Dec. 22 ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared CJSC Mining Company Altyn-Tobe insolvent. Creditors have until Dec. 22 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Post Office Box 1 050057, Almaty Kazakhstan Tel: 8 (7272) 37-03-31 8 777 390 38-30 AQUALIGHT CORPORATION: Creditors Must File Claims Dec. 25 --------------------------------------------------------- LLP Aqualight Corporation has declared insolvency. Creditors have until Dec. 25 to submit written proofs of claims to: LLP Aqualight Corporation 30 let Oktyabrya Str. 7 Shymkent South Kazakhstan Kazakhstan DELIVER TRANS: Claims Filing Period Ends Dec. 22 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty has declared LLP Deliver Trans Com (RNN 600400564328) insolvent on Sept. 25. Creditors have until Dec. 22 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Office 16 Jandosov Str. 20 Almaty Kazakhstan Tel: 8 (7272) 74-65-68 ENERGO PROM: Creditors' Claims Due on Dec. 22 --------------------------------------------- LLP Energo Prom Complect-2004 has declared insolvency. Creditors have until Dec. 22 to submit written proofs of claims to: LLP Energo Prom Complect-2004 Akkum Tolebyisky District South Kazakhstan Kazakhstan KAZTRANSOIL: S&P Affirms BB+ Ratings on Sovereign Relationship -------------------------------------------------------------- Standard & Poor's Ratings Services had affirmed the 'BB+' ratings on KazTransOil, a subsidiary of JSC NC KazMunayGas'. Ratings were also removed from CreditWatch with negative implications, where they had been placed on Oct. 3, 2007, following the CreditWatch listing of the Republic of Kazakhstan (foreign currency BBB-/Stable/A-3; local currency BBB/Stable/ A-3). The 'BB' ratings on KazTransGas and its 100% subsidiary JSC InterGas Central Asia were also affirmed. This reflects the application of S&P's parent-subsidiary criteria for all entities, as well as a review of the companies' stand-alone creditworthiness and their links with KMG. The outlook on KTO is positive, reflecting potential rating upside from its strengthening stand-alone credit quality. The outlook on KMG EP, KTG, and ICA is stable, mirroring that on KMG. "The rating actions follow a review of Kazakhstan's links with several GREs, including an assessment of the application of our GRE criteria," said Standard & Poor's credit analyst Elena Anankina. KAZAKHSTAN ELECTRICITY: S&P Affirms BB+ Ratings; Outlook Stable --------------------------------------------------------------- Standard & Poor's Ratings Services had affirmed its 'BB+' long- term corporate credit rating on 100% government-owned Kazakhstan Electricity Grid Operating Co. The outlook is stable, mirroring that on Kazakhstan. The rating is based on a top-down approach and is two notches below that on the sovereign, reflecting KEGOC's strategic importance to the country as the owner and operator of the core high-voltage electricity grid. The ratings were also removed from CreditWatch with negative implications, where they had been placed on Oct. 3, 2007, following the CreditWatch listing of the Republic of Kazakhstan (foreign currency BBB-/Stable/A-3; local currency BBB/Stable/ A-3). "The rating actions follow a review of Kazakhstan's links with several GREs, including an assessment of the application of our GRE criteria," said Standard & Poor's credit analyst Elena Anankina. MSS-MONTAZHSTROYSERVICE LLP: Claims Registration Ends Dec. 22 ------------------------------------------------------------- LLP MSS-Montazhstroyservice has declared insolvency. Creditors have until Dec. 22 to submit written proofs of claims to: LLP MSS-Montazhstroyservice Saryarka Str. 48/2 Astana Kazakhstan Tel: 8 (7172) 94-86-24 8 (7172) 94-86-25 PLEMPTITSA LLP: Proof of Claim Deadline Slated for Dec. 22 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Plemptitsa insolvent. Creditors have until Dec. 22 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Karbyshev Str. 47-39 Kostanai Kazakhstan Tel: 8 (7142) 28-96-40 SHYK CJSC: Creditors Must File Claims Dec. 22 --------------------------------------------- The Specialized Inter-Regional Economic Court of Astana has declared CJSC Shyk insolvent. Creditors have until Dec. 22 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Astana Valihanov Str. 71-68 Astana Kazakhstan Tel: 8 (7172) 21-48-16 TAMERLAN INTERPRISES: Claims Filing Period Ends Dec. 22 ------------------------------------------------------- Branch of LLP Tamerlan Interprises has declared insolvency. Creditors have until Dec. 22 to submit written proofs of claims to: Branch of LLP Tamerlan Interprises Micro District 12, 64-70 Aktobe Aktube Kazakhstan TEMIR ZHOLY: Government Support Cues S&P to Affirm BB+ Rating ------------------------------------------------------------- Standard & Poor's Ratings Services had affirmed the 'BB+' corporate credit and 'kzAA-' Kazakhstan national scale ratings on 100% government-owned national railroad company Kazakhstan Temir Zholy. The outlook is stable and mirrors that on the sovereign. S&P now applies a top-down approach to the ratings on KTZ, as is already the case for KMG and KEGOC, and the ratings reflect the company's high reliance on strong government support. For KTZ, the top-down approach reflects the company's strategic importance based on its position as a national rail monopoly, transporting 58% of national freight traffic and employing 2% of the national labor force. The 'BB+' rating on KTZ's 100% subsidiary JSC Kaztemirtrans was also affirmed, with the stable outlook mirroring that on the parent. The ratings on KTT are equalized with those on KTZ. The ratings were also removed from CreditWatch with negative implications, where they had been placed on Oct. 3, 2007, following the CreditWatch listing of the Republic of Kazakhstan (foreign currency BBB-/Stable/A-3; local currency BBB/Stable/ A-3). "The rating actions follow a review of Kazakhstan's links with several GREs, including an assessment of the application of our GRE criteria," said Standard & Poor's credit analyst Elena Anankina. =================== K Y R G Y Z S T A N =================== OSH ARAGY: Creditors' Meeting Slated for November 30 ---------------------------------------------------- Creditors of LLC Osh-Aragy will convene at 10:00 a.m. on Nov. 30 at: Lenin Str. 377 Osh Kyrgyzstan The meeting will discuss the company's accounts payable and accounts receivable, among others. LLC Osh-Aragy declared insolvency on Oct. 17, 2007. Subsequently, bankruptcy proceedings were introduced at the company. Yrysbai Sagynbayev has been appointed temporary insolvency manager. Creditors must submit their proofs of claim and be registered within seven days before the meeting with the temporary insolvency manager. Proxies must have authorization to vote. The temporary insolvency manager can be reached at (+996 3222) 5-69-48, 5-48-19, (0-502) 39-05-15. SMART COM: Creditors' Meeting Slated for November 29 ---------------------------------------------------- Creditors of Smart Com LLC will convene at 10:00 a.m. on Nov. 29 at: Administrative Building of Bishkek FEZ Mir Ave. 303 Bishkek Kyrgyzstan The Department on Bankruptcy Issues under the State Property Committee of the Kyrgyz Republic has appointed Suiunbai Mailybayev as temporary insolvency manager of the company on Oct. 19, 2007. Creditors must submit their proofs of claim and be registered within seven days before the meeting with the temporary insolvency manager. Proxies must have authorization to vote. The temporary insolvency manager can be reached at (0-773) 49- 44-21. ===================== N E T H E R L A N D S ===================== FOOT LOCKER: Paying US$0.125 Per Share Qtrly Dividend on Feb. 1 --------------------------------------------------------------- Foot Locker, Inc. Board of Directors has declared a quarterly cash dividend on the Company's common stock of US$0.125 per share, which will be payable on Feb. 1, 2008 to shareholders of record on Jan. 18, 2008. Foot Locker plans to report its third quarter 2007 financial results on Tuesday, Nov. 20, 2007. Headquartered in New York, Foot Locker, Inc. (NYSE: FL) --- http://www.footlocker-inc.com/-- is a retailer of athletic footwear and apparel, operated 3,942 primarily mall-based stores in the United States, Canada, Puerto Rico, the Netherlands, Australia, and New Zealand as of Feb. 3, 2007. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 11, 2007, Standard & Poor's Ratings Services has lowered its corporate credit and senior unsecured ratings on New York City-based Foot Locker Inc. to 'BB' from 'BB+'. S&P has removed the ratings from CreditWatch, where they were placed with negative implications on Aug. 18, 2006. S&P said the outlook is negative. KONINKLIJKE AHOLD: Completes Share Buyback Program -------------------------------------------------- Koninklijke Ahold N.V. has completed its EUR1 billion share buyback program launched on August 30, 2007. The total number of shares repurchased under the program was 96,427,207 common shares at an average price of EUR10.3702. The program was completed with the purchase of 3,117,909 common shares for a total consideration of EUR30.4 million in the final purchase period from Nov. 19, 2008, until Nov. 20, 2007. Of the total shares bought back, 76,427,207 are in the process of being canceled in accordance with resolutions adopted at Ahold's Annual General Meeting of Shareholders on May 3, 2007. The remaining 20 million shares bought back will be held by Ahold as treasury stock and used for employee share-based compensation. About Ahold Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal Ahold) -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe. It has operations in Argentina. The company's chain stores include Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. * * * As of Nov. 19, 2007, Koninklijke Ahold carries BB+ Issuer Default and senior unsecured ratings from Fitch Ratings. Fitch said the Outlook is Positive. Its Short-term rating is B. =============== P O R T U G A L =============== ATLANTES MORTGAGES 1: Fitch Affirms Class D Debt Ratings at BB -------------------------------------------------------------- Fitch Ratings has upgraded two tranches and affirmed five tranches of two Portuguese RMBS transactions. Following a satisfactory review of these deals, the following rating actions reflect the continued sound performance of the transactions throughout 2007: Azor Mortgages Plc: -- Class A (ISIN XS0206334095): affirmed at 'AAA'; Outlook Stable -- Class B (ISIN XS0206334335): upgraded to 'AA' from 'A+'; Outlook Positive -- Class C (ISIN XS0206334764): upgraded to 'A-' (A minus) from 'BBB+'; Outlook Positive Atlantes Mortgages No. 1 Plc: -- Class A (ISIN XS0161394324): affirmed at 'AAA'; Outlook Stable -- Class B (ISIN XS0161394910): affirmed at 'A'; Outlook Positive -- Class C (ISIN XS0161395305): affirmed at 'BBB'; Outlook Stable -- Class D (ISIN XS0161395560): affirmed at 'BB'; Outlook Stable In both transactions, delinquencies, defined as mortgage loans that are more than three months in arrears, have continued to rise. According to the latest investor reports the delinquencies of Azor Mortgages reached 1.50% of the outstanding portfolio, while Atlantes Mortgages Plc reported 5.07%, a ratio significantly higher than the average of other Portuguese transactions. The pools of securitized mortgage loans contain a portion of two types of government subsidies - Subsidized General and Subsidized Youth (ages 18-30). The program was initiated in 1977 to promote home ownership among lower income families; however, due to cuts in government expenditure, the program was brought to a halt in September 2002. No new subsidies have been issued since then, but the subsidies granted prior to 2002 are still financed by the government. Depending on the household size and income, the government may pay up to 44% of the interest on the loans. The income eligibility of the borrower is re-evaluated each year, and the percentage of subsidized interest decreases over time. The reviewed transactions benefit from swap transactions, whereby the risk arising from the mismatch between the interest paid on the issued notes and interest received from the mortgage loans disbursed to the borrowers has been hedged. The transactions also include liquidity facilities, incorporated with the purpose of covering liquidity shortfalls that might arise throughout the lifetime of the transaction. Mortgage loans that are more than 12 months in arrears have been provisioned 50% of their outstanding balance, mitigating the risk evolving from lengthy foreclosure procedures. Both transactions have a fully funded reserve fund and benefit from excess spread, which has been decreasing, and according to the latest investor report for Atlantes Mortgages Plc, reached 0.01% if the outstanding mortgage loan portfolio. The structures of the transactions permit the originator to substitute up to 5% of the initial mortgage loans in a 12-month period (calculated over the outstanding balance of mortgage loans at the start of the 12-month period). The structure of Azor Mortgages Plc also allows the originator to make limited alterations to the existing terms and conditions of the mortgage loans. These alterations are subject to restrictions, which, if breached, will result in the substitution or repurchase of the affected mortgage loan(s). Fitch has employed its credit-cover multiple methodology in reviewing these transactions to assess the level of credit support available to each class of notes. Credit cover levels are influenced by a number of factors such as delinquency levels, speed of note amortization, reserve fund levels and the seasoning of the transactions. Rating Outlooks for European Structured Finance tranches provide forward-looking information to the market. An Outlook indicates the likely direction of any rating change over a one- to two- year period. The Atlantes Mortgages No. 1 Plc and Azor Mortgages Plc are originated and serviced by members of the BANIF Group. ============= R O M A N I A ============= SBARRO INC: Posts US$35.1-Mil. Combined Net Loss for Third Qtr. --------------------------------------------------------------- Sbarro, Inc. disclosed results of operations for the third quarter and nine months ended Sept. 30, 2007. The company's detailed results are included in its Quarterly Report on Form 10-Q, which was filed with the U.S. Securities and Exchange Commission. MidOcean Partners' Acquisition of Sbarro On Jan. 31, 2007, MidOcean SBR Acquisition Corp., an indirect subsidiary of MidOcean SBR Holdings, LLC, an affiliate of MidOcean Partners III, L.P., and certain of its affiliates, merged with and into the company in exchange for consideration of US$450 million in cash, subject to certain adjustments. As a result of the merger, the company is now an indirect wholly owned subsidiary of MidOcean SBR Holdings. Third Quarter Financial Results Revenues were US$91.0 million for the quarter ended Sept. 30, 2007, as compared to US$79.2 million for the quarter ended Oct. 8, 2006. The third quarter of 2007 consisted of thirteen weeks as compared to twelve weeks in the third quarter of 2006. The one-week difference in 2007 generated revenues of approximately US$6.8 million. Sbarro's revenue increase was primarily driven by same-store sales growth of 3.2% in its company-owned stores, 4.3% in its domestic franchise stores and 6.6% in its international franchise stores as well as revenue from new stores opened in 2007. Net income for the quarter ended Sept. 30, 2007, was US$503 thousand as compared to US$2.1 million for the quarter ended Oct. 8, 2006. The decrease in net income was primarily due to higher net interest expense and depreciation and amortization resulting from the Merger. EBITDA, as calculated in accordance with the terms of the company's bank credit agreement, was US$14.7 million for the third quarter ended Sept. 30, 2007 as compared to US$13.0 million for the third quarter ended Oct. 8, 2006. The one week difference in 2007 generated EBITDA of approximately US$0.9 million. EBITDA increased after absorbing higher product costs, in particular the cost of cheese, which increased approximately US$1.5 million. As discussed in Exhibit A, EBITDA is a non-GAAP financial measure that management believes is an important metric to report to Sbarro's investors, as the company considers it a helpful additional indicator of Sbarro's ability to meet future debt obligations and to comply with certain covenants in the borrowing agreements which are tied to this metric. Exhibit A includes a reconciliation of EBITDA to net income (loss), which is the most directly comparable financial measure under U.S. Generally Accepted Accounting Principles (GAAP). Exhibit A also identifies adjustments to EBITDA that are provided for under the bank credit agreement. Year to Date Financial Results The company has reported operating results and its financial position for all periods presented as of and prior to Jan. 30, 2007, (prior to completion of the merger) as those of the Predecessor company and for all periods from and after Jan. 31, 2007, (from completion of the merger) as those of the Successor company. The company's operating results for the nine months ended Sept. 30, 2007, are presented as the combined results of the Predecessor and Successor companies. The presentations of 'Combined' results is not consistent with the requirements of GAAP; however, the company's management believes that it is a meaningful way to present the results of operations for the nine months ended Sept. 30, 2007. Combined revenues were US$254.1 million for the nine months ended Sept. 30, 2007, as compared to US$252.5 million for the nine months ended Oct. 8, 2006. The combined nine months of 2007 consisted of thirty-nine weeks as compared to the nine months of 2006 which consisted of forty weeks. The additional week in 2006 generated revenues of approximately US$5.9 million in 2006. Sbarro's revenue increase was primarily driven by same-store sales growth of 3.0% in its company-owned stores, 4.5% in its domestic franchise stores and 5.8% in its international franchise stores as well as revenue from new stores opened in 2007. Revenues related to the real estate operations, which were transferred to certain of the company's former shareholders in connection with the Merger, were US$0.3 million for 2007 and US$1.7 million for 2006. Combined net loss for the nine months ended Sept. 30, 2007, was US$35.1 million as compared to US$1.7 million for the nine months ended Oct. 8, 2006. The increase in net loss was due primarily to the special event bonuses as well as higher net interest expense and depreciation and amortization resulting from the Merger. Combined EBITDA for the nine months ended Sept. 30, 2007, as calculated in accordance with the terms of the company's bank credit agreement, was US$34.3 million as compared to US$35.6 million for the nine months ended Oct. 8, 2006. The additional week in 2006 produced EBITDA of approximately US$0.8 million in 2006. The remaining decline in EBITDA was primarily due to absorbing higher product costs, in particular cheese of approximately US$2.3 million. EBITDA for the twelve months ended Sept. 30, 2007, as calculated in accordance with the terms of the bank credit agreement, was US$59.7 million. This amount reflects a correction to the calculation of EBITDA, as determined under the bank credit agreement, that the company have made to eliminate a US$1.056 million adjustment that was incorrectly included in the calculation of the bank credit agreement EBITDA for the thirteen and the combined twenty- six weeks ended July 1, 2007. The correction is discussed in Exhibit A. As corrected, the EBITDA for the twelve months ended July 1, 2007, as calculated in accordance with the terms of the bank credit agreement, was US$58.9 million. Sbarro remains in compliance with the relevant borrowing covenants after giving effect to this correction to the calculation of EBITDA. The correction has no effect on prior or current financial statements or GAAP results or quarterly or annual filings with the Securities and Exchange Commission, as it involves solely an adjustment to the amount of an add-back included in the calculation of EBITDA pursuant to the terms of the bank credit agreement. Sbarro Chairperson, President and Chief Executive Officer, Peter Beaudrault commented, "We are pleased with the continuing growth in same store sales in both our company owned and franchised stores. We have opened 24 company owned stores in 2007, which is ahead of our schedule. Our International Franchise store openings continue to make progress and our pipeline of new International stores approximates 1,100." Mr. Beaudrault further commented, "While commodity cost increases, particularly cheese cost, have proven to be challenging in the quarter, we have done well in controlling all other expenses. Our combined EBITDA for the nine months of 2007, calculated in accordance with our bank credit agreement, declined approximately US$0.5 million, excluding the impact of the additional week in 2006, which produced EBITDA of approximately US$0.8 million in 2006. The decline in EBITDA was primarily due to absorbing higher product costs, in particular increased cheese costs of approximately US$2.3 million, which offset improved profitability generated by increased sales and good cost controls." In addition, the former shareholders received a distribution of the cash on hand in excess of (i) US$11 million, plus (ii) all amounts required to be paid in connection with various special event bonuses paid in connection with completion of the Merger. In connection with the Merger, the company transferred interests in certain non-core assets to a newly formed company owned by certain of the company's former shareholders. There was no additional consideration given for the transfer of these assets as they were treated as a dividend. The assets and related costs that the company transferred (Withdrawn Assets) were: -- the interests in 401 Broadhollow Realty Corp. and 401 Broadhollow Fitness Center Corp., which own the corporate headquarters of the company, the fitness center and the assets of the Sbarro Cafe located at the corporate headquarters; -- a parcel of undeveloped real property located in East Northport, New York; -- the interests in Boulder Creek Ventures, LLC and Boulder Creek Holdings, LLC, which own a 40% interest in a joint venture that operates 15 steakhouses under "Boulder Creek" and other names; and -- the interest in Two Mex-SS, LLC, which owns a 50% interest in a joint venture that operates two tex-mex restaurants under the "Baja Grill" name. About Sbarro Sbarro, Inc. -- http://www.sbarro.com/-- headquartered in Melville, New York, is a leading quick service restaurant chain that serves Italian specialty foods. As of April 23, 2006, the company owned and operated 482 and franchised 491 restaurants worldwide under brand names such as "Sbarro," "Umberto's," and "Carmela's Pizzeria". Total revenues for fiscal 2005 were approximately US$348 million. The company announced on June 19, 2006, its international expansion by opening more than 25 restaurants in Guatemala, El Salvador, Honduras, The Bahamas, the Philippines and Romania. As reported in the Troubled Company Reporter - Asia Pacific on Feb. 8, 2007, Standard & Poor's Ratings Services revised its outlook on Sbarro Inc. to negative from stable. At the same time, Standard & Poor's affirmed the company's 'B-' corporate credit rating and other ratings. TCR-AP also reported on Feb. 8 that Moody's Investors Service assigned the company a B3 corporate family rating while at the same time assigned Ba3 senior secured ratings to its proposed bank facility consisting of a US$25-million 1st lien revolver and a US$150-million 1st lien term loan. Additionally, the rating agency gave a Caa1 rating on the proposed US$150-million senior unsecured notes and a SGL-3 speculative grade liquidity rating. =========== R U S S I A =========== EUROSTEEL CJSC: Creditors Must File Claims by Dec. 10 ----------------------------------------------------- Creditors of CJSC EuroSteel have until Dec. 10 to submit proofs of claim to: LLC Expert Moscow Str. 68 344007 Rostov-on-Don Russia The Arbitration Court of Rostov will convene at 10:00 a.m. on Feb. 5, 2008, to hear the company's bankruptcy supervision procedure. The Court appointed A. Yu. Dolzhenko as interim manager. The case is docketed under Case No. A53-15725/ 2007-?1-33. The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: CJSC EuroSteel Anton Glushko per. 75, 11 Taganrog 347900 Rostov Russia CHEREMUSHKI OJSC: Creditors Must File Claims by Dec. 10 ----------------------------------------------------- Creditors of OJSC Cheremushki have until Dec. 10 to submit proofs of claim to: A. N. Pivovarov P.O. Box 13007 54091 Chelyabinsk Russia The Arbitration Court of Chelyabinsk commenced competitive proceedings against the company after finding it insolvent on Oct. 9. The case is docketed under Case No. A76-17054/ 2007-48-272. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: OJSC Cheremushki Settlement Chesma Chelyabinsk Russia FORD MOTOR: Russian Plant Workers Resume Strike ----------------------------------------------- Workers at Ford Motor Co.'s manufacturing plant in Vsevolozhsok, Russia, resumed their strike on Nov. 20, 2007, demanding higher wages and reduction of night shifts from March 2008, published reports say. According to reports, Ford's workers held a 19-hour strike on Nov. 6, 2007, after management repeatedly rejected their pay hike demands. They returned to work after a court ordered the union to postpone further action until Nov. 20, 2007. In a report by RIA Novosti, Yekaterina Kulinenko, a public relations manager at Ford said that the strike could disrupt car deliveries to Russian customers. "The cars that were ordered earlier will be produced later and, correspondingly, their delivery will be delayed due to the strike," Mr. Kulinenko was quoted by RIA Novosti, adding that the plant's daily output was 300 Ford Focus vehicles. Mr. Kulinenko added the company's management was prepared to hold talks with the plant's trade union only after the strike was over. About Ford Motor Co. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the Company maintains a presence in Sweden, and the United Kingdom. The Company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit and other ratings on Ford Motor Co. and Ford Motor Credit Co. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007. S&P said the outlook is stable. As reported in the Troubled Company Reporter on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. KUZNETSKAUTOYUG CJSC: Court Hearing Slated for Feb. 20, 2008 ------------------------------------------------------------ The Arbitration Court of Kemerovo will convene at 10:45 a.m. on Feb. 20 to hear the bankruptcy supervision procedure of JCSC KuznetskAutoYug. The Court appointed M. M. Brodesko as interim manager. The case is docketed under Case No. A27-8602/ 2007-4. The Court is located at: The Arbitration Court of Kemerovo Krasnaya Str. 8 Kemerovo Russia The Debtor can be reached at: JCSC KuznetskAutoYug Pr. Kurako 31-31 Novokuznetsk 654000 Kemerovo Russia ROSNEFT OIL: Dutch Court Places Fund Under Temporary Injunction --------------------------------------------------------------- A court in Amsterdam, Netherlands, placed on temporary injunction RUR3.5 billion in funds that OAO Rosneft Oil Co. could receive from motions filed in the country, Interfax News reports. The court issued the injunction order upon request by Glendale Group, which is claiming RUR3.5 billion from Rosneft unit Yuganskneftegaz, Interfax relates. Glendale claims the unit issued the amount in eight promissory notes in 2003. The court had placed an injunction on the funds in December 2006 following an petition by Yukos Capital S.a.r.l. for the Russian court ruling recognized and executed in the Netherlands. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines, and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is positive. UIBATSKIJ OJSC: Creditors Must File Claims by Jan. 10, 2008 ----------------------------------------------------------- Creditors of OJSC Lugging Enterprise Uibatskij have until Jan. 10, 2008, to submit proofs of claim to: A. V. Kozhematov Competitive proceedings manager P.O. Box 20647 660017 Krasnoyarsk Russia The Arbitration Court of Khakasia commenced competitive proceedings against the company on Oct. 26. The case is docketed under Case No. A74-1208/2007. The Debtor can be reached at: OJSC Lugging Enterprise Uibatskij Lenina Str. 52 Ust'-Byur' Township Ust'-Abakanskij Raion 655120 Khakasia Russia YUGO-ZAPAD CJSC: Creditors Must File Claims by Dec. 10 ------------------------------------------------------ Creditors of CJSC Yugo-Zapad have until Dec. 10 to submit proofs of claim to: E. A. Boyarshinov Competitive proceedings manager Office 60 El'kina Str. 96 54048 Chelyabinsk Russia The Arbitration Court of Chelyabinsk commenced competitive proceedings against the company on Oct. 22. The case is docketed under Case No. A76-15104/07-60-158. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: CJSC Yugo-Zapad Gryaznova Str. 44-1 Magnitogorsk 455037 Chelyabinsk Russia ========= S P A I N ========= CAJA LABORAL 1: Fitch Junks Class E Notes with Stable Outlook ------------------------------------------------------------- Fitch Ratings has affirmed the five tranches of IM Caja Laboral 1, Fondo de Titulizacion de Activos following a review of the performance of this mortgage backed transaction. This transaction is a securitization of first- and second- ranking Spanish residential mortgage loans originated and serviced by Caja Laboral Popular. The mortgage pool displays a high geographical concentration in the Basque region where Caja Laboral has a strong franchise. Currently, loans that are more than one month in arrears correspond to 0.38% of the collateral balance, whereas loans that are more than three months in arrears are 0.03% in this transaction. All classes are amortizing sequentially, however, the class B, C and D notes will be redeemed pro rata with the class A if the credit enhancement for class A notes has doubled since closing and the outstanding balance of mortgages more than three months in arrears does not exceed 1.5%, 1% and 0.75% of the then- outstanding collateral balance for B, C and D notes, respectively. The class E notes were issued to finance the cash reserve fund at closing and have been structured to mirror the amortization profile of the reserve fund. There is a swap agreement in place with Caja Laboral. Under this agreement, the issuer will pay over a notional amount, defined as the balance of non-defaulted collateral, a weighted average of 12 million Euribor that accounts for distribution of annual, semi-annual and quarterly reset dates on the collateral. In return, it will receive the 3 million Euribor rate over the same notional. The rating actions are: -- Class A (ISIN ES 0347565006): affirmed at 'AAA'; Outlook Stable -- Class B (ISIN ES 0347565014): affirmed at 'AA'; Outlook Stable -- Class C (ISIN ES 0347565022): affirmed at 'A+'; Outlook Stable -- Class D (ISIN ES 0347565030): affirmed at 'BBB+'; Outlook Stable -- Class E (ISIN ES 0347565048): affirmed at 'CCC'; Outlook Stable Fitch has employed its credit cover multiple methodology in reviewing the deals in order to assess the level of credit support available to each class of notes. Rating Outlooks for European Structured Finance tranches provide forward-looking information to the market. An Outlook indicates the likely direction of any rating change over a one- to two-year period. ===================== S W I T Z E R L A N D ===================== CONFIANCE SERVICES: Creditors' Liquidation Claims Due by Nov. 23 ---------------------------------------------------------------- Creditors of JSC Confiance Services have until Nov. 23 to submit their claims to: JSC KENDRIS private Liquidator Badenerstrasse 172 8004 Zurich Switzerland The Debtor can be reached at: JSC Confiance Services Zug Switzerland FIVEST VENTURE: Creditors' Liquidation Claims Due by November 26 ---------------------------------------------------------------- Creditors of JSC FIVEST Venture Capital have until Nov. 26 to submit their claims to: Martin Fatzer Treuhand Zurcherstrasse 35 5628 Birri/Aristau Muri AG Switzerland The Debtor can be reached at: JSC FIVEST Venture Capital Zug Switzerland GARAGE SONNENBERG: Creditors Must File Claims by November 26 ------------------------------------------------------------ Creditors of JSC Garage Sonnenberg Wollerau have until Nov. 26 to submit their claims to: Josef Niederberger Roosstrasse 20 8832 Wollerau Hofe SZ Switzerland The Debtor can be reached at: JSC Garage Sonnenberg Wollerau Wollerau Hofe SZ Switzerland HASLER-DRUCK JSC: Creditors Must File Claims by November 26 ----------------------------------------------------------- Creditors of JSC Hasler-Druck have until Nov. 26 to submit their claims to: Walter Hasler Liquidator Fluhbergstrasse 3 8708 Mannedorf Meilen ZH Switzerland The Debtor can be reached at: JSC Hasler-Druck Mannedorf Meilen ZH Switzerland IEC EUROPETROL: Creditors' Liquidation Claims Due by November 26 ---------------------------------------------------------------- Creditors of JSC IEC Europetrol have until Nov. 26 to submit their claims to: Dr. Max Sidler Liquidator Untermuli 6 6302 Zug Switzerland The Debtor can be reached at: JSC IEC Europetrol Zug Switzerland IMV INSTITUT: Creditors' Liquidation Claims Due by November 26 -------------------------------------------------------------- Creditors of IMV Institut fur Management - und Verhaltenstraining have until Nov. 26 to submit their claims to: Roland Minnig Liquidator Innere Guterstrasse 4 6304 Zug Switzerland The Debtor can be reached at: IMV Institut fur Management - und Verhaltenstraining Institute of Management and Behavior Training Zug Switzerland NEUGRUTT-GASTSTATTEN: Creditors Must File Claims by November 26 --------------------------------------------------------------- Creditors of JSC Neugrutt-Gaststatten have until Nov. 26 to submit their claims to: Rheinpark 9430 St. Margrethen SG Switzerland The Debtor can be reached at: JSC Neugrutt-Gaststatten St. Margrethen SG Switzerland RONOR JSC: Creditors' Liquidation Claims Due by November 26 ----------------------------------------------------------- Creditors of JSC Ronor have until Nov. 26 to submit their claims to: Dr. Balthasar Bessenich Mailbox 257 4010 Basel Switzerland The Debtor can be reached at: JSC Ronor Riehen BS Switzerland RUD. ITEN: Creditors' Liquidation Claims Due by November 26 ----------------------------------------------------------- Creditors of LLC Rud. Iten Heizungskontrollen have until Nov. 26 to submit their claims to: Rudolf Urs Iten Liquidator Einschlagmatteli 3 4710 Balsthal Thal SO Switzerland The Debtor can be reached at: LLC Rud. Iten Heizungskontrollen Balsthal Thal SO Switzerland SEATECH COMPUTERSYSTEMS: Claims Registration Period Ends Nov. 26 ---------------------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC Seatech Computersystems on Sept. 18. Creditors have until Nov. 26 to file their written proofs of claim. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Seatech Computersystems 6343 Risch ZG Switzerland ============= U K R A I N E ============= AFINITY-SERVICE LLC: Creditors Must File Claims by November 25 -------------------------------------------------------------- Creditors of LLC Afinity-Service (code EDRPOU 33598246) have until Nov. 25 to submit their proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/386-b. The Debtor can be reached at: LLC Afinity-Service Predslavinskaya Str. 34-B Kiev Ukraine HOTEL MIR: Creditors Must File Claims by November 24 ---------------------------------------------------- Creditors of Rent Enterprise Hotel Mir (code EDRPOU 13983197) have until Nov. 24 to submit their proofs of claim to: The Economic Court of Rivne Yavornitskiy Str. 59 33001 Rivne Ukraine The Economic Court of Rivne commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 9/45. The Debtor can be reached at: Rent Enterprise Hotel Mir Mitskevich Str. 32 Rivne Ukraine KOVALEVKA OJSC: Claims Filing Bar Date Set November 24 ------------------------------------------------------ Creditors of Kovalevka OJSC (code EDRPOU 00855150) have until Nov. 24 to submit their proofs of claim to: The Economic Court of Nikolaev Admiralskaya Str. 22 54009 Nikolaev Ukraine The Economic Court of Nikolaev commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 2/443/07. The Debtor can be reached at: Kovalevka OJSC Kovalevka 57101 Nikolaev Ukraine KRUPA OJSC: Creditors Must File Claims by November 25 ----------------------------------------------------- Creditors of OJSC Krupa (code EDRPOU 30425435) have until Nov. 25 to submit their proofs of claim to: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Debtor can be reached at: OJSC Krupa Gagarin Str. Soroka Illintsy District 22731 Vinnica Ukraine LEBIAZHEYE LLC: Creditors Must File Claims by November 25 --------------------------------------------------------- Creditors of Agricultural LLC Lebiazheye (code EDRPOU 00707679) have until Nov. 25 to submit their 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 proceedings against the company after finding it insolvent. The case is docketed under Case No. B-48/160-07. The Debtor can be reached at: Agricultural LLC Lebiazheye Lebiazheye Zachepilovka District Kharkov Ukraine MIR LLC: Claims Filing Bar Date Set November 25 ----------------------------------------------- Creditors of LLC Mir (code EDRPOU 03772559) have until Nov. 25 to submit their proofs of claim to: The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Economic Court of Poltava commenced bankruptcy supervision procedure on the company. The Debtor can be reached at: LLC Mir Romodan Mirgorod District Poltava Ukraine PRIDNIEPROVSKY MANAGEMENT: Claims Filing Bar Date Set Nov. 25 ------------------------------------------------------------- The Economic Court of Dnipropetrovsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. B 24/445-07. Creditors of OJSC Pridnieprovsky Management of Building (code EDRPOU 14308291)have until Nov. 25 to submit their proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Debtor can be reached at: OJSC Pridnieprovsky Management of Building Anoshkin Avenue 181 Dnieprodzerzhynsk 51917 Dnipropetrovsk Ukraine WESTPROM-TRADE LLC: Creditors Must File Claims by November 25 ------------------------------------------------------------- Creditors of LLC Westprom-Trade (code EDRPOU 33377856) have until Nov. 25 to submit their proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 19/195/07. The Debtor can be reached at: LLC Westprom-Trade Karpenko-Kary Str. 60 69084 Zaporozhje Ukraine =========================== U N I T E D K I N G D O M =========================== ARROW ELECTRONICS: North American Biz to Deploy Seagate Products ---------------------------------------------------------------- Arrow Electronics, Inc.'s North American Components business will distribute Seagate Technology's industry-leading disc-drive product portfolio to Arrow's broad customer base in the United States and Canada under an agreement announced. Arrow will distribute Seagate's product portfolio including its industry- leading EE25 hard-drive series for extreme environments, the DB35 series for digital video recorders and home media servers, the SV35 family for digital video surveillance systems, Savvio 2.5-inch drives for mission- critical enterprise server and storage applications, and the Momentus family for laptop computers. "Arrow's proven success in technical demand creation with the embedded marketplace will provide broad customer access to the industry's most diverse product portfolio," said Seagate's vice president of global marketing, Marc Jourlait. "We are pleased to be extending our reach with the addition of Arrow as we continue to deliver advanced digital storage that powers mainstream and cutting-edge applications." "Seagate's demonstrated leadership in disc-drive technology and its commitment to developing unique solutions that meet, and exceed, the diverse storage requirements of our OEM customer base clearly adds to our value proposition," said Arrow's North American Components business vice president of marketing, Robert Behn. The proliferation of embedded multimedia applications requiring audio and video, and increasing regulatory requirements across various markets are two important factors driving the storage needs of embedded OEMs. "These ever-increasing embedded storage requirements are what led Seagate and Arrow to formalize our strategic alliance," said Mr. Behn. About Arrow North American Components The North American Components (NAC) business of Arrow Electronics, Inc., is a leading provider of semiconductors and passive, electromechanical and connector products, computing solutions, services and supply-chain solutions tailored to serve distinct customer segments with dedicated sales teams. Two primary, customer-focused NAC groups serve these market segments: The Arrow Electronics Components Group serves North America-based OEM and contract manufacturing customers, and the Arrow/Zeus Electronics Group targets the aerospace and military markets. About Arrow Electronics Headquartered in Melville, New York, Arrow Electronics Inc. -- http://www.arrow.com/-- provides products, services and solutions to industrial and commercial users of electronic components and computer products. Arrow serves as a supply channel partner for nearly 600 suppliers and more than 130,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of over 270 locations in 53 countries and territories. The company operates in France, Spain, Portugal, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden, Italy, Germany, Austria, Switzerland, Belgium, the Netherlands, United Kingdom, Argentina, Brazil, Mexico, Australia, China, Hong Kong, Korea, Philippines and Singapore. * * * Arrow Electronics senior subordinated stock continues to carry Moody's Investors Service's Ba1 rating. The company's senior preferred stock is rated at Ba2. BALLY TECH: Inks Casino Management System Pact With Pechanga ------------------------------------------------------------ Bally Technologies Inc. has signed a sweeping contract with the award-winning Pechanga Resort & Casino to provide a complete slot accounting and casino management system solution, advanced bonusing technology and more than 3,600 iVIEW interactive player-communication displays for all of Pechanga's gaming machines. The contract is the company's most comprehensive systems agreement ever and also includes the Bally Business Intelligence/Data Visualization solution and the first sale of the server-based Bally Live Rewards Casino Challenge(TM) tournament technology. Pechanga will utilize Bally Slot Management Systems (TM)/Casino Management Systems (TM) technologies and Bally eTICKET(TM) cashless functionality. Pechanga also selected Bally Power Bonusing(TM) products, including Bally Power Winners(TM), a configurable random progressive jackpot technology that rewards players using their player's club cards, and Bally Power Promotions(TM), which gives players the ability to convert their club points into downloadable slot machine credits. Pechanga also plans to re-wire its casino floor with advanced Ethernet capabilities that will boost the performance of the Bally products even further and prepare the property for the introduction of server gaming and advanced network floor functionality. The high-speed floor will allow for the launch of the player- centric Casino Challenge tournaments presented on the iVIEW displays, giving Pechanga the ability to conduct floor-wide slot tournaments designed to increase time on device while rewarding key players and building excitement on the casino floor. "We are constantly looking at ways to enhance the Pechanga experience for our guests," said Pechanga Development Corporation President, Amy Minniear. "After a careful competitive review, we found that Bally's product lineup would help us make immediate enhancements for our players while laying the foundation for a wide variety of technologies that will benefit our operation in the future." "We are extremely pleased to add Pechanga to our growing list of Systems customers, especially those in Southern California," said Bally Technologies Chief Executive Officer, Richard Haddrill. "As one of the most successful casino operations in the country, Pechanga is the perfect showcase for our product lineup. The Bally iVIEW display in particular will help the forward-thinking team at Pechanga to offer their customers a new playing and service experience." About Pechanga Pechanga Resort & Casino, owned and operated by the Pechanga Band of Luiseno Mission Indians, is located just off I-15 in the popular wine-growing region of Temecula, Southwest California. The resort's central location and easy freeway access make it a popular gaming destination for those driving from Los Angeles, Orange County and San Diego. About Bally Technologies Inc. Headquartered in Las Vegas, Nevada, Bally Technologies, Inc. (NYSE: BYI) -- http://www.BallyTech.com/-- designs, manufactures, operates, and distributes advanced gaming devices, systems, and technology solutions worldwide. Bally's product line includes reel-spinning slot machines, video slots, wide- area progressives and Class II lottery and central determination games and platforms. Bally Technologies also offers an array of casino management, slot accounting, bonus, cashless, and table management solutions. The company also owns and operates Rainbow Casino in Vicksburg, Mississippi. The company's South American operations are located in Argentina. The company also has operations in France, Germany, Macau, China, India, and the United Kingdom. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 13, 2007, Fitch Ratings has upgraded Bally Technologies' secured bank debt rating and affirmed Bally's Issuer Default Rating as: -- Secured bank credit facility upgraded to 'B/RR3' from 'B-/RR4'; -- Issuer Default Rating affirmed at 'B-'. Fitch has revised the rating outlook to stable from negative. On Nov. 7, 2007, Standard & Poor's Ratings Services has raised its corporate credit and senior secured debt ratings on Bally Technologies Inc. to 'B+' from 'B-'. Concurrently, S&P revised the CreditWatch implications to positive from developing. BROXBOURNE BOROUGH: Claims Filing Period Ends December 21 --------------------------------------------------------- Creditors of Broxbourne Borough FC Ltd. have until Dec. 21 to send in their names, addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Andrew Andronikou Joint Liquidator UHY Hacker Young St. Alphage House 2 Fore Street London EC2Y 5DH England Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were appointed joint liquidators of the company on Nov. 13 for the creditors' voluntary winding-up proceeding. CHURCH VIEW: Brings In Liquidators from Mazars ---------------------------------------------- Simon David Chandler and Alistair Steven Wood of Mazars LLP were appointed joint liquidators of Church View Shop & Building Contractors Ltd. (t/a CVSB Ltd.) on Nov. 5 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Mazars LLP The Broadway Dudley West Midlands DY1 4PY England DESIGNER STEELS: Claims Filing Period Ends December 7 ----------------------------------------------------- Creditors of Designer Steels Ltd. have until Dec. 7 to send their names and addresses and particulars of their claims to: Matthew Colin Bowker and David Antony Willis Joint Liquidators Tenon Recovery Lowgate House Lowgate Hull HU1 1EL England Matthew Colin Bowker and David Antony Willis of Tenon Recovery were appointed joint liquidators of the company on Nov. 9 for the creditors' voluntary winding-up proceeding. FKI PLC: Acquires Hunslet-Barclay for GBP2.1 Million ---------------------------------------------------- FKI Plc acquired Nov. 12, 2007, the business and assets of Hunslet-Barclay Ltd. for the sum of GBP2.1 million, in behalf of its subsidiary Brush Traction. The acquisition of the business of Hunslet-Barclay fits in with the strategy that FKI has been looking to execute by moving Brush Traction's business into multiple unit refurbishment. This will now allow the company to offer its customers solutions for both locomotives and coach work, whilst providing a strategically important site in Scotland to better serve the Scottish rail industry. As reported in the TCR-Europe, Hunslet-Barclay Ltd. called in administrators from KPMG Restructuring on Oct. 26,2007, following an application by its directors with the Court of Session. Production inefficiencies and difficulties on certain refurbishment contracts led to significant trading losses for Hunslet-Barclay. Despite management changes and the instigation of a restructuring program, serious cash flow difficulties ultimately forced the directors to appoint administrators. About Brush Traction Brush Traction offers a wide range of products for the rail traction market. The company has produced locomotives and propulsion systems for passenger carrying vehicles worldwide for many years. About Hunslet-Barclay Ltd. Headquartered in Kilmarnock, Scotland, Hunslet-Barclay Ltd. is a long established engineering business which specializes in the refurbishment and repair of rail vehicles and related components. It is Austrian-owned and is part of the Waagner Biro group. It employs 138 staff and had a turnover of GBP9 million for the year to Dec. 31, 2006. Turnover for the year to Dec. 31, 2007, was on target to exceed GBP10 million. About FKI PLC Headquartered in Loughborough, England, FKI PLC -- http://www.fki.co.uk/-- is an international engineering group active in the four specialized business areas: FKI Logistex, Lifting Products & Services, Hardware and Energy Technology. * * * As reported in the TCR-Europe on Oct. 4, 2007, Moody's Investors Service downgraded to Ba3 from Ba2 the Corporate Family Rating and the long-term senior unsecured rating of FKI plc. The outlook on all ratings has been changed to stable from negative. Downgrades: * Issuer: FKI plc -- Probability of Default Rating, Downgraded to Ba3 from Ba2; -- Corporate Family Rating, Downgraded to Ba3 from Ba2; -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3 from Ba2. Outlook Actions: * Issuer: FKI plc -- Outlook, Changed To Stable From Negative On July 12, 2007, Standard & Poor's Ratings Services revised its outlook on U.K.-based engineering group FKI PLC to negative from stable. At the same time, the 'BB' long-term and 'B' short-term corporate credit ratings were affirmed. FORD MOTOR: UK Union Leaders Favor Tata Bid for Two Brands ---------------------------------------------------------- Although officially protesting the sale, labor union leaders in the United Kingdom representing workers for Ford Motor Company's Jaguar and Land Rover units have selected bidder Tata Motors Ltd. to acquire the carmaker's Jaguar and Land Rover brands, various papers disclose. Among the final bidders of two of Ford's Premier Automotive Group brands -- Tata, J.P. Morgan Chase & Co.'s One Equity Partners and Mahindra & Mahindra Ltd. -- Tata is seen by Unite, U.K.'s largest union, as the one who will likely serve the best interest of the union members, Russell Hotten of the Telegraph.Co.UK reports citing Unite's joint general secretary, Tony Woodley. Unite union leaders at Jaguar and Land Rover said that if the U.K.-based units are sold, it should to be to a company "with an established presence and background in manufacturing," the union said in a statement. Stephen Power of the Wall Street Journal relates that union leaders are trying to make a sale that would streamline closure of manufacturing plants and displacement of workers at Jaguar and Land Rover units, which employs 16,000 workers in U.K. Sources say that the union endorsement is a political commendation for Tata and an influence to U.K.'s governing labor party, which is concern on the loss of investments and jobs in the U.K. About Ford Motor Co. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the Company maintains a presence in Sweden, and the United Kingdom. The Company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit and other ratings on Ford Motor Co. and Ford Motor Credit Co. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007. S&P said the outlook is stable. As reported in the Troubled Company Reporter on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. FORD MOTOR: Russian Plant Workers Resume Strike ----------------------------------------------- Workers at Ford Motor Co.'s manufacturing plant in Vsevolozhsok, Russia, resumed their strike on Nov. 20, 2007, demanding higher wages and reduction of night shifts from March 2008, published reports say. According to reports, Ford's workers held a 19-hour strike on Nov. 6, 2007, after management repeatedly rejected their pay hike demands. They returned to work after a court ordered the union to postpone further action until Nov. 20, 2007. In a report by RIA Novosti, Yekaterina Kulinenko, a public relations manager at Ford said that the strike could disrupt car deliveries to Russian customers. "The cars that were ordered earlier will be produced later and, correspondingly, their delivery will be delayed due to the strike," Mr. Kulinenko was quoted by RIA Novosti, adding that the plant's daily output was 300 Ford Focus vehicles. Mr. Kulinenko added the company's management was prepared to hold talks with the plant's trade union only after the strike was over. About Ford Motor Co. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the Company maintains a presence in Sweden, and the United Kingdom. The Company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. FORD MOTOR: S&P Holds 'B' Rating and Removes Positive Watch ----------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit and other ratings on Ford Motor Co. and Ford Motor Credit Co. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007. The outlook is stable. The CreditWatch placement resulted from the announcement that General Motors Corp. had reached a contract agreement with its main labor union, the United Auto Workers, on that day and we expected Ford to reach a similar agreement. As S&P expected, Ford reached a largely similar agreement that caused S&P to review the company's rating and outlook. Ford's contract was ratified by UAW members last week. Standard & Poor's will hold a telephone conference call on Nov. 20, 2007, at 11:00 a.m. Eastern Standard Time to discuss its recent rating actions on Ford, GM, and Chrysler LLC following the 2007 UAW contract agreements. David Wyss, Standard & Poor's chief economist, will provide our economic outlook for 2008, followed by automotive analysts Robert Schulz and Gregg Lemos-Stein, who will discuss the industry conditions and specifics on the three Michigan-based automakers. At the conclusion of the analysts' remarks, they will be available to answer questions. "The rating affirmation reflects our view that Ford's new contract is a substantial long-term positive for the company's turnaround efforts in North America," said Standard & Poor's credit analyst Robert Schulz, "but that a number of challenges remain in 2008 and 2009 before cost savings from the contract arrive in earnest." Even under Ford's revised automotive cash use guidance of US$12 billion to US$14 billion in 2007-2009, including restructuring costs (an improvement from earlier guidance of US$17 billion in automotive cash outflows), the company will still use more cash in 2008 than in 2007. S&P believe Ford has sufficient liquidity to fund these operating cash outflows and restructuring costs, although S&P do expect Ford to move to a net debt position (debt in excess of cash at the parent level) in 2008. The stable outlook indicates S&P's belief that Ford will continue to make progress on its turnaround program in North America and sharply reduce its cash burn rate by 2009, that auto operations outside North America will remain improved profit contributors, and that Ford will manage its liquidity at satisfactory levels. The ratings on Ford reflect primarily the risks and lack of intermediate-term visibility in the company's North American automotive operations. Ford's response to the massive challenges of market-share erosion, excess capacity and headcount, and adverse product mix trends was to undertake a multiyear restructuring plan, of which the recently approved UAW contract represents a major element. However, as with past restructurings, the ultimate success depends largely on whether the company can stabilize its market- share losses at a level consistent with its future capacity. Ford's U.S. light-vehicle market share, as measured by Ward's Automotive, declined to 15.7% for the first 10 months of 2007 from 17.6% a year earlier, continuing a multiyear trend, although part of the recent decline reflects deliberate efforts to lower its dependence on less-profitable daily rental sales. Although the company has demonstrated progress in its restructuring, it would not take a sharp downturn in the North American market or significant underperformance to reverse any progress the company has made in reducing its cash burn rate. One key variable for 2008 will remain the U.S. full-size pickup truck market, which has shrunk in 2007 because of the weakening housing market and high gas prices. Sales of F-series pickups, which represent about one-third of Ford-brand sales and a far greater share of profitability, were down 12.9% in 2006 from a year earlier and another 14.2% through the first 10 months of 2007 compared to the same period in 2006. Meanwhile, competition in this segment remains fierce. A redesigned version of Ford's most popular pickup, the F-150, will not be available until 2008, about the same time that Dodge launches its new truck. In the meantime, Ford has introduced new crossover utility vehicle models into this expanding but already well-populated segment. Initial sales results have been solid, but S&P believe the sales of the new CUVs will not fully offset the lost SUV or pickup sales in terms of profit contribution. S&P believe this industry mix shift into generally less profitable vehicle segments is unlikely to reverse. Ford Credit remains a significant earnings generator for its parent through its automotive sales finance activities, but these earnings have weakened considerably since 2004 because of higher borrowing costs and lower levels of finance assets outstanding. S&P expect Ford Credit's earnings to be lower in 2007 than in 2006 largely because of the same factors. The rating outlook is stable. S&P expect Ford to continue making progress on its North American turnaround. S&P also expect Ford to maintain substantial cash balances and access to liquidity during the next two years. Ford will likely use greater cash from automotive operations in 2008 than in 2007, and the stable outlook reflects that expectation, but does not include the much sharper use of cash that would result from the type of decline in U.S. light-vehicle sales that would accompany a recession. The outlook could be revised to negative or the ratings lowered, despite the health care savings that will start to accrue in 2010, if S&P came to expect that Ford's substantial cash outflow would not begin to lessen or begins to worsen because of setbacks, whether Ford-specific or stemming from market conditions. S&P do not expect to revise the outlook to positive within the next few quarters, given the uncertain economic outlook and ongoing turnaround plan execution risk. HUNSLET-BARCLAY: Administrators Sell Assets to FKI Subsidiary ------------------------------------------------------------- FKI Plc acquired Nov. 12, 2007, the business and assets of Hunslet-Barclay Ltd. for the sum of GBP2.1 million, in behalf of its subsidiary Brush Traction. The acquisition of the business of Hunslet-Barclay fits in with the strategy that FKI has been looking to execute by moving Brush Traction's business into multiple unit refurbishment. This will now allow the company to offer its customers solutions for both locomotives and coach work, whilst providing a strategically important site in Scotland to better serve the Scottish rail industry. About Brush Traction Brush Traction offers a wide range of products for the rail traction market. The company has produced locomotives and propulsion systems for passenger carrying vehicles worldwide for many years. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. Headquartered in Kilmarnock, Scotland, Hunslet-Barclay Ltd. is a long established engineering business which specializes in the refurbishment and repair of rail vehicles and related components. It is Austrian-owned and is part of the Waagner Biro group. It employs 138 staff and had a turnover of GBP9 million for the year to Dec. 31, 2006. Turnover for the year to Dec. 31, 2007, was on target to exceed GBP10 million. As reported in the TCR-Europe, Hunslet-Barclay Ltd. called in administrators from KPMG Restructuring on Oct. 26, 2007, following an application by its directors with the Court of Session. Production inefficiencies and difficulties on certain refurbishment contracts led to significant trading losses for Hunslet-Barclay. Despite management changes and the instigation of a restructuring program, serious cash flow difficulties ultimately forced the directors to appoint administrators. MAIL MARKETING: Colin Prescott Leads Liquidation Procedure ---------------------------------------------------------- Colin Prescott of Moore Stephens LLP was appointed liquidator of Mail Marketing International Ltd. on Nov. 12 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Moore Stephens LLP 1-2 Little King Street Bristol BS1 4HW England MARLIN MANUFACTURING: Claims Filing Period Ends Feb. 13, 2008 ------------------------------------------------------------- Creditors of Marlin Manufacturing Ltd. have until Feb. 13, 2008 to send their full names, addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: M. H. Abdulali Liquidator Moore Stephens 6 Ridge House Ridgehouse Drive Festival Park Stoke on Trent England M. H. Abdulali of Moore Stephens was appointed liquidator of the company on Nov. 13 for the creditors' voluntary winding-up procedure. MYLAN INC: Completes Sale of Preferred and Common Stock ------------------------------------------------------- Mylan Inc. completed the sale of 2.14 million shares of 6.50% mandatory convertible preferred stock at US$1,000 per share and 53.5 million shares of common stock at US$14 per share pursuant to a shelf registration statement filed with the Securities and Exchange Commission. The amounts sold include 279,000 shares of preferred stock issued pursuant to the underwriters' exercise of the overallotment option. The offerings generated net proceeds, after underwriting discounts and expenses, totaling approximately US$2.8 billion, which will be used to prepay a portion of the bridge loans that were borrowed to finance in part its acquisition of Merck KGaA's generics business. The preferred stock will pay, when declared by the board of directors, dividends at a rate of 6.50% percent per annum on the liquidation preference of US$1,000 per share, payable quarterly in arrears in cash, shares of Mylan common stock or a combination thereof at Mylan's election. The first dividend date will be Feb. 15, 2008. Each share of preferred stock will automatically convert on Nov. 15, 2010, into between approximately 58.5480 shares and 71.4286 shares of MYL common stock. The conversion rate will be subject to anti-dilution adjustments in certain circumstances. Holders may elect to convert at any time at the minimum conversion rate of 58.5480 shares of common stock for each share of preferred stock. The preferred stock is listed on the New York Stock Exchange under the symbol MYLPrA. After giving effect to these offerings, MYL will have approximately 302 million shares of common stock outstanding. The joint book-running managers for the preferred stock and common stock offerings are Merrill Lynch & Co. and Goldman, Sachs & Co. Merrill Lynch & Co. is acting as sole global coordinator for all financings for Mylan. Co- managers for the common stock offering are Citi, JPMorgan and Cowen and Company. Co-managers for the preferred stock offering are Citi, JPMorgan, Cowen and Company, Banc of America Securities LLC and Mitsubishi UFJ Securities. Copies of the prospectuses related to the offerings may obtained from: Merrill Lynch & Co. Attn: Prospectus Department No. 4 World Financial Center New York, NY 10080 or Goldman, Sachs & Co. Attn: Prospectus Department No. 85 Broad Street New York, NY 10004 Fax (212) 902-9316 Email prospectus-ny@ny.email.gs.com About Mylan Inc. Mylan Inc., fka 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. * * * As reported in the Troubled Company Reporter on Nov. 19, 2007, Moody's Investors Service assigned B1 ratings to the new senior secured credit facilities of Mylan Inc. In addition, Moody's lowered Mylan's corporate family rating to B1 from Ba1, concluding a rating review for possible downgrade initiated on May 14, 2007 and lowered the speculative grade liquidity rating to SGL-2 from SGL-1. The rating outlook is stable. NORTHERN ROCK: Begins Talks with Possible Bidders; Gets Low Bids ---------------------------------------------------------------- The Board of Northern Rock plc confirms that the Company has received additional indicative expressions of interest covering a range of options for the business, one of which does contemplate an offer for the Company materially below the market price at the close of business on Tuesday, Nov. 20, 2007. The Company's advisors have begun discussions with a number of selected interested parties to clarify their proposals. The Company is aware that all stakeholders in the Company want clarity on the outcome of the strategic review as soon as possible and is therefore progressing the process as quickly as possible. As previously disclosed, the strategic review will be completed by February 2008, although the Company expects to make an announcement of the preferred outcome for the Company and its stakeholders in advance of that. Northern Rock reminds all stakeholders that there can be no certainty that the discussions with interested parties will lead to an investment in or offer for the Company or for all or any part of its business or that any such investment or offer will be implemented. The existing deposit guarantee arrangement announced by HM Treasury and the revised facilities agreed with the Bank of England announced on Oct. 9, 2007 remain in place. In particular, these guarantee arrangements will protect all retail deposits held with Northern Rock regardless of the amount deposited and apply to all existing, re-opened and new retail accounts. As the Chancellor confirmed on Nov. 20, 2007, these guarantee arrangements ensure that savers' deposits are safe, will remain in place during the current instability in the financial markets and, in any event, will not be removed without proper notice being given to depositors. About Northern Rock plc Headquartered in Newcastle upon Tyne, England, Northern Rock plc -- http://www.northernrock.co.uk/mortgages-- is currently the 5th largest UK mortgage lender, the largest financial institution based in the North East of England and one of the most cost efficient UK mortgage lenders based on key performance ratios. The company had more than US$200 billion in assets at the end of June 2007. * * * As reported in the TCR-Europe on Sept. 28, 2007, Standard & Poor's Ratings Services placed its 'A-/A-1' counterparty credit ratings on U.K. bank Northern Rock PLC on CreditWatch with developing implications. At the same time, the 'BBB' subordinated, 'BB' junior subordinated, and 'A-' senior unsecured debt ratings were placed on CreditWatch with developing implications. QUEBECOR WORLD: Inks Share Purchase Agreement with RSDB NV ---------------------------------------------------------- Quebecor World Inc. and RSDB NV have signed a definitive Share Purchase Agreement and Implementation Agreement to sell/merge Quebecor World's European operations to RSDB Group. RSDB will buy Quebecor World's European operations and Quebecor World will retain a 29.9% interest in the merged entity that will be named "Roto Smeets Quebecor" and will be listed on Euronext Amsterdam. Under the terms of the Share Purchase Agreement and Implementation Agreement, RSDB will deliver to Quebecor World, at closing, cash, a note and shares valued in the aggregate at approximately EUR240 million (US$341 million), subject to certain post-closing adjustments. More specifically, the consideration payable to Quebecor World will be comprised of: -- approximately EUR150 million (US$213 million) in cash, -- a EUR35 million (US$50 million) note, and -- 1.4 million shares in RSQ representing approximately 29.9% of the issued and outstanding shares of the combined business post-closing. Completion of the merger is conditional, among other things, on the approval of the shareholders of RSDB and receipt of clearances from the European Commission. Closing is expected to take place by the end of 2007. Wes Lucas, President and CEO Quebecor World, stated "This transaction is a key element of our 5-Point Transformation Plan and is expected to deliver several significant benefits to our shareholders. The sale/merger will improve our balance sheet, and will provide additional financial flexibility and strategic options to create further shareholder value. We believe that it will also enable us to strategically reposition our company to focus on growing earnings within our core business in the Americas, where we are a leader" Mr. Lucas added "We are pleased that retaining an investment in RSQ may present an upside opportunity, as Quebecor World will help facilitate the consolidation of the European print industry and the creation of the leading printer in Europe, which will benefit our customers and employees going forward. Quebecor World and RSQ will also work together in the future to serve global customers." John Caris, Chief Executive Officer of RSDB said "The combination of Quebecor World's European printing business with RSDB will enable RSDB, through its increased scale and broader footprint throughout Europe, to play an important role in the consolidation of the graphic industry in Europe. We see a great opportunity to pool the best practices and extensive industry experience available in the two businesses and to benefit from an attractive range of potential synergies". Roto Smeets Quebecor, the new merged company, will become the leading player in the European printing industry, and the leader in the European market. Quebecor World's European operations currently include 18 printing and related facilities employing approximately 4,000 people in Austria, Belgium, Finland, France, Spain, Sweden, and the United Kingdom. These plants produce magazines, catalogs, retail inserts, direct mail products, book and directories for many of Europe's leading retailers, publishers and branded goods companies. About RSDB NV RSDB NV (Euronext: RSDB) is a leading European provider of high- value graphic printing services based in Hilversum, The Netherlands. RSDB's principal business, Print Productions, produces full service gravure and offset printing material, with seven printing facilities in The Netherlands and one printing facility in Hungary, supported by sales offices in seven European countries. RSDB's Marketing Communications business focuses on marketing communications solutions and customer management processes. About Quebecor World Inc. Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX: IQW)(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company is an independent commercial printer in Europe with 19 facilities, operating in Austria, Belgium, Finland, France, Spain, Sweden, Switzerland and the United Kingdom. In March 2007, it sold its facility in Lille, France. Quebecor World (USA) Inc. is its wholly owned subsidiary. * * * As reported in the Troubled Company Reporter on Nov. 15, 2007, Moody's Investors Service rated Quebecor World Inc.'s new US$400 million senior unsecured note issue Caa1. At the same time, ratings for about US$1.6 billion of existing senior unsecured notes for QWI and its wholly-owned subsidiary companies, Quebecor World Capital Corporation and Quebecor World Capital ULC, were downgraded to Caa1 from B3. Standard & Poor's assigned its 'B' debt rating to Quebecor World's proposed US$400 million senior unsecured notes due 2014. The 'B' debt rating will be placed on CreditWatch with negative implications. REMY WORLDWIDE: Court Confirms Prepackaged Reorganization Plan -------------------------------------------------------------- Remy Worldwide Holdings, Inc., disclosed on Nov. 20, 2007 that its pre-packaged plan of reorganization has been confirmed by the U.S. Bankruptcy Court, only 43 days after its plan and related petitions were filed. Upon emergence, expected in early December, Remy's long-term debt will be reduced by US$360 million. "The recapitalization would not have been such a success in such a short period of time without the loyalty of our customers, the professionalism and dedication of our employees, and the commitment and support of our creditor groups," Chief Executive John Weber said in a press release. Remy also reported that on the effective date of the Plan it will enter into a US$120 million revolving credit facility to be provided by Barclays Capital. The Company said that the exit financing, which includes a term loan of US$210 million, will provide Remy with sufficient liquidity to continue to meet its financial requirements and grow its business in the coming years. In addition, the sale of subsidiary operation Knopf was approved and is expected to close on December 4. "Since signing the Plan Support Agreement with our noteholders just six months ago, Remy has successfully recapitalized the Company''s financial position, strengthened its business through a comprehensive restructuring of its commercial arrangement with General Motors, and built a foundation from which we can grow. In a matter of days Remy will emerge from this process a more competitive Company with a strong balance sheet," Mr. Weber concluded. M&M Knopf Sale Remy also reported that it has received bankruptcy court approval for the sale of its subsidiary operation M&M Knopf Auto Parts, which is one of the largest distributors of recycled auto parts to the worldwide remanufacturing market and is also a global distributor of Saginaw Steering systems. A definitive agreement was entered on November 6 to sell the business. "The sale of Knopf reflects the continued progress Remy has made in focusing on its core operations over the last year," Mr. Weber stated. "This is a win-win situation for both parties and we are pleased to see the Knopf brothers return to ownership of their family business. The Knopf brothers are excellent businessmen and are best suited to continue to grow this business. Remy will have a continued involvement with the Knopfs going forward and we wish them well in their future endeavors." The completion of the transaction is subject to customary closing conditions and is expected to close on December 4, 2007. About Remy Worldwide Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as a holding company of all the outstanding capital stock of Remy International Inc. Remy International -- http://www.remyinc.com/-- manufactures, remanufactures and distributes Delco Remy brand heavy-duty systems and Remy brand starters and alternators, locomotive products and hybrid power technology. The company also provides a worldwide component core-exchange service for automobiles, light trucks, medium and heavy-duty trucks and other heavy-duty, off-road and industrial applications. Remy has operations in the United Kingdom, Mexico and Korea, among others. The company and its debtor-affiliates filed for Chapter 11 protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to 07-11509). Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent the Debtors' in their restructuring efforts. Pauline K. Morgan, Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young Conaway Stargatt & Taylor, LLP, serve as co-counsels to the Debtors. The Debtors' claims agent is Kurtzman Carson Consultants LLC and their restructuring advisor is AlixPartners, LLC. Greenbert Traurig, LLP is the Debtors' special corporate advisory and litigation counsel, and Ernst & Young LLP their accountant, auditor and tax services provider. At Sept. 30, 2006, Remy Worldwide's balance sheet showed total assets of US$919,736,000 and total liabilities of US$1,265,648,000. (Remy Bankruptcy News; Issue No. 6, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SCO GROUP: Court OKs Dorsey & Whitney as Special Counsel -------------------------------------------------------- The SCO Group Inc. and SCO Operations Inc. obtained authority from the United States Bankruptcy Court for the District of Delaware to employ Dorsey & Whitney LLP as their special corporate and securities counsel, nunc pro tunc to Sept. 14, 2007. As reported in the Troubled Company Reporter on Nov. 1, 2007, Dorsey & Whitney is expected to: a. advise and counsel the Debtors with respect to their responsibilities in complying with the requirements of regulatory authorities and general corporate matters; b. give advice with respect to continued compliance with securities matters, specifically with respect to the Debtors' continued compliance with the Securities Act of 1033 and the Securities and Exchange Act of 1934, including the preparation and filing of quarterly and annual reports required by federal law that will be necessary during the pendency of the cases; c. give advice with respect to general corporate governance, transactional, finance, labor and employment, and other related general outside counsel matters; and d. assist lead bankruptcy counsel as may be needed to protect the interests of the estates in all matters pending before the Court. The Debtors will pay the firm at its standard hourly rate. Professional Designation Rate ------------ ----------- ---- Nolan S. Taylor, Esq. Partner US$440 Devan Padmanabhan, Esq. Partner US$495 Eric Lopez Schnabel, Esq. Partner US$450 Samuel P. Gardner, Esq. Partner US$330 David Marx, Esq. Associate US$270 In addition, Dorsey had unbilled fees and expenses owed by the Debtors totaling US$53,128 and other expenses already billed totaling US$1,622. Prior to the bankruptcy filing, Dorsey received a US$100,000 retainer, however Dorsey was not able to issue an invoice for its unbilled expenses. The Debtors and Dorsey has requested for authority to apply the unbilled claim against the retainer and the remainder of the retainer against fees approved for payment pursuant to Court orders. The Debtors believe that the employment of Dorsey & Whitney is necessary and in the best interest of the Debtors' estates. The firm can be reached at: Nolan S. Taylor, Esq. Dorsey & Whitney LLP 170 South Main Street, suite 900 Salt Lake, Utah http://www.dorsey.com/ About The SCO Group 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 and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Paul Steven Singerman, Esq. and Arthur J. Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq. at Pachulski Stang Ziehl & Jones LLP are co-counsels to the Debtors. Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. SCO GROUP: Hearing on Asset Sale Protocol Deferred to December 5 ---------------------------------------------------------------- The hearing to consider approval of the procedures governing the sale of The SCO Group Inc. and SCO Operations Inc.'s business has been rescheduled to Dec. 5, 2007, at 10:00 a.m. The hearing was originally set for Nov. 16, at 4:00 p.m. As reported in the Troubled Company Reporter on Nov. 9, 2007, the Debtors sought authority from the U.S. Bankruptcy Court for the District of Delaware to sell certain of their assets to JGD Management Corp. dba York Capital Management, subject to higher and better offers. The assets for sale are: -- the Debtors' Unix operating system; -- certain related claims in litigation; as well as -- certain transfer, cross-license and related agreements pertaining to the Hipcheck product line and Me Inc. Mobile intellectual property owned by Me Inc., a non-debtor affiliate. Pursuant to an asset purchase agreement dated Oct. 22,2007, JGD offered to buy the assets for US$36,000,000 and agreed to post an earnest money deposit of US$1,800,000 or 5% of the purchase price. To participate in the auction, competing bids must accompany a good faith cash deposit of not less than US$1,800,000. In the event a competing bid outbids JGD's offer, JGD will be entitled to an all cash breakup fee of US$780,000 plus reimbursement of expenses incurred up to US$300,000. Court documents did not disclose specific date and place of the auction. IBM and Novell Object The proposed sale is facing opposition from creditors International Business Machines Corporation and Novell Inc. IBM told the Court that the Debtors' proposed procedure for the sale is deficient and that the bidder protections are based on a misleading characterization of the purchase price. IBM argued that the sale is improper and itself cannot be approved because the Debtors propose to sell assets they don't own. Additionally, Novell contended that the sale is "ill-advised at every level." According to Novell, the Debtors have not "established an adequate justification for emergency consideration of the proposed sale on shortened notice, relying instead on unsubstantiated claims of urgent circumstances allegedly dictated by" JGD. About The SCO Group 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 and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Paul Steven Singerman, Esq. and Arthur J. Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq. at Pachulski Stang Ziehl & Jones LLP are co-counsels to the Debtors. Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. TIMBERLOK LTD: Appoints Michael C. Kienlen as Liquidator -------------------------------------------------------- Michael C. Kienlen of Armstrong Watson was appointed liquidator of Timberlok Ltd. on Nov. 14 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Armstrong Watson Central House 47 St Paul's Street Leeds LS1 2TE England TIMBERTEC JOINERY: Calls In Liquidators from KPMG ------------------------------------------------- Paul Andrew Flint, David Crawshaw and Brian Green of KPMG LLP were appointed joint liquidators of Timbertec Joinery (U.K.) Ltd. (formerly Primrose Farm Foods Ltd.) on Nov. 8 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: KPMG LLP 8 Princes Parade Liverpool L3 1QH England WALES MILLENNIUM: Assembly Funds to Wipe Out GBP13.5 Mln Debt ------------------------------------------------------------- The Welsh Assembly Government's rescue package for Wales Millennium Centre will wipe out the center's GBP13.5 million debt and treble its annual funding from taxpayers' money, Wales Heritage Minister Rhodri Glyn Thomas told The Western Mail. Minister Thomas said each year's funding would grow from GBP1.2 million to GBP3.7 million, adding that there was "no prospect of the Centre being able to pay off the pounds 13.5 million loan the project received from HSBC", The Western Mail relates. As previously reported by the Troubled Company Reporter-Europe on Oct. 23, 2007, the flagship arts venue has up to GBP13.5 million in debts and could possibly sustain considerable losses in future years. A leaked report published by BBC Wales Dragon's Eye program last month allegedly warned that the arts venue is in danger of insolvency. The Western Mail notes that opposition Assembly members supported the measures but demanded for the overhauling of the arts venue's management. "It is no good paying off this debt and increasing the revenue support without proper scrutiny of future budgets and financial management," Conservative Shadow Culture Minister Paul Davies told Western Mail. "We cannot be expected to bail out the Centre every few years, especially using public money." However, Minister Thomas insisted the arrangement would "not be at the expense" of the arts budget or the arts outside Cardiff, Western Mail reports. About the Company The Wales Millennium Centre - http://wmc.org.uk/-- is a center for the performing arts located on the Cardiff Bay waterfront. Opened in November 2004, it has hosted performances of opera, ballet, dance, comedy and musicals. The building comprises two theaters, shops, bars and restaurants, and seven resident Welsh arts organizations. * * * Going Concern Doubt KPMG LLP, which audited the company's 2006 financials, has expressed significant doubt about the group's ability to continue as a going concern, citing considerable uncertainty over a suitable settlement with the Welsh Assembly Government. WATERFORD WEDGWOOD: Appoints Anthony Jones as New CFO ----------------------------------------------------- Waterford Wedgwood Plc appointed Anthony Jones to its board of directors and as chief financial officer on Nov. 15, 2007, with immediate effect. Mr. Jones has been Chief Financial Officer of Thorn, the multinational consumer electrical goods group for the last five years. He is a fellow of the Chartered Institute of Management Accountants and has an MBA from the London Business School. "I am delighted that Anthony is joining the group. His experience in managing and restructuring the financial affairs of a complex international group with multi-site operations will be invaluable," Peter Cameron, Waterford's commented. "I'm pleased to join Waterford Wedgwood at this exciting time for the business. The group has some of the great luxury brands of the world and I look forward to working with Peter Cameron and the management team on completing the urgent task of restructuring the cost base and returning the group to profitability," Mr. Jones said. Anthony Jones replaces Patrick Dowling who retires in the New Year. "In his role as chief financial officer for the past three years and as company secretary for the past eight years, Patrick's contribution to Waterford Wedgwood has been enormous. He has provided guidance and insight to many of the group's most important activities during this time period and we will miss his counsel in the coming years," Mr. Cameron added. Headquartered in Waterford, Ireland, Waterford Wedgwood plc -- http://www.waterfordwedgwood.com/-- manufactures premium- priced goods including crystal, ceramics and cookware. The company has leading positions in its key markets in the US, Europe and Japan. * * * As reported by the TCR-Europe on Nov. 20, 2007, Fitch Ratings has affirmed Waterford Wedgwood plc's Long-term Issuer Default Rating at 'CCC' and Short-term IDR at 'C'. The Outlook for the Long-term IDR is Negative. At the same time, the agency affirmed the senior secured debt rating at 'B-'/'RR2'. The mezzanine notes are affirmed at 'CC'/'RR6'. Waterford Wedgwood's 9-7/8% notes due 2010 carry junk ratings from Moody's Investors' Service's (Caa2), and Standard & Poor's (CCC-). * Research Predicts Over-Leveraged Buyout to Crumble ---------------------------------------------------- A significant number of over-levered buyouts are expected to crumble in the next two to three years and create a surge of distressed investment opportunities, according to new research released by Grant Thornton and Latham & Watkins. In a survey of 110 senior lending bankers, CLO managers, hedge funds and private equity executives in the UK and Europe, more than half (51%) predict at least 10% of leveraged buyouts will be acquired by distressed debt investors in the next two years, including a quarter who predict more than 20% of LBOs will be purchased by distressed investors during this period. To put this in context, the majority of those surveyed (60%) estimate at least 20% of LBO credits are over-levered. Mark Byers, Head of Restructuring at Grant Thornton, said the firm has already seen investors prepare for this shift as they set up dedicated distressed teams to identify and grasp opportunities in the distressed debt market. "With deal flows also predicted to fall next year, it is highly likely that distressed investing could make up an even greater proportion of overall opportunities in the next 18 months. For those with the ability to move quickly, assign a sensible value and assess a distressed investment's turnaround prospects, this environment represents a significant and lucrative opportunity," Byers said. But there is still reluctance in the vast majority of buyout firms to even explore these opportunities. Just 28% of executives are planning any change of strategy in light of the recent turn in the credit markets. Breaking down the attitudes of the various respondent groups, unsurprisingly it seems the hedge fund community is the group backing a boom in distressed investing, with 41% of hedge fund respondents expecting a fifth of LBO credits to breach covenants in the next three years. Least expectant, however, are CLO managers and banks, where just 5% and 7% of respondents respectively believe breaches of more than 20% of credits are likely within three years. James Chesterman, London Chair of Banking and Finance at Latham & Watkins, said his firm had been watching the position from boththe leveraged finance and restructuring/distressed investing side globally. "Whilst currently hedge funds can see discounts on secondary syndication providing returns now, we foresee the combination of the continuing credit crunch and a potentially weakening US economy as putting more stress on highly leveraged deals creating opportunities for distressed investors over the next 12-18months," Mr. Chesterman said. Survey respondents also painted a bleak picture for future LBOs, with an overwhelming 94% of those surveyed expecting a decline of at least 10% in deal volumes in 2008. In total, 55% of respondents believe that LBO deal flow will wane by at least 30%. In terms of value, 86% of respondents expected a decrease in company valuations. There is also significant variation in forecasts on deal flow based on deal size, with mega-deals singled out as the hardest hit by the ongoing credit squeeze. In fact, 84% of those surveyed predict a fall in volume for these deals, while 64% expect thereto be a decline in public-to-private transactions, which make upa significant proportion of these mega-deals. Conversely, just10% of respondents envisage problems for mid-cap deals. In terms of new debt issuance and deal structures, respondents predict several key shifts in 2008. A significant 79% expect leverage on LBOs to fall to an average of 5-7x EBITDA in 2008, which is down from the lofty leverage levels witnessed pre- credit crunch this summer. In tandem with reduced leverage comes larger equity contributions, with three-fifths of respondents believing the average equity contribution to an LBO will be higher than 40%in 2008. The source of debt funding for LBOs is also likely to change rapidly, according to respondents. Two thirds anticipate a diminishing role for second lien, and increased reliance on senior and subordinated issuance, while the frequency of payment in kind notes and covenant-lite financings is expected to almost dry up completely while liquidity remains an issue. Looking to the immediate future, however, Grant Thornton's Byers issued a positive note for those lenders beginning to examine the over-levered companies in their portfolios. "The importance of a timely, proactive approach by both borrower and lender is undeniable, and even if current credit issues deepen, early action based on frank communication and advice will still offer the best chance of a successful, sustainable recovery," Byers concluded. * Beard Group's Featured Conference for November 2007 ----------------------------------------------------- Beard Audio Conferences presents a bankruptcy-related audio conferences for Nov. * The Battle of Green & Red: Effect of Bankruptcy on Obligations to Clean Up Contaminated Property To register, visit http://www.beardaudioconferences.com/ * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Nov. 22, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Mixer TBA, Vancouver, British Columbia Contact: 206-223-5495; http://www.turnaround.org/ Nov. 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Real Estate Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Nov. 26-27, 2006 BEARD GROUP AND RENAISSANCE AMERICAN MANAGEMENT Fourteenth Annual Conference on Distressed Investing Maximizing Profits in the Distressed Debt Market The Jumeirah Essex House, New York, NY Contact: 800-726-2524; 903-595-3800; http://beardconferences.com/ Nov. 28, 2007 TURNAROUND MANAGEMENT ASSOCIATION Holiday Mixer SouthwestUSA Bank, Las Vegas, Nevada Contact: 702-952-2480 or http://www.turnaround.org/ Nov. 29, 2007 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Holiday Gala Yale Club, New York, New York Contact: http://www.iwirc.org/ Nov. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION Special Speaker TBD, New Jersey Contact: 908-575-7333; http://www.turnaround.org/ Nov. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION Special Speaker Hilton, Sydney, Australia Contact: http://www.turnaround.org/ Nov. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting Contact: http://www.turnaround.org/ Dec. 3, 2007 TURNAROUND MANAGEMENT ASSOCIATION Fraud and Its Many Colors Omni Hotel, New Haven, Connecticut Contact: http://www.turnaround.org/ Dec. 3, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Australia Celebrates Christmas Blake Dawson Waldron, Sydney, Australia Contact: 02-9517-4041 or http://www.turnaround.org/ Dec. 5, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA/ACG Holiday Party Marriott Downtown, Orlando, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Dec. 5, 2007 TURNAROUND MANAGEMENT ASSOCIATION Joint Holiday Networking Event with TMA/CFA TBA, Philadelphia, Pennsylvania Contact: 215-657-5551 or http://www.turnaround.org/ Dec. 6, 2007 TURNAROUND MANAGEMENT ASSOCIATION Seattle Holiday Party Athletic Club, Seattle, Washington Contact: 206-223-5495; http://www.turnaround.org/ Dec. 6-8, 2007 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Westin Mission Hills Resort, Rancho Mirage, California Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 10, 2007 TURNAROUND MANAGEMENT ASSOCIATION Holiday Party Guy Anthony's Restaurant, Merrick, New York Contact: 631-251-6296 or http://www.turnaround.org/ Dec. 10, 2007 TURNAROUND MANAGEMENT ASSOCIATION Holiday Party Guy Anthony's Restaurant, Merrick, New York Contact: 631-251-6296 or http://www.turnaround.org/ Dec. 10, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA/CFA Joint Holiday Party Maryland Club, Baltimore, Maryland Contact: 215-657-5551 or http://www.turnaround.org/ Dec. 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Joint Holiday Networking Event with TMA/CFA Loews Hotel, Philadelphia, Pennsylvania Contact: 215-657-5551 or http://www.turnaround.org/ Dec. 13, 2007 TURNAROUND MANAGEMENT ASSOCIATION Colorado Chapter Annual Brew Pub & Pool Social Wynkoop Brewing Company, Denver, Colorado Contact: 303-847-5026 or http://www.turnaround.org/ Dec. 13, 2007 TURNAROUND MANAGEMENT ASSOCIATION Holiday Extravaganza - TMA & CFA Georgia Aquarium, Atlanta, Georgia Contact: 678-795-8103 or http://www.turnaround.org/ Dec. 13, 2007 TURNAROUND MANAGEMENT ASSOCIATION Holiday Extravaganza - TMA & CFA Georgia Aquarium, Atlanta, Georgia Contact: 678-795-8103 or http://www.turnaround.org/ Dec. 19, 2007 LEXISNEXIS CONFERENCES Mealey's Asbestos Bankruptcy Conference Four Seasons Hotel, Miami, Florida Contact: http://www.lexisnexis.com/ Dec. 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South Florida Contact: 561-882-1331; http://www.turnaround.org/ Jan. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Distressed Debt Panel University Club, Jacksonville, Florida Jan. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION NJTMA Holiday Party Iberia Tavern & Restaurant, Newwark, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Jan. 11, 2008 TURNAROUND MANAGEMENT ASSOCIATION Annual Lenders Panel Westin Buckhead, Atlanta, Georgia Contact: http://www.turnaround.org/ Jan. 16, 2008 TURNAROUND MANAGEMENT ASSOCIATION Current Outlook: Workouts, Lending and Turnarounds Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org/ Jan. 17-18, 2008 AMERICAN BANKRUPTCY INSTITUTE Caribbean Insolvency Symposium Westin Diplomat, Hollywood, Florida Contact: http://www.abiworld.org/ Jan. 28, 2008 TURNAROUND MANAGEMENT ASSOCIATION Finding Money: Int'l Asset Search and Recovery Methods for Collecting Judgments Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION PowerPlay Philips Arena, Atlanta, Georgia Contact: 678-795-8103 or http://www.turnaround.org/ Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Event Carnelian Room, San Francisco, California Contact: 510-346-6000 ext 226 or http://www.turnaround.org/ Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION PowerPlay Philips Arena, Atlanta, Georgia Contact: 678-795-8103 or http://www.turnaround.org/ Feb. 14-16, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Rocky Mountain Bankruptcy Conference Westin Tabor Center, Denver, Colorado Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 22, 2008 AMERICAN BANKRUPTCY INSTITUTE Bankruptcy Battleground West Fairmont Miramar, Santa Monica, California Contact: http://www.abiworld.org/ Feb. 23-26, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Bankruptcy Litigation Seminar I Park City, Utah Contact: http://www.nortoninstitutes.org/ Feb. 26, 2008 TURNAROUND MANAGEMENT ASSOCIATION Retail Panel Citrus Club, Orlando, Florida Contact: www.turnaround.org/ Feb. 27-28, 2008 EUROMONEY INSTITUTIONAL INVESTOR 6th Annual Distressed Investing Forum Union League Club, New York, New York Contact: http://www.euromoneyplc.com/ Mar. 6-8, 2008 ALI-ABA Fundamentals of Bankruptcy Law Mandalay Bay Resort, Las Vegas, Nevada Contact: http://www.ali-aba.org/ Mar. 8-10, 2008 AMERICAN BANKRUPTCY INSTITUTE Conrad Duberstein Moot Court Competition St. John's University School of Law, New York Contact: http://www.abiworld.org/ Mar. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner Bankers Club of Miami, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Mar. 25, 2008 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Maggie Good Centre Club, Tampa, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Mar. 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Mar. 27-30, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Bankruptcy Litigation Seminar II Las Vegas, Nevada Contact: http://www.nortoninstitutes.org/ Apr. 3, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Annual Spring Luncheon Renaissance Hotel, Washington, District of Columbia Contact: 703-449-1316 or www.iwirc.org Apr. 3, 2008 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - East The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ Apr. 3-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 26th Annual Spring Meeting The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ Apr. 25-27, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Spring Seminar Eldorado Hotel & Spa, Santa Fe, New Mexico Contact: http://www.nabt.com/ May 1-2, 2008 AMERICAN BANKRUPTCY INSTITUTE Debt Symposium Hilton Garden Inn, Champagne/Urbana, Illinois Contact: 1-703-739-0800; http://www.abiworld.org/ May 9, 2008 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - NYC Alexander Hamilton U.S. Custom House, New York Contact: 1-703-739-0800; http://www.abiworld.org/ May 12, 2008 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference Millennium Broadway Hotel & Conference Center, New York Contact: 1-703-739-0800; http://www.abiworld.org/ May 13-16, 2008 AMERICAN BANKRUPTCY INSTITUTE Litigation Skills Symposium Tulane University, New Orleans, Louisiana Contact: 1-703-739-0800; http://www.abiworld.org/ May 18-20, 2008 INTERNATIONAL BAR ASSOCIATION 14th Annual Global Insolvency & Restructuring Conference Stockholm, Sweden Contact: http://www.ibanet.org/ June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference J.W. Marriott Spa and Resort, Las Vegas, Nevada Contact: http://www.airacira.org/ June 12-14, 2008 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: http://www.abiworld.org/ June 19-21, 2008 ALI-ABA Partnerships, LLCs, and LLPs: Uniform Acts, Taxation, Drafting, Securities, and Bankruptcy Omni Hotel, San Francisco, California Contact: http://www.ali-aba.org/ June 26-29, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Western Mountains Bankruptcy Law Seminar Jackson Hole, Wyoming Contact: http://www.nortoninstitutes.org/ July 10-13, 2008 AMERICAN BANKRUPTCY INSTITUTE 16th Annual Northeast Bankruptcy Conference Ocean Edge Resort Brewster, Massachussets Contact: http://www.abiworld.org/events July 31 - Aug. 2, 2008 AMERICAN BANKRUPTCY INSTITUTE 4th Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, Florida Contact: http://www.abiworld.org/ Aug. 20-24, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Captain Cook, Anchorage, Alaska Contact: http://www.nabt.com/ Sept. 4-5, 2008 AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 4-6, 2008 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 24-26, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC 15th Annual Fall Conference Scottsdale, Arizona Contact: http://www.ncbj.org/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Desert Ridge Marriott, Scottsdale, Arizona Contact: http://www.iwirc.org/ Oct. 9, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Luncheon - Chapter 11 University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ June 11-13, 2009 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.org/ July 16-19, 2009 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Mt. Washington Inn Bretton Woods, New Hampshire Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ BEARD AUDIO CONFERENCES 2006 BACPA Library Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com; http://researcharchives.com/t/s?20fa BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Carve-Out Agreements for Unsecured Creditors Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES China\u2019s New Enterprise Bankruptcy Law Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Deepening Insolvency \u2013 Widening Controversy: Current Risks, Latest Decisions Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Diagnosing Problems in Troubled Companies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Claims Trading Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Market Opportunities Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Equitable Subordination and Recharacterization Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Handling Complex Chapter 11 Restructuring Issues Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Non-Traditional Lenders and the Impact of Loan-to-Own Strategies on the Restructuring Process Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergers\u2014the New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Today\u2019s Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Battle of Green & Red: Effect of Bankruptcy on Obligations to Clean Up Contaminated Property Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Subprime Sector Meltdown: Legal Developments and Latest Opportunities Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite M&A and Insolvency Proceedings Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. ********* 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, Pius Xerxes Tovilla, Kristina A. Godinez, Patrick Abing and Marites Claro, 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 * * *