/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/071127.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 Tuesday, November 27, 2007, Vol. 8, No. 235 Headlines A U S T R I A A.A.Z. AUTOAUFBEREITUNGSZENTRUM: Claims Registration Ends Dec. 4 B.N. HANDEL: Claims Registration Period Ends Dec. 27 LEOPOLD ZEHETNER: Administrator Declares Insufficient Assets TANKSTELLEN-U.KFZ: Vienna Court Orders Business Shutdown G E R M A N Y AUTOPARTNER HAGEDORN: Claims Registration Ends December 21 BAUPROJEKT FRIEDENSSTRASSE: Claims Registration Ends Dec. 14 BUSCHDORF BAUTRAEGER: Claims Registration Period Ends Dec. 14 DIKO-BAU GMBH: Claims Registration Period Ends Dec. 14 EPPLER PRODUKTIONS: Claims Registration Period Ends Dec. 20 FUCHS HEIZUNG: Creditors' Meeting Slated for December 19 GEMITEAM GMBH: Claims Registration Ends December 17 GERHARDS HANDELSGESELLSCHAFT: Claims Registration Ends Dec. 18 HALTENBERGER KAROSSERIE: Claims Registration Ends December 21 HE ELEKTROTECHNIK: Claims Registration Ends December 20 HEIDT KUECHEN: Claims Registration Ends December 21 HUEKO - Haus: Claims Registration Ends December 24 INGENIUM TECHNOLOGIES: Claims Registration Ends December 17 JOHANNSENS KURHOTEL: Claims Registration Ends December 14 MODERNER HOCHBAU: Claims Registration Ends December 21 MTR GMBH: Claims Registration Ends December 21 NAIL VERKAUFS: Claims Registration Ends December 20 NEUMANN & BILLIG: Claims Registration Period Ends Dec. 15 PB WOHNBAU: Claims Registration Period Ends Dec. 12 R & S PLANBAU: Claims Registration Period Ends Dec. 17 R.E.M. GESELLSCHAFT: Claims Registration Period Ends Dec. 18 RENNER GMBH: Claims Registration Period Ends Dec. 13 ROUGE EVENT: Claims Registration Period Ends Dec. 12 SALCO SOUND: Claims Registration Period Ends Dec. 10 S+W VERWALTUNGS: Claims Registration Period Ends Dec. 18 WALO GMBH: Claims Registration Period Ends Dec. 20 WCM AG: Sirius Eyes Compensation Claim Against Creditor Banks G R E E C E OLYMPIC AIRLINES: Ryanair Hits EC Inaction on Greek State Aid I R E L A N D MAGNOLIA FINANCE V: WARF Breach Cues Fitch to Junk US$28MM Notes I T A L Y ALITALIA SPA: Stretches Bidding Deadline to Dec. 5 ALITALIA SPA: Deustche Lufthansa Weighs Possible Bid FIAT SPA: Plans to Invest BRL6.4 Billion in Brazil & Argentina FIAT SPA: Repurchases 1.35 Million Ordinary Shares K A Z A K H S T A N AGROFIRM BV: Proof of Claim Deadline Slated for Dec. 21 ATYRAU TRANS: Creditors Must File Claims Dec. 25 AZAMAT TRADE: Claims Filing Period Ends Dec. 21 EURASIA INSURANCE: S&P Affirms & Withdraws B Ratings FAST PLAST: Creditors' Claims Due on Dec. 25 HODORY LLP: Claims Registration Ends Dec. 21 JETYSAISKY PIVZAVOD: Proof of Claim Deadline Slated for Dec. 25 KAZKOMMERTSBANK: Upcoming Support Cues Fitch to Affirm BB+ IDR LAZER ZONE: Creditors Must File Claims Dec. 21 MD-INVEST LLP: Claims Filing Period Ends Dec. 21 TEMIRALY LLP: Creditors' Claims Due on Dec. 21 UNIVERSAL-SODEKSO EUROASIA: Claims Registration Ends Dec. 21 K Y R G Y Z S T A N GROOM ENTERPRISES: Creditors Must File Claims by December 26 MERT FOOD: Proof of Claim Deadline Slated for December 26 L U X E M B O U R G EVRAZ GROUP: Refinancing Loan with US$3.2 Billion Facility P O L A N D SCO GROUP: Sept. 30 Balance Sheet Upside-Down by US$417,357 R U S S I A AGROSNABSERVICE: Creditors Must File Claims by Jan. 10, 2008 EL'NYALEN OJSC: Creditors Must File Claims by Dec. 10 EVRAZ GROUP: Refinancing Loan with US$3.2 Billion Facility KRAMZ OJSC: Asset Sale Slated for Dec. 11 KRASNOYARSKOYE LLC: Creditors Must File Claims by Dec. 10 MTS EVLASHEVSKAYA: Asset Sale Slated for Dec. 12 MY BANK: Moody's Assigns B3/NP Ratings on RUR1 Billion Bond NOVOSIBIRSK METALWORKING: Creditors Must File Claims by Dec. 10 SERDOBSKIYE CLOCKS: Creditors Must File Claims by Jan. 10, 2008 SMOLENSKAYA FEDERAL: Creditors Must File Claims by Dec. 10 ULYANOVSKIJ OJSC: Bankruptcy Hearing Slated for Feb. 21, 2008 YUKOS OIL: State Register Entry Formally Ends Firm's Existence S P A I N GAT FTGENCAT: Moody's Junks EUR18.8 Million Series E Notes S W I T Z E R L A N D AKTIV LERN: Creditors' Liquidation Claims Due by November 30 AWR KUNSTSTOFFTECHNIK: Creditors Must File Claims by November 29 DHW - DIE HANDWERKER: Claims Registration Period Ends Nov. 27 GRUN INDUSTRIEOFENBAU: Creditors Must File Claims by November 28 IMC BETEILIGUNGSMANAGEMENT: Creditors' Claims due by Nov. 29 INSTITUT FUR AKTIVES: Creditors' Claims Due by November 30 MINIGOLF BUELISACKER: Creditors Must File Claims by November 29 SOSIRTAS DELINQUERE: Creditors Must Claims by November 29 VERMAG JSC: Creditors' Liquidation Claims Due by November 30 WOLI BAU: Creditors' Liquidation Claims due by November 29 * Swiss Corporate Bankruptcies Up 5.2% to 366 in October 2007 T U R K E Y DOGUS HOLDING: Fitch Affirms IDR at BB- with Positive Outlook U K R A I N E AMETIST LLC: Creditors Must File Claims by November 29 BERDICHEV COMBINE: Proofs of Claim Filing Ends November 29 BLACK SEAS: Proofs of Claim Filing Ends November 28 GAZOVIK OJSC: Proofs of Claim Filing Ends November 29 KRYM ENERGY: Proofs of Claim Filing Ends November 28 KOROSTEN-SHEVCHENKOVO QUARRY: Creditors' Claims Due Nov. 28 MECHANIZED MOVABLE 195: Proofs of Claim Filing Ends Nov. 29 TCHYSTE DZHERELO: Proofs of Claim Filing Ends November 29 VINNER FORD: Creditors Must File Claims by November 28 VOYNILOV AGRICULTURAL: Proofs of Claim Filing Ends November 29 U N I T E D K I N G D O M ALS ADVANCED: Names Administrators from Tenon Recovery APPCON LTD: Claims Filing Period Ends December 28 AUDUS NOBLE: Calls In Liquidators from Grant Thornton BAA LTD: Union to Vote on Strike Action Over Pension Cuts BAA LTD: S&P Cuts Ratings to BB- on Delayed Refinancing CHAMBERPOINT LTD: Brings In PwC as Joint Administrators CREATIVE OUTSOURCING: Appoints KPMG as Joint Administrators FEDERAL-MOGUL: To Issue US$305,236,000 in Senior Notes FEDERAL-MOGUL: Thornwood to Own 25% of Voting Securities FEDERAL-MOGUL: Posts US$7.6 Mln Net Loss in Month Ended Oct. 31 FORD MOTOR: Retirees Face Higher Health-Fund Risk than Rival GOODWOOD GOLD: Moody's Puts Low-B Ratings on Three Note Classes GREAT NORTH: New Owner to Take Over Nationalized Firm Next Month HEISSNER UK: Taps Joint Administrators from PwC KASSWELD LTD: Brings In Administrators from BDO Stoy INTEGRITY FSP: Claims Filing Period Ends December 28 JULY PACKAGING: Duncan R. Beat Leads Liquidation Procedure MALTHOUSE PUBS: Brings In Liquidators from Mazars METRONET RAIL: Partnership Contract Cues S&P's Junk Debt Ratings NORTHERN ROCK: In Accelerated Talks with Virgin Consortium NORTHERN ROCK: Welcomes Laurie Adams as Non-Executive Director NORVEX CLEANING: Appoints J. M. Titley as Liquidator PRESTIGE REFURBISHMENTS: Taps Begbies Traynor As Administrators QUEBECOR WORLD: Moody's Puts B3 Corp. Family Rating Under Review SEA CONTAINERS: New Owner to Take Over Nationalized Unit by Dec. * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= A.A.Z. AUTOAUFBEREITUNGSZENTRUM: Claims Registration Ends Dec. 4 ---------------------------------------------------------------- Creditors owed money by LLC A.A.Z. Autoaufbereitungszentrum (FN 270274m) have until Dec. 4 to file written proofs of claim to court-appointed estate administrator Erhard Hackl at: Dr. Erhard Hackl Hofgasse 7 4020 Linz Austria Tel: 0732/776234 Fax: 0732/77623422 E-mail: hackl.hatak@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on Dec. 18 for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Hall 522 Fifth Floor Linz Austria Headquartered in Leonding, Austria, the Debtor declared bankruptcy on Oct. 23 (Bankr. Case No. 38 S 56/07z). B.N. HANDEL: Claims Registration Period Ends Dec. 27 ---------------------------------------------------- Creditors owed money by LLC B.N. Handel (FN 279725k) have until Dec. 27 to file written proofs of claim to court-appointed estate administrator Klemens Dallinger at: Dr. Klemens Dallinger c/o Dr. Guenther Hoedl Schulerstrasse 18 1010 Vienna Austria Tel: 513 28 33 E-mail: dallinger@anwaltsteam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Jan. 9, 2008, for the examination of claims. The meeting of creditors will be held at: Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 23 (Bankr. Case No. 2 S 144/07z). Guenther Hoedl represents Dr. Dallinger in the bankruptcy proceedings. LEOPOLD ZEHETNER: Administrator Declares Insufficient Assets ------------------------------------------------------------ Dr. Annemarie Kosesnik-Wehrle, the court-appointed estate administrator for LLC Leopold Zehetner (FN 98594t), declared Oct. 22 that the Debtor's property is insufficient to cover creditors' claim. The Trade Court of Vienna is yet to rule on the estate administrator's claim. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 18 (Bankr. Case No. 5 S 125/07b). Stefan Langer represents Dr. Kosesnik-Wehrle in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Annemarie Kosesnik-Wehrle c/o Dr. Stefan Langer Oelzeltgasse 4/6 1030 Vienna Tel: 713 61 92 Fax: 713 61 92 22 E-mail: kanzlei@kosesnik-langer.at TANKSTELLEN-U.KFZ: Vienna Court Orders Business Shutdown -------------------------------------------------------- The Trade Court of Vienna entered Oct. 19 an order shutting down the business of LLC Tankstellen-u.KFZ-Servicebetrieb J.Schneider (FN 96157h). Court-appointed estate administrator Ilse Korenjak recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Ilse Korenjak Gusshausstrasse 6 1040 Vienna Austria Tel: 512 21 02 Fax: 512 21 02-20 E-mail: office@buresch-korenjak.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 16 (Bankr. Case No 38 S 56/07y). ============= G E R M A N Y ============= AUTOPARTNER HAGEDORN: Claims Registration Ends December 21 ---------------------------------------------------------- Creditors of Autopartner Hagedorn GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Joachim Exner. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.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 Ingolstadt Meeting Hall 28 I Schrannenstr. 3 85049 Ingolstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Joachim Exner Stahlstrasse 17 90411 Nuernberg Germany Tel: 0911/95 12 850 Fax: 0911/95 12 8510 The District Court of Ingolstadt opened bankruptcy proceedings against Autopartner Hagedorn GmbH on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autopartner Hagedorn GmbH Noerdliche Gruenauer Strasse 53 86633 Neuburg Germany Attn: Guenter Sager, Manager Am Schaeferacker 13 86666 Burgheim Germany BAUPROJEKT FRIEDENSSTRASSE: Claims Registration Ends Dec. 14 ------------------------------------------------------------ Creditors of Bauprojekt Friedensstrasse Verwaltungs-GmbH have until Dec. 14 to register their claims with court-appointed insolvency manager Ottmar Hermann. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 24, 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 Hanau Area E03 Engelhardstrasse 21 63450 Hanau 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: Ottmar Hermann Bleichstrasse 2-4 60313 Frankfurt/Main Germany Tel: 069/913092-0 Fax: 069/913092 30 The District Court of Hanau opened bankruptcy proceedings against Bauprojekt Friedensstrasse Verwaltungs-GmbH on Nov. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bauprojekt Friedensstrasse Verwaltungs-GmbH Roemerstr. 31 63486 Bruchkoebel Germany BUSCHDORF BAUTRAEGER: Claims Registration Period Ends Dec. 14 ------------------------------------------------------------- Creditors of Buschdorf Bautraeger Verwaltungs GmbH have until Dec. 14 to register their claims with court-appointed insolvency manager Michael Hawelka. Creditors and other interested parties are encouraged to attend the meeting at 2:45 p.m. on Jan. 5, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 145 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Hawelka Nonnenstrasse 37 04229 Leipzig Germany Tel: 0341/4866414 Fax: 0341/4866428 E-mail: HHH.Leipzig@t-online.de The District Court of Leipzig opened bankruptcy proceedings against Buschdorf Bautraeger Verwaltungs GmbH on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Buschdorf Bautraeger Verwaltungs GmbH Attn: Rainer Krause, Manager Torgauer Strasse 29 04779 Wermsdorf Germany DIKO-BAU GMBH: Claims Registration Period Ends Dec. 14 ------------------------------------------------------ Creditors of Diko-Bau GmbH have until Dec. 14 to register their claims with court-appointed insolvency manager Gerhard Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Rostock Hall 330 Zochstrasse 18057 Rostock 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: Gerhard Brinkmann Freiligrathstrasse 1 18055 Rostock Germany The District Court of Rostock opened bankruptcy proceedings against Diko-Bau GmbH on Nov. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Diko-Bau GmbH Attn: Wilfried Konrad Ernst-Thalmannstrasse 23 18069 Rostock Germany EPPLER PRODUKTIONS: Claims Registration Period Ends Dec. 20 ----------------------------------------------------------- Creditors of Eppler Produktions-und Vertriebs GmbH have until Dec. 20 to register their claims with court-appointed insolvency manager Rechtsanwalt Maier. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 24, 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 Esslingen Hall 1 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: Rechtsanwalt Maier Gasnheidestr. 1 70184 Stuttgart Germany Tel: 0711164330 Fax: 1643350 The District Court of Esslingen opened bankruptcy proceedings against Eppler Produktions-und Vertriebs GmbH on Oct. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Eppler Produktions-und Vertriebs GmbH Attn: Heinz Deutschle, Manager Goldammerweg 7 70794 Filderstadt Germany FUCHS HEIZUNG: Creditors' Meeting Slated for December 19 -------------------------------------------------------- The court-appointed insolvency manager for Fuchs - Heizung u. Haustechnik GmbH, Michael Ploessner will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:00 p.m. on Dec. 19. The meeting of creditors and other interested parties will be held at: The District Court of Bonn Meeting Hall S 2.22 Second Floor Wilhelmstr. 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report at 9:10 a.m. on Jan. 25, 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: Michael Ploessner Hausdorffstrasse 11 53129 Bonn Germany Tel: 0228/9115111 Fax: 0228/9115199 The District Court of Bonn opened bankruptcy proceedings against Fuchs - Heizung u. Haustechnik GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fuchs - Heizung u. Haustechnik GmbH Attn: Bruno Fuchs and Hans-Georg Fuchs, Managers Siebengebirgsallee 91 53840 Troisdorf Germany GEMITEAM GMBH: Claims Registration Ends December 17 --------------------------------------------------- Creditors of GemiTeam GmbH-Software Systeme have until Dec. 17 to register their claims with court-appointed insolvency manager Ulrich Bastian. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Weilheim i.OB Meeting Hall E 007 Waisenhausstr. 5 Weilheim i.OB 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: Ulrich Bastian Sendlinger Str. 46 80331 Munich Germany Tel: 089/2603966 Fax: 2609204 The District Court of Weilheim i.OB opened bankruptcy proceedings against GemiTeam GmbH-Software Systeme on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GemiTeam GmbH-Software Systeme Eichenweg 7 82234 Wessling Germany GERHARDS HANDELSGESELLSCHAFT: Claims Registration Ends Dec. 18 -------------------------------------------------------------- Creditors of Gerhards Handelsgesellschaft mbH have until Dec. 18 to register their claims with court-appointed insolvency manager Dr. Ruth Rigol. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 25, 2008, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Meeting Hall S 2.22 Second Floor Wilhelmstr. 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Ruth Rigol Magnusstrasse 13 50672 Cologne Germany Tel: 0221/650660 Fax: 0221/650661 The District Court of Bonn opened bankruptcy proceedings against Gerhards Handelsgesellschaft mbH on Nov. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gerhards Handelsgesellschaft mbH Attn: Jens Gerhards, Manager Hammer Str. 26 51570 Windeck Germany HALTENBERGER KAROSSERIE: Claims Registration Ends December 21 ------------------------------------------------------------- Creditors of Haltenberger Karosserie und Fahrzeugtechnik GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Heiko Fialski. Creditors and other interested parties are encouraged to attend the meeting at 12:20 a.m. on Jan. 16, 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 Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Heiko Fialski Raboisen 38 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Haltenberger Karosserie und Fahrzeugtechnik GmbH on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Haltenberger Karosserie und Fahrzeugtechnik GmbH Attn: Horst Guetlich and Tanja Riebe, Liquidators Steilshooper Strasse 98 - 100 22305 Hamburg Germany HE ELEKTROTECHNIK: Claims Registration Ends December 20 ------------------------------------------------------- Creditors of HE elektrotechnik GmbH have until Dec. 20 to register their claims with court-appointed insolvency manager Stefano Buck. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Jan. 17, 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 Villingen-Schwenningen Hall 2/2.OG Niedere Str. 94 78050 Villingen-Schwenningen 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: Stefano Buck Eisenbahnstr. 40 78628 Rottweil Germany Tel: 0741/ 17464-30 The District Court of Villingen-Schwenningen opened bankruptcy proceedings against HE elektrotechnik GmbH on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HE elektrotechnik GmbH Attn: Peggy Fischer, Manager Steinbeisstr. 41 78056 Villingen-Schwenningen Germany HEIDT KUECHEN: Claims Registration Ends December 21 --------------------------------------------------- Creditors of Heidt Kuechen-Markt GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Thomas Bueckmann. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Jan. 14, 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 Duisburg Hall C205 Second Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Bueckmann Kohlenkamp 39 45468 Muelheim an der Ruhr Germany The District Court of Duisburg opened bankruptcy proceedings against Heidt Kuechen-Markt GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heidt Kuechen-Markt GmbH Attn: Daniela von der Heidt, Manager Bismarckstr. 52 45470 Muelheim an der Ruhr Germany HUEKO - Haus: Claims Registration Ends December 24 -------------------------------------------------- Creditors of HUEKO - Haus GmbH have until Dec. 24 to register their claims with court-appointed insolvency manager Sebastian Laboga. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Jan. 14, 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 Cottbus Hall 210 First Floor Gerichtsplatz 2 03046 Cottbus 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: Sebastian Laboga Einemstrasse 24 10785 Berlin Germany The District Court of Cottbus opened bankruptcy proceedings against HUEKO - Haus GmbH on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HUEKO - Haus GmbH Kirchhainer Strasse 07 03249 Sonnewalde Germany INGENIUM TECHNOLOGIES: Claims Registration Ends December 17 ----------------------------------------------------------- Creditors of Ingenium Technologies GmbH have until Dec. 17 to register their claims with court-appointed insolvency manager Dr. Andreas Roepke. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 16, 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 Duisburg Meeting Hall C315 Third Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Andreas Roepke Muelheimer Strasse 100 47057 Duisburg Germany The District Court of Duisburg opened bankruptcy proceedings against Ingenium Technologies GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ingenium Technologies GmbH Cecilienstr. 7 47051 Duisburg Germany Attn: Bop Sandrino Arndt, Manager Cecilienstr. 7 47051 Duisburg Germany JOHANNSENS KURHOTEL: Claims Registration Ends December 14 --------------------------------------------------------- Creditors of Johannsens Kurhotel GmbH & Co. KG have until Dec. 14 to register their claims with court-appointed insolvency manager Martin Schoebe. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Rosenheim Hall 210 Rosenheim 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: 089/189377-0 Fax: 089/189377-50 The District Court of Rosenheim opened bankruptcy proceedings against Johannsens Kurhotel GmbH & Co. KG on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Johannsens Kurhotel GmbH & Co. KG Ludwigsplatz 5 83022 Rosenheim Germany MODERNER HOCHBAU: Claims Registration Ends December 21 ------------------------------------------------------ Creditors of MHB Moderner Hochbau GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Dr. Mark Zeuner. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Jan. 21, 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 Schwerin Hall 7 Demmlerplatz 14 19053 Schwerin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Mark Zeuner Beethovenstr. 13 19053 Schwerin Germany The District Court of Schwerin opened bankruptcy proceedings against MHB Moderner Hochbau GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MHB Moderner Hochbau GmbH Attn: Siegmar Koepcke, Manager Gewerbegebiet 1 19372 Spornitz Germany MTR GMBH: Claims Registration Ends December 21 ---------------------------------------------- Creditors of MTR GmbH & Co. KG have until Dec. 21 to register their claims with court-appointed insolvency manager Yvo Dengs. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.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 Neumuenster Meeting Hall B.126 Law Courts Boostedter Strasse 26 Neumuenster 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: Yvo Dengs Am Sandtorkai 62 20457 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against MTR GmbH & Co. KG on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MTR GmbH & Co. KG Fehmarnstrasse 14 24782 Buedelsdorf Germany NAIL VERKAUFS: Claims Registration Ends December 20 --------------------------------------------------- Creditors of Nail Verkaufs GmbH have until Dec. 20 to register their claims with court-appointed insolvency manager Peter Jost. Creditors and other interested parties are encouraged to attend the meeting at 1:45 p.m. on Feb. 21, 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 Koenigstein/Ts. Hall 106 A Burgweg 9 61462 Koenigstein/Ts. Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter Jost Pfingstweidstrasse 3 D 60316 Frankfurt a. M. Germany Tel: 069-2097390 Fax: 069-20973929 The District Court of Koenigstein/Ts. opened bankruptcy proceedings against Nail Verkaufs GmbH on Nov. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Nail Verkaufs GmbH Attn: Heidi Astrid Schlitt, Liquidator Benzstrasse 14 65779 Kelkheim Germany NEUMANN & BILLIG: Claims Registration Period Ends Dec. 15 --------------------------------------------------------- Creditors of Neumann & Billig Lufttechnische Anlagen GmbH have until Dec. 15 to register their claims with court-appointed insolvency manager Martin Schoebe. Creditors and other interested parties are encouraged to attend the meeting at 8:50 a.m. on Jan. 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kempten Hall 157/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 Muenchen Germany Tel: 089/1893770 Fax: 089/18937750 The District Court of Kempten opened bankruptcy proceedings against Neumann & Billig Lufttechnische Anlagen GmbH on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Neumann & Billig Lufttechnische Anlagen GmbH Perlengasse 15 87600 Kaufbeuren Germany PB WOHNBAU: Claims Registration Period Ends Dec. 12 --------------------------------------------------- Creditors of PB Wohnbau GmbH have until Dec. 12 to register their claims with court-appointed insolvency manager Dietrich Hauser. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn 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: Dietrich Hauser Edisonstrasse 19 74076 Heilbronn Germany Tel: 07131/64281-0 Fax: 07131/64281-28 The District Court of Heilbronn opened bankruptcy proceedings against PB Wohnbau GmbH on Nov. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PB Wohnbau GmbH Heinrich-Bachler-Strasse 25 74081 Heilbronn Germany R & S PLANBAU: Claims Registration Period Ends Dec. 17 ------------------------------------------------------ Creditors of R & S Planbau GmbH have until Dec. 17 to register their claims with court-appointed insolvency manager Dr. Helmut Hemmerling. Creditors and other interested parties are encouraged to attend the meeting at 10:30 on Jan. 8, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stuttgart Room 178 Hauffstr. 5 70190 Stuttgart 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. Helmut Hemmerling Heilbronner Str. 86 70191 Stuttgart Germany Tel: 0711/2597290 Fax: 0711/259729999 The District Court of Stuttgart opened bankruptcy proceedings against R & S Planbau GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: R & S Planbau GmbH Attn: Heike Rzepka, Manager Beethovenstr. 55 71336 Waiblingen Germany R.E.M. GESELLSCHAFT: Claims Registration Period Ends Dec. 18 ------------------------------------------------------------ Creditors of R.E.M. Gesellschaft fuer Rolltorbau, Elektrotechnik und Maschinenbau GmbH have until Dec. 18 to register their claims with court-appointed insolvency manager Friedrich-Wilhelm Klein. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on Jan. 16, 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 Wuppertal Meeting Hall A234 Second Floor Eiland 2 42103 Wuppertal 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: Friedrich-Wilhelm Klein Turmhof 15 42103 Wuppertal Germany Tel: 0202/49 37 00 Fax: 0202/49 37 099 The District Court of Wuppertal opened bankruptcy proceedings against R.E.M. Gesellschaft fuer Rolltorbau, Elektrotechnik und Maschinenbau GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: R.E.M. Gesellschaft fuer Rolltorbau, Elektrotechnik und Maschinenbau GmbH Attn: Petra Heiss, Manager Waage 5 42781 Haan Germany RENNER GMBH: Claims Registration Period Ends Dec. 13 ---------------------------------------------------- Creditors of Renner GmbH have until Dec. 13 to register their claims with court-appointed insolvency manager Susanne Oelbermann. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 24, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Syke Hall 112 Hauptstr. 5A 28857 Syke Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Susanne Oelbermann Ostertorsteinweg 74/75 D 28203 Bremen Germany Tel: 0421/792570 Fax: 0421/7925757 The District Court of Syke opened bankruptcy proceedings against Renner GmbH on Nov. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Renner GmbH Osterfeuerbergstrasse 79 28219 Bremen Germany Attn: Torsten Beuermann, Manager Gutenbergstrasse 9 28844 Weyhe-Dreye Germany ROUGE EVENT: Claims Registration Period Ends Dec. 12 ---------------------------------------------------- Creditors of Rouge Event GmbH have until Dec. 12 to register their claims with court-appointed insolvency manager Angela Gerigk. Creditors and other interested parties are encouraged to attend the meeting on Jan. 11, 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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Angela Gerigk Katharinenstr. 7 46282 Dorsten Germany The District Court of Essen opened bankruptcy proceedings against Rouge Event GmbH on Nov. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rouge Event GmbH Westerholter Str. 136 45892 Gelsenkirchen Germany SALCO SOUND: Claims Registration Period Ends Dec. 10 ---------------------------------------------------- Creditors of Salco Sound and Light Company GmbH have until Dec. 10 to register their claims with court-appointed insolvency manager Dr. Gideon Boehm. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on Jan. 7, 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 Pinneberg Hall 3 First Floor Bahnhofstrasse 17 25421 Pinneberg 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. Gideon Boehm Bachstrasse 85a 22083 Hamburg Germany The District Court of Pinnebergopened bankruptcy proceedings against Salco Sound and Light Company GmbH on Nov. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Salco Sound and Light Company GmbH Schusterring 41 25355 Barmstedt Germany S+W VERWALTUNGS: Claims Registration Period Ends Dec. 18 -------------------------------------------------------- Creditors of S+W Verwaltungs-GmbH have until Dec. 18 to register their claims with court-appointed insolvency manager Hermann Keitel. Creditors and other interested parties are encouraged to attend the meeting on Jan. 14, 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 Heilbronn Room 110 First Floor Rollwagstr. 10a 74072 Heilbronn 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: Hermann Keitel Suelmerstrasse 7 74072 Heilbronn Germany Tel: 07131/99173-50 Fax: 07131/99173-53 The District Court of Heilbronn opened bankruptcy proceedings against S+W Verwaltungs-GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: S+W Verwaltungs-GmbH Attn: Nicole Springmann, Manager Brucknerstrasse 10 74629 Pfedelbach Germany WALO GMBH: Claims Registration Period Ends Dec. 20 -------------------------------------------------- Creditors of Walo GmbH & Co. KG have until Dec. 20 to register their claims with court-appointed insolvency manager Steffen Koch. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Jan. 21, 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 Walsrode Hall 130 Lange Strasse 29-33 29664 Walsrode 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. Steffen Koch Albert-Einstein-Ring 11 22761 Hamburg Germany Tel: (040) 8 99 56 - 0 Fax: (040) 8 99 56 - 41 The District Court of Walsrode opened bankruptcy proceedings against Walo GmbH & Co. KG on Nov. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Walo GmbH & Co. KG Eickeloher Strasse 1 29693 Hodenhagen Germany WCM AG: Sirius Eyes Compensation Claim Against Creditor Banks ------------------------------------------------------------- Sirius Beteiligungsgesellschaft mbH, a subsidiary of WCM Beteiligungs- und Grundbesitz-AG, is contemplating a compensation claim against its former creditor banks, DZ Bank AG and HSH Nordbank AG, over the sale of the property company IVG Immobilien AG, according to published reports. In 2003, Sirius, which holds a 50.1% majority stake in IVG, filed for insolvency. Subsequently, DZ Bank and HSH Nordbank acquired the company's IVG stake for EUR550 million in 2004. The creditor banks told Financial Times Deutschland that there is no reason for Sirius to demand compensation, insisting the banks in the Sirius consortium acted correctly before, during and after the takeover of the stake in IVG. However, Sirius argued that the creditor banks had already taken over operative management before the sale of the stake, making the banks investors rather than creditors, Frank Seidlitz writes for Die Welt. Die Welt says the sale would have been illegal as debt would have become equity. Sirius is set to decide on whether to pursue the compensation claim at a creditors' meeting at the end of this month, FT relates. About WCM AG Headquartered in Frankfurt, Germany, WCM Beteiligungs- und Grundbesitz-AG -- http://www.wcm.de/-- holds equity interests in other real estate investment, management, and development companies, as well as in the nursing homes and a packaging maker. The group owns 80% of Klockner-Werke AG, which also operates in Austria, Czech Republic, Denmark, France, United Kingdom, Italy, Netherlands, Spain, Switzerland, Australia, Brazil, India, Japan, Mexico, Russian Federation, Singapore, and the U.S.A. WCM has been posting consecutive annual net losses of EUR849 million in 2002; EUR315 million in 2003; EUR163 million in 2004; and EUR44 million in 2005. WCM applied for insolvency on Nov. 8, 2006, as a result of the extraordinary termination of the loan agreement by HSH Nordbank. The District Court of Frankfurt (Main) opened bankruptcy proceedings against the company on Nov. 21, 2006. =========== G R E E C E =========== OLYMPIC AIRLINES: Ryanair Hits EC Inaction on Greek State Aid ------------------------------------------------------------- Ryanair Plc has filed a case against the European Commission in the European Court of Justice for the latter's inaction on complaints against approximately EUR500 million in illegal state aid continually given to Olympic Airlines S.A., Breaking News reports. "The Greek government's most recent tranche of state aid to Olympic involves approximately EUR500 million, mostly for 'unpaid services' allegedly provided by Olympic to the government," Ryanair's CEO Michael O'Leary told Breaking News. "However, the Commission has refused to do anything about this since 2006, which left us with no alternative but to challenge the Commission's inaction in the European courts," Mr. O'Leary added. As previously reported in the TCR-Europe, a local court ordered the Greek government to pay debt-laden Olympic Airlines around EUR563.9 million for unpaid services, which includes: -- legally subsidized routes to remote Greek islands; -- travel for senior government officials and conscripts; and -- relocation to a new airport outside Athens in 2001. Olympic Airlines said it would use the received payments to repay part of the EUR161 million state aid declared illegal by the Commission in December 2005. The European Court, however, cut the amount to EUR130 million in Sept. 12, 2007, after finding that the EC failed to prove that some of the funds violated European Union's state aid rules, The Associated Press reported. Ryanair claims the Commission had failed to investigate Olympic Airlines' violation of EU competition rules in 2006, Breaking News adds. "It appears that the Commission applies two approaches to enforcing the State aid rules: one of ignoring or signing off on continuing unlawful state aid for the inefficient high fare flag carrier airlines, and the other of pursuing baseless complaints by flag carriers against low fares airlines operating out of regional and secondary airports," Mr. O'Leary told Breaking News. "This twin track approach must end and we are therefore calling on the Commission to start promoting competition, end unlawful State aid, and stop protecting flag carrier airlines," Mr. O'Leary added. About Olympic Airlines Headquartered in Athens, Greece, Olympic Airlines S.A. -- http://www.olympicairlines.com/-- the holding company of the Olympic Airways group of companies, flies passengers and cargo to five continents, while offering ground handling, technical maintenance and information technology services to third parties. Between 1994 and 2000, the European Commission allowed Greek state aids for the restructuring of Olympic Airways. In December 2002, the Commission found that further aid had been granted to the airline, and demanded that EUR160 million be repaid. Greece created Olympic Airlines in December 2003 from the remaining assets of bankrupt and defunct national carrier Olympic Airways S.A. Olympic Airlines started operations in 2004 and posted EUR87 million in net losses. The carrier posted EUR123.7 million in net losses in 2005. ============= I R E L A N D ============= MAGNOLIA FINANCE V: WARF Breach Cues Fitch to Junk US$28MM Notes ---------------------------------------------------------------- Fitch Ratings has downgraded Magnolia Finance US$28 million Series 2006-3 leveraged super senior credit-linked notes due 2045 to 'C' from 'AA+' and removed the notes from rating watch negative. The downgrade is a result of a breach of the current Weighted Average Rating Factor (WARF) trigger. As of the Nov. 22, 2007, investor report, the WARF trigger is 12.39 and the current WARF is 12.94 (both equivalent to 'BB+'/'BB'). The WARF at last review in August 2007 was 2.85 ('A-'/'BBB+'). Since the notes were placed on RWN on Oct. 31, 2007, Fitch has downgraded 29.86% of the portfolio between two and eleven notches. As a result, the number of speculative grade names in the reference portfolio is currently 14, representing 28.92% of the portfolio, compared with none at last review. Magnolia Finance V Plc is a special purpose vehicle incorporated under the laws of Ireland. It has entered into a leveraged super senior transaction with Credit Suisse International and invested the note issuance proceeds in highly rated securities. Should the weighted average credit rating of the reference obligations breach pre-specified trigger levels within a specified period, investors have the option to unwind the trade or de-lever their position by posting further note principal. The ratings address the payment of interest and principal according to the documentation terms, by the scheduled maturity date, including the risk of mark-to-market losses due to an early termination following an unwind trigger event. Under the documentation, the interest payment (including the LIBOR component) may be reduced under certain circumstances, such as a downgrade to 'AA' or below of the charged asset. ========= I T A L Y ========= ALITALIA SPA: Stretches Bidding Deadline to Dec. 5 -------------------------------------------------- Alitalia S.p.A. has extended to Dec. 5, 2007, the deadline for submission of non-binding offers for the Italian government's 49.9% stake, Thomson Financial says citing an Il Sole 24 Ore report. Italian transport minister Alessandro Bianchi was quoted by La Repubblica that three offers are coming for Alitalia. As previously reported in the TCR-Europe, Alitalia decided to open talks, through the financial advisor Citi and industrial advisor Roland Berger, with: -- Air France-KLM, -- AP Holding S.p.A., -- Deutsche Lufthansa AG, -- Cordata Baldassarre, -- OAO Aeroflot, -- TPG Capital. OAO Aeroflot, however, has decided not to take part in the privatization of the Italian carrier. TPG Capital, meanwhile, has informed it was unable to finalize an Italian-led consortium, but will continue to follow the developments of the sale. Alitalia has concluded that Cordata Baldassarre's bid is "no longer compatible" to its planned stake sale. Remaining bidders are Air France-KLM, AP Holding and Deutsche Lufthansa. As reported in the TCR-Europe on Nov. 23, 2007, Alitalia's Board of Directors said exclusive negotiations with the chosen bidder could be held within the first half of December 2007. 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. ALITALIA SPA: Deustche Lufthansa Weighs Possible Bid ---------------------------------------------------- Deutsche Lufthansa AG will decide by year-end whether to bid for the Italian government's 49.9% stake in Alitalia S.p.A., published reports say, citing Lufthansa CEO Wolfgang Mayrhuber's interview with Frankfurter Allgemeine Sonntagszeitung. "We are examining whether we can find a remedy and [whether] we will submit an offer," The Associated Press quotes Mr. Mayrhuber in the interview. "We would therefore welcome it if negotiations could take place as early as December," Reuters relates Mr. Mayrhuber in the interview. Lufthansa is one of the three remaining possible bidders for Alitalia, along with Air France-KLM and AP Holding S.p.A. OAO Aeroflot will not participate in the process while Cordata Baldassarre's bid was deemed "no longer compatible" to the sale. TPG Capital, meanwhile, was unable to finalize an Italian-led consortium, but will continue to follow the developments of the sale. As reported in the TCR-Europe on Nov. 23, 2007, Alitalia's Board of Directors said exclusive negotiations with the chosen bidder could be held within the first half of December 2007. 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. FIAT SPA: Plans to Invest BRL6.4 Billion in Brazil & Argentina -------------------------------------------------------------- Fiat S.p.A. CEO Sergio Marchionne outlined plans to invest BRL6.4 billion (EUR2.4 billion) in Brazil and Argentina between 2008 and 2010, The Associate Press reports. Of the total amount, AP relates, BRL5 billion (EUR1.88 billion) will be made in Minas Gerais, where most of the company's Brazilian operations are based, while another BRL1 billion (EUR375 million) has been earmarked for Fiat's farm equipment plant in the state of Sao Paulo. Mr. Marchionne told reporters that these investments are aimed to increase the carmaker's current Brazilian production from 720,000 vehicles a year to about 1 million in 2010, Andre Soliani and Telma Marotto write for Bloomberg News. A total of BRL400 million (EUR150 million) will be invested in Fiat's auto plant in Cordoba, Argentina, where Fiat wants to produce 50,000 vehicles as of 2008, AP relates. "I travel the world and I haven't seen an economic environment which is stable and as favorable," Mr. Marchionne was quoted by Bloomberg as saying. "You are going through an incredible period of growth." About Fiat S.p.A Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR33.4 billion in the first nine months of 2005. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As reported on Aug. 8, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Italian industrial group Fiat S.p.A. to 'BB' from 'BB-'. At the same time, Standard & Poor's affirmed its 'B' short-term rating on Fiat. S&P said the outlook is stable. "The upgrade reflects Fiat's strong debt reduction achievements, positive trends in the auto sector, and improvements in the group's profitability and cash generation," said Standard & Poor's credit analyst Nicolas Baudouin. As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from Stable. Its Issuer Default rating and senior unsecured rating are affirmed at BB-. The Short-term rating is affirmed at B. Around EUR6 billion of debt is affected by this rating action. The Outlook change is underpinned by the consistent improvement of the group's financial profile, the pick-up in Fiat Auto's market shares and earnings since late 2005 and positive expectations for the CNH and Iveco divisions. Fiat carries Moody's Ba3 long-term corporate family rating since July 14, 2003. FIAT SPA: Repurchases 1.35 Million Ordinary Shares -------------------------------------------------- Fiat S.p.A. purchased 45,000 Fiat ordinary shares at the average price of EUR17.4935 including fees on Nov. 21, 2007, within the frame of the buy back program announced on April 5, 2007. On Nov. 19, 2007, the company bought 1.31 million Fiat ordinary shares at the average price of EUR18.4559 including fees. From the start of the buy back program on April 24, 2007, the total number of shares purchased by Fiat amounts to 20.482 million for a total invested amount of EUR426 million. Share Repurchase Program On April 5, Fiat stockholders authorized the purchase and disposition of own shares. The program, aimed at servicing stock options plans and at the investment of liquidity, refers to a maximum number of own shares of the three classes of stock which shall not exceed 10% of the capital stock and a maximum aggregate amount of EUR1.4 billion and will be carried out on the regulated market as: -- it will become effective on April 10, 2007, and end on Dec. 31, 2007, or once the maximum amount of EUR1.4 billion or a number of shares equal to 10% of the capital stock is reached; -- the maximum purchase price will not exceed 10% of the reference price reported on the Stock Exchange on the day before the purchase is made; -- the maximum number of shares purchased daily will not exceed 20% of the total daily trading volume for each class of shares. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As reported on Aug. 8, 2007, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Italian industrial group Fiat S.p.A. to 'BB' from 'BB-'. At the same time, Standard & Poor's affirmed its 'B' short-term rating on Fiat. S&P said the outlook is stable. As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from Stable. Its Issuer Default rating and senior unsecured rating are affirmed at BB-. The Short-term rating is affirmed at B. Around EUR6 billion of debt is affected by this rating action. Fiat carries Moody's Ba3 long-term corporate family rating since July 14, 2003. =================== K A Z A K H S T A N =================== AGROFIRM BV: Proof of Claim Deadline Slated for Dec. 21 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Agrofirm B.V. insolvent. Creditors have until Dec. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Department of Agriculture Konstitutsiya Kazakhstana Str. 38 Petropavlovsk North Kazakhstan Kazakhstan ATYRAU TRANS: Creditors Must File Claims Dec. 25 ------------------------------------------------ LLP Atyrau Trans Service has declared insolvency. Creditors have until Dec. 25 to submit written proofs of claims to: LLP Atyrau Trans Service Dosmuhamedov Str. 84 Atyrau Kazakhstan AZAMAT TRADE: Claims Filing Period Ends Dec. 21 ----------------------------------------------- LLP Azamat Trade Ltd has declared insolvency. Creditors have until Dec. 21 to submit written proofs of claims to: LLP Azamat Trade Ltd Bogenbai batyr Str. 135-1 Almaty Kazakhstan EURASIA INSURANCE: S&P Affirms & Withdraws B Ratings ---------------------------------------------------- Standard & Poor's Ratings Services affirmed the financial strength and counterparty credit ratings of Kazakhstan-based Eurasia Insurance Co. at 'B' with a stable outlook, and then, at the company's request, withdrew the ratings. At the same time, S&P affirmed and then withdrew Eurasia's Kazakhstan local scale rating of 'kzBBB-'. Standard & Poor's undertook a review of the company before it undertook these rating actions. The affirmation took into account the general economic and industry risks of insurance and reinsurance operations in the Republic of Kazakhstan (foreign currency BBB-/Stable/A-3, local currency BBB/Stable/A-3), as well as the perceived weak financial flexibility of the company. "In particular, we considered Eurasia's ability to raise new cash or capital commensurate with its expected growth in needs. It is steadily expanding its operations both domestically and within its region," said Standard & Poor's credit analyst David Anthony. Mr. Anthony continued: "We recognized that Eurasia's good operating performance partially offset these concerns as a particular strength relative to the ratings, and also derived comfort relative to the rating from Eurasia's leading position in Kazakhstan's domestic insurance and reinsurance markets, as well as from its capitalization, investments, and liquidity." FAST PLAST: Creditors' Claims Due on Dec. 25 -------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Fast Plast insolvent. Creditors have until Dec. 25 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan HODORY LLP: Claims Registration Ends Dec. 21 -------------------------------------------- LLP Hodory has declared insolvency. Creditors have until Dec. 21 to submit written proofs of claims to: LLP Hodory Markov Str. 53 Bostandyksky District 480090, Almaty Kazakhstan Tel: 8 (7272) 60-83-81 JETYSAISKY PIVZAVOD: Proof of Claim Deadline Slated for Dec. 25 --------------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared Brewery LLP Jetysaisky Pivzavod insolvent. Creditors have until Dec. 25 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Kojanov Str. 3 Jetysai Mahtaaralsky District South Kazakhstan Kazakhstan KAZKOMMERTSBANK: Upcoming Support Cues Fitch to Affirm BB+ IDR -------------------------------------------------------------- Fitch Ratings has affirmed the ratings of Kazakhstan-based bank Kazkommertsbank. KKB has been rated Long-term foreign currency Issuer Default 'BB+', Short-term foreign currency IDR 'B', Long- term local currency IDR 'BBB-', Short-term local currency IDR 'F3', Individual 'C/D', Support '3' and Support Rating Floor 'BB+'. The Outlook for the Long-term IDR remain Stable. KKB's IDR and Support ratings reflect the moderate probability of support being forthcoming, in case of need, from the Kazakhstan authorities. This view takes into account the Kazakhstan sovereign's ability to provide support, as reflected in its Long-term foreign currency IDR of 'BBB' and Long-term local currency IDR of 'BBB+'. The ratings also reflect Fitch's view of the authorities' likely strong propensity to support KKB, if required, in light of their importance to the domestic banking market. Any future movement in the bank's IDR and Support ratings would likely be linked to changes in the sovereign ratings. The Individual ratings of KKB take into account the heightened credit risks, high dependence on foreign funding and the currently very challenging funding environment. However, the Individual ratings also reflect the two bank's low reported loan impairment levels to date, adequate liquidity, moderate refinancing risk and sound performance. Capitalization is currently adequate at KKB. The major source of downside risk for Individual ratings is the potential increase in loan impairment levels as portfolios season in a difficult credit environment. KKB currently face heightened credit risks due to a potential slowdown in economic growth and contraction of liquidity in the corporate sector resulting from a sharp slowdown in bank loan growth; significant exposure to the housing and commercial construction/real estate sectors (equal to 2x core capital at KKB, at end of first half of 2007) at a time of downward pressure on real estate prices; and a high proportion of foreign currency lending (65% at end of third quarter of 2007), partly to unhedged borrowers. Borrower concentrations are also considerable, with the top twenty obligors accounting for around 2.9x core capital at end of third quarter of 2007. Fitch notes that some of the larger construction/real estate at KKB, relate to Russian projects, which should be isolated from risks currently impacting the credit profile of the Kazakhstan construction/real estate sector. KKB's stand-alone statutory overdue loans ratios (which include the full amount of all one- day overdues) were a low 3% at end of third quarter of 2007, although it should be noted that it will take time for loan books to season and potential problems to feed through into non- performing loans. KKB have been highly reliant on foreign debt/bank funding, which accounted for 62% of liabilities at end of third quarter of 2007. Funding has therefore come under pressure as a result of far more limited access to foreign capital markets from third quarter of 2007. However, KKB raised US$600 million through a syndicated loan in August. Retail and corporate deposits (consolidated) at KKB fell by 4% and 17%, respectively in third quarter 2007, the fall in corporate balances mainly driven by customers withdrawing funds to support business growth. In October, retail deposits were marginally up. Liquidity is satisfactory, with KKB having built up a US$1.6 billion cash cushion to meet potential outflows and repayment needs. In addition, cash flows from loan repayments and amortization provide significant liquidity support. Performance has remained sound at 2% in first half 2007 and 2.1% in third quarter 2007. Higher provision charges (as management decided to create additional reserves to absorb possible future losses) put some downward pressure on performance in third quarter 2007. However, margins increased on the back of higher loan rates, an effect that should come through fully in fourth quarter 2007 and beyond. Fitch, therefore, expects performance, absent significant credit losses, to be robust in the near-term. KKB's ratios are moderate with a reported tier 1 ratio of 9.4% at end of third quarter of 2007, although this would have been a higher 10.8% if current year earnings had been included in tier 1 capital. Absent significant credit losses, Fitch expects internal capital generation at both banks to be at least in line with (moderate) risk-weight asset growth in the near-term. KKB is one of the largest commercial banks in Kazakhstan. KKB acquired a 52% stake in Russia's Moskommertsbank in third quarter of 2007, which had previously been consolidated on a control basis. A combined 45% stake in KKB is controlled by the Chairman of the Board, Nurzhan Subkhanberdin; the CEO, Nina Zhusupova; and their close associates. A further 8% is owned by the EBRD and the remainder is broadly held. LAZER ZONE: Creditors Must File Claims Dec. 21 ---------------------------------------------- LLP Lazer Zone has declared insolvency. Creditors have until Dec. 21 to submit written proofs of claims to: LLP Lazer Zone Office 411 Kurmangazy Str. 48a Almaty Kazakhstan MD-INVEST LLP: Claims Filing Period Ends Dec. 21 ------------------------------------------------ LLP MD-Invest has declared insolvency. Creditors have until Dec. 21 to submit written proofs of claims to: LLP MD-Invest Abai Str. 103 Tuzdybastau Talgarsky District 041600 Almaty Kazakhstan TEMIRALY LLP: Creditors' Claims Due on Dec. 21 ---------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan has declared LLP Temiraly insolvent on Oct. 12. Creditors have until Dec. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of West Kazakhstan Burlinsky District West Kazakhstan Kazakhstan UNIVERSAL-SODEKSO EUROASIA: Claims Registration Ends Dec. 21 ------------------------------------------------------------ Almaty Branch of the Company Universal-Sodekso Euroasia has declared insolvency. Creditors have until Dec. 25 to submit written proofs of claims to: Universal-Sodekso Euroasia Almaty Branch Tulebayev Str. 32-61 Almaty Kazakhstan Tel: 8 (7272) 71-42-59 =================== K Y R G Y Z S T A N =================== GROOM ENTERPRISES: Creditors Must File Claims by December 26 ------------------------------------------------------------ LLC Groom Enterprises Pvt Ltd. has declared insolvency. Creditors have until Dec. 26 to submit written proofs of claim. Inquiries can be addressed to (0-555) 51-90-07. MERT FOOD: Proof of Claim Deadline Slated for December 26 --------------------------------------------------------- LLC Mert Food has declared insolvency. Creditors have until Dec. 26 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 24-37-82. =================== L U X E M B O U R G =================== EVRAZ GROUP: Refinancing Loan with US$3.2 Billion Facility ---------------------------------------------------------- Evraz Group S.A. has signed a US$3.214 billion structured multi- tranche credit facility. The loan facility has the interest rate of LIBOR+1.8% and consists of a US$2.714 billion five-year tranche secured on assignment of trade receivables and a US$500 million three-year unsecured tranche. The facility is guaranteed by Mastercroft Ltd. The Company applied US$1.8 billion of the deal proceeds to repay the bridge loan it raised earlier this year to finance the Oregon Steel Mills, Inc. acquisition with the remainder to be used for general corporate purposes. The deal was arranged and fully underwritten by a group of 10 banks co-ordinated by ABN Amro Bank N.V., London Branch and included: -- Bank of Tokyo-Mitsubishi UFJ Ltd., -- Barclays Capital, -- BNP Paribas (Suisse) S.A., -- Calyon, -- Commerzbank Aktiengesellschaft, -- Deutsche Bank AG Amsterdam Branch, -- ING Bank N.V., -- Sumitomo Mitsui Banking Corporation, and -- UBS Limited as the joint mandated lead arrangers. Deutsche Bank AG Amsterdam Branch was appointed facility agent and security trustee for the syndicate. Clifford Chance acted as legal counsel for the banks, and the Company retained Cleary Gottlieb Steen and Hamilton as its legal advisors. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family and Probability-of-Default ratings and B2 Senior Unsecured Debt rating from Moody's Investor Service. Moody's said the Outlook is Positive. Evraz also carries BB- Local and Foreign Issuer Credit ratings from Standard & Poor's. S&P said the Outlook is Positive. The company carries BB Issuer Default and Senior Unsecured ratings and B Short-Term IDR. Fitch said the Outlook is Stable. =========== P O L A N D =========== SCO GROUP: Sept. 30 Balance Sheet Upside-Down by US$417,357 ----------------------------------------------------------- The SCO Group Inc. reported zero revenues and zero expenses for the period beginning Sept. 15 through 30, 2007. However, the company generated other income from China Investment of US$1,608 for the period ending Sept. 30, 2007. The company's net profit for the month of September 2007 was US$1,608. As of Sept. 30, 2007, the company's balance sheet showed total US$1,327,901, total liabilities of US$1,745,258, and total stockholders' deficit of US$417,357. A full-text copy of the company's Sept. 15-30, 2007, report: http://ResearchArchives.com/t/s?256e Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, among others. The company and its affiliate, 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. =========== R U S S I A =========== AGROSNABSERVICE: Creditors Must File Claims by Jan. 10, 2008 ------------------------------------------------------------ Creditors of OJSC AgroSnabService have until Jan. 10, 2008, to submit proofs of claim to: V. P. Doluda Competitive proceedings manager Office 32 Gorkogo Str. 45 302040 Orel Russia The Arbitration Court of Orel commenced competitive proceedings against the company. The case is docketed under Case No. A48-1225/07-17B. The Court is located at: The Arbitration Court of Orel Gorkogo Str. 42 302000 Orel Russia The Debtor can be reached at: OJSC AgroSnabService Mashinostroitel'naya Str. 19 Druzhny Township Saburovskaya Orlovskij Raion 302008 Orel Russia EL'NYALEN OJSC: Creditors Must File Claims by Dec. 10 ----------------------------------------------------- Creditors of OJSC El'nyalen have until Dec. 10 to submit their proofs of claim to: E. K. Kondratsikovskij Interim manager Soviet Str. 33, 19 430000 Saransk Russia The Arbitration Court of Smolensk commenced bankruptcy supervision procedure against the company on Oct. 2. The case is docketed under Case No. A62-3547/2007(1384-H). The Court is located at: The Arbitration Court of Smolensk Pr. Gagarina 46 214001 Smolensk Russia The Debtor can be reached at: OJSC El'nyalen Rabochiy Per. 15 El'nya 216330 Smolensk Russia EVRAZ GROUP: Refinancing Loan with US$3.2 Billion Facility ---------------------------------------------------------- Evraz Group S.A. has signed a US$3.214 billion structured multi- tranche credit facility. The loan facility has the interest rate of LIBOR+1.8% and consists of a US$2.714 billion five-year tranche secured on assignment of trade receivables and a US$500 million three-year unsecured tranche. The facility is guaranteed by Mastercroft Ltd. The Company applied US$1.8 billion of the deal proceeds to repay the bridge loan it raised earlier this year to finance the Oregon Steel Mills, Inc. acquisition with the remainder to be used for general corporate purposes. The deal was arranged and fully underwritten by a group of 10 banks co-ordinated by ABN Amro Bank N.V., London Branch and included: -- Bank of Tokyo-Mitsubishi UFJ Ltd., -- Barclays Capital, -- BNP Paribas (Suisse) S.A., -- Calyon, -- Commerzbank Aktiengesellschaft, -- Deutsche Bank AG Amsterdam Branch, -- ING Bank N.V., -- Sumitomo Mitsui Banking Corporation, and -- UBS Limited as the joint mandated lead arrangers. Deutsche Bank AG Amsterdam Branch was appointed facility agent and security trustee for the syndicate. Clifford Chance acted as legal counsel for the banks, and the Company retained Cleary Gottlieb Steen and Hamilton as its legal advisors. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family and Probability-of-Default ratings and B2 Senior Unsecured Debt rating from Moody's Investor Service. Moody's said the Outlook is Positive. Evraz also carries BB- Local and Foreign Issuer Credit ratings from Standard & Poor's. S&P said the Outlook is Positive. The company carries BB Issuer Default and Senior Unsecured ratings and B Short-Term IDR. Fitch said the Outlook is Stable. KRAMZ OJSC: Asset Sale Slated for Dec. 11 ----------------------------------------- The competitive proceedings manager of OJSC KraMZ will open a third public auction for the company's properties at 10:00 a.m. on Dec. 11 at: The competitive proceedings manager Room 32 Block 3 1st Institute Proezd 3 Moscow Russia The company has set a RUR424,160,476 starting price for the auctioned assets. Interested participants have until Dec. 6 to deposit an amount equivalent to 20% of the starting price to the settlement account of OJSC KraMZ. Bidding documents must be submitted to: Room 10 Office 2 Sirenevy Boulevard 15 Moscow Russia The Debtor can be reached at: OJSC KraMZ Pogranichnikov Str. 42 660111 Krasnoyarsk Russia Information related to the auction can be obtained by calling, Tel: (495) 164-99-33. KRASNOYARSKOYE LLC: Creditors Must File Claims by Dec. 10 --------------------------------------------------------- Creditors of Drilling Enterprise Krasnoyarskoye LLC have until Dec. 10 to submit their proofs of claim to: R. Ja. Safaryanov Interim manager P.O. Box 5082 432980 Ulyanovsk Russia The Arbitration Court of Krasnoyarsk krai will convene at 9:00 a.m. on Jan. 24, 2008, to hear the bankruptcy supervision procedure against Drilling Enterprise Krasnoyarskoye LLC. The case is docketed under Case No. A33-12859/2007. The Court is located at: The Arbitration Court of Krasnoyarsk krai Office 307B Mira Pr. 36 660049 Krasnoyarsk Russia The Debtor can be reached at: Drilling Enterprise Krasnoyarskoye LLC Urochische White Stones Emelyanovskij Raion Krasnoyarsk krai Russia MTS EVLASHEVSKAYA: Asset Sale Slated for Dec. 12 ------------------------------------------------ The external manager of CJSC MTS Evlashevskaya, will open a public auction for the company's properties at noon on Dec. 12 at: CJSC MTS Evlashevskaya Kuznetskaya Str. Evlashevo Township Kuznetskij Raion Penza Russia The starting prices for the auctioned assets are: -- Lot1: RUR2.1 million; -- Lot2: RUR4.5 million; -- Lot3: RUR1.9 million; and -- Lot4: RUR1 million. Interested participants have until noon on Dec. 7 to deposit an amount equivalent to 10% of the starting price and to submit their bidding documents to: CJSC MTS Evlashevskaya Kuznetskaya Str. Evlashevo Township Kuznetskij Raion Penza Russia Information related to the auction can be obtained by calling, Tel: 8 841 2 56 27 56; 8 902 353 8311. MY BANK: Moody's Assigns B3/NP Ratings on RUR1 Billion Bond ----------------------------------------------------------- Moody's Investors Service assigned these global scale ratings to the local currency-denominated bond amounting to RUR1 billion (approximately US$40 million) to be issued by My Bank: B3 long- term and Not Prime short-term senior unsecured debt ratings. At the same time, Moody's Interfax Rating Agency assigned a Baa3.ru long-term National Scale Rating to the bond. Moscow- based Moody's Interfax is majority-owned by Moody's, a leading global rating agency. The bond will have a final maturity of three years and will represent a senior unsecured claim on the bank. The outlook for the global scale rating is stable, while the NSR carries no specific outlook. According to Moody's and Moody's Interfax, the B3/Not Prime global scale local currency ratings reflect the bank's global default and loss expectation and are not constrained by any foreign currency transfer risk, while the Baa3.ru NUSR reflects the standing of the bank's credit quality relative to its domestic peers. Moody's B3/Not Prime ratings for the bond are based on My Bank's fundamental credit quality and factors in the bank's ability to fulfil its long-term and short-term obligations. The latter includes obligations associated with the put option that the bondholders will, according to the terms of the issue, be able to exercise in order to sell the bond back to the bank after a year from the time of the issue. Moody's notes that, if the bank's credit quality were to deteriorate at these times, exercise of the put options might exert additional pressure on its financial condition. My Bank's obligations to make payments under the bond will rank at all times at least pari-passu with the claims of all other unsecured and unsubordinated creditors of the bank, save for those claims that are preferred by any relevant law. At the same time, we note that Russia is in general a country with individual depositor preference, which may reduce the recovery rates for the bondholders, especially if such deposits were to represent a sizeable proportion of the bank's liabilities in the event of liquidation. My Bank Group is headquartered in Moscow, Russian Federation, and comprises three banks. The group reported total consolidated assets of US$265 million (2005: US$146 million) and total equity of US$31 million (2005: US$13 million) under IFRS as at Dec. 31, 2006. NOVOSIBIRSK METALWORKING: Creditors Must File Claims by Dec. 10 --------------------------------------------------------------- Creditors of Novosibirsk Metalworking Plant LLC have until Dec. 10 to submit proofs of claim to: S. P. Zhidov Interim manager Soviet Str. 4 440026 Penza Russia The Arbitration Court of Novosibirsk commenced bankruptcy supervision procedure against the company on Oct. 5 for the period until March 17, 2008. The case is docketed under Case No. 45-11725/07-54/54. The Court is located at: The Arbitration Court of Novosibirsk Kirova Str. 3 630007 Novosibirsk Russia The Debtor can be reached at: Novosibirsk Metalworking Plant LL Stantsionnaya Str. 30? Novosibirsk Russia SERDOBSKIYE CLOCKS: Creditors Must File Claims by Jan. 10, 2008 --------------------------------------------------------------- Creditors of Plant Serdobskiye Clocks LLC have until Jan. 10, 2008, to submit proofs of claim to: I. E. Sklyar Competitive Proceedings Manager P.O. Box 1605 440061 Penza Russia The Arbitration Court of Penza commenced one-year competitive proceedings against the company after finding it insolvent on Oct. 22. The case is docketed under Case No. A49-1930/ 2007-30B/10. The Court is located at: The Arbitration Court of Penza Belinskogo Str. 2 440600 Penza Russia The Debtor can be reached at: Plant Serdobskiye Clocks LLC Stavskogo Str. 4 Penza Russia SMOLENSKAYA FEDERAL: Creditors Must File Claims by Dec. 10 ---------------------------------------------------------- Creditors of State Stud Farm Smolenskaya Federal State Unitary Enterprise have until Dec. 10 to submit proofs of claim to: V. V. Litvinov Interim Manager Central Str. 8 Rogachevo Smolenskij Raion 214580 Smolensk Russia The Arbitration Court of Smolensk commenced bankruptcy supervision procedure against the company on Sept. 26. The case is docketed under Case NO. A62-3972/2007 (1397-H). The Court is located at: The Arbitration Court of Smolensk Pr. Gagarina 46 214001 Smolensk Russia The Debtor can be reached at: State Stud Farm Smolenskaya Federal State Unitary Enterprise Central Str. 8 Rogachevo Smolenskij Raion 214580 Smolensk Russia ULYANOVSKIJ OJSC: Bankruptcy Hearing Slated for Feb. 21, 2008 ------------------------------------------------------------- The Arbitration Court of Ulyanovsk will convene at 10:40 a.m. on Feb. 21, 2008, to hear the bankruptcy supervision procedure against OJSC Cold Storage Facilities Ulyanovskij. The case is docketed under Case No. A72-6200/07-26/22-B. The interim manager is: A. V. Antonov Interim manager P.O. Box 5082 432980 Ulyanovsk Russia The Debtor can be reached at: OJSC Cold Storage Facilities Ulyanovskij Gaya Prospekt 77 432035 Ulyanovsk Russia YUKOS OIL: State Register Entry Formally Ends Firm's Existence -------------------------------------------------------------- OAO Yukos Oil Co. has formally ceased to exist after bankruptcy receiver Eduard Rebgun completed the company's liquidation process, published reports say. Mr. Rebgun confirmed to Russia Info-Center that Russia's Federal Tax Service has entered Yukos' liquidation on the Uniform State Register of Legal Entities. The Russian Trading System and Moscow Interbank Currency Exchange stopped trading Yukos shares on Nov. 23, Interfax News relates. As reported in the TCR-Europe on Nov. 14, 2007, the Moscow Arbitration Court has entered an order closing the liquidation proceedings of OAO Yukos Oil Co., 15 months after it was declared bankrupt on Aug. 1, 2006. A series of bankruptcy auctions for Yukos' assets, which began in March 2007, has raised RUR877.06 billion (US$35.6 billion) this year, about US$3 billion less than the company's total liabilities, including taxes, debts and fines, the TCR-Europe related last week citing a report by Bloomberg News. According to RIA Novosti, the company has paid off more than RUR710 billion (US$28.4 billion) to its creditors using proceeds from the sale, and defaulted on claims worth RUR76 billion (US$3 billion). Nikolai Lashkevich, spokesman for Yukos' court-appointed manager Eduard Rebgun, earlier said that shareholders will not get anything from the amount as "there is no money from the asset sales" available to pay them. About Yukos Oil Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Russian Government sold its main production unit Yugansk to a little-known firm Baikalfinansgroup for $9.35 billion, as payment for US$27.5 billion in tax arrears for 2000-2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, 2006, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, 2006, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06-0775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and declared what was once Russia's biggest oil firm bankrupt. ========= S P A I N ========= GAT FTGENCAT: Moody's Junks EUR18.8 Million Series E Notes ---------------------------------------------------------- Moody's Investors Service assigned these provisional ratings to the debt to be issued by Spanish securitization fund GAT FTGENCAT 2007, Fondo de Titulizacion de activos: -- (P)Aaa to the EUR276.7 million Series A1 notes; -- (P)Aaa to the EUR280.8 million Series A2(G) notes; -- (P)Aa3 to the EUR11.6 million Series B notes; -- (P)A3 to the EUR33.8 million Series C notes; -- (P)Baa3 to the EUR22.1 million Series D notes; -- (P)C to the EUR18.8 million Series E notes. The provisional ratings address the expected loss posed to investors by the legal final maturity (December 2049). In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal on Series A1, A2(G), B, C and D at par on or before the rated final legal maturity date, and for ultimate payment of interest and principal at par on or before the rated final legal maturity date on Series E. GAT FTGENCAT 2007, FTA is a securitization fund created with the aim of purchasing a pool of loans granted by Caixa d'Estalvis de Catalunya and Caixa d'Estalvis de Terrassa to Spanish corporates and self-employed individuals based in Catalonia, in compliance with the conditions required by the FTGENCAT program in order to qualify for the Generalitat de Catalunya guarantee. In Moody's view, strong features within this deal include, among others: (1) a swap agreement guaranteeing the WA margin on the notes plus an excess spread of 0.65% and covering the servicing fee; (2) a 3.008% reserve fund to cover potential shortfalls in interest or principal; (3) a 12-month artificial write-off mechanism; (4) the guarantee of the regional government of Catalonia (Aa3) for the Series A2(G) notes; and (5) the fact that the management company will elect the loans from the provisional pool that will result in the least concentrated securitized pool. However, the transaction poses several challenging features, namely: (1) geographical concentration in the region of Catalonia; (2) limited historical default and recovery information received from the originators; (3) pro-rata amortization of the notes; and (4) the negative impact of the interest deferral trigger on the subordinated series. These increased risks were reflected in the credit enhancement calculation. The provisional pool of underlying assets comprised, as of October 2007, a portfolio of 8,809 loans granted to 8,028 borrowers, which are Spanish enterprises or self-employed individuals based in Catalonia. The loans have been originated between 1989 and June 2007, with a weighted average seasoning of 1.5 years and a weighted average remaining life of 11.3 years. The interest rate is floating for the highest portion of the pool (91.31%) and the weighted average interest rate of the pool is 5.38%. Around 63% of the outstanding of the portfolio is secured by a mortgage guarantee over different types of properties, 70% of that figure being first-lien with a weighted average loan-to-value (LtV) of 55%. The remaining 37% is secured by a personal guarantee. Geographically the pool is fully concentrated in Catalonia and around 37% of the portfolio is concentrated in the "buildings and real estate" sector according to Moody's industry classification. In terms of debtor concentration, the pool includes exposures up to 1.33% of the issuance amount. At closing, the management company will elect the loans from the provisional portfolio that will result in the least concentrated securitized pool. Moody's based the provisional ratings primarily on: (i) an evaluation of the underlying portfolio of loans; (ii) historical performance information; (iii) the swap agreements hedging the interest rate risk; (iv) the credit enhancement provided through the GIC account, the excess spread, the reserve fund and the subordination of the notes; and (v) the legal and structural integrity of the transaction. Moody's issues provisional ratings in advance of the final sale of securities, and these ratings only reflect Moody's preliminary credit opinions regarding the transaction. Upon a conclusive review of the final pool of assets and the final documentation, Moody's will endeavor to assign a definitive rating to the notes. A definitive rating, if any, may differ from a provisional rating. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. ===================== S W I T Z E R L A N D ===================== AKTIV LERN: Creditors' Liquidation Claims Due by November 30 ------------------------------------------------------------ Creditors of LLC Aktiv Lern Center have until Nov. 30 to submit their claims to: JSC Auxilia Treuhand Birchstrasse 2 8472 Seuzach Winterthur ZH Switzerland The Debtor can be reached at: LLC Aktiv Lern Center Baar ZG Switzerland AWR KUNSTSTOFFTECHNIK: Creditors Must File Claims by November 29 ---------------------------------------------------------------- Creditors of LLC AWR Kunststofftechnik have until Nov. 29 to submit their claims to: Robert Wipf Liquidator Steiacherstrasse 4 6289 Muswangen Hochdorf LU Switzerland The Debtor can be reached at: LLC AWR Kunststofftechnik Risch ZG Switzerland DHW - DIE HANDWERKER: Claims Registration Period Ends Nov. 27 ------------------------------------------------------------- The Bankruptcy Court of Luzern-Stadt commenced bankruptcy proceedings against LLC DHW - Die Handwerker on Oct. 3. Creditors have until Nov. 27 to file their written proofs of claim. The Bankruptcy Service of Luzern-Stadt can be reached at: Bankruptcy Service of Luzern-Stadt 6000 Lucerne 5 Switzerland The Debtor can be reached at: LLC DHW - Die Handwerker Gibraltarstrasse 23a 6003 Lucerne Switzerland GRUN INDUSTRIEOFENBAU: Creditors Must File Claims by November 28 ---------------------------------------------------------------- Creditors of LLC Grun Industrieofenbau have until Nov. 28 to submit their claims to: Dr. Peter E. Wirth Mailbox 2100 8022 Zurich Switzerland The Debtor can be reached at: LLC Grun Industrieofenbau Zurich Switzerland IMC BETEILIGUNGSMANAGEMENT: Creditors' Claims due by Nov. 29 ------------------------------------------------------------ Creditors of LLC IMC Beteiligungsmanagement have until Nov. 29 to submit their claims to: Hansjorg Wyler Liquidator Poststrasse 32 8312 Winterberg ZH Switzerland The Debtor can be reached at: LLC IMC Beteiligungsmanagement Dietlikon Bulach ZH Switzerland INSTITUT FUR AKTIVES: Creditors' Claims Due by November 30 ---------------------------------------------------------- Creditors of LLC Institut fur aktives Lernen have until Nov. 30 to submit their claims to: JSC Auxilia Treuhand Birchstrasse 2 8472 Seuzach ZH Switzerland The Debtor can be reached at: LLC Institut fur aktives Lernen Baar ZG Switzerland MINIGOLF BUELISACKER: Creditors Must File Claims by November 29 --------------------------------------------------------------- Creditors of LLC Minigolf Buelisacker have until Nov. 29 to submit their claims to: LLC Minigolf Buelisacker Dorfstr. 6 5622 Waltenschwil Muri AG Switzerland SOSIRTAS DELINQUERE: Creditors Must Claims by November 29 --------------------------------------------------------- Creditors of LLC Sosirtas delinquere non potest IT have until Nov. 29 to submit their claims to: Ibelweg 18 a 6300 Zug Switzerland The Debtor can be reached at: LLC Sosirtas delinquere non potest IT Baar ZG Switzerland VERMAG JSC: Creditors' Liquidation Claims Due by November 30 ------------------------------------------------------------ Creditors of JSC Vermag have until Nov. 30 to submit their claims to: Schwingel Markus Liquidator J.L. Custerstrasse 1 9436 Balgach Rheintal SG Switzerland The Debtor can be reached at: JSC Vermag Balgach Rheintal SG Switzerland WOLI BAU: Creditors' Liquidation Claims due by November 29 ---------------------------------------------------------- Creditors of LLC WOLI BAU have until Nov. 29 to submit their claims to: Lutzelaustrasse 54 6353 Weggis LU Switzerland The Debtor can be reached at: LLC WOLI BAU Weggis LU Switzerland * Swiss Corporate Bankruptcies Up 5.2% to 366 in October 2007 ------------------------------------------------------------- The number of corporate bankruptcies in Switzerland rose 5.2% to 366 in October 2007 amid economic growth, Bloomberg News reports, citing Creditreform, a Swiss association of creditors. According to Creditreform, the Swiss economic growth spurred greater-risk taking and new business creation, Anthony Aarons writes for Bloomberg. =========== T U R K E Y =========== DOGUS HOLDING: Fitch Affirms IDR at BB- with Positive Outlook ------------------------------------------------------------- Fitch Ratings has affirmed Dogus Holding's Long-term local and foreign currency Issuer Default ratings at 'BB-' with Positive Outlooks. The ratings and outlooks are based on Fitch's assessment of Dogus Holding's plans to invest its liquidity in projects yielding potentially higher returns and cash flows than the current levels of interest income on the liquidity held by the holding company. Fitch notes the diversified and sustained sound business and financial profiles of the operating subsidiaries of Dogus during fiscal year 2006 and so far in fiscal year 2007, especially in Turkiye Garanti Bankasi A.S. (Garanti Bank, Long-term foreign currency IDR 'BB' with Stable Outlook,Long-term local currency IDR 'BB+' with Stable Outlook), with respect to their potential dividend contributions to Dogus cash flows in the future. While Garanti Bank has materially improved its intrinsic financial strength over the last two years, Dogus's stake in the bank has been reduced to 25.9% (57.17% at 30.09.2005), limiting its share of the potential dividend flows from the bank, as well as the net asset value contribution to the holding company's consolidated TRY18.6bn asset base at fiscal year ending 2006. Furthermore, the diversified nature of Dogus's businesses serve to stabilize the holding's earnings, especially when a given subsidiary in a sector might be going through a cyclical slow down while another could be benefiting from a positive trend in its respective sector. On a consolidated level, excluding financial services subsidiaries, corporate Dogus had just under US$550 million net cash at end of fiscal year 2006. Fitch expects Dogus to have a net cash position at end of fiscal year 2007, again excluding financial services from the consolidated holding results. Dogus Holding, on a stand-alone basis, had US$111 million gross debt at end of fiscaly year 2006; it is expected to reach around US$300 million by end of fiscal year 2007. Fitch acknowledges that the forecast fiscal year 2007 net cash position provides financial flexibility to Dogus, the future strategy of which focuses on expanding Garanti Bank jointly with General Electric Consumer Finance, as well as possible new investments in Turkey and in the region, including automotive, construction, tourism, media, real estate and energy sectors. Such investments are likely to be financed from existing resources and are not expected to result in substantial re- leveraging. The holding company's future cash flows remain dependent on the returns realised on the cash position, rental income from its real estate portfolio, as well as the operating profitability of its subsidiaries and returns from potential future investments. Fitch will continue to scrutinize the operating profitability at Dogus's subsidiaries and net leverage level of Dogus. ============= U K R A I N E ============= AMETIST LLC: Creditors Must File Claims by November 29 ------------------------------------------------------ Creditors of LLC Ametist (code EDRPOU 22798369) have until Nov. 29 to submit written proofs of claim to: The Economic Court of Cherkassy Shevchenko Avenue 307 18005 Cherkassy Ukraine The Economic Court of Cherkassy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 10/5351. The Debtor can be reached at: LLC Ametist Lenin Str. 72a Uman Cherkassy Ukraine BERDICHEV COMBINE: Proofs of Claim Filing Ends November 29 ---------------------------------------------------------- Creditors of OJSC Berdichev Combine of Bread Products (code EDRPOU 00951540) have until Nov. 29 to submit written proofs of claim to: The Economic Court of Zhytomir Putiatinskiy Square 3/65 10014 Zhytomir Ukraine The Economic Court of Zhytomir commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 4/113-b. The Debtor can be reached at: OJSC Berdichev Combine of Bread Products Grishkovtsy Krasny Luch Str. 4 13337 Zhytomir Ukraine BLACK SEAS: Proofs of Claim Filing Ends November 28 --------------------------------------------------- Creditors of LLC Black Seas Energy Repair Service (code EDRPOU 33682510) have until Nov. 28 to submit written 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. 14/422/07. The Debtor can be reached at: LLC Black Seas Energy Repair Service Industrialnaya Str. 1 54040 Nikolaev Ukraine GAZOVIK OJSC: Proofs of Claim Filing Ends November 29 ----------------------------------------------------- Creditors of OJSC Gazovik (code EDRPOU 24420416) have until Nov. 29 to submit written proofs of claim to: The Economic Court of Cherkassy Shevchenko Avenue 307 18005 Cherkassy Ukraine The Economic Court of Cherkassy commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 10/1971. The Debtor can be reached at: OJSC Gazovik Lenin Str. 65 Uman 20300 Cherkassy Ukraine KRYM ENERGY: Proofs of Claim Filing Ends November 28 ---------------------------------------------------- Creditors of OJSC Specialized Building Assembly Management Krym Energy Special Building (code EDRPOU 04713955) have until Nov. 28 to submit written proofs of claim to: Irene Derevianko Temporary Insolvency Manager Pobeda Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 16/197/07. The Court is located at: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Debtor can be reached at: OJSC Specialized Building Assembly Management Krym Energy Special Building Karpenko-Kary Str. 60 69084 Zaporozhje Uktaine KOROSTEN-SHEVCHENKOVO QUARRY: Creditors' Claims Due Nov. 28 ----------------------------------------------------------- Creditors of Regional State Unitary Enterprise Korosten- Shevchenkovo Quarry Management have until Nov. 28 to submit written proofs of claim to: The Economic Court of Zhytomir Putiatinskiy Square 3/65 10014 Zhytomir Ukraine The Economic Court of Zhytomir commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 3/230-b. The Debtor can be reached at: Regional State Unitary Enterprise Korosten-Shevchenkovo Quarry Management Schorsovka Korosten District Zhytomir Ukraine MECHANIZED MOVABLE 195: Proofs of Claim Filing Ends Nov. 29 ----------------------------------------------------------- Creditors of OJSC Mechanized Movable Column 195 (code EDRPOU 01331495) have until Nov. 29 to submit written proofs of claim to: The Economic Court of Zhytomir Putiatinskiy Square 3/65 10014 Zhytomir Ukraine The Economic Court of Zhytomir commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 7/55-b. The Debtor can be reached at: OJSC Mechanized Movable Column 195 Cooperative Str. 10 Zhytomir Ukraine TCHYSTE DZHERELO: Proofs of Claim Filing Ends November 29 --------------------------------------------------------- Creditors of OJSC Tchyste Dzherelo (code EDRPOU 03378207) have until Nov. 29 to submit written proofs of claim to: The Economic Court of Ivano-Frankovsk Shevchenko Str. 16a 76000 Ivano-Frankovsk Ukraine The Economic Court of Ivano-Frankovsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. B-7/160. The Debtor can be reached at: OJSC Tchyste Dzherelo Dvorskaya Str. 9 Bolshevtsy Galitsky District 77100 Ivano-Frankovsk Ukraine VINNER FORD: Creditors Must File Claims by November 28 ------------------------------------------------------ Creditors of LLC Vinner Ford Donetsk have until Nov. 28 to submit written proofs of claim to: Alexander Gladchenko Liquidator I. Tkachenko Str. 147 83062 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 27/191B. The Court is located at: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: LLC Vinner Ford Donetsk Tsiolkovsky Str. 9 83027 Donetsk Ukraine VOYNILOV AGRICULTURAL: Proofs of Claim Filing Ends November 29 -------------------------------------------------------------- Creditors of OJSC Voynilov Agricultural Firm (code EDRPOU 05489075) have until Nov. 29 to submit written proofs of claim to: The Economic Court of Ivano-Frankovsk Shevchenko Str. 16a 76000 Ivano-Frankovsk Ukraine The Economic Court of Ivano-Frankovsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. B-7/157. The Debtor can be reached at: OJSC Voynilov Agricultural Firm Shevchenko Str. 29 Voynilov Kalush District 77304 Ivano-Frankovsk Ukraine =========================== U N I T E D K I N G D O M =========================== ALS ADVANCED: Names Administrators from Tenon Recovery ------------------------------------------------------ Robert C. Keyes and Paul W. Ellison of Tenon Recovery were appointed ALS Advanced Logistic Systems (U.K.) Ltd. (Company Number 05292830) on Nov. 9. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. The company can be reached at: ALS Advanced Logistic Systems (U.K.) Ltd. Napier House Abbas Business Centre Main Road Itchen Abbas Winchester SO21 1BQ England Tel: 01962 779 866 APPCON LTD: Claims Filing Period Ends December 28 ------------------------------------------------- Creditors of Appcon Ltd. have until Dec. 28 to send in their full names, their addresses and descriptions, full particulars of their debts and claims, and names and addresses of their solicitors (if any) to: Ian William Kings and Steven Philip Ross Joint Liquidators Tenon Recovery Tenon House Ferryboat Lane Sunderland Tyne and Wear SR5 3JN England Ian William Kings and Steven Philip Ross of Tenon Recovery were appointed joint liquidators of the company on Nov. 14 by resolutions of members and creditors. AUDUS NOBLE: Calls In Liquidators from Grant Thornton ----------------------------------------------------- Keith Hinds and Joseph Peter Francis McLean of Grant Thornton U.K. LLP were appointed joint liquidators of Audus Noble Group Ltd. (formerly Sandco 703 Ltd.) on Nov. 19 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Grant Thornton U.K. LLP Earl Grey House 75-85 Grey Street Newcastle UponTyne NE1 6EF England BAA LTD: Union to Vote on Strike Action Over Pension Cuts --------------------------------------------------------- Key workers at BAA Ltd.'s seven airports -- including Heathrow, Gatwick and Glasgow -- are to vote on strike action in protest at cuts in the final salary pension scheme at the profitable Spanish-owned company. Over 5,000 airport firefighters, security, maintenance, administrative and clerical staff belonging to Unite, Britain's largest union, will be taking part in the ballot. "BAA has just posted profits of over GBP500 million and the Spanish owners Ferrovial have seen their profits rise by nearly sixty per cent. It is clear that the pension scheme is financially sound, and should be left alone," Unite national secretary for civil air transport Brendan Gold said. Mr. Gold said BAA and Ferrovial should understand that the workforce has lost trust in them. Not allowing new employees to join the company's final salary pension scheme after Dec. 1 was viewed as being the first step in the axing of the whole scheme for everyone. "It is no wonder BAA has a strike ballot on its hands coming up to one of its busiest seasons," he continued. "The timing of this dispute is entirely down to BAA and its Madrid paymasters." The strike ballot will start on Nov. 29, 2007, close on Dec. 20, 2007, and be run independently of the union. It will cover Unite members at BAA's seven airports at Heathrow, Gatwick, Stansted, Southampton, Glasgow, Edinburgh and Aberdeen. In the event of a "yes" vote the union will have a period of 28 days to take any action, and is required to give 7 days notice. If industrial action does take place, it is inevitable that airports affected will be closed. BAA called on Unite to participate in talks aimed at averting strike action following the announcement by the union that it is to hold an industrial action ballot. "BAA regrets the union's threat of industrial action, particularly in the Christmas period. It is unnecessary and it fails to put the interests of passengers first," a spokesman for BAA said. "BAA has given clear and unequivocal assurances that existing employees will not be affected by the end of the final salary pension scheme and that its replacement for new employees will be of the highest quality." The BAA spokesman said the airport operator is renewing its offer to resume face-to-face discussions with the union immediately. "Using the threat of industrial action, particularly at Christmas, can only create uncertainty for our passengers and their families, and will do nothing to change the underlying reasons that have led BAA to follow the example of most other leading companies in addressing the pension problem in the way we have," the spokesman said. "BAA believes that now is the time to talk." About BAA Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc) -- http://www.baa.com/-- owns and operates seven airports in the United Kingdom, including Heathrow, the world's busiest international airport, and Budapest Airport, serving 700 destinations by around 300 airlines. In June 2006, BAA was bought by a consortium led by Grupo Ferrovial SA, the Spanish construction company. Ferrovial is one of the world's leading construction groups, specializing in four strategic lines of business - airports, construction, transport infrastructure and services - throughout Spain, the U.K., Portugal and nine other countries in Europe and the rest of the world. The company has around 89,000 employees and a net revenue of EUR12.4 billion. BAA LTD: S&P Cuts Ratings to BB- on Delayed Refinancing ------------------------------------------------------- Standard & Poor's Ratings Services has lowered its long-term corporate credit rating on U.K.-based airports operator BAA Ltd. to 'BB-' from 'BBB+', reflecting delays in refinancing, as well as operating issues. At the same time, Standard & Poor's 'BBB+' ratings on BAA's guaranteed bonds remain unchanged after the U.K. Civil Aviation Authority released price control proposals for Heathrow and Gatwick that reduced regulatory uncertainty. All ratings remain on CreditWatch with negative implications where they were originally placed on March 17, 2006, following a takeover proposal from Airport Development and Investment Ltd., which was subsequently successful. "The CreditWatch status reflects uncertainties about BAA's ultimate financing structure, the fact that the expected refinancing is taking more time than originally anticipated in 2006, and the change of market conditions," said Standard & Poor's credit analyst Alexandre de Lestrange. The ratings will remain on CreditWatch pending final execution, expected in first-half 2008, of ADIL's proposed permanent finance strategy. S&P expects a refinancing to be achievable, although challenging to execute at a suitable price, in first- half 2008. The lowering of the corporate credit rating reflects the weakening of BAA/ADIL's consolidated credit quality in view of ongoing delays to the execution of a sustainable long-term financing solution at a time when consolidated liquidity and undrawn facilities are starting to tighten. The downgrade is in line with our previous statements regarding BAA's ratings potentially falling to the 'BB' category. BAA/ADIL has a very aggressive financial profile, characterized by high leverage and low interest coverage ratios. The corporate credit rating also reflects criticisms about BAA's poor quality of services -- particularly at London's Heathrow airport -- operational issues, and senior management turnover. However, we still consider the business profile of BAA to be excellent: BAA continues to benefit from the ownership and operation of a portfolio of key U.K. airports catering for a diverse mix of passengers, and from supportive regulation and government policies. The 'BBB+' long-term issue rating on BAA's guaranteed unsecured bonds continues to reflect our expectation that ADIL's intention remains to offer BAA's existing bondholders migration into an investment-grade ring-fenced entity, backed by guarantees and security from BAA's three designated airports (Heathrow, Gatwick, and Stansted). The stated intention of the company is that these bonds will be rated at least 'BBB+'. BAA currently anticipates that the unguaranteed convertible bonds (rated 'BBB'), which are 100% owned by ADIL, will be used to cancel inter-company indebtedness at the time of refinancing. S&P will closely scrutinize progress on the refinancing. If there is any risk of further delay to its execution at a cost consistent with the financial framework previously set out by the company, it is likely that the bond ratings will be lowered by several notches. CHAMBERPOINT LTD: Brings In PwC as Joint Administrators ------------------------------------------------------- Robert Nicholas Lewis and Derek Anthony Howell of PricewaterhouseCoopers LLP were appointed joint administrators of Chamberpoint Ltd. (Company Number 04442617), Thornbury Nursing Services Ltd. (Company Number 04442573) and United Medical Recruitment Group Ltd. (Company Number 05086745) on Nov. 7. PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/-- provides auditing services, accounting advice, tax compliance and consulting, financial consulting and advisory services to clients in a variety of industries. Headquartered in Bristol, England, Chamberpoint Ltd., Thornbury Nursing Services Ltd. and United Medical Recruitment Group Ltd. supply temporary nursing staff. CREATIVE OUTSOURCING: Appoints KPMG as Joint Administrators ----------------------------------------------------------- Allan Watson Graham and Jonathan Scott Pope and Jonathan Scott Pope of KPMG LLP were appointed joint administrators of Creative Outsourcing Solutions International Ltd. (Company Number 3910381) on Nov. 9. 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. The company can be reached at: Creative Outsourcing Solutions International Ltd. Watersmead Business Park Littlehampton BN17 6LS England Tel: 01903 734 734 Fax: 01903 844 552 FEDERAL-MOGUL: To Issue US$305,236,000 in Senior Notes ------------------------------------------------------ Pursuant to the requirements of the Trust Indenture Act of 1939, Federal-Mogul Corp. discloses in a regulatory filing with the U.S. Securities and Exchange Commission that it intends to issue certain Senior Subordinated Third Priority Secured Notes due 2018 on the Effective Date of the Fourth Amended Joint Plan of Reorganization. Federal-Mogul anticipates exiting from bankruptcy in December 2007. Reorganized Federal-Mogul plans to initially issue US$305,236,000 in Notes under the Fourth Amended Plan, Federal- Mogul Corp. Senior Vice President and General Counsel Robert L. Katz relates. The Notes will be issued under an indenture among Reorganized Federal-Mogul, certain guarantors, and U.S. Bank National Association, as trustee, Mr. Katz says. A full-text copy of the form of Indenture is available for free at the Securities and Exchange Commission at: http://ResearchArchives.com/t/s?25ba Among the Indenture Guarantors are these Debtors: * Carter Automotive Company, Inc. * F-M U.K. Holding Limited * Federal-Mogul Dutch Holdings Inc. * Federal-Mogul FAP Inc. * Federal-Mogul FX, Inc. * Federal-Mogul Global B.V. * Federal-Mogul Global Inc. * Federal-Mogul Global Properties, Inc. * Federal-Mogul Growth B.V. * Federal-Mogul Ignition Company * Federal-Mogul Mystic, Inc. * Federal-Mogul Piston Rings, Inc. * Federal-Mogul Powertrain, Inc. * Federal-Mogul Products, Inc. * Federal-Mogul Technical Center, LLC * Federal-Mogul U.K. Holdings Inc. * Federal-Mogul Venture Corporation * Federal-Mogul World Wide, Inc. * Felt Products Mfg. Co. * Ferodo America, Inc. * Ferodo Holdings Inc. * Gasket Holdings Inc. * McCord Sealing, Inc. * T&N Industries Inc. Pursuant to the Plan, holders of Allowed Bank Claims and Allowed Surety Claims will receive the Notes in partial satisfaction of their claims. The Notes will be executed on behalf of Federal-Mogul by two officers or an officer and an assistant secretary. A Note will be valid only if the Trustee manually signs the certificate of authentication on the Note, Mr. Katz clarifies. If an Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note or at any time thereafter, the Note will be valid nevertheless, Mr. Katz says. Federal-Mogul, Mr. Katz adds, will not receive any proceeds from the issuance of the Notes because the Notes will be issued as part of an exchange, as provided in the Plan. The Debtors aver that the issuance of the Notes is exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 1145(a)(1) of the Bankruptcy Code. Outstanding Capital Securities As of Oct. 31, 2007, Federal-Mogul's authorized and outstanding capital stock and debt securities are at these amounts: Title of Class Amount Authorized Amount Outstanding -------------- ----------------- ------------------ Common Stock 260,000,000 shares 89,496,493 shares Series C ESOP Convertible Preferred Stock 1,000,000 shares 439,937 shares Notes due 2004 (7.5% issued in 1998) US$250,000,000 US$239,800,000 Notes due 2006 (7.75% issued in 1998) US$400,000,000 US$391,900,000 Notes due 2006 (7.375% issued in 1999) US$400,000,000 US$394,000,000 Notes due 2009 (7.5% issued in 1999) US$600,000,000 US$562,200,000 Notes due 2010 (7.875% issued in 1998) US$350,000,000 US$340,400,000 Medium-Term Notes due between 2002 & 2005 (average rate of 8.8% issued in 1994 & 1995) US$84,000,000 US$84,000,000 Senior Notes due 2007 (8.8% issued in 1997 US$125,000,000 US$103,300,000 7.0% Convertible Junior Subordinated Debentures US$575,000,000 US$74,300,000 According to Mr. Katz, Reorganized Federal-Mogul will have capital stock and debt securities authorized and outstanding at these amounts as of the Effective Date: Title of Class Amount Authorized Amount Outstanding -------------- ----------------- ------------------ Class A Common Stock par value US$0.01 400,000,000 shares 49,900,000 shares Class B Common Stock par value US$0.01 50,100,000 shares 50,100,000 shares Preferred Stock par value US$0.01 90,000,000 shares - Senior Subordinated Third Priority Secured Notes due 2018 US$305,236,000 US$305,236,000 About Federal-Mogul Based in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is an automotive parts company with worldwide revenue of some US$6 billion. Federal-Mogul also has operations in Mexico and the Asia Pacific Region, which includes, Malaysia, Australia, China, India, Japan, Korea, and Thailand. In Europe, the company maintains operations in Belgium, France, Germany, Poland, and the United Kingdom. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl & Jones, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed US$10.15 billion in assets and US$8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan. They submitted a Disclosure Statement explaining that plan on April 21, 2003. They submitted several amendments and on June 6, 2004, the Bankruptcy Court approved the Third Amended Disclosure Statement for their Third Amended Plan. On July 28, 2004, the District Court approved the Disclosure Statement. The estimation hearing began on June 14, 2005. The Debtors submitted a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure Statement on Feb. 6, 2007. The Bankruptcy Court confirmed the Fourth Amended Plan on Nov. 8, 2007. On Nov. 13, 2007, the Bankruptcy Court's confirmation of the Fourth Amended Plan was affirmed by the District Court. (Federal-Mogul Bankruptcy News, Issue No. 154; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). FEDERAL-MOGUL: Thornwood to Own 25% of Voting Securities -------------------------------------------------------- On the Effective Date of Federal-Mogul Corp. and its debtor- affiliates' Fourth Amended Joint Plan of Reorganization, existing voting securities of will be canceled. As set forth in the Plan, Reorganized Federal-Mogul will issue, on the Effective Date, new Class A Common Stock, new Class B Common Stock and US$305,236,000 in Senior Subordinated Third Priority Secured Notes due 2018 pursuant to an indenture. Voting securities in Reorganized Federal-Mogul will consist of the New Common Stock. The Fourth Amended Plan provides that a trust for the benefit of the holders of Asbestos Personal Injury Claims will receive 50.1% of the shares of Common Stock to be issued by Reorganized Federal-Mogul. The remaining shares will be distributed pro rata to holders of Allowed Noteholder Claims, Allowed Convertible Subordinated Debenture Claims, and Allowed Class H Unsecured Claims against the U.S. Debtors. There are no persons owning 10% or more of Federal-Mogul's voting securities as of November 20, 2007, Federal-Mogul Corp. Senior Vice President and General Counsel Robert L. Katz discloses in a regulatory filing with the Securities and Exchange Commission. However, the Debtors anticipate that on the Effective Date, Thornwood Associates Limited Partnership and the Asbestos Personal Injury Trust will own more than 10% of Reorganized Federal-Mogul's voting securities: Percentage of Total Voting Entity Class Ownership Securities Owned ------ --------------- ---------------- Asbestos PI Trust US$50,100,000 in Class B Common Stock 50.1% Thornwood US$25,898,100 in Class A Common Stock 25.9% Dependent upon the occurrence of certain conditions, the Plan grants Thornwood two options to acquire additional shares of Class B Common Stock. If exercised by Thornwood, the Options will reduce the Trust's ownership of voting securities to zero, Mr. Katz notes. Thornwood is a Delaware limited partnership, the general partner of which is Barberry Corp., the sole shareholder of which is Carl Icahn, an individual. Thornwood is headquartered at 445 Hamilton Avenue, Suite 1210, in White Plains, New York. About Federal-Mogul Based in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is an automotive parts company with worldwide revenue of some US$6 billion. Federal-Mogul also has operations in Mexico and the Asia Pacific Region, which includes, Malaysia, Australia, China, India, Japan, Korea, and Thailand. In Europe, the company maintains operations in Belgium, France, Germany, Poland, and the United Kingdom. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl & Jones, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed US$10.15 billion in assets and US$8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan. They submitted a Disclosure Statement explaining that plan on April 21, 2003. They submitted several amendments and on June 6, 2004, the Bankruptcy Court approved the Third Ame nded Disclosure Statement for their Third Amended Plan. On July 28, 2004, the District Court approved the Disclosure Statement. The estimation hearing began on June 14, 2005. The Debtors submitted a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure Statement on Feb. 6, 2007. The Bankruptcy Court confirmed the Fourth Amended Plan on Nov. 8, 2007. On Nov. 13, 2007, the Bankruptcy Court's confirmation of the Fourth Amended Plan was affirmed by the District Court. (Federal-Mogul Bankruptcy News, Issue No. 154; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). FEDERAL-MOGUL: Posts US$7.6 Mln Net Loss in Month Ended Oct. 31 --------------------------------------------------------------- Federal-Mogul Global, Inc., et al. Unaudited Balance Sheet As of October 31, 2007 (In millions) Assets Cash and equivalents US$67.9 Accounts receivable 616.2 Inventories 405.3 Deferred taxes 194.6 Prepaid expenses and other current assets 114.9 -------- Total current assets 1,398.8 Summary of Unpaid Postpetition Debits 10.3 Intercompany Loans Receivable (Payable) 1,743.5 -------- Intercompany Balances 1,753.8 Property, plant and equipment 751.1 Goodwill 930.9 Other intangible assets 340.2 Insurance recoverable 896.1 Other non-current assets 1,273.4 -------- Total Assets US$7,344.3 Liabilities and Shareholders' Equity Short-term debt US$790.7 Accounts payable 238.0 Accrued compensation 74.3 Restructuring and rationalization reserves 10.2 Current portion of asbestos liability - Interest payable 3.8 Other accrued liabilities 961.4 -------- Total current liabilities 2,078.5 Long-term debt - Post-employment benefits 687.8 Other accrued liabilities 593.4 Liabilities subject to compromise 5,459.4 Shareholders' equity: Preferred stock 1,050.6 Common stock 662.1 Additional paid-in capital 8,000.3 Accumulated deficit (11,447.8) Accumulated other comprehensive income 260.1 Other - -------- Total Shareholders' Equity (1,474.7) -------- Total Liabilities and Shareholders' Equity US$7,344.3 Federal-Mogul Global, Inc., et al. Unaudited Statement of Operations For the Month Ended October 31, 2007 (In millions) Net sales US$271.0 Cost of products sold 223.7 -------- Gross margin 47.3 Selling, general & administrative expenses (40.9) Amortization (1.2) Reorganization items (4.8) Interest income (expense), net (16.1) Other income (expense), net 8.8 -------- Earnings before Income Taxes (6.9) Income Tax (Expense) Benefit (0.8) -------- Earnings before cumulative effect of change in accounting principle (7.6) -------- Net Earnings (loss) (US$7.6) Federal-Mogul Global, Inc., et al. Unaudited Statement of Cash Flows For the Month Ended October 31, 2007 (In millions) Cash Provided From (Used By) Operating Activities: Net earning (loss) (US$7.6) Adjustments to reconcile net earnings (loss) to net cash: Depreciation and amortization 14.6 Adjustment of assets held for sale and other long-lived assets to fair value - Asbestos charge - Summary of unpaid postpetition debits - Cumulative effect of change in acctg. principle - Change in post-employment benefits 7.3 Decrease (increase) in accounts receivable 1.3 Decrease (increase) in inventories (1.5) Increase (decrease) in accounts payable (8.2) Change in other assets & other liabilities (28.4) Change in restructuring charge - Refunds (payments) against asbestos liability - -------- Net Cash Provided From Operating Activities (22.6) Cash Provided From (Used By) Investing Activities: Expenditures for property, plant & equipment (6.3) Proceeds from sale of property, plant & equipment - Proceeds from sale of businesses - Business acquisitions, net of cash acquired - Other - -------- Net Cash Provided From (Used By) Investing Activities (6.3) Cash Provided From (Used By) Financing Activities: Increase (decrease) in debt 8.8 Sale of accounts receivable under securitization - Dividends - Other 1.4 -------- Net Cash Provided From Financing Activities 10.2 Increase (Decrease) in Cash and Equivalents (18.7) Cash and equivalents at beginning of period 86.6 -------- Cash and equivalents at end of period US$67.9 About Federal-Mogul Based in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is an automotive parts company with worldwide revenue of some US$6 billion. Federal-Mogul also has operations in Mexico and the Asia Pacific Region, which includes, Malaysia, Australia, China, India, Japan, Korea, and Thailand. In Europe, the company maintains operations in Belgium, France, Germany, Poland, and the United Kingdom. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl & Jones, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed US$10.15 billion in assets and US$8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan. They submitted a Disclosure Statement explaining that plan on April 21, 2003. They submitted several amendments and on June 6, 2004, the Bankruptcy Court approved the Third Amended Disclosure Statement for their Third Amended Plan. On July 28, 2004, the District Court approved the Disclosure Statement. The estimation hearing began on June 14, 2005. The Debtors submitted a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure Statement on Feb. 6, 2007. The Bankruptcy Court confirmed the Fourth Amended Plan on Nov. 8, 2007. (Federal-Mogul Bankruptcy News, Issue No. 154; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). FORD MOTOR: Retirees Face Higher Health-Fund Risk than Rival ------------------------------------------------------------ Ford Motor Company retirees face a higher risk of paying their own medical expenses compared to their General Motors Corp. counterparts under a newly ratified union provision, which analysts claim works better for Ford than for its workers, Jeff Green and Bill Koenig write for Bloomberg News. The TCR-Europe reported on Nov. 19, 2007, that the UAW membership employed at Ford Motor had ratified a memorandum of understanding that covers post-retirement medical care and a new national collective bargaining agreement governing the wages, hours and terms and conditions of employment for UAW-represented employees. A new retiree health care plan will be established and maintained by either an independent committee or a joint labor- management committee and will be funded by a newly established Voluntary Employee Beneficiary Association trust, which will be responsible for payment of all the Retiree Medical Benefits. Almost half of the US$13.6 billion that Ford Motor had agreed to contribute into the VEBA trust, is pledged against either Ford shares or assets, compared with about 14 percent of GM's US$32 billion, Bloomberg states. Ford will use a US$3.3 billion bond convertible to Ford shares that matures in 2013 and a US$3 billion, 10-year, second lien against the company's assets to pay part of the US$13.6 billion, Bloomberg reveals. "Ford's health care scheme fails to achieve one of the primary goals of the UAW -- a separation between the financing for retiree health care and the fate of Ford," Fitch Ratings credit analyst Mark Oline said in an interview, Bloomberg notes. When the VEBAs take effect on Jan. 1, 2010, Ford and GM will end their obligation to pay an estimated US$70.7 billion in retiree health care costs, Bloomberg relates. To sweeten the deal, Ford agreed to keep open until 2011 five plants that it had intended to close. The carmaker also committed to manufacture new models in many factories. "The GM structure is better for the workers," said Pete Hastings, an analyst at Morgan Keegan & Co. in Memphis, Tennessee. "Ford's structure is better for Ford, the way it's structured, than for the workers." About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on May 28, 2007, Standard & Poor's Ratings Services placed General Motors Corp.'s corporate credit rating at B/Negative/B-3. At the same time, Moody's Investors Service affirmed GM's B3 Corporate Family Rating and B3 Probability of Default Rating, and maintained its SGL-3 Speculative Grade Liquidity Rating. The rating outlook remains negative, according to Moody's. GOODWOOD GOLD: Moody's Puts Low-B Ratings on Three Note Classes --------------------------------------------------------------- Moody's Investors Service assigned these provisional ratings to four credit default swaps to be entered into by Lloyd's TSB and the protection sellers and to ten Credit-linked Notes (denominated in GBP or Euro) issued by Goodwood Gold Limited: -- (P)Aaa to the GBP76,000,000 CLASS A 1 SME Portfolio Credit Linked Notes Due Jan. 5 2025; -- (P)Aaa to the EUR28,000,000 CLASS A 2 SME Portfolio Credit Linked Notes Due Jan. 5, 2025; -- (P)Aa2 to the GBP25,000,000 Class B Credit Default Swap; -- (P)Aa2 to the GBP55,000,000 CLASS B 1 SME Portfolio Credit Linked Notes Due Jan. 5, 2025; -- (P)Aa2 to the EUR16,100,000 CLASS B 2 SME Portfolio Credit Linked Notes Due Jan. 5, 2025; -- (P)A2 to the GBP25,000,000 Class C Credit Default Swap; -- (P)A2 to the GBP33,000,000 CLASS C 1 SME Portfolio Credit Linked Notes Due Jan. 5, 2025; -- (P)A2 to the EUR42,700,000 CLASS C 2 SME Portfolio Credit Linked Notes Due Jan. 5, 2025; -- (P)Baa2 to the GBP11,000,000 Class D Credit Default Swap; -- (P)Baa2 to the GBP14,000,000 CLASS D 1 SME Portfolio Credit Linked Notes Due Jan. 5, 2025; -- (P)Baa2 to the EUR19,600,000 CLASS D 2 SME Portfolio Credit Linked Notes Due Jan. 5, 2025; -- (P)Ba1 to the GBP15,500,000 Class E Credit Default Swap; -- (P)Ba1 to the GBP19,500,000 CLASS E 1 SME Portfolio Credit Linked Notes Due Jan. 5, 2025; -- (P)Ba1 to the EUR26,600,000 CLASS E 2 SME Portfolio Credit Linked Notes Due Jan. 5, 2025;5. Moody's has not assigned a rating to the senior exposure and the threshold amount. In this synthetic transaction, LTSB buys credit protection on a reference portfolio consisting of loans granted to small and medium sized businesses across the United Kingdom. The reference portfolio with a maximum size of GBP3,000 million is very granular with more than 20,000 reference obligations diversified across regions and different industry categories. The transaction structure includes four mezzanine credit default swaps that are directly contracted between LTSB and a third party as well as ten CDSs that are contracted with Goodwood Gold Limited and are related to five Credit-linked Notes denominated in GBP and five Credit-linked Notes denominated in Euro issued by that entity. The reference portfolio can be replenished for three years, subject to certain portfolio criteria and certain stop replenishment triggers not being breached. After the replenishment period, the notional amount reduction on the credit default swaps and the Credit-linked Notes is done on a pro rata basis for each Class A to E (e.g. Class B comprises of Class B Credit Default Swap, Class B1 Credit-linked Note, Class B2 Credit-linked Note) as long as the stop pro rata trigger is not breached -- thereafter the notional amount reduction of the credit default swaps and the Credit-linked Notes is done in full sequential order. Credit default swaps and notes within one class are always pro rata and pari passu. Loss allocation is done in reverse sequential order starting with the threshold amount, which is replenished on the annual excess spread payment dates by synthetic excess spread after the loss allocation has taken place. According to Moody's the ratings take account of, among other factors: -- The Class A to Class E swaps and the related Credit-linked Notes benefit from the subordination of the respective lower tranches and the initial threshold amount of Class E; -- the synthetic excess spread, equal to the initial threshold amount of class E (1.5%), that provides additional credit enhancement. The synthetic excess spread will be available after each yearly loss allocation to replenish the first loss piece. The analysis is based on 3.5 years of historical default data representing the current portfolio composition. The uncertainty related to the longer maturity of the transaction is covered by a conservative extrapolation of the historical default data. Moody's issues provisional ratings in advance of the final sale of securities, but these ratings only represent Moody's preliminary credit opinion. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive ratings to the credit default swaps and the Notes. A definitive rating may differ from a provisional rating. Moody's will disseminate the assignment of any definitive ratings through its Client Service Desk. The ratings address the expected loss posed to investors by the legal final maturity of the notes and the credit default swaps. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal with respect to the notes by the legal final maturity. Moody's ratings address only the credit risks associated with the transaction. Other non- credit risks have not been addressed, but may have a significant effect on yield to investors. GREAT NORTH: New Owner to Take Over Nationalized Firm Next Month ---------------------------------------------------------------- Great North Eastern Railway Ltd. was effectively nationalized on Nov. 20, 2007, and will operate as a state corporation until National Express takes over as the new east coast line franchise holder on Dec. 9, 2007, Scotsman says. GNER will subsequently be reclassified to the public sector, Scotsman relates citing the Office of National Statistics. As reported in the TCR-Europe on Aug. 16, 2007, the Department of Transport awarded the contract to operate the services on the InterCity East Coast rail franchise to NXEC Trains Ltd, a subsidiary of National Express Group, on Aug. 14, 2007. The franchise will start on Dec. 9, 2007, and will run through March 31, 2015, with the last 17 months conditional on set performance levels being reached. NXEC Trains will be paid GBP1.4 billion over the life of the franchise in premium as a contribution to DfT's rail budget. In December 2006, GNER voluntarily entered into a Management Agreement with the Government to continue delivering train services after the early ending of the ten year franchise which had begun in May 2005. This was the result of a number of unexpected external events, beyond GNER's direct control, which undermined the sustainability of the InterCity East Coast franchise over its 10-year lifetime. These events included the loss of revenue due to the London bombings in July 2005, higher energy and fuel costs, and regulatory permission being granted for a new open access entrant on the route. While GNER was never in breach of the franchise agreement, it was apparent that the company was not going to be able to meet the significant increase in franchise premium obligations due from May 2007. As reported in the TCR-Europe on Dec. 11, 2006, the government decided to end GNER's GBP1.3-billion franchise agreement to operate the East Coast main line railway after the company was unable to meet a 10% revenue growth requirement in 2005, stipulated under the terms of its franchise agreement. GNER suffered disappointing passenger growth, soaring electricity prices and the effect of the 2005 London bombings, while parent firm Sea Containers has filed for bankruptcy protection in the U.S. About GNER Headquartered in London, United Kingdom -- Great North Eastern Railway (GNER) Ltd. -- http://www.gner.co.uk/-- operates high- speed express train services on the East Coast Main Line. Most of their trains run between London King's Cross and either Edinburgh Waverley or Leeds. About Sea Containers Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSEArca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they reported US$1.7 billion in total assets and US$1.6 billion in total debts. HEISSNER UK: Taps Joint Administrators from PwC ----------------------------------------------- Mark Hopkins and David Matthew Hammond of PricewaterhouseCoopers LLP were appointed joint administrators of Heissner U.K. Ltd. (Company Number 03499442) on Nov. 2. PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/-- provides auditing services, accounting advice, tax compliance and consulting, financial consulting and advisory services to clients in a variety of industries. Headquartered in Coventry, England, Heissner U.K. Ltd. -- http://www.heissner.co.uk/-- wholesales gardening equipments. KASSWELD LTD: Brings In Administrators from BDO Stoy ---------------------------------------------------- Matthew Dunham and Dermot Justin Power of BDO Stoy Hayward LLP were appointed joint administrators of Kassweld Ltd. (Company Number 1416158) on Nov. 12. BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. The company can be reached at: Kassweld Ltd. Sefton Lane Liverpool L31 8B England Tel: 0151 531 6688 Fax: 0151 520 4320 INTEGRITY FSP: Claims Filing Period Ends December 28 ---------------------------------------------------- Creditors of Integrity FSP Ltd. have until Dec. 28 to send their names and addresses with particulars of their debts or claims to: Stephen John Adshead and Gregory Andrew Palfrey Joint Liquidators Smith and Williamson Ltd. Imperial House 18-21 Kings Park Road Southampton Hampshire SO15 2AT England Stephen John Adshead and Gregory Andrew Palfrey of Smith and Williamson Ltd. were appointed joint liquidators of the company on Nov. 16 for the creditors' voluntary winding-up proceeding. JULY PACKAGING: Duncan R. Beat Leads Liquidation Procedure ---------------------------------------------------------- Duncan R. Beat of Tenon Recovery was appointed liquidator of July Packaging Ltd. on Nov. 14 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Tenon Recovery 75 Springfield Road Chelmsford Essex CM2 6JB England MALTHOUSE PUBS: Brings In Liquidators from Mazars ------------------------------------------------- Alistair Steven Wood and Simon David Chandler of Mazars LLP were appointed joint liquidators of Malthouse Pubs (Ironbridge) Ltd. on Oct. 26 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Mazars LLP Lancaster House 67 Newhall Street Birmingham B3 1NG England The company can be reached at: Malthouse Pubs (Ironbridge) Ltd. c/o Mazars LLP The Broadway Dudley West Midlands DY1 4PY England METRONET RAIL: Partnership Contract Cues S&P's Junk Debt Ratings ---------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term and underlying debt ratings on the GBP2.6 billion combined senior secured bank loans and debt issued by U.K.-based underground rail infrastructure financing companies Metronet Rail BCV Finance PLC and Metronet Rail SSL Finance PLC (Metronet BCV and Metronet SSL; the Metronet companies) to 'CC' from 'BB+'. "The downgrade is due to the lack of visibility over both the current operating performance and the likely outcome of the negotiations on the future of the public-private partnership contracts," said Standard & Poor's credit analyst Jonathan Manley. "As a result, we have assessed the most likely option to be the scenario of a termination payment being made to senior funders, which may result in less than the full value of outstanding obligations being paid." Furthermore, the ratings remain on CreditWatch with negative implications, where they were placed on May 22, 2007. A PPP administration order was granted over Metronet Rail BCV Ltd. and Metronet Rail SSL Ltd. (the Infracos) on July 18, 2007. At the same time, however, Standard & Poor's affirmed its 'AAA' insured rating on the GBP165 million index-linked bonds and GBP350 million fixed-rate bonds outstanding at Metronet BCV, reflecting the unconditional and irrevocable guarantee of payment of interest and principal by Financial Security Assurance (U.K.) Ltd. (AAA/Stable/--) and Ambac Assurance U.K. Ltd. (AAA/Stable/--) (together, the 'monolines'), respectively. In addition, Standard & Poor's affirmed its 'AAA' insured rating on the GBP165 million index-linked bonds and GBP350 million fixed-rate bonds outstanding at Metronet SSL, reflecting the unconditional and irrevocable guarantee of payment of interest and principal by Ambac and FSA, respectively. Furthermore, the senior secured debt was assigned a Recovery Rating of '1', indicating Standard & Poor's expectation of a very high recovery of principal (90%-100%) in the event of a payment default in the absence of a financial guarantee provided by the monolines. As at Sept. 10, 2007, Metronet BCV had GBP515 million bonds and a combined GBP433 million bank debt outstanding. On the same date, Metronet SSL had GBP515 million bonds and GBP194 million bank debt outstanding. Standard & Poor's has requested information in relation to both the performance of the Infracos against their obligations under the PPP service contracts and also in relation to the ongoing negotiations between Transport for London (AA/Stable/-), London Underground Ltd., the PPP administrators, and the senior funders in relation to TfL's acquisition of the PPP service contracts. However, no information has been provided to assess operating performance and the negotiations between the parties are, as yet, inconclusive. In Standard & Poor's opinion they consider that the mostly likely resolution of these negotiations is that a termination payment (termed the 'underpinned amount' under the PPP service contract) will be made to the funders. Such an arrangement opens up the potential for a default to occur under our criteria as the funders are not likely to receive full and timely payment of the debt obligations. On Jan. 18, 2008, the existing standstill arrangements between TfL and the funders to the Metronet companies (representing both the bond and bank debtholders) expire. Under the standstill arrangements, Tfl funded the combined GBP46.4 million debt service payment due on Sept. 15, 2007, and associated financing costs including swap payments. On expiration of the standstill arrangements, the funders have the capability to execute the 'put option' under the PPP service contract. This requires LUL (guaranteed by TfL) to pay a defined underpinned amount to the lenders in settlement of the debt and various other costs outstanding within seven days. There is, however, no track record of the implementation of the terms and conditions of the service contract and there are areas of uncertainty; for example, the process of resolving a dispute in relation to the calculation of the underpinned amount, which make the ultimate outcome and timing unclear. Under the PPP service contract, the underpinned amount is defined as the lower of the '95% Amount' (being 95% of approved debt obligations) or the 'DCF Amount' (being the NPV of various future flows including future ISC, but limited to 100% of approved debt). The definition of the underpinned amount is likely to result in a very high recovery of outstanding debt principal, thus resulting in a recovery rating of '1'. If the senior funders choose not to exercise the put option, then--in the absence of a new standstill arrangement facilitating TfL to fund the forthcoming debt service payment on March 15, 2008, or alternative resolution--then the debt service payment is highly vulnerable to nonpayment. Standard & Poor's will resolve the CreditWatch as the PPP administration process and the contract restructuring proposal unfolds and the ultimate outcome becomes clear. If a proposal is implemented--as we expect--that results in a loss of value, the long-term and underlying debt ratings would likely be lowered to 'D'. There is potential for the raising of the long-term and underlying debt ratings if: firstly, the underpinned amount is determined and agreed between the parties to fully meet the value of outstanding debt obligations; secondly, if the outstanding debt obligations are novated into a new PPP Infrasco with full and timely payment of debt service continuing; and, thirdly, if the various debt obligations are assumed by TfL. NORTHERN ROCK: In Accelerated Talks with Virgin Consortium ---------------------------------------------------------- Northern Rock plc and its advisors have engaged in discussions with a limited number of selected interested parties after it received indicative expressions of interest covering a range of options for the bank. As a result, and following discussions with the Tripartite Authorities (the Bank of England, HM Treasury and the Financial Services Authority), the Board has concluded that it wishes to take forward discussions on an accelerated basis with a consortium comprising Virgin Group, WL Ross & Co, Toscafund Asset Management LLP and First Eastern Investment Group. "This is very good news for Northern Rock," Bryan Sanderson, Chairman of Northern Rock, said. "Over the last few weeks and months we have looked at the issues from the perspective of all stakeholders. I am grateful for the support that we have had from customers and employees who have stayed loyal to us during these difficult times - and pleased that a solution that firmly restores the Company's prospects has been identified. Furthermore our retail depositors can be fully reassured that the Government has said it will ensure savers' money is safe whatever the outcome." The Virgin Consortium Proposal The Virgin Consortium is continuing its discussions with the Company and the Tripartite Authorities and is working on finalizing its proposal as soon as possible. This is subject to all necessary regulatory approvals being obtained. Under the Virgin Consortium's indicative proposal, GBP11 billion will be repaid to the Bank of England at completion of the transaction - and the Bank of England will have a clear path towards repayment in full. The Virgin Consortium also proposes that all interest accruing to the Company's financing sources, including under the Bank of England facilities, will be paid in cash rather than rolled-up for payment in due course. In addition, additional substantial funding facilities are also to be put in place to ensure appropriate financial flexibility for the Company going forward. The Virgin Consortium's indicative proposal includes: -- GBP1.3 billion of new cash and the Virgin Money business will be injected into Northern Rock for an issue of new ordinary shares in each case. The implied value of Virgin Money is GBP250 million. -- Of the cash amount: * half will be provided by the Virgin Consortium and * half will be raised through an offer to existing holders on the relevant record date of new ordinary shares in Northern Rock on a pro rata basis at a price of 25 pence per new ordinary share. The Virgin Consortium will arrange for the Offering to be fully underwritten. -- The injection of Virgin Money will take place on the same pricing basis as the Offering and, if the Offering is fully taken up by existing shareholders, the Virgin Consortium will hold no more than 55% of the Company once the transaction has been concluded. The Virgin Consortium intends that Northern Rock will be re- branded Virgin, its stock market listing will be retained (subject to the eligibility criteria contained in the Listing Rules) and the Company will continue as a going concern without any break-up of the business. The Virgin Consortium has informed the Board that it has no current intention of making any material reduction in employment in Northern Rock and intends to continue to operate the business from Newcastle upon Tyne and in the North-East of England. The Virgin Consortium expects that the Company will quickly re-build a deposit base to drive a more sustainable funding structure and is targeting a credit rating of no less than 'A'. The Virgin Consortium intends that the Northern Rock Foundation will continue to participate in the profits of the Company. In addition, in recognition of the contribution of HM Treasury and the Bank of England to the restructuring of Northern Rock, the Virgin Consortium will make an additional profit participation payment to the Northern Rock Foundation of GBP10 million in each of the financial years up to 2015 that the Company's pre-tax profits exceed GBP638 million (being the aggregate of the pre- tax profits of the Company and Virgin Money for the financial year 2006), for a maximum of five financial years. The Virgin Consortium intends to capitalize on the strength of the Virgin brand, the introduction of additional management and experience from the current Virgin Money business, and the funding and liquidity solutions to be delivered by the Virgin Consortium partners to rebuild the Company's franchise on stronger foundations. The Virgin Consortium believes that together with the Company it can bring the business a renewed confident future for the benefit of all of the Company's current stakeholders. New Management Team Under the Virgin Consortium proposal a new management team will be put in place to take the Company forward, led by Sir Brian Pitman (formerly Chairman and CEO of Lloyds TSB Group plc) as Chairman and Jayne-Anne Gadhia as CEO, and supported by Sir George Mathewson (formerly Chairman of The Royal Bank of Scotland plc) as senior adviser. About Virgin Money Virgin Money Holdings UK Limited and its subsidiaries have rights to use the Virgin brand in retail financial services in the United Kingdom. Virgin Money, based in Norwich - East Anglia was established in 1995 (as Virgin Direct, as it was then known) and has grown to become an established retail financial services enterprise, with over GBP2.5 billion of funds under management, circa 1.9 million credit card customers via its affinity arrangement with Bank of America, the provision of general insurance products in conjunction with UK Insurance (a division of The Royal Bank of Scotland plc) and the provision of life and cancer cover in partnership with Scottish Widows. Virgin Money's consolidated gross assets as at Dec. 31, 2006, per its statutory accounts were GBP34.9 million. Virgin Money's consolidated profit before tax for the year ended Dec. 31, 2006 per its statutory accounts was GBP10.2 million. Virgin Money has continued to grow very strongly during 2007. It is proposed that Jayne-Anne Gadhia, the current Chief Executive Officer of Virgin Money, be appointed an executive director of the Company. The service contract for Ms. Gadhia in the proposed role will be finalized in due course. Treasury Guarantee HM Treasury has confirmed that the guarantee arrangements for depositors in Northern Rock cover all retail deposits, including future interest payments, movements of funds between accounts and term deposits for the duration of the term. If the Company's strategic review does not lead to a corporate transaction, HM Treasury will maintain these guarantee arrangements until it is satisfied that the current financial market instability is over and the position of depositors is protected. In the event of a corporate transaction, the Tripartite Authorities would satisfy themselves that the business was financially secure and depositors were protected. In any event, the guarantee arrangements will not be brought to an end without reasonable notice. Approach of the Tripartite Authorities On Nov. 19, 2007, the Tripartite Authorities issued a statement of principles which set out how they expect to approach proposals for the future of Northern Rock and its business, in particular considering the objectives against which the Tripartite Authorities expect to assess proposals received by Northern Rock. The Tripartite Authorities have confirmed to the Company that those principles, and the objectives which they have previously announced, continue to apply. In reaching agreement with Northern Rock that discussions about its proposal should go forward on an accelerated basis, the Virgin Consortium has at the same time confirmed to HM Treasury and the Bank of England that any transaction will be predicated on the following principles: -- its equity and debt financing proposals will, at the point of announcement of a definitive transaction, be fully underwritten; -- as included in the Virgin Consortium's proposal, the private sector debt financing must be comparable in scale to any public sector debt financing required following closing; -- the public sector debt financing required must be on comparable terms, including as to ranking in time of repayment and point of priority, as the private sector debt financing envisaged by the proposal; -- there must be binding incentives for the delivery of the Virgin Consortium's plan for achieving appropriate credit ratings, bringing to an end any public sector guarantee arrangements, repaying the public sector financing and terminating any other public sector commitments; and -- returns on equity investments made by members of the Virgin Consortium and other holders of ordinary shares must be restricted until the public sector loans have been paid back with interest and all other public sector commitments are at an end. It should be noted that in addition to these requirements, the regulatory requirements of the Financial Services Authority (including as to business plan and control of Northern Rock) must be met and EC state aid requirements complied with. Other Options The Board is also continuing to explore other options as part of its strategic review. Northern Rock reminds all stakeholders that there can be no certainty that the discussions with the Virgin Consortium will lead to a transaction in relation to the Company or all or any part of its business. The Company has agreed to cover certain out-of-pocket expenses, not exceeding GBP5 million (plus applicable VAT), in connection with the indicative proposal, including meeting the professional advisory costs of the financing banks on the basis that the Company expects to be able to make use of such finance whether or not the transaction proceeds. Extraordinary General Meeting On Friday, Nov. 23, 2007, the Board received a notice from certain shareholders in the Company claiming to hold not less than one-tenth of the fully paid up voting share capital of the Company requiring the Directors of the Company pursuant to section 303 of the Companies Act 2006 to convene an extraordinary general meeting to consider and if thought fit to pass a special resolution requiring shareholder approval for a disposal in any 12 month period of more than 5 percent of the aggregate book value of the Company's assets. While it does not consider such action to be warranted or appropriate, particularly at a time when the Company is actively engaged in its strategic review, the Board is in the process of establishing that the requisition notice has been properly served and, if this is the case, will make the necessary arrangements to convene such a meeting within the required timetable to consider the proposed resolution. The Board will give its view on the merits of the proposal at the time the notice of meeting is sent to shareholders. 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. NORTHERN ROCK: Welcomes Laurie Adams as Non-Executive Director -------------------------------------------------------------- Northern Rock plc disclosed that Laurie Adams has joined the board as a non-executive director, effective upon him obtaining approval from the Federal Services Authority under its approved persons regime. Mr. Adams is a Director and major shareholder of Siblu Holdings Limited (fka Haven Europe Limited), the leading holiday parc operator. He was formerly a Managing Director and Global Head of Legal & Compliance for the Investment Banking Wholesale Division of ABN AMRO Bank and previously a Managing Director and European Head of Legal and Compliance for the wholesale investment banking division of Citigroup. Mr. Adams trained as a solicitor with Allen & Overy. "I am delighted to welcome Laurie Adams to the Board," Chairman Bryan Sanderson said. "I believe Laurie has the right experience to help Northern Rock through its ongoing strategic review." 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. NORVEX CLEANING: Appoints J. M. Titley as Liquidator ---------------------------------------------------- J. M. Titley of DTE Leonard Curtis was appointed liquidator of Norvex Cleaning Equipment Ltd. on Nov. 9 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: DTE Leonard Curtis DTE House Hollins Mount Bury Lancs BL9 8AT England PRESTIGE REFURBISHMENTS: Taps Begbies Traynor As Administrators --------------------------------------------------------------- W.John Kelly and James P.N. Martin of Begbies Traynor were appointed joint administrators of Prestige Refurbishments Ltd. (Company Number 03092740) on Nov. 9. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. The company can be reached at: Prestige Refurbishments Ltd. Oldbury Road Industrial Park Smethwick B66 1JE England Tel: 0121 553 5673 Fax: 0121 555 8659 QUEBECOR WORLD: Moody's Puts B3 Corp. Family Rating Under Review ---------------------------------------------------------------- Moody's Investors Service placed Quebecor World Inc.'s long term debt ratings on review for possible downgrade and downgraded the company's speculative grade liquidity rating to SGL-4 (indicating poor liquidity). The rating action responds to the company's Nov. 20 announcement that "adverse current financial market conditions" had caused it to withdraw "its refinancing plan involving an offer of approximately CDNUS$250 million of its equity shares, an offer on a private placement basis of an aggregate of US$500 million of new debt securities and amendments to the Company's secured credit facilities". In combination with the benefits of a pending partial divestiture of its European operations, these steps would have significantly improved the company's liquidity position. With the refinancing transaction having been cancelled, the company's financing arrangements require prompt attention in order to assure ongoing orderly operations, and Moody's considers near term default risk and, therefore, QWI's long term debt ratings, to be inextricably linked to the company's ability to normalize its financing arrangements. Moody's intends to review the company's financing/liquidity plans in short order, with any resulting rating action being based on likely effectiveness and prospects for timely execution. With QWI appearing to be on the verge of generating modest positive cash flow as the cash drain related to its extensive retooling exercise nears completion, presuming that the company's financing/liquidity plans are viable, Moody's would affirm the existing B3 corporate family rating and Caa1 instrument ratings. Should this not be the case, downwards ratings actions are likely. Downgrades: Issuer: Quebecor World, Inc. -- Speculative Grade Liquidity Rating, Downgraded to SGL-4 from SGL-3 -- Senior Unsecured Regular Bond/Debenture, (unchanged at Caa1) Downgraded to LGD4, 66 from LGD4, 60 Issuer: Quebecor World Capital Corporation -- Senior Unsecured Regular Bond/Debenture, (unchanged at Caa1) Downgraded to LGD4, 66 from LGD4, 60 Issuer: Quebecor World Capital ULC -- Senior Unsecured Regular Bond/Debenture, (unchanged at Caa1) Downgraded to LGD4, 66 from LGD4, 60 On Review for Possible Downgrade: Issuer: Quebecor World, Inc. -- Corporate Family Rating, Placed on Review for Possible Downgrade, currently B3 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Caa1 -- Probability of Default Rating, Placed on Review for Possible Downgrade, currently B3 Issuer: Quebecor World Capital Corporation -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Caa1 Issuer: Quebecor World Capital ULC -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Caa1 Outlook Actions: Issuer: Quebecor World, Inc. -- Outlook, Changed to Rating Under Review from Stable Issuer: Quebecor World Capital Corporation -- Outlook, Changed to Rating Under Review from Stable Issuer: Quebecor World Capital ULC -- Outlook, Changed to Rating Under Review from Stable Withdrawals: Issuer: Quebecor World, Inc. -- Senior Unsecured Regular Bond/Debenture, Withdrawn, previously rated Caa1 (LGD4, 60) In addition, QWI noted it "will continue to evaluate financing alternatives, including the issuance of equity and debt securities when conditions are more favourable, asset sales and sale leaseback transactions and explore other alternatives. To that effect, the Board will hire independent financial advisors." QWI's major shareholder, Quebecor Inc., (holds 85% of the voting rights and 35.6% of QWI's economic equity) has indicated that it "will cooperate in the exploration of other alternatives that will be examined by the Quebecor World board." This has raised conjecture of QWI being sold. Moody's is not aware that any such activities are being pursued. Irrespective, while a sale may have an impact on QWI's future ratings, until a transaction becomes certain, it will have no immediate ratings' impact. In the interim, developments will be monitored and assessed as they occur. In addition to the above matters, Moody's withdrew the instrument ratings related to the cancelled debt issue and implemented minor revisions to loss given default ratings. Headquartered in Montreal, Quebec, Canada, Quebecor World Inc. is one of the world's largest commercial printers. 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. SEA CONTAINERS: New Owner to Take Over Nationalized Unit by Dec. ---------------------------------------------------------------- Great North Eastern Railway Ltd. was effectively nationalized on Nov. 20, 2007, and will operate as a state corporation until National Express takes over as the new east coast line franchise holder on Dec. 9, 2007, Scotsman says. GNER will subsequently be reclassified to the public sector, Scotsman relates citing the Office of National Statistics. As reported in the TCR-Europe on Aug. 16, 2007, the Department of Transport awarded the contract to operate the services on the InterCity East Coast rail franchise to NXEC Trains Ltd, a subsidiary of National Express Group, on Aug. 14, 2007. The franchise will start on Dec. 9, 2007, and will run through March 31, 2015, with the last 17 months conditional on set performance levels being reached. NXEC Trains will be paid GBP1.4 billion over the life of the franchise in premium as a contribution to DfT's rail budget. In December 2006, GNER voluntarily entered into a Management Agreement with the Government to continue delivering train services after the early ending of the ten year franchise which had begun in May 2005. This was the result of a number of unexpected external events, beyond GNER's direct control, which undermined the sustainability of the InterCity East Coast franchise over its 10-year lifetime. These events included the loss of revenue due to the London bombings in July 2005, higher energy and fuel costs, and regulatory permission being granted for a new open access entrant on the route. While GNER was never in breach of the franchise agreement, it was apparent that the company was not going to be able to meet the significant increase in franchise premium obligations due from May 2007. As reported in the TCR-Europe on Dec. 11, 2006, the government decided to end GNER's GBP1.3-billion franchise agreement to operate the East Coast main line railway after the company was unable to meet a 10% revenue growth requirement in 2005, stipulated under the terms of its franchise agreement. GNER suffered disappointing passenger growth, soaring electricity prices and the effect of the 2005 London bombings, while parent firm Sea Containers has filed for bankruptcy protection in the U.S. About GNER Headquartered in London, United Kingdom -- Great North Eastern Railway (GNER) Ltd. -- http://www.gner.co.uk/-- operates high- speed express train services on the East Coast Main Line. Most of their trains run between London King's Cross and either Edinburgh Waverley or Leeds. About Sea Containers Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSEArca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they reported US$1.7 billion in total assets and US$1.6 billion in total debts. * Large Companies with Insolvent Balance Sheet ---------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (85) 1,573 210 BELGIUM ------- City Hotels CITY.BR (7) 210 (15) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Arbel PA.ARB (116) 194 (94) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo De France (3,872) 4,738 (2,868) Dollfus Mieg & Cie S.A. DS (16) 143 (45) Euro Computer System (110) 682 377 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (65) 259 10 Matussiere et Forest S.A. MTF (78) 294 (28) Outremer Telecom OMT (33) 229 (88) Pagesjaunes GRP PAJ (2,718) 1,121 (291) Pneumatiques Kleber S.A. (34) 480 139 Rhodia S.A. RHA (828) 6,796 531 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 Selcodis S.A. SPVX (18) 128 (22) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- CBB Holding AG COB (43) 905 N.A. Cinemaxx AG MXC (27) 177 (30) Cognis Deutschland GmbH & Co. KG (174) 3,003 606 Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (10) 111 N.A. Kabel Deutschland (1,199) 2280 (306) Kaufring AG KAUG (19) 151 (51) Maternus Kliniken AG MAK.F (4) 201 (20) Nordsee AG (8) 195 (31) Schaltbau Hold SLTG (13) 185 3 SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) GREECE ------ Empedos S.A. EMPED (34) 175 (48) Radio A.Korassidis KORA (101) 181 (139) Commercial ICELAND ------- Decode Genetics Inc. DCGN (55) 216 146 IRELAND ------- Waterford Wed Ut WTFU (145) 897 208 ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Gruppo Coin S.p.A. GC (154) 801 (50) Compagnia Italia ICT (138) 527 (235) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) I Viaggi del Ventaglio S.p.A. VVE.MI (116) 469 (143) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Snia S.p.A. SN (39) 275 36 Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Petroleum-Geo Services PGO (32) 2963 (5,250) ROMANIA ------- Rafo Onesti RAF (354) 475 (1,421) RUSSIA ------ East Siberia Brd VSNK (79) 107 (278) OAO Samaraneftegas (332) 892 (16,942) Vimpel Ship SOVP (93) 281 (420) Zil Auto ZILLP (178) 425 (10,597) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Santana Motor S.A. (46) 223 41 TURKEY ------ Nergis Holding (24) 125 26 Turk Tuborg TBORG (1) 153 (109) Yasarbank (948) 623 N.A. UKRAINE ------- Dniprooblenergo DNON (40) 477 (807) Donetskoblenergo DOON (286) 597 (1,991) UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Alldays Plc (120) 252 (202) Amey Plc AMY (49) 932 (47) Atkins (WS) Plc ATK (150) 1,390 62 BCH Group Plc BCH (6) 188 (44) Blenheim Group BEH (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Ltd (5,823) 4,921 290 British Energy Plc BGY (5,823) 4,921 434 British Nuclear Fuels Plc (4,248) 40,326 977 Britvic Plc BVIC (108) 874 (20) Compass Group CPG (668) 2,972 (298) Costain Group COST (108) 595 (61) Danka Bus System DNK.L (108) 540 34 Dignity Plc DTY (55) 552 36 Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (2,266) 2,950 (296) Galiform Plc GFRM (152) 889 35 Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (26) 1,273 (277) Imperial Chemical Industries Plc ICI (370) 8,393 2 Invensys PLC (276) 3,914 357 Jarvis Plc JRVS.L (28) 370 (22) Ladbrokes Plc LAD (1,227) 1,669 (267) Lambert Fenchurch Group (1) 1,827 3 London Stock Exchange LSE (689) 526 (195) M 2003 Plc (2,204) 7,205 (756) Misys Plc MSY (7) 1,123 (131) Mytravel Group MT.L (380) 1,818 (488) Orange Plc ORNGF (594) 2,902 7 Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,044) 3,507 (457) Saatchi & Saatchi SSI (119) 705 (41) SFI Group SUF (108) 178 (162) Skyepharma PLC SKP (95) 211 2 Telewest Communications Plc TLWT (3,702) 7,581 (5,631) Vauxhall Motors (699) 2,584 (463) Wincanton Plc WIN (27) 1,451 (78) ********* 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, 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 * * *