/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/071129.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, November 29, 2007, Vol. 8, No. 237 Headlines A U S T R I A HANS HASLINGER: Linz Court Orders Business Shutdown ISHTAR BAU: Claims Registration Period Ends Dec. 27 NANOSHELL MATERIALS: Creditors' Meeting Slated for Dec. 4 NOWAK DACHSANIERUNG: Vienna Court Orders Business Shutdown SAMER TRANSPORT: Creditors' Meeting Slated for Dec. 6 B E L G I U M ARAMARK CORP: Teams Up with Amerex to Reduce Energy Costs F I N L A N D HILTON HOTELS: To Issue US$500 Mln Unsecured Floating Rate Notes F R A N C E AEROCAST: French Court Rules for Compulsory Liquidation RHODIA SA: Sept. 30 Balance Sheet Upside-Down by EUR226 Million RHODIA SA: Implements Global Price Increases for All Products G E R M A N Y AUTOHAUS PETERS: Claims Registration Period Ends Dec. 28 BAUSANIERUNGUSEDOM GMBH: Claims Registration Period Ends Dec. 14 BERLIN ASSETS: Claims Registration Period Ends Dec. 24 BURG BUSCHDORF: Claims Registration Ends December 21 CAT-CALL-GMBH: Claims Registration Period Ends Dec. 27 DIMEDIA CTC: Creditors' Meeting Slated for December 13 ECKERT'S FLIESENLEGER: Claims Registration Ends December 21 FMV VERWALTUNGSGESELLSCHAFT: Claims Registration Ends Dec. 19 GAT KATALYSATOREN: May File Insolvency Over Faulty Filters GMK BAUBETREUUNGS: Claims Registration Ends December 4 HEBUS KOMMUNIKATIONSTECHNIK: Claims Period Ends Dec. 13 HLI INDUSTRIE-ELEKTRONIK: Claims Registration Ends Dec. 21 IKB DEUTSCHE: Expects Higher Losses; Seeks More Funding KONDITOREI - CAFE: Claims Registration Period Ends Dec. 12 MERRIKH GASTRO: Claims Registration Period Ends Jan. 9, 2008 MERTON REAL: Creditors' Meeting Slated for Dec. 10 MICHAEL FUNKE: Claims Registration Ends December 10 MMORE INTERNATIONAL: Claims Registration Ends December 19 NRG ENERGY: Discloses New Consent Alternative Solicitations P & S BAUGESELLSCHAFT: Claims Registration Ends December 10 SCHIFFER BAUGESELLSCHAFT: Claims Registration Ends Dec. 21 TERWEDOW BAUGESELLSCHAFT: Claims Period Ends Dec. 14 TIMEVISION GMBH: Claims Registration Period Ends Dec. 14 W.C.S. GMBH: Claims Registration Period Ends Dec. 28 WLG LOGISTIK: Creditors' Meeting Slated for Dec. 18 ZEITARBEIT GROSSMANN: Claims Registration Period Ends Dec. 21 I T A L Y ALITALIA SPA: PM Sees New Owner for 49.9% Stake by Dec. 25 DANA CORP: Wants Pact Resolving Appaloosa Dispute Approved DANA CORP: Secures US$2 Billion Exit Financing PARMALAT SPA: Allocated Shares to Creditors Hike Stock Capital TISCALI SPA: Unveils Strategic Plan for 2008-2012 K A Z A K H S T A N AGROSERVICE ILI: Creditors Must File Claims by Dec. 28 ARAL LLP: Creditors Must File Claims by Dec. 28 ATLANTA KAZINVEST: Claims Filing Period Ends Dec. 28 ECO OIL: Creditors' Claims Due on Jan. 1 FOTO LIFE: Claims Registration Ends Dec. 28 KAZAKHSTANSKY AKTAURNY: Creditors Must File Claims by Dec. 28 ZLAK INVEST: Claims Filing Period Ends Dec. 28 K Y R G Y Z S T A N GIANT KING: Proof of Claim Deadline Slated for December 26 N E T H E R L A N D S HEXION SPECIALTY: Hikes Cardura, ACE, VeoVa & Versatic Prices NEPTUNO CLO III: Moody's Rates Class E Sr. Sec. Notes at (P)Ba3 P O L A N D AFFILIATED COMPUTER: Board Authorizes US$1 Bln Share Repurchase AFFILIATED COMPUTER: Five Former Directors Drop Lawsuits R U S S I A AGROPRODUCT CJSC: Creditors Must File Claims by Dec. 17 ALATYRSKAYA AGRIPROMCHEMISTRY: Claims Filing Period Ends Dec. 17 BRYUHOVETSKOYE OJSC: Court Hearing Slated for March 24, 2008 LUCH OJSC: Creditors Must File Claims by Jan. 17, 2008 MONTAZHTECHSTROY: Creditors Must File Claims by Jan. 17, 2008 POBEDA: Schedules Asset Auction for Dec. 18 ROSNEFT OIL: Wants to Cover 30% of Own Power by 2020 TATA MOTORS: Rolls Out One Millionth Car Off Indica Platform VERHNESALDINSKIJ GORODSKOJ: Claims Filing Ends Jan. 17, 2008 S P A I N FONCAIXA FTGENCAT 5: Moody's Junks EUR26.5 Mln Series D Notes * Moody's Says Amended Mortgage Law Will Benefit Spanish Holders S W I T Z E R L A N D BORER INFORMATIK: Basel-Country Court Starts Bankruptcy Process COSITRON JSC: Claims Registration Period Ends December 4 FILOSI VOUILLAMOZ: Creditors Must File Claims by December 5 GREUTER JSC: Zurich Court Closes Bankruptcy Proceedings GRAVAS COMMERCIAL: Creditors' Liquidation Claims Due by Dec. 5 KALENDER-VERLAG: Solothurn Court Starts Bankruptcy Proceedings L-CON LLC: Zurich Court Closes Bankruptcy Proceedings LEISURE WEAR: Creditors' Liquidation Claims Due by December 5 LUECHTER & SCHWARTZ: Creditors Must File Claims by December 5 OSTERTAG HAUSAMANN: Creditors Must File Claims by December 5 PC-TREND LLC: Claims Registration Period Ends December 3 PROCONTAS LLLC: Creditors' Liquidation Claims Due by December 3 SANWAY JSC: Claims Registration Period Ends December 2 TRADEX SWISS AG: Chapter 15 Petition Summary TRANIC LTD: Creditors' Liquidation Claims Due by December 3 VESPASIAN BERATUNGEN: Creditors Must File Claims by December 5 T U R K E Y SINAI KALKINMA: Fitch Affirms Low-B Ratings with Stable outlook U K R A I N E ASTRA-STYLE LLC: Creditors Must File Claims by November 30 DOVIRA LLC: Creditors Must File Claims by November 30 EDELWEISS LLC: Creditors Must File Claims by November 30 KOLOMIYA AGRICULTURAL: Creditors Must File Claims by November 30 OBERIG: Proofs of Claim Filing Ends November 30 PORT LAND: Creditors Must File Claims by November 30 PRIMEKS PROFI: Creditors Must File Claims by November 30 STAROBILSK PROVISIONS: Proofs of Claim Filing Ends November 30 TSENTURION LLC: Creditors Must File Claims by November 30 V. M. G. LLC: Creditors Must File Claims by November 30 ZOLOTOY KOLOS: Proofs of Claim Filing Ends November 30 U N I T E D K I N G D O M BEE FLY: Appoints Joint Administrators from BDO Stoy BUSINESS MORTGAGE: Moody's Rates EUR12.37 Mln Notes at Ba1 BRITISH AIRWAYS: Consortium Withdraws Iberia Bidding Interest CABLE & WIRELESS: Former Chair Criticizes Executive Payoff CABLE & WIRELESS: Launching Disabling Service for Stolen Phones CHLOE TRADING: Calls In Liquidators from Wilkins Kennedy COLUMBIA FINISHING: Brings In Liquidators from Mazars DIRECT LEISURE: Names Neil Francis Hickling Liquidator DIVERSITY FUNDING 1: S&P Assigns B Prelim Ratings to F Notes DUKE FUNDING II: S&P Junks Class D Notes on Lack of Proposals EMI GROUP: Moody's Withdraws B1 Corporate Family Rating ENTERPRISE VENDING: Brings In Administrators from Deloitte FIRST VENDING: Taps Deloitte & Touche to Administer Assets FORD MOTOR: Kentucky State Approves US$60M Investment Incentives IMEX LOGISTICS: Taps Liquidator from Kingston Smith & Partners INNOVATIVE GROUP: Calls In Liquidators from Menzies Corporate LUCKY ESTATES: Claims Filing Period Ends January 15, 2008 MAINSAIL II: S&P Junks Capital Notes on Payment Failure MORTGAGE FINANCE 7: Fitch Rates GBP7.9 Mln Class C Notes at BB NORMANBY WEFCO: Creditors' Meeting Slated for December 7 PARAGON GROUP: Selling Off Loan Assets to Avert Rights Issue RMC COMPONENTS: Appoints Administrators from Begbies Traynor SACHSEN FUNDING I: S&P Junks Capital Notes on Lack of Proposals SANYO ELECTRIC: Cooked Books to Pay Dividend, Sources Say SANYO ELECTRIC: To Invest JPY20 Billion in Chip Business SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report SEA CONTAINERS: SeaCon Services Files Sept. 2007 Report SEA CONTAINERS: SeaCon Carribean Files Sept. 2007 Report TOP SECURITY: Appoints Liquidator from Mazars VISUAL GRAPHIC: Joint Liquidators Take Over Operations WHITELEY HENSHAW: Claims Filing Period Ends January 31, 2008 XELA INVESTMENTS: Hires Liquidator from Tenon Recovery * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= HANS HASLINGER: Linz Court Orders Business Shutdown --------------------------------------------------- The Land Court of Linz entered Oct. 23 an order shutting down the business of LLC Hans Haslinger - Internationale Transporte (FN 121781s). Court-appointed estate administrator Guenther Grassner recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Guenther Grassner Suedtirolerstr. 4-6 4020 Linz Austria Tel: 070770815 Fax: 070770816 E-mail: lawfirm@gltp.at Headquartered in Traun, Austria, the Debtor declared bankruptcy on Oct. 18 (Bankr. Case No 38 S 53/07h). ISHTAR BAU: Claims Registration Period Ends Dec. 27 --------------------------------------------------- Creditors owed money by LLC ISHTAR Bau (FN 289528b) have until Dec. 27 to file written proofs of claim to court-appointed estate administrator Eva Wexberg at: Dr. Eva Wexberg c/o Dr. Walter Kainz Gusshausstrasse 23 1040 Vienna Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on Jan. 9, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 23 (Bankr. Case No. 2 S 145/07x). Walter Kainz represents Dr. Wexberg in the bankruptcy proceedings. NANOSHELL MATERIALS: Creditors' Meeting Slated for Dec. 4 --------------------------------------------------------- Creditors owed money by LLC Nanoshell Materials Research & Development (FN 260859t) are encouraged to attend the creditors' meeting at 9:00 a.m. on Dec. 4. The creditors' meeting will be held at: The Land Court of Klagenfurt Conference Hall 225 Second Floor Klagenfurt Austria Headquartered in Klagenfurt, Austria, the Debtor declared bankruptcy on Oct. 25 (40 S 52/07y). Bernhard Fink serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Bernhard Fink Bahnhofstrasse 5 9020 Klagenfurt Austria Tel: 0463/541 46 Fax: 0463/541 46-15 E-mail: office@fink-bernhart.at NOWAK DACHSANIERUNG: Vienna Court Orders Business Shutdown ---------------------------------------------------------- The Trade Court of Vienna entered Oct. 23 an order shutting down the business of KEG NOWAK Dachsanierung (FN 222185v). Court-appointed estate administrator Georg Freimueller 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. Georg Freimueller Alser Strasse 21 1080 Vienna Austria Tel: 406 05 51 Fax: 406 96 01 E-mail: kanzlei@jus.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 16 (Bankr. Case No 38 S 55/07a). SAMER TRANSPORT: Creditors' Meeting Slated for Dec. 6 ----------------------------------------------------- Creditors owed money by KEG Samer Transport (FN 262325y) are encouraged to attend the creditors' meeting at 2:50 a.m. on Dec. 6. The creditors' meeting will be held at: The Land Court of Graz Hall L Room 230 Graz Austria Headquartered in Graz-Wetzelsdorf, Austria, the Debtor declared bankruptcy on Oct. 25 (25 S 114/07p). Roland Gsellmann serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Roland Gsellmann Farberplatz 1 8010 Graz Austria Tel: 0316/835692 Fax: 0316/835692-15 E-mail: office@herdeygsellmann.at ============= B E L G I U M ============= ARAMARK CORP: Teams Up with Amerex to Reduce Energy Costs --------------------------------------------------------- Aramark Corporation has entered into a national partnership with Amerex Energy Services to provide clients with an array of energy services, including the purchase of renewable energy credits. "Businesses and institutions nationwide are aggressively working to improve their environmental footprint - for themselves, for their customers, and for their communities," said Ron Mesaros, associate vice president of technical services for ARAMARK. "Together, Aramark and Amerex can offer these institutions more innovative ways to reduce their energy costs and complement their strategies for sustainability." Aramark's energy management programs are a vital component of an institution's overall strategy toward environmental stewardship. Through its services, Aramark helps institutions calculate their carbon footprint, reduce reliance on fossil fuels, procure alternative energy, achieve LEED certification, and reduce greenhouse gas emissions. Amerex Energy Services, a division of Amerex Brokers LLC, a wholly owned subsidiary of GFI Group Inc. is a national energy consultant that works with retail electric providers and wholesale power suppliers to procure energy for its clients. The company provides a wide array of energy and energy-related financial tools to help its clients lower their energy costs. The company serves a global client network of more than 1,000 firms, including thousands of traders and risk management professionals. Together, ARAMARK and Amerex will offer a broad portfolio of options to help businesses reduce energy use and cost- effectively procure energy resources. Services offered include conducting energy audits, developing energy reduction strategies, negotiating contracts with electricity and natural gas providers, training facility staff on energy efficiency, and providing ongoing insight into the energy market. The companies will also assist institutions with the purchase of RECs. RECs represent units of energy expended by a business which, when purchased, are invested into renewable energy solutions such as wind power, water power and solar energy. A growing number of institutions are purchasing RECs as a way to minimize their impact on the environment and affect climate change. Aramark and Amerex recently partnered with Integrys Energy Services Inc. and Credit Suisse Group to help Baylor University negotiate a ground breaking 10-year power deal that will save more than US$2 million of the US$13.5 million the university spends annually on electricity for the 735-acre campus. The agreement includes the finance and support of wind-generated electricity, support for the development of wind farms in Texas, and the development of alternative energy sources in higher education. For its efforts, Baylor received a "2007 Award for Innovation" for the National Association of College and University Business Officers. "The new energy contract at Baylor is a breakthrough agreement for universities looking for creative ways to remain good stewards to their communities," added Mr. Mesaros. "This national partnership will allow Aramark and Amerex to bring critical energy management knowledge and insights to other institutions throughout the United States." About Aramark Headquartered in Philadelphia, Pennsylvania, Aramark Corp. (NYSE: RMK) -- http://www.aramark.com/-- is a professional services organization, providing food services, facilities management, hospitality services, and uniforms and career apparel to health care institutions, universities and school districts, stadiums and arenas, businesses, prisons, senior living facilities, parks and resorts, correctional institutions, conference centers, convention centers, and public safety professionals around the world. Aramark has approximately 240,000 employees serving clients in 20 countries, including Belgium, Czech Republic, Germany, Ireland, UK, Mexico, Brazil, Chile, among others. * * * As reported in the Troubled Company Reporter on Aug. 16, 2007, Standard & Poor's Ratings Services revised its outlook on Philadelphia, Pennsylvaniabased ARAMARK Corp. to stable from negative. At the same time, Standard & Poor's affirmed its ratings on ARAMARK, including the 'B+' corporate credit rating. ============= F I N L A N D ============= HILTON HOTELS: To Issue US$500 Mln Unsecured Floating Rate Notes --------------------------------------------------------------- Hilton Hotels Corporation has agreed to issue an aggregate principal amount of US$500 million of unsecured Floating Rate Notes due 2013. The Notes will bear interest equal to three month LIBOR plus 4.50% per year, adjusted quarterly. The proceeds of the sale of the Notes will be used to repay an equal amount of Hilton's secured mezzanine loans incurred in connection with the funding of the acquisition of Hilton by investment funds affiliated with The Blackstone Group and related transactions. Completion of the transaction is subject to customary closing conditions. The Notes have been offered and sold in a private placement to qualified institutional buyers pursuant to Section 4(2) of the Securities Act of 1933, as amended. The Notes have not been registered under the Securities Act or securities laws of any state and may not be offered or sold in the United States absent an applicable exemption from registration requirements under the Securities Act or the laws of any state. In connection with the offering of the Notes, Hilton has made certain information available to prospective financing sources. Hilton is posting under the Investor Relations tab on its website. Certain of this information, including information relating to Hilton's financial performance for the three months ended Sept. 30, 2007 and information relating to the financing of the merger of Hilton, which was completed on Oct. 24, 2007. About Hilton Hotels Headquartered in Beverly Hills, California, Hilton Hotels Corp. -- http://www.hilton.com/-- together with its subsidiaries, engages in the ownership, management, and development of hotels, resorts, and timeshare properties, as well as in the franchising of lodging properties in the United States and internationally, including Australia, Austria, Barbados, Costa Rica, Finland, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 29, 2007, Moody's Investors Service downgraded Hilton Corporation's Corporate Family Rating and senior unsecured ratings to B3 and Caa1, respectively. =========== F R A N C E =========== AEROCAST: French Court Rules for Compulsory Liquidation ------------------------------------------------------- A commercial court in Chateauroux has put French foundry Aerocast into compulsory liquidation after four years under a court-supervised administration proceeding, The Financial Times reports. The company pointed to its difficulties in the production of complex aluminum parts and the problems at Airbus SAS. Several companies are reportedly interested in acquiring the company after the court allowed Aerocast to continue operating for three months to attract potential buyers, FT relates. Aerocast specializes in aluminum parts for the aviation industry. It employs 112 staff and achieved a balanced result on turnover of EUR8.8 million in 2006, FT notes. RHODIA SA: Sept. 30 Balance Sheet Upside-Down by EUR226 Million --------------------------------------------------------------- Rhodia S.A. released financial results for the third quarter ended Sept. 30, 2007. Third Quarter 2007 Results Confirm Solid Free Cash Flow Generation Another quarter of profitable growth drives solid EBITDA and Free Cash Flow generation * Net Sales up 7% to EUR1.3 billion * recurring EBITDA* up 20% to EUR192 million versus EUR160 million in the third quarter 2006, despite the EUR(22) million negative impact of foreign exchange. * recurring EBITDA margin up to 15.2% versus 13.6 % in the third quarter 2006 * a positive Free Cash Flow of EUR53 million versus EUR(10) million in the third quarter 2006 * free Cash Flow for the first 9 months of 2007 of EUR41 million, compared to a cash outflow of EUR(124) million for the same period in 2006 Key highlights * 9% volume growth with strong demand levels * solid pricing +3% * unfavorable foreign exchange, raw material and energy cost environment * organics' restructuring continues Accelerated delivery on financial commitments * Free Cash Flow generation of more than EUR100 million expected in 2007 * financial leverage of Net Debt on Recurring EBITDA ratio below 2 times expected at the end of 2007 "Our strong leadership positions in growing markets give us full confidence that we will continue to generate sustainable and profitable growth," Jean-Pierre Clamadieu, chief executive officer of Rhodia, said. "We expect to generate more than EUR100 million of Free Cash Flow in 2007 and to be one year ahead in the delivery of our financial leverage commitment." * Before restructuring and other operating income and expenses Net Sales rose by 7% to EUR1.3 billion in the third quarter of 2007, from EUR1.2 billion a year earlier. This increase was driven by a significant 9% volume growth (4.4% excluding CERs) and a 3% positive impact from price increases. Foreign exchange had a 4.4% negative impact, due to the continued weakness of the US dollar. Recurring EBITDA grew by 20% to EUR192 million, benefiting from the good volume trends, in spite of the negative impact of foreign exchange (EUR22 million). Solid pricing in local currency continued to offset the impact of increases in raw material and energy costs. CER sales generated EUR39 million of recurring EBITDA in the third quarter of 2007. The recurring EBITDA margin rose to 15.2% in the third quarter 2007 from 13.6% in the third quarter 2006. Operating Profit rose by 2.7% to EUR115 million, versus EUR112 million for the third quarter 2006 which was favorably impacted by a EUR27million exceptional gain. The Financial Result improved to EUR(43) million compared to EUR(62) million in the third quarter 2006, as the Group now fully benefits from the lower interest costs resulting from the refinancing initiatives realized over the past year. The Net Profit Group Share for the third quarter 2007 totaled EUR45 million, compared to a profit of EUR70 million in the third quarter 2006, which was favorably impacted by a EUR34 million recognition of US deferred tax assets. At Sept. 30, 2007, the Group's consolidated balance sheets showed EUR4.5 billion in total assets, EUR4.7 billion in total liabilities and EUR226 in stockholders' deficit. Operating Cash Flow totaled EUR115 million in the third quarter 2007. The ratio of Working Capital Requirements on total sales stood at 12.9%. Capital Expenditure totaled EUR83 million. Free Cash Flow* was EUR53 million, versus EUR(10) million in the third quarter 2006 and now stands at EUR41 million for the first nine months compared to a negative of EUR(124) million for the same period in 2006. Consolidated Net Debt totaled EUR1.6 billion on Sept. 30, 2007, a EUR25 million decrease from June 30, 2007. Thanks to the strength of Rhodia's business portfolio, Net Sales grew 7%, with 9% volume growth and a 3% positive impact from price increases. Polyamide, Silcea and Novecare are high margin leadership businesses well positioned in growing markets. Investments are under way to support the growth of these businesses. Acetow is finalizing its action plan to improve margins to compensate for the unfavorable foreign exchange environment. Organics focuses on the development of its leadership position in Diphenols and continues its restructuring in fine organics. Recently it announced plans to end Paracetamol manufacturing at its Roussillon site in France and to end all operations at its Avonmouth site in the U.K. Eco Services continues to generate very high margins and Energy Services benefits from the ongoing sales of CERs. * Defined as "net cash provided by operating activities" plus "non recurring refinancing cash costs" minus Capital Expenditure" Outlook The level of demand is expected to remain favorable in most regions, with strong volumes and a solid pricing power, in an environment still influenced by high raw material and energy costs. The foreign exchange environment should remain unfavorable. Rhodia confirms its 2007 outlook of a strong growth in recurring EBITDA and expects to generate more than EUR100 million positive Free Cash Flow for the full year 2007. One year ahead of its commitment, Rhodia expects to achieve a Net Debt on Recurring EBITDA ratio below 2 at the end of 2007. About Rhodia Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) -- http://www.rhodia.com/-- is a global specialty chemicals company partnering with major players in the automotive, electronics, pharmaceuticals, agrochemicals, consumer care, tires, and paints and coatings markets. Rhodia offers tailor- made solutions combining original molecules and technologies to respond to customers' needs. The group generated sales of EUR4.8 billion in 2006 and employs around 16,000 people worldwide. Rhodia is listed on Euronext Paris and the New York Stock Exchange. The company has operations in Brazil. * * * As reported in the TCR-Europe on Nov. 28, 2007, Moody's Investors Service affirmed Rhodia S.A. Corporate Family Rating at Ba3. Moody's said the outlook has been changed to Positive from Stable. As reported on April 26, 2007, Fitch Ratings affirmed Rhodia S.A.'s Issuer Default Rating at BB- and revised the Outlook to Positive from Stable. Fitch has assigned Rhodia SA's proposed issue of up to EUR595.125 million bonds convertible and/or exchangeable for new and/or existing shares an expected 'BB-' rating. These ratings are affected: -- Corporate Family Ratings upgraded to Ba3; -- Probability-of-Default assigned at Ba3; -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4 (69%); and -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4 (69%). At the same time, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Rhodia to BB- from B+, and its long- term debt rating on the group to B from B-. Standard & Poor's also assigned its B senior unsecured debt rating to Rhodia's proposed new bond, which will be used for refinancing purposes. RHODIA SA: Implements Global Price Increases for All Products ------------------------------------------------------------- Rhodia S.A. has disclosed worldwide price increases in the range of 7% to 15% depending on product line on Nov. 22, 2007. Although Rhodia has put into place a number of action plans over the past few years to improve productivity and reduce costs, the price increases are required to help respond to the dramatic and simultaneous rising costs of energy, raw materials and transport, and to defend Rhodia's margins at a time when the demand for specialty chemicals is strengthening worldwide. About Rhodia Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) -- http://www.rhodia.com/-- is a global specialty chemicals company partnering with major players in the automotive, electronics, pharmaceuticals, agrochemicals, consumer care, tires, and paints and coatings markets. Rhodia offers tailor- made solutions combining original molecules and technologies to respond to customers' needs. The group generated sales of EUR4.8 billion in 2006 and employs around 16,000 people worldwide. Rhodia is listed on Euronext Paris and the New York Stock Exchange. The company has operations in Brazil. * * * As reported in the TCR-Europe on Nov. 28, 2007, Moody's Investors Service affirmed Rhodia S.A. Corporate Family Rating at Ba3. Moody's said the outlook has been changed to Positive from Stable. As reported on April 26, 2007, Fitch Ratings affirmed Rhodia S.A.'s Issuer Default Rating at BB- and revised the Outlook to Positive from Stable. Fitch has assigned Rhodia SA's proposed issue of up to EUR595.125 million bonds convertible and/or exchangeable for new and/or existing shares an expected 'BB-' rating. These ratings are affected: -- Corporate Family Ratings upgraded to Ba3; -- Probability-of-Default assigned at Ba3; -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4 (69%); and -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4 (69%). At the same time, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Rhodia to BB- from B+, and its long- term debt rating on the group to B from B-. Standard & Poor's also assigned its B senior unsecured debt rating to Rhodia's proposed new bond, which will be used for refinancing purposes. ============= G E R M A N Y ============= AUTOHAUS PETERS: Claims Registration Period Ends Dec. 28 -------------------------------------------------------- Creditors of Autohaus Peters GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Jens-Soeren Schroeder. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Feb. 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 Neumuenster Meeting Hall B0.31 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: Jens-Soeren Schroeder Raboisen 38 20095 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against Autohaus Peters GmbH on Nov. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Peters GmbH Friedrichstadter Strasse 9-11 24768 Rendsburg Germany Attn: Hans-Dieter Peters, Manager Wuehrenredder 1 24794 Buensdorf Germany BAUSANIERUNGUSEDOM GMBH: Claims Registration Period Ends Dec. 14 ---------------------------------------------------------------- Creditors of BauSanierungUsedom GmbH have until Dec. 14 to register their claims with court-appointed insolvency manager Joerg Sievers. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 30, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stralsund Hall A 421 House A Frankendamm 17 Stralsund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Joerg Sievers Robert-Blum-Str.1 17489 Greifswald Germany The District Court of Stralsund opened bankruptcy proceedings against BauSanierungUsedom GmbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BauSanierungUsedom GmbH Attn: H. Kahle, Manager Lindenstrasse 4 17424 Seebad Heringsdorf Germany BERLIN ASSETS: Claims Registration Period Ends Dec. 24 ------------------------------------------------------ Creditors of Berlin Assets GmbH & CO. Erste Projekt KG have until Dec. 24 to register their claims with court-appointed insolvency manager Torben Ottmar Herbold. Creditors and other interested parties are encouraged to attend the meeting at 2:20 p.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 Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Torben Ottmar Herbold Haeckelstrasse 10 39104 Magdeburg Germany The District Court of Potsdam opened bankruptcy proceedings against Berlin Assets GmbH & CO. Erste Projekt KG on Nov. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Berlin Assets GmbH & CO. Erste Projekt KG Lindenallee 10 14806 Fredersdorf Germany BURG BUSCHDORF: Claims Registration Ends December 21 ---------------------------------------------------- Creditors of "Burg" Buschdorf-Bautrager GmbH & Co. KG have until Dec. 21 to register their claims with court-appointed insolvency manager Michael Hawelka. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 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 "Burg" Buschdorf-Bautrager GmbH & Co. KG on Nov. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: "Burg" Buschdorf-Bautrager GmbH & Co. KG Attn: Rainer Krause, Manager Torgauer Strasse 29 04779 Wermsdorf Germany CAT-CALL-GMBH: Claims Registration Period Ends Dec. 27 ------------------------------------------------------ Creditors of Cat-Call-GmbH have until Dec. 27 to register their claims with court-appointed insolvency manager Hagen Hirth. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 6, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dresden Hall D131 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hagen Hirth Glacisstrasse 9a 01099 Dresden Germany The District Court of Dresden opened bankruptcy proceedings against Cat-Call-GmbH on Nov. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cat-Call-GmbH Bautzner Strasse 19b 01099 Dresden Germany DIMEDIA CTC: Creditors' Meeting Slated for December 13 ------------------------------------------------------ The court-appointed insolvency manager for Dimedia CTC Fotostudios GmbH, Peter Sulzmann will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:00 a.m. on Dec. 13. The meeting of creditors and other interested parties will be held at: The District Court of Aschaffenburg Meeting Hall 5.103 Schlossplatz 5 63739 Aschaffenburg Germany The Court will also verify the claims set out in the insolvency manager's report at 2:00 p.m. on Jan. 22, 2008, at the same venue. Creditors have until Dec. 20 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Peter Sulzmann Bahnhofstr. 31 63500 Seligenstadt Germany Tel: 06182/92050 Fax: 06182/920515 The District Court of Aschaffenburg opened bankruptcy proceedings against Dimedia CTC Fotostudios GmbH on Nov. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dimedia CTC Fotostudios GmbH Nordring 12 63762 Grossostheim Germany Attn: Peter Heckel, Manager Sandgasse 53 63739 Aschaffenburg Germany ECKERT'S FLIESENLEGER: Claims Registration Ends December 21 ----------------------------------------------------------- Creditors of Eckert's Fliesenleger GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Justus Schneidewind. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. 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 Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Justus Schneidewind Behlertstrasse 28 a 14469 Potsdam Germany The District Court of Potsdam opened bankruptcy proceedings against Eckert's Fliesenleger GmbH on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Eckert's Fliesenleger GmbH Attn: Herrn Michael Eckert, Manager Mozartsteg 2 14532 Stahnsdorf Germany FMV VERWALTUNGSGESELLSCHAFT: Claims Registration Ends Dec. 19 ------------------------------------------------------------- Creditors of FMV Verwaltungsgesellschaft mbH have until Dec. 19 to register their claims with court-appointed insolvency manager Markus M. Merbecks. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Jan. 30, 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 Chemnitz Hall 28 Fuerstenstrasse 21-23 09130 Chemnitz 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: Markus M. Merbecks Leipziger Strasse 58 09113 Chemnitz Germany Tel:(0371) 444610 Fax:(0371) 4446111 E-mail: merbecks@merbecks.de The District Court of Chemnitz opened bankruptcy proceedings against FMV Verwaltungsgesellschaft mbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FMV Verwaltungsgesellschaft mbH Attn: Peter Meiss, Manager Parkstr. 32 09120 Chemnitz Germany GAT KATALYSATOREN: May File Insolvency Over Faulty Filters ---------------------------------------------------------- A representative for GAT Katalysatoren GmbH, which is under probe for allegedly supplying around 28,000 faulty particle filters for diesel engines, told Frankfurter Allgemeine Zeitung that the company may file for insolvency if the German ministry of transport requires it to replace the systems at an estimated cost of EUR1,000 each, the Financial Times reports. According to KBA, the German federal motor vehicle office, GAT and rivals Bosal International of Belgium and Tenneco of the United States allegedly produced faulty filters affecting around 40,000 drivers. Headquartered in Gladbeck, Germany, GAT Katalysatoren GmbH http://www.gat-kat.com/-- develops innovative emission technology products for the automotive industry. GMK BAUBETREUUNGS: Claims Registration Ends December 4 ------------------------------------------------------ Creditors of GMK Baubetreuungs GmbH have until Dec. 4 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. 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 Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe 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 Bleichstr. 2-4 60313 Frankfurt Germany Tel: 069/9130920 The District Court of Karlsruhe opened bankruptcy proceedings against GMK Baubetreuungs GmbH on Nov. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GMK Baubetreuungs GmbH Attn: Edgar Knam, Manager Zum Wiesengrund 56 76307 Karlsbad Germany HEBUS KOMMUNIKATIONSTECHNIK: Claims Period Ends Dec. 13 ------------------------------------------------------- Creditors of HEBUS Kommunikationstechnik GmbH have until Dec. 13 to register their claims with court-appointed insolvency manager Juergen Pietzker. Creditors and other interested parties are encouraged to attend the meeting at 8:10 a.m. on Jan. 10, 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 Landshut Meeting Hall 8/I Maximilianstrasse 22-24 Landshut 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: Juergen Pietzker Isargestade 732 84028 Landshut Germany Tel: 0871/89629 Fax: 0871/274638 The District Court of Landshut opened bankruptcy proceedings against HEBUS Kommunikationstechnik GmbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HEBUS Kommunikationstechnik GmbH Seligenthaler Str. 16 84034 Landshut Germany HLI INDUSTRIE-ELEKTRONIK: Claims Registration Ends Dec. 21 ---------------------------------------------------------- Creditors of HLI Industrie-Elektronik GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Dr. Frank Kebekus. Creditors and other interested parties are encouraged to attend the meeting at 8:45 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 Duesseldorf Meeting Hall A 409 Fourth Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Frank Kebekus Carl-Theodor-Str. 1 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against HLI Industrie-Elektronik GmbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HLI Industrie-Elektronik GmbH Oststrasse 74a 40724 Hilden Germany IKB DEUTSCHE: Expects Higher Losses; Seeks More Funding ------------------------------------------------------- IKB Deutsche Industriebank AG will likely post over EUR6 billion in losses from an initial estimate of EUR3.5 billion as a result of its unsuccessful speculation on the US subprime mortgage market, the Financial Times relates citing a Frankfurter Allgemeine Zeitung report. According to the report, Germany's state-owned KfW Bankengruppe, which holds a 38 percent stake in IKB, is now expected to provide further financing to fund a rescue. KfW has recently increased its risk shield for IKB by EUR2.3 billion to EUR4.8 billion based on new risk valuation information, AP Worldstream says. Karin Matussek of Bloomberg News relates, citing people familiar with the matter, that IKB may need to increase its rescue package by EUR400 million in the event that the US subprime crisis endure on the global financial markets. Private and savings banks have committed EUR500 million to IKB as risk protection, Borsen-Zeitung says, and they are reportedly not ready to provide IKB with more funding. IKB has notified Germany's financial watchdog, Bundesbank and German Financial Supervisory Authority (BaFin), that it could face more liquidity problems if it fails to secure necessary financing, Thomson Financial relates. KfW has scheduled an extraordinary meeting with the administrative board to discuss IKB's situation this week, Bloomberg relates. According to Borsen-Zeitung, IKB is currently in talks with Deutsche Postbank, the banking subsidiary of German national postal services provider Deutsche Post, regarding a sale of its corporate customer credits in a move to improve IKB's equity capital situation. The German banks, however, are said to oppose this plan. About KfW Bankengruppe Headquartered in Frankfurt, Germany, KfW Bankengruppe -- http://www.kfw.de/EN_Home/-- deals with the promotion of the development and transformation countries, export and project financing, promotion of middle class, existence founders and start ups, promotion living economy, environmental and climatic protection, education and infrastructure. With 3,900 employees, KFW Bankengruppe has its locations in Berlin, Bonn and Frankfurt am Main. Owned by the federal government and the Laender, it is one of the leading banks in Germany. About IKB Deutsche Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank AG -- http://www.ikb.de/-- pioneered the long-term industrial loan and provides medium-sized companies with long-term financing. The bank operates in several German locations, as well as branches in the United Kingdom, Luxembourg, Spain and France. IKB had previously invested in securitized loans on the US market for subprime mortgages, which are now almost worthless. This resulted in a deep-seated crisis within the bank, pushing it on the brink of bankruptcy. * * * As reported in the TCR-Europe on Oct. 4, 2007, Fitch Ratings has downgraded IKB Deutsche Industriebank AG's hybrid debt securities to Long-term 'BB-' from 'A'. They remain on Rating Watch Negative. IKB is rated Long-term Issuer Default 'A+' with Stable Outlook, Short-term IDR 'F1', Support '1' and Individual 'F'. Its subordinated debt issues are rated 'A'. IKB's hybrid capital instruments rated Long-term 'BB-' and on RWN are: -- EUR75 million IKB Funding Trust I's perpetual notes -- EUR400 million Funding Trust II's perpetual notes -- EUR100 million IKB International SA's capital contribution certificates maturing in 2009 -- EUR200 million Hybrid Raising GmbH's perpetual capital notes linked to a silent participation in IKB -- EUR200 million Capital Raising GmbH's perpetual notes linked to a silent participation in IKB -- EUR70 million IKB International SA's capital contribution certificates maturing in 2010 -- EUR150 million Propart Funding Ltd's profit participation certificates maturing in 2015. KONDITOREI - CAFE: Claims Registration Period Ends Dec. 12 ---------------------------------------------------------- Creditors of Konditorei - Cafe Meyer GmbH have until Dec. 12 to register their claims with court-appointed insolvency manager Markus Dahmann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 24, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Ludwigshafen am Rhein Meeting Hall VII Wittelsbachstr. 10 67061 Ludwigshafen/Rhein Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Markus Dahmann Wimphelingstr. 13 67346 Speyer Germany The District Court of Ludwigshafen am Rhein opened bankruptcy proceedings against Konditorei - Cafe Meyer GmbH on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Konditorei - Cafe Meyer GmbH Bahnhofstrasse 6 67227 Frankenthal Germany Attn: Timo Meyer, Manager Reiboldstrasse 4 67251 Freinsheim Germany MERRIKH GASTRO: Claims Registration Period Ends Jan. 9, 2008 ------------------------------------------------------------ Creditors of Merrikh Gastro GmbH have until Jan. 9, 2008, to register their claims with court-appointed insolvency manager Andreas Fischer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 9, 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 Baden-Baden Hall 009a Ground Floor Gutenbergstr. 17 76532 Baden-Baden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Fischer Erbprinzenstr. 27 76133 Karlsruhe Germany The District Court of Baden-Baden opened bankruptcy proceedings against Merrikh Gastro GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Merrikh Gastro GmbH Siamac Merrikh, Manager Aumattstr. 36 a 76530 Baden-Baden Germany MERTON REAL: Creditors' Meeting Slated for Dec. 10 -------------------------------------------------- The court-appointed insolvency manager for Merton Real Estate Entwicklungsgesellschaft mbH, Bjoern Gehde, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:40 a.m. on Dec. 10. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 10:05 a.m. on March 3, 2008, at the same venue. Creditors have until Jan. 10, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Bjoern Gehde Goethestr. 85 10623 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Merton Real Estate Entwicklungsgesellschaft mbH on Oct. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Merton Real Estate Entwicklungsgesellschaft mbH Pariser Str. 44 10707 Berlin Germany MICHAEL FUNKE: Claims Registration Ends December 10 --------------------------------------------------- Creditors of MFT Michael Funke Transport GmbH & Co. KG have until Dec. 10 to register their claims with court-appointed insolvency manager Michael Bremen. Creditors and other interested parties are encouraged to attend the meeting at 8:40 a.m. on Jan. 10, 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 Duesseldorf Meeting Hall A 409 Fourth Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Bremen Sternstr. 58 40479 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against MFT Michael Funke Transport GmbH & Co. KG on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MFT Michael Funke Transport GmbH & Co. KG Attn: Michael Funke, Manager Lucas-Bols-Strasse 12 41462 Neuss Germany MMORE INTERNATIONAL: Claims Registration Ends December 19 --------------------------------------------------------- Creditors of MMORE INTERNATIONAL GmbH have until Dec. 19 to register their claims with court-appointed insolvency manager Erwin Richmann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Giessen Hall 408 Fourth Floor Building B Gutfleischstrasse 1 35390 Giessen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Erwin Richmann Ernst Ludwsig Strasse 11 35463 Fernwald Germany The District Court of Giessen opened bankruptcy proceedings against MMORE INTERNATIONAL GmbH on Nov. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MMORE INTERNATIONAL GmbH Steinstrasse 18 35463 Fernwald-Steinbach Germany NRG ENERGY: Discloses New Consent Alternative Solicitations ----------------------------------------------------------- NRG Energy Inc. is providing each investor with a new consent alternative with respect to its Notes in addition to the previously announced tender offers and consent solicitations, which remain in effect, in connection with its pending conditional tender offers and concurrent consent solicitations relating to its US$4.7 billion of outstanding 7.25% senior notes due 2014, 7.375% senior notes due 2016 and 7.375% senior notes due 2017. As previously announced, each investor may elect to tender its Notes in the conditional, contractually required offers at 101% of the principal amount, plus accrued interest, or may elect to receive a consent payment of US$1.25 to US$2.50 in cash per US$1,000 principal amount of Notes. For the Original Consent Payment, consents are limited to an agreement (the Original Amendment) not to require the change of control offers in connection with NRG's formation of a holding company structure via the contemplated intercompany merger transaction. The Original Consent Payment will be a minimum of US$1.25 per US$1,000 principal amount of Notes, or, in the event that such consents are received from a majority in principal amount of a series of Notes, will be US$1.25 divided by the percentage of that series which consented. As supplemented, each investor will have the same two alternatives as before as well as a new consent alternative. Under the new alternative, each investor may elect to receive a consent payment of US$7.50 to US$15.00 in cash per US$1,000 principal amount of Notes. For the Alternative Consent Payment, consents will provide a new exception to the limitation on restricted payments in the indentures for the Notes which will permit restricted payments, including dividends and/or stock repurchases, of up to US$300 million per year, with any of this additional restricted payment capacity not used during a year being carried over to the next year on a cumulative basis and without reducing the amounts otherwise available to make restricted payments. In the event that consents to the new consent alternative are received from a majority in principal amount of each of the three series of Notes, the Alternative Consent Payment will be US$7.50, divided by the overall percentage of the aggregate principal amount of the Notes that delivered consents under the new alternative and, in that event, NRG will not consummate the Holdco Merger and NRG will not be obligated (but reserves the right) to consummate the tender offers. In all other events, Holders of Notes who deliver consents under the new consent alternative will also be consenting to the Original Amendment and will receive US$7.50 per US$1,000 principal amount of such Notes subject to and promptly upon consummation of the Holdco Merger. NRG's obligation to make the minimum consent payments of US$1.25 per US$1,000 principal amount of Notes or US$7.50 per US$1,000 principal amount of Notes, as applicable, is not conditioned on the receipt of consents from holders of Notes representing a majority in principal amount of any one or more series. The only condition to NRG's obligation to make these minimum consent payments is the consummation of the Holdco Merger, and NRG will make these consent payments promptly thereafter. The only condition to NRG's obligation to make the Maximum Alternative Consent Payment is the receipt and effectiveness of consents to the new consent alternative from holders of a majority in principal amount of each of the three series of Notes, and NRG will make such payments promptly thereafter. If that consents are received with respect to Notes representing a majority in principal amount of a particular series of Notes (whether under the original consent alternative, the new consent alternative or both on a combined basis), NRG will have the option to terminate the tender offer for that series of Notes in its discretion without purchasing any tendered Notes of such series. Tendered Notes will not be eligible to receive any consent payment even if NRG exercises its option to terminate the tender offer for a series after receiving majority consents from that series. The tender offers are not being modified and will continue in effect on the same terms and conditions as previously announced. The tender offers are expressly conditioned on the consummation of the Holdco Merger (although NRG reserves the right to accept tenders and purchase tendered Notes even if the Holdco Merger is not consummated). Only one election (tender, original consent or alternative consent) may be made with respect to a specific principal amount of Notes. However, one election may be made for a portion of such Notes and another election or elections may be made for the remainder of such Notes (in each case in a minimum principal amount of US$1,000). Holders who deliver consents with respect to any Notes will be eligible to receive either the Original Consent Payment or the Alternative Consent Payment for such Notes, as appropriate according to their election for such Notes, but not both consent payments. Notes that are neither tendered nor consented will not be eligible to receive a consent payment under any circumstances. The tender offers and the consent solicitations will expire at 9:00 a.m., New York City time, on Dec. 4, 2007, unless extended. NRG reserves the right, but is not obligated, to extend the tender offers and the consent solicitations. Tenders may be withdrawn and consents may be revoked at any time prior to 9:00 a.m., New York City time, on Dec. 4, 2007. The complete terms of the tender offers and consent solicitations are contained in the Notice of Conditional Offers to Purchase and Concurrent Alternative Consent Solicitations Statement dated Nov. 2, 2007, as supplemented by the Supplement dated Nov. 26, 2007. Copies of the Supplement are being sent to holders of Notes. Each tender offer or consent solicitation with respect to a series of Notes is independent of the others. Banc of America Securities LLC is the exclusive dealer manager for the tender offers and solicitation agent for the consent solicitations. Questions regarding the tender offers and the consent solicitations can be addressed to Banc of America Securities LLC at (888) 292-0070 or (212) 847-5188. Requests for documents may be directed to MacKenzie Partners, Inc., the information agent, at (800) 322-2885 or (212) 929-5500. About NRG Energy Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE: NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse portfolio of power-generating facilities, primarily in Texas and the Northeast, South Central and West regions of the U.S. Its operations include baseload, intermediate, peaking, and cogeneration and thermal energy production facilities. NRG also has ownership interests in generating facilities in Australia, Germany and Brazil. * * * Standard & Poor's Ratings Services rates NRG Energy Inc.'s USUS$4.7 billion unsecured bonds at 'B'. In addition, Standard & Poor's rates NRG Energy Inc.'s corporate credit rating at 'B+'. S&P said the outlook is stable. P & S BAUGESELLSCHAFT: Claims Registration Ends December 10 ----------------------------------------------------------- Creditors of P & S Baugesellschaft mbH & Co.KG have until Dec. 10 to register their claims with court-appointed insolvency manager Claus-Peter Langer. Creditors and other interested parties are encouraged to attend the meeting at 10:25 a.m. on Jan. 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Claus-Peter Langer Herzog-Wilhelm-Str.17 80331 Munich Germany Tel: 236858-0 Fax: 2603440 The District Court of Munich opened bankruptcy proceedings against P & S Baugesellschaft mbH & Co.KG on Nov. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: P & S Baugesellschaft mbH & Co.KG Inselkammerstr. 5 82008 Unterhaching Germany SCHIFFER BAUGESELLSCHAFT: Claims Registration Ends Dec. 21 ---------------------------------------------------------- Creditors of Schiffer Baugesellschaft mbH have until Dec. 21 to register their claims with court-appointed insolvency manager Klaus Siemon. Creditors and other interested parties are encouraged to attend the meeting on Jan. 25, 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 Moenchengladbach Meeting Hall A 14 Ground Floor Hohenzollernstr. 157 41061 Moenchengladbach Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus Siemon Homberger Strasse 12 40474 Duesseldorf Germany Tel: 0211/479970 Fax: +492114799750 The District Court of Moenchengladbach opened bankruptcy proceedings against Schiffer Baugesellschaft mbH on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schiffer Baugesellschaft mbH Schillerstrasse 1 41569 Rommerskirchen Germany TERWEDOW BAUGESELLSCHAFT: Claims Period Ends Dec. 14 ---------------------------------------------------- Creditors of Terwedow Baugesellschaft mbH have until Dec. 14 to register their claims with court-appointed insolvency manager Holger Rhode. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Jan. 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Room A234 Second Floor Isle 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: Holger Rhode Friedrich-Ebert-Strasse 17 42103 Wuppertal Germany Tel: 0202/4086150 Fax: 0202/4086159 The District Court of Wuppertal opened bankruptcy proceedings against Terwedow Baugesellschaft mbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Terwedow Baugesellschaft mbH Alte Ziegelei 1 c 42653 Solingen Germany Attn: Hans-Juergen Terwedow, Manager Heinestrasse 17 42651 Solingen Germany TIMEVISION GMBH: Claims Registration Period Ends Dec. 14 -------------------------------------------------------- Creditors of Timevision GmbH have until Dec. 14 to register their claims with court-appointed insolvency manager Robert Fliegner. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on Jan. 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Room A234 Second Floor Isle 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: Robert Fliegner Gruenewalder Str. 29-31 42657 Solingen Germany Tel: 0212/2494200 Fax: 0212/2494201 The District Court of Wuppertal opened bankruptcy proceedings against Timevision GmbH on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Timevision GmbH Ketzberger Strasse 19a 42653 Solingen Germany Attn: Hansjoerg Falk, Manager Ketzberger Strasse 19a 42653 Solingen Germany W.C.S. GMBH: Claims Registration Period Ends Dec. 28 ---------------------------------------------------- Creditors of W.C.S. GmbH Werbemarketing-Consulting-Service have until Dec. 28 to register their claims with court-appointed insolvency manager Soenke Hansen. Creditors and other interested parties are encouraged to attend the meeting at 10:55 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 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: Soenke Hansen Moenckebergstrasse 17 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against W.C.S. GmbH Werbemarketing-Consulting-Service on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: W.C.S. GmbH Werbemarketing-Consulting-Service Attn: Guenther Klauer, Manager Barlachstrasse 9 21073 Hamburg Germany WLG LOGISTIK: Creditors' Meeting Slated for Dec. 18 --------------------------------------------------- The court-appointed insolvency manager for WLG Logistik und Grundstuecksverwaltungsgesellschaft mbH, Heiko Dauenhauer will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:00 p.m. on Dec. 18. The meeting of creditors and other interested parties will be held at: The District Court of Pirmasens Hall 235 Second Floor Pirmasens Germany The Court will also verify the claims set out in the insolvency manager's report at 2:00 p.m. on Feb. 5, 2008, at the same venue. Creditors have until Jan. 15, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Heiko Dauenhauer Bahnhofstrasse 2 66953 Pirmasens Germany Tel: 0 63 31-55 22 0 Fax: 0 63 31-55 22 55 The District Court of Pirmasens opened bankruptcy proceedings against WLG Logistik und Grundstuecksverwaltungsgesellschaft mbH on Oct. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WLG Logistik und Grundstucksverwaltungsgesellschaft mbH Gueterbahnhof 66953 Pirmasens Germany ZEITARBEIT GROSSMANN: Claims Registration Period Ends Dec. 21 ------------------------------------------------------------- Creditors of Zeitarbeit Grossmann GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Norbert Oberdiek. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Saarbruecken Area Hall 13 First Floor Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report 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: Norbert Oberdiek Mathias-Iven-Strasse 10 66117 Saarbruecken Germany Tel: 0681/954 120 Fax: 0681/954 1222 The District Court of Saarbruecken opened bankruptcy proceedings against Zeitarbeit Grossmann GmbH on Nov. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Zeitarbeit Grossmann GmbH Bruehlstr. 14 66606 St Wendel Germany ========= I T A L Y ========= ALITALIA SPA: PM Sees New Owner for 49.9% Stake by Dec. 25 ---------------------------------------------------------- Italian Prime Minister Romano Prodi believes a buyer will be chosen for the government's 49.9% stake in Alitalia S.p.A. by Dec. 25, 2007, Flavia Krause-Jackson writes for Bloomberg News. Transport Minister Alessandro Bianchi said on Nov. 26, 2007, that Italy has no plans to postpone the stake sale to 2008, Bloomberg News relates. Three parties remain in contention for Italy's controlling stake in Alitalia: -- Air France-KLM, -- Deutsche Lufthansa AG, 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. Alitalia has extended to Dec. 5, 2007, the deadline for submission of non-binding offers and may commence exclusive negotiations with the chosen bidder 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. DANA CORP: Wants Pact Resolving Appaloosa Dispute Approved ---------------------------------------------------------- Dana Corporation and 40 of its domestic direct and indirect debtor-subsidiaries ask the U.S. Bankruptcy Court for the Southern District of New York to approve a settlement that resolves their disputes with Appaloosa Management, L.P., which had lost a bid to provide equity exit financing to the company. Under the settlement, Dana agreed to reimburse up to US$2,000,000 for out-of-pocket expenses Appaloosa Management incurred in the Chapter 11 cases, in exchange for its support to Dana's Joint Plan of Reorganization. In October 2007, Dana's Board of Directors rejected Appaloosa's offer to purchase preferred Dana shares that remain unsold in a rights offering. Dana's Reorganization Plan, as amended, incorporates a Global Settlement which provides, among others, (i) an equity financing of up US$790,000,000 by Centerbridge Capital Partners, L.P., and members of an Ad Hoc Steering Committee, and (ii) a settlement between Dana and its unions. As part of of the Settlement, Appaloosa has agreed to withdraw its appeal on a prior order by Judge Lifland approving the Debtors' investment agreement with Centerbridge. The Settlement Agreement will also permit Appaloosa to invest in reorganized Dana. Appaloosa will be permitted to acquire unsecured claims prior to the November 28, 2007 record date established by the Plan and the Investment Agreement for determining parties entitled to purchase new Series B preferred stock. Dana said that its settlement agreement with Appaloosa, which holds 14.98% of existing common stock of Dana, will resolve one of the major potential obstacles remaining to confirmation of the Plan, at minimal cost. The Settlement has been negotiated with the Official Committee of Unsecured Creditors. Centerbridge has also consented to the terms of the Settlement. The primary terms of the Settlement Agreement are: -- Withdrawal of Appeal: Appaloosa will withdraw the Appellate Case with prejudice within two business days of the Settlement becoming effective. -- Waiver of Standstill: The Debtors will waive certain provisions of a Confidentiality Agreement between Dana and Appaloosa to lift contractual restrictions on Appaloosa from acquiring a beneficial ownership of claims or debt securities of Dana its subsidiaries. -- Expenses: The Creditors Committee will support, and the Debtors will take no position with respect to, a motion by Appaloosa under Section 503(b) of the Bankruptcy Code seeking reimbursement of US$2,000,000 of reasonable fees and expenses incurred in connection with the Debtors' Chapter 11 cases. -- Voting: The order approving the Settlement will provide that all of Appaloosa's claims against the Debtors now held or acquired prior to the deadline for voting on the Plan will be deemed to vote to accept the Plan and consent to the releases provided for therein. Appaloosa will only transfer its claims to an entity that agrees to accept all of Appaloosa's obligations under the Settlement. -- Plan Support Agreement: Appaloosa will reaffirm its obligations under the Plan Support Agreement dated July 26, 2007, among Dana, the Unions, Centerbridge and certain of its affiliates and various holders of unsecured claims that agreed to support the Plan. The Debtors and the Creditors Committee waive certain claims for breach of contract they may have versus Appaloosa under the Plan Support Agreement. -- Investment Agreement: Appaloosa will support the Investment Agreement between Dana and Centerbridge and will refrain from taking a number of enumerated actions that would serve to interfere with the Investment Agreement or the confirmation of the Plan. Corinne Ball, Esq., at Jones Day, in New York, tells the Court, the Settlement Agreement (a) surpasses "the lowest point in the range of reasonableness," (b) represents a proper exercise of the Debtors' business judgment and (c) should be approved pursuant to Section 363 of the Bankruptcy Code and Rule 9019 of the Federal Rules of Bankruptcy Procedure. About Dana Corporation Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2007, the Debtors listed US$7,018,000,000 in total assets and 7,554,000,000 in total debts resulting in a total shareholders' deficit of US$536,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. (Dana Corporation Bankruptcy News, Issue No. 62; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). DANA CORP: Secures US$2 Billion Exit Financing ---------------------------------------------- Dana Corporation has obtained fully underwritten commitments for a US$2,000,000,000 exit financing facility, marking a significant step toward the company's timely emergence from Chapter 11 reorganization. These commitments ensure that Dana will be positioned to emerge from bankruptcy by the end of January 2008, or earlier. The exit facility will be underwritten by Citigroup Global Markets Inc., Lehman Brothers Inc., and Barclays Capital, and will consist of a US$650,000,000 asset-based revolving credit facility and a US$1,350,000,000 term loan facility. The facilities are secured by substantially all of the assets of Dana and most of its domestic subsidiaries. Dana Chairman and Chief Executive Officer Mike Burns said, "This is a significant step toward our emergence as a strong, financially stable company that is equipped to make significant investments in our programs and to continue providing innovative products of the highest quality to our customers worldwide. The fact that our exit facility is fully underwritten during difficult credit market conditions is a strong endorsement of our proposed capital structure and success in implementing our turnaround initiatives. In addition, it further ensures our timely emergence from Chapter 11 after confirmation of our plan of reorganization by the bankruptcy court." Proceeds from the facility will be used by Dana to repay its debtor-in-possession credit facility, make other payments required upon exit from bankruptcy, and provide liquidity to fund working capital and other general corporate purposes. The commitment letter remains subject to bankruptcy court approval and the funding of the commitments set forth in the commitment letter is subject to customary closing conditions. Dana was advised by Miller Buckfire & Co., AlixPartners, and Jones Day in connection with its exit financing process. About Dana Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007, the Debtors listed USUS$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. (Dana Corporation Bankruptcy News, Issue No. 62; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). PARMALAT SPA: Allocated Shares to Creditors Hike Stock Capital -------------------------------------------------------------- Parmalat S.p.A. communicates that, following the allocation of shares to creditors of the Parmalat Group, the subscribed and fully paid up share capital has now been increased by EUR77,640 to EUR1,652,118,077 from EUR1,652,040,437. The share capital increase is due to the exercise of 77,042 warrants and to the assignation of 598 shares. The latest status of the share allotment is that 34,186,761 shares representing approximately 2.1% of the share capital are still in a deposit account c/o Parmalat S.p.A., of which: * 13,481,713 or 0.8% of the share capital, registered in the name of individually identified commercial creditors, are still deposited in the intermediary account of Parmalat S.p.A. centrally managed by Monte Titoli (compared with 13,481,247 shares as at Oct. 26, 2007); and * 20,705,048 or 1.3% of the share capital registered in the name of the Foundation, called Fondazione Creditori Parmalat, of which: -- 120,000 shares representing the initial share capital of Parmalat S.p.A. (unchanged); and -- 20,585,048 or 1.2% of the share capital that pertain to currently undisclosed creditors (compared with 21,361,710 shares as at Oct. 26, 2007). Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than $200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. On June 21, 2007, the U.S. Court Granted Parmalat Permanent Injunction. TISCALI SPA: Unveils Strategic Plan for 2008-2012 ------------------------------------------------- The Board of Directors of Tiscali S.p.A. has approved its strategic plan for 2008-2012. Industrial Plan 2008-2012: Guidelines The guidelines at the basis of the industrial plan 2008-2012 foresee to strengthen the competitive positioning in Italy and in the U.K. targeting, primarily in 2008, the acceleration of the integration process of Pipex in the U.K. and a commercial boost in Italy. The product positioning will be maintained on the double play offers (voice and data) with high capacity and at competitive prices, with an offer also covering IPTV services, already available in the UK and which are being launched in Italy and mobile telephony services as well (through MVNO agreements). The plan also envisages, particularly in the U.K. by leveraging on the client base acquired with Pipex, to further develop a positioning in the SMEs market, by offering a complete portfolio of integrated IP services with a competitive market positioning. From an infrastructure standpoint, the plan contemplates a further expansion of the network to reach 1,800 unbundling (LLU) sites in 2008 and 2,100 by 2009, covering approximately 30 million lines. In particular, it is expected to reach 1,000 LLU sites in the U.K. in 2008 (740 of which IPTV enabled) and 1,100 sites in 2009 (covering 17 million lines). In Italy, thanks to a virtual unbundling agreement reached with Telecom Italia, the IPTV offer will be launched on 1,000 LLU sites already in 2008 (13 million lines), rolling out the network in 2H2008 to reach directly 800 LLU sites by 2008 and 1,000 in 2009, where economically viable. The capital expenditure necessary to acquire the forecast customer base and to develop the network and the new services (IPTV and MVNO etc), amounts, over the business plan horizon, to ca EUR1 billion, of which EUR220 million in 2008. In order to further simplify the Group structure and to achieve a better operating efficiency, the Board of Directors has also approved the merger of Tiscali Italia S.p.A. with Tiscali Services - the company currently providing IT services to the Group - and a new consolidation perimeter including all Italian activities of the Group (Tiscali Italian SpA, Tiscali Services, Tiscali Network, MVNO). Targets On the basis of the business plan approved the targets at consolidated level and in Italy and United Kingdom are: -- 2008 revenues at EUR1.3 billion (+39% vs 2007) growing 17% per annum to reach over EUR2 billion in 2012. In particular: * Italy: EUR417 million revenues in 2008 and EUR850 million in 2012 (+21% per annum), 70% from direct access; and * United Kingdom: approximately EUR900 million of revenues in 2008 and approximately EUR1.2 billion revenues in 2012, +14% per annum with about 70% from direct access. -- Gross Operating Result at EUR290 million in 2008 (22% of revenues) and over EUR600 million in 2012 (30% of revenues), with a 30% growth per annum. In particular: * Italy: Gross Operating Result at EUR90 million in 2008 (21% of revenues) and EUR250 million in 2012 (29% of revenues); * United Kingdom: Gross Operating Result at approximately EUR220 million in 2008 (24% of revenues) and EUR370 million in 2012 (30% of revenues) -- 3.3 million customers in 2008, of which 1.6 million direct customers and 1.1 million 'multiplay,' reaching over 4 million customers in 2012 of which approximately 3 million direct customers (2.1 million as 'multiplay' customers, of which 650,000 IPTV). In particular: * In Italy 1.2 million customers in 2008 of which 600,000 direct customers and 400,000 multiplay customers, reaching 1.7 million customers in 2012, of which 700,000 multiplay; and * In the U.K. 2.1 million customers in 2008, of which 1 million direct and 700,000 'multiplay', reaching 2.6 million broadband customers in 2012, of which 1.8 million direct and 1.4 million 'multiplay'. -- Net profit and cash flow from 2008. Within the plan time horizon, cumulated cash flow exceeding EUR850 million; -- Net debt at approximately EUR500 million in 2008 (assuming the execution of EUR150 million capital increase and its use for debt repayment), 1.7 times 2008 gross operating result; neutral financial position in 2012. Background Tiscali has fully achieved the goals of the industrial plan announced to the market in October 2006. The Group has in fact completed its transition from an ISP to an integrated telecommunication provider with an extensive network infrastructure based on IP technology and is therefore in a position to offer its customers the whole range of telecommunication services. In particular, from an operating standpoint the Group: -- has completed the refocusing of its activities in Italy and in the United Kingdom and the disposal of the Dutch and German operations; -- has completed the integration of Video Networks in the U.K., successfully launching the IPTV offer also to its customers, and has acquired in September 2007 the voice and broadband division of Pipex Communications plc; -- has developed a proprietary network of 1.300 full IP unbundling sites, covering over 21 million lines; and -- has launched both in Italy and in the U.K. multiplay product offers which have allowed to reach, in one year, over 500,000 customers with a growth of ARPU of over 60% and of voice revenues of over 80%. It is expected that in 2007 the Group will report significant results as compared to the previous financial year: 35% revenue growth and 60% gross operating result growth. From the financial viewpoint the Tiscali Group: -- has been granted a long-term credit line amounting to EUR650 million by Intesa San Paolo and JP Morgan, EUR600 million of which have been utilized for the acquisition of Pipex in the United Kingdom and to replace the bank debt of the Group; -- signed on Nov. 17, 2007, an agreement with Management&Capitali for the subscription of a bond convertible into Tiscali shares for the amount of EUR60 million which is expected to be issued within the current financial year; -- has approved a rights issue of up to EUR150 million which it is expected to be executed by the first months of 2008, to partially refinance the existing debt; and -- is expecting to further refinance the debt facility with a EUR400 million bond issuance in 2008, subject to market conditions. The Group has structurally rebalanced its financial structure, by increasing the maturity of its debt and has obtained the necessary resources to fund the business plan. About Tiscali Headquartered in Cagliari, Italy, Tiscali S.p.A. -- http://www.tiscali.com/-- offers Internet access in the country. The group also operates in other European countries, serving more than seven million subscribers, of which over 1.5 million are broadband users. Tiscali posted consecutive net losses for the past years: EUR5.5 million in 1999, EUR101 million in 2000, EUR1.66 billion in 2001, EUR593.1 million in 2002, EUR242.4 million in 2003, EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6 million in 2006. It posted EUR3.88 million in net losses on EUR614.33 million in net revenues for the nine months ended Sept. 30, 2007. =================== K A Z A K H S T A N =================== AGROSERVICE ILI: Creditors Must File Claims by Dec. 28 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty has declared LLP Agroservice Ili insolvent on Sept. 6. Creditors have until Dec. 28 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Kolbai Alakolsky District Almaty Kazakhstan Tel: 8 (72823) 74-11-28 8 701 482 68-18 ARAL LLP: Creditors Must File Claims by Dec. 28 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Aral insolvent on Aug. 1. Creditors have until Dec. 28 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Kolbai Alakolsky District Almaty Kazakhstan Tel: 8 (72823) 74-11-28 8 701 482 68-18 ATLANTA KAZINVEST: Claims Filing Period Ends Dec. 28 ---------------------------------------------------- LLP Atlanta Kazinvest has declared insolvency. Creditors have until Dec. 28 to submit written proofs of claims to: LLP Atlanta Kazinvest Office 42 Yanushkevich Str. 1 Almaty District Astana Kazakhstan ECO OIL: Creditors' Claims Due on Jan. 1 ---------------------------------------- LLP Eco Oil Product has declared insolvency. Creditors have until Jan. 1 to submit written proofs of claims to: LLP Eco Oil Product Micro District 5, 71-30 Janaozen Mangistau Kazakhstan FOTO LIFE: Claims Registration Ends Dec. 28 ------------------------------------------- LLP Foto Life has declared insolvency. Creditors have until Dec. 28 to submit written proofs of claims to: LLP Foto Life Auezov Str. 138-16 Almaty Kazakhstan KAZAKHSTANSKY AKTAURNY: Creditors Must File Claims by Dec. 28 ------------------------------------------------------------- JSC Kazakhstansky Aktaurny Centre has declared insolvency. Creditors have until Dec. 28 to submit written proofs of claims to: JSC Kazakhstansky Aktaurny Centre Micro District Koktem-3, 21 Almaty Kazakhstan ZLAK INVEST: Claims Filing Period Ends Dec. 28 ---------------------------------------------- LLP Zlak Invest Prom has declared insolvency. Creditors have until Dec. 28 to submit written proofs of claims to: LLP Zlak Invest Prom Room 405 Urojainaya Str. 16 Kostanai Kazakhstan =================== K Y R G Y Z S T A N =================== GIANT KING: Proof of Claim Deadline Slated for December 26 ---------------------------------------------------------- LLC Giant King Group has declared insolvency. Creditors have until Dec. 26 to submit written proofs of claim to: LLC Giant King Group Shkolny Side Street 33 Bishkek Kyrgyzstan Tel: (+996 312) 66-58-14 ===================== N E T H E R L A N D S ===================== HEXION SPECIALTY: Hikes Cardura, ACE, VeoVa & Versatic Prices ------------------------------------------------------------- Hexion Specialty Chemicals, Inc. is increasing the prices of its CARDURA(TM) glycidyl ester, ACE(TM) hydroxyl acrylate monomer, VEOVA(TM) monomers and VERSATIC(TM) acids globally effective Jan. 1, 2008, or as contract terms allow. Prices of all VeoVa, Cardura, Versatic Acid and ACE grades will increase by 150 Euro/mt or 200 USD/mt (equaling 9 cents per pound). About Hexion Specialty Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. -- http://www.hexion.com/-- serves the global wood and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries. Hexion Specialty Chemicals is owned by an affiliate of Apollo Management, L.P. The company has locations in China, Australia, Netherlands, and Brazil. It is an Apollo Management L.P. portfolio company. Hexion had 2006 sales of US$5.2 billion and employs more than 7,000 associates. * * * As reported in the Troubled Company Reporter on July 9, 2007, Standard & Poor's Ratings Services placed its 'B' corporate credit rating and other ratings on Columbus, Ohio-based Hexion Specialty Chemicals Inc. on CreditWatch with negative implications. The ratings on related entities were also placed on CreditWatch. NEPTUNO CLO III: Moody's Rates Class E Sr. Sec. Notes at (P)Ba3 --------------------------------------------------------------- Moody's Investors Service assigned these provisional ratings to the Notes to be issued by Neptuno CLO III B.V., a special purpose company established under the laws of the Netherlands. The ratings are: -- (P)Aaa to the Class A-1 Senior Secured Floating Rate Notes due [2022] -- (P)Aaa to the Class A-2 Senior Secured Floating Rate Notes due [2022] -- (P)Aa2 to the Class B Senior Secured Floating Rate Notes due [2022] -- (P)A2 to the Class C Senior Secured Floating Rate Notes due [2022] -- (P)Baa3 to the Class D Senior Secured Floating Rate Notes due [2022] -- (P)Ba3 to the Class E Senior Secured Floating Rate Notes due [2022] The ratings address the expected loss posed to investors by the legal final maturity in [2022]. This transaction is a high yield collateralized loan obligation related to portfolio comprised of Senior Secured Loans, Second Lien Loans, Mezzanine Obligations, High Yield Bonds and Structured Finance Securities. The portfolio of debt obligations will be actively managed and the investment managers will be able to buy or sell debt obligations on behalf of the Issuer. Any addition or removal of debt obligations will be subject to a number of portfolio criteria. Caja de Ahorros de Piedad de Madrid will act as lead investment manager for the transaction. The lead investment manager has been involved in the European leveraged loan market since 2002. EuroDekania Management Limited, will act as the junior investment manager. =========== P O L A N D =========== AFFILIATED COMPUTER: Board Authorizes US$1 Bln Share Repurchase --------------------------------------------------------------- Affiliated Computer Services Inc.'s board of directors has endorsed a proposed US$1 billion share repurchase program and has authorized the company to purchase up to US$200 million of the company's Class A Common Stock, effective immediately, under the program. ACS management and the board will continually evaluate the timing of these share repurchases and will consider factors such as the company's cash and debt levels, the condition of the debt markets, alternative investment opportunities, and other business trends. Subject to its ongoing evaluation of these factors, the board anticipates authorizing additional share repurchases under the US$1 billion share program. The company may purchase shares of Class A common stock from time to time in the open market or in privately negotiated transactions. In 2006 the company repurchased 27.2 million shares of Class A common stock at a cost of approximately US$1.46 billion. Darwin Deason, chairman of the board of directors of the company, filed a notification under the Hart-Scott-Rodino Antitrust Improvements Act for the acquisition of up to an additional one million shares of the company's Class A common stock after expiration or termination of the waiting period under the Act. The company was notified that the waiting period under the Act has been terminated and that it is permissible for Mr. Deason to begin acquiring company shares. Any purchases of company shares by Mr. Deason, however, would be aggregated with shares repurchased by the company for purposes of calculating daily purchase volume limits applicable to the company and Mr. Deason. Therefore, in order to ensure that the company is able to execute the share repurchase program described above in the most effective manner for the benefit of shareholders, Mr. Deason has elected not to begin acquiring company shares at this time. About Affiliated Computer Services Headquartered in Dallas, Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/-- provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. * * * As reported in the Troubled Company Reporter on Nov. 6, 2007, Standard & Poor's Ratings Services kept its 'BB' corporate credit and senior secured ratings on Affiliated Computer Services Inc. on CreditWatch with negative implications, where they were placed on March 20, 2007. AFFILIATED COMPUTER: Five Former Directors Drop Lawsuits -------------------------------------------------------- Affiliated Computer Services, Inc. has announced that Messrs. Robert B. Holland, III, J. Livingston Kosberg, Dennis McCuistion, Joseph P. O'Neill, and Frank A. Rossi resigned from the company's Board of Directors. These former directors have agreed to dismiss their lawsuit, without prejudice, seeking a declaratory judgment that they had not breached their fiduciary duties in responding to the offer by Chairperson of the Affiliated Computer Services Board of Directors and Cerberus Capital Management, L.P., Darwin Deason, to acquire the company. Headquartered in Dallas, Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/-- provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 6, 2007, Standard & Poor's Ratings Services has kept its 'BB' corporate credit and senior secured ratings on Affiliated Computer Services Inc. on CreditWatch with negative implications, where they were placed on Mar. 20, 2007. =========== R U S S I A =========== AGROPRODUCT CJSC: Creditors Must File Claims by Dec. 17 ------------------------------------------------------- Creditors of CJSC Agroproduct have until Dec. 17 to submit proofs of claim to: V. V. Bashirov Competitive Proceedings Manager Mira Str. 458B 355000 Stavropol' Russia The Arbitration Court of Stavropol' Krai commenced competitive proceedings on the company on Sept. 13. The case is docketed under Case No. A63-18972/2006-C5. The Debtor can be reached at: CJSC Agroproduct Trunovskij Raion Donskoye Stavropol' Krai Russia ALATYRSKAYA AGRIPROMCHEMISTRY: Claims Filing Period Ends Dec. 17 ---------------------------------------------------------------- Creditors of OJSC Alatyrskaya Agripromchemistry have until Dec. 17 to submit proofs of claim to: I. N. Stepanov Office 218 Moskovskaya Str. 127 Alatyr' 429820 Chuvashia Russia The Arbitration Court of Chuvash commenced competitive proceedings against the company after finding it insolvent on Sept. 20. The case is docketed under Case No. A79-6788/2007. The Debtor can be reached at: OJSC Alatyrskaya Agripromchemistry 40 Let Pobedy Str. 83 Alatyr' 249826 Chuvash Russia BRYUHOVETSKOYE OJSC: Court Hearing Slated for March 24, 2008 ------------------------------------------------------------ The Arbitration Court of Krasnodar krai will convene at 9:00 a.m. on March 24, 2008, to hear the bankruptcy supervision procedure on OJSC Reclamation Enterprise Bryuhovetskoye. The case is docketed under Case No. A-32-16868/2007-38/444 B. The interim manager is: A. N. Semenyak Zaporozhskaya Str. N97 Staroderevyankovskaya St. 353720 Kanevskoj Raion Russia The Debtor can be reached at: OJSC Reclamation Enterprise Bryuhovetskoye Privikzal'naya Str. 2 Bryuhovetskaya St. Bryuhovetskij Raion 352750 Krasnodar krai Russia LUCH OJSC: Creditors Must File Claims by Jan. 17, 2008 ------------------------------------------------------ Creditors of OJSC Poultry Factory Luch have until Jan. 17, 2008, to submit proofs of claim to: Zh. A. Salina Competitive proceedings manager Office 3 Vol'skaya Str. 56 410012 Saratov Russia The Arbitration Court of Ulyanovsk declared the company insolvent on Oct. 18. The case is docketed under Case No. A72-4793/06-21/46-B. The Court is located at: The Arbitration Court of Ulyanovsk Zheleznodorozhnaya Str. 14 432063 Ulyanovsk Russia The Debtor can be reached at: OJSC Poultry Factory Luch Bezymyannaya Str. 2 Veshkaima Settlement 433200 Ulyanovsk Russia MONTAZHTECHSTROY: Creditors Must File Claims by Jan. 17, 2008 ------------------------------------------------------------- Creditors of CJSC MontazhTechStroy have until Jan. 17, 2008, to submit proofs of claim to: V. Yu. Galiev Competitive proceedings manager Office 1 Pr. October Str. 132/1 Ufa 450098 Bashkortostan Russia The Arbitration Court of Bashkortostan commenced one-year competitive proceedings on the company on Oct. 31. The case is docketed under Case No. A07-7649/07-3-CB8. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: CJSC MontazhTechStroy Gagarina Str. 15/1 Ufa Bashkortostan Russia POBEDA: Schedules Asset Auction for Dec. 18 ------------------------------------------- L. Ya. Akhtyamova, the competitive proceedings manager of Agricultural & Production Cooperative POBEDA, will open a public auction for the company's properties at noon on Dec. 18 at: L. Ya. Akhtyamova Shossejnaya Str. 13 Baitally Kushnarenkovskij Raion Bashkortostan Russia The company has set a RUR7,903,000 starting price for the auctioned assets. Deposit required is 20% of the starting price. Interested participants have until 5:00 p.m. on Dec. 12 to submit their bidding documents to the competitive proceedings manager. Information related to the auction can be obtained by calling, Tel: (34780) 56-1-74. ROSNEFT OIL: Wants to Cover 30% of Own Power by 2020 ---------------------------------------------------- OAO Rosneft Oil Co. plans to supply 30% of its own power by 2020, Interfax News reports citing company president Sergei Bogdanchikov. "We are currently preparing a concept for the development of energy at our company," Mr. Bogdanchikov said. "This is dictated by the fact that we already have certain energy facilities." The company plans to build a 315 MW gas turbine power plant at the Priobskoye field in Khanty Mansiisk Autonomous District, which would improve the reliability of electricity supplies, Mr. Bogdanchikov told Interfax News. The power plant would also enable Rosneft to hike Yuganskneftegaz's production capacity and improve the efficiency of associated gas use, utilizing about 533.4 million cubic meters per year, Mr. Bogdanchikov added. The company president added that Rosneft is determining the possible role that newly acquired units Tomskenerog (26.26%) and Kubanenergo (25.88%) would play in its strategic plan. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines, and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is positive. TATA MOTORS: Rolls Out One Millionth Car Off Indica Platform ------------------------------------------------------------ Tata Motors Ltd has rolled out the one millionth passenger car off the Indica platform at its Car Plant in Pune, in its ninth year since the commencement of production in January 1999, the company said in a press release. While it achieved the 100,000th car in March 2001, and the 500,000th car in February, 2005, the progression from the 900,000th car to the millionth car was achieved in just seven months. Starting with the Indica, the company launched the Indigo in 2002, the Indigo Marina in 2004, and the Indigo XL in 2007. The plant started with a capacity of 150,000 p.a., which was subsequently expanded to 225,000 p.a. in 2006. Speaking at the ceremony, Mr. Tata said, "I am very pleased that the company has rolled out the one millionth car off the Indica platform -- something that was considered inconceivable by the project's critics during the investment and the initial gestation period. The team of people involved with the journey to this milestone should feel satisfied today of having created a robust car business for the company." The Indica, the Indigo and the Indigo Marina, apart from being successful brands in the domestic market, have made a mark in several overseas markets in Asia, Europe, Africa, Middle East and South America. As part of the celebration of the one-millionth milestone, Tata Motors has planned several activities involving key stakeholders in recognition of their contribution towards the achievement of the milestone. Free service check-ups, free service camps, discounts on accessories and value added services for existing customers and a contest for free upgrades for lucky customers are coupled with special retail offers for new customers. In addition, special retail offers and finance schemes for employees of vendors, financiers, dealerships and Tata Motors are also planned. About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia, and the United Kingdom. * * * Standard & Poor's Ratings Services, on July 13, 2007, assigned its 'BB+' issue rating to the proposed US$490 million zero- coupon convertible bonds of India's Tata Motors Ltd. (BB+/Stable/--). The bonds represent a direct, unsecured and unsubordinated obligation of the company. Proceeds from the bonds will be used for capital expenditure, overseas investments, acquisitions, and other general corporate purposes. Moody's Investors Service, on July 26, 2005, gave Tata Motors 'Ba1' long-term corporate family and senior unsecured debt ratings. VERHNESALDINSKIJ GORODSKOJ: Claims Filing Ends Jan. 17, 2008 ------------------------------------------------------------ Creditors of Verhnesaldinskij Gorodskoj Milk Plant State Unitary Enterprise have until Jan. 17, 2008, to submit their proofs of claim to: M. K. Snarskij Competitive proceedings manager Komsomol'skaya Str. 161/3-9 Ufa 450096 Bashkortostan Russia The Arbitration Court of Sverdlovsk commenced competitive proceedings on the company on Oct. 9. The case is docketed under Case No. A60-4938/2007-C11. The Court is located at: The Arbitration Court of Sverdlovsk Lenina Pr. 34 620151 Ekaterinburg Russia The Debtor can be reached at: Verhnesaldinskij Gorodskoj Milk Plant State Unitary Enterprise Metallurgov Str. 65 Verhnyaya Sal'da 624760 Sverdlovsk Russia ========= S P A I N ========= FONCAIXA FTGENCAT 5: Moody's Junks EUR26.5 Mln Series D Notes ------------------------------------------------------------- Moody's Investors Service assigned definitive ratings to five series of Bonos de Titulizacion de Activos issued by Foncaixa FTGENCAT 5 Fondo de Titulizacion de Activos, a Spanish asset securitization fund that has been created by Gesticaixa, S.G.F.T, S.A. -- Aaa to the EUR513.1 million Series A(S) notes; -- Aaa to the EUR449.4 million Series A(G) notes; -- Aa3 to the EUR21.0 million Series B notes; -- Baa3 to the EUR16.5 million Series C notes; and -- C to the EUR26.5 million Series D notes. Foncaixa FTGENCAT 5, FTA is a securitization fund created with the aim of purchasing a pool of loans granted by La Caixa to Catalan small and medium-sized enterprises, in compliance with the conditions required by the FTGENCAT program in order to qualify for the guarantee provided by the regional government (Generalitat) of Catalonia. The ratings of the notes are based upon the analysis of the characteristics of the SME pool backing the notes, the protection the notes receive from credit enhancement against defaults and arrears in the SME pool, the legal and structural integrity of the issue and the credit quality of the parties involved in the transaction. The definite ratings address the expected loss posed to investors by the legal final maturity (April 1, 2053). In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated final legal maturity date on Series A/B/C, and for ultimate payment of interest and principal at par on or before the rated final legal maturity date on Series D. The ratings do not address full redemption of the notes on the expected maturity date. 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. As of October 2007, the initial provisional portfolio comprised 27,757 loans and 23,945 debtors. The loans have been originated by La Caixa in its normal course of business. The loans have been originated between 1989 and 2007, with a weighted average seasoning of 1.77 years and a weighted average remaining term of 15.45 years. The longest loan matures in April 2047. Around 70.69% of the pool is secured by a mortgage guarantee over different types of properties. The remaining 29.31% is secured by a personal guarantee. Geographically the pool is concentrated in Catalonia (100%). Around 22% of the portfolio is concentrated in the "buildings and real estate" sector according to Moody's industry classification. Strong features within this deal include: (1) a strong swap agreement guaranteeing an excess spread of 0.50%; (2) a 2.65% reserve fund to cover potential shortfalls in interest or principal; (3) a 12-month artificial write-off mechanism; (4) the guarantee of the Generalitat of Catalonia (Aa2) as concerns the Series A(G) notes; and (5) the fact that 70.69% of the pool is backed by first-lien mortgage guarantees. Weaker features include: (1) the 2.5-year revolving period, which is mitigated by strict eligibility criteria that any additional loan must comply with, and early amortization triggers; (2) the pro-rata amortization of the notes subject to certain triggers; (3) the 100% geographical concentration in the region of Catalonia; and (4) the negative impact of the interest deferral trigger on the subordinated series. These increased risks were reflected in the credit enhancement calculation. * Moody's Says Amended Mortgage Law Will Benefit Spanish Holders ---------------------------------------------------------------- Moody's Investors Service said approved amendments to Spain's Mortgage Market Law, which are due to come into force shortly, will strengthen and clarify the credit position of holders of Spanish Mortgage Covered Bonds (known as 'Cedulas Hipotecarias', or CHs) as well as the timely payment of these instruments following an Issuer insolvency. On Nov. 22, 2007, the Spanish Parliament passed amendments to the current Spanish Mortgage Market Law (Law 2/1981, of March 25). "The revised mortgage law, which aligns the Spanish covered bond legal framework with other European jurisdictions that have such laws in place, will, when it comes into effect in the near future support the rating stability of the CHs," explains Jose de Leon, a Moody's Vice-President/Senior Credit Officer. More specifically, the amended law supports the creditworthiness of the CHs in a number of areas. Firstly, it will improve the over-collateralization of the CHs by limiting CH issuance to 80% (vs. 90% currently) of the bank's eligible mortgages. "Significantly, the law does not change one of the key strengths of the framework, i.e. that the whole pool of (non-securitized) mortgages supports the CHs in the event of Issuer insolvency. This is in contrast to other European jurisdictions where covered bonds are backed by an earmarked portfolio," Mr. de Leon notes. Secondly, the amended law will improve the asset eligibility criteria in a number of respects, including lowering the loan- to-value ratio for eligible non-residential mortgages to 60% from 70%, extending the geographical scope to European Union properties, permitting substitute assets up to 5% of the outstanding CHs and allowing financial derivatives to form part of the Cover Pool. It will also enhance the timely payment of the CHs following Issuer default and will oblige the Issuer to maintain an internal Cover Register identifying eligible and non-eligible assets, thus improving transparency, Moody's explains in the report, entitled "Spanish Mortgage Market Law Amendments to Strengthen Position of Covered Bond Holders". "The amended law will also remove an administrative requirement that has to date impeded the issuance of another type of Spanish covered bond: the 'Bonos Hipotecarios'," Mr de Leon adds. Moody's currently rates 15 mortgage Covered Bonds in Spain, corresponding to 11 to single issuers and four Spanish funds that pool CHs of multiple issuers. It should be noted that Moody's covered bond ratings address the expected loss posed to investors. They address only the credit risks associated with the transaction. Other non-credit risks are not addressed, but may have a significant effect on yield to investors. ===================== S W I T Z E R L A N D ===================== BORER INFORMATIK: Basel-Country Court Starts Bankruptcy Process --------------------------------------------------------------- The Bankruptcy Service of Laufen in Basel-Country commenced bankruptcy proceedings against JSC Borer Informatik on Oct. 9. The Bankruptcy Service of Laufen can be reached at: Bankruptcy Service of Laufen 4242 Laufen BL Switzerland The Debtor can be reached at: JSC Borer Informatik Baselstrasse 71 4203 Grellingen Laufen BL Switzerland COSITRON JSC: Claims Registration Period Ends December 4 -------------------------------------------------------- The Bankruptcy Service of Lucerne commenced bankruptcy proceedings against JSC Cositron on Aug. 2. Creditors have until Dec. 4 to file their written proofs of claim to: The Bankruptcy Service of Lucerne 6000 Lucerne 5 Switzerland The Debtor can be reached at: JSC COSITRON Obergrundstrasse 72 6003 Lucerne Switzerland FILOSI VOUILLAMOZ: Creditors Must File Claims by December 5 ----------------------------------------------------------- Creditors of LLC Filosi Vouillamoz Architekten have until Dec. 5 to submit their claims to: Markus Haller BDO Visura Entfelderstrasse 1 5001 Aarau AG Switzerland The Debtor can be reached at: LLC Filosi Vouillamoz Architekten Aarau AG Switzerland GREUTER JSC: Zurich Court Closes Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Service of Uster in Zurich entered Oct. 17 an order closing the bankruptcy proceedings of JSC Greuter. The Bankruptcy Service of Uster can be reached at: Bankruptcy Service of Uster 8610 Uster 1 ZH Switzerland The Debtor can be reached at: JSC Greuter 8132 Egg ZH Switzerland GRAVAS COMMERCIAL: Creditors' Liquidation Claims Due by Dec. 5 -------------------------------------------------------------- Creditors of JSC Gravas Commercial have until Dec. 5 to submit their claims to: Adolf Bucher Liquidator Seestrasse 91 6052 Hergiswil NW Switzerland The Debtor can be reached at: JSC Gravas Commercial Hergiswil NW Switzerland KALENDER-VERLAG: Solothurn Court Starts Bankruptcy Proceedings -------------------------------------------------------------- The Bankruptcy Service of Oesingen in Solothurn commenced bankruptcy proceedings against LLC Kalender-Verlag Hurlimann on Sept. 12. The Bankruptcy Service of Oesingen can be reached at: Cantonal Bankruptcy Service 4702 Oensingen Gau SO Switzerland The Debtor can be reached at: LLC Kalender-Verlag Hurlimann Danzmatt 6 4612 Wangen bei Olten Olten SO Switzerland L-CON LLC: Zurich Court Closes Bankruptcy Proceedings ----------------------------------------------------- The Bankruptcy Service of Wetzikon in Zurich entered Oct. 18 an order closing the bankruptcy proceedings of LLC L-CON. The Bankruptcy Service of Wetzikon can be reached at: Bankruptcy Service of Wetzikon 8622 Wetzikon ZH Switzerland The Debtor can be reached at: LLC L-CON 8340 Hinwil ZH Switzerland LEISURE WEAR: Creditors' Liquidation Claims Due by December 5 ------------------------------------------------------------- Creditors of JSC Leisure Wear & Accessories have until Dec. 5 to submit their claims to: Leonhard Toenz Liquidator Seestrasse 39 8700 Kusnacht ZH Switzerland The Debtor can be reached at: JSC Leisure Wear & Accessories Kusnacht ZH Switzerland LUECHTER & SCHWARTZ: Creditors Must File Claims by December 5 ------------------------------------------------------------- Creditors of JSC Luechter & Schwartz Lex have until Dec. 5 to submit their claims to: Adolf Bucher Liquidator Seestrasse 91 6052 Hergiswil NW Switzerland The Debtor can be reached at: JSC Luechter & Schwartz Lex Hergiswil NW Switzerland OSTERTAG HAUSAMANN: Creditors Must File Claims by December 5 ------------------------------------------------------------ Creditors of JSC Ostertag Hausamann Faes have until Dec. 5 to submit their claims to: Christian Hausamann Liquidator Seestrasse 218 8700 Kusnacht ZH Switzerland The Debtor can be reached at: JSC Ostertag Hausamann Faes Zurich Switzerland PC-TREND LLC: Claims Registration Period Ends December 3 -------------------------------------------------------- The Bankruptcy Service of Wulflingen-Winterthur in Zurich commenced bankruptcy proceedings against LLC PC-Trend on Oct. 15. Creditors have until Dec. 3 to file their written proofs of claim to: Bankruptcy Service of Wulflingen-Winterthur 8400 Winterthur ZH Switzerland The Debtor can be reached at: LLC PC-Trend Zurcherstrasse 108 8406 Winterthur ZH Switzerland PROCONTAS LLLC: Creditors' Liquidation Claims Due by December 3 --------------------------------------------------------------- Creditors of LLC PROCONTAS have until Dec. 3 to submit their claims to: Imsand Christoph Liquidator JSC Treuhand Marugg + Imsand Gliserallee 1 3902 Brig-Glis Switzerland The Debtor can be reached at: LLC PROCONTAS Sierre Switzerland SANWAY JSC: Claims Registration Period Ends December 2 ------------------------------------------------------ The Bankruptcy Service of Solothurn commenced bankruptcy proceedings against JSC SanWay on May 11. Creditors have until Dec. 2 to file their written proofs of claim to: Cantonal Bankruptcy Service 4702 Oensingen Gau SO Switzerland The Debtor can be reached at: JSC SanWay Thalrichstrasse 4 4622 Egerkingen Gau SO Switzerland TRADEX SWISS AG: Chapter 15 Petition Summary -------------------------------------------- Petitioner: Peter Lutz Romeo Da Rugna Norma Ceriani c/o Evan Fray-Witzer, Esq. 20 Park Plaza, Suite 804 Boston, Ma 02116 Tel: (617) 723-5630 Debtor: Tradex Swiss A.G. c/o Wuersch & Gering, L.L.P. 100 Wall Street, 21st Floor New York, NY 02116 Tel: (212) 509-5050 aka Tradex Handel & Beratungs A.G. aka Tradex Group, L.L.C. aka F.X. Play aka F.X. Nation Case No.: 07-17518 Type of Business: The Debtor is a Boston, Massachusetts-based foreign exchange trading shop whose registered office is in Firststrasse 15, 8835 Feusisberg, Zurich, Switzerland. See http://www.tradexfx.com/ On Nov. 1, 2007, the Swiss Federal Banking Commission decreed that the unauthorized acceptance of investment funds from the public on a professional basis, the advertising of such acceptance to the public and the unofficial and unauthorized use of the term "bank" by the Debtor and also by Swiss Garant A.G. was all established to be in violation of the Federal Law on Banks and Savings Banks. The Commission also decreed that bankruptcy proceedings be instituted against the Debtor and Swiss Garant on Nov. 2, 2007. Chapter 15 Petition Date: November 26, 2007 Court: District of Massachusetts (Boston) Petitioner's Counsel: Evan Fray-Witzer, Esq. 20 Park Plaza, Suite 804 Boston, Ma 02116 Tel: (617) 723-5630 Estimated Assets: US$1 Million to US$100 Million Estimated Debts: US$1 Million to US$100 Million TRANIC LTD: Creditors' Liquidation Claims Due by December 3 ----------------------------------------------------------- Creditors of Tranic Ltd have until Dec. 3 to submit their claims to: Obmoos 4 6301 Zug Switzerland The Debtor can be reached at: Tranic Ltd Zug Switzerland VESPASIAN BERATUNGEN: Creditors Must File Claims by December 5 -------------------------------------------------------------- Creditors of JSC Vespasian Beratungen have until Dec. 5 to submit their claims to: Max Auer Liquidator Bahnhofstr. 32a 8360 Eschlikon Munchwilen TG Switzerland The Debtor can be reached at: JSC Vespasian Beratungen Winterthur ZH Switzerland =========== T U R K E Y =========== SINAI KALKINMA: Fitch Affirms Low-B Ratings with Stable outlook --------------------------------------------------------------- Fitch Ratings has affirmed Turkiye Sinai Bankasi's ratings: -- Long-term foreign currency Issuer Default Rating: 'BB-' -- Short-term foreign currency IDR: 'B' -- Long-term local currency IDR: 'BB' -- Short-term local currency IDR: 'B', -- National Long-term rating: 'AA(tur)' -- Individual rating: 'C/D' -- Support rating: '3' The Outlooks for the Long-term IDRs and the National Long-term rating are Stable. TSKB's Long-term local currency IDR reflects support it could expect to receive from its majority shareholder, Turkiye Is Bankasi AS (Isbank; Long-term foreign currency IDR 'BB'/Outlook Stable; Long-term local currency IDR 'BB+'/Outlook Stable) in case of need. TSKB's Individual rating reflects its improved asset quality, good profitability, strong capitalization and niche position as the largest development and investment bank in Turkey. These factors are balanced by improving but limited diversification in earnings and the vulnerability of the earnings to the market volatilities and operating environment. Despite weak net interest income in 2006, mainly due to lower interest income from securities, profitability remained good in 2006 and third quarter of 2007, with a greater contribution of net fees and commissions and better efficiency. The interest income from securities is still a dominant income source for TSKB, making up 52% of total interest revenue. Operating ROAE was still a healthy 20.5% in third quarter of 2007, indicating strong core profitability. TSKB's asset quality is very good and the improvement continued in third quarter of 2007, with NPLs decreasing to 1.19% of loans, mainly through collections (2006: 1.34%), and comfortably covered at 147% with specific and general reserves. TSKB's funding structure rested on its medium- and long-term borrowing from a diversified range of international and domestic sources, most of which are guaranteed by the Turkish Treasury. Despite the operational risk charges in first half of 2007, capital adequacy still stands at a healthy 23.2% at third quarter of 2007. TSKB is the largest privately owned non-deposit taking development and investment bank in Turkey. Its core business lines are development, corporate and investment banking. ============= U K R A I N E ============= ASTRA-STYLE LLC: Creditors Must File Claims by November 30 ---------------------------------------------------------- Creditors of LLC Astra-Style (code EDRPOU 20352385) have until Nov. 30 to submit written proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 27/203B. The Debtor can be reached at: LLC Astra-Style Shevchenko Str. 26 83017 Donetsk Ukraine DOVIRA LLC: Creditors Must File Claims by November 30 ----------------------------------------------------- Creditors of Agricultural LLC Dovira (code EDRPOU 03745953) have until Nov. 30 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. 4/27-b. The Debtor can be reached at: Agricultural LLC Dovira Lenin Str. 89 Miropol Romanovsky District 13033 Zhytomir Ukraine EDELWEISS LLC: Creditors Must File Claims by November 30 -------------------------------------------------------- Creditors of LLC Agricultural Industrial Firm Edelweiss have until Nov. 30 to submit written proofs of claim to: The Economic Court of Lugansk Geroiv VVV Square 3a 91000 Lugansk Ukraine The Economic Court of Lugansk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 21/81b. The Debtor can be reached at: LLC Agricultural Industrial Firm Edelweiss Bielovodsky District Litvinovka Ukraine Lugansk Ukraine KOLOMIYA AGRICULTURAL: Creditors Must File Claims by November 30 ---------------------------------------------------------------- Creditors of OJSC Kolomiya Agricultural Machinery (code EDRPOU 20568731) have until Nov. 30 to submit written proofs of claim to: The Economic Court of Ivano-Frankovsk Shevchenko Str. 16a 76000 Ivano-Frankovsk Ukraine The Economic Court of Ivano-Frankovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B-7/185. The Debtor can be reached at: OJSC Kolomiya Agricultural Machinery Kolomiya Secheviye Streltsy Str. 121 78200 Ivano-Frankovsk Ukraine OBERIG: Proofs of Claim Filing Ends November 30 ----------------------------------------------- Creditors of State Agricultural Enterprise Oberig (code EDRPOU 00487551) have until Nov. 30 to submit written proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. B-24/158-07. The Debtor can be reached at: State Agricultural Enterprise Oberig Shevchenko Square 1 Merefa 62472 Kharkov Ukraine PORT LAND: Creditors Must File Claims by November 30 ---------------------------------------------------- Creditors of LLC Port Land (code EDRPOU 31840074) have until Nov. 30 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/463-b. The Debtor can be reached at: LLC Port Land Grushevsky Str. 28/2-A 01024 Kiev Ukraine PRIMEKS PROFI: Creditors Must File Claims by November 30 -------------------------------------------------------- Creditors of LLC Primeks Profi (code EDRPOU 32488942) have until Nov. 30 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/464-b. The Debtor can be reached at: LLC Primeks Profi Trud Boulevard 2/27 02094 Kiev Ukraine STAROBILSK PROVISIONS: Proofs of Claim Filing Ends November 30 -------------------------------------------------------------- Creditors of LLC Starobilsk Provisions Plant (code EDRPOU 00377360) have until Nov. 30 to submit written proofs of claim to: The Economic Court of Lugansk Geroiv VVV Square 3a 91000 Lugansk Ukraine The Economic Court of Lugansk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 22/636b. The Debtor can be reached at: LLC Starobilsk Provisions Plant Lugovaya Str. 1 Starobilsk Lugansk Ukraine TSENTURION LLC: Creditors Must File Claims by November 30 --------------------------------------------------------- Creditors of LLC Trading Union Tsenturion (code EDRPOU 34731102) have until Nov. 30 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B11/333-07. The Debtor can be reached at: LLC Trading Union Tsenturion Yanvarskogo proryva Str. 45 Belaya Tserkov Kiev Ukraine V. M. G. LLC: Creditors Must File Claims by November 30 ------------------------------------------------------- Creditors of LLC V. M. G. have until Nov. 30 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B11/334-07. The Debtor can be reached at: LLC V. M. G. Shevchenko Str. 9 Belaya Tserkov Kiev Ukraine ZOLOTOY KOLOS: Proofs of Claim Filing Ends November 30 ------------------------------------------------------ Creditors of OJSC Zolotoy Kolos (code EDRPOU 00374640) have until Nov. 30 to submit written proofs of claim to: The Economic Court of Odessa Shevchenko Avenue 4 65032 Odessa Ukraine The Economic Court of Odessa commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 7/292-07-7708. The Debtor can be reached at: OJSC Zolotoy Kolos Dalnitskaya Str. 50 Odessa Ukraine =========================== U N I T E D K I N G D O M =========================== BEE FLY: Appoints Joint Administrators from BDO Stoy ---------------------------------------------------- Kim Rayment and Beverley Jayne Marsh of BDO Stoy Hayward LLP were appointed joint administrators of Bee Fly Ltd. (Company Number 04122834) on Nov. 16. 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: Bee Fly Ltd. The Barn Seagrave Road Thrussington Leicester LE7 4TR England Tel: 01664 424 200 Fax: 01664 424 777 BUSINESS MORTGAGE: Moody's Rates EUR12.37 Mln Notes at Ba1 ---------------------------------------------------------- Moody's Investors Service assigned these definitive ratings to the CMBS issuance of Business Mortgage Finance 7 Plc: -- Aaa to the GBP187,500,000 Class A1 Mortgage Backed Floating Rate Notes due 2041; -- Aaa to the Detachable Class A1 Coupons due 2041; -- A2 to the GBP38,650,000 Class M1 Mortgage Backed Floating Rate Notes due 2041; -- A2 to the EUR5,000,000 Class M2 Mortgage Backed Floating Rate Notes due 2041; -- Ba1 to the EUR12,375,000 Class B1 Mortgage Backed Floating Rate Notes due 2041; and -- Aaa to the Mortgage Early Redemption Certificates due 2041. Moody's assigned provisional ratings to this transaction on Oct. 29, 2007. Moody's has not assigned a rating to the Class C Notes (3.15 per cent of issuance). The total debt raised by Business Mortgage Finance 7 Plc, approximately GBP250 million, will be used to purchase a portfolio of non-conforming UK commercial mortgage loans from Commercial First Mortgages Ltd, and will be split as: -- 75.0 percent Class A1 Notes; -- 16.9 percent Class M1 and Class M2 Notes; -- 4.95 percent Class B2 Notes; and -- 3.15 percent Class C Notes. Moody's has withdrawn its provisional (P)Aaa ratings for the Class A2 Notes, the Class A3 Notes, the Detachable Class A2 and A3 Coupons, the provisional (P)A2 rating for the Class M3 Notes, and the provisional (P)Ba1 rating for the Class B2 and Class B3 Notes. The total amount of Notes issued and loans purchased by the Issuer is smaller than initially anticipated by Moody's when assigning provisional ratings to the Notes. Moody's has reassessed the risk for each class of Notes before assigning definitive ratings, also taking into account the changed Detachable Class A1 Coupon size and the actual Note coupons. The ratings on the Notes are based upon: (i) Moody's assessment of the real estate quality and characteristics of the underlying property portfolio, its loan-to-value and current debt service coverage; (ii) a loan-by-loan analysis of the mortgage pool backing the Notes; (iii) the availability of a committed liquidity facility provided by Deutsche Bank AG, London Branch (Aa1, P-1), initially sized at 10 per cent of the outstanding notes to cover shortfalls in payments of interest on the Notes and certain senior expenses; (iv) the sequential pay structure, switching to pro-rata subject to strict trigger conditions ; (v) Issuer-level currency, basis and interest rate hedging contracts to be provided by Barclays Bank PLC (Aa1, P-1); (vi) an opening reserve amount of GBP9.875 million and, subject to sufficient excess spread, rising to a target balance of approximately GBP11.625 million after closing; and (vii) the legal and structural characteristics of the issue. The pool as at the Cut-Off Date of Oct. 30, 2007 contains 1,170 commercial mortgages secured by first and second ranking legal mortgages on 1,225 mixed use properties. The properties are all located in England, Scotland, Wales and Northern Ireland with the largest proportion of 25.47 per cent being in the South East. Although Moody's has reflected in its analysis the portfolio's small size and lack of granularity compared to residential mortgage pools, the portfolio is somewhat diversified geographically and by property type. The ratings of the Class A, Class M and Class B Notes address the expected loss posed to investors by the legal final maturity. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated final legal maturity date. Moody's ratings address only the credit risks associated with the transaction, other non-credit risks have not been addressed, but may have significant effect on yield to investors. The Detachable Class A1 Coupons do not receive any payments of principal, and earn interest at a certain rate (1.25 per cent) calculated on the outstanding balance of the Class A Notes. The ratings of the DACs address the Issuer's ability to make the promised payment of interest. However, they do not address the size of balance used to calculate the amount due. The Mortgage Early Redemption Certificates are backed solely by mortgage early redemption charges that may become payable by borrowers in the pool on early redemption of their loans within a certain period. The Aaa rating on the MERC's is qualified as it addresses the likelihood of receipt by MERC holders of such amounts only if they are received by the Issuer. It assumes, without any independent investigation, (i) that payment of the mortgage early redemption charges under the mortgage loans is legally valid, binding and enforceable, and (ii) that such amounts are actually collected from borrowers and received by the Issuer. The amount receivable by MERC holders also depends on prepayment rates within the pool. The rating does not address such prepayment rates. BRITISH AIRWAYS: Consortium Withdraws Iberia Bidding Interest ------------------------------------------------------------- The British Airways plc and TPG consortium have confirmed they have formally withdrawn their interest in bidding for Iberia Lineas Aereas de Espana SA. The consortium said, in a letter to the Iberia board: "As a consequence of the recent decision taken by Iberia's core shareholders, the consortium formed by British Airways, Ibersuizas, Quercus, TPG and Vista Capital, has come to the conclusion that it is not possible to pursue a potential takeover bid since the consensus and friendly terms that we considered essential for this Project are no longer in place. We have thus decided unanimously to withdraw our indication of interest for the Company." Pre-emption Rights On Nov. 26, 2007, BA has confirmed that it will not exercise its pre-emption rights to acquire any of the Iberia Lineas Aereas de Espana SA shares being sold by BBVA and Logista. "British Airways' position as Iberia's key industrial partner remains important and is not dependent on an increase in shareholding. We will enter into discussions with Caja Madrid in order to maximize the value of our relationship with Iberia," Keith Williams, chief financial officer of BA, said. The announcement came after two of the core shareholders -- BBVA and Logista -- said they wanted to sell their shares to Caja Madrid. Under a pre-emption agreement signed in 1999, if any of the core shareholders in Iberia wants to sell their shares, the remaining core shareholders have the right to purchase. There are five core shareholders in Iberia. BA has 9.95%, Caja Madrid 9.9%, BBVA 7.3%, Logista 6.7% and El Corte Ingles 2.9%. In May 2007 BA has joined with TPG Capital, Vista Capital, Inversiones Ibersuizas and Quercus Equity to investigate a possible consortium offer for the Spanish carrier. Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * British Airways' senior unsecured debt carries Moody's Investors' Service's Ba1 rating since Aug. 14, 2007, with a stable outlook. The rating still applies to date. CABLE & WIRELESS: Former Chair Criticizes Executive Payoff ---------------------------------------------------------- Lord Young of Graffham, former chairman of Cable & Wireless plc, has criticized the board of the telecoms group after hearing that ousted international head Harris Jones was getting more than GBP5 million in compensation, the Daily Telegraph reports. As disclosed by C&W, Mr. Jones is to step down as chief executive of International and as a director, and leave the business towards the end of 2007 once handover is complete. Mr. Jones will receive his contractual entitlement on leaving, including GBP4.3 million for his pro-rated share in the Long Term Incentive Plan having delivered value creation on behalf of shareholders from International of over GBP1 billion since he joined in November 2004, of which three quarters of a billion has been created since the commencement of the LTIP on April 1, 2006. John Pluthero is to become executive chairman of International with immediate effect, while continuing his similar role for Europe, Asia & US. Mr. Pluthero will receive 50% of Mr. Jones' LTIP units for the remaining life of the LTIP after deduction of the LTIP payment above to Mr. Jones. "I just can't understand that incredible amount of remuneration," Lord Young was quoted by the Daily Telegraph as saying. "What is bizarre to me is those in the scheme itself, and the chairman Richard Lapthorne, are somehow saying they have to be remunerated as if they are running a private equity operation, but they are not risking a penny. It's 'head we win, tails we don't lose'." Lord Young, who left the company in 1995 after a boardroom bust- up, told the Daily Telegraph he took issue with the entire C&W pay scheme, not just Mr. Jones's entitlement. As previously reported in the TCR-Europe on Nov. 23, 2007, C&W is facing yet another dispute with shareholders and unions over excessive executive rewards after a management shake-up. Peter Montagnon, the Association of British Insurers' director of investment affairs, said it would go over the latest revisions of the C&W's remuneration scheme, which he describes as "quite unusual". At its Annual General Meeting on July 20, 2007, C&W recommended the removal of the GBP20 million cap on the amount that can be received by an individual within the LTIP, which angered investors. The telecoms group, however, maintained that its long term incentive plan was "working very well," the Press Association relates. Headquartered in London, Cable & Wireless Plc -- http://www.cw.com/new/-- provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. The company has operations are in the United Kingdom, India, China, the Cayman Islands and the Middle East. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and technology sector, Moody's Investors Service confirmed its Ba3 Corporate Family Rating for Cable & Wireless Plc. Moody's also assigned a Ba3 Probability-of-Default rating to the company. * Issuer: Cable & Wireless Plc Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 4% Senior Unsecured Conv./Exch. Bond/Debenture Due 2010 B1 LGD4 60% GBP200 million 8.75% Senior Unsecured Regular Bond/Debenture Due 2012 B1 LGD4 60% CABLE & WIRELESS: Launching Disabling Service for Stolen Phones --------------------------------------------------------------- Cable & Wireless' Jamaican unit will launch by Dec. 7, 2007, a new service that will blacklist and shut down stolen cellular phones, The Jamaica Observer reports. The Jamaica Information Service relates that the Jamaican government had asked Cable & Wireless, Digicel, and Miphone to make efforts to protect subscribers. Jamaican energy, mining and telecommunications minister Clive Mullings told The Observer that due to concerns raised about the "alarming rate of cellular phones being stolen and the threat of violence to the owners," he launched discussions with mobile companies Cable & Wireless, Digicel, and Miphone about launching a system of closing down and blacklisting stolen phones to make those phones useless in the hands of thieves or their beneficiaries. According to The Observer, Jamaican education minister Andrew Holness suggested the service two years ago. Minister Mullings told The Observer that Cable & Wireless, Digicel, and Miphone responded positively to proposals. Cable & Wireless sent a letter to him on Nov. 9, advising him that the firm would be ready to implement blacklisting and shutting down of their stolen mobile phones by Dec. 1. Digicel and MiPhone also expressed their willingness to launch the same service but they hadn't given a start-up date, The Jamaica Gleaner notes, citing Minister Mullings. Minister Mullings commented to The Observer, "We are a people who like to be 'on top of things', and we will continue to acquire the latest in phone and telecommunication technology to keep us in touch. The government, therefore, had to find a way to allow individuals to continue to avail themselves of the use of mobile phones, while reducing the danger posed by dishonest and anti-social persons." Minister Mullings told the Jamaica Information Service, "If the government did not move quickly to address the problem, we would continue to see an increase in the number of incidents in which our citizens, including school children, are attacked for their phones." Headquartered in London, Cable & Wireless Plc -- http://www.cw.com/new/-- provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. The company has operations are in the United Kingdom, India, China, the Cayman Islands and the Middle East. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and technology sector, Moody's Investors Service confirmed its Ba3 Corporate Family Rating for Cable & Wireless Plc. Moody's also assigned a Ba3 Probability-of-Default rating to the company. * Issuer: Cable & Wireless Plc Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 4% Senior Unsecured Conv./Exch. Bond/Debenture Due 2010 B1 LGD4 60% GBP200 million 8.75% Senior Unsecured Regular Bond/Debenture Due 2012 B1 LGD4 60% CHLOE TRADING: Calls In Liquidators from Wilkins Kennedy -------------------------------------------------------- Keith Aleric Stevens and John Arthur Kirkpatrick of Wilkins Kennedy were appointed joint liquidators of Chloe Trading Co. Ltd. on Nov. 14 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Wilkins Kennedy Gladstone House 77-79 High Street Egham TW20 9HY England COLUMBIA FINISHING: Brings In Liquidators from Mazars ----------------------------------------------------- Lee Michael De'ath and Roderick John Weston of Mazars LLP were appointed joint liquidators of Columbia Finishing Ltd. on Nov. 16 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Mazars LLP 24 Bevis Marks London EC3A 7NR England DIRECT LEISURE: Names Neil Francis Hickling Liquidator ------------------------------------------------------ Neil Francis Hickling of Smith & Williamson Ltd. was appointed liquidator of Direct Leisure Marketing (U.K.) Ltd. on Nov. 15 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Smith & Williamson Ltd. No. 1 St. Swithin Street Worcester WR1 2PY England DIVERSITY FUNDING 1: S&P Assigns B Prelim Ratings to F Notes ------------------------------------------------------------ Standard & Poor's Ratings Services assigned its preliminary credit ratings to the variable reference rate notes to be issued by Diversity Funding No. 1 Ltd., a limited company registered in Jersey. The GBP1.145 billion issuance amount will be used to purchase a portfolio of GBP1.133 billion of commercial mortgage loans, fund a committed reserve account of GBP1.46 million, and to cover GBP10 million of further advances that may be made before the closing date. This transaction will be structured as a true sale. On the closing date, the issuer will use the proceeds received from the note issuance to make an initial contribution to the mortgage trustee in an amount equal to the purchase price of the mortgage portfolio. The mortgage trustee will then use this contribution to purchase the portfolio of 863 mortgage loans from the seller. The preliminary rating on each class of notes reflects the credit support provided by the subordinate classes of notes, the liquidity facility, the issuer reserve, the underlying loans, the servicing of these loans, and the geographic and property type diversity securing the loans. Ratings List Diversity Funding No. 1 Ltd. GBP1.145 Billion Variable Reference Rate Notes Prelim. Prelim. Amount Class Rating (Mln. GBP) ----- ------ -------- A AAA 910.0 B AA 63.0 C A 57.2 D(1) BBB 57.2 E(1) BB 34.3 F(1) B 11.4 G(1) NR 11.5 1) Subject to an available funds cap. Class D, E, F, and G may receive a variable interest coupon in event of certain loan prepayment scenarios. NR -- Not rated. DUKE FUNDING II: S&P Junks Class D Notes on Lack of Proposals ------------------------------------------------------------- Standard & Poor's Ratings Services is lowering and placing on CreditWatch negative its ratings on all classes of notes issued by Duke Funding High Grade II-S/EGAM I, Ltd. The ratings actions on Duke Funding High Grade is based on the current portfolio values and a lack of confirmed restructuring proposals. These vehicles are not in an enforcement mode of operation. However, were they to liquidate all their assets at the current market valuations reported to us by the manager, it is unlikely that all tranches would be repaid in full. In addition, previous restructuring discussions have not led to any firm proposals. The vehicles remain at risk from further market valuation declines and are therefore placed on CreditWatch negative. All other ratings assigned to these vehicles are unchanged. Ratings List Class Rating To From Duke Funding High Grade II-S/EGAM 1, Ltd. A-2 BBB/Watch Neg AAA B-1 BBB-/Watch Neg AA+ B-2 B-/Watch Neg AA- C CCC-/Watch Neg A D CCC-/Watch Neg BBB EMI GROUP: Moody's Withdraws B1 Corporate Family Rating ------------------------------------------------------- Moody's Investors Service withdrew EMI Group Ltd.'s B1 Corporate Family Rating (under review for possible downgrade) for business reasons. The withdrawal follows the redemption of substantially all of EMI's existing public debt instruments. EMI Group Ltd., one of the world's leading music recording and publishing companies, is headquartered in London, England. ENTERPRISE VENDING: Brings In Administrators from Deloitte ---------------------------------------------------------- Angus Matthew Martin and Julia Elizabeth Branson of Deloitte & Touche LLP were appointed joint administrators of Enterprise Vending Ltd. (Company Number 05471055) on Nov. 16. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. The company can be reached at: Enterprise Vending Ltd. 14 Mercian Park Felspar Road Mercian Park Tamworth B77 4DP England FIRST VENDING: Taps Deloitte & Touche to Administer Assets ---------------------------------------------------------- Angus Matthew Martin and Julia Elizabeth Branson of Deloitte & Touche LLP were appointed joint administrators of First Vending Services Ltd. (Company Number 05281323) on Nov. 16. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. The company can be reached at: First Vending Services Ltd. 14 Mercian Park Felspar Road Mercian Park Tamworth B77 4DP England Tel: 01827 310 711 FORD MOTOR: Kentucky State Approves US$60M Investment Incentives ---------------------------------------------------------------- Ford Motor Company received final approval from the Kentucky Economic Development Finance Authority to a US$60 million tax incentive package, smoothing the path for Ford to invest US$200 million in the Kentucky Truck Plant on Chamberlain Lane, various papers report. The state has offered the package as part of a larger US$200 million package, enticing Ford to cancel plans of shuttering the Kentucky Truck Plant and the Louisville Assembly Plant, Jere Downs of The Courier-Journal reports. The approval, sources say, came with the condition directing Ford to return some of the tax incentives if employment at the Kentucky Truck Plant falls below a 3,511-worker minimum by 2012. However, should Ford invest US$100 million more in either plant, those penalties will be abolished. The Courier-Journal discloses, citing KEDFA staff member Steve Jones, that the state was hoping the move might instigate Ford to invest more on the Louisville Assembly Plant. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details ofthe newly ratified four-year labor agreement with the UAW. IMEX LOGISTICS: Taps Liquidator from Kingston Smith & Partners -------------------------------------------------------------- Timothy James Bramston of Kingston Smith & Partners LLP was appointed liquidator of Imex Logistics Ltd. on Nov. 8 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Kingston Smith & Partners LLP 105 St. Peters Street St. Albans AL1 3EJ England INNOVATIVE GROUP: Calls In Liquidators from Menzies Corporate ------------------------------------------------------------- Andrew John Duncan and Paul David Williams of Menzies Corporate Restructuring were appointed joint liquidators of Innovative Group Services Ltd. on Nov. 21 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Menzies Corporate Restructuring 43-45 Portman Square London W1H 6LY England LUCKY ESTATES: Claims Filing Period Ends January 15, 2008 --------------------------------------------------------- Creditors of Lucky Estates Ltd. have until Jan. 15, 2008 to detail their names and addresses (and solicitors if applicable) together with particulars of their debts or claims, in writing, or in person, to: Duncan R. Beat Liquidator Tenon Recovery 75 Springfield Road Chelmsford Essex CM2 6JB England Duncan R. Beat of Tenon Recovery was appointed liquidator of the company on Nov. 14 for the creditors' voluntary winding-up procedure. MAINSAIL II: S&P Junks Capital Notes on Payment Failure ------------------------------------------------------- Standard & Poor's Ratings Services is lowering and retaining on CreditWatch with negative implications its ratings on the Mezz Tier 1, Mezz Tier 2, and capital notes issued by Sachsen Funding I Ltd. It is also lowering and placing on CreditWatch negative its ratings on all classes of notes issued by Duke Funding High Grade II-S/EGAM I, Ltd. Standard & Poor's Ratings Services is lowering to 'D' its ratings on the notes issued Mainsail II Ltd. The rating actions taken on Mainsail II reflect its modes of operation and the fact that since going into enforcement, investors have not been paid amounts due on liabilities. The vehicles remain at risk from further market valuation declines and are therefore placed on CreditWatch negative. All other ratings assigned to these vehicles are unchanged. Ratings List Class Rating To From Mainsail II Ltd. European CP D B/Watch Neg Tier 1 mezzanine notes D CC/Watch Neg Tier 2 mezzanine notes D CC/Watch Neg Capital notes D CC/Watch Neg MORTGAGE FINANCE 7: Fitch Rates GBP7.9 Mln Class C Notes at BB -------------------------------------------------------------- Fitch Ratings has assigned final ratings to Business Mortgage Finance 7 plc's floating-rate notes due 2041, at the date of closing on Nov. 23, 2007: -- GBP187.50 million Class A1 Mortgage Backed Floating Rate Notes Due 2041: 'AAA' -- Class A1 Detachable Coupons: 'AAA' -- Mortgage Early Redemption Certificates: 'AAA' -- GBP38.65 million Class M1 Mortgage Backed Floating Rate Notes Due 2041: 'A' -- EUR5 million Class M2 Mortgage Backed Floating Rate Notes Due 2041: 'A' -- GBP12.375 million Class B1 Mortgage Backed Floating Rate Notes Due 2041: 'BBB' -- GBP7.9 million Class C Mortgage Backed Floating Rate Notes Due 2041: 'BB' This transaction is a securitization of a pool of commercial mortgages originated in the UK by Commercial First Mortgages Ltd. The ratings reflect the credit enhancement provided to each class by subordination of the classes junior to it, the positive and negative features of the underlying real estate collateral and the integrity of the transaction's legal and financial structures. The MERCs rating only addresses the likelihood that the MERC- holders will receive early redemption amounts actually received by the issuer, if enforceable. The detachable A coupons are extremely sensitive to the prepayment rate, an issue that the rating does not address. If borrowers prepay on the loans faster or slower than expected, investors in the interest-only Class or MERCs, respectively, may fail to recover their initial investment. Fitch's analysis is based on a provisional pool consisting of 1,173 loans with an aggregate outstanding balance of GBP254.5 million, secured by 1,206 secondary and tertiary quality commercial, mixed-use and residential properties in the UK. The closing pool comprised 1,170 loans with an aggregate outstanding balance of GBP250 million secured by 1,225 properties. A pre-funded portfolio will not be included at the first interest payment date. This transaction is the seventh securitization of mortgages originated by CFML; the previous six transactions have thus far performed in line with Fitch's expectations. Approximately 43% of the pool balance is secured by purely commercial properties and a large proportion of the remaining balance is secured by commercial properties that have a residential component. Nevertheless, the pool has many characteristics that are normally found in RMBS transactions. These include full borrower recourse, minimal exposure to individual borrower and asset concentrations, a large proportion of owner occupation and some exposure to borrowers with self- certified income and/or impaired credit histories. NORMANBY WEFCO: Creditors' Meeting Slated for December 7 -------------------------------------------------------- Creditors of Normanby Wefco Ltd. will meet at 10:30 a.m. on Dec. 7 at: PricewaterhouseCoopers LLP 101 Barbirolli Square Lower Mosley Street Manchester M2 3PW England Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at noon on Dec. 6 at: R.S. Cash and I.D. Green Joint Administrative Receivers PricewaterhouseCoopers LLP 101 Barbirolli Square Lower Mosley Street Manchester M2 3PW England 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. PARAGON GROUP: Selling Off Loan Assets to Avert Rights Issue ------------------------------------------------------------ Paragon Group of Companies plc is considering the sale of a GBP140 million portfolio of car loans in an attempt to ward off an emergency rights issue, the Daily Telegraph says. According to the report, the disposals, which could include a GBP60 million portfolio of unsecured loans and a GBP60 million book of hire purchase lending agreements, may not provide enough cash. However, it is thought that they could help Paragon to renegotiate terms with its lending banks, Iain Dey writes for the Daily Telegraph. Emergency Rights Issue As previously disclosed, Paragon has entered into a standby underwriting agreement with UBS AG, supported by a group of institutional shareholders. This agreement provides Paragon the ability to launch an underwritten rights issue for up to GB280 million until Feb. 27, 2008, unless satisfactory alternative funding arrangements have been put in place prior to that time. Going Concern Doubt The obligation of UBS is subject to normal conditions, including: -- all relevant approvals for the rights issue, including shareholder approval, being obtained; -- the absence of any material adverse change affecting the Group; and -- the absence of any force majeure event. Such conditionality gives rise to a material uncertainty related to events or conditions which may cast significant doubt on the Group's ability to continue as a going concern and, therefore it may, if it is unable to satisfy these conditions and in the absence of other funding alternatives, be unable to realize its assets and discharge its liabilities in the normal course of business. Paragon, on the other hand, told the Daily Telegraph it will not need to use the facility as it hopes to reach a suitable agreement with its lending banks. Current Funding and Environment The group's lending is funded largely by the securitization of loan assets, accounting for GBP9.9 billion of the group's liabilities at Sept. 30, 2007. New lending is financed by a GBP2.3 billion warehouse facility provided by a banking syndicate of which GBP932 million was drawn as at Sept. 30, 2007 (2006: GBP1.1 billion). In addition, a corporate facility of GBP280 million, also provided by a banking syndicate, is used to fund the group's working capital requirements together with a long-term bond issue of GBP120 million due in 2017. The group is not a deposit taker and has no retail depositor base. The group has conducted extensive discussions with its lending banks for the renewal of the corporate facility and extension of the revolving period of the warehouse facility. While terms for renewal have been offered in principle, they are not attractive for a variety of reasons, including the high cost of such facilities in the current market environment and the short-term nature of the terms available. Paragon Group Of Companies PLC -- http://www.paragon-group.co.uk -- is a U.K. specialist buy-to-let and consumer finance lender. RMC COMPONENTS: Appoints Administrators from Begbies Traynor ------------------------------------------------------------ Paul Stanley and Gary N. Lee of Begbies Traynor were appointed joint administrators of RMC Components Ltd. (Company Number 04375214) on Nov. 14. 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: RMC Components Ltd. Murley Moss Business Park Oxenholme Road Kendal LA9 7RL England Tel: 01524 846 660 SACHSEN FUNDING I: S&P Junks Capital Notes on Lack of Proposals --------------------------------------------------------------- Standard & Poor's Ratings Services is lowering and retaining on CreditWatch with negative implications its ratings on the Mezz Tier 1, Mezz Tier 2, and capital notes issued by Sachsen Funding I Ltd. The ratings actions on Sachsen Funding is based on the current portfolio values and a lack of confirmed restructuring proposals. These vehicles are not in an enforcement mode of operation. However, were they to liquidate all their assets at the current market valuations reported to S&P by the manager, it is unlikely that all tranches would be repaid in full. In addition, previous restructuring discussions have not led to any firm proposals. The vehicles remain at risk from further market valuation declines and are therefore placed on CreditWatch negative. All other ratings assigned to these vehicles are unchanged. Ratings List Class Rating To From Sachsen Funding I Ltd. Tier 1 mezzanine notes BBB-/Watch Neg AAA/Watch Neg Tier 2 mezzanine notes B-/Watch Neg AA/Watch Neg Capital notes CCC-/Watch Neg BBB-/Watch Neg SANYO ELECTRIC: Cooked Books to Pay Dividend, Sources Say --------------------------------------------------------- Sanyo Electric Co. may have paid dividends to shareholders in fiscal 2003 and earlier years despite a lack of funds, Japan Times says, citing sources close to the matter. The sources told Japan Times that the Securities and Exchange Surveillance Commission might recommend that the Financial Services Agency fine Sanyo over accounting irregularities in accordance with a stricter regulation on surcharges introduced in December 2005. The report explains that the SESC has been probing Sanyo Electric on suspicion of fabricating financial statements. Sanyo, the sources said, is suspected of paying out a per-share dividend of JPY6, for a total of JPY11.1 billion, both in fiscal 2002 and fiscal 2003. The total amount exceeded the reserves usable for dividend payments, Japan Times says. The report points out that it is illegal for a company to pay a dividend when it does not have surplus funds. However, the sources told Japan Times, Sanyo inflated profits by understating appraisal losses on its shareholdings in struggling subsidiaries. The SESC might view the move as misleading investors, the sources added. Sanyo is said to have underestimated the losses thinking the units' earnings would recover. According to the SESC, Sanyo's net profit for FY2002 and FY2003 would have been significantly lower and left it devoid of enough resources to pay a dividend had the losses been processed appropriately, the sources further said. Sanyo Electric is expected to submit corrected reports for the six years through March 2006 to the Kanto Local Finance Bureau in December, Japan Times relates. About Sanyo Electric Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/-- is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. * * * In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s BB+ long-term foreign and local currency issuer default and senior unsecured ratings on rating watch negative. SANYO ELECTRIC: To Invest JPY20 Billion in Chip Business -------------------------------------------------------- Sanyo Electric Co., Ltd., will invest JPY20 billion in its semiconductor unit, mainly to upgrade equipment, Nathan Layne, citing the Nikkei business daily, writes for Reuters. The Nikkei report, according to Mr. Layne, stated that Sanyo would make the investment in the belief that it can generate steady earnings. However, Sanyo's spokesman, Akihiko Oiwa, claims that nothing has been decided on such a plan, relates Reuters. Reuters adds that Sanyo canceled its sale of the chip business last month after private equity firm Advantage Partners LLP failed to gather enough funds to support its US$1.1-billion bid. About Sanyo Electric Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/-- is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. * * * In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s BB+ long-term foreign and local currency issuer default and senior unsecured ratings on rating watch negative. SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report ------------------------------------------------------------- Sea Containers, Ltd. Unaudited Balance Sheet As of September 30, 2007 Assets Current Assets Cash and cash equivalents US$42,482,514 Trade receivables, less allowances for doubtful accounts 394,923 Due from related parties 711,255 Prepaid expenses and other current as 540,013 ------------ Total current assets 44,128,705 Fixed assets, net - Long-term equipment sales receivable, net - Investments in group companies 143,546,856 Intercompany receivables - Investment in equity ownership interests 220,170,010 Other assets 3,941,292 ------------ Total assets US$411,786,863 ============ Liabilities and Shareholders' Equity Current Liabilities Accounts payable 5,424,386 Accrued expenses 55,840,265 Current portion of long-term debt 172,107,141 Current portion of senior notes 385,351,436 ------------ Total current liabilities 618,723,228 Total shareholders' equity (206,936,365) ------------ Total liabilities and shareholders' equity US$411,786,863 ============ Sea Containers, Ltd. Unaudited Statement of Operations For the Month Ended September 30, 2007 Revenue (947,966) Costs and expenses: Operating income 167,601 Selling, general and administrative expenses (3,488,212) Professional fees (3,752,843) Charges to provide against intercompany accounts (1,233,807) Impairment of investment in subsidy Co. - Forgiveness of intercompany debt - Depreciation and amortization - ------------ Total costs and expenses (8,307,261) ------------ Gain or (Loss) on sale of assets (127,181) ------------ Operating income (loss) (9,382,408) Other income (expense) Interest income 171,764 Foreign exchange gains or (losses) 5,810 Interest expense, net (4,696,684) ------------ Income (Loss) before taxes (13,901,518) Income tax expense (6,014,000) ------------ Net (Loss) (US$19,915,518) ============ 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 NYSE Arca 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). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of $62,400,718 and total liabilities of $1,545,384,083. The Debtors' exclusive period to file a chapter 11 plan expires on Dec 21, 2007. (Sea Containers Bankruptcy News, Issue No. 30; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SEA CONTAINERS: SeaCon Services Files Sept. 2007 Report ------------------------------------------------------- Sea Containers Services Unaudited Balance Sheet As of September 30, 2007 Assets Current Assets Cash and cash equivalents US$649 Trade receivables 2,403 Due from related parties 2,103,050 Prepaid expenses and other current assets 3,667,318 ------------ Total current assets 5,773,420 Fixed assets, net 2,251,364 Investments 2,744,640 Intercompany receivables 51,630,282 Other assets 0 ------------ Total assets US$62,399,708 ============ Liabilities and Shareholders' Equity Current Liabilities Accounts payable US$2,853,709 Accrued expenses 2,506,022 Current portion of long-term debt 1,681,656 ------------ Total current liabilities 7,041,386 Total shareholders' equity 55,358,321 ------------ Total liabilities and shareholders' equity US$62,399,708 ============ Sea Containers Services Unaudited Statement of Operations For the Month Ended September 30, 2007 Revenue US$796,787 Costs and expenses: Operating costs - Selling, general and administrative expenses (457,217) Professional Fees (191,833) Other charges 0 Depreciation and amortization (97,186) ------------ Total costs and expenses (746,236) ------------ Gains on sale of assets 0 ------------ Operating income (loss) 50,551 Other income (expense) Interest income 92 Foreign exchange gains (losses) (745) Interest expense, net (12,040) ------------ Income (Loss) before taxes 37,858 Income tax credit 0 ------------ Net Income US$37,858 ============ 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 NYSE Arca 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). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of $62,400,718 and total liabilities of $1,545,384,083. The Debtors' exclusive period to file a chapter 11 plan expires on Dec 21, 2007. (Sea Containers Bankruptcy News, Issue No. 30; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SEA CONTAINERS: SeaCon Carribean Files Sept. 2007 Report -------------------------------------------------------- Sea Containers Carribean Inc. reported zero assets and accounts payable of US$3,530,094, as its sole liabilities in its September 2007 balance sheet. 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 NYSE Arca 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). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of US$62,400,718 and total liabilities of US$1,545,384,083. The Debtors' exclusive period to file a chapter 11 plan expires on Dec 21,2007. (Sea Containers Bankruptcy News, Issue No. 30; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). TOP SECURITY: Appoints Liquidator from Mazars --------------------------------------------- Timothy Colin Hamilton Ball of Mazars LLP was appointed liquidator of Top Security South West Ltd. on Nov. 14 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Mazars LLP Clifton Down House Beaufort Buildings Clifton Bristol BS8 4AN England VISUAL GRAPHIC: Joint Liquidators Take Over Operations ------------------------------------------------------ P. Atkinson and D. Wilson of Vantis Redhead French Ltd. were appointed joint liquidators of Visual Graphic Supplies Ltd. on Nov. 20 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Vantis Redhead French Ltd. 43-45 Butts Green Road Hornchurch Essex RM11 2JX England WHITELEY HENSHAW: Claims Filing Period Ends January 31, 2008 ------------------------------------------------------------ Creditors of Whiteley Henshaw Hindle (Holdings) Ltd. have until Jan. 31, 2008, to send in their names and addresses, together with particulars of their debts or claims, and names and addresses of their solicitors, if any, to: Philip John Gorman Liquidator Hazlewoods LLP Windsor House Barnett Way Barnwood GL4 3RT England Philip John Gorman of Hazlewoods LLP was appointed liquidator of the company on Nov. 16 for the creditors' voluntary winding-up procedure. XELA INVESTMENTS: Hires Liquidator from Tenon Recovery ------------------------------------------------------ Matthew Colin Bowker of Tenon Recovery was appointed liquidator of the company on Nov. 22 for the creditors' voluntary winding- up procedure. The liquidator can be reached at: Tenon Recovery Clive House Clive Street Bolton BL1 1ET England * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Nov. 29, 2007 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Holiday Gala Yale Club, New York, New York Contact: http://www.iwirc.org/ Nov. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION Special Speaker TBD, New Jersey Contact: 908-575-7333; http://www.turnaround.org/ Nov. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION Special Speaker Hilton, Sydney, Australia Contact: http://www.turnaround.org/ Nov. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting Contact: http://www.turnaround.org/ Dec. 3, 2007 TURNAROUND MANAGEMENT ASSOCIATION Fraud and Its Many Colors Omni Hotel, New Haven, Connecticut Contact: http://www.turnaround.org/ Dec. 3, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Australia Celebrates Christmas Blake Dawson Waldron, Sydney, Australia Contact: 02-9517-4041 or http://www.turnaround.org/ Dec. 5, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA/ACG Holiday Party Marriott Downtown, Orlando, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Dec. 5, 2007 TURNAROUND MANAGEMENT ASSOCIATION Joint Holiday Networking Event with TMA/CFA TBA, Philadelphia, Pennsylvania Contact: 215-657-5551 or http://www.turnaround.org/ Dec. 6, 2007 TURNAROUND MANAGEMENT ASSOCIATION Seattle Holiday Party Athletic Club, Seattle, Washington Contact: 206-223-5495; 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http://www.turnaround.org/ Jan. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Distressed Debt Panel University Club, Jacksonville, Florida Jan. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION NJTMA Holiday Party Iberia Tavern & Restaurant, Newwark, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Jan. 11, 2008 TURNAROUND MANAGEMENT ASSOCIATION Annual Lenders Panel Westin Buckhead, Atlanta, Georgia Contact: http://www.turnaround.org/ Jan. 16, 2008 TURNAROUND MANAGEMENT ASSOCIATION Current Outlook: Workouts, Lending and Turnarounds Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org/ Jan. 17-18, 2008 AMERICAN BANKRUPTCY INSTITUTE Caribbean Insolvency Symposium Westin Diplomat, Hollywood, Florida Contact: http://www.abiworld.org/ Jan. 28, 2008 TURNAROUND MANAGEMENT ASSOCIATION Finding Money: Int'l Asset Search and Recovery Methods for Collecting Judgments Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION PowerPlay Philips Arena, Atlanta, Georgia Contact: 678-795-8103 or http://www.turnaround.org/ Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Event Carnelian Room, San Francisco, California Contact: 510-346-6000 ext 226 or http://www.turnaround.org/ Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION PowerPlay Philips Arena, Atlanta, Georgia Contact: 678-795-8103 or http://www.turnaround.org/ Feb. 14-16, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Rocky Mountain Bankruptcy Conference Westin Tabor Center, Denver, Colorado Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 22, 2008 AMERICAN BANKRUPTCY INSTITUTE Bankruptcy Battleground West Fairmont Miramar, Santa Monica, California Contact: http://www.abiworld.org/ Feb. 23-26, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Bankruptcy Litigation Seminar I Park City, Utah Contact: http://www.nortoninstitutes.org/ Feb. 26, 2008 TURNAROUND MANAGEMENT ASSOCIATION Retail Panel Citrus Club, Orlando, Florida Contact: www.turnaround.org/ Feb. 27-28, 2008 EUROMONEY INSTITUTIONAL INVESTOR 6th Annual Distressed Investing Forum Union League Club, New York, New York Contact: http://www.euromoneyplc.com/ Mar. 6-8, 2008 ALI-ABA Fundamentals of Bankruptcy Law Mandalay Bay Resort, Las Vegas, Nevada Contact: http://www.ali-aba.org/ Mar. 8-10, 2008 AMERICAN BANKRUPTCY INSTITUTE Conrad Duberstein Moot Court Competition St. John's University School of Law, New York Contact: http://www.abiworld.org/ Mar. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner Bankers Club of Miami, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Mar. 25, 2008 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Maggie Good Centre Club, Tampa, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Mar. 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Mar. 27-30, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Bankruptcy Litigation Seminar II Las Vegas, Nevada Contact: http://www.nortoninstitutes.org/ Apr. 3, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Annual Spring Luncheon Renaissance Hotel, Washington, District of Columbia Contact: 703-449-1316 or www.iwirc.org Apr. 3, 2008 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - East The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ Apr. 3-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 26th Annual Spring Meeting The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ Apr. 25-27, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Spring Seminar Eldorado Hotel & Spa, Santa Fe, New Mexico Contact: http://www.nabt.com/ May 1-2, 2008 AMERICAN BANKRUPTCY INSTITUTE Debt Symposium Hilton Garden Inn, Champagne/Urbana, Illinois Contact: 1-703-739-0800; http://www.abiworld.org/ May 9, 2008 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - NYC Alexander Hamilton U.S. Custom House, New York Contact: 1-703-739-0800; http://www.abiworld.org/ May 12, 2008 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference Millennium Broadway Hotel & Conference Center, New York Contact: 1-703-739-0800; http://www.abiworld.org/ May 13-16, 2008 AMERICAN BANKRUPTCY INSTITUTE Litigation Skills Symposium Tulane University, New Orleans, Louisiana Contact: 1-703-739-0800; http://www.abiworld.org/ May 18-20, 2008 INTERNATIONAL BAR ASSOCIATION 14th Annual Global Insolvency & Restructuring Conference Stockholm, Sweden Contact: http://www.ibanet.org/ June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference J.W. Marriott Spa and Resort, Las Vegas, Nevada Contact: http://www.airacira.org/ June 12-14, 2008 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: http://www.abiworld.org/ June 19-21, 2008 ALI-ABA Partnerships, LLCs, and LLPs: Uniform Acts, Taxation, Drafting, Securities, and Bankruptcy Omni Hotel, San Francisco, California Contact: http://www.ali-aba.org/ June 26-29, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Western Mountains Bankruptcy Law Seminar Jackson Hole, Wyoming Contact: http://www.nortoninstitutes.org/ July 10-13, 2008 AMERICAN BANKRUPTCY INSTITUTE 16th Annual Northeast Bankruptcy Conference Ocean Edge Resort Brewster, Massachussets Contact: http://www.abiworld.org/events July 31 - Aug. 2, 2008 AMERICAN BANKRUPTCY INSTITUTE 4th Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, Florida Contact: http://www.abiworld.org/ Aug. 20-24, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Captain Cook, Anchorage, Alaska Contact: http://www.nabt.com/ Sept. 4-5, 2008 AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 4-6, 2008 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 24-26, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC 15th Annual Fall Conference Scottsdale, Arizona Contact: http://www.ncbj.org/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Desert Ridge Marriott, Scottsdale, Arizona Contact: http://www.iwirc.org/ Oct. 9, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Luncheon - Chapter 11 University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ June 11-13, 2009 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.org/ July 16-19, 2009 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Mt. Washington Inn Bretton Woods, New Hampshire Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ BEARD AUDIO CONFERENCES 2006 BACPA Library Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/; http://researcharchives.com/t/s?20fa BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; 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http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Non-Traditional Lenders and the Impact of Loan-to-Own Strategies on the Restructuring Process Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergers\u2014the New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Today\u2019s Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Battle of Green & Red: Effect of Bankruptcy on Obligations to Clean Up Contaminated Property Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Subprime Sector Meltdown: Legal Developments and Latest Opportunities Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite M&A and Insolvency Proceedings Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel P. Laureno, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, Kristina Godinez, Patrick Abing and Marites Claro, Editors. Copyright 2007. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *