/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/071205.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 Wednesday, December 5, 2007, Vol. 8, No. 241 Headlines A U S T R I A AKOS OBJEKTSANIERUNG: Vienna Court Orders Business Shutdown ELEPHANT LLC: Ried im Innkreis Court Orders Business Shutdown FALCONTROL SECURITY: Creditors' Meeting Slated for Dec. 12 GASTRO-TOURIST: Creditors' Meeting Slated for Dec. 6 INWESTED ASSET: Korneuburg Court Orders Business Shutdown VISEMA INFORMATIK: Vienna Court Orders Business Shutdown VTR VERANSTALTUNGSTECHNIK: Creditors' Meeting Slated for Dec. 12 B E L G I U M CHIQUITA BRANDS: Gets EU Sanction Over Banana Cartel in Europe NUANCE COMMUNICATIONS: Completes Viecore Acquisition F I N L A N D BRIGHTPOINT INC: Appoints Three Executive Officers F R A N C E DELPHI CORP: Wants Exclusive Filing Period Stretched to March 31 DRESSER-RAND GROUP: Implements Terms of New Union Contract FRESH DEL MONTE: Names Elias Hebeka as Director on Board QUEBECOR MEDIA: Issues Statement Regarding Spectrum Auction G E R M A N Y ADEXPERT GMBH: Claims Registration Period Ends Jan. 24, 2008 ARCON-KONSTRUKTION GMBH: Claims Registration Period Ends Dec. 27 AUTOHAUS MEISTER: Claims Registration Period Ends Jan. 2, 2008 BERGOINT ENGINEERING: Claims Registration Period Ends Jan. 3 BHS.NET GMBH: Creditors' Meeting Slated for December 4 BONK UND FUNKE: Claims Registration Ends December 28 C.P.BAUPROJEKT: Claims Registration Ends December 28 CASA HOCHBAU: Claims Registration Ends December 31 CEC IMMOBILIEN: Claims Registration Ends February 1, 2008 FONSCO GMBH: Claims Registration Ends December 28 FRANZ KUENG: Creditors' Meeting Slated for December 18 GB-WOHNANLAGEN SERVICE: Claims Registration Ends December 28 G F I GESELLSCHAFT: Claims Registration Period Ends Jan. 2, 2008 GIPSER- UND STUKKATEURBETRIEB: Claims Period Ends December 21 GOLDEN DRAGON: Claims Registration Period Ends January 2, 2008 HOLZAEPFEL WOHNBAU: Claims Registration Ends December 31 IKB DEUTSCHE: Mulls Capital Increase to Raise EUR2 Bln, FT Says ITG-GMBH: Claims Registration Period Ends January 2, 2008 J & M PROJEKTSTEUERUNGSGESELLSCHAFT: Claims Period Ends Dec. 27 K & K SERVICE: Claims Registration Period Ends Jan. 28, 2008 K. J. FRIEDRICH: Claims Registration Ends December 30 KONZEPTA GRUNDSTUECKS: Creditors' Meeting Slated for December 17 KUPFERBERG CONSULT: Creditors' Meeting Slated for Jan. 30, 2008 MEDIA VISION: Claims Registration Period Ends December 25 P+T GMBH: Creditors' Meeting Slated for December 21 PROSIEBENSAT.1 MEDIA: Posts EUR77.9 Mln Net Loss for Q3 2007 REGIONAL-BAU GMBH: Claims Registration Period Ends December 27 SI-COM GMBH: Creditors' Meeting Slated for December 18 SL WOHNBAU: Claims Registration Period Ends Jan. 21, 2008 G R E E C E ASPIS BANK: Fitch Affirms BB+ IDR with Stable Outlook OLYMPIC AIRLINES: Aid Recoup Done, Greece Tells European Court I R E L A N D INTERNATIONAL SECURITIES: Court Places Firm Under Examinership SCANDINOTES FIVE: Moody's Rates DKK255 Mln Class D Notes at Ba3 I T A L Y ALITALIA SPA: Group Net Debt Stands at EUR1.18 Bln in October K A Z A K H S T A N ACT TRADE: Proof of Claim Deadline Slated for December 28 BUSINESS CENTRE: Creditors Must File Claims December 28 ECO AGROPROMPROJECT: Claims Filing Period Ends Jan. 1, 2008 KANDI TRADE: Creditors' Claims Due on December 28 KUNDYZ LLP: Claims Registration Ends January 1, 2008 SAMGAU LTD: Proof of Claim Deadline Slated for December 28 SERVER-2030 LLP: Creditors Must File Claims December 28 TAU-HOLDING LLP: Claims Filing Period Ends December 28 VEK LLP: Creditors' Claims Due on January 1, 2008 ZARAP LLP: Claims Registration Ends January 1, 2008 K Y R G Y Z S T A N VENTURE C&C: Creditors Must File Claims by December 28 L U X E M B O U R G CA INC: Paying US$0.04 Per Share Quarterly Dividend on Dec. 28 N E T H E R L A N D S KONINKLIJKE AHOLD: Completes Tops Market Sale to Morgan Stanley N O R W A Y DRESSER-RAND: Employees Back to Work at Painted Post Facility R U S S I A AGROIMPULS JSCB: Moody's Assigns B3/NP/E+ Global Scale Ratings DAL'TRANSSTROY OJSC: Court Names E. S. Ugol'nikov as Liquidator GAZPROM NEFT: Gains Access to US$2.2 Billion Loan Facility GENERAL MOTORS: Bidding for Undisclosed Stake in OAO AvtoVAZ GOLDEN TELECOM: In Talks to Sell All Shares to VimpelCom GRES-2 OJSC: Creditors Must File Claims by December 22 IRIKLINSKOYE: Creditors Must File Claims by January 17, 2008 LIHOSLAVL'SKAYA GLOVE: Claims Filing Period Ends Jan. 17, 2008 MASHINOSTROITEL' TD: Creditors Must File Claims by December 17 MEZHDURECHENSKSTROY CJSC: Asset Sale Slated for December 17 SISTEMA JSFC: To Recommence Trading on Russian Stock Exchange TERSKIJ APK: Creditors Must File Claims by January 17, 2008 TEXTILE VYSHNE-VOLOTSKAYA: Hearing Slated for January 29, 2008 VIMPEL-COMMUNICATIONS: In Talks to Acquire Golden Telecom S P A I N AVANZIT SA: Chapter 15 Petition Summary S W I T Z E R L A N D AKKRO BAU: Claims Registration Period Ends December 10 BRAND AGENCY: Claims Registration Period Ends December 10 BEPES LLC: Creditors' Liquidation Claims Due by December 10 BUCH-UND ZEITUNGSVERLAG: Creditors Must File Claims by Dec. 12 GARTNER + LEBER: Creditors' Liquidation Claims Due by Dec. 10 IDS-INSTITUT: Creditors' Liquidation Claims Due by December 10 MANUS SCHADENSMANAGEMENT: Creditors Must File Claims by Dec. 10 PLUS-PUNKT OLTEN: Creditors Must File Claims by December 10 SCICO PUBLISHING: Bern Court Closes Bankruptcy Proceedings SEKI GASTRO: Bern Court Closes Bankruptcy Proceedings VARIF JSC: Creditors' Liquidation Claims Due by December 14 T U R K E Y CALIK HOLDING: Fitch Affirms IDR at B+ on Diversified Revenue PROFILO TELRA: Fitch Junks IDR on Liquidity Concerns U K R A I N E ASTRA-SVIT LLC: Creditors Must File Claims by December 6 BUILDING METAL: Creditors Must File Claims by December 6 DOWNY GOODS: Creditors Must File Claims by December 6 FRUIT-JELLY FILM: Creditors Must File Claims by December 6 GRAND CHEMISTRY: Creditors Must File Claims by December 6 LUTUGINO BREADRECEIVING: Creditors Must File Claims by Dec. 6 MEDICAL TECHNICS: Proofs of Claim Deadline Set December 6 ONYX-M LLC: Creditors Must File Claims by December 6 PRAVDA LLC: Proofs of Claim Deadline Set December 6 STAN-KOINTECH CJSC: Proofs of Claim Deadline Set December 6 TRADE-ARCHITECTURE BUILDING: Creditors' Claims Due December 6 WORKSAL AGRICULTURAL: Creditors Must File Claims by December 6 ZAPOROZHYE BOILER-ASSEMBLY: Creditors Must File Claims by Dec. 6 ZOLOTOY KOLOS: Creditors Must File Claims by December 6 U N I T E D K I N G D O M BAA LTD: Climate Activists Disrupt Parliamentary Inquiry CHRYSLER LLC: Overall November 2007 U.S. Sales Down 2 Percent CHRYSLER LLC: Invests US$48 Mln to Support New Dodge Production DAVIES & GIBBERSON: Brings In Liquidators from Moore Stephens FORD MOTOR: Overall U.S. Sales Up 0.4 Percent in November 2007 GENERAL MOTORS: Overall U.S. Sales Down 11 Percent in November GENERAL MOTORS: Bidding for Undisclosed Stake in OAO AvtoVAZ GREENLAKE DEVELOPMENTS: Appoints PwC as Joint Administrators HOBBY CERAMICS: J. M. Titley Leads Liquidation Procedure INDUSTRIA ENGINEERING: Claims Filing Period Ends January 9, 2008 MARCON BUILDINGS: Taps Begbies Traynor as Administrators NICOLSON PLANT: Brings In Administrators from BDO Stoy POPE & TALBOT: Wants Court OK to Hire Rives as Outside Counsel POPE & TALBOT: Selects FTI Consulting as Financial Advisor POPE & TALBOT: U.S. Trustee Elects 5-Member Creditors Committee POPE & TALBOT: Informs B.C. Supreme Court of APA with InterFor SUMMIT PRECISION: Barclays Bank Taps Kroll as Receivers TUDOR WINDOWS: Creditors' Meeting Slated for Dec. 11 ********* ============= A U S T R I A ============= AKOS OBJEKTSANIERUNG: Vienna Court Orders Business Shutdown ----------------------------------------------------------- The Trade Court of Vienna entered Oct. 29 an order shutting down the business of LLC AKOS Objektsanierung (FN 251753a). Court-appointed estate administrator Robert Klein 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. Robert Klein c/o Dr. Thomas Deschka Spiegelgasse 10 1010 Vienna Austria Tel: 513-99-39 Fax: 513 99 39 30 E-mail: klein@lawcenter.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 10 (Bankr. Case No 5 S 121/07i). Thomas Deschka represents Dr. Klein in the bankruptcy proceedings. ELEPHANT LLC: Ried im Innkreis Court Orders Business Shutdown ------------------------------------------------------------- The Land Court of Ried im Innkreis entered Oct. 29 an order shutting down the business of LLC Elephant (FN 143801y). Court-appointed estate administrator Peter Frisch 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. Peter Frisch Braunauerstrasse 22 4950 Altheim Tel: 07723/41213 Fax: 07723/41213-4 E-mail: office@ra-frisch.at Headquartered in Maria Schmolln, Austria, the Debtor declared bankruptcy on Oct. 19 (Bankr. Case No 17 S 39/07b). FALCONTROL SECURITY: Creditors' Meeting Slated for Dec. 12 ---------------------------------------------------------- Creditors owed money by LLC Falcontrol Security (FN 281287h) are encouraged to attend the creditors' meeting at 11:00 a.m. On Dec. 12. The creditors' meeting will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Vienna - Flughafen, Austria, the Debtor declared bankruptcy on Oct. 25 (36 S 129/07y). Stefan Langer serves as the court-appointed estate administrator of the bankrupt's estate. Annemarie Kosesnik-Wehrle represents Dr. Langer in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Stefan Langer c/o Dr. Annemarie Kosesnik-Wehrle Oelzeltgasse 4 1030 Vienna Austria Tel: 01/712 63 02 Fax: 01/713 61 92 22 E-mail: kanzlei@kosesnik-langer.at GASTRO-TOURIST: Creditors' Meeting Slated for Dec. 6 ---------------------------------------------------- Creditors owed money by LLC Gastro-Tourist (FN 269953s) are encouraged to attend the creditors' meeting at 11:15 a.m. on Dec. 6. The creditors' meeting will be held at: The Land Court of Graz Room 222 Second Floor Graz Austria Headquartered in Voitsberg, Austria, the Debtor declared bankruptcy on Oct. 24 (26 S 89/07v). Mag. Herbert Ortner serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Mag. Herbert Ortner Hauptplatz 57 8570 Voitsberg Austria Tel: 03142/22303 Fax: 03142/223036 E-mail: office@recht-kompetent.at INWESTED ASSET: Korneuburg Court Orders Business Shutdown --------------------------------------------------------- The Land Court of Korneuburg entered Oct. 31 an order shutting down the business of JSC inWESTed Asset Management & Beteiligung (FN 254491b). Court-appointed estate administrator Stephan Riel 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. Stephan Riel c/o Dr. Alexander Schoeller Landstrasser Hauptstrasse Ť 1030 Vienna Austria Tel: 01/713 44 33 Fax: 01/713 10 33 E-mail: kanzlei@jsr.at Headquartered in Gerasdorf bei Vienna, Austria, the Debtor declared bankruptcy on Oct. 22 (Bankr. Case No 36 S 126/07g). Alexander Schoeller represents Dr. Riel in the bankruptcy proceedings. VISEMA INFORMATIK: Vienna Court Orders Business Shutdown -------------------------------------------------------- The Trade Court of Vienna entered Oct. 24 an order shutting down the business of LLC Visema Informatik (FN 210443a). Court-appointed estate administrator Walter Kainz 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. Walter Kainz Gusshausstrasse 23 1040 Vienna Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 22 (Bankr. Case No 28 S 119/07i). VTR VERANSTALTUNGSTECHNIK: Creditors' Meeting Slated for Dec. 12 ---------------------------------------------------------------- Creditors owed money by LLC VTR Veranstaltungstechnik Rieder (FN 139500y) are encouraged to attend the creditors' meeting at 10:30 a.m. on Dec. 12. The creditors' meeting will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Korneuburg, Austria, the Debtor declared bankruptcy on Oct. 25 (36 S 128/07a). Horst Winkelmayr serves as the court-appointed estate administrator of the bankrupt's estate. Herbert Nigl represents Mag. Winkelmayr in the bankruptcy proceedings. The estate administrator can be reached at: Mag. Horst Winkelmayr c/o Mag. Herbert Nigl Hauptplatz 15 2100 Korneuburg Austria Tel: 02262/724 35 Fax: 02262/724 35 50 E-mail: rae@kniwi.at ============= B E L G I U M ============= CHIQUITA BRANDS: Gets EU Sanction Over Banana Cartel in Europe -------------------------------------------------------------- The European Union told Plenglish.com that it will sanction Chiquita Brands International, for making a banana cartel in Europe. According to Plenglish.com, the union also pointed out these firms as responsible for banana cartel: -- Dole Food, -- Del Monte, -- Ecuador's Noboa, and -- Ireland's Fyffes. Plenglish.com notes that the companies were allegedly exporting large amounts of banana to Europe at "artificially high prices." European Commissioner for Competition Neelie Kroes sent a letter to the firms to inform them about the sanction, Plenglish.com states. About Chiquita Brands Cincinnati, Ohio-based Chiquita Brands International, Inc. (NYSE: CQB) -- http://www.chiquita.com/-- markets and distributes fresh food products including bananas and nutritious blends of green salads. The company markets its products under the Chiquita(R) and Fresh Express(R) premium brands and other related trademarks. Chiquita employs approximately 25,000 people operating in more than 70 countries worldwide, including Belgium, Columbia, Germany, Panama, Philippines, among others. * * * As reported in the Troubled Company Reporter on May 16, 2007, Moody's Investors Service Ratings affirmed these ratings on Chiquita Brands International Inc.: (i) corporate family rating at B3; (ii) probability of default rating at B3; (iii) US$250 million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%); and (iv) US$225 million 8.875% senior unsecured notes due 2015 at Caa2 (LGD5, 89%). Moody's changed the rating outlook for Chiquita Brands to negative from stable. Troubled Company Reporter reported on May 4, 2007, that Standard & Poor's Ratings Services placed its 'B' corporate credit and other ratings on Cincinnati, Ohio-based Chiquita Brands International Inc. on CreditWatch with negative implications, meaning that the ratings could be lowered or affirmed following the completion of their review. Total debt outstanding at the company was about US$1.3 billion as of March 31, 2007. NUANCE COMMUNICATIONS: Completes Viecore Acquisition ---------------------------------------------------- Nuance Communications Inc. has closed the acquisition of Viecore, Inc., a consulting and systems integration firm specializing in the deployment of contact center solutions for large enterprises. Viecore expands Nuance's professional services capabilities and complements its existing partnerships, allowing the Company to deliver end-to-end speech solutions and system integration for speech-enabled customer care in key vertical markets including financial services, telecommunications, healthcare, utilities and government. Viecore's consulting services, systems integration experience and significant intellectual property related to services delivery allows Nuance to further accelerate the deployment of customer care solutions. In connection with the acquisition of Viecore and in accordance with NASDAQ Marketplace Rule 4350, Nuance will grant 613,363 shares of its common stock, in the form of stand-alone restricted stock units, as an inducement that is material to 334 individuals entering into employment arrangements with Nuance. The restricted stock units will be granted upon the approval of the Compensation Committee of Nuance's Board of Directors. 577,600 of the restricted stock units vest over a four year period, 11,921 of the restricted stock units vest over a 90-day period, 11,921 of the restricted stock units vest over a one year period and 11,921 of the restricted stock units vest over a two year period. About Viecore Viecore is a leading consulting and systems integration firm delivering end-to-end automated customer interaction solutions. Since 1989, Viecore has been a trusted advisor to enterprise- level corporations, providing leadership and guidance in defining contact center strategies. Its integration services bring together CTI (computer telephony integration), IVR (interactive voice response), speech, and web technologies-to deliver comprehensive customer interaction management solutions for a wide range of industry segments. Its customer interaction solutions are deployed in thousands of enterprises worldwide, helping millions of callers every day, access information and perform self-service transactions. About Nuance Communications Based in Burlington, Massachusetts, Nuance Communications Inc. (NASDAQ: NUAN), fka ScanSoft Inc., -- http://www.nuance.com/-- provides speech and imaging solutions for businesses and consumers around the world. Its technologies, applications and services that help users interact with information, and create, share and use documents. The company has offices in Australia, Belgium, Japan, Korea, Hong Kong, India, Mexico, and the United Kingdom, among others. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 9, 2007, Standard & Poor's Ratings Services affirmed its 'B+' corporate credit rating on Burlington, Massachusetts-based Nuance Communications Inc. and assigned its 'B-' rating to Nuance's proposed USUS$150 million senior unsecured convertible notes due 2027. Proceeds from the notes will be used to partially fund the previously announced acquisition of Tegic Communications Inc. S&P said the outlook is positive. ============= F I N L A N D ============= BRIGHTPOINT INC: Appoints Three Executive Officers -------------------------------------------------- Brightpoint Inc., in connection with its ongoing integration following its transaction with Dangaard Telecom, the duties and responsibilities of certain executives are modified effective immediately: -- Jac Currie has been appointed as the company's Chief Information Officer and will lead the company's global IT team. -- R. Bruce Thomlinson will continue in his role of President, Asia Pacific but will have his scope expanded to include the Middle East, Africa and India. -- David O'Connell has been appointed as Chief Financial Officer for Brightpoint Europe. Prior to his appointment as CIO, Mr. Currie had been President of Emerging Markets since January 2006. From August 2002 to December 2005, Mr. Currie was the chairman and chief executive officer of Persequor Limited, a holding company for investments in wireless telecommunications that the Company subsequently acquired and which is now one of the Company's wholly owned subsidiaries. From January 1998 to August 2002, Mr. Currie served as the managing director of Brightpoint Middle East FZE, then one of the Company's wholly owned subsidiaries. Mr. Currie also serves on the board of directors of several of the Company's subsidiaries. Mr. Currie is a wireless industry veteran, having been involved in the industry since 1988. Prior to joining Brightpoint, he was employed by Deutsche Telecom in the Philippines. He also worked with Millicom International Cellular from 1988 to 1995, in various senior marketing and management roles throughout Europe, Asia and Latin America. Mr. Thomlinson has served the Company in various capacities, most recently as President, Asia-Pacific. Prior to the integration with Dangaard, Mr. Thomlinson served as President, International Operations from August 2005. Previously, he served as President of the Company's Asia-Pacific division from October 1998 and as Managing Director of Brightpoint Australia since October 1996, when Brightpoint acquired Hatadicorp Pty Ltd. Prior to that time, Mr. Thomlinson held the position of Managing Director for Hatadicorp. He has been engaged in the wireless communications industry since 1989. Prior to his appointment as CFO for Brightpoint Europe, Mr. O'Connell served as Vice President Integration and Communication since November 2006. Prior to that, Mr. O'Connell served as Vice President of Taxation, Global Credit and Risk Management for Brightpoint since April of 2003. From August of 1997 to April of 2003 he was the company's Director of Taxation. Prior to joining the Company, Mr. O'Connell was Tax Manager for Allison Engine Company (now Rolls-Royce) in Indianapolis, Indiana. Prior thereto, he held various tax positions with Ernst & Young. About Brightpoint Headquartered in Plainfield, Indiana, Brightpoint, Inc. -- http://www.brightpoint.com/-- distributes wireless devices and accessories, as well as provision of customized logistic services to the wireless industry. The company primarily operates in Australia, Colombia, Finland, Germany, India, New Zealand, Norway, the Philippines, the Slovak Republic, Sweden, United Arab Emirates and the United States. The company's customers include mobile operators, mobile virtual network operators, resellers, retailers and wireless equipment manufacturers. Brightpoint was incorporated in 1989 under the name Wholesale Cellular USA, Inc. and changed its name to Brightpoint Inc. in 1995. * * * On April 12, 2006, Standard & Poor's placed Brightpoint's long- term local and foreign issuer credit ratings at BB- with a stable outlook. =========== F R A N C E =========== DELPHI CORP: Wants Exclusive Filing Period Stretched to March 31 ---------------------------------------------------------------- Delphi Corporation and its debtor affiliates and subsidiaries ask the U.S. Bankruptcy Court for the Southern District of New York to further extend their exclusive periods to: (a) file a plan of reorganization through and including March 31, 2008; and (b) solicit acceptance of that plan through and including May 31, 2008. The Debtors' current Exclusive Plan Proposal Period will expire on December 31, 2007. "A further extension of the Exclusive Periods is justified by the significant progress the Debtors have made toward reorganization since they last sought an extension of the Exclusive Periods," John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, asserts. The Debtors' good-faith progress towards reorganization, according to Mr. Butler, is most convincingly demonstrated by the filing of the Joint Plan of Reorganization and Disclosure Statement on Sept. 6, 2007. The Plan and Disclosure Statement were the products of a series of intense negotiations involving the Debtors, the Plan Investors led by Appaloosa Management L.P., the Statutory Committees, and General Motors Corp., Mr. Butler avers. As a result of the turbulence in the capital markets, however, the Debtors were required to negotiate potential amendments to the Plan and Disclosure Statement with certain stakeholders, Mr. Butler relates. Nonetheless, the Plan provides for full payment at Plan value to creditors and a distribution for equity holders, he notes. "All of these negotiated amendments represent the Debtors' continuing efforts to emerge from Chapter 11 protection as quickly as possible so that they can maximize value for all their stakeholders," Mr. Butler assures the Court. In addition to the significant progress toward confirming a plan, Mr. Butler points out that that the Debtors have substantially achieved the goals of their transformation plan by, among other things, negotiating amended collective bargaining agreements with their labor unions and comprehensive settlement and restructuring agreements with GM; continuing to divest non-core assets and businesses; and obtaining the second of two pension funding waivers from the Internal Revenue Service. The unresolved contingencies relating to fully committed exit financing, solicitation, and confirmation of the Plan, as well as the size and complexity of the Debtors' cases also justify a further extension of the Exclusive Periods, Mr. Butler adds. "The size and complexity of the Debtors' chapter 11 cases alone constitute sufficient cause to extend the Exclusive Periods," he asserts. Accordingly, the Debtors seek an extension of the Exclusive Periods to give them sufficient time to complete the Plan solicitation and confirmation processes in a timeframe that will allow them to emerge from bankruptcy in the first quarter of 2008. The Debtors are not using their Exclusive Periods to pressure stakeholders to submit to their reorganization demands, Mr. Butler clarifies. The Debtors, he explains, are actively utilizing the Periods to resolve remaining issues in good faith with their diverse constituencies. In addition, the Debtors' request is without prejudice to any party's right to request a termination of exclusivity for cause at any time under Section 1121(d) of the Bankruptcy Code. The Debtors said the requested extension was precautionary. The Debtors continue to expect that they will emerge from Chapter 11 during the first quarter of 2008. The Detroit News notes that Delphi, in November 2007, said if its plan isn't in place by Dec. 31, it could owe the U.S. Internal Revenue Service US$1,400,000,000, when the waiver on funding of the auto-parts supplier's pension obligations expires and would compel the company to pay taxes and penalties to the IRS. The IRS, according to the report, could extend the waiver. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and USUS$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 99; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DRESSER-RAND GROUP: Implements Terms of New Union Contract ---------------------------------------------------------- Dresser-Rand Group Inc., after reaching impasse in its negotiations with the IUE-CWA Local 313 union representatives for the company's Painted Post facility in New York State, the company has implemented the terms of its last offer and has invited bargaining unit employees to immediately return to work. At the time of the strike on Aug. 4, 2007, there were approximately 400 bargaining unit employees. However, since the strike began, the company has hired over 90 permanent replacement workers, subcontracted approximately 35% of its work, and continued to augment production with approximately 130 temporary employees. It is anticipated that temporary employees will continue to be reduced by additional new hires, employees returning to work, and increased subcontracting. "This is a major event in the evolution of this facility because the contract language governing our operating policies is now consistent with contemporary standards, and the employee benefits will be more in line with the vast majority of what already exists among Dresser-Rand U.S.-based union and non-union employees," said Dresser-Rand President and Chief Executive Officer, Vincent R. Volpe, Jr. "While it is unfortunate that we collectively had to endure a sixteen week strike, it is equally clear that this was an investment in the future of the Painted Post facility. Throughout the course of the strike, our replacement workers and our salaried employees, as well as the strikers who returned to work, did an outstanding job because of their dedication and their extended work hours in helping the business move forward," said Mr. Volpe. On Nov. 13, 2007, the Union and the company agreed to meet for 3 more days of bargaining and then to meet every day beginning Nov. 26, 2007, in continuous negotiating sessions on consecutive days thereafter. On Nov. 19, 2007, the union made an offer to return to work under the expired contract. This followed 32 sessions of negotiations between the company and the union and a sixteen-week strike. The company elected not to accept the union's offer. During the first two days of negotiations following the Thanksgiving holiday, both parties expressed their unwillingness to change their negotiating position. The union then informed the company that it was unavailable to meet for the remainder of the week, and ended the negotiations at approximately noon on Nov. 27, 2007. According to Vice President and Chief Administrative Officer Elizabeth Powers, "The Union has filed several unfair labor practice charges against the company which will be decided over the course of the next several months. The company has fully cooperated with the National Labor Relations Board's investigation of these charges. However, the company, together with our external labor counsel, are confident that every precaution has been taken to ensure that the company has followed the law properly and fully respected the rights of the Union, the employees, and the bargaining process." Over the sixteen week strike, Painted Post shipped 42 complete compressor units, the majority of which were delivered on time or early to clients. During the months of the strike, from August through November 2007, the parts business in Painted Post exceeded shipment levels compared to August through November 2006. During the strike, Lloyds Registry recertified the Painted Post facility for both ISO 9001 and ISO 14001, despite the fact that the entire workforce of temporary and permanent replacement workers was new. According to Director of Operations for the Painted Post facility, Doug Rich, "The past several weeks have resulted in a culture change and a tremendous amount of teamwork within the facility as all of our employees -- both management and production employees -- have worked together to accomplish our goal of providing uninterrupted service to our clients. We are proud of the effort and results of our employees during this strike." Mr. Volpe said, "We are now looking forward to welcoming back many of our employees into a rejuvenated atmosphere of collaboration and teamwork, where positive energy is expended on satisfying our clients". "This company, with the support of its board and shareholders, never wavered in its resolve to obtain what we considered to be the principal operational objectives that have now been achieved" according to Mr. Volpe. "As a result, clients of our reciprocating compressor products, principally manufactured in Painted Post New York, should be better served." The company currently does not believe that this recent development warrants any change in its earnings guidance for 2007 and 2008 disclosed at its Oct. 31, 2007 conference call which followed the report of the company's third quarter 2007 results. About the Company Dresser-Rand Group Inc. (NYSE: DRC) is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. It operates manufacturing facilities in the United States, France, Germany, Norway, India, and Brazil, and maintains a network of 24 service and support centers covering 105 countries. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 7, 2007, Standard & Poor's Ratings Services assigned its bank loan and recovery ratings to the US$500 million senior secured revolving credit facility due 2012 of Dresser-Rand Group Inc. (BB-/Stable/--). FRESH DEL MONTE: Names Elias Hebeka as Director on Board -------------------------------------------------------- Fresh Del Monte Produce Inc.'s Board of Directors has appointed Dr. Elias K. Hebeka to serve as a director to the company until the 2008 Annual General Meeting of Shareholders when he will be considered for election to the board by the company's shareholders. Dr. Hebeka's appointment increases the board to nine members, five of whom are independent directors. Dr. Hebeka is currently serving as a consultant to several organizations and companies, including The World Bank and Callaway Golf. Dr. Hebeka has previously held various senior executive management and academia positions. At Revlon Inc. he served as President Worldwide Operations and Technical Affairs, Executive Vice President, Operations Worldwide, and Executive Vice President, Operations. Prior to joining Revlon, Dr. Hebeka was President and Chief Executive Officer of Liberty Science Center and he held various management positions with Warner Lambert Company for over 25 years. Prior to his business career, Dr. Hebeka served as a Professor at the University of Cairo. He currently serves as a Vice Chair of the board of trustees with The American University in Cairo. Dr. Hebeka also serves on the boards of two non-profit organizations. Mohammad Abu-Ghazaleh, Fresh Del Monte's Chairman and Chief Executive Officer, said, "Dr. Hebeka brings to Fresh Del Monte a wealth of academia and business experience. He has a tremendous amount of international business knowledge and his extensive familiarity and insight into emerging markets will be of great value to Fresh Del Monte in achieving its global growth strategy." Based in the Cayman Islands, Fresh Del Monte Produce Inc. -- http://www.freshdelmonte.com/-- is one of the world's leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared fruit and vegetables, juices, beverages, snacks and desserts in Europe, the Middle East and Africa. Fresh Del Monte markets its products worldwide under the Del Monte(R) brand, a symbol of product quality, freshness and reliability since 1892. Del Monte Fresh Produce Company has operations in Chile, Brazil, France, Philippines, and Korea. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 22, 2007, Standard & Poor's Ratings Services has affirmed its 'BB-' corporate credit rating on Fresh Del Monte Produce Inc., and removed the rating from CreditWatch, where it was placed with positive implications on Nov. 1, 2007. S&P said the outlook is stable. QUEBECOR MEDIA: Issues Statement Regarding Spectrum Auction ----------------------------------------------------------- In light of media reports and questions from some Members of Parliament, Quebecor Media Inc. issues this statement: "Quebecor Media Inc. and its subsidiary, Videotron Ltd., fully respected the integrity of the public consultation process concerning the establishment of rules to be applied to the auction of spectrum for mobile wireless services. All representations made to various government authorities were conducted by persons who were duly registered as lobbyists." "In addition, Quebecor Media Inc. confirms that its President and Chief Executive Officer, Mr. Pierre Karl Peladeau, met on two occasions with the Hon. Maxime Bernier when he was Minister of Industry to discuss different issues including the company's perspective on the wireless file, specifically that it is in the interest of Canadian consumers to have greater competition in this area. The meetings were organized by company representatives who were duly recorded in the Lobby Registry, as were Mr. Peladeau and individuals who accompanied him to these meetings. The two meetings took place in the winter and the summer of 2006." "Mr. Peladeau and other senior officials of the company and its subsidiaries also met with other members of the Cabinet, of the public service as well as MPs including members from opposition parties. All individuals involved in the organization of these meetings and in the meetings themselves acted in accordance with the applicable legislation." "Quebecor Media Inc. is pleased with the decision announced earlier this week by the Minister of Industry, the Hon. Jim Prentice, that allows new competitors to enter the wireless market since this decision is clearly in the interest of all Canadian consumers." Quebecor Media Inc., a subsidiary of Mortsel, Belgium-based, Quebecor Inc. -- http://www.quebecor.com/-- owns operating companies in numerous media-related businesses: Videotron Ltd., a cable operator in Quebec and a major Internet Service Provider and provider of telephone and business telecommunications services; Sun Media Corporation, Canada's chain of tabloids and community newspapers; TVA Group Inc., operator of French- language general-interest television network in Quebec, a number of specialty channels, and the English-language general-interest station Sun TV; Canoe Inc., operator of a network of English- and French-language Internet properties in Canada; Nurun Inc., a major interactive technologies and communications agency with offices in Canada, the United States, Europe and Asia; companies engaged in book publishing and magazine publishing; and companies engaged in the production, distribution and retailing of cultural products, namely Archambault Group Inc., chain of music stores in eastern Canada, TVA Films, and Le SuperClub Videotron ltee, a chain of video and video game rental and retail stores. Headquartered in Montreal, Canada, the company has global facilities in India, France and Argentina. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 1, 2007, Moody's Investors Service rated Quebecor Media Inc.'s US$700 million add-on senior unsecured note issue B2. Ratings on the underlying 7.75% senior unsecured notes due in March of 2016 were affirmed at the same B2 level. At the same time, QMI's Ba3 corporate family rating and stable ratings outlook were affirmed. ============= G E R M A N Y ============= ADEXPERT GMBH: Claims Registration Period Ends Jan. 24, 2008 ------------------------------------------------------------ Creditors of ADexpert GmbH have until Jan. 24, 2008, to register their claims with court-appointed insolvency manager Dr. Juergen Sander. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 14, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Syke Hall 112 Hauptstr. 5A 28857 Syke Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Juergen Sander An der Beeke 22 28844 Weyhe Germany Tel: 0421/806666 Fax: 0421/8066611 The District Court of Syke opened bankruptcy proceedings against ADexpert GmbH on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ADexpert GmbH Am Kuhzaun 28 28844 Weyhe Germany ARCON-KONSTRUKTION GMBH: Claims Registration Period Ends Dec. 27 --------------------------------------------------------------- Creditors of Arcon-Konstruktion GmbH have until Dec. 27 to register their claims with court-appointed insolvency manager Karina Schwarz. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on Jan. 29, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover 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: Karina Schwarz Adenauerallee 4 30175 Hannover Germany Tel: 0511 2353150 Fax: 0511 2353151 The District Court of Hannover opened bankruptcy proceedings against Arcon-Konstruktion GmbH on Nov. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Arcon-Konstruktion GmbH Attn: Hedwig Minna Maria Meine, Manager Staakenweg 71 30179 Hannover Germany AUTOHAUS MEISTER: Claims Registration Period Ends Jan. 2, 2008 -------------------------------------------------------------- Creditors of Autohaus Meister GmbH have until Jan. 2, 2008, to register their claims with court-appointed insolvency manager Stephan Ruedlin. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Feb. 12, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Ruedlin Bismarckstrasse 107 74074 Heilbronn Germany Tel: 07131/91344-0 Fax: 07131/91344-11 The District Court of Heilbronn opened bankruptcy proceedings against Autohaus Meister GmbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Meister GmbH Benzenmuehlstrasse 9 71723 Grossbottwar Germany BERGOINT ENGINEERING: Claims Registration Period Ends Jan. 3 ------------------------------------------------------------ Creditors of Bergoint Engineering GmbH have until Jan. 3, 2008, to register their claims with court-appointed insolvency manager Stephan Schlegel. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 14, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Darmstadt Hall 4.326 Fourth Floor Building D Mathildenplatz 15 64283 Darmstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Stephan Schlegel Hauptstrasse 336 65760 Eschborn Germany Tel: 06173/9394-0 Fax: 06173/9394-20 The District Court of Darmstadt opened bankruptcy proceedings against Bergoint Engineering GmbH on Nov. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bergoint Engineering GmbH Attn: Denis Bergoint, Manager Akazienweg 11 64665 Alsbach-Hahnlein Germany BHS.NET GMBH: Creditors' Meeting Slated for December 4 ------------------------------------------------------ The court-appointed insolvency manager for BHS.NET GmbH, Michael Hawelka will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on Dec. 4. 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 9:45 a.m. on April 1, 2008 at the same venue. Creditors have until Feb. 5, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Michael Hawelka Friedrichstr. 204 10117 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against BHS.NET GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BHS.NET GmbH Prinz-Eugen-Str. 21 13347 Berlin Germany BONK UND FUNKE: Claims Registration Ends December 28 ---------------------------------------------------- Creditors of Bonk und Funke Vermoegensverwaltung GmbH & Co. KG have until Dec. 28 to register their claims with court-appointed insolvency manager Franz J. Abel. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 22, 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: Franz J. Abel Kaiserstrasse 77 66386 St. Ingbert Germany Tel: (06894) 3876 311 Fax: (06894) 382 185 The District Court of Saarbruecken opened bankruptcy proceedings against Bonk und Funke Vermoegensverwaltung GmbH & Co. KG on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bonk und Funke Vermoegensverwaltung GmbH & Co. KG Attn: Dominik Bonk and Michael Funke, Managers Am Langfeld 38 66130 Saarbruecken Germany C.P.BAUPROJEKT: Claims Registration Ends December 28 ---------------------------------------------------- Creditors of C.P.Bauprojekt GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Berthold Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 1:35 p.m. on Jan. 28, 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 Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Berthold Brinkmann Freiligrathstrasse 1 18055 Rostock Germany The District Court of Neubrandenburg opened bankruptcy proceedings against C.P.Bauprojekt GmbH on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: C.P.Bauprojekt GmbH Am Markt 4 17139 Malchin Germany CASA HOCHBAU: Claims Registration Ends December 31 -------------------------------------------------- Creditors of Casa Hochbau GmbH have until Dec. 31 to register their claims with court-appointed insolvency manager Rainer Beck. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Jan. 21, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Hall C205 Second Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rainer Beck Rheinstrasse 75 47623 Kevelaer Germany The District Court of Duisburg opened bankruptcy proceedings against Casa Hochbau GmbH on Nov. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Casa Hochbau GmbH Attn: Thomas Kurz, Manager Halderner Str.2 46499 Hamminkeln Germany CEC IMMOBILIEN: Claims Registration Ends February 1, 2008 --------------------------------------------------------- Creditors of CEC Immobilien GmbH have until Feb. 1, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Schulte-Beckhausen. Creditors and other interested parties are encouraged to attend the meeting at 9:05 a.m. on Dec. 17, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Hall W 1.25 First Floor Wilhelmstr. 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Andreas Schulte-Beckhausen Oxfordstr. 2 53111 Bonn Germany Tel: 0228/985210 Fax: 0228/9852122 The District Court of Bonn opened bankruptcy proceedings against CEC Immobilien GmbH on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CEC Immobilien GmbH Boeselagerhof 11 53111 Bonn Germany Attn: Sylvia Neusser, Manager Esche 4 53111 Bonn Germany FONSCO GMBH: Claims Registration Ends December 28 ------------------------------------------------- Creditors of Fonsco GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Dr. Reinhard Th. Schmid. Creditors and other interested parties are encouraged to attend the meeting at 8:15 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 Stuttgart Hall 13 Ground Floor Hauffstr. 5 (Am Neckartor) 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Reinhard Th. Schmid Hasenbergsteige 5 70178 Stuttgart Tel: 0711/66 90 70 Fax: 0711/66 45 068 The District Court of Stuttgart opened bankruptcy proceedings against Fonsco GmbH on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fonsco GmbH Attn: Dr. Regina-Elisabeth Mayer-Jaekel, Manager Otto-Lilienthalstr. 36 71034 Boeblingen Germany FRANZ KUENG: Creditors' Meeting Slated for December 18 ------------------------------------------------------ The court-appointed insolvency manager for Franz Kueng GmbH, Bjoern Gehde, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 8:30 a.m. on Dec. 18. 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 9:40 a.m. on March 25, 2008, at the same venue. Creditors have until Feb. 6, 2008, to register their claims with: Dr. Bjoern Gehde Goethestr. 85 10623 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Franz Kueng GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Franz Kueng GmbH Schoenhauser Allee 188 10119 Berlin Germany GB-WOHNANLAGEN SERVICE: Claims Registration Ends December 28 ------------------------------------------------------------ Creditors of GB-Wohnanlagen Service GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Hans W. Bauer. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Jan. 29, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Mosbach Meeting Hall 12 Lohrtalweg 2 74821 Mosbach Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans W. Bauer Emmeramsplatz 6 93047 Regelsburg Germany Tel: 0941/2968020 The District Court of Mosbach opened bankruptcy proceedings against GB-Wohnanlagen Service GmbH on Nov. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GB-Wohnanlagen Service GmbH Attn: Alois Abeltshauser, Manager Stadtamhof 8 93059 Regensburg Germany G F I GESELLSCHAFT: Claims Registration Period Ends Jan. 2, 2008 ---------------------------------------------------------------- Creditors of G F I Gesellschaft fuer Isoliertechnik mbH have until Jan. 2, 2008, to register their claims with court- appointed insolvency manager Stefan Rieger. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on Feb. 13, 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 Frankfurt (Main) Hall 2 Building F Klingerstrasse 20 60313 Frankfurt (Main) 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: Stefan Rieger Brueder-Grimm-Strasse 13 60314 Frankfurt (Main) Germany Tel: 069/40586280 Fax: 069/40586285 The District Court of Frankfurt (Main) opened bankruptcy proceedings against G F I Gesellschaft fuer Isoliertechnik mbH on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: G F I Gesellschaft fuer Isoliertechnik mbH Floersheimer Str. 23 60326 Frankfurt (Main) Germany GIPSER- UND STUKKATEURBETRIEB: Claims Period Ends December 21 ------------------------------------------------------------- Creditors of SB- Gipser- und Stukkateurbetrieb GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Dr. Helmut Eisner. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.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 Mosbach Meeting Hall 12 Lohrtalweg 2 74821 Mosbach Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Helmut Eisner Josef-Schmitt-Strasse 10 97922 Lauda-Koenigshofen Germany Tel: 09343/2065 The District Court of Mosbach opened bankruptcy proceedings against SB- Gipser- und Stukkateurbetrieb GmbH on Nov. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SB- Gipser- und Stukkateurbetrieb GmbH Attn: Niko Batarilo, Manager Goetzstr. 14 a 74855 Hassmersheim Germany GOLDEN DRAGON: Claims Registration Period Ends January 2, 2008 -------------------------------------------------------------- Creditors of Golden Dragon GmbH have until Jan. 2, 2008, to register their claims with court-appointed insolvency manager Johannes Graute. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Johannes Graute III. Hagen 30 45127 Essen Germany The District Court of Essen opened bankruptcy proceedings against Golden Dragon GmbH on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Golden Dragon GmbH Attn: Lo Ming Tang, Manager Porscheplatz 100 45127 Essen Germany HOLZAEPFEL WOHNBAU: Claims Registration Ends December 31 -------------------------------------------------------- Creditors of Holzaepfel Wohnbau GmbH have until Dec. 31 to register their claims with court-appointed insolvency manager Dr. Kurt Nonnenmacher. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. 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 Pforzheim Mannheimer Str. 17 75179 Pforzheim 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. Kurt Nonnenmacher Kiehnlestr. 14 75172 Pforzheim Germany The District Court of Pforzheim opened bankruptcy proceedings against Holzaepfel Wohnbau GmbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Holzaepfel Wohnbau GmbH Attn: Rainer Holzaepfel, Manager Muehlweg 5 71299 Wimsheim Germany IKB DEUTSCHE: Mulls Capital Increase to Raise EUR2 Bln, FT Says --------------------------------------------------------------- IKB Deutsche Industriebank AG is looking to raise EUR2 billion (US$3 billion) from a capital increase, with a share sale pegged at EUR1 each, the Financial Times Deutschland reports citing financial sources. The bank, which fell victim to the global credit squeeze triggered by the U.S. subprime crisis, was recently rescued by a bailout led by Germany's state-owned KfW Bankengruppe. As reported in the Troubled Company Reporter-Europe on Dec. 4, 2007, the KfW-led banking pool agreed to cover US$520 million in risks for IKB, the second time a rescue has been set up for the troubled lender in under four months. This brings the cost of the rescue to EUR6.1 billion. The FT report said the bank group agreed to the credit line on the condition that it will be free of all further liabilities and that there will be an accelerated sale for the MDAX-listed bank, Thomson Financial relates. The rescue package, Reuters says citing an unnamed source, will include: -- EUR150 million from Bundesverband deutscher Banken, Germany's leading banking and finance association; and -- EUR50 million to be shared by German savings bank association DSGV and cooperative banks association BVR. IKB has earlier notified Bundesbank and BaFin that it could face more liquidity problems if it fails to secure necessary financing. KfW, which holds a 38 percent stake in IKB, said Nov. 27 that it is increasing its risk shield for IKB by EUR2.3 billion to EUR4.8 billion based on new risk valuation information. The development bank has agreed in July 2007 to take over all of IKB's obligations related to Rhineland Funding when the vehicle's commercial paper couldn't be sold to investors following the U.S. subprime crisis, Bloomberg relates. Insider Trading Meanwhile, German authorities were probing claims of insider trading at IKB, which led to the raid of current and former executives' houses last week, reports say. The Duesseldorf State Prosecutor's office searched the homes of former IKB CEO Stefan Ortseifen, and Claus Momburg, IKB's current head of personnel and risk management, and the apartments linked with senior executives at Rhineland Funding, Peter Stiff writes for Times Online. According to the report, the probe is looking whether the managers knowingly pursued a high-risk strategy that put the IKB's survival in jeopardy. Mr. Ortseifen, along with three other management board members were relieved of their duties following an audit by PricewaterhouseCoopers, which found that the bank's crisis was a result of "flawed" risk management, Times Online relates. AFP says IKB's stock market value has plunged from nearly EUR3 billion at the beginning of 2007 to around EUR700 million at present. 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. ITG-GMBH: Claims Registration Period Ends January 2, 2008 --------------------------------------------------------- Creditors of ITG-GmbH have until Jan. 2, 2008, to register their claims with court-appointed insolvency manager Joerg A. Wunderlich. Creditors and other interested parties are encouraged to attend the meeting at 10:15 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 Trier Hall 63 Justizstrasse 2,4,6 54290 Trier 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 A. Wunderlich Bahnhofsplatz 8 54292 Trier Germany Tel: 0651/146930 Fax: 0651/1469320 The District Court of Trier opened bankruptcy proceedings against ITG-GmbH on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ITG-GmbH Attn: Manfred Kreuz, Manager Loebstrasse 15 54292 Trier Germany J & M PROJEKTSTEUERUNGSGESELLSCHAFT: Claims Period Ends Dec. 27 --------------------------------------------------------------- Creditors of J & M Projektsteuerungsgesellschaft mbH have until Dec. 27 to register their claims with court-appointed insolvency manager Falk Eppert. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) 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: Falk Eppert Vietmannsdorfer Strasse 23 17268 Templin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against J & M Projektsteuerungsgesellschaft mbH on Nov. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: J & M Projektsteuerungsgesellschaft mbH Rudelsburgstrasse 34 13129 Berlin Germany K & K SERVICE: Claims Registration Period Ends Jan. 28, 2008 ------------------------------------------------------------ Creditors of K & K Service Gesellschaft mbH fuer Grosskuechen und Kalteanlagen have until Jan. 28, 2008, to register their claims with court-appointed insolvency manager Sebastian Windelschmidt. Creditors and other interested parties are encouraged to attend the meeting at 9:35 a.m. on Feb. 21, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Sebastian Windelschmidt Adolf-Kaschny-Strasse 19 51373 Leverkusen Germany The District Court of Cologne opened bankruptcy proceedings against K & K Service Gesellschaft mbH fuer Grosskuechen und Kalteanlagen on Nov. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: K & K Service Gesellschaft mbH fuer Grosskuechen und Kalteanlagen Moenchsgasse 7 50737 Cologne Germany K. J. FRIEDRICH: Claims Registration Ends December 30 ----------------------------------------------------- Creditors of K. J. Friedrich GmbH have until Dec. 30 to register their claims with court-appointed insolvency manager Dr. Sabine Feuerborn. Creditors and other interested parties are encouraged to attend the meeting at 10:22 a.m. 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 Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne 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. Sabine Feuerborn Else-Lang-Str. 1 50858 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against K. J. Friedrich GmbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: K. J. Friedrich GmbH Attn: Karl Josef Friedrich, Manager Hammerschmidtstr. 124 50999 Cologne Germany KONZEPTA GRUNDSTUECKS: Creditors' Meeting Slated for December 17 ---------------------------------------------------------------- The court-appointed insolvency manager for Konzepta Grundstuecksgesellschaft mbH & Co. Siebzehnte Immobilien KG, Christoph Schulte-Kaubruegger, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:35 a.m. on Dec. 17. 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 9:00 a.m. on March 31, 2008, at the same venue. Creditors have until Feb. 1, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Konzepta Grundstuecksgesellschaft mbH & Co. Siebzehnte Immobilien KG on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Konzepta Grundstuecksgesellschaft mbH & Co. Siebzehnte Immobilien KG Menzelstrasse 17 14193 Berlin Germany KUPFERBERG CONSULT: Creditors' Meeting Slated for Jan. 30, 2008 --------------------------------------------------------------- The court-appointed insolvency manager for Kupferberg Consult GmbH, Christian Feketija will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m. on Jan. 30, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Frankfurt (Main) Hall 1 Building F Klingerstrasse 20 60313 Frankfurt (Main) Germany The Court will also verify the claims set out in the insolvency manager's report on the same date at the same venue. Creditors have until Feb. 4, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christian Feketija Letzter Hasenpfad 61 60598 Frankfurt (Main) Germany Tel: 069/60625786 Fax: 069/60625788 The District Court of Frankfurt (Main) opened bankruptcy proceedings against Kupferberg Consult GmbH on Oct. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kupferberg Consult GmbH Attn: Majer Kupferberg, Manager Palmstrasse 13 60316 Frankfurt (Main) Germany MEDIA VISION: Claims Registration Period Ends December 25 --------------------------------------------------------- Creditors of media vision Marketing & Videotechnik-Vertriebs- GmbH have until Dec. 25 to register their claims with court- appointed insolvency manager Dr. Christoph Niering. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Jan. 16, 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 Siegen Hall 009 Ground Floor Main Building Berliner Str. 21-22 57072 Siegen 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. Christoph Niering Brabanter Str. 2 50674 Koeln Germany Tel: 0221/9922300 Fax: 0221/99223035 The District Court of Siegen opened bankruptcy proceedings against media vision Marketing & Videotechnik-Vertriebs-GmbH on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: media vision Marketing & Videotechnik-Vertriebs-GmbH Attn: Klaus Kiesewetter, Manager Spandauer Str. 40 57072 Siegen Germany P+T GMBH: Creditors' Meeting Slated for December 21 --------------------------------------------------- The court-appointed insolvency manager for P+T GmbH, Michael Hawelka, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:45 a.m. on Dec. 21. 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 9:30 a.m. on March 28, 2008, at the same venue. Creditors have until Jan. 31, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Michael Hawelka Friedrichstr. 204 10117 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against P+T GmbH on Oct. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: P+T GmbH Fasanenstr. 29 10719 Berlin Germany PROSIEBENSAT.1 MEDIA: Posts EUR77.9 Mln Net Loss for Q3 2007 ------------------------------------------------------------ The ProSiebenSat.1 Group posted EUR77.9 million in consolidated net losses on EUR668.4 million in consolidated revenues for the third quarter of 2007, compared with EUR13.1 million in consolidated net profit on EUR431.3 million in consolidated revenues for the same period in 2006. Most of the increase came from the consolidation of the SBS Broadcasting Group, acquired by ProSiebenSat.1 in July 2007 and included in the accounts since then. Earnings were affected by a one-time charge of EUR120 million stemming from a fine required by the Federal Cartel Office. "Positioning the ProSiebenSat.1 Group internationally by acquiring the SBS Broadcasting Group was the right strategic decision," said ProSiebenSat.1 AG CEO Guillaume de Posch. "The dynamics of other European markets more than made up for the subdued German market in the third quarter. As a pan-European television group, ProSiebenSat.1 stands on a broader base, and is better protected against downturns. The vigor of the other European markets will continue to drive our growth in the fourth quarter." At Sept. 30, 2007, the Group had EUR3.54 billion in net financial debt, compared with EUR311.6 million a year earlier. The primary reason for the increase was the Group's substantially higher financial liabilities resulting from the financing arrangements associated with the SBS acquisition. Segment Free TV German-speaking region: One-off charge affects profit performance The Corporation's top priority for the next few months is the successful integration of the two Groups. International project teams have been formed to advance internal integration as quickly as possible, and thus to reap the expected synergies of EUR80 million to EUR90 million with full effect in 2010. These teams are working in close coordination to develop new approaches, especially in the area of TV production for the Group. In the Diversification unit, business models that had formerly focused on single countries will be extended into new markets. Over the next few months, for example, the MyVideo online platform may be launched in several SBS countries. The SevenGames.com international gaming platform will be launched as early as December. For this year, the Company continues to expect higher revenues and earnings, predominantly caused by the initial consolidation of SBS. As in previous years, recurring EBITDA is expected to rise faster than revenues again this year. Revenue growth combined with ongoing rigorous cost management will be the principal driver for rising profits. The core business in advertising-financed Free TV, will remain the major growth driver for the future. In the German market a new advertising sales model has been implemented that is in line with cartel law. The Group is confident that it will be able to reach its targets under the new sales model. The strong market dynamics in the former SBS regions will drive the Group's growth in Free TV operations again in the fourth quarter 2007. The diversified media portfolio will also help propel the Group's organic growth. About ProsiebenSat.1 Headquartered in Munich, Germany, ProsiebenSat.1 Media AG -- http://en.ProsiebenSat1.com/-- broadcasts and produces TV programs through 24 commercial TV stations, 24 premium Pay TV channels and 22 radio network. In June 2007, the ProSiebenSat.1 Group acquired SBS Broadcasting Group. The company employs around 6,000 Europe-wide. * * * As of Dec. 4, 2007, ProsiebenSat.1 Media AG carries Moody's Investors Service Ba1 senior unsecured and corporate family ratings. REGIONAL-BAU GMBH: Claims Registration Period Ends December 27 -------------------------------------------------------------- Creditors of Regional-Bau GmbH Goerlitz have until Dec. 27 to register their claims with court-appointed insolvency manager Dr. Martin Dreschers. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Feb. 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Dr. Martin Dreschers Heideparkstrasse 4 01099 Dresden Germany Tel: 02375/07 Web: http://www.insolnet.de/ The District Court of Dresden opened bankruptcy proceedings against Regional-Bau GmbH Goerlitz on Nov. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Regional-Bau GmbH Goerlitz Attn: Hans-Juergen Rohrbach, Manager Koenigshainer Strasse 7a 02827 Goerlitz Germany SI-COM GMBH: Creditors' Meeting Slated for December 18 ------------------------------------------------------ The court-appointed insolvency manager for Si-Com GmbH, Christoph Schulte-Kaubruegger, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:40 a.m. on Dec. 18. 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 11:00 a.m. on April 1, 2008, at the same venue. Creditors have until Feb. 1, 2008, to register their claims with: Dr. Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Si-Com GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Si-Com GmbH Rhinstr. 84 12681 Berlin Germany SL WOHNBAU: Claims Registration Period Ends Jan. 21, 2008 --------------------------------------------------------- Creditors of SL Wohnbau GmbH have until Jan. 21, 2008, to register their claims with court-appointed insolvency manager Manfred Dobler. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 12, 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 Stuttgart Hall 13 Ground Floor Hauffstr. 5 (Am Neckartor) 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Manfred Dobler Gansheidestr. 1 70184 Stuttgart Germany Tel: 0711/16 4330 Fax: 0711/16 43350 The District Court of Stuttgart opened bankruptcy proceedings against SL Wohnbau GmbH on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SL Wohnbau GmbH Apfelbluetenweg 11 71394 Kernen Germany =========== G R E E C E =========== ASPIS BANK: Fitch Affirms BB+ IDR with Stable Outlook ------------------------------------------------------ Fitch Ratings has affirmed the ratings of Athens-based Aspis Bank at Long-term Issuer Default 'BB+', Short-term IDR 'B', Individual 'C/D' and Support Rating '5'. At the same time, the agency has affirmed the bank's Support Rating Floor at 'No Floor'. The Outlook for the Long-term IDR is Stable. Aspis' IDRs and Individual rating take into account its increasing capital base, comfortable capital ratios, stable retail funding sources and expertise in its niche mortgage market. However, they also reflect the bank's below-par profitability, mediocre asset quality, risk concentration in its corporate loan book and competitive pressure on its core business. In 2006 and third quarter of 2007, operating revenue remained broadly flat due to a thinner net interest margin canceling out strong loan growth and unchanged, albeit relatively high, fee income. Operating profitability improved marginally, owing to low and stable impairment charges and improvements in operating costs. However, it has an operating ROAE of 9.31% at end of third quarter of 2007, which is still somewhat weaker than that of its larger peers, indicating Aspis's lack of economies of scale. The bank's net income in September 2007 was negatively affected by an additional tax charge relating to previous years, which resulted from a recent tax audit. Aspis is mainly exposed to credit risk in its strongly increasing loan book, amounting to EUR2.1 billion or 80.4% of assets at end of third quarter of 2007. Risk is, however, mitigated by a high proportion of mortgage loans and sound risk management systems. Despite improvements, at end of first half of 2007, the bank's impaired loan ratio was 5.8% (7.8% at end- 2005), still undistinguished, and coverage was relatively low. Loan concentration is high, with five loans (and commitments) exceeding 10% of eligible capital at end-2006. Market risk is moderate and largely limited to modest structural balance-sheet mismatches. Retail deposits are Aspis's main source of funding accounting for 81.4% of non-equity funding at end of third quarter of 2007. Apsis's funding profile benefits from a EUR250 million RMBS transaction (issued in 2003) and EUR100 million subordinated debt. Inter-bank funding is generally limited. Aspis has, in late 2006 and first half of 2007, significantly increased its capital base by issuing EUR53 million common shares in December 2006 and EUR40 million Tier 1 hybrid capital in April 2007. Apart from funding organic expansion in Greece's high-loan growth environment, Aspis originally planned to use the additional equity funding for the acquisition of First Business Bank, a small domestic shipping and corporate bank, announced in February 2007. However, the Bank of Greece did not approve the planned acquisition, citing a lack of synergies from the merger. As a result, Aspis's Tier 1 and eligible capital ratios improved significantly to 12.3% and 12.43% at end of first half of 2007 from 8.26% and 9.07%, respectively, at end- 2005. Given strong growth in risk-weighted assets, capital ratios are not very likely to remain at those comfortable levels. Aspis's management aims to maintain a total capital ratio of 9%, which Fitch considers relatively thin given Aspis's limited size, loan concentration, mediocre asset quality and strong loan growth. At end-2006, Aspis was the eleventh-largest bank in Greece with market shares of around 1.5% in lending (2.4% in mortgages) and 1% in deposits. Focused on the Greek domestic market, it had 69 branches and 1,044 staff at end of first half of 2007. Originally a pure mortgage bank, Aspis has in recent years expanded into SME and consumer lending. The listed bank is majority-owned by Aspis Pronia General Insurance Company and its various affiliates (59% at end-November 2007). At end of first half of 2007, Commercial Value AAE (rated Insurer Financial Strength 'BB'), a subsidiary of Aspis Pronia General Insurances, was Aspis's biggest single shareholder. Commercial Value AAE has been placed on Rating Watch Negative on June 20, 2007 following the Greek regulator's decision to freeze the company's insurance reserves. OLYMPIC AIRLINES: Aid Recoup Done, Greece Tells European Court -------------------------------------------------------------- The Greek government told the European Court of Justice in Luxembourg that it has recovered more than EUR540 million in state aid given to national carrier Olympic Airlines S.A., Stephanie Bodoni writes for Bloomberg News. "We have already recovered all the state aid," Vassili Christianos, lawyer for Greece, was quoted by Bloomberg News as telling the Court's five-judge panel. "The question that remains is whether Greece recouped the money in the right amount of time." Mr. Christianos argued that the two-month period given by the Commission covered only the amount of time Greece has to present guidelines for recouping the state aid, Bloomberg News relates. Mr. Christianos added it was not clear whether when Greece should have recovered the whole amount. As reported in TCR-Europe on May 20, 2005, the European Court ordered Greece to recover EUR194 million in illegal aid from the carrier. In May 2006, the European Commission referred Greece to the European Court of Justice for failure to comply with its state aid decision of Sept. 14, 2005. In its decision of September 2005, the Commission found that Greece had granted illegal and incompatible state aid through a number of measures: -- EUR40 million from the Greek State and Olympic Airways to cover part of the costs to Olympic Airlines of leasing aircraft; -- an unjustified payment of some EUR90 million from the Greek State to Olympic Airways when Olympic Airlines was set up and transferred to the State, achieved by overvaluing the assets transferred to the State; -- the Greek State's toleration of Olympic Airways' failure to pay more than EUR350 million in tax and social security liabilities due between December 2002 and December 2004; -- the assumption by the Greek State of a number of Olympic Airways' financial obligations, e.g. in connection with aircraft leasing contracts and the repayment of a bank loan, amounting to up to EUR60 million. The European Court then ruled that Greece infringed European Union rules by failing to comply with the EC's request. The Commission also deemed the Greek government of distorting competition for failure to recover the illegal state aid. The Court, however, cut the first amount to EUR130 million in Sept. 12, 2007, after finding that the EC failed to prove that some of the funds violated European Union's state aid rules. "If the court accepted our argument it would be a major step toward the resolution of these disputes with the commission," Paris Anestis, a lawyer for Greece, told Bloomberg News. Greece had been trying to reorganized Olympic Airways by selling its stake, but was unable to do so due to the state aid issue. "We can't organize a proper reorganization process until we have clarity about the company's state aid liabilities," Mr. Anestis said. Unacceptable Lawyers for the European Commission, meanwhile, asked the European Court to reject Greece's claim, Bloomberg News reports. "All of these are spurious excuses to get around applying the commission's decision," Dimitri Triantafyllou, lawyer for the Commission, told the court. The case is docketed under Case. No. C-419/06 Commission of the European Communities v. Hellenic Republic. About Olympic Airlines Headquartered in Athens, Greece, Olympic Airlines S.A. -- http://www.olympicairlines.com/-- the holding company of the Olympic Airways group of companies, flies passengers and cargo to five continents, while offering ground handling, technical maintenance and information technology services to third parties. Between 1994 and 2000, the European Commission allowed Greek state aids for the restructuring of Olympic Airways. In December 2002, the Commission found that further aid had been granted to the airline, and demanded that EUR160 million be repaid. Greece created Olympic Airlines in December 2003 from the remaining assets of bankrupt and defunct national carrier Olympic Airways S.A. Olympic Airlines started operations in 2004 and posted EUR87 million in net losses. The carrier posted EUR123.7 million in net losses in 2005. ============= I R E L A N D ============= INTERNATIONAL SECURITIES: Court Places Firm Under Examinership -------------------------------------------------------------- International Securities Trading Corporation, the lender of capital to financial institutions, disclosed the appointment of an interim Examiner to allow the Company sufficient time to negotiate with its creditors, including bankers, with the objective of putting in place long term arrangements to secure its future. Since the Company's announcement on Nov. 12, 2007, the management of ISTC has been in discussions with its providers of funding regarding a restructuring of the Company's funding arrangements. Based on these discussions, the Company believes that a successful outcome would be better facilitated through an examinership process. ISTC has been granted court protection from all creditors through the process of examinership. The process of examinership in Ireland provides a standstill period of time whereby creditors cannot pursue claims against the Company. This process has been approved by the Court and effectively allows time for ISTC to resolve outstanding issues with its bankers and other creditors where appropriate. The Board of ISTC believes that examinership is in the best interests of all parties, including secured and unsecured creditors, subordinated debt holders and shareholders. The process of examinership puts in place, clear time lines for agreements to be reached whilst providing a structure for negotiating agreement. While these negotiations are ongoing, claims and petitions cannot be made against ISTC leaving the Examiner and management the scope to focus entirely on key negotiations. ISTC will continue to negotiate with creditors during the examinership process. The Board is of the strong view that the preservation of value for ISTC is best served by ISTC continuing to trade. Conversely any liquidation type event would result in a disposal of ISTC's assets in what is an extremely illiquid market with a limited number of opportunistic buyers. Such a forced asset sale would ensure substantial value destruction for all creditors and shareholders. Clearly, it is not in the best interests of any creditor to sell assets in such depressed market conditions. ISTC is mindful of its obligations under the Market Abuse Directive and will communicate with the market in a formal way, making further statements when appropriate, bearing in mind the commercially sensitive nature of our discussions. Headquartered in Dublin, Ireland, International Securities Trading Corporation Plc -- http://www.istcorporation.com/-- provides investment grade Tier 1 and Tier II hybrid bank capital via private placement issues and primary market participation. Acting as principal in private placement transactions, ISTC is uniquely positioned to offer bespoke solutions and certainty of execution to issuers. The company disclosed on Nov. 12, 2007, that given the uncertainty to ISTC's funding position, the company will enter into discussions with its providers of finance with the objective of making appropriate amendments to their respective financing terms. Pending the outcome of these negotiations, ISTC has decided to defer certain payments under financing obligations. SCANDINOTES FIVE: Moody's Rates DKK255 Mln Class D Notes at Ba3 --------------------------------------------------------------- Moody's Investors Service assigned these definitive ratings to four classes of Notes issued by ScandiNotes Five p.l.c., a public company with limited liability under the laws of Ireland: -- Aaa to the DKK218,100,000 Class A Floating Rate Limited Recourse Secured Senior Notes due 2015; -- Aaa to the DKK672,000,000 Class B Floating Rate Guaranteed Limited Recourse Secured Senior Notes due 2015; -- Aaa to the DKK417,900,000 Class C 4% Guaranteed Limited Recourse Secured Notes Mezzanine due 2015; -- Ba3 to the DKK255,000,000 Class D 4% Limited Recourse Secured Junior Notes due 2015. The Aaa ratings on the Class B and the Class C Notes reflect a financial guarantee granted by European Investment Fund. The transaction is a static cash flow CDO backed by payments received from a portfolio of loans made to 15 Danish commercial and savings banks and from HSH Nordbank AG, Copenhagen Branch, in its role as counterparty in respect of a Hedging Agreement. ========= I T A L Y ========= ALITALIA SPA: Group Net Debt Stands at EUR1.18 Bln in October ------------------------------------------------------------- Alitalia Group's net debt as of Oct. 31, 2007, amounted to EUR1.18 billion, showing a slight increase in net indebtedness of EUR11 million (+0.9%) compared to the situation on Sept. 30, 2007, announced on Oct. 31, 2007. The net debt of the parent company Alitalia including short-term financial credits for subsidiaries on Oct. 31, 2007 (including short-term financial credits of subsidiaries) amounted to EUR1.179 billion showing a slight increase of EUR10 million (+0.9%) compared to net debt as of Sept. 30, 2007. The Group's cash-to-hand and short-term financial credits as of Oct. 31, 2007, at the Group level and for Alitalia, amounted to EUR428 million and EUR431 million respectively. It should be noted that as of Oct. 31, 2007, there were several leasing contracts at the Group level whose capital share, including lease closure value, amounted to EUR97 million. By comparison, the same figure as of Sept. 30, 2007, amounted to EUR98 million; the corresponding figures for the parent company on Sept. 30, 2007, amounted to EUR85 million and EUR10 million respectively. It should also be noted that existing debts to banks are almost entirely backed up by real guarantees (mortgages on aircraft) or by personal guarantees (mainly guarantees issued by banks for export credit). The relative financing contracts contain standard legal clauses relating to withdrawal. None of the contracts refer to specific requirements regarding assets or economic/financial aspects, in order to maintain the credit line. During October 2007, repayments were made of medium/long-term financing amounting to about EUR2 million. Regarding debts of a financial, fiscal and social welfare nature, there were no outstanding sums or payment irregularities on Oct. 31, 2007, both for the parent company and for the other companies in the Group. As far as debts of a commercial nature are concerned, there were no outstanding sums or payment irregularities on Oct. 31, 2007, both for the parent company and for other Group companies, except for those relating to disputed situations. Regarding the latter, it should be noted that the controversy over an outstanding sum owed to one airport management company for disputed debts (as reported in previous communiques) was finally settled in November 2007 through a transaction agreement. In addition, decisions are still pending for the petitions filed by Alitalia regarding: -- an injunction related to supposed different pricing policies, issued by a carrier for EUR2.6 million; -- another injunction issued by a supplier of on-board movies for EUR1.2 million (two decrees); -- a further injunction has been issued by an IT services supplier for EUR812,000; -- an injunction has been issued by an Italian subsidiary of an air carrier bankruptcy for EUR288,000; -- another injunction has been issued by a maintenance services supplier for EUR492,000; -- an injunction has been issued by the special manager of a firm for presumed debts relating to air ticket sales, for EUR3.2 million; and -- injunctions issued by various suppliers for a total of EUR119,000 (five decrees). There are no other injunction orders or executive actions undertaken by creditors notified as of Oct. 31, 2007, nor are there any threats by suppliers to suspend operations. 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. =================== K A Z A K H S T A N =================== ACT TRADE: Proof of Claim Deadline Slated for December 28 --------------------------------------------------------- LLP Act Trade has declared insolvency. Creditors have until Dec. 28 to submit written proofs of claims to: LLP Act Trade Borodin Str. 107-86 Kostanai Tel: 8 (7142) 53-11-67 BUSINESS CENTRE: Creditors Must File Claims December 28 ------------------------------------------------------- LLP Business Centre has declared insolvency. Creditors have until Dec. 28 to submit written proofs of claims to: LLP Business Centre Akjayik Str. 20/1-58 Astana Kazakhstan ECO AGROPROMPROJECT: Claims Filing Period Ends Jan. 1, 2008 ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Eco Agropromproject insolvent. Creditors have until Jan. 1, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (31622) 25-79-32 KANDI TRADE: Creditors' Claims Due on December 28 ------------------------------------------------- LLP Kandi Trade has declared insolvency. Creditors have until Dec. 28 to submit written proofs of claims to: LLP Kandi Trade Ratushnogo Str. 88 Almaty Kazakhstan Tel: 8 (3272) 51-61-91 KUNDYZ LLP: Claims Registration Ends January 1, 2008 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Kundyz insolvent. Creditors have until Jan. 1, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (31622) 25-79-32 SAMGAU LTD: Proof of Claim Deadline Slated for December 28 ---------------------------------------------------------- LLP Samgau Ltd has declared insolvency. Creditors have until Dec. 28 to submit written proofs of claims to: LLP Samgau Ltd Televizionnaya Str. 9 Kazybek Bi District Karaganda Kazakhstan SERVER-2030 LLP: Creditors Must File Claims December 28 ------------------------------------------------------- LLP Server-2030 has declared insolvency. Creditors have until Dec. 28 to submit written proofs of claims to: LLP Server-2030 Karbyshev Str. 6-64 Karaganda Kazakhstan TAU-HOLDING LLP: Claims Filing Period Ends December 28 ------------------------------------------------------ LLP Tau-Holding has declared insolvency. Creditors have until Dec. 28 to submit written proofs of claims to: LLP Tau-Holding Marecheka Str. 1/8 Almaty Kazakhstan VEK LLP: Creditors' Claims Due on January 1, 2008 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Vek insolvent. Creditors have until Jan. 1, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 308 Abai Str. 89 Kokshetau Akmola Kazakhstan Tel: 8 (7162) 25-51-74 ZARAP LLP: Claims Registration Ends January 1, 2008 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Zarap insolvent. Creditors have until Jan. 1, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 308 Abai Str. 89 Kokshetau Akmola Kazakhstan Tel: 8 (7162) 25-51-74 =================== K Y R G Y Z S T A N =================== VENTURE C&C: Creditors Must File Claims by December 28 ------------------------------------------------------ LLC Venture C&C Plaza has declared insolvency. Creditors have until Dec. 28 to submit written proofs of claim to: LLC Venture C&C Plaza Micro District 10, 10-12 Bishkek Kyrgyzstan =================== L U X E M B O U R G =================== CA INC: Paying US$0.04 Per Share Quarterly Dividend on Dec. 28 -------------------------------------------------------------- CA Inc.'s Board of Directors has declared a regular, quarterly cash dividend of US$0.04 per share. The dividend will be paid on Dec. 28, 2007 to stockholders of record at the close of business on Dec. 14, 2007. About CA Inc. Headquartered in Islandia, New York, CA Inc. (NYSE:CA) -- http://www.ca.com/-- is an information technology management software company that unifies and simplifies the management ofenterprise-wide IT. Founded in 1976, CA serves customers in more than 140 countries. The company has operations in Brazil, Indonesia, Luxembourg, Philippines and Thailand. * * * As reported in the Troubled Company Reporter-Latin America on June 7, 2007, Standard & Poor's Rating Services affirmed its 'BB' corporate credit and senior unsecured debt ratings on Islandia, New York-based CA Inc. S&P revised the outlook to stable from negative. As reported in the Troubled Company Reporter-Latin America on May 31, 2007, Fitch has affirmed these ratings for CA, Inc.: -- Issuer Default Rating at 'BB+'; -- Senior unsecured revolving credit facility expiring 2008 at 'BB+'; -- Senior unsecured debt at 'BB+'. ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Completes Tops Market Sale to Morgan Stanley --------------------------------------------------------------- Koninklijke Ahold N.V. has successfully completed the sale of Tops Markets, LLC, to Morgan Stanley Private Equity. This follows the agreement announced on Oct. 11, 2007 on a purchase price of US$310 million. The final purchase price is subject to customary price adjustments. Closing of the transaction was subject to the fulfillment of customary conditions, including anti-trust clearance and a financing condition. Capitalized lease obligations will remain with Tops, although Ahold will retain contingent liability for the majority of these lease obligations. The divestment of Tops is part of Ahold's strategy resulting from its retail review announced in November 2006. Tops operates stores in western New York, mid-state New York including the Rochester area, and northwestern Pennsylvania under the banners of Tops Markets and Martin's Super Food Stores. Tops currently employs approximately 10,000 full- and part-time employee About Ahold Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal Ahold) -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe. It has operations in Argentina. The company's chain stores include Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. * * * As of Nov. 19, 2007, Koninklijke Ahold carries BB+ Issuer Default and senior unsecured ratings from Fitch Ratings. Fitch said the Outlook is Positive. Its Short-term rating is B. =========== N O R W A Y =========== DRESSER-RAND: Employees Back to Work at Painted Post Facility ------------------------------------------------------------- Dresser-Rand Group Inc. has began an orderly process of calling bargaining unit employees back to work after a 17 week work stoppage involving approximately 400 employees at its Painted Post facility in New York State. On Nov. 29, 2007, the company announced that, after reaching impasse in its negotiations with IUE-CWA Local 313, it was implementing the terms of its last offer and inviting bargaining unit employees to return to work. The union offered, on behalf of its membership to end the strike by unconditionally offering to return to work under the terms of the implemented company offer. The company has released its temporary workforce. According to Dan Meisner, "Total production from all sources is expected to continue at pre-strike levels as we replace temporary workers and subcontracted work with returning employees. Approximately 75 employees are expected to return to work on Tuesday, Dec. 4. Additional employees will be scheduled to return to work over the next few days and weeks as we identify and fill vacancies. We look forward to the return of our employees." Doug Rich, Director of Operations, said, "We recognize that this has been a difficult situation for all of us that have been affected by the work stoppage -- our employees who have been on strike and their families, the Painted Post community and our salaried and new employees who have been working tremendous hours to continue providing uninterrupted service to our clients. We now have an opportunity to move forward and forge a bright future by working together in an environment of mutual respect, cooperation and teamwork." Dresser-Rand Group Inc. (NYSE: DRC) is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. It operates manufacturing facilities in the United States, France, Germany, Norway, India, and Brazil, and maintains a network of 24 service and support centers covering 105 countries. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 7, 2007, Standard & Poor's Ratings Services assigned its bank loan and recovery ratings to the US$500 million senior secured revolving credit facility due 2012 of Dresser-Rand Group Inc. (BB-/Stable/--). =========== R U S S I A =========== AGROIMPULS JSCB: Moody's Assigns B3/NP/E+ Global Scale Ratings -------------------------------------------------------------- Moody's Investors Service assigned first-time global scale ratings to the Russian bank JSCB Agroimpuls: -- B3/Not-Prime local currency deposit ratings; -- B3/Not-Prime foreign currency deposit ratings; and -- an E+ Bank Financial Strength Rating. The outlook on all ratings is stable. At the same time, Moody's Interfax Rating Agency, which is majority-owned by Moody's, has assigned a Baa3.ru long-term national scale credit rating to the bank. According to Moody's, the E+ BFSR, which translates into a Baseline Credit Assessment of B3, is supported by Agroimpuls's growing penetration of the retail segment through its relatively wide geographical coverage. Other positive rating drivers are the bank's expertise in servicing companies from the Russian electricity sector and its satisfactory reported asset quality. Agroimpuls's BFSR is primarily constrained by its undiversified structure of funding, which is significantly dependent on a group of companies from the Russian electricity sector. Given that the reform of this sector, involving the privatization of parts of the monopoly electricity company, is expected to be completed by mid-2008, Moody's believes that the sustainability of a substantial portion of the bank's funding cannot be guaranteed. An additional negative rating driver is the bank's short period of activity under the present business model as the bank only implemented its new retail-focused strategy as recently as 2005. Further limiting the BFSR are Agroimpuls's significant credit risk concentrations and weak profitability indicators deriving from its high level of operating expenses, mainly related to branch network expansion. The local currency deposit rating assigned to Agroimpuls is supported by the bank's BCA of B3 and does not factor in any support from its shareholders. In Moody's view, although such support cannot be ruled out, its scope and timeliness are rather uncertain, while systemic support in the event of need is unlikely. The foreign currency deposit rating is assigned at the same level as the bank's local currency deposit rating and is not constrained by the foreign currency deposit ceiling for Russia. Headquartered in Voronezh in Russia, JSCB Agroimpuls reported total assets of US$376 million under IFRS as of Dec. 31, 2006. DAL'TRANSSTROY OJSC: Court Names E. S. Ugol'nikov as Liquidator --------------------------------------------------------------- The Arbitration Court of Khabarovsk krai appointed E. S. Ugol'nikov as Competitive Proceedings Manager for OJSC Far East Specialized Trust Dal'transstroy. He can be reached at: E. S. Ugol'nikov P.O. Box 8/35 680000 Khabarovsk Russia The Court declared the company insolvent on Sept. 5. The case is docketed under Case No. A73-5215/2006-39/37. The Debtor can be reached at: OJSC Far East Specialized Trust Dal'transstroy Office 800 Sheronova Str. 56A 680000 Khabarovsk Russia GAZPROM NEFT: Gains Access to US$2.2 Billion Loan Facility ---------------------------------------------------------- OAO Gazprom Neft closed a transaction to attract US$2.2 billion unsecured syndicated loan for the term of three years with LIBOR +0.75%. The loan is granted by the banking syndicate including ?BN AMRO Bank N.V., Calyon, Citigroup Global Markets Ltd., Commerzbank Aktiengesellschaft, which acted as the bookrunners under the transaction along with 12 other international banks. The Company intends to use the borrowed funds to finance business extension in such areas as production, refining and oil and oil products marketing. Despite a very complex situation at the financial markets, the transaction was closed successfully, which fact may serve as the evidence of strong position of Gazprom Neft on the world debt capital markets. About Gazprom Neft Headquartered in Moscow, Russia, OAO Gazprom Neft -- http://www.gazprom-neft.ru/-- explores, produces, refines, markets, produces and sells petroleum products. The Company holds oilfield exploration and development licenses in the Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as in theOmsk and Tomsk regions, and in Chukotka. The Company's main oil processing center is the Omsk Refinery. Gazprom Neft is one of Russia's largest oil companies handling downstream and upstream operations. It was known as Sibneft before April 2007. * * * As of Aug. 24, 2007, Gazprom Neft carries a Ba1 Corporate Family and Ba2 Senior Unsecured Debt ratings from Moody's. Moody's said the outlook is positive. Gazprom Neft also carries BB+ Long-Term Foreign Issuer Credit and Local Issuer Credit ratings from Standard & Poor's. S&P said the outlook is positive. GENERAL MOTORS: Bidding for Undisclosed Stake in OAO AvtoVAZ ------------------------------------------------------------ General Motors Corp. has submitted a formal bid for a stake in Russian carmaker OAO AvtoVAZ, The Wall Street Journal reports. GM spokesman Marc Kempe described the offer as "competitive", without specifying how large a stake the company is bidding or how much it is willing to pay, WSJ relates. Mr. Kempe told WSJ that the bid was part of its effort to extend its presence in Russia, where foreign-brand cars posted a 60% rise in sales. GM expects this year's sales to reach 250,000 vehicles, compared to 132,000 units in 2006, WSJ relates. GM's Chevrolet and Opel brands are Russia's best-selling foreign and fastest-growing brands respectively. WSJ cites some industry analysts as saying that Russia will become Europe's second-biggest car market by number of new cars sold as early as the end of 2007. GM and AvtoVAZ operate a joint venture that manufactures the Chevrolet Niva and the Chevrolet Viva. The companies' relationship, however, soured in 2005 after the Russian government took over AvtoVaz. GM may face Fiat S.p.A. and Renault S.A. in the bidding process, WSJ relates. Fiat has an existing memorandum of understanding with Avtovaz to explore ways in which the two companies could share technology, parts and platforms. "All of these auto makers are building their sales and production networks [in Russia] organically, but it's not going quickly enough to meet the targets they've set [for Russia]," Ivan Bonchev at Ernst & Young Moscow told WSJ. About Avtovaz Headquartered in Toliatti, Russia, Avtovaz OAO -- http://www.lada-auto.ru/-- manufactures passenger cars under brand names LADA, VAZ and NIVA. Through its subsidiaries and associates, the Company manufactures automobile components, distributes automobiles and spare parts and operates automobile service centers. About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- wmanufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM employs about 280,000 people around the world. * * * As reported in the Troubled Company Reporter on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. S&P said the outlook is stable. GOLDEN TELECOM: In Talks to Sell All Shares to VimpelCom -------------------------------------------------------- OJSC Vimpel-Communications and Golden Telecom Inc. confirm that they currently are in discussions regarding the potential acquisition of all of the outstanding shares of Golden Telecom by a subsidiary of VimpelCom at a price per share of US$105 in cash, subject to negotiation and execution of a definitive acquisition agreement and final approval of their respective Boards of Directors and the special independent committees thereof. There can be no assurance that the discussions will lead to a definitive agreement or that a transaction will be consummated. VimpelCom and Golden Telecom do not intend to make any further comment or to respond to any inquiries until either a definitive agreement has been reached or discussions have been terminated. About VimpelCom Headquartered in Moscow, Russia, OJSC Vimpel-Communications (NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile telecommunications services in Russia and Kazakhstan with newly acquired operations in Ukraine, Tajikistan and Uzbekistan. The Company operates under the 'Beeline' brand in Russia and Kazakhstan. In addition, VimpelCom is continuing to use 'K- mobile' and 'EXCESS' brands in Kazakhstan. The group wholly owns Mobitel in Georgia. About Golden Telecom Headquartered in Moscow, Russia, Golden Telecom Inc. -- http://www.goldentelecom.com/-- provides integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the Commonwealth of Independent States. The Company offers voice, data and Internet services to corporations, operators and consumers using its overlay network in major cities including Moscow, Kiev, St. Petersburg, Nizhniy Novgorod, Samara, Kaliningrad, Krasnoyarsk, Alma-Ata, and Tashkent, and via intercity fiber optic and satellite-based networks, including around 287 combined access points in Russia and other countries of the CIS. The Company offers cellular communication services in Kiev and Odessa, Ukraine. * * * As of Dec. 3, 2007, Golden Telecom carries Ba3 Corporate Family, Probability-of-Default and Senior Unsecured Debt Ratings from Moody's Investors Service. Moody's said the outlook is stable. The company also carries BB long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. GRES-2 OJSC: Creditors Must File Claims by December 22 ------------------------------------------------------ Creditors of OJSC Gres-2 have until Dec. 22 to submit proofs of claim to: G. P. Leonov Competitive Proceedings Manager P.O. Box 3199 344092 Rostov-on-Don Russia The Arbitration Court of Rostov declared the company insolvent on Oct. 22. The case is docketed under Case No. A53-3945/ 2006-C1-51. The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: OJSC Gres-2 Lengnika Str. 9 Novocherkassk Rostov Russia IRIKLINSKOYE: Creditors Must File Claims by January 17, 2008 ------------------------------------------------------------ Creditors of Federal State Unitary Fishery Enterprise Iriklinskoye have until Jan. 17, 2008, to submit proofs of claim to: D. A. Taushev Competitive Proceedings Manager Gaya Str. 23a 460000 Orenburg Russia The Arbitration Court of Orenburg commenced one-year competitive proceedings against the company on Nov. 22. The case is docketed under Case No. A47-2716/2007-14GK. The Court is located at: The Arbitration Court of Orenburg Per. Matrosskij 12 460000 Orenburg Russia The Debtor can be reached at: Federal State Unitary Fishery Enterprise Iriklinskoye Lenina Str. 44 Irikla Settlement Gaiskij Raion 462647 Orenburg Russia LIHOSLAVL'SKAYA GLOVE: Claims Filing Period Ends Jan. 17, 2008 -------------------------------------------------------------- Creditors of OJSC Lihoslavl'skaya Glove Factory have until Jan. 17, 2008, to submit proofs of claim to: T. F. Dorozhkina Competitive Proceedings Manager Office 221 Musorgskogo Str. 12 170005 Tver' Russia The Arbitration Court of Tver' commenced competitive proceedings against the company after finding it insolvent on Oct. 9. The case is docketed under Case No. A66-10674/2006. The Court is located at: The Arbitration Court of Tver Room 7 Sovetskaya Str. 23b Tver Russia The Debtor can be reached at: OJSC Lihoslavl'skaya Glove Factory Gagarina Str. 63 Lihoslavl' Tver' Russia MASHINOSTROITEL' TD: Creditors Must File Claims by December 17 -------------------------------------------------------------- Creditors of CJSC Mashinostroitel' TD have until Dec. 17 to submit proofs of claim to: E. A. Bogdanov Competitive Proceedings Manager Liter OT Mayakovskogo Str. 1a 390046 Ryazan' Russia The Arbitration Court of Chelyabinsk commenced competitive proceedings against the company after finding it insolvent on Sept. 26. The case is docketed under Case No. A76-13063/ 2007-34-242. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: CJSC Mashinostroitel' TD Mayakovskogo Str. 19, 3 455000 Magnitogorsk Russia MEZHDURECHENSKSTROY CJSC: Asset Sale Slated for December 17 ----------------------------------------------------------- A. V. Glukhov, the competitive proceedings manager of CJSC Mezhdurechenskstroy, will open a public auction for the company's properties at 4:00 p.m. on Dec. 17. The starting prices for the auctioned assets are: -- Lot 1: RUR9,569,000; -- Lot 2: RUR993,000; and -- Lot 3: RUR72,000. Interested participants have until Dec. 14 to deposit an amount equivalent to 20% of the starting price to the settlement account of CJSC Mezhdurechenskstroy. Bidding documents must be submitted to: A. V. Glukhov Roznina Str. 146/2 Khanty-Mansijsk Russia Tel: 35-111 SISTEMA JSFC: To Recommence Trading on Russian Stock Exchange ------------------------------------------------------------- Sistema JSFC will recommence trading in its shares on the Russian stock exchange within a week from Dec. 3, 2007. On Nov. 8, 2007, trading in Sistema shares was suspended in connection with a share split of 1,000 times. The Federal Financial Markets Service on Nov. 29, 2007, registered the company's report on the share split as a necessary precondition for shares recommencing trading at the new price following the split. The Sistema share split has been carried out as part of a program aimed at increasing liquidity of the company's shares on the Russian market. As a result, Sistema's charter capital was split into 9,650,000,000 ordinary shares, with each having a nominal value of RUR0.09. About Sistema Sistema JSFC (LSE: SSA) -- http://www.sistema.com/-- is the largest private sector consumer services company in Russia and the CIS, with over 65 million customers. Sistema develops and manages market-leading businesses in selected service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. Founded in 1993, the company reported revenues of US$7.5 billion for the first nine months of year 2006, and total assets of US$18.5 billion as at Sept. 30, 2006. Sistema's shares are listed under the symbol 'SSA' on the London Stock Exchange, under the symbol 'AFKS' on the Russian Trading System (RTS), and under the symbol 'SIST' on the Moscow Stock Exchange (MSE). * * * As reported in the TCR-Europe on Oct. 26, 2007, Moody's Investors Service upgraded the corporate family ratings of JSFC Sistema to Ba3 from B1. The outlook on the ratings is positive. Simultaneously, Moody's upgraded the existing Sistema Capital S.A. Notes and MTN program ratings to Ba3 from B3. The company carries Standard & Poor's BB- issuer credit rating with positive outlook and Fitch Ratings' BB- issuer default rating with stable outlook. TERSKIJ APK: Creditors Must File Claims by January 17, 2008 ----------------------------------------------------------- Creditors of OJSC Terskij APK have until Jan. 17, 2008, to submit proofs of claim to: B. T. Dumanov Competitive Proceedings Manager apartment 61 Tarchokova Str. 54g Nal'chik 360000 Kabardino-Balkarian Russia The Arbitration Court of Kabardino-Balkarian commenced competitive proceedings against the company on Oct. 29. The case is docketed under Case No. A20-2636/2007. TEXTILE VYSHNE-VOLOTSKAYA: Hearing Slated for January 29, 2008 -------------------------------------------------------------- The Arbitration Court of Moscow will convene at 3:00 p.m. on Jan. 29, 2008, to hear the bankruptcy supervision procedure on CJSC Textile Vyshne-Volotskaya Company. The case is docketed under Case No. A40-33319/07-73-120B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Textile Vyshne-Volotskaya Company Block 1 5th Magistral'naya Str. 12 123007 Moscow Russia VIMPEL-COMMUNICATIONS: In Talks to Acquire Golden Telecom --------------------------------------------------------- OJSC Vimpel-Communications and Golden Telecom Inc. confirm that they currently are in discussions regarding the potential acquisition of all of the outstanding shares of Golden Telecom by a subsidiary of VimpelCom at a price per share of US$105 in cash, subject to negotiation and execution of a definitive acquisition agreement and final approval of their respective Boards of Directors and the special independent committees thereof. There can be no assurance that the discussions will lead to a definitive agreement or that a transaction will be consummated. VimpelCom and Golden Telecom do not intend to make any further comment or to respond to any inquiries until either a definitive agreement has been reached or discussions have been terminated. About Golden Telecom Headquartered in Moscow, Russia, Golden Telecom Inc. -- http://www.goldentelecom.com/-- provides integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the Commonwealth of Independent States. The Company offers voice, data and Internet services to corporations, operators and consumers using its overlay network in major cities including Moscow, Kiev, St. Petersburg, Nizhniy Novgorod, Samara, Kaliningrad, Krasnoyarsk, Alma-Ata, and Tashkent, and via intercity fiber optic and satellite-based networks, including around 287 combined access points in Russia and other countries of the CIS. The Company offers cellular communication services in Kiev and Odessa, Ukraine. About VimpelCom Headquartered in Moscow, Russia, OJSC Vimpel-Communications (NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile telecommunications services in Russia and Kazakhstan with newly acquired operations in Ukraine, Tajikistan and Uzbekistan. The Company operates under the 'Beeline' brand in Russia and Kazakhstan. In addition, VimpelCom is continuing to use 'K- mobile' and 'EXCESS' brands in Kazakhstan. The group wholly owns Mobitel in Georgia. * * * As of Oct. 8, 2007, OJSC Vimpel-Communication carries Ba2 Corporate Family, Probability-of-Default and Senior Unsecured Debt Ratings from Moody's Investors Service. The company also carries BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. ========= S P A I N ========= AVANZIT SA: Chapter 15 Petition Summary --------------------------------------- Petitioner: Oversight and Control Commission of Avanzit, S.A. 42, Cardenal Marcelo Spinola Madrid, MAD 28017 Tel: (34) 913 836 400 Debtor: Avanzit, S.A. 42, Cardenal Marcelo Spinola Madrid, MAD 28017 Tel: (34) 913 836 400 Case No.: 07-13765 Type of Business: The Debtor is a Spanish company engaged, through its subsidiaries, in the media and telecommunications businesses. See http://www.avanzit.com/ Chapter 15 Petition Date: November 29, 2007 Court: Southern District of New York (Manhattan) Judge: Stuart M. Bernstein Petitioner's Counsel: David A. Rosenzweig, Esq. Fulbright & Jaworski, L.L.P. 666 Fifth Avenue New York, NY 10103 Tel: (212) 318-3035 Fax: (212) 318-3400 Estimated Assets: US$100,000 to US$1 Million Estimated Debts: US$100,000 to US$1 Million ===================== S W I T Z E R L A N D ===================== AKKRO BAU: Claims Registration Period Ends December 10 ------------------------------------------------------ The Bankruptcy Service of Dielsdorf in Zurich commenced bankruptcy proceedings against LLC Akkro Bau on July 12. Creditors have until Dec. 10 to file their written proofs of claim. The Bankruptcy Service of Dielsdorf can be reached at: Bankruptcy Service of Dielsdorf 8157 Dielsdorf ZH Switzerland The Debtor can be reached at: LLC Akkro Bau Gumpenwiesenstrasse 1b 8157 Dielsdorf ZH Switzerland BRAND AGENCY: Claims Registration Period Ends December 10 --------------------------------------------------------- The Bankruptcy Service of Wallisellen in Zurich commenced bankruptcy proceedings against LLC Brand Agency on Oct. 9. Creditors have until Dec. 10 to file their written proofs of claim. The Bankruptcy Service of Wallisellen can be reached at: Bankruptcy Service of Wallisellen 8304 Wallisellen Bulach ZH Switzerland The Debtor can be reached at: LLC Brand Agency Talackerstr. 11 8152 Glattbrugg Bulach ZH Switzerland BEPES LLC: Creditors' Liquidation Claims Due by December 10 ----------------------------------------------------------- Creditors of LLC BEPES have until Dec. 10 to submit their claims to: Wuest-Stocker Chasirain 1 6214 Schenkon Sursee LU Switzerland The Debtor can be reached at: LLC BEPES Schenkon Sursee LU Switzerland BUCH-UND ZEITUNGSVERLAG: Creditors Must File Claims by Dec. 12 -------------------------------------------------------------- Creditors of JSC Buch- und Zeitungsverlag zur Muhle have until Dec. 12 to submit their claims to: Roten Georges Schluechtstrasse 2 3982 Bitsch Raron VS Switzerland The Debtor can be reached at: JSC Buch- und Zeitungsverlag zur Muhle Fiesch Goms VS Switzerland GARTNER + LEBER: Creditors' Liquidation Claims Due by Dec. 10 -------------------------------------------------------------- Creditors of JSC Gartner + Leber have until Dec. 10 to submit their claims to: JSC Schonenberger & Grolimund Treuhand Branch Baden Langacker 16 5405 Baden-Dattwil AG Switzerland The Debtor can be reached at: JSC Gartner + Leber Wadenswil Horgen ZH Switzerland IDS-INSTITUT: Creditors' Liquidation Claims Due by December 10 -------------------------------------------------------------- Creditors of JSC IDS-Institut fur deutsches Steuerrecht have until Dec. 10 to submit their claims to: JSC IDS-Institut fur deutsches Steuerrecht Theaterstr. 4 4051 Basel Switzerland MANUS SCHADENSMANAGEMENT: Creditors Must File Claims by Dec. 10 --------------------------------------------------------------- Creditors of JSC Manus Schadensmanagement have until Dec. 10 to submit their claims to: Margaretha Koller-Locher Liquidator Gassliweg 1 8576 Mauren TG Switzerland The Debtor can be reached at: JSC Manus Schadensmanagement Zug Switzerland PLUS-PUNKT OLTEN: Creditors Must File Claims by December 10 ----------------------------------------------------------- Creditors of JSC Plus-Punkt Olten have until Dec. 10 to submit their claims to: JSC Plus-Punkt Olten Froburgstrasse 9 4600 Olten SO Switzerland SCICO PUBLISHING: Bern Court Closes Bankruptcy Proceedings ---------------------------------------------------------- The Bankruptcy Service of Bern-Mittelland entered Oct. 30 an order closing the bankruptcy proceedings of JSC Scico Publishing. The Bankruptcy Service of Bern-Mittelland can be reached at: Bankruptcy Service of Bern-Mittelland Office Bern 3011 Bern Switzerland The Debtor can be reached at: JSC Scico Publishing Thunstrasse 7 3006 Bern Switzerland SEKI GASTRO: Bern Court Closes Bankruptcy Proceedings ----------------------------------------------------- The Bankruptcy Service of Bern-Mittelland entered Oct. 23 an order closing the bankruptcy proceedings of LLC Seki Gastro. The Bankruptcy Service of Bern-Mittelland can be reached at: Bankruptcy Service of Bern-Mittelland Office Bern 3011 Bern Switzerland The Debtor can be reached at: LLC Seki Gastro Flurstrasse 24 3014 Bern Switzerland VARIF JSC: Creditors' Liquidation Claims Due by December 14 ----------------------------------------------------------- Creditors of JSC Varif have until Dec. 14 to submit their claims to: Dr. Oliver Kunzler Wenger Plattner Goldbach-Center Seestrasse 39 8700 Kusnacht ZH Switzerland The Debtor can be reached at: JSC Varif Zug Switzerland =========== T U R K E Y =========== CALIK HOLDING: Fitch Affirms IDR at B+ on Diversified Revenue ------------------------------------------------------------- Fitch Ratings affirmed Calik Holding A.S.'s Long-term foreign and local currency Issuer Default ratings at 'B+' with Stable Outlooks. At the same time, Fitch has affirmed Calik's National Long-term rating at 'A-(tur)' with Positive Outlook. Fitch has also affirmed Globus Capital Finance S.A.'s US$200 million 8.5% notes, maturing in 2012, senior unsecured rating at 'B+' and Recovery Rating at 'RR4'. Globus used the note proceeds to finance a loan to Calik. The affirmation of Calik's IDRs is based on Fitch's assessment that the company has sustained diversification of revenue and operating profit generation, particularly with Calik Enerji A.S.'s (Calik's energy and telecommunication investments are consolidated under Calik Enerji A.S.) consolidated results. The ratings also take into consideration Calik's planned expansion in the electricity generation, oil and gas as well as telecommunication sectors, which could result in significant capital expenditure and hence leverage. The agency notes that while these ventures have the potential to elevate the group's profitability and cash generation capabilities, the funding structure and eventual monetary impact of such expenditures on group results is yet to be seen. Fitch is also concerned that Calik is in the bidding process for some large-scale privatisations in the petrochemicals and media sectors. However, Fitch does not expect Calik to leverage itself beyond a consolidated net debt/EBITDA ratio of 4x at the current rating level. Calik's energy business represents 38% of group revenues and 46% of group operating profits. Calik improved its consolidated EBITDA and leverage metrics in fiscal year 2006, and Fitch expects the group to sustain its improved financial profile by fiscal year 2007 and into fiscal year 2008, primarily due to the continued strong contribution of Calik Enerji A.S. to the group consolidated results, as noted above. It is Fitch's view that Calik's closure of its 76% acquisition of Albania's AlbTelecom in September 2007 could also serve to advance the group operating profitability in fiscal year 2007 and onwards. Calik's efforts to diversify the geographic exposure of its construction business with new ventures in the Middle East and North Africa should serve to spread the risk in the construction-related revenue stream. Fitch will continue to scrutinize the evolution of Calik's business and financial profile, especially in relation to its planned energy investments and their impact on the group earnings and leverage. Along with a high capex requirement, the holding company has a number of power-generation projects expected to start construction in 2008, from which Fitch anticipates a high degree of construction risk. Fitch expects that most of these funding requirements will be financed through project financing on a non-recourse basis. Fitch notes that the operating subsidiaries will service their outstanding obligations before upstreaming dividends to the holding company. Only excess cash will be channelled to Calik Holding. Calik Holding has interests in diversified businesses including textiles, construction, energy (including telecommunications) and finance. In fiscal year 2006, the group generated US$1.012 billion consolidated revenues, US$97 million EBIT and US$77 million net income. PROFILO TELRA: Fitch Junks IDR on Liquidity Concerns ---------------------------------------------------- Fitch Ratings has downgraded Turkey-based Profilo Telra Elektronik Sanayi ve Ticaret A.S.'s ratings: -- Long-term foreign currency Issuer Default rating: downgraded to 'CC' from 'CCC' -- Long-term local currency IDR: downgraded to 'CC' from 'CCC' -- National Long-term rating: downgraded to 'B-(tur)' from 'BB(tur)' All ratings remain on Rating Watch Negative. Fitch also downgraded HD Capital S.A.'s senior unsecured rating to 'CC'/'RR4' from 'CCC'/'RR4'. The rating remains on RWN. HD is the issuer of EUR50 million 10.75% loan participation notes guaranteed by Profilo, issued in December 2006 and maturing in 2011. HD loaned its LPN proceeds to Profilo on a senior unsecured basis. The downgrade of Profilo's ratings reflects Fitch's continued concerns regarding Profilo's performance and liquidity. Following poor results in 2006, Profilo's performance continued to deteriorate in 2007. First half of 2007 results revealed a severe revenue contraction to TRY144 million (fiscal year 2006: TRY587 million) due to reduced production. For first half of 2007, Profilo also reported an operating loss of TRY51 million and an operating cash outflow of TRY25 million (fiscal year 2006: TRY66 million) before the positive effects of working capital. At end of first half of 2007, Profilo had TRY181 million short- term and TRY141 million long-term debt, with minimal cash on balance sheet of TRY6 million. Due to sustained operating losses severely impacting its liquidity, Profilo had to cut back its production volumes. Overall, viability of the businesses hinges on Profilo's liquidity to be supported by its ability to achieve sustained operating profitability, management of its working capital components, as well as its ability to service its short-term interest and principal payments. The RWN reflects Fitch's concern that HD may not be able to pay its EUR5.4 million coupon due on Dec. 7, 2007. Failure to pay this coupon on the due date is likely to cause a further downgrade to Profilo's ratings on 10 December (the first business day following the coupon payment date). The auditor's first half of 2007 report continues to qualify that the group's ability to continue as a going concern is dependent on financial support from its shareholders and creditors. While the company seems to have received some support from its suppliers and customers with respect to its trade terms, Fitch has not received any indication of forthcoming shareholder support in the near future. ============= U K R A I N E ============= ASTRA-SVIT LLC: Creditors Must File Claims by December 6 ---------------------------------------------------------- Creditors of LLC Astra-Svit (code EDRPOU 33594058) have until Dec. 6 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. 23/434-b. The Debtor can be reached at: LLC Astra-Svit Iziumskaya Str. 7 03039 Kiev Ukraine BUILDING METAL: Creditors Must File Claims by December 6 -------------------------------------------------------- The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B-48/77-07. Creditors of LLC Building Metal Service (code EDRPOU 32094236) have until Dec. 6 to submit written proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Debtor can be reached at: LLC Building Metal Service Moscow Str. 26 Izium Kharkov Ukraine DOWNY GOODS: Creditors Must File Claims by December 6 ----------------------------------------------------- Creditors of OJSC Ukrainian Downy Goods (code EDRPOU 00443588) have until Dec. 6 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. 15/589-b. The Debtor can be reached at: OJSC Ukrainian Downy Goods Bozhenko Str. 8 Kiev Ukraine FRUIT-JELLY FILM: Creditors Must File Claims by December 6 ---------------------------------------------------------- Creditors of LLC Fruit-Jelly Film (code EDRPOU 32921727) have until Dec. 6 to submit written proofs of claim to: Viacheslav Letskan Liquidator Apartment 42 Dovzhenko Str. 16V 03057 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 15/490-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Fruit-Jelly Film Apartment 35 A. Tupolev Str. 4-A 03062 Kiev Ukraine GRAND CHEMISTRY: Creditors Must File Claims by December 6 --------------------------------------------------------- Creditors of LLC Grand Chemistry TS (code EDRPOU 34616831) have until Dec. 6 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. 15/785-b. The Debtor can be reached at: LLC Grand Chemistry TS P. Lumumba Str. 15-A Kiev Ukraine LUTUGINO BREADRECEIVING: Creditors Must File Claims by Dec. 6 ------------------------------------------------------------- Creditors of OJSC Futugino Breadreceiving Enterprise (code EDRPOU 00957241) have until Dec. 6 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. B-20/120b. The Debtor can be reached at: OJSC Futugino Breadreceiving Enterprise Zheleznodorozhnaya Str. 2 Lutugino Lugansk Ukraine MEDICAL TECHNICS: Proofs of Claim Deadline Set December 6 --------------------------------------------------------- Creditors of OJSC Zaporozhye Firm Medical Technics (code EDRPOU 03568445) have until Dec. 6 to submit written proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 16/251-07. The Debtor can be reached at: OJSC Zaporozhye Firm Medical Technics Radio Str. 17 Zaporozhje Ukraine ONYX-M LLC: Creditors Must File Claims by December 6 ---------------------------------------------------- Creditors of LLC Onyx-M (code EDRPOU 32923355) have until Dec. 6 to submit written proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 25/274/07. The Debtor can be reached at: LLC Onyx-M Apartment 204 Pobeda Str. 63 69035 Zaporozhje Ukraine PRAVDA LLC: Proofs of Claim Deadline Set December 6 --------------------------------------------------- Creditors of LLC Agricultural Firm Pravda (code EDRPOU 30155307) have until Dec. 6 to submit written proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 19/166-07. The Debtor can be reached at: LLC Agricultural Firm Pravda Gvardeyskaya Str. 12 Bolshaya Belozerka 71401 Zaporozhje Ukraine STAN-KOINTECH CJSC: Proofs of Claim Deadline Set December 6 ----------------------------------------------------------- Creditors of CJSC Stan-Kointech (code EDRPOU 05476960) have until Dec. 6 to submit written proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 16/249/07. The Debtor can be reached at: CJSC Stan-Kointech Kozatstvo Str. 6a Zaporozhye Zaporozhje Ukraine TRADE-ARCHITECTURE BUILDING: Creditors' Claims Due December 6 ------------------------------------------------------------- Creditors of LLC Trade-Architecture Building (code EDRPOU 32851878) have until Dec. 6 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. 15/786-b. The Debtor can be reached at: LLC Trade-Architecture Building Kikvidze Str. 41-A Kiev Ukraine WORKSAL AGRICULTURAL: Creditors Must File Claims by December 6 ----------------------------------------------------------- Creditors of OJSC on Executing of Agricultural Chemical Worksal Agricultural Chemistry (code EDRPOU 05488271) have until Dec. 6 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. 45/45B. The Debtor can be reached at: OJSC on Executing of Agricultural Chemical Worksal Agricultural Chemistry Zeleny Lane 20 Amvrosiyevka 87300 Donetsk Ukraine ZAPOROZHYE BOILER-ASSEMBLY: Creditors Must File Claims by Dec. 6 ---------------------------------------------------------------- Creditors of CJSC Zaporozhye Boiler-Assembly Plant (code EDRPOU 01412526) have until Dec. 6 to submit written proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 25/37/06. The Debtor can be reached at: CJSC Zaporozhye Boiler-Assembly Plant Finalnaya Str. 1-D 69009 Zaporozhje Ukraine ZOLOTOY KOLOS: Creditors Must File Claims by December 6 ------------------------------------------------------- Creditors of Agricultural LLC Zolotoy Kolos (code EDRPOU 03732940) have until Dec. 6 to submit written proofs of claim to: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 5/497-07. The Debtor can be reached at: Agricultural LLC Zolotoy Kolos Kirilovtsy Zhmerinka District 23120 Vinnica Ukraine =========================== U N I T E D K I N G D O M =========================== BAA LTD: Climate Activists Disrupt Parliamentary Inquiry -------------------------------------------------------- Climate activists opposed to plans for a third runway at Heathrow Airport disrupted a Parliamentary inquiry going on inside the House of Commons on Nov. 28, 2007. Protestors from climate action group, Plane Stupid, disrupted the proceedings of the Transport Select Committee who were hearing evidence from BAA Ltd. chief executive Steven Nelson and Aviation Minister Jim Fitzpatrick. The team of protestors wore t-shirts emblazoned with 'No Third Runway' interrupted the inquiry into "The Future of BAA" and handed out copies of a Tyndall Centre climate change report about the impacts of flying on global warming. Plane Stupid accused the Government of pre-judging the decision on the Third Runway and ignoring recent scientific evidence about the impacts airport expansion would bring upon climate change. "Despite overwhelming evidence of the impact of carbon emissions from aviation -- the government are deliberately ignoring concerns about climate change," Richard George, an activist for Plane Stupid, said. "The plan for a third runway flies in the face of the science and were it approved it would pollute more than the whole of Kenya!," Mr. George added. At the Transport Select Committee hearing, MPs questioned Mr. Nelson and BAA chairman Sir Nigel Rudd over security queues, dirty airports and the group's capability to invest, the Daily Telegraph reports. According to the report, Don Langford, American Airlines' managing director for Europe and India, criticized BAA's tardy reaction to the new security arrangements imposed after last year's terror plot to that of rival Manchester Airport, arguing that "in the last two years BAA has been less responsive over operational issues. Access to senior management has deteriorated." "I regret the frustration over poor service. We have much to do. We are making progress," Mr. Nelson was quoted by the Daily Telegraph as saying. Toby Nicol, easyJet's communications director, on the other hand, demanded a review of BAA's regulation by the Civil Aviation Authority, while Paul Ellis, British Airways' general manager of infrastructure policy, called for the regulator to impose licensing conditions on the airports operator, Alistair Osborne writes for the Daily Telegraph. About BAA Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc) -- http://www.baa.com/-- owns and operates seven airports in the United Kingdom, including Heathrow, the world's busiest international airport, and Budapest Airport, serving 700 destinations by around 300 airlines. In June 2006, BAA was bought by a consortium led by Grupo Ferrovial SA, the Spanish construction company. Ferrovial is one of the world's leading construction groups, specializing in four strategic lines of business - airports, construction, transport infrastructure and services - throughout Spain, the U.K., Portugal and nine other countries in Europe and the rest of the world. The company has around 89,000 employees and a net revenue of EUR12.4 billion. * * * As reported in the TCR-Europe on Nov. 27, 2007, Standard & Poor's Ratings Services has lowered its long-term corporate credit rating on U.K.-based airports operator BAA Ltd. to 'BB-' from 'BBB+', reflecting delays in refinancing, as well as operating issues. At the same time, Standard & Poor's 'BBB+' ratings on BAA's guaranteed bonds remain unchanged after the U.K. Civil Aviation Authority released price control proposals for Heathrow and Gatwick that reduced regulatory uncertainty. CHRYSLER LLC: Overall November 2007 U.S. Sales Down 2 Percent ------------------------------------------------------------- Chrysler LLC dealers delivered 161,088 new vehicles to U.S. customers in November 2007, down 2% compared with a year ago. All sales figures are reported as unadjusted. "Despite consumer concerns, Chrysler LLC sales are off only 2% showing customers are still purchasing quality and value. High fuel prices and falling home prices continue to impact vehicle sales in November which remain below trend," Darryl Jackson, Vice President - U.S. Sales, said. "We remain optimistic moving into December due to the growing availability of new models, including Chrysler Town & Country, Dodge Grand Caravan and the Jeep Liberty." Chrysler brand car sales were led by the Sebring Convertible, which increased sales to 2,039 units compared with 195 units a year ago, up 946%. Chrysler Town & Country sales rose 10% to 12,629 units versus November 2006 with 11,507 units. High fuel prices impacted Jeep(R) brand results, down 2% versus November of last year. Large SUVs saw the greatest impact with Jeep(R) Commander down 45% at 4,391 units versus November 2006. Dodge brand car sales increased 75% over last year by steady sales of the Dodge Charger with 10,341 units delivered. "The recently launched "Event of a Lifetime" program has resonated well with customers and will be continued through January 2, 2008," Michael Keegan, Vice President - Volume Planning and Sales Operations, said. "We continue to offer customers a great value package and on select 2008 models we will extend the 0% APR through 60 months." Chrysler finished the month with 480,424 units of inventory, or an 75-day supply. Inventory is down by 4% compared to November 2006 when it was at 499,036 units. Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. The outlook is negative. CHRYSLER LLC: Invests US$48 Mln to Support New Dodge Production --------------------------------------------------------------- Production of the all-new 2008 Dodge Ram 4500 and 5500 Chassis Cabs is underway at Chrysler LLC's Saltillo Assembly Plant in Saltillo, Mexico. To support new commercial vehicle production, Chrysler recently invested an additional US$48 million into the plant, resulting in a 120,000 square-foot expansion that allows the plant to produce commercial vehicles and accommodate new frame configurations. This follows an additional US$210 million investment into the plant for production of the all-new 2006 Dodge Ram Mega Cab in 2005. Dodge Ram 4500/5500 production got underway in July 2007, with the first vehicles reaching Dodge commercial vehicle dealerships in November. The Saltillo Plant, which also produces the Dodge Ram Mega Cab, Dodge Ram Power Wagon, Dodge Ram Heavy Duty 2500 and 3500 models, and Dodge Ram 3500 Chassis Cab, takes on production of the Dodge Ram 4500 and 5500 Chassis Cabs as part of Chrysler's Flexible Manufacturing Strategy. In addition to increased production capacity, the expansion enables the plant to manage the greater complexity of the all- new 2008 Dodge Ram 4500 and 5500 Chassis Cabs. This includes commercial-grade chassis and suspensions, four wheelbases and cab-axle lengths, regular cab and Quad Cab(R) configurations, two-wheel-drive and four-wheel-drive models, and three trim lines' SLT, SLT and Laramie. All models are 'Job-rated,' meaning they are designed, engineered, tested and built to meet the rigid standards of commercial truck buyers. "A continuous showcase of advanced manufacturing capability and adaptability, the Saltillo facility is one of our most versatile plants and a great example of Chrysler's flexible manufacturing ability," Frank Ewasyshyn, Executive Vice President - Manufacturing, said. "Even with the added complexities of commercial vehicle production, we're not only able to adjust operations to better respond to customer needs, but we're also better positioned to build a positive business case for new products and derivatives as each plant is able to maximize production capacity." The Saltillo Assembly Plant has 2,100 employees working on two shifts and is one of five Chrysler production facilities in Mexico. Flexible Manufacturing Strategy Chrysler's Flexible Manufacturing Strategy allows the company to produce a high-quality product faster and at a lower cost. In order to balance production with demand, the FMS approach allows the company to efficiently build lower-volume vehicles that take advantage of market niche and to quickly shift production volumes between different models within a single plant or among multiple plants. FMS has been implemented product-by-product and plant-by-plant across the Chrysler manufacturing enterprise. Creating enhanced efficiencies, new investment is introducing state-of-the-art technology to Chrysler plants, enabling the company to produce more than one vehicle on a production line and conduct rolling launches of new models. Chrysler's workforce is also becoming more flexible with the implementation of team concepts and an increased emphasis on supporting assembly line operators. Dodge Commercial Vehicles Dodge continues to increase the breadth of its commercial products and offers a comprehensive array of vehicles and services designed with business customers in mind. Along with the Dodge Ram 2500/3500 Box-Off models and the Dodge Ram 3500, 4500 and 5500 Chassis Cabs -- the Class 3-5 segments' most powerful, capable and upfit-friendly work-trucks -- Dodge Grand Caravan cargo vans complement a growing Dodge commercial lineup that includes the class-leading Dodge Sprinter, which continues its legacy and leadership as the top-performing commercial van in the marketplace. Dodge Brand With a U.S. market share of 6%, Dodge is Chrysler's best-selling brand and the fifth largest nameplate in the U.S. automotive market. In 2006, Dodge sold more than 1.3 million vehicles in the global market. Dodge continues to lead the minivan market with a 20% market share in the U.S. In the highly competitive truck market, Dodge has an 18% market share. Dodge is also entering key European volume segments with Nitro, Caliber and Avenger. About Chrysler Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. The outlook is negative. DAVIES & GIBBERSON: Brings In Liquidators from Moore Stephens ------------------------------------------------------------- Nigel Price and Mark Bowen of Moore Stephens LLP were appointed joint liquidators of Davies & Gibberson Ltd. on Nov. 20 for the creditors' voluntary winding-up procedure. The joint liquidators can be reached at: Moore Stephens LLP Beaufort House 94-96 Newhall Street Birmingham B3 1PB England FORD MOTOR: Overall U.S. Sales Up 0.4 Percent in November 2007 -------------------------------------------------------------- Continued growth in crossover sales and increased demand for hybrids, fuel-efficient cars and Ford's industry-exclusive SYNC in-car connectivity technology drove Ford Motor Company's sales in November. Company sales totaled 182,951, up 0.4% versus a year ago. November marked the first sales increase following 12 months of declines. "It is encouraging to see our newest cars, crossovers, hybrids and industry-first SNYC technology resonating with customers," Mark Fields, president, The Americas, said. "Continuing to deliver more quality products that people really want and carefully gauging customer demand in the months ahead will help ensure we stay on track with our plan." Consumer demand continues to grow for the all-new Ford Edge and Lincoln MKX crossover utility vehicles. Edge sales were 12,594 and Lincoln MKX sales were 3,360. Total sales of crossover utilities, including the redesigned Ford Escape, Ford Taurus X, and Mercury Mariner were 33,271, up 119% compared with a year ago. Escape Hybrid and Mariner Hybrid models set November sales records. Sales of the new 2008 Ford Focus were up 18% compared with a year ago. Focus is one of 12 Ford, Lincoln and Mercury models equipped with SYNC, an affordable, industry-exclusive in-car connectivity technology that fully integrates most Bluetooth- enabled cell phones and MP3 players into a customer's driving experience. "All of our SYNC-equipped models are turning quickly," Mr. Fields said. "Affordable technology that integrates mobile communication and entertainment devices appears to be resonating with consumers. Beyond that, SYNC appears to be changing opinions about Ford and elevating consideration for our products and brands." Ford Fusion and Mercury Milan also contributed to the company's November sales increase. Fusion sales were up 39% and Milan sales increased 43%. Lincoln continued its winning streak in November as retail sales climbed 4%. November marked the 14th straight month of higher retail sales for the premium brand. Total Lincoln sales in November were down 7%, reflecting lower fleet sales. In November, Ford, Lincoln and Mercury sales to individual retail customers were 3% lower than a year ago. Sales to daily rental companies were down 6%, but sales to commercial fleet and government customers were up 25%. North American Production In the first quarter of 2008, the company plans to produce 685,000 vehicles in North America. This is the initial forecast of first quarter production. In the first quarter of 2007, the company produced 740,000 vehicles. Fourth-quarter 2007 production is 645,000 units, unchanged from the previously announced plan. About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. GENERAL MOTORS: Overall U.S. Sales Down 11 Percent in November -------------------------------------------------------------- After three consecutive monthly increases, General Motors Corp. dealers in the United States delivered 263,654 vehicles in November, down 11% compared with a year ago, reflecting continuing reductions in daily rental sales and softening industry demand. GM's retail car deliveries increased, based on the strength of the all-new Chevrolet Malibu, 2008 Cadillac CTS and fuel- efficient Chevrolet Aveo, Cobalt, Pontiac G5 and G6. "Integral to our strategy is to grow our share in the key car segments," Mark LaNeve, GM North America vice president, Vehicle Sales, Service and Marketing, said. "The retail performance, especially from the new Chevrolet Malibu and Cadillac CTS, demonstrates the enthusiasm customers have for these outstanding new vehicles. The recognition of the 2008 CTS as Motor Trend's Car of the Year reinforces what we are hearing from customers about this phenomenal car. And, not to be outdone, the new Malibu is flying off dealer lots." There were several bright spots in retail deliveries, led by brisk sales in the economy, small, mid and luxury car segments and mid-utility crossovers. Chevrolet retail car sales were up more than 15%, Cadillac retail car sales, driven by a 48% increase in CTS sales, were up more than 13% and Pontiac retail car sales were up more than 8%. Total retail deliveries were down 9.7%, largely due to reduced availability of 2007 models after a strong sell-down in September and October. "The Malibu, CTS and Enclave have some of the fastest turn rates in the industry," Mr. LaNeve added. "We've added production capacity at our Orion Assembly plant for Malibu to keep up with growing demand and dealer orders." Together, GM's mid-utility crossovers (Buick Enclave, Saturn OUTLOOK and GMC Acadia) sold nearly 13,000 vehicles at retail. Saturn retail truck sales, driven by the OUTLOOK, were up more than 35%. Chevrolet HHR retail sales were up 60%. The Pontiac and GMC divisions showed retail sales increases. GM continued to reduce sales to daily rental fleets, down more than 14,000 vehicles, or almost 29% compared with a year ago. Total fleet sales were down 16%. Retail sales for the month, as a percentage of total sales, showed an increase of more than one percentage point (to 74% of total sales) compared with a year ago. Vehicle inventories were down 97,000 vehicles compared with year-ago levels and stood at about 993,000 vehicles at the end of the month. Certified Used Vehicle Sales November 2007 sales for all certified GM brands, including GM Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles, Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 37,946 vehicles, down nearly 11% from last November. Total year-to- date certified GM sales are 479,946 vehicles, up 0.3% from the same period last year. GM Certified Used Vehicles, the industry's top-selling manufacturer-certified used brand, posted 32,748 sales, down 10% from last November. Year-to-date sales for GM Certified Used Vehicles are 421,190 vehicles, up 2% from the same period in 2006. Cadillac Certified Pre-Owned Vehicles posted November sales of 3,227 vehicles, down 9% from last November. Saturn Certified Pre-Owned Vehicles sold 1,372 vehicles in November, up nearly 2%. Saab Certified Pre-Owned Vehicles sold 468 vehicles, down 54%, and HUMMER Certified Pre-Owned Vehicles sold 131 vehicles, up 17%. "While November was a challenging sales month for certified GM brands, year-to-date GM Certified Used Vehicle sales are up 2% through November and we're in a position to set a new industry annual sales record for the manufacturer-certified category," Mr. LaNeve said. About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of US$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. S&P said the outlook is stable. GENERAL MOTORS: Bidding for Undisclosed Stake in OAO AvtoVAZ ------------------------------------------------------------ General Motors Corp. has submitted a formal bid for a stake in Russian carmaker OAO AvtoVAZ, The Wall Street Journal reports. GM spokesman Marc Kempe described the offer as "competitive", without specifying how large a stake the company is bidding or how much it is willing to pay, WSJ relates. Mr. Kempe told WSJ that the bid was part of its effort to extend its presence in Russia, where foreign-brand cars posted a 60% rise in sales. GM expects this year's sales to reach 250,000 vehicles, compared to 132,000 units in 2006, WSJ relates. GM's Chevrolet and Opel brands are Russia's best-selling foreign and fastest-growing brands respectively. WSJ cites some industry analysts as saying that Russia will become Europe's second-biggest car market by number of new cars sold as early as the end of 2007. GM and AvtoVAZ operate a joint venture that manufactures the Chevrolet Niva and the Chevrolet Viva. The companies' relationship, however, soured in 2005 after the Russian government took over AvtoVaz. GM may face Fiat S.p.A. and Renault S.A. in the bidding process, WSJ relates. Fiat has an existing memorandum of understanding with Avtovaz to explore ways in which the two companies could share technology, parts and platforms. "All of these auto makers are building their sales and production networks [in Russia] organically, but it's not going quickly enough to meet the targets they've set [for Russia]," Ivan Bonchev at Ernst & Young Moscow told WSJ. About Avtovaz Headquartered in Toliatti, Russia, Avtovaz OAO -- http://www.lada-auto.ru/-- manufactures passenger cars under brand names LADA, VAZ and NIVA. Through its subsidiaries and associates, the Company manufactures automobile components, distributes automobiles and spare parts and operates automobile service centers. About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- wmanufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM employs about 280,000 people around the world * * * As reported in the Troubled Company Reporter on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. S&P said the outlook is stable. GREENLAKE DEVELOPMENTS: Appoints PwC as Joint Administrators ------------------------------------------------------------ Nicholas Edward Reed and Ian David Green of PricewaterhouseCoopers LLP were appointed joint administrators of Greenlake Developments Ltd. (Company Number 05072522) on Nov. 15. 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. The company can be reached at: Greenlake Developments Ltd. 3 Kensington Bishop Auckland DL14 6HX England HOBBY CERAMICS: J. M. Titley Leads Liquidation Procedure -------------------------------------------------------- J. M. Titley of DTE Leonard Curtis was appointed liquidator of Hobby Ceramics Ltd. (formerly The Potters Connection Ltd.) on Nov. 16 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: DTE Leonard Curtis DTE House Hollins Mount Hollins Lane Bury Lancs BL9 8AT England INDUSTRIA ENGINEERING: Claims Filing Period Ends January 9, 2008 ---------------------------------------------------------------- Creditors of Industria Engineering Products Ltd. have until Jan. 9, 2008 to prove their debts by sending written statements of the amounts they claim to be due to them from the Company to: Jason James Godefroy Joint Liquidator Menzies Corporate Restructuring 43-45 Portman Square London W1H 6LY England Jason James Godefroy and Paul John Clark of Menzies Corporate Restructuring were appointed joint liquidators of the company on Nov. 15 for the creditors' voluntary winding-up proceeding. MARCON BUILDINGS: Taps Begbies Traynor as Administrators -------------------------------------------------------- G.W. Rhodes and I.P. Sykes of Begbies Traynor were appointed joint administrators of Marcon Buildings & Services Ltd. (Company Number 02902875) on Nov. 22. 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: Marcon Buildings & Services Ltd. Unit 11 Foundry Court Foundry Lane Horsham RH13 5PY England Tel: 01403 249 066 Fax: 01403 249 077 NICOLSON PLANT: Brings In Administrators from BDO Stoy ------------------------------------------------------ James B. Stephen and David J. Hill of BDO Stoy Hayward LLP were appointed joint administrators of Nicolson Plant Ltd. (Company Number 04037615) on Nov. 23. 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: Nicolson Plant Ltd. Moorfield Moorfield Brae ZE2 9QL Scotland Tel: 01806 522 365 Fax: 01806 522 688 POPE & TALBOT: Wants Court OK to Hire Rives as Outside Counsel -------------------------------------------------------------- Pope & Talbot Inc. and its debtor-affiliates ask the United Bankruptcy Court for the District of Delaware for authority to employ Stoel Rives LLP as their special outside counsel. Pope & Talbot Inc. president and chief executive officer Harold N. Stanton tells the Court that the Debtors currently do not employ an attorney who serves in the role of general counsel. That void, he relates, has generally been filled by Stoel Rives since 1998. Since that time, the firm has provided the Debtors with legal advice in connection with corporate advisory matters, including, corporate counseling, mergers and acquisitions, financing, tax and securities compliance, employee benefits and employment law, litigation, and environmental matters. Thus, Mr. Stanton adds, Stoel Rives, through its prior representation of the Debtors, has become very familiar with the Debtors and their business affairs, and has gained extensive experience in most, if not all, aspects of their legal needs. Stoel Rives' continued representation of the Debtors is essential to the successful of their Chapter 11 reorganization, and will provide a substantial benefit to the Debtors and their estates, Mr. Stanton emphasizes. As the Debtors' special outside counsel, Stoel Rives will continue to advise the Debtors on a wide variety of corporate advisory matters, including: * general corporate; * securities compliance; * assisting the Debtors' counsel with non-bankruptcy aspects of mergers and acquisitions and financing; * employee benefits; * labor and employment law issues; * certain litigation matters currently pending, including two employment matters, two workers' compensation matters, and one commercial matter; and * environmental matters. The Debtors will pay for Stoel Rives' services at the firm's customary hourly rates of US$160 to US$525 for attorneys, and from US$110 to US$220 for para-professionals. The firm's hourly rates are subject to adjustment on a periodic basis. Mr. Stanton tells the Court that the Debtors have provided Stoel Rives a US$75,000 prepetition retainer. In addition, Stoel Rives has received approximately US$1,268,278 from the Debtors since Oct. 1, 2006, on account of legal services rendered. Although Stoel Rives has been paid for all outstanding balances existing as of the bankruptcy filing, Mr. Stanton clarifies, it is possible that a modest amount of fees and costs remain outstanding. In this event, the firm will file a claim for all prepetition fees and costs, much of which are likely to relate to either corporate advisory matters or the preparation of Stoel Rives' employment application, and all of which would be secured by and to the extent of the amount of the retainer. Ruth A. Beyer, Esq., a partner at Stoel Rives, assures the Court that her firm is a "disinterested person," as the term is defined in Section 101(14) of the Bankruptcy Code. Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the US and Canada. Markets for the company's products include the US, Europe, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' CCAA Stay expires on Jan. 16, 2008, as extended. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. is Debtors' proposed bankruptcy counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. The Debtors' exclusive period to file a plan expires on March 18, 2008. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). POPE & TALBOT: Selects FTI Consulting as Financial Advisor ---------------------------------------------------------- Pope & Talbot Inc. and its debtor-affiliates ask the United States Bankrupty Court for the District of Delaware for permission to employ FTI Consulting to perform financial advisory services for them, effective as of Nov. 19, 2007. The Debtors understand that FTI Consulting Inc., has a wealth of experience in providing financial advisory services in restructurings and reorganizations and enjoys an excellent reputation for services it has rendered in large and complex Chapter 11 cases on behalf of debtors and creditors throughout the United States, Harold N. Stanton, president and chief executive officer of Pope & Talbot Inc., tells the Court. Thus, the Debtors engaged FTI Consulting on Sept. 5, 2007, to provide them with financial advisory and consulting services. Since then, FTI Consulting has developed a great deal of institutional knowledge regarding the Debtors' operations, finance and systems, which will be valuable to the Debtors in their efforts to reorganize. Pursuant to the terms of an engagement letter between the Debtors and FTI Consulting, dated September 5, FTI Consulting is expected to, among other things: (1) assist the Debtors with information and analyses required pursuant to the Debtors' prepetition financing; (2) assist with the identification and implementation of short-term cash management reporting procedures; (3) assist in the preparation of financial information for distribution to creditors, including cash receipts and disbursement analysis, analysis of various asset and liability accounts, and analysis of proposed transaction; (4) assist the Debtors in developing and implementing strategies to address critical trade suppliers; (5) provide assistance with tax planning and compliance issues with respect to any proposed restructuring, as well as any and all other tax assistance as may be requested from time to time; (6) assist the Debtors in the valuation of businesses and in the preparation of a liquidation valuation for a reorganization plan and disclosure purposes; (7) advise and assist the Debtors in reviewing executory contracts and providing recommendations to assume or reject; (8) advise and assist the Debtors in their assessment of the bonus, incentive and severance plans; and (9) advise and assist the Debtors in the process of identifying and reviewing DIP financing. Mr. Stanton relates that Scott Rinaldi, a managing director of FTI Consulting, has been helping to oversee and coordinate the Debtors' treasury functions due to the vacancy that exists in the Debtors' treasurer position. For contemplated services to be rendered to the Debtors, FTI Consulting will be paid on an hourly basis: Professional Hourly Rate ------------ ----------- Senior Managing Director US$615 to US$675 Directors I Managing Directors US$450 to US$590 Associates I Consultants US$225 to US$420 Administration I Paraprofessionals US$95 to US$180 In addition, the Debtors will consider, in their sole discretion, a value-added fee at the conclusion of FTI Consulting's engagement that would be based on the firm's contribution to the success of their restructuring, according to Mr. Stanton. FTI Consulting should be employed under a general retainer because of the variety and complexity of the services that will be required during the Debtors' bankruptcy proceedings, Mr. Stanton explains. This retainer, he adds, which is estimated to total approximately US$400,000, will not be segregated by FTI Consulting in a separate account and will be held until the end of the case, and applied to FTI Consulting's final Court- approved fees. Dewey Inhoff, senior managing director with FTI Consulting, assures the Court that his firm is a "disinterested person," as the term is defined in Section 101(14) of the Bankruptcy Code. Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the US and Canada. Markets for the company's products include the US, United Kingdom, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' CCAA Stay expires on Jan. 16, 2008, as extended. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. is Debtors' proposed bankruptcy counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. The Debtors' exclusive period to file a plan expires on March 18, 2008. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). POPE & TALBOT: U.S. Trustee Elects 5-Member Creditors Committee --------------------------------------------------------------- Kelly Beaudin Stapleton, the United States Trustee for Region 3, appointed five creditors to the Official Committee of Unsecured Creditors in Pope & Talbot Inc. and its debtor-affiliates' Chapter 11 cases. The Creditors Committee members are: 1. McDonnell Investment Management LLC Attn: David M. Roberts 1515 West 22nd Street Oak Brook, IL 60523 Tel No.: (630) 684-8750 Fax No.: (630) 368-9102 2. Winthrop Resources Corporation Attn: Abigail R. Nesbitt 11100 Wayzata Blvd., Suite 800 Minnetonka, MN 55305 Tel No.: (952) 936-0226 Fax No.: (952) 933-0201 3. New Generation Advisers Attn: Frederick Baily Dent III 225 Friend Street, Suite 801 Boston, MA 02114 Tel No.: (617) 573-9550 Fax No.: (617) 573-9554 4. The Bank of New York Trust Company, N.A. Attn: Stuart Kratter 101 Barclay Street 8 W New York, NY 10286 Tel No.: (212) 815-5466 Fax No.: (732) 667-4762 5. United Steelworkers Attn: David R. Jury Associate General Counsel Five Gateway Center, Room 807 Pittsburgh, PA 15222 Tel No.: (412) 562-2545 Fax No.: (412) 562-2574 Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at the Debtors' expense. They may investigate the Debtors' business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. Those committees will also attempt to negotiate the terms of a consensual Chapter 11 plan -- almost always subject to the terms of strict confidentiality agreements with the Debtors and other core parties-in-interest. If negotiations break down, the Committee may ask the Bankruptcy Court to replace management with an independent trustee. If the Committee concludes reorganization of the Debtor is impossible, the Committee will urge the Bankruptcy Court to convert the Chapter 11 cases to a liquidation proceeding. About Pope & Talbot Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the US and Canada. Markets for the company's products include the US, United Kingdom, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' CCAA Stay expires on Jan. 16, 2008, as extended. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. is Debtors' proposed bankruptcy counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. The Debtors' exclusive period to file a plan expires on March 18, 2008. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). POPE & TALBOT: Informs B.C. Supreme Court of APA with InterFor -------------------------------------------------------------- Pope & Talbot Inc. and its debtor-affiliates informed the British Columbia Supreme Court that they have agreed to sell three sawmills located in Castlegar and Grand Forks, British Columbia, and Spearfish, South Dakota and related timber tenures to International Forest Products Limited, pursuant to an asset purchase agreement dated Nov. 19, 2007, entered into among Pope & Talbot Inc., Pope & Talbot Ltd., Pope & Talbot Lumber Sales Inc., and Pope & Talbot Spearfish Limited Partnership and Interfor. The Debtors also informed the Canadian Court that Interfor is a "stalking horse bidder" and the Interfor APA requires that they file with the U.S. Court, and schedule in the CCAA Proceedings, motions seeking, among other things, the Canadian Court's approval and authorization of uniform bidding procedures. The proposed Biding Procedures aim to solicit competitive bids for the wood products assets contemplated by the Interfor APA, and are essentially the same in form and substance filed by the U.S. Debtors in their Chapter 11 proceedings. As reported in the Troubled Company Reporter on Nov. 30, 2007, the Debtors asked the United States Bankruptcy Court for the District of Delaware to approve the Bidding Procedures. The Debtors also asked the Court to set a sale hearing no later than Jan. 8, 2007. Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the US and Canada. Markets for the company's products include the US, United Kingdom, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' CCAA Stay expires on Jan. 16, 2008, as extended. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. is Debtors' proposed bankruptcy counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. The Debtors' exclusive period to file a plan expires on March 18, 2008. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). SUMMIT PRECISION: Barclays Bank Taps Kroll as Receivers ------------------------------------------------------- Barclays Bank Plc appointed Joanne M. Wright and Fraser J. Gray of Kroll Limited joint administrative receivers of Summit Precision Engineering Ltd. (Company Number 01119270) on Nov. 22. Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. Headquartered in Solihull, England, Summit Precision Engineering Ltd. -- http://www.summit-precision.co.uk/-- manufactures precision-engineered components for aerospace and oil industries. TUDOR WINDOWS: Creditors' Meeting Slated for Dec. 11 ---------------------------------------------------- Creditors of Tudor Windows Ltd. will meet at 10:00 a.m. on Dec. 11 at: Moore Stephens Corporate Recovery 1-2 Little King Street Bristol BS1 4HW 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. 10 at: C.A. Prescott Joint Administrator Moore Stephens Corporate Recovery 1-2 Little King Street Bristol BS1 4HW England Moore Stephens -- http://www.moorestephens.co.uk/-- offers audit, business support, corporate finance, corporate recovery, dispute analysis, financial services, insurance broking, IT consultancy, pensions audit, risk advisory services, tax and trusts & estates services. Its U.K. network comprises over 1,400 partners and staff. ********* 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. 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