/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/071213.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, December 13, 2007, Vol. 8, No. 247 Headlines A U S T R I A BM BAUMANAGEMENT: Graz Court Orders Business Shutdown DENIC ANLAGENBAU: Wels Court Orders Business Shutdown DOWA OBERFLACHENBEARBEITUNG: Claims Registration Ends Dec. 31 MARTIN BECKER: Claims Registration Period Ends Dec. 27 ROFANDRUCK KG: Estate Administrator Declares Insufficient Assets B E L G I U M POPE & TALBOT: Remaining Wood Products Sale Procedures Opposed POPE & TALBOT: Trade Creditors Ask Court to Secure Goods Payment F R A N C E HARVEST CLO IV: Fitch Rates Classes E-1 and E-2 Notes at BB MTI TECHNOLOGY: Court OKs Manatt Phelps as Special SEC Counsel XEROX CORP: Fitch Lifts BB-Rated Trust Pref. Securities to BBB- XEROX CORP: S&P Lifts Rating on Preferred Trust to BBB- from BB G E R M A N Y AGM ACHINGER: Claims Registration Ends January 7, 2008 B & A GMBH: Claims Registration Ends January 8, 2008 BAIER & PARTNER: Claims Registration Period Ends Jan. 11, 2008 BAUMHAUS INTEGRATION: Claims Registration Ends January 8, 2008 BSA ERD: Claims Registration Period Ends Jan. 10, 2008 CAMPE-MAURER: Claims Registration Period Ends Dec. 27 COOK & CONCEPT: Claims Registration Ends January 3, 2008 D3 MEDIA: Claims Registration Period Ends Jan. 8, 2008 DVS DEUTSCHE: Claims Registration Period Ends Jan. 8, 2008 EURO ART: Claims Registration Period Ends Dec. 28 EYEGENICA PHARMA: Claims Registration Ends January 2, 2008 FINNLA HAUS: Claims Registration Ends January 3, 2008 FIUDI INTERNATIONAL: Claims Registration Ends January 16, 2008 G & R AUTOMATENBETRIEBS: Claims Registration Ends Jan. 9, 2008 GROKA FRITZ: Claims Registration Period Ends Dec. 26 HN SERVICES: Claims Registration Period Ends Dec. 27 HOEBER-HAUS GMBH: Claims Registration Ends January 3, 2008 HYGIENIA MEDIZINISCHE: Claims Registration Period Ends Dec. 21 IKB DEUTSCHE: Fitch Downgrades US$404.88 Mln Facility to CC IPIROS IMPORT: Claims Registration Period Ends Jan. 14, 2008 JENOPTIK AG: Fitch Upgrades Issuer Default Rating to B+ JL+P BAUINITIATOR: Claims Registration Period Ends Dec. 21 JOENSTHOEVEL-VERSORUNGSTECHNIK: Registration Ends Jan. 15, 2008 KLOECKNER-PENTAPLAST: Moody's Cuts Corporate Family Rating to B2 KLOECKNER PENTAPLAST: S&P Affirms B Long-term Ratings LET'S WORK: Claims Registration Ends January 2, 2008 MAEUELER GMBH: Claims Registration Period Ends Dec. 28 PROSIEBENSAT.1 MEDIA: Axel Springer Selling Stake for EUR509 Mln REGIO SYSTEM: Claims Registration Period Ends Dec. 28 SCHAEFER SAUNA: Claims Registration Period Ends Dec. 25 SHK-GRUNDWERT GMBH: Claims Registration Ends January 3, 2008 STAHL- UND ANLAGENBAU: Claims Registration Ends January 2, 2008 UNITYMEDIA GMBH: Moody's Changes Outlook on Ratings to Positive VOLKERT PROJEKTPLANUNG: Claims Registration Ends Jan. 11, 2008 H U N G A R Y OI EUROPEAN: Fitch Lifts Senior Unsecured Notes to BB/RR2 I R E L A N D WR GRACE: Opposition Filing to Daubert Briefs Set Dec. 21 WR GRACE: Rehearing Plea on Libby Conspiracy Charge Denied I T A L Y ALITALIA SPA: Air France Sees Profitable Italian Carrier ALITALIA SPA: Board to Choose Preferred Buyer Today PARMALAT SPA: Faces Antitrust Probe over Newlat Sale Delays K A Z A K H S T A N AGRO SERVICE-MAGISTRAL: Claims Deadline Slated for Jan. 4, 2008 ALTYN SHEKER: Creditors Must File Claims Jan. 4, 2008 CONTENT CREATION: Claims Filing Period Ends Jan. 4, 2008 ELECTRO SYSTEM: Creditors' Claims Due on Jan. 4, 2008 ENERGOSPETSREMSERVICE LLP: Claims Registration Ends Jan. 4, 2008 ERMAK-SK LLP: Proof of Claim Deadline Slated for Jan. 4, 2008 INTER-SERVICE LLP: Creditors Must File Claims Jan. 4, 2008 LTD SERVICE: Claims Filing Period Ends Jan. 4, 2008 RAS-INVEST LLP: Creditors' Claims Due on Jan. 4, 2008 ZLATOY KASPY: Claims Registration Ends Jan. 4, 2008 K Y R G Y Z S T A N AIDAR-OSH LLC: Creditors Must File Claims by January 11, 2008 L U X E M B O U R G BASELL AF: Lyondell & Equistar Gets Consents to Amend Indenture BASELL AF: Fitch Lowers Ratings to B+ on Merger with Lyondell EVRAZ GROUP: Acquiring Stakes in Ukrainian Production Firms EVRAZ GROUP: Acquiring Claymont Steel for US$564.8 Million N E T H E R L A N D S HARBOURMASTER CLO 7: Fitch Rates EUR2 Mln Class S1 Notes at BB HARBOURMASTER PRO-RATA 2: Fitch Rates Class B2 Notes at BB X5 RETAIL: Unit Buys Back 160,000 Global Depositary Receipts R U S S I A ALFA BANK: Continued Expansion Cues Fitch's BB Ratings Upgrade EVRAZ GROUP: Acquiring Stakes in Ukrainian Production Firms EVRAZ GROUP: Acquiring Claymont Steel for US$564.8 Million FORD MOTOR: Russian Authorities Ban Pickets GAZPROMSTROY LLC: Creditors Must File Claims by Jan. 1, 2008 ISLAKH LLC: Creditors Must File Claims by Feb. 1, 2008 KRASNY METALLIST: Creditors Must File Claims by Jan. 1, 2008 MORSKOY RYBNY: Creditors Must File Claims by Jan. 1, 2008 PAVLOVSKIJ FOOD: Creditors Must File Claims by Feb. 1, 2008 ROSNEFT OIL: Cancels RUR15 Billion Bond Issue This Year SITRONICS JSC: Brings In Three New Members to Management Board SITRONICS JSC: Kiev Court Declares Sitronics-Ukraine Bankrupt SITRONICS JSC: Posts US$108 Million Net Loss for Q3 2007 STROYKOMBINAT OJCS: Creditors Must File Claims by Feb. 1, 2008 TMK OAO: Creates Joint Venture with SMS Demag AG TMK OAO: Inks US$5 Billion Cooperation Deal with TNK-BP Holding TNK-BP HOLDING: Inks US$5 Billion Cooperation Deal with OAO TMK VOROSHILOVSKIJ OJCS: Creditors Must File Claims by Feb. 1, 2008 VURNARSKIJ SKIM: Creditors Must File Claims by Jan. 1, 2008 X5 RETAIL: Unit Buys Back 160,000 Global Depositary Receipts YUZHNAYA LLC: Creditors Must File Claims by Feb. 1, 2008 S P A I N AYT CAIXANOVA: Moody's Junks EUR6.6 Million Series E Notes HIPOCAT 12: Moody's Junks EUR28 Million Class D Notes S W I T Z E R L A N D ATC ANTRIEBSTECHNIK: Aargau Court Closes Bankruptcy Proceedings DOCSANTE SUISSE: Zug Court Starts Bankruptcy Proceedings HAURI GASTRO: Creditors' Liquidation Claims Due by December 17 HRFT - HUMAN: Creditors' Liquidation Claims Due by December 17 OLECO JSC: Creditors' Liquidation Claims Due by December 17 NETWAY SOLUTIONS: Basel-Country Court Closes Bankruptcy Process PLAWEX LLC: Creditors' Liquidation Claims Due by December 15 QI-PICTURES LTD: Zurich Court Starts Bankruptcy Proceedings SELECT REISEN: Creditors' Liquidation Claims Due by December 17 WK CAR: Creditors' Liquidation Claims Due by December 17 U K R A I N E COMETA LLC: Proofs of Claim Filing Deadline Set for December 16 COMUNE HEAT-MACHINE: Creditors Must File Claims by December 16 IZIUM AGRICULTURAL: Proofs of Claim Filing Deadline Set Dec. 19 KRIVOY ROG 14130: Creditors Must File Claims by December 16 LVOV KIOTS-TRANS: Creditors Must File Claims by December 16 PETROLEUM-CHEMISTRY: Creditors Must File Claims by December 16 SITRONICS-UKRAINE: Kiev Court Commences Liquidation Process UKRAINIAN BUSINESS: Creditors Must File Claims by December 16 VIDRODZHENNIA LLC: Creditors Must File Claims by December 16 ZHEREBILOVKA LLC: Creditors Must File Claims by December 15 U N I T E D K I N G D O M ACTIVISION INC: Kotick & Kelly to Get US$10MM Cash Bonuses Each BRITISH ENERGY: Extends Use of Two Power Stations through 2016 G SQUARE: Moody's May Cut Ba1 Rating After Review ICONIX BRAND: S&P Rates Proposed US$60MM Add-On Term Loan at BB JFL MECELEC: Brings In Liquidators from KPMG KELSCO LTD: Claims Filing Period Ends January 31, 2008 LYONDELL CHEMICAL: Gets Requisite Consents to Amend Indenture LYONDELL CHEMICAL: Basell Merger Cues Fitch to Cut Ratings to B+ MONITOR OIL: Can Borrow US$1 Million from US$5 Million Financing MORPHEUS PLC: Fitch Affirms BB- Ratings on GBP9.5 Mln Notes QUALITY JOINERY: Calls In Liquidators from Vantis ROADCHEF FINANCE: Fitch Places BB-Rated GBP42 Mln Notes on RWN SEA CONTAINERS: Wins GE Seaco Arbitration Case SKYEPHARMA PLC: U.S. FDA Approves GlaxoSmithKline's Requip XL * Beard Audio Conferences Presents * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= BM BAUMANAGEMENT: Graz Court Orders Business Shutdown ----------------------------------------------------- The Land Court of Graz entered Oct. 25 an order shutting down the business of LLC BM Baumanagement (FN 234789d). Court-appointed estate administrator Clemens Jaufer 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. Clemens Jaufer LLC Scherbaum/Seebacher Rechtsanwalte Einspinnerg. 3/II 8010 Graz Austria Tel: 0316/83 24 60-0 Fax: 0316/83 24 60-20 E-mail: office@scherbaum-seebacher.at Headquartered in Gratkorn, Austria, the Debtor declared bankruptcy on Oct. 24 (Bankr. Case No 40 S 28/07a). DENIC ANLAGENBAU: Wels Court Orders Business Shutdown ----------------------------------------------------- The Land Court of Wels entered Oct. 30 an order shutting down the business of LLC Denic Anlagenbau (FN 234862k). Court-appointed estate administrator Hubert Koellensperger 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. Hubert Koellensperger Schubertstrasse 20 4600 Wels Austria Tel: 07242/44546-0 Fax: 07242/42849 E-mail: office@wels-law.at Headquartered in Marchtrenk, Austria, the Debtor declared bankruptcy on Oct. 29 (Bankr. Case No 20 S 130/07d). DOWA OBERFLACHENBEARBEITUNG: Claims Registration Ends Dec. 31 ------------------------------------------------------------- Creditors owed money by LLC DOWA Oberflachenbearbeitung und Transporte (FN 221027s) have until Dec. 31 to file written proofs of claim to court-appointed estate administrator Ernst Lehenbauer at: Mag. Ernst Lehenbauer Hauptplatz 21 4470 Enns Austria Tel: 07223/810 10 E-mail: ra.lehenbauer@attglobal.net Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:00 p.m. on Jan. 15, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Steyr Hall 7 Second Floor Steyr Austria Headquartered in Enns, Austria, the Debtor declared bankruptcy on Oct. 31 (Bankr. Case No. 14 S 40/07s). MARTIN BECKER: Claims Registration Period Ends Dec. 27 ------------------------------------------------------ Creditors owed money by LLC Martin Becker (FN 225463p) have until Dec. 27 to file written proofs of claim to court-appointed estate administrator Susi Pariasek at: Dr. Susi Pariasek Gonzagagasse 15 1010 Vienna Austria Tel: 533 28 55 Fax: 533 28 55 28 E-mail: office@anwaltwien.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Jan. 8, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 30 (Bankr. Case No. 28 S 123/07b). ROFANDRUCK KG: Estate Administrator Declares Insufficient Assets ---------------------------------------------------------------- Dr. Ingrid Hochstaffl-Salcher, the court-appointed estate administrator for KG Rofandruck (FN 194757h), declared Oct. 31 that the Debtor's property is insufficient to cover creditors' claim. The Land Court of Innsbruck is yet to rule on the estate administrator's claim. Headquartered in Jenbach, Austria, the Debtor declared bankruptcy on Oct. 19 (Bankr. Case No. 7 S 61/07s). Walter Rupprechter represents Dr. Hochstaffl-Salcher in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Ingrid Hochstaffl-Salcher c/o Mag. Walter Rupprechter LLC Hochstaffl & Rupprechter Rechtsanwalte Bahnhofstrasse 37 6300 Woergl Austria Tel: 05332/71 800 Fax: 05332/718007 E-mail: mail@hochstaffl-rupprechter.com ============= B E L G I U M ============= POPE & TALBOT: Remaining Wood Products Sale Procedures Opposed -------------------------------------------------------------- Kelly Beaudin Stapleton, the United States Trustee for Region 3, asks the United States Bankruptcy Court for the District of Delaware to deny Pope & Talbot Inc. and its debtor-affiliates' proposed Sale Procedures for the remaining wood products business. The U.S. Trustee also asks the the Debtors to confirm that it is their burden to address any and all issues related to consumer privacy under Section 363(b)(1) of the Bankruptcy Code, and consumer fraud under Section 363(o) of the Bankruptcy Code, through any order seeking approval of a Sale. The Debtors had previously sought Court approval of uniform bidding and sale procedures with respect to the sale of certain wood products assets not contemplated to be sold to International Forest Products and the assumption of related liabilities. The principal assets of the Remaining Wood Products Business include the mills located in Fort Saint James, British Columbia and Midway, British Columbia, and the receivables generated by the Wood Products Business that are held by P&T Factoring Limited Partnership. The U.S. Trustee complains that under the proposed sale procedures, the Debtors appear to seek tentative authority to provide to any subsequently-selected stalking horse bidder certain bid protections. "Having the proposed bid protections outlined in the order approving the Bidding Procedures is inappropriate and misleads prospective stalking horse bidders into believing that [the] amounts have been pre-approved by this Court," William K. Harrington, Esq., of the office of the U.S. Trustee, asserts. As the stalking horse bidder has not yet been identified and no information has been disclosed regarding the value of the transaction, approval of a break-up fee is not warranted at this time, Mr. Harrington argues. Mr. Harrington asserts that the Debtors must acknowledge in the sale order that their proposed sale will not be free and clear of claims and defenses that are related to a consumer credit transaction subject to the Truth in Lending Act or any consumer credit contract as defined by Section 363(o) of the Bankruptcy Code. Moreover, the U.S. Trustee points out, the Debtors did not provide sufficient information to determine whether a consumer privacy ombudsman needs to be appointed to protect personally identifiable information about individuals, pursuant to Section 363(b)(1) of the Bankruptcy Code. Creditors Committee The Official Committee of Unsecured Creditors asks the Court to revise the proposed Remaining Wood Business Bidding Procedures by: (a) deleting any reference to the amounts and types of stalking horse protections the Debtors are willing to grant; and (b) allowing it to participate in any sale process. The Creditors Committee is concerned that the Debtors' proposed bidding procedures for their remaining wood business invite excessive break-up fees and expense reimbursements. The Creditors Committee's proposed counsel, Jason W. Staib, Esq., at Blank Rome LLP, in Wilmington, Delaware, tells the Hon. Christopher S. Sontchi that the Creditors Committee has significant issues and concerns with respect to any bid protections to be granted to a potential purchaser of the Debtors' Remaining Wood Business, but sees no need to address the issues at this time. While the Debtors may have already created false expectations among potential stalking horse bidders, those expectations should not be perpetuated, the Creditors Committee asserts. 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, 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. 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. 8; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). POPE & TALBOT: Trade Creditors Ask Court to Secure Goods Payment ---------------------------------------------------------------- About 23 of Pope & Talbot Inc. and its Canadian debtor- affiliates' postpetition trade creditors ask the British Columbia Supreme Court: -- for a "charge" in all of the Canadian Debtors' property as security payment of all amounts the Debtors owe them, of up to US$5,000,000, for goods and services they provided to the Debtors; -- to compel the Canadian Debtors to timely pay for the reasonable fees and expenses of their legal and financial advisors; and -- to extend the benefit of the Initial Order's administration charge, to include their legal and financial advisors, and increase the aggregate amount of the Administration Charge to US$3,500,000. Linda A. Widdup, Esq., at MacPherson Leslier & Tyerman LLP, in Regina, Saskatchewan, informs the Court that the Postpetition Trade Creditors are small and medium-sized logging contractors in Interior, British Columbia, who services the Debtors' sawmill and timber operations. According to Ms. Widdup, the Postpetition Trade Creditors, who have organized themselves into a logging contractors' committee, are unwilling or unable to supply the Debtors with materials and services without the certainty that they will be paid in full for the supply. "The materials and services provided by the Postpetition Trade Creditors are essential to sustain the Debtors' ongoing operations. The participation of the Postpetition Trade Creditors in the CCAA Proceedings is important for all stakeholders," she avers. It will be difficult for the Postpetition Trade Creditors to continue to pay for the legal and financial advice they need to adequately participate in the CCAA Proceedings without assurances that the fees and disbursements of their legal and financial advisors will be paid in full, Ms. Widdup points out. The 23 Postpetition Trade Creditors are Lime Creek Logging Ltd., Crescent Bay Construction Ltd., Pattom Services Ltd., Mountain Meadow Contracting Ltd., GL & T Logging Ltd., Koert Dieterman Contracting Ltd., P & D Logging Ltd., Galena Contractors Ltd., D & B/W Logging Ltd., MacDonald Creek Logging Ltd., R & A Logging Ltd., Barry Abbott Logging Ltd., Covergent Management Group Ltd., Arrow Lakes Logging Ltd., Big Ledge Contracting Ltd., 513251 B.C. Ltd. d/b/a Mid-Boundary Contracting, E & F Logging Ltd., Balcaen Consolidated Contracting Ltd., Cougar Valley Ventures Ltd., Nakusp Logging Co. Ltd., John Bosovich d/b/a John Bosovich Trucking, Barry Areschenkoff d/b/a Areschenkoff Trucking and GGR Enterprises Ltd. 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, 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. 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. 8; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). =========== F R A N C E =========== HARVEST CLO IV: Fitch Rates Classes E-1 and E-2 Notes at BB ----------------------------------------------------------- Fitch Ratings has affirmed Harvest CLO IV PLC's EUR752 million notes due 2021 as: -- EUR456 million Class A-1A floating-rate notes (ISIN: XS0254041493): affirmed at 'AAA' -- EUR74 million Class A-1B floating-rate notes (ISIN: XS0254042541): affirmed at 'AAA' -- EUR50 million Class A-2 floating-rate notes (ISIN: XS0254042970): affirmed at 'AAA' -- EUR54.6 million Class B-1 floating-rate notes (ISIN: XS0254043861): affirmed at 'AA' -- EUR4.4 million Class B-2 fixed-rate notes (ISIN: XS0254046963): affirmed at 'AA' -- EUR29 million Class C floating-rate notes (ISIN: XS0254048746): affirmed at 'A' -- EUR11.1 million Class D-1 floating-rate notes (ISIN: XS0254050213): affirmed at 'BBB' -- EUR8.9 million Class D-2 fixed-rate notes (ISIN: XS0254052771): affirmed at 'BBB' -- EUR15.4 million Class E-1 floating-rate notes (ISIN: XS0254054553): affirmed at 'BB' -- EUR1.6 million Class E-2 fixed-rate notes (ISIN: XS0254055360): affirmed at 'BB' -- EUR20 million Class M combination notes (ISIN: XS0254059784): affirmed at 'AAA' -- EUR6 million Class N combination notes (ISIN: XS0254060790): affirmed at 'AA' -- EUR13.9 million Class O combination notes (ISIN: XS0254064438): affirmed at 'BBB' The affirmations reflect the steady performance of the portfolio. Since the transaction closed in June 2006, the results of both the over-collateralization and interest coverage tests have continued to exceed their minimum levels by substantial margins. The portfolio, which consists predominantly of senior secured leveraged loans has seen no defaults since close. In addition, the weighted average rating, currently 'B'/'B-', has changed little since close. All portfolio quality tests remain in compliance. The ratings of the Class A-1A, A-1 B and A-2 notes address ultimate repayment of principal at maturity and timely payment of interest according to the terms of the notes. For all other rated classes of notes (other than the combination notes), the ratings address ultimate payment of principal and interest, including any deferred interest, at maturity. The ratings on the Class N and O combination notes address the ultimate payment of principal only from funds received on their respective components (interest and principal). The rating on the Class M combination note is credit-linked to the rating assigned to the sovereign debt of the French Republic and addresses the ultimate return of principal only from a) interest and principal proceeds of the Class F component and b) the repayment of the French OAT (Obligation Assimilable du Tresor) strip component. The assets are selected by the collateral manager subject to the guidelines outlined in the collateral management agreement. The guidelines limit the collateral manager's portfolio allocations with respect to obligor, industry and asset type. On Sept. 5, 2007, Fitch assigned Mizuho Investment Management (U.K.) Ltd. a CDO Asset Manager Rating of '2' for leveraged loans, based on the company's long history and good market position in the European leveraged finance market, and its longstanding and experienced leveraged finance professionals. MTI TECHNOLOGY: Court OKs Manatt Phelps as Special SEC Counsel -------------------------------------------------------------- MTI Technology Corporation obtained authority from the Honorable Erithe A. Smith of the United States Bankruptcy Court for the District of Delaware to employ Manatt, Phelps & Philipps LLP as its special SEC and corporate counsel, nunc pro tunc to Nov. 1, 2007. As reported in the Troubled Company Reporter on Nov. 13, 2007, Manatt Phelps is expected to: a. analyze, advise, report and disclose required to comply with SEC rules and regulations and for communication with the SEC as necessary and appropriate; and b. advise, assist, negotiate and document corporate transaction on behalf of the Debtor. The firm's professionals and their compensation rates are: Professionals Designation Hourly Rate ------------- ----------- ----------- David M. Grinberg, Esq. Partner US$520 Ivan L. Kallick, Esq. Partner US$590 Jason Taketa, Esq. Associate US$415 Ivan L. Kallick, Esq., a partner of the firm, assured the Court that the firm does not hold any interest adverse to the Debtor's estate and is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. Mr. Kallick can be reached at: Ivan L. Kallick, Esq. Manatt, Phelps & Philipps, LLP 1215 K. Street, Suite 1900 Sacramento, CA 95814 Tel: (916) 552-2300 Fax: (916) 552-2323 http://www.manatt.com/ Headquartered in Tustin, California, M.T.I. Technology Corp. -- http://www.mti.com/-- provides professional services and data storage for mid- to large-sized organizations. In addition, the Company owns all of the issued and outstanding share capital of three European subsidiaries: MTI Technology GmbH in Germany, MTI Technology Limited in Scotland and MTI France S.A.S. in France. The company filed for Chapter 11 protection on October 15, 2007 (Bankr. C.D. Calif. Case No. 07-13347). Scott C. Clarkson, Esq., at Clarkson, Gore & Marsella, A.P.L., represents the Debtor. The Debtor selected Omni Managmeng Group LLC as its claims and noticing agent. The Trustee for Region 26 has not appointed an Official Committee of Unsecured Creditors to date in this case. When the Debtor filed for protection against its creditors, it listed assets and debts at US$64,002,000. XEROX CORP: Fitch Lifts BB-Rated Trust Pref. Securities to BBB- --------------------------------------------------------------- Fitch Ratings upgraded Xerox Corp.'s and its subsidiary's debt as: -- Issuer Default Rating to BBB from BBB-; -- senior unsecured credit facility to BBB from BBB-; -- senior unsecured debt to BBB from BBB-; and -- trust preferred securities to BBB- from BB. Approximately US$9.1 billion of securities, including the US$2 billion credit facility, are affected by Fitch's action. The Rating Outlook is Stable. The upgrades reflect Fitch's expectations that Xerox's gradual improvement in post-sale revenue trends will continue and, in conjunction with the operating leverage embedded in the financial model and strong expense management, will result in steady core cash flow growth in excess of revenue growth. Xerox's strengthening operating EBITDA margin, which increased to 14.3% for the latest 12 months ended Sept. 30, 2007 from 13.2% in the year-ago period and the company's greater-than- expected decline of secured debt in the capital structure, with secured debt declining to approximately 10% of total debt at Sept. 30, 2007 from nearly 27% at year-end 2006, including US$620 million of trust preferred securities, and Fitch's expectation that it will decline further to approximately 5% at year-end 2007. Positive rating actions could occur if Xerox's credit protection measures trend positively; improving the company's interest coverage metrics through growth in operating profits and/or redemption of older debt with considerably higher coupon payments relative to recent debt issuance is key. Recurring revenue model limits the financial stress from a less favorable macro-economic environment, particularly in the United States, which accounts for approximately 50% of the company's total revenue and financing business progresses toward a duration matching funding model over the next few years. Negative rating actions could occur if Xerox's financial performance declines materially in the event of an economic downturn in the U.S., indicating a less resilient business model relative to Fitch's expectations. Significant debt-financed acquisitions with considerable integration risk and/or unrelated to core business may also lead to negative rating action and if Xerox's color equipment installs, primarily in the Production segment, fail to offset declines in black and white equipment installs, leading to deteriorating operating and financial fundamentals. The ratings continue to reflect Xerox's significant recurring post-sale revenue from its growing installed base of equipment, consistent financial and operational performance, highly diversified revenue base from a customer, industry and geographic perspective, commitment to balance investments in share repurchases and acquisitions funded with free cash flow and strong brand name and broad product portfolio. Fitch's rating concerns center on consistent equipment pricing pressure, particularly in the office segment, due to strong competition, limited, but gradually improving, organic revenue growth, risk of more aggressive, and potentially debt-financed, shareholder-friendly initiatives and acquisitions and significant annual research and development expenditures associated with the industry. Fitch believes the financial performance of Xerox's core business has strengthened despite volatility in free cash flow associated with changes in the company's financing asset portfolio and the cash conversion cycle. For the LTM ended Sept. 30, 2007, Fitch estimates adjusted funds flow from operations, which excludes changes in Xerox's financing asset portfolio, and core FFO, which also excludes the estimated after-tax operating profit on the financing business, increased to US$1.7 billion and US$1.4 billion, respectively. The majority of Xerox's credit protection measures, on both a core and consolidated basis, improved slightly year-over-year due to earnings growth, offsetting the increase of core debt attributable to the acquisition of Global Imaging Systems Inc. in the second quarter of 2007. Fitch estimates the financing business accounts for 85% of total debt at Sept. 30, 2007 and is expected to increase to approximately 90% of total debt by year-end due to a US$500 million-US$600 million reduction of core debt. Xerox's leverage declined to approximately 3.6 times compared with 3.8x and 4.1x for the LTM ended Sept. 30, 2006 and 2005, respectively. Similarly, Fitch estimates Xerox's core leverage at Sept. 30, 2007 declined to approximately 0.4x compared with 0.6x and 0.9x for the LTM ended Sept. 30, 2006 and 2005, respectively. In addition, the company's overall interest coverage was 4.1x, while Fitch estimates core interest coverage was around 7.1x for the LTM ended Sept. 30, 2007 compared with 6.7x and 5.4x for the LTM ended Sept. 30, 2006 and 2005, respectively. The company's liquidity at Sept. 30, 2007, consisted of approximately US$848 million of cash, a US$2 billion unsecured bank facility revolver expiring April 30, 2012 with US$1.3 billion of availability and consistent free cash flow in excess of US$1 billion annually. Fitch believes Xerox could draw on the credit facility to support ongoing increases of internally funded financing assets. Fitch believes Xerox has more than sufficient liquidity and financial flexibility to meet upcoming debt maturities and absorb a reasonable adverse monetary outcome from any currently outstanding litigation. To support business growth, Xerox also has access to a secured eight-year US$5 billion U.S. credit facility provided by General Electric Vendor Financial Services expiring in December 2010. This facility is used for secured loans backed by U.S. finance receivables arising from the sale of Xerox's products. At Sept. 30, 2007, approximately US$4.6 billion was available under this facility. As Fitch anticipated, Xerox has fully repaid the outstanding secured debt balances on nearly all of its non-U.S. committed secured funding facilities in 2007 financed with unsecured debt. At Oct. 12, 2007, the company's Canadian facility, with total capacity of US$740 million, was the last non-U.S. funding facility. Fitch expects Xerox's usage of the aforementioned secured financing facilities will continue to decline as the company reduces its reliance on secured financing programs by maintaining a leverage ratio of 7:1 against finance assets through the issuance of unsecured debt in lieu of the secured funding facilities. As of Sept. 30, 2007, total debt with equity credit was US$8.7 billion, consisting of US$7.2 billion of senior unsecured debt, US$620 million of liabilities to subsidiary trusts issuing preferred securities and approximately US$883 million of debt secured by finance receivables. Debt secured by finance receivables accounted for approximately 10% of total debt with equity credit as of Sept. 30, 2007, down from 27% at year-end 2006. Xerox's net finance receivables and equipment on operating leases totaled US$8.4 billion at Sept. 30, 2007. Debt maturities in the fourth quarter of 2007 consist solely of US$569 million of secured debt, including US$469 million of secured facility borrowings in France that matured on Oct. 12, 2007 and were refinanced with an unsecured floating rate bank bridge loan due March 31, 2008. For 2008, US$1 billion of debt matures, of which US$600 million is unsecured debt. In addition to Xerox Corp., the IDR and unsecured debt ratings for Xerox Credit Corp. are also affected. XEROX CORP: S&P Lifts Rating on Preferred Trust to BBB- from BB --------------------------------------------------------------- Fitch Ratings has upgraded Xerox Corp.'s and its subsidiary's debt as: -- Issuer Default Rating to 'BBB' from 'BBB-'; -- Senior unsecured credit facility to 'BBB' from 'BBB-'; -- Senior unsecured debt to 'BBB' from 'BBB-'; -- Trust preferred securities to 'BBB-' from 'BB'. Approximately US$9.1 billion of securities, including the US$2 billion credit facility, are affected by Fitch's action. The Rating Outlook is Stable. The upgrades reflect: -- Fitch's expectations that Xerox's gradual improvement in post-sale revenue trends will continue and, in conjunction Xerox Corpwith the operating leverage embedded in the financial model and strong expense management, will result in steady core cash flow (non-financing) growth in excess of revenue growth; -- Xerox's strengthening operating EBITDA margin, which increased to 14.3% for the latest 12 months ended Sept. 30, 2007 from 13.2% in the year-ago period; and -- Greater-than-expected decline of secured debt in the capital structure, with secured debt declining to approximately 10% of total debt at Sept. 30, 2007 from nearly 27% at year-end 2006, including US$620 million of trust preferred securities, and Fitch's expectation that it will decline further to approximately 5% at year-end 2007. Positive rating actions could occur if Xerox's: -- Credit protection measures trend positively; improving the company's interest coverage metrics through growth in operating profits and/or redemption of older debt with considerably higher coupon payments relative to recent debt issuance is key; -- Recurring revenue model limits the financial stress from a less favorable macro-economic environment, particularly in the United States, which accounts for approximately 50% of the company's total revenue; and -- Financing business progresses toward a duration matching funding model over the next few years. Negative rating actions could occur if: -- Xerox's financial performance declines materially in the event of an economic downturn in the U.S., indicating a less resilient business model relative to Fitch's expectations; -- Significant debt-financed acquisitions with considerable integration risk and/or unrelated to core business; and -- Xerox's color equipment installs, primarily in the Production segment, fail to offset declines in black and white equipment installs, leading to deteriorating operating and financial fundamentals. The ratings continue to reflect Xerox's: -- Significant recurring post-sale revenue from its growing installed base of equipment; -- Consistent financial and operational performance; -- Highly diversified revenue base from a customer, industry and geographic perspective; -- Commitment to balance investments in share repurchases and acquisitions funded with free cash flow; and -- Strong brand name and broad product portfolio. Fitch's rating concerns center on: -- Consistent equipment pricing pressure, particularly in the office segment, due to strong competition; -- Limited, but gradually improving, organic revenue growth; -- Risk of more aggressive, and potentially debt-financed, shareholder-friendly initiatives and acquisitions; and -- Significant annual research and development expenditures associated with the industry (5.4% of Xerox's total revenues). Fitch believes the financial performance of Xerox's core business has strengthened despite volatility in free cash flow associated with changes in the company's financing asset portfolio and the cash conversion cycle. For the LTM ended Sept. 30, 2007, Fitch estimates adjusted funds flow from operations, which excludes changes in Xerox's financing asset portfolio, and core FFO, which also excludes the estimated after-tax operating profit on the financing business, increased to US$1.7 billion (+16% year/year) and US$1.4 billion (+23% year/year), respectively. The majority of Xerox's credit protection measures, on both a core and consolidated basis, improved slightly year-over-year due to earnings growth, offsetting the increase of core debt attributable to the acquisition of Global Imaging Systems Inc. in the second quarter of 2007. Fitch estimates the financing business accounts for 85% of total debt at Sept. 30, 2007 and is expected to increase to approximately 90% of total debt by year- end due to a US$500 million-US$600 million reduction of core debt. Xerox's leverage declined to approximately 3.6 times compared with 3.8x and 4.1x for the LTM ended Sept. 30, 2006 and 2005, respectively. Similarly, Fitch estimates Xerox's core leverage at Sept. 30, 2007 declined to approximately 0.4x compared with 0.6x and 0.9x for the LTM ended Sept. 30, 2006 and 2005, respectively. In addition, the company's overall interest coverage was 4.1x, while Fitch estimates core interest coverage was approximately 7.1x for the LTM ended Sept. 30, 2007 compared with 6.7x and 5.4x for the LTM ended Sept. 30, 2006 and 2005, respectively. The company's liquidity at Sept. 30, 2007, consisted of approximately US$848 million of cash, a US$2 billion unsecured bank facility revolver expiring April 30, 2012 with US$1.3 billion of availability and consistent free cash flow in excess of US$1 billion annually. Fitch believes Xerox could draw on the credit facility to support ongoing increases of internally funded financing assets. Fitch believes Xerox has more than sufficient liquidity and financial flexibility to meet upcoming debt maturities and absorb a reasonable adverse monetary outcome from any currently outstanding litigation. To support business growth, Xerox also has access to a secured eight-year US$5 billion U.S. credit facility provided by General Electric Vendor Financial Services expiring in December 2010. This facility is used for secured loans backed by U.S. finance receivables arising from the sale of Xerox's products. At Sept. 30, 2007, approximately US$4.6 billion was available under this facility. As Fitch anticipated, Xerox has fully repaid the outstanding secured debt balances on nearly all of its non-U.S. committed secured funding facilities in 2007 financed with unsecured debt. At Oct. 12, 2007, the company's Canadian facility, with total capacity of US$740 million, was the last non-U.S. funding facility. Fitch expects Xerox's usage of the aforementioned secured financing facilities will continue to decline as the company reduces its reliance on secured financing programs by maintaining a leverage ratio of 7:1 against finance assets through the issuance of unsecured debt in lieu of the secured funding facilities. As of Sept. 30, 2007, total debt with equity credit was US$8.7 billion, consisting of US$7.2 billion of senior unsecured debt, US$620 million of liabilities to subsidiary trusts issuing preferred securities and approximately US$883 million of debt secured by finance receivables. Debt secured by finance receivables accounted for approximately 10% of total debt with equity credit as of Sept. 30, 2007, down from 27% at year-end 2006. Xerox's net finance receivables and equipment on operating leases totaled US$8.4 billion at Sept. 30, 2007. Debt maturities in the fourth quarter of 2007 consist solely of US$569 million of secured debt, including US$469 million of secured facility borrowings in France that matured on Oct. 12, 2007 and were refinanced with an unsecured floating rate bank bridge loan due March 31, 2008. For 2008, US$1 billion of debt matures, of which US$600 million is unsecured debt. In addition to Xerox Corp., the IDR and unsecured debt ratings for Xerox Credit Corp. are also affected. ============= G E R M A N Y ============= AGM ACHINGER: Claims Registration Ends January 7, 2008 ------------------------------------------------------ Creditors of AGM ACHINGER Giessereimaschinen GmbH have until Jan. 7, 2008, to register their claims with court-appointed insolvency manager Christian Plail. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 7, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Augsburg Meeting Hall 162 Alten Einlass 1 86150 Augsburg 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: Christian Plail c/o Kanzlei Schneider Eserwallstr. 1-3 86150 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against AGM ACHINGER Giessereimaschinen GmbH on Nov. 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AGM ACHINGER Giessereimaschinen GmbH Attn: Michael Achinger, Manager Wildtaubenweg 20 86156 Augsburg Germany B & A GMBH: Claims Registration Ends January 8, 2008 ---------------------------------------------------- Creditors of B & A GmbH have until Jan. 8, 2008, to register their claims with court-appointed insolvency manager Dr. Bruno Kuebler. 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 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. Bruno Kuebler Nieritzstrasse 14 01097 Dresden Germany Email: http://www.kuebler-gbr.de/ The District Court of Dresden opened bankruptcy proceedings against B & A GmbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: B & A GmbH Wilsdruffer Str. 27 01067 Dresden Germany Attn: Joao Fernando Lopes Calheiros, Manager geboren 1964 Hauptstrasse 3 b 01728 Possendorf Germany BAIER & PARTNER: Claims Registration Period Ends Jan. 11, 2008 -------------------------------------------------------------- Creditors of Baier & Partner Handelsgesellschaft mbH have until Jan. 11, 2008, to register their claims with court-appointed insolvency manager Sabine Fochler. Creditors and other interested parties are encouraged to attend the meeting at 12:50 p.m. on Feb. 11, 2008, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Sabine Fochler Schwedenstrasse 7 17033 Neubrandeuburg Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Baier & Partner Handelsgesellschaft mbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baier & Partner Handelsgesellschaft mbH Schwedenstrasse 7 17033 Neubrandeuburg Germany BAUMHAUS INTEGRATION: Claims Registration Ends January 8, 2008 -------------------------------------------------------------- Creditors of Baumhaus Integrationsunternehmen mit behinderten Menschen gGmbH have until Jan. 8, 2008, to register their claims with court-appointed insolvency manager Roland Lehnert. Creditors and other interested parties are encouraged to attend the meeting at 2:25 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 Oldenburg Meeting hall Second Floor Elisabethstrasse 6 26135 Oldenburg 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: Roland Lehnert Hauptstrasse 5 26122 Oldenburg Germany Tel: 0441 950910 Fax: 0441 9509177 E-mail: RALehnertOL@t-Online.de The District Court of Oldenburg opened bankruptcy proceedings against Baumhaus Integrationsunternehmen mit behinderten Menschen gGmbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baumhaus Integrationsunternehmen mit behinderten Menschen gGmbH Stedinger Str. 30-32 26135 Oldenburg Germany BSA ERD: Claims Registration Period Ends Jan. 10, 2008 ------------------------------------------------------ Creditors of BSA Erd- und Abbrucharbeiten GmbH have until Jan. 10, 2008, to register their claims with court-appointed insolvency manager Karl-Heinz Trebing. Creditors and other interested parties are encouraged to attend the meeting at 9:05 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 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 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: Karl-Heinz Trebing Hanauer Landstrasse 287-289 60314 Frankfurt (Main) Germany Tel: 069/15051300 Fax: 069/15051400 The District Court of Frankfurt (Main) opened bankruptcy proceedings against BSA Erd- und Abbrucharbeiten GmbH on Nov. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BSA Erd- und Abbrucharbeiten GmbH Attn: Mato Pavlovic, Manager Frankfurter Strasse 12 65830 Kriftel Germany CAMPE-MAURER: Claims Registration Period Ends Dec. 27 ----------------------------------------------------- Creditors of Campe-Maurer und Stahlbeton GmbH have until Dec. 27 to register their claims with court-appointed insolvency manager Andreas Kienast. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Magdeburg Hall D Insolvency Department Liebknechtstrasse 65-91 39110 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Kienast Lennestr. 10 39112 Magdeburg Germany Tel.: 0391/5973322 Fax: 0391/5973333 The District Court of Magdeburg opened bankruptcy proceedings against Campe-Maurer und Stahlbeton GmbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Campe-Maurer und Stahlbeton GmbH Dorfstr. 6 39171 Suezetal Germany COOK & CONCEPT: Claims Registration Ends January 3, 2008 -------------------------------------------------------- Creditors of Cook & Concept Beteiligungs-GmbH have until Jan. 3, 2008, to register their claims with court-appointed insolvency manager Dr. Christian Willmer. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on Feb. 1, 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 Verden (Aller) Hall 214 Main Building Johanniswall 8 27283 Verden (Aller) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christian Willmer Georgstr. 5 27283 Verden (Aller) Germany Tel: 04231/884-45 Fax: 04231/884-55 The District Court of Verden (Aller) opened bankruptcy proceedings against Cook & Concept Beteiligungs-GmbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cook & Concept Beteiligungs-GmbH Dauelsener Dorstrasse 19 27283 Verden Germany D3 MEDIA: Claims Registration Period Ends Jan. 8, 2008 ------------------------------------------------------ Creditors of D3 media GmbH have until Jan. 8, 2008, to register their claims with court-appointed insolvency manager Thomas Kloeckner. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Jan. 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Weilheim Meeting Hall E 007 Waisenhausstr. 5 Weilheim Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Kloeckner Hans-Urmiller-Ring 11 82515 Wolfratshausen Germany Tel: 08171/38730100 Fax: 08171/38730222 The District Court of Weilheim opened bankruptcy proceedings against D3 media GmbH on Nov. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: D3 media GmbH Baderstr. 8 82211 Herrsching Germany DVS DEUTSCHE: Claims Registration Period Ends Jan. 8, 2008 ---------------------------------------------------------- Creditors of DVS Deutsche Verkehrsfliegerschule GmbH have until Jan. 8, 2008, to register their claims with court-appointed insolvency manager Stefan Rieger. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 29, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenbach am Main Hall 166N First Floor Kaiserstrasse 63065 Offenbach am 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-Str. 13 D 60314 Frankfurt (Main) Tel: 069/405862-80 Fax: 069/405862-85 The District Court of Offenbach am Main opened bankruptcy proceedings against DVS Deutsche Verkehrsfliegerschule GmbH on Nov. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DVS Deutsche Verkehrsfliegerschule GmbH Attn: Eberhard Herr, Manager Geisbaum 2 63329 Egelsbach Germany EURO ART: Claims Registration Period Ends Dec. 28 ------------------------------------------------- Creditors of Euro Art & Event GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Dr. Christian Dawe. Creditors and other interested parties are encouraged to attend the meeting at 11:25 a.m. on Jan. 29, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christian Dawe Gansemarkt 50 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Euro Art & Event GmbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Euro Art & Event GmbH Krohnstieg 61 22415 Hamburg Germany EYEGENICA PHARMA: Claims Registration Ends January 2, 2008 ---------------------------------------------------------- Creditors of EYEGenica Pharma- und Medizinprodukte Handels GmbH have until Jan. 2, 2008, to register their claims with court- appointed insolvency manager Kerstin Becker. 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 Offenbach am Main Hall 162N First Floor Kaiserstrasse 63065 Offenbach am 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: Kerstin Becker Zeilweg 42 60439 Frankfurt am Main Germany Tel: 069-9637610 Fax: 069-963761145 The District Court of Offenbach am Main opened bankruptcy proceedings against EYEGenica Pharma- und Medizinprodukte Handels GmbH on Nov. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EYEGenica Pharma- und Medizinprodukte Handels GmbH Attn: Franz X. Schwagerl, Manager Kettelerstrasse 13-15 63179 Obertshausen Germany FINNLA HAUS: Claims Registration Ends January 3, 2008 ----------------------------------------------------- Creditors of FINNLA Haus GmbH have until Jan. 3, 2008, to register their claims with court-appointed insolvency manager Manfred Dobler. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stuttgart Hall 178 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: 0711/164330 Fax: 0711/1643350 The District Court of Stuttgart opened bankruptcy proceedings against FINNLA Haus GmbH on Nov. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FINNLA Haus GmbH Etzwiesenstr. 5 72108 Rottenburg Germany Attn: Carsten Knoch, Manager Forststr 172 Stuttgart Germany FIUDI INTERNATIONAL: Claims Registration Ends January 16, 2008 -------------------------------------------------------------- Creditors of Fiudi International Handels GmbH have until Jan. 16, 2008, to register their claims with court-appointed insolvency manager Christian Graf Brockdorff. Creditors and other interested parties are encouraged to attend the meeting at 11:05 a.m. on Feb. 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 Neuruppin Hall 325 Karl-Marx-Strasse 18a 16816 Neuruppin 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: Christian Graf Brockdorff Friedrich-Ebert-Strasse 36 14469 Potsdam Germany The District Court of Neuruppin opened bankruptcy proceedings against Fiudi International Handels GmbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fiudi International Handels GmbH Rosa-Luxemburg-Str. 19 16548 Glienicke/Nordbahn Germany Attn: Arsen Gurtsiev, Manager c/o Schwab Varnhagenstrasse 8 10439 Berlin Germany G & R AUTOMATENBETRIEBS: Claims Registration Ends Jan. 9, 2008 -------------------------------------------------------------- Creditors of G & R Automatenbetriebsgesellschaft mbH have until Jan. 9, 2008, to register their claims with court-appointed insolvency manager Karl-Hermann Kruse. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Jan. 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Nordhorn Hall 42 Seilerbahn 15 48529 Nordhorn 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: Karl-Hermann Kruse Emsstrasse 7 48499 Salzbergen Germany Tel: 05976/1505 Fax: 05976/9381 The District Court of Nordhorn opened bankruptcy proceedings against G & R Automatenbetriebsgesellschaft mbH on Nov. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: G & R Automatenbetriebsgesellschaft mbH Attn: Ralf Grote, Manager Ochtruper Str. 22 48455 Bad Bentheim Germany GROKA FRITZ: Claims Registration Period Ends Dec. 26 ---------------------------------------------------- Creditors of Groka Fritz Grossekathoefer Fleischwarenhandel GmbH have until Dec. 26 to register their claims with court-appointed insolvency manager Frank M. Welsch. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Jan. 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Frank M. Welsch Barkeystrasse 30 33330 Guetersloh Germany The District Court of Bielefeld opened bankruptcy proceedings against Groka Fritz Grossekathoefer Fleischwarenhandel GmbH on Nov. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Groka Fritz Grossekathoefer Fleischwarenhandel GmbH Friedrichsdorfer Str. 60 33335 Guetersloh Germany HN SERVICES: Claims Registration Period Ends Dec. 27 ---------------------------------------------------- Creditors of HN services GmbH & Co. KG have until Dec. 27 to register their claims with court-appointed insolvency manager Axel Klages. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 4, 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 Osnabrueck Hall N 301 Kollegienwall 10 49074 Osnabrueck 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: Axel Klages Schloss strasse 26 49074 Osnabrueck Germany Tel: (0541) 77063-0 Fax: (0541) 77063-33 E-mail: http://info@kanzlei-tkb.de The District Court of Osnabrueck opened bankruptcy proceedings against HN services GmbH & Co. KG on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HN services GmbH & Co. KG Goethering 8 49074 Osnabrueck Germany HOEBER-HAUS GMBH: Claims Registration Ends January 3, 2008 ---------------------------------------------------------- Creditors of Hober-Haus GmbH have until Jan. 3, 2008, to register their claims with court-appointed insolvency manager Matthias Roensch. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 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: Matthias Roensch Gustav-Adolf-Strasse 6 b 01219 Dresden Germany E-mail: http://www.munz-anwaelte.de/ The District Court of Dresden opened bankruptcy proceedings against Hober-Haus GmbH on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hober-Haus GmbH Attn: Andreas Hoeber, Manager geboren 1950 Bergstrasse 5 01738 Dorfhain Germany HYGIENIA MEDIZINISCHE: Claims Registration Period Ends Dec. 21 -------------------------------------------------------------- Creditors of HYGIENIA Medizinische Fachhandels GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Wolfgang Eichel. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Goslar House 2 Kaiserbleek 8 38640 Goslar Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolfgang Eichel Braunschweiger Str. 15a D 38723 Seesen Germany Tel: 05381/93 56-0 Fax: 05381/93 56 44 The District Court of Goslar opened bankruptcy proceedings against HYGIENIA Medizinische Fachhandels GmbH on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HYGIENIA Medizinische Fachhandels GmbH Attn: Jens Metzlaff, Manager Kattenberg 1 38640 Goslar Germany IKB DEUTSCHE: Fitch Downgrades US$404.88 Mln Facility to CC ----------------------------------------------------------- Fitch Ratings downgraded the loan facilities provided by IKB Deutsche Industriebank AG and IKB International S.A. to Havenrock II Limited as: -- US$165,000,000 loan provided by IKB International: downgraded to 'CC/DR2' from 'BBB+' Outlook Negative; -- US$404,875,000 Facility C loan provided by IKB: downgraded to 'CC/DR2' from 'BBB+'; Outlook Negative; -- US$43,750,000 Facility B loan provided by IKB: downgraded to 'CC/DR2' from 'B+'; Outlook Negative; and -- US$11,375,000 Facility A loan provided by IKB: downgraded to 'CC/DR2' from 'CCC'; Outlook Negative. The 364-day committed facilities can be drawn on to cover Havenrock II's obligations under a credit default swap. The downgrades are the result of rating migrations in the portfolio referenced by the Havenrock II credit default swap. The ratings have been assigned using the Vector 3.2 model and current criteria for Collateralized Debt Obligations (CDOs). IPIROS IMPORT: Claims Registration Period Ends Jan. 14, 2008 ------------------------------------------------------------ Creditors of Ipiros Import Export GmbH have until Jan. 14, 2008, to register their claims with court-appointed insolvency manager Axel Roth. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Leipzig Hall 027 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Axel Roth Dittrichring 18-20 04109 Leipzig Germany Tel: 0341/1493105 Fax: 0341/1493111 The District Court of Leipzig opened bankruptcy proceedings against Ipiros Import Export GmbH on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ipiros Import Export GmbH Attn: Nikolaos Alexiou, Manager Zschochersche Str. 79 B 04229 Leipzig Germany JENOPTIK AG: Fitch Upgrades Issuer Default Rating to B+ ------------------------------------------------------- Fitch Ratings upgraded Jenoptik AG's long-term issuer default rating to B+ from B, and withdrawn its senior unsecured rating of B+. The outlook for the long-term IDR is stable. Fitch has also affirmed Jenoptik's short-term IDR at B. The upgrade reflects Jenoptik's overall improving financial profile, which is mainly due to significant de-leveraging of total adjusted debt/EBITDAR basis to 3.7x at mid-November 2007 after the early redemption of the 7.875% EUR150 million high- yield bond, originally due Nov. 15, 2010. While Jenoptik's free cash flow generation is still depressed from only moderate operating profitability and comparably high capital expenditures, FCF generation will see some relief from considerably lower interest payments from 2008, owing to the repayment of sizable and expensive debt. Overall, improved leverage and coverage ratios result in the credit now being more adequately placed on the B+ rating level in comparison to other industrial companies rated by Fitch. However, the ratings are constrained by Jenoptik's limited geographical diversification and its operations in cyclical, partly fragmented markets. The company remains vulnerable to temporary gaps in demand as experienced in its sensors business this year, when temporary lack of demand in an otherwise growing international traffic safety technology market resulted in an absence of large orders from Jenoptik's customers. This, in turn, led to a lack of demand for Jenoptik's traffic safety technology unit and a profit warning for Financial Year 2007. These weaknesses are, however, mitigated by good customer and end-market diversification, strong underlying growth trends of the photonics and mechatronics market, and Jenoptik's leading market positions in some segments and several niches with favorable growth potential. The Stable Outlook reflects Fitch's expectation that Jenoptik will continue to benefit from favorable growth potential of the photonics industry. Fitch expects that profitability improvements will further stabilize Jenoptik's margins and cash flow generation, and also maintain leverage at a level appropriate with the B+ rating level following the high-yield bond redemption. Jenoptik's business and financial profile changed significantly after the disposal of M+W Zander Holding AG, its former cyclical and loss-making clean systems division in 2006. With approximately 2,900 employees, Jenoptik generated financial year 2006 sales of continued operations of EUR485 million and a like- for-like result from continued operating activities of EUR38 million in its three divisions: Laser&Optics; Sensors and Mechatronics; and the holding company. JL+P BAUINITIATOR: Claims Registration Period Ends Dec. 21 ---------------------------------------------------------- Creditors of JL+P Bauinitiator und Baubetreuungs GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Werner Ruedesheim. Creditors and other interested parties are encouraged to attend the meeting at __ on __, 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 Koblenz Hall 111 Main Court Karmeliterstrasse 14 56068 Koblenz 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: Werner Ruedesheim Hermannstrasse 16 56203 Hoehr-Grenzhausen Germany Tel: 02624-95950 Fax: 02624-959595 E-mail: w.ruedesheim@rae-ssr.de The District Court of Koblenz opened bankruptcy proceedings against JL+P Bauinitiator und Baubetreuungs GmbH on Nov. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: JL+P Bauinitiator und Baubetreuungs GmbH Attn: Heinrich Ludwig Meyer, Manager Josef-Goerres-Platz 2 56068 Koblenz Germany JOENSTHOEVEL-VERSORUNGSTECHNIK: Registration Ends Jan. 15, 2008 --------------------------------------------------------------- Creditors of Joensthoevel-Versorungstechnik GmbH have until Jan. 15, 2008, to register their claims with court-appointed insolvency manager Dr. Stephan Thiemann. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on Feb. 5, 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 Muenster Meeting Hall 13 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Stephan Thiemann Ludgeristrasse 54 Germany Tel: 0251/16283-0 Fax: 492511628311 The District Court of Muenster opened bankruptcy proceedings against Joensthoevel-Versorungstechnik GmbH on Nov. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Joensthoevel-Versorungstechnik GmbH Attn: Mathias Joensthoevel, Manager Steinbrede 5 48163 Muenster Germany KLOECKNER-PENTAPLAST: Moody's Cuts Corporate Family Rating to B2 ---------------------------------------------------------------- Moody's Investors Service downgraded the Corporate Family Rating of Kloeckner-Pentaplast S.A. to B2 from Ba3 and changed the outlook to stable from rating under review for downgrade. The rating action concludes the review process that was initiated on May 4, 2007 following the company's announcement that its existing shareholders, Cinven Ltd. and CCMP Capital Advisors, LLC), have agreed to sell their shareholdings in Kloeckner Pentaplast to The Blackstone Group for a total consideration of EUR1.3 billion. Additionally, Moody's assigned a B2 CFR to Kleopatra Lux 1 S.a.r.l., the new ultimate consolidating holding company of all European as well as North and South American operating subsidiaries and expects to withdraw the CFR of KP shortly. The downgrade is primarily driven by increased leverage given the recapitalization after the takeover by Blackstone resulting in a pro forma adjusted leverage of debt to EBITDA of 8.4 times and weak performance year to date because of: (i) volatile resin costs; (ii) price pressure in PET; and (iii) start-up delays and cost relating to the conversion of facilities to raw material-efficient processes. kp is currently undergoing a restructuring program (F3), addressing process rationalizations and headcount reductions as well as an asset review, which already resulted in the closure of the high-cost Weert plant. These investments and increasing cash cost for financing and taxes will likely keep free cash flow negative, though at a decreasing trend. Against the weakened credit profile of kp however, Moody's acknowledges that there are a number of parameters that are expected to have a short- to medium positive impact on profit generation. Among those factors are: (i) cost savings from the restructuring program as well as from the augmented use of recycled PET, (ii) continued expansion into growth regions, especially Asia, and (iii) its relatively large size in a fragmented industry which enables kp to pass on volatile raw material costs to a certain extent, albeit with a time lag. The stable outlook indicates: (i) Moody's expectation of EBIT-margins increasing to high single digits; (ii) a de-leveraging, bringing debt/EBITDA well below 8.0x in fiscal year ending 2008 and (iii) the absence of any debt-financed acquisitions or additional major restructuring needs that could weaken the financial metrics. These rating changes were made: Downgrades: * Issuer: Kloeckner-Pentaplast S.A. -- Probability of Default Rating, Downgraded to B2 from Ba3; -- Corporate Family Rating, Downgraded to B2 from Ba3. Assignments: * Issuer: Kleopatra Lux 1 S.a.r.l. -- Probability of Default Rating, Assigned B2; -- Corporate Family Rating, Assigned B2. Outlook Actions: * Issuer: Kloeckner-Pentaplast S.A. -- Outlook, Changed To Stable From Rating Under Review kp, headquartered in Montabaur, Germany and with legal domicile in Luxembourg, is a global leader in the manufacturing of rigid plastic films for the pharmaceuticals, food, medical, electronics, and other packaging industries. The company generated nearly EUR1.2 billion of sales during fiscal year 2007 (ending September), 60% of which came from Europe (including a small portion from Asia) and 40% from the US, Canada and Latin America. kp today has 21 manufacturing sites in 11 countries with approximately 3,700 employees. KLOECKNER PENTAPLAST: S&P Affirms B Long-term Ratings ----------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Germany-based packaging group Kloeckner Pentaplast S.A. to negative from stable. At the same time, the 'B' long-term corporate credit ratings were affirmed. "The outlook revision reflects KP's weakened operating performance due to difficult operating conditions and internal operating problems," said Standard & Poor's credit analyst Jacob Zachrison. "These factors have weakened the group's credit measures below our expectations for the ratings. To improve its performance, KP will face the challenge of passing on increasing raw material prices to customers without reducing volumes," Mr. Zachrison added. At the end of September 2007, KP had debt of about EUR1.06 billion (adjusted for estimated operating leases and postretirement liabilities). The ratings on KP reflect its highly leveraged financial profile and exposure to high and volatile raw material prices. They also reflect KP's high dependence on calendered rigid polyvinyl chloride film and the risk of material substitution. These factors are mitigated by the group's leading niche market position in Europe and North America for PVC and polyethylene terepthalate based rigid film; its relatively broad geographic and customer base diversification; and its relatively stable end markets. The negative outlook reflects the currently challenging conditions in the packaging market and KP's internal operating problems, factors which could prevent improvement in the group's cash flows and credit measures. LET'S WORK: Claims Registration Ends January 2, 2008 ---------------------------------------------------- Creditors of Let's Work GmbH have until Jan. 2, 2008, to register their claims with court-appointed insolvency manager Dr. Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Jan. 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Darmstadt Hall 4.312 Fourth Floor Building D Mathildenplatz 15 64283 Darmstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Jan Markus Plathner Lyoner Strasse 14 60528 Frankfurt Germany Tel: 069/962334-0 Fax: 069/962334-22 E-Mail: m.plathner@brinkmann-partner.de The District Court of Darmstadt opened bankruptcy proceedings against Let's Work GmbH on Nov. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Let's Work GmbH Attn: Carsten Rosenkilde, Manager Pallaswiesenstrasse 63 64293 Darmstadt Germany MAEUELER GMBH: Claims Registration Period Ends Dec. 28 ------------------------------------------------------ Creditors of Maeueler GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Dr. Rainer Maus. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on Jan. 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Room A234 Second Floor Isle 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Rainer Maus Turmhof 15 42103 Wuppertal Tel: 0202/49 37 00 Fax: 0202/4937099 The District Court of Wuppertal opened bankruptcy proceedings against Maeueler GmbH on Nov. 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Maeueler GmbH Alarichstr. 22a 42281 Wuppertal Germany Attn: Ryszard Chodak, Manager Kuhauser Weg 58256 Ennepetal Germany PROSIEBENSAT.1 MEDIA: Axel Springer Selling Stake for EUR509 Mln ---------------------------------------------------------------- Axel Springer AG intends to sign a purchase agreement with the co-shareholder KKR/Permira with respect to a sale of its indirect participation in ProSiebenSat.1 Media AG (consisting of 12% of each of the common and preference shares). The purchase price for the shares amounts to EUR509,359,881.60 in total (average price of EUR19.40 per common and preference share). The transaction is subject to certain conditions, including the approval of the transaction by the German Commission on Media Concentration (Kommission zur Ermittlung der Konzentration im Medienbereich, KEK) and the final funding by the purchaser's banks of the anticipated debt-financed portion of the purchase price. Headquartered in Berlin, Germany, Axel Springer is Germany's biggest newspaper publishing house and third-largest magazine publisher. 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. REGIO SYSTEM: Claims Registration Period Ends Dec. 28 ----------------------------------------------------- Creditors of Regio System Deutschland GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Jan Wilhelm. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 15, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kiel Hall 17 Deliusstr. 22 Kiel Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jan Wilhelm Germaniahafen 2 24143 Kiel Germany Tel: 0431/7759190 Fax: 0431/77591910 The District Court of Kiel opened bankruptcy proceedings against Regio System Deutschland GmbH on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Regio System Deutschland GmbH Attn: Christoph Laloi und Peter Aue, Managers Ringstr. 50 24114 Kiel Germany SCHAEFER SAUNA: Claims Registration Period Ends Dec. 25 ------------------------------------------------------- Creditors of CORSO GmbH have until Dec. 25 to register their claims with court-appointed insolvency manager Udo Feser. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Jan. 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cottbus Hall 210 Platz 2 Cottbus Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Udo Feser Uhlandstrasse 165/1661 0719 Berlin Germany The District Court of Cottbus opened bankruptcy proceedings against CORSO GmbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SCHAEFER Sauna CORSO GmbH Attn: Wer-ner Baumholt und Karl-Heinz B�hrmann, Managers Kavelweg 1 03238 Oppelhain Germany SHK-GRUNDWERT GMBH: Claims Registration Ends January 3, 2008 ------------------------------------------------------------ Creditors of SHK-Grundwert GmbH have until Jan. 3, 2008 to register their claims with court-appointed insolvency manager Andrew Seidl. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on Feb. 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Andrew Seidl Heideparkstrasse 14 01099 Dresden Germany E-mail: http://www.RA-andrew-seidl.de/ The District Court of Dresden. opened bankruptcy proceedings against SHK-Grundwert GmbH on Nov. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SHK-Grundwert GmbH Attn: Bernhard Gassmann, Manager Kalkwerk 3 01665 Triebischtal Germany STAHL- UND ANLAGENBAU: Claims Registration Ends January 2, 2008 --------------------------------------------------------------- Creditors of Stahl- und Anlagenbau GmbH have until Jan. 2, 2008, to register their claims with court-appointed insolvency manager Susanne Mueller. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 1, 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 Neuruppin Hall 325 Karl-Marx-Strasse 18a 16816 Neuruppin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Susanne Mueller Vietmannsdorfer Strasse 23 17268 Templin Germany The District Court of Neuruppin opened bankruptcy proceedings against Stahl- und Anlagenbau GmbH on Nov. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Stahl- und Anlagenbau GmbH Attn: Maciej Romuald Blaszak, Manager Guestrower Strasse 13 17291 Prenzlau Germany UNITYMEDIA GMBH: Moody's Changes Outlook on Ratings to Positive --------------------------------------------------------------- Moody's Investors Service changed the outlook on the ratings of Unitymedia GmbH to positive from stable. The existing ratings remained unchanged: -- Corporate family rating at B3; -- EUR1,350 million senior secured notes (EUR1,275 million currently outstanding) at B2; -- EUR215 million senior notes at Caa2; -- EUR235 million senior notes at Caa2; -- US$151 million senior notes at Caa2. The change in the outlook primarily reflects: (i) good operating performance of Unitymedia's core cable business; and (ii) reduced business and financial risk associated with arena Sport Rechte and Marketing GmbH, Unitymedia's subsidiary, following a resolution of the Federal Cartel Office on July 19, 2007 to sub-license Bundesliga rights to Premiere AG. In third quarter 2007, total cable revenue increased by 26% in comparison with third quarter 2006 whilst reported EBITDA was up 24% year-on-year. A significant percentage of revenue and EBITDA growth was due to new value-added services and a tariff increase for basic cable services. The RGUs increased by 7% to 5.8 million as of Sept. 30, 2007. The number of unique Internet and telephony subscribers was up to 236 thousand, an increase of 166% year-on-year, and to 134 thousand, an increase of 250% year-on-year, respectively. Going forward, Unitymedia expects to gradually transition its basic analogue subscriber base to the digital platform. Unitymedia is currently promoting a pricing scheme for single users, which prices the analogue service one euro higher than the digital service thus encouraging a switch-over to the digital platform. Over the medium term, revenue and EBITDA growth is supported by growth in Internet and telephony services. Given that the German market for such telecom services is highly competitive, Moody's believes that the company's business plan is exposed to a high degree of the market and execution risk. Following the FCO resolution on July 19, 2007, arena is sub- licensing its rights for Bundesliga matches for season 2 and 3 to Premiere AG. The amounts which Unitymedia will receive for the rights are somewhat below the payments Unitymedia has to make to DFL; and the shortfall is expected to be covered through the sale of Premiere's shares which Unitymedia currently owns (16.4 million shares) held via a third party financial institution. The shares have to be sold until mid 2009 according to the FCO resolution. Moody's notes that the shares currently trade significantly below the price Unitymedia received them at. However, overall value of the stake of approximately EUR200 million is supportive of Unitymedia's financial profile. As a result of this agreement, Unitymedia retained an independent satellite platform which will continue to broadcast Bundesliga matches for seasons 2 and 3 on "arenaSAT" platform. This arrangement will expire mid 2009 as the further rights have not been awarded. The platform also broadcasts additional 20 premium channels. Based on the nine months 2007, arena was EBITDA negative whilst it was EBITDA positive in third quarter 2007 when taking into consideration deferred revenue from Premiere's shares. Due to the Premiere sub-license agreement based on the FCO resolution, the financial risk and potential liquidity pressure on Unitymedia has been reduced. Nevertheless, Moody's believes that there are still several near term uncertainties associated with arena business which currently constrain the corporate family rating. First of all, uncertainty associated with potential timing of the shares sale by Unitymedia which could require Unitymedia to fund the shortfall between the payments it receives from Premiere and the payments it makes to DFL. Secondly, an outcome of the Bundesliga rights auction in spring 2008 and, as a result, a potential change in the structure of the content market creates limited visibility over arena's business and financial profile in 2008. Thirdly, a significant number of arena's subscriber contracts expire in the summer 2008 which could put pressure on arena's expected operating performance. However, Moody's understands that Unitymedia will implement a number of customer retention programs to retain arena's subscribers as it has done with the contracts which expired in third quarter 2007. Once there is more visibility on these uncertainties in conjunction with continued strong operating performance by Unitymedia's cable business, Moody's would review the ratings with a view to reflect potential positive momentum. Unitymedia is a second largest cable operator in Germany. In the nine months 2007, the company generated EUR752 million in revenue and EUR207.9 million in reported EBITDA. VOLKERT PROJEKTPLANUNG: Claims Registration Ends Jan. 11, 2008 -------------------------------------------------------------- Creditors of Volkert Projektplanung und Baubetreuung GmbH have until Jan. 11, 2008, to register their claims with court- appointed insolvency manager Dr. Carlos Mack. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Feb. 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 Fuerth Hall 3 Ground Floor Baumenstrasse 32 Fuerth Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Carlos Mack Gibitzenhofstr. 86 90443 Nuernberg Germany Tel: 0911/2369398 Fax: 0911/2369566 The District Court of Fuerth opened bankruptcy proceedings against Volkert Projektplanung und Baubetreuung GmbH on Nov. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Volkert Projektplanung und Baubetreuung GmbH Dompfaffstr. 122 91056 Erlangen Germany ============= H U N G A R Y ============= OI EUROPEAN: Fitch Lifts Senior Unsecured Notes to BB/RR2 --------------------------------------------------------- Fitch Ratings upgraded Owens-Illinois, Inc.'s IDR to B+ following the company's improved operating results year-to-date, and debt reduction after the sale of its plastics business. Other ratings within the capital structure have been changed as: Owens-Illinois, Inc.: -- issuer default rating to B+ from B; -- senior unsecured notes to B-/RR6 from B-/RR5; and -- preferred stock to B-/RR6 from CCC+/RR6. Owens Brockway Glass Container Inc.: -- IDR to B+ from B; -- senior secured credit facilities to BB+/RR1 from BB/RR1; -- senior unsecured notes to BB/RR2 from BB-/RR2. OI European Group, B.V.: -- senior unsecured notes to BB/RR2 from BB-/RR2. Fitch has withdrawn the rating of Owens Brockway Glass Container Inc.: -- senior secured notes BB/RR1. The rating outlook is positive. Around US$3.6 billion of debt is affected by the ratings action. The upgrade of the IDR is based on improved operating performance year-to-date and the completion of OI's debt reduction plan, which was executed with the proceeds from the Plastics divestiture. The company's pricing and operating initiatives have achieved better than expected results this year. Profitability has improved with EBITDA margin expansion of 220 basis points from Dec. 31, 2006 to Sept. 30, 2007. Higher EBITDA has been accompanied by better operating and free cash flow generation as the company has done a better job of recovering cost inflation and reducing working capital. Rolling twelve-month free cash flow has swung US$427 million in three quarters from a US$64 million loss at financial year ended 2006 to a US$363 million gain LTM Sept. 30, 2007. This is after unusually high asbestos payments in 2007 with cash payments of US$226 million so far this year, US$86 million of which were accelerated payments. The trend in new asbestos claims has not changed, but OI has sought to accelerate resolution of existing claims. The Positive Outlook reflects the improving trend in the fundamentals of the business, and the company's continued focus on operating improvements and pricing initiatives, as well as asset realignment going forward. Further improvement in credit metrics is likely in 2008 as Fitch anticipates improving cash flow generation. Fitch's recovery analysis has been updated to reflect the reduction of secured debt at OB and the reduction in the estimated asbestos liability factored into the estimated estate value available for distribution to creditors in a distressed scenario. The asbestos liability assumption has been reduced from US$850 million to US$600 million as a result of the significant payments OI has made and the declining asbestos liability accounts on the balance sheet. These changes and the upgrade of the IDR have led to ratings upgrades for the senior secured bank debt, senior unsecured notes at OB, and the convertible preferred stock. The distribution of estate value has changed from Fitch's previous analysis, and leads to recovery estimates consistent with the RR2 rating for the unsecured notes at OB and OI European Group, B.V. and RR6 rating for the senior unsecured notes at OI, Inc. OI's ratings continue to be supported by the company's leading market positions, global footprint, technology leadership, and long-term customer relationships with large, stable customers. Ratings concerns remain focused on higher energy costs, other cost inflation, and to a lesser extent asbestos liabilities. The company's biggest energy exposure comes in the form of natural gas. Natural gas prices have been moderate and less volatile in 2007, but higher prices going forward are possible. Fuel is another large cost component, as shipping glass containers is expensive. This cost is likely to move higher in coming months with the rise in oil prices. OI's energy risks are somewhat mitigated through the use of hedging, as well as the global nature of its operations. Nevertheless, OI faces ongoing inflationary pressures, which could get worse in 2008. The company has done a good job in 2007 of emphasizing price over volume. At some point though, the pricing strategy could lead to lost volume, a possibility OI fully anticipates and a sacrifice management is willing to make. Given the industry's low volume growth this could negatively affect revenue for OI, accelerating the need for capacity rationalization. OI's cash flow is beginning to improve, and if the company is able to show stabilized operating margins and sustain the recent trend in better cash generation over the intermediate term, the current ratings could be reviewed for a possible upgrade. Credit metrics should continue to improve in 2008, and further deleveraging is possible through debt reduction and earnings growth. In 2008, Fitch expects lower cash asbestos payments, and higher capital spending and other costs as the company continues certain restructuring initiatives. The primary ratings constraint in recent years has been limited or negative free cash flow, coupled with the inability to recover inflationary costs. With the previous ratings action in June, Fitch acknowledged the significant debt reduction and improved balance sheet strength that would result from the plastics divestiture, as well as management's commitment to strengthening the balance sheet and credit quality of the firm. However, cash flows in the core glass operations were not yet exhibiting the strength expected and Fitch had some concerns about the EBITDA that would be lost with the sale of the plastics business although much of that loss would be offset in cash flows by a reduction of cash interest expense. However, two additional quarters have shown material progress on the company's productivity, mix, and pricing initiatives such that revenues and operating profit lost with the sale of plastics should largely be made up in the glass business by the end of 2007, which is much sooner than Fitch anticipated. Asbestos litigation remains an ongoing diversion of cash. OI's strategy in 2007 has been to accelerate settlement of claims and increase payments (US$226 million YTD 2007 vs. US$163 million FY2006). This is a prudent use of cash for liability reduction in Fitch's view. Payments should come down in 2008, but it is possible the company will direct more cash towards asbestos than funded debt going forward. With better operating results, OI's liquidity profile has strengthened over recent quarters. At September 30, the company had over US$1.5 billion of cash and over US$800 million available under it's revolver. Pro-forma for debt repayments and discharge in October and November, Fitch estimates the company's cash and short-term investments would be around US$160 million, with no revolver drawn. Given OI's cash generation, Fitch estimates year-end cash balances could be higher than usual, even after additional assumed asbestos payments of US$90 million in fourth-quarter, and assuming no additional debt repayments. Debt repayments due in 2008 consist of about US$250 million of 7.35% notes at Owens-Illinois, Inc. that mature in May. Amortization of the company's bank debt has been prepaid through December 2010 and no quarterly payments will be required until 2011. Bank debt payments consist of: Tranche B (quarterly US$ at .25% of principal); Tranche D (quarterly EUR0.5 million); Tranche A (AUD3.75 million); and Tranche C (CDN1.725 million). The latter two tranches were to begin payment in September 2008. In 2007 the company has paid off US$450 million of 7.75% notes, due 2011; US$625 million of 8.75% notes, due 2012; and repurchased or discharged through defeasance US$850 million of 8.875% notes due 2009. These bonds were senior secured obligations of the Owens-Brockway subsidiary. By year end, OI will have about US$3.6 billion of total debt compared to about US$5.5 billion at Dec. 31, 2006. Fitch projects a total leverage ratio of about 2.5x by FYE2007 compared to 4.5x at FYE 2006. EBITDA interest coverage is expected to improve to around 4.0x by year end compared to 2.5x at FYE2006. ============= I R E L A N D ============= WR GRACE: Opposition Filing to Daubert Briefs Set Dec. 21 --------------------------------------------------------- The Hon. Judith Fitzgerald of the U.S. Bankruptcy Court for the District of Delaware directed parties-in-interest to file oppositions to the initial Daubert briefs and submit a list of trial exhibits and witnesses, and pre-trial briefs by Dec. 21, 2007. The Official Committee of Asbestos Personal Injury Claimants and David Austern, the Court-appointed Future Claims Representative have notified Judge Fitzgerald at an omnibus hearing that they would provide a written statement providing the subject areas of expected testimony of each of Stephen Snyder, Peter Kraus, John Cooney and Theodore Goldberg. The Court authorized the PI Committee to file under seal the unredacted versions of the expert rebuttal reports of Dr. Peterson and Mr. Snyder. The Court also directed the Owens Corning/Fibreboard Asbestos PI Trust to produce the electronic datasets, claimant information, claims processing information and other information to the Debtors. The Owens Corning information will be used solely in connection with the Grace estimation proceeding. The Debtors will bear the costs incurred by the Owens Corning Trust in extracting the information to be produced. Parties File Daubert Motions The Debtors, the PI Committee, the FCR, and the Official Committee of Equity Security Holders filed motions to exclude or limit, pursuant to Daubert and Rules 702 and 703 of the Federal Rules of Evidence, testimony related to the Debtors' asbestos personal injury liabilities. The Debtors seek to exclude from evidence these expert reports and testimonies: -- The reports, testimony, and opinions of PI Committee experts Mark A. Peterson, the Peterson Rebuttal Report, the Stephen M. Snyder Rebuttal Report, and the Daniel P. Myer and Mark T. Eveland Rebuttal Report; -- The reports, testimony, and opinions of FCR experts Jennifer Biggs, Biggs Supplemental Report, Biggs Rebuttal Report, P.J. Eric Stallard, Stallard Supplemental Report, Marshall Shapo Rebuttal Report, and Jacob Jacoby Rebuttal Report; -- Any opinions, evidence, or testimony seeking to establish exposure to asbestos based on any "settled-dust analysis;" -- Any opinions, evidence, or testimony seeking to establish exposure to asbestos based on any "indirect-preparation method;" -- Any opinions, evidence, or testimony seeking to establish causation of asbestos-related disease based on anecdotal evidence, including but not limited to, case reports or case series; -- Any opinions, evidence, or testimony seeking to establish causation of an asbestos-related disease not supported by epidemiological evidence showing a relative risk greater than 2.0, the confidence interval for which does not include a relative risk of 1.0; -- Any opinions, evidence, or testimony seeking to establish the causation of an asbestos-related disease based on a "no-threshold" or "zero-threshold" theory of causation, including but not limited to, any calculations derived from or relying on those theories to those causation; and -- Any opinions, evidence, or testimony seeking to establish the occurrence or incidence of non-malignant asbestos- related disease based on diagnoses that do not include an exposure history with an appropriate latency period, chest radiograph evidence or small irregular opacities with an appropriate profusion as evaluated under ILO standards, a PFT revealing a restrictive impairment and below-normal diffusion capacity, a physical examination showing signs and symptoms, and a differential diagnosis of asbestosis that reliably rules out alternative causes of the disease. In a memorandum supporting their Daubert Motion, the Debtors assert that the PI Committee and the FCR's expert testimonies are not "fit" under Rule 702 and 408 because the expert testimonies measure the wrong thing -- Grace's hypothetical cost to resolve cases in the state-court tort system rather than Grace's legal liability. The PI Committee and the FCR's experts did not assume that Grace has filed for bankruptcy and, thus neither the company's bankruptcy nor any implications that flow from the application of bankruptcy law or procedures has any impact or effect on the estimates, David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, in Chicago, Illinois, points out. Mr. Bernick also asserts that the PI Committee and the FCR's expert opinions are barred under the reliability prong of Rule 702 as the PI Committee and the FCR's experts cannot show that their measurements are performed using "scientifically reliable" methods because they rely on historical settlement amounts rather than on "established, objective methods" of industrial hygience and epidemiology. A full-text copy of the 85-page Debtors' Memorandum is available for free at http://bankrupt.com/misc/grace_daubertmemorandum.pdf Equity Committee Supports Debtors The Equity Committee, which represents holders of more than 70,000,000 shares of Grace common stock, supports the Debtors' Daubert Motion in its entirety. According to Teresa K.D. Currier, Esq., at Buchanan Ingersoll & Rooney, PC, in Wilmington, Delaware, at the current market price of about US$26, the market capitalization of Grace's equity is more than US$1,800,000,000. There's no question about Grace's solvency, she says. The Equity Committee contends that evidence to be presented to the Court in the coming estimation trial will demonstrate that, as a matter of logic and epidemiological science, the number of individuals who could realistically have developed true asbestos-related disease from Grace products is diminishingly small. The Equity Committee says the Court should estimate the Debtors' "real" liability on "legitimate" PI claims caused by Grace product. The Equity Committee adds that the Court should rely on "legitimate and scientifically defensible" methods in estimating the PI liabilities. The Equity Committee tells the Court that it has obtained the expert report of Dr. James Heckman to analyze the expert reports prepared by Dr. Peterson and Ms. Biggs. Dr. Heckman, in his expert report, concludes that Dr. Peterson and Ms. Biggs did not use a reliable methodology but rather "employ simple extrapolation of trends and ad hoc adjustments," which do "not meet the criteria of scientific method." A full-text copy of the 86-page Heckman Report is available for free at http://bankrupt.com/misc/grace_HeckmanRebuttalReport.pdf PI Committee & FCR's Daubert Motions Under Seal In separate filings with the Court, the PI Committee and the FCR sought permission to file their Daubert motions under seal. The PI Committee and the FCR said their Daubert Motions and exhibits contain testimony, documents, reports and other information that are protected from public disclosure by either a Court order or by a confidentiality agreement with the Debtors. Representing the PI Committee, Mark T. Hurford, Esq., at Campbell & Levine, LLC, in Wilmington, Delaware, says the Committee's Daubert Motion quotes and summarizes information that has been identified or marked as confidential by the Debtors. The PI Committee's Daubert Motion sought to exclude from evidence the expert reports prepared by, among others, the Debtors' expert, Drs. B. Thomas Florence, Elizabeth Anderson and Suresh Moolgavkar. The FCR sought to exclude the reports prepared by the Debtors' experts, Drs. Florence, Anderson, Moolgavkar, Peter S.J. Lees, and Richard J. Lee. The PI Committee and the FCR noted that the Debtors have provided them information pursuant to confidentiality agreements. Mr. Hurford points out that Dr. Florence's deposition has been marked confidential by the Debtors and at least one of his expert reports has not been publicly disclosed by the Debtors. The expert reports of Drs. Anderson and Moolgavkar have also not been publicly disclosed. The PI Committee and the FCR said their Daubert Motions have been served to the U.S. Trustee, the Debtors, the Official Committee of Unsecured Creditors, and the Official Committee of Equity Security Holders. Court Won't Admit Further Evidence on Libby Claims Judge Fitzgerald won't permit any evidence to be introduced or accepted for introduction, any further discovery to be conducted, any statements to be made by counsel, or any finding or other determination to be made concerning: (a) medical characteristics of the alleged asbestos diseases of the claimants asserting personal injury resulting from the Debtors' Libby, Montana vermiculite mining operations, including, if any, to which they may have medical characteristics distinct from other asbestos disease; or (b) the portion of the Debtors' aggregate liability that is attributable to claims and demands for Libby Claimant's alleged asbestos disease. Nothing, however, the Court ruled, will prevent introduction into evidence of opinions and testimony contained in the reports and reliance materials of the estimation experts of Jennifer L. Biggs and Dr. Mark Peterson, or the Debtors' rebuttal of the Biggs and Peterson expert reports. Judge Fitzgerald noted that no party in the estimation proceedings has produced an expert report separately quantifying the Debtors' liabilities for the Libby Claimants except for Ms. Biggs who has produced various geographically based calculations and estimates, including a quantification for Libby. The Court, however, finds that Ms. Biggs' quantification is not based on the extent, if any, to which asbestos-related disease diagnosed in the Libby Claimants has medical characteristics distinct from other asbestos-related disease. The introduction in the estimation proceedings, Judge Fitzgerald held, of evidence concerning medical and statistical issues specific to the Libby Claimants would not assist the Court in its estimate of the Debtors' aggregate PI liabilities. Exclusion of medical and statistical evidence, she added, separately addressing Libby Claimants' alleged asbestos disease and claims and demands resulting therefrom "could significantly shorten the estimation proceeding trial -- serving the goal of judicial economy and resulting in material savings to the Debtors' estate and to the parties -- without any adverse effect on the Court's ability to estimate the aggregate liabilities." Drs. Arthur Frank, M. Laurentius Marais, William Wecker, and Alan Whitehouse won't be allowed to testify or be subject to further discovery in the estimation proceeding, and their reports will not be part of the record in the estimation proceeding, Judge Fitzgerald further ruled. In addition, Drs. Elizabeth Anderson, Steven Harber, Daniel Anthony Henry, Grover Hutchins, Richard Lee, John Parker, Suresh Moolgavakar, Joseph Rodricks, and David Weill will not testify or be subject to further discovery in the estimation proceeding concerning the Libby Claimants' alleged asbestos disease and their reports will not be part of the record in the estimation proceeding insofar as they address the Libby Claimants' alleged asbestos disease. Moreover, the persons listed by the Libby Claimants as potential fact witnesses in connection with the estimation proceeding won't be allowed to testify or be subject to further discovery in the estimation proceeding, the Court added. James Jay Flynn, Alan Whitehouse and Patrica Sullivan, as non- expert witnesses, will not be allowed to testify concerning the Libby Claimants' alleged asbestos disease. Judge Fitzgerald further ruled that the Libby Claimants will not appear in, or in connection with, the estimation proceeding as a separate party from the Official Committee of Asbestos Personal Injury Claimants. All parties' rights are reserved on all issues, including but not limited to (i) the medical criteria for the Libby Claimants' alleged asbestos disease, (ii) the extent, if any, to which these alleged disease has medical characteristics distinct from other asbestos disease, and (iii) whether and in what amount any particular claim and demand based on the Libby Claimants' alleged asbestos disease should be allowed. No party, including the Libby Claimants, Judge Fitzgerald held, may challenge the Court's findings and conclusions in the estimation proceedings, including its findings of aggregate asbestos liability, on the grounds that (a) the Libby Claimants did not participate in the estimation proceedings, or (b) the Court did not consider the Libby Claimants' allegations. This Order may not be used for any other purposes other than to exclude medical and statistical evidence separately addressing the Libby Claimants' alleged asbestos disease, and will not be used by any party, including the U.S. Government, for any other purpose or proceeding, including the pending criminal proceeding against the Debtors and its officers in the U.S. District Court for the District of Montana, the Court clarified. In a separate order, Judge Fitzgerald denied the Debtors' request for relief from the pre-trial schedule to the extent that the expert witnesses John Cooney, Peter Kraus, Ted Goldberg, Robert Horkovich, Stephen Snyder and any other attorney listed in the PI Committee's fact witness list make themselves available for deposition. If those witnesses will not voluntarily make themselves available for deposition, the Debtors may ask for reconsideration of the denial of their request, the Court noted. Debtors Seek to Exempt Certain Creditors from Filing Claims Certain individuals have filed claims against the Debtors before the April 2, 2001, Bar Date. The Court established November 15, 2006, as the Bar Date for non-settled prepetition asbestos- related personal injury claims filed against the Debtors. The Debtors and the law firm Thornton & Naumes, who represents the Claimants, have agreed that the claimants do not need to file proofs of claim on or before the November 15 Bar Date because they do not hold any prepetition PI Claim. They also agree that the Claimants are exempt from the PI case management order because they do not hold PI Claims. Accordingly, the Debtors ask the Court to rule that the Thornton Claimants are exempt from the November 15 Bar Date and the PI CMO. A list of the Exempted Claimants is available free of charge at: http://bankrupt.com/misc/grace_ExemptClaimants.pdf About W.R. Grace Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA) -- http://www.grace.com/-- supplies catalysts and silica products, especially construction chemicals and building materials, and container products globally including Argentina, Australia, and Ireland. The Company and its debtor-affiliates filed for chapter 11 protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139). David M. Bernick, Esq., at Kirkland & Ellis, LLP, and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP, represent the Debtors in their restructuring efforts. The Debtors hired Blackstone Group, L.P., for financial advice. PricewaterhouseCoopers LLP is the Debtors' accountant. Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent the Official Committee of Unsecured Creditors. The Creditors Committee tapped Capstone Corporate Recovery LLC for financial advice. David T. Austern, the legal representative of future asbestos personal injury claimants, is represented by Orrick Herrington & Sutcliffe LLP and Phillips Goldman & Spence, Pennsylvania. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official Committee of Asbestos Personal Injury Claimants. The Asbestos Committee of Property Damage Claimants tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C. Alan Runyan, Esq., at Speights & Runyan,to represent it. Lexecon, LLC, provided asbestos claims consulting services to the Official Committee of Equity Security Holders. The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov. 13, 2004. On Jan. 13, 2005, they filed an Amended Plan and Disclosure Statement. The hearing to consider the adequacy of the Debtors' Disclosure Statement began on Jan. 21, 2005. The Debtors' exclusive period to file a chapter 11 plan expired on July 23, 2007. Estimation of W.R. Grace's asbestos personal injury liabilities will commence on Jan. 14, 2008. (W.R. Grace Bankruptcy News, Issue No. 145; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). WR GRACE: Rehearing Plea on Libby Conspiracy Charge Denied ---------------------------------------------------------- The United States Court of Appeal for the Ninth Circuit denied the request of W.R. Grace & Co. and six of its former executives for an en banc rehearing of the September 2007 decision of a three-judge panel composed of Circuit Judge Betty Fletcher, Harry Pregerson, and Warren Ferguson reinstating conspiracy charges against Grace and its executives relating to the alleged asbestos poisoning in Libby, Montana. In late September, the 9th Circuit panel overturned a decision by District Judge Molloy in the U.S. District Court for the District of Montana and reinstated the conspiracy charges filed by the U.S. Government against Grace and its officers. The Government, in 2005, commenced a criminal case against Grace and its officers for alleged conspiracy in violation of environmental laws and obstruction of federal agency proceedings relating to asbestos poisoning of residents in Libby, Montana. According to Tricia Bishop of The Baltimore Sun, an en banc rehearing would have further delayed the trial of the case. "The denial of an en banc rehearing moves the case a step closer to trial assuming Grace does not ask the [U.S.] Supreme Court to review the issue," Allen M. Bradender, Esq., who is among the Justice Department attorneys prosecuting the case, told Baltimore Sun. "Grace is disappointed, and the company is evaluating its options," Greg Euston, Grace's spokesman related to the Sun. A second Grace request for appeal, which will determine whether certain government witnesses may testify against the company, was granted earlier this year and will be heard next week by the full 11-judge panel of the 9th Circuit Court of Appeals, the Sun says. In its form 10-Q filing with the U.S. Securities and Exchange Commission in August 2007, Grace said it may face as much as US$280,000,000 in fines, if convicted in the criminal case. Its officers may also be sentenced to as many as 15 years in prison if convicted. About W.R. Grace Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA) -- http://www.grace.com/-- supplies catalysts and silica products, especially construction chemicals and building materials, and container products globally including Argentina, Australia, and Ireland. The Company and its debtor-affiliates filed for chapter 11 protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139). David M. Bernick, Esq., at Kirkland & Ellis, LLP, and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP, represent the Debtors in their restructuring efforts. The Debtors hired Blackstone Group, L.P., for financial advice. PricewaterhouseCoopers LLP is the Debtors' accountant. Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent the Official Committee of Unsecured Creditors. The Creditors Committee tapped Capstone Corporate Recovery LLC for financial advice. David T. Austern, the legal representative of future asbestos personal injury claimants, is represented by Orrick Herrington & Sutcliffe LLP and Phillips Goldman & Spence, Pennsylvania. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official Committee of Asbestos Personal Injury Claimants. The Asbestos Committee of Property Damage Claimants tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C. Alan Runyan, Esq., at Speights & Runyan,to represent it. Lexecon, LLC, provided asbestos claims consulting services to the Official Committee of Equity Security Holders. The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov. 13, 2004. On Jan. 13, 2005, they filed an Amended Plan and Disclosure Statement. The hearing to consider the adequacy of the Debtors' Disclosure Statement began on Jan. 21, 2005. The Debtors' exclusive period to file a chapter 11 plan expired on July 23, 2007. Estimation of W.R. Grace's asbestos personal injury liabilities will commence on Jan. 14, 2008. (W.R. Grace Bankruptcy News, Issue No. 145; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ========= I T A L Y ========= ALITALIA SPA: Air France Sees Profitable Italian Carrier -------------------------------------------------------- Air France-KLM says its planned takeover of Alitalia S.p.A. could bring the Italian carrier back into profitability. "Air France-KLM wishes to share with Alitalia the benefits of the profitable growth strategy it has successfully implemented over the last four years," the French carrier said in a statement. "As for Alitalia, by joining Air France-KLM, it would be part of the world's leading air transport group, thus strengthening its position." Air France said it aims to have Alitalia win back the Italian market by developing its network and asserting its Italian brand and identity. The French carrier said it would propose a large number of European and intercontinental destinations to and from Rome- Fiumicino Airport, which would be organized as a hub in the same way as Paris-Charles de Gaulle and Schiphol. Air France also plans to operate medium and long-haul direct services to and from Milan, "with enhanced service quality to better meet the needs of business customers." Jean-Cyril Spinetta, Air France CEO, said its business plan -- which he described as clearer than AirOne S.p.A.'s -- "will be a success," Reuters reports. "I am convinced that the creative talent and Italian experience will carry Alitalia to a new stage in its history," Mr. Spinetta was quoted by Thomson Financial as saying. Air France and AirOne Alitalia chairman Maurizio Prato told Italian daily Corriere della Sera that Air France's business plan is clearer than AirOne. Mr. Prato noted that the French carrier's plan mirrored Alitalia's turnaround. "For AirOne, aside from some generic statements about remaining at both hubs, increasing the fleet and renewing it, we still need to understand how the plan actually functions," Mr. Prato told Corriere della Sera. Italian industry minister Pier Luigi Bersani, however, said that Mr. Prato's comments reflect the decision on the sale. "We should be looking at the offers, not interviews," Mr. Bersani was quoted by Bloomberg News as saying. Intesa Sanpaolo S.p.A., AirOne's financial backer, said selling Alitalia to Air France would be like "throwing [the national carrier] away," Bloomberg News relates. "It's a choice that is a lot like giving up," Corrado Passera, Intesa Sanpaolo CEO, was quoted by Bloomberg News as saying. "[Air One's offer] is the only concrete solution to avoid ceding a national strategic asset and at the same time guarantee a turnaround of the airline," AirOne Chairman Carlo Toto said in an e-mailed statement to Bloomberg News. As reported in the TCR-Europe on Dec. 7, 2007, Alitalia received non-binding proposals for the Italian government's 49.9% stake from: -- Air France-KLM, -- AP Holding S.p.A., and -- Cordata Baldassarre. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. ALITALIA SPA: Board to Choose Preferred Buyer Today --------------------------------------------------- Alitalia S.p.A.'s board of directors will meet today, Dec. 13, 2007, to select the preferred buyer for the Italian government's 49.9% stake in the national carrier, various reports say. The board will announce the selected bidder in a press release following the meeting, Bloomberg News relates. Alitalia, Italy, and the preferred buyer, will then hold exclusive talks, which might last for a month. A government source told Reuters that Italian Prime Minister Romano Prodi was to meet his top ministers on Dec. 12, 2007, to discuss the stake sale. "We will be criticized whoever we choose," a government official told The Financial Times. "But the real story is that a center- left government that includes communists is actually selling Alitalia." Italian transport minister Alessandro Bianchi was quoted by Bloomberg News in his interview with a local radio station that the government expects to complete the sale by the end of 2007. Meanwhile, heads of Alitalia unions CGIL, CISL and UIL, are opposing Air France-KLM's offer, saying that Alitalia would lose its identity as a national carrier if sold to the French airline. "If Alitalia were to go to a foreign company, we would in effect be the only big European country not to have a flag carrier," the heads of the unions said in a statement. Confindustria, an Italian employers federation, expressed support for AirOne S.p.A.'s offer. "I believe that [AirOne has] the business conditions and strong financial support for a good operation for the country and for Alitalia," Confindustria's Luca Cordero di Montezemolo was quoted by Reuters as saying. As reported in the TCR-Europe on Dec. 7, 2007, Alitalia received non-binding proposals for the Italian government's 49.9% stake from: -- Air France-KLM, -- AP Holding S.p.A., and -- Cordata Baldassarre. 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. PARMALAT SPA: Faces Antitrust Probe over Newlat Sale Delays ----------------------------------------------------------- Autorita Garante della Concorrenza e del Mercato, Italy's anti- trust authority, is launching a probe into Parmalat S.p.A.'s failure to sell its Newlat Srl unit, Thomson Financial reports. As previously reported in the TCR-Europe, Italian authorities seized Parmalat units Newlat and Carnini S.p.A. in the middle of a probe into the company's fictitious disposals to circumvent antitrust laws. To fully regain the units, Parmalat must sell its Matese and Torre in Pietra brands to comply with a June 30, 2005, order by the Italian antitrust agency. Parmalat also has to sell some of Newlat's production facilities to ease the group's dominant position in the fresh milk market. Parmalat reclaimed the dairy units at no cost in October 2006, following a ruling by a Parma Court. Autorita Garante had required Parmalat to divest Newlat by Oct. 30, 2007, to restore competitive conditions in fresh milk markets in the Lazio and Campania regions, Thomson Financial relates. Parmalat had asked for an extension of the divestment to June 30, 2008, claiming that selling Newlat in October 2007 would result in a negative sale price, which might hamper the dairy group's effort to reorganize its debt, Thomson Financial says. Parmalat noted that Newlat results have seen a negative trend in 2007 because of increases in raw material prices. Parmalat had also asked for an amendment of the terms of the divestment, which would allow it sell its Matese and Torre in Pietra brands rather than Newlat as a whole. In a statement, Parmalat said that after having recovered possession of Newlat, it "has with diligence done its best in order to comply with the Antitrust requests." "Parmalat is working in order to provide all necessary information to clarify the reasons for which the sale of Newlat has not taken place within the fixed timing," the company said. "Parmalat also is committed to propose all possible solutions aiming to comply with the Antitrust Act within the terms provided for under the same." Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than $200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. On June 21, 2007, the U.S. Court Granted Parmalat Permanent Injunction. =================== K A Z A K H S T A N =================== AGRO SERVICE-MAGISTRAL: Claims Deadline Slated for Jan. 4, 2008 --------------------------------------------------------------- LLP Agro Service-Magistral 7 has declared insolvency. Creditors have until Jan. 4, 2008 to submit written proofs of claims to: LLP Agro Service-Magistral 7 Utemisov Str. 2a Almaty Kazakhstan Tel: 8 (3272) 42-54-59 8 701 444 47-22 ALTYN SHEKER: Creditors Must File Claims Jan. 4, 2008 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Altyn Sheker insolvent. Creditors have until Jan. 4, 2008 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Office 22 Tauelsizdik Str. 53 Taldykorgan Almaty Kazakhstan Tel: 8 (7282) 21-20-02 CONTENT CREATION: Claims Filing Period Ends Jan. 4, 2008 -------------------------------------------------------- LLP Content Creation Group has declared insolvency. Creditors have until Jan. 4, 2008 to submit written proofs of claims to: LLP Content Creation Group Jeltoksan Str./Kurmangazy Str. 164/166-75 Almaty Kazakhstan ELECTRO SYSTEM: Creditors' Claims Due on Jan. 4, 2008 ----------------------------------------------------- LLP Electro System has declared insolvency. Creditors have until Jan. 4, 2008 to submit written proofs of claims to: LLP Electro System Potanin Str. 14-311 Ust-Kamenogorsk East Kazakhstan Kazakhstan ENERGOSPETSREMSERVICE LLP: Claims Registration Ends Jan. 4, 2008 ---------------------------------------------------------------- LLP Energospetsremservice has declared insolvency. Creditors have until Jan. 4, 2008 to submit written proofs of claims to: LLP Energospetsremservice Post Office Box 324 010011, Astana Kazakhstan ERMAK-SK LLP: Proof of Claim Deadline Slated for Jan. 4, 2008 ------------------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Ermak-SK insolvent. Creditors have until Jan. 4, 2008 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Department of Agriculture Konsitutsiya Kazakhstana Str. 38 Petropavlovsk North Kazakhstan Kazakhstan INTER-SERVICE LLP: Creditors Must File Claims Jan. 4, 2008 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan has declared LLP Inter-Service insolvent. Creditors have until Jan. 4, 2008 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of West Kazakhstan Zaton by Chapayev 63 Uralsk West Kazakhstan Kazakhstan Tel: 8 (3112) 28-09-21 LTD SERVICE: Claims Filing Period Ends Jan. 4, 2008 --------------------------------------------------- LLP LTD Service has declared insolvency. Creditors have until Jan. 4, 2008 to submit written proofs of claims to: LLP LTD Service Mirzoyan Str. 5 Aktobe Aktube Kazakhstan RAS-INVEST LLP: Creditors' Claims Due on Jan. 4, 2008 ----------------------------------------------------- LLP Ras-Invest has declared insolvency. Creditors have until Jan. 4, 2008 to submit written proofs of claims to: LLP Ras-Invest Novaya Str. 27a Koktal Astana Kazakhstan ZLATOY KASPY: Claims Registration Ends Jan. 4, 2008 --------------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan has declared LLP Zlatoy Kaspy insolvent. Creditors have until Jan. 4, 2008 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of West Kazakhstan Zaton by Chapayev 63 Uralsk West Kazakhstan Kazakhstan Tel: 8 (3112) 28-09-21 =================== K Y R G Y Z S T A N =================== AIDAR-OSH LLC: Creditors Must File Claims by January 11, 2008 ------------------------------------------------------------- LLC Aidar-Osh has declared insolvency. Creditors have until Jan. 11, 2008 to submit written proofs of claim to: LLC Aidar-Osh Kurmanjan Datka Str. 648 Kyzyl Kyshtak Karasuisky District Osh Kyrgyzstan =================== L U X E M B O U R G =================== BASELL AF: Lyondell & Equistar Gets Consents to Amend Indenture --------------------------------------------------------------- Lyondell Chemical Company and its subsidiaries Equistar Chemicals, LP and Equistar Funding Corporation disclosed that as of 5:00 p.m. EST on Dec. 5, 2007, a total of approximately US$3.97 billion in aggregate principal amount of the outstanding debt securities issued by Lyondell or the Equistar Issuers, as applicable, has been tendered pursuant to the previously announced cash tender offers and consent solicitations. As a result, Lyondell and the Equistar Issuers have received the required consents from holders to amend each of the indentures governing the applicable Notes. Upon Lyondell and the Equistar Issuers accepting for purchase at least a majority in aggregate principal amount of the applicable Notes outstanding, each of the supplemental indentures effecting the proposed amendments as described in the Offer to Purchase and Consent Solicitation Statement dated Nov. 20, 2007 will become operative. The Offer for each series of Notes will expire at 12:01 a.m. EST on Dec. 20, 2007, unless extended or earlier terminated by Lyondell or the Equistar Issuers, as applicable, in their sole discretion. Withdrawal rights with respect to the Notes and revocation rights with respect to corresponding consents have expired. Accordingly, holders may not withdraw any Notes previously or hereafter tendered, except as contemplated in the applicable Offers. The total consideration was determined as of 2:00 p.m. EST on Dec. 5, 2007. The total consideration per US$1,000 principal amount of the Notes validly tendered at or prior to the Consent Payment Deadline, not validly withdrawn and accepted for payment is set forth in Table 1, of which US$30 is the consent payment. The tender offer consideration per US$1,000 principal amount of the Notes validly tendered after the Consent Payment Deadline, not validly withdrawn and accepted for payment equals the Total Consideration minus the US$30 consent payment. In each case, accrued and unpaid interest on the Notes will be paid in cash from the most recent interest payment date applicable to the Notes to, but not including, the applicable payment date for the Offers. The applicable payment date for Notes tendered on or prior to the Consent Payment Deadline is expected to be on or about Dec. 20, 2007. The applicable payment date for Notes tendered after the Consent Payment Deadline and on or prior to the Expiration Date is expected to be on or about Dec. 21, 2007. Table 1 - Results to Date and Pricing Information for the Offers Lyondell's Notes Percentage Tender Tender of Principal CUSIP Security Offer Total Offer Amount Number Description Yield Consideration Consideration Tendered ------ ----------- ----- ------------- ------------- -------- 10.500% 552078AV9 Senior 3.764% US$1,081.17 US$1,051.17 99.76% Secured Notes due 2013 8.000% 552078AW7 Senior Notes 3.429% US$1,154.78 US$1,124.78 99.67% due 2014 8.250% 552078AX5 Senior Notes 3.601% US$1,197.17 US$1,167.17 99.85% due 2016 6.875% 552078AY3 Senior Notes 3.788% US$1,155.31 US$1,125.31 99.99% due 2017 Equistar Issuers' Notes Percentage Tender Tender of Principal CUSIP Security Offer Total Offer Amount Number Description Yield Consideration Consideration Tendered ------ ----------- ----- ------------- ------------- -------- 10.125% 29444NAF9 Senior Notes 3.857% US$1,042.60 US$1,012.60 97.96% due 2008 8.750% 29444NAD4 Notes due 3.519% US$1,058.51 US$1,028.51 97.55% 2009 10.625% 29444NAH5 Senior Notes 3.761% US$1,050.65 US$1,020.65 97.95% due 2011 The Offers and Consent Solicitations are subject to the satisfaction of certain conditions, including the proposed merger of Lyondell with BIL Acquisition Holdings Limited, a Delaware corporation and wholly owned subsidiary of Basell AF S.C.A., a Luxembourg company. The complete terms and conditions of the Offers and Consent Solicitations are set forth in the Offer and Consent Statement, which has been sent to holders of the Notes. Holders are urged to carefully read the Offer and Consent Statement and related materials. Goldman, Sachs & Co. and Merrill Lynch & Co. are the dealer managers for the Offers and solicitation agents for the Consent Solicitations. Questions regarding the Offers and Consent Solicitations may be directed to Goldman, Sachs & Co. at (877) 686-5059 (toll-free) or (212) 357-0775 (collect), and Merrill Lynch & Co. at (888) 654-8637 (toll-free) or (212) 449-4914 (collect). Copies of the Offer and Consent Statement and related materials may be obtained from the Information Agent, D. F. King & Co., Inc. at (800) 290-6429 (U.S. toll free) or (212) 269-5550 (Banks and Brokers). As previously disclosed in the TCR-Europe on Nov. 30, 2007, Lyondell disclosed that, at a Special Meeting of Shareholders held on Nov. 20, 2007, shareholders approved the Agreement and Plan of Merger, dated as of July 16, 2007, among Basell AF, BIL Acquisition Holdings Limited and Lyondell pursuant to which Basell will acquire all of Lyondell's outstanding common shares for cash consideration of US$48 per share. About Lyondell Headquartered in Houston, Texas, Lyondell Chemical Company (NYSE:LYO) -- http://www.lyondell.com/-- is North America's third-largest independent, publicly traded chemical company. Lyondell manufactures chemicals and plastics, a refiner of heavy, high-sulfur crude oil and a significant producer of fuel products. Key products include ethylene, polyethylene, styrene, propylene, propylene oxide, gasoline, ultra low-sulfur diesel, MTBE and ETBE. The company also has locations in Austria, France, Italy, The Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil, China, Japan, Taiwan, India and Singapore. About Basell Basell -- http://www.basell.com/-- produces polypropylene and advanced polyolefin products, supplies polyethylene and catalysts, and provides technical services for its proprietary technologies. Basell, together with its joint ventures, has manufacturing facilities in 19 countries and sells products in more than 120 countries. Basell is privately owned by Access Industries. * * * As reported in the TCR-Europe on Nov. 14, 2007, Standard & Poor's Ratings Services placed its 'BB-' long-term corporate credit rating on Basell AF S.C.A. remains on CreditWatch with negative implications, where it was placed on June 26, 2007, following the company's announcement that it will acquire Lyondell Chemical Co. (BB-/Watch Neg/B-1) and its related entities Equistar Chemicals L.P. (BB-/Watch Neg/B-1) and Millennium Chemicals Inc. (B+/Watch Neg/--). In July 2007, Moody's Investors Service maintains all ratings of Basell group under review for downgrade following the announcement by the company on July 17, 2007 that it has signed a definitive agreement to acquire Lyondell (Ba3/stable outlook) in a transaction valued at approximately US$19 billion, including the assumption of debt. BASELL AF: Fitch Lowers Ratings to B+ on Merger with Lyondell -------------------------------------------------------------- Fitch Ratings has downgraded Basell AF SCA's and Lyondell Chemical Co.'s Long-term Issuer Default ratings to 'B+' from 'BB-' and removed them from Rating Watch Negative where they were originally placed on July 17, 2007. Stable Outlooks are assigned to the Long-term IDRs. Basell's Short-term IDR is also affirmed at 'B'. Fitch has also downgraded Basell's senior notes and Millenium America Inc's senior notes to 'B-'/'RR6' from 'B+' and 'BB'/'RR2', respectively, as well as assigned a 'B'/'RR5'rating to Lyondell Basell Finance Co's bridge facility. Fitch has taken further rating action involving various subsidiaries and debt instruments. Fitch's ratings actions follow substantial re-leveraging to facilitate the fully debt-funded merger of chemical companies Basell and Lyondell. Fitch believes that credit metrics of the combined new group, including net total leverage of approximately 4.9x, cash interest cover of approximately 2.4x, (ratios based on the pro forma unadjusted LTM Sept. 7 EBITDA of US$4.9 billion) and available liquidity are commensurate with the Long-term IDRs of 'B+'. The group's credit profile will be supported by potential synergies and pricing power advantages gained from improved vertical integration and size increases, which may prove crucial as the global chemical industry continues to face serious challenges from volatile feedstock costs and economical uncertainties in its end markets. Following a special meeting of shareholders on Nov. 20, 2007, Lyondell announced that shareholders approved the agreement and plan of merger, dated July 16, 2007, between Basell and Lyondell, pursuant to which Basell will acquire all of Lyondell's outstanding common shares for cash consideration of US$48 per share. The closing of the transaction is anticipated to occur on or about Dec. 20, 2007. After completion of the acquisition, Basell will be renamed LyondellBasell Industries AF SCA. LBI will form the world's third-largest independent chemical company with combined revenues of around US$42.8 billion and around 15,000 employees worldwide. The ratings are: Basell AF SCA and subsidiaries, to be renamed LyondellBasell Industries AF SCA: -- Long-term IDR: downgraded to 'B+' from 'BB-'; removed from RWN; Stable Outlook assigned -- Senior secured credit facilities: affirmed at 'BB+' and withdrawn -- Senior notes: downgraded to 'B-' (B minus)/'RR6' from 'B+' Lyondell Chemicals Co. and subsidiaries: -- Long-term IDR: downgraded to 'B+' from 'BB-'; removed from RWN; Stable Outlook assigned -- Senior secured facilities: affirmed at 'BB+' and withdrawn -- Senior secured notes: affirmed at 'BB+' and withdrawn -- Senior unsecured notes: affirmed at 'BB-'and withdrawn -- Senior unsecured debentures: upgraded to 'BB+'/'RR1' from 'BB-' Lyondell Basell Finance Co: -- Bridge facility: 'B'/'RR5' Equistar Chemicals L.P.: -- Long-term IDR: affirmed at 'B+'; Outlook Stable -- Senior secured credit facility: affirmed at 'BB+'/'RR1' and withdrawn -- Senior unsecured notes: affirmed at 'BB-'/'RR3' and withdrawn -- Debentures: upgraded to 'BB+'/'RR1' from 'BB-'/'RR3' Millenium Chemicals Inc.: -- Long-term IDR: affirmed at 'B+' with Stable Outlook and withdrawn -- Convertible senior unsecured debentures: affirmed at 'BB'/'RR2' and withdrawn Millenium America Inc.: -- Long-term IDR: affirmed at 'B+'; Outlook Stable -- Senior unsecured notes: downgraded to 'B-'/'RR6' from 'BB'/'RR2' The above ratings are assigned subject to the completion of the transaction as well as review of the final documentation, conforming to present information. EVRAZ GROUP: Acquiring Stakes in Ukrainian Production Firms ----------------------------------------------------------- Evraz Group S.A. signed an agreement to acquire majority share holdings in selected production assets in Ukraine: -- a 99.25% share holding in the Sukhaya Balka iron ore mining and processing complex with a total annual production capacity of 3.75 million tons of iron ore; -- a 95.57% share holding in the Dnepropetrovsk Iron and Steel Works with a total annual capacity of 1.8 million tons of pig iron and 1.23 million tons of crude steel; and -- three coking plants (Bagleykoks: 93.74%, Dneprkoks: 98.65%, and Dneprodzerzhinsk Coke Chemical Plant: 93.83% of shares outstanding) with a total annual capacity of 3.52 million tons of metallurgical coke. Evraz will make a payment for the acquired assets with a combination of cash and new equity. The final terms and structure of the deal will be voted by Evraz's Board of Directors based on a fairness opinion provided by a reputable international appraisers' organization that will conduct an independent valuation of the assets. Once approved by the Board, the deal will not be subject to any other, including regulatory, approvals and is expected to be closed in the first quarter of 2008. "We view this transaction as yet another important step in realization of our strategies," Alexander Frolov, Evraz's Chairman and Chief Executive Officer, said. "The acquisition will allow us to increase iron ore self-sufficiency and ensure further upstream integration. It will also create captive intra-group coke-making demand for the excess production of the Company's coal mines in Siberia. This deal also represents another step in the Evraz's geographical diversification into one of the lowest cost steel producing regions." About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As reported in the TCR-Europe on Nov. 30, 2007, Moody's Investor's Service upgraded the corporate family rating for Evraz Group from Ba3 to Ba2. Moody's also has upgraded the ratings for the Senior Unsecured global bonds at Evraz Group S.A. totaling US$750 million due in 2015 from B2 to Ba3 and the Senior guaranteed Eurobonds at Evraz Securities S.A. totaling US$300 million due in 2009 from Ba3 to Ba2. Moody's said the outlook on all ratings is stable. As of Nov. 20, 2007, Evraz Group carries BB- Local and Foreign Issuer Credit ratings from Standard & Poor's. S&P said the Outlook is Positive. The company carries BB Issuer Default and Senior Unsecured ratings and B Short-Term IDR. Fitch said the Outlook is Stable. EVRAZ GROUP: Acquiring Claymont Steel for US$564.8 Million ---------------------------------------------------------- Evraz Group S.A. and Titan Acquisition Sub, Inc., a wholly owned unit of Evraz, have entered into a definitive agreement with Claymont Steel Holdings Inc. Under the agreement, Evraz will acquire Claymont Steel for US$23.50 per share, for an aggregate price of approximately US$564.8 million (including debt and net of cash). The offer price of US$23.50 per share represents a premium of 19.1% to Claymont Steel's three month volume weighted average stock price, a premium of 38.2% to Claymont Steel's initial public offering price of US$17.00 in December 2006, and a premium of 6.8% to the closing price of Claymont Steel's stock on Friday, Dec. 7, 2007, of US$22.00. Under the terms of the agreement, Titan will make a cash tender offer for all shares of Claymont Steel common stock and then merge with Claymont Steel. The board of directors of Claymont Steel has unanimously recommended that the shareholders of Claymont Steel accept the offer. H.I.G. Capital LLC, Inc., which owns approximately 42.6% of Claymont Steel's issued common stock, has committed to tender its shares in the offer. The offer, which is expected to commence during the week of Dec. 17, 2007, will be subject to customary conditions, including antitrust clearance, and the acquisition by Evraz of a majority of Claymont Steel's shares. The offer will be followed by a merger at the same price. Upon completion of the transaction, Claymont Steel will become a subsidiary of Evraz. ABN AMRO Incorporated is acting as exclusive financial advisor to Evraz and will be the dealer-manager for the tender offer. Jefferies & Company, Inc. is acting as lead financial advisor to Claymont Steel in the transaction and delivered a fairness opinion to Claymont Steel's board of directors. Cleary Gottlieb Steen & Hamilton LLP is acting as legal counsel to Evraz, and Morgan, Lewis & Bockius LLP is acting as legal counsel to Claymont Steel. "We believe that this transaction delivers significant value to our stockholders. We are excited at the opportunity to become part of a company with a significant international presence," Jeff Bradley, Claymont Steel's Chairman and Chief Executive Officer, said. "As a plate producer, we believe Claymont Steel will be able to contribute to and complement Evraz's North American operations at Evraz Oregon Steel Mills, Inc. We believe that our customers will also support this deal." "This transaction represents yet another important step in the implementation of our long-term strategy to develop higher value downstream markets," said Alexander Frolov, Evraz's Chairman and Chief Executive Officer. "It will expand our presence in North America, one of the most important steel markets globally. Having acquired Oregon Steel Mills at the beginning of this year, we laid the foundation of our American plate business and intend to continue to strengthen it now with Claymont Steel's steel plate production. We will also be happy to have Claymont Steel's experienced personnel joining Evraz's multinational team." Headquartered in Claymont, Delaware Claymont Steel -- http://www.claymontsteel.com-- manufactures and sells custom discrete steel plate in North America. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As reported in the TCR-Europe on Nov. 30, 2007, Moody's Investor's Service upgraded the corporate family rating for Evraz Group from Ba3 to Ba2. Moody's also has upgraded the ratings for the Senior Unsecured global bonds at Evraz Group S.A. totaling US$750 million due in 2015 from B2 to Ba3 and the Senior guaranteed Eurobonds at Evraz Securities S.A. totaling US$300 million due in 2009 from Ba3 to Ba2. Moody's said the outlook on all ratings is stable. As of Nov. 20, 2007, Evraz Group carries BB- Local and Foreign Issuer Credit ratings from Standard & Poor's. S&P said the Outlook is Positive. The company carries BB Issuer Default and Senior Unsecured ratings and B Short-Term IDR. Fitch said the Outlook is Stable. ===================== N E T H E R L A N D S ===================== HARBOURMASTER CLO 7: Fitch Rates EUR2 Mln Class S1 Notes at BB -------------------------------------------------------------- Fitch Ratings has affirmed the ratings of Harbourmaster CLO 7 B.V. notes: -- EUR576 million Class A1 floating-rate notes: affirmed at 'AAA' -- EUR149 million Class A2 floating-rate notes: affirmed at 'AAA' -- EUR41 million Class A3 floating-rate notes: affirmed at 'AA' -- EUR38 million Class A4 floating-rate notes: affirmed at 'A' -- EUR38 million Class B-1 floating-rate notes: affirmed at 'BBB' -- EUR21 million Class B-2 floating-rate notes: affirmed at 'BB' -- EUR2 million Class S1 combination notes: affirmed at 'BB' -- EUR5 million Class S2 combination notes: affirmed at 'AA' -- EUR3 million Class S3 combination notes: affirmed at 'BBB-' -- EUR7 million Class S4 combination notes: affirmed at 'BBB+' -- EUR4 million Class S5 combination notes: affirmed at 'A-' Fitch has carried out a rating review of the transaction and has found consistent performance to date. As of the October 2007 trustee report, the transaction is in compliance with all the portfolio guidelines and coverage tests. There have been no defaults to date and no asset is rated 'CCC+' or below. This transaction constitutes a securitization of senior secured loans. The issuer, Harbourmaster CLO 7 B.V., is a limited liability company incorporated under the laws of the Netherlands. The transaction completed the ramp-up period in April 2007 and is currently in the re-investment period ending in December 2011. The credit quality is stable with a current weighted average rating factor of 25.7 compared to 26 in May 2007; both WARFs are equivalent to a 'B+'/'B' rating. Harbourmaster Capital Limited is advised by Harbourmaster Capital Management Limited (rated 'CAM1-' on Fitch's CDO Asset Manager Rating scale). The ratings of the Class A1 and A2 notes address ultimate repayment of principal at maturity and timely payment of interest when due. For all other rated classes of notes, the ratings address ultimate payment of principal and interest, including deferred interest, at maturity. The ratings of the Class S1, S2, S3 and S5 combination notes address the ultimate payment of principal from funds received on their components, while for the S4 combination notes, the rating addresses the ultimate payment of principal and interest at a coupon rate of 0.25% on the outstanding rated balance. HARBOURMASTER PRO-RATA 2: Fitch Rates Class B2 Notes at BB ---------------------------------------------------------- Fitch Ratings has affirmed Harbourmaster Pro-Rata CLO 2 B.V.'s notes following a satisfactory performance review: -- Class A1VF notes (ISIN n.a.): affirmed at 'AAA' -- Class A1T notes (XS0262176364): affirmed at 'AAA' -- Class A2 notes (XS0262176794): affirmed at 'AAA' -- Class A3 notes (XS0262176877): affirmed at 'AA' -- Class A4E notes (XS0262177172): affirmed at 'A' -- Class A4F notes (XS0262177255): affirmed at 'A' -- Class B1E notes (XS0262177339): affirmed at 'BBB' -- Class B1F notes (XS0262640575): affirmed at 'BBB' -- Class B2 notes (XS0262177412): affirmed at 'BB' -- Class S1 notes (XS0262178907): affirmed at 'BBB' -- Class S2 notes (XS0262179202): affirmed at 'BBB' -- Class S3 notes (XS0262179384): affirmed at 'BBB' -- Class S4 notes (XS0262179467): affirmed at 'A-' The affirmation reflects the consistent credit quality of the portfolio, as well as the available credit enhancement in the structure since close in August 2006. The transaction is currently in compliance with all coverage tests and portfolio quality tests. The credit quality is stable with a current weighted average rating factor of 26 compared to a maximum trigger of 27.5, both WARFs being equivalent to a 'B+'/'B' rating. There have been no defaults since closing. The transaction, a European arbitrage collateralised loan obligation, is a securitization of primarily senior secured loans. This transaction is managed by Harbourmaster Capital Limited. The ratings of the Class A1VF, A1T and A2 notes address ultimate repayment of principal at maturity and timely payment of interest according to the terms of the notes. For all other rated Classes of notes (other than the Class S combination notes), the ratings address ultimate payment of principal and interest, including any deferred interest, at maturity according to the terms of the notes. The ratings assigned to the Class S1, S2 and S3 combination notes address the ultimate payment of principal from funds received on their components, while for the Class S4 combination notes the rating addresses the ultimate payment of principal and interest at a coupon rate of 0.25% on the outstanding rated balance. X5 RETAIL: Unit Buys Back 160,000 Global Depositary Receipts ------------------------------------------------------------ X5 Retail Group N.V. disclosed that on Nov. 29 and 30, 2007, its wholly owned subsidiary Perekrestok Holdings Limited purchased the total of 160,000 of Global Depositary Receipts representing shares in the capital of X5 Retail on the London Stock Exchange at an average market price of US$31,5038 to fund its ESOP program. Following these transactions X5 Retail Group N.V. owns 3,769,112 GDRs in total. About X5 Retail Headquartered in the Netherlands, X5 Retail Group N.V. -- http://www.x5.ru/en/-- operates a large store network largely covering the Moscow region and St. Petersburg but also has a good presence in other Russian regions through its franchise operations. The company has recently acquired two of its successful regional franchise operations -- in Yekaterinburg and Chelyabinsk. * * * As of Nov. 12, 2007, X5 Retail Group N.V. carries a B1 Corporate Family Rating from Moody's Investors Service. Moody's said the outlook is positive. X5 Retail and its subsidiaries also carries a 'BB-' long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. =========== R U S S I A =========== ALFA BANK: Continued Expansion Cues Fitch's BB Ratings Upgrade -------------------------------------------------------------- Fitch Ratings has upgraded Russia-based Alfa Bank's Long-term Issuer Default rating to 'BB' from 'BB-' and National Long-term rating to 'AA-(rus)' from 'A+(rus)'. The Outlooks for the Long- term IDR and National Long-term rating are Stable. Alfa's other ratings are affirmed at Short-term IDR 'B', Individual 'C/D', Support '4' and Support Rating Floor 'B'. The upgrade reflects the continued expansion and strengthening of the franchise of Alfa Banking Group (of which Alfa is the main entity) and extended track record of sound asset quality and profitability. In addition, the ratings are supported by the bank's strong management team, and risk management function in particular, and the shareholders' track record of injecting liquidity and equity when required. At the same time, the ratings continue to factor in the concentrated balance sheet and moderate targeted capitalisation of ABG and the still challenging, although improved, Russian operating environment. Negative liquidity gaps are larger than at most other major Russian banks, but liquidity management has improved significantly in recent years and refinancing risk on foreign funding is moderate, in Fitch's view. Further upward pressure on the ratings could result from continued diversification of the loan book and funding, coupled with strong performance and adequate asset quality as the retail book expands. Downward pressure is viewed as unlikely at present, but a significant deterioration in asset quality, for example resulting from the retail expansion, or heightened pressure on liquidity would be negative for the credit profile. Alfa is the largest privately-owned bank in Russia, although market shares are modest, reflecting the fragmented nature of the sector. ABG is owned by six individuals. The largest stake (36%) is held by Mikhail Fridman, the Chairman of Alfa's Board. EVRAZ GROUP: Acquiring Stakes in Ukrainian Production Firms ----------------------------------------------------------- Evraz Group S.A. signed an agreement to acquire majority share holdings in selected production assets in Ukraine: -- a 99.25% share holding in the Sukhaya Balka iron ore mining and processing complex with a total annual production capacity of 3.75 million tons of iron ore; -- a 95.57% share holding in the Dnepropetrovsk Iron and Steel Works with a total annual capacity of 1.8 million tons of pig iron and 1.23 million tons of crude steel; and -- three coking plants (Bagleykoks: 93.74%, Dneprkoks: 98.65%, and Dneprodzerzhinsk Coke Chemical Plant: 93.83% of shares outstanding) with a total annual capacity of 3.52 million tons of metallurgical coke. Evraz will make a payment for the acquired assets with a combination of cash and new equity. The final terms and structure of the deal will be voted by Evraz's Board of Directors based on a fairness opinion provided by a reputable international appraisers' organization that will conduct an independent valuation of the assets. Once approved by the Board, the deal will not be subject to any other, including regulatory, approvals and is expected to be closed in the first quarter of 2008. "We view this transaction as yet another important step in realization of our strategies," Alexander Frolov, Evraz's Chairman and Chief Executive Officer, said. "The acquisition will allow us to increase iron ore self-sufficiency and ensure further upstream integration. It will also create captive intra-group coke-making demand for the excess production of the Company's coal mines in Siberia. This deal also represents another step in the Evraz's geographical diversification into one of the lowest cost steel producing regions." About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As reported in the TCR-Europe on Nov. 30, 2007, Moody's Investor's Service upgraded the corporate family rating for Evraz Group from Ba3 to Ba2. Moody's also has upgraded the ratings for the Senior Unsecured global bonds at Evraz Group S.A. totaling US$750 million due in 2015 from B2 to Ba3 and the Senior guaranteed Eurobonds at Evraz Securities S.A. totaling US$300 million due in 2009 from Ba3 to Ba2. Moody's said the outlook on all ratings is stable. As of Nov. 20, 2007, Evraz Group carries BB- Local and Foreign Issuer Credit ratings from Standard & Poor's. S&P said the Outlook is Positive. The company carries BB Issuer Default and Senior Unsecured ratings and B Short-Term IDR. Fitch said the Outlook is Stable. EVRAZ GROUP: Acquiring Claymont Steel for US$564.8 Million ---------------------------------------------------------- Evraz Group S.A. and Titan Acquisition Sub, Inc., a wholly owned unit of Evraz, have entered into a definitive agreement with Claymont Steel Holdings Inc. Under the agreement, Evraz will acquire Claymont Steel for US$23.50 per share, for an aggregate price of approximately US$564.8 million (including debt and net of cash). The offer price of US$23.50 per share represents a premium of 19.1% to Claymont Steel's three month volume weighted average stock price, a premium of 38.2% to Claymont Steel's initial public offering price of US$17.00 in December 2006, and a premium of 6.8% to the closing price of Claymont Steel's stock on Friday, Dec. 7, 2007, of US$22.00. Under the terms of the agreement, Titan will make a cash tender offer for all shares of Claymont Steel common stock and then merge with Claymont Steel. The board of directors of Claymont Steel has unanimously recommended that the shareholders of Claymont Steel accept the offer. H.I.G. Capital LLC, Inc., which owns approximately 42.6% of Claymont Steel's issued common stock, has committed to tender its shares in the offer. The offer, which is expected to commence during the week of Dec. 17, 2007, will be subject to customary conditions, including antitrust clearance, and the acquisition by Evraz of a majority of Claymont Steel's shares. The offer will be followed by a merger at the same price. Upon completion of the transaction, Claymont Steel will become a subsidiary of Evraz. ABN AMRO Incorporated is acting as exclusive financial advisor to Evraz and will be the dealer-manager for the tender offer. Jefferies & Company, Inc. is acting as lead financial advisor to Claymont Steel in the transaction and delivered a fairness opinion to Claymont Steel's board of directors. Cleary Gottlieb Steen & Hamilton LLP is acting as legal counsel to Evraz, and Morgan, Lewis & Bockius LLP is acting as legal counsel to Claymont Steel. "We believe that this transaction delivers significant value to our stockholders. We are excited at the opportunity to become part of a company with a significant international presence," Jeff Bradley, Claymont Steel's Chairman and Chief Executive Officer, said. "As a plate producer, we believe Claymont Steel will be able to contribute to and complement Evraz's North American operations at Evraz Oregon Steel Mills, Inc. We believe that our customers will also support this deal." "This transaction represents yet another important step in the implementation of our long-term strategy to develop higher value downstream markets," said Alexander Frolov, Evraz's Chairman and Chief Executive Officer. "It will expand our presence in North America, one of the most important steel markets globally. Having acquired Oregon Steel Mills at the beginning of this year, we laid the foundation of our American plate business and intend to continue to strengthen it now with Claymont Steel's steel plate production. We will also be happy to have Claymont Steel's experienced personnel joining Evraz's multinational team." Headquartered in Claymont, Delaware Claymont Steel -- http://www.claymontsteel.com-- manufactures and sells custom discrete steel plate in North America. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As reported in the TCR-Europe on Nov. 30, 2007, Moody's Investor's Service upgraded the corporate family rating for Evraz Group from Ba3 to Ba2. Moody's also has upgraded the ratings for the Senior Unsecured global bonds at Evraz Group S.A. totaling US$750 million due in 2015 from B2 to Ba3 and the Senior guaranteed Eurobonds at Evraz Securities S.A. totaling US$300 million due in 2009 from Ba3 to Ba2. Moody's said the outlook on all ratings is stable. As of Nov. 20, 2007, Evraz Group carries BB- Local and Foreign Issuer Credit ratings from Standard & Poor's. S&P said the Outlook is Positive. The company carries BB Issuer Default and Senior Unsecured ratings and B Short-Term IDR. Fitch said the Outlook is Stable. FORD MOTOR: Russian Authorities Ban Pickets ------------------------------------------- Local authorities have prohibited picketing at Ford Motor Co.'s manufacturing site in Vsevolozhsok, Russia, RIA Novosti reports citing trade union leader Alexei Etmanov. According to RIA Novosoti, striking employers had picketed the site almost every day, except on weekends. As reported in the TCR-Europe on Nov. 22, 2007, workers launched an indefinite strike on Nov. 20, 2007, demanding higher wages and reduction of night shifts from March 2008. The strike halted the Ford Focus production line. The parties initially met on Nov. 26, 2007, when the management agreed in principle to raise wages. Ford resumed production on Nov. 28, 2007, with non-striking employees working on a single shift. "The administration has launched a night shift, but this produced only 38 of the 100 cars requested per shift" Mr. Etmanov told RIA Novsoti. According to RIA Novosti, the number of striking employees have reached 650. RIA Novosti relates that Russian social observers heralded the ongoing strike as the birth of organized union activity in post- Soviet Russia. The Vsevolozhsk plant produced about 60,000 cars in 2006, mainly the Focus model, and plant officials have said they were hoping to increase production to 75,000 for 2007. About Ford Motor Co. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the Company maintains a presence in Sweden, and the United Kingdom. The Company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit and other ratings on Ford Motor Co. and Ford Motor Credit Co. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007. S&P said the outlook is stable. As reported in the Troubled Company Reporter on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. GAZPROMSTROY LLC: Creditors Must File Claims by Jan. 1, 2008 ------------------------------------------------------------ Creditors of Gazpromstroy LLC have until Jan. 1, 2008, to submit proofs of claim to: A. S. Bol'shikh Interim Manager P.O. Box 716 Office 319 Izyskateley Str. 31 Noyabr'sk 629810 Yamalo-Nenets Russia The Arbitration Court of Yamalo-Nenets will convene on Jan. 10, 2008 to hear the company's bankruptcy supervision procedure after finding it insolvent on Aug. 1. The case is docketed under Case No. A81-2092/2007. The Debtor can be reached at: Apartment 6 Gazpromstroy LLC Internatsional'naya Str. 1 Novy Urengoy 629300 Yamalo-Nenets Russia ISLAKH LLC: Creditors Must File Claims by Feb. 1, 2008 ------------------------------------------------------ Creditors of Distillery Islakh LLC have until Feb. 1, 2008, to submit proofs of claim to: I. M. Nurutdinov Competitive Proceedings Manager P.O. Box 18092, 423818 Naberezhnye Chelny Tatarstan Russia The Arbitration Court of Tatarstan commenced competitive proceedings against the company after finding it insolvent on Nov. 20. The case is docketed under Case No. A65-10870/ 2007-CG4-16. The Court is located at: The Arbitration Court of Tatarstan Room 12 Floor 2 Entrance 2 Building 1 Kremlin Kazan Tatarstan Russia The Debtor can be reached at: Distillery Islakh LLC Plodoovoschnoy Integrated Plant Promkomzone Naberezhnye Chelny 423800 Tatarstan Russia KRASNY METALLIST: Creditors Must File Claims by Jan. 1, 2008 ------------------------------------------------------------ Creditors of CJSC Krasny Metallist have until Jan. 1, 2008, to submit proofs of claim to: A. Sh. Bogus Interim Manager Office 3 Gor'kogo Str. 42 355008 Stavropol' Russia The Arbitration Court of the Stavropol' Krai commenced bankruptcy supervision procedure against the company on Nov. 6. The case is docketed under Case No. A63-6114/06-C5. The Court is located at: The Arbitration Court of Stavropol Krai Mira Str. 4586 Stavropol Russia The Debtor can be reached at: CJSC Krasny Metallist Karl Marks Str. 2 355008 Stavropol' Russia MORSKOY RYBNY: Creditors Must File Claims by Jan. 1, 2008 --------------------------------------------------------- Creditors of Morskoy Rybny Komplex LLC have until Jan. 1, 2008, to submit proofs of claim to: P. A. Shabalin Interim Manager P.O. Box 3-20 680000 Khabarovsk Russia The Arbitration Court of Khabarovsk krai commenced bankruptcy supervision procedure against the company after finding it insolvent on Nov. 16. The case is docketed under Case No. A73-2157/2007-36. The Debtor can be reached at: Morskoy Rybny Komplex LLC Lunacharskogo Str. 4 Okhotsk Settlement Khabarovsk Krai Russia PAVLOVSKIJ FOOD: Creditors Must File Claims by Feb. 1, 2008 ----------------------------------------------------------- Creditors of Pavlovskij Food Integrated Plant LLC have until Feb. 1, 2008, to submit proofs of claim to: K. E. Dovbenko Competitive Proceedings Manager Osipenko Str. 10 355004 Stavropol' Russia The Arbitration Court of Krasnodar krai commenced one-year competitive proceedings against the company after finding it insolvent on Oct. 30. The case is docketed under Case No. A-32-5716/2007-60/199-B. The Court is located at: The Arbitration Court of Krasnodar Krai Krasnaya Str. 6 Krasnodar Russia The Debtor can be reached at: Pavlovskij Food Integrated Plant LLC Molodezhnaya Str. 6 Pavlovskaya St-Tsa Pavlovskij Raion Krasnodar Krai Russia ROSNEFT OIL: Cancels RUR15 Billion Bond Issue This Year ------------------------------------------------------- OAO Rosneft Oil Co. has dropped plans to issue RUR15 billion in bonds this year due to time constraints, Reuters reports. As reported in the TCR-Europe on Sept. 12, 2007, Rosneft said it plans to issue RUR45 billion of bonds as part of its US$15 billion refinancing program to repay loans used to acquire bankruptcy assets of OAO Yukos Oil Co. Rosneft will issue the bonds in three tranches of equal sizes at RUR15 billion each issue with maturities of not more than seven years. Rosneft had planned to issue the first tranche this year and the next two tranches in 2008. Rosneft has hired Troika Dialog, Gazprombank and VTB to organize the placement, a source told RIA Novosti. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines, and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is positive. SITRONICS JSC: Brings In Three New Members to Management Board -------------------------------------------------------------- JSC Sitronics' Board of Directors has approved the appointment of three new members to the company's Management Board. The new members of the Management Board are: -- Alexander Krasovsky, -- Mikhail Minkovsky, and -- Sergey Urezchenko. Mr. Krasovsky joined the company as vice president for sales and marketing on Nov. 23, 2007. He previously served as vice president for business development at BAC/StepLogic. Mr. Minkovsky was appointed chief technology officer on Nov. 14, 2007. Prior to Sitronics, he held a number of senior IT management positions in several leading companies in the US and Russia. Mr. Urezchenko was appointed president of Kvant and general director of Elaks on Nov. 30, 2007. He previously served as general director of Airports of the South. The Management Board now comprises eleven members and is chaired by Sergey Aslanyan, president and chief executive officer of Sitronics. "The new members of the Management Board are highly experienced professionals with successful track records in IT, telecommunications and electronics. All three have joined the Company recently. Their promotion to the Management Board is in line with our previously stated intention to strengthen the Sitronics' management team," Mr. Aslanyan commented. About Sitronics Headquartered in Moscow, Russia, JSCSitronics(LSE: SITR) -- Hhttp://www.sitronics.com/-- provides telecommunications solutions, IT solutions and microelectronic solutions in the CIS region with a rapidly growing presence in other EEMEA markets. Sistema controls the company. * * * As reported in the TCR-Europe on Aug. 9, 2007, Fitch Ratings has affirmed JSC Sitronics' Long-term Issuer Default rating of 'B-' with a Stable Outlook. The rating still applies to date. SITRONICS JSC: Kiev Court Declares Sitronics-Ukraine Bankrupt ------------------------------------------------------------- The Economic Court of Kiev commenced liquidation proceedings against Sitronics-Ukraine Kiev, a unit of Sitronics JSC, after declaring it bankrupt, Interfax News reports. The court appointed Alexander Borodii as liquidator who will take charge of selling the company's properties and satisfying creditors' claims, Interfax adds. A Sitronics spokesman expressed surprised on the unit's bankruptcy, noting that there were no reports on any suits or court cases involving Sitronics-Ukraine, Interfax relates. "Sitronics-Ukraine does not have a significant impact on business operations, but it does have an effect on the parent company's market capitalization," Sitronics said in its interim report. Sitronics-Ukraine, a wholly owned unit of Sitronics JSC, engages in wholesale trading in office equipment and radio and TV technology. Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) -- http://www.sitronics.com/-- provides telecommunications solutions, IT solutions and microelectronic solutions in the CIS region with a rapidly growing presence in other EEMEA markets. Sistema controls the company. * * * As reported in the TCR-Europe on Aug. 9, 2007, Fitch Ratings has affirmed JSC Sitronics' Long-term Issuer Default rating of 'B-' with a Stable Outlook. SITRONICS JSC: Posts US$108 Million Net Loss for Q3 2007 -------------------------------------------------------- JSC Sitronics released its summary unaudited consolidated U.S. GAAP financial results for the third quarter and nine months ended Sept. 30, 2007. The company reported US$108.0 million in net losses on US$376.2 million in consolidated revenues for the third quarter 2007, compared with US$21.1 million in net income for the same period in 2006. Sitronics also posted US$187.8 million in net losses on US$1.01 billion in in consolidated revenues for the first nine months 2007, compared to US$37.0 million in net income for the same period in 2006. Total company assets increased by 11% year on year to US$1.78 billion at the end of the third quarter, compared to US$1.59 billion at the end of the same period of 2006. Outlook As indicated at the time of the Company's half year results in September, year on year revenue growth and profitability levels are expected to improve further in the fourth quarter and into 2008. The Company now expects full year 2007 revenues of more than US$1.5 billion, with an OIBDA profit in the fourth quarter of 2007. Sitronics has won more than US$150 million worth of new public and private sector tenders and contracts between July 1, 2007, and Dec. 6, 2007. The majority of these contracts have been won by the Telecommunications Solutions division, which is expected to display positive dynamics in the fourth quarter and into 2008. The Microelectronic Solutions and Information Technology segments are also expected to meet Company expectations for the fourth quarter and deliver increased year on year operating profits. Operating Review Sitronics' Information Technology Solutions and Microelectronics Solutions divisions performed in line with expectations in the third quarter and reported substantially higher revenues year on year. The Telecommunications Solutions business area reported a quarter on quarter increase in revenues but the year on year comparison reflected the fact that an anticipated large scale contract in the Middle East has not been awarded and that the launch of the 3G project has been hampered by unanticipated regulatory issues. The previously announced restructuring of the other business areas -- Consumer Electronics and Electronic Manufacturing Services -- is ongoing. The Information Technology Solutions and Microelectronic Solutions segments reported year on year increases in operating income for both the third quarter and first nine months of 2007. The Company's profitability levels for the first nine months of the year were adversely impacted by a loss for the Telecommunications Solutions segment, but the business did deliver a quarter on quarter reduction in operating losses. The Electronics Manufacturing Services and Consumer Electronics businesses each reported operating losses for the period as a result of on-going restructuring and reworking of the business models. However, the Electronics Manufacturing Services segment reported significantly reduced operating losses year on year. Significant contracts have recently been signed in the Telecommunication Solutions business; effectively strengthening this segment's pipeline. These contracts include: an NGN contract with leading Greek internet provider Hellas Online and a contract with ZAIN Bahrain to deploy a WiMAX network. The Telecommunication Solutions segment also launched the first stage of the OSS/BSS FORIS NG billing project with Vodafone in the Czech Republic and continued to increase its presence in Africa. In addition to being selected -- along with Ericsson -- to provide 3G equipment and services to MTS in Russia and the CIS, the Company also established a strategic partnership with Jordan Telecom Group to deliver IP-TV services over JTG's Orange-branded ADSL network. The Information Technology Solutions segment signed a contract to provide Consulting and Telecom Integration services to MGTS and also concluded a contract for IT services with the Russian Prosecutor General's office. In addition to working with the Russian government, the IT segment also signed contracts with the Turkmenistan Ministry of Education and Kazakhstan's largest pension fund. In addition, following an intensive investment in human capital and on-the-job training, Sitronics' unit -- Kvazar-Micro -- received Cisco's "Golden Partner" status (which is valid across all CIS countries). The Microelectronics Solutions segment also experienced a positive third quarter, extending its successful RFID ticketing technology project in the Moscow subway. The Company has now been contracted as the sole supplier for up to 25 million RFID tickets on a monthly basis beginning in 2008. Sitronics Microelectronic Solutions also won a tender with Ukrtelecom during the third quarter to supply USIM-cards, and signed a framework agreement with Nokia Siemens Networks for the delivery of microchips. "Our nine months results reflect the ongoing transition within the Company and a marked sequential improvement in the underlying performance of our core operating segments," Sergey Aslanyan, Sitronics' President and CEO, commented. "We expect to see sustained improvement in the fourth quarter and into 2008, with our optimism backed up by a robust pipeline. "We are currently assessing the Company's strategy and will announce the outcome of this comprehensive review in January. We have already identified several key actionable steps and have taken strides toward carrying them out." Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) -- http://www.sitronics.com/-- provides telecommunications solutions, IT solutions and microelectronic solutions in the CIS region with a rapidly growing presence in other EEMEA markets. Sistema controls the company. * * * As reported in the TCR-Europe on Aug. 9, 2007, Fitch Ratings has affirmed JSC Sitronics' Long-term Issuer Default rating of 'B-' with a Stable Outlook. STROYKOMBINAT OJCS: Creditors Must File Claims by Feb. 1, 2008 -------------------------------------------------------------- Creditors of OJSC Stroykombinat have until Feb. 1, 2008, to submit proofs of claim to: E. M. Vaschenko Competitive Proceedings Manager P.O. Box 66 Partizanskaya Str. 74 Tal'menka Tal'menskij 58030 Altai krai Russia The Arbitration Court of Altai krai commenced one-year competitive proceedings against the company after finding it insolvent on Nov. 19. The case is docketed under Case No. AOZ-4950/07-B. The Debtor can be reached at: OJSC Stroykombinat Rubtsovskaya Str. 1 Tal'menka Township Tal'menskij Raion 658000 Altai Krai Russia TMK OAO: Creates Joint Venture with SMS Demag AG ------------------------------------------------ Seversky Tube Works, a unit of OAO ???, and SMS Demag AG signed a joint venture agreement creating TMK-SMS Metallurgical Services. Konstantin Semerikov, TMK CEO, and Pino Tese, SMS Demag AG Executive Vice-President, signed the agreement. The venture will provide STW with maintenance scheduling, analysis and monitoring services and the means to implement SMS Demag's expertise and technologies related to steelmaking equipment maintenance. Collaboration with such a partner will enable the plant to carry-out maintenance work on current and future operating equipment when required, improving operational performance and leading to a reduction in maintenance costs. The creation of the joint venbture falls under the Strategic Partnership Agreement between TMK and the SMS Group, which runs until 2015. The agreement foresees long-term cooperation on the development and implementation of the SMS Group's leading equipment and technologies used in the production of seamless steel pipes at TMK plants. "Cooperating with highly professional service companies will allow TMK to significantly enhance maintenance quality and performance," Mr. Semerikov said. "The creation of TMK-SMS Metallurgical Services Venture will increase the utilization and efficiency of the equipment installed within the frame of our Strategic Investment Programme. Likewise, we hope that the JV's activity will lead to the development of a highly professional services market in the field of production equipment maintenance and spare parts manufacturing. About TMK Headquartered in Moscow, Russia, OAO TMK -- http://www.tmk-group.ru/-- manufactures the entire product range of existing pipe products, which are used in the oil-and- gas industry, the chemical and petrochemical industries, the energy and machine-building industries, construction and the municipal housing economy, shipbuilding, aviation, space and rocket equipment, and agriculture. TMK has production facilities located in Russia and Romania, which unite the four leading enterprises in the Russian pipe industry. * * * As reported in the TCR-Europe on Nov. 16, 2007, Moody's Investors Service changed the outlook on the Ba3 corporate family and the Aa3.ru national scale ratings of TMK and the B1 senior unsecured rating of the loan participation notes issued by TMK Capital S.A. to positive from stable. As of Nov. 7, 2007, TMK's long-term foreign and local issuer credits carry Standard & Poor's BB- ratings with a stable outlook. TMK OAO: Inks US$5 Billion Cooperation Deal with TNK-BP Holding --------------------------------------------------------------- OAO TMK and TNK-BP Holding Limited have signed a new agreement on global cooperation. According to the agreement, TNK-BP will buy a range of tubulars from TMK for around US$2 billion over the next five years to 2012. The previous three-year contract with a planned supply volume of US$500 million expires at the end of 2007. Success under the current contract has been achieved through the application of TNK-BP's leading supply chain management practices, as well as TMK's efficient and flexible order management systems, and advanced quality control processes. This success has led to broadening the parties' future co- operation in a number of areas including product development and the provision of regional tubular repair services to TNK-BP. The new agreement is unprecedented being the largest single contract in the history of collaboration between Russian tubular manufacturers and oil and gas companies. "We had no doubt that our strategy was correct when we entered into the global cooperation agreement with TMK in 2005," said Robert Dudley, TNK-BP President and CEO. "Through our joint efforts over the last three years, we have achieved excellent results in quality enhancement, extension of the product range, and the introduction of new tubular technologies. Our new agreement is not only the logical development of our strategic partnership; it opens a new page in the technical and economic cooperation between our two companies." "TMK's strategy is based on long term partnership with oil and gas companies," said Konstantin Semerikov, TMK CEO. "We do our best to provide them with an innovative and broad range of products and services. Our cooperation agreement with TNK-BP relies on best Russian and international practices of supply chain development for the energy sector, enhanced with additional expertise acquired throughout the implementation of the company's Strategic Investment Programme and TMK's expansion into oil and gas services." About TNK-BP Headquartered in Moscow, Russia, TNK-BP Holding Ltd. operates six refineries in Russia and Ukraine, and markets products through 2,100 retail service stations operating under TNK and BP brand. BP Plc and Alfa Access/Renova jointly own the group. TNK-BP holds a strategic position as the second largest liquids producer in the Russian intergraded operating environment, accounting for approximately 18% of Russia's total crude oil production. About TMK Headquartered in Moscow, Russia, OAO TMK -- http://www.tmk-group.ru/-- manufactures the entire product range of existing pipe products, which are used in the oil-and- gas industry, the chemical and petrochemical industries, the energy and machine-building industries, construction and the municipal housing economy, shipbuilding, aviation, space and rocket equipment, and agriculture. TMK has production facilities located in Russia and Romania, which unite the four leading enterprises in the Russian pipe industry. * * * As reported in the TCR-Europe on Nov. 16, 2007, Moody's Investors Service changed the outlook on the Ba3 corporate family and the Aa3.ru national scale ratings of TMK and the B1 senior unsecured rating of the loan participation notes issued by TMK Capital S.A. to positive from stable. As of Nov. 7, 2007, TMK's long-term foreign and local issuer credits carry Standard & Poor's BB- ratings with a stable outlook. TNK-BP HOLDING: Inks US$5 Billion Cooperation Deal with OAO TMK --------------------------------------------------------------- TNK-BP Holding Limited and OAO TMK have signed a new agreement on global cooperation. According to the agreement, TNK-BP will buy a range of tubulars from TMK for around US$2 billion over the five years to 2012. The previous three-year contract with a planned supply volume of US$500 million expires at the end of 2007. Success under the current contract has been achieved through the application of TNK-BP's leading supply chain management practices, as well as TMK's efficient and flexible order management systems, and advanced quality control processes. This success has led to broadening the parties' future co- operation in a number of areas including product development and the provision of regional tubular repair services to TNK-BP. The new agreement is unprecedented being the largest single contract in the history of collaboration between Russian tubular manufacturers and oil and gas companies. "We had no doubt that our strategy was correct when we entered into the global cooperation agreement with TMK in 2005," said Robert Dudley, TNK-BP President and CEO. "Through our joint efforts over the last three years, we have achieved excellent results in quality enhancement, extension of the product range, and the introduction of new tubular technologies. Our new agreement is not only the logical development of our strategic partnership; it opens a new page in the technical and economic cooperation between our two companies." "TMK's strategy is based on long term partnership with oil and gas companies," said Konstantin Semerikov, TMK CEO. "We do our best to provide them with an innovative and broad range of products and services. Our cooperation agreement with TNK-BP relies on best Russian and international practices of supply chain development for the energy sector, enhanced with additional expertise acquired throughout the implementation of the company's Strategic Investment Programme and TMK's expansion into oil and gas services." About TMK Headquartered in Moscow, Russia, OAO TMK -- http://www.tmk-group.ru/-- manufactures the entire product range of existing pipe products, which are used in the oil-and- gas industry, the chemical and petrochemical industries, the energy and machine-building industries, construction and the municipal housing economy, shipbuilding, aviation, space and rocket equipment, and agriculture. TMK has production facilities located in Russia and Romania, which unite the four leading enterprises in the Russian pipe industry. About TNK-BP Headquartered in Moscow, Russia, TNK-BP Holding Ltd. operates six refineries in Russia and Ukraine, and markets products through 2,100 retail service stations operating under TNK and BP brand. BP Plc and Alfa Access/Renova jointly own the group. TNK-BP holds a strategic position as the second largest liquids producer in the Russian intergraded operating environment, accounting for approximately 18% of Russia's total crude oil production. * * * TNK-BP International Ltd. carries BB long-term foreign and local currency ratings and B short-term foreign and local currency ratings from Standard & Poor's. VOROSHILOVSKIJ OJCS: Creditors Must File Claims by Feb. 1, 2008 --------------------------------------------------------------- Creditors of OJSC Voroshilovskij have until Feb. 1, 2008, to submit proofs of claim to: I. K. Sabirov Competitive Proceedings Manager P.O. Box 57 Chernyshevskogo Str. 43/2 420202 Kazan' Russia The Arbitration Court of Tatarstan commenced competitive proceedings against the company after finding it insolvent on Nov. 14. The case is docketed under Case No. A65-8843/ 2007-CG4-49. The Court is located at: The Arbitration Court of Tatarstan Room 12, Floor 2 Entrance 2, Building 1 Kremlin Kazan Tatarstan Russia The Debtor can be reached at: OJSC Voroshilovskij Tukaevskij raion Tatarstan Russia VURNARSKIJ SKIM: Creditors Must File Claims by Jan. 1, 2008 ----------------------------------------------------------- Creditors of OJSC Vurnarskij Skim Milk Powder Plant have until Jan. 1, 2008, to submit proofs of claim to: A. G. Sakhalkin Interim Manager Apartment 501 Gagarina Str. 20 Cheboksary Russia The Arbitration Court of Chuvashskaya will convene at 9:00 a.m. on Feb. 1, 2008, to hear the company's bankruptcy supervision procedure after finding it insolvent on Nov. 9. The case is docketed under Case No. A79-8338/2007. The Debtor can be reached at: OJSC Vurnarskij Skim Milk Powder Plant Apartment 6 Internatsional'naya Str. 1 Novy Urengoy 629300 Yamalo-Nenets Russia X5 RETAIL: Unit Buys Back 160,000 Global Depositary Receipts ------------------------------------------------------------ X5 Retail Group N.V. disclosed that on Nov. 29 and 30, 2007, its wholly owned subsidiary Perekrestok Holdings Limited purchased the total of 160,000 of Global Depositary Receipts representing shares in the capital of X5 Retail on the London Stock Exchange at an average market price of US$31,5038 to fund its ESOP program. Following these transactions X5 Retail Group N.V. owns 3,769,112 GDRs in total. About X5 Retail Headquartered in the Netherlands, X5 Retail Group N.V. -- http://www.x5.ru/en/-- operates a large store network largely covering the Moscow region and St. Petersburg but also has a good presence in other Russian regions through its franchise operations. The company has recently acquired two of its successful regional franchise operations -- in Yekaterinburg and Chelyabinsk. * * * As of Nov. 12, 2007, X5 Retail Group N.V. carries a B1 Corporate Family Rating from Moody's Investors Service. Moody's said the outlook is positive. X5 Retail and its subsidiaries also carries a 'BB-' long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. YUZHNAYA LLC: Creditors Must File Claims by Feb. 1, 2008 --------------------------------------------------------- Creditors of Griindustrial Company Yuzhnaya LLC have until Feb. 1, 2008, to submit proofs of claim to: A. V. Voronovskij Competitive Proceedings Manager Office 26 Bul'varnaya Str. 10 Pyatigorsk 357524 Stavropol' krai Russia Tel: (87933) 2-46-28 The Arbitration Court of Stavropol' Krai commenced competitive proceedings against the company after finding it insolvent on Sept. 13. The case is docketed under Case No. A63-14904/06-C5. The Court is located at: The Arbitration Court of Stavropol Krai Mira Str. 4586 Stavropol Russia The Debtor can be reached at: Griindustrial Company Yuzhnaya LLC Krasnokumskoye Settlement Krasnodar Krai Russia ========= S P A I N ========= AYT CAIXANOVA: Moody's Junks EUR6.6 Million Series E Notes ---------------------------------------------------------- Moody's Investors Service assigned these definitive ratings to five series of "Bonos de Titulizacion de Activos" to be issued by AyT Caixanova Hipotecario I Fondo de Titulizacion de Activos, a Spanish asset securitization fund that has been created by Ahorro y Titulizacion, S.G.F.T, S.A.: -- Aaa to the EUR281.1 million Series A notes; -- A2 to the EUR8.4 million Series B notes; -- Baa1 to the EUR6.3 million Series C notes; -- Ba2 to the EUR4.2 million Series D notes; and -- Ca to the EUR6.6 million Series E notes. The products being securitized are mortgage loans (85% of which are first-lien) granted to individuals (approximately 70% of the pool) and non-financial enterprises. The loans were originated by Caixanova (A1/Prime-1), which will continue to service them. As of October 2007, the provisional portfolio comprised 2,685 loans for a total amount of EUR323,524,368. The original weighted average loan-to-value is 70.47%. The current WALTV is 64.08%. The average loan size is EUR120,493. The loans were originated between 1988 and 2006, with a weighted average seasoning of 2.88 years. The pool is concentrated in the Galicia (93%) region. To hedge the potential mismatch risk derived from the fact that the index reference rates on the assets side and the notes side are different, the "Fondo" will enter into a swap agreement with Caixanova. Moody's ratings address the expected loss posed to investors by the legal final maturity. The rating agency believes that the structure of the AyT Caixanova Hipotecario I notes allows for timely payment of interest and ultimate payment of principal at par, on or before the final legal maturity date and not at any other expected maturity date on Series A, B, C and D, and for ultimate payment of interest and principal at par on or before the final legal maturity date on Series E. The ratings do not address the full redemption of the notes on the expected maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on the yield to investors. Moody's bases its ratings on: (1) an evaluation of the underlying portfolio of mortgage loans securing the structure; and (2) the transaction's structural protections, which include the subordination, the strength of the cash flows and any excess spread available to cover losses. According to Moody's, this deal benefits from strong features, including: (1) the swap agreement, which guarantees 70 bp of spread; (2) a reserve fund that is fully funded up-front to cover a potential shortfall in interest and principal; (3) an 18-month artificial write-off mechanism; and (4) the good seasoning of the pool. However, Moody's notes that the deal also has a number of weaknesses, including: (1) 32% of the provisional pool corresponds to loans to small- and medium-sized enterprises; (2) the pool is highly concentrated, with five exposures exceeding 1% of the securitised pool; (3) the provisional pool has a very strong concentration in Galicia; (4) 39% of the provisional pool corresponds to loans for commercial purposes; (5) 20% of the provisional pool corresponds to loans backed by second residences; and (6) the pro-rata amortisation of the Series B, C and D notes leads to a reduction in credit enhancement of the senior series in absolute terms. These increased risks were reflected in Moody's credit enhancement calculation. HIPOCAT 12: Moody's Junks EUR28 Million Class D Notes ----------------------------------------------------- Moody's Investors Service assigned provisional credit ratings to these classes of Notes issued by Hipocat 12, Fondo de Titulizacion de Activos: -- (P)Aaa to the EUR1,446.4 million Class A due 2050; -- (P)Aa3 to the EUR70.4 million Class B due 2050; -- (P)Baa3 to the EUR83.2 million Class C due 2050; and -- (P)Ca to the EUR28 million Class D due 2050. The transaction represents the securitization of Spanish residential mortgage loans originated by Caixa Catalunya (A1/Prime-1). The assets supporting the Notes are prime mortgage loans secured on residential properties located in Spain. The portfolio will be serviced by Caixa Catalunya. The ratings of the Notes are based upon the analysis of the characteristics of the mortgage pool backing the Notes, the protection the Notes receive from credit enhancement against defaults and arrears in the mortgage pool, the legal and structural integrity of the issue and the credit quality of the parties involved in the transaction. The securitized pool is composed of so-called flexible products within the Spanish market (line of credit + payment holiday periods) such that borrowers are allowed to make further drawings (up to a maximum credit limit defined at origination) and to enjoy payment holidays for up to 12 consecutive months (subject to certain conditions). Approximately 70% of the pool has a current LTV above 80%. Moody's took all these elements into account when assessing the credit enhancement. The provisional ratings address the expected loss posed to investors by the legal final maturity. The structure allows for timely payment of interest and ultimate payment of principal at par on or before the legal final maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed but may have a significant effect on the yield to investors. Moody's issues provisional ratings in advance of the final sale of securities and these ratings represent Moody's preliminary opinion. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive rating to the Notes. A definitive rating may differ from a provisional rating. ===================== S W I T Z E R L A N D ===================== ATC ANTRIEBSTECHNIK: Aargau Court Closes Bankruptcy Proceedings --------------------------------------------------------------- The Bankruptcy Service of Aargau entered Nov. 8 an order closing the bankruptcy proceedings of LLC ATS Antriebstechnik und Systeme. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Office Baden 5402 Baden/WS Switzerland The Debtor can be reached at: LLC ATS Antriebstechnik und Systeme Ruggholzli 2 Busslingen 5453 Remetschwil Baden AG Switzerland DOCSANTE SUISSE: Zug Court Starts Bankruptcy Proceedings -------------------------------------------------------- The Bankruptcy Service of Zug commenced bankruptcy proceedings against LLC DocSante Suisse on Oct. 30. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: LLC DocSante Suisse Neugasse 23 6300 Zug Switzerland HAURI GASTRO: Creditors' Liquidation Claims Due by December 17 -------------------------------------------------------------- Creditors of LLC Hauri Gastro have until Dec. 17 to submit their claims to: Erich Hauri Liquidator Neuendorferstrasse 2 4624 Harkingen Gau SO Switzerland The Debtor can be reached at: LLC Hauri Gastro Harkingen Gau SO Switzerland HRFT - HUMAN: Creditors' Liquidation Claims Due by December 17 -------------------------------------------------------------- Creditors of LLC HRFT - Human Resources for Telecom have until Dec. 17 to submit their claims to: LLC HRFT - Human Resources for Telecom Langackerstrasse 7 6330 Cham ZG Switzerland OLECO JSC: Creditors' Liquidation Claims Due by December 17 ----------------------------------------------------------- Creditors of JSC OLECO have until Dec. 17 to submit their claims to: JSC Treuhand Cotting Channelmattstrasse 9 3186 Dudingen Sense FR Switzerland The Debtor can be reached at: JSC OLECO Dudingen Sense FR Switzerland NETWAY SOLUTIONS: Basel-Country Court Closes Bankruptcy Process --------------------------------------------------------------- The Bankruptcy Service of Binningen in Basel-Country entered Nov. 9 an order closing the bankruptcy proceedings of JSC Netway Solutions. The Bankruptcy Service of Binningen can be reached at: Bankruptcy Service of Binningen 4102 Binningen Arlesheim BL Switzerland The Debtor can be reached at: JSC Netway Solutions Kagenstrasse 17 4153 Reinach BL Switzerland PLAWEX LLC: Creditors' Liquidation Claims Due by December 15 ------------------------------------------------------------ Creditors of LLC Plawex have until Dec. 15 to submit their claims to: Stephan Wursch Liquidator Riedmattstrasse 11B 6052 Hergiswil NW Switzerland The Debtor can be reached at: LLC Plawex Hergiswil NW Switzerland QI-PICTURES LTD: Zurich Court Starts Bankruptcy Proceedings ----------------------------------------------------------- The Bankruptcy Service of Oerlikon-Zurich commenced bankruptcy proceedings against Qi-Pictures Ltd. Liab. Co. on Nov. 5. The Bankruptcy Service of Oerlikon-Zurich can be reached at: Bankruptcy Service of Oerlikon-Zurich 8050 Zurich Switzerland The Debtor can be reached at: Qi-Pictures Ltd. Liab. Co. Gubelhangstrasse 6 8050 Zurich Switzerland SELECT REISEN: Creditors' Liquidation Claims Due by December 17 --------------------------------------------------------------- Creditors of JSC Select Reisen have until Dec. 17 to submit their claims to: Simone Landry Carstoiu Liquidator Dorfplatz 15 8126 Zumikon Meilen ZH Switzerland The Debtor can be reached at: JSC Select Reisen Zumikon Meilen ZH Switzerland WK CAR: Creditors' Liquidation Claims Due by December 17 -------------------------------------------------------- Creditors of JSC WK Car have until Dec. 17 to submit their claims to: JSC Girsberger & Rutsche Treuhand Im Lerchenfeld 2 9535 Wilen Munchwilen TG Switzerland The Debtor can be reached at: JSC WK Car Bronschhofen Wil SG Switzerland ============= U K R A I N E ============= COMETA LLC: Proofs of Claim Filing Deadline Set for December 16 --------------------------------------------------------------- Creditors of LLC Cometa (code EDRPOU 30761898) have until Dec. 16 to submit written proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. B 24/452-07. The Debtor can be reached at: LLC Cometa Marganets Dnipropetrovsk Ukraine COMUNE HEAT-MACHINE: Creditors Must File Claims by December 16 -------------------------------------------------------------- Creditors of CJSC Kalinovka Machine Plant Subsidiary Company Comune Heat-Machine Plant (code EDRPOU 24903333) have until Dec. 16 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. 10/146-07. The Debtor can be reached at: CJSC Kalinovka Machine Plant Subsidiary Company Comune Heat-Machine Plant Lenin Str. 67 Kalinovka 22400 Vinnica Ukraine IZIUM AGRICULTURAL: Proofs of Claim Filing Deadline Set Dec. 19 --------------------------------------------------------------- Creditors of OJSC Izium Agricultural Chemistry (code EDRPOU 05491103) have until Dec. 19 to submit written proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. B-48/167-07. The Debtor can be reached at: OJSC Izium Agricultural Chemistry Ivanchukovka Izium District 64322 Kharkov Ukraine KRIVOY ROG 14130: Creditors Must File Claims by December 16 ----------------------------------------------------------- Creditors of OJSC Krivoy Rog Motorcar Enterprise 14130 (code EDRPOU 03113414) have until Dec. 16 to submit written proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B 24/1/06. The Debtor can be reached at: OJSC Krivoy Rog Motorcar Enterprise 14130 Krivoy Rog Uritsky Str. 4 50004 Dnipropetrovsk Ukraine LVOV KIOTS-TRANS: Creditors Must File Claims by December 16 ----------------------------------------------------------- Creditors of LLC Lvov Kiots-Trans (code EDRPOU 30822871) have until Dec. 16 to submit written proofs of claim to: The Economic Court of Lvov Lichakivska Str. 81 79010 Lvov Ukraine The Economic Court of Lvov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 8/278. The Debtor can be reached at: LLC Lvov Kiots-Trans L. Ukrainka Str. 5 79008 Lvov Ukraine PETROLEUM-CHEMISTRY: Creditors Must File Claims by December 16 ------------------------------------------------------------- Creditors of LLC Petroleum-Chemistry Supply-Nikolaev (code EDRPOU 34387556) have until Dec. 16 to submit written proofs of claim to: The Economic Court of Nikolaev Admiralskaya Str. 22 54009 Nikolaev Ukraine The Economic Court of Nikolaev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 14/624/07. The Debtor can be reached at: LLC Petroleum-Chemistry Supply-Nikolaev Apartment 41 General Karapenko Str. 2/1 54038 Nikolaev Ukraine SITRONICS-UKRAINE: Kiev Court Commences Liquidation Process ----------------------------------------------------------- The Economic Court of Kiev commenced liquidation proceedings against Sitronics-Ukraine, a unit of Sitronics JSC, after declaring it bankrupt, Interfax News reports. The court appointed Alexander Borodii as liquidator who will take charge of selling the company's properties and satisfying creditors' claims, Interfax adds. A Sitronics spokesman expressed surprise on the unit's bankruptcy, noting that there were no reports on any suits or court cases involving Sitronics-Ukraine, Interfax relates. "Sitronics-Ukraine does not have a significant impact on business operations, but it does have an effect on the parent company's market capitalization," Sitronics said in its interim report. Sitronics-Ukraine, a wholly owned unit of Sitronics JSC, engages in wholesale trading in office equipment and radio and TV technology. Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) -- http://www.sitronics.com/-- provides telecommunications solutions, IT solutions and microelectronic solutions in the CIS region with a rapidly growing presence in other EEMEA markets. Sistema controls the company. * * * As reported in the TCR-Europe on Aug. 9, 2007, Fitch Ratings has affirmed JSC Sitronics' Long-term Issuer Default rating of 'B-' with a Stable Outlook. UKRAINIAN BUSINESS: Creditors Must File Claims by December 16 ------------------------------------------------------------- Creditors of LLC Ukrainian Business (code EDRPOU 32772440) have until Dec. 16 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. 15/796-b. The Debtor can be reached at: LLC Ukrainian Business Obolonsky Avenue 14-g 04074 Kiev Ukraine VIDRODZHENNIA LLC: Creditors Must File Claims by December 16 ------------------------------------------------------------ Creditors of LLC Agricultural Firm Vidrodzhennia (code EDRPOU 31037245) have until Dec. 16 to submit written proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B 15/29-07. The Debtor can be reached at: LLC Agricultural Firm Vidrodzhennia Kislichevatskaya Str. 68 Kislichevataya Tomakovsky District Dnipropetrovsk Ukraine ZHEREBILOVKA LLC: Creditors Must File Claims by December 15 ----------------------------------------------------------- Creditors of Zherebilovka Agricultural LLC (code EDRPOU 30720123) have until Dec. 15 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. 10/564-07. The Debtor can be reached at: Zherebilovka Agricultural LLC Zherebilovka Mogilev-Podolsky District Vinnica Ukraine =========================== U N I T E D K I N G D O M =========================== ACTIVISION INC: Kotick & Kelly to Get US$10MM Cash Bonuses Each --------------------------------------------------------------- Activision Inc. entered into an replacement bonus agreement with its chairman and chief executive, Bobby Kotick, and co-chairman, Brian Kelly dated as of Dec. 1, 2007. The RBA replaces the original employment agreement dated May 22, 2000 between the company and the two executive officers as a result of a merger agreement between Vivendi SA and Activision. Replacement Bonus Messrs. Kotick and Kelly will each be entitled to two cash bonuses payable as: (i) first bonus of US$5,000,000 will be paid in a cash lump sum not later than Dec. 31, 2007; and (ii) second bonus of US$5,000,000 will be paid in a cash lump sum on the date the combination transactions are consummated provided that Messrs. Kotick and Kelly are continuously employed by the company Group through the consummation date. In addition, Messrs. Kotick and Kelly will each receive restricted stock unit bonuses. On the consummation date, the company will each grant Messrs. Kotick and Kelly 363,637 RSUs pursuant to the company's 2007 incentive plan. The RSUs will vest in full on Dec. 31, 2010, provided that Messrs. Kotick and Kelly are continuously employed by the company through the vesting date. If the combination transactions or an alternative transaction is not consummated on or prior to June 30, 2009, Messrs. Kotick and Kelly will each have no entitlement to the second bonus or the RSU bonus. Waiver of Rights Both executives have waived their rights under an amended employment agreement in connection with the combination transactions to: (i) elect to receive a cash payment in respect of all stock options held equal to, as to each share of company common stock subject to the stock options, the excess of the closing price of the company common stock on the date of the combination transactions over the option exercise price; (ii) accelerated vesting of all unvested stock options on the date of the combination transactions; and (iii) resign for any reason during the six month period following the three month anniversary of the combination transactions and receive a severance payment equal to five times the sum of their base salary and most recent annual bonus, a pro-rata annual bonus for the year of resignation and two years of health insurance continuation. Vivendi and Activision Merger As reported in the Troubled Company Reporter on Dec. 3, 2007, Activision and Vivendi have signed a definitive agreement to combine Vivendi Games, Vivendi's interactive entertainment business -- which includes Blizzard Entertainment's World of Warcraft(R), the world's #1 multi-player online role-playing game franchise -- with Activision, creating the world's largest pure-play online and console game publisher. The new company, Activision Blizzard, is expected to have approximately US$3.8 billion in pro forma combined calendar 2007 revenues and the highest operating margins of any major third- party video game publisher. On closing of the transaction, Activision will be renamed Activision Blizzard and will continue to operate as a public company traded on NASDAQ under the ticker ATVI. About Vivendi Vivendi (Euronext Paris: VIV) -- http://www.vivendi.com/-- is a global provider of digital entertainment like music, TV, cinema, mobile, internet, and games through its ownership of Universal Music Group, Canal+ Group, SFR, Maroc Telecom and Vivendi Games. In 2006, Vivendi had revenues of over EUR20 billion and a global headcount of 39,000. Listed on the Paris Stock market, Vivendi is a member of the CAC 40. About Vivendi Games Vivendi Games globally develops, publishes and distributes multiplatform interactive entertainment. The company is the leader in the subscription-based massively multi-player online role-playing games (MMORPG) category and is building on its position in the PC, console and handheld games markets. Vivendi Games has a global presence, a history of franchise success, development teams around the world and a catalog of its own original and licensed material. Vivendi Games has approximately 4,000 employees and is driven by four creative divisions: Blizzard Entertainment, Sierra Entertainment, Sierra Online and Vivendi Games Mobile. Irvine, California-based Blizzard, creator of the Warcraft, StarCraft and Diablo games series, is by far the largest of the four entities with approximately 2,300 employees. About Blizzard Entertainment Blizzard Entertainment Inc. -- http://www.blizzard.com/-- a division of Vivendi Games, is a premier developer and publisher of entertainment software renowned for creating some of the industry's most critically acclaimed games. Blizzard Entertainment's track record includes ten #1-selling games and multiple Game of the Year awards. It is best known for blockbuster hits including World of Warcraft and the Warcraft, StarCraft, and Diablo series. The company's online-gaming service, Battle.net(R), is one of the largest in the world, with millions of active users. About Activision Inc. Headquartered in Santa Monica, California, Activision Inc. (Nasdaq: ATVI) -- http://www.activision.com/-- is a worldwide developer, publisher and distributor of interactive entertainment and leisure products. Founded in 1979, Activision posted net revenues of US$1.5 billion for the fiscal year ended March 31, 2007. Activision has more than 2,000 employees worldwide. Activision is best known for its top-selling franchises, including Guitar Hero(R), Call of Duty(R) and the Tony Hawk series, as well as Spider-Man(TM), X-Men(TM), Shrek(R), James Bond(TM) and TRANSFORMERS(TM). Activision maintains operations in the United States, Canada, the United Kingdom, France, Germany, Ireland, Italy, Scandinavia, Spain, the Netherlands, Australia, Japan and South Korea. * * * As reported in the Troubled Company Reporter on Dec. 10, 2007, Standard & Poor's Ratings Services placed its 'BB-' corporate credit rating on Activision Inc. on CreditWatch with positive implications, indicating the potential for an upward rating action, based on Activision's definitive agreement to combine with Vivendi Games, a unit of Vivendi S.A. (BBB/Stable/A-2). BRITISH ENERGY: Extends Use of Two Power Stations through 2016 -------------------------------------------------------------- British Energy Group plc disclosed that having completed the necessary technical and economic evaluation and received the relevant external consents, it has decided to extend the lives of Hinkley Point B and Hunterston B power stations by five years to 2016. This decision extends the life of these stations for accounting purposes to 40 years. Further studies will be conducted by 2013 regarding the potential for additional life extension beyond 2016. In April 2007, the 10-year Periodic Safety Reviews for Hinkley Point B and Hunterston B were completed, covering the period to 2017, subject to completion of an agreed programme of work. The operation of these stations over their extended lives will be subject to the results of the continuing program of inspection and assessment of the boilers and the core. Hinkley Point B and Hunterston B are currently operating in a range around 60% load. Further boiler balancing work will be undertaken during planned outages over the next financial year directed at delivering approximately 70% load. At 70% load, life extension is economically viable at a power price of approximately GBP27/MWh. The Company will consider, in due course, the technical and economic case to increase load above 70%, together with the additional investment requirements. To enable Hinkley Point B and Hunterston B power stations to operate over their extended lives, the Company expects to spend an additional GB90 million in excess of the current investment program for these stations, over the three years commencing April 1, 2008. In financial year 2007/08, the Company expects total Group investment in plant projects, major repairs and strategic spares to be in the range GBP190 million to GBP210 million, excluding investment at Hinkley Point B and Hunterston B of GBP60 million to GBP70 million and excluding incremental expenditure on inspection and assessment of the Boiler Closure Units at Hartlepool and Heysham 1 of around GBP20 million. In financial year 2008/09, Group investment in plant is expected to be in the range GBP200 million to GBP215 million for the fleet, excluding investment at Hinkley Point B and Hunterston B of GBP80 million to GBP90 million. With immediate effect, staff costs associated with the Group's performance improvement program of GBP26 million will now be treated as normal operating costs, and therefore are excluded from our definition of investment in plant. The potential for life extensions at the Company's other nuclear power stations will be considered in due course, subject to separate technical and economic evaluation, currently expected to be completed a minimum of three years before the scheduled closure date of each respective station. "This decision is based on a comprehensive technical and economic evaluation of Hinkley Point B and Hunterston B and is important in supporting the U.K.'s climate change goals for the reduction of CO2 emissions. Life extension helps provide support as the country considers energy conservation, efficiency and investment in new generating plant of all types, to serve the needs of the U.K. into the next century," Bill Coley, chief executive officer of British Energy, said. About British Energy Headquartered in Livingston, Scotland, British Energy Group plc -- http://www.british-energy.com/-- is the U.K.'s largest producer of electricity. With a workforce of about 6,000, it produces around one-sixth of the nation's electricity. * * * As reported in the TCR-Europe on Oct. 26, 2007, Standard & Poor's Ratings Services placed its 'BB+' long-term corporate credit rating on U.K.-based nuclear generator British Energy Group PLC and its subsidiary British Energy Holdings PLC on CreditWatch with negative implications. The 'BB' issue rating on BEH's GBP550 million senior unsecured bonds was also placed on CreditWatch with negative implications. In September 2007, Fitch Ratings has affirmed British Energy Group plc's and British Energy Holdings plc's Long-term Issuer Default Ratings at 'BB+'. BEH's amortizing bonds are also affirmed at 'BB'. BEH's bonds are rated below the Long-term IDR because, in the event of insolvency, the bonds rank behind several other payments, including amounts owed to the Nuclear Liabilities' Fund. Fitch said the Outlooks for BEG's and BEH's Long-term IDRs remain Stable. As of July 26, 2007, British Energy Group plc carries a long- term corporate family rating of B2 from Moody's with a stable outlook. G SQUARE: Moody's May Cut Ba1 Rating After Review ------------------------------------------------- Moody's Investors Service placed on review for downgrade six classes of notes issued by G Square Finance 2007-1 LTD. These rating actions are a response to credit deterioration in the underlying portfolio. The transaction is a CDO, with the underlying portfolio consisting of US RMBS and US CDOs of ABS, predominately of the 2005 and 2006 vintages. There are approximately 240 assets underlying this transaction, with 60 of those currently on watch for downgrade. Also, on Dec. 7, 2007, the Issuer declared a Potential Event of Default as per the Trust Deed. As provided in the Investment Management Agreement and Offering Circular, during the occurrence and continuance of an Event of Default or Potential Event of Default, holders of Notes may be entitled to direct the Trustee to take particular actions with respect to the Collateral Debt Securities and the Notes. Moody's will continue to monitor all deals with exposure to US subprime RMBS and ABS CDOs, and will take further actions in respect of all CDOs placed under review for downgrade once the extent of actual downgrades to 2005 US RMBS and 2005 ABS CDO vintages becomes known. These rating actions are: G Square Finance 2007-1 Ltd: (1) US$1,583,000,000 Class A-1 Senior Secured Floating Rate Notes due 2052 -- Current Rating: Aaa, on review for downgrade (2) US$20,000,000 Class A-2 Senior Secured Floating Rate Notes due 2052 -- Current Rating: Aaa, on review for downgrade (3) US$45,000,000 Class B Senior Secured Floating Rate Notes due 2052 -- Current Rating: Aa2, on review for downgrade (4) US$20,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2052 -- Current Rating: A2, on review for downgrade (5) US$10,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2052 -- Current Rating: Baa2, on review for downgrade (6) US$7,000,000 Class E Senior Secured Deferrable Floating Rate Notes due 2052 -- Current Rating: Ba1, on review for downgrade ICONIX BRAND: S&P Rates Proposed US$60MM Add-On Term Loan at BB --------------------------------------------------------------- Standard & Poor's Ratings Service assigned its bank loan and recovery ratings to apparel brand manager and licensor Iconix Brand Group Inc.'s proposed US$60 million add-on term loan facility. The add-on was rated 'BB', two notches above the corporate credit rating, with a '1' recovery rating, indicating the expectation of very high (90%-100%) recovery in the event of a default. At the same time, Standard & Poor's raised the rating on the existing US$212.5 million loan facility to 'BB', from 'BB-', and revised the recovery rating to '1' from '2'. "The ratings revision is based on the additional royalty income stream resulting from the additional collateral, namely the Royal Velvet, Cannon, Fieldcrest, Charisma, Mossimo and (pending) Starter brands," said Standard & Poor's credit analyst Susan Ding. At the same time, Standard & Poor's affirmed the 'B+' corporate credit rating on Iconix. The outlook is negative. Iconix had about US$642.2 million in debt at Sept. 30, 2007. The ratings on New York City-based Iconix reflect its participation in the highly competitive and volatile fashion apparel industry, a high degree of licensing contract renewal risk (a substantial portion of contracts were acquired within the last 12 months), an aggressive acquisition strategy, and ownership of some brands that require revitalization. The ratings also incorporate the lack of track record under its relatively new royalty-based business model. Partially offsetting these factors is the diversity and strong recognition of the brands, and the company's high margin, high cash flow, and royalty income-based business model. JFL MECELEC: Brings In Liquidators from KPMG -------------------------------------------- Andrew Stephen McGill and Mark Jeremy Orton of KPMG LLP were appointed joint liquidators of JFL Mecelec Automation & Test Ltd. on for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: KPMG LLP 2 Cornwall Street Birmingham B3 2DL England KELSCO LTD: Claims Filing Period Ends January 31, 2008 ------------------------------------------------------ Creditors of Kelsco Ltd. have until Jan. 31, 2008 to send in their full names, their addresses and descriptions, full particulars of their debts or claims and the names and addresses of their solicitors (if any) to: Robert Leonard Harry Knight Liquidator Vantis Business Recovery Services The White Cottage 19 West Street Epsom Surrey KT18 7BS England Robert Leonard Harry Knight of Vantis Business Recovery Services were appointed joint liquidators of the company on Nov. 30 by the members and creditors. LYONDELL CHEMICAL: Gets Requisite Consents to Amend Indenture ------------------------------------------------------------- Lyondell Chemical Company and its subsidiaries Equistar Chemicals, LP and Equistar Funding Corporation disclosed that as of 5:00 p.m. EST on Dec. 5, 2007, a total of approximately US$3.97 billion in aggregate principal amount of the outstanding debt securities issued by Lyondell or the Equistar Issuers, as applicable, has been tendered pursuant to the previously announced cash tender offers and consent solicitations. As a result, Lyondell and the Equistar Issuers have received the required consents from holders to amend each of the indentures governing the applicable Notes. Upon Lyondell and the Equistar Issuers accepting for purchase at least a majority in aggregate principal amount of the applicable Notes outstanding, each of the supplemental indentures effecting the proposed amendments as described in the Offer to Purchase and Consent Solicitation Statement dated Nov. 20, 2007 will become operative. The Offer for each series of Notes will expire at 12:01 a.m. EST on Dec. 20, 2007, unless extended or earlier terminated by Lyondell or the Equistar Issuers, as applicable, in their sole discretion. Withdrawal rights with respect to the Notes and revocation rights with respect to corresponding consents have expired. Accordingly, holders may not withdraw any Notes previously or hereafter tendered, except as contemplated in the applicable Offers. The total consideration was determined as of 2:00 p.m. EST on Dec. 5, 2007. The total consideration per US$1,000 principal amount of the Notes validly tendered at or prior to the Consent Payment Deadline, not validly withdrawn and accepted for payment is set forth in Table 1, of which US$30 is the consent payment. The tender offer consideration per US$1,000 principal amount of the Notes validly tendered after the Consent Payment Deadline, not validly withdrawn and accepted for payment equals the Total Consideration minus the US$30 consent payment. In each case, accrued and unpaid interest on the Notes will be paid in cash from the most recent interest payment date applicable to the Notes to, but not including, the applicable payment date for the Offers. The applicable payment date for Notes tendered on or prior to the Consent Payment Deadline is expected to be on or about Dec. 20, 2007. The applicable payment date for Notes tendered after the Consent Payment Deadline and on or prior to the Expiration Date is expected to be on or about Dec. 21, 2007. Table 1 - Results to Date and Pricing Information for the Offers Lyondell's Notes Percentage Tender Tender of Principal CUSIP Security Offer Total Offer Amount Number Description Yield Consideration Consideration Tendered ------ ----------- ----- ------------- ------------- -------- 10.500% 552078AV9 Senior 3.764% US$1,081.17 US$1,051.17 99.76% Secured Notes due 2013 8.000% 552078AW7 Senior Notes 3.429% US$1,154.78 US$1,124.78 99.67% due 2014 8.250% 552078AX5 Senior Notes 3.601% US$1,197.17 US$1,167.17 99.85% due 2016 6.875% 552078AY3 Senior Notes 3.788% US$1,155.31 US$1,125.31 99.99% due 2017 Equistar Issuers' Notes Percentage Tender Tender of Principal CUSIP Security Offer Total Offer Amount Number Description Yield Consideration Consideration Tendered ------ ----------- ----- ------------- ------------- -------- 10.125% 29444NAF9 Senior Notes 3.857% US$1,042.60 US$1,012.60 97.96% due 2008 8.750% 29444NAD4 Notes due 3.519% US$1,058.51 US$1,028.51 97.55% 2009 10.625% 29444NAH5 Senior Notes 3.761% US$1,050.65 US$1,020.65 97.95% due 2011 The Offers and Consent Solicitations are subject to the satisfaction of certain conditions, including the proposed merger of Lyondell with BIL Acquisition Holdings Limited, a Delaware corporation and wholly owned subsidiary of Basell AF S.C.A., a Luxembourg company. The complete terms and conditions of the Offers and Consent Solicitations are set forth in the Offer and Consent Statement, which has been sent to holders of the Notes. Holders are urged to carefully read the Offer and Consent Statement and related materials. Goldman, Sachs & Co. and Merrill Lynch & Co. are the dealer managers for the Offers and solicitation agents for the Consent Solicitations. Questions regarding the Offers and Consent Solicitations may be directed to Goldman, Sachs & Co. at (877) 686-5059 (toll-free) or (212) 357-0775 (collect), and Merrill Lynch & Co. at (888) 654-8637 (toll-free) or (212) 449-4914 (collect). Copies of the Offer and Consent Statement and related materials may be obtained from the Information Agent, D. F. King & Co., Inc. at (800) 290-6429 (U.S. toll free) or (212) 269-5550 (Banks and Brokers). As previously disclosed in the TCR-Europe on Nov. 30, 2007, Lyondell disclosed that, at a Special Meeting of Shareholders held on Nov. 20, 2007, shareholders approved the Agreement and Plan of Merger, dated as of July 16, 2007, among Basell AF, BIL Acquisition Holdings Limited and Lyondell pursuant to which Basell will acquire all of Lyondell's outstanding common shares for cash consideration of US$48 per share. About Basell Basell -- http://www.basell.com/-- produces polypropylene and advanced polyolefin products, supplies polyethylene and catalysts, and provides technical services for its proprietary technologies. Basell, together with its joint ventures, has manufacturing facilities in 19 countries and sells products in more than 120 countries. Basell is privately owned by Access Industries. About Lyondell Headquartered in Houston, Texas, Lyondell Chemical Company (NYSE:LYO) -- http://www.lyondell.com/-- is North America's third-largest independent, publicly traded chemical company. Lyondell manufactures chemicals and plastics, a refiner of heavy, high-sulfur crude oil and a significant producer of fuel products. Key products include ethylene, polyethylene, styrene, propylene, propylene oxide, gasoline, ultra low-sulfur diesel, MTBE and ETBE. The company also has locations in Austria, France, Italy, The Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil, China, Japan, Taiwan, India and Singapore. LYONDELL CHEMICAL: Basell Merger Cues Fitch to Cut Ratings to B+ ---------------------------------------------------------------- Fitch Ratings has downgraded Basell AF SCA's and Lyondell Chemical Co.'s Long-term Issuer Default ratings to 'B+' from 'BB-' and removed them from Rating Watch Negative where they were originally placed on July 17, 2007. Stable Outlooks are assigned to the Long-term IDRs. Basell's Short-term IDR is also affirmed at 'B'. Fitch has also downgraded Basell's senior notes and Millenium America Inc's senior notes to 'B-'/'RR6' from 'B+' and 'BB'/'RR2', respectively, as well as assigned a 'B'/'RR5'rating to Lyondell Basell Finance Co's bridge facility. Fitch has taken further rating action involving various subsidiaries and debt instruments. Fitch's ratings actions follow substantial re-leveraging to facilitate the fully debt-funded merger of chemical companies Basell and Lyondell. Fitch believes that credit metrics of the combined new group, including net total leverage of approximately 4.9x, cash interest cover of approximately 2.4x, (ratios based on the pro forma unadjusted LTM Sept. 7 EBITDA of US$4.9 billion) and available liquidity are commensurate with the Long-term IDRs of 'B+'. The group's credit profile will be supported by potential synergies and pricing power advantages gained from improved vertical integration and size increases, which may prove crucial as the global chemical industry continues to face serious challenges from volatile feedstock costs and economical uncertainties in its end markets. Following a special meeting of shareholders on Nov. 20, 2007, Lyondell announced that shareholders approved the agreement and plan of merger, dated July 16, 2007, between Basell and Lyondell, pursuant to which Basell will acquire all of Lyondell's outstanding common shares for cash consideration of US$48 per share. The closing of the transaction is anticipated to occur on or about Dec. 20, 2007. After completion of the acquisition, Basell will be renamed LyondellBasell Industries AF SCA. LBI will form the world's third-largest independent chemical company with combined revenues of around US$42.8 billion and around 15,000 employees worldwide. The ratings are: Basell AF SCA and subsidiaries, to be renamed LyondellBasell Industries AF SCA: -- Long-term IDR: downgraded to 'B+' from 'BB-'; removed from RWN; Stable Outlook assigned -- Senior secured credit facilities: affirmed at 'BB+' and withdrawn -- Senior notes: downgraded to 'B-' (B minus)/'RR6' from 'B+' Lyondell Chemicals Co. and subsidiaries: -- Long-term IDR: downgraded to 'B+' from 'BB-'; removed from RWN; Stable Outlook assigned -- Senior secured facilities: affirmed at 'BB+' and withdrawn -- Senior secured notes: affirmed at 'BB+' and withdrawn -- Senior unsecured notes: affirmed at 'BB-'and withdrawn -- Senior unsecured debentures: upgraded to 'BB+'/'RR1' from 'BB-' Lyondell Basell Finance Co: -- Bridge facility: 'B'/'RR5' Equistar Chemicals L.P.: -- Long-term IDR: affirmed at 'B+'; Outlook Stable -- Senior secured credit facility: affirmed at 'BB+'/'RR1' and withdrawn -- Senior unsecured notes: affirmed at 'BB-'/'RR3' and withdrawn -- Debentures: upgraded to 'BB+'/'RR1' from 'BB-'/'RR3' Millenium Chemicals Inc.: -- Long-term IDR: affirmed at 'B+' with Stable Outlook and withdrawn -- Convertible senior unsecured debentures: affirmed at 'BB'/'RR2' and withdrawn Millenium America Inc.: -- Long-term IDR: affirmed at 'B+'; Outlook Stable -- Senior unsecured notes: downgraded to 'B-'/'RR6' from 'BB'/'RR2' The above ratings are assigned subject to the completion of the transaction as well as review of the final documentation, conforming to present information. MONITOR OIL: Can Borrow US$1 Million from US$5 Million Financing ---------------------------------------------------------------- The Hon. Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York gave Monitor Oil PLC and its debtor-affiliates permission to borrow US$1 million under a US$5 million financing deal, the Associated Press reports. The report adds that a group led by Credit Suisse will provide the US$5 million amount with Stonehenge Partners' SOF Investments LP providing the interim amount of US$1 million. The AP relates that the U.S. Trustee for Region 2, as well as a group of bondholders, objected to the Debtors' request for financing citing the "wildly inappropriate" terms of the financing. Monitor Oil, P.L.C. -- htpp://www.monitoroil.com/ -- an oil and gas service company that provides oil and gas production solutions, offshore services and engineering services. The company and two of its affiliates, Monitor Single Lift 1, Ltd., and Monitor US FinCo, Inc., filed for Chapter 11 Protection on Nov. 21, 2007 (Bankr. S.D.N.Y. Case No. 07-13709). Eric Lopez Schnabel, Esq., at Dorsey & Whitney, L.L.P., represents the Debtor. As of June 30, 2007, the company disclosed total assets of 130,000,000 and total debts of US$247,800,0003.3710. MORPHEUS PLC: Fitch Affirms BB- Ratings on GBP9.5 Mln Notes ----------------------------------------------------------- Fitch Ratings affirmed Morpheus (European Loan Conduit No.19) Plc's commercial mortgage-backed floating-rate notes due November 2029, as: -- GBP119.1 million Class A (XS0198508110): affirmed at 'AAA'; Outlook Stable; -- GBP22.0 million Class B (XS0198508896): upgraded to 'AA+' from 'AA'; Outlook Stable; -- GBP19.5 million Class C (XS0198509431): upgraded to 'A+' from 'A'; Outlook Stable; -- GBP14.4 million Class D: affirmed at 'BBB'; Outlook Stable; and -- GBP9.5 million Class E: affirmed at 'BB-'; Outlook Stable. The transaction is performing in line with Fitch's expectations and is based on the October 2007 quarterly loan report and the July 2007 quarterly investor report. The outstanding note balance is currently GBP184.5 million compared to GBP581.9 at issue. Following scheduled amortization and significant prepayment, the collateral pool has paid down to GBP197.5 at July 2007 from GBP581.9 million at issue. This has resulted in a steady but continued increase in credit enhancement levels, as reflected in the July 2007 CE levels for the Class A, B, C, D and E notes, which were 35.3%, 23.8%, 13.7%, 3.1%, and 1.1%, respectively, compared to the CE levels at issue for the Class A, B, C, D and E notes, which were 20.0%, 13.5%, 7.8%, 3.5% and 0.0%, respectively. Since the previous review in October 2006, the current weighted average interest coverage ratio has increased to 2.01x from 1.92x, while the WA debt service coverage ratio, WA loan to value ratio and WA vacancy rates have remained relatively stable at 1.63x, 64.61% and 7.74%, respectively. Further, since the last performance review, the outstanding arrears have decreased to zero from six. The Class D and E notes are subject to an available funds cap, whereby interest shortfall on these notes in any one period will be written off. The structure also benefits from a liquidity facility with an initial limit of GBP25 million to cover temporary interest shortfall on the notes. QUALITY JOINERY: Calls In Liquidators from Vantis ------------------------------------------------- Christopher David Stevens and Colin Ian Vickers of Vantis were appointed joint liquidators of Quality Joinery Ltd. on Dec. 3 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Vantis Southfield House 11 Liverpool Gardens Worthing BN11 1RY England ROADCHEF FINANCE: Fitch Places BB-Rated GBP42 Mln Notes on RWN -------------------------------------------------------------- Fitch Ratings placed the notes of RoadChef Finance Limited on rating watch negative, after reviewing the transaction's latest reported financial performance in the fourth quarter ended Sept. 30, 2007, as: -- Class A1 GBP11.7 million secured floating-rate notes due 2008 (ISIN XS0092873024): 'BBB' on RWN; -- Class A2 GBP133 million secured 7.418% fixed-rate notes due 2023 (ISIN XS0092874691): 'BBB' on RWN; and -- Class B GBP42 million secured 8.015% fixed-rate notes due 2026 (ISIN XS0092874857): 'BB' on RWN. RoadChef is a whole business securitization of motorway service areas in the U.K. It was one of the first Whole Business securitizations done in the U.K., closing November 1998. Like- for-like EBITDA growth for Q407 was down 26.2% quarter-on- quarter. The decrease was mainly due to an estimated GBP2.2 million revenues lost at RoadChef's largest site - Strensham during the July floods combined with cost pressures including increases in minimum wages, site repairs and energy costs, which resulted in an 18.8% like-for-like increase in site overheads qoq. EBITDA for the 53-weeks ended Sept. 30, 2007, decreased to GBP26.2 million and the resulting debt service coverage ratio was 1.28x, only three basis points off its default covenant. This compares to a DSCR of 1.39x for the year ending September 2006. On a like-for-like 52-week basis, EBITDA decreased 8.4% year-on-year to GBP25.7 million, resulting in a DSCR of 1.25x, equal to the financial default covenant in place. Previously owned by Nikko Principal Investments, RoadChef was acquired in April 2007 by Delek Real Estate, part of the Delek Group. If the new management's planned cost reduction does not succeed over the next year, it is possible that RoadChef may breach its financial covenant. To cure a breach, RoadChef or their new owner, Delek Group, would have to post cash to its reserve account. If RoadChef is not able to do so, the transaction will trigger a borrower event of default. RoadChef's management has indicated to Fitch that the Delek Group would inject cash if needed. Fitch will monitor performance closely on a like-for-like basis to determine whether management succeeds in improving performance and remaining above its covenant. Of particular importance is the time period until October 2008, after which the debt service will decline as a result of the A1 notes receiving their final principal payment. SEA CONTAINERS: Wins GE Seaco Arbitration Case ---------------------------------------------- Sea Containers Ltd., which owns half of the common equity in GE SeaCo SRL, one of the world's largest container leasing companies has won the arbitration case brought against it by GE Capital, the co-owner of GE SeaCo. In September last year, GE Capital of Stamford, Connecticut, contended that when Mr. James Sherwood, the company's founder, stood down from his duties as Chairman of the Board of Directors of Sea Containers in March 2006, there had been a change of control at Sea Containers that allowed GE to buy out Sea Containers' interests in GE SeaCo. Sea Containers welcomes the decision by the Arbitrator of the Commercial Arbitration Tribunal in the International Institute for Conflict Prevention and Resolution. The Arbitrator found that, for numerous reasons, when Mr. Sherwood stepped down from his position at Sea Containers, there was no change of control that might have triggered any right of GE Capital to purchase Sea Containers' interest in GE SeaCo. The favorable arbitration ruling is a major step forward in Sea Containers' efforts to advance its financial reorganization. Sea Containers looks forward to working with GE Capital to maximize the value of GE SeaCo. Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of US$62,400,718 and total liabilities of US$1,545,384,083. The Debtors' exclusive period to file a chapter 11 plan expires on Dec 21, 2007. (Sea Containers Bankruptcy News, Issue No. 32; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SKYEPHARMA PLC: U.S. FDA Approves GlaxoSmithKline's Requip XL ------------------------------------------------------------- SkyePharma PLC disclosed that the United States Food and Drug Administration has issued an approvable letter for GlaxoSmithKline's Requip(R) XL(TM) Extended Release tablets. An approvable letter is an official notification from the FDA that contains conditions that must be satisfied prior to obtaining final U.S. marketing approval. Requip(R) XL(TM) is a once-daily oral dopamine agonist developed for the treatment of the signs and symptoms of idiopathic Parkinson's disease. The new Requip(R) XL(TM) formulation uses SkyePharma's patented GEOMATRIX(TM) technology and is designed to provide a steady rate of absorption in the body to help reduce daily blood plasma fluctuations. GSK is committed to working with the FDA to address any questions they have and evaluate the best way forward. Requip(R) XL(TM) is approved in eight countries in Europe and a mutual recognition procedure was successfully completed on Nov. 27, 2007, in 17 additional European countries. This step should result in approval of Requip(R) XL(TM) and launches in these countries from the first quarter of 2008 onwards. Headquartered in London, SkyePharma PLC (Nasdaq: SKYE; LSE: SKP) -- http://www.skyepharma.com/-- develops pharmaceutical products benefiting from world-leading drug delivery technologies that provide easier-to-use and more effective drug formulations. There are now 12 approved products incorporating SkyePharma's technologies in the areas of oral, injectable, inhaled, and topical delivery supported by advanced solubilization capabilities. The net result for the continuing operations after finance charges and tax for the six months ended June 30, 2007, was a loss of GBP14.2 million (H1 2006: GBP16 million). The Group balance sheet as at June 30, 2007, shows GBP55.1 million in total shareholders' deficit, compared with a GBP48.4 million stockholders' deficit at Dec. 31, 2006. * Beard Audio Conferences Presents ---------------------------------- Cutting-Edge Chapter 11 Strategies: 2-CD Package Two Audio CDs and Written Materials for Easy, On-the-Go Learning Order now for a US$40 savings. Offer expires Dec. 31, 2007 http://beardaudioconferences.com/bin/shopping_cart?code=CD- 004&type=CD&choice=2 * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Dec. 13, 2007 TURNAROUND MANAGEMENT ASSOCIATION Colorado Chapter Annual Brew Pub & Pool Social Wynkoop Brewing Company, Denver, Colorado Contact: 303-847-5026 or www.turnaround.org Dec. 13, 2007 TURNAROUND MANAGEMENT ASSOCIATION Holiday Extravaganza - TMA & CFA Georgia Aquarium, Atlanta, Georgia Contact: 678-795-8103 or www.turnaround.org Dec. 13, 2007 TURNAROUND MANAGEMENT ASSOCIATION Holiday Extravaganza - TMA & CFA Georgia Aquarium, Atlanta, Georgia Contact: 678-795-8103 or www.turnaround.org Dec. 19, 2007 LEXISNEXIS CONFERENCES Mealey's Asbestos Bankruptcy Conference Four Seasons Hotel, Miami, Florida Contact: http://www.lexisnexis.com/ Dec. 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South Florida Contact: 561-882-1331; http://www.turnaround.org/ Jan. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION Views from the Bench Omni Hotel, New Haven, Connecticut Contact: http://www.turnaround.org/ Jan. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Distressed Debt Panel University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ Jan. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION NJTMA Holiday Party Iberia Tavern & Restaurant, Newwark, New Jersey Contact: 908-575-7333 or www.turnaround.org Jan. 11, 2008 TURNAROUND MANAGEMENT ASSOCIATION Annual Lenders Panel Westin Buckhead, Atlanta, Georgia Contact: www.turnaround.org Jan. 14-15, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS VALCON: Liquidity, LBOs, Risk and Restructurings Marriott Harbor Beach Resort & Spa, Fort Lauderdale, Florida Contact: http://www.airacira.org/ Jan. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Member Appreciation FREE Happy Hour Dave & Busters, Jacksonville, Florida Contact: 561-882-1331 or www.turnaround.org Jan. 16, 2008 TURNAROUND MANAGEMENT ASSOCIATION Current Outlook: Workouts, Lending and Turnarounds Marriott North, Fort Lauderdale, Florida Contact: www.turnaround.org Jan. 17, 2008 BEARD AUDIO CONFERENCES Corporate Bankruptcy Bootcamp: Fundamentals of BAPCPA Proceedings Contact: 240-629-3300; http://www.beardaudioconferences.com/ Jan. 17-18, 2008 AMERICAN BANKRUPTCY INSTITUTE Caribbean Insolvency Symposium Westin Diplomat, Hollywood, Florida Contact: http://www.abiworld.org/ Jan. 24, 2008 TURNAROUND MANAGEMENT ASSOCIATION Winter Warm-up Belgo Brasserie, Calgary, Alberta Contact: 403-294-4954 or www.turnaround.org Jan. 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Finding Money: Int'l Asset Search and Recovery Methods for Collecting Judgments Centre Club, Tampa, Florida Contact: www.turnaround.org Jan. 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Member Appreciation FREE Happy Hour The Lime, Tampa, Florida Contact: 561-882-1331 or www.turnaround.org Jan. 29, 2008 WEST LEGALWORKS Southeastern Distressed M&A Summit Westin Buckhead, Atlanta, Georgia Contact: http://www.westlegalworks.com Jan. 30, 2008 TURNAROUND MANAGEMENT ASSOCIATION Year 2008 Kick-Off Party Oak Hill Country Club, Rochester, New York Contact: 716-440-6615 or www.turnaround.org Jan. 31, 2008 BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding the Deal Contact: 240-629-3300; http://www.beardaudioconferences.com/ Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION PowerPlay Philips Arena, Atlanta, Georgia Contact: 678-795-8103 or www.turnaround.org Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Event Carnelian Room, San Francisco, California Contact: 510-346-6000 ext 226 or www.turnaround.org Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION PowerPlay Philips Arena, Atlanta, Georgia Contact: 678-795-8103 or www.turnaround.org Feb. 14-16, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Rocky Mountain Bankruptcy Conference Westin Tabor Center, Denver, Colorado Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 20, 2008 TURNAROUND MANAGEMENT ASSOCIATION 13 Week Cash Flow Courtyard Marriott, Dania Beach, Florida Contact: www.turnaround.org Feb. 20, 2008 TURNAROUND MANAGEMENT ASSOCIATION Member Appreciation FREE Happy Hour Islamorada Fish Company, Dania, Florida Contact: 561-882-1331 or www.turnaround.org Feb. 22, 2008 AMERICAN BANKRUPTCY INSTITUTE Bankruptcy Battleground West Fairmont Miramar, Santa Monica, California Contact: http://www.abiworld.org/ Feb. 23-26, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Bankruptcy Litigation Seminar I Park City, Utah Contact: http://www.nortoninstitutes.org/ Feb. 25, 2008 FINANCIAL RESEARCH ASSOCIATES LLC Financial Services Mergers & Acquisitions Deals Forum Harvard Club, New York, New York Contact: http://www.frallc.com/ Feb. 26, 2008 TURNAROUND MANAGEMENT ASSOCIATION Member Appreciation FREE Happy Hour One Eyed Jacks, Orlando, Florida Contact: 561-882-1331 or www.turnaround.org Feb. 26, 2008 TURNAROUND MANAGEMENT ASSOCIATION Retail Panel Citrus Club, Orlando, Florida Contact: www.turnaround.org/ Feb. 27-28, 2008 EUROMONEY INSTITUTIONAL INVESTOR 6th Annual Distressed Investing Forum Union League Club, New York, New York Contact: http://www.euromoneyplc.com/ Feb. 27 - Mar. 1, 2008 TURNAROUND MANAGEMENT ASSOCIATION CTP Courses Holland & Knight, Atlanta, Georgia Contact: www.turnaround.org/ Mar. 6-8, 2008 ALI-ABA Fundamentals of Bankruptcy Law Mandalay Bay Resort, Las Vegas, Nevada Contact: http://www.ali-aba.org/ Mar. 8-10, 2008 AMERICAN BANKRUPTCY INSTITUTE Conrad Duberstein Moot Court Competition St. John's University School of Law, New York Contact: http://www.abiworld.org/ Mar. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION Rick Cieri of Kirkland & Ellis Jamie Sprayregan of Goldman Sachs Bankers Club of Miami, Florida Contact: 561-882-1331 or www.turnaround.org Mar. 25, 2008 TURNAROUND MANAGEMENT ASSOCIATION Dearfoam Slipper Turnaround Centre Club, Tampa, Florida Contact: 561-882-1331 or www.turnaround.org Mar. 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Mar. 27-30, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Bankruptcy Litigation Seminar II Las Vegas, Nevada Contact: http://www.nortoninstitutes.org/ Apr. 3, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Annual Spring Luncheon Renaissance Hotel, Washington, District of Columbia Contact: 703-449-1316 or www.iwirc.org Apr. 3, 2008 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - East The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ Apr. 3-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 26th Annual Spring Meeting The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ Apr. 7-8, 2008 PRACTISING LAW INSTITUTE 30th Annual Current Developments in Bankruptcy & Reorganization PLI Center New York, New York Contact: http://www.pli.edu/ Apr. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Assignment for Benefit of Creditors University Club, Jacksonville, Florida Contact: www.turnaround.org Apr. 25-27, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Spring Seminar Eldorado Hotel & Spa, Santa Fe, New Mexico Contact: http://www.nabt.com/ Apr. 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Why Prospects Become Clients Citrus Club, Orlando, Florida Contact: www.turnaround.org/ May 1-2, 2008 TURNAROUND MANAGEMENT ASSOCIATION 2nd Annual Credit & Bankruptcy Symposium Foxwoods Resort Casino, Ledyard, Connecticut Contact: www.turnaround.org/ May 1-2, 2008 AMERICAN BANKRUPTCY INSTITUTE Debt Symposium Hilton Garden Inn, Champagne/Urbana, Illinois Contact: 1-703-739-0800; http://www.abiworld.org/ May 9, 2008 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - NYC Alexander Hamilton U.S. Custom House, New York Contact: 1-703-739-0800; http://www.abiworld.org/ May 12, 2008 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference Millennium Broadway Hotel & Conference Center, New York Contact: 1-703-739-0800; http://www.abiworld.org/ May 12-13, 2008 PRACTISING LAW INSTITUTE 30th Annual Current Developments in Bankruptcy & Reorganization PLI Center San Francisco, California Contact: http://www.pli.edu/ May 13-16, 2008 AMERICAN BANKRUPTCY INSTITUTE Litigation Skills Symposium Tulane University, New Orleans, Louisiana Contact: 1-703-739-0800; http://www.abiworld.org/ May 18-20, 2008 INTERNATIONAL BAR ASSOCIATION 14th Annual Global Insolvency & Restructuring Conference Stockholm, Sweden Contact: http://www.ibanet.org/ May 21, 2008 TURNAROUND MANAGEMENT ASSOCIATION What Happened to My Money - The Restructuring of a Loan Servicer Marriott North, Fort Lauderdale, Florida Contact: www.turnaround.org/ June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference J.W. Marriott Spa and Resort, Las Vegas, Nevada Contact: http://www.airacira.org/ June 12-14, 2008 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: http://www.abiworld.org/ June 19-21, 2008 ALI-ABA Partnerships, LLCs, and LLPs: Uniform Acts, Taxation, Drafting, Securities, and Bankruptcy Omni Hotel, San Francisco, California Contact: http://www.ali-aba.org/ June 24, 2008 TURNAROUND MANAGEMENT ASSOCIATION Fraud Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ June 26-29, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Western Mountains Bankruptcy Law Seminar Jackson Hole, Wyoming Contact: http://www.nortoninstitutes.org/ July 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Cynthia Jackson of Smith Hulsey & Busey University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ July 10-13, 2008 AMERICAN BANKRUPTCY INSTITUTE 16th Annual Northeast Bankruptcy Conference Ocean Edge Resort Brewster, Massachussets Contact: http://www.abiworld.org/events July 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Employment Issues Following Hurricanes & Disasters Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ July 31 - Aug. 2, 2008 AMERICAN BANKRUPTCY INSTITUTE 4th Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, Florida Contact: http://www.abiworld.org/ Aug. 20-24, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Captain Cook, Anchorage, Alaska Contact: http://www.nabt.com/ Aug. 26, 2008 TURNAROUND MANAGEMENT ASSOCIATION Do's and Don'ts of Investing in a Turnaround Citrus Club, Orlando, Florida Contact: www.turnaround.org/ Sept. 4-5, 2008 AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 4-6, 2008 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 17, 2008 TURNAROUND MANAGEMENT ASSOCIATION Real Estate / Condo Restructuring Panel Marriott North, Fort Lauderdale, Florida Contact: www.turnaround.org/ Sept. 24-26, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC 15th Annual Fall Conference Scottsdale, Arizona Contact: http://www.ncbj.org/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Desert Ridge Marriott, Scottsdale, Arizona Contact: http://www.iwirc.org/ Sept. 30, 2008 TURNAROUND MANAGEMENT ASSOCIATION Private Equity Panel Centre Club, Tampa, Florida Contact: www.turnaround.org/ Oct. 9, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Luncheon - Chapter 11 University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ Oct. 28, 2008 TURNAROUND MANAGEMENT ASSOCIATION State of the Capital Markets Citrus Club, Orlando, Florida Contact: www.turnaround.org/ Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Nov. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION Interaction Between Professionals in a Restructuring/Bankruptcy Bankers Club, Miami, Florida Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ June 11-13, 2009 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.org/ July 16-19, 2009 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Mt. Washington Inn Bretton Woods, New Hampshire Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ BEARD AUDIO CONFERENCES 2006 BACPA Library Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com; http://researcharchives.com/t/s?20fa BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Carve-Out Agreements for Unsecured Creditors Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES China\u2019s New Enterprise Bankruptcy Law Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Deepening Insolvency \u2013 Widening Controversy: Current Risks, Latest Decisions Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Diagnosing Problems in Troubled Companies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Claims Trading Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Market Opportunities Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Equitable Subordination and Recharacterization Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Handling Complex Chapter 11 Restructuring Issues Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Non-Traditional Lenders and the Impact of Loan-to-Own Strategies on the Restructuring Process Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergers\u2014the New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Today\u2019s Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Battle of Green & Red: Effect of Bankruptcy on Obligations to Clean Up Contaminated Property Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Subprime Sector Meltdown: Legal Developments and Latest Opportunities Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite M&A and Insolvency Proceedings Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel P. Laureno, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, Kristina A. Godinez, Patrick Abing and Marites Claro, Editors. Copyright 2007. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *