/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080111.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 Friday, January 11, 2008, Vol. 8, No. 8 Headlines A U S T R I A CALIMAX LLC: Creditors' Meeting Slated for Jan. 17 CMC - KACHELOFENBAU: Vienna Court Orders Business Shutdown COMPACT BUILDING: Vienna Court Orders Business Shutdown E. TRADING: Estate Administrator Declares Insufficient Assets ELECTRONIC DATA: Bags Bristol-Myers' US$715-Mln IT Services Deal ELECTRONIC DATA: Bags US$209.9-Mil. Contract from Indiana State LOGIX TECHNOLOGIE: Creditors' Meeting Slated for Jan. 21 MASTER BAU: Creditors' Meeting Slated for Jan. 21 PROHOLZ HANDEL: Vienna Court Orders Business Shutdown SCHUSTER IMMOBILIENTREUHAND: Creditors' Meeting Set for Jan. 17 B E L G I U M NUANCE COMM: Board OKs Inducement Grant Under NASDAQ Marketplace NUANCE COMMS: Hires Fumitaka Tezuka as VP & Pres. for Japan Unit SOLUTIA INC: Posts US$15,000,000 Net Loss in Nov. 1-30, 2007 F R A N C E ADEX AGRO: Sets Public Auction By February 7 F R A N C E DRESSER-RAND GROUP: To Supply Advanced Turbomachine to Pazflor EUTELSAT COMMS: To Release First Half-Year Earnings on Feb. 14 GENERAL CABLE: German Subsidiary Bags Offshore Windfarm Contract PETIT BOY: Asiatex Sells Firm to Unnamed Textile Company SMOBY-MAJORETTE: Sells Blow Moulding Unit to RPC Group G E R M A N Y ALFORN DEUTSCHLAND: Claims Registration Ends February 5 ATIS GMBH: Claims Registration Period Ends Jan. 29 AUGUST SAUER: Claims Registration Period Ends Jan. 31 AUTOHAUS LEISTNER: Claims Registration Period Ends Feb. 1 BAUGESCHAFT SCHNEIDER: Claims Registration Period Ends Feb. 1 BAUSTUDIO NORD: Claims Registration Period Ends Jan. 25 BRUNK GASTRONOMIE: Claims Registration Period Ends Jan. 30 ERNST JOLITZ: Claims Registration Period Ends Jan. 24 FREE-BOX SALES: Claims Registration Period Ends Jan. 25 FRYE SPEDITION: Claims Registration Period Ends Feb. 1 GATEC WIRTSCHAFTSBERATUNGS: Claims Registration Ends Feb. 1 HAVENROCK II: Fitch Withdraws Junk Ratings on IKB Loans HM-TEAM CONSULTING: Claims Registration Period Ends Feb. 1 INTERBAU GMBH: Claims Registration Period Ends Jan. 31 KFZ SERVICE: Claims Registration Period Ends Jan. 25 LM-TELEKOMMUNIKATIONS: Creditors' Meeting Slated for Jan. 31 MESLINA GMBH: Claims Registration Ends February 4 MH-BUEROSYSTEME: Claims Registration Period Ends Feb. 1 PANDATEL AG: Halts Operations; to Close Singapore Unit TERRES-INVEST: Claims Registration Period Ends Feb. 2 ULM EINS: Claims Registration Ends February 4 WEMA PROJEKTENTWICKLUNG: Claims Registration Ends February 4 H U N G A R Y PROPEX INC: Posts US$60.7 Mln Net Loss in Quarter Ended Sept. 30 I T A L Y ALPI EAGLES: Court to Rule on ENAC License Suspension on Jan. 17 PARMALAT SPA: Parma Prosecutors Seek Trial for 10 Citibank Execs TISCALI SPA: To Launch Mobile Phone Service in the U.K. K A Z A K H S T A N ER-SNAB-7 LLP: Proof of Claim Deadline Slated for Feb. 6 FIRM ZEREN: Creditors Must File Claims by Feb. 5 JARDEM XXI: Claims Filing Period Ends Feb. 5 JASTYK LLP: Creditors' Claims Due on Feb. 6 JETYSAISKY PIVZAVOD: Claims Registration Ends Feb. 6 KORNELI LLP: Proof of Claim Deadline Slated for Feb. 6 SEHA STROY: Creditors Must File Claims by Feb. 6 SHANS LLP: Claims Filing Period Ends Feb. 6 SMARTTECH LLP: Creditors' Claims Due on Feb. 6 ZAVOD OKTABR: Claims Registration Ends Feb. 6 K Y R G Y Z S T A N BISHKEKSKY PASSAJYRSKY: Creditors' Meeting Slated for Jan. 18 DELTA TOUR: Creditors Must File Claims by February 2 L U X E M B O U R G PMI UNO: Fitch Rates EUR4.9 Million Class D Notes at BB PMI 2 FINANCE: Fitch Rates EUR6.2 Million Class D Notes at BB N E T H E R L A N D S MARYLEBONE CBO III: Fitch Cuts Class A-3 Debt Ratings to BB N O R W A Y BRIGHTPOINT INC: Names Eric Hamburger as Latin America Biz Head R U S S I A CHEBARKUL'SKAYA PASTRY: Creditors Must File Claims by Feb. 22 CONSTRUCTION MATERIAL: Court Starts Competitive Proceedings LESOZAVODSKY CENTER: Creditors Must File Claims by Feb. 22 NIZHNEYE CHULYMSKOYE: Asset Sale Slated for Jan. 24 NOGINSKY BREWERY: Creditors Must File Claims by Jan. 22 SAKHALIN-COAL-1: Creditors Must File Claims by Feb. 22 SHOVGENOVSKY HEMP: Creditors Must File Claims by Jan. 22 URALOILTECHNOSERVICE: Court Starts Bankruptcy Supervision S P A I N CAJA MURCIA I: Fitch Rates EUR6.1 Million Class D Notes at BB- S W I T Z E R L A N D ANTAG FUR ANTENNEN: Creditors' Liquidation Claims Due by Jan. 14 ATELIER-ALTSTADT: Creditors' Liquidation Claims Due by Jan. 14 AUTORK AG: Creditors' Liquidation Claims Due by January 14 BLM TRANSPORT: Bern Court Closes Bankruptcy Proceedings BUR & PARTNER: Claims Registration Period Ends January 14 F. MANZ + PARTNER: Creditors' Liquidation Claims Due by Jan. 14 FOURMENTEC LLC: Creditors' Liquidation Claims Due by January 14 GTPI MEDIA: Creditors' Liquidation Claims Due by January 14 KRUSI BLECH: Appenzell Court Closes Bankruptcy Proceedings MELETTA UND: Creditors' Liquidation Claims Due by January 14 PROMOBILIA LLC: Creditors' Liquidation Claims Due by January 14 REDLIPS LLC: Creditors' Liquidation Claims Due by January 14 RM MANAGEMENT: Creditors' Liquidation Claims Due by January 14 SKPARTNERS JSC: Creditors' Liquidation Claims Due by January 14 WILOZ LLC: Creditors' Liquidation Claims Due by January 15 U K R A I N E DOBRA AGRICULTURAL: Proofs of Claim Deadline Set January 13 ELITINFORM LLC: Proofs of Claim Deadline Set January 13 GRIZ LLC: Proofs of Claim Deadline Set for January 13 INVEST-HOLDING CJSC: Proofs of Claim Deadline Set January 13 KERCH BUILDING: Proofs of Claim Deadline Set January 13 LIBERTY INTERNATIONAL: Proofs of Claim Deadline Set January 13 LUKOIL-KIEV CJSC: Proofs of Claim Deadline Set January 13 NADRA BANK: S&P Assigns B- Ratings on Vulnerable Liquidity NOVOPSKOVSKY AGRICULTURAL: Proofs of Claim Deadline Set Jan. 13 PROJECTING-BUILDING-DESIGN: Proofs of Claim Deadline Set Jan. 13 OSTROVSKY AGRICULTURAL: Proofs of Claim Deadline Set January 13 TANSKOYE AGRICULTURAL: Proofs of Claim Deadline Set January 13 SAVINGS BANK: Moody's Rates Long-Term Foreign Currency at Ba2 U N I T E D K I N G D O M BRITISH AIRWAYS: To Launch US-EU "OpenSkies" Airline in June BELMONT SYSTEMS: M. H. Abdulali Leads Liquidation Procedure CARD RAX: Brings In Liquidators from Tenon Recovery CONSTELLATION BRANDS: 3rd Qtr. Net Income Up 13% to US$82 Mln CONSTELLATION BRANDS: Barton Brands Gets 50% Stake in Planet JV CONSTELLATION BRANDS: US$700MM Notes Exchange Offer Expires CONSTELLATION BRANDS: Arm Buys 50% Stake in Planet 10 Project COTT CORPORATION: Amends Existing Senior Secured Credit Debt CUMMINS INC: Earns US$184 Million in 2007 Third Quarter FEDERAL-MOGUL: Moody's Holds Low-B Ratings w/ Stable Outlook GEMINI MOTOR: Calls In Liquidators from Moore Stephens GLOBAL ASSET: Taps Liquidators from Wilkins Kennedy GRADE ONE: Claims Filing Period Ends July 31 HYNIX SEMICON: Taps MunEDA to Integrate Tool Family Wicked HYNIX SEMICON: Change in Personnel Attracts Attention INT'L PAPER: Declares US$0.25 Per Share Quarterly Dividend JOHNSON SERVICE: Banks Grant Waiver of Year-end Covenant Test TATA MOTORS: December Sales Down 2% in December 2007 URSUS EPC: Fitch Rates GBP2.9 million Class E Notes at BB- US ENERGY: Files for Chap. 11 Bankruptcy Protection in New York US ENERGY: Case Summary & 40 Largest Unsecured Creditors WITHINSCOPE LTD: Names Keith Aleric Stevens Liquidator * BOOK REVIEW: Financial Planning for High Net Worth Individuals ********* ============= A U S T R I A ============= CALIMAX LLC: Creditors' Meeting Slated for Jan. 17 -------------------------------------------------- Creditors owed money by LLC calimax (FN 195573h) are encouraged to attend the creditors' meeting at 9:40 a.m. on Jan. 17. The creditors' meeting will be held at: The Land Court of Feldkirch Meeting Room 45 First Floor Feldkirch Austria Headquartered in Roethis, Austria, the Debtor declared bankruptcy on Nov. 27, 2007 (13 S 56/07a). Andreas Oberbichler serves as the court-appointed estate administrator of the bankrupt's estate. Michael Kramer represents Dr. Oberbichler in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Andreas Oberbichler c/o Dr. Michael Kramer Hirschgraben 37 6800 Feldkirch Austria Tel: 05522/77501 Fax: 05522/78350 E-mail: oberbichler-kramer@cable.vol.at CMC - KACHELOFENBAU: Vienna Court Orders Business Shutdown ---------------------------------------------------------- The Trade Court of Vienna entered Nov. 29, 2007, an order shutting down the business of LLC CMC - Kachelofenbau (FN 67461h). Court-appointed estate administrator Eva-Maria Bachmann-Lang 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. Eva-Maria Bachmann-Lang c/o Dr. Christian Bachmann Opernring 8 1010 Vienna Austria Tel: 512 87 01-Serie Fax: 513 82 50 E-mail: bachmann.rae@aon.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 14 (Bankr. Case No 2 S 152/07a). Christian Bachmann represents Dr. Bachmann-Lang in the bankruptcy proceedings. COMPACT BUILDING: Vienna Court Orders Business Shutdown ------------------------------------------------------- The Trade Court of Vienna entered Nov. 22, 2007, an order shutting down the business of Compact Building Limited (FN 243485t). Court-appointed estate administrator Ulla Reisch 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. Ulla Reisch Praterstrasse 62-64 1020 Vienna Austria Tel: 212 55 00 E-mail: office.wien@ulsr.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 14, 2007 (Bankr. Case No 2 S 155/07t). E. TRADING: Estate Administrator Declares Insufficient Assets ------------------------------------------------------------- Dr. Felix Stortecky, the court-appointed estate administrator for LLC E. Trading Group (FN 227879t), declared Nov. 26, 2007, that the Debtor's property is insufficient to cover creditors' claim. The Land Court of Eisenstadt is yet to rule on the estate administrator's claim. Headquartered in Neusiedl am See, Austria, the Debtor declared bankruptcy on Nov. 22, 2007 (Bankr. Case No. 26 S 156/07d). The estate administrator can be reached at: Dr. Felix Stortecky W.A. Mozartstrasse 4 7093 Jois Austria Tel: 02160/71207 Fax: 02160/71207-22 E-mail: office@stortecky.at ELECTRONIC DATA: Bags Bristol-Myers' US$715-Mln IT Services Deal ---------------------------------------------------------------- Electronic Data System Corp. has been awarded a seven-year, US$715 million information technology services contract to deliver IT infrastructure services to Bristol-Myers Squibb. "Leveraging EDS' expertise, scope and scale will allow the company to improve productivity so Bristol-Myers Squibb can remain focused on what it does best -- help patients prevail over serious disease," said Bristol-Myers Squibb vice president for Information Management Shared Services, Paul von Autenried. The company will manage Bristol-Myers Squibb's IT environment, which includes the company's critical operations data at Bristol-Myers Squibb data centers around the world. The contract initially covers IT services in the Americas and Asia Pacific regions, with the opportunity to include Europe, the Middle East and Africa. Additionally, the company will provide computer capacity to Bristol-Myers Squibb from its data center in Auburn Hills, Michigan. The company will also provide multi-language field-level and help desk support for the Bristol-Myers Squibb employees' computing environment. This includes the company's sales, scientific and SAP systems and employee workstations in a number of countries around the world. The agility, flexibility and redundancy of Electronic Data's Global Services Network offers cost savings while improving global competitiveness with the ability to operate in a leveraged and secure global environment. It also provides the ability to scale up or down based on business needs and mitigates risk by spreading out computing power to multiple locations. "This biopharmaceutical pioneer is a significant addition to EDS' healthcare customer base. Our goal is to help Bristol- Myers Squibb's global competitiveness by delivering innovative, thought-leading IT services," said EDS Americas executive vice president, Jeff Kelly. "As a leader and important partner in healthcare transformation, EDS helps healthcare organizations worldwide address critical business challenges through IT, allowing companies like Bristol-Myers Squibb to lead in the fight against disease." As part of this agreement, EDS Agility Alliance partners EMC, Microsoft, Oracle and SAP will provide products and services to Bristol-Myers Squibb, furthering efforts to increase productivity, mitigate risk and lower costs. The EDS Agility Alliance is a coalition of companies globally recognized for their quality, products and value to clients. Its mission is to innovate, develop and deliver the EDS Agile Enterprise Platform -- the company' next-generation global delivery system. Together, the company and its Agility Alliance partners collaborate to design, build and run a market-leading services platform and develop technology-based services to deliver tangible client results. EDS Agility Alliance partners include Cisco, EMC, Microsoft, Oracle, SAP, Sun Microsystems and Xerox. About Electronic Data Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS) -- http://www.eds.com/ -- is a global technology services company delivering business solutions to its clients. The company founded the information technology outsourcing industry more than 40 years ago. The company delivers a broad portfolio of information technology and business process outsourcing services to clients in the manufacturing, financial services, healthcare, communications, energy, transportation, and consumer and retail industries and to governments around the world. EDS has locations in Argentina, Australia, Austria, Brazil, China, Chile, Greece, Hong Kong, India, Japan, Malaysia, Mexico, Puerto Rico, Singapore, Taiwan, Thailand, South Korea, United Kingdom, among others. * * * As of Jan. 10, 2008, EDS Corp. carries, Ba1 Corporate Family, Senior Unsecured Debt and Probability-of-Default ratings from Moody's Investor Service. ELECTRONIC DATA: Bags US$209.9-Mil. Contract from Indiana State --------------------------------------------------------------- Electronic Data System Corp., Indiana's Medicaid partner since 1991, has been awarded a US$209.9 million, six-and-a-half-year contract to upgrade and continue to maintain the state's Medicaid Management Information System. The new contract will leverage Electronic Data's leading-edge interChange Health System, which serves as an industry model and is in operation or being implemented in more than a dozen states, including Kansas, Oklahoma, Pennsylvania and Kentucky. Among the upgrades are a Web-based tool that will enable health care providers to electronically enroll in the Medicaid program as well as a number of internal processes. The company will continue as fiscal agent to the state and its 27,000 health care providers, who care for more than 800,000 recipients and comprise the nation's 17th-largest Medicaid program. The agreement includes a seven-month phase to design, develop, test and implement the additional features followed by a six- year management term. The contract, which was signed in late December, extends a 16-year relationship between Electronic Data and Indiana state. The Electronic Data solution will provide Indiana with enhanced transparency as it implements Gov. Mitch Daniels' package of Medicaid reforms such as the Healthy Indiana Plan, which provides health coverage to previously uninsured Indiana residents, and the movement of aged, blind and disabled residents to a care management model. It also will continue claims processing coverage for other Indiana health programs. "At the conclusion of the procurement process, it was evident that EDS was able to bring great value and experience to the taxpayers of Indiana," said Family and Social Services Administration Secretary, Mitch Roob. "The technology and insight that EDS has to offer will be a tremendous asset as we continue to make great strides in new, innovative programs, such as the Healthy Indiana Plan." "As Indiana's technology partner for more than a decade and a half, EDS understands the Healthy Indiana Plan and the state's goal to cover its uninsured residents," said EDS Global Health Care vice president, Sean Kenny. "Our continued relationship will provide stability not only for the current Medicaid program, but also for future reforms." "Long relationships are reflections of earned trust and understanding of cultures and goals," said EDS United States Government Health Care vice president, Barbara Anderson. "Over the years, Indiana and EDS together have delivered program efficiencies to enable reforms and help push forward vital new programs to improve health outcomes for Hoosiers." About Electronic Data System Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS) -- http://www.eds.com/-- is a global technology services company delivering business solutions to its clients. The company founded the information technology outsourcing industry more than 40 years ago. The company delivers a broad portfolio of information technology and business process outsourcing services to clients in the manufacturing, financial services, healthcare, communications, energy, transportation, and consumer and retail industries and to governments around the world. EDS has locations in Argentina, Australia, Austria, Brazil, China, Chile, Greece, Hong Kong, India, Japan, Malaysia, Mexico, Puerto Rico, Singapore, Taiwan, Thailand, South Korea, United Kingdom, among others. * * * As of Jan. 10, 2008, EDS Corp. carries, Ba1 Corporate Family, Senior Unsecured Debt and Probability-of-Default ratings from Moody's Investor Service. LOGIX TECHNOLOGIE: Creditors' Meeting Slated for Jan. 21 -------------------------------------------------------- Creditors owed money by LLC logix Technologie und Beteiligung (FN 136455w) are encouraged to attend the creditors' meeting at 10:00 a.m. on Jan. 21. The creditors' meeting will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 27, 2007 (3 S 151/07m). Stephan Riel serves as the court-appointed estate administrator of the bankrupt's estate. Johannes Jaksch represents Dr. Riel in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Stephan Riel c/o Dr. Johannes Jaksch Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at MASTER BAU: Creditors' Meeting Slated for Jan. 21 ------------------------------------------------- Creditors owed money by LLC MASTER BAU (FN 270732k) are encouraged to attend the creditors' meeting at 9:45 a.m. on Jan. 21. The creditors' meeting will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 26, 2007 (3 S 150/07i). Christof Stapf serves as the court-appointed estate administrator of the bankrupt's estate. Michael Neuhauser represents Dr. Stapf in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Christof Stapf c/o Mag. Michael Neuhauser Esslinggasse 7 1010 Vienna Austria Tel: 90 333 Fax: 90 333-44 E-mail: wien@snwlaw.at PROHOLZ HANDEL: Vienna Court Orders Business Shutdown ----------------------------------------------------- The Trade Court of Vienna entered Nov. 28, 2007, an order shutting down the business of LLC PROHOLZ Handel (FN 277940k). Court-appointed estate administrator Leopold Riess 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. Leopold Riess c/o Dr. Eva Riess Zeltgasse 3/12 1080 Vienna Austria Tel: 402 57 01 Fax: 402 57 01 21 E-mail: law@riess.co.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 14, 2007 (Bankr. Case No 6 S 147/07w). Eva Riess represents Dr. Riess in the bankruptcy proceedings. SCHUSTER IMMOBILIENTREUHAND: Creditors' Meeting Set for Jan. 17 --------------------------------------------------------------- Creditors owed money by LLC Schuster Immobilientreuhand- BauConsulting (FN 219514s) are encouraged to attend the creditors' meeting at 2:55 p.m. on Jan. 17. The creditors' meeting will be held at: The Land Court of Graz Room 227 Second Floor Graz Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on Nov. 29, 2007 (25 S 125/07f). Georg Muhri serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Georg Muhri CGO Masseverwaltungsgesellschaft mbH v.d. Neutorgasse 47/I 8010 Graz Austria Tel: 0316/820620-0 Fax: 0316/820620-4 E-mail: office@cgo-masseverwaltung.at ============= B E L G I U M ============= NUANCE COMM: Board OKs Inducement Grant Under NASDAQ Marketplace ---------------------------------------------------------------- Nuance Communications Inc., in connection with its recent acquisition of Viecore, Inc., Tom Chisholm, formerly the Chief Executive Officer of Viecore and now Senior Vice President, Nuance Enterprise Services, was granted an inducement grant of 286,137 restricted stock units, fifty percent of which vest on the first anniversary of the acquisition, one eighth of which vest on the eighteen month anniversary of the acquisition, one eight of which vest on the second anniversary of the acquisition and twenty five percent of which vest, if at all, on the second anniversary of the acquisition upon the achievement of certain performance-based objectives. The restricted stock units were approved by the compensation committee of the company's board of directors and granted as an inducement material to Mr. Chisholm's employment with Nuance in accordance with NASDAQ Marketplace Rule 4350(i)(l)(A)(iv). About Nuance Communications Based in Burlington, Massachusetts, Nuance Communications Inc. (NASDAQ: NUAN), fka ScanSoft Inc., -- http://www.nuance.com/-- provides speech and imaging solutions for businesses and consumers around the world. Its technologies, applications and services that help users interact with information, and create, share and use documents. The company has offices in Australia, Belgium, Japan, Korea, Hong Kong, India, Mexico, and the United Kingdom, among others. * * * As of Jan. 10, 2008, Nuance Communications Inc. carries B1 Corporate Family, Bank Loan Debt and Probability-of-Default ratings from Moody's Investor Service, which said the outlook is stable. The company also carries B+ Foreign and Local Issuer Credit ratings from Standard & Poor's Ratings Services, which said the outlook is positive. NUANCE COMMS: Hires Fumitaka Tezuka as VP & Pres. for Japan Unit ---------------------------------------------------------------- Nuance Communications Inc. has appointed Fumitaka Tezuka as a vice president of Nuance Communications, Inc. and President of the Nuance Communications Japan K.K. Mr. Tezuka, formerly president of Genesys Japan K.K., will be responsible for all aspects of Nuance's commercial efforts in Japan. He will be based in the Nuance Communications Japan headquarters in Tokyo and will report to Don Hunt, Nuance's president of worldwide sales. Japan is one of the most technologically sophisticated markets in the global economy and a strong hub for innovation, particularly in the mobile, automotive and consumer electronic industries. In recent years, Nuance has seen steady growth in Japan and has established itself as the leading speech solutions company in the Japanese market. The company has built several strong partnerships and grown its Japanese customer base to include companies such as Sharp, Denso, GE Consumer Finance and Mitsubishi UFJ Securities. With the continued proliferation of speech and Nuance's expanding efforts in the mobile and enterprise markets, the company concluded a strong presence and senior leadership would accelerate its next phase of growth. "We are pleased to welcome an executive with the stature and experience of Fumitaka Tezuka, extending the strong team we've established at Nuance Communications Japan KK," said Don Hunt, president, Worldwide Sales at Nuance. "Throughout a successful career, Tezuka-san has demonstrated an ability to understand and meet customers' needs, and to grow relationships and businesses by recognizing and creating new opportunities. We look forward to Tezuka-san's contributions as he leads the Nuance's expansion in Japan and continues a heritage of providing innovative solutions for its global customers and partners." Mr. Tezuka, during the last 15 years, has served as president and CEO at a number of technology companies in Japan including Genesys Japan K.K.; TMSw Corp.; Red Brick Japan Co., Ltd.; and Bay Networks K.K. Most recently as president of Genesys Japan K.K., Mr. Tezuka was responsible for delivering Genesys solutions to three large telecommunications carriers, including NTT, KDDI and Softbank Group, and other major enterprises and SI partners in the region. "It is my pleasure to join an industry leader such as Nuance," said Fumitaka Tezuka. "Having worked in the software industry a long time, I recognize and admire Nuance's reputation for market leadership, customer excellence and technology innovation. Speech automation is a technology that has an increasingly pivotal role in mobile, as well as other industries and applications, and I look forward to helping the company reach its ambitious goals for its solutions." In connection with the hiring of Fumitaka Tezuka, the Compensation Committee approved the issuance of an inducement grant of 75,000 stand-alone restricted stock units to Mr. Tezuka, as an inducement that is material to his entering into an employment arrangement with Nuance. The restricted stock units were granted in accordance with NASDAQ Marketplace Rule 4350 and upon the approval of the Compensation Committee of Nuance's Board of Directors. 50,000 of the restricted stock units vest over a four year period and 25,000 of the restricted stock units vest upon the achievement of certain performance- based objectives. About Nuance Communications Based in Burlington, Massachusetts, Nuance Communications Inc. (NASDAQ: NUAN), fka ScanSoft Inc., -- http://www.nuance.com/-- provides speech and imaging solutions for businesses and consumers around the world. Its technologies, applications and services that help users interact with information, and create, share and use documents. The company has offices in Australia, Belgium, Japan, Korea, Hong Kong, India, Mexico, and the United Kingdom, among others. * * * As of Jan. 10, 2008, Nuance Communications Inc. carries B1 Corporate Family, Bank Loan Debt and Probability-of-Default ratings from Moody's Investor Service, which said the outlook is stable. The company also carries B+ Foreign and Local Issuer Credit ratings from Standard & Poor's Ratings Services, which said the outlook is positive. SOLUTIA INC: Posts US$15,000,000 Net Loss in Nov. 1-30, 2007 ------------------------------------------------------------ Solutia Chapter 11 Debtors Unaudited Statement of Consolidated Financial Position As of November 30, 2007 ASSETS Cash US$3,000,000 Trade Receivables, net 194,000,000 Account Receivables-Unconsolidated Subsidiaries 64,000,000 Inventories 176,000,000 Other Current Assets 81,000,000 Assets of Discontinued Operations 6,000,000 -------------- Total Current Assets 524,000,000 Property, Plant and Equipment, net 652,000,000 Investments in Subsidiaries and Affiliates 687,000,000 Intangible Assets, net 106,000,000 Other Assets 67,000,000 -------------- Total Assets US$2,036,000,000 LIABILITIES AND SHAREHOLDERS' DEFICIT Accounts Payable US$217,000,000 Short Term Debt 943,000,000 Other Current Liabilities 172,000,000 Liabilities of Discontinued Operations 2,000,000 -------------- Total Current Liabilities 1,334,000,000 Long-Term Debt 19,000,000 Other Long-Term Liabilities 175,000,000 -------------- Total Liabilities not Subject to Compromise 1,528,000,000 Liabilities Subject to Compromise 1,936,000,000 Shareholders' Deficit (1,428,000,000) -------------- Total Liabilities & Shareholders' Deficit US$2,036,000,000 Solutia Chapter 11 Debtors Unaudited Consolidated Statement of Operations For the Month Ended November 30, 2007 Total Net Sales US$199,000,000 Total Cost Of Goods Sold 185,000,000 -------------- Gross Profit 14,000,000 Total MAT Expense 17,000,000 -------------- Operating Income (Loss) (3,000,000) Equity Earnings from Affiliates 0 Interest Expense, net (9,000,000) Other Income, net 4,000,000 Reorganization Items: Professional fees (6,000,000) Employee severance and retention costs (1,000,000) Adjustment to allowed claim amounts 0 Settlements of prepetition claims 0 -------------- (7,000,000) -------------- Income from continuing operations before taxes (15,000,000) Income tax expense (benefit) 0 Income from discontinued operations 0 -------------- Net Loss (US$15,000,000) Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, the Court confirmed the Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No. 112; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter on Dec. 10, 2007, Standard & Poor's Ratings Services assigned its 'B+' loan rating to Solutia Inc.'s (D/--/--) proposed US$1.2 billion senior secured term loan and a '3' recovery rating, indicating the likelihood of a meaningful (50%-70%) recovery of principal in the event of a payment default. The ratings are based on preliminary terms and conditions. S&P also assigned its 'B-' rating to the company's proposed US$400 million unsecured notes. =========== F R A N C E =========== ADEX AGRO: Sets Public Auction By February 7 -------------------------------------------- Adex Agro S.A. will auction its assets on Feb. 7, 2008, at a starting price of CZK27 million, the Financial Times reports, citing Pozitron Information Services. The starting price is the supposed actual market value of the company. As reported in the TCR-Europe on Aug. 22, 2007, Adex Agro became bankrupt as of August 2007 due to its excessive debts. Adex Agro has about 220 creditors and its CEK 200 million worth of receivables have been acknowledge. Headquartered in Tachova, Czech Republic, Adex Agro S.A. -- http://www.adex.cz/-- is the largest Czech turkey meat processor, producing up to 8,000 tonnes of packed meat and 3,000 tonnes of meat products a year before its troubles began. The company processed 578 tonnes in January 2006, but the amount has dropped to 337 tonnes in December 2006 and to 57 tonnes in January 2007. The company has been in the hands of the Agrokrocan association of turkey breeders since July 2004. Its predecessor, Adex Tachov, went bankrupt because of debt worth CZK650 million in 1999. =========== F R A N C E =========== DRESSER-RAND GROUP: To Supply Advanced Turbomachine to Pazflor -------------------------------------------------------------- Dresser-Rand Group Inc. will supply advanced turbomachinery for a floating, production, storage and offloading vessel for the Pazflor Field offshore Angola. The award is approximately US$44 million. Dresser-Rand will supply gas compression packages. The company will provide four Datum(R) centrifugal compression trains. Two trains will be driven by gas turbines and two trains will be driven by electric motors. The company booked the order in December 2007. "We are very excited about the floating production market which is a strategically important market for Dresser-Rand", said Dresser-Rand's executive vice president, New Equipment Worldwide, Jesus Pacheco. "This award is representative of the value our technology brings to our clients. Our DATUM(R) technology adds value to Total by reducing the weight and footprint of the compression system, as fewer casings are required. It also maximizes gas throughput compared to competitor offerings as a result of the high efficiency of the compressors. We believe activity in the floating production market will continue to be significant and that our market share will remain strong." Pazflor's floating production unit will operate in Block 17 and will be designed to handle 200,000 barrels of oil per day and will be able to store about 1.9 million barrels of crude. First oil production will be in 2011. Total Group is one of the world's major oil and gas groups, with activities in more than 130 countries. Its 95,000 employees put their expertise to work in every part of the industry -- exploration and production of oil and natural gas, refining and marketing, gas trading and electricity. About Dresser-Rand Dresser-Rand Group Inc. (NYSE: DRC) is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. It operates manufacturing facilities in the United States, France, Germany, Norway, India, and Brazil, and maintains a network of 24 service and support centers covering 105 countries. * * * As of Jan. 10, 2008, Dresser-Rand Group Inc. carries Ba3 Corporate Family and Probability-of-Default ratings from Moody's Investor Service, which said the outlook is stable. The company also carries Ba1 Bank Loan Debt and B1 Senior Subordinated Debt ratings. The company also carries BB- Foreign and Local Issuer Credit ratings from Standard & Poor's Ratings Services, which said the outlook is positive. EUTELSAT COMMS: To Release First Half-Year Earnings on Feb. 14 -------------------------------------------------------------- Eutelsat Communications will release its earnings for its first half-year ended Dec. 31, 2007, on Feb. 14, 2008, before the opening of Euronext Paris. An earnings presentation (in French) will be held that same day at: Eutelsat Communications 70, rue Balard - 75015 Paris Metro: Balard or Javel Headquartered in Paris, France, Eutelsat Communications (Euronext Paris: ETL) -- http://www.eutelsat.com/-- is the holding company of Eutelsat S.A. The Group is a leading satellite operator with capacity commercialized on 23 satellites providing coverage over the entire European continent, as well as the Middle East, Africa, India and significant parts of Asia and the Americas. One of its worldwide operations is located in Brazil. The Group is one of the world's three leading satellite operators in terms of revenues. Its satellites are used for broadcasting nearly 1,800 TV and 900 radio stations to more than 120 million cable and satellite homes. The Group also provides TV contribution services, corporate networks, mobile positioning and communications, Internet backbone connectivity and broadband access for terrestrial, maritime and in-flight applications. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and Technology sectors, Moody's Investors Service confirmed its Ba2 Corporate Family Rating for Eutelsat Communications S.A. Moody's also assigned a Ba3 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------ ---------- Senior Unsecured Bank Credit Facility Ba3 LGD4 55% GENERAL CABLE: German Subsidiary Bags Offshore Windfarm Contract ---------------------------------------------------------------- General Cable Corporation's subsidiary, Norddeutsche Seekablewerke GmbH, has been awarded its first submarine power contract by BARD Engineering GmbH, for more than US$30 million related to the construction of BARD Offshore 1. BARD Offshore 1 is a 400-megawatt wind farm consisting of 80 wind turbines that will be located northwest of the Isle of Borkum in the North Sea. BARD Offshore 1 is the first commercial wind farm to be located in the North Sea and is expected to be completed in 2010. NSW will produce approximately 66 miles of power cable for the infield infrastructure portion of the project, which will harness the electricity generated by the turbines for transmission back to shore. The field will be located in water 75 miles offshore with a depth of approximately 130 feet. "We believe that the North Sea will be an area of high growth for wind power generation due to its ideal conditions of high sustainability of wind and shallow waters, key factors allowing for efficient use of the turbines and for anchoring the windmill towers. With its long history and experience in submarine cabling systems, NSW is ideally positioned to take advantage of this high growth opportunity," said Valentin Jug, Chairman of NSW. General Cable acquired NSW in April 2007 and began an investment program to expand the capability of the facility to include submarine power cables and repeatered submarine telecommunications cable. NSW is located on a tributary of the North Sea, with its own deep-sea pier. The Company believes that once the expansion of NSW is completed, it will be well positioned to address all aspects of submarine cable needs for the expanding offshore wind farm market. About NSW Headquartered in Nordenham, Germany, Norddeutsche Seekablewerke GmbH -- http://www.nsw.de/-- manufactures submarine fiber optic communications and offshore power cables serving customers all over the world. About General Cable Headquartered in Highland Heights, Kentucky, General Cable Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes aluminum, copper, and fiber-optic wire and cable products. It has three operating segments: industrial and specialty (wire and cable products conduct electrical current for industrial and commercial power and control applications); energy (cables used for low-, medium- and high-voltage power distribution and power transmission products); and communications (wire for low-voltage signals for voice, data, video, and control applications). Brand names include Carol and Brand Rex. It also produces power cables, automotive wire, mining cables, and custom-designed cables for medical equipment and other products. General Cable has locations in China, Australia, France, Brazil, the Dominican Republic and Spain. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 1, 2007, Moody's Investors Service has assigned a rating of B1 to the proposed US$400 million senior unsecured convertible notes of General Cable Corporation. As reported in the Troubled Company Reporter on Sept. 19, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on General Cable Corp. S&P said the outlook is stable. PETIT BOY: Asiatex Sells Firm to Unnamed Textile Company -------------------------------------------------------- Asiatex SA sold Petit Boy LLC to an unidentified textile company backed by a financial group, Financial Times Ltd. reports citing Les Echos as its source. According to Stuart Todd of just-style, Asiatex acquired Petit Boy from receivership in 2006 and its restructuring over the past 20 months has reduced its chain of stores to 68 from 90. The company reported a net profit of EUR1 million from a turnover of EUR12.6 million in 2007. Headquartered in Chemin des Coteaux, France, Petit Boy -- http://www.petitboy.com/-- designs, produces and distributes clothing for children, new born to sixteen. It has operations in France, Spain, Belgium and Holland. SMOBY-MAJORETTE: Sells Blow Moulding Unit to RPC Group ------------------------------------------------------ RPC Group Plc bought Smoby-Majorette S.A.'s blow molding unit in Moirans-en-Montagne for under US$2 million, Financial Times Ltd. Reports citing Chemical Business Newsbase as its source. According to the report, RPC bought the plant after Smoby slashed its workforce to 52. The facility was renamed to RPC Emballages Moirans SA. The unit made sales of around US$24 million until earlier in 2007, when its performance diminished under Smoby's financial status. As reported in the TCR-Europe on Jan. 8, 2008, the Court of Appeal in Besancon rejected the recovery plan presented by MGA Entertainment Inc. for Smoby-Majorette, maintaining the decision of the Commercial Court of Lons-le-Saunier to place the company under receivership on Oct. 9, 2007. The appellate court gave interested parties until at latest Jan. 20, 2007, to submit offers for Smoby. Around 30 parties have sought information on Smoby and its units. About Smoby Headquartered in Lavans les Saint-Claude, France, Smoby -- http://www.smoby.fr/-- specializes in the creation, development, production and distribution of toys for children from birth to age 10. Smoby has a presence in over 90 countries globally, with commercial and/or industrial operations in South America, Asia and throughout Europe. The Company's products are sold worldwide through a network of 18 subsidiaries, with 65% of sales generated outside of France. In France, the Company employs 1, 300 workers. Its Latin America operations are found in Argentina, Brazil and Mexico. The Commercial Court of Lons-le-Saunier opened bankruptcy proceedings against Smoby on March 19, 2007, upon the Debtor's request. Smoby was hoping to snag an investor who will inject fresh capital yet remain a minority, as the company grapples with a EUR330-million debt. The company reported a net loss of EUR15.87 million for the year ended March 31, 2006, compared with a net profit of EUR1.56 million in 2005. ============= G E R M A N Y ============= ALFORN DEUTSCHLAND: Claims Registration Ends February 5 ------------------------------------------------------- Creditors of Alforn Deutschland GmbH have until Feb. 5 to register their claims with court-appointed insolvency manager Stephanie Pidun. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 18, 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 Reinbek Parkallee 6 21465 Reinbek Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephanie Pidun Jungfernstieg 51 20354 Hamburg Germany The District Court of Reinbek opened bankruptcy proceedings against Alforn Deutschland GmbH on Dec. 14, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Alforn Deutschland GmbH Attn: Peter Olbinsky, Manager Biedenkamp 5a 21509 Glinde Germany ATIS GMBH: Claims Registration Period Ends Jan. 29 -------------------------------------------------- Creditors of ATIS GmbH Anlagen-Technik und Industrie-Service have until Jan. 29 to register their claims with court-appointed insolvency manager Wolfgang Folger. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on Feb. 13, 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 Flensburg Hall A 220 Flensburg 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 Folger C/o Ehler, Ermer und Partner Wrangelstrasse 17-19 24937 Flensburg Germany The District Court of Flensburg opened bankruptcy proceedings against ATIS GmbH Anlagen-Technik und Industrie-Service on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ATIS GmbH Anlagen-Technik und Industrie-Service Attn: Thomas Bratz, Manager Vossberg 2 24855 Bollingstedt Germany AUGUST SAUER: Claims Registration Period Ends Jan. 31 ----------------------------------------------------- Creditors of August Sauer GmbH + Co. KG have until Jan. 31 to register their claims with court-appointed insolvency manager Manfred Gottschalk. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 21, 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 Hagen Hall 259 Second Floor Heinitzstrasse 42/44 58097 Hagen 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 Gottschalk Kirchender Dorfweg 14 58313 Herdecke Germany The District Court of Hagen opened bankruptcy proceedings against August Sauer GmbH + Co. KG on Dec. 28, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: August Sauer GmbH + Co. KG Schuetzenstr. 1-3 58553 Halver Germany AUTOHAUS LEISTNER: Claims Registration Period Ends Feb. 1 --------------------------------------------------------- Creditors of Autohaus Leistner GmbH have until Feb. 1 to register their claims with court-appointed insolvency manager Oliver Junghanel. Creditors and other interested parties are encouraged to attend the meeting at 11:10 a.m. on Feb. 26, 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 Gera Hall 317 Rudolf-Diener-Str. 1 Gera 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: Oliver Junghanel Lessingstr. 25 08058 Zwickau Germany The District Court of Gera opened bankruptcy proceedings against Autohaus Leistner GmbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Leistner GmbH Triebeser Str. 15 07937 Zeulenroda-Triebes Germany BAUGESCHAFT SCHNEIDER: Claims Registration Period Ends Feb. 1 ------------------------------------------------------------- Creditors of Baugeschaft Schneider GmbH & Co.KG have until Feb. 1 to register their claims with court-appointed insolvency manager Dr. Bruno M. Kuebler. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on March 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Bruno M. Kuebler Kassbergstrasse 24 09112 Chemnitz Tel:(0371) 3133 73 Fax: (0371) 3133 75 E-mail: chemnitz@kuebler-gbr.de. The District Court of Chemnitz opened bankruptcy proceedings against Baugeschaft Schneider GmbH & Co.KG on Dec. 17, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baugeschaft Schneider GmbH & Co.KG Chemnitzer Strasse 15 09366 Stollberg Germany BAUSTUDIO NORD: Claims Registration Period Ends Jan. 25 ------------------------------------------------------- Creditors of BauStudio Nord GmbH have until Jan. 25 to register their claims with court-appointed insolvency manager Dr. Matthias Fischer. Creditors and other interested parties are encouraged to attend the meeting at 11:25 a.m. on Feb. 13, 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 Flensburg Hall A 220 Flensburg 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. Matthias Fischer c/o hww Kiel Am Germaniahafen 2 24143 Kiel Germany The District Court of Flensburg opened bankruptcy proceedings against BauStudio Nord GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BauStudio Nord GmbH Attn: Wolfgang Peters, Manager Graf-Zeppelin-Strasse 22 24941 Flensburg Germany BRUNK GASTRONOMIE: Claims Registration Period Ends Jan. 30 ---------------------------------------------------------- Creditors of Brunk Gastronomie GmbH have until Jan. 30 to register their claims with court-appointed insolvency manager Simone Gisdal. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.m. on Jan. 30, 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 Saarbruecken Meeting Hall 24 Second Floor Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Simone Gisdal Kapellenstr. 18 66271 Kleinblittersdorf Germany Tel: 06805/9090 Fax: 06805/909100 The District Court of Saarbruecken opened bankruptcy proceedings against Brunk Gastronomie GmbH on Dec. 28, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Brunk Gastronomie GmbH Attn: Holger Brunk, Manager Bleichstr. 11-15 66111 Saarbruecken Germany ERNST JOLITZ: Claims Registration Period Ends Jan. 24 ----------------------------------------------------- Creditors of Ernst Jolitz und Sohne GmbH & Co. KG have until Jan. 24 to register their claims with court-appointed insolvency manager Herr Peter Knoepfel. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Feb. 7, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Luebeck Hall E3 Am Burgfeld 7 23568 Luebeck 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: Herr Peter Knoepfel Hallerstrasse 76 20146 Hamburg Germany The District Court of Luebeck opened bankruptcy proceedings against Ernst Jolitz und Sohne GmbH & Co. KG on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ernst Jolitz und Sohne GmbH & Co. KG Attn: Frank Jolitz, Manager Sibeliusstrasse 2 23556 Luebeck Germany FREE-BOX SALES: Claims Registration Period Ends Jan. 25 ------------------------------------------------------- Creditors of free-box Sales GmbH have until Jan. 25 to register their claims with court-appointed insolvency manager Ygglev Stintzing. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on Feb. 13, 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 Flensburg Hall A 220 Flensburg 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: Ygglev Stintzing Rathausstrasse 1 24937 Flensburg Germany The District Court of Flensburg opened bankruptcy proceedings against free-box Sales GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: free-box Sales GmbH Attn: Holger Freiesleben und Tord Kasten, Managers Neustadt 16 24939 Flensburg Germany FRYE SPEDITION: Claims Registration Period Ends Feb. 1 ------------------------------------------------------ Creditors of Frye Spedition GmbH & Co. KG have until Feb. 1 to register their claims with court-appointed insolvency manager Stephan Michels. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 26, 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: Stephan Michels c/o PLUTA Rechtsanwalts GmbH Ludgeristr. 54 48143 Muester Germany Tel: 0251/162830 Fax: 0251/16283-11 E-mail: muenster@pluta.net The District Court of Osnabrueck opened bankruptcy proceedings against Frye Spedition GmbH & Co. KG on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Frye Spedition GmbH & Co. KG Am Fledderbach 4 49201 Dissen Germany GATEC WIRTSCHAFTSBERATUNGS: Claims Registration Ends Feb. 1 ----------------------------------------------------------- Creditors of Gatec Wirtschaftsberatungsgesellschaft mbH have until Feb. 1 to register their claims with court-appointed insolvency manager Karl-Heinz Blaha. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 11, 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 Celle Hall 014 First Floor Muehlenstrasse 4 29221 Celle 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 Blaha Bahnhofstr. 30 A 29221 Celle Germany Tel: 05141/28011 Fax: 05141/24722 E-mail: Rae_valentiner_blaha_buchholz@gmx.de The District Court of Celle opened bankruptcy proceedings against Gatec Wirtschaftsberatungsgesellschaft mbH on Dec. 18, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gatec Wirtschaftsberatungsgesellschaft mbH Wernerusstr. 33 29227 Celle Germany HAVENROCK II: Fitch Withdraws Junk Ratings on IKB Loans ------------------------------------------------------- Fitch Ratings has affirmed and simultaneously withdrawn the ratings of the loan facilities provided by IKB Deutsche Industriebank AG and IKB International S.A. to Havenrock II Limited: -- US$165 million loan provided by IKB International: affirmed at 'CC/DR2'; Rating withdrawn -- US$404.875 million facility C loan provided by IKB: affirmed at 'CC/DR2'; Rating withdrawn -- US$43.75 million facility B loan provided by IKB: affirmed at 'CC/DR6'; Rating withdrawn US$11,375,000 facility A loan provided by IKB: affirmed at 'CC/DR6'; Rating withdrawn The 364-day committed facilities could be drawn on to cover Havenrock II's obligations under a credit default swap. The withdrawal of the ratings follows notification from IKB on Jan. 7, 2008, that Fitch would no longer be receiving information on the loan facilities provided by IKB and IKB International to Havenrock II. Thus, Fitch will no longer be able to provide ratings or analytical coverage of Havenrock II. HM-TEAM CONSULTING: Claims Registration Period Ends Feb. 1 ---------------------------------------------------------- Creditors of HM-Team Consulting GmbH Autohausberatung have until Feb. 1 to register their claims with court-appointed insolvency manager Ulrich Bastian. Creditors and other interested parties are encouraged to attend the meeting at 8:50 a.m. on March 3, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Bastian Sendlinger Str. 46 80331 Munich Germany Tel: 089/2603966 Fax: 089/2609204 The District Court of Munich opened bankruptcy proceedings against HM-Team Consulting GmbH Autohausberatung on Dec. 17, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HM-Team Consulting GmbH Autohausberatung Wernher-von-Braun Str. 10A 85640 Putzbrunn Germany INTERBAU GMBH: Claims Registration Period Ends Jan. 31 ------------------------------------------------------ Creditors of Interbau GmbH & Co.KG have until Jan. 31 to register their claims with court-appointed insolvency manager Bettina Schmudde. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on March 18, 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 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: Bettina Schmudde Koenigstrasse 1 01097 Dresden Germany Web site: http://www.whitecaseinso.de/ The District Court of Dresden opened bankruptcy proceedings against Interbau GmbH & Co.KG on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Interbau GmbH & Co.KG Attn: Danny Haufe, Manager Koenigsbruecker Str. 21 01936 Gruengrabchen Germany KFZ SERVICE: Claims Registration Period Ends Jan. 25 ---------------------------------------------------- Creditors of KFZ Service Zech GmbH have until Jan. 25 to register their claims with court-appointed insolvency manager Dr. Marcus Goebel. Creditors and other interested parties are encouraged to attend the meeting at 8:40 a.m. on Feb. 15, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landshut Meeting Room 9/I Insolvency Court Maximilianstrasse 22-24 Landshut 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. Marcus Goebel Marschallstr. 19 84028 Landshut Germany Tel: 0871/430160 Fax: 0871/4301699 The District Court of Landshut opened bankruptcy proceedings against KFZ Service Zech GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KFZ Service Zech GmbH Am Kletthamer Feld 16 85435 Erding Muenchen Germany LM-TELEKOMMUNIKATIONS: Creditors' Meeting Slated for Jan. 31 ------------------------------------------------------------ The court-appointed insolvency manager for LM-Telekommunikations GmbH, Frank-Michael Rhode will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:30 a.m. on Jan. 31. The meeting of creditors and other interested parties will be held at: The District Court of Bremen Hall 50 Domsheide 16 28195 Bremen Germany The Court will also verify the claims set out in the insolvency manager's report at 9:30 a.m. on Feb. 28 at the same venue. Creditors have until Feb. 5 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Frank-Michael Rhode Graf-Moltke-Str. 62 28211 Bremen Germany Tel: 0421/3485212/213 Fax: 0421/341078 E-mail: info@rhode.de Web site: http://www.rhode.de/ The District Court of Bremen opened bankruptcy proceedings against LM-Telekommunikations GmbH on Dec. 4, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LM-Telekommunikations GmbH Hansa-Carre Pfalzburger Strasse 41 28207 Bremen Germany Attn: Martin Luebbehuesen, Manager Alter Schulweg 10 49685 Emstek Germany MESLINA GMBH: Claims Registration Ends February 4 ------------------------------------------------- Creditors of Meslina GmbH have until Feb. 4 to register their claims with court-appointed insolvency manager Christian Graf Brockdorff. Creditors and other interested parties are encouraged to attend the meeting at 11:20 a.m. on March 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Graf Brockdorff Friedrich-Ebert-Strasse 36 14469 Potsdam Germany The District Court of Potsdam opened bankruptcy proceedings against Meslina GmbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Meslina GmbH Attn: Torsten Benke and Cengiz Tuerk, Managers Hegelallee 5 14467 Potsdam Germany MH-BUEROSYSTEME: Claims Registration Period Ends Feb. 1 ------------------------------------------------------- Creditors of MH-Buerosysteme GmbH have until Feb. 1 to register their claims with court-appointed insolvency manager Dr. Peter May. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on Feb. 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landshut Meeting Hall 9/I Maximilianstrasse 22-24 Landshut Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Peter May Bachstr. 6 84036 Landshut Germany Tel: 0871/94321-0 Fax: 0871/9432150 The District Court of Landshut opened bankruptcy proceedings against MH-Buerosysteme GmbH on Dec. 13, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MH-Buerosysteme GmbH Seligenthalerstr. 37 84034 Landshut Germany PANDATEL AG: Halts Operations; to Close Singapore Unit ------------------------------------------------------ Pandatel AG has decided to discontinue its operational business due to lack of personnel. Toward the turn of the year 2007/2008, all employees of Pandatel AG have gradually resigned voluntarily and they have taken job offers from other local companies. Only two employees still remain. In addition, the Singapore subsidiary, Pandatel Asia Pacific, is in the process of being closed. This measure does not affect any employees. Within the restructuring measures of 2006 and 2007 the number of employees had already been adjusted. Arising expenses have been accounted for within liquidation costs. As previously reported in the TCR-Europe, Pandatel's shareholders passed the resolution on application for the company's liquidation as well as an application for special audit with more than 90% of the respective capital stock entitled to vote at a shareholders meeting on Aug. 14, 2007. Dowslake Venture Ltd. filed its application for liquidation on March 28, 2007. Dowslake claims Pandatel can no longer operate and be sustainably profitable on its own. This way, shareholders would at least receive part of the remaining liquidity. During the meeting, minor shareholders filed an application for special audit, mainly referring to fiscal year 2006, which the shareholders meeting's chairman admitted to voting. Dowslake Microsystems and Pandatel have a joint sales and marketing agreement in place providing Dowslake Microsystems full right to continue to serve its full customer base. Headquartered in Hanover, Germany, Pandatel AG -- http://www.pandatel.com/-- specializes in Ethernet technologies. TERRES-INVEST: Claims Registration Period Ends Feb. 2 ----------------------------------------------------- Creditors of Terres-Invest Projektentwicklungs GmbH have until Feb. 2 to register their claims with court-appointed insolvency manager Hubert Ampferl. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Hubert Ampferl Nymphenburger Str. 20 80335 Munich Germany Tel: 089/3090586-0 Fax: 089/3090586-10 The District Court of Munich opened bankruptcy proceedings against Terres-Invest Projektentwicklungs GmbH on Dec. 10, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Terres-Invest Projektentwicklungs GmbH Oldenbourgstr. 11 81247 Munich Germany ULM EINS: Claims Registration Ends February 4 --------------------------------------------- Creditors of "Ulm Eins" Verwaltungsgesellschaft Leipzig West mbH have until Feb. 4 to register their claims with court-appointed insolvency manager Dr. Lucas F. Floether. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 18, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 145 First 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: Dr. Lucas F. Floether Specks Hof Eingang C Nikolaistrasse 3-5 04109 Leipzig Germany Tel: 0341/652200 Fax: O341/65220111 The District Court of Leipzig opened bankruptcy proceedings against "Ulm Eins" Verwaltungsgesellschaft Leipzig West mbH on Dec. 28, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: "Ulm Eins" Verwaltungsgesellschaft Leipzig West mbH Antonienstrasse 20 04229 Leipzig Germany WEMA PROJEKTENTWICKLUNG: Claims Registration Ends February 4 ------------------------------------------------------------ Creditors of WeMa Projektentwicklung GmbH have until Feb. 4 to register their claims with court-appointed insolvency manager Karl-Heinz Blaha. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 3, 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 Celle Hall 014 Ground Floor Muehlenstrasse 4 29221 Celle 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 Blaha Bahnhofstr. 30 A 29221 Celle Germany Tel: 05141/28011 Fax: 05141/24722 E-mail: Rae_valentiner_blaha_buchholz@gmx.de The District Court of Celle opened bankruptcy proceedings against WeMa Projektentwicklung GmbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WeMa Projektentwicklung GmbH Attn: Matthias Wede, Manager Nordfeld 9 29336 Nienhagen Germany ============= H U N G A R Y ============= PROPEX INC: Posts US$60.7 Mln Net Loss in Quarter Ended Sept. 30 ---------------------------------------------------------------- Propex Inc. reported its financial results for the three months ended Sept. 30, 2007. The company disclosed a net loss of US$60.7 million in three months ended Sept. 30, 2007, compared to a net loss of US$6.5 million in the same period in 2006. For the three months ended Sept. 30, 2007, total net revenue decreased US$15.2 million, or 7.8%, to US$179.4 million from US$194.6 million in the corresponding period of 2006. The net revenue decrease is due primarily to a decrease in North America furnishings net revenue of US$24.2 million and a decrease in North America industrial products net revenue of US$4.2 million. The segment decreases were partially offset by an increase in North America geosynthetics net revenue of US$5.4 million, an increase in concrete fiber net revenue of US$2.4 million, an increase in Europe net revenue of US$0.6 million and an increase in Brazil net revenue of US$4.8 million from the corresponding period in 2006. For the nine months ended Sept. 30, 2007, total net revenue decreased US$73.5 million, or 12.4%, to US$517.8 million from US$591.3 million in the corresponding period of 2006. This net revenue decrease is due to a decrease in North America furnishings net revenue of US$90.9 million and a decrease in North America industrial products net revenue of US$11.3 million. The segment decreases were partially offset by an increase in North America geosynthetics net revenue of US$3.5 million, an increase in concrete fiber net revenue of US$9.8 million, an increase in Europe net revenue of US$3.5 million and an increase in Brazil net revenue of US$11.9 million from the corresponding period in 2006. At Sept. 30, 2007, the company's balance sheet showed total assets of US$585.7 million and total liabilities of US$527.4 million, resulting in a US$58.3 million stockholders' equity. Covenant Default At Sept. 30, 2007, the company disclosed that it was not in compliance with the two leverage ratio covenants under the Second Amendment to a Credit Agreement dated Jan. 26, 2007. The company is currently in default under the Credit Agreement and in negotiations with its lenders in order to resolve the issue of non-compliance. The company has notified the Administrative Agent of its non- compliance in accordance the Credit Agreement, and the Administrative Agent and the lenders under the Credit Agreement have indicated a willingness to work with the company to resolve the issue of non-compliance. To proactively address the issue of non-compliance and to provide strategic advice related to its indebtedness, on Oct. 23, 2007, the company engaged Houlihan Lokey Howard & Zukin Capital, Inc. as its exclusive advisor. Houlihan Lokey will assist the company as it negotiates with its current lenders and will provide strategic and tactical recommendations to successfully address the long-term financing needs of the company. No assurance of a successful resolution of these matters can be given as of the date of this report. The company has not been notified by the lenders of their intent to exercise the right to accelerate the debt under the default provisions of the Credit Agreement. As a result of its default under the Credit Agreement, the company is precluded from additional borrowings from the revolving credit facility while in default. In addition, the terms of the Credit Agreement state that after the occurrence of default, the company may not elect to have line of credit borrowings be made or maintained as a LIBOR loan after expiration of the interest period. As portions of its borrowings under LIBOR interest rate agreements expire, these borrowings will be at the base rate as defined by the Credit Agreement, plus 2%. If not for the event of default, in accordance with our monthly borrowing base calculation, Propex Inc. would have had US$22.6 million of availability, as of Sept. 30, 2007, under its US$50 million revolving line of credit. As of Sept. 30, 2007, the company had US$230.6 million of borrowings outstanding under the Credit Agreement. As a result of its default, this amount has been classified as current on the consolidated balance sheet. If the lenders exercise their right to accelerate the indebtedness or foreclose on collateral under the Credit Agreement, it would have a material adverse effect on the company. At Sept. 30, 2007, the balance of unamortized deferred financing costs that may be required to be written-off in the event that a waiver or restructuring of terms cannot be negotiated and the debt is accelerated or otherwise extinguished, was US$3.8 million. About Propex Inc. Propex Inc. -- http://www.propexinc.com/-- manufactures primary and secondary carpet backing. The company also manufactures and markets woven and non-woven polypropylene fabrics and fibers used in geosynthetic and a variety of other industrial applications. Based in Gronau, Germany and Gyor, Hungary, Propex International -- http://www.geotextile.com/europe/-- is recognized as an internationally leading manufacturer of carpet backings, geotextiles and composite sheets. Strict manufacturing specifications, quality control monitoring and laboratory testing ensure our products consistently meet or exceed European standards. Propex Inc. -- http://www.propexinc.com/-- manufactures primary and secondary carpet backing. The company also manufactures and markets woven and nonwoven polypropylene fabrics and fibers used in geosynthetic and a variety of other industrial applications. * * * As reported in yesterday's Troubled Company Reporter, Standard & Poor's Ratings Services lowered its ratings on Propex Inc. by two notches, including its corporate credit rating to 'CCC' from 'B-'. The ratings remain on CreditWatch with negative implications where they were placed on Oct. 8, 2007. ========= I T A L Y ========= ALPI EAGLES: Court to Rule on ENAC License Suspension on Jan. 17 ---------------------------------------------------------------- The Regional Administrative Court of Lazio is set to decide on Jan. 17 on whether Italian civil aviation body Ente Nazionale per l'Aviazione Civile (ENAC) was justified in revoking the operating license of Italian airline Alpi Eagles S.p.A., the Financial Times reports, citing Il Sole 24 Ore as its source. According to the report, ENAC suspended Alpi Eagles' activity after it showed record levels of delays and cancellations. Alpi Eagles, however, said in a press release that it "will appeal to the competent legal authorities against the suspensive measure of its activity by ENAC." Meanwhile, Alpi Eagles remains grounded until a verdict is reached, Claudio Pasqualetto writes for Il Sole 24 Ore. The Italian airline's license expired on Dec. 31, 2007, International Passenger Protection relates. Bankruptcy Petition The TCR-Europe cited FT on Nov. 26, 2007, that creditors of Alpi Eagles had asked the Court of Padova to declare the regional carrier insolvent. The petition was filed by airport operators SAVE of Venice and GESAC of Naples, Avionews says. Alpi Eagles owes SAVE around EUR3.8 million. Paolo Sinigaglia, Alpi Eagles's president, on the other hand, argued "Alpi Eagles is not in a state of insolvency, because it is super-capitalized." "I want stigmatize SAVE action, made by its President Enrico Marchi, who long time plots to close our airline," Mr. Sinigaglia told Avionews. The court is scheduled to examine the bankruptcy petition on Feb. 12. Alpi Eagles ran into financial difficulties after a number of local businessmen reduced their stakes in the company, Il Sole 24 Ore reveals. Headquartered in Venice, Italy, Alpi Eagles S.p.A. -- http://www.alpieagles.com/-- operates scheduled passenger services linking 15 domestic destinations, as well as international services to Albania, Czech Republic, France, Romania, Russia, Spain and Ukraine. Alpi Eagle is currently operating under a provisional license valid until Dec. 31, 2007, following an investigation by Ente Nazionale per l'Aviazione Civile, the italian Civil Aviation Authority, due to insufficient financial resources. The company's management has submitted an emergency financial recovery action plan to creditors. PARMALAT SPA: Parma Prosecutors Seek Trial for 10 Citibank Execs ---------------------------------------------------------------- Prosecutors in Parma, Italy, have asked a court to commence trial for 10 executives at Citibank, a unit of Citigroup, for abetting Parmalat S.p.A.'s financial collapse in December 2003, Dow Jones reports citing Chief Prosecutor Gerardo La Guardia. The court, however, has yet to arrange a preliminary hearing to decide whether there is enough evidence to warrant indictments and a full trial for the 10 bankers, Dow Jones said. Citigroup, meanwhile, expressed confidence "that the examination by the judge at the preliminary hearing will result in a finding that its employees are wholly innocent of the charges being brought." "It will finally be proven in court that Citi is in fact a victim of this fraud," Citigroup said. 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 US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. On June 21, 2007, the U.S. Court Granted Parmalat Permanent Injunction. TISCALI SPA: To Launch Mobile Phone Service in the U.K. ------------------------------------------------------- Tiscali S.p.A. plans to launch a mobile phone service in the U.K. this year using its newly acquired ToucanMobile brand, Juliette Garside writes for The Telegraph. Tiscali U.K., the company's British unit, is holding talks with all the mobile phone operators in the U.K. over renting space on their networks to carry the service, the Telegraph says. "The assessment is not if, it is who and when," Chief executive Mary Turner told the Telegraph. "The business case has already been approved by the board." The business, which is set for launch in fourth quarter 2008, will provide SIM-only services, Telegraph relates. The business will use the customer base of ToucanMobile, which would be rebranded under the Tiscali banner, Ms. Turner told The Telegraph. ToucanMobile provides service to 7,000 customers and leases space on T-Mobile's network. About Tiscali Headquartered in Cagliari, Italy, Tiscali S.p.A. -- http://www.tiscali.com/-- offers Internet access in the country. The group also operates in other European countries, serving more than seven million subscribers, of which over 1.5 million are broadband users. Tiscali posted consecutive net losses for the past years: EUR5.5 million in 1999, EUR101 million in 2000, EUR1.66 billion in 2001, EUR593.1 million in 2002, EUR242.4 million in 2003, EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6 million in 2006. It posted EUR3.88 million in net losses on EUR614.33 million in net revenues for the nine months ended Sept. 30, 2007. =================== K A Z A K H S T A N =================== ER-SNAB-7 LLP: Proof of Claim Deadline Slated for Feb. 6 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Er-Snab-7 insolvent. Creditors have until Feb. 6 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Iliyaev Str. 24 Shymkent South Kazakhstan Kazakhstan FIRM ZEREN: Creditors Must File Claims by Feb. 5 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Akmola has declared LLP Firm Zeren insolvent. Creditors have until Feb. 5 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan JARDEM XXI: Claims Filing Period Ends Feb. 5 -------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Jardem XXI insolvent. Creditors have until Feb. 5 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan JASTYK LLP: Creditors' Claims Due on Feb. 6 ------------------------------------------- LLP Agrocomplex Jastyk has declared insolvency. Creditors have until Feb. 6 to submit written proofs of claims to: LLP Agrocomplex Jastyk Neusypov Str. 7/1 Uralsk West Kazakhstan Kazakhstan Tel: 8 (7112) 51-07-46 JETYSAISKY PIVZAVOD: Claims Registration Ends Feb. 6 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Jetysaisky Pivzavod insolvent. Creditors have until Feb. 6 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Iliyaev Str. 24 Shymkent South Kazakhstan Kazakhstan KORNELI LLP: Proof of Claim Deadline Slated for Feb. 6 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Korneli insolvent. Creditors have until Feb. 6 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan SEHA STROY: Creditors Must File Claims by Feb. 6 ------------------------------------------------ LLP Construction Company Seha Stroy has declared insolvency. Creditors have until Feb. 6 to submit written proofs of claims to: LLP Construction Company Seha Stroy Abylai han ave.3/3-71 Almaty Astana Kazakhstan SHANS LLP: Claims Filing Period Ends Feb. 6 ------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Shans insolvent. Creditors have until Feb. 6 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan SMARTTECH LLP: Creditors' Claims Due on Feb. 6 ---------------------------------------------- LLP Smarttech has declared insolvency. Creditors have until Feb. 6 to submit written proofs of claims to: LLP Smarttech Delegatskaya Str. 19/115 Talgar Talgarsky Almaty Kazakhstan Tel: 8 (3272) 63-55-13 ZAVOD OKTABR: Claims Registration Ends Feb. 6 --------------------------------------------- LLP Zavod Oktabr has declared insolvency. Creditors have until Feb. 6 to submit written proofs of claims to: LLP Zavod Oktabr Lunacharsky Str. 6 140000, Pavlodar Kazakhstan =================== K Y R G Y Z S T A N =================== BISHKEKSKY PASSAJYRSKY: Creditors' Meeting Slated for Jan. 18 ------------------------------------------------------------- Creditors of Utility Enterprise Bishkeksky Passajyrsky Autocombinate will convene at 10:00 a.m. on Jan. 18 at: Leo Tolstoy Str. 20 Bishkek Kyrgyzstan Mr. Taalaibek Ashyrbaev has been appointed temporary insolvency manager of the company on Nov. 29, 2007. Creditors must submit their proofs of claim and be registered within seven days before the meeting with the temporary insolvency manager. The representatives of the creditors must have authorization to vote. The temporary insolvency can be reached at (+996 312) 93-94-96. DELTA TOUR: Creditors Must File Claims by February 2 ---------------------------------------------------- LLC Delta Tour Travel and Tourism Agency has declared insolvency. Creditors have until Feb. 2 to submit written proofs of claim to: LLC Delta Tour Travel and Tourism Agency Mir Ave. 40 Bishkek Kyrgyzstan Tel: (+996 312) 44-95-94, 44-95-52 =================== L U X E M B O U R G =================== PMI UNO: Fitch Rates EUR4.9 Million Class D Notes at BB ------------------------------------------------------- Fitch Ratings has affirmed PMI Uno Finance S.r.l's asset-backed floating-rate Class A, B and C notes and placed the Class D notes on Rating Watch Negative: -- EUR26.8 million Class A floating-rate notes (ISIN: IT0003653414): affirmed at 'AAA' -- EUR10.7 million Class B floating-rate notes (ISIN: IT0003653422): affirmed at 'AA+' -- EUR8.3 million Class C floating-rate notes (ISIN: IT0003653430): affirmed at 'BBB+' -- EUR4.9 million Class D floating-rate notes (ISIN: IT0003653463): 'BB'; placed on RWN The deal has benefited from significant deleveraging of the Class A notes, which are now paid down to EUR26.8 million (13.47% of the original outstanding amount). In addition, the underlying loans are due to mature in June 2008. However, the gross cumulative defaults as of the October 2007 report have increased to EUR5.7 million (2.45% of initial pool), up from EUR2.8 million (1.20% of initial pool) as of the October 2006 report. Fitch's analysis indicates that the Class A to C notes have sufficient credit enhancement to support their current ratings, which is reflected in the ratings affirmation on those notes. The credit enhancement for the Class D notes is 6.48%. However, the delinquencies, with a total principal at risk of EUR 4.7 million, represent 8.71% of the current portfolio and thus are potentially sufficient to erode the Class D credit enhancement, resulting in a loss for those notes. As a result, the Class D notes are placed on RWN. PMI UNO Finance S.r.l. is a static cash flow CDO of loans to Italian SMEs. The EUR232 million portfolio of senior unsecured loans was originated by UniCredit Banca d'Impresa S.p.A., the corporate banking unit of Unicredito Italiano S.p.A. PMI 2 FINANCE: Fitch Rates EUR6.2 Million Class D Notes at BB ------------------------------------------------------------- Fitch Ratings has affirmed PMI 2 Finance S.r.l's asset-backed floating-rate Class A, B, C and D: -- EUR90.1 million Class A floating-rate notes (ISIN: IT0003766109): affirmed at 'AAA' -- EUR7 million Class B floating-rate notes (ISIN: IT0003766117): affirmed at 'AA+' -- EUR11.4 million Class C floating-rate notes (ISIN: IT0003766125): affirmed at 'BBB' -- EUR6.2 million Class D floating-rate notes (ISIN: IT0003766133): affirmed at 'BB' The deal has benefited from deleveraging of the Class A notes, which are now paid down to EUR90.1 million (33.25% of the original outstanding amount). In addition, the underlying loans are due to mature in December 2008. However, the gross cumulative defaults as of the October 2007 report have increased to EUR3.4 million (1.25% of initial pool), up from EUR1.6 million (0.52% of initial pool) as of the October 2006 report. Fitch's analysis indicates that the Class A to C notes have sufficient credit enhancement to support their current ratings, which is reflected in the ratings affirmation of those notes. For the Class D notes, the credit enhancement is 6.01%. However, the delinquencies, with a total principal at risk of EUR8.5 million, represent 6.94% of the current portfolio and thus are potentially sufficient to erode the Class D credit enhancement, resulting in a loss for those notes. Fitch's opinion is that a significant portion of the delinquencies will eventually become re-performing or have sufficient recoveries that the Class D notes will not suffer a loss of principal. PMI 2 Finance S.r.l. is a static cash flow CDO of loans to Italian SMEs. The EUR307.305 million portfolio of senior unsecured loans was originated by UniCredit Banca d'Impresa S.p.A., the corporate banking unit of Unicredito Italiano S.p.A. ===================== N E T H E R L A N D S ===================== MARYLEBONE CBO III: Fitch Cuts Class A-3 Debt Ratings to BB ----------------------------------------------------------- Fitch has affirmed and downgraded Marylebone Road CBO III B.V.'s (Marylebone) floating-rate notes due 2013: -- EUR38.25 million Class A-1 (XS0137285184): affirmed at 'AA+' -- EUR21.25 million Class A-2 (XS0137285267): affirmed at 'AA' -- EUR29.75 million Class A-3 (XS0137285697): downgraded to 'BB' from 'BBB' The rating actions reflect that, while no credit event occurred since last review in December 2006, there has been negative rating migration within the portfolio. The weighted average rating factor of the referenced portfolio is now 7.07 ('BBB-' compared to 4.93 ('BBB'/'BBB-') in December 2006. Since the previous review, five assets have migrated below the investment grade category. Speculative-grade assets now constitute 26% of the portfolio compared to 13% at the 2006 review. Marylebone, which is a special purpose vehicle incorporated in the Netherlands, entered into a credit default swap with Deutsche Bank AG London. DB also entered into a credit default swap with Abbey National Financial Products for the reimbursement of losses on a EUR850 million reference portfolio. Marylebone issued several classes of notes, the proceeds of which were used to purchase a portfolio of repo securities (rated 'AAA') from ANFP. The current reference portfolio consists of 76 mainly investment-grade corporates and currently stands at EUR515.83 million following commencement of amortization. =========== N O R W A Y =========== BRIGHTPOINT INC: Names Eric Hamburger as Latin America Biz Head --------------------------------------------------------------- Brightpoint Inc. has appointed Eric Hamburger as the President of its Latin America operations. Mr. Hamburger's appointment reflects the company's continued commitment to Latin America and its focus on growing and expanding its operations in this strategically important region. "Eric has developed strong wireless industry relationships and deep industry knowledge in Latin America through his experiences at Motorola and McKinsey," stated J. Mark Howell, Co-Chief Operating Officer of Brightpoint, Inc. and President Brightpoint Americas. I look forward to working with Eric to leverage that expertise with our existing operations and to develop new growth opportunities as Brightpoint works to become the leading provider of supply-chain solutions to the wireless industry in Latin America." Prior to his appointment as the President of the Company's Latin America division, Mr. Hamburger had been Director, Strategy & Business Development, for Motorola Latin America Mobile Devices since 2003. From 2001 to 2003, Mr. Hamburger was an Engagement Manager for McKinsey & Company primarily focusing on developing and implementing sales and distribution strategies for wireless operators in Latin America. Mr. Hamburger also worked with Comcel, a leading wireless operator in Colombia, from 1996 to 1999 in a number of senior marketing and management roles. About Brightpoint Headquartered in Plainfield, Indiana, Brightpoint, Inc. -- http://www.brightpoint.com/-- distributes wireless devices and accessories, as well as provision of customized logistic services to the wireless industry. The company primarily operates in Australia, Colombia, Finland, Germany, India, New Zealand, Norway, the Philippines, the Slovak Republic, Sweden, United Arab Emirates and the United States. The company's customers include mobile operators, mobile virtual network operators, resellers, retailers and wireless equipment manufacturers. Brightpoint was incorporated in 1989 under the name Wholesale Cellular USA, Inc. and changed its name to Brightpoint Inc. in 1995. * * * On April 12, 2006, Standard & Poor's placed Brightpoint's long- term local and foreign issuer credit ratings at BB- with a stable outlook. =========== R U S S I A =========== CHEBARKUL'SKAYA PASTRY: Creditors Must File Claims by Feb. 22 ------------------------------------------------------------- Creditors of OJSC Chebarkul'skaya Pastry Plant have until Feb. 22 to submit proofs of claim to: V. N. Yusov Competitive Proceedings Manager P.O. Box 6426 454071 Chelyabinsk Russia The Arbitration Court of Chelyabinsk commenced competitive proceedings against the company after finding it insolvent on Nov. 22, 2007. The case is docketed under Case No. A76-4691/ 2007-60-55. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: OJSC Chebarkul'skaya Pastry Plant Kuibysheva Str. 109 Chebarkul' 456440 Chelyabinsk Russia CONSTRUCTION MATERIAL: Court Starts Competitive Proceedings ----------------------------------------------------------- The Arbitration Court of Bashkortostan commenced one-year competitive proceedings against Construction Material Plant LLC after finding it insolvent on July 17, 2006. The Court appointed A. F. Yusupov as competitive proceedings manager. The case is docketed under Case No. A07-23207/ 05-B-XPM. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: Construction Material Plant LLC Ufa Bashkortostan Russia LESOZAVODSKY CENTER: Creditors Must File Claims by Feb. 22 ---------------------------------------------------------- Creditors of OJSC Lesozavodsky Center of Grain Production have until Feb. 22 to submit proofs of claim to: K. A. Nikiforov Competitive Proceedings Manager Sibartseva Str. 76 Lesozavodsk 692042 Primorsky Russia The Arbitration Court of Primorsky Krai commenced one-year competitive proceedings against the company after finding it insolvent on Nov. 21, 2007. The case is docketed under Case No. A51-4297/2007 15-50 B. The Debtor can be reached at: OJSC Lesozavodsky Center of Grain Production Sibartseva Str. 76 Lesozavodsk 692042 Primorsky krai Russia NIZHNEYE CHULYMSKOYE: Asset Sale Slated for Jan. 24 --------------------------------------------------- Ya. I. Gomerov, the competitive proceedings manager of CJSC Nizhneye Chulymskoye, will open a public auction for the company's properties at 11:00 a.m. on Jan. 24 at: Ya. I. Gomerov Apartment 4 5th Microraion 2 Krasnoobsk Settlement Krasnoobsk Settlement Novosibirsk Russia The company has set a RUR23,404,430 starting price for the assets on auction. Interested participants have until Jan. 19 to deposit an amount equivalent to 5% of the starting price. Bidding documents must be submitted to: Ya. I. Gomerov Apartment 4 5th Microraion 2 Krasnoobsk Settlement Krasnoobsk Settlement Novosibirsk Russia The Debtor can be reached at: CJSC Nizhneye Chulymskoye Nizhny Chulym Zdvinsky Raion Novosibirsk Russia NOGINSKY BREWERY: Creditors Must File Claims by Jan. 22 ------------------------------------------------------- Creditors of CJSC Noginsky Brewery have until Jan. 22 to submit proofs of claim to: A. V. Kravets Interim Manager Office 802 Avtozavodskaya Str. 14/23 115280 Moscow Russia The Arbitration Court of Moscow will convene on March 13 to hear the company's bankruptcy supervision procedure after finding it insolvent on Dec. 10, 2007. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Noginsky Brewery Vozdushnykh Desantnikov Str. 10 Noginsk Russia SAKHALIN-COAL-1: Creditors Must File Claims by Feb. 22 ------------------------------------------------------ Creditors of Sakhalin-Coal-1 LLC have until Feb. 22 to submit proofs of claim to: V. E. Glik Competitive Proceedings Manager Apartment 24 Pobedy Pr. 65 Yuzhno-Sakhalinsk 693008 Sakhalinsk Russia The Arbitration Court of Sakhalin commenced one-year competitive proceedings against the company after finding it insolvent on Nov. 26, 2007. The case is docketed under Case No. A59-553/07-C4. SHOVGENOVSKY HEMP: Creditors Must File Claims by Jan. 22 -------------------------------------------------------- Creditors of Shovgenovsky Hemp Plant LLC have until Jan. 22 to submit proofs of claim to: Shovgenovsky Hemp Plant LLC Mira Str. 21 Ul'sky Settlement Shovgenovsky Raion 385283 Adygeya Russia The Arbitration Court of Adygeya will convene at 11:00 a.m. on March 5 to hear the company's bankruptcy supervision procedure after finding it insolvent on Dec. 5, 2007. The Court appointed R. Yu. Nekhai as the company's interim manager. The case is docketed under Case No. A01-B-3416/07-1. URALOILTECHNOSERVICE: Court Starts Bankruptcy Supervision --------------------------------------------------------- The Arbitration Court of Bashkortostan commenced bankruptcy supervision procedure against CJSC Uraloiltechnoservice after finding it insolvent on April 27, 2007. The Interim Manager is: Yu. N. Parshin P.O. Box 174 Ufa 450098 Bashkortostan Russia The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: CJSC Uraloiltechnoservice Zavodskaya Str. 20 Ufa 450001 Bashkortostan Russia ========= S P A I N ========= CAJA MURCIA I: Fitch Rates EUR6.1 Million Class D Notes at BB- -------------------------------------------------------------- Fitch has assigned AyT Colaterales Global Empresas FTA, Series AyT Colaterales Global Empresas Caja Murcia I notes totaling EUR405 million due in April 2037 final ratings: -- EUR371.6 million Class A: 'AAA' -- EUR19.2 million Class B: 'A' -- EUR8.1 million Class C: 'BBB-' -- EUR6.1 million Class D: 'BB-' The ratings address the payment of interest on the notes according to the terms and conditions of the documentation, subject to a deferral trigger for the Class B, Class C, and Class D notes, as well as the repayment of principal by legal maturity. According to the AyT Colaterales Empresas transaction documents, the legal final maturity date of the program and therefore applicable to all the series of notes issued and to be issued in the future, is defined as three years after the longest scheduled maturity date of the program. This transaction is a cash flow securitisation of a EUR405 million static pool of secured and unsecured loans granted by Caja de Ahorros de Murcia (rated 'A+'/'F1'/Outlook Stable), a Spanish savings bank, to small- and medium-sized Spanish enterprises. The pool consists of around 1,800 loans to SME companies with a strong concentration (approximately 73%) in the region of Murcia, the bank's home region. AyT Colaterales Caja Murcia I is the first SME securitization transaction to be brought to the market by Caja Murcia, and it is the first series issued by AyT Colaterales Empresas. AyT Colaterales Empresas is a securitization fund incorporated in December 2007 to issue a number of independent series of notes collateralised by SME loans by up to 37 different Spanish financial institutions. The maximum overall size of AyT Colaterales Empresas is limited to EUR3 billion. The issuer is legally represented and managed by Ahorro y Titulizacion, S.A., S.G.F.T., a special-purpose management company with limited liability incorporated under the laws of Spain. ===================== S W I T Z E R L A N D ===================== ANTAG FUR ANTENNEN: Creditors' Liquidation Claims Due by Jan. 14 ---------------------------------------------------------------- Creditors of JSC Antag fur Antennen- und Musikanlagen have until Jan. 14 to submit their claims to: Ernst Poltera Liquidator Riedhofstr. 380 8049 Zurich Switzerland The Debtor can be reached at: JSC Antag fur Antennen- und Musikanlagen Buchs ZH Switzerland ATELIER-ALTSTADT: Creditors' Liquidation Claims Due by Jan. 14 -------------------------------------------------------------- Creditors of JSC Atelier-Altstadt 36 have until Jan. 14 to submit their claims to: Markus Luder Gerechtigkeitsgasse 36 3011 Bern Switzerland The Debtor can be reached at: JSC Atelier-Altstadt 36 Bern Switzerland AUTORK AG: Creditors' Liquidation Claims Due by January 14 ---------------------------------------------------------- Creditors of JSC autork ag have until Jan. 14 to submit their claims to: Roland Schmid Elfenauweg 39 3006 Bern Switzerland The Debtor can be reached at: JSC autork ag Bern Switzerland BLM TRANSPORT: Bern Court Closes Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Service of Bern-Mittelland entered Dec. 3, 2007, an order closing the bankruptcy proceedings of JSC BLM Transport. The Bankruptcy Service of Bern-Mittelland can be reached at: Bankruptcy Service of Bern-Mittelland Amtsstelle Bern 3011 Bern Switzerland The Debtor can be reached at: JSC BLM Transport Weyermannshausstrasse 10 3008 Bern Switzerland BUR & PARTNER: Claims Registration Period Ends January 14 --------------------------------------------------------- The Bankruptcy Service of Aargau commenced bankruptcy proceedings against JSC Bur & Partner on Dec. 3, 2007. Creditors have until Jan. 14 to file their written proofs of claim. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Amtsstelle Oberentfelden 5036 Oberentfelden Aarau AG Switzerland The Debtor can be reached at: JSC Bur & Partner Tramstrasse 11 5034 Suhr Aarau AG Switzerland F. MANZ + PARTNER: Creditors' Liquidation Claims Due by Jan. 14 --------------------------------------------------------------- Creditors of JSC F. Manz + Partner Immobilien have until Jan. 14 to submit their claims to: JSC F. Manz + Partner Immobilien Bundesstrasse 3 Mail Box 4028 6304 Zug Switzerland FOURMENTEC LLC: Creditors' Liquidation Claims Due by January 14 --------------------------------------------------------------- Creditors of LLC Fourmentec have until Jan. 14 to submit their claims to: Marcel Loffel Liquidator Chasereiweg 5 3114 Niederwichtrach Konolfingen BE Switzerland The Debtor can be reached at: LLC Fourmentec Steffisburg Thun BE Switzerland GTPI MEDIA: Creditors' Liquidation Claims Due by January 14 ----------------------------------------------------------- Creditors of JSC GTPI Media Europe have until Jan. 14 to submit their claims to: Howard Rosen JSC Rosetrust Baarerstrasse 98 6302 Zug Switzerland The Debtor can be reached at: JSC GTPI Media Europe Buchs ZH Switzerland KRUSI BLECH: Appenzell Court Closes Bankruptcy Proceedings ---------------------------------------------------------- The Bankruptcy Service of Appenzell Ausserrhoden entered Dec. 6, 2007, an order closing the bankruptcy proceedings of JCS Krusi Blech. The Bankruptcy Service of Appenzell Ausserrhoden can be reached at: Bankruptcy Service of Appenzell Ausserrhoden Branch Teufen 9053 Teufen AR Switzerland The Debtor can be reached at: JCS Krusi Blech Bohl 273 9104 Waldstatt AR Switzerland MELETTA UND: Creditors' Liquidation Claims Due by January 14 ------------------------------------------------------------ Creditors of JSC Meletta und Hasenfratz have until Jan. 14 to submit their claims to: Ester Hasenfratz Liquidator Am Luzerbach 12 6043 Adligenswil LU Switzerland The Debtor can be reached at: JSC Meletta und Hasenfratz Adligenswil LU Switzerland PROMOBILIA LLC: Creditors' Liquidation Claims Due by January 14 --------------------------------------------------------------- Creditors of LLC Promobilia have until Jan. 14 to submit their claims to: Walter Uhler Liquidator Gartenstrasse 6 8807 Freienbach Hofe SZ Switzerland The Debtor can be reached at: LLC Promobilia Freienbach Hofe SZ Switzerland REDLIPS LLC: Creditors' Liquidation Claims Due by January 14 ------------------------------------------------------------ Creditors of LLC Redlips have until Jan. 14 to submit their claims to: Wechsler & Partner Grepperstrasse 23 6403 Kussnacht am Rigi SZ Switzerland The Debtor can be reached at: LLC Redlips Hergiswil NW Switzerland RM MANAGEMENT: Creditors' Liquidation Claims Due by January 14 -------------------------------------------------------------- Creditors of LLC RM Management have until Jan. 14 to submit their claims to: Frau Claudia Rohrer Liquidator Munchensteinerstrasse 85 4002 Basel Switzerland The Debtor can be reached at: LLC RM Management Basel Switzerland SKPARTNERS JSC: Creditors' Liquidation Claims Due by January 14 --------------------------------------------------------------- Creditors of JSC SKPartners have until Jan. 14 to submit their claims to: Roland Schmid Elfenauweg 39 3006 Bern Switzerland The Debtor can be reached at: JSC SKPartners Bern Switzerland WILOZ LLC: Creditors' Liquidation Claims Due by January 15 ---------------------------------------------------------- Creditors of LLC WILOZ have until Jan. 15 to submit their claims to: Dr. W. Zwahlen Liquidator Grabackerstr. 31 4441 Thurnen Sissach BL Switzerland The Debtor can be reached at: LLC WILOZ Thurnen Sissach BL Switzerland ============= U K R A I N E ============= DOBRA AGRICULTURAL: Proofs of Claim Deadline Set January 13 ----------------------------------------------------------- Creditors of Dobra Agricultural LLC (code EDRPOU 03791315) have until Jan. 13 to submit written proofs of claim to: The Economic Court of Cherkassy Shevchenko Avenue 307 18005 Cherkassy Ukraine The Economic Court of Cherkassy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 14/3057. The Debtor can be reached at: Dobra Agricultural LLC Dobra Manki District 20142 Cherkassy Ukraine ELITINFORM LLC: Proofs of Claim Deadline Set January 13 ------------------------------------------------------- Creditors of LLC Elitinform (code EDRPOU 329824) have until Jan. 13 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 Debtor can be reached at: LLC Elitinform Artem Str. 21 04053 Kiev Ukraine GRIZ LLC: Proofs of Claim Deadline Set for January 13 ----------------------------------------------------- Creditors of LLC Griz have until Jan. 13 to submit written proofs of claim to: The Economic Court of Kirovograd Lunacharski Str. 29 25006 Kirovograd Ukraine The Economic Court of Kirovograd commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 11/92. The Debtor can be reached at: LLC Griz Berezovka Maloviskovsky District 26222 Kirovograd Ukraine INVEST-HOLDING CJSC: Proofs of Claim Deadline Set January 13 ------------------------------------------------------------ Creditors of CJSC Invest-Holding (code EDRPOU 31583374) have until Jan. 13 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. B 11/367-07. The Debtor can be reached at: CJSC Invest-Holding Kiev-Lugansk Highway 26th km Podgortsy Obukhov District Kiev Ukraine KERCH BUILDING: Proofs of Claim Deadline Set January 13 ------------------------------------------------------- Creditors of OJSC Kerch Plant of Building Materials (code EDRPOU 00290848) have until Jan. 13 to submit written proofs of claim to: The Economic Court of AR Krym Karl Marks Str. 18 Simferopol 95000 AR Krym Ukraine The Economic Court of AR Krym commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 2-6/17285-2006. The Debtor can be reached at: OJSC Kerch Plant of Building Materials Kotovsky Str. 3 Kerch AR Krym Ukraine LIBERTY INTERNATIONAL: Proofs of Claim Deadline Set January 13 -------------------------------------------------------------- Creditors of LLC Liberty International (code EDRPOU 32662692) have until Jan. 13 to submit written proofs of claim to: Constantine Levitsky Liquidator Apartment 55 Lev Tolstoy Str. 11 01004 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 15/878-b. The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Liberty International Apartment 42 Kharkov Highway 7 02090 Kiev Ukraine LUKOIL-KIEV CJSC: Proofs of Claim Deadline Set January 13 --------------------------------------------------------- Creditors of CJSC Trading House Lukoil-Kiev (code EDRPOU 23700438) have until Jan. 13 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.15/37-b. The Debtor can be reached at: CJSC Trading House Lukoil-Kiev Cheshskaya Str. 1/22 01030 Kiev Ukraine NADRA BANK: S&P Assigns B- Ratings on Vulnerable Liquidity ---------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B-' long-term rating to Ukraine-based Nadra Bank. The outlook is stable. "The rating reflects the bank's rapid business growth in a risky operating environment, vulnerable liquidity position, and moderate core profitability," said Standard & Poor's credit analyst Ekaterina Trofimova. "These negative factors are partly mitigated by the bank's strong commercial dynamism and focused strategy, moderate single-name concentrations, and improving cost management." The ratings reflect the bank's stand-alone credit quality and do not include any uplift for extraordinary external support-- either from the owners or the government--due to the uncertainty of such support. "The stable outlook balances the bank's continued progress in strengthening its commercial franchise, profitability, and risk management with its structural weaknesses related to its financial profile," said Ms. Trofimova. Sustained commercial performance, as well as a stronger funding and liquidity profile, better profitability, and improved capitalization could lead to an upgrade. Although the potential for a downgrade appears limited, a material deterioration in the bank's financial profile, including its liquidity and capital position, could trigger a negative rating action. NOVOPSKOVSKY AGRICULTURAL: Proofs of Claim Deadline Set Jan. 13 --------------------------------------------------------------- Creditors of OJSC Novopskovsky Agricultural Technical Service (code EDRPOU 03563028) have until Jan. 13 to submit written proofs of claim to: The Economic Court of Lugansk Geroiv VVV Square 3a 91000 Lugansk Ukraine The Economic Court of Lugansk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 10/121b. The Debtor can be reached at: OJSC Novopskovsky Agricultural Technical Service Sholnaya Str. 1 Pisarevka Novopskovsky District Lugansk Ukraine PROJECTING-BUILDING-DESIGN: Proofs of Claim Deadline Set Jan. 13 ---------------------------------------------------------------- Creditors of LLC Projecting-Building-Design (code EDRPOU 33634839) have until Jan. 13 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/511-b. The Debtor can be reached at: LLC Projecting-Building-Design M. Raskovaya Str. 11 02125 Kiev Ukraine OSTROVSKY AGRICULTURAL: Proofs of Claim Deadline Set January 13 --------------------------------------------------------------- Creditors of Ostrovsky Agricultural LLC (code EDRPOU 31898737) have until Jan. 13 to submit written proofs of claim to: Sergey Smilianets Liquidator P.O. Box 803 Sadovaya Str. 47 Uman 20308 Cherkassy Ukraine The Economic Court of Cherkassy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 01-10/2147. The Economic Court of Cherkassy Shevchenko Avenue 307 18005 Cherkassy Ukraine The Debtor can be reached at: Ostrovsky Agricultural LLC Lenin Str. 15 Manki District Ivanki Cherkassy Ukraine TANSKOYE AGRICULTURAL: Proofs of Claim Deadline Set January 13 -------------------------------------------------------------- Creditors of Tanskoye Agricultural LLC (code EDRPOU 05533327) have until Jan. 13 to submit written proofs of claim to: Sergey Smilianets Liquidator P.O. Box 803 Sadovaya Str. 47 Uman 20308 Cherkassy Ukraine The Economic Court of Cherkassy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 01/2840. The Economic Court of Cherkassy Shevchenko Avenue 307 18005 Cherkassy Ukraine The Debtor can be reached at: Tanskoye Agricultural LLC Sverdlov Str. 1 Tanskoye Uman District Cherkassy Ukraine SAVINGS BANK: Moody's Rates Long-Term Foreign Currency at Ba2 ------------------------------------------------------------- Moody's Investors Service assigned a Ba2 long-term foreign currency rating to Loan Participation Notes to be issued on a limited recourse basis by Credit Suisse International for the sole purpose of funding a loan to Savings Bank of Ukraine. The outlook for the rating is positive. The holders of the notes will be relying for repayment solely and exclusively on the ability of Savings Bank to make payments under the loan agreement. Moody's rating is based on Savings Bank's Baa2 Global Local Currency rating, which imputes a full systemic support that can be expected to be provided to Savings Bank, as a fully government-owned bank, in the event of distress. The rating also reflects the probability of a sovereign default implied by Ukraine's B1 (positive outlook) foreign currency bond rating, and the likelihood that in the event of default the Ukrainian government could impose moratorium on foreign currency obligations. The rating of the notes has pierced Ukraine's Ba3 (positive outlook) foreign currency sovereign ceiling for bonds. According to Moody's, the obligations of Savings Bank to make payments under the loan agreement will rank at all times at least pari-passu with the claims of all other unsubordinated creditors of the borrower. The underlying loan agreement contains a set of covenants such as negative pledge, limitation on mergers and disposals as well as on transactions with Savings Bank's affiliates. The transaction also has an embedded put option whereby the Loan Participation Notes may become payable in the event of change of control. Headquartered in Kiev, Ukraine, Savings Bank of Ukraine reported total assets and shareholders' equity of US$2.2 billion and US$285 million, respectively, under IFRS (audited) as at the end of December 2006. =========================== U N I T E D K I N G D O M =========================== BRITISH AIRWAYS: To Launch US-EU "OpenSkies" Airline in June ------------------------------------------------------------ British Airways plc is planning to launch its new US-EU subsidiary airline "OpenSkies" with daily flights from New York to Brussels and Paris. The airline will launch in June 2008 with one Boeing 757 aircraft that will operate from New York to either Brussels or Paris Charles de Gaulle airports. A second aircraft will be added to the fleet later this year to fly to the other EU destination. The plan is to operate six 757s by the end of 2009, all of which will be sourced from the current British Airways' fleet. The aircraft will carry up to 82 passengers on Boeing 757 aircraft with three onboard cabins: business, premium economy and economy. "This is an exciting new venture for us and we're confident that it will be a great success as we build on the strength of British Airways' brand in the U.S. and Europe," Willie Walsh, chief executive of British Airways, said. "By naming the airline OpenSkies, we're celebrating the first major step in 60 years towards a liberalized U.S./EU aviation market which means we can fly between any U.S. and EU destination. It also signals our determination to lobby for further liberalization in this market when talks between the EU and U.S. take place later this year." OpenSkies' business class cabin has 24 seats that convert into 6' flat beds. There will be 28 premium economy seats with a 52" seat pitch and 30 economy seats. The 757s will have winglets retro-fitted on the aircraft. These will improve fuel efficiency, reduce the aircraft's CO2 emissions and increase the aircraft's operating range. OpenSkies' managing director will be Dale Moss, British Airways' former director of worldwide sales, and the airline is registered in the U.K. It will shortly file an application for the necessary regulatory approval in the U.S. and U.K. Reaction of the British Airline Pilots' Association "BALPA welcomes BA's decision to innovate and establish a wholly owned subsidiary company to take advantage of the new open skies agreement between the U.S. and EU but we have issues with BA on how the new service should be structured," Jim McAuslan, general secretary of the British Airline Pilots' Association, said. "Having worked so hard to secure success for BA, Its pilots do not want to see its brand or its safety record put at risk." "We are in talks with BA and the next meeting will be on Monday Jan. 14th. The new subsidiary can only fly successfully with the full support of BA's pilot force," Mr. McAuslan added. Headquartered in West Drayton, United Kingdom, British Airways plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * As of Jan. 2, 2008, British Airways plc carries a senior unsecured debt rating of Ba1 from Moody's Investors' Service with a stable outlook. BELMONT SYSTEMS: M. H. Abdulali Leads Liquidation Procedure ----------------------------------------------------------- M. H. Abdulali of Moore Stephens was appointed liquidator of Belmont Systems Ltd. on Dec. 28, 2007, for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Moore Stephens 6 Ridge House Ridgehouse Drive Festival Park Stoke on Trent ST1 5TL England CARD RAX: Brings In Liquidators from Tenon Recovery --------------------------------------------------- Paul W. Ellison and Gareth W. Roberts of Tenon Recovery were appointed joint liquidators of Card Rax Ltd. on Jan. 3 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Dukesbridge House 23 Duke Street Reading Berkshire RG1 4SA England CONSTELLATION BRANDS: 3rd Qtr. Net Income Up 13% to US$82 Mln ------------------------------------------------------------- Constellation Brands, has reported diluted earnings per share on a reported basis of US$0.55 for the quarter ended Nov. 30, 2007 (third quarter 2008), compared with US$0.45 for the prior year third quarter. On a comparable basis, third quarter 2008 diluted EPS totaled US$0.55 versus US$0.58 for the prior year. "The company's third quarter performance was in line with our expectations, and we are especially pleased with the performances from our North American wine business and our spirits business," said Constellation Brands president and chief executive officer, Rob Sands. "We're also delighted with the addition of the Fortune Brands U.S. wine portfolio to Constellation's U.S. wine business and the benefits we expect from our expanded super-premium-plus offerings. Also, we are continuing our efforts in the U.K. to mitigate the impact of the lingering Australian wine surplus in the marketplace and to maximize profitability." Net Sales Commentary The reported consolidated net sales decrease of 27 percent primarily reflects the impact of reporting the Crown Imports and Matthew Clark wholesale business joint ventures under the equity method, partially offset by the benefits of favorable foreign currency, branded wine business growth and the SVEDKA Vodka acquisition. Organic net sales increased six percent on a constant currency basis. Branded wine net sales increased four percent on an organic constant currency basis. For North America, branded wine net sales increased five percent on a constant currency basis, reflecting solid growth in the United States. "Our U.S. branded wine business turned in a solid third quarter performance, with wines such as Woodbridge, Robert Mondavi Private Selection, Blackstone, Estancia, Kim Crawford and Simi leading the way with very healthy sales growth," explained Mr. Sands. "Growth of these brands is indicative of the trade-up trends we've been seeing for the past several years, and we feel that the growth trajectory for our premium and luxury brands will continue due to consumer preferences for these wines." Organic net sales for branded wine for Europe increased four percent on a constant currency basis, primarily due to higher sales of popular priced wine in mainland Europe, and a slight increase in net sales for the U.K. On a constant currency basis, net sales for Australia/New Zealand branded wine were even with the prior year. The branded wine market in the U.K. and Australia reflects ongoing competitive challenges and continued pricing pressure. Total spirits net sales increased 31 percent for the quarter, primarily due to the March 2007 acquisition of SVEDKA Vodka, with 12 percent growth in organic net sales reflecting higher average selling prices and volume gains. "SVEDKA's double-digit growth continues to prove that this is an exceptional brand," stated Mr. Sands. "We anticipate SVEDKA will continue to be a growth engine in our spirits portfolio. Additionally, focus on our premium offerings, including Black Velvet, the 99 Schnapps line and Ridgemont Reserve 1792 has bolstered our spirits portfolio performance." Operating Income, Net Income, Diluted EPS Commentary The decrease in operating income and the increase in equity earnings for third quarter 2008 were primarily due to the impact of reporting US$62 million of equity earnings from the Crown Imports joint venture under the equity method. Wines segment operating income decreased US$12 million versus the prior year. This was primarily due to the impact of the U.K. and Australia business performance, which was somewhat offset by an increased contribution from the North American business. Spirits segment operating income increased US$4 million primarily due to the addition of SVEDKA Vodka and from the increase in base business net sales, offset somewhat by higher material costs. For the third quarter, acquisition-related integration costs, restructuring and related charges and unusual items totaled US$3 million, compared with US$45 million for the prior year. Net income and diluted EPS were also impacted by interest expense, which increased 13 percent to US$82 million for third quarter 2008, primarily due to the financing of the SVEDKA Vodka acquisition and US$500 million of share repurchases completed earlier this year. On a year-to-date basis through November the company generated free cash flow of US$173 million versus a usage of US$22 million in the prior year. The increase in free cash flow was primarily driven by improved working capital, reduced tax payments and lower capital spending. As a result of the strong free cash flow generated through the first three quarters of the fiscal year, the company has increased its free cash flow guidance for fiscal 2008 to a range of US$280 - US$300 million. Acquisition and Integration of Fortune Brands U.S. Wine Business Constellation Brands completed the acquisition of the Fortune Brands U.S. wine portfolio on Dec. 17, 2007, for a purchase price of US$885 million, subject to closing adjustments. The company announced its plan for the integration of the acquired business into the Constellation Wines U.S. business. The company intends to consolidate activities wherever it makes business sense to do so, while maintaining an appropriate level of expertise to maintain and grow the acquired business. "This acquisition significantly advances our strategy for expanding our presence in the growing high-end U.S. wine business," stated Mr. Sands. "To fully leverage the acquisition we will realign the sales and marketing organization supporting our U.S. wine business. The sales and marketing teams will focus on specific consumer segments that include luxury/fine wine, premium wine and value/specialty wine. In connection with these actions, we are also rationalizing our U.S. wine product portfolio, primarily related to our value products, which we believe will generate efficiencies and enhance our focus on higher growth, higher margin brands," Mr. Sands concluded. The company expects the integration of the acquired wine business, realignment of the U.S. wine sales and marketing teams and portfolio rationalization to produce net cost savings of approximately US$30 million annually by the end of fiscal 2010, with approximately US$20 million anticipated as savings in fiscal 2009. The company expects to incur one-time cash charges of US$22 million and one-time non-cash charges of US$23 million, for a total of US$45 million in one-time charges. Constellation Brands also expects to incur one-time cash costs of approximately US$28 million that will be recorded in the company's allocation of purchase price in connection with the acquired wine business, including US$19 million for employee termination costs and US$9 million for contract termination and other costs that will be paid primarily in fiscal 2009. Full-year fiscal 2008 guidance includes these current assumptions, including the impact of the acquisition and integration of the Fortune Brands U.S. wine business: -- Net sales: low single-digit growth in organic net sales and low single-digit incremental benefit from the acquisitions of Vincor International Inc., the SVEDKA Vodka brand and related business, and the U.S. wine business from Fortune Brands. As a result of these increases, and the impact of reporting the Crown Imports joint venture and the joint venture for the Matthew Clark wholesale business under the equity method, reported net sales are expected to decrease 29 to 31 percent from net sales for fiscal year 2007 -- Interest expense: approximately US$340 - US$350 million -- Stock compensation expense: approximately US$30 million -- Tax rate: approximately 39 percent on a reported basis, which includes a provision of approximately two percentage points related to the loss on disposal in connection with the company's contribution of its U.K. wholesale business to the Matthew Clark joint venture and the repatriation of proceeds associated with this transaction, or approximately 37 percent on a comparable basis -- Weighted average diluted shares outstanding: approximately 225 million -- Free cash flow: US$280 - US$300 million Headquartered in Fairport, New York, Constellation Brands Inc. (NYSE:STZ) -- http://www.cbrands.com/-- is a producer and marketer of beverage alcohol in the wine, spirits and imported beer categories, with market presence in the U.S., Canada, Chile, U.K., Australia and New Zealand. The company has more than 250 brands in its portfolio, sales in 150 countries and operates approximately 60 wineries, distilleries and distribution facilities. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 3, 2007, Fitch Ratings assigned a 'BB-' rating to a note registered by Constellation Brands Inc. to fund the purchase price of Beam Wine Estates Inc., a subsidiary of Fortune Brands Inc: US$500 million 8.375% senior unsecured note due Dec. 15, 2014. Fitch said the rating outlook is negative. CONSTELLATION BRANDS: Barton Brands Gets 50% Stake in Planet JV --------------------------------------------------------------- Constellation Brands, Inc., has announced that its Chicago-based spirits company, Barton Brands, has acquired the remaining 50 percent equity stake in its Planet 10 Spirits joint venture. Terms of the transaction were not disclosed. Planet 10 Spirits was formed in 2004 as an entrepreneurial premium spirits brand development and marketing platform to expand Constellation Brands' participation in the fast growing, super premium imported vodka category. Planet 10 Spirits' leading product, Effen vodka from Holland, has achieved widespread on- and off-premise distribution and consumer acceptance resulting in a fivefold increase in Effen sales volume since the formation of the joint venture. In addition, Effen has been successfully launched in key global spirits markets such as the United Kingdom, Canada, Japan and Australia. "Our participation in the Planet 10 Spirits joint venture has given us invaluable insights into the high-end spirits marketplace and has enabled us to shape a strategy for growing this important piece of our business," said Barton Brands' president, Marty Birkel. "We are confident that our efforts to expand our premium spirits portfolio will continue to provide profitable growth and value creation for the long term. The addition of Planet 10 Spirits to the Barton organization will provide us with a team of dedicated and successful on-premise sales & marketing specialists who will continue to build Effen and other select premium spirits brands within our portfolio." About Barton Brands Barton Brands, Ltd. is the spirits division of Constellation Brands, Inc., a leading international producer and marketer of beverage alcohol in the wine, spirits and imported beer categories. Barton Brands is a major producer, importer and exporter of a wide range of spirits products, including well- known brands such as Black Velvet Canadian Whisky, Ridgemont Reserve 1792 bourbon, and Effen vodka. About Constellation Brands Headquartered in Fairport, New York, Constellation Brands Inc. (NYSE:STZ) -- http://www.cbrands.com/-- is a producer and marketer of beverage alcohol in the wine, spirits and imported beer categories, with market presence in the U.S., Canada, Chile, U.K., Australia and New Zealand. The company has more than 250 brands in its portfolio, sales in 150 countries and operates approximately 60 wineries, distilleries and distribution facilities. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 3, 2007, Fitch Ratings assigned a 'BB-' rating to a note registered by Constellation Brands Inc. to fund the purchase price of Beam Wine Estates Inc., a subsidiary of Fortune Brands Inc: US$500 million 8.375% senior unsecured note due Dec. 15, 2014. Fitch said the rating outlook is negative. CONSTELLATION BRANDS: US$700MM Notes Exchange Offer Expires ----------------------------------------------------------- Constellation Brands Inc. has extended its offer to exchange US$700 million aggregate principal amount of its 7.25% Senior Notes due 2017 for all US$700 million of its outstanding 7.25% Senior Notes due 2017. The exchange offer, which had been scheduled to expire on Jan. 7, 2008 at 5:00 p.m., New York City time, will expire today, Jan. 10, 2008, at 5:00 p.m., New York City time, unless further extended by the company. The extension of the exchange offer has been made to allow holders of outstanding Original Notes who have not yet tendered their Original Notes for exchange additional time to do so. All other terms, provisions and conditions of the exchange offer will remain in full force and effect. As of 5:00 p.m. New York City time, Jan. 7, 2008, US$697,499,000 in aggregate principal amount of the Original Notes had been validly tendered and not withdrawn in the exchange offer, representing approximately 99.6% of the outstanding principal amount of the Original Notes. Persons with questions regarding the exchange offer should contact the exchange agent, The Bank of New York Trust Company, N.A., at 212-815-2742. The company will not receive any proceeds from the exchange offer, nor will the company's debt level change as a result of this exchange offer. The terms of the Exchange Notes and the Original Notes are substantially identical in all material respects, except that the Exchange Notes have been registered under the Securities Act. A copy of the prospectus for the exchange offer, dated Dec. 6, 2007, and related letter of transmittal, which have been filed with the United States Securities and Exchange Commission, may be obtained by calling the exchange agent, The Bank of New York Trust Company, N.A., at 212-815-2742. About Constellation Brands Headquartered in Fairport, New York, Constellation Brands Inc. (NYSE:STZ) -- http://www.cbrands.com/-- has more than 250 brands in its portfolio, sales in approximately 150 countries and operates approximately 60 wineries, distilleries and distribution facilities. The company has market presence in the U.K., Australia, Canada, New Zealand; Mexico. Barton Brands Ltd. is the spirits division of Constellation Brands Inc. is a producer, importer and exporter of a wide range of spirits products, including brands such as Black Velvet Canadian Whisky, Ridgemont Reserve 1792 bourbon, and Effen vodka. * * * As reported in the Troubled Company Reporter on Dec. 3, 2007, Fitch Ratings assigned a 'BB-' rating to a note registered by Constellation Brands Inc. to fund the purchase price of Beam Wine Estates Inc., a subsidiary of Fortune Brands Inc: US$500 million 8.375% senior unsecured note due Dec. 15, 2014. The rating outlook is negative. CONSTELLATION BRANDS: Arm Buys 50% Stake in Planet 10 Project ------------------------------------------------------------- Constellation Brands Inc. disclosed that its Chicago-based spirits company, Barton Brands, has acquired the remaining 50% equity stake in its Planet 10 Spirits joint venture. Terms of the transaction were not disclosed. Planet 10 Spirits was formed in 2004 as an entrepreneurial premium spirits brand development and marketing platform to expand Constellation's participation in the imported vodka category. Planet 10 Spirits' leading product, Effen vodka from Holland, has achieved widespread on- and off-premise distribution and consumer acceptance resulting in a fivefold increase in Effen sales volume since the formation of the joint venture. In addition, Effen has been launched in key global spirits markets such as the U.K., Canada, Japan and Australia. "Our participation in the Planet 10 Spirits joint venture has given us invaluable insights into the high-end spirits marketplace and has enabled us to shape a strategy for growing this important piece of our business," Marty Birkel, president of Barton Brands, said. "We are confident that our efforts to expand our premium spirits portfolio will continue to provide profitable growth and value creation for the long term. The addition of Planet 10 Spirits to the Barton organization will provide us with a team of dedicated and successful on-premise sales & marketing specialists who will continue to build Effen and other select premium spirits brands within our portfolio." About Constellation Brands Headquartered in Fairport, New York, Constellation Brands Inc. (NYSE:STZ) -- http://www.cbrands.com/-- has more than 250 brands in its portfolio, sales in approximately 150 countries and operates approximately 60 wineries, distilleries and distribution facilities. The company has market presence in the U.K., Australia, Canada, New Zealand; Mexico. Barton Brands Ltd. is the spirits division of Constellation Brands Inc. is a producer, importer and exporter of a wide range of spirits products, including brands such as Black Velvet Canadian Whisky, Ridgemont Reserve 1792 bourbon, and Effen vodka. * * * As reported in the Troubled Company Reporter on Dec. 3, 2007, Fitch Ratings assigned a 'BB-' rating to a note registered by Constellation Brands Inc. to fund the purchase price of Beam Wine Estates Inc., a subsidiary of Fortune Brands Inc: US$500 million 8.375% senior unsecured note due Dec. 15, 2014. The rating outlook is negative. COTT CORPORATION: Amends Existing Senior Secured Credit Debt ------------------------------------------------------------ Cott Corporation has entered into an agreement to amend its existing senior secured credit facility and has signed a non- binding term sheet with a major financial institution to replace this existing credit facility with a proposed asset-based lending credit facility. "We anticipate that the proposed asset based lending facility will provide Cott with enhanced flexibility and increased liquidity," said Juan Figuereo, Cott's Chief Financial Officer. Under the contemplated terms, the ABL facility will be a revolving senior secured credit facility of up to US$250 million and will be available for a term of up to five years. Cott anticipates implementing this proposed facility by the end of the first fiscal quarter ending March 29, 2008. The proposed ABL credit facility would bear interest at prevailing market rates, which rates are not expected to be materially different from those under the existing senior secured credit facility. The amendment to the company's existing senior secured credit facility increases the permissible total leverage ratio from 3:1 to 4:1 for the fourth fiscal quarter ended Dec. 29, 2007, and modifies the calculation of the fixed charge ratio for the same quarter to exclude the impact of certain capital expenditures. In connection with the amendment, Cott has agreed to pay an amendment fee and increase the base interest rate by 50 basis points per annum on the loans outstanding from the last day of the fourth fiscal quarter, which ended on Dec. 29, 2007, to the last day of the first fiscal quarter ending March 29, 2008. An amendment was also made to the receivables securitization facility to align the total leverage ratio set forth in that agreement and the calculation of the fixed charge coverage ratio with those contained in the amended credit facility. The financial covenants in both the existing senior secured credit facility and the receivables securitization facility are calculated and determined at the end of each quarter. Cott anticipates being in compliance with the amended covenants as of Dec. 29, 2007. It is uncertain that Cott will be in compliance with its covenants for the first fiscal quarter ending March 29, 2008. Headquartered in Toronto, Ontario, Cott Corporation (NYSE: COT; TSX: BCB) -- http://www.cott.com/-- is a non-alcoholic beverage company and a retailer brand beverage supplier. The company commercializes its business in over 60 countries worldwide, with its principal markets being the United States, Canada, the United Kingdom and Mexico. Cott markets or supplies over 200 retailer and licensed brands, and company-owned brands including Cott, Royal Crown, Vintage, Vess and So Clear. Its products include carbonated soft drinks, sparkling and flavoured mineral waters, energy drinks, juices, juice drinks and smoothies, ready-to-drink teas, and other non-carbonated beverages. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 21, 2007, Moody's Investors Service downgraded the ratings of Cott Corporation: -- Corporate Family rating to B1 from Ba3, -- Probability of Default Rating to B1 from Ba3; and As reported in the Troubled Company Reporter-Latin America on Oct. 26, 2007, Standard & Poor's Ratings Services has lowered its ratings on Cott Corp. by one notch, including its long-term corporate credit rating to 'B' from 'B+'. At the same time, S&P removed the ratings from CreditWatch with negative implications, where they were placed Oct. 2, 2007. S&P said the outlook is negative. CUMMINS INC: Earns US$184 Million in 2007 Third Quarter ------------------------------------------------------- Cummins Inc. reported net earnings of US$184 million in the third quarter ended Sept. 30, 2007, versus net earnings of US$171 million in the comparable 2006 period. Sales grew 20.0% to US$3.37 billion, from US$2.81 billion during the same period in 2006, led by record sales in the Engine, Power Generation and Distribution segments while the Components segment also experienced a strong sales performance. Earnings before interest and taxes rose 3.4% to US$306.0 million, or 9.1% of sales, from US$296.0 million, or 10.5% of sales, in the same period in 2006. Earnings growth was moderated by a downturn at some OEM customers, and the expected higher costs associated with the introduction of new emissions- related products. "We continue to experience significant growth in most of our markets around the world, and are well-positioned to take advantage of many opportunities for future growth," said Cummins chairman and chief executive officer Tim Solso. "Our technology leadership has resulted in a sustainable competitive advantage for Cummins, and we remain focused on producing profitable growth for all our stakeholders." Net earnings for the nine months ended Sept. 30, 2007, were US$541.0 million on sales of US$9.53 billion, compared to net earnings of US$526.0 million on sales of US$8.33 billion in the corresponding period of 2006. Liquidity Cash and cash equivalents decreased US$216.0 million during the period to US$624.0 million at the end of the first nine months compared to US$840.0 million at the beginning of the period. Cash and cash equivalents were higher at the end of 2006 due to lower accounts receivable at the end of 2006. In the first quarter of 2007, approximately US$62.0 million of the company's US$120.0 million 6.75% debentures were repaid on Feb. 15, 2007, at the election of the holders. Total debt as a percent of the company's total capital, including total debt, was 17.2% at Sept. 30, 2007, compared with 22.4% at Dec. 31, 2006, and 28.4% at Oct. 1, 2006. Balance Sheet At Sept. 30, the company's consolidated balance sheet showed US$8.03 billion in total assets, US$4.56 billion in total liabilities, US$275.0 million in minority interests, and US$3.20 billion in total shareholders' equity. Full-text copies of the company's consolidated financial statements for the quarter ended Sept. 30, 2007, are available for free at http://researcharchives.com/t/s?26e2 About Cummins Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI) -- http://www.cummins.com/-- designs, manufactures, distributes and services engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Cummins serves customers in more than 160 countries through its network of 550 company-owned and independent distributor facilities and more than 5,000 dealer locations. Cummins has Latin-American operations, particularly in Venezuela, Brazil, Peru, Colombia, and Argentina. Its operations in the Asia-Pacific are found in China, Japan and Korea. Its also has facilities in Europe, particularly in the United Kingdom. * * * Cummins' Junior Convertible Subordinated Debentures carry Fitch's 'BB' rating with a stable outlook. Moody's Investors Service raised Cummins' convertible preferred stock rating to Ba1 from Ba2 and withdrew the company's SGL-1 Speculative Grade Liquidity rating and its Ba1 Corporate Family Rating. FEDERAL-MOGUL: Moody's Holds Low-B Ratings w/ Stable Outlook ------------------------------------------------------------ Moody's Investors Service has confirmed the ratings of the reorganized Federal-Mogul Corp. -- Corporate Family Rating, Ba3; Probability of Default Rating, Ba3; and senior secured bank credit facilities, Ba2. The outlook is stable. The financing for the company's emergence from Chapter 11 bankruptcy protection has been funded in line with the structure originally rated by Moody's in a press release dated Nov. 28, 2007. These ratings were confirmed: -- Ba3 Corporate Family rating; -- Ba3 Probability of Default rating; -- Ba2 (LGD3, 42%) rating for the US$540 million senior secured asset based revolver; -- Ba2 (LGD3, 42%) rating for the US$1.0 billion senior secured delayed term loan facility, which includes a US$50 million senior secured synthetic letter of credit facility and a US$0.95 billion senior secured delayed draw term loan; -- Ba2 (LGD3, 42%) rating for the US$1.96 billion senior secured term loan. The Speculative Grade Liquidity Rating of SGL-2 is unchanged. Federal-Mogul Corporation -- http://www.federal-mogul.com/-- (OTCBB: FDMLQ) is a global supplier, serving the world's foremost original equipment manufacturers of automotive, light commercial, heavy-duty, agricultural, marine, rail, off-road and industrial vehicles, as well as the worldwide aftermarket. Founded in Detroit in 1899, the company is headquartered in Southfield, Michigan, and employs 45,000 people in 35 countries. Aside from the U.S. Federal-Mogul also has operations in other locations which includes, Mexico, Malaysia, Australia, Belgium, China, India, Japan, Korea, Poland, Thailand, United Kingdom, among others. GEMINI MOTOR: Calls In Liquidators from Moore Stephens ------------------------------------------------------ Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP were appointed joint liquidators of Gemini Motor Services U.K. Ltd. on Dec. 21, 2007, for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Moore Stephens LLP Beaufort House 94-96 Newhall Street Birmingham B3 1PB England GLOBAL ASSET: Taps Liquidators from Wilkins Kennedy --------------------------------------------------- John Arthur Kirkpatrick and Keith Aleric Stevens of Wilkins Kennedy were appointed joint liquidators of Global Asset Management (U.K.) Ltd. on Dec. 27, 2007, for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Wilkins Kennedy 6c Church Street Reading Berkshire RG1 2SB England GRADE ONE: Claims Filing Period Ends July 31 -------------------------------------------- Creditors of Grade One Trading Ltd. have until July 31 to send in their full names, addresses and descriptions, full particulars of their debts or claims, and their names and addresses of their solicitors (if any) to: M. H. Abdulali Liquidator Moore Stephens 6 Ridge House Ridgehouse Drive Festival Park Stoke on Trent England M. H. Abdulali of Moore Stephens was appointed liquidator of the company on Jan. 3 for the creditors' voluntary winding-up procedure. HYNIX SEMICON: Taps MunEDA to Integrate Tool Family Wicked ---------------------------------------------------------- Hynix Semiconductor Inc. has licensed MunEDA's enhanced DFM-DFY analysis and optimization tool suite WiCkeD for using in Hynix Analog Mixed-Signal Design & Foundry Flow on a long-term base. Hynix intends to use MunEDA's technology in all design business units like computing, consumer and graphics memory as well as mobile applications and flash technology. Hynix will also use MunEDA's design validation and yield verification tools for quality assurance of their Hynix design kits. Dr. Young-doo Choi, Senior Manager CAO Design Automation Team at Hynix: "MunEDA's tools are best-in class for interactive and fully automatic yield analysis and optimization in circuit design. As for every semiconductor company, design targets like high performance and yield are number one research goals that imply both profitability and time to market. We added MunEDA's solutions to Hynix design environment to follow our track in establishing best design methodologies to our design goups and therefore improve quality assurance to our customers." Seunghwan Lee, Senior Research Engineer, Design Automation Team at Hynix: "After successfully using MunEDA design analysis and optimization tools for several circuits like pre-amplifiers and latches for automotive applications we have seen the large capabilities our designers can gain when they design circuits in high-end process technologies. As historically used process corners are too pessimistic and not realistic for today's designs, MunEDA's deterministic circuit analysis and optimization helps us to speed up the design process and to avoid unwanted redesigns." "We are very pleased that Hynix has selected our solutions for their front-end design flow," stated Andreas Ripp, Vice President of Sales & Marketing and Managing Director at MunEDA. "As MunEDA's solutions are already used by some Hynix foundry customers, this is the logical next step. We are looking forward to an intense cooperation with Hynix designers and research engineers, as well as with more Hynix foundry customers". About MunEDA MunEDA -- http://www.muneda.com/-- provides leading EDA technology for analysis and optimization of yield and performance of analog, mixed-signal and digital designs. MunEDA's products and consulting enable customers to reduce the design times of their circuits and to maximize robustness and yield. MunEDA's solutions are in industrial use by leading semiconductor companies in the areas of communication, computer, memories, automotive, and consumer electronics. WiCkeD is a comprehensive and powerful software tool suite for interactive, manual, semi- and full automatic analysis, sizing, and yield optimization of analog and mixed signal circuits. About Hynix Semiconductor Headquartered in Echon, South Korea, Hynix Semiconductor Inc -- http://www.hynix.com/-- is a semiconductor manufacturer. Through a merger with LG Semiconductor in 1999, Hynix Semiconductor now has the world's largest dynamic random access memory chip production capacity as well as the industry's best technical development capacity by fully exploiting synergies resulting from the historical integration of both companies. The company has operations in Russia, and the United States. * * * The Troubled Company Reporter-Asia Pacific reported on June 19, 2007, that Moody's Investors Service upgraded to Ba2 from Ba3 Hynix Semiconductor Inc's senior unsecured bond rating and corporate family rating. At the same time, Moody's assigned a Ba2 senior unsecured bond rating for Hynix's proposed US$500 million issuance. The outlook for the ratings is stable. HYNIX SEMICON: Change in Personnel Attracts Attention ----------------------------------------------------- Memory module makers from Taiwan are on increased alert for a possible change in their relationships with Hynix Semiconductor Inc, amid the sudden management reshuffle at the company's Asian operations, Digitimes News reports. According to the report, sources at memory module makers in Taiwan noted that Hynix has appointed a new chairman and general manager for its Taiwan operations from 2008, following the announced retirement of the current chairman while the general manager will relocate his work base to Shanghai. Moreover, the sources also noted that many high-ranked executives from other Asia operations, including Beijing, Hong Kong, Shanghai and Singapore, may also announce structural changes, the report points out. Josephine Lien and Esther Lam of Digitimes write that the sources also said such a change in high-ranked executives is due to Hynix headquarters' dissatisfaction about procurement terms during the previous DRAM price plummet. The report notes that some Taiwan DRAM makers requested their downstream customers to pay a considerable deposit before making their procurements, but when prices dropped sharply afterwards, dispute and tension arouse when some downstream customers wished to claim back part of the deposit. Hynix headquarters was also said to be discontent with the management of its Taiwan-based executives, Digitimes points out. The report relates that the sources said that since the executives have their respective special relationships with memory module customers, industry players are aware of a possible change in their relationship with Hynix. Some may find they get to enjoy better terms from Hynix while some may see their solid ties subject to uncertainties in the future, the report adds. About Hynix Semiconductor Headquartered in Echon, South Korea, Hynix Semiconductor Inc -- http://www.hynix.com/-- is a semiconductor manufacturer. Through a merger with LG Semiconductor in 1999, Hynix Semiconductor now has the world's largest dynamic random access memory chip production capacity as well as the industry's best technical development capacity by fully exploiting synergies resulting from the historical integration of both companies. The company has operations in Russia, and the United States. * * * The Troubled Company Reporter-Asia Pacific reported on June 19, 2007, that Moody's Investors Service upgraded to Ba2 from Ba3 Hynix Semiconductor Inc's senior unsecured bond rating and corporate family rating. At the same time, Moody's assigned a Ba2 senior unsecured bond rating for Hynix's proposed US$500 million issuance. The outlook for the ratings is stable. INT'L PAPER: Declares US$0.25 Per Share Quarterly Dividend ---------------------------------------------------------- International Paper Co. has declared a regular quarterly dividend of US$0.25 per share for the period from Jan. 1, 2008, to March 31, 2008, inclusive, on its common stock, par value US$1. This dividend is payable on March 14, 2008, to holders of record at the close of business on Feb. 15, 2008. The company also declared a regular quarterly dividend of US$1 per share for the period from Jan. 1, 2008, to March 31, 2008, inclusive, on the cumulative US$4 preferred stock of the company. This dividend is also payable on March 14, 2008, to holders of record at the close of business on Feb. 15, 2008. Based in Stamford, Connecticut, International Paper Co. (NYSE: IP) -- http://www.internationalpaper.com/-- is in the forest products industry for more than 100 years. The company is currently transforming its operations to focus on its global uncoated papers and packaging businesses, which operate and serve customers in the U.S., Europe, South America and Asia. The company has operations include, among others, facilities in Argentina, Brazil, Bolivia, France, Italy, Spain, Venezuela, and the United Kingdom. These businesses are complemented by an extensive North American merchant distribution system. International Paper is committed to environmental, economic and social sustainability, and has a long-standing policy of using no wood from endangered forests. * * * International Paper Co. carries Moody's Investors Service's Ba1 senior subordinate rating and Ba2 Preferred Stock rating. In December 2005, Moody's Investors Service placed International Paper Co.'s senior subordinate rating at 'Ba1'. Moody's assigned a stable outlook on the rating. JOHNSON SERVICE: Banks Grant Waiver of Year-end Covenant Test ------------------------------------------------------------- Johnson Service Group Plc board has agreed with its banking group a waiver of its year-end covenant test. In exchange for the waiver the company has granted the banks security over its assets, agreed to pay the banks a fee and incur increased interest costs. The company has also granted security over its assets to its pension funds. Johnson Service is required to negotiate with the banks on a longer term banking solution before April 30, 2008. The board expects to incur additional exceptional restructuring costs in both 2007 and 2008 as well as a higher interest costs in 2008 as a result of its amended banking arrangements. While trading overall remains in line with expectations and the board continues to believe that expected pre-exceptional operating profits for 2008 will be at a broadly similar level to 2007, the higher interest costs will result in lower than expected profit before tax for 2008. The board also announced the resignation of Chief Executive Charles Skinner from the board following agreement with the board that a different set of skills are required in the company's current situation. John Talbot, who has been working with the company as a consultant during December 2007, has been appointed as interim CEO and he joins the board with immediate effect. Mr. Talbot has over 25 years turnaround and restructuring experience and has considerable experience assisting companies in difficult situations. Mr. Talbot is now a senior partner at Kroll Talbot Hughes, a European turnaround and restructuring advisory firm. The board is confident that this experience will prove invaluable in the development and implementation of a recovery plan for the group. Headquartered in Runcorn, England, Johnson Service Group Plc -- http://www.johnsonplc.com/-- is a textile rental and dry- cleaning company. The group primarily operates in the rental and laundering of workwear, roller towels, corporate apparel and dust mats to customers located in the U.K. and Ireland. The company trades as Johnsons & Jeeves of Belgravia. TATA MOTORS: December Sales Down 2% in December 2007 ---------------------------------------------------- Tata Motors Limited reported a total sale of 47,678 vehicles (including exports) for the month of December 2007, a decline of 2% compared to 48,757 vehicles sold in December last year. Cumulative sales for the company were flat at 4,06,929 nos. Commercial Vehicles The company's sales of commercial vehicles in December 2007 in the domestic market were 28,661 nos., a growth of 2% compared to 28,179 vehicles sold in December last year. M&HCV sales stood at 15,689 nos., a decline of 9% over December 2006, while LCV sales were 12,972 nos., a growth of 19% over December 2006. Cumulative sales of commercial vehicles in the domestic market for the fiscal were 2,15,530 nos., a growth of 2% over last year. Cumulative M&HCV sales stood at 1,12,871 nos., a decline of 7.7% over last year, while LCV sales for the fiscal were 1,02,659 nos., an increase of 15% over last year. Passenger Vehicles Offtake to dealers in the month was curtailed to limit year-end stocks. The passenger vehicle business achieved total sales of 14,316 vehicles in the domestic market in December 2007, a decline of 13% over December 2006. The Indica reported sales of 9,497 nos., a decline of 10% over December 2006. The Indigo family registered sales of 1,379 nos., a decline of 33.6% over December 2006. The Sumo and Safari accounted for sales of 3,440 nos., a decline of 10.6% over December 2006. The Safari recorded a 10% growth with sales of 1,161 nos. The promotional scheme launched by the company on the occasion of the one millionth car production milestone received a very encouraging response with retails being nearly 26,000 vehicles, the highest this fiscal. Cumulative sales of passenger vehicles in the domestic market for the fiscal were 1,51,136 nos., a decline of 3.7 % over the same period last year. Cumulative sales of the Indica at 100,111 nos., reported a decline of 2%. Cumulative sales of the Indigo family were 20,058 nos., a decline of 13.9%. Cumulative sales of Sumo and Safari were 30,967 nos., a decline of 1%. The Safari recorded a 24% growth with sales of 11,856 nos. Exports The company's sales from exports at 4,701 vehicles in December 2007 grew by 16% compared to 4,063 vehicles in December 2006. The cumulative sales from exports in the current period at 40,263 nos. have recorded a growth of 5% over the previous year. India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. * * * On Jan. 7, 2008, Standard & Poor's Ratings Services placed its 'BB+' long-term corporate credit ratings on India-based automaker Tata Motors Ltd. on CreditWatch with negative implications. At the same time, Standard & Poor's placed its 'BB+' foreign currency rating on all of Tata Motor's rated debt issues on CreditWatch with negative implications. As reported in the TCR-Asia-Pacific on Jan. 8, 2008, Moody's Investors Service placed the Ba1 Corporate Family Rating of Tata Motors Ltd on review for possible downgrade. URSUS EPC: Fitch Rates GBP2.9 million Class E Notes at BB- ---------------------------------------------------------- Fitch Ratings has affirmed Ursus EPC Plc's float-rating-notes due 2012: -- GBP29.2 million Class A (XS0225923274): affirmed at 'AAA'; Outlook Stable -- GBP10,000 Class X1 (XS0225925139): affirmed at 'AAA'; Outlook Stable -- GBP5,000 Class X2 (XS0225928828): affirmed at 'AAA'; Outlook Stable -- GBP5,000 Class X3 (XS0225930212): affirmed at 'AAA'; Outlook Stable -- GBP5,000 Class X4 (XS0225931020): affirmed at 'AAA'; Outlook Stable -- GBP5.22 million Class B (XS0225931889): affirmed at 'AA'; Outlook Stable -- GBP5.22 million Class C (XS0225932697): affirmed at 'A'; Outlook Stable -- GBP5.11 million Class D (XS0225933406): affirmed at 'BBB'; Outlook Stable -- GBP2.9 million Class E (XS0225934719): affirmed at 'BB-'; Outlook Stable The rating affirmation follows a satisfactory performance review, reflecting a continuing de-leverage of the underlying loan pool, and the relatively stable performance of the remaining portfolio assets. At the transaction level, the interest and principal payment on each note class has been made on a timely basis with the exception of the interest payment on the most junior tranche, Class E, which is currently experiencing a shortfall. The shortfall was initially caused by a one-off special servicer payment in relation to the repayment of the Belsize loan. The loan was previously in default, but was subsequently repaid in full. The initial amount of the shortfall was GBP76,789.92 at the beginning of the year and since then has been gradually reduced on each payment date by the income derived from the transaction accounts. The current shortfall was at GBP33,621.54 at October 2007. Fitch has been in discussion with the servicer and the bank in trying to establish the likelihood of eventual recovery of this shortfall. After analysing the information and cash flow projection provided by the bank, the agency is confident that the interest shortfall on the Class E notes will be repaid by the end of the final maturity. The loan repayments commenced shortly after the close of the transaction in August 2005. By end-October 2007, the total loans repaid amounted to GBP101.54 million, a significant portion of which was attributed to prepayments, representing 97% of the loan payments, while the remaining 3% is from scheduled loan reductions. The repaid loans have been applied to redeem the notes on a half sequential and half pro rata basis starting from the most senior tranche, which further strengthened the credit enhancement at the transaction level. Of the nine loans, only four remain: Shazr, Lamorna, TK Maxx and Castlegate. The Castlegate loan is now the largest claim in the pool, weighing 76% of the outstanding pool balance. It is secured by the Castlegate shopping centre located in Stockton- on-Tees, England. The Shazr and Lamorna loans are cross defaulted and secured by office and retail properties in London. The TK Maxx loan is secured by a distribution centre fully let to TK Maxx. All four assets have been performing reasonably well, with increased rental income and improved debt service coverage. The loan-to-value ratio for the Lamorna and TK Maxx loans has marginally declined due to partial loan repayment, while the improvement on the Castlegate LTV was gained mainly through valuation uplift. The transaction is a securitization of nine commercial mortgage loans secured by a portfolio of 22 properties located throughout the UK. At closing, the portfolio comprised mainly offices, accounting for 60% of the total passing rents and had a large geographic concentration in the greater London area and south east of England. US ENERGY: Files for Chap. 11 Bankruptcy Protection in New York --------------------------------------------------------------- U.S. Energy Systems Inc. has filed voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the Southern District of New York. The company's U.S. Energy Overseas Investments LLC and GBGH, LLC subsidiaries also have filed petitions for reorganization. The company's wholly owned subsidiary U.S. Energy Biogas Corp. and the USEB subsidiaries, and UK Energy Systems Ltd. and the company's other UK subsidiaries are not part of the Chapter 11 filings and are not adversely affected by them. Virtually all of USEY's employees and all of its income generating operating activities are in USEB and the UK subsidiaries and therefore are not affected by the filings. The company anticipates that its Wednesday filings will accelerate and bring an orderly, timely and most cost effective conclusion to the process of analyzing and implementing strategic alternatives for addressing the company's capital structure and working capital needs, which, as previously announced, has been underway since mid-2007. As previously announced, the company has received expressions of interest from several parties in a wide range of possible strategic proposals all of which are continuing to be analyzed. Chapter 11 of the U.S. Bankruptcy Code provides a court- supervised mechanism that the company believes is the best venue for efficiently selecting and implementing the optimum strategic options for the company for the benefit of its stakeholders. Protection for UK-Based Assets To protect the value of the company's UK-based assets and operations, which are not part of the Chapter 11 filings, the company filed a motion for cash collateral that, if granted by the Court, will ensure that the UK subsidiaries will have access to the working capital they need on an ongoing basis to continue operating. As previously reported, the company's UK operations have been funded for the past several months through a series of waivers negotiated with certain of the company's lenders. The company has not requested that the cash collateral motion be approved on a preliminary basis as part of First Day orders. The company affirmed that all of its income producing business operations -- consisting of USEB and its subsidiaries and UKES and the UK subsidiaries -- are continuing normal operations and that employees, customers and vendors of these businesses are unaffected by the Chapter 11 filings. Peter Partee of Hunton & Williams LLP serves as lead counsel to U.S. Energy Systems Inc., U.S. Energy Overseas Investments LLC and GBGH LLC. About U.S. Energy Systems U.S. Energy Systems Inc. (Pink Sheets: USEY) -- http://www.usenergysystems.com/-- owns green power and clean energy and resources. USEY owns and operates energy projects in the United States and United Kingdom that generate electricity, thermal energy and gas production. US ENERGY: Case Summary & 40 Largest Unsecured Creditors -------------------------------------------------------- Lead Debtor: U.S. Energy Systems, Inc. 40 Tower Lane, 1st Floor Avon, CT 06001 Bankruptcy Case No.: 08-10054 Debtor affiliates filing separate chapter 11 petitions: Entity Case No. ------ -------- G.B.G.H., L.L.C. 08-10056 U.S. Energy Overseas Investments, L.L.C. 08-10057 Debtor-affiliates filing separate chapter 11 petitions on November 29, 2006: Entity Case No. ------ -------- U.S. Energy Biogas Corp. 06-12827 Brookhaven Energy Partners, L.L.C. 06-12826 Illinois Electrical Generation Partners,L.P. 06-12828 Illinois Electrical Generation Partners II, 06-12829 L.P. Upper Rock Energy Partners, L.L.C. 06-12830 Streator Energy Partners, L.L.C. 06-12831 Brickyard Energy Partners, L.L.C. 06-12832 Dixon Lee Energy Partners, L.L.C. 06-12833 Roxanna Resource Recovery, L.L.C. 06-12834 Avon Energy Partners, L.L.C. 06-12835 Devonshire Power Partners, L.L.C. 06-12836 Riverside Resource Recovery, L.L.C. 06-12837 Zapco Illinois Energy, Inc. 06-12838 B.M.C. Energy, L.L.C. 06-12839 Barre Energy Partners, L.P. 06-12840 Biogas Financial Corp. 06-12841 Burlington Energy, Inc. 06-12842 Cape May Energy Associates, L.P. 06-12843 Dunbarton Energy Partners, L.P. 06-12844 Lafayette Energy Partners, L.P. 06-12845 Oceanside Energy, Inc. 06-12846 Onondaga Energy Partners, L.P. 06-12847 Power Generation (Suffolk), Inc. 06-12848 Resources Generating Systems, Inc. 06-12849 Suffolk Energy Partners, L.P. 06-12850 Suffolk Transmission Partners, L.P. 06-12851 Taylor Energy Partners, L.P. 06-12852 Tuscon Energy Partners, L.P. 06-12853 Zapco Energy Tactics Corp. 06-12854 Z.F.C. Energy, Inc. 06-12855 Morris Genco, L.L.C. 06-12856 Countryside Genco, L.L.C. 06-12857 Type of Business: The Debtors own and operate energy facilities producing electricity and energy alternatives to natural gas. See http://www.usenergysystems.com Chapter 11 Petition Date: January 9, 2008 Court: Southern District of New York (Manhattan) Debtors' Counsel: Peter S. Partee, Esq. Richard P. Norton, Esq. Joseph J. Saltarelli, Esq. Hunton & Williams, L.L.P. 200 Park Avenue New York, NY 10166-0136 Tel: (212) 309-1000, (212) 309-1260 Fax: (212) 309-1100, (212) 209 1100 Debtors' Consolidated Financial Condition: Total Assets: US$258,200,000 Total Debts: US$175,300,000 U.S. Energy Systems, Inc's Eight Largest Unsecured Creditors: Entity Claim Amount ------ ------------ Kostin, Ruffkess & Co., US$48,500 L.L.P. 76 Batterson Park Road Farmington, CT 06032 Eckert Seamans Cherin & US$24,403 Mellott, L.L.C. 300 Delaware Avenue, Suite 1210 Wilmington, DE 19801 International Plaza US$29,010 Associates 750 Lexington Avenue New York, NY 10022 Citrix Systems, Inc. US$823 Leslie Waterworks, Inc. US$407 First Reliance Life US$403 Insurance Limores.net US$345 Corporation Service Co. US$29 Consolidated List of 40 Largest Unsecured Creditors of Debtors filing separate chapter 11 petitions on November 29, 2006: Entity Nature of Claim Claim Amount ------ --------------- ------------ Office of the Chief Clerk Repayment of tax US$62,518,250 Illinois Commerce Division incentives 527 East Capital Avenue P.O. Box 19260 Springfield, IL 62794 Jenbaeher Energy Systems Ltd. Trade US$368,624 5244 N. Sam Houston Parkway East Houston, TX 77032 Cape May County Municipal Tax US$348,195 P.O. Box 610 Cape May Court, NJ 08220 Run Energy, L.P. Trade US$179,602 Woodbine Developmental Trade US$73,204 Center City of Suffolk Tax US$68,774 Zampell Refractories Inc. Trade US$60,624 Illinois Department of Tax US$50,946 Revenue Marina Development, Inc. Trade US$50,416 Cananwill, Inc. Trade US$44,165 Brown County Port & Solid Trade US$40,200 Waste Carter Machinery Co., Inc. Trade US$35,896 Deutz Corp. Trade US$25,651 Southeastern Public Service Trade US$22,901 Square D Co. Trade US$20,559 Automation Engineering Trade US$20,000 Systems Long Island Power Trade US$19,517 C.K. Resources Trade US$17,659 Professional Engine Services Trade US$17,189 Derenzo and Associates, Inc. Trade US$11,800 Motive Parts, Co., Inc. Trade US$11,528 Tucson Electric Power Co. Trade US$10,592 BISYS Retirement Services Trade US$9,880 Atlantic States Lubricant Trade US$9,554 Allied Waste Industries, Inc. Trade US$8,680 Grainger Trade US$8,636 Windward Petroleum Trade US$8,299 City of Garland Tax US$7,936 Southworth Milton, Inc. Trade US$7,817 American Environmental Group Trade US$6,574 Wear Check U.S.A. Trade US$6,400 S.C.S. Engineers, P.C. Trade US$6,346 Anthem Blue Cross of Trade US$6,088 Connecticut - Insurance Brenco Operating Inc. Trade US$6,024 Town of Hempstead Tax US$5,239 C.E.S. Industrial Piping Trade US$5,166 Supply Town of Onondaga Tax US$5,142 B.P. Fuel Trade US$5,131 Papco Oil Company Trade US$4,677 Ronald H. Williams, Trade US$4,516 Treasurer WITHINSCOPE LTD: Names Keith Aleric Stevens Liquidator ------------------------------------------------------ Keith Aleric Stevens of Wilkins Kennedy was appointed liquidator of Withinscope Ltd. (t/a Adhive) on Dec. 20, 2007, for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Wilkins Kennedy Gladstone House 77/79 High Street Egham TW20 9HY England * BOOK REVIEW: Financial Planning for High Net Worth Individuals ---------------------------------------------------------------- Authors: Richard H. Mayer and Donald R. Levy Publisher: Beard Books Paperback: 428 pages List Price: US$59.95 Order your personal copy at http://amazon.com/exec/obidos/ASIN/1587982323/internetbankrupt Financial Planning for High Net Worth Individuals by Richard H. Mayer and Donald R. Levy is a comprehensive and authoritative guide to the art and science of wealth management. It is a source book that wealth management advisers can turn to when looking for in-depth answers. Collected here are the insights of expert advisers, presented in a thoughtful and thorough manner on the vital aspects of financial management. This book is for high net worth individuals as well as for every serious wealth management professional. Richard H. Mayer, Chartered Life Underwriter, Registered Investment Advisor. Mr. Mayer has more than 40 years of experience in the insurance industry where he specializes in advising high net worth individuals and in developing executive compensation plans. Donald R. Levy, JD, MBA, is an attorney and benefits consultant. 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