/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080118.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 18, 2008, Vol. 8, No. 13 Headlines A U S T R I A ACE HAUSSANIERUNG: Claims Registration Period Ends Jan. 29 ELEKTRO PONBAUER: Creditors' Meeting Slated for Feb. 5 ELFRIEDE WITZ: Claims Registration Period Ends Jan. 24 ERNST NURSCHER: Creditors' Meeting Slated for Feb. 5 EXAKT LLC: Vienna Court Orders Business Shutdown FRANZ WLASAK: Vienna Court Orders Business Shutdown H.E. BAU: Creditors' Meeting Slated for Jan. 29 LM-LAST MINUTE: Innsbruck Court Orders Business Shutdown MAKUSZOVICH TROCKENBAU: Claims Registration Period Ends Jan. 21 MEISEL-TECHNIK: Claims Registration Period Ends Jan. 22 OEZTUERK OEG: Creditors' Meeting Slated for Jan. 28 P & M BAU: Claims Registration Period Ends Jan. 29 POSTMANN & MESZAROS: Creditors' Meeting Slated for Jan. 28 SARKOEZI LLC: Claims Registration Period Ends Jan. 29 UMFORMTECHNIK LLC: Leoben Court Orders Business Shutdown B E L G I U M FEDERAL MOGUL: Board Appoints Carl Icahn as Non-Exec. Chairman FLOWSERVE CORP: 2007 Full Year Bookings Up 19% to 4.3 Billion SOLUTIA INC: Reaches Settlement with Senior Secured Noteholders D E N M A R K BIO-RAD LABORATORIES: S&P Upgrades Corporate Credit Rating F R A N C E CHARLES JOURDAN: Liquidator to Give Update by Early February DELPHI CORP: Expands Supply Contract with VaST Systems DELPHI CORP: Obtains "Broad-Based" Support on Plan G E R M A N Y AMBIENTE HOTEL: Claims Registration Period Ends Feb. 4 BREGLER DENTAL-LABOR: Claims Registration Ends Feb. 8 BUERO AKTIV-CENTER: Creditors' Meeting Slated for Jan. 23 CITY SCHUTZ: Claims Registration Ends February 12 EGNER-BAU GMBH: Claims Registration Period Ends Feb. 8 FUERST FENSTERBAU: Claims Registration Period Ends Feb. 5 GETRANKE BROSSARDT: Claims Registration Ends February 12 H HOEVEL GMBH: Claims Registration Period Ends Feb. 5 HERBERT KRAUSE: Claims Registration Period Ends Feb. 4 IMOBILA BAUTRAEGER: Claims Registration Period Ends Feb. 1 JM MARKETING: Claims Registration Ends February 13 MODEHAUS LANG: Claims Registration Period Ends Feb. 10 PHOENIX LOGISTIK: Claims Registration Ends February 11 PIN GROUP: Begins Sales Offensive Against Deutsche Post S KUSCHEL GMBH: Claims Registration Period Ends Feb. 5 SPORTANLAGE SCHEESSEL: Claims Registration Period Ends Jan. 31 STUTE WASCHEREI: Claims Registration Period Ends Jan. 31 VASOLD GETRANKE: Claims Registration Period Ends Feb. 8 WILHELM OTTO: Claims Registration Ends February 11 I R E L A N D EIRLES TWO: Moody's Cuts Rating to Caa2 on Series 129 Notes I T A L Y CARROZZERIA BERTONE: Bankruptcy Court Rules on Administration K A Z A K H S T A N AKTOBE METROLOG: Proof of Claim Deadline Slated for Feb. 8 ALMATY FINANCE: Creditors Must File Claims by Feb. 7 ARAI LLP: Claims Filing Period Ends February 12 FLAMINGO EURO: Creditors' Claims Due on February 12 LORYNBEK-KAJY ATA: Claims Registration Ends Feb. 12 RG BRANDS: Moody's Affirms B2 Corporate Family Rating ROSBELTEKS LLP: Proof of Claim Deadline Slated for Feb. 12 SIBMOST-ASTANA LLP: Creditors Must File Claims by Feb. 7 SKS CAPITAL: Claims Filing Period Ends Feb. 7 TATYANA LLP: Creditors' Claims Due on Feb. 12 TENGIZ & K: Claims Registration Ends Feb. 7 K Y R G Y Z S T A N SCIENTIFIC MANUFACTURING: Creditors Must File Claims by Feb. 7 N E T H E R L A N D S KRATON POLYMERS: Board Taps Kevin Fogarty as President & CEO NEPTUNO CLO II: Moody's Rates EUR19 Mln Class E Notes at Ba3 P O L A N D ELEKTRIM SA: Can Stay Off Warsaw Stock Exchange After Buyback ELEKTRIM SA: Gets EUR62 Million Infusion from Unit GLIMAR SA: Fails to Secure Adequate Offers for Bankrupt Assets R U S S I A HYNIX SEMICON: Creditors Want US$4 Bln Stake Sale in First Qtr. ROSNEFT OIL: Earns EUR9.91 Billion for First Nine Months 2007 ROSNEFT OIL: Citigroup Selling Stake for US$1 Billion S W I T Z E R L A N D ANUZIN JSC: Creditors' Liquidation Claims Due by January 31 ARC SOUND: Creditors' Liquidation Claims Due by January 21 C-PUBLIC LLC: Creditors' Liquidation Claims Due by January 20 DEXAMED JSC: Creditors' Liquidation Claims Due by January 21 DSX EYECARE: Creditors' Liquidation Claims Due by January 21 ECLAIR LLC: Zug Court Starts Bankruptcy Proceedings GALBIER LLC: Creditors' Liquidation Claims Due by January 20 HELVETIA AUTOMOBILE: Creditors Must File Claims by January 28 S AIR: Creditors' Liquidation Claims Due by January 31 SACHEM LLC: Thurgau Court Closes Bankruptcy Proceedings SAIRGROUP FINANCIERE: Creditors Must File Claims by January 31 SCHROERS FLORALES: Zug Court Closes Bankruptcy Proceedings SEGULAH HOLDING: Creditors' Liquidation Claims Due by January 21 SEILER PRATTELN: Creditors' Liquidation Claims Due by January 21 T GROUP: Creditors' Liquidation Claims Due by January 31 U K R A I N E AGRICULTURAL CHEMICAL: Creditors Must File Claims by January 20 LARGOVSKY BREADRECEIVING: Creditors Must File Claims by Jan. 20 MOTORCAR PARK: Creditors Must File Claims by January 20 PODSTAVKI LLC: Creditors Must File Claims by January 20 SOFIYEVKA AGRICULTURAL: Creditors Must File Claims by January 20 SOMERS LLC: Claims Registration Deadline Set January 20 SPARTAK OJSC: Claims Registration Deadline Set January 20 WOMAN'S DOCTOR: Creditors Must File Claims by January 20 ZARIA LLC: Claims Registration Deadline Set January 20 U N I T E D K I N G D O M ASHBURY CONFECTIONERY: Appoints Vantis as Administrators BLUECREST INTERNATIONAL: Taps Liquidators from Menzies COLOURSET DISPLAY: Brings In Baker Tilly as Administrators CORNERSTONE TITAN 2006-1: Fitch Affirms Class J Notes at B DECO 8: Fitch Rates GBP8.3 Million Class G Notes atat BB DURA AUTO: Gets Lenders Consent to Amend DIP Financing Terms DURA AUTO: Seeks Approval of 2008 Management Incentive Plan EVERWHITE PLASTICS: Brings In Menzies to Administer Assets FAR EAST: M. C. Bowker Leads Liquidation Procedure JOHN ANTONY: Appoints Liquidators from Chantrey Vellacott KITCHEN AND BEDROOM: Names Matthew Colin Bowker Liquidator MICOS UK: Brings In Liquidators from Tenon Recovery NORTHERN ROCK: Fitch Downgrades Individual Ratings to F OLD CLEE: Calls In Liquidators from Tenon Recovery ORION FINANCE: S&P Cuts Ratings to D Due to Technical Default PROTEC DESIGN: Appoints Vantis as Joint Administrators QUEBECOR WORLD: Fails to Get Financing on Securitization Waivers QUEBECOR WORLD: Accepts CDN$400 Mil. Rescue Financing Proposal REFCO INC: Ex-Counsel Settles Fraud Claims for US$7.6 Million SEA CONTAINERS: Sopris Capital Reports Ownership of SCL Shares SELCOURT LTD: Taps Harrisons to Administer Assets SHAW GROUP: Increases Credit Facility to US$1 Billion SIGNATECH SYSTEMS: Joint Liquidators Take Over Operations SJS FASTFIX: Taps A. Clifton to Liquidate Assets SYNIVERSE TECH: Reports 2007 Full Year Preliminary Results TATA MOTORS: Nano Will Bring Company to Top, Research Firm Says TATA MOTORS: Plans to Test Nano Model in China & Other Markets WINDERMERE VIII: Fitch Rates GBP19.7 Million Class E Notes at BB * BOOK REVIEW: Bankruptcy: A Feast for Lawyers ********* ============= A U S T R I A ============= ACE HAUSSANIERUNG: Claims Registration Period Ends Jan. 29 ---------------------------------------------------------- Creditors owed money by LLC ACE Haussanierung (FN 164141i) have until Jan. 29 to file written proofs of claim to court-appointed estate administrator Carl Knittl at: Dr. Carl Knittl c/o Mag. Horst Winkelmayr Porzellangasse 22A/7 1090 Vienna Austria Tel: 532 47 77 Fax: 532 47 77 50 E-mail: rae@kniwi.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:30 p.m. on Feb. 12 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 4, 2007 (Bankr. Case No. 6 S 156/07v). Horst Winkelmayr represents Dr. Knittl in the bankruptcy proceedings. ELEKTRO PONBAUER: Creditors' Meeting Slated for Feb. 5 ------------------------------------------------------ Creditors owed money by LLC Elektro Ponbauer (FN 37702w) are encouraged to attend the creditors' meeting at 11:50 a.m. on Feb. 5. The creditors' meeting will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Goesing am Wagram, Austria, the Debtor declared bankruptcy on Dec. 6, 2007 (14 S 195/07b). Ulla Reisch serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Ulla Reisch Kremser Gasse 4 3100 St. Poelten Austria Tel: 02742/35 15 50 Fax: 02742/35 15 50-5 E-mail: office.st.poelten@ulsr.at ELFRIEDE WITZ: Claims Registration Period Ends Jan. 24 ------------------------------------------------------ Creditors owed money by LLC Elfriede Witz (FN 173709f) have until Jan. 24 to file written proofs of claim to court-appointed estate administrator Guenther Hoedl at: Dr. Guenther Hoedl c/o Dr. Andrea Simma Schulerstrasse 18 1010 Vienna Austria Tel: 513 16 55 Fax: 513 16 55 33 E-mail: Hoedl@anwaltsteam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Feb. 7 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 30, 2007 (Bankr. Case No. 5 S 134/07a). Andrea Simma represents Dr. Hoedl in the bankruptcy proceedings. ERNST NURSCHER: Creditors' Meeting Slated for Feb. 5 ---------------------------------------------------- Creditors owed money by KG Ernst Nurscher (FN 53568b) are encouraged to attend the creditors' meeting at 9:50 a.m. on Feb. 5. The creditors' meeting will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Neumarkt an der Ybbs, Austria, the Debtor declared bankruptcy on Dec. 11, 2007 (14 S 198/07v). Gerhard Taufner serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Gerhard Taufner Bahnhofstrasse 5 3390 Melk Austria Tel: 02752/5 24 66 Fax: 02752/5 25 74 E-mail: rechtsanwalt.taufner@taufner.at EXAKT LLC: Vienna Court Orders Business Shutdown ------------------------------------------------ The Trade Court of Vienna entered Dec. 5, 2007, an order shutting down the business of LLC Exakt (FN 252812h). 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 Mag. Nikolaus Vogt Zeltgasse 3/12 1080 Vienna Austria Tel: 402 57 01 E-mail: law@riess.co.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Vienna (Bankr. Case No 2 S 157/07m). Nikolaus Vogt represents Dr. Riess in the bankruptcy proceedings. FRANZ WLASAK: Vienna Court Orders Business Shutdown --------------------------------------------------- The Trade Court of Vienna entered Nov. 30, 2007, an order shutting down the business of LLC Franz Wlasak (FN 104019w). Court-appointed estate administrator Johannes Jaksch 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. Johannes Jaksch c/o Dr. Stephan Riel Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 26, 2007 (Bankr. Case No 5 S 135/07y). Stephan Riel represents Dr. Jaksch in the bankruptcy proceedings. H.E. BAU: Creditors' Meeting Slated for Jan. 29 ----------------------------------------------- Creditors owed money by LLC H.E. Bau (FN 281669w) are encouraged to attend the creditors' meeting at 9:00 a.m. on Jan. 29. The creditors' meeting will be held at: The Land Court of Linz Hall 522 Fifth Floor Linz Austria Headquartered in Linz, Austria, the Debtor declared bankruptcy on Dec. 6, 2007 (38 S 64/07a). German Storc serves as the court- appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Mag. German Storch Buergerstrasse 62 4020 Linz Austria Tel: 0732/661861 Fax: 0732/661861-19 E-mail: storch@storch-ra.at LM-LAST MINUTE: Innsbruck Court Orders Business Shutdown -------------------------------------------------------- The Land Court of Innsbruck entered Dec. 6, 2007, an order shutting down the business of LLC LM-last minute Warenlogistik (FN 179056v). Court-appointed estate administrator Peter Planer recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Peter Planer c/o Dr. Barbara Planer-Beranek Klostergasse 1 Villa Margit 6370 Kitzbuehel Austria Tel: 05356/66883 Fax: 05356/668844 E-mail: p.planer@aon.at Headquartered in Kufstein, Austria, the Debtor declared bankruptcy on Nov. 28, 2007 (Bankr. Case No 7 S 68/07w). Barbara Planer-Beranek represents Dr. Planer in the bankruptcy proceedings. MAKUSZOVICH TROCKENBAU: Claims Registration Period Ends Jan. 21 --------------------------------------------------------------- Creditors owed money by KEG MAKUSZOVICH TROCKENBAU (FN 275482x) have until Jan. 21 to file written proofs of claim to court- appointed estate administrator Katharina Pitzal at: Mag. Katharina Pitzal c/o Dr. Hannelore Pitzal Paulanergasse 9 1040 Vienna Austria Tel: 587 31 11, 587 31 12 Fax: 587 87 50-50 E-mail: office@pitzal-partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Feb. 4 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 4, 2007 (Bankr. Case No. 3 S 153/07f). Hannelore Pitzal represents Mag. Pitzal in the bankruptcy proceedings MEISEL-TECHNIK: Claims Registration Period Ends Jan. 22 ------------------------------------------------------- Creditors owed money by LLC Meisel-Technik Engineering (FN 195515y) have until Jan. 22 to file written proofs of claim to court-appointed estate administrator Johannes Jaksch at: Dr. Johannes Jaksch Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33, 713 34 05 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Feb. 5 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 4, 2007 (Bankr. Case No. 28 S 147/07g). OEZTUERK OEG: Creditors' Meeting Slated for Jan. 28 --------------------------------------------------- Creditors owed money by OEG Oeztuerk (FN 237395k) are encouraged to attend the creditors' meeting at 2:15 p.m. on Jan. 28. The creditors' meeting will be held at: The Land Court of Innsbruck Meeting Room 212 Second Floor New Building Maximilianstrasse 4 6020 Innsbruck Austria Headquartered in Landeck, Austria, the Debtor declared bankruptcy on Dec. 7, 2007 (19 S 120/07f). Wilfried Leys serves as the court-appointed estate administrator of the bankrupt's estate. Walter Lenfeld represents Dr. Leys in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Wilfried Leys c/o Dr. Walter Lenfeld Malserstrasse 49 a 6500 Landeck Tel: 05442/63 0 29 Fax: 05442/63 0 29 14 E-mail: RA-LL@aon.at P & M BAU: Claims Registration Period Ends Jan. 29 -------------------------------------------------- Creditors owed money by LLC P & M Bau u. Handel (FN 242130z) have until Jan. 29 to file written proofs of claim to court- appointed estate administrator Kurt Freyler at: Dr. Kurt Freyler c/o Dr. Hans Rant Seilerstatte 5 1010 Vienna Austria Tel: 513 31 65 Fax: 512 20 01 E-mail: ra-kanzlei@rant-freyler.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:15 p.m. on Feb. 12 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 4, 2007 (Bankr. Case No. 6 S 155/07x). Hans Rant represents Dr. Freyler in the bankruptcy proceedings. POSTMANN & MESZAROS: Creditors' Meeting Slated for Jan. 28 ---------------------------------------------------------- Creditors owed money by OEG Postmann & Meszaros (FN 284580a) are encouraged to attend the creditors' meeting at 11:00 a.m. on Jan. 28. The creditors' meeting will be held at: The Land Court of Eisenstadt Hall F Eisenstadt Austria Headquartered in Stegersbach, Austria, the Debtor declared bankruptcy on Dec. 5, 2007 (26 S 161/07i). Andrea Eisner serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Mag. Andrea Eisner Grazer Strasse 28 7551 Stegersbach Austria Tel: 03326/52761 Fax: 03326/52781 E-mail: office@ra-eisner.at SARKOEZI LLC: Claims Registration Period Ends Jan. 29 ----------------------------------------------------- Creditors owed money by LLC SARKOEZI (FN 287035k) have until Jan. 29 to file written proofs of claim to court-appointed estate administrator Philipp Dobner at: Dr. Philipp Dobner c/o Dr. Peter Schulyok Mariahilfer Strasse 50 1070 Vienna Austria Tel: 523 62 00 Fax: 526 72 74 E-mail: dobner@sup.at Creditors and other interested parties are encouraged to attend the creditors' meeting at noon on Feb. 12 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 3, 2007(Bankr. Case No. 6 S 154/07z). Peter Schulyok represents Dr. Dobner in the bankruptcy proceedings. UMFORMTECHNIK LLC: Leoben Court Orders Business Shutdown -------------------------------------------------------- The Land Court of Leoben entered Dec. 4, 2007, an order shutting down the business of LLC Umformtechnik (FN 245350i). Court-appointed estate administrator Helmut Fetz 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. Helmut Fetz Hauptplatz 11 8700 Leoben Austria Tel: 03842-42751 Fax: 03842-42751-40 E-mail: offic@fetz-fetz.at Headquartered in Leoben, Austria, the Debtor declared bankruptcy on Nov. 29, 2007 (Bankr. Case No 17 S 99/07p). ============= B E L G I U M ============= FEDERAL MOGUL: Board Appoints Carl Icahn as Non-Exec. Chairman -------------------------------------------------------------- The Board of Directors of Federal-Mogul Corporation has elected Carl Icahn as its non-executive Chairman. The Federal-Mogul Board will be composed of, among others, Mr. Icahn and three of his associates, the Associated Press reports. The company's confirmed Plan of Reorganization provides an affiliate of Mr. Icahn an option to purchase certain shares of common stock of Reorganized Federal-Mogul held by the Asbestos Trust. Thornwood Associates is one of Mr. Icahn's affiliates. Mr. Icahn has a 75.24% stake in the class A common stock of Federal-Mogul, according to Reuters. "I am very pleased that a financially strong Federal-Mogul has finally emerged from the bankruptcy process. Additionally and most importantly, Federal-Mogul will no longer be hampered by asbestos litigation. I wish to thank and congratulate all those who have worked with me throughout the last six years to accomplish this. I also wish to extend my thanks to Jose Maria Alapont, our President and CEO, who has so successfully guided the operations of Federal-Mogul during the last three years," Mr. Icahn said in a press release. Federal-Mogul President and Chief Executive Officer Jose Maria Alapont said, "We have very positive relations with Carl Icahn and we welcome him as non-executive Chairman. We remain committed to our strategy for sustainable global profitable growth in all areas of our business and to create value for our customers, shareholders and employees." Federal-Mogul shares were down 10 cents in recent trading at US$19.50, AP relates. About Federal-Mogul 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. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl & Jones, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed US$10.15 billion in assets and US$8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan. They submitted a Disclosure Statement explaining that plan on April 21, 2003. They submitted several amendments and on June 6, 2004, the Bankruptcy Court approved the Third Amended Disclosure Statement for their Third Amended Plan. On July 28, 2004, the District Court approved the Disclosure Statement. The estimation hearing began on June 14, 2005. The Debtors submitted a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure Statement on Feb. 6, 2007. The Fourth Amended Plan was confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed by the District Court on Nov. 14. * * * As reported in the Troubled Company Reporter on Jan. 10, 2008, Moody's Investors Service confirmed the ratings of the reorganized Federal-Mogul Corporation -- 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. As reported in the Troubled Company Reporter on Jan. 7, 2008, Standard & Poor's Ratings Services assigned its 'BB-' corporate credit rating to Southfield, Michigan-based Federal-Mogul Corp. following the company's emergence from Chapter 11 on Dec. 27, 2007. The outlook is stable. FLOWSERVE CORP: 2007 Full Year Bookings Up 19% to 4.3 Billion ------------------------------------------------------------- Flowserve Corp. reported record bookings for both the fourth quarter and full year of 2007. Fourth quarter bookings were up 19 percent over the prior year quarter to approximately US$1.1 billion, while full year bookings increased 19 percent over 2006 to US$4.3 billion. Fourth quarter 2007 bookings increased approximately 19 percent, to a record of approximately US$1.1 billion, including currency benefits of approximately US$75 million. This compares to bookings of US$934 million in the same period a year ago. Full year 2007 bookings increased about 19 percent, to a record of approximately US$4.3 billion, including currency benefits of approximately US$200 million. This compares to bookings of US$3.6 billion for full year 2006. "We are very pleased with our continued strong bookings growth and are excited about the outlook for 2008 due to the robust markets we are seeing," said Lewis Kling, Flowserve's President and Chief Executive Officer. "We also believe that our strong execution abilities are enabling us to take market share from our competitors." About Flowserve Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) -- http://www.flowserve.com/-- provides fluid motion and control products and services. Operating in 56 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. Flowserve has operations in Dominican Republic, Guatemala, Guyana, Belize, Belgium, Netherlands, Indonesia, Singapore, Japan, among others. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 20, 2007, Moody's Investors Service affirmed Flowserve Corporation's corporate family rating at Ba3 and probability of default at B1. Moody's also affirmed the Ba2 rating to the company's senior secured term loan and assigned a Ba2 rating to Flowserve's senior secured revolving credit facility. SOLUTIA INC: Reaches Settlement with Senior Secured Noteholders --------------------------------------------------------------- Solutia Inc. has reached a settlement with the Bank of New York, as indenture trustee for Solutia's 11.25% senior secured notes due 2009, and holders of the 2009 notes representing the requisite principal amount needed to direct the trustee to enter into the settlement terms. Under the terms of the settlement, the noteholders will receive US$220.5 million in cash plus all accrued but unpaid interest through the effective date of Solutia's plan of reorganization. Solutia anticipates the effective date of its plan of reorganization will be later this month. This settlement is subject to approval by the U.S. Bankruptcy Court for the Southern District of New York. 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 November 29, 2007, the Court confirmed the Debtors' Consensual Plan. (Solutia Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ============= D E N M A R K ============= BIO-RAD LABORATORIES: S&P Upgrades Corporate Credit Rating ---------------------------------------------------------- Standard & Poor's Ratings Services raised its corporate credit rating on Hercules, California-based Bio-Rad Laboratories Inc. to 'BBB-' from 'BB+' following a review of the company's financial policies. "The upgrade reflects our expectation that Bio-Rad will maintain a financial risk profile appropriate for an investment-grade rating while conducting small acquisitions," said Standard & Poor's credit analyst David Lugg, "with significant acquisitions a rare event following by rapid deleveraging." Headquartered in Hercules, California, Bio-Rad Laboratories, Inc. (AMEX: BIO) (AMEX: BIOb) -- http://www.bio-rad.com/-- is a multinational manufacturer and distributor of life science research products and clinical diagnostics. It serves more than 85,000 research and industry customers worldwide through its global network of operations. The company employs over 5,000 people globally and had revenues of nearly US$1.3 billion in 2006. Aside from the United State, the company maintains operations in Bulgaria, Canada, Denmark, Greece, India, Philippines, Taiwan, and The Netherlands, Brazil, El Salvador, Mexico and Puerto Rico. =========== F R A N C E =========== CHARLES JOURDAN: Liquidator to Give Update by Early February ------------------------------------------------------------ Christophe Roumezi, the court-appointed liquidator for Charles Jourdan, will disclose an update on any acquisition offers for the company's assets by late January or early February 2008, Financial Times Ltd. reports, citing Les Echos as its source. According to the report, Mr. Roumezi assessed that the cost of safeguarding the company's assets and its cash levels means that the deadline should be brought forward to no later than the end of February 2008. Headquartered in Romans Sur Isere, France, Charles Jourdan -- http://www.charles-jourdan.fr/-- manufactures luxury footwear. As reported in the TCR-Europe, the commercial court in Romans- sur-Isere placed Charles Jourdan into liquidation on Dec. 17, 2007, after U.S. firm Omniscent withdrew its offer to acquire the company's assets. The court placed Charles Jourdan in compulsory administration on Sept. 12, 2007, after it filed for redressment judiciaire, the French equivalent of Chapter 11 bankruptcy protection, for the second time. The company first filed for bankruptcy on Aug. 22, 2005. Avendis and Finaluxe bought the company on Nov. 2, 2005. DELPHI CORP: Expands Supply Contract with VaST Systems ------------------------------------------------------ Delphi Corp. has expanded its contract with VaST Systems to supply virtualization solutions. Delphi Electronics & Safety Division uses VaST's solutions to help develop electronic control unit (ECU) software. VaST helps Delphi develop software without requiring hardware prototypes. The use of VaST virtualization solutions can bring deeper visibility and controllability to the software design process helping to net higher quality products. "Automotive electronic systems are experiencing exponential growth in software complexity with the growing expectation of improving product quality," said Frank Winters, Delphi Electronics & Safety manager of design methodology. "VaST's solutions help Delphi manage complexity." "Delphi is a leader in automotive electronics and a key customer in one of our most important market segments. Delphi's use of VaST solutions is indicative of an industry trend toward virtualized electronic system development. We are extremely pleased to provide Delphi with solutions that help them extend their leadership by delivering superior, differentiated products," said Jeff Roane, vice president of marketing at VaST. About VaST VaST Systems drives electronics virtualization. With VaST virtualization electronics companies develop software before hardware, enable early software development by ecosystem partners. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period will expire on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. On Dec. 10, 2007, the Court entered an order approving the Debtors' Disclosure Statement. The hearing to consider confirmation of the Plan is set for Jan. 17, 2008. DELPHI CORP: Obtains "Broad-Based" Support on Plan -------------------------------------------------- Delphi Corp. reported the voting results for its First Amended Joint Plan of Reorganization to the U.S. Bankruptcy Court for the Southern District of New York. Voting by classes of creditors and holders of interests, including shareholders, entitled to vote on the Plan illustrates broad-based support for the Plan, the company said in a news release. Of the more than 4,000 ballots cast by general unsecured creditors voting on the Plan, 3,329 or 81% of all voting creditors aggregated across classes voted to accept the Plan -- excluding ballots cast by GM, plaintiffs in the multi-district litigation and holders of interests. Of the total amount voted by all general unsecured creditor classes, 78% or US$2,083,647,859.13 voted to accept the Plan. 100% of the ballots cast in the GM and MDL classes voted to accept the Plan in the respective amounts of US$2.57 billion and US$57.2 million. Of the approximately 217,000,000 shares voted by shareholders, 78% or 170,297,851 shares voted to accept the Plan. The broad-based support expressed by creditors and shareholders of Delphi Corporation and its principal subsidiaries holding its US and global businesses was reflected in the votes of each of the principal segments of the general unsecured creditor class of the Delphi-DAS Debtors (Class 1C). More than 70% of the ballots cast and 70% of the total dollar amount voted by Delphi's senior note claims, TOPrS claims, and all other claims, including trade claims, segments each voted separately to accept the Plan. The company noted that one of the classes in one of the subsidiary debtors (Delphi Diesel Systems Corp. - Class 6C) rejected the Plan because less than two-thirds in amount of the ballots cast supported the Plan. In addition, depending on whether the Bankruptcy Court allows certain other contested ballots to be counted, one additional class in each of two additional subsidiary debtors (Connection System Debtors - Class 3C and Delco Electronics Overseas Corporation - Class 5C) will have rejected the Plan based on a reduction in the percentage of dollar amounts voted in favor of the Plan below the statutory threshold. Although no assurances can be made, Delphi believes that the Plan satisfies the requirements of the Bankruptcy Code and is confirmable notwithstanding the rejection of the Plan by certain classes. A confirmation hearing on the Plan is scheduled to begin on Jan. 17, 2008. Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. The Court will convene the hearing to consider confirmation of the Plan on Jan. 17, 2008. (Delphi Bankruptcy News, Issue No. 107; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) ============= G E R M A N Y ============= AMBIENTE HOTEL: Claims Registration Period Ends Feb. 4 ------------------------------------------------------ Creditors of Ambiente Hotel Ruetli GmbH have until Feb. 4 to register their claims with court-appointed insolvency manager Cornelia Moenert. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 25, 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 Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Cornelia Moenert Lise-Meitner-Str. 13 33605 Bielefeld Germany The District Court of Bielefeld opened bankruptcy proceedings against Ambiente Hotel Ruetli GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ambiente Hotel R�tli GmbH Osningstr. 245 33605 Bielefeld Germany Attn: Kirsten Knoop, Manager An der Egge 78 45527 Hattingen Germany BREGLER DENTAL-LABOR: Claims Registration Ends Feb. 8 ----------------------------------------------------- Creditors of Bregler Dental-Labor GmbH & Co. KG have until Feb. 8 to register their claims with court-appointed insolvency manager Ulrich Nehrig. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Offenburg Hall 108 Hindenburgstr. 5 77654 Offenburg Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on April 8, at the same venue. The insolvency manager can be reached at: Ulrich Nehrig Schillerstr. 2 79102 Freiburg Germany The District Court of Offenburg opened bankruptcy proceedings against Bregler Dental-Labor GmbH & Co. KG on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bregler Dental-Labor GmbH & Co. KG Attn: Dr. Claus Bregler, Manager Industriestr. 25 77656 Offenburg-Elgersweier Germany BUERO AKTIV-CENTER: Creditors' Meeting Slated for Jan. 23 --------------------------------------------------------- The court-appointed insolvency manager for Buero Aktiv-Center GmbH, Jochen Hedderich will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:00 a.m. on Jan. 23. The meeting of creditors and other interested parties will be held at: The District Court of Wetzlar Meeting Hall 201 Building B Second Stock Wetherstr. 1 35578 Wetzlar Germany The Court will also verify the claims set out in the insolvency manager's report at 8:00 a.m. on March 17, at the same venue. Creditors have until Feb. 11 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Jochen Hedderich GF 54 Wertherstrasse 14 A 35578 Wetzlar Germany Tel: 06441 /948 20 Fax: 06441 /948 222 E-mail: kanzlei@wsr-net.de The District Court of Wetzlar opened bankruptcy proceedings against Buero Aktiv-Center GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Buero Aktiv-Center GmbH Attn: Reiner Flick, Manager Karl-Kellner-Ring 45 35576 Wetzlar Germany CITY SCHUTZ: Claims Registration Ends February 12 ------------------------------------------------- Creditors of City Schutz GmbH have until Feb. 12 to register their claims with court-appointed insolvency manager Dr. Nils Freudenberg. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 25, 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. Nils Freudenberg Ulmenstrasse 14 09112 Chemnitz Germany Tel: (0371) 38 22 60 Fax: (0371) 38 22 623 Web site: http://www.tiefenbacher.de/ The District Court of Chemnitz opened bankruptcy proceedings against City Schutz GmbH on Jan. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: City Schutz GmbH Attn: Maik Schroeder, Manager Markersdorfer Strasse 45/47 09123 Chemnitz Germany EGNER-BAU GMBH: Claims Registration Period Ends Feb. 8 ------------------------------------------------------ Creditors of Egner-Bau GmbH & Co. KG have until Feb. 8 to register their claims with court-appointed insolvency manager Harry Kressl. Creditors and other interested parties are encouraged to attend the meeting at 2:50 p.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 Mosbach Meeting Hall 12 Lohrtalweg 2 74821 Mosbach Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Harry Kressl Uhlandstr. 57-61 74072 Heilbronn Germany Tel: 07131/965415 The District Court of Mosbach opened bankruptcy proceedings against Egner-Bau GmbH & Co. KG on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Egner-Bau GmbH & Co. KG German Egner Steige 57 74842 Billigheim-Sulzbach Germany FUERST FENSTERBAU: Claims Registration Period Ends Feb. 5 --------------------------------------------------------- Creditors of FUERST Fensterbau GmbH have until Feb. 5 to register their claims with court-appointed insolvency manager Thomas Wulsten. Creditors and other interested parties are encouraged to attend the meeting at 10:50 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Wulsten Rudolf-Breitscheid-Strasse 33 14482 Potsdam Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against FUERST Fensterbau GmbH on Jan. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FUERST Fensterbau GmbH Gewerbeparkring 1 15517 Fuerstenwalde Germany GETRANKE BROSSARDT: Claims Registration Ends February 12 -------------------------------------------------------- Creditors of Getranke Brossardt GmbH have until Feb. 12 to register their claims with court-appointed insolvency manager Alexander Hoepfner. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Mannheim Hall 232 Second Floor Schloss 68149 Mannheim 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. Alexander Hoepfner Feldbergstr. 45-47 68163 Mannheim Germany Tel: 0621/810 974 0 The District Court of Mannheim opened bankruptcy proceedings against Getranke Brossardt GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Getranke Brossardt GmbH Attn: Dr. Achim Strecker, Manager Grabengarten 5 76829 Landau Germany H HOEVEL GMBH: Claims Registration Period Ends Feb. 5 ----------------------------------------------------- Creditors of H. Hoevel GmbH & Co. KG have until Feb. 5 to register their claims with court-appointed insolvency manager Helge Wachsmuth. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hildesheim Hall 124 Main Building Kaiserstrasse 60 31134 Hildesheim 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: Helge Wachsmuth Alexanderstr. 2 30159 Hannover Germany Tel: 0511/325095 Fax: 0511/329934 The District Court of Hildesheim opened bankruptcy proceedings against H. Hoevel GmbH & Co. KG on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H. Hoevel GmbH & Co. KG Junkersstr. 2 31137 Hildesheim Germany HERBERT KRAUSE: Claims Registration Period Ends Feb. 4 ------------------------------------------------------ Creditors of Herbert Krause Dental-Labors GmbH have until Feb. 4 to register their claims with court-appointed insolvency manager Dr. Axel Kulas. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Tuebingen Hall 208 Second Floor Branch Office Schulberg 14 72074 Tuebingen 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. Axel Kulas Gansheidestr. 43 70184 Stuttgart Germany Tel: 0711/70707580 Fax: 0711/7070758-8 The District Court of Tuebingen opened bankruptcy proceedings against Herbert Krause Dental-Labors GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Herbert Krause Dental-Labors GmbH Spesshardter Weg 35 75365 Calw Germany Attn: Rolf Krause, Manager Merkurstrasse 3 24943 Flensburg Germany IMOBILA BAUTRAEGER: Claims Registration Period Ends Feb. 1 ---------------------------------------------------------- Creditors of IMOBILA Bautraeger GmbH have until Feb. 1 to register their claims with court-appointed insolvency manager Arno Wolf. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on March 10, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt/Main Hall 2 Building F Klingerstrasse 20 60313 Frankfurt/Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Arno Wolf Minnholzweg 2b 61476 Kronberg Germany Tel: 06173/78340 Fax: 06173/783422 E-Mail: wolf@ra-amend.de Web: http://www.ra-amend.de/ The District Court of Frankfurt/Main opened bankruptcy proceedings against IMOBILA Bautraeger GmbH on Dec. 12, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IMOBILA Bautraeger GmbH Hauptstrasse 332 65760 Eschborn Germany JM MARKETING: Claims Registration Ends February 13 -------------------------------------------------- Creditors of JM Marketing GmbH have until Feb. 13 to register their claims with court-appointed insolvency manager Stephan Haspel. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 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 Landau in der Pfalz Hall 223 Marienring 13 76829 Landau in der Pfalz 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 Haspel Friedrich-Ebert-Str. 7 76829 Landau in der Pfalz Germany Tel: 06341-51020 Fax: 06341-510229 The District Court of Landau in der Pfalz opened bankruptcy proceedings against JM Marketing GmbH on Dec. 31, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: JM Marketing GmbH Attn: GF Joerg Mattern, Manager Taubensuhlstr. 3 76829 Landau in der Pfalz Germany MODEHAUS LANG: Claims Registration Period Ends Feb. 10 ------------------------------------------------------ Creditors of Modehaus Lang GmbH have until Feb. 10 to register their claims with court-appointed insolvency manager Wolfgang Petereit. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 10, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Mainz Hall 75 Building B Ernst-Ludwig Strasse 7 55116 Mainz 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. Wolfgang Petereit GF 48 Kaiserstrasse 24a D 55116 Mainz Germany Tel: 06131/626080 Fax: 06131/6260813 The District Court of Mainz opened bankruptcy proceedings against Modehaus Lang GmbH on Dec. 21, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Modehaus Lang GmbH Attn: Torsten Lang, Manager Bitzer Pfad 8 55270 Ober-Olm Germany PHOENIX LOGISTIK: Claims Registration Ends February 11 ------------------------------------------------------ Creditors of Phoenix Logistik GmbH have until Feb. 11 to register their claims with court-appointed insolvency manager Walter Broehan. 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 Luebeck Hall 256 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: Walter Broehan Muehlenstrasse 56 23552 Luebeck Germany The District Court of Luebeck opened bankruptcy proceedings against Phoenix Logistik GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Phoenix Logistik GmbH Attn: Holger Kamenz, Manager Spenglerstrasse 9 23556 Luebeck Germany PIN GROUP: Begins Sales Offensive Against Deutsche Post ------------------------------------------------------- PIN Group AG has commenced a sales offensive aimed at winning business customers from rival Deutsche Post, the Financial Times reports, citing Frankfurter Allgemeine Zeitung. As previously reported in the TCR-Europe on Jan. 10, 2008, citing Handelsblatt as its source, a representative for Deutsche Post revealed that 50 PIN customers switched to the company in the past two to three months, claiming quality problems as the reason for the defection. Thomas Schulz, a spokesman for PIN, denied these claims, adding the company has won new customers during the said period. PIN, however, is expected to remain under pressure from Deutsche Post's higher discounts for business customers, FT relates. Disposal Meanwhile, Horst Piepenburg, head of the management board at PIN, is looking to sell the company as a whole as he tries to avert further insolvencies, which has totaled to 17, Thomson Financial News says. Mr. Piepenburg told Thomson Financial the company has attracted interest from financial and strategic investors from Germany and abroad. Oesterreichische Post and Swiss Post earlier dismissed a Handelsblatt report that they were interested in acquiring the company, Thomson Financial reveals. Minimum Wage Impact Mr. Piepenburg also hopes to continue operations at the group's insolvent units. As previously stated in a TCR-Europe report, the insolvencies came after publishing group Axel Springer AG, which owns a 63.7% stake in PIN, resolved to stop funding the company following the German government's decision to introduce minimum wages of EUR8- EUR9.80 for the postal industry. Springer argued the minimum wage curbs competition and gives market leader Deutsche Post AG a monopoly. Mr. Piepenburg disclosed that the minimum wage would cost PIN up to EUR45 million in 2008, although "most of the costs are expected to be covered by a form of state reimbursement," he was quoted by Die Zeit as saying. About PIN Group AG PIN Group AG -- http://www.pin-group.net/-- is the second- largest provider in the German mail services market. The group has more than 60 regional subsidiaries, and in 2006 became a national integrated provider by setting up an efficient nationwide distribution network. PIN currently covers around 96 %of Germany primarily through its own distributional networks complemented by regional co-operations. PIN was founded in September 2005 by Axel Springer AG, WAZ Media Group, Georg von Holtzbrinck Publishing Group and Luxembourg- based Rosalia AG, when the stakeholders bundled their respective mail service activities. PIN reported consolidated revenues of EUR168.3 million for the 2006 financial year. The group generated 68% of its earnings through regional mail service activities with the remaining 32% coming from national mail services. In the first quarter of 2007 the company's revenues rose to EUR71.3 million versus EUR30 million in the first quarter of 2006. The company expects revenues to more than double in the current year. On the basis of market share growth PIN Group aims at achieving revenues of EUR1.5 to EUR2 billion by 2015. S KUSCHEL GMBH: Claims Registration Period Ends Feb. 5 ------------------------------------------------------ Creditors of Bau GmbH S. Kuschel have until Feb. 5 to register their claims with court-appointed insolvency manager Katrin Bringezu. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 Leipzig Hall 056 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Katrin Bringezu Prager Strasse 34 04317 Leipzig Germany Tel: 0341/486930 Fax: 0341/4869393 E-mail: leipzig@hbml.de The District Court of Leipzig opened bankruptcy proceedings against Bau GmbH S. Kuschel on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bau GmbH S. Kuschel Eschenweg 6 04509 Delitzsch Germany SPORTANLAGE SCHEESSEL: Claims Registration Period Ends Jan. 31 -------------------------------------------------------------- Creditors of Sportanlage Scheessel Verwaltungs GmbH have until Jan. 31 to register their claims with court-appointed insolvency manager Dr. Christian Willmer. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Feb. 25, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Walsrode Hall 130 Lange Strasse 29-33 29664 Walsrode Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christian Willmer Georgstrasse 5 27283 Verden/Aller Germany Tel: (042 31) 88445 Fax: (042 31) 88455 The District Court of Walsrode opened bankruptcy proceedings against Sportanlage Scheessel Verwaltungs GmbH on Jan. 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sportanlage Scheessel Verwaltungs GmbH Helvesieker Weg 70 27383 Scheessel Germany Attn: Karl-Heinz Wolters, Manager Helvesieker Weg 72 27383 Scheessel Germany STUTE WASCHEREI: Claims Registration Period Ends Jan. 31 -------------------------------------------------------- Creditors of Stute Wascherei GmbH have until Jan. 31 to register their claims with court-appointed insolvency manager Dr. Anja Commandeur. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m on March 13, 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 Bochum Hall A29 Ground Floor Main Building Viktoriastrasse 14 44787 Bochum 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. Anja Commandeur Koenigsallee 200 44799 Bochum Germany The District Court of Bochum opened bankruptcy proceedings against Stute Wascherei GmbH on Dec. 21, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Stute Wascherei GmbH Attn: Bettina Bonk- Stute An den Lothen 25 44892 Bochum Germany VASOLD GETRANKE: Claims Registration Period Ends Feb. 8 ------------------------------------------------------- Creditors of Vasold Getranke GmbH Getrankefachgrosshandel have until Feb. 8 to register their claims with court-appointed insolvency manager Werner Poehlmann. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.m. on Feb. 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 Weiden Boardroom 116/I Justice Building Ledererstrasse Nr. 9 92637 Weiden Germany The Court will also verify the claims set out in the insolvency manager's report at 1:30 p.m. on April 1, at the same venue. The insolvency manager can be reached at: Dr. Werner Poehlmann Aussere Sulzbacher Str. 118 90491 Nuremberg Germany Tel: 0911/59890-0 The District Court of Weiden opened bankruptcy proceedings against Vasold Getranke GmbH Getrankefachgrosshandel on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Vasold Getranke GmbH Getrankefachgrosshandel Attn: Joachim Vasold, Manager Philip-Karl-Str. 16 92637 Weiden Germany WILHELM OTTO: Claims Registration Ends February 11 -------------------------------------------------- Creditors of Wilhelm Otto Duesberg GmbH have until Feb. 11 to register their claims with court-appointed insolvency manager Bernd Depping. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bernd Depping Alfredstr. 108-112 45131 Essen Germany Tel: (0201) 879040 The District Court of Essen opened bankruptcy proceedings against Wilhelm Otto Duesberg GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wilhelm Otto Duesberg GmbH Attn: Klaus Duesberg, Manager Hohefeldstr. 19-30 46284 Dorsten Germany ============= I R E L A N D ============= EIRLES TWO: Moody's Cuts Rating to Caa2 on Series 129 Notes ----------------------------------------------------------- Moody's Investors Service downgraded to Caa2 under review for downgrade from Ba2 under review for downgrade the Series 129 US$4,673,478 Variable Interest Limited Recourse Secured Notes due 2035 relating to the Class 2 AV-3 Asset-Backed Certificates Series 2004-10 of CWABS Asset-Backed Certificates Trust 2004-10, issued by Eirles Two Limited. Moody's said the action follows the downgrade to B2 from Baa3 of the US$4,673,478 Puttable Floating Rate Notes due Feb. 25, 2010, issued by the structured investment vehicle Stanfield Victoria Finance Ltd which collateralize these Notes. The rating action on the Victoria Notes is as a result of the occurrence of an Enforcement Event on Jan. 8, 2008 that followed a rating downgrade of Victoria Finance's senior debt. The action was also prompted by uncertainty on the course of action that will be pursued by the Collateral Agent, as guided by senior debt investors and the courts. The Notes are also credit-linked to the Aaa rated Class 2 AV-3 Asset-Backed Certificates Series 2004-10 of CWABS Asset-Backed Certificates Trust 2004-10 and incorporate a swap agreement with Deutsche Bank AG (London Branch), currently rated Aa1 ("DB"). Moody's rating is based on the credit quality of the Victoria Notes, the CWABS Certificates and the general structural integrity of the transaction. Given the occurrence of an event of default on the Victoria Notes, there is a high likelihood the repack transaction will unwind and Noteholders would then receive the liquidation proceeds from the Victoria Notes plus or minus any swap termination payment which would include the mark-to-market gain or loss on the CWABS Certificates. This additional source of risk results in the lower rating of the Series 129 Notes relative to the Victoria Notes. Eirles Two Limited is a special purpose company located in Ireland and established for the purpose of repackaging debt securities. ========= I T A L Y ========= CARROZZERIA BERTONE: Bankruptcy Court Rules on Administration ------------------------------------------------------------- A bankruptcy tribunal in Turin, Italy, initiated administration proceedings against Carrozzeria Bertone S.p.A. ruling that the company should be run by a government-appointed commissioner, the Financial Times reports, Carrozzeria citing La Stampa as its source. Bertone Chairperson Lilli Bertone expressed her satisfaction over the ruling saying the efforts made to protect workers and re-launch the business paid off, Financial Times says. Ms. Bertone disclosed on Jan. 1, 2008, that she plans to sell the company to Domenico Reviglio, the founder and President of Gruppo Prototipo, best known as owner of Nardo test track. Ms. Bertone told La Stampa that she would press ahead with the business plan. The company's 1,300 strong-workforce is currently paid under a state funded scheme, which expired on Dec. 31, 2007. By falling into administration, the staff will have their temporary layoff payments extended for another two years, Financial Times notes. Headquarterd in Turin, Italy, Carrozzeria Bertone S.p.A. -- http://www.bertone.it/-- manufactures car for the Bertone Group. The company does the product and process engineering for all of its products and handles the entire manufacturing cycle. As previously reported in the Troubled Company Reporter-Europe, Bertone filed for bankruptcy protection in November 2007 after accumulating EUR37.3 million in losses for the past three years. Bertone filed for concordato preventivo -- similar to a Chapter 11 bankruptcy petition in the U.S. -- which prevents creditors to collect payments while the company reorganizes. The filing foresees Bertone's management overseeing the reorganization. The company, however, excluded its design, engineering and glass businesses from the filing. =================== K A Z A K H S T A N =================== AKTOBE METROLOG: Proof of Claim Deadline Slated for Feb. 8 ---------------------------------------------------------- LLP Aktobe Metrolog has declared insolvency. Creditors have until Feb. 8 to submit written proofs of claims to: LLP Aktobe Metrolog Sankibai batyr Str. 173-150 Aktobe Aktube Kazakhstan ALMATY FINANCE: Creditors Must File Claims by Feb. 7 ---------------------------------------------------- Branch of LLP Microcredit Organization - Almaty Finance has declared insolvency. Creditors have until Feb. 7 to submit written proofs of claims to: LLP Microcredit Organization - Almaty Finance Office 1 Gogol Str. 31 Karaganda Kazakhstan ARAI LLP: Claims Filing Period Ends February 12 ----------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Arai insolvent. Creditors have until Feb. 12 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Loginov Str. 27 Kentau South Kazakhstan Kazakhstan FLAMINGO EURO: Creditors' Claims Due on February 12 --------------------------------------------------- LLP Flamingo Euro has declared insolvency. Creditors have until Feb. 12 to submit written proofs of claims to: LLP Flamingo Euro Tolstoy Str. 53 Kostanai Kazakhstan Tel: 8 (3142) 50-99-56 LORYNBEK-KAJY ATA: Claims Registration Ends Feb. 12 --------------------------------------------------- LLP Orynbek-Kajy Ata has declared insolvency. Creditors have until Feb. 12 to submit written proofs of claims to: LLP Orynbek-Kajy Ata Kojanov Str. Jetysai Mahtaaralsky District South Kazakhstan Kazakhstan RG BRANDS: Moody's Affirms B2 Corporate Family Rating ----------------------------------------------------- Moody's Investors Service affirmed the B2 corporate family rating of OJSC RG Brands, one of the leading food manufacturers and distributors of household products in Kazakhstan, but changed the rating outlook to negative from stable. These ratings were affected: -- B2 Corporate Family Rating and Probability of Default Rating The change in the rating outlook to negative takes account of a number of factors. "Firstly, Moody's recognizes that the 28% top line growth the company has experienced in 2006 and continued through the first nine months of 2007, has come with a considerable increase in the level of financial liabilities and limited free cash flow generation mainly resulting from high investments in fixed capital" explained Stefano del Zompo, lead analyst for RG Brands at Moody's. "Other factors affecting the company's risk profile include the worsening outlook for Kazakh banks, many of which are currently lending to the company, which increases the possibility that banks could restrict funding unilaterally and a certain degree of accounting risk", Mr. del Zompo said. More positively, RG Brands' ratings continue to reflect: (i) Kazakhstan's favorable macroeconomic environment, with average GDP growth of over 9% per annum since 2002, inflation mostly under control within the 6%-9% range, the increase in households' disposable income and ultimately the positive trend in consumption and retail sales, with double-digit growth expected going forward; (ii) the company's leading share in key segments of the market which have increased over the past few years supported by organic growth of up to 30% for all RG Brands' products except tea; and (iii) the still fragmented nature of the Kazakh retail market, coupled with the company's extensive distribution network and the attractiveness of its own and imported products categories, which constitute considerable barriers to entry for larger players. Moody's notes that negative pressure could be exerted on RG Brands' rating if financial debt, including letters of credit, continues to rise without a corresponding increase in cash flows from operations, leading to a Debt/EBITDA ratio above 5.0x on a continued basis. The rating could also come under pressure if, as a result of the instability of the Kazakh banking system, the company's liquidity position were to deteriorate. Conversely, ratings will likely experience positive pressure in the event of stronger cash generation relative to debt levels, leading to a reduction in the company's Debt/EBITDA in the region of 4.0x. Positive pressure would also be generated by an improvement in accounting diligence, increased transparency and a more comfortable liquidity position. Moody's last rating action on RG Brands was an affirmation in July 2006. Headquartered in Almaty, Kazakhstan, OJSC RG Brands is a leading food producer in Central Asia. The company, which is 100% owned by the Resmi Group, was established in 1994 and has grown rapidly through acquisitions. In 2006, the company reported sales and EBITDA of KZT18.4 billion (ca. US$149 million) and KZT2.2 billion (ca US$17.8 million), respectively. ROSBELTEKS LLP: Proof of Claim Deadline Slated for Feb. 12 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Rosbelteks insolvent. Creditors have until Feb. 12 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Vostochnaya Str. 51 Atakent Mahtaaralsky District South Kazakhstan Kazakhstan SIBMOST-ASTANA LLP: Creditors Must File Claims by Feb. 7 -------------------------------------------------------- LLP Sibmost-Astana has declared insolvency. Creditors have until Feb. 7 to submit written proofs of claims to: LLP Sibmost-Astana Respublika ave. 9/1-68 Astana Kazakhstan SKS CAPITAL: Claims Filing Period Ends Feb. 7 --------------------------------------------- LLP Company SKS Capital has declared insolvency. Creditors have until Feb. 7 to submit written proofs of claims to: LLP Company SKS Capital Jubanova Str. 4 Aktobe Aktube Kazakhstan TATYANA LLP: Creditors' Claims Due on Feb. 12 --------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Tatyana insolvent. Creditors have until Feb. 12 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Loginov Str. 27 Kentau South Kazakhstan Kazakhstan TENGIZ & K: Claims Registration Ends Feb. 7 ------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Tengiz & K insolvent. Creditors have until Feb. 7 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakhstan =================== K Y R G Y Z S T A N =================== SCIENTIFIC MANUFACTURING: Creditors Must File Claims by Feb. 7 -------------------------------------------------------------- LLC Scientific-Manufacturing Technical Centre ARS has declared insolvency. Creditors have until Feb. 7 to submit written proofs of claim to: LLC Scientific-Manufacturing Technical Centre ARS Chui Ave. 44 Bishkek Kyrgyzstan Tel: (+996 312) 29-68-37 ===================== N E T H E R L A N D S ===================== KRATON POLYMERS: Board Taps Kevin Fogarty as President & CEO ------------------------------------------------------------ Kraton Polymers LLC's Board of Directors has appointed Kevin M. Fogarty as President and Chief Executive Officer, effective Jan. 14, 2008. He succeeds George B. Gregory who has decided to leave Kraton after three and a half years of transforming the company. Mr. Gregory will serve as an advisor to the company through June 30, 2008. Additionally, David A. Bradley has been appointed Chief Operating Officer, also effective Jan. 14, 2008. Mr. Fogarty has served as Kraton's Executive Vice President since June 2005, when he joined Kraton from INVISTA S.ar.l., where he served as President for Polymer and Resins since May 2004. Prior to that, Mr. Fogarty held a variety of roles with increasing responsibility in Koch Industries' companies, including KoSa, B.V. Mr. Bradley has been Vice-President of Operations since September 2004. He joined Kraton in April 2004 as Vice President of Transformation, bringing Lean Six Sigma to Kraton's operations. Prior to Kraton, Mr. Bradley worked for General Electric as a Lean Manufacturing Manager. Kelvin Davis, a Partner of TPG Capital and Kraton's Chairman of the Board, said, "Kevin has been a significant contributor to Kraton since joining us in 2005. He has excellent experience in the global polymer industry, and has proven leadership credentials that will be essential in advancing Kraton's strategic business objectives. We are very excited to have him step up into this opportunity. We also wish to thank George for his achievements over the past three and a half years, during which time he drove significant advancements in innovation, operational excellence, and expansion of the Kraton brand." Timothy Walsh, Managing Director at CCMP Capital Advisors, LLC, and a member of the Board of Directors of Kraton said, "We also want to thank George for his tremendous accomplishments in which he created a stand-alone business to grow from. We now look forward to working with Kevin and David to advance Kraton further, leveraging Kraton's leadership position, and implementing strategic restructuring to propel Kraton to the next level of performance." "I am extremely excited and proud to lead our team into the future," said Mr. Fogarty, "Kraton is a first class company, with a leading global market position, and an employee talent base second to none. Our end-use market focus, coupled with an innovation-driven growth mentality, will only assure we will continue to expand Kraton's ability to provide unique products and services that our customers both expect and truly value." Based in Houston, Texas, Kraton Polymers LLC -- http://www.kraton.com/-- produces styrenic block copolymers. SBCs are highly-engineered thermoplastic elastomers, which enhance the performance of numerous products by delivering a variety of attributes, including greater flexibility, resilience, strength, durability and processability. Kraton polymers are used in a wide range of applications including adhesives, coatings, consumer and personal care products, sealants, lubricants, medical, packaging, automotive, paving, roofing, and footwear products. Kraton has the leading position in nearly all of its core markets and is the only producer of SBCs with global manufacturing capability. Its production facilities are located in the United States, Germany, France, The Netherlands, Brazil, and Japan. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 21, 2007, Moody's Investors Service has affirmed Kraton Polymers LLC's B1 corporate family rating but revised the company's outlook to negative as Moody's expects continued margin weakness, due to delays in passing on the full extent of raw material cost increases to Kraton customers, which will diminish free cash flow from operations over the next 12 to 18 months. NEPTUNO CLO II: Moody's Rates EUR19 Mln Class E Notes at Ba3 ------------------------------------------------------------ Moody's Investors Servcie assigned these long term ratings to five classes of notes issued by Neptuno CLO II B.V., a bankruptcy remote special purpose vehicle incorporated in the Netherlands: -- Aaa to the EUR308,500,000 Class A Senior Secured Floating Rate Notes due 2023; -- Aa2 to the EUR28,000,000 Class B Senior Secured Floating Rate Notes due 2023; -- A2 to the EUR23,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2023; -- Baa3 to the EUR23,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2023; -- Ba3 to the EUR19,000,000 Class E Senior Secured Deferrable Floating Rate Notes due 2023. The ratings of the notes address the expected loss posed to investors by the legal maturity of each class in 2023. These ratings are based upon: 1. An assessment of the credit quality and of the diversification of the assets in the initial portfolio; 2. An assessment of the eligibility criteria applicable to the future additions to the portfolio; 3. The overcollateralization of the notes; 4. The protection against losses through the subordination of the Class A, B, C, D, E notes and the excess spread available in the transaction; 5. The proposed currency swap transactions, which insulate the issuer from the volatility of the foreign currency exchange rates in respect of non-Euro denominated obligations; 6. The legal and structural integrity of the issue. This transaction is a high yield collateralized loan obligation related to a collateral portfolio of approximately EUR437.75 million, comprised primarily of European senior and mezzanine loans and high yield bonds. This portfolio is dynamically managed by Caja de Ahorros y Monte de Piedad de Madrid. This portfolio will be partially acquired at closing date and partially during the 6 months ramp-up period in compliance with portfolio guidelines. Thereafter, the portfolio of loans will be actively managed and the portfolio manager will have the option to buy or sell assets in the portfolio. Any addition or removal of assets will be subject to a number of portfolio criteria. =========== P O L A N D =========== ELEKTRIM SA: Can Stay Off Warsaw Stock Exchange After Buyback ------------------------------------------------------------- Elektrim SA does not need to return to the Warsaw Stock Exchange as it only has less than 15 percent of its equity in public hands, following a share buyback, the Financial Times Ltd. reports, citing Polish News Bulletin. The trading in Elektrim's shares was suspended on Jan. 11. According to the report, Elektrim is one of the first companies to be listed on the Warsaw bourse, and among the most liquid ones. As reported in the Troubled Company Reporter - Europe on Nov. 9, 2007, WSE approved the company's second request to have its shares delisted from the market. WSE said that it was of vital interest to the company that its shares will not be traded while in bankruptcy. The company filed for bankruptcy protection in a court in Warsaw on Aug. 10, 2007, after its second debt restructuring talks with bondholders failed. According to FT, WSE also requested that the company renew efforts to be listed again if investors hold more than 15 percent of Elektrim's stake. Although PAI Media offered a bid for the shares and bought almost all publicly traded shares, Vivendi and Maciej Niebrzydowski refused to sell their stakes. About Elektrim S.A. Headquartered in Warsaw, Poland, Elektrim S.A. -- http://www.elektrim.pl/-- engages in the power and telecommunication businesses. In addition to its core business activities, Elektrim also manufactures sells cables, and provides data transmission services. ELEKTRIM SA: Gets EUR62 Million Infusion from Unit -------------------------------------------------- Elektrim SA received EUR62 million from its subsidiary, which would enable the company to pay a EUR40 million debt to its bondholders, the Financial Times Ltd. reports, citing Polish News Bulletin. As previously reported in the Troubled Company Reporter-Europe, the company filed for bankruptcy protection in a court in Warsaw on Aug. 10, 2007, after its second debt restructuring talks with bondholders failed. About Elektrim S.A. Headquartered in Warsaw, Poland, Elektrim S.A. -- http://www.elektrim.pl/-- engages in the power and telecommunication businesses. In addition to its core business activities, Elektrim also manufactures sells cables, and provides data transmission services. GLIMAR SA: Fails to Secure Adequate Offers for Bankrupt Assets -------------------------------------------------------------- Efforts to sell bankrupt Rafineria Nafty Glimar S.A.'s Hydrokompleks plant fell yet again as offers received failed to reach the minimum price of PLN180 million, The Financial Times Ltd. reports, citing Polish News Bulletin. The price for the facility, which was initially estimated at PLN326 million, was cut in half by the creditors' council due to lack of offers, the FT adds. The company, which owes creditors around PLN600 million, had spent between PLN350 million to PLN400 million for the construction of the plant, which was used to produce kerosene, diluent, and motor oils, the FT relates. Company receiver Bozena Polesek of Capricorn said that Glimar was apparently "hard to sell", the report says. According to the report, Ms. Polesek intends to start negotiating with other interested bidders, the results of which will be disclosed at a creditors' council meeting on Oct. 10, 2008. Headquartered in Gorlice, Poland, Rafineria Nafty Glimar S.A. -- http://www.glimar.pl/-- is an oil refinery. =========== R U S S I A =========== HYNIX SEMICON: Creditors Want US$4 Bln Stake Sale in First Qtr. --------------------------------------------------------------- Hynix Semiconductor Inc's creditors advised the company to begin its US$4 billion stake sale in the first quarter of this year, The Economic Times reports. Korean Exchange Bank, one of Hynix's creditors, told The Economic Times that Credit Suisse, which was picked to advise on the sale in September 2007, reported to Hynix creditors that it saw a number of potential buyers for its shares after it tested the market. Creditors own a combined 36.1% in Hynix, a stake with a market value of KRW3.9 trillion, the report relates. Korean Exchange Bank is the top single shareholder in the company with an 8.2% stake, the report notes. 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. ROSNEFT OIL: Earns EUR9.91 Billion for First Nine Months 2007 ------------------------------------------------------------- OAO Rosneft Oil Co. released its consolidated financial results for the first nine months and third quarter ended Sept. 30, 2007. Rosneft posted EUR9.91 billion in net profit on EUR32.75 billion in net revenues for the first nine months of 2007, compared with EUR2.93 billion in net profit on EUR24.88 billion in net revenues for the same period in 2006. Rosneft posted EUR1.89 billion in net profit on EUR13.74 billion in net revenues for the third quarter 2007, compared with EUR1.05 billion in net profit on EUR8.95 billion in net revenues for the same period in 2006. In the third quarter of 2007, net income, adjusted for the effect of non-operating accrual of fines and penalties related to pre-acquisition Yuganskneftegaz tax debt in the amount of US$38 million and -US$75 million in the third quarter of 2007 and 2006, respectively, increased by 97.5% year-on-year (to US$1.928 million from US$976 million in the third quarter of 2006) and by 13.2% quarter-on-quarter (to US$1.92 billion from US$1.703 billion in the second quarter of 2007). In the first nine months of 2007, net income, adjusted for the effect of non-operating accrual of fines and penalties related to pre-acquisition Yuganskneftegaz tax debt proceeds in the amount of US$437 million and -US$13 million for the nine months of 2007 and 2006, respectively, as well the net effect of receipt of the Yukos bankruptcy receivables in the amount of US$6.019 billion in the first nine months of 2007, increased by 48.4% to US$4.328 million in the first nine months of 2007 from US$2.917 million in the first nine months of 2006. In the third quarter of 2007 Rosneft and its consolidated subsidiaries increased production of crude oil by 29.2% to 192.35 million barrels from 148.88 million barrels in the third quarter of 2006. This growth was largely due to an increase in production at Yuganskneftegaz to 113.05 million barrels in the third quarter of 2007 from 106.69 million barrels in the same period of 2006, or by 6.0%, as well as the acquisition of Tomskneft and Samaraneftegaz, which collectively contributed 57.15 million barrels to Rosneft's crude oil production from the day of their acquisition in May 2007 to Sept. 30, 2007. Including share in affiliates, Rosneft increased its production by 32.6% to 199.08 million barrels in the third quarter of 2007 from 150.12 million barrels in the third quarter of 2006. In the first nine months of 2007, Rosneft and its consolidated subsidiaries increased crude oil production by 19.6% to 511.62 million barrels (up from 427.67 million barrels in the same period of 2006) while crude oil production, including equity share in affiliates, increased by 23.2% to 531.41 million barrels (up from 431.23 million barrels in the nine months of 2006). Among the factors contributing to this increase was a growth in average well flow rates, which increased from 109.73 barrels per day in the nine months of 2006 to 112.5 barrels per day in the same period of 2007. In the third quarter of 2007, Rosneft and its consolidated subsidiaries produced 3.89 billion cubic meters (bcm) of natural and associated gas, an increase of 15.9% compared to the same period of 2006. In the first nine months of 2007 Rosneft's production of natural and associated gas increased by 14.6% to 11.60 bcm from 10.13 bcm in the same period of 2006. The growth was primarily due to the increased production at Krasnodarneftegaz, Grozneftegaz and Purneftegaz. Including share in affiliates, gas production increased by 14.8% to 11.63 bcm in the nine months of 2007. In the third quarter petroleum products output increased by 109.3% year-on-year to 11.93 million tons in 2007 from 5.70 million tons in 2006. F or the first nine months of 2007, output of petroleum products from Rosneft produced crude oil, including output at mini refineries and refineries controlled by third parties, increased by 56.0% to 26.32 million tons from 16.87 million tons for the same period of 2006. "The third quarter was another record quarter for Rosneft both in terms of operational performance and increased profitability, whether reviewed only on an organic basis or incorporating recent acquisitions," Sergey Bogdanchikov, president of Rosneft, said. "We continued to demonstrate industry leading organic production and earnings growth rates. Profitability per barrel increased despite taxation and inflation cost increases exceeding oil price appreciation. As outlined in our communication following the review of our 2008 business plan at our Board of Directors meeting in December, we are confident in our ability to continue to demonstrate leading operational and financial performance through rigorous cost control, improved downstream margins via increased sales through new and more profitable sales channels to end customers and continued organic volume growth." About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines, and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is positive. Ratings apply to date. ROSNEFT OIL: Citigroup Selling Stake for US$1 Billion ----------------------------------------------------- Citigroup Inc. is selling its 110 million shares in OAO Rosneft Oil Co. for US$1 billion, Kommersant reports, citing RosBusinessConsulting as its source. Buyer of the shares would gain at least a 1% stake in Rosneft, given the oil giant's US$98 billion equity stake, RBC relates. According to Kommersant, it is not the first time that market players offer for sale big stakes in oil companies that launched initial public offerings in 2006. Kommersant notes that poor yield on oil stocks might have forced some large local businessmen to sell their stakes. Analysts attribute Citigroup's decision to its effort to cope with liquidity problems caused by the U.S. mortgage crisis, Kommersant says. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines, and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is positive. Ratings apply to date. ===================== S W I T Z E R L A N D ===================== ARC SOUND: Creditors' Liquidation Claims Due by January 21 ---------------------------------------------------------- Creditors of LLC Crystal have until Jan. 21 to submit their claims to: Ulrich F. Baur Liquidator Felsenrainstr. 33 8832 Wollerau Hofe SZ Switzerland The Debtor can be reached at: LLC ARC Sound of Music Basel Switzerland ANUZIN JSC: Creditors' Liquidation Claims Due by January 31 ----------------------------------------------------------- Creditors of JSC Anuzin have until Jan. 31 to submit their claims to: Melchior Vogler Liquidator Grossfeldstrasse 40 7320 Sargans Wahlkreis Sarganserland SG Switzerland The Debtor can be reached at: JSC Anuzin Glarus Switzerland C-PUBLIC LLC: Creditors' Liquidation Claims Due by January 20 ------------------------------------------------------------- Creditors of LLC C-public have until Jan. 20 to submit their claims to: Suzanne Kreis-Hofer Kaferholzstrasse 142 4058 Basel Switzerland The Debtor can be reached at: LLC C-public Basel Switzerland DEXAMED JSC: Creditors' Liquidation Claims Due by January 21 ------------------------------------------------------------ Creditors of JSC Dexamed have until Jan. 21 to submit their claims to: JSC Buchhaltung und Revision Bundesstrasse 3 Mail box:4028 6304 Zug Switzerland The Debtor can be reached at: JSC Dexamed Cham ZG Switzerland DSX EYECARE: Creditors' Liquidation Claims Due by January 21 ------------------------------------------------------------ Creditors of LLC DSX Eyecare have until Jan. 21 to submit their claims to: LLC DSX Eyecare Sulzerstrasse 17 4010 Basel Switzerland ECLAIR LLC: Zug Court Starts Bankruptcy Proceedings -------------------------------------------------- The Bankruptcy Service of Zug commenced bankruptcy proceedings against JSC Eclair formerly JSC LifeSyntax on Dec. 5, 2007. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Eclair Baarerstrasse 73 6302 Zug Switzerland GALBIER LLC: Creditors' Liquidation Claims Due by January 20 ------------------------------------------------------------ Creditors of LLC Galbier have until Jan. 20 to submit their claims to: Georg Galbier Liquidator Forchstr. 178 8125 Zollikerberg ZH Switzerland The Debtor can be reached at: LLC Galbier Zollikon Meilen ZH Switzerland HELVETIA AUTOMOBILE: Creditors Must File Claims by January 28 ------------------------------------------------------------- Creditors of LLC Helvetia Automobile have until Jan. 28 to submit their claims to: Richard Sabo Liquidator Wiesenweg 452 8217 Wilchingen SH Switzerland The Debtor can be reached at: LLC Helvetia Automobile Neuhausen am Rheinfall SH Switzerland S AIR: Creditors' Liquidation Claims Due by January 31 ------------------------------------------------------ Creditors of JSC S Air Services Invest have until Jan. 31 to submit their claims to: Wenger Plattner Urs Gunter Goldbach-Center Seestrasse 39 8700 Kusnacht ZH Switzerland The Debtor can be reached at: JSC S Air Services Invest Kusnacht ZH Switzerland SACHEM LLC: Thurgau Court Closes Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Service of Thurgau entered Nov. 30, 2007, an order closing the bankruptcy proceedings of LLC Sachem. The Bankruptcy Service of Thurgau can be reached at: Bankruptcy Service of Thurgau 8510 Frauenfeld TG Switzerland The Debtor can be reached at: LLC Sachem Friedbergstrasse 11 8280 Kreuzlingen TG Switzerland SAIRGROUP FINANCIERE: Creditors Must File Claims by January 31 -------------------------------------------------------------- Creditors of JSC SAirGroup Financiere have until Jan. 31 to submit their claims to: Wenger Plattner Urs Gunter Goldbach-Center Seestrasse 39 8700 Kusnacht ZH Switzerland The Debtor can be reached at: JSC SAirGroup Financiere Kusnacht ZH Switzerland SCHROERS FLORALES: Zug Court Closes Bankruptcy Proceedings ---------------------------------------------------------- The Bankruptcy Service of Zug entered Dec. 5, 2007, an order closing the bankruptcy proceedings of LLC Schroers Florales. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: LLC Schroers Florales Blegistrasse 25 6340 Baar ZG Switzerland SEGULAH HOLDING: Creditors' Liquidation Claims Due by January 21 ---------------------------------------------------------------- Creditors of JSC Segulah Holding have until Jan. 21 to submit their claims to: Dr. Herbert Winter Liquidator Kirchgasse 40 8024 Zurich Switzerland The Debtor can be reached at: JSC Segulah Holding Zug Switzerland SEILER PRATTELN: Creditors' Liquidation Claims Due by January 21 ---------------------------------------------------------------- Creditors of JSC Seiler Pratteln have until Jan. 21 to submit their claims to: Paul St�cklin Durrenmattweg 4 4133 Pratteln Liestal BL Switzerland The Debtor can be reached at: JSC Seiler Pratteln Pratteln Liestal BL Switzerland T GROUP: Creditors' Liquidation Claims Due by January 31 -------------------------------------------------------- Creditors of JSC T Group have until Jan. 31 to submit their claims to: Wenger Plattner Urs Gunter Goldbach-Center Seestrasse 39 8700 Kusnacht ZH Switzerland The Debtor can be reached at: JSC T Group Kusnacht ZH Switzerland ============= U K R A I N E ============= AGRICULTURAL CHEMICAL: Creditors Must File Claims by January 20 --------------------------------------------------------------- Creditors of Agricultural LLC Agricultural Chemical Service (code EDRPOU 31369466) have until Jan. 20 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. 01/5000. The Debtor can be reached at: Agricultural LLC Agricultural Chemical Service Sadovaya Str. 59 Zolotonosha District Korobovka 19772 Cherkassy Ukraine LARGOVSKY BREADRECEIVING: Creditors Must File Claims by Jan. 20 --------------------------------------------------------------- Creditors of LLC Largovsky Breadreceiving Enterprise (code EDRPOU 30823978) have until Jan. 20 to submit written proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 27/152/B. The Debtor can be reached at: LLC Largovsky Breadreceiving Enterprise 84000 Donetsk Ukraine Alexandrovka Sovetskaya Str. 16 MOTORCAR PARK: Creditors Must File Claims by January 20 ------------------------------------------------------- Creditors of OJSC Yampolal Agricultural Service Subsidiary Company Motorcar Park Ofal Agricultural Technical Service (code EDRPOU 30088503) have until Jan. 20 to submit written proofs of claim to: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 10/241-07. The Debtor can be reached at: OJSC Yampolal Agricultural Service Subsidiary Company Motorcar Park Ofal Agricultural Technical Service Cherniakhovsky Str. 1 Yampol Vinnica Ukraine PODSTAVKI LLC: Creditors Must File Claims by January 20 ------------------------------------------------------- Creditors of Agricultural LLC Podstavki (code EDRPOU 03793099) have until Jan. 20 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. 14/5403. The Debtor can be reached at: Agricultural LLC Podstavki Podstavki Zolotonosha District 19713 Cherkassy Ukraine SOFIYEVKA AGRICULTURAL: Creditors Must File Claims by January 20 ---------------------------------------------------------------- The Economic Court of Cherkassy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 10/5324. Creditors of Sofiyevka Agricultural LLC (code EDRPOU 01528393) have until Jan. 20 to submit written proofs of claim to: The Economic Court of Cherkassy Shevchenko Avenue 307 18005 Cherkassy Ukraine The Debtor can be reached at: Sofiyevka Agricultural LLC Sofiyevka Zolotonosha District 19721 Cherkassy Ukraine SOMERS LLC: Claims Registration Deadline Set January 20 ------------------------------------------------------- Creditors of LLC Somers (code EDRPOU 32494150) have until Jan. 20 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 the bankruptcy supervision procedure on the company. The case is docketed under Case No. 23/493-b. The Debtor can be reached at: LLC Somers Dmitrevskaya Str. 18/24 01054 Kiev Ukraine SPARTAK OJSC: Claims Registration Deadline Set January 20 --------------------------------------------------------- Creditors of OJSC Spartak (code EDRPOU 30561150) have until Jan. 20 to submit written proofs of claim to: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy supervision procedure on the company on Dec. 4, 2007. The case is docketed under Case No. 8/467-07. The Debtor can be reached at: OJSC Spartak Kirov Str. 25 40030 Sumy Ukraine WOMAN'S DOCTOR: Creditors Must File Claims by January 20 -------------------------------------------------------- Creditors of LLC Woman's Doctor (code EDRPOU 30289448) have until Jan. 20 to submit written proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B-19/275-07. The Debtor can be reached at: LLC Woman's Doctor Aviatsionnaya Str. 17 61166 Kharkov Ukraine ZARIA LLC: Claims Registration Deadline Set January 20 ------------------------------------------------------ Creditors of Agricultural LLC Agricultural Firm Zaria (code EDRPOU 30787222) have until Jan. 20 to submit written proofs of claim to: The Economic Court of Ternopol Ostrozsky Str. 14a 46000 Ternopol Ukraine The Economic Court of Ternopol commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 11/B-978. The Debtor can be reached at: Agricultural LLC Agricultural Firm Zaria Rokhmanov Shumsky District Ternopol Ukraine =========================== U N I T E D K I N G D O M =========================== ASHBURY CONFECTIONERY: Appoints Vantis as Administrators -------------------------------------------------------- Geoffrey Paul Rowley and Nicholas Hugh O'Reilly of Vantis were appointed joint administrators of Ashbury Confectionery Ltd. (Company Number 03429285) on Jan. 4. Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. The company can be reached at: Ashbury Confectionery Ltd. Darwin Road Willowbrook East Industrial Estate Corby Northamptonshire NN17 5XZ England Tel: 01536 401 229 Fax: 01536 401 176 Web site: http://www.ashbury.co.uk/ BLUECREST INTERNATIONAL: Taps Liquidators from Menzies ------------------------------------------------------ Andrew John Duncan and Paul David Williams of Menzies Corporate Restructuring were appointed joint liquidators of Bluecrest International Ltd. on Jan. 8 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Menzies Corporate Restructuring 43-45 Portman Square London W1H 6LY England COLOURSET DISPLAY: Brings In Baker Tilly as Administrators ---------------------------------------------------------- Michael David Rollings and Geoffrey Lambert Carton-Kelly of Baker Tilly Restructuring and Recovery LLP were appointed joint administrators of Colourset Display Ltd. (Company Number 01250151) on Jan. 4. Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing and other services for mid-cap and smaller publicly listed companies and private companies, particularly those expanding into new foreign markets. Services include business and financial planning, tax-related services, corporate finance, litigation support, turnaround services, and technology consulting. The company can be reached at: Colourset Display Ltd. Unit 3 Watermill Business Centre Edison Road Enfield Middlesex EN3 7XF England Tel: 020 8805 6960 Fax: 020 8805 6961 CORNERSTONE TITAN 2006-1: Fitch Affirms Class J Notes at B ---------------------------------------------------------- Fitch Ratings has changed the Outlook on five tranches of three U.K. CMBS transactions to Negative from Stable. This follows a review of 38 U.K. CMBS deals that closed in the last two years with maturity dates within the next four years -- a segment that is currently at risk from downward rating pressure. Rodney Pelletier, Managing Director at Fitch's Structured Finance team, said, "Although rental income from current tenants is generally stable, the main concern currently is that property capital values may be insufficient to allow final principal repayments at loan maturity." Mr. Pelletier added, "Most CMBS transactions rely heavily on the sale or refinancing of the charged assets -- in most cases commercial property -- for repayment of its debt. As values fall, the likelihood that a sale or refinancing will deliver sufficient funds to make such a principal payment reduces." In the light of current information highlighting falling commercial property values across the U.K., Fitch believes that transactions which are more susceptible to downward risk are U.K. transactions that closed in 2006 and 2007 -- when property values were at their highest -- with maturities in the next four years. As prevailing market yields have increased in the last nine months, the cushion between the yields assumed in Fitch's initial analysis and current market conditions has decreased. Moreover, current market sentiment suggests that further declines in capital values are likely in the coming months. Fitch has analyzed all 38 CMBS transactions that it rated in 2006 and 2007 with significant UK loan exposure. The scope of the analysis was limited to refinance exposure for the 18 transactions with loans maturing prior to Dec. 31, 2011. For these loans, Fitch analyzed exit debt yield on the properties, utilizing the debt expected to be outstanding at maturity. Those loans with lower exit debt yields were deemed of higher risk and further analyzed within the context of their particular CMBS transaction. The prior Stable Outlooks were reviewed against an analysis of several factors, including quality and length of rent profile, location, and the capital structure of the transaction. As a result of the analysis, these transactions were selected for committee review. The resulting rating actions, including Outlook changes, are: Cornerstone Titan 2006-1 -- GBP391.1 million Class A (XS0262023459) affirmed at 'AAA'; Outlook Stable -- GBP5,000 Class X (XS0262023707) affirmed at 'AAA'; Outlook Stable -- GBP49.8 million Class B (XS0262023962) affirmed at 'AAA'; Outlook Stable -- GBP20.2 million Class C (XS0262024184) affirmed at 'AA'; Outlook Stable -- GBP25.5 million Class D (XS0262024424) affirmed at 'AA'; Outlook Stable -- GBP20.7 million Class E (XS0262025157) affirmed at 'A'; Outlook Stable -- GBP31.4 million Class F (XS0262025405) affirmed at 'BBB'; Outlook Stable -- GBP13.8 million Class G (XS0262025744) affirmed at 'BBB-'; Outlook Stable -- GBP5.5 million Class H (XS0262026551) affirmed at 'BB'; Outlook revised to Negative from Stable -- GBP3.5 million Class J (XS0262027104) affirmed at 'B'; Outlook revised to Negative from Stable The analysis conducted was limited to the effect of property values on loans that are maturing in the next four years. Loans maturing after this time were not considered, given limits on cyclical visibility. Obviously, if current downward conditions exist for a longer time period, more transactions would be negatively affected. The converse is also true, if the current downward trend is shorter, fewer transactions would be negatively affected or more Negative Outlooks would revert to Stable Outlooks. It is also important to note that if continued financial market turmoil triggers a reduction in occupational demand from sectors of the wider economy -- which has not happened yet -- the capital values of properties providing accommodation to the affected sectors could face further downward pressure. Furthermore, loans with lower debt service coverage ratios (which were not part of this analysis) would be at risk of default, thus causing more CMBS transactions to be negatively affected. The three affected transactions represent only 10.5% of the 38 transactions analyzed, and the five tranches affected represents only 2.2% of the 230 tranches analyzed. Despite their greater reliance on asset values, CMBS transactions have inherent mitigating factors. -- First, UK transactions (as most CMBS transactions) are generally long-term in nature - a very low percentage of loans refinance within the next two years, and a moderate amount refinance in the next four years. This allows time for stabilization. -- Second, underlying rental cash flows supporting most transactions are long-term in nature, usually to quality tenants. -- Third, the underlying mortgage loans in CMBS are fixed-rate to the borrower, thus fluctuations in interest rates have less of an impact on default rates. -- fourth, current occupational markets are generally stable. This can provide sufficient income to pay required debt service and allow a mortgage loan to avoid term default. Fitch recognizes that the current financial environment has introduced uncertainties unseen for many years. In this light, the agency will continue to monitor the performance and environment in all sectors for which it has rated CMBS transactions, in particular for any evidence of a decline in occupational markets or transaction performance. DECO 8: Fitch Rates GBP8.3 Million Class G Notes atat BB -------------------------------------------------------- Fitch Ratings has changed the Outlook on five tranches of four UK CMBS transactions to Negative from Stable. This follows a review of 38 UK CMBS deals that closed in the last two years with maturity dates within the next four years -- a segment that is currently at risk from downward rating pressure. Rodney Pelletier, Managing Director at Fitch's Structured Finance team, said, "Although rental income from current tenants is generally stable, the main concern currently is that property capital values may be insufficient to allow final principal repayments at loan maturity". Mr. Pelletier added, "Most CMBS transactions rely heavily on the sale or refinancing of the charged assets -- in most cases commercial property -- for repayment of its debt. As values fall, the likelihood that a sale or refinancing will deliver sufficient funds to make such a principal payment reduces." In the light of current information highlighting falling commercial property values across the U.K., Fitch believes that transactions which are more susceptible to downward risk are U.K. transactions that closed in 2006 and 2007 -- when property values were at their highest -- with maturities in the next four years. As prevailing market yields have increased in the last nine months, the cushion between the yields assumed in Fitch's initial analysis and current market conditions has decreased. Moreover, current market sentiment suggests that further declines in capital values are likely in the coming months. Fitch has analyzed all 38 CMBS transactions that it rated in 2006 and 2007 with significant UK loan exposure. The scope of the analysis was limited to refinance exposure for the 18 transactions with loans maturing prior to Dec. 31, 2011. For these loans, Fitch analyzed exit debt yield on the properties, utilizing the debt expected to be outstanding at maturity. Those loans with lower exit debt yields were deemed of higher risk and further analyzed within the context of their particular CMBS transaction. The prior Stable Outlooks were reviewed against an analysis of several factors, including quality and length of rent profile, location, and the capital structure of the transaction. As a result of the analysis, these transactions were selected for committee review. The resulting rating actions, including Outlook changes, are: Deco 8 U.K. Conduit 2 -- GBP163.5 million Class A1: (XS0251885603) affirmed at 'AAA'; Outlook Stable -- GBP256.3 million Class A2: (XS0251886163) affirmed at 'AAA'; Outlook Stable -- GBP32.4 million Class B: (XS0251886833) affirmed at 'AA+'; Outlook Stable -- GBP34 million Class C: (XS0251887211) affirmed at 'AA-'; Outlook Stable -- GBP23.5 million Class D: (XS0251887724) affirmed at 'A'; Outlook Stable -- GBP61 million Class E: (XS0251889696) affirmed at 'BBB'; Outlook Stable -- GBP14.2 million Class F: (XS0251890199) affirmed at 'BBB-'; Outlook Stable -- GBP8.3 million Class G: (XS0251890868) affirmed at 'BB'; Outlook revised to Negative from Stable The analysis conducted was limited to the effect of property values on loans that are maturing in the next four years. Loans maturing after this time were not considered, given limits on cyclical visibility. Obviously, if current downward conditions exist for a longer time period, more transactions would be negatively affected. The converse is also true, if the current downward trend is shorter, fewer transactions would be negatively affected or more Negative Outlooks would revert to Stable Outlooks. It is also important to note that if continued financial market turmoil triggers a reduction in occupational demand from sectors of the wider economy -- which has not happened yet -- the capital values of properties providing accommodation to the affected sectors could face further downward pressure. Furthermore, loans with lower debt service coverage ratios (which were not part of this analysis) would be at risk of default, thus causing more CMBS transactions to be negatively affected. The four affected transactions represent only 10.5% of the 38 transactions analyzed, and the five tranches affected represents only 2.2% of the 230 tranches analyzed. Despite their greater reliance on asset values, CMBS transactions have inherent mitigating factors. -- First, U.K. transactions (as most CMBS transactions) are generally long-term in nature -- a very low percentage of loans refinance within the next two years, and a moderate amount refinance in the next four years. This allows time for stabilization. -- Second, underlying rental cash flows supporting most transactions are long-term in nature, usually to quality tenants. -- Third, the underlying mortgage loans in CMBS are fixed-rate to the borrower, thus fluctuations in interest rates have less of an impact on default rates. -- Fourth, current occupational markets are generally stable. This can provide sufficient income to pay required debt service and allow a mortgage loan to avoid term default. Fitch recognizes that the current financial environment has introduced uncertainties unseen for many years. In this light, the agency will continue to monitor the performance and environment in all sectors for which it has rated CMBS transactions, in particular for any evidence of a decline in occupational markets or transaction performance. DURA AUTO: Gets Lenders Consent to Amend DIP Financing Terms ------------------------------------------------------------ DURA Automotive Systems, Inc., said in a filing with the Securities and Exchange Commission that it received the necessary consents from its lenders to amend the terms of the Revolving DIP Credit Agreement and the Term Loan DIP Credit Agreement to, among other things, (i) extend their final maturity dates from Dec. 31, 2007 to Jan. 31, 2008, (ii) restrict outstandings under the Revolving DIP Credit Agreement to a maximum amount of US$48 million, (iii) waive the minimum EBITDA covenant under the Revolving DIP Credit Agreement during January 2008 and extend the capital expenditure covenant set forth in the Term Loan DIP Credit Agreement, (iv) incorporate a new minimum excess availability covenant in the Revolving DIP Credit Agreement and (v) increase the interest rate set forth in the Term Loan DIP Credit Agreement by 2.00%. Debtors Obtain Reduction of Carve-Out Cap Marc Kieselstein, P.C., Esq., at Kirkland & Ellis, LLP, in Chicago, Illinois, tells the Court that the Amended DIP Documents contemplate the reduction of the Carve-Out Cap and provided specific consent of the Postpetition Secured Parties to the reduction. Mr. Kieselstein says reduction of the Carve-Out Cap will provide the Debtors with enhanced access to working capital to fund ongoing operations. In this regard, the Debtors submitted an amended Final DIP Order to add a paragraph implementing the reduction in the Carve-Out Cap, consistent with the DIP Amendments. The Court's order approving the request provides that Carve-Out Cap is reduced from US$10 million to US$5 million. Copies of the Amendment No. 4 and Waiver with Respect to Revolving DIP Credit Agreement and Amendment No. 5 and Waiver with Respect to Term Loan DIP Credit Agreement are available at: http://ResearchArchives.com/t/s?270f http://ResearchArchives.com/t/s?2710 The company expects that it will need to obtain additional amendments to further extend the final maturity dates of the Revolving DIP Credit Agreement and the Term Loan DIP Agreement or refinance the Term Loan DIP Agreement. About DURA Rochester Hills, Mich.-based DURA Automotive Systems Inc. (Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive industry. The company is also a supplier of similar products to the recreation vehicle and specialty vehicle industries. DURA sells its automotive products to North American, Japanese and European original equipment manufacturers and other automotive suppliers. The company has three locations in Asia -- China, Japan and Korea. It has locations in Europe and Latin-America, particularly in Mexico, Germany and the United Kingdom. The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr. D. Del. Case No. 06-11202). Richard M. Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the Debtors' co- counsel. Baker & McKenzie acts as the Debtors' special counsel. Togut, Segal & Segal LLP is the Debtors' conflicts counsel. Miller Buckfire & Co., LLC is the Debtors' investment banker. Glass & Associates Inc., gives financial advice to the Debtor. Kurtzman Carson Consultants LLC handles the notice, claims and balloting for the Debtors and Brunswick Group LLC acts as their Corporate Communications Consultants for the Debtors. As of July 2, 2006, the Debtor had US$1,993,178,000 in total assets and US$1,730,758,000 in total liabilities. (Dura Automotive Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). DURA AUTO: Seeks Approval of 2008 Management Incentive Plan ----------------------------------------------------------- Dura Automotive Systems Inc. and its debtor-affiliates ask the U.S. Bankruptcy Court for the District of Delaware to approve a key management incentive plan for the year 2008, which will cover 220 participants consisting of middle and senior management positions in North America and globally, including their chief executive officer. The 2008 KMIP will be effective for six months, from Jan. 1, 2008 to June 30, 2008. The KMIP proposes a two three-month performance measurement and pay-out periods: * Threshold pay-out: If the Debtors achieve 90% of adjusted EBITDA goals, participants will receive 50% of their individual target bonus opportunities; and * Maximum pay-out: If the Debtors achieve 120% of adjusted EBITDA goals, participants will receive 150% of their individual target bonus opportunities. Under the 2008 KMIP, participants' target bonus opportunities range from 5% to 80% of each participant's base salary. Target bonus opportunities for participants in the previous KMIP were reduced in the 2008 KMIP to allow greater number of participants, Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, tells the Court. The Debtors' CEO will be awarded a US$2.5 million bonus if the Debtors emerge from Chapter 11 by June 30, 2008. If Debtors do not emerge from Chapter 11 by July 30, the CEO's bonus will be reduced by US$250,000 per month through and including Dec. 31. Furthermore, if the Debtors will not emerge from Chapter 11 by December 31, the CEO's bonus will be reduced to zero. The Debtors anticipate to pay approximately US$6 million at the achievement of target EBITDA. The Debtors will make payments on completion of each of the three-month performance periods, as dictated by the company's achieved EBITDA at that time and as determined by the company's board of directors. The CEO's Bonus will be paid on the Debtors' exit from Chapter 11. Mr. DeFranceschi says the 2008 KMIP aims to properly incentivize those key employees who have worked diligently towards -- and were highly focused on -- the Debtors' exit from Chapter 11 by Dec. 31, 2007. Recent developments in the Debtors' bankruptcy cases have "engendered uncertainty among the Debtors' key employees," he tells the Court. As previously reported, the Debtors were unable to get the Court's approval of their plan of reorganization after they failed to obtain a favorable exit financing. "It is important that these key employees remain engaged and properly incentivized to maximize the Debtors' financial and operational performance, thereby maximizing the Debtors' value and creditor recoveries," he further asserts. Toward this end, the Debtors retained Watson Wyatt Worldwide as their compensation consultant to craft an appropriate key employee incentive plan. Mr. DeFranceschi tells the Court that the 2008 KMIP is fundamental to motivating key employees to achieve or exceed the Debtors' financial and operational restructuring goals. The Debtors' previously Court-approved KIMP expired on Dec. 31, 2007, and the Debtors' compensation structure continues to be below the medial level of compensation provided by comparable companies in the marketplace, he adds. About DURA Rochester Hills, Mich.-based DURA Automotive Systems Inc. (Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive industry. The company is also a supplier of similar products to the recreation vehicle and specialty vehicle industries. DURA sells its automotive products to North American, Japanese and European original equipment manufacturers and other automotive suppliers. The company has three locations in Asia -- China, Japan and Korea. It has locations in Europe and Latin-America, particularly in Mexico, Germany and the United Kingdom. The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr. D. Del. Case No. 06-11202). Richard M. Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the Debtors' co- counsel. Baker & McKenzie acts as the Debtors' special counsel. Togut, Segal & Segal LLP is the Debtors' conflicts counsel. Miller Buckfire & Co., LLC is the Debtors' investment banker. Glass & Associates Inc., gives financial advice to the Debtor. Kurtzman Carson Consultants LLC handles the notice, claims and balloting for the Debtors and Brunswick Group LLC acts as their Corporate Communications Consultants for the Debtors. As of July 2, 2006, the Debtor had US$1,993,178,000 in total assets and US$1,730,758,000 in total liabilities. (Dura Automotive Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). EVERWHITE PLASTICS: Brings In Menzies to Administer Assets ---------------------------------------------------------- Philip Duffy and Andrew Gordon Stoneman of Menzies Corporate Restructuring were appointed Jan. 14, joint administrators of: -- Everwhite Plastics Ltd. (Company Number 02824820); -- Everwhite Shutters Ltd. (Company Number 03732234); and -- Everwhite Holdings Ltd. (Company Number 03733969). Menzies Corporate Restructuring -- http://www.menzies.co.uk/-- provides corporate restructuring services including: services for directors or stakeholders of troubled businesses; services to Lenders of troubled businesses; raising rescue funding at short notice; and forensic and fraud services. The companies can be reached at: Everwhite Plastics Ltd. Everwhite House Unit 40 Aberaman Industrial Estate Aberaman Aberdare Mid Glamorgan CF44 6DA Wales Tel: 01685 882 447 Fax: 0870 705 2341 FAR EAST: M. C. Bowker Leads Liquidation Procedure -------------------------------------------------- M. C. Bowker of Tenon Recovery was appointed liquidator of Far East Fashion Imports Ltd. (formerly Belvine Ltd.) on Jan. 10 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Tenon Recovery Clive House Clive Street Bolton BL1 1ET England JOHN ANTONY: Appoints Liquidators from Chantrey Vellacott --------------------------------------------------------- J. C. Heath and D. J. Oprey of Chantrey Vellacott DFK LLP were appointed joint liquidators of John Antony Services Ltd. on Dec. 19, 2007, for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Chantrey Vellacott DFK LLP 16/17 Boundary Road Hove East Sussex BN3 4AN England KITCHEN AND BEDROOM: Names Matthew Colin Bowker Liquidator ---------------------------------------------------------- Matthew Colin Bowker of Tenon Recovery was appointed liquidator of Kitchen and Bedroom Factory Northwest Ltd. (formerly Lizline Ltd.) on Jan. 8 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Tenon Recovery Clive House Clive Street Bolton BL1 1ET England MICOS UK: Brings In Liquidators from Tenon Recovery --------------------------------------------------- Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon Recovery were appointed joint liquidators of Micos U.K. Ltd. on Dec. 6, 2007, for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TZ England NORTHERN ROCK: Fitch Downgrades Individual Ratings to F ------------------------------------------------------- Fitch Ratings downgraded Northern Rock's Individual rating to 'F' from 'C/D' and removed the Rating Watch Negative on the rating. It also downgraded NR's hybrid capital to Long-term 'BB-' from 'BBB' and other subordinated debt to 'BBB-' from BBB+', and maintained the RWN on these Long-term ratings. Fitch has affirmed NR's other ratings at Long-term Issuer Default 'A-' with Stable Outlook, senior unsecured 'A-', Short- term IDR 'F1', Support '1' and Support Rating Floor 'A-'. Today's rating action has no impact on the 'AAA' rating of NR's covered bonds. The downgrade of the Individual rating to 'F' reflects Fitch's view that, although NR has not defaulted and is not in breach of regulatory solvency requirements, the difficulty in putting in place a private sector solution means that NR has relied, to an increasing extent and for an extended period of time, on guarantees from the U.K. Treasury and on funding from the Bank of England. Fitch considers that these measures go beyond a normal lender-of-last resort operation. In the absence of such support, Fitch considers that the bank would have defaulted by now. According to Fitch's definition, an 'F' Individual rating denotes "a bank that has either defaulted or, in Fitch's opinion, would have defaulted if it had not received external support. Examples of such support include state or local government support, (deposit) insurance funds; acquisition by some other corporate entity or an injection of new funds from its shareholders or equivalent." Despite strong interest from two private sector groups, the acquisition process appears to have stalled, which suggests the challenges in putting in place the critical element of the rescue package, namely, securing sufficient market funding, and at a reasonable cost, are proving to be greater than had been anticipated. As a result, Fitch considers that the probability of NR being transferred into public ownership has increased. The combination of significantly higher funding and other costs and the impact of a tarnished reputation on its ability to source new business suggest that capital could be significantly eroded relatively quickly and, for NR to operate as a going concern following a private sector transaction, the need for a capital injection is becoming more evident. The downgrade of the Long-term rating of NR's hybrid securities is in line with Fitch's methodology for the rating of hybrid capital for issuers whose Long-term IDR is at a Support Rating Floor of 'A-'. The Long-term ratings of hybrid capital and other subordinated debt also reflect the agency's view that the transfer of NR into public ownership could result in losses for subordinated stakeholders, should this process result in a desire or requirement to sell asset portfolios quickly. The prolonged difficulties in implementing a private sector solution, particularly the structuring of a finance package, increase the likelihood of the bank passing into the control of the public sector. However, Fitch also notes the lack of clarity over the precise means of enacting such a solution, if it were to be implemented, as well as the different options available post-transfer. These options include a private sale, break-up, run-off and administration/liquidation, each of which could result in different outcomes for junior stakeholders. Fitch expects to resolve the RWN on these instruments when the outcome of the sales process is clearer and, if this involves a transfer into public ownership, there is greater clarity regarding the manner in which this occurs. OLD CLEE: Calls In Liquidators from Tenon Recovery -------------------------------------------------- Matthew Colin Bowker and David Antony Willis of Tenon Recovery were appointed joint liquidators of Old Clee Bakery Ltd. on Dec. 20, 2007. The joint liquidators can be reached at: Tenon Recovery Lowgate House Lowgate Hull HU1 1EL England ORION FINANCE: S&P Cuts Ratings to D Due to Technical Default ------------------------------------------------------------- Standard & Poor's Ratings Services lowered its issuer credit ratings on Orion Finance Corp. and Orion Finance (USA) LLC, co- issuers of the structured investment vehicle. Standard & Poor's also lowered its ratings on Orion's commercial paper and medium- term notes. The downgrades reflect a technical default incurred by Orion for failing to pay CP that had matured Jan. 14. On Dec. 7, 2007, Standard & Poor's commented that the vehicle had entered into enforcement mode, and that it was up to the senior creditors and the security trustee to determine whether payments would continue on current interest and maturing principal of debt issued by Orion. At that time, Standard & Poor's placed the senior ratings on CreditWatch negative, but maintained the rating at 'AAA/A-1+' because restructuring discussions were under way and the net asset value was just below 60. NAV refers to the asset portfolio's excess value that is available to repay all senior obligations. The SIV managers provide Standard & Poor's with NAV reports, which are calculated based on the marks in the weekly reports that SIV managers receive from third-party pricing sources. A NAV above zero implies a SIV's ability to liquidate its portfolio and repay senior obligors in full. A NAV around 60, therefore, implies the SIV's ability to repay senior investors in full even if the security trustee pursues an asset liquidation. On Jan. 14, 2008, The Bank of New York Mellon, as the security trustee, notified Standard & Poor's that Henderson Global Investors Ltd., acting in its capacity as the security trustee's financial adviser, had advised it that the deposited funds available as of Jan. 14, 2008, were not sufficient to pay the senior obligations coming due on that day. As a result of that determination, Orion's documentation required that the security trustee determine whether the portfolio could be liquidated to repay all senior obligations in full. Standard & Poor's has been informed that Orion's security trustee concluded that, given the current market conditions, it was likely that a collateral liquidation would not result in the full repayment of senior obligations. Therefore, it is S&P's understanding that the security trustee determined not to liquidate the assets. Due to the security trustee's decision not to liquidate the assets, the senior obligations that came due Jan. 14, 2008, were not paid. The security trustee then declared an insolvency event, which, under the transaction documents, triggered a mandatory acceleration and resulted in the notes becoming due and payable. The senior creditors must now agree on how they wish to proceed, which, as we have seen with other SIVs and SIV- lites, could lead to protracted restructuring discussions. Standard & Poor's will review the restructuring plans of each remaining SIV and comment on those proposals, as well as the presence of any triggers in the structures. Orion joins Axon Financial Funding Ltd., Victoria Finance Ltd., Cheyne Finance PLC, and Rhinebridge LLC as SIVs that are in default and have stopped paying current interest and principal. Eaton Vance Variable Leveraged Fund successfully refinanced. Hudson-Thames Capital Ltd. successfully redeemed its senior obligations after capital investors repaid all senior obligors in exchange for the SIV's assets. Cortland Capital Ltd. and Abacas Investments Ltd. both conservatively invested in short- term or U.S. Treasury assets and are unaffected by the current market conditions. In S&P's view, the SIV failures reflect both the effect of the current markets and the absence of strong sponsorship from well-known financial institutions. Standard & Poor's believes that Orion, like many SIVs, suffered from its inability to refinance its short-term funding. At this time, it is uncertain whether Eiger Capital Management will be replaced as Orion's manager. The outstanding amount of Orion's senior debt is approximately US$735 million. The majority of Orion's portfolio is invested in structured finance assets, approximately 10% of which is invested in collateralized debt obligations holding corporate assets, 11% is invested in CDOs holding residential mortgage- backed securities assets, 18% is invested in non-U.S. nonprime RMBS, and 9% is invested in non-U.S. subprime RMBS. In addition, approximately 10% is invested in other U.S. RMBS categories and 6% is invested in financial institutions debt. Ratings Orion Finance Corp. and Orion Finance (USA) LLC European and U.S. CP and MTN programs Rating To From Issuer credit rating D AAA/Watch Neg CP D A-1+/Watch Neg MTNs/senior notes D AAA/Watch Neg About Orion Finance Headquartered in Cheshire, U.K., Orion Finance -- www.orionfinance.com -- provides tailor-made asset finance solutions for customers and suppliers. Orion has funding facilities in place with all the major UK finance companies, and can offer impartial and professional advice to ensure that all asset finance needs are fully satisfied. PROTEC DESIGN: Appoints Vantis as Joint Administrators ------------------------------------------------------ Vincent John Green and Mark Newman of Vantis Recovery Services were appointed joint administrators of Protec Design Ltd. (Company Number 01925743) on Jan. 7. Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. The company can be reached at: Protec Design Ltd. Sterling House Second Avenue Chatham Kent ME4 5AU England Tel: 01634 304 304 Fax: 01634 311 201 QUEBECOR WORLD: Fails to Get Financing on Securitization Waivers ---------------------------------------------------------------- Quebecor World Inc., in connection with the waivers obtained from its banking syndicate and the sponsors of its securitization program announced on Dec. 31, 2007, has not obtained by Jan. 15, 2008, US$125 million of new financing, as had been required under the terms of the waivers. The non-satisfaction of this condition of the Dec. 31, 2007, waiver does not automatically result in the termination of the banking syndicate's waiver or an acceleration of the maturity of indebtedness under the Company's credit facilities or a cross- default under other financial instruments of Quebecor World. Any such termination, acceleration or default would require formal notification from a majority of the banking syndicate to Quebecor World. The non-satisfaction of this condition of the Dec. 31, 2007, waivers also entitles the sponsors under the Company's securitization program to terminate such program, but any such termination would not, if effected, result in cross-defaults under any financial instrument of the company. The company had requested a one week waiver of this condition from its banking syndicate and securitization sponsors to facilitate the rescue financing initiative currently underway, but has declined to pay the significant waiver costs requested by its banking syndicate for this waiver, as the company believes it must preserve cash and this payment would not be in the best interests of all of the company's stakeholders. The company renewed its request that the banking syndicate provide a suitable waiver and is awaiting the response. In addition, Quebecor World announced that in light of the announced rescue initiative and its current circumstances, it will not make the US$19.5 million payment of interest due today on its outstanding US$400 million 9.75% Senior Notes due 2015. Under the terms of the indentures relating to the 9.75% Senior Notes due 2015, failure to pay interest does not result in an immediate default and the company has 30 days to cure the non-payment. Quebecor World continues to work with Quebecor Inc. and Tricap Partners Ltd. on the rescue-financing plan announced on Jan. 14, 2008, and believes that satisfaction of the conditions of such initiative would be in the best interests of the Company and all its stakeholders. There is no assurance all the consents and approvals to the completion of the rescue-financing plan and recapitalization initiative will be received on a timely basis. About Quebecor World Inc. Headquartered in Montreal, Quebec, Canada, Quebecor World Inc. (TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/-- provides marketing and advertising solutions to leading retailers, catalogers, branded-goods companies and other businesses with marketing and advertising activities, as well as complete, full-service print solutions for publishers. The company's major product categories include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories, digital premedia, logistics, mail list technologies and other value-added services. Quebecor World has approximately 27,500 employees working in more than 120 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 21, 2007, Moody's Investors Service has downgraded Quebecor World Inc.'s corporate family rating by two notches to Caa2. As reported in the Troubled Company Reporter-Latin America on Dec. 21, 2007, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Montreal-based printing company Quebecor World Inc. two notches to 'CCC' from 'B-'. In addition, Standard & Poor's lowered the senior unsecured debt rating on the company by three notches to 'CCC-' from 'B-', reflecting the junior position of the notes in relation to Quebecor World's US$750 million revolving credit facility (unrated), which is fully guaranteed and partially secured, and the high likelihood that the company's debt level will increase in the near term. QUEBECOR WORLD: Accepts CDN$400 Mil. Rescue Financing Proposal -------------------------------------------------------------- Quebecor World Inc. has accepted a CDN$400 million rescue financing proposal submitted jointly by Quebecor Inc. and Tricap Partners Ltd., a private equity fund managed by Brookfield Asset Management Inc. After a careful review of the proposal, a special committee composed of the independent directors of Quebecor World has concluded that accepting the proposal is in the best interests of the company and its stakeholders. The proposal contemplates an interim financing facility of CDN$200 million, which will be made available to the company in accordance with its cash flow needs, subject to receipt or waiver on Jan. 16, 2008, of the required consents and certain other agreements of the company's lenders and the sponsors of its securitization programs. There is no assurance all the consents and approvals will be received on a timely basis. The rescue proposal further contemplates that on or prior to March 31, 2008, the CDN$200 million interim facility will be replaced by a recapitalization plan comprised of an aggregate CDN$400 million issuance of Senior Secured Notes due 2012 to Quebecor Inc. and Tricap Partners well as the issuance to Quebecor Inc. and Tricap Partners of a number of the company's subordinate voting shares representing 75% of the aggregate equity of Quebecor World on a fully diluted basis, assuming the proposed conversion of all outstanding preferred shares into subordinate voting shares. Completion of the recapitalization plan is subject to a number of conditions, including, but not limited to, the approval of the financing plan by holders of certain debt securities issued by Quebecor World, the conversion of all Series 5 preferred shares and Series 3 preferred shares into subordinate voting shares and receipt of all required regulatory and other approvals and settlement of definitive documentation. In addition, the rescue proposal specifically contemplates that the consent of the holders of the company's debt securities maturing in 2008, 2013 and 2027 must be obtained and Quebecor Inc. and Tricap Partners have informed Quebecor World that they intend to commence discussions with these holders immediately. As the transaction involves a related party, namely Quebecor Inc., and the aggregate number of subordinate voting shares issuable in connection with the recapitalization plan will exceed the maximum number of securities issuable without security holder approval under the rules of the Toronto Stock Exchange, Quebecor World intends to rely on an exemption from the security holder approval requirements and formal valuation requirements provided for under applicable securities laws and the rules of the TSX on the basis of the company's financial situation. Upon the recommendation of the special committee of independent directors, who are free from any interest in the transactions and are unrelated to any of the parties involved in the transactions, the board of directors of Quebecor World has made the required determination based on Quebecor World's financial situation, that the transactions are designed to improve its financial situation and are reasonable in the circumstances, and it has authorized Quebecor World to make the necessary applications to the TSX in order to benefit from such exemption and to list the shares issuable to Quebecor Inc. and Tricap Partners. Quebecor World also disclosed today that in connection with the waivers obtained from its banking syndicate and the sponsors of its North American securitization program disclosed on Dec. 31, 2007, it has requested a further waiver from such lenders and sponsors extending to Jan. 21, 2008, the date by which it must obtain US$125 million of new financing. About Quebecor World Inc. Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX: IQW)(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company is an independent commercial printer in Europe with 19 facilities, operating in Austria, Belgium, Finland, France, Spain, Sweden, Switzerland and the United Kingdom. In March 2007, it sold its facility in Lille, France. Quebecor World (USA) Inc. is its wholly owned subsidiary. * * * As reported in the Troubled Company Reporter on Nov. 29, 2007, Standard & Poor's Ratings Services lowered its preferred stock rating on Quebecor World Inc. two notches to 'C' from 'CCC-'. The company's other ratings, including the 'B-' long-term corporate credit rating, remain unchanged. All ratings are on CreditWatch with negative implications, where they were initially placed Aug. 9, 2007. REFCO INC: Ex-Counsel Settles Fraud Claims for US$7.6 Million ------------------------------------------------------------- On Dec. 7, 2007, Lead Plaintiffs in a suit related to the collapse of Refco Inc. presented a US$7,600,000 settlement to U.S. District Judge Gerard E. Lynch for preliminary approval and certification of the settlement class. On Dec. 6, 2007, RH Capital Associates LLC and Pacific Investment Management Company LLC, the institutional investors appointed by Judge Lynch to serve as Lead Plaintiffs on behalf of investors victimized by the Refco affair, signed a settlement agreement with Dennis A. Klejna. Mr. Klejna was Refco's former General Counsel and Executive Vice President. Pursuant to the agreement, Mr. Klejna has agreed to pay to Lead Plaintiffs, on behalf of the Class, a total settlement amount of US$7,600,000, including a personal contribution of US$50,000.00 in cash. In addition to the monetary payment, Mr. Klejna has pledged to cooperate with Lead Plaintiffs as they pursue the Class' claims against other current (and prospective) defendants in the consolidated securities class action. The settlement resolves two categories of claims asserted against Klejna in the Refco class action, namely, claims arising from Refco's bond and stock offerings in 2004 and 2005, and claims arising out of the purchase of Refco securities in the open market between Aug. 5, 2004 and Oct. 17, 2005 . As part of the settlement, the Class' claims against Mr. Klejna will be released. This is the second settlement achieved for the Class in the Refco Securities Litigation. Lead Plaintiffs will continue to pursue the Class' claims against the remaining defendants, which include: -- several former Refco insiders (including former CEO Phillip Bennett), -- Refco's former board of directors, -- Refco's former auditor (Grant Thornton LLP), -- the investment banking concern that helped take Refco "public" in August 2005 (Thomas H. Lee Partners L.P. and related entities), and -- a total of fifteen investment banks that sold Refco stocks and bonds to public investors (including Goldman Sachs, Credit Suisse and Bank of America). The attorneys who worked to achieve this settlement are partners Sean Coffey, Salvatore Graziano and John Browne and associate Jeremy Robinson of Bernstein Litowitz Berger & Grossmann LLP, and partners Stuart Grant, James Sabella, and Megan McIntyre of Grant & Eisenhofer P.A. Their work prosecuting the Class' claims against other defendants in the Refco debacle continues. On December 3, 2007, Lead Plaintiffs RH Capital Associates LLC and Pacific Investment Management Company LLC and Plaintiff PIMCO Funds: Pacific Investment Management Series - PIMCO High Yield Fund filed a Second Amended Consolidated Class Action Complaint complaint which, among other things, collects and consolidates all complaints filed and defendants named to date * including Mayer Brown LLP and Mayer Brown partner Joseph P. Collins, updates Lead Plaintiffs' existing allegations and claims based on recently obtained information and adds new allegations against former Refco Group CFO Robert Trosten. Case Background A securities suit pending against Refco in the U.S. District Court for the Southern District of New York, was consolidated in April 2006 (Class Action Reporter, April 7, 2006). It claimed the collapsed commodity brokerage hid more than US$5 billion off its books, far more than previously thought. It also accuses company executives, company auditors, and investment bankers of negligence. This discovery of the bad debts caused the collapse of the company a mere two months after its Aug. 10, 2005 initial public offering of common stock, and only 14 months after its issuance of 9% Senior Subordinated Notes due 2012. The company filed the fourth largest bankruptcy in U.S. history as a result. The suit is "In re Refco, Inc. Securities Litigation, Master File No. 05 Civ. 8626 (GEL)," filed in the U.S. District Court for the Southern District of New York under Judge Gerard E. Lynch. Representing the plaintiffs are: Max W. Berger, Esq. John P. Coffey, Esq. John C. Browne, Esq. Noam N. Mandel, Esq. Bernstein Litowitz Berg & Grossmann, LLP 1285 Avenue of the Americas New York, NY 10019 Phone: (212) 554-1400 Fax: (212) 554-1444 Stuart M. Grant, Esq. James J. Sabella, Esq. Megan D. McIntyre, Esq. Jeff A. Almeida, Esq. Christine M. Mackintosh, Esq. Jill Agro, Esq. Grant & Eisenhofer, P.A., Phone: (646) 722-8500 and (302) 622-7000 Fax: (646) 722-8501 and (302) 622-7100 For more details, contact Refco, Inc. Securities Litigation c/o The Garden City Group, Inc., PO Box 9087, Dublin, OH 43017- 0987, Web site: http://www.refcosecuritieslitigation.com. About Refco Inc. Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. The Court confirmed the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its direct and indirect subsidiaries, including Refco Capital Markets Ltd. and Refco F/X Associates LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26, 2006. Refco Commodity's exclusive period to file a chapter 11 plan expired on Feb. 13, 2007. (Refco Bankruptcy News, Issue No. 73 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). SEA CONTAINERS: Sopris Capital Reports Ownership of SCL Shares -------------------------------------------------------------- Sopris Capital Advisors LLC disclosed in a regulatory filing with the U.S. Securities and Exchange Commission dated Dec. 6, 2007, that it: (a) indirectly owns: -- 503,180 shares of Class A common stock of Sea Containers Ltd., through mananged accounts; -- 2,472,800 shares of Class A common stock through a partnership and managed accounts; and (b) directly owns 55,000 shares of Class A common stock. All of the 503,180 shares, which represent 1.9% of the isssued and outstanding Sea Containers Class A common stock, are owned by private institutional accounts managed by Aspen Advisors LLC, a Delaware limited liability company. Aspen Advisors disclaim any beneficial interest in the securities owned by the Aspen Managed Accounts. By virtue of Nikos Hecht's position as a managing member of Aspen Advisors, he may be deemed the beneficial owner of the securities held by the Aspen Managed Accounts under Regulation 13D-G under the Exchange Act. Mr. Hecht disclaims any beneficial interest in the securities owned by the Aspen Managed Accounts. Of the 2,472,800 shares that represent 9.5% of the isssued and outstanding Sea Containers Class A common stock, Sopris Partners Series A, of Sopris Capital Partners, L.P., a Delaware limited partnership, owns 1,779,700 shares and private institutional accounts managed by Sopris Capital Advisors LLC, a Delaware limited liability company own 693,100 shares. The 1,779,700 shares represent 6.8% of Sea Containers shares outstanding. Sopris Capital LLC is the general partner of the Sopris Partnership. The Sopris Partnership and the Sopris General Partner disclaim any beneficial interest in the securities owned by the Sopris Managed Accounts, and the Sopris General Partner disclaims any beneficial interest in the securities owned by the Sopris Partnership in excess of a 0.70% pecuniary interest, calculated in accordance with Rules 16(a)-1(a)(2) and (a)(3) under the Exchange Act. Sopris Advisors disclaims any beneficial interest in the securities owned by the Sopris Partnership and the Sopris Managed Accounts. Mr. Hecht is the sole managing member of the Sopris General Partner and the managing member of Sopris Advisors. By virtue of that status, he may be deemed the beneficial owner of the securities held by the Sopris Partnership and the Sopris Managed Accounts under Regulation 13D-G under the Exchange Act. Mr. Hecht disclaims any beneficial interest in the securities owned by the Sopris Partnership other than a 0.60% pecuniary interest in the shares, calculated in accordance with rules 16(a)-1(a)(2) and (a)(3). He disclaims any beneficial interest in the securities owned by the Sopris Managed Accounts. Mr. Hecht directly owns all of the 55,000 shares. Mr. Hecht has the sole power to vote or to direct the vote on -- as well as dispose or direct the disposition of -- the 55,000 shares. In a separate filing with the Securities and Exchange Commission, Mr. Hecht disclosed that he owns an aggregate of 3,030,980 shares representing 11.6% of the isssued and outstanding Sea Containers Class A common stock. About Sea Containers Based in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of US$62,400,718 and total liabilities of US$1,545,384,083. The Court gave the Debtors until Feb. 20, 2008 to file a plan of reorganization. (Sea Containers Bankruptcy News, Issue No. 33; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SELCOURT LTD: Taps Harrisons to Administer Assets ------------------------------------------------- P.R. Boyle and J.C. Sallabank of Harrisons were appointed joint administrators of Selcourt Ltd. (Company Number 02513747) on Jan. 3. Harrisons -- http://www.harrisons.uk.com/-- provides advice and solutions to professional advisors who found their clients experiencing financial difficulties. Originally trading from offices in Reading and has added London, Manchester, Bristol and Derby and has associate offices in Grantham and Stockton on Tees. The company can be reached at: Selcourt Ltd. Unit 9 Cufaude Business Park Cufaude Lane Bramley Tadley Hampshire RG26 5DL England Tel: 01293 817 641 Fax: 01293 817 643 SHAW GROUP: Increases Credit Facility to US$1 Billion ----------------------------------------------------- The Shaw Group Inc. has increased its existing credit facility to US$1 billion from US$850 million. Shaw also has received approval from its lenders to seek additional commitments that could increase the credit facility to US$1.25 billion without further amendment. "We appreciate the confidence and the continued support of our lenders evidenced by the increase in our credit facility," Brian K. Ferraioli, executive vice president and chief financial officer of Shaw, said. "Shaw has nearly US$500 million of cash on hand and the increased facility will be used primarily for letters of credit to support our continued business growth. Our fiscal 2007 revenues of US$5.7 billion were 20 percent higher than in 2006, and we forecast our 2008 revenues to increase by an additional 20 percent to approximately US$7 billion." The amended credit facility retains its original maturity date of April 25, 2010, and other substantive terms of the original agreement remain unchanged. No borrowings are outstanding under the facility, which is currently being utilized for the issuance of letters of credit frequently required in the engineering and construction industry. About Shaw Group Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR) -- http://www.shawgrp.com/-- provides services to the environmental, infrastructure and homeland security markets, including consulting, engineering, construction, remediation and facilities management services to governmental and commercial customers. It is also a vertically integrated provider of engineering, procurement, pipe fabrication, construction and maintenance services to the power and process industries. The company segregates its business activities into four operating segments: Environmental & Infrastructure; Energy & Chemicals; Maintenance, and Fabrication, Manufacturing & Distribution. In January 2005, the company sold substantially all of the assets of its Shaw Power Technologies, Inc. and Shaw Power Technologies International, Ltd. units to Siemens Power Transmission and Distribution Inc., a unit of Siemens AG. The company has operations in Chile, China, Malaysia, the United Kingdom and, Venezuela, among others. * * * Standard & Poor's Ratings Services affirmed its 'BB' corporate credit rating on The Shaw Group Inc. and removed it from CreditWatch, where it was placed with negative implications in October 2006. S&P said the outlook is stable. In addition, 'BB' senior secured debt rating was affirmed after the US$100 million increase to the company's revolving credit facility. SIGNATECH SYSTEMS: Joint Liquidators Take Over Operations --------------------------------------------------------- J. S. French and Glyn Mummery of Vantis Redhead French Ltd. were appointed joint liquidators of Signatech Systems Ltd. on Jan. 5 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Vantis Redhead French Ltd. 43-45 Butts Green Road Hornchurch Essex RM11 2JX England SJS FASTFIX: Taps A. Clifton to Liquidate Assets ------------------------------------------------ A. Clifton of DTE Leonard Curtis was appointed liquidator of SJS Fastfix Ltd. on Jan. 8 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: DTE Leonard Curtis Bamfords Trust House 85-89 Colmore Row Birmingham B3 2BB England TATA MOTORS: Nano Will Bring Company to Top, Research Firm Says --------------------------------------------------------------- Tata Motors Ltd's Nano will propel the auto manufacturer as India's biggest light vehicle manufacturer by 2013, the Press Trust of India cites a study by CSM World Wide, a German research firm, as stating. As previously reported by the Troubled Company Reporter-Asia Pacific, Ratan N. Tata, chairman of the Tata Group and Tata Motors, unveiled on Jan. 10 the INR1-lakh car Tata Nano. Mr. Tata hopes the much-hyped world's cheapest car will get India's masses off motorbikes and into cars. PTI says that Tata Motors would roll out almost 1.2 million light vehicles annually in the next five years, of which Nano would contribute more than 50%. In 2013, PTI continues, Tata will sell about two lakh units more than Maruti Suzuki, the current market leader in the low-cost, small-car segment. The TCR-AP, citing a Reuters report, related that even if the Nano's INR1-lakh price is just for the dealers -- buyers will have to pay more for the taxes and profit margins -- it will still cost about half the price tag of a Maruti Suzuki. CSM's study further noted that by 2013, Tata Motors, Maruti Suzuki and Hyundai will be able to retain the top three position in light vehicle sales in India at 12, 10 and 4 lakh units, respectively. About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. * * * 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. SYNIVERSE TECH: Reports 2007 Full Year Preliminary Results ---------------------------------------------------------- Syniverse Technologies Inc. reported its preliminary results for the year ended Dec. 31, 2007. Based on current unaudited information, Syniverse currently expects to report: * Net revenues of between US$369 - US$371 million, compared to net revenues of US$328.9 million for 2006. * Adjusted EBITDA of between US$154 - US$156 million, compared to Adjusted EBITDA of US$127.7 million in 2006. * Cash Net Income, a non-GAAP measure of profitability, of between US$74 - US$75.3 million, compared to cash net income of US$57.3 million in 2006. Syniverse expected its results to show continued strong growth in technology interoperability, driven by continued growth in data-related products as well as roaming and clearing services. Gross margins and Adjusted EBITDA margins are both expected to increase, reflecting growing revenues together with continued cost management. Syniverse's recent acquisition of BSG Wireless was not included in its operating results during 2007, but will be included in its balance sheet. "2007 was a strong year for Syniverse," said Tony Holcombe, President and CEO of Syniverse. "This is a result of continued strong data results and Syniverse's ongoing global expansion. Our recent acquisition of BSG Wireless enhances our global presence while providing significant efficiency savings and an important financial clearinghouse service." Outlook The company is providing the following outlook for 2008: Net Revenues US$425 - US$440 million Adjusted EBITDA US$190 - US$200 million Cash Net Income US$85 - US$90 million Additionally, the company expects to generate operating free cash flow in excess of US$100 million in 2008. Syniverse has not yet finalized its financial statement close process for the year ended Dec. 31, 2007. As it completes this process, Syniverse may identify items that would require the company to make adjustments to its preliminary operating results. Additionally, the financial information in this press release is not a comprehensive statement of our financial results for the year ended Dec. 31, 2007 and should therefore be considered together with our full results of operations when published. About Syniverse Syniverse Technologies Inc. in Tampa, Florida (NYSE: SVR) -- http://www.syniverse.com/-- provides technology services for wireless telecommunications companies. Its integrated suite of services include technology interoperability services, which enable the invoicing and settlement of domestic and international wireless roaming telephone calls and wireless data events; SMS and MMS routing and translation services between carriers; and interactive video and mobile broadband solutions, prepaid applications, and roaming services. Celebrating its 20th anniversary in 2007, Syniverse has offices in major cities around the globe. Syniverse is ISO 9001:2000 certified and TL 9000 approved, adhering to the principles of customer focus and quality improvement practices. The company has offices in the Netherlands, Brazil and China. * * * As reported in the Troubled Company Reporter on June 29, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating, along with its stable outlook, and its 'B' senior subordinated debt rating on Tampa, Florida-based Syniverse Technologies Inc. At the same time, Standard & Poor's assigned its 'BB' bank loan rating and '2' recovery rating to Syniverse's proposed US$489 million senior secured bank facility. The bank loan rating, which is one notch above the corporate credit rating, along with the '2' recovery rating, reflect our expectation for substantial (70%-90%) recovery of principal by creditors in the event of a payment default. TATA MOTORS: Plans to Test Nano Model in China & Other Markets -------------------------------------------------------------- Tata Motors Ltd is looking to test Tata Nano, the INR1-lakh car, in other countries, including China, once it makes its mark in India, the China Daily reports, citing Girija Pande, top executive of Tata Consultancy Services, the Asia-Pacific arm of Tata Group's IT subsidiary. Nano, the four-door People's Car, was unveiled on Jan. 10, at the Ninth Auto Expo in New Delhi. The Nano can seat four persons and measures 3.1 meters in length, 1.5 meters in width and stands 1.6 meters. Tata Group Chairman Ratan N. Tata, who helped design the Nano, came up with the world's cheapest car idea, to get India's masses off motorbikes and into cars. The company plans to sell the Nano in India later this year, which will be available in standard and deluxe versions. Mr. Pande also told the Chinese Daily that Tata Motors is in talks with Chinese counterparts to set up joint ventures China. The news agency, however, did not name the Chinese parties whom the car manufacturer had talks with. About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. * * * 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. WINDERMERE VIII: Fitch Rates GBP19.7 Million Class E Notes at BB --------------------------------------------------------------- Fitch Ratings has changed the Outlook on five tranches of four UK CMBS transactions to Negative from Stable. This follows a review of 38 UK CMBS deals that closed in the last two years with maturity dates within the next four years -- a segment that is currently at risk from downward rating pressure. Rodney Pelletier, Managing Director at Fitch's Structured Finance team, said, "Although rental income from current tenants is generally stable, the main concern currently is that property capital values may be insufficient to allow final principal repayments at loan maturity". Mr. Pelletier added "Most CMBS transactions rely heavily on the sale or refinancing of the charged assets - in most cases commercial property - for repayment of its debt. As values fall, the likelihood that a sale or refinancing will deliver sufficient funds to make such a principal payment reduces." In the light of current information highlighting falling commercial property values across the U.K., Fitch believes that transactions which are more susceptible to downward risk are U.K. transactions that closed in 2006 and 2007 -- when property values were at their highest -- with maturities in the next four years. As prevailing market yields have increased in the last nine months, the cushion between the yields assumed in Fitch's initial analysis and current market conditions has decreased. Moreover, current market sentiment suggests that further declines in capital values are likely in the coming months. Fitch has analyzed all 38 CMBS transactions that it rated in 2006 and 2007 with significant U.K. loan exposure. The scope of the analysis was limited to refinance exposure for the 18 transactions with loans maturing prior to Dec. 31, 2011. For these loans, Fitch analyzed exit debt yield on the properties, utilizing the debt expected to be outstanding at maturity. Those loans with lower exit debt yields were deemed of higher risk and further analyzed within the context of their particular CMBS transaction. The prior Stable Outlooks were reviewed against an analysis of several factors, including quality and length of rent profile, location, and the capital structure of the transaction. As a result of the analysis, these transactions were selected for committee review. The resulting rating actions, including Outlook changes, are: Windermere VIII CMBS -- GBP413.7 million Class A2: (XS0261297880) affirmed at 'AAA'; Outlook Stable -- GBP46.5 million Class A3: (XS0261298771) affirmed at 'AAA'; Outlook Stable -- GBP49.8 million Class B: (XSXS0261299746) affirmed at 'AA'; Outlook Stable -- GBP50.2 million Class C: (XS0261300692) affirmed at 'A'; Outlook Stable -- GBP43.7 million Class D: (XS0261300932) affirmed at 'BBB'; Outlook Stable -- GBP19.7 million Class E: (XS0261301310) affirmed at 'BB'; Outlook revised to Negative from Stable The analysis conducted was limited to the effect of property values on loans that are maturing in the next four years. Loans maturing after this time were not considered, given limits on cyclical visibility. Obviously, if current downward conditions exist for a longer time period, more transactions would be negatively affected. The converse is also true, if the current downward trend is shorter, fewer transactions would be negatively affected or more Negative Outlooks would revert to Stable Outlooks. It is also important to note that if continued financial market turmoil triggers a reduction in occupational demand from sectors of the wider economy -- which has not happened yet -- the capital values of properties providing accommodation to the affected sectors could face further downward pressure. Furthermore, loans with lower debt service coverage ratios (which were not part of this analysis) would be at risk of default, thus causing more CMBS transactions to be negatively affected. The four affected transactions represent only 10.5% of the 38 transactions analyzed, and the five tranches affected represents only 2.2% of the 230 tranches analyzed. Despite their greater reliance on asset values, CMBS transactions have inherent mitigating factors. -- First, U.K. transactions (as most CMBS transactions) are generally long-term in nature -- a very low percentage of loans refinance within the next two years, and a moderate amount refinance in the next four years. This allows time for stabilization. -- Second, underlying rental cash flows supporting most transactions are long-term in nature, usually to quality tenants. -- Third, the underlying mortgage loans in CMBS are fixed-rate to the borrower, thus fluctuations in interest rates have less of an impact on default rates. -- Fourth, current occupational markets are generally stable. This can provide sufficient income to pay required debt service and allow a mortgage loan to avoid term default. Fitch recognizes that the current financial environment has introduced uncertainties unseen for many years. In this light, the agency will continue to monitor the performance and environment in all sectors for which it has rated CMBS transactions, in particular for any evidence of a decline in occupational markets or transaction performance. * BOOK REVIEW: Bankruptcy: A Feast for Lawyers ---------------------------------------------- Author: Sol Stein Publisher: Beard Books Paperback: 341 pages List Price: $34.95 Order your personal copy at http://amazon.com/exec/obidos/ASIN/1893122123/internetbankrupt Described by the Chicago Tribune as a "latter-day version of Dicken's Bleak House," this book is a shattering indictment of bankruptcy law by a CEO who lived through the experience of a Chapter 11. The author exposes a system that is supposed to provide an opportunity for troubled companies to reorganize, but kills more than 70 percent of the businesses that take refuge in it while enriching legions of lawyers. In the nightmare world of Chapter 11, the gainers are seldom the creditors or the debtor company, but rather the bankruptcy bar, impeached in this book by its own conduct and the condemnation of its ethical brethren. Besides his own experience, the author draws examples from diverse industries including trucking, food, real estate, oil and publishing. Sol Stein, the author of this book, was the former CEO of now- defunct Stein and Day, one of the last independent American publishing houses operating in the 1980s. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel P. Laureno, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, Patrick Abing and Marites Claro, Editors. Copyright 2008. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *